Thank you for joining Reading International's earnings call to discuss our 2019 fourth quarter and full year results. We'll also be addressing the unprecedented COVID-19, or coronavirus, situation that is currently affecting everyone, including Reading. My name is Andrzej Matyczynski. I'm Reading's Executive Vice President of Global Operations. As always, 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 start by stating that 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 2019 fourth quarter and year-end 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 gains on insurance recoveries; legal expenses relating to extraordinary litigation; adjustments for gains, losses relating to property sales; and any other items that can be considered nonrecurring in accordance with the 2-year SEC requirement for determining an item is nonrecurring, infrequent or unusual in nature. We believe adjusted EBITDA is an important supplemental measure of our performance. In today's call, we'll also use an industry-accepted financial measure called theater level cash flow, TLCF, which is theater level cash flow -- theater level revenue less direct theater level expenses; and property level cash flow, PLCF, which is property level revenue less direct property level expenses. 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-K. So with that behind us, I'll turn it over to Ellen, who will review the results for the fourth quarter and the full year 2019 and discuss further Reading's precautions and strategies in navigating the uncharted waters of COVID-19. And then Gilbert will provide a more detailed financial review. Ellen?

Thanks, Andrzej. First and foremost, let's address COVID-19 and its wide-ranging impacts on Reading and our industry. Between March 16, 2020 and March 17, we took the unprecedented step of temporarily closing until further notice every Reading-owned cinema in the United States in compliance with the directions, regulations and recommendations of the federal, state and local authorities. This has been an amazingly short period of time to go from full operations to all cinemas being closed in the U.S. for Reading. Prior to this, from March 12 to March 16, 2020, as we publicly disclosed to all of our guests, we adjusted our operations in our U.S. cinemas by implementing new and enhanced procedures to reduce seat occupancy to create social distancing and increase the frequency and extent of our cleaning and sanitization practices throughout our cinemas. On March 16, 2020, we then further reduced our cinema seating configurations to no more than 50 seats per auditorium. With respect to our Australian and New Zealand cinemas, as of today, the majority of cinemas in those countries, including all of our cinemas, are still operating while taking into account guidelines from the governmental authorities. For instance, in addition to the elevated levels of cleaning and sanitization at our cinemas today, our Australian and New Zealand cinemas are selling no more than 99 seats per auditorium to encourage social distancing. We are monitoring this evolving situation and making sure that we prioritize the health and well-being of our customers. We will temporarily close our cinemas if directed or recommended by the governmental authorities in Australia and New Zealand. Between March 16, 2020 and March 17, 2020, the producers of the shows at our live theaters in New York City and Chicago postponed performances. With respect to our real estate centers at Newmarket…

Thank you, Ellen. The 2019 box office results were the outcome of weak film products worldwide when compared to the prior year period. Consolidated revenues for the fourth quarter of 2019 decreased by 8% to $68.9 million. For the full year 2019, revenue decreased by 10% to $276.8 million compared to the same period in 2018. As previously mentioned, this was primarily driven by softer film product in 2019 compared to a banner year in 2018. These combined factors resulted in a decrease in attendance in our U.S., Australian and New Zealand circuits. These results were further impacted by a 7% decline in Australian dollar and a 4.9% decline in New Zealand dollar for the full year 2019 over a comparable period in 2018. As mentioned earlier, our cinema operating results were impacted by the lease expiration of Paris Theatre and the Beekman Theatre in New York City and the expiration of the underlying lease of 86th Street Cinema that we managed and temporary closed -- temporary closure of our cinema at Courtenay Central in Wellington, New Zealand, which historically was the top performer in New Zealand circuit. At the same time, the partial closure of the Courtenay Central property was one of the key drivers of the unfavorable results of our real estate segment in New Zealand. Net income to RDI common stockholders decreased by $32.4 million to a loss of $27.5 million for the fourth quarter of 2019 compared to the same period in the prior year. Basic loss per share for the quarter ended December 31, 2019, was $1.25, a decrease of $1.46 from the prior year quarter. The full year 2019 net income to RDI common stockholders declined by $40.5 million to a loss of $26.4 million, primarily driven by a $25.5 million increase in income…

Thanks, Gilbert. First, I'd like to thank our stockholders for forwarding questions to our Investor Relations e-mail. As usual, we've compiled a set of questions and answers. We're presenting the most common questions and recurring themes e-mailed to us.

