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 fourth quarter and full year
ended December 31, 2018.
Total revenues for the fourth quarter of 2018
was US$145.2 million, as compared to US$143.8 million in the fourth
quarter of 2017. The increase in total revenues was due to the
increase in revenues from the provision of gaming related services,
partially offset by lower non-gaming revenues. The Company adopted
a new revenue recognition standard issued by the Financial
Accounting Standards Board (the “New Revenue Standard”) on January
1, 2018 under the modified retrospective method. Results for the
periods beginning on or after January 1, 2018 are presented under
the New Revenue Standard, while prior year amounts are not adjusted
and continue to be reported in accordance with the previous basis.
There was no material impact on our total revenues for the three
months ended December 31, 2018 as a result of the adoption of the
New Revenue Standard from January 1, 2018.
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$379.4 million and US$402.4 million for the fourth
quarters of 2018 and 2017, respectively. Rolling chip volume
totaled US$3.5 billion for the fourth quarter of 2018 versus US$5.7
billion in the fourth quarter of 2017. The rolling chip win rate
was 3.8% in the fourth quarter of 2018 versus 2.8% in the fourth
quarter of 2017. The expected rolling chip win rate range is 2.7% -
3.0%. Mass market table games drop decreased to US$825.4 million in
the fourth quarter of 2018 compared with US$848.2 million in the
fourth quarter of 2017. The mass market table games hold percentage
was 27.0% in the fourth quarter of 2018 compared to 26.1% in the
fourth quarter of 2017. Gaming machine handle for the fourth
quarter of 2018 was US$641.8 million, compared with US$539.0
million in the fourth quarter of 2017. The gaming machine win rate
was 3.6% in the fourth quarter of 2018 compared to 4.1% in the
fourth quarter of 2017. Total gaming tax and the costs incurred in
connection with the operation of Studio City Casino deducted from
gross gaming revenues were US$290.1 million and US$320.6 million in
the fourth quarters of 2018 and 2017, respectively.
After the Gaming Operator deducted gaming tax
and the costs incurred in connection with its operations of Studio
City Casino from the gross gaming revenues, the Company recognized
revenues from provision of gaming related services of US$89.3
million and US$81.8 million for the fourth quarters of 2018 and
2017, respectively.
Total non-gaming revenues at Studio City for the
fourth quarter of 2018 was US$55.9 million, compared with US$62.1
million for the fourth quarter of 2017.
Operating income for the fourth quarter of 2018
was US$41.8 million, compared with operating income of US$17.9
million in the fourth quarter of 2017, representing an increase of
134%.
Adjusted EBITDA(1) was US$85.9 million for the
fourth quarter of 2018, as compared to Adjusted EBITDA of US$77.7
million in the fourth quarter of 2017, representing an increase of
11%. The year-on-year increase in Adjusted EBITDA was mainly
attributable to the increase in revenues from the provision of
gaming related services.
Net income attributable to Studio City
International Holdings Limited for the fourth quarter of 2018 was
US$1.3 million, compared with net loss attributable to Studio City
International Holdings Limited of US$21.2 million, in the fourth
quarter of 2017. The net income attributable to participation
interest for the fourth quarter of 2018 was US$0.9
million.
Other Factors Affecting Earnings
Total net non-operating expenses for the fourth
quarter of 2018 were US$39.4 million, which mainly included
interest expenses, of US$40.2 million.
Depreciation and amortization costs of US$39.6
million were recorded in the fourth quarter of 2018 of which US$0.8
million was related to the amortization expense for the land use
right.
Revenues from provision of gaming related
services in relation to the Studio City Casino VIP gaming
operations amounted to US$8.8 million in the fourth quarter of
2018, compared with US$0.7 million in the fourth quarter of 2017,
representing an increase of 1,224%. 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.
The Adjusted EBITDA for Studio City for the
three months ended December 31, 2018 and year ended December 31,
2018 referred to in Melco’s earnings release dated February 19,
2019 (“Melco’s earnings release”) is US$17 million and US$61
million more, respectively, 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 December 31,
2018 aggregated US$377.6 million, including US$31.7 million of
restricted cash. Total debt, net of unamortized deferred financing
costs at the end of the fourth quarter of 2018, was US$1.6
billion.
Capital expenditures for the fourth quarter of
2018 were US$28.1 million.
