National CineMedia, Inc. Reports Results for Fiscal Third Quarter 2024

Business Wire11-06

Exceeds guidance with revenue of $62.4 million Scatter revenue up 35% year-over-year CENTENNIAL, Colo., November 05, 2024--(BUSINESS WIRE)--National CineMedia, Inc. (NASDAQ: NCMI) ("the Company" or "...

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(NASDAQ: NCMI) (\"the Company\" or \"...</p>\n\n<a href=\"https://finance.yahoo.com/news/national-cinemedia-inc-reports-results-210100835.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>National CineMedia, Inc. Reports Results for Fiscal Third Quarter 2024</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNational CineMedia, Inc. Reports Results for Fiscal Third Quarter 2024\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-06 05:01 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/national-cinemedia-inc-reports-results-210100835.html><strong>Business Wire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Exceeds guidance with revenue of $62.4 million\nScatter revenue up 35% year-over-year\nCENTENNIAL, Colo., November 05, 2024--(BUSINESS WIRE)--National CineMedia, Inc. (NASDAQ: NCMI) (\"the Company\" or \"...</p>\n\n<a href=\"https://finance.yahoo.com/news/national-cinemedia-inc-reports-results-210100835.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4009","symbol_name":"广告","start_time":0,"source_url":"https://finance.yahoo.com/news/national-cinemedia-inc-reports-results-210100835.html","article_id":"2481598226","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/CV0BPAN59KBPyhQcBnTT0w--~B/aD01MTI7dz0xMDI0O2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/business-wire.com/221c7a041df4e44305ced3b96047e380"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2481598226","pubTimestamp":1730840460,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"CENTENNIAL, Colo., November 05, 2024----National CineMedia, Inc.  , the managing member and owner of approximately 100% of National CineMedia, LLC , the operator of the largest cinema advertising network reaching movie audiences in the U.S., today announced its consolidated results for the fiscal third quarter ended September 26, 2024.Total revenue for the nine months ended September 26, 2024 decreased 8.5% to $154.5 million as compared to $168.9 million for the nine months ended September 28, 2023. Operating loss decreased to $39.4 million for the nine months ended September 26, 2024 from $202.2 million for the nine months ended September 28, 2023. Adjusted OIBDA decreased to $10.7 million for the nine months ended September 26, 2024 from $12.9 million for the nine months ended September 28, 2023, as adjusted to exclude depreciation, amortization, share-based compensation costs, impairment of long-lived assets, workforce reorganization costs, loss on termination of Regal ESA, satellit","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4009":"广告","NCMI":"National CineMedia","BK4108":"电影和娱乐","BK4585":"ETF&股票定投概念","BK4588":"碎股","BK4547":"WSB热门概念","CNK":"喜满客影城"},"translate_title":"National CineMedia,Inc.报告2024财年第三季度业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CNK":1,"NCMI":1},"content_text":"Exceeds guidance with revenue of $62.4 million\nScatter revenue up 35% year-over-year\nCENTENNIAL, Colo., November 05, 2024--(BUSINESS WIRE)--National CineMedia, Inc. (NASDAQ: NCMI) (\"the Company\" or \"NCM\"), the managing member and owner of approximately 100% of National CineMedia, LLC (NCM LLC), the operator of the largest cinema advertising network reaching movie audiences in the U.S., today announced its consolidated results for the fiscal third quarter ended September 26, 2024.