Our first question. In light of the increased liquidity challenges facing the company from COVID-19 closures and long-term tenders loss combined with a very cheap RDI stock price, what real estate doesn't offer optimal returns to sell to monetize and buy back and retire shares even more aggressively? I'll answer that question. On March 10, 2020, our Board of Directors authorized a $25 million increase for our stock repurchase program and extended the program until March 2, 2022. At the present time, we have approximately $26 million of that authorization remaining under this program. During the fourth quarter of 2019, we returned $3.2 million to stockholders through the repurchase of 302,038 shares of our Class A common stock at an average price per share of $10.56. For the full year ended December 31, 2019, we returned $14.5 million to stockholders through the repurchase of 1.2 million shares of our Class A common stock at an average price per share of $12.52. The increased authorization under our stock repurchase program will allow Reading to repurchase its Class A nonvoting common stock from time to time in accordance with the requirements of the Securities and Exchange Commission on the open market, in block trades and in privately negotiated transactions depending on market conditions and other factors. All purchases are subject to the availability of shares at prices that are acceptable to Reading and our management's evaluation of the most prudent use of our cash resources at any given time. And accordingly, no assurances can be given as to the timing or number of shares that may ultimately be acquired pursuant to this authorization. The Board's authorization is for a 2-year period, expiring March 2, 2022, or earlier should the full repurchase authorization be expended. The repurchase program does not obligate the company to acquire any specific number of shares and may be suspended or terminated at any time. Due to COVID-19, we have no current revenue from our closed U.S. cinemas. And as the continued operation of our Australia and New Zealand cinemas is uncertain, it is unlikely that we will be purchasing shares until our revenue situation has stabilized. While we may, if necessary, sell real estate assets, our focus would be on noncore assets. We do not anticipate selling assets to repurchase shares. Our second question, given Regal's new subscription launch in our U.S. markets, do you believe you lost additional share given this plan? Or do you think the subscription impact has inflected? Ellen, can you answer that?

Yes. Before the COVID-19 crisis, we were monitoring the impact of the Regal subscription plan on our business, particularly in Hawaii. We have always taken a view that pricing is a key decision to one's choice in where to see a movie. However, in Hawaii, we believe that the main driver impacting market conditions is the quality of the cinematic experience. For instance, relaunching our consolidated theater in Mililani that now features 14 recliner screens, the TITAN LUXE and an elevated F&B program has likely had a greater impact on the various theater market shares in Oahu rather than Regal's subscription plan. We do not have a formal subscription plan at any of our U.S. cinemas today. If we were to launch one, the first market would likely be Hawaii, where we have 9 theaters and are a leading exhibitor. Again, any launch of a subscription plan would be done in an economically sustainable way. We have no plans for a subscription service in Australia or New Zealand. None of our competitors in those countries are currently offering such programs.

Thanks, Ellen. Given Universal Studios' decision to shorten their window, how do you think about what this could mean for the business? Ellen, can you take that as well?

Yes. We were disappointed by Universal's decision. However, we hope that Universal's unilateral decision was motivated by extraordinary times and a desire to offer the public, many of whom are sheltering in place or self-quarantined, the opportunity to continue to enjoy movies from Universal while enduring a very challenging time. We understand that most companies today are making changes and modifications to policies and ways of doing business to address this unprecedented event. Because our theaters and the major circuits in the U.S. have been forced to close due to COVID-19, a day and date release will not occur for many theaters since the theatrical exhibition will not be occurring. Once we reopen to the public, we intend to continue our policy to not simultaneously play movies on a day-on-day basis and will maintain our position to require a reasonable theatrical window.

The next question. You have at least a full year of the overall upgraded Cal Oaks. How is it faring versus your internal expectations? What was the return on asset expected and being achieved? Can you discuss Reading's experience with its first U.S. foray deploying dine-in experience via your Spotlight or similar service? Ellen?

As we've said before, we don't publicly disclose returns on specific projects. In creating our internal returns, we approach our renovation investment dollars on a site-by-site basis. Each project has a unique set of circumstances, which include a full analysis of the competitive theater factors. With that said, 2019 did mark the first full calendar year of operation of our Reading Cinemas at Cal Oaks in Murrieta, California following the full implementation of its top-to-bottom renovation. Today, 17 screens feature recliner seating, we have 2 TITAN LUXE screens, a full F&B menu and a Spotlight in-theater dining service. We've been exceedingly pleased with the return on investment in this theater to date. Post renovation, this theater continued to set records for itself in 2019: highest F&B revenues, highest SPP and highest theater level cash flow. As I said, though we don't disclose specific returns, I will point out that the theater level cash flow of this data in 2019 was 54.2% higher than the theater level cash flow set in 2015.

Thanks, Ellen. And for the last question, Gilbert, perhaps you can handle this. Given the current state of the business, can you talk about Reading's credit facilities?

Sure. We secured 2 major loans amidst a volatile time in the stock market, which further demonstrates our institutional lenders' continuing confidence in our long-term business plan. On March 6, 2020, we extended both our $55 million credit facility with Bank of America and Bank of Hawaii and our $5 million line with Bank of America to March 6, 2023. On March 13, 2020, we refinanced our credit facility with Valley National Bank, increasing the loan amount from $20 million to $25 million and extending the maturity date to April 1, 2022, with 2 6-month options to extend through April 1, 2023. On January 24, 2020, we exercised the first of our 2 extension options on the Bank of Ozarks $50 million loan relating to our Union Square construction financing. The new maturity is now December 29, 2020. As of December 28, 2019, we have paid in full the Bank of America digital projector loan. Especially with the uncertainty in the market and the temporary closure of our U.S. theaters due to COVID-19, we constantly monitor our financial position and cash management. We are currently in contact with our banks regarding our loans and the related covenant testing. We feel strongly that this current situation we are all in is temporary and remain optimistic and committed to the long-term opportunities in the cinema business and in our diverse real estate portfolio.

Thank you, Gilbert. Well, that marks the conclusion of the call. We appreciate all of you listening to the call today, as usual. Thank you for your attention, and we wish everyone good health and safety during this uncertain and difficult time.