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 third quarter of 2020.
Total operating revenues for the third quarter
of 2020 were US$0.9 million, compared to total operating revenues
of US$158.1 million in the third 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 in the third quarter of
2020.
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$23.4 million and US$345.6 million for the third
quarters of 2020 and 2019, respectively.
Studio City’s rolling chip volume was US$0.15
billion for the third quarter of 2020, versus US$2.77 billion in
the third quarter of 2019. The rolling chip win rate was 3.41% in
the third quarter of 2020, versus 2.71% in the third quarter of
2019. The expected rolling chip win rate range is 2.85% -
3.15%.
Mass market table games drop decreased to
US$49.7 million in the third quarter of 2020, compared with
US$880.6 million in the third quarter of 2019. The mass market
table games hold percentage was 31.5% in the third quarter of 2020,
compared to 28.4% in the third quarter of 2019.
Gaming machine handle for the third quarter of
2020 was US$99.2 million, compared with US$711.2 million in the
third quarter of 2019. The gaming machine win rate was 2.7% in the
third quarter of 2020, compared to 2.8% in the third 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$39.9 million and US$248.9 million in
the third quarters of 2020 and 2019, respectively.
Revenues from the provision of gaming related
services were negative US$16.5 million for the third quarter of
2020, compared with revenues from the provision of gaming related
services of US$96.7 million for the third 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
third quarter of 2020 were US$17.5 million, compared with US$61.4
million for the third quarter of 2019.
Operating loss for the third quarter of 2020 was
US$72.5 million, compared with operating income of US$47.6 million
in the third quarter of
2019.
Studio City generated negative Adjusted
EBITDA(1) of US$30.2 million in the third quarter of 2020, compared
to Adjusted EBITDA of US$90.9 million in the third 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 third quarter of 2020 was
US$98.2 million, compared with net income attributable to Studio
City International Holdings Limited of US$14.3 million in the third
quarter of 2019. The net loss attributable to participation
interest during the third quarter of 2020 was US$22.9 million and
the net income attributable to participation interest during the
third quarter of 2019 was US$4.3 million.
Other Factors Affecting
Earnings
Total net non-operating expenses for the third
quarter of 2020 were US$48.5 million, which mainly included
interest expenses, net of amounts capitalized, of US$30.0 million
and loss on extinguishment of debt of US$18.5 million.
Depreciation and amortization costs of US$42.4
million were recorded in the third 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 September 30, 2020 referred to in Melco’s
earnings release dated November 5, 2020 (“Melco’s earnings
release”) was US$8.5 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 September 30,
2020 aggregated to US$657.6 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 third quarter of 2020, was
US$1.58 billion (December 31, 2019: US$1.44 billion).
Capital expenditures for the third quarter of
2020 were US$53.7 million.
Recent Developments
The COVID-19 outbreak continues to have a
material effect on our operations, financial position, and
prospects during the fourth quarter of 2020.
Commencing from July 15, 2020, certain travelers
entering Guangdong from Macau were no longer subject to mandatory
quarantine, while from August 12, 2020, those entering China from
Macau were generally no longer subject to mandatory quarantine. On
August 26, 2020, the Chinese authorities resumed the issuance of
IVS visas for Guangdong residents, while the nationwide resumption
of IVS visa issuance commenced on September 23, 2020. Despite these
