Studio City International Holdings Limited (NYSE: MSC) (“Studio
City” or the “Company”), a world-class gaming, retail and
entertainment resort located in Cotai, Macau, today reported its
unaudited financial results for the second quarter of 2019.
Total operating revenues for the second quarter
of 2019 were US$149.7 million, as compared to US$125.3 million in
the second quarter of 2018. The increase in total operating
revenues was due to the increase in revenues from the provision of
gaming related services, partially offset by lower non-gaming
revenues.
Revenues from the provision of gaming related
services are derived from the provision of facilities for the
operations of Studio City Casino by Melco Resorts (Macau) Limited
(the “Gaming Operator”), a subsidiary of Melco Resorts &
Entertainment Limited (“Melco”) and holder of a gaming
subconcession, and services related thereto.
Studio City Casino generated gross gaming
revenues of US$361.8 million and US$381.0 million for the second
quarters of 2019 and 2018, respectively. Affected by the Macau
market-wide VIP weakness, and by increasing competition in and
around Cotai, Studio City’s rolling chip volumes totaled US$3.1
billion for the second quarter of 2019 versus US$6.1 billion in the
second quarter of 2018. The rolling chip win rate was 2.76% in the
second quarter of 2019 versus 2.66% in the second quarter of 2018.
The expected rolling chip win rate range is 2.85% - 3.15%. Mass
market table games drop increased to US$877.0 million in the second
quarter of 2019 compared with US$814.3 million in the second
quarter of 2018. The mass market table games hold percentage was
29.2% in the second quarter of 2019 compared to 24.5% in the second
quarter of 2018. Gaming machine handle for the second quarter of
2019 was US$630.9 million, compared with US$614.9 million in the
second quarter of 2018. The gaming machine win rate was 3.2% in the
second quarter of 2019 compared to 3.4% in the second quarter of
2018. Total gaming tax and the costs incurred in connection with
the operation of Studio City Casino deducted from gross gaming
revenues were US$260.7 million and US$310.8 million in the second
quarters of 2019 and 2018, respectively.
Revenues from provision of gaming related
services were US$101.1 million and US$70.2 million for the second
quarters of 2019 and 2018, respectively, which were net of gaming
tax and the costs incurred in connection with the operation of
Studio City Casino deducted by the Gaming Operator.
Total non-gaming revenues at Studio City for the
second quarter of 2019 was US$48.6 million, compared with US$55.1
million for the second quarter of 2018.
Operating income for the second quarter of 2019
was US$29.7 million, compared with operating income of US$16.5
million in the second quarter of 2018, representing an increase of
79%.
Adjusted EBITDA(1) was US$82.5 million for the
second quarter of 2019, as compared to Adjusted EBITDA of US$60.7
million in the second quarter of 2018, representing an increase of
36%. The year-over-year increase in Adjusted EBITDA was mainly
attributable to the increase in revenues from the provision of
gaming related services, partially offset by lower non-gaming
revenues.
Net loss attributable to Studio City
International Holdings Limited for the second quarter of 2019 was
US$4.4 million, compared with US$23.7 million in the second quarter
of 2018. The net loss attributable to participation interest for
the second quarter of 2019 was US$1.3 million.
Other Factors Affecting
Earnings
Total net non-operating expenses for the second
quarter of 2019 were US$35.3 million, which mainly included
interest expenses of US$33.4 million.
Depreciation and amortization costs of US$44.6
million were recorded in the second quarter of 2019 of which US$0.8
million was related to the amortization expense for the land use
right.
In January 2019, the Gaming Operator informed us
via our subsidiary, Studio City Entertainment Limited, that it will
cease VIP rolling chip operations at the Studio City Casino on
January 15, 2020. Revenues from provision of gaming related
services in relation to the Studio City Casino VIP gaming
operations amounted to US$6.5 million in the second quarter of
2019, compared with US$2.3 million in the second quarter of
2018.
The Adjusted EBITDA for Studio City for the
three months ended June 30, 2019 referred to in Melco’s earnings
release dated July 24, 2019 (“Melco’s earnings release”) is US$12.3
million more than the Adjusted EBITDA of Studio City contained in
this report. The Adjusted EBITDA of Studio City contained in this
report includes certain intercompany charges that are not included
in the Adjusted EBITDA for Studio City contained in the Melco’s
earnings release. Such intercompany charges include, among other
items, fees and shared service charges billed between the Company
and its subsidiaries and certain subsidiaries of Melco.