Full Year Results
For the year ended December 31, 2018, Studio
City International Holdings Limited reported total revenues of
US$571.2 million versus US$539.8 million in the prior year. The
increase in total revenues was due to the increase in revenues from
the provision of gaming related services, partially offset by lower
non-gaming revenues. The Company adopted the New Revenue Standard
on January 1, 2018 under the modified retrospective method. There
was no material impact on our total revenues for the year ended
December 31, 2018 as a result of the adoption of the New Revenue
Standard from January 1, 2018.
Operating income for 2018 was US$137.9 million,
compared with operating income of US$80.5 million for 2017,
representing an increase of 71%.
Adjusted EBITDA was US$314.8 million for the
year ended December 31, 2018, as compared to Adjusted EBITDA of
US$279.1 million in 2017, representing an increase of 13%. The
year-on-year increase in Adjusted EBITDA was mainly attributable to
the increase in revenues from the provision of gaming related
services.
Net loss attributable to Studio City
International Holdings Limited for 2018 was US$21.6 million,
compared with net loss attributable to Studio City International
Holdings Limited of US$76.4 million in 2017. The net income
attributable to participation interest for 2018 was US$0.9
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
- "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 valuating 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.
- “Adjusted net income/loss” is net income/loss before
pre-opening costs, property charges and other and loss on
extinguishment of debt, 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 |
|
Year Ended |
| |
December 31, |
|
December 31, |
| |
2018 |
|
2017 |
|
2018 |
|
2017 |
| |
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Audited) |
| |
|
|
|
|
|
|
|
|
|
|
|
| OPERATING REVENUES |
|
|
|
|
|
|
|
|
|
|
|
| Provision of gaming
related services |
$ |
89,301 |
|
$ |
81,788 |
|
$ |
339,924 |
|
$ |
295,638 |
| Rooms |
|
22,081 |
|
|
23,141 |
|
|
88,317 |
|
|
88,699 |
| Food and beverage |
|
17,026 |
|
|
16,560 |
|
|
65,904 |
|
|
60,705 |
| Entertainment |
|
1,430 |
|
|
3,788 |
|
|
12,073 |
|
|
18,534 |
| Services fee |
|
8,745 |
|
|
10,079 |
|
|
39,126 |
|
|
39,971 |
| Mall |
|
5,932 |
|
|
6,824 |
|
|
22,298 |
|
|
29,498 |
| Retail and other |
|
699 |
|
|
1,665 |
|
|
3,571 |
|
|
6,769 |
| Total revenues |
|
145,214 |
|
|
143,845 |
|
|
571,213 |
|
|
539,814 |
| |
|
|
|
|
|
|
|
|
|
|
|
| OPERATING COSTS AND
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
| Provision of gaming
related services |
|
(4,434) |
|
|
(5,725) |
|
|
(20,263) |
|
|
(24,019) |
| Rooms |
|
(5,340) |
|
|
(5,638) |
|
|
(21,855) |
|
|
(21,750) |
| Food and beverage |
|
(14,572) |
|
|
(14,352) |
|
|
(56,342) |
|
|
(54,266) |
| Entertainment |
|
(1,455) |
|
|
(3,031) |
|
|
(11,978) |
|
|
(16,364) |
| Mall |
|
(2,634) |
|
|
(2,397) |
|
|
(10,960) |
|
|
(9,098) |
| Retail and other |
|
(528) |
|
|
(972) |
|
|
(2,411) |
|
|
(4,750) |
| General and
administrative |
|
(30,347) |
|
|
(34,006) |
|
|
(132,637) |
|
|
(130,465) |
| Pre-opening costs |
|
(4,140) |
|
|
(131) |
|
|
(4,550) |
|
|
(116) |
| Amortization of land
use right |
|
(806) |
|
|
(830) |
|
|
(3,298) |
|
|
(3,323) |
| Depreciation and
amortization |
|
(38,787) |
|
|
(43,213) |
|
|
(164,593) |
|
|
(173,003) |
| Property charges and
other |
|
(377) |
|
|
(15,663) |
|
|
(4,464) |
|
|
(22,210) |
| Total operating costs
and expenses |