\n\"NCM delivered its fourth consecutive quarter of consistent results, achieving $62.4 million in revenue, and demonstrating our strength as the box office continues to accelerate,\" said Tom Lesinski, CEO of NCM. \"We continue to drive meaningful growth in our premium Platinum offering, which has more than doubled since last year, while attracting new, category-leading advertisers across our platform as brands increasingly turn to NCM for incremental reach of highly valuable audiences at scale. We are confident in NCM’s ability to capitalize on this momentum as we continue to focus on improving monetization and productivity. Looking ahead to 2025, there is a lot to be excited about with a highly anticipated film slate appealing to a diverse demographic of moviegoers.\"\nQ3 2024 NCM LLC Results1\nTotal revenue for the third quarter ended September 26, 2024 decreased 10.3% to $62.4 million as compared to $69.6 million for the third quarter of 2023. Operating loss decreased to $7.5 million for the third quarter of 2024 from $150.7 million for the third quarter of 2023. Adjusted OIBDA, a non-GAAP measure, decreased to $8.8 million for the third quarter of 2024 from $11.3 million for the third quarter of 2023, as adjusted to exclude depreciation, amortization, share-based compensation costs, impairment of long-lived assets, workforce reorganization costs, loss on termination of Regal ESA, satellite transition costs, system optimization costs and fees and expenses related to involvement in the Cineworld proceeding and Chapter 11 case, each as previously reported and described in the Company’s public filings made with the U.S. Securities and Exchange Commission (the \"SEC\").\nTotal revenue for the nine months ended September 26, 2024 decreased 8.5% to $154.5 million as compared to $168.9 million for the nine months ended September 28, 2023. Operating loss decreased to $39.4 million for the nine months ended September 26, 2024 from $202.2 million for the nine months ended September 28, 2023. Adjusted OIBDA decreased to $10.7 million for the nine months ended September 26, 2024 from $12.9 million for the nine months ended September 28, 2023, as adjusted to exclude depreciation, amortization, share-based compensation costs, impairment of long-lived assets, workforce reorganization costs, loss on termination of Regal ESA, satellite transition costs, system optimization costs and fees and expenses related to involvement in the Cineworld proceeding and Chapter 11 case, each as previously reported and described in the Company’s public filings made with the SEC.\n\n\n\n____________________\n\n\n1With respect to operating data, all activity during NCM LLC’s financial restructuring from April 11, 2023, to August 7, 2023, when NCM LLC was deconsolidated from NCM, Inc., represents activity and balances for NCM, Inc. standalone. All activity and balances prior to the deconsolidation of NCM LLC on April 11, 2023, and after the reconsolidation of NCM LLC on August 7, 2023, represent NCM, Inc. consolidated, inclusive of NCM LLC. The operating results for NCM LLC, which management believes better represent the Company's historical consolidated performance, are presented within the body of this release.\n\n\n\nQ3 2024 Consolidated Results\nTotal revenue for the third quarter ended September 26, 2024 increased 152.6% to $62.4 million as compared to $24.7 million for the third quarter of 2023. Operating loss decreased to $7.5 million for the third quarter of 2024 from $12.3 million for the third quarter of 2023. Net loss for the third quarter of 2024 was $3.6 million, or negative $0.04 per diluted share, compared to net income of $181.8 million, or $2.89 per diluted share, for the third quarter of 2023.