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, 2019.
Total operating revenues for the fourth quarter
of 2019 were US$167.8 million, as compared to US$145.2 million in
the fourth quarter of 2018. The increase in total operating
revenues was mainly due to the increase in revenues from the
provision of gaming related services.
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$375.6 million and US$379.4 million for the fourth
quarters of 2019 and 2018, respectively. Affected by the Macau
market-wide VIP weakness, Studio City’s rolling chip volume was
US$2.46 billion for the fourth quarter of 2019 versus US$3.46
billion in the fourth quarter of 2018. The rolling chip win rate
was 3.60% in the fourth quarter of 2019 versus 3.82% in the fourth
quarter of 2018. The expected rolling chip win rate range is 2.85%
- 3.15%.
Mass market table games drop increased to
US$879.8 million in the fourth quarter of 2019 compared with
US$825.4 million in the fourth quarter of 2018. The mass market
table games hold percentage was 30.2% in the fourth quarter of 2019
compared to 27.0% in the fourth quarter of 2018.
Gaming machine handle for the fourth quarter of
2019 was US$695.4 million, compared with US$641.8 million in the
fourth quarter of 2018. The gaming machine win rate was 3.0% in the
fourth quarter of 2019 compared to 3.6% in the fourth quarter of
2018.
Total gaming taxes and the costs incurred in
connection with the operation of Studio City Casino deducted from
gross gaming revenues were US$270.3 million and US$290.1 million in
the fourth quarters of 2019 and 2018, respectively.
Revenues from the provision of gaming related
services were US$105.3 million and US$89.3 million for the fourth
quarters of 2019 and 2018, respectively. Revenues from the
provision of gaming related services are net of gaming taxes and
the costs incurred in connection with the operation of Studio City
Casino deducted by the Gaming Operator pursuant to the Services and
Right to Use Arrangements.
Total non-gaming revenues at Studio City for the
fourth quarter of 2019 was US$62.5 million, compared with US$55.9
million for the fourth quarter of 2018.
Operating income for the fourth quarter of 2019
was US$62.2 million, compared with operating income of US$41.8
million in the fourth quarter of 2018, representing an increase of
49%.
Adjusted EBITDA(1) was US$103.3 million for the
fourth quarter of 2019, as compared to Adjusted EBITDA of US$85.9
million in the fourth quarter of 2018, representing an increase of
20%. The year-over-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 2019 was
US$20.8 million, compared with net income attributable to Studio
City International Holdings Limited of US$1.3 million in the fourth
quarter of 2018. The net income attributable to participation
interest was US$6.2 million and US$0.9 million in the fourth
quarters of 2019 and 2018, respectively.
Other Factors Affecting
Earnings
Total net non-operating expenses for the fourth
quarter of 2019 were US$35.2 million, which mainly included
interest expenses of US$31.5 million.
Depreciation and amortization costs of US$40.6
million were recorded in the fourth 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
would cease VIP rolling chip operations at the Studio City Casino
on January 15, 2020. In January 2020, we announced the Gaming
Operator would continue VIP rolling chip operations at the Studio
City Casino until January 15, 2021, subject to termination by
30-day notice. Revenues from provision of gaming related services
in relation to the Studio City Casino VIP gaming operations
amounted to US$6.7 million in the fourth quarter of 2019, compared
with US$8.8 million in the fourth quarter of 2018.
The Adjusted EBITDA for Studio City for the
three months ended December 31, 2019 referred to in Melco’s
earnings release dated February 20, 2020 (“Melco’s earnings
release”) is US$14.1 million more than the Adjusted EBITDA of
Studio City contained in this press release. The Adjusted EBITDA of
Studio City contained in this press release includes certain
intercompany charges that are not included in the Adjusted EBITDA
for Studio City contained in 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 Melco’s earnings release does not reflect
certain costs related to the table games operations at Studio City
Casino.
Financial Position and Capital
Expenditures
Total cash and bank balances as of December 31,
2019 aggregated US$327.2 million (December 31, 2018: US$377.6
million), including US$27.9 million of restricted cash (December
31, 2018: US$31.7 million). Total debt, net of unamortized deferred
financing costs at the end of the fourth quarter of 2019, was
US$1.44 billion (December 31, 2018: US$1.61 billion).
