Studio City International Holdings Limited (NYSE: MSC) (“Studio
City” or the “Company”), a world-class integrated resort located in
Cotai, Macau, today reported its unaudited financial results for
the fourth quarter and full year ended December 31, 2020.
Total operating revenues for the fourth quarter
of 2020 were US$23.7 million, compared to total operating revenues
of US$167.8 million in the fourth quarter of 2019. The decrease in
total operating revenues was due to the decrease in revenues from
the provision of gaming related services and lower non-gaming
revenues as a result of the COVID-19 pandemic, which resulted in a
significant decline in inbound tourism throughout 2020 which
continued through the fourth quarter.
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$87.6 million and US$375.6 million for the fourth
quarters of 2020 and 2019, respectively.
Studio City’s rolling chip volume was US$0.45
billion for the fourth quarter of 2020, versus US$2.46 billion in
the fourth quarter of 2019. The rolling chip win rate was negative
0.13% in the fourth quarter of 2020, versus 3.60% in the fourth
quarter of 2019. The expected rolling chip win rate range is 2.85%
- 3.15%.
Mass market table games drop decreased to
US$305.6 million in the fourth quarter of 2020, compared with
US$879.8 million in the fourth quarter of 2019. The mass market
table games hold percentage was 27.0% in the fourth quarter of
2020, compared to 30.2% in the fourth quarter of 2019.
Gaming machine handle for the fourth quarter of
2020 was US$257.7 million, compared with US$695.4 million in the
fourth quarter of 2019. The gaming machine win rate was 2.2% in the
fourth quarter of 2020, compared to 3.0% in the fourth quarter of
2019.
Total gaming taxes and the costs incurred in
connection with the operation of Studio City Casino deducted from
gross gaming revenues were US$91.3 million and US$270.3 million in
the fourth quarters of 2020 and 2019, respectively.
Revenues from the provision of gaming related
services were negative US$3.7 million for the fourth quarter of
2020, compared with revenues from the provision of gaming related
services of US$105.3 million for the fourth quarter of 2019.
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 2020 were US$27.4 million, compared with US$62.5
million for the fourth quarter of 2019.
Operating loss for the fourth quarter of 2020
was US$51.3 million, compared with operating income of US$62.2
million in the fourth quarter of 2019.
Studio City generated negative Adjusted
EBITDA(1) of US$14.4 million in the fourth quarter of 2020,
compared to Adjusted EBITDA of US$103.3 million in the fourth
quarter of 2019. The year-over-year decrease in Adjusted EBITDA was
mainly attributable to the decrease in revenues from the provision
of gaming related services and lower non-gaming revenues.
Net loss attributable to Studio City
International Holdings Limited for the fourth quarter of 2020 was
US$61.5 million, compared with net income attributable to Studio
City International Holdings Limited of US$20.8 million in the
fourth quarter of 2019. The net loss attributable to participation
interest during the fourth quarter of 2020 was US$12.0 million and
the net income attributable to participation interest during the
fourth quarter of 2019 was US$6.2 million.
Other Factors Affecting
Earnings
Total net non-operating expenses for the fourth
quarter of 2020 were US$23.1 million, which mainly included
interest expenses, net of amounts capitalized, of US$23.7
million.
Depreciation and amortization costs of US$35.4
million were recorded in the fourth quarter of 2020, of which
US$0.8 million was related to the amortization expense for the land
use right.
The negative Adjusted EBITDA for Studio City for
the three months ended December 31, 2020 referred to in Melco’s
earnings release dated February 25, 2021 (“Melco’s earnings
release”) is US$8.8 million less than the negative 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 intercompany 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,
2020 aggregated to US$575.4 million (December 31, 2019: US$327.2
million), including US$0.1 million of restricted cash (December 31,
2019: US$27.9 million). Total debt, net of unamortized deferred
financing costs at the end of the fourth quarter of 2020, was
US$1.58 billion (December 31, 2019: US$1.44 billion).
Capital expenditures for the fourth quarter of
2020 were US$72.2 million.