\nTotal revenue for the nine months ended September 26, 2024 increased 107.7% to $154.5 million as compared to $74.4 million for the nine months ended September 28, 2023. Operating loss decreased to $39.4 million for the nine months ended September 26, 2024 from $47.7 million for the nine months ended September 28, 2023. Net loss for the nine months ended September 26, 2024 was $47.0 million, or negative $0.49 per diluted share, compared to net income of $681.5 million, or $20.72 per diluted share, for the nine months ended September 28, 2023.\nQ4 2024 Outlook\nFor the fourth quarter of 2024, NCM LLC expects to earn total revenue of $82.0 million to $86.0 million, and Adjusted OIBDA in the range of $28.0 million to $30.0 million for the fourth quarter of 2024.\nSupplemental Information\nIntegration and other encumbered theater payments due primarily from AMC associated with Carmike Theaters for NCM LLC for the quarter ended September 26, 2024 and September 28, 2023, and the nine months ended September 26, 2024 and September 28, 2023, were $1.2 million, $0.9 million, $2.2 million and $2.1 million, respectively. These payments were recorded as a reduction of an intangible asset on the Balance Sheet and are not included in operating results or Adjusted OIBDA.\nConference Call\nThe Company will host a conference call and audio webcast with investors, analysts, and other interested parties, November 5, 2024, at 5:00 P.M. Eastern Time. The live call can be accessed by dialing 1-844-481-2522 or, for international participants, 1-412-317-0550. Participants should register at least 15 minutes prior to the commencement of the call. Additionally, a live audio webcast will be available to interested parties at www.ncm.com under the Investor Relations section. Participants should allow at least 15 minutes prior to the commencement of the call to register, download and install necessary audio software.\nThe replay of the conference call will be available until midnight Eastern Time, November 19, 2024, by dialing 1-844-512-2921 or, for international participants, 1-412-317-6671 and entering conference ID 10194114.\nAbout National CineMedia, Inc.\nNational CineMedia, Inc. (NCM, NASDAQ:NCMI) is the largest cinema advertising platform in the US. With unparalleled reach and scale, NCM connects brands to sought-after young, diverse audiences through the power of movies and pop culture. A premium video, full-funnel marketing solution for advertisers, NCM enhances marketers' ability to measure and drive results. NCM’s Noovie® Show is presented exclusively in 41 leading national and regional theater circuits including the only three national chains, AMC Entertainment Inc. (NYSE:AMC), Cinemark Holdings, Inc. (NYSE:CNK) and Regal Entertainment Group (a subsidiary of Cineworld Group PLC). NCM’s cinema advertising platform consists of more than 18,100 screens in over 1,400 theaters in 195 Designated Market Areas® (all of the top 50). NCM is the managing member and owner of approximately 100% of National CineMedia, LLC. For more information, visit www.ncm.com and www.noovie.com.