developments, 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 developments, such as the duration of travel and visa
restrictions and 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 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) the
recent 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, 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: 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
(Unaudited) |
|
(In thousands of U.S. dollars, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
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|
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|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Provision of gaming related services |
$ |
(16,534 |
) |
|
$ |
96,689 |
|
|
$ |
(38,986 |
) |
|
$ |
288,225 |
|
|
Rooms |
|
2,567 |
|
|
|
21,872 |
|
|
|
12,330 |
|
|
|
63,822 |
|
|
Food and beverage |
|
4,596 |
|
|
|
17,180 |
|
|
|
15,613 |
|
|
|
51,970 |
|
|
Entertainment |
|
134 |
|
|
|
5,452 |
|
|
|
1,025 |
|
|
|
15,535 |
|
|
Services fee |
|
4,612 |
|
|
|
10,514 |
|
|
|
19,706 |
|
|
|
29,892 |
|
|
Mall |
|
5,246 |
|
|
|
5,827 |
|
|
|
14,738 |
|
|
|
7,753 |
|
|
Retail and other |
|
319 |
|
|
|
567 |
|
|
|
1,077 |
|
|
|
1,717 |
|
|
Total operating revenues |
|
940 |
|
|
|
158,101 |
|
|
|
25,503 |
|
|
|
458,914 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Provision of gaming related services |
|
(7,368 |
) |
|
|
(5,719 |
) |
|
|
(18,932 |
) |
|
|
(17,353 |
) |
|
Rooms |
|
(2,134 |
) |
|
|
(5,497 |
) |
|
|
(8,473 |
) |
|
|
(16,230 |
) |
|
Food and beverage |
|
(4,451 |
) |
|
|
(14,163 |
) |
|
|
(20,556 |
) |
|
|
(43,489 |
) |
|
Entertainment |
|
(682 |
) |
|
|
(4,051 |
) |
|
|
(2,676 |
) |
|
|
(17,271 |
) |
|
Mall |
|
(1,101 |
) |
|
|
(2,069 |
) |
|
|
(3,648 |
) |
|
|
(7,076 |
) |
|
Retail and other |
|
(239 |
) |
|
|
(443 |
) |
|
|
(880 |
) |
|
|
(1,345 |
) |
|
General and administrative |
|
(15,181 |
) |
|
|
(35,211 |
) |
|
|
(69,787 |
) |
|
|
(98,470 |
) |
|
Pre-opening costs |
|
(77 |
) |
|
|
(6 |
) |
|
|
(133 |
) |
|
|
(2,555 |
) |
|
Amortization of land use right |
|
(834 |
) |
|
|
(825 |
) |
|
|
(2,499 |
) |
|
|
(2,473 |
) |
|
Depreciation and amortization |
|
(41,517 |
) |
|
|
(42,744 |
) |
|
|
(122,406 |
) |
|
|
(128,821 |
) |
|
Property charges and other |
|
100 |
|
|
|
256 |
|
|
|
(4,101 |
) |
|
|
(8,069 |
) |
|
Total operating costs and expenses |
|
(73,484 |
) |
|
|
(110,472 |
) |
|
|
(254,091 |
) |
|
|
(343,152 |
) |
|
Operating (loss) income |
|
(72,544 |
) |
|
|
47,629 |
|
|
|
(228,588 |
) |
|
|
115,762 |
|
|
Non-operating income (expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
423 |
|
|
|
2,691 |
|
|
|
1,175 |
|
|
|
4,652 |
|
|
Interest expenses, net of amounts capitalized |
|
(29,982 |
) |
|
|
(33,392 |
) |
|
|
(81,081 |
) |
|
|
(100,800 |
) |
|
Loan commitment fees |
|
(106 |
) |
|
|
(104 |
) |
|
|
(315 |
) |
|
|
(311 |
) |
|
Foreign exchange (losses) gains, net |
|
(303 |
) |
|
|
2,003 |
|
|
|
(4,107 |
) |
|
|
702 |
|
|
Other (expenses) income, net |
|
(78 |
) |
|
|
(87 |
) |
|
|
(255 |
) |
|
|
518 |
|
|
Loss on extinguishment of debt |
|
(18,497 |
) |
|
|
- |
|
|
|
(18,497 |
) |
|
|
(2,995 |
) |
|
Costs associated with debt modification |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(579 |
) |
|
Total non-operating expenses, net |
|
(48,543 |
) |
|
|
(28,889 |
) |
|
|
(103,080 |
) |
|
|
(98,813 |
) |
|
(Loss) income before income tax |
|
(121,087 |
) |
|
|
18,740 |
|
|
|
(331,668 |
) |
|
|
16,949 |
|
|
Income tax (expense) credit |
|
(36 |
) |
|
|
(201 |
) |
|
|
106 |
|
|
|
(344 |
) |
|
Net (loss) income |
|
(121,123 |
) |
|
|
18,539 |
|
|
|
(331,562 |
) |
|
|
16,605 |
|
|
Net loss (income) attributable to participation interest |
|
22,880 |
|
|
|
(4,278 |
) |
|
|
71,427 |
|
|
|
(3,831 |
) |
|
Net (loss) income attributable to Studio City International
Holdings Limited |
$ |
(98,243 |
) |
|
$ |
14,261 |
|
|
$ |
(260,135 |
) |
|
$ |
12,774 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income attributable to Studio City International
