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, 2021.
Total operating revenues for the fourth quarter
of 2021 were US$28.4 million, compared to total operating revenues
of US$23.7 million in the fourth quarter of 2020. The change 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 the 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$91.1 million and US$87.6 million for the fourth
quarters of 2021 and 2020, respectively.
Studio City’s rolling chip volume was US$474.4
million in the fourth quarter of 2021 versus US$449.4 million in
the fourth quarter of 2020. The rolling chip win rate was 1.84% in
the fourth quarter of 2021 versus negative 0.13% in the fourth
quarter of 2020. The expected rolling chip win rate range is 2.85%
- 3.15%.
Mass market table games drop decreased to
US$253.5 million in the fourth quarter of 2021, compared with
US$305.6 million in the fourth quarter of 2020. The mass market
table games hold percentage was 29.6% in the fourth quarter of
2021, compared to 27.0% in the fourth quarter of 2020.
Gaming machine handle for the fourth quarter of
2021 was US$262.4 million, compared with US$257.7 million in the
fourth quarter of 2020. The gaming machine win rate was 2.8% in the
fourth quarter of 2021, compared to 2.2% in the fourth quarter of
2020.
Total gaming taxes and the costs incurred in
connection with the on-going operation of Studio City Casino
deducted from gross gaming revenues were US$87.0 million and
US$91.3 million in the fourth quarters of 2021 and 2020,
respectively.
Revenues from the provision of gaming related
services were US$4.1 million for the fourth quarter of 2021,
compared with revenues from the provision of gaming related
services of negative US$3.7 million for the fourth quarter of 2020.
Revenues from the provision of gaming related services are net of
gaming taxes and the costs incurred in connection with the on-going
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 2021 were US$24.3 million, compared with US$27.4
million for the fourth quarter of 2020.
Operating loss for the fourth quarter of 2021
was US$45.0 million, compared with operating loss of US$51.3
million in the fourth quarter of
2020.
Studio City generated negative Adjusted
EBITDA(1) of US$10.5 million in the fourth quarter of 2021,
compared to negative Adjusted EBITDA of US$14.4 million in the
fourth quarter of 2020. The change 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 fourth quarter of 2021 was
US$53.9 million, compared with net loss attributable to Studio City
International Holdings Limited of US$61.5 million in the fourth
quarter of 2020. The net loss attributable to participation
interest was US$10.6 million and US$12.0 million in the fourth
quarters of 2021 and 2020, respectively.
Other Factors Affecting
Earnings
Total net non-operating expenses for the fourth
quarter of 2021 were US$20.0 million, which mainly included
interest expense of US$21.9 million, net of amounts
capitalized.
Depreciation and amortization costs of US$31.8
million were recorded in the fourth quarter of 2021, 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, 2021 referred to in Melco’s
earnings release dated March 1, 2022 (“Melco’s earnings release”)
is US$10.4 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,
2021 aggregated to US$499.4 million (December 31, 2020: US$575.4
million), including US$0.1 million of restricted cash (December 31,
2020: US$0.1 million). Total debt, net of unamortized deferred
financing costs and original issue premiums at the end of the
fourth quarter of 2021, was US$2.09 billion (December 31, 2020:
US$1.58 billion).
Capital expenditures for the fourth quarter of
2021 were US$188.1 million.
Full Year Results
For the year ended December 31, 2021, Studio
City International Holdings Limited reported total operating
revenues of US$106.9 million, compared to US$49.2 million in the
prior year. The increase in total operating revenues was primarily
attributable to higher revenues from the provision of gaming
related services and non-gaming revenues as a result of a
year-over-year increase in inbound tourism in 2021.
Operating loss for 2021 was US$191.6 million,
compared with operating loss of US$279.9 million for 2020.
Studio City generated negative Adjusted EBITDA
of US$56.5 million for the year ended December 31, 2021, compared
to negative Adjusted EBITDA of US$113.8 million in 2020. The change
in Adjusted EBITDA was mainly attributable to higher revenues from
the provision of gaming related services and non-gaming
revenues.
