Thank you for joining Reading International's earnings call to discuss our 2024 Third 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 run through the usual caveats. In accordance with the Safe Harbour 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 and 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 third quarter earnings release on our company's website. We have adjusted where applicable the EBITDA items we believe to be external to our business are not reflective of our costs of doing business or results of operations. Such costs could include legal expenses relating to extra-ordinary litigation and any other items that we can consider to be non-recurring in accordance with a 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 theatre level cash flow, TLCF, which is theatre level revenue less direct theatre level expenses. Average ticket price, ATP, which is calculated by dividing cinema box office revenue by the number of cinema admissions 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 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 third quarter results and discuss our business strategy going forward, followed by Gilbert who will provide a more detailed financial review. Ellen?

Thanks, Andre, and welcome everyone to the call today and thanks for listening in. Key financial operating metrics for our third quarter 2024, total revenues, operating income, and adjusted EBITDA were all materially stronger than the previous three quarters from Q4 2023 to Q2 2024. This trajectory of improvement indicates to us that thankfully the lingering impacts on our cinema business from the COVID-19 pandemic and the 2023 Hollywood strikes, which particularly impacted the business during the nine-month period from October 23 through June 24 have come to an end. For those of you new to Reading, we're a company in two businesses, cinema and real estate, in three countries, the United States, Australia, and New Zealand. Since over 90% of our revenues today come from our cinema business, these two global macro events presented the most serious challenge for our company, which as a microcap public company was not entitled to 1 penny of U.S. Federal Funding through the Shuttered Venue Grant Program or the Payroll Protection Program. At $60.1 million, our third quarter 2024 global total revenue was 28% higher than Q2 2024, 33% higher than Q1 2024, and 33% higher than Q4 2023. While not as high as the third quarter in 2023, our Q3 2024 global total revenue was less than 10% off of last year. This comparative revenue decrease was driven by a 10% reduction in U.S. screen count as we streamline our circuit, a weaker film performance in our US specialty circuit when Oppenheimer, Barbie and Past Lives overperformed for us, and a weaker industry box office in Australia and New Zealand this quarter versus last year when Barbie, which is now Australia's fifth highest grossing movie of all time, overperformed and was a stronger number one film for the quarter compared to Deadpool…

Thank you, Ellen. Consolidated revenue for the quarter ended September 30, 2024 decreased by $6.5 million to $60.1 million when compared to the third quarter of 2023. Consolidated revenue for the nine months ended September 30, 2024 decreased by $25.5 million to $152 million when compared to the nine months ended September 30 2023. These decreases are attributable to lower attendance in all three countries as a result of closing cinemas in the U.S. along with lower performing titles for our theaters in the third quarter of 2024 compared to 2023. Slightly decreases in property rent revenue and lower U.S. live theater revenue. Net loss attributable to Redding International Inc. for the quarter end at September 30, 2024, was $6.9 million compared to a loss of $4.4 million in Q3, 2023, a $2.5 million loss increased. Basic loss per share increased by $0.11 to a loss of $0.31 compared to a loss of $0.20 for Q3, 2023. These results were primarily due to weakened cinema performance, increased interest expense, reduced property rent revenue, partially offset by reduced depreciation and G&A expenses. Net loss attributable to Reading International Inc. for the nine months ended September 30, 2024 increased by $11.2 million to a loss of $29.5 million from a loss of $18.3 million when compared to a nine months ended September 30, 2023. Basic loss per share increased by $050 to a loss of $1.32 compared to a loss of $0.82 for the nine months of 2023. These results were primarily due to decreased cinema segment result, increased interest expense, and a loss of sales of our Culver City office building, partially offset by reduced depreciation. Our total company depreciation, amortization, impairment, and G&A expense for the quarter ended September 30, 2024 decreased by $1.1 million to $8.9 million compared to…

Thanks, Gilbert. First, I'd like to thank our stockholders for forwarding questions to our Invest Relations email. As usual, 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 insight from management. The first of such questions, how many more auditoriums are planned for additions of recliners? When will the re-seating program be completed in 2024 and beyond? Ellen?

In the US, we're targeting to convert 23 screens to luxury recliners in three theaters over the next 24 months. If these conversions were completed, that would result in almost 70% of our existing US circuit featuring recliners. We'd also be intending to create a premium screen concept in each of those theaters. In Australia and New Zealand, we're also targeting to convert certain screens to luxury recliners over the next two years. The completion of these CapEx upgrades are subject to successful negotiations with various landlords, the improved movie slate, and obviously stronger liquidity position. Assuming all goes well in this regard, our global circuit will be in a much better position to take advantage of the improved movie slate expected for 2025 and beyond.

