Thank you for joining Reading International’s Earnings Call to discuss our 2023 Fourth Quarter and Full Year 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’ll 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 fourth 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 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 that the 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 also use a measure referred to as F&B Spend Per Patron, SPP, which is a key performance indicator for our cinemas. The F&B SPP is calculated by dividing a cinema’s 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 US Securities and Exchange Commission. So with that behind us, I'll turn it over to Ellen, who will review our 2023 fourth quarter and full year results and discuss our business strategy going forward, followed by Gilbert, who will provide a more detailed financial review. Ellen?

Thanks, Andre. Welcome, everyone to our call today, and thanks for listening in. From a top-line perspective, 2023 was another year of meaningful progress in our recovery from the pandemic. Thanks to blockbuster and record-setting performances in 2023 of original movies like Barbie, Super Mario Bros. Movie, and Oppenheimer, each of which offered a fresh story and collectively appealed to a variety of audiences, we delivered $222.7 million in total revenue, which represented a 10% increase over 2022 and 80% of our 2019 total revenue of $276.8 million. Our 2023 global cinema revenue was $207.6 million, which increased 9% compared to 2022 and equates to 79% of 2019's global cinema revenue. Our real estate division delivered solid 2023 results. Despite the 2021 monetizations of certain cash generating assets, Auburn Red Yard in Australia, Invercargill in New Zealand, and the Royal George Theatre in Chicago, our 2023 global real estate revenue of $15.1 million represented a 28% increase over 2022, driven by rent from Petco, our flagship tenant at 44 Union Square in New York City, improved performance of our live theaters in New York and sustained performance of our third-party tenant real estate portfolio in Australia and New Zealand, which as of December 31, 2023 had achieved a 97% occupancy rate. These results were achieved notwithstanding the Hollywood strikes that I'll touch on in a moment, but also decreases in the value of the Australian and New Zealand dollars vis-à-vis our reporting currency, U.S. dollars. This FX change impacts us, as historically about 50% of our revenues are generated in Australia and New Zealand. Through this recovery year, our team remained focused on our operations and generating the best results for our guests, tenants, and other stakeholders and the company. At $3.9 million, our 2023 segment operating result improved 13.5%…

Thank you, Ellen. Consolidated revenues for the quarter ended December 31, 2023 decreased by $1.9 million to $45.3 million when compared to Q4 2022. This decrease was primarily driven by a weaker film slate in Q4 2023 compared to the fourth quarter of 2022. Consolidated revenues for the 12 months ended December 31, 2023 increased by $19.6 million to $222.7 million when compared to the same period in the prior year. This is a result of improved performance across our U.S. and Australia cinema circuit due to a stronger movie slate and the new rental stream from Petco at 44 Union Square which began in the fourth quarter of 2022, offset somewhat by the decrease in the value of our Australian and New Zealand currencies. Net loss attributable to Reading International, Inc., for the quarter ended December 31, 2023 decreased by $0.8 million to a net loss of $12.4 million when compared to the same period in the prior year. Basic loss per share decreased by $0.04 to a basic loss per share of $0.56 for the quarter ended December 31, 2023 compared to the quarter ended December 31, 2022. These results are due to increased real estate revenues along with the decreased cinema expenses, decreased depreciation and amortization expense partially offset by increased interest expense and reduced cinema segment revenues as a result of lower attendance in the fourth quarter of 2023 compared to 2022. Net loss attributable to Reading International, Inc., for the 12 months ended December 31, 2023 decreased by $5.5 million to a loss of $30.7 million when compared to the same period in 2022. Basic loss per share of $1.38 for the 12 month ended December 31, 2023 compared to the basic loss per share of $1.64 for the 12 months ended December 31, 2022.…

Thanks, Gilbert. First, I'd like to thank our stockholders, as usual, for forwarding questions to our investor relations email. In addition to addressing many of your questions in the prepared remarks from Ellen and Gilbert, we've selected a few additional questions to offer additional insights from management. The first question regarding our development in Wellington. The City of Wellington has reportedly an agreement to purchase and lease back land underneath Reading's Courtney Central Shopping Centre. How come Reading has made no mention whatsoever what has become part of the public discussion and record of the Wellington City Council? What monetization, financing, redevelopment plans are you pursuing with the Council regarding the Courtney Central property or properties? What is the timing and or milestones toward finalizing a larger development plan for Courtney Central? Ellen?

