Reading International Inc · NASDAQ:RDI
Reading International — Shareholder Meeting (December 2021)
66 slides from Reading International's shareholder meeting presentation, Dec 8, 2021
Slide 1: Annual Meeting of Stockholders, December 8, 2021
[4 READING ANNUAL MEETING OF STOCKHOLDERS DECEMBER 8, 2021
Slide 2: Disclaimers
READING DISCLAIMERS Our comments today may contain forward-looking statements and management may make additional forward-looking statements in response to your questions. Such written and oral disclosures are made pursuant to the Safe Harbor provision of the Private Securities Litigation Reform Act
Slide 3: Financial Reconciliations
FINANCIAL RECONCILIATIONS We use EBITDA in the evaluation of our Company's performance since we believe that EBITDA provides a useful measure of financial performance and value. We believe this principally for the following reasons: We believe that EBITDA is an accepted industry-wide comparative mea
Slide 4: Australia and New Zealand real estate and cinema portfolio
* 738,115 SF * 88,824 SF * 8,956 SF AUSTRALIA 3 mixed-use centers anchored by Reading Cinemas and 69 other third- party tenants 2 parcels improved with Reading Cinemas Office building in Melbourne CBD (one third-party tenant) AUSTRALIA + 26 locations / 202 screens. + 4th largest exhibitor in terms o
Slide 5: Real Estate & Cinema Revenue
REAL ESTATE & CINEMA REVENUE SYNERGISTIC DIVERSIFICATION STRATEGY KEY TO BRIDGING COVID-19 PANDEMIC 2020 *GLOBAL PROPERTY *GLOBAL CINEMA UNITED AUSTRALIA STATES, NEW ZEALAND Q3 2021 *GLOBAL PROPERTY UNITED STATES *GLOBAL CINEMA AUSTRALIA NEW ZEALAND Includes inter-segment revenue.
Slide 6: Our Mission
READING INTERNATI ONAL OUR MISSION STRATEGICALLY DRIVE THE DEVELOPMENT AND OPERATION OF OUR GLOBAL REAL ESTATE & CINEMA ASSETS TO CREATE LONG-TERM STOCKHOLDER VALUE IN 2020-2021, WE PROTECTED OUR STOCKHOLDERS BY MONETIZING FIVE STRATEGICALLY SELECTED PROPERTIES TO SHIELD THE MAJORITY OF OUR CASH GEN
Slide 7: Generated $142.1 Million in Gross Sales Proceeds
GENERATED $142.1 MILLION IN GROSS SALES PROCEEDS BY MONETIZING FIVE REAL ESTATE ASSETS UNDEVELOPED LAND UNDEVELOPED LAND MANUKAU, NEW ZEALAND COACHELLA, CALIFORNIA March 4, 2021 March 5, 2021 GROSS SALES PROCEEDS = $56.1M ($54.5M Net) GROSS SALES PROCEEDS = $5.5M ($5.3M Net) AUBURN/REDYARD CENTRE &
Slide 8: Strong Response to Unprecedented COVID-19 Crisis
STRONG RESPONSE TO UNPRECEDENTED COVID-19 CRISIS Unlike other cinema and real estate companies, we protected our stockholders and did not issue equity thereby diluting existing stockholder positions (except nominal amounts under existing compensation programs). Within the first eight months of 2021,
Slide 9: Dual Business Strategy
DUAL BUSINESS STRATEGY Real Estate & Cinemas Pre-COVID, our relatively stable cinema cash flow allowed us to grow our real estate portfolio without disproportionately increasing our debt levels. Through COVID, and without our stable cinema cash flows, we monetized five real estate assets whose value
Slide 10: Audiences returning to movie theaters
: i a ai As our cinemas were permitted to open following COVID-19 closures, audiences have demonstrated an increasing willingness to return to movie theaters when quality, properly marketed Hollywood movies, were available. Global moviegoers will continue to embrace the shared community experience o
Slide 11: Sepulveda Viaduct cinemas