Net loss attributable to Studio City
International Holdings Limited for 2021 was US$252.6 million,
compared with net loss attributable to Studio City International
Holdings Limited of US$321.6 million for 2020. The net loss
attributable to participation interest for 2021 was US$49.4 million
and the net loss attributable to participation interest for 2020
was US$83.5 million.
Subsequent Events
On February 7, 2022, Studio City Company Limited
(“Studio City Company”), a subsidiary of the Company, announced an
offering of senior secured notes and, concurrently, the Company
announced that it had entered into subscription agreements with
certain existing institutional holders of its ordinary shares and
American Depositary Shares, each representing four Class A ordinary
shares (“ADSs”), which hold, in aggregate, over 99% of the
Company’s outstanding shares, for total proceeds of US$300 million.
The Company is in the process of closing the private placement.
The senior secured notes were issued on February
16, 2022, with an aggregate principal amount of US$350
million, 7.00% coupon and 5 year tenor (the “Notes”). Net proceeds
from the issuance of the Notes will be used to partially fund the
capital expenditures of the remaining project for Studio City and
for general corporate purposes.
Recent Developments
COVID-19 outbreaks continue to have a material
effect on our operations, financial position, and future prospects
into the first quarter of 2022.
Our operations remain impacted by travel
restrictions and quarantine requirements. The appearance of
COVID-19 cases in Macau in late September 2021 led to city-wide
mandatory testing, mandatory closure of most entertainment and
leisure venues (casinos and gaming areas excluded), and strict
travel restrictions and requirements being implemented to enter and
exit Macau. Since October 19, 2021, authorities have eased pandemic
prevention measures such that travelers no longer require 14-day
quarantine on arrival in Zhuhai, and the validity of nucleic acid
tests to enter Zhuhai was extended from 24 hours to 7 days.
However, health-related precautionary measures remain in place and
non-Macau resident individuals who are not residents of Taiwan,
Hong Kong, or the PRC continue to be unable to enter Macau, except
if they have been in Hong Kong or mainland PRC in the preceding 21
days and are eligible for an exemption application.
Uncertainty around COVID-19 outbreaks will
continue into 2022 with travel bans or restrictions, visa
restrictions and quarantine requirements being key factors
impacting 2022 performance. We remain optimistic on the long-term
growth prospects for both Macau and Studio City. We expect both
Macau and Studio City to benefit from the continued economic growth
in China, infrastructure developments in the Greater Bay Area and
new property openings in Cotai.
We continue our efforts to complete the
construction of Studio City Phase 2 by the deadline set in the land
concession of December 27, 2022. This expansion designed by
renowned international architecture firm Zaha Hadid Architects will
offer approximately 900 additional luxury hotel rooms and suites,
an additional indoor/outdoor water park which is expected to be one
of the largest in the world, a Cineplex, multiple fine-dining
restaurants, and a total of 1,100 square meters of state-of-the-art
MICE space. Furthermore, Studio City Phase 2 will also feature a
hotel tower under the W Hotel brand in partnership with Marriott
International.