As widely reported in the New Zealand press, in 2023, we signed a non-binding commercial term sheet with the Wellington City Council to assist in the redevelopment of our Courtney Central building. This commercial term sheet includes confidentiality obligations for both parties. Therefore, we're unable to provide any further details at this stage. We remind our stockholders that we can provide no assurance that a final deal will ever be struck. From Reading's perspective, its assets in Wellington, New Zealand have been and continue to be core assets and they represent a long-term value opportunity for our stockholders. Since Courtney Central opened in 2002 and up until its temporary closure in January of 2019 due to seismic safety concerns, the building has been a critical part of our overall cash flow. The cash flow from this building was the foundation of our New Zealand business. In January of 2019, we made the very difficult decision to effectively shut the building down when we discovered a seismic issue that could potentially put people using the building at risk. Following that decision that has cost our company many millions of dollars, we've dealt with a global pandemic that devastated the cinema business, the fastest and highest interest rate tightening in history, record high inflation, and the unprecedented Hollywood strikes. Nevertheless, we remain committed to strengthening and recreating a first-class destination at Courtney Central for Wellingtonians and the visitors to this important capital city. The anchor of this destination would be a world-class 10-screen cinema that would delight the moviegoers of Wellington again. Wellington is one of the most creative cities in the world and is now vital to Hollywood's creative engine. Our goal would be to deliver the community one of the best cinematic experiences audiences could have anywhere in the world. As I mentioned earlier, despite the frustrating hurdles that the theatrical business has endured over the last four years, we see light at the end of the movie slate tunnel. The 2025 movie slate looks very exciting and ends with a bang with Avatar 3, a movie with very important ties to Wellington. While the redevelopment schedule would not result in Courtney Central being open during 2025, the encouraging upcoming release slate in 2025 and beyond, together with the renewed commitment of the major studios to the theatrical exclusive window, support why Reading is so committed to getting its assets reactivated again in Wellington.

Thanks, Ellen, for that comprehensive answer. The next question is regarding the quarter's actual dollar per cap concession versus last year's same quarter. Can you provide that for each market, US and either Australia, New Zealand, separately or as a down-under group? To what do you attribute the changes? Gilbert, can you field this?

The US food and beverage per capita in Q4 2023 was $7.76, which decreased by $0.10 or 1% from Q4 2022 through a healthy food and beverage spent per patron. The reason that the Q4 2023 US SPP reduced slightly was certain location had greater sensitivity to inflationary pressure and prevailing economic conditions. The Australia food and beverage per capita in Q4 2023 was Australia and $7.84, which decreased by $0.04 or 0.5% from Q4 2022. Our food and beverage increased due to launch of our Angelica at South City Square and Reading Cinemas in Busselton, each of which offer elevated food and beverage by Angelica, offers alcohol. Our SPP was also positively improved by the success of the Taylor Swift promotional cup initiatives, with stocks selling out in the first week. The New Zealand food and beverage per capita in Q4 2023 was NZD6.73, which decreased by NZD0.20 or 3% from Q4 2022. The dip in quarterly SPP was directly related to the prevailing economic condition in New Zealand with high inflation negatively impacting consumer spending, highlighted by three consecutive months of SPP decline.

Thanks Gilbert. Ellen, do you have any concerns about the credit worthiness of Petco as your tenant at 44 Union Square? Credit markets are pricing their loans worse than the average single B loan and the discount margin is almost 250 basis points higher than the OAS on high yield credit. Their stock has 30% short interest and their leverage is over eight times net debt 2024, expected EBITDA. Can you help us understand what protections you might have in your lease agreement that help mitigate the potential impact here?

We monitor the activities of our major tenants. Given the foot traffic of the new flagship location, we're not concerned about our Petco lease. While the terms of the lease are confidential, I can share with you that the store is, in our view, very successful and reflects a major capital investment on the part of Petco. With that said, the company has the usual and customary landlord rights expected for a commercial landowner in New York City. It's been reported by the retail press that at 44 Union Square, Petco has elevated the pet-human bond in this New York City flagship and caused the design of the store in another galaxy. This Petco store is not just about picking up pet treats or dropping your dog off for grooming. They have created theater through great visual merchandising store design and merchandise operations.

Thanks, Ellen. Our next question regarding corporate HQ staff and operating costs. With the Culver City office building sale, what are your plans and expectations for this office's corporate staff and projected personnel and other Los Angeles overhead costs compared to the most recent year? Ellen, can you take this?

Our plans are to move the team in Los Angeles down to a new office space in Downtown LA. We're working on finalizing the lease now and expect that we should be officing in the space within the next six to eight weeks. Moving to Downtown LA will significantly cut the commute time for most of our employees. With the office moved downtown, the elimination of debt, taxes, and other operational expenses related to the 5995 building in Culver City, we do expect to see a sizable reduction in our Los Angeles G&A costs. In terms of personnel, though, we expect to maintain similar staffing levels in 2024, similar to what we've had in 2023.

Thanks, Ellen. And our last question, which I'll handle, is regarding our Maitland property. Maitland, about how much did Maitland Cinema earn or lose in 2023? What influenced the decision not to lease back for a longer period? Buyer's alternative plans? Do you expect the Maitland Cinema to be profitable over the two-year lease back? And do you desire to maintain a theatre here beyond that short term? Well, the site has been a positive contributor to our Australian circuit for over the past five years, when you take into account our internal rent structure. However, the cinema over recent period encountered competition when a new state-of-the-art cinema opened close by, which also influenced our decision to sell. This issue, coupled with the potential plans the buyer may have for the site, drove the lease back period. A decision as to whether that period is shorter or longer will respectively lie with the buyer or ourselves. Such a decision on our part would be made closer to the conclusion of the two-year term. And with that, that brings us to the end of our conference call here. As usual, we'd like to thank all of our stockholders, not only for sending the questions, but for sticking with the company over these tight periods. And we'd like to wish you all the very best for the coming year. Thank you very much.