C I N E M A S 5995 98 YORK 1 2 3 SEPULVEDA VIADUCT STREET
Slide 12: AU/NZ Real Estate Portfolio
AU/NZ REAL ESTATE PORTFOLIO 7 multi-tenanted properties featuring 270,680 RSF (25,147 m2) of third-party space 73 existing third-party tenants occupying 254,641 SF (23,657 m2) 94% occupancy in key AU/NZ multi-tenanted centers 6 land parcels improved with Reading Cinemas *Data as of September 30, 202
Slide 13: Newmarket Village
newmarket vVicLLAGE MIXED-USE DEVELOPMENT ANCHORED BY CINEMA IN BRISBANE CITY (QLD) NEWMARKET VILLAGE ANCHORS AU REAL ESTATE PORTFOLIO Third Party Tenants 45 Anchor Tenants Coles Supermarket Reading Cinemas Newmarket Hotel by ALH \ \ Net Rentable Square Feet 164,991 SF (15,328 m2) J 25% Reateling Ci
Slide 14: Cannon Park
I | lls ee A CANNON PARK CINEMA ANCHORED CENTER IN TOWNSVILLE (QLD) Third Party Tenants 15 Anchor Tenants Reading Cinemas Kingpin Queensland Gov't Dept of Transport Vid Net Rentable Square Feet 133,032 SF (12,359 m2), ™ 43.4% Leisure 20.8% Reading Cinemas Average Occupancy as of 9/30/2021 95.5%" m@
Slide 15: The Belmont Common
THE BELMONT COMMON CINEMA ANCHORED CENTER IN PERTH (WA) Third Party Tenants 5 Anchor Tenants Reading Cinemas Dome Net Rentable Square Feet 60,118 SF (5,585 m2) ™ 75.0% Reading Cinemas Average Occupancy as of 9/30/2021 94.3%" l™ 23.6% Food & Beverage S 14% Vacant Weighted Average Lease Term 4.85 year
Slide 16: AU Property Portfolio Strengthens Through COVID
AU PROPERTY PORTFO STRENGTHENS THROUGH COVID * Regarding the total Moving Annual Turnover for the Trailing Twelve Months (TTM) ended September 30, 2021 for Newmarket Village, Cannon Park and Belmont Common combined: Q3 2020 to Q3 2021 experienced a 9% increase vs. TTM Q3 2019 to Q3 2020 Q3 2020 to Q
Slide 17: AU/NZ Property Portfolio Strengthens Through COVID
AU/NZ PROPERTY PORTFOLIO STRENGTHENS THROUGH COVID + Despite the COVID-19 impacts, during 2020 and 2021 we continued to enhance our property portfolio with new leases/lease renewals, resulting in a 94% occupancy rate across our AU/NZ Real Estate Portfolio. + Between April 2020 and September 2021, we
Slide 18: AU Property Portfolio Strengthens Through COVID
AU PROPERTY PORTFOLIO STRENGTHENS THROUGH COVID At Newmarket Village, Cannon Park and Belmont Common, between April 2020 and September 2021, 13 new leases (31,312 SF/2,909 m2) were signed with new operators, further enhancing offers in our centers and providing quality fitouts.
Slide 19: AU Property Portfolio Strengthens Through COVID
AU PROPERTY PORTFOLIO STRENGTHENS THROUGH COVID At Newmarket Village, Cannon Park and Belmont Common, between April 2020 and September 2021, 8 existing tenants (18,794 SF/A,746 m2) in AU exercised lease options and invested in new fitouts providing a foundation for long-term growth. oe = Bebe i uk z
Slide 20: AU Property Rent Collections
AU PROPERTY RENT COLLECTIONS PROACTIVELY MANAGED THROUGH 2020-2021 - We supported our eligible third-party AU property tenants with rent abatements and/or deferrals, in line with Code of Conduct legislation. The legislation was further extended in VIC and NSW due to the latest COVID-19 Delta outbrea
Slide 21: Key Property Assets, Wellington
t WAKEFIELD CARPARK mCOURTENAY ENTRALY TORE HEARPARK KEY PROPERTY ASSETS WELLINGTON, CAPITAL OF NEW ZEALAND On a consolidated basis and through various subsidiaries, we own 161,071 SF of land of which 85,000 SF is improved with the Courtenay Central building, which includes Reading Cinemas (temporar
