Thank you for joining Reading International’s earnings call to discuss our 2021 first quarter results. My name is Andrzej Matyczynski, and I am Reading’s Executive Vice President of Global Operations. With me, as usual, are Ellen Cotter, our President and Chief Executive Officer; and Gilbert Avanes, our Executive Vice President, Chief Financial Officer and Treasurer. Before we begin the substance of the call, I will just run through the usual caveats. In accordance with the safe harbor provision of the Private Securities Litigation Reform Act of 1995, certain matters that will be addressed in this earnings call may constitute forward-looking statements. Such statements are subject to risks, uncertainties and other factors that may cause our actual performance to be materially different from the performance indicated or implied by such statements. Such risk factors are clearly set out in our SEC filings. We undertake no obligation to publicly update or revise any forward-looking statements. In addition, we will discuss non-GAAP financial measures on this call. Reconciliations and definitions of non-GAAP financial measures, which are segment reporting operating income, EBITDA and adjusted EBITDA, are included in our recently issued 2021 first quarter earnings release on the company’s website. We have adjusted, where applicable, the EBITDA items we believe to be external to our business and not reflective of our cost of doing business or results of operation. Such costs include legal expenses relating to extraordinary litigation and any other items that can be considered non-recurring in accordance with the two-year SEC requirement for determining an item is non-recurring, infrequent or unusual in nature. We believe adjusted EBITDA is an important supplemental measure of our performance. In today’s call, we also use an industry-accepted financial measure called theater level cash flow, which is theater level revenue less direct theater level expenses. We also use a measure referred to as F&B spend per patron, which is a key performance indicator for our cinemas. The F&B spend per patron is calculated by dividing a cinema’s revenues generated from food and beverage sales by the number of admissions at that cinema. Please note that our comments are necessarily summary in nature, and anything we say is qualified by the more detailed disclosure set forth in our Form 10-Q and other filings with the U.S. Securities and Exchange Commission. So with that behind us, I’ll turn it over to Ellen, who will review our first quarter 2021 results and discuss our strategies for navigating Reading through the COVID-19 pandemic to the post-COVID era; followed by Gilbert, who will provide a more detailed financial review. Ellen?

Thanks, Andrzej. I wanted to start our call today by thanking Edward Kane, who has retired from our Board of Directors effective as of today. As a trusted colleague of my father, James J. Cotter Sr., Ed has served not only as a Director, Lead Independent Director and Vice Chair of the company but also as the past President of Craig Corporation and of Reading Company, two of our corporate predecessors. There is no doubt that Ed Kane, has been an integral part of the growth and evolution of Reading International, and his contributions have helped shape the company into what it is today. On behalf of Reading, Margaret Cotter and the Board of Directors, I want to express my deepest gratitude to Ed Kane for his leadership and insightful guidance. It has been a great privilege and honor to serve alongside Mr. Kane. He is a man of great wisdom, generosity and humor. And Ed will be missed on the Board, and we wish him and his family all the best. After a year of being materially impacted by the COVID-19 pandemic, we can see a light at the end of the tunnel. At the end of the first quarter 2020, 100% of our global cinemas and live theaters were closed by government order. Many tenants in our Australian and New Zealand centers were likewise closed, and certain key real estate construction projects were also stopped. Over a long year later, we believe our two-business, three-country diversified business strategy, i.e., cinema and real estate in the U.S., Australia and New Zealand, has supported our company through this unparalleled crisis. In managing our way through the COVID-19 period and after considering a variety of alternatives, we determined it would be in the best interest of our company and our stockholders…

