Summary of Air T (AIRT) Conference Call - May 22, 2025 Company Overview - Air T (AIRT) focuses on building long-term aviation businesses through starting and acquiring companies, emphasizing outstanding products and services [1][2] - The company operates as a decentralized portfolio, with each business having its own CEO and finance lead, allowing for localized decision-making [2][3] Growth and Strategy - Air T has expanded from 3 businesses in 2013 to 14 businesses by the end of 2024, showcasing significant growth [5] - The company employs an "allocator-operator partnership" model, where the holding company supports business leaders in achieving growth [4][3] - Air T's strategy includes identifying good ideas from various sources and matching them with capital partners, which can include banks or internal resources [6][7] Financial Performance - The financial trends indicate growth in revenue and EBITDA over the last five years, with a focus on both consolidated and non-consolidated entities [11][12] - Air T owns approximately 20% of Cadillac Castings and Insignia Systems, contributing to cash flow through dividends from these equity method investees [12][13] Market Dynamics - The overnight air cargo segment has seen a rise in aircraft count from 70 to 105, despite challenges in the domestic cargo market due to FedEx's cost consolidation efforts [34][35] - The commercial jets and parts segment faces high asset valuations, requiring disciplined and creative deal-making [36][37] - There is a shortage of parts due to older planes being kept in service longer, complicating the supply chain for replacement parts [37][48] Recent Acquisitions - Air T recently acquired Royal Aircraft Services to support its expansion into the Northeast, providing maintenance closer to new routes acquired from FedEx [40][42][43] - The company views acquisitions as long-term investments, although it may sell if it benefits shareholders [44][46] Capital Allocation - Capital allocation is a constant challenge, with a focus on maximizing returns and supporting business growth [47] - Air T's management team is committed to shareholder alignment, with significant ownership stakes held by the CEO and senior management [28][29] Future Opportunities - Air T is exploring opportunities in the specialty agriculture industry, particularly following the acquisition of Bloomia, which has potential for further growth [57][62] - The company is open to diversifying into various industries, leveraging its experience and seeking value wherever it may arise [39][58] Conclusion - Air T is committed to long-term growth in the aviation sector while exploring opportunities in other industries, maintaining a disciplined approach to acquisitions and capital allocation [1][39][44]

Summary of Evaxion Biotech (EVAX) Conference Call - May 22, 2025 Company Overview - **Company**: Evaxion Biotech (EVAX) - **Industry**: Biotechnology, specifically focused on AI-powered drug development and vaccine creation Key Points and Arguments 1. **Funding and Financial Position**: - Raised significant cash early in the year, extending runway into mid-2026 [3] - Merck participated in the latest public offering, holding approximately 20% of the company [3][12] - Potential for an additional $10 million if Merck exercises options on vaccine candidates [4][12] 2. **AI Immunology Platform**: - Evaxion is a pioneer in AI-driven medicine development, founded in 2008 [5] - The platform has been clinically validated and is a key differentiator from newer AI companies [6] - Capable of rapid target discovery, reducing the number of targets tested by 80% compared to conventional methods [16] 3. **Pipeline and Partnerships**: - Focus on both platform and pipeline, allowing for high-value partnerships in vaccine development [7][10] - Collaboration with Merck on developing novel vaccine candidates for infectious diseases with no current vaccines [8][11] - Pipeline includes proprietary candidates for gonorrhea and staph aureus, both addressing significant unmet medical needs [23][28] 4. **Market Opportunities**: - Cancer immunotherapy market projected to reach $280 billion by the end of the decade; infectious disease market expected to be $70 billion [14] - Significant unmet needs in both cancer (10 million deaths annually) and infectious diseases (8 million deaths annually) [13] 5. **Clinical Data and Product Development**: - Lead candidate EVX-one shows a 69% overall response rate in metastatic melanoma, significantly higher than the 33% response rate of the current gold standard [25] - 80% of neoantigens in the vaccine candidates elicited an immune response, indicating strong efficacy [26] 6. **Strategic Ambitions**: - Aim to remain a leading AI-powered biotech company and drive best-in-class drug discovery [29] - Plans to enter at least two new partnerships and select a lead candidate for a precision-based cancer vaccine [32] 7. **Future Outlook**: - Anticipated milestones include Merck's decision on option exercise and upcoming phase two data for EVX-one [31][33] - Strong focus on generating new partnerships and maintaining a robust business development pipeline [30] Additional Important Content - **Partnership Development**: - Merck's involvement has been crucial, participating in multiple financing rounds and showing long-term commitment [45][46] - The partnership allows Evaxion to focus on R&D without incurring further costs for the development of partnered candidates [44] - **Market Perception**: - Despite a strong fundamental position, the market has not fully appreciated the company's potential, as reflected in share price trends [48][49] - The company emphasizes execution of its strategy over short-term market fluctuations [49] - **Technological Advancements**: - Continuous improvement of the AI platform is expected, with potential future applications in quantum computing [40][41] This summary encapsulates the key insights from the conference call, highlighting Evaxion's strategic positioning, financial health, and innovative capabilities in the biotechnology sector.