\nForward-Looking Statements\nThis press release contains various forward-looking statements that reflect management’s current expectations or beliefs regarding future events, including statements regarding the Company’s anticipated future financial performance. Investors are cautioned that reliance on these forward-looking statements involves risks and uncertainties. Although the Company believes that the assumptions used in the forward-looking statements are reasonable, any of these assumptions could prove to be inaccurate and, as a result, actual results could differ materially from those expressed or implied in the forward-looking statements. The factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements are, among others, 1) level of theater attendance or viewership of the Noovie® show; 2) the availability and predictability of major motion pictures displayed in theaters, including as a result of strikes or other production delays in the entertainment industry; 3) increased competition for advertising expenditures; 4) changes to the ESAs or network affiliate agreements and the relationships with NCM LLC’s ESA Parties and network affiliates; 5)inability to implement or achieve new revenue opportunities; 6) failure to realize the anticipated benefits of the post-showtime inventory in our network; 7) technological changes and innovations; 8) economic conditions, including the level of expenditures on and perception of cinema advertising; 9) our ability to renew or replace expiring advertising and content contracts; 10) the ongoing effects of NCM LLC’s emergence from bankruptcy; 11) reinvestment in our network and product offerings may require significant funding and resulting reallocation of resources; and 12) fluctuations in and timing of operating costs. In addition, the outlook provided does not include the impact of any future unusual or infrequent transactions; sales and acquisitions of operating assets and investments; any future non-cash impairments of intangible and fixed assets; amounts related to litigation or the related impact of taxes that may occur from time to time due to management decisions and changing business circumstances. The Company is currently unable to forecast precisely the timing and/or magnitude of any such amounts or events. Please refer to the Company’s Securities and Exchange Commission filings, including the \"Risk Factor\" section of the Company’s Annual Report on Form 10-K for the year ended December 28, 2023, for further information about these and other risks. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to update any forward-looking statement, whether as a result, of new information, future events or otherwise, except as required by law.\nThis press release contains references to Non-GAAP financial measures including Adjusted OIBDA (Operating Income Before Depreciation and Amortization expense, adjusted to exclude non-cash share-based compensation costs, impairment of long-lived assets, workforce reorganization costs, loss on termination of Regal ESA, satellite transition costs, system optimization costs and fees and expenses related to involvement in the Cineworld proceeding and Chapter 11 case). A reconciliation of these measures is available in this press release and on the investor page of the Company’s website at www.ncm.com.\n\n\n\nNATIONAL CINEMEDIA, INC.Condensed Consolidated Statements of IncomeUnaudited($ in millions, except per share data)\n\n\n\n\n\n\n\n\n \n\n\n\n\nThree Months Ended\n\n\nNine Months Ended\n\n\n\n\n\nSeptember 26,2024\n\n\nSeptember 28,2023\n\n\nSeptember 26,2024\n\n\nSeptember 28,2023\n\n\n\nREVENUE\n\n$\n62.4\n\n\n$\n24.7\n\n\n$\n154.5\n\n\n$\n74.4\n\n\n\nOPERATING EXPENSES:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNetwork operating costs\n\n\n3.3\n\n\n\n2.6\n\n\n\n10.6\n\n\n\n6.9\n\n\n\nESA Parties and network affiliate fees\n\n\n32.9\n\n\n\n14.5\n\n\n\n82.1\n\n\n\n42.8\n\n\n\nSelling and marketing costs\n\n\n10.1\n\n\n\n6.3\n\n\n\n29.6\n\n\n\n16.9\n\n\n\nAdministrative and other costs\n\n\n12.9\n\n\n\n7.3\n\n\n\n39.8\n\n\n\n40.6\n\n\n\nDepreciation expense\n\n\n1.2\n\n\n\n0.6\n\n\n\n3.4\n\n\n\n2.1\n\n\n\nAmortization