Slide 22: Key Property Assets, Wellington: Takina
KEY PROPERTY ASSETS WELLINGTON, CAPITAL OF NEW ZEALAND Wellington remains a resilient global city, and although COVID-19 has impacted retail and commercial markets, the leasing market is showing signs of recovery. * Te Aro is a neighborhood with a vibrant café culture, world- class dining, breweries
Slide 23: Wellington development options and approvals
Without incurring material development funds during the 2020-2021 COVID-19 pandemic, we continued to work through options to determine feasible development strategies. + In cooperation with the Wellington City Council: o We obtained, through our relevant subsidiaries, approval to use the Wakefield S
Slide 24: Elevating Community by Engagement
ELEVATING COMMUNITY BY ENGAGEMENT REMAINS CORE TO OUR PROPERTY PORTFOLIO STRATEGY Despite the impacts and uncertainty of COVID-19, we continue to engage with our communities. We prioritize giving back to our local communities and loyal customers by marketing to their needs through the creation of me
Slide 25: Continued Strengthening of Our Internal Property Team
CONTINUED STRENGTHENING OF OUR INTERNAL PROPERTY TEAM * Following an earlier transition of bringing our property management in-house, in April 2020 we also transitioned our property portfolio lease administration in-house. * This resulted in financial efficiencies, improved third-party tenant relati
Slide 26: US Real Estate Portfolio
gaa 4368 et US REAL ESTATE PORTFOLIO Up to 73,113 SF of net leasable area (inclusive of potential BOMA adjustments) comprised of retail & office 75% interest in a 21,000 SF NYC cinema building (with development potential of 80,000 SF, plus additional 16,000 SF of air rights) - Cinemas 123 9,000 SF O
Slide 27: New York City Off-Broadway Theatres
NEW YORK CITY - OFF-BROADWAY THEATRES COMPANY OWNS LAND & BUILDINGS ORPHEUM THEATRE (approx One sta: 100 SF) e (347 seats) in the heart of New York City’s East Village For almost three les, Orpheum ha rch een home to STOMP Forced to temporarily due to the COVID-19 pandemic, re-opened July STOMP was
Slide 28: Union Square
44 UNION SQUARE UP TO 73,113 SF OF RETAIL/OFFICE SPACE IN UNION SQUARE AREA OF NYC + We are working with a leading national retailer to take three floors to create a flagship store with a targeted rent start of 2022. With respect to the remaining floors, the NYC leasing market is showing signs of re
Slide 29: Sepulveda Office Building, Culver City
SEPULVEDA 24,000 SF OFFICE BLDG. IN CULVER CITY, CA * Culver City and neighboring Playa Vista are now home to Google, Facebook, Microsoft, IMAX, Vevo, Verizon, Electronic Arts, Sony, Apple, Amazon, HBO and TikTok. * One full floor currently serves as one of the Company's operational and administrati
Slide 30: New York City and Philadelphia properties
NEW YORK CITY PROPERTY ACROSS FROM BLOOMINGDALES • • • • • P H I L A D E L P H I A , PA • • • •
Slide 31: Global Cinema Strategy 2022-2023
GLOBAL CINEMA STRATEGY 2022-2023 Proactively adjust our operating, programming and marketing strategies to take into account the wide-ranging impacts of the 2020-2021 COVID-19 crisis, including building long-term guest confidence in a safe and responsible cinema environment. Improve operating income
Slide 32: Global Cinema Portfolio
GLOBAL CINEMA PORTFOLIO * For the quarter ended September 30, 2021 + Gross Box Office data excludes Joint Ventures.