Thanks, Ellen. Perhaps you can answer the next one as well. We just wanted to get a better sense of what needs to happen for the company to achieve results in the U.S. similar to what we saw in second quarter 2023 and third quarter 2023. Being mindful that the screen fleet is 10% smaller. Also is it possible to quantify the difference from the specialty circuit year-on-year in third quarter? For the specialty circuit to produce these results again, is that something that can be done by a collection of good releases or does there have to be a major one-off release like Oppenheimer driving that performance? Ellen?

First, let me reiterate that despite the reduction in revenues, we believe that the streamlining of our US circuit or the closure of those four theaters will in the long run boost our overall theater level cashflow since those theaters historically lost money or broke even depending on the time period. While the third quarter of 2024 was not as strong as we would have liked we believe we'll have stronger results in the future based on the CapEx improvements that I talked about, which will improve our local market shares, the rollout of that free to join rewards and premium membership programs, and the better movie slate expected for 2025 and 2026 and 2027. With respect to the box office for a US specialty circuit, it was off 32% quarter versus quarter with the Villages and the Cinema 1, 2, and 3 being off over 50% due to the over performance in 2023 of Oppenheimer in 70 millimeter. We believe that the US specialty circuit, of course, can produce results like that again, however it's all totally driven by film product. For instance, so far in the month of November this year, the Angelica New York box office is up over 80% compared to prior period, led by Enora and Real Pain, both of which have performed really well. And the Cinema 1, 2 and 3 is up over 50% led by the movie Conclave which is perfect for the audience on the upper east side.

Thank you Ellen. Next question, has any thought been given at selling the US cinema circuit? Seems like this might be a good idea considering the oversaturation in the US. Ellen?

Well, like I've been saying, we anticipate a much stronger movie slate from 2025 and beyond and even the holiday season in 2024. And our U.S. circuit, we anticipate, will return to producing acceptable levels of income, such that the U.S. Circuit's theater-level cash flow will contribute to the overall advancement of our global enterprise again. While we generally believe that the U.S. market is over screened, we think that following our streamlining efforts, our remaining U.S. debtors will return to income producing in 2025 and beyond after taking into account not only the improved movie schedule or expected movie schedule but also the strategic initiatives we have like CapEx upgrades and the rollout of the rewards in the membership program.

Thanks Ellen. The Santander Minetta and Orpheum theatre with secured term loan was only extended out a year from its due date and thus less than nine months from now. Do you expect to refinance this loan with Santander or from another source? How much of a further increase in interest rate is expected to result from the refinancing term sheets you are pursuing? Gilbert?

Despite our good relationship with our lenders, we are exploring our options with different lenders to make sure it is in the company and our shareholders best interest and matches our financing needs. We're closely monitoring how policy makers assess the economy, inflation, and the appropriate monetary policy. As we shared previously, the Fed has recently had two rate cuts, 50 basis point in September and 25 basis point in November 2024. Because of that, we are optimistic that the interest rates will be trending downwards. We will work with lenders that provide us with most flexibility, not just in terms of interest rate floors to ensure we reduce our interest rates into the future, but also take into account the fees and covenant which will impact the overall interest expense to Reading.

Thanks Gilbert. And the last question, what are your plans and sources of capital for the $5.9 million purchase price due in two weeks, the end of November 24, to related parties Sutton Hill for the Village East Ground lease. Well, I can handle that one. We're working on a transaction to complete the acquisition of the remaining New York City property, the tenants interest in the Village East Ground lease, as envisioned by the master lease deal that was entered into with Sun Hill Capital well over 20 years ago. That master lease transaction with Sun Hill brought us our interest in 44 Union Square, the Cinemas 1, 2 and 3, the Minetta Lane and Orpheum theatres. Acting under direction of our Audit and Conflicts Committee, our CFO and our General Counsel are working to develop and close a mutually agreeable transaction with the non-CODA partner of Sun Hill. While no assurances can be given we anticipate that the Conflicts Committee will be able to report on the deal during our Q4 reporting period. And with that we'll bring the conference call to an end here. As usual we appreciate all of you with your questions and listening to this conference call and wish you all the best for the future. Thank you.