expense\n\n\n9.5\n\n\n\n5.7\n\n\n\n28.4\n\n\n\n12.8\n\n\n\nTotal\n\n\n69.9\n\n\n\n37.0\n\n\n\n193.9\n\n\n\n122.1\n\n\n\nOPERATING LOSS\n\n\n(7.5\n)\n\n\n(12.3\n)\n\n\n(39.4\n)\n\n\n(47.7\n)\n\n\nNON-OPERATING EXPENSE (INCOME):\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nInterest on borrowings\n\n\n0.4\n\n\n\n0.3\n\n\n\n1.3\n\n\n\n27.5\n\n\n\nInterest income\n\n\n(0.7\n)\n\n\n—\n\n\n\n(1.7\n)\n\n\n—\n\n\n\nLoss on modification and retirement of debt, net\n\n\n—\n\n\n\n—\n\n\n\n—\n\n\n\n0.4\n\n\n\n(Gain) loss on re-measurement of the payable under the tax receivable agreement\n\n\n(3.0\n)\n\n\n9.3\n\n\n\n9.3\n\n\n\n12.7\n\n\n\nGain on sale of asset\n\n\n—\n\n\n\n—\n\n\n\n—\n\n\n\n(0.3\n)\n\n\nGain on deconsolidation of NCM LLC\n\n\n—\n\n\n\n—\n\n\n\n—\n\n\n\n(557.7\n)\n\n\nGain on re-measurement of investment in NCM LLC\n\n\n—\n\n\n\n(35.3\n)\n\n\n—\n\n\n\n(35.5\n)\n\n\nGain on reconsolidation of NCM LLC\n\n\n—\n\n\n\n(168.0\n)\n\n\n—\n\n\n\n(168.0\n)\n\n\nOther non-operating (income) expense, net\n\n\n(0.6\n)\n\n\n(0.4\n)\n\n\n(1.3\n)\n\n\n0.2\n\n\n\nTotal\n\n\n(3.9\n)\n\n\n(194.1\n)\n\n\n7.6\n\n\n\n(720.7\n)\n\n\n(LOSS) INCOME BEFORE INCOME TAXES\n\n\n(3.6\n)\n\n\n181.8\n\n\n\n(47.0\n)\n\n\n673.0\n\n\n\nIncome tax expense\n\n\n—\n\n\n\n—\n\n\n\n—\n\n\n\n—\n\n\n\nCONSOLIDATED NET (LOSS) INCOME\n\n\n(3.6\n)\n\n\n181.8\n\n\n\n(47.0\n)\n\n\n673.0\n\n\n\nLess: Net loss attributable to noncontrolling interests\n\n\n—\n\n\n\n—\n\n\n\n—\n\n\n\n(8.5\n)\n\n\nNET (LOSS) INCOME ATTRIBUTABLE TO NCM, INC.\n\n$\n(3.6\n)\n\n$\n181.8\n\n\n$\n(47.0\n)\n\n$\n681.5\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNET (LOSS) INCOME PER NCM, INC. COMMON SHARE\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBasic\n\n$\n(0.04\n)\n\n$\n2.89\n\n\n$\n(0.49\n)\n\n$\n21.58\n\n\n\nDiluted\n\n$\n(0.04\n)\n\n$\n2.89\n\n\n$\n(0.49\n)\n\n$\n20.72\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWEIGHTED AVERAGE SHARES OUTSTANDING:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBasic\n\n\n95,221,502\n\n\n\n62,765,418\n\n\n\n96,183,328\n\n\n\n31,574,026\n\n\n\nDiluted\n\n\n95,221,502\n\n\n\n62,804,688\n\n\n\n96,183,328\n\n\n\n32,487,898\n\n\n\n\n\n\n\nNATIONAL CINEMEDIA, INC.Selected Condensed Balance Sheet DataUnaudited($ in millions)\n\n\n\n\nAs of\n\n\n\n\n\nSeptember 26, 2024\n\n\nDecember 28, 2023\n\n\n\nCash, cash equivalents, marketable securities and restricted cash\n\n$\n52.5\n\n\n$\n37.6\n\n\n\nReceivables, net\n\n$\n62.8\n\n\n$\n96.6\n\n\n\nProperty and equipment, net\n\n$\n15.3\n\n\n$\n15.8\n\n\n\nTotal assets\n\n$\n526.1\n\n\n$\n567.7\n\n\n\nBorrowings, gross\n\n$\n10.0\n\n\n$\n10.0\n\n\n\nTotal equity\n\n$\n385.5\n\n\n$\n434.5\n\n\n\nTotal liabilities and equity\n\n$\n526.1\n\n\n$\n567.7\n\n\n\n\n\n\n\nNATIONAL CINEMEDIA, LLCOperating DataUnaudited\n\n\n\n\n\n \n\n\n\n\nThree Months Ended\n\n\n\n\n\nSeptember 26, 2024\n\n\nSeptember 28, 2023\n\n\n\nTotal Screens (100% Digital) at Period End (1)(5)\n\n\n18,141\n\n\n\n18,489\n\n\n\nESA Party Screens at Period End (2)(5)\n\n\n9,492\n\n\n\n9,604\n\n\n\n\n\n\n\n\n\nThree Months Ended\n\n\nNine Months Ended\n\n\n\n\n\nSeptember 26, 2024\n\n\nSeptember 28, 2023\n\n\nSeptember 26, 2024\n\n\nSeptember 28, 2023\n\n\n\nTotal Attendance for Period (3)(5) (in millions)\n\n\n121.6\n\n\n\n131.7\n\n\n\n290.2\n\n\n\n356.6\n\n\n\nESA Party Attendance for Period (4)(5) (in millions)\n\n\n74.3\n\n\n\n77.8\n\n\n\n179.0\n\n\n\n207.4\n\n\n\nCapital Expenditures (6) (in millions)\n\n$\n1.0\n\n\n$\n0.6\n\n\n$\n3.3\n\n\n$\n2.3\n\n\n\n\n\n\n\n(1)\n\nRepresents the total screens within NCM LLC’s advertising network.\n\n\n(2)\n\nRepresents the total ESA Party screens.