On January 14, 2021, Studio City Finance Limited
(“Studio City Finance”), a wholly-owned subsidiary of the Company,
issued US$750 million in aggregate principal amount of 5.000%
senior notes due 2029 (the “2029 Notes”). Net proceeds from the
issuance of the 2029 Notes were used to fund the conditional cash
tender offer announced by Studio City Finance on January 4, 2021
for any and all of its outstanding 7.250% senior notes due 2024
(the “2024 Notes”) and fully redeem the 2024 Notes which remained
outstanding following the completion of such conditional cash
tender offer. The remaining balance will be used to partially fund
the capital expenditures of the Studio City Phase 2 project and for
general corporate purposes.
Full Year Results
For the year ended December 31, 2020, Studio
City International Holdings Limited reported total operating
revenues of US$49.2 million, compared to US$626.7 million in the
prior year. The decrease in total operating revenues was mainly due
to the decrease in revenues from the provision of gaming related
services and lower non-gaming revenues as a result of the COVID-19
pandemic, which resulted in temporary casino closure and a
significant decline in inbound tourism in 2020.
Operating loss for 2020 was US$279.9 million,
compared with operating income of US$178.0 million for 2019.
Studio City generated negative Adjusted EBITDA
of US$113.8 million for the year ended December 31, 2020, compared
to Adjusted EBITDA of US$361.0 million in 2019. The year-over-year
decrease in Adjusted EBITDA was mainly attributable to the decrease
in revenues from the provision of gaming related services and lower
non-gaming revenues.
Net loss attributable to Studio City
International Holdings Limited for 2020 was US$321.6 million,
compared with net income attributable to Studio City International
Holdings Limited of US$33.6 million for 2019. The net loss
attributable to participation interest for 2020 was US$83.5 million
and the net income attributable to participation interest for 2019
was US$10.1 million.
Recent Developments
The COVID-19 outbreak continues to have a
material effect on our operations, financial position, and
prospects during the first quarter of 2021.
Despite the nationwide resumption of issuance of
Individual Visit Scheme visas by China in September 2020, our
operations continue to be impacted by significant travel bans,
restrictions, and quarantine requirements imposed by the
governments in Macau, Hong Kong, and certain provinces in China on
visitors traveling to and from Macau, and such bans, restrictions
and requirements have been, and may continue to be, modified by the
relevant authorities from time to time as COVID-19 developments
unfold. Additionally, health-related precautionary measures remain
in place at our property, which could continue to impact visitation
and customer spending. Furthermore, we continue to monitor the
impact of COVID-19 on the construction of Studio City Phase 2.
Prior to the COVID-19 outbreak, we estimated a construction period
of approximately 32 months for Phase 2. With the disruptions from
the COVID-19 outbreak, the construction period has been delayed and
is expected to extend beyond the estimated 32 months and the
current development period.
As the disruptions from the COVID-19 outbreak
are ongoing, any recovery from such disruptions will depend on
future events, such as the successful production, distribution and
widespread acceptance of safe and effective vaccines, the
development of effective treatments for COVID-19, including for new
strains of COVID-19, the duration of travel and visa restrictions
as well as customer sentiment and behavior, including the length of
time before customers resume traveling and participating in
entertainment and leisure activities at high-density venues and the
impact of potential higher unemployment rates, declines in income
levels and loss of personal wealth resulting from the COVID-19
outbreak on consumer behavior related to discretionary spending and
traveling, all of which are highly uncertain.
