This is the first quarter 2024 earnings call. Thank you for joining Reading International's earnings call to discuss our 2024 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 2024 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 nonrecurring in accordance with the 2-year SEC requirement for determining whether an item is nonrecurring, infrequent or unusual in nature. We believe that 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. Average ticket price, ATP, is also used as an accepted industry acronym. We'll 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 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 U.S. Securities and Exchange Commission. So with that behind us, I'll turn it over to Ellen, who will review our 2024 first quarter results and discuss our business strategy going forward, followed by Gilbert, who will provide a more detailed financial review. Ellen?

Thank you, Andrzej. Welcome, everyone, to our call today, and thanks for listening in. The negative impacts from the 2023 Hollywood strikes continue to be felt through the first quarter of 2024. Each of our cinema divisions in Australia, New Zealand and the United States felt the blow of release date shifts, especially in the early part of the first quarter. While there were some impressive picture-by-picture performances, like Bob Marley: One Love, Dune: Part Two and Godzilla x Kong, overall, the trajectory of our improved performance since the pandemic was interrupted by the unexpected bump in the road during the first quarter because of the strikes. While our first quarter 2024 top line metrics disappointed, the dips compared to earlier periods were not material. Our $45.1 million in total revenue represented a slight 2% decrease over the first quarter of 2023 and was 73% of 2019's first quarter. At $41.3 million, our global cinema revenue decreased 2% compared to the first quarter of 2023 and was 71% of 2019's first quarter. At $3.8 million, our Q1 2024 global real estate revenue represented a 1% decrease over the first quarter of 2023, but a 6% increase over the first quarter of 2019. The slight drop in this segment metric compared to first quarter 2023 was due to the sale of our Culver City office building in February of 2024. These results reported in U.S. dollars were achieved notwithstanding the Hollywood strikes, but also despite decreases in the value of the Australian and New Zealand dollars vis-a-vis our reporting currency, U.S. dollars. This FX change impacts us as historically, approximately 50% of our revenues are generated in Australia and New Zealand. While our top line revenues dropped a bit, thanks to the efforts of our operating teams, our operating income improved…

Thank you, Ellen. Consolidated revenues for the quarter ended March 31, 2024, decreased by $760,000 to $45.1 million when compared to the first quarter of 2023. This decrease was primarily driven by lower U.S. food and beverage revenues, lower U.S. advertising and other revenues, and lower New Zealand admissions compounded with a lower average ticket price, as well as weakening of Australia and New Zealand foreign exchange rate against the U.S. dollar. Net loss attributable to Reading International, Inc. for the quarter ended March 31, 2024, increased by $2.1 million to a net loss of $13.2 million when compared to the same period in the prior year. Basic loss per share increased by $0.09 to a basic loss per share of $0.59 for the quarter ended March 31, 2024, compared to the quarter ended March 31, 2023. These results were primarily due to increased interest expense and the loss of the sale of our Culver City office building. Our total company depreciation, amortization, impairment and G&A expenses for the quarter ended March 31, 2024, decreased slightly by $200,000 to $9.6 million compared to the same quarter in the prior year. These decreases were due to a decrease in depreciation and amortization due to a delay in CapEx spending. For the first quarter of 2024, income tax benefit decreased by $300,000 to an income tax benefit of $220,000 compared to the equivalent prior year period. The change between the first quarter of 2024 and the first quarter of 2023 was primarily related to an increase in reserves for the unrecognized tax benefit in 2024. For the first quarter of 2024, our adjusted EBITDA loss increased by $1.1 million to a loss of $4 million compared to the same prior year period. This increase was primarily the result of the loss on…

Thanks, Gilbert. First, I'd like to thank our stockholders for forwarding questions to our Investor Relations e-mail. As usual, in addition to addressing many of your questions in the prepared remarks from Ellen and Gilbert, we selected a few additional questions to offer additional insights from management. The first of these, Ellen will address. In addition to the Australian cinema development project in Noosa, what was or is the other cinema that you said was planned for New Zealand? And what happened to this prospective development? What are the screen count, timing and milestones providing more info on the prospective projects known to be going forward. Ellen?

At this point, the potential theater deal we had in New Zealand will not progress because the real estate developers terminated negotiations due to their concerns about increasing construction costs in New Zealand. They've indicated to us that they'll pursue other uses at the center. Today, we have one new theater, project on the books in Australia. It's located in Noosa in Queensland, and our landlord is Stockwell, who's a well-regarded Queensland-based developer, which is creating a first-class mixed-use project as part of its new specific shopping center. They've filed a development application already. And our Reading Cinema will be a 6-screen, all-recliner seat theater with an elevated F&B component and at least 2 TITAN LUXE auditoriums. We'll, again, service the anchor for the new village being created, and we expect the theater to be open by 2027.

Thanks, Ellen. If the sale of Cannon Park is successful, approximately what percentage of the proceeds could be expropriated to the U.S.? How much of any of the new AUD 20 million facility can we expropriate to the U.S.? Given the possibility of another strike in Hollywood this summer and the weeks late this year, is it not prudent to attempt to raise twice the capital that the Cannon Park sale would raise. Gilbert?

The bridging agreement with NAB provided us with the short-term liquidity that was needed by the business. We have been able to expropriate some of these funds out of Australia. The agreement further calls for repayment of the bridge facility out of any sale proceeds from the Cannon Park. As Ellen stated in our comments, our Board has directed management to further evaluate the company's real estate portfolio for assets to monetize that will provide us with liquidity to pay down debt over the next few years.

Thanks, Gilbert. In light of the fact that any net proceeds from the proposed sale of the Williamsport industrial property won't come close to paying off the current outstanding balance due on the Bank of America U.S. term loan and the other maturing debt. And now increasingly costly Valley National Bank loan maturing this October on cinemas 1, 2 and 3, when does it make sense for the Board to decide to more formally and aggressively offer up all or part of the cinemas 1, 2, 3 property for sale? Ellen, can you address this?

Yes. And yes, our stockholders is correct that the Williamsport sale will not pay off the balance of the Bank of America term loan and the other maturing debt. As I've addressed in my earlier comments and the answer that Gilbert just provided on Cannon Park, under the Board's directive, management is actively evaluating our entire real estate portfolio for assets to monetize. That evaluation is taking into account a myriad of factors, including the conditions -- the market conditions in each market where our assets' located. Today, the sale process is underway for Cannon Park asset, which is a major asset for us. As I mentioned earlier, we expect to announce other assets for sale during the second quarter of this year.

Thanks, Ellen, and we'll round up with the final question regarding our new L.A. corporate HQ office plans and operating costs. 6 weeks ago, on the quarter 4 2023 audio cast, you said you were finalizing a lease for office space in downtown L.A. and expect it to be in the space within 6 to 8 weeks. What is the status of the move and expectations of year-on-year core fleet cost savings? Well, the [ devil ] is in the detail. We are in the final stages of negotiating lease and expect it to be signed before the end of this second quarter. Following that, occupancy should occur within 4 to 6 weeks after signing. As is typical for leases of built-out space in this market, the LOI provides the certain TIs and rent abatements. Over the next 2 years, we expect to achieve a savings of at least $1.5 million. In the interim, we are conserving cash by working remotely and creatively to meet our space needs. With that answer, we'll conclude this first quarter 2024 earnings call. We appreciate the questions that you have provided us, and thank you for listening to today's call. We'd like to take this opportunity to wish everyone good health and safety. Thank you again.