\n\n\n(3)\n\nRepresents the total attendance within NCM LLC’s advertising network.\n\n\n(4)\n\nRepresents the total attendance within NCM LLC’s advertising network in theaters operated by the ESA Parties.\n\n\n(5)\n\nExcludes screens and attendance associated with certain AMC Carmike theaters for each period presented.\n\n\n(6)\n\nIncludes certain other implementation costs associated with cloud computing arrangements.\n\n\n\n\n\n\nNATIONAL CINEMEDIA, LLCOperating DataUnaudited($ in millions)\n\n\n\n\n\n\n\n\n \n\n\n\n\nThree Months Ended\n\n\nNine Months Ended\n\n\n\n\n\nSeptember 26, 2024\n\n\nSeptember 28, 2023\n\n\nSeptember 26, 2024\n\n\nSeptember 28, 2023\n\n\n\nRevenue breakout:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNational advertising revenue\n\n$\n46.8\n\n\n$\n52.0\n\n\n$\n117.9\n\n\n$\n118.2\n\n\n\nLocal and regional advertising revenue\n\n\n11.4\n\n\n\n12.9\n\n\n\n26.5\n\n\n\n34.9\n\n\n\nESA Party advertising revenue from beverage concessionaire agreements\n\n\n4.2\n\n\n\n4.7\n\n\n\n10.1\n\n\n\n15.8\n\n\n\nTotal advertising revenue (excluding beverage)\n\n$\n62.4\n\n\n$\n69.6\n\n\n$\n154.5\n\n\n$\n168.9\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOther operating data:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOperating loss\n\n$\n(7.5\n)\n\n$\n(150.7\n)\n\n$\n(39.4\n)\n\n$\n(202.2\n)\n\n\nAdjusted OIBDA (1)\n\n$\n8.8\n\n\n$\n11.3\n\n\n$\n10.7\n\n\n$\n12.9\n\n\n\nAdjusted OIBDA margin (1)\n\n\n14.1\n%\n\n\n16.2\n%\n\n\n6.9\n%\n\n\n7.6\n%\n\n\n\n\n\n\n(1)\n\nAdjusted OIBDA, Adjusted OIBDA margin and adjusted loss per share are not financial measures calculated in accordance with GAAP in the United States. See attached tables for the non-GAAP reconciliations.\n\n\n\nNATIONAL CINEMEDIA, LLCNon-GAAP ReconciliationsUnaudited\nAdjusted OIBDA and Adjusted OIBDA Margin\nAdjusted Operating Income Before Depreciation and Amortization (\"Adjusted OIBDA\") and Adjusted OIBDA margin are not financial measures calculated in accordance with GAAP in the United States.\nAdjusted OIBDA represents operating income before depreciation and amortization expense adjusted to also exclude non-cash share-based compensation costs, impairment of long-lived assets, workforce reorganization costs, loss on termination of Regal ESA, satellite transition costs, system optimization costs and fees and expenses related to involvement in the Cineworld proceeding and Chapter 11 case. Our management use this non-GAAP financial measure to evaluate operating performance, to forecast future results and as a basis for compensation. The Company believes this is an important supplemental measure of operating performance because it eliminates items that have less bearing on its operating performance and highlight trends in its core business that may not otherwise be apparent when relying solely on GAAP financial measures. The Company believes the presentation of this measure is relevant and useful for investors because it enables them to view performance in a manner similar to the method used by the Company’s management, helps improve their ability to understand the Company’s operating performance and makes it easier to compare the Company’s results with other companies that may have different depreciation and amortization policies, non-cash share-based compensation programs, impairment of long-lived assets, workforce reorganization costs, loss on termination of Regal ESA, satellite transition costs, system optimization costs and fees and expenses related to involvement in the Cineworld proceeding and Chapter 11 case, interest rates, debt levels or income tax rates.