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 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) the global pandemic of
COVID-19, caused by a novel strain of the coronavirus, and the
continued impact of its consequences on our business, our industry
and the global economy, (ii) growth of the gaming market and
visitations in Macau, (iii) capital and credit market volatility,
(iv) local and global economic conditions, (v) our anticipated
growth strategies, (vi) gaming authority and other governmental
approvals and regulations, and (vii) 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 net
income/loss before interest, taxes, depreciation, amortization,
pre-opening costs, property charges and other, share-based
compensation and 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 attributable to Studio
City International Holdings Limited 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
integrated 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 the investment community, please
contact:Timothy MazikTel: +852 2598 3516Email:
timothymazik@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
(Unaudited) |
(In thousands of U.S. dollars, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
December 31, |
|
December 31, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenues: |
|
|
|
|
|
|
|
|
|
|
|
Provision of gaming related services |
$ |
(3,696 |
) |
|
$ |
105,287 |
|
|
$ |
(42,682 |
) |
|
$ |
393,512 |
|
Rooms |
|
9,667 |
|
|
|
22,153 |
|
|
|
21,997 |
|
|
|
85,975 |
|
Food and beverage |
|
7,040 |
|
|
|
16,736 |
|
|
|
22,653 |
|
|
|
68,706 |
|
Entertainment |
|
364 |
|
|
|
6,280 |
|
|
|
1,389 |
|
|
|
21,815 |
|
Services fee |
|
6,445 |
|
|
|
9,578 |
|
|
|
26,151 |
|
|
|
39,470 |
|
Mall |
|
2,270 |
|
|
|
7,091 |
|
|
|
17,008 |
|
|
|
14,844 |
|
Retail and other |
|
1,615 |
|
|
|
694 |
|
|
|
2,692 |
|
|
|
2,411 |
|
Total operating revenues |
|
23,705 |
|
|
|
167,819 |
|
|
|
49,208 |
|
|
|
626,733 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
Provision of gaming related services |
|
(8,061 |
) |
|
|
(6,826 |
) |
|
|
(26,993 |
) |
|
|
(24,179 |
) |
Rooms |
|
(2,756 |
) |
|
|
(5,536 |
) |
|
|
(11,229 |
) |
|
|
(21,766 |
) |
Food and beverage |
|
(6,745 |
) |
|
|
(14,229 |
) |
|
|
(27,301 |
) |
|
|
(57,718 |
) |
Entertainment |
|
(733 |
) |
|
|
(5,448 |
) |
|
|
(3,409 |
) |
|
|
(22,719 |
) |
Mall |
|
(1,013 |
) |
|
|
(1,582 |
) |
|
|
(4,661 |
) |
|
|
(8,658 |
) |
Retail and other |
|
(324 |
) |
|
|
(390 |
) |
|
|
(1,204 |
) |
|
|
(1,735 |
) |
General and administrative |
|
(19,219 |
) |
|
|
(30,461 |
) |
|
|
(89,006 |
) |
|
|
(128,931 |
) |
Pre-opening costs |
|
(68 |
) |
|
|
(12 |
) |
|
|
(201 |
) |
|
|
(2,567 |
) |
Amortization of land use right |
|
(834 |
) |
|
|
(827 |
) |
|
|
(3,333 |
) |
|
|
(3,300 |
) |
Depreciation and amortization |
|
(34,595 |
) |
|
|
(39,822 |
) |
|
|
(157,001 |
) |
|
|
(168,643 |
) |
Property charges and other |
|
(697 |
) |
|
|
(452 |
) |
|
|
(4,798 |
) |
|
|
(8,521 |
) |
Total operating costs and
expenses |
|
(75,045 |
) |
|
|
(105,585 |
) |
|
|
(329,136 |
) |
|
|
(448,737 |
) |
Operating (loss) income |
|
(51,340 |
) |
|
|
62,234 |
|
|
|
(279,928 |
) |
|
|
177,996 |
|
Non-operating income
(expenses): |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
101 |
|
|
|
1,209 |
|
|
|
1,276 |
|
|
|
5,861 |
|
Interest expenses, net of amounts capitalized |
|
(23,718 |
) |
|
|
(31,491 |
) |
|
|
(104,799 |
) |
|
|
(132,291 |
) |
Other financing costs |
|
(106 |
) |
|
|
(105 |
) |
|
|
(421 |
) |
|
|
(416 |
) |
Foreign exchange gains (losses), net |
|
673 |
|
|
|
(4,677 |
) |
|
|
(3,434 |
) |
|
|
(3,975 |
) |
Other income (expenses), net |
|
174 |
|
|
|
(88 |
) |
|
|
(81 |
) |
|
|
430 |
|
Loss on extinguishment of debt |