Additionally, Adjusted EBITDA of Studio City included in the
Melco’s earnings release does not reflect certain costs related to
the VIP operations at Studio City Casino.
Financial Position and Capital
Expenditures
Total cash and bank balances as of June 30,
2019 amounted to US$610.1 million (December 31, 2018: US$377.6
million), including US$60.2 million of bank deposit with original
maturity over three months (December 31, 2018: US$nil) and US$29.4
million of restricted cash (December 31, 2018: US$31.7 million).
Total debt, net of unamortized deferred financing costs at the end
of the second quarter of 2019 was US$1.8 billion (December 31,
2018: US$1.6 billion).
Capital expenditures for the second quarter of
2019 were US$9.3 million.
Safe Harbor Statement
This press release contains forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. Studio City International Holdings Limited (the “Company”)
may also make written or oral forward-looking statements in its
periodic reports to the U.S. Securities and Exchange Commission
(the “SEC”), in its annual report to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about the
Company’s beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties, and a number of factors could cause actual results
to differ materially from those contained in any forward-looking
statement. These factors include, but are not limited to, (i)
growth of the gaming market and visitations in Macau, (ii) capital
and credit market volatility, (iii) local and global economic
conditions, (iv) our anticipated growth strategies, (v) gaming
authority and other governmental approvals and regulations, and
(vi) our future business development, results of operations and
financial condition. In some cases, forward-looking statements can
be identified by words or phrases such as “may”, “will”, “expect”,
“anticipate”, “target”, “aim”, “estimate”, “intend”, “plan”,
“believe”, “potential”, “continue”, “is/are likely to” or other
similar expressions. Further information regarding these and other
risks, uncertainties or factors is included in the Company’s
filings with the SEC. All information provided in this press
release is as of the date of this press release, and the Company
undertakes no duty to update such information, except as required
under applicable law.
Non-GAAP Financial Measures
|
(1) |
"Adjusted EBITDA" is defined as earnings before interest, taxes,
depreciation, amortization, pre-opening costs, property charges and
other, other non-operating income and expenses. We believe that
adjusted EBITDA provides useful information to investors and others
in understanding and evaluating our operating results. This
non-GAAP financial measure eliminates the impact of items that we
do not consider indicative of the performance of our business.
While we believe that this non-GAAP financial measure is useful in
evaluating our business, this information should be considered as
supplemental in nature and is not meant as a substitute for the
related financial information prepared in accordance with U.S.
GAAP. It should not be considered in isolation or construed as an
alternative to net income/loss, cash flow or any other measure of
financial performance or as an indicator of our operating
performance, liquidity, profitability or cash flows generated by
operating, investing or financing activities. The use of adjusted
EBITDA has material limitations as an analytical tool, as adjusted
EBITDA does not include all items that impact our net income/loss.
Investors are encouraged to review the reconciliation of the
historical non-GAAP financial measure to its most directly
comparable GAAP financial measure. |
|
|
|
|
(2) |
"Adjusted
net income/loss" is net income/loss before pre-opening costs,
property charges and other, loss on extinguishment of debt and
costs associated with debt modification, net of participation
interest. Adjusted net income/loss is presented as supplemental
disclosure because management believes it provides useful
information to investors and others in understanding and evaluating
our performance, in addition to income/loss computed in accordance
with U.S. GAAP. Adjusted net income/loss may be different from the
calculation methods used by other companies and, therefore,
comparability may be limited. Reconciliations of adjusted net
income/loss with the most comparable financial measures calculated
and presented in accordance with U.S. GAAP are provided herein
immediately following the financial statements included in this
press release. |
About Studio City International Holdings
Limited
The Company, with its American depositary shares
listed on the New York Stock Exchange (NYSE: MSC), is a world-class
gaming, retail and entertainment resort located in Cotai, Macau.
For more information about the Company, please visit
www.studiocity-macau.com.
The Company is strongly supported by its single
largest shareholder, Melco Resorts & Entertainment Limited, a
company with its American depositary shares listed on the NASDAQ
Global Select Market (NASDAQ: MLCO).