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, (vii) proposed amendments to the gaming
law in Macau, the extension of current gaming concessions and
subconcessions and tender for new gaming concessions, and (viii)
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 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 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:Jeanny KimSenior Vice President, Group
TreasurerTel: +852 2598
3698Email: JeannyKim@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, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Provision of gaming related services |
$ |
4,067 |
|
|
$ |
(3,696 |
) |
|
$ |
(1,455 |
) |
|
$ |
(42,682 |
) |
|
Rooms |
|
7,975 |
|
|
|
9,667 |
|
|
|
38,749 |
|
|
|
21,997 |
|
|
Food and beverage |
|
6,317 |
|
|
|
7,040 |
|
|
|
26,734 |
|
|
|
22,653 |
|
|
Entertainment |
|
221 |
|
|
|
364 |
|
|
|
2,649 |
|
|
|
1,389 |
|
|
Services fee |
|
5,413 |
|
|
|
6,445 |
|
|
|
24,906 |
|
|
|
26,151 |
|
|
Mall |
|
3,999 |
|
|
|
2,270 |
|
|
|
13,683 |
|
|
|
17,008 |
|
|
Retail and other |
|
389 |
|
|
|
1,615 |
|
|
|
1,602 |
|
|
|
2,692 |
|
|
Total
operating revenues |
|
28,381 |
|
|
|
23,705 |
|
|
|
106,868 |
|
|
|
49,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Provision of gaming related services |
|
(9,151 |
) |
|
|
(8,061 |
) |
|
|
(28,085 |
) |
|
|
(26,993 |
) |
|
Rooms |
|
(2,848 |
) |
|
|
(2,756 |
) |
|
|
(12,176 |
) |
|
|
(11,229 |
) |
|
Food and beverage |
|
(6,914 |
) |
|
|
(6,745 |
) |
|
|
(27,853 |
) |
|
|
(27,301 |
) |
|
Entertainment |
|
(590 |
) |
|
|
(733 |
) |
|
|
(2,842 |
) |
|
|
(3,409 |
) |
|
Mall |
|
(878 |
) |
|
|
(1,013 |
) |
|
|
(3,785 |
) |
|
|
(4,661 |
) |
|
Retail and other |
|
(359 |
) |
|
|
(324 |
) |
|
|
(1,474 |
) |
|
|
(1,204 |
) |
|
General and administrative |
|
(18,628 |
) |
|
|
(19,219 |
) |
|
|
(87,577 |
) |
|
|
(89,006 |
) |
|
Pre-opening costs |
|
(245 |
) |
|
|
(68 |
) |
|
|
(984 |
) |
|
|
(201 |
) |
|
Amortization of land use right |
|
(829 |
) |
|
|
(834 |
) |
|
|
(3,325 |
) |
|
|
(3,333 |
) |
|
Depreciation and amortization |
|
(31,010 |
) |
|
|
(34,595 |
) |
|
|
(124,309 |
) |
|
|
(157,001 |
) |
|
Property charges and other |
|
(1,902 |
) |
|
|
(697 |
) |
|
|
(6,031 |
) |
|
|
(4,798 |
) |
|
Total
operating costs and expenses |
|
(73,354 |
) |
|
|
(75,045 |
) |
|
|
(298,441 |
) |
|
|
(329,136 |
) |
|
Operating
loss |
|
(44,973 |
) |
|
|
(51,340 |
) |
|
|
(191,573 |
) |
|
|
(279,928 |
) |
|
Non-operating income (expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
710 |
|
|
|
101 |
|
|
|
3,060 |
|
|
|
1,276 |
|
|
Interest expenses, net of amounts capitalized |
|
(21,894 |
) |
|
|
(23,718 |
) |
|
|
(90,967 |
) |
|
|
(104,799 |
) |
|
Other financing costs |
|
(105 |
) |
|
|
(106 |
) |
|
|
(419 |
) |
|
|
(421 |
) |
|
Foreign exchange gains (losses), net |
|
1,268 |
|
|
|
673 |
|
|
|
6,257 |
|
|
|
(3,434 |
) |
|
Other income (expenses), net |
|
- |
|
|
|
174 |
|
|
|
- |
|
|
|
(81 |
) |
|
Loss on extinguishment of debt |
|
- |
|
|
|
(219 |
) |
|
|
(28,817 |
) |
|
|
(18,716 |
) |
|
Total
non-operating expenses, net |
|
(20,021 |
) |
|
|
(23,095 |
) |
|
|
(110,886 |
) |
|
|
(126,175 |
) |
|
Loss before
income tax |
|
(64,994 |
) |
|
|
(74,435 |
) |
