Financial Performance - Total revenue for Q3 2022 was $51.196 million, a 61% increase from $31.803 million in Q3 2021[11] - Cinema revenue reached $48.359 million in Q3 2022, up 68% from $28.751 million in Q3 2021[11] - Net loss for Q3 2022 was $5.299 million, compared to a net loss of $10.200 million in Q3 2021[11] - Total revenue for the nine months ended September 30, 2022, was $155,908 thousand, a significant increase from $89,142 thousand in 2021, driven primarily by cinema exhibition revenue[19] - For the nine months ended September 30, 2022, the net income loss was $23,195 thousand compared to a net income of $34,461 thousand for the same period in 2021[15] - Revenue for the nine months ended September 30, 2022, increased by $66.8 million to $155.9 million, a 75% increase compared to the same period in 2021[171] Operating Income and Expenses - Operating income loss for Q3 2022 was $6.731 million, an improvement from a loss of $10.951 million in Q3 2021[11] - The total cost of operating property as of September 30, 2022, was $526.277 million, down from $555.620 million as of December 31, 2021[37] - Operating expenses for Q3 2022 increased by $17.2 million to $46.5 million compared to Q3 2021, driven by higher film rent, labor, and utility costs[185] - The total operating expense for the cinema segment for the quarter ended September 30, 2022, was $46.54 million, representing 96% of total revenue[180] Cash Flow and Liquidity - Cash and cash equivalents decreased to $39.628 million as of September 30, 2022, down from $83.251 million at December 31, 2021[9] - The company experienced a net cash decrease of $42,721 thousand in cash and cash equivalents and restricted cash during the nine months ended September 30, 2022[15] - Cash used in operating activities for the nine months ended September 30, 2022, increased by $8.4 million to $26.1 million, primarily due to a $39.4 million increase in net changes in operating assets and liabilities[199] - Cash used in financing activities for the nine months ended September 30, 2022, decreased by $33.0 million to $8.0 million[201] - As of September 30, 2022, total resources (cash and borrowings) amounted to $51.6 million, down from $95.3 million in 2021[202] Assets and Liabilities - Total assets decreased to $589.718 million as of September 30, 2022, down from $687.702 million at December 31, 2021[9] - Total liabilities were $520.484 million as of September 30, 2022, a decrease from $582.642 million at December 31, 2021[9] - The carrying value of notes payable decreased to $189,969,000 as of September 30, 2022, from $206,992,000 as of December 31, 2021[127] - Working capital deficit widened to $80.2 million as of September 30, 2022, compared to a deficit of $6.7 million in 2021[202] Shareholder Equity - Total stockholders' equity decreased from $105.060 million at January 1, 2022, to $69.234 million at September 30, 2022, representing a decline of approximately 34.1%[99] - The basic earnings per share for Q3 2022 was $(0.23), compared to $(0.46) in Q3 2021[11] - The company did not repurchase any shares of Class A Common Stock during the first nine months of 2022 and 2021[34] Legal Proceedings - The company is currently involved in various legal proceedings but does not expect these to have a material adverse effect on its business or financial position[90] - The company agreed to settle claims in lawsuits for a total payment of $4.0 million, contingent upon final court approval, with half to be paid within 30 days of approval and the balance nine months thereafter[95] Cinema Operations - The company operates 63 cinemas with a total of 515 screens across the U.S., Australia, and New Zealand[147] - Cinema attendance for the quarter and nine months is up compared to the same periods in 2021, indicating a recovery trend towards pre-pandemic levels[135] - The cinema exhibition industry is expected to see improved admissions and revenues in Q4 2022 with the release of major films like Black Panther: Wakanda Forever and Avatar 2: Way of the Water[137] - The company has converted 110 of its 238 U.S. auditoriums to luxury recliner seating as part of its renovation efforts[158] Real Estate Operations - Real estate revenue for Q3 2022 was $4.1 million, a 28% increase from $3.2 million in Q3 2021[170] - The Courtenay Central property in Wellington, New Zealand, covers 161,000 square feet and is strategically located near major attractions, with redevelopment plans ongoing despite COVID-19 challenges[167] - The company completed the landlord work for the 44 Union Square property, which is now fully leased to a national retailer[166] Future Outlook - The company anticipates opening an eight-screen complex under the Angelika Film Center brand in the second half of 2023[152] - The company has engaged CBRE as its exclusive broker for leasing the remainder of its 44 Union Square property in Manhattan[140]
Reading International(RDIB) - 2022 Q3 - Quarterly Report