For investment community, please
contact: Richard HuangDirector, Investor RelationsTel:
+852 2598 3619Email: richardlshuang@melco-resorts.com
For media enquiries, please
contact:Chimmy LeungExecutive Director, Corporate
CommunicationsTel: +852 3151 3765Email:
chimmyleung@melco-resorts.com
|
Studio City International Holdings Limited and
Subsidiaries |
|
|
|
Condensed Consolidated Statements of
Operations |
|
|
|
(In thousands of U.S. dollars, except share and per share
data) |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended |
|
Six Months Ended |
|
|
| |
June 30, |
|
June 30, |
|
|
| |
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
|
| |
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPERATING REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision of gaming related services |
$ |
101,145 |
|
|
$ |
70,194 |
|
|
$ |
191,536 |
|
|
$ |
168,595 |
|
|
|
| Rooms |
|
20,990 |
|
|
|
21,750 |
|
|
|
41,950 |
|
|
|
43,583 |
|
|
|
| Food and beverage |
|
17,277 |
|
|
|
15,406 |
|
|
|
34,790 |
|
|
|
31,459 |
|
|
|
| Entertainment |
|
3,911 |
|
|
|
2,618 |
|
|
|
10,083 |
|
|
|
6,273 |
|
|
|
| Services fee |
|
10,326 |
|
|
|
9,955 |
|
|
|
19,378 |
|
|
|
19,606 |
|
|
|
| Mall |
|
(4,456 |
) |
|
|
4,264 |
|
|
|
1,926 |
|
|
|
10,698 |
|
|
|
| Retail and other |
|
517 |
|
|
|
1,084 |
|
|
|
1,150 |
|
|
|
1,956 |
|
|
|
| Total operating revenues |
|
149,710 |
|
|
|
125,271 |
|
|
|
300,813 |
|
|
|
282,170 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPERATING COSTS AND
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Provision of gaming related
services |
|
(5,852 |
) |
|
|
(5,261 |
) |
|
|
(11,634 |
) |
|
|
(10,756 |
) |
|
|
| Rooms |
|
(5,095 |
) |
|
|
(5,533 |
) |
|
|
(10,733 |
) |
|
|
(10,954 |
) |
|
|
| Food and beverage |
|
(14,302 |
) |
|
|
(13,465 |
) |
|
|
(29,326 |
) |
|
|
(27,370 |
) |
|
|
| Entertainment |
|
(6,453 |
) |
|
|
(3,545 |
) |
|
|
(13,220 |
) |
|
|
(6,886 |
) |
|
|
| Mall |
|
(2,273 |
) |
|
|
(2,248 |
) |
|
|
(5,007 |
) |
|
|
(5,382 |
) |
|
|
| Retail and other |
|
(412 |
) |
|
|
(621 |
) |
|
|
(902 |
) |
|
|
(1,274 |
) |
|
|
| General and
administrative |
|
(32,819 |
) |
|
|
(33,913 |
) |
|
|
(63,259 |
) |
|
|
(65,855 |
) |
|
|
| Pre-opening costs |
|
(60 |
) |
|
|
(11 |
) |
|
|
(2,549 |
) |
|
|
(53 |
) |
|
|
| Amortization of land use
right |
|
(825 |
) |
|
|
(830 |
) |
|
|
(1,648 |
) |
|
|
(1,661 |
) |
|
|
| Depreciation and
amortization |
|
(43,762 |
) |
|
|
(42,135 |
) |
|
|
(86,077 |
) |
|
|
(83,783 |
) |
|
|
| Property charges and
other |
|
(8,196 |
) |
|
|
(1,164 |
) |
|
|
(8,325 |
) |
|
|
(3,527 |
) |
|
|
| Total operating costs and
expenses |
|
(120,049 |
) |
|
|
(108,726 |
) |
|
|
(232,680 |
) |
|
|
(217,501 |
) |
|
|
| OPERATING INCOME |
|
29,661 |
|
|
|
16,545 |
|
|
|
68,133 |
|
|
|
64,669 |
|
|
|
| NON-OPERATING INCOME
(EXPENSES) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest income |
|
457 |
|
|
|
696 |
|
|
|
1,961 |
|
|
|
1,439 |
|
|
|
| Interest expenses |
|
(33,354 |
) |
|
|
(40,102 |
) |
|
|
(67,408 |
) |
|
|
(80,184 |
) |
|
|
| Loan commitment fees |
|
(104 |
) |
|
|
(105 |
) |
|
|
(207 |
) |
|
|
(208 |
) |
|
|
| Foreign exchange losses,
net |
|
(2,214 |
) |
|
|
(310 |
) |
|
|
(1,301 |
) |
|
|
(162 |
) |
|
|
| Other (expenses) income,
net |