|
|
(302,459 |
) |
|
|
(406,103 |
) |
|
Income tax
credit |
|
486 |
|
|
|
905 |
|
|
|
457 |
|
|
|
1,011 |
|
|
Net
loss |
|
(64,508 |
) |
|
|
(73,530 |
) |
|
|
(302,002 |
) |
|
|
(405,092 |
) |
|
Net loss
attributable to participation interest |
|
10,562 |
|
|
|
12,039 |
|
|
|
49,447 |
|
|
|
83,466 |
|
|
Net loss
attributable to Studio City International Holdings Limited |
$ |
(53,946 |
) |
|
$ |
(61,491 |
) |
|
$ |
(252,555 |
) |
|
$ |
(321,626 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to Studio City International Holdings Limited |
|
|
|
|
|
|
|
|
|
|
|
|
per Class A ordinary share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.146 |
) |
|
$ |
(0.166 |
) |
|
$ |
(0.682 |
) |
|
$ |
(1.091 |
) |
|
Diluted |
$ |
(0.146 |
) |
|
$ |
(0.166 |
) |
|
$ |
(0.682 |
) |
|
$ |
(1.103 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Studio City International Holdings Limited
per ADS: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.583 |
) |
|
$ |
(0.664 |
) |
|
$ |
(2.728 |
) |
|
$ |
(4.363 |
) |
|
Diluted |
$ |
(0.583 |
) |
|
$ |
(0.664 |
) |
|
$ |
(2.728 |
) |
|
$ |
(4.411 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
370,352,700 |
|
|
|
370,352,700 |
|
|
|
370,352,700 |
|
|
|
294,837,092 |
|
|
Diluted |
|
370,352,700 |
|
|
|
370,352,700 |
|
|
|
370,352,700 |
|
|
|
367,348,852 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
2021 |
|
|
2020 |
|
|
|
(Unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
499,289 |
|
|
$ |
575,215 |
|
|
Restricted cash |
|
- |
|
|
|
13 |
|
|
Accounts receivable, net |
|
247 |
|
|
|
157 |
|
|
Amounts due from affiliated companies |
|
15,697 |
|
|
|
10,672 |
|
|
Inventories |
|
5,828 |
|
|
|
9,297 |
|
|
Prepaid expenses and other current assets |
|
42,633 |
|
|
|
12,467 |
|
|
Total
current assets |
|
563,694 |
|
|
|
607,821 |
|
|
|
|
|
|
|
|
|
Property and
equipment, net |
|
2,556,040 |
|
|
|
2,180,897 |
|
|
Intangible
assets, net |
|
2,777 |
|
|
|
4,005 |
|
|
Long-term
prepayments, deposits and other assets |
|
69,624 |
|
|
|
117,555 |
|
|
Restricted
cash |
|
130 |
|
|
|
131 |
|
|
Operating
lease right-of-use assets |
|
14,588 |
|
|
|
17,379 |
|
|
Land use
right, net |
|
112,114 |
|
|
|
116,109 |
|
|
Total
assets |
$ |
3,318,967 |
|
|
$ |
3,043,897 |
|
|
|
|
|
|
|
|
|
LIABILITIES, SHAREHOLDERS’ EQUITY AND |
|
|
|
|
|
|
PARTICIPATION INTEREST |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts payable |
$ |
211 |
|
|
$ |
206 |
|
|
Accrued expenses and other current liabilities |
|
201,405 |
|
|
|
118,946 |
|
|
Income tax payable |
|
21 |
|
|
|
33 |
|
|
Amounts due to affiliated companies |
|
53,093 |
|
|
|
42,966 |
|
|
Total
current liabilities |
|
254,730 |
|
|
|
162,151 |
|
|
|
|
|
|
|
|
|
Long-term
debt, net |
|
2,087,486 |
|
|
|
1,584,660 |
|
|
Other
long-term liabilities |
|
17,771 |
|
|
|
11,778 |
|
|
Deferred tax
liabilities, net |
|
- |
|
|
|
448 |
|
|
Operating
lease liabilities, non-current |
|
14,797 |
|
|
|
17,137 |
|
|
Total
liabilities |
|
2,374,784 |
|
|
|
1,776,174 |
|
|
|
|
|
|
|
|
|
Shareholders’ equity and participation interest: |
|
|
|
|
|
|
Class A ordinary shares, par value $0.0001; 1,927,488,240
shares |
|
|
|
|
authorized; 370,352,700 shares issued and outstanding |