Holdings Limited |
|
|
|
|
|
|
|
|
|
|
|
|
per Class A ordinary share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.303 |
) |
|
$ |
0.059 |
|
|
$ |
(0.965 |
) |
|
$ |
0.053 |
|
|
Diluted |
$ |
(0.305 |
) |
|
$ |
0.059 |
|
|
$ |
(0.969 |
) |
|
$ |
0.053 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income attributable to Studio City International
Holdings Limited per ADS: |
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(1.212 |
) |
|
$ |
0.236 |
|
|
$ |
(3.861 |
) |
|
$ |
0.211 |
|
|
Diluted |
$ |
(1.221 |
) |
|
$ |
0.236 |
|
|
$ |
(3.878 |
) |
|
$ |
0.211 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
324,207,049 |
|
|
|
241,818,016 |
|
|
|
269,481,487 |
|
|
|
241,818,016 |
|
|
Diluted |
|
396,718,809 |
|
|
|
241,818,016 |
|
|
|
341,993,247 |
|
|
|
241,818,016 |
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City International Holdings Limited and
Subsidiaries |
|
Condensed Consolidated Balance Sheets |
|
(In thousands of U.S. dollars, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
(Unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
657,465 |
|
|
$ |
299,367 |
|
|
Restricted cash |
|
13 |
|
|
|
27,735 |
|
|
Accounts receivable, net |
|
184 |
|
|
|
1,397 |
|
|
Amounts due from affiliated companies |
|
16,240 |
|
|
|
61,990 |
|
|
Inventories |
|
9,347 |
|
|
|
9,763 |
|
|
Prepaid expenses and other current assets |
|
11,270 |
|
|
|
14,188 |
|
|
Total current assets |
|
694,519 |
|
|
|
414,440 |
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
2,144,564 |
|
|
|
2,107,457 |
|
|
Long-term prepayments, deposits and other assets |
|
94,127 |
|
|
|
57,087 |
|
|
Restricted cash |
|
131 |
|
|
|
130 |
|
|
Operating lease right-of-use assets |
|
17,426 |
|
|
|
14,238 |
|
|
Land use right, net |
|
116,985 |
|
|
|
118,888 |
|
|
Total assets |
$ |
3,067,752 |
|
|
$ |
2,712,240 |
|
|
|
|
|
|
|
|
|
LIABILITIES, SHAREHOLDERS’ EQUITY AND |
|
|
|
|
|
|
PARTICIPATION INTEREST |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
$ |
452 |
|
|
$ |
3,337 |
|
|
Accrued expenses and other current liabilities |
|
82,326 |
|
|
|
82,553 |
|
|
Income tax payable |
|
33 |
|
|
|
33 |
|
|
Amounts due to affiliated companies |
|
33,830 |
|
|
|
14,248 |
|
|
Total current liabilities |
|
116,641 |
|
|
|
100,171 |
|
|
|
|
|
|
|
|
|
Long-term debt, net |
|
1,583,883 |
|
|
|
1,435,088 |
|
|
Other long-term liabilities |
|
6,119 |
|
|
|
3,149 |
|
|
Deferred tax liabilities, net |
|
1,355 |
|
|
|
1,453 |
|
|
Operating lease liabilities, non-current |
|
16,920 |
|
|
|
13,720 |
|
|
Total liabilities |
|
1,724,918 |
|
|
|
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 |
|
13,198 |
|
|
|
269 |
|
|
Accumulated losses |
|
(1,024,669 |
) |
|
|
(764,534 |
) |
|
Total shareholders’ equity |
|
1,122,800 |
|
|
|
891,368 |
|
|
Participation interest |
|
220,034 |
|
|
|
267,291 |
|
|
Total shareholders’ equity and participation interest |
|
1,342,834 |
|
|
|
1,158,659 |
|
|
Total liabilities, shareholders’ equity and participation
interest |
$ |
3,067,752 |
|
|
$ |
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 |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income attributable to Studio City International
Holdings Limited |
$ |
(98,243 |
) |
|
$ |
14,261 |
|
|
$ |
(260,135 |
) |
|
$ |
12,774 |
|
|
Pre-opening costs |
|
77 |
|
|
|
6 |
|
|
|
133 |
|
|
|
2,555 |
|
|
Property charges and other |
|
(100 |
) |
|
|
(256 |
) |
|
|
4,101 |
|
|
|
8,069 |
|
|
Loss on extinguishment of debt |
|
18,497 |
|
|
|
- |
|
|
|
18,497 |
|
|
|
2,995 |
|
|
Costs associated with debt modification |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
579 |
|
|
Participation interest impact on adjustments |
|
(3,141 |
) |
|
|
58 |
|
|
|
(4,123 |
) |
|
|
(3,275 |
) |
|
Adjusted net (loss) income attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
Studio City International Holdings Limited |
$ |
(82,910 |
) |
|
$ |
14,069 |
|
|
$ |
(241,527 |
) |
|
$ |
23,697 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net (loss) income attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