|
(88 |
) |
|
|
(88 |
) |
|
|
605 |
|
|
|
(22 |
) |
|
|
| Loss on extinguishment of
debt |
|
- |
|
|
|
- |
|
|
|
(2,995 |
) |
|
|
- |
|
|
|
| Costs associated with debt
modification |
|
- |
|
|
|
- |
|
|
|
(579 |
) |
|
|
- |
|
|
|
| Total non-operating expenses,
net |
|
(35,303 |
) |
|
|
(39,909 |
) |
|
|
(69,924 |
) |
|
|
(79,137 |
) |
|
|
| LOSS BEFORE INCOME TAX |
|
(5,642 |
) |
|
|
(23,364 |
) |
|
|
(1,791 |
) |
|
|
(14,468 |
) |
|
|
| INCOME TAX EXPENSE |
|
(77 |
) |
|
|
(328 |
) |
|
|
(143 |
) |
|
|
(375 |
) |
|
|
| NET LOSS |
|
(5,719 |
) |
|
|
(23,692 |
) |
|
|
(1,934 |
) |
|
|
(14,843 |
) |
|
|
| NET LOSS ATTRIBUTABLE TO
PARTICIPATION INTEREST |
|
1,320 |
|
|
|
- |
|
|
|
447 |
|
|
|
- |
|
|
|
| NET LOSS ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
|
| STUDIO CITY
INTERNATIONAL HOLDINGS LIMITED |
$ |
(4,399 |
) |
|
$ |
(23,692 |
) |
|
$ |
(1,487 |
) |
|
$ |
(14,843 |
) |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET LOSS ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
|
| STUDIO CITY
INTERNATIONAL HOLDINGS LIMITED |
|
|
|
|
|
|
|
|
|
|
|
|
|
| PER CLASS A ORDINARY
SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
$ |
(0.018 |
) |
|
$ |
(0.131 |
) |
|
$ |
(0.006 |
) |
|
$ |
(0.082 |
) |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET LOSS ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
|
| STUDIO CITY
INTERNATIONAL HOLDINGS LIMITED PER ADS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
$ |
(0.073 |
) |
|
$ |
(0.523 |
) |
|
$ |
(0.025 |
) |
|
$ |
(0.328 |
) |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| WEIGHTED AVERAGE CLASS A
ORDINARY SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
| OUTSTANDING USED IN NET
LOSS ATTRIBUTABLE |
|
|
|
|
|
|
|
|
|
|
|
|
|
| TO STUDIO CITY
INTERNATIONAL HOLDINGS LIMITED |
|
|
|
|
|
|
|
|
|
|
|
|
|
| PER CLASS A ORDINARY
SHARE CALCULATION: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
241,818,016 |
|
|
|
181,279,400 |
|
|
|
241,818,016 |
|
|
|
181,279,400 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Note: |
|
| In
connection with the Company's initial public offering (the "IPO")
on October 22, 2018, the Company underwent a series of
organizational transactions. For the preparation of the
accompanying unaudited condensed consolidated financial statements
and the calculation of net loss attributable to Studio City
International Holdings Limited per Class A ordinary share for the
periods prior to the IPO, the Company has retrospectively presented
net loss attributable to Studio City International Holdings Limited
per Class A ordinary share and the share capital as if the
organizational transactions had occurred at the beginning of the
earliest period presented. Such retrospective presentation
reflects the redesignation of the issued 18,127.94 ordinary shares
of $1 par value each to 181,279,400 Class A ordinary shares of
$0.0001 par value each. For the periods prior to the IPO
date, the retrospective presentation does not include the exchange
of 72,511,760 Class A ordinary shares into 72,511,760 Class B
ordinary shares of $0.0001 par value each and the issuance of
115,000,000 Class A ordinary shares in the IPO. |
|
| |
| |
| |
|
Studio City International Holdings Limited and
Subsidiaries |
|