|
(219 |
) |
|
|
- |
|
|
|
(18,716 |
) |
|
|
(2,995 |
) |
Costs associated with debt modification |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(579 |
) |
Total non-operating expenses,
net |
|
(23,095 |
) |
|
|
(35,152 |
) |
|
|
(126,175 |
) |
|
|
(133,965 |
) |
(Loss) income before income
tax |
|
(74,435 |
) |
|
|
27,082 |
|
|
|
(406,103 |
) |
|
|
44,031 |
|
Income tax credit
(expense) |
|
905 |
|
|
|
(58 |
) |
|
|
1,011 |
|
|
|
(402 |
) |
Net (loss) income |
|
(73,530 |
) |
|
|
27,024 |
|
|
|
(405,092 |
) |
|
|
43,629 |
|
Net loss (income) attributable
to participation interest |
|
12,039 |
|
|
|
(6,234 |
) |
|
|
83,466 |
|
|
|
(10,065 |
) |
Net (loss) income attributable
to Studio City International Holdings Limited |
$ |
(61,491 |
) |
|
$ |
20,790 |
|
|
$ |
(321,626 |
) |
|
$ |
33,564 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income attributable
to Studio City International Holdings Limited |
|
|
|
|
|
|
|
|
|
|
|
per Class A ordinary share: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.166 |
) |
|
$ |
0.086 |
|
|
$ |
(1.091 |
) |
|
$ |
0.139 |
|
Diluted |
$ |
(0.166 |
) |
|
$ |
0.086 |
|
|
$ |
(1.103 |
) |
|
$ |
0.139 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income attributable
to Studio City International Holdings Limited per ADS: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.664 |
) |
|
$ |
0.344 |
|
|
$ |
(4.363 |
) |
|
$ |
0.555 |
|
Diluted |
$ |
(0.664 |
) |
|
$ |
0.344 |
|
|
$ |
(4.411 |
) |
|
$ |
0.555 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average Class A
ordinary shares outstanding used in net (loss) income |
|
|
|
|
|
|
|
|
|
|
|
attributable to Studio City International Holdings Limited per
Class A |
|
|
|
|
|
|
|
|
|
|
|
ordinary share calculation: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
370,352,700 |
|
|
|
241,818,016 |
|
|
|
294,837,092 |
|
|
|
241,818,016 |
|
Diluted |
|
370,352,700 |
|
|
|
241,818,016 |
|
|
|
367,348,852 |
|
|
|
241,818,016 |
|
Studio City International Holdings Limited and
Subsidiaries |
Condensed Consolidated Balance Sheets |
(In thousands of U.S. dollars, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
2020 |
|
2019 |
|
|
(Unaudited) |
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
575,215 |
|
|
$ |
299,367 |
|
Restricted cash |
|
144 |
|
|
|
27,735 |
|
Accounts receivable, net |
|
157 |
|
|
|
1,397 |
|
Amounts due from affiliated companies |
|
10,672 |
|
|
|
61,990 |
|
Inventories |
|
9,297 |
|
|
|
9,763 |
|
Prepaid expenses and other current assets |
|
12,907 |
|
|
|
14,188 |
|
Total current assets |
|
608,392 |
|
|
|
414,440 |
|
|
|
|
|
|
|
Property and equipment,
net |
|
2,180,897 |
|
|
|
2,107,457 |
|
Intangible assets, net |
|
4,005 |
|
|
|
- |
|
Long-term prepayments,
deposits and other assets |
|
117,115 |
|
|
|
57,087 |
|
Restricted cash |
|
- |
|
|
|
130 |
|
Operating lease right-of-use
assets |
|
17,379 |
|
|
|
14,238 |
|
Land use right, net |
|
116,109 |
|
|
|
118,888 |
|
Total assets |
$ |
3,043,897 |
|
|
$ |
2,712,240 |
|
|
|
|
|
|
|
LIABILITIES,
SHAREHOLDERS’ EQUITY AND |
|
|
|
|
|
PARTICIPATION
INTEREST |
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
$ |
206 |
|
|
$ |
3,337 |
|
Accrued expenses and other current liabilities |
|
118,946 |
|
|
|
82,553 |
|
Income tax payable |
|
33 |
|
|
|
33 |
|
Current portion of long-term debt |
|
129 |
|
|
|
- |
|
Amounts due to affiliated companies |
|
42,966 |
|
|
|
14,248 |
|
Total current liabilities |
|
162,280 |
|
|
|
100,171 |
|
|
|
|
|
|
|
Long-term debt, net |
|
1,584,531 |
|
|
|
1,435,088 |
|
Other long-term
liabilities |
|
11,778 |
|
|
|
3,149 |
|
Deferred tax liabilities,
net |
|
448 |
|
|
|
1,453 |
|
Operating lease liabilities,
non-current |
|
17,137 |
|
|
|