Thank you, Ellen. Consolidated revenues for the first quarter of 2021 decreased by 57% to $21.3 million compared to the same period last year. This decrease was attributable to the ongoing temporary closure of some of our cinemas in the first quarter of 2021 compared to the first quarter of 2020 when our global cinemas closed during the last half of March 2020 due to the COVID-19 pandemic; reduced seating occupancy as a result of social distancing measures and changes to the release schedule by some distributors, which collectively led to a significant drop in attendance compared to the first quarter of 2020. This was further impacted by the ongoing temporary closure of our U.S. theaters and the rent abatement period to a handful of our third-party tenants as a result of COVID-19 pandemic. This was partially offset during the first quarter of 2021 by the Australia and New Zealand dollar strengthening against the U.S. dollar by 17.5% and 13.3%, respectively, compared to the same prior – same period prior year. Net income attributable to RDI common stockholders for the quarter ended March 31, 2021, increased by $24.8 million to $19 million when compared to the same period of prior year. Basic earnings per share increased by $0.14 to $0.87 for the quarter ended March 31, 2021. These increases were due to the sale of our non-income-producing land in Manukau, New Zealand and Coachella, California. Non-segment general and administrative expenses for the quarter ended March 31, 2021, decreased by 6% or $0.3 million to $4.1 million compared to the quarter ended March 31, 2020, due to savings in payroll costs as a result of Wage Subsidy Program in Australia, which expired on March 27, 2021, and a reduction in corporate staff; reduced costs related to corporate airfare and travel as…

Thanks, Gilbert. As usual, I’d like to thank our stockholders for forwarding questions to our Investor Relations e-mail. In addition to addressing some of your questions in Ellen’s disclosure, we’ve also compiled a set of questions and answers representing the most common questions and recurring themes e-mailed to us. Our first question, which would go to Ellen, are the non-core asset sales complete? Or could the company continue to use this route to add cash to the balance sheet?

Assuming that the vaccination rollout continues apace in the U.S., Australia and New Zealand continue to demonstrate global leadership and approaching COVID and the film company support the theatrical release of their major movies in our theaters, we believe we will have raised enough liquidity with the strategic real estate sales that have been completed or in the process of being completed that I’ve mentioned in the call today to cover our cash needs for the next 18 months. So we believe we’re substantially finished culling our property portfolio for assets to be sold. However, there is one remaining non-core property asset in New Zealand that we are considering for sale at this time.

Thanks, Ellen. We have another question. What is the current monthly cash burn rate in the cinema division as of March 31, 2021, excluding government subsidies? Gilbert, how about you?

As detailed in our Form 10-Q Cinema Exhibition result, the operating results for each business have been provided on a quarterly basis. As we have mentioned in our previous earnings call, we are hesitant to quote a monthly burn rate as it may not be appropriate due to the cyclical nature of the industry as well as the current COVID-19 pandemic. Regarding our expenses, we’re continuously negotiating with our landlords regarding deferrals and/or abatement. And while Australia did receive some funds through the reduced JobKeeper Payment Program, which expired on March 27, 2021, the U.S. and the New Zealand circuits did not receive any government wage subsidies in Q1 2021. With 66 of our global theaters now being opened, we are seeking a positive momentum within our cinema circuits due to the pent-up demand combined with the stronger film titles scheduled to be released in 2021 and beyond. We are encouraged by the tentpole lineup for 2021, which includes Fast & Furious 9, Black Widow, Space Jam 2, Jungle Cruise. All four of these titles are scheduled to be released over the next two months.

Thanks, Gilbert. For when it makes sense to restart the refurbishment program, how many more theaters are left in our CapEx plans for U.S. theaters? Ellen, could you address that?

As of today and with the completion of the consolidated theater at the Kahala Mall in Hawaii, nine of our 24 theaters or about 38% feature luxury recliner seating and an elevated F&B offering. Subject to successfully reformulating our capital allocation strategy in 2021 and 2022, we have about seven U.S. theaters that would require substantial investment over the next few years to remain competitive. Those renovations would need to include conversions to luxury recliner seating and F&B upgrades. Assuming the industry continues to perform along the improvement trends demonstrated in the last few months, we’d expect the theater level cash flow of those seven theaters to favorably respond to a substantial renovation.

Thanks, Ellen. Is the $19.3 million in deferred rent payables that we mentioned included on the balance sheet? If so, in what specific liability accounts? And regarding these rent deferrals that we will have to pay, can you update us on total amount of rent you are obligated to pay in the next 12 to 18 months?