Condensed Consolidated Balance Sheets |
|
(In thousands of U.S. dollars, except share and per share
data) |
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
June 30, |
|
December 31, |
| |
2019 |
|
|
2018 |
|
| |
(Unaudited) |
|
(Audited) |
| |
|
|
|
|
|
| ASSETS |
|
|
|
|
|
| |
|
|
|
|
|
| CURRENT ASSETS |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
520,601 |
|
|
$ |
345,854 |
|
| Bank deposit with original
maturity over three months |
|
60,152 |
|
|
|
- |
|
| Restricted cash |
|
29,245 |
|
|
|
31,582 |
|
| Accounts receivable, net |
|
1,614 |
|
|
|
1,712 |
|
| Amounts due from affiliated
companies |
|
61,412 |
|
|
|
42,339 |
|
| Inventories |
|
10,061 |
|
|
|
9,904 |
|
| Prepaid expenses and other
current assets |
|
13,372 |
|
|
|
27,650 |
|
| Total current assets |
|
696,457 |
|
|
|
459,041 |
|
| |
|
|
|
|
|
| PROPERTY AND EQUIPMENT,
NET |
|
2,124,976 |
|
|
|
2,175,858 |
|
| LONG-TERM PREPAYMENTS,
DEPOSITS AND OTHER ASSETS |
|
37,708 |
|
|
|
45,766 |
|
| RESTRICTED CASH |
|
130 |
|
|
|
129 |
|
| OPERATING LEASE RIGHT-OF-USE
ASSETS |
|
14,385 |
|
|
|
- |
|
| LAND USE RIGHT, NET |
|
120,170 |
|
|
|
121,544 |
|
| TOTAL ASSETS |
$ |
2,993,826 |
|
|
$ |
2,802,338 |
|
| |
|
|
|
|
|
| LIABILITIES,
SHAREHOLDERS' EQUITY AND |
|
|
|
|
|
| PARTICIPATION
INTEREST |
|
|
|
|
|
| |
|
|
|
|
|
| CURRENT LIABILITIES |
|
|
|
|
|
| Accounts payable |
$ |
4,436 |
|
|
$ |
6,421 |
|
| Accrued expenses and other
current liabilities |
|
69,240 |
|
|
|
62,825 |
|
| Income tax payable |
|
33 |
|
|
|
33 |
|
| Current portion of long-term
debt, net |
|
348,957 |
|
|
|
347,740 |
|
| Amounts due to affiliated
companies |
|
16,095 |
|
|
|
21,953 |
|
| Total current liabilities |
|
438,761 |
|
|
|
438,972 |
|
| |
|
|
|
|
|
| LONG-TERM DEBT, NET |
|
1,432,585 |
|
|
|
1,261,904 |
|
| OTHER LONG-TERM
LIABILITIES |
|
5,526 |
|
|
|
4,017 |
|
| DEFERRED TAX LIABILITIES |
|
1,190 |
|
|
|
1,044 |
|
| OPERATING LEASE LIABILITIES,
NON-CURRENT |
|
13,207 |
|
|
|
- |
|
| AMOUNT DUE TO AN AFFILIATED
COMPANY |
|
282 |
|
|
|
- |
|
| TOTAL LIABILITIES |
|
1,891,551 |
|
|
|
1,705,937 |
|
| |
|
|
|
|
|
| SHAREHOLDERS’ EQUITY
AND PARTICIPATION INTEREST |
|
|
|
|
|
| Class A ordinary shares |
|
24 |
|
|
|
24 |
|
| Class B ordinary shares |
|
7 |
|
|
|
7 |
|
| Additional paid-in
capital |
|
1,655,602 |
|
|
|
1,655,602 |
|
| Accumulated other
comprehensive losses |
|
(8,056 |
) |
|
|
(14,063 |
) |
| Accumulated losses |
|
(799,585 |
) |
|
|
(798,098 |
) |
| Total shareholders’
equity |
|
847,992 |
|
|
|
843,472 |
|
| PARTICIPATION INTEREST |
|
254,283 |
|
|
|
252,929 |
|
| Total shareholders’ equity and
participation interest |
|
1,102,275 |
|
|
|
1,096,401 |
|
| TOTAL LIABILITIES,
SHAREHOLDERS' EQUITY |
|
|
|
|
|
| AND PARTICIPATION
INTEREST |
$ |
2,993,826 |
|
|
$ |
2,802,338 |
|
| |
|
|
|
|
|
|
Studio City International Holdings Limited and
Subsidiaries |
|
Reconciliation of Net Loss Attributable to Studio City
International Holdings Limited to |
|
Adjusted Net Income (Loss) Attributable to Studio City
International Holdings Limited |
|
(In thousands of U.S. dollars, except share and per share
data) |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended |
|
Six Months Ended |
| |
June 30, |
|
June 30, |
| |
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