\nAdjusted OIBDA margin is calculated by dividing Adjusted OIBDA by total revenue. Our management use this non-GAAP financial measure to evaluate operating performance, to forecast future results and as a basis for compensation. The Company believes this is an important supplemental measure of operating performance because it eliminates items that have less bearing on its operating performance and highlight trends in its core business that may not otherwise be apparent when relying solely on GAAP financial measures. The Company believes the presentation of this measure is relevant and useful for investors because it enables them to view performance in a manner similar to the method used by the Company’s management, helps improve their ability to understand the Company’s operating performance and makes it easier to compare the Company’s results with other companies that may have different depreciation and amortization policies, non-cash share-based compensation programs, impairment of long-lived assets, workforce reorganization costs, loss on termination of Regal ESA, satellite transition costs, system optimization costs and fees and expenses related to involvement in the Cineworld proceeding and Chapter 11 case, interest rates, debt levels or income tax rates.\nA limitation of both of these measures, however, is that they exclude depreciation and amortization, which represent a proxy for the periodic costs of certain capitalized tangible and intangible assets used in generating revenues in NCM LLC’s business. In addition, Adjusted OIBDA and Adjusted OIBDA margin have the limitation of not reflecting the effect of the Company’s depreciation, amortization, non-cash share-based compensation costs, impairment of long-lived intangibles, workforce reorganization costs, loss on termination of Regal ESA, satellite transition costs, system optimization costs and fees and expenses related to involvement in the Cineworld proceeding and Chapter 11 case. Adjusted OIBDA should not be regarded as an alternative to operating income, net income or as indicators of operating performance, nor should it be considered in isolation of, or as substitutes for financial measures prepared in accordance with GAAP. The Company believes that operating income is the most directly comparable GAAP financial measure to Adjusted OIBDA, and operating margin is the most directly comparable GAAP financial measure to Adjusted OIBDA margin. Because not all companies use identical calculations, these non-GAAP presentations may not be comparable to other similarly titled measures of other companies, or calculations in NCM LLC’s debt agreement.\nThe Company has not provided a reconciliation of the forward-looking non-GAAP Adjusted OIBDA measure to forward-looking GAAP operating income due to the inability to predict the amount and timing of impacts outside of the Company’s control on certain items, including the timing of revenue and charges reflected in our reconciliation of historic numbers, the amount of which, based on historical experience, could be significant and are difficult to reasonably predict. Accordingly, a reconciliation of this non-GAAP measure is not available without unreasonable effort.