Slide 33: International Portfolio
INTERNATIONAL PORTFOLIO AU AND NZ ARE TWO STABLE ECONOMIES WITH STRONG LOCAL FILM PRODUCTION, ENHANCING PROGRAMMING LED BY HOLLYWOOD MOVIES [BAU CINEMA REVENUE [NZ CINEMA REVENUE IM US CINEMA REVENUE * 60% of our Total Theater Revenues generated in AU and NZ* REDUCES MONTHLY OCCUPANCY COSTS, PROVIDE
Slide 34: Global Cinemas 2020-2021 Timeline
GLOBAL CINEMAS 2020 - 2021 TIMELINE COVID-19 RELATED TEMPORARY CLOSURES AND RE-OPENINGS AT MONTH'S END* ral oo ® 8 ° 2 jan-20. Feb-20 Mar-20 Apr-2¢ 20 ul-20 Aug-20 Sep-20 Oc Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21. May-21 21 Aug-21. Sep-2 U.S. OPENINGS AU OPENINGS NZ OPENINGS For purposes of calcu
Slide 35: Global Cinemas Operational Status
CINEMA DIVISION Australia GLOBAL CINEMAS OPERATIONAL STATUS AS OF DECEMBER 7, 2021 COUNTRY VACCINATION RATE 86.9% of people 12+ fully vaccinated 74% of all people fully vaccinated OPERATIONAL STATUS 100% of circuit re-opened PROOF OF VACCINATION REQUIREMENTS (GUESTS & STAFF) YES - NSW, VIC, QLD (as
Slide 36: 2021 Global Industry Box Office Recovering
2021 GLOBAL INDUSTRY BOX OFFICE RECOVERING COVID-19 DECIMATED THE 2020 INDUSTRY BOX OFFICE, BUT 2021 IS BOUNCING BACK YTD NOVEMBER 2021 2020 BOX OFFICE BOX OFFICE $12.2 billion $173 billion Global (down 72% vs. 2019) (down 60% vs. 2019) $2.3 billion $3.6 billion North America (down 81% vs. 2019) (do
Slide 37: Anticipated blockbusters premiering in late 2021
2021 GLOBAL INDUSTRY BOX OFFICE RECOVERING ANTICIPATED BLOCKBUSTERS PREMIERING IN LAST DAYS OF 2021 ‘SPIDER No Way Hare
Slide 38: Box office comparisons 2019, 2020, YTD Nov 2021
90% 50% 70% 30% 30% 50% 10% 10% 30% 10% -10% -10% -10% -30% -30% -30% -50% -50% -50% -70% -70% -90% -90% -70% 2019 2020 YTD Nov 2021 2019 2020 YTD Nov 2021 2019 2020 YTD Nov 2021
Slide 39: 2022 Global Movie Line-Up
2022 GLOBAL MOVIE LINE-UP EXCITING AND ENCOURAGING Doc ese DS, MULTIVERSE OF MADIESS Ne ease BLACK THER sal FANTASTIC WNP | ape | BESTS O6:2022 Bley PIXAR
Slide 40: Angelika - Our Specialty Brand
ANGELIKA - OUR SPECIALTY BRAND ANGELIKA SPECIALTY FILM TITLES HAVE SHOWED STRENGTH IN 2021 “BRILLIANT... A BRAKELESS FREEWHEEL BANANA sgAOLEY COOPER BENNY SAPD THROUGH A TEEMING BAZAAR" eeerareverarrers: oz FRENCH LICORICE DISPATCH laa ABOUT ANTHONY BOURDAI THE FRENCH DISPATCH LICORICE PIZZA ROADRUN
Slide 41: Quality specialty releases into early 2022
~ Ae QUALITY SPECIALTY, RELEASES WILL wurlll ANGELIKA CIRCUIT INTO EARLY 202 :. TEs ti GEDY-OF- MASETH 5 = (a
Slide 42: AU/NZ Film Production Supports Local Box Office
2020-2021 - AU/NZ FILM PRODUCTION SUPPORTS LOCAL BOX OFFICE WE ANTICIPATE AN INCREASING FUTURE CONTRIBUTION BY AU/NZ FILM PRODUCTION TO LOCAL EXHIBITORS “te PENGUINBLOOM THE DRY PENGUIN BLOOM RAMS SAVAGE COUSINS With A$20.8 million With A$7.5 million in box Generated A$4.7m in With NZ$1.6 million in
Slide 43: The Evolving Theatrical Window
THE EVOLVING THEATRICAL WINDOW * Major Studios/Specialty Distributors continue to publicly and privately recognize that the event of watching a movie in a Big Screen environment with a shared audience has played and will continue to play an essential part in the distribution of entertainment. * Econ
Slide 44: AU cinema closures and November box office