Studio City International Holdings Limited per Class A
ordinary share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.256 |
) |
|
$ |
0.058 |
|
|
$ |
(0.896 |
) |
|
$ |
0.098 |
|
|
Diluted |
$ |
(0.259 |
) |
|
$ |
0.058 |
|
|
$ |
(0.903 |
) |
|
$ |
0.098 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net (loss) income attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
Studio City International Holdings Limited per
ADS: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(1.023 |
) |
|
$ |
0.233 |
|
|
$ |
(3.585 |
) |
|
$ |
0.392 |
|
|
Diluted |
$ |
(1.035 |
) |
|
$ |
0.233 |
|
|
$ |
(3.612 |
) |
|
$ |
0.392 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
324,207,049 |
|
|
|
241,818,016 |
|
|
|
269,481,487 |
|
|
|
241,818,016 |
|
|
Diluted |
|
396,718,809 |
|
|
|
241,818,016 |
|
|
|
341,993,247 |
|
|
|
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 |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
Operating (loss) income |
$ |
(72,544 |
) |
|
$ |
47,629 |
|
|
$ |
(228,588 |
) |
|
$ |
115,762 |
Pre-opening costs |
|
77 |
|
|
|
6 |
|
|
|
133 |
|
|
|
2,555 |
Depreciation and amortization |
|
42,351 |
|
|
|
43,569 |
|
|
|
124,905 |
|
|
|
131,294 |
Property charges and other |
|
(100 |
) |
|
|
(256 |
) |
|
|
4,101 |
|
|
|
8,069 |
Adjusted EBITDA |
$ |
(30,216 |
) |
|
$ |
90,948 |
|
|
$ |
(99,449 |
) |
|
$ |
257,680 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
Net (loss) income attributable to Studio City International
Holdings Limited |
$ |
(98,243 |
) |
|
$ |
14,261 |
|
|
$ |
(260,135 |
) |
|
$ |
12,774 |
|
Net (loss) income attributable to participation interest |
|
(22,880 |
) |
|
|
4,278 |
|
|
|
(71,427 |
) |
|
|
3,831 |
|
Net (loss) income |
|
(121,123 |
) |
|
|
18,539 |
|
|
|
(331,562 |
) |
|
|
16,605 |
|
Income tax expense (credit) |
|
36 |
|
|
|
201 |
|
|
|
(106 |
) |
|
|
344 |
|
Interest and other non-operating expenses,
net |
|
48,543 |
|
|
|
28,889 |
|
|
|
103,080 |
|
|
|
98,813 |
|
Property charges and other |
|
(100 |
) |
|
|
(256 |
) |
|
|
4,101 |
|
|
|
8,069 |
|
Depreciation and amortization |
|
42,351 |
|
|
|
43,569 |
|
|
|
124,905 |
|
|
|
131,294 |
|
Pre-opening costs |
|
77 |
|
|
|
6 |
|
|
|
133 |
|
|
|
2,555 |
|
Adjusted EBITDA |
$ |
(30,216 |
) |
|
$ |
90,948 |
|
|
$ |
(99,449 |
) |
|
$ |
257,680 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City International Holdings Limited and
Subsidiaries |
|
Supplemental Data Schedule |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
|
|
|
|
September 30, |
|
September 30, |
|
|
|
|
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
Room
Statistics(3): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average daily rate (4) |
|
|
$ |
119 |
|
|
$ |
135 |
|
|
$ |
134 |
|
|
$ |
134 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy per available room |
|
|
13 |
% |
|
|
100 |
% |
|
|
20 |
% |
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per available room (5) |
|
$ |
16 |
|
|
$ |
135 |
|
|
$ |
27 |
|
|
$ |
134 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Information(6): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
291 |
|
|
|
292 |
|
|
|
279 |
|
|
|
293 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of gaming machines |
|
|
595 |
|
|
|
896 |
|
|
|
579 |
|
|
|
952 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table games win per unit per day (7) |
|
$ |
774 |
|
|
$ |
12,126 |
|
|
$ |
2,234 |
|
|
$ |
12,481 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming machines win per unit per day (8) |
$ |
48 |
|
|
$ |
243 |
|
|
$ |
96 |
|
|
$ |
226 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) |
Room statistics exclude rooms that were temporarily closed or
provided to staff members during the three and nine months ended
September 30, 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 and nine months ended September 30, 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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