|
(103,420) |
|
|
(125,958) |
|
|
(433,351) |
|
|
(459,364) |
| OPERATING INCOME |
|
41,794 |
|
|
17,887 |
|
|
137,862 |
|
|
80,450 |
| NON-OPERATING INCOME
(EXPENSES) |
|
|
|
|
|
|
|
|
|
|
|
| Interest income |
|
1,162 |
|
|
737 |
|
|
3,578 |
|
|
2,171 |
| Interest expenses |
|
(40,174) |
|
|
(40,024) |
|
|
(160,508) |
|
|
(159,918) |
| Loan commitment
fees |
|
(105) |
|
|
(105) |
|
|
(419) |
|
|
(419) |
| Foreign exchange gains,
net |
|
2,269 |
|
|
42 |
|
|
1,972 |
|
|
466 |
| Other (expenses)
income, net |
|
(87) |
|
|
143 |
|
|
(197) |
|
|
574 |
| Loss on extinguishment
of debt |
|
(2,489) |
|
|
- |
|
|
(2,489) |
|
|
- |
| Total non-operating
expenses, net |
|
(39,424) |
|
|
(39,207) |
|
|
(158,063) |
|
|
(157,126) |
| INCOME (LOSS) BEFORE
INCOME TAX |
|
2,370 |
|
|
(21,320) |
|
|
(20,201) |
|
|
(76,676) |
| INCOME TAX (EXPENSE)
CREDIT |
|
(178) |
|
|
162 |
|
|
(544) |
|
|
239 |
| NET INCOME (LOSS) |
|
2,192 |
|
|
(21,158) |
|
|
(20,745) |
|
|
(76,437) |
| NET INCOME ATTRIBUTABLE
TO PARTICIPATION INTEREST |
|
(853) |
|
|
- |
|
|
(853) |
|
|
- |
| NET INCOME (LOSS)
ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
| STUDIO CITY
INTERNATIONAL HOLDINGS LIMITED |
$ |
1,339 |
|
$ |
(21,158) |
|
$ |
(21,598) |
|
$ |
(76,437) |
| |
|
|
|
|
|
|
|
|
|
|
|
| NET INCOME (LOSS)
ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
| STUDIO CITY
INTERNATIONAL HOLDINGS LIMITED |
|
|
|
|
|
|
|
|
|
|
|
| PER CLASS A
ORDINARY SHARE: |
|
|
|
|
|
|
|
|
|
|
|
| Basic and
diluted |
$ |
0.006 |
|
$ |
(0.117) |
|
$ |
(0.113) |
|
$ |
(0.422) |
| |
|
|
|
|
|
|
|
|
|
|
|
| NET INCOME (LOSS)
ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
| STUDIO CITY
INTERNATIONAL HOLDINGS LIMITED PER ADS: |
|
|
|
|
|
|
|
|
|
|
|
| Basic and
diluted |
$ |
0.024 |
|
$ |
(0.467) |
|
$ |
(0.451) |
|
$ |
(1.687) |
| |
|
|
|
|
|
|
|
|
|
|
|
| WEIGHTED AVERAGE CLASS
A ORDINARY SHARES |
|
|
|
|
|
|
|
|
|
|
|
| OUTSTANDING USED
IN NET INCOME (LOSS) ATTRIBUTABLE |
|
|
|
|
|
|
|
|
|
|
|
| TO STUDIO CITY
INTERNATIONAL HOLDINGS LIMITED |
|
|
|
|
|
|
|
|
|
|
|
| PER CLASS A
ORDINARY SHARE CALCULATION: |
|
|
|
|
|
|
|
|
|
|
|
| Basic and
diluted |
|
221,961,248 |
|
|
181,279,400 |
|
|
191,533,455 |
|
|
181,279,400 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Notes: |
| (a) The
Company adopted the New Revenue Standard on January 1, 2018 under
the modified retrospective method. Results for the periods
beginning on or after January 1, 2018 are presented under the New
Revenue Standard, while prior year amounts are not adjusted and
continue to be reported in accordance with the previous basis. |
| (b) 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 income (loss) attributable to Studio
City International Holdings Limited per Class A ordinary share for
periods prior to the IPO, including the year ended December 31,
2018 for which a portion of the period preceded IPO, the Company
has retrospectively presented net income (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 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) |
| |
| |
| |
December 31, |
|
December 31, |
| |
2018 |
|
2017 |
| |
|
(Unaudited) |
|
|
(Audited) |
| |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
| |
|
|
|
|
|
| CURRENT ASSETS |
|
|
|
|
|
| Cash and cash
equivalents |
$ |
345,854 |
|
$ |
348,399 |
| Bank deposits with
original maturities over three months |
|
- |
|
|
9,884 |
| Restricted cash |
|
31,582 |
|
|
34,400 |
| Accounts receivable,
net |
|
1,712 |
|
|
2,345 |
| Amounts due from
affiliated companies |