13,720 |
|
Total liabilities |
|
1,776,174 |
|
|
|
1,553,581 |
|
|
|
|
|
|
|
Shareholders’ equity and
participation interest: |
|
|
|
|
|
Class A ordinary shares, par value $0.0001; 1,927,488,240
shares |
|
|
|
|
|
authorized; 370,352,700 and 241,818,016 shares issued |
|
|
|
|
|
and outstanding, respectively |
|
37 |
|
|
|
24 |
|
Class B ordinary shares, par value $0.0001; 72,511,760 shares |
|
|
|
|
|
authorized; 72,511,760 shares issued and outstanding |
|
7 |
|
|
|
7 |
|
Additional paid-in capital |
|
2,134,227 |
|
|
|
1,655,602 |
|
Accumulated other comprehensive income |
|
11,876 |
|
|
|
269 |
|
Accumulated losses |
|
(1,086,160 |
) |
|
|
(764,534 |
) |
Total shareholders’
equity |
|
1,059,987 |
|
|
|
891,368 |
|
Participation interest |
|
207,736 |
|
|
|
267,291 |
|
Total shareholders’ equity and
participation interest |
|
1,267,723 |
|
|
|
1,158,659 |
|
Total liabilities,
shareholders’ equity and participation interest |
$ |
3,043,897 |
|
|
$ |
2,712,240 |
|
Studio City International Holdings Limited and
Subsidiaries |
Reconciliation of Net (Loss) Income Attributable to Studio
City International Holdings Limited to |
Adjusted Net (Loss) Income Attributable to Studio City
International Holdings Limited (Unaudited) |
(In thousands of U.S. dollars, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
December 31, |
|
December 31, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income attributable to Studio City International
Holdings Limited |
$ |
(61,491 |
) |
|
$ |
20,790 |
|
|
$ |
(321,626 |
) |
|
$ |
33,564 |
|
Pre-opening costs |
|
68 |
|
|
|
12 |
|
|
|
201 |
|
|
|
2,567 |
|
Property charges and other |
|
697 |
|
|
|
452 |
|
|
|
4,798 |
|
|
|
8,521 |
|
Loss on extinguishment of debt |
|
219 |
|
|
|
- |
|
|
|
18,716 |
|
|
|
2,995 |
|
Costs associated with debt modification |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
579 |
|
Participation interest impact on adjustments |
|
(161 |
) |
|
|
(107 |
) |
|
|
(4,284 |
) |
|
|
(3,382 |
) |
Adjusted net (loss) income
attributable to |
|
|
|
|
|
|
|
|
|
|
|
Studio City International Holdings Limited |
$ |
(60,668 |
) |
|
$ |
21,147 |
|
|
$ |
(302,195 |
) |
|
$ |
44,844 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net (loss) income
attributable to |
|
|
|
|
|
|
|
|
|
|
|
Studio City International Holdings Limited per Class A ordinary
share: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.164 |
) |
|
$ |
0.087 |
|
|
$ |
(1.025 |
) |
|
$ |
0.185 |
|
Diluted |
$ |
(0.164 |
) |
|
$ |
0.087 |
|
|
$ |
(1.038 |
) |
|
$ |
0.185 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net (loss) income
attributable to |
|
|
|
|
|
|
|
|
|
|
|
Studio City International Holdings Limited per ADS: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.655 |
) |
|
$ |
0.350 |
|
|
$ |
(4.100 |
) |
|
$ |
0.742 |
|
Diluted |
$ |
(0.655 |
) |
|
$ |
0.350 |
|
|
$ |
(4.153 |
) |
|
$ |
0.742 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average Class A
ordinary shares outstanding used in adjusted |
|
|
|
|
|
|
|
|
|
|
|
net (loss) income attributable to Studio City International
Holdings Limited |
|
|
|
|
|
|
|
|
|
|
|
per Class A ordinary share calculation: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
370,352,700 |
|
|
|
241,818,016 |
|
|
|
294,837,092 |
|
|
|
241,818,016 |
|
Diluted |
|
370,352,700 |
|
|
|
241,818,016 |
|
|
|
367,348,852 |
|
|
|
241,818,016 |
|
Studio City International Holdings Limited and
Subsidiaries |
Reconciliation of Operating (Loss) Income to Adjusted
EBITDA (Unaudited) |
(In thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
December 31, |
|
December 31, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
Operating (loss) income |
$ |
(51,340 |
) |
|
$ |
62,234 |
|
$ |