| |
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
| |
|
|
|
|
|
|
|
|
|
|
|
| Net Loss Attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
Studio City International Holdings Limited |
$ |
(4,399 |
) |
|
$ |
(23,692 |
) |
|
$ |
(1,487 |
) |
|
$ |
(14,843 |
) |
|
Pre-opening Costs |
|
60 |
|
|
|
11 |
|
|
|
2,549 |
|
|
|
53 |
|
|
Property Charges and Other |
|
8,196 |
|
|
|
1,164 |
|
|
|
8,325 |
|
|
|
3,527 |
|
|
Loss on Extinguishment of Debt |
|
- |
|
|
|
- |
|
|
|
2,995 |
|
|
|
- |
|
|
Costs Associated with Debt Modification |
|
- |
|
|
|
- |
|
|
|
579 |
|
|
|
- |
|
|
Participation Interest Impact on Adjustments |
|
(1,905 |
) |
|
|
- |
|
|
|
(3,333 |
) |
|
|
- |
|
| Adjusted Net Income (Loss)
Attributable to |
|
|
|
|
|
|
|
|
|
|
|
| Studio City
International Holdings Limited |
$ |
1,952 |
|
|
$ |
(22,517 |
) |
|
$ |
9,628 |
|
|
$ |
(11,263 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
| ADJUSTED NET INCOME (LOSS)
ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
| STUDIO CITY
INTERNATIONAL HOLDINGS LIMITED |
|
|
|
|
|
|
|
|
|
|
|
| PER CLASS A ORDINARY
SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
$ |
0.008 |
|
|
$ |
(0.124 |
) |
|
$ |
0.040 |
|
|
$ |
(0.062 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
| ADJUSTED NET INCOME (LOSS)
ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
| STUDIO CITY
INTERNATIONAL HOLDINGS LIMITED |
|
|
|
|
|
|
|
|
|
|
|
| PER ADS: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
$ |
0.032 |
|
|
$ |
(0.497 |
) |
|
$ |
0.159 |
|
|
$ |
(0.249 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
| WEIGHTED AVERAGE CLASS A
ORDINARY SHARES |
|
|
|
|
|
|
|
|
|
|
|
| OUTSTANDING USED IN
ADJUSTED NET INCOME (LOSS) |
|
|
|
|
|
|
|
|
|
|
|
| ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
| STUDIO CITY
INTERNATIONAL HOLDINGS LIMITED |
|
|
|
|
|
|
|
|
|
|
|
| PER CLASS A ORDINARY
SHARE CALCULATION: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
241,818,016 |
|
|
|
181,279,400 |
|
|
|
241,818,016 |
|
|
|
181,279,400 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Studio City International Holdings Limited and
Subsidiaries |
|
Reconciliation of Operating Income to Adjusted
EBITDA |
|
(In thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended |
|
Six Months Ended |
| |
June 30, |
|
June 30, |
| |
2019 |
|
2018 |
|
2019 |
|
2018 |
| |
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
| |
|
|
|
|
|
|
|
|
|
|
|
| Operating Income |
$ |
29,661 |
|
$ |
16,545 |
|
$ |
68,133 |
|
$ |
64,669 |
|
Pre-opening Costs |
|
60 |
|
|
11 |
|
|
2,549 |
|
|
53 |
|
Depreciation and Amortization |
|
44,587 |
|
|
42,965 |
|
|
87,725 |
|
|
85,444 |
|
Property Charges and Other |
|
8,196 |
|
|
1,164 |
|
|
8,325 |
|
|
3,527 |
| Adjusted EBITDA |
$ |
82,504 |
|
$ |
60,685 |
|
$ |
166,732 |
|
$ |
153,693 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Studio City International Holdings Limited and
Subsidiaries |
|
Reconciliation of Net Loss Attributable to Studio City
International Holdings Limited to Adjusted EBITDA |
|
(In thousands of U.S. dollars) |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended |
|
Six Months Ended |
| |
June 30, |
|
June 30, |
| |
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
