Thank you for joining Reading International’s Earnings Call to discuss our 2023 First Quarter Results. My name is Andrzej Matyczynski, and I’m Reading’s Executive Vice President of Global Operations. With me 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 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 operating income, EBITDA and adjusted EBITDA are included in our recently issued 2023 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 operations. Such costs include legal expenses relating to extraordinary litigation and any other items that we can consider to be non-recurring in accordance with the two-year SEC requirement for determining whether 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, TLCF, which is theater level revenue less direct theater level expenses. ATP, average ticket price is also used as an accepted industry acronym. We will also use a measure referred to as food and beverage spend per patron, F&B SPP which is a key performance indicator for our cinemas. The F&B SPP is calculated by dividing a cinemas revenues generated by 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 2023 first quarter results and discuss our strategy followed by Gilbert, who will provide a more detailed financial review. Ellen?

Thanks, Andre, and thank you for listening to our call today. We were pleased that our 2023 first quarter results reinforced our view that audiences in the U.S., Australia and New Zealand will continue to embrace the magic of great movies in a big screen shared environment. Audiences across the world love Avatar: The Way of Water. With a $2.3 billion global box office, this installment of the Avatar franchise has become the third highest grossing film of all time. Other standout first quarter films included the February release of Ant-Man and the WASP: Quantumania, which has generated over $475 million globally. The March release of Creed III, which has a global box office to date of $274 million. And John Wick: Chapter 4, released at the end of the first quarter, has grossed over $421 million globally to date. Not only did the quarter feature some amazing tentpoles, overall, a greater number of movies were released theatrically than in prior periods. These films, a mix of original movies and franchise favorites appeal to a variety of audiences. Puss in Boots: The Last Wish, continue to attract family audiences, A Man Called Otto with general appeal to the more sophisticated filmgoers as well as Cocaine Bear, a dark action comedy, loosely based on a true story, outperformed box office expectations. Magic Mike’s Last Dance and 80 for Brady both catered to more mature female-driven audiences. Fans of the horror genre, we’re delighted by the release of the original sci-fi horror film M3GAN, a film combining the wanderers and terrors of artificial intelligence and by the release of another Scream franchise film. Theatrical content was also available for a faith-based audience with the release of Lionsgate’s Jesus Revolution, which outperformed expectations in the U.S. At $45.8 million or 2023 first quarter…

Thank you, Ellen. Consolidated revenues for the quarter ended March 31, 2023, increased by $5.6 million to $45.8 million when compared to the same period in the prior year. This increase was primarily driven by strong cinema performance, which was the result of more robust fun slate, leading to increased attendance compared to Q1 of 2022. Net loss attributable to Reading International Inc. for the quarter ended March 31, 2022, decreased by $4.2 million, a net loss of $11.1 million when compared to the same period in the prior year. Basic loss per share decreased by $0.20 to a basic loss per share of $0.50 for the quarter ended March 31, 2020 – for March 31, 2023 compared to the quarter ended March 31, 2022. These results are due in large part to the increase in our cinema performance in Q1 2023 compared to Q1 2022. Non-segment G&A expenses for the quarter ended March 31, 2023 decreased by $0.3 million compared to the same period in prior year. For the first quarter of 2023, income tax benefit increased by $0.1 million to $0.5 million compared to the equivalent prior year period. The change between 2023 and 2022 is primarily related to the decrease in reserve for valuation allowance. For the first quarter of 2023, our adjusted EBITDA loss decreased by $4.2 million compared to the same prior year period to a loss of $2.8 million. This decrease was primarily the result of stronger cinema operations performance and the rent received from our tenants at our 44 Union Square property. Shifting to cash flow. For the quarter ended March 31, 2023, net cash used in operating activities decreased by $2.5 million to a net cash used of $11.6 million when compared to the same prior year period. This was driven by…

Thanks, Gilbert. We’ve tried to include answers to many of the questions received in the prepared remarks from Ellen and Gilbert. And as a result, we only have a few additional questions and answers that will provide additional insights from management. The first question; does the wage and hour claim settlement involved Reading bearing a higher level of wage costs annually. Is that already reflected in our cinema segment cost structure? Ellen?

In our recent 10-Q filing, we reported that the $4 million payments to the plaintiff for the settlement for the wage and hour claim was accrued for in our 2021 Cinema segment administrative expense. Going forward, all of the California labor costs are reflected in our Cinema segment cost structure. Operating in the State of California generally does carry a higher labor cost in other U.S. markets, both in terms of base wages and regulatory compliance costs.

Thanks, Ellen. The next question regards our U.S. cinema term loan. And ask if the payment in kind interest rate being accrued for and part of the current interest expense, if the loan is paid off as its original earlier date and the interest is to give will that be a balloon reversal of interest expense? Is Readings plan to retire this loan via its updated principal paydown schedule or refinance some remaining balance into longer-term U.S. number financing? And lastly, given the current variable rate on this loan, do we feel that refinancing will be a similar, higher or lower interest rate spreads? Gilbert?

We did not accrue to pick interest. This decision will depend on a number of factors, the resolution of some of which is still uncertain. These factors, including, without limitation, the availability of cash flow from our cinemas over the remaining terms of the loan, interest rates and the appetite in the financial markets for loans secured by cinema leasehold interest. As to the future interest rates, we believe that there is certainly a substantial uncertainty in the marketplace as to the interest rate. The yield curve continues to be inverted, but Fed watchers are split as to whether or not the Fed will continue to push up interest rates. And if they do, the magnitude and timing of such increases. And we expect that lenders seeing the margins erode are going to want protection against future increases in the cost of their borrowings. So we are unable to provide meaningful guidance at this time.

Thanks, Gilbert. And lastly, on our deferred rent obligations. Of the $9.5 million of deferred rent obligations mentioned in the Q1 10-Q, is that as of March 31 or May 15 filing date? What is the timing for the cash payoff of these amounts? Gilbert, can you handle that as well.

The $9.5 million deferred rent is as of March 31, 2023. The timing varies from lease to lease. Also in our efforts to reduce our cost of occupancy, we’re having ongoing conversations with a number of our landlords, some of whom have previously granted rent deferrals. Accordingly, while no assurance can be given, we are endeavoring to further spread out or to otherwise get relief from the payments of these deferrals.

Thanks, Gilbert. So that marks the conclusion of the call. As usual, we appreciate you listening to the call today. Thank you for your attention and wish everyone good health and safety.