|
42,339 |
|
|
37,826 |
| Inventories |
|
9,904 |
|
|
10,143 |
| Prepaid expenses and
other current assets |
|
27,650 |
|
|
17,930 |
| Total current
assets |
|
459,041 |
|
|
460,927 |
| |
|
|
|
|
|
| PROPERTY AND EQUIPMENT,
NET |
|
2,175,858 |
|
|
2,280,116 |
| LONG-TERM PREPAYMENTS,
DEPOSITS AND OTHER ASSETS |
|
45,766 |
|
|
60,722 |
| RESTRICTED CASH |
|
129 |
|
|
130 |
| LAND USE RIGHT,
NET |
|
121,544 |
|
|
125,672 |
| TOTAL ASSETS |
$ |
2,802,338 |
|
$ |
2,927,567 |
| |
|
|
|
|
|
| LIABILITIES,
SHAREHOLDERS' EQUITY AND |
|
|
|
|
|
|
PARTICIPATION INTEREST |
|
|
|
|
|
| |
|
|
|
|
|
| CURRENT
LIABILITIES |
|
|
|
|
|
| Accounts payable |
$ |
6,421 |
|
$ |
2,722 |
| Accrued expenses and
other current liabilities |
|
62,825 |
|
|
155,840 |
| Income tax payable |
|
33 |
|
|
- |
| Current portion of
long-term debt, net |
|
347,740 |
|
|
- |
| Amounts due to
affiliated companies |
|
21,953 |
|
|
19,508 |
| Total current
liabilities |
|
438,972 |
|
|
178,070 |
| |
|
|
|
|
|
| LONG-TERM DEBT,
NET |
|
1,261,904 |
|
|
1,999,354 |
| OTHER LONG-TERM
LIABILITIES |
|
4,017 |
|
|
9,512 |
| DEFERRED TAX
LIABILITIES |
|
1,044 |
|
|
588 |
| |
|
|
|
|
|
| SHAREHOLDERS’
EQUITY AND PARTICIPATION INTEREST |
|
|
|
|
|
| Class A ordinary
shares |
|
24 |
|
|
18 |
| Class B ordinary
shares |
|
7 |
|
|
- |
| Additional paid-in
capital |
|
1,655,602 |
|
|
1,512,705 |
| Accumulated other
comprehensive (loss) income |
|
(14,063) |
|
|
488 |
| Accumulated losses |
|
(798,098) |
|
|
(773,168) |
| Total shareholders’
equity |
|
843,472 |
|
|
740,043 |
| PARTICIPATION
INTEREST |
|
252,929 |
|
|
- |
| Total shareholders’
equity and participation interest |
|
1,096,401 |
|
|
740,043 |
| TOTAL LIABILITIES,
SHAREHOLDERS' EQUITY |
|
|
|
|
|
| AND
PARTICIPATION INTEREST |
$ |
2,802,338 |
|
$ |
2,927,567 |
| |
|
|
|
|
|
|
|
| Studio City International Holdings Limited and
Subsidiaries |
| Reconciliation of Net Income (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 |
|
Year Ended |
| |
December 31, |
|
December 31, |
| |
2018 |
|
2017 |
|
2018 |
|
2017 |
| |
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
| |
|
|
|
|
|
|
|
|
|
|
|
| Net Income (Loss)
Attributable to |
|
|
|
|
|
|
|
|
|
|
|
| Studio City
International Holdings Limited |
$ |
1,339 |
|
$ |
(21,158) |
|
$ |
(21,598) |
|
$ |
(76,437) |
|
Pre-opening Costs |
|
4,140 |
|
|
131 |
|
|
4,550 |
|
|
116 |
|
Property Charges and Other |
|
377 |
|
|
15,663 |
|
|
4,464 |
|
|
22,210 |
|
Loss on Extinguishment of Debt |
|
2,489 |
|
|
- |
|
|
2,489 |
|
|
- |
|
Participation Interest Impact on Adjustments |
|
(1,519) |
|
|
- |
|
|
(1,519) |
|
|
- |
| Adjusted Net Income
(Loss) Attributable to |
|
|
|
|
|
|
|
|
|
|
|
| Studio City
International Holdings Limited |
$ |
6,826 |
|
$ |
(5,364) |
|
$ |
(11,614) |
|
$ |
(54,111) |
| |
|
|
|
|
|
|
|
|
|
|
|
| ADJUSTED NET INCOME
(LOSS) ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
| STUDIO CITY
INTERNATIONAL HOLDINGS LIMITED |
|
|
|
|
|
|
|
|
|
|
|
| PER CLASS A
ORDINARY SHARE: |
|
|
|
|
|
|
|
|
|
|
|
| Basic and
diluted |
$ |
0.031 |
|
$ |
(0.030) |
|
$ |
(0.061) |
|
$ |
(0.298) |
| |
|
|
|
|
|
|
|
|
|
|
|
| ADJUSTED NET INCOME
(LOSS) ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
| STUDIO CITY
INTERNATIONAL HOLDINGS LIMITED |
|
|
|
|
|
|
|
|
|
|
|
| PER ADS: |
|
|
|
|
|
|
|
|
|
|
|
| Basic and
diluted |
$ |
0.123 |
|
$ |
(0.118) |
|
$ |
(0.243) |
|
$ |
(1.194) |
| |
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
221,961,248 |
|
|
181,279,400 |
|
|
191,533,455 |
|
|