Summary of American Airlines (AAL) FY Conference Call - May 22, 2025 Company Overview - **Company**: American Airlines (AAL) - **Event**: FY Conference Call - **Date**: May 22, 2025 Key Points Industry and Market Environment - The airline industry has not unfolded as expected in 2025, with demand trends stabilizing but at lower levels than anticipated [3][12][20] - The industry is experiencing a decline in Revenue per Available Seat Mile (RASM), indicating a softer pricing environment [8][12] - Demand has decreased significantly due to uncertainty in the market, impacting overall performance [12][14] Financial Performance and Outlook - American Airlines has reduced total debt by $16 billion since mid-2021, improving its balance sheet significantly [4][96] - The company expects to be profitable for the full year and generate free cash flow, even amidst current uncertainties [5][67] - Long-term outlook remains positive with expectations for margin expansion and meaningful free cash flow [6][67] Capacity and Demand Management - Capacity growth for American Airlines is projected to be modest, with low single-digit increases expected [11][54] - The company is closely monitoring demand trends and adjusting capacity accordingly to align with market conditions [54][56] - There is a focus on restoring capacity in key hubs, particularly in Chicago, which is crucial for the airline's network [58][60] Revenue Management and Performance - American Airlines has outperformed peers in unit revenue, particularly in international long-haul markets [23][25] - The airline is seeing a recovery in market share, with a goal to regain its previous levels by the end of the year [32][34] - The premium cabin segment is performing well, with plans to enhance premium seating configurations in the fleet [64][66] Fleet and Capital Expenditure - The airline has a fleet plan that allows for significant growth, with a capital requirement of $3.5 billion annually [99] - American Airlines has taken delivery of new aircraft, including high-premium models, to support growth in international markets [30][99] Cost Management - The airline is managing costs effectively, with guidance for mid-single-digit Cost per Available Seat Mile (CASM) for the year [70][72] - There are ongoing efforts to improve operational efficiency and reduce costs through various initiatives [71][75] Debt Reduction and Financial Goals - American Airlines successfully reduced total debt to just under $39 billion, with a target to bring it below $35 billion by the end of 2027 [96][97] - The company aims for a BB flat credit rating, contingent on expanding earnings [97][98] Conclusion - Despite a challenging year, American Airlines remains optimistic about its long-term prospects, focusing on network enhancements, fleet growth, and financial stability [98][99]

Summary of Elanco Animal Health Conference Call Company Overview - **Company**: Elanco Animal Health - **Industry**: Animal Health Key Points and Arguments Financial Performance - Elanco reported a robust Q1 with a **4% constant currency revenue growth**, marking the **seventh consecutive quarter of growth** [4][5] - The company exceeded guidance on revenue, adjusted EBITDA, and adjusted EPS [5] - Revenue guidance was raised to **$660 million to $740 million** for the innovation basket initiated in 2021 [6] Innovation and Product Development - The innovation basket includes six key products contributing significantly to growth, particularly **Quattro**, **Experior**, and **ZENRELIA** [7][8] - **Experior** is identified as having a **$350 million potential market** in North America [8] - ZENRELIA is gaining traction with **11,000 clinics** adopting it, indicating strong market demand in the **$1.9 billion dermatology market** [25][26] - The derm market is expected to grow **double digits**, with ZENRELIA positioned as a leading product [25] Cash Flow and Debt Management - Elanco announced monetizing royalties on the Lotta Lanner asset, bringing in nearly **$300 million** for debt reduction [9] - The company anticipates **$450 million to $500 million** for debt paydown, improving leverage ratios [9] Tariff and Regulatory Environment - Elanco is actively managing tariff impacts, estimating a **$16 million to $20 million** effect primarily from U.S.