(279,928 |
) |
|
$ |
177,996 |
Pre-opening costs |
|
68 |
|
|
|
12 |
|
|
201 |
|
|
|
2,567 |
Depreciation and amortization |
|
35,429 |
|
|
|
40,649 |
|
|
160,334 |
|
|
|
171,943 |
Share-based compensation |
|
791 |
|
|
|
- |
|
|
791 |
|
|
|
- |
Property charges and other |
|
697 |
|
|
|
452 |
|
|
4,798 |
|
|
|
8,521 |
Adjusted EBITDA |
$ |
(14,355 |
) |
|
$ |
103,347 |
|
$ |
(113,804 |
) |
|
$ |
361,027 |
Studio City International Holdings Limited and
Subsidiaries |
Reconciliation of Net (Loss) Income Attributable to Studio
City International Holdings Limited |
to Adjusted EBITDA (Unaudited) |
(In thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
December 31, |
|
December 31, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
Net (loss) income attributable to Studio City International
Holdings Limited |
$ |
(61,491 |
) |
|
$ |
20,790 |
|
$ |
(321,626 |
) |
|
$ |
33,564 |
Net (loss) income attributable
to participation interest |
|
(12,039 |
) |
|
|
6,234 |
|
|
(83,466 |
) |
|
|
10,065 |
Net (loss) income |
|
(73,530 |
) |
|
|
27,024 |
|
|
(405,092 |
) |
|
|
43,629 |
Income tax (credit) expense |
|
(905 |
) |
|
|
58 |
|
|
(1,011 |
) |
|
|
402 |
Interest and other non-operating expenses, net |
|
23,095 |
|
|
|
35,152 |
|
|
126,175 |
|
|
|
133,965 |
Property charges and other |
|
697 |
|
|
|
452 |
|
|
4,798 |
|
|
|
8,521 |
Share-based compensation |
|
791 |
|
|
|
- |
|
|
791 |
|
|
|
- |
Depreciation and amortization |
|
35,429 |
|
|
|
40,649 |
|
|
160,334 |
|
|
|
171,943 |
Pre-opening costs |
|
68 |
|
|
|
12 |
|
|
201 |
|
|
|
2,567 |
Adjusted EBITDA |
$ |
(14,355 |
) |
|
$ |
103,347 |
|
$ |
(113,804 |
) |
|
$ |
361,027 |
Studio City International Holdings Limited and
Subsidiaries |
Supplemental Data Schedule |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
|
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
Room
Statistics(3): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average daily rate
(4) |
|
|
$ |
121 |
|
|
$ |
138 |
|
|
$ |
128 |
|
|
$ |
135 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy per
available room |
|
|
|
49 |
% |
|
|
100 |
% |
|
|
28 |
% |
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per
available room (5) |
|
|
$ |
59 |
|
|
$ |
138 |
|
|
$ |
36 |
|
|
$ |
135 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Information(6): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of
table games |
|
|
291 |
|
|
|
292 |
|
|
|
282 |
|
|
|
293 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of
gaming machines |
|
|
606 |
|
|
|
935 |
|
|
|
586 |
|
|
|
947 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table games win
per unit per day (7) |
|
$ |
3,057 |
|
|
$ |
13,204 |
|
|
$ |
2,456 |
|
|
$ |
12,663 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming machines
win per unit per day (8) |
|
$ |
103 |
|
|
$ |
242 |
|
|
$ |
98 |
|
|
$ |
230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) |
Room statistics
exclude rooms that were temporarily closed or provided to staff
members during the three months and year ended December 31, 2020
due to the COVID-19 outbreak |
(4) |
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 |
(5) |
Revenue per
available room is calculated by dividing total room revenues
including complimentary rooms (less service charges, if any) by
total rooms available |
(6) |
Table games and
gaming machines that were not in operation during the three months
and year ended December 31, 2020 due to government-mandated
closures or social distancing measures in relation to the COVID-19
outbreak have been excluded |
(7) |
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 |
(8) |
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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