Capital expenditures for the fourth quarter of
2019 were US$37.8 million.
Full Year Results
For the year ended December 31, 2019, Studio
City International Holdings Limited reported total operating
revenues of US$626.7 million versus US$571.2 million in the prior
year. The increase in total operating revenues was mainly due to
the increase in revenues from the provision of gaming related
services.
Operating income for 2019 was US$178.0 million,
compared with operating income of US$137.9 million for 2018,
representing an increase of 29%.
Adjusted EBITDA was US$361.0 million for the
year ended December 31, 2019, as compared to Adjusted EBITDA of
US$314.8 million in 2018, representing an increase of 15%. The
year-over-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 2019 was US$33.6 million,
compared with net loss attributable to Studio City International
Holdings Limited of US$21.6 million in 2018. The net income
attributable to participation interest was US$10.1 million and
US$0.9 million for 2019 and 2018, respectively.
Recent Developments
On February 4, 2020, the Macau government
announced all casinos in Macau would be closed for a 15-day period
commencing on February 5, 2020. On February 17, 2020, the Macau
government announced, subject to the implementation of certain
health-related precautionary measures, casinos in Macau may resume
operations on February 20, 2020. Gaming operations at Studio City
Casino resumed on February 20, 2020.
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. In addition, the Company’s
calculation of Adjusted EBITDA may be different from the
calculation methods used by other companies and, therefore,
comparability may be limited. Investors are encouraged to review
the reconciliation of the historical non-GAAP financial measure to
its most directly comparable GAAP financial measure.
Reconciliations of Adjusted EBITDA 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.
(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
|
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|
|
|
|
|
|
|
|
|
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, |
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Audited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision of
gaming related services |
$ |
105,287 |
|
|
$ |
89,301 |
|
|
$ |
393,512 |
|
|
$ |
339,924 |
|
|
|
Rooms |
|
22,153 |
|
|
|
22,081 |
|
|
|
85,975 |
|
|
|
88,317 |
|
|
|
Food and
beverage |
|
16,736 |
|
|
|
17,026 |
|
|
|
68,706 |
|
|
|
65,904 |
|
|
|
Entertainment |
|
6,280 |
|
|
|
1,430 |
|
|
|
21,815 |
|
|
|
12,073 |
|
|
|
Services
fee |
|
9,578 |
|
|
|
8,745 |
|
|
|
39,470 |
|
|
|
39,126 |
|
|
|
Mall |
|
7,091 |
|
|
|
5,932 |
|
|
|
14,844 |
|
|
|
22,298 |
|
|
|
Retail and
other |
|
694 |
|
|
|
699 |
|
|
|
2,411 |
|
|
|
3,571 |
|
|
|
Total
operating revenues |
|
167,819 |
|
|
|
145,214 |
|
|
|
626,733 |
|
|
|
571,213 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
COSTS AND EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision of
gaming related services |
|
(6,826 |
) |
|
|
(4,434 |
) |
|
|
(24,179 |
) |
|
|
(20,263 |
) |
|
|
Rooms |
|
(5,536 |
) |
|
|
(5,340 |
) |
|
|
(21,766 |
) |
|
|
(21,855 |
) |
|
|
Food and
beverage |
|
(14,229 |
) |
|
|
(14,572 |
) |
|
|
(57,718 |
) |
|
|
(56,342 |
) |
|
|
Entertainment |
|
(5,448 |
) |
|
|