\nThe following table reconciles NCM LLC's operating loss to Adjusted OIBDA for the periods presented (dollars in millions):\n\n\n\n\n\nThree Months Ended\n\n\nNine Months Ended\n\n\n\n\n\nSeptember 26, 2024\n\n\nSeptember 28, 2023\n\n\nSeptember 26, 2024\n\n\nSeptember 28, 2023\n\n\n\nOperating loss\n\n$\n(7.5\n)\n\n$\n(150.7\n)\n\n$\n(39.4\n)\n\n$\n(202.2\n)\n\n\nDepreciation expense\n\n\n1.2\n\n\n\n1.0\n\n\n\n3.4\n\n\n\n3.6\n\n\n\nAmortization expense\n\n\n9.5\n\n\n\n7.8\n\n\n\n28.4\n\n\n\n20.3\n\n\n\nShare-based compensation costs (1)\n\n\n3.1\n\n\n\n1.2\n\n\n\n9.2\n\n\n\n3.9\n\n\n\nImpairment of long-lived assets (2)\n\n\n—\n\n\n\n9.6\n\n\n\n—\n\n\n\n9.6\n\n\n\nWorkforce reorganization costs (3)\n\n\n0.2\n\n\n\n—\n\n\n\n3.1\n\n\n\n—\n\n\n\nLoss on termination of Regal ESA, net (4)\n\n\n—\n\n\n\n125.6\n\n\n\n—\n\n\n\n125.6\n\n\n\nSatellite transition costs (5)\n\n\n0.2\n\n\n\n—\n\n\n\n0.5\n\n\n\n—\n\n\n\nSystem optimization costs (6)\n\n\n0.1\n\n\n\n—\n\n\n\n0.1\n\n\n\n—\n\n\n\nFees and expenses related to the Cineworld proceeding and Chapter 11 case (7)\n\n\n2.0\n\n\n\n16.8\n\n\n\n5.4\n\n\n\n52.1\n\n\n\nAdjusted OIBDA\n\n$\n8.8\n\n\n$\n11.3\n\n\n$\n10.7\n\n\n$\n12.9\n\n\n\nTotal revenue\n\n$\n62.4\n\n\n$\n69.6\n\n\n$\n154.5\n\n\n$\n168.9\n\n\n\nAdjusted OIBDA margin\n\n\n14.1\n%\n\n\n16.2\n%\n\n\n6.9\n%\n\n\n7.6\n%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdjusted OIBDA\n\n$\n8.8\n\n\n$\n11.3\n\n\n$\n10.7\n\n\n$\n12.9\n\n\n\nIntegration and encumbered theater payments\n\n\n1.2\n\n\n\n0.9\n\n\n\n2.2\n\n\n\n2.1\n\n\n\nAdjusted OIBDA after integration and encumbered theater payments\n\n$\n10.0\n\n\n$\n12.2\n\n\n$\n12.9\n\n\n$\n15.0\n\n\n\n\n\n\n\n(1)\n\nShare-based compensation costs are included in network operations, selling and marketing and administrative expense in NCM LLC’s unaudited Condensed Consolidated Financial Statements as shown in the following table (dollars in millions).\n\n\n\n\n\n\n\n\nThree Months Ended\n\n\nNine Months Ended\n\n\n\n\n\nSeptember 26, 2024\n\n\nSeptember 28, 2023\n\n\nSeptember 26, 2024\n\n\nSeptember 28, 2023\n\n\n\nShare-based compensation costs included in network costs\n\n$\n0.1\n\n\n$\n0.1\n\n\n$\n0.4\n\n\n$\n0.4\n\n\n\nShare-based compensation costs included in selling and marketing costs\n\n\n0.5\n\n\n\n0.2\n\n\n\n1.3\n\n\n\n0.8\n\n\n\nShare-based compensation costs included in administrative and other costs\n\n\n2.5\n\n\n\n0.9\n\n\n\n7.5\n\n\n\n2.7\n\n\n\nTotal share-based compensation costs\n\n$\n3.1\n\n\n$\n1.2\n\n\n$\n9.2\n\n\n$\n3.9\n\n\n\n\n\n\n\n(2)\n\nThe impairment of long-lived assets primarily relates to the write down of certain intangible assets related to a purchased affiliate and leasehold improvements no longer in use.\n\n\n(3)\n\nWorkforce reorganization costs represents redundancy costs associated with changes to the Company’s workforce primarily implemented during the first quarter of 2024, as well as related office relocations.\n\n\n(4)\n\nThe net impact of Regal's termination of the ESA resulting from the disposal of the intangible asset partially offset by the surrender of Regal's ownership in the Company and the forgiveness of prepetition claims.\n\n\n(5)\n\nOne time costs of transitioning satellite providers in the second and third quarter of 2024.\n\n\n(6)\n\nSystem optimization costs represents costs incurred related to a one-time assessment of the technology surrounding the Company's programmatic offerings incurred in the third quarter of 2024.\n\n\n(7)\n\nAdvisor and legal fees and expenses incurred in connection with the Company’s involvement in the Cineworld Proceeding and Chapter 11 Case and related litigation during the first, second and third quarter of 2024, as well as retention related expenses and retainers to the members of the special and restructuring committees of the Company's Board of Directors during the first, second and third quarter of 2023.\n\n\n\nView source version on businesswire.com: https://www.businesswire.com/news/home/20241105634507/en/\nContacts\nINVESTOR CONTACT: Chan Parkinvestors@ncm.com\nMEDIA CONTACT: Amy Tunickpress@ncm.com","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; 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