-China trade relations [10][11] - The company is engaged in discussions with the administration regarding potential tariff exemptions for the animal health industry [16][19] - Regulatory reform discussions are ongoing, with a focus on streamlining processes with the FDA and USDA [17][34] Market Dynamics and Competitive Landscape - The farm animal segment is experiencing growth, with Elanco being a leader in beef, swine, and poultry [73] - The company is optimistic about the protein market, noting a **20% decline** in animal protein alternatives [74] - Elanco's competitive strategy includes leveraging its innovation pipeline and addressing market needs effectively [46][87] Future Outlook - Elanco is focused on expanding its product portfolio, with plans for **seven blockbuster products** in the pipeline [87] - The company is enhancing its distribution strategy, increasing physical availability across various retail channels [90][92] - The outlook for the farm animal segment remains positive, with specific growth anticipated in cattle and poultry, while the pig industry faces challenges [99] Additional Insights - Elanco emphasizes the importance of a stable core business supported by innovation, which is crucial for sustained growth [100] - The company is committed to maintaining a competitive edge through scientific rigor and addressing consumer demands for sustainability [80][81] Conclusion Elanco Animal Health is positioned for continued growth through innovation, effective management of market dynamics, and a strong focus on regulatory engagement. The company's diverse product portfolio and strategic initiatives in the animal health sector are expected to drive future performance.

Summary of Orchestra BioMed Holdings (OBIO) Conference Call Company Overview - **Company Name**: Orchestra BioMed Holdings (OBIO) - **Ticker Symbol**: OBIO - **Founded**: 2018 - **Business Model**: Leveraging partnerships with established market leaders in the medical device space to drive commercialization of products, focusing on generating revenue through long-term revenue shares with partners [3][5][41] Key Programs 1. Atrioventricular Interval Modulation (AVIM) Therapy - **Target Condition**: High blood pressure (hypertension) in older, high-risk patients - **Addressable Market**: Estimated at $17 billion worldwide [4] - **Efficacy Data**: Strong statistically significant results from phase two double-blind studies; currently enrolling patients in the BackBeat global pivotal study [4][28] - **FDA Designation**: Recently awarded breakthrough device designation [5][22] - **Partnership**: Collaborating with Medtronic, a leader in pacemaker technology, with a double-digit revenue share [5][15] - **Market Opportunity**: - Immediate market opportunity for AVIM therapy is approximately $2 billion, targeting 750,000 patients who receive pacemakers annually [13] - Broader market potential includes over 3.7 million patients globally with hypertension and increased cardiovascular risk, representing a potential market of over $15 billion [15] - **Revenue Potential**: Projected royalty stream of up to $750 million annually based on a $1,000 average royalty per device sold [19] 2. Virtu Sirolimus Angio Infusion Balloon (SAB) - **Target Condition**: Treatment of coronary and peripheral artery disease - **Initial Market Size**: Estimated at $4 billion annually [6] - **Efficacy Data**: Strong safety and efficacy data from multicenter pilot studies; recently received FDA approval to run the Virtu trial against Boston Scientific's paclitaxel-coated balloon [6][32] - **Partnership**: Collaborating with Terumo, with a high revenue share [40] - **Market Shift**: Transitioning from drug-eluting stents to drug-coated balloons, with Virtu positioned as a best-in-class product [31][33] Industry Context - **Market Dynamics**: Medtech companies spend significantly less on R&D compared to biopharma, with averages of 7% versus 20% of revenue [7] - **Competitive Landscape**: Medtronic faces competition from companies like Abbott and Boston Scientific, which often engage in discounting strategies to secure market share [46] Additional Insights - **Clinical Impact**: AVIM therapy aims to provide significant clinical benefits without the side effects associated with traditional drug therapies [44] - **Regulatory Pathway**: The BackBeat study is expected to establish a new standard of care for blood pressure management in the pacemaker population [29] - **Future Opportunities**: Potential applications for Virtu in treating below-the-knee artery disease, addressing a high unmet medical need [48] Conclusion - Orchestra BioMed is positioned for significant growth through its innovative therapies and strategic partnerships, particularly with Medtronic and Terumo, while addressing critical healthcare needs in hypertension and coronary artery disease [41][42]