(1,455 |
) |
|
|
(22,719 |
) |
|
|
(11,978 |
) |
|
|
Mall |
|
(1,582 |
) |
|
|
(2,634 |
) |
|
|
(8,658 |
) |
|
|
(10,960 |
) |
|
|
Retail and
other |
|
(390 |
) |
|
|
(528 |
) |
|
|
(1,735 |
) |
|
|
(2,411 |
) |
|
|
General and
administrative |
|
(30,461 |
) |
|
|
(30,347 |
) |
|
|
(128,931 |
) |
|
|
(132,637 |
) |
|
|
Pre-opening
costs |
|
(12 |
) |
|
|
(4,140 |
) |
|
|
(2,567 |
) |
|
|
(4,550 |
) |
|
|
Amortization
of land use right |
|
(827 |
) |
|
|
(806 |
) |
|
|
(3,300 |
) |
|
|
(3,298 |
) |
|
|
Depreciation
and amortization |
|
(39,822 |
) |
|
|
(38,787 |
) |
|
|
(168,643 |
) |
|
|
(164,593 |
) |
|
|
Property
charges and other |
|
(452 |
) |
|
|
(377 |
) |
|
|
(8,521 |
) |
|
|
(4,464 |
) |
|
|
Total
operating costs and expenses |
|
(105,585 |
) |
|
|
(103,420 |
) |
|
|
(448,737 |
) |
|
|
(433,351 |
) |
|
|
OPERATING
INCOME |
|
62,234 |
|
|
|
41,794 |
|
|
|
177,996 |
|
|
|
137,862 |
|
|
|
NON-OPERATING INCOME (EXPENSES) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
1,209 |
|
|
|
1,162 |
|
|
|
5,861 |
|
|
|
3,578 |
|
|
|
Interest
expenses |
|
(31,491 |
) |
|
|
(40,174 |
) |
|
|
(132,291 |
) |
|
|
(160,508 |
) |
|
|
Loan
commitment fees |
|
(105 |
) |
|
|
(105 |
) |
|
|
(416 |
) |
|
|
(419 |
) |
|
|
Foreign
exchange (losses) gains, net |
|
(4,677 |
) |
|
|
2,269 |
|
|
|
(3,975 |
) |
|
|
1,972 |
|
|
|
Other
(expenses) income, net |
|
(88 |
) |
|
|
(87 |
) |
|
|
430 |
|
|
|
(197 |
) |
|
|
Loss on
extinguishment of debt |
|
- |
|
|
|
(2,489 |
) |
|
|
(2,995 |
) |
|
|
(2,489 |
) |
|
|
Costs
associated with debt modification |
|
- |
|
|
|
- |
|
|
|
(579 |
) |
|
|
- |
|
|
|
Total
non-operating expenses, net |
|
(35,152 |
) |
|
|
(39,424 |
) |
|
|
(133,965 |
) |
|
|
(158,063 |
) |
|
|
INCOME
(LOSS) BEFORE INCOME TAX |
|
27,082 |
|
|
|
2,370 |
|
|
|
44,031 |
|
|
|
(20,201 |
) |
|
|
INCOME TAX
EXPENSE |
|
(58 |
) |
|
|
(178 |
) |
|
|
(402 |
) |
|
|
(544 |
) |
|
|
NET INCOME
(LOSS) |
|
27,024 |
|
|
|
2,192 |
|
|
|
43,629 |
|
|
|
(20,745 |
) |
|
|
NET INCOME
ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PARTICIPATION INTEREST |
|
(6,234 |
) |
|
|
(853 |
) |
|
|
(10,065 |
) |
|
|
(853 |
) |
|
|
NET INCOME
(LOSS) ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
|
STUDIO CITY INTERNATIONAL HOLDINGS LIMITED |
$ |
20,790 |
|
|
$ |
1,339 |
|
|
$ |
33,564 |
|
|
$ |
(21,598 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS) ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
|
STUDIO CITY INTERNATIONAL HOLDINGS |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIMITED PER CLASS A ORDINARY SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
$ |
0.086 |
|
|
$ |
0.006 |
|
|
$ |
0.139 |
|
|
$ |
(0.113 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS) ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
|
STUDIO CITY INTERNATIONAL HOLDINGS |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIMITED PER ADS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
$ |
0.344 |
|
|
$ |
0.024 |
|
|
$ |
0.555 |
|
|
$ |
(0.451 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
241,818,016 |
|
|
|
221,961,248 |
|
|
|
241,818,016 |
|
|
|
191,533,455 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 income
(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 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 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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31, |