|
37 |
|
|
|
37 |
|
|
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 |
|
|
|
2,134,227 |
|
|
Accumulated other comprehensive (loss) income |
|
(6,136 |
) |
|
|
11,876 |
|
|
Accumulated losses |
|
(1,338,715 |
) |
|
|
(1,086,160 |
) |
|
Total
shareholders’ equity |
|
789,420 |
|
|
|
1,059,987 |
|
|
Participation interest |
|
154,763 |
|
|
|
207,736 |
|
|
Total
shareholders’ equity and participation interest |
|
944,183 |
|
|
|
1,267,723 |
|
|
Total
liabilities, shareholders’ equity and participation interest |
$ |
3,318,967 |
|
|
$ |
3,043,897 |
|
|
|
|
|
|
|
|
|
Studio City
International Holdings Limited and Subsidiaries |
|
Reconciliation of Net Loss Attributable to Studio City
International Holdings Limited to |
|
Adjusted Net
Loss 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, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Studio City International Holdings
Limited |
$ |
(53,946 |
) |
|
$ |
(61,491 |
) |
|
$ |
(252,555 |
) |
|
$ |
(321,626 |
) |
|
Pre-opening costs |
|
245 |
|
|
|
68 |
|
|
|
984 |
|
|
|
201 |
|
|
Property charges and other |
|
1,902 |
|
|
|
697 |
|
|
|
6,031 |
|
|
|
4,798 |
|
|
Loss on extinguishment of debt |
|
- |
|
|
|
219 |
|
|
|
28,817 |
|
|
|
18,716 |
|
|
Participation interest impact on adjustments |
|
(352 |
) |
|
|
(161 |
) |
|
|
(5,867 |
) |
|
|
(4,284 |
) |
|
Adjusted net
loss attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
Studio City International Holdings Limited |
$ |
(52,151 |
) |
|
$ |
(60,668 |
) |
|
$ |
(222,590 |
) |
|
$ |
(302,195 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net loss attributable to Studio City International
Holdings Limited |
|
|
|
|
|
|
|
|
|
|
|
per Class A
ordinary share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.141 |
) |
|
$ |
(0.164 |
) |
|
$ |
(0.601 |
) |
|
$ |
(1.025 |
) |
|
Diluted |
$ |
(0.141 |
) |
|
$ |
(0.164 |
) |
|
$ |
(0.601 |
) |
|
$ |
(1.038 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net loss attributable to Studio City International
Holdings Limited |
|
|
|
|
|
|
|
|
|
|
|
per
ADS: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.563 |
) |
|
$ |
(0.655 |
) |
|
$ |
(2.404 |
) |
|
$ |
(4.100 |
) |
|
Diluted |
$ |
(0.563 |
) |
|
$ |
(0.655 |
) |
|
$ |
(2.404 |
) |
|
$ |
(4.153 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average Class A ordinary shares outstanding used in adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
net loss attributable to Studio City International Holdings
Limited |
|
|
|
|
|
|
|
|
|
|
|
|
per Class A ordinary share calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
370,352,700 |
|
|
|
370,352,700 |
|
|
|
370,352,700 |
|
|
|
294,837,092 |
|
|
Diluted |
|
370,352,700 |
|
|
|
370,352,700 |
|
|
|
370,352,700 |
|
|
|
367,348,852 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City
International Holdings Limited and Subsidiaries |
Reconciliation of Operating Loss to Adjusted EBITDA
(Unaudited) |
(In
thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Year
Ended |
|
December
31, |
|
December
31, |
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
Operating loss |
$ |
(44,973 |
) |
|
$ |
(51,340 |
) |
|
$ |
(191,573 |
) |
|
$ |
(279,928 |
) |
|
Pre-opening costs |