| |
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
| |
|
|
|
|
|
|
|
|
|
|
|
| Net Loss Attributable
to |
|
|
|
|
|
|
|
|
|
|
|
|
Studio City International Holdings Limited |
$ |
(4,399 |
) |
|
$ |
(23,692 |
) |
|
$ |
(1,487 |
) |
|
$ |
(14,843 |
) |
| Net Loss Attributable to
Participation Interest |
|
(1,320 |
) |
|
|
- |
|
|
|
(447 |
) |
|
|
- |
|
| Net Loss |
|
(5,719 |
) |
|
|
(23,692 |
) |
|
|
(1,934 |
) |
|
|
(14,843 |
) |
| Income Tax Expense |
|
77 |
|
|
|
328 |
|
|
|
143 |
|
|
|
375 |
|
| Interest and Other
Non-Operating Expenses, Net |
|
35,303 |
|
|
|
39,909 |
|
|
|
69,924 |
|
|
|
79,137 |
|
| Property Charges and
Other |
|
8,196 |
|
|
|
1,164 |
|
|
|
8,325 |
|
|
|
3,527 |
|
| Depreciation and
Amortization |
|
44,587 |
|
|
|
42,965 |
|
|
|
87,725 |
|
|
|
85,444 |
|
| Pre-opening Costs |
|
60 |
|
|
|
11 |
|
|
|
2,549 |
|
|
|
53 |
|
| Adjusted EBITDA |
$ |
82,504 |
|
|
$ |
60,685 |
|
|
$ |
166,732 |
|
|
$ |
153,693 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Studio City International Holdings Limited and
Subsidiaries |
|
|
Supplemental Data Schedule |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
| |
|
|
|
|
|
June 30, |
|
June 30, |
|
|
|
|
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
| Room
Statistics: |
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average daily rate
(3) |
|
|
$ |
132 |
|
|
$ |
135 |
|
|
$ |
133 |
|
|
$ |
137 |
|
|
| |
|
Occupancy per
available room |
|
|
|
100 |
% |
|
|
100 |
% |
|
|
100 |
% |
|
|
100 |
% |
|
| |
|
Revenue per
available room (4) |
|
|
$ |
132 |
|
|
$ |
135 |
|
|
$ |
133 |
|
|
$ |
137 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other
Information: |
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average number of
table games |
|
|
293 |
|
|
|
293 |
|
|
|
293 |
|
|
|
293 |
|
|
| |
|
Average number of
gaming machines |
|
|
985 |
|
|
|
959 |
|
|
|
980 |
|
|
|
951 |
|
|
| |
|
Table games win
per unit per day (5) |
|
$ |
12,812 |
|
|
$ |
13,509 |
|
|
$ |
12,660 |
|
|
$ |
14,399 |
|
|
| |
|
Gaming machines
win per unit per day (6) |
|
$ |
225 |
|
|
$ |
237 |
|
|
$ |
218 |
|
|
$ |
244 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
(3) Average daily
rate is calculated by dividing total room revenues including
complimentary rooms (less service charges, if any) by total
occupied rooms including complimentary rooms |
| |
|
(4) Revenue per
available room is calculated by dividing total room revenues
including complimentary rooms (less service charges, if any) by
total rooms available |
| |
|
(5) Table games
win per unit per day is shown before discounts, commissions,
non-discretionary incentives (including the point-loyalty programs)
as administered by the Gaming Operator and allocating casino
revenues related to goods and services provided to gaming patrons
on a complimentary basis |
| |
|
(6) Gaming
machines win per unit per day is shown before non-discretionary
incentives (including the point-loyalty programs) as administered
by the Gaming Operator and allocating casino revenues related
to goods and services provided to gaming patrons on a complimentary
basis |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco Resorts and Entert... (NASDAQ:MLCO)
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