|
December
31, |
|
|
2019 |
|
|
2018 |
|
|
|
(Unaudited) |
|
(Audited) |
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS |
|
|
|
|
|
|
Cash and
cash equivalents |
$ |
299,367 |
|
|
$ |
345,854 |
|
|
Restricted
cash |
|
27,735 |
|
|
|
31,582 |
|
|
Accounts
receivable, net |
|
1,397 |
|
|
|
1,712 |
|
|
Amounts due
from affiliated companies |
|
61,990 |
|
|
|
42,339 |
|
|
Inventories |
|
9,763 |
|
|
|
9,904 |
|
|
Prepaid
expenses and other current assets |
|
14,188 |
|
|
|
27,650 |
|
|
Total
current assets |
|
414,440 |
|
|
|
459,041 |
|
|
|
|
|
|
|
|
|
PROPERTY AND
EQUIPMENT, NET |
|
2,107,457 |
|
|
|
2,175,858 |
|
|
LONG-TERM
PREPAYMENTS, DEPOSITS AND OTHER ASSETS |
|
57,087 |
|
|
|
45,766 |
|
|
RESTRICTED
CASH |
|
130 |
|
|
|
129 |
|
|
OPERATING
LEASE RIGHT-OF-USE ASSETS |
|
14,238 |
|
|
|
- |
|
|
LAND USE
RIGHT, NET |
|
118,888 |
|
|
|
121,544 |
|
|
TOTAL
ASSETS |
$ |
2,712,240 |
|
|
$ |
2,802,338 |
|
|
|
|
|
|
|
|
|
LIABILITIES, SHAREHOLDERS' EQUITY AND |
|
|
|
|
|
|
PARTICIPATION INTEREST |
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
Accounts
payable |
$ |
3,337 |
|
|
$ |
6,421 |
|
|
Accrued
expenses and other current liabilities |
|
82,553 |
|
|
|
62,825 |
|
|
Income tax
payable |
|
33 |
|
|
|
33 |
|
|
Current
portion of long-term debt, net |
|
- |
|
|
|
347,740 |
|
|
Amounts due
to affiliated companies |
|
14,248 |
|
|
|
21,953 |
|
|
Total
current liabilities |
|
100,171 |
|
|
|
438,972 |
|
|
|
|
|
|
|
|
|
LONG-TERM
DEBT, NET |
|
1,435,088 |
|
|
|
1,261,904 |
|
|
OTHER
LONG-TERM LIABILITIES |
|
3,149 |
|
|
|
4,017 |
|
|
DEFERRED TAX
LIABILITIES |
|
1,453 |
|
|
|
1,044 |
|
|
OPERATING
LEASE LIABILITIES, NON-CURRENT |
|
13,720 |
|
|
|
- |
|
|
TOTAL
LIABILITIES |
|
1,553,581 |
|
|
|
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 income (loss) |
|
269 |
|
|
|
(14,063 |
) |
|
Accumulated
losses |
|
(764,534 |
) |
|
|
(798,098 |
) |
|
Total
shareholders’ equity |
|
891,368 |
|
|
|
843,472 |
|
|
PARTICIPATION INTEREST |
|
267,291 |
|
|
|
252,929 |
|
|
Total
shareholders’ equity and participation interest |
|
1,158,659 |
|
|
|
1,096,401 |
|
|
TOTAL
LIABILITIES, SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
AND
PARTICIPATION INTEREST |
$ |
2,712,240 |
|
|
$ |
2,802,338 |
|
|
|
|
|
|
|
|
|
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, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss) Attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
Studio City International Holdings Limited |
$ |
20,790 |
|
|
$ |
1,339 |
|
|
$ |
33,564 |
|
|
$ |
(21,598 |
) |
|
Pre-opening Costs |
|
12 |
|
|
|
4,140 |
|
|
|
2,567 |
|
|
|
4,550 |
|
|
Property Charges and Other |
|
452 |
|
|
|
377 |
|
|
|
8,521 |
|
|
|
4,464 |
|
|
Loss on Extinguishment of Debt |
|
- |
|
|
|
2,489 |
|
|
|
2,995 |
|
|
|
2,489 |
|
|
Costs Associated with Debt Modification |
|
- |
|
|
|
- |
|
|
|
579 |
|
|
|
- |
|
|
Participation Interest Impact on Adjustments |
|
(107 |
) |
|
|
(1,519 |
) |
|
|
(3,382 |
) |
|
|
(1,519 |
) |
|
Adjusted Net
Income (Loss) Attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
Studio City International Holdings Limited |
$ |
21,147 |
|
|
$ |
6,826 |
|
|
$ |
44,844 |
|
|
$ |
(11,614 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED NET
