Revenue Performance - Total revenue for Q3 2021 was $31,803,000, a significant increase of 212% compared to $10,191,000 in Q3 2020[10] - Cinema revenue reached $28,751,000 in Q3 2021, up from $7,339,000 in Q3 2020, reflecting a growth of 292%[10] - Total revenue for the nine months ended September 30, 2021, was $89,142,000, up from $62,841,000 in the same period of 2020, reflecting a year-over-year increase of 42%[18] - The company’s real estate segment reported revenue of $3.2 million for the quarter ended September 30, 2021, a 5% increase from $3.0 million in the prior year[199] Net Income and Loss - Net income for the nine months ended September 30, 2021, was $34,461,000, compared to a net loss of $48,195,000 for the same period in 2020[14] - The company reported a comprehensive loss of $14,229,000 for Q3 2021, compared to a loss of $15,764,000 in Q3 2020[12] - The net loss attributable to the company for the quarter ended September 30, 2021, decreased to $10.1 million, a $9.1 million improvement from the same period in the previous year[200] - For the nine months ended September 30, 2021, net income attributable to the company increased by $79.4 million to $31.6 million compared to the same period in the prior year[201] Cash and Liquidity - Cash and cash equivalents increased to $90,887,000 as of September 30, 2021, from $26,826,000 at the end of 2020[9] - The company generated net cash provided by investing activities of $127,506,000 for the nine months ended September 30, 2021[14] - The company generated net proceeds of $139.4 million from the monetization of certain real estate assets to support cash flow during the pandemic[169] Operating Performance - Operating income for Q3 2021 was a loss of $10,951,000, an improvement from a loss of $17,375,000 in Q3 2020[10] - The company experienced a total operating loss of $6,542,000 for Q3 2021, compared to a loss of $14,254,000 in Q3 2020, showing a reduction in losses by 54%[18] - The cinema segment reported an operating loss of $5,057,000 for Q3 2021, an improvement from a loss of $13,410,000 in Q3 2020[18] Assets and Liabilities - Total assets rose to $695,161,000 as of September 30, 2021, compared to $690,169,000 at the end of 2020[9] - Total liabilities decreased to $591,588,000 as of September 30, 2021, down from $608,996,000 at the end of 2020[9] - As of September 30, 2021, the company reduced its debt from $282.6 million at December 31, 2020, to $242.6 million[33] Real Estate Transactions - The company sold its Invercargill, New Zealand property for $3.8 million (NZ$5.4 million), resulting in a net gain of $2.372 million[50] - The Auburn/Redyard property was sold for $69.6 million (AU$90.0 million), generating a net gain of $38.726 million[52] - The Royal George Theatre was sold for $6.8 million, resulting in a net gain of $4.956 million[54] - The company recognized a gain of $6.3 million from the sale of approximately 202 acres of raw land in Coachella, California, sold for $11.0 million[190] COVID-19 Impact and Recovery - The ongoing impact of COVID-19 has led to a significant decrease in revenues and earnings compared to pre-COVID-19 levels, although there has been a recovery compared to the same period in 2020[30] - The company has successfully reopened its Australian cinema circuit, despite a resurgence of COVID-19 in Q3 2021[28] - The company has not lost any cinema assets due to the COVID-19 pandemic and continues to engage with landlords regarding rent abatements and deferrals[168] Stock and Compensation - The 2020 Stock Incentive Plan allows for the issuance of up to 1,250,000 shares of Class A Common Stock, with 784,296 shares remaining available for future issuance as of September 30, 2021[118] - No stock options were issued in the nine months ended September 30, 2021, with total compensation expense recorded for stock options at $302,000 for the same period[121][122] - The company recorded a share-based compensation expense of $101,000 for the quarter ended September 30, 2021[122] Legal and Regulatory Matters - The company has accrued a settlement amount of $4.0 million related to California employment litigation, which is to be paid in two installments[109] - The company is involved in ongoing legal proceedings but does not expect these to have a material adverse effect on its business or financial position[100] Future Outlook - The company forecasts sufficient resources to meet its obligations for the next year, relying on the recovery of the global cinema industry[34] - The company believes that the impact of the COVID-19 pandemic will be a passing event, with expectations to return to pre-pandemic operational results[170]
Reading International(RDIB) - 2021 Q3 - Quarterly Report