Summary of BIO-key International (BKYI) Conference Call - May 22, 2025 Company Overview - **Company Name**: BIO-key International - **Ticker Symbol**: BKYI - **Industry**: Identity and Access Management Solutions - **Market Presence**: Public for over 25 years, trading on NASDAQ - **Current Market Capitalization**: Approximately $5 million with 6.3 million shares outstanding [8] Core Business Insights - **Product Offering**: Provides phone-less, token-less solutions for authentication and access management [7] - **Revenue Growth**: LTM revenue slightly over $6 million, with an ARR of approximately $6 million, indicating strong recurring revenue growth potential [8][10] - **Gross Margins**: Blended gross margins exceed 80%, highlighting a high-margin business model [10] Market Position and Valuation - **Stock Price Range**: Traded between $0.50 and $3.60 over the past year [8] - **Valuation Comparison**: Currently trading at a 70% discount to average tech sector multiples, which range from 2.2 times sales to over 10 times [9] Industry Trends and Demand - **Cybersecurity Demand**: Increasing demand for cybersecurity solutions, particularly multi-factor authentication (MFA), driven by mandates from major tech companies like Amazon, Microsoft, and Google [12] - **Use Cases**: Solutions applicable in various sectors including banking, healthcare, education, and government, with a focus on reducing cyber risk and improving usability [13][20] Strategic Partnerships and Growth - **New Partnerships**: Recent partnership with Cloud Distribution Inc. to expand presence in the Middle East, expected to generate significant revenue [27][28] - **Customer Base Expansion**: Added significant clients such as the National Bank of Egypt, indicating growth in international markets [21] Competitive Landscape - **Competitors**: Competes with companies like Okta, SailPoint, and ForgeRock, while also partnering with them for biometric authentication solutions [33] - **Market Strategy**: Focus on capturing market share through unique biometric offerings that enhance security and usability [33] Future Outlook - **Growth Strategy**: Plans to continue launching new products, expanding channel alliances, and enhancing solutions, particularly in AI and drone-based markets [25] - **Defense Sector Opportunities**: Positioned to benefit from increased defense budgets in Europe, particularly in Germany, which plans to invest $1 trillion over the next decade [31][32] - **Operational Stability**: Reduced operating expenses and stable support structure, with no plans for additional capital raising, focusing on scaling operations [29][30] Conclusion - **Investment Opportunity**: BIO-key International presents a compelling investment opportunity due to its unique product offerings, strong market position, and growth potential in a rapidly evolving cybersecurity landscape [7][10]

Summary of Curtiss-Wright (CW) FY Conference Call - May 22, 2025 Company Overview - **Company**: Curtiss-Wright Corporation - **Industry**: Defense, Aerospace, and Nuclear sectors - **Key Executives Present**: Lynn Bemford (CFO), Chris Farkas (CEO) [3][6] Core Points and Arguments Growth Strategy - **Pivot to Growth Strategy**: The company is on track to achieve greater than 5% organic growth CAGR over the next three years, with a focus on defense, aerospace, and commercial nuclear sectors [10][12]. - **Defense Business Growth**: Projected mid to high single-digit growth, with double-digit growth achieved last year [10][11]. - **Commercial Aerospace**: Anticipated to exceed high single-digit growth rates as Boeing and Airbus ramp up production [11]. - **Commercial Nuclear**: Targeting low double-digit growth, with confidence in achieving this over the three-year horizon [12]. Financial Performance - **Operating Income Growth**: Expected to outpace sales growth, indicating continued operating margin expansion [14]. - **EPS Growth**: Targeting greater than 10% CAGR, supported by strong sales growth and capital allocation strategies [15]. - **Free Cash Flow**: On track to generate approximately $1 billion in free cash flow, with a long-term target of $1.3 billion [17]. Defense Sector Insights - **Defense Budget**: The company benefits from a $150 billion reconciliation bill on top of an $850 billion base budget, with a focus on shipbuilding and naval projects [18][19]. - **Golden Dome Initiative**: Expected to positively impact Curtiss-Wright, with partnerships enhancing capabilities in smart weaponry [20][21]. - **Acquisition of Industrial Base Funding**: Increased from $15 million to $21 million, indicating strong support from Navy customers [19]. International Exposure - **NATO Spending**: Increased military spending among NATO countries, with expectations for growth in international military sales, now approximately 10% of total portfolio [41][42]. - **Rearm Europe Program**: Seen as a positive development for future sales growth [43]. Commercial Nuclear Developments - **Nuclear Power Plants**: Anticipated doubling of the commercial nuclear segment from $300 million to $600 million by 2028, with significant growth expected from new builds in Poland and Bulgaria [51][52]. - **Flight Recorders**: Long-standing expertise in flight recorders is expected to drive growth, particularly with new FAA mandates [45][46]. Capital Allocation and M&A Strategy - **M&A Pipeline**: Strong pipeline with a focus on acquiring companies in Defense Electronics, Naval Safety, and Commercial Nuclear sectors [58]. - **Share