BUT EOSNGeS Due to the various 2021 COVID lockdowns in AU, our AU Reading Cinemas circuit was negatively impacted by (i) 431 days of cinema closures and (ii) studio movie release changes. As of October 29, 2021, all Reading Cinemas in Australia had re-opened. Movies releasing in November in AU inclu
Slide 45: Analyst quote on the movie theatre experience
“ T h e i m m e r s i v e b i g g e r - t h a n - l i f e m o v i e t h e a t r e e x p e r i e n c e r e m a i n s a s i n g u l a r, essential and relevant part of the entertainment diet of consumers around the world. The gold standard experience created by cinemas combined with amazing s t u d i
Slide 46: After Significant Investment in Our Cinema Portfolio
AFTER SIGNIFICANT INVESTMENT IN OUR CINEMA PORTFOLIO SINCE 2015, CIRCUIT IS READY FOR POST COVID-19 RECOVERY RECLINER SEATING + 46% of US screens feature Luxury Recliner Seating + 31% of AU/NZ screens feature Luxury Recliner Seating PREMIUM LARGE FORMAT (PLF) SCREENS + 33% of US theaters feature at
Slide 47: A Reimagined Cinema Experience
• o o o • A Reimagined Cinema Experience at the
Slide 48: F&B Focus Drives Record Spend Per Patron
2020-2021 - F&B FOCUS DRIVES RECORD SPEND PER PATRON AGAIN RECORD F&B SPEND PER PATRON SET BY EACH DIVISION 2 a YTD AS OF 9/30/2021 ‘ll UJ Rl bs (VS. YTD 9/30/2020) COCKTAIL GIN SOAKED BLUEBERRIES, WHITE RUM, 0 0 US US$7.70 (up 35%) SIMPLE SYRUP. LIME & SODA O P 912.20 OUR AU AU$6.57__ (up 20%) $18
Slide 49: Reading Cinemas Development
READING CINEMAS DEVELOPMENT PIPELINE CONTINUES IN AU THROUGH COVID-19 TWO NEW READING CINEMAS OPENED, ONE SCHEDULED TO OPEN BEFORE YEAR END AND ONE ANNOUNCED * Reading Cinemas with TITAN LUXE at DFO in Jindalee (QLD) + Reading Cinemaswith TITAN LUXE at Millers Junction Village in Altona (VIC) + Read
Slide 50: Future Focus on Expanding Angelika Brand
FUTURE FOCUS ON EXPANDING ANGELIKA BRAND THE CURATED FOCUS OF THE ANGELIKA IS ON INDEPENDENT AND GLOBAL FILM, DOCUMENTARIES & THE MORE SPECIALIZED MOVIES FROM MAJOR STUDIOS Repositioned select theaters to incorporate Angelika branding First new international state-of-the-art Angelika opens late 2022
Slide 51: Rebranded Certain Theaters
FUTURE FOCUS ON EXPANDING ANGELIKA BRAND REBRANDED CERTAIN THEATERS In 2021, we rebranded certain existing theaters with a strong and historic focus on curated specialty programming consistent with Angelika’s mission. Rebranding offers operational efficiencies and increased global audience for more
Slide 52: First New International Angelika to Open
FUTURE FOCUS ON EXPANDING ANGELIKA BRAND FIRST NEW INTERNATIONAL STATE-OF-THE-ART ANGELIKA TO OPEN * First international Angelika Film Centre opens in Brisbane area (QLD) in late 2022 in the sophisticated mixed-use development, South City Square * 8screens featuring all luxury recliners * Elevated F
Slide 53: Streaming Service Launches AU/NZ
FUTURE FOCUS ON EXPANDING ANGELIKA BRAND STREAMING SERVICE LAUNCHES AU/NZ ANGELIKA® 4p ANYWHERE Cone fr Fn boner * Angelika Anywhere is a streaming service and digital video store curated for film lovers and inspired by the community that,for the last 30 years, has supported NYC's Angelika Film Cent
Slide 54: Membership Program Launches in US
FUTURE FOCUS ON EXPANDING ANGELIKA BRAND MEMBERSHIP PROGRAM LAUNCHES IN US STATE CINEMA BY ANGELIKA MEMBERSHIP *The State Cinema by Angelika Membership Program is a paid annual membership program. * During QI 2022, an _ Angelika Membership Program will launch in the US.