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 |
|
Year Ended |
| |
December 31, |
|
December 31, |
| |
2018 |
|
2017 |
|
2018 |
|
2017 |
| |
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
| |
|
|
|
|
|
|
|
|
|
|
|
| Operating Income |
$ |
41,794 |
|
$ |
17,887 |
|
$ |
137,862 |
|
$ |
80,450 |
|
Pre-opening Costs |
|
4,140 |
|
|
131 |
|
|
4,550 |
|
|
116 |
|
Depreciation and Amortization |
|
39,593 |
|
|
44,043 |
|
|
167,891 |
|
|
176,326 |
|
Property Charges and Other |
|
377 |
|
|
15,663 |
|
|
4,464 |
|
|
22,210 |
| Adjusted EBITDA |
$ |
85,904 |
|
$ |
77,724 |
|
$ |
314,767 |
|
$ |
279,102 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Studio City International Holdings Limited and
Subsidiaries |
| Reconciliation of Net Income (Loss)
Attributable to Studio City International Holdings Limited to
Adjusted EBITDA |
| (In thousands of U.S. dollars) |
|
|
| |
Three Months Ended |
|
Year Ended |
| |
December 31, |
|
December 31, |
| |
2018 |
|
2017 |
|
2018 |
|
2017 |
| |
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
| |
|
|
|
|
|
|
|
|
|
|
|
| Net Income (Loss)
Attributable to |
|
|
|
|
|
|
|
|
|
|
|
| Studio City
International Holdings Limited |
$ |
1,339 |
|
$ |
(21,158) |
|
$ |
(21,598) |
|
$ |
(76,437) |
| Net Income Attributable
to Participation Interest |
|
853 |
|
|
- |
|
|
853 |
|
|
- |
| Net Income (Loss) |
|
2,192 |
|
|
(21,158) |
|
|
(20,745) |
|
|
(76,437) |
|
Income Tax Expense (Credit) |
|
178 |
|
|
(162) |
|
|
544 |
|
|
(239) |
|
Interest and Other Non-Operating Expenses, Net |
|
39,424 |
|
|
39,207 |
|
|
158,063 |
|
|
157,126 |
|
Property Charges and Other |
|
377 |
|
|
15,663 |
|
|
4,464 |
|
|
22,210 |
|
Depreciation and Amortization |
|
39,593 |
|
|
44,043 |
|
|
167,891 |
|
|
176,326 |
|
Pre-opening Costs |
|
4,140 |
|
|
131 |
|
|
4,550 |
|
|
116 |
| Adjusted EBITDA |
$ |
85,904 |
|
$ |
77,724 |
|
$ |
314,767 |
|
$ |
279,102 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Studio City International Holdings Limited and
Subsidiaries |
| Supplemental Data Schedule |
|
|
| |
|
|
|
|
|
Three Months Ended |
|
Year Ended |
| |
|
|
|
|
|
December 31, |
|
December 31, |
| |
|
|
|
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
Room Statistics: |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average daily
rate (3) |
|
|
$ |
138 |
|
$ |
145 |
|
$ |
138 |
|
$ |
140 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Occupancy per available room |
|
|
100% |
|
99% |
|
100% |
|
99% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Revenue per available room (4) |
|
|
$ |
138 |
|
$ |
144 |
|
$ |
138 |
|
$ |
138 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Information: |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average number of table games |
|
293 |
|
293 |
|
292 |
|
288 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average number of gaming machines |
|
987 |
|
883 |
|
957 |
|
951 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Table games win per unit per day (5) |
|
$ |
13,233 |
|
$ |
14,123 |
|
$ |
14,076 |
|
$ |
12,932 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Gaming machines win per unit per day (6) |
|
$ |
254 |
|
$ |
272 |
|
$ |
240 |
|
$ |
225 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
(3) Average daily rate is calculated by dividing total room
revenues including the retail value of 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 the retail value of 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 |
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