Repurchase**: $700 million in stock repurchased over the past four years, with an expanded authorization of $534 million for future buybacks [60][61]. Research and Development - **Investment in R&D**: Over half of internal R&D spending is allocated to Defense Electronics, with ongoing partnerships (e.g., with NVIDIA) to enhance product development [38][39]. Additional Important Insights - **Operational Excellence**: The company has expanded its operating margin by 900 basis points over the last twelve years, demonstrating consistent performance [14][15]. - **Additive Manufacturing**: Growing capabilities in this area align with government contracting trends, which favor commercial pricing models [24][27]. - **SMR Development**: Engaged with major SMR providers, with potential content ranging from $20 million to $120 million per plant, indicating significant future revenue opportunities [63][64]. This summary encapsulates the key points discussed during the conference call, highlighting the company's growth strategies, financial performance, sector insights, and future opportunities.

LifeVantage (LFVN) Update Summary Company Overview - LifeVantage focuses on energy and skin care products through a network of independent consultants globally [1] Key Product Insights - The MINDBODY GLP one system launched in the US in October has driven significant sales growth, with a 46% increase in December and a 30% increase in March [1] - The product sold out within two weeks of launch, leading to backorder and supply chain issues, which have since been resolved [3] - An international formula was launched recently, with positive clinical study results indicating benefits beyond weight loss, such as improved body composition and reduced cravings [4][5] Clinical Research and Benefits - Clinical studies show that the GLP-1 hormone has multiple benefits, including decreased body fat, reduced visceral fat, and increased skeletal muscle [4] - Users report qualitative benefits such as reduced snacking urges and improved overall well-being [4] Synergistic Effects - There are synergistic benefits between the MINDBODY GLP one system and Protandim, which is clinically proven to reduce oxidative stress by 40% in 30 days [6] International Launch and Marketing Strategy - The international launch followed a similar strategy to the US, with pilot groups testing the product before the official launch [10] - The marketing approach varies slightly by region to comply with local regulations, but the core messaging remains consistent [16][17] Growth Opportunities - The company acknowledges the need for a more localized approach to support international markets, which have been underperforming [20][21] - New sales incentives were introduced to motivate the sales force and drive growth [22] Financial Performance and Margin Outlook - Operating margins have been under pressure due to elevated commission and incentive costs, particularly related to the success of the MINDBODY system [25] - The commission and incentive line peaked at 48% in fiscal Q2 but is expected to normalize to around 44% in fiscal Q4 and beyond [26][28] - The MINDBODY system contributes positively to gross margins, which are around 80% [29] Tariff Impact - The company anticipates minimal impact from tariffs due to high gross margins and safety stock built up in advance [33][34] Capital Allocation Strategy - LifeVantage plans to invest in improving its e-commerce platform and has increased its quarterly dividend by 12.5% for the third consecutive year [36][37] - Share repurchases are being considered, with $19 million remaining under the current authorization [38] Conclusion - LifeVantage is optimistic about future growth driven by the MINDBODY system and is focused on improving international market performance while managing costs and enhancing shareholder returns [39][42]

Synchronoss Technologies (SNCR) Conference Call Summary Company Overview - Synchronoss Technologies is a software solutions provider focused on cloud solutions for large global service providers, enhancing revenue and customer retention for clients like Verizon and AT&T [4][5] - The company has transitioned to a pure play cloud business, emphasizing its personal cloud solution for consumers to securely back up digital content [6][11] Key Financial Metrics - Q1 2025 revenue met analyst consensus at $42.2 million, with EBITDA exceeding expectations at $12.7 million [26] - The company reported a 3.3% growth in cloud subscribers and maintained 93% recurring revenue [26][9] - EBITDA margins were stable at 30%, with gross margins over 70% on a GAAP basis and 79% on an adjusted basis [27][10] - Guidance for 2025 includes revenue of $170 million to $180 million and adjusted EBITDA of $52 million to $56 million [10][28] Market Position and Growth Opportunities - Synchronoss serves over 11 million subscribers globally, with only 