Slide 55: Continuation of Certain COVID-19 Initiatives: Contactless Transactions
CONTINUATION OF CERTAIN COVID-19 INITIATIVES: CONTACTLESS TRANSACTIONS ee aan BN cite, 28 * As communities faced COVID-19 challenges, we attempted to provide “= * “ contact-free alternatives in our cinemas. “ * In Q4 2020, we launched ordering F&B online on our US based app. Weare SKIP THE LINE & fu
Slide 56: Continuation of Certain COVID-19 Initiatives: Private Watch Parties
CONTINUATION OF CERTAIN COVID-19 INITIATIVES: PRIVATE WATCH PARTIES * As communities faced COVID-19 challenges, we took into account the varying comfort levels of different audience members and PRIVATE created a range of private auditorium rental options. * US website/app modifications completed to
Slide 57: Continuation of Certain COVID-19 Initiatives: Creative Programming
CONTINUATION OF CERTAIN COVID-19 INITIATIVES: CREATIVE PROGRAMMING AND EXPERIENCES Ly LIVE MUSIC DINING OUTDOORS “TOBE ALL SHOWS SAT FEB 27 8 PM Due to lack of major studio content during the COVID-19 crisis, our global programming teams were able to create programs or series based on major studio l
Slide 58: Chief Financial Officer
READING EXECUTIVE VICE PRESIDENT, CHIEF FINANCIAL OFFICER & TREASURER
Slide 59: Summary Financial Data (Nine Months)
SUMMARY FINANCIAL DATA NINE MONTHS ENDED STATEMENT OF OPERATIONS. SEPTEMBER 30, ($ in thousands, except per share data) 2020 Revenues $ 89,142 $ 62,841 Operating Income (Loss) (37,461) (46,610) Interest Expense, net (10,437) (6,176) Gain (Loss) on Sale of Assets and Other Income (Expense) 94,581 (18
Slide 60: Summary Financial Data (Annual)
SUMMARY FINANCIAL DATA STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, ($ in thousands, except per share data) 2020 2019 Revenues $ 77,862 $ 276,768 Operating Income (Loss) (61,313) 9,123, Interest Expense, net (9,354) (7,904) Gain (Loss) on Sale of Assets and Other Income (Expense) 292 323, Income
Slide 61: Summary Balance Sheet
SUMMARY BALANCE SHEET ($ in thousands) 9/30/2021 12/31/2020 12/31/2019 Cash and Cash Equivalents $ 90,887 $ 26,826 $ 12135 Receivables 2,565 2,438 7,085 Other Current Assets 12,033 27,203 7,779 Total Current Assets 105,485 56,467 26,999 Operating Property, Net 306,610 353,125 258,138 Operating Lease
Slide 62: Reading International Debt
READING INTERNATIONAL DEBT DEBT SUMMARY AS OF SEPTEMBER 30, 2021 Corporate and/or Expiration Contractual Property Year Capacity Debt ($ in thousands) Trust Preferred Securities $ 27,913 5995 Sepulveda 9,000 44 Union Square 55,000 Bank of America 60,000 Purchase Money Promissory Note 2,216 Cinemas],
Slide 63: Subsequent loan agreement amendments
SUBSEQUENT TO OUR SEPTEMBER RESULTS, WE AMENDED THE FOLLOWING LOAN AGREEMENTS: Bank of America o OnNovember 8, 2021, we amended our credit agreement with Bank of America. This new amendment replaces all of the required covenants with a single liquidity covenant and the loan has now been converted in
Slide 64: Revenue & Adj EBITDA, Assets & Debt trend
2001-SEP 2021 TTM YEARLY FINANCIAL TREND in US$ $350,000 $800,000 $300,000 $700,000 $250,000 $600,000 Revenue & Adj EBITDA Assets & Debt $200,000 $500,000 (000's) (000's) $150,000 $400,000 $100,000 $300,000 $50,000 $200,000 $- $100,000 $(50,000) $(100,000) $- 2001 9/30/21 2002 2003 2004 2005 2006 20
Slide 65: Core Values & Guiding Principles
JAMES J. COTTER SR. THE CORE VALUES & GUIDING PRINCIPLES INSPIRED BY OUR FOUNDER SUPPORTED US THROUGH COVID-19 CRISIS AND RECOVERY EMPATHETIC approach to our stakeholders ENTREPRENEURIAL approach to our business EDUCATED analysis underpins our strategies ENGAGING our guests is paramount to our succe
Slide 66: We Are Still Here
READING WE ARE STILL HERE OUR REAL ESTATE IS STRONG OUR CINEMAS ARE RECOVERING
Reading International — Shareholder Meeting (December 2021) on 6ix