INCOME (LOSS) ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
STUDIO CITY INTERNATIONAL HOLDINGS LIMITED |
|
|
|
|
|
|
|
|
|
|
|
|
PER
CLASS A ORDINARY SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
$ |
0.087 |
|
|
$ |
0.031 |
|
|
$ |
0.185 |
|
|
$ |
(0.061 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED NET
INCOME (LOSS) ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
STUDIO CITY INTERNATIONAL HOLDINGS LIMITED |
|
|
|
|
|
|
|
|
|
|
|
|
PER
ADS: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
$ |
0.350 |
|
|
$ |
0.123 |
|
|
$ |
0.742 |
|
|
$ |
(0.243 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
221,961,248 |
|
|
|
241,818,016 |
|
|
|
191,533,455 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income |
$ |
62,234 |
|
$ |
41,794 |
|
$ |
177,996 |
|
$ |
137,862 |
Pre-opening Costs |
|
12 |
|
|
4,140 |
|
|
2,567 |
|
|
4,550 |
Depreciation and Amortization |
|
40,649 |
|
|
39,593 |
|
|
171,943 |
|
|
167,891 |
Property Charges and Other |
|
452 |
|
|
377 |
|
|
8,521 |
|
|
4,464 |
Adjusted
EBITDA |
$ |
103,347 |
|
$ |
85,904 |
|
$ |
361,027 |
|
$ |
314,767 |
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss) Attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
Studio City International Holdings Limited |
$ |
20,790 |
|
$ |
1,339 |
|
$ |
33,564 |
|
$ |
(21,598 |
) |
|
Net Income
Attributable to Participation Interest |
|
6,234 |
|
|
853 |
|
|
10,065 |
|
|
853 |
|
|
Net Income
(Loss) |
|
27,024 |
|
|
2,192 |
|
|
43,629 |
|
|
(20,745 |
) |
|
Income Tax Expense |
|
58 |
|
|
178 |
|
|
402 |
|
|
544 |
|
|
Interest and Other Non-Operating Expenses, Net |
|
35,152 |
|
|
39,424 |
|
|
133,965 |
|
|
158,063 |
|
|
Property Charges and Other |
|
452 |
|
|
377 |
|
|
8,521 |
|
|
4,464 |
|
|
Depreciation and Amortization |
|
40,649 |
|
|
39,593 |
|
|
171,943 |
|
|
167,891 |
|
|
Pre-opening Costs |
|
12 |
|
|
4,140 |
|
|
2,567 |
|
|
4,550 |
|
|
Adjusted
EBITDA |
$ |
103,347 |
|
$ |
85,904 |
|
$ |
361,027 |
|
$ |
314,767 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City
International Holdings Limited and Subsidiaries |
|
|
Supplemental
Data Schedule |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Year
Ended |
|
|
|
|
|
|
|
|
December
31, |
|
December
31, |
|
|
|
|
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
Room Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average daily rate (3) |
|
|
$ |
138 |
|
|
$ |
138 |
|
|
$ |
135 |
|
|
$ |
138 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy per available room |
|
|
100 |
% |
|
|
100 |
% |
|
|
100 |
% |
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per available room (4) |
|
$ |
138 |
|
|
$ |
138 |
|
|
$ |
135 |
|
|
$ |
138 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
292 |
|
|
|
293 |
|
|
|
293 |
|
|
|
292 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of gaming machines |
|
|
935 |
|
|
|
987 |
|
|
|
947 |
|
|
|
957 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table games win per unit per day (5) |
|
$ |
13,204 |
|
|
$ |
13,233 |
|
|
$ |
12,663 |
|
|
$ |
14,076 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming machines win per unit per day (6) |
$ |
242 |
|
|
$ |
254 |
|
|
$ |
230 |
|
|
$ |
240 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
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