|
245 |
|
|
|
68 |
|
|
|
984 |
|
|
|
201 |
|
|
Depreciation and amortization |
|
31,839 |
|
|
|
35,429 |
|
|
|
127,634 |
|
|
|
160,334 |
|
|
Share-based compensation |
|
438 |
|
|
|
791 |
|
|
|
438 |
|
|
|
791 |
|
|
Property charges and other |
|
1,902 |
|
|
|
697 |
|
|
|
6,031 |
|
|
|
4,798 |
|
|
Adjusted
EBITDA |
$ |
(10,549 |
) |
|
$ |
(14,355 |
) |
|
$ |
(56,486 |
) |
|
$ |
(113,804 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City
International Holdings Limited and Subsidiaries |
|
Reconciliation of Net Loss 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, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Studio City International Holdings
Limited |
$ |
(53,946 |
) |
|
$ |
(61,491 |
) |
|
$ |
(252,555 |
) |
|
$ |
(321,626 |
) |
|
Net loss
attributable to participation interest |
|
(10,562 |
) |
|
|
(12,039 |
) |
|
|
(49,447 |
) |
|
|
(83,466 |
) |
|
Net
loss |
|
(64,508 |
) |
|
|
(73,530 |
) |
|
|
(302,002 |
) |
|
|
(405,092 |
) |
|
Income tax credit |
|
(486 |
) |
|
|
(905 |
) |
|
|
(457 |
) |
|
|
(1,011 |
) |
|
Interest and other non-operating expenses, net |
|
20,021 |
|
|
|
23,095 |
|
|
|
110,886 |
|
|
|
126,175 |
|
|
Property charges and other |
|
1,902 |
|
|
|
697 |
|
|
|
6,031 |
|
|
|
4,798 |
|
|
Share-based compensation |
|
438 |
|
|
|
791 |
|
|
|
438 |
|
|
|
791 |
|
|
Depreciation and amortization |
|
31,839 |
|
|
|
35,429 |
|
|
|
127,634 |
|
|
|
160,334 |
|
|
Pre-opening costs |
|
245 |
|
|
|
68 |
|
|
|
984 |
|
|
|
201 |
|
|
Adjusted
EBITDA |
$ |
(10,549 |
) |
|
$ |
(14,355 |
) |
|
$ |
(56,486 |
) |
|
$ |
(113,804 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City
International Holdings Limited and Subsidiaries |
|
Supplemental
Data Schedule |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Year
Ended |
|
|
|
|
|
|
|
December
31, |
|
December
31, |
|
|
|
|
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
Room
Statistics(3): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average daily rate (4) |
|
|
$ |
131 |
|
|
$ |
121 |
|
|
$ |
123 |
|
|
$ |
128 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy per available room |
|
|
39 |
% |
|
|
49 |
% |
|
|
51 |
% |
|
|
28 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per available room (5) |
|
$ |
52 |
|
|
$ |
59 |
|
|
$ |
62 |
|
|
$ |
36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Information(6): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
288 |
|
|
|
291 |
|
|
|
290 |
|
|
|
282 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of gaming machines |
|
|
710 |
|
|
|
606 |
|
|
|
645 |
|
|
|
586 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table games win per unit per day (7) |
|
$ |
3,162 |
|
|
$ |
3,057 |
|
|
$ |
3,306 |
|
|
$ |
2,456 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming machines win per unit per day (8) |
$ |
113 |
|
|
$ |
103 |
|
|
$ |
129 |
|
|
$ |
98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) |
Room statistics
exclude rooms that were temporarily closed or provided to staff
members 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 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco Resorts and Entert... (NASDAQ:MLCO)
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