2.5% penetration of the total 400 million subscribers across its client base, indicating significant growth potential [7][12] - The personal cloud market is growing at nearly 20% annually, with 27% of subscribers not currently using a subscription service for backup, presenting further opportunities for growth [12][13] - The company has ongoing discussions with T-Mobile to potentially offer a cloud service, as T-Mobile currently lacks a competitive solution [34] Client Relationships and Contracts - Long-term contracts with major clients like Verizon, AT&T, and SoftBank provide stability, with over 90% of revenues secured under contracts of three years or more [10][11] - The company is exploring deeper integration with existing clients, such as preloading software with SoftBank and enhancing discoverability through apps like My Verizon [44][45] Challenges and Risks - The loss of a European customer (BT) due to their strategic transformation resulted in a loss of approximately $6 million in annual revenue, but this was not due to service issues [48][50] - The company is awaiting an IRS tax refund, which has been a point of concern for investors, impacting financial flexibility [29][54] Strategic Focus - Synchronoss aims to enhance subscriber adoption and expand its client base, with expectations of signing at least one new customer in 2025 [33][40] - The company is committed to maintaining strong cost management and operational efficiency to support its SaaS-based cloud performance [28][27] Conclusion - Synchronoss Technologies is positioned for growth in the personal cloud market, with a solid foundation of existing contracts and a clear strategy for expanding its subscriber base and client relationships [31][56]

Summary of Reading International (RDI) Conference Call - May 22, 2025 Company Overview - **Company Name**: Reading International (RDI) - **Ticker Symbols**: RDI (voting stock), RDIV (non-voting stock) [2] - **Business Model**: Operates in two primary sectors: cinema and real estate, across three countries: the US, Australia, and New Zealand [4][5] Industry Context - **Cinema Business**: The cinema sector has historically funded real estate acquisitions and expansions, contributing to shareholder value [5] - **Real Estate Business**: The company holds numerous real estate assets, particularly in New York City and Philadelphia, which are part of its legacy from the Reading Railroad [5][8] Financial Performance - **Debt Reduction**: Successfully reduced debt from $276 million to $173 million since June 2020, despite challenges posed by COVID-19 [16] - **Revenue Trends**: The first quarter of 2025 showed a mixed performance, but overall revenue trends are positive, with a focus on maintaining a 50/50 revenue split between cinema and real estate [14][19] Challenges Faced - **COVID-19 Impact**: The pandemic severely affected operations, leading to a lack of US government support, unlike subsidiaries in Australia and New Zealand that received grants [10][11] - **Supply Chain Disruptions**: Ongoing issues with the Screen Actors Guild strikes and tariffs affecting the ability to distribute films [9] - **Economic Environment**: Operating in a high-interest-rate environment and facing a downturn in commercial office real estate [9] Strategic Initiatives - **Asset Sales**: Focus on selling non-income producing assets to maintain liquidity, including the recent sale of Cannon Park for AUD 32 million [22] - **Real Estate Development**: Plans to complete leasing of key properties, such as Union Square in New York City, and evaluate the potential of the Reading Viaduct and Philadelphia properties [20][32] - **Cinema Expansion**: Aiming to enhance cinema offerings with premium screens and improved food and beverage services [42][44] Market Position - **Exhibitor Rankings**: RDI is the 13th largest exhibitor in the US, 4th in Australia, and 3rd in New Zealand [5][7] - **Niche Market**: The Angelica Film Center is a leader in the specialty arts cinema market in the US, while the Consolidated brand is the largest in Hawaii [37][46] Future Outlook - **Box Office Recovery**: Anticipated rebound in box office performance, supported by upcoming film releases and a strong management team [45][46] - **Diversification**: The company remains diversified across three stable economies, with approximately 50% of revenues generated from Australia and New Zealand [47] Key Metrics - **Occupancy Rates**: Australia and New Zealand properties maintain a 98% occupancy rate among third-party tenants [28] - **Food and Beverage Performance**: Significant growth in spend per head across all geographies, with plans to enhance offerings [43] Conclusion - **Investment Proposition**: RDI is well-positioned to capitalize on the anticipated recovery in the cinema industry, supported by a strong real estate portfolio and effective management strategies [45][47]