Our deferred rent payments of $19.3 million is split on our balance sheet based on the repayment information available at March 31, 2021. Amounts repayable within 12 months at that date are presented in accounts payable and liabilities, $16.5 million; and amounts due beyond March 31, 2022, are recorded in other liabilities, $1.2 million. These amounts are classified and are subject to change due to our ongoing negotiations with our landlords.

Great, Gilbert. The next question, confirm that the City Cinemas brand has been retired by being replaced by Angelika. In addition to Cinemas 1, 2 and 3, Village East and Tower, what additional theaters are slated to be rebranded, example, Angelika or other? Ellen?

Yes. We can confirm that the City Cinemas brand has been retired and replaced by Angelika at the Cinema 1, 2 and 3 and the Village East in New York. We did this in an effort to improve efficiencies across expenses and staffing and to expand the reach of the Angelika brand through marketing and social media and potentially improve the users visiting our Angelika Anywhere streaming platform. The Cinema 1, 2 and 3, Village East and the Tower in Sacramento had historically always relied in our house programming, similar to the Angelika brand. So this seemed a natural fit or extension for our circuit. Today, in the U.S., other than potentially one theater in San Diego, there are no other theaters that we would consider rebranding to Angelika. However, as we’ve mentioned in previous stockholder calls or communications, we are actually considering adding the Angelika name or branding to a new theater in the Australian portfolio.

Okay. So moving on, food and beverage, what are our expectations with food and beverage trends when admissions improve? Do we believe there’ll be hesitation around these products until the consumer is more comfortable? Ellen, can you handle that as well?

As of the end of the first quarter, the F&B spend per patron in each country set quarterly records again. In the United States, Australia and New Zealand, we don’t see any hesitation around purchasing and consuming F&B in our theaters. For instance, in the U.S., our year-to-date 2021 F&B spend per person was $7.92 versus $5.39 for the first four months of 2019. Okay. So moving on, food and beverage, what are our expectations with food and beverage trends when admissions improve, we anticipate that our F&B sales will continue to improve. For instance, transaction times allowing lines to move quickly will foster improved sales when government restrictions are lifted and our F&B services, such as self-serve soda, condiment counters and grab-and-go water and candy displays, are allowed to reactivate. Due to a variety of COVID-related issues, such as labor, food cost or supply, some of our global cinemas are not consistently offering 1000% of our pre-COVID F&B menu. Though our staff works hard to save those sales by converting guests over to a substitute product, inevitably being able to again offer our full menu will generate improved sales. Restarting our Spotlight dine-in service at our Reading Cinemas in Murrieta, California will support our overall U.S. F&B revenues. And we anticipate incremental sales from new and renovated cinemas like Millers Junction Village in Victoria and our consolidated theater at Kahala Mall. And lastly, as we refine the F&B ordering functionality of our new mobile app, we anticipate increased sales from the app. In sum, our company globally has performed really well in the F&B arena over the past few years, and we expect those trends to continue as our admissions continue to return.

Thanks, Ellen. So we turn to our last question. The company has attended a declining number of investment conferences and offers only those earnings audio casts. What additional proactive steps will the company take to attract both sell-side analysts and buy-side investors to the company to obtain a lower cost of capital and higher valuation? With the current pandemic, virtual investor conferences eliminate travel time and costs to participate. What of the increasing number of online conferences being offered is Reading pursuing? Well, as of today, the company is scheduled to participate in a fireside chat presentation at the Gabelli Funds 30th Annual Broadcast and Entertainment Symposium to be held virtually on Thursday, June 3rd of this year. Also, through an increase in the use of non-deal road shows, the company hopes to attract additional sell-side and buy-side analyst coverage. And in addition, the company will continue to participate in investor conference presentations that are appropriate. With that, we’ll call the call to an end. And we appreciate, as always, your listening to the call today. Thank you for sending in your questions and your attention, and we wish everyone good health and safety. Thank you.

Thank you.