National CineMedia, Inc. Reports Results for Fiscal Second Quarter 2024
National CineMedia (NASDAQ: NCMI) reported its fiscal Q2 2024 results, with total revenue of $54.7 million, exceeding guidance but decreasing 15.1% year-over-year. The company's advertising revenue per attendee reached $0.56, the highest Q2 level since 2017. National advertising revenue per attendee increased by 37% year-over-year. Operating loss widened to $9.3 million from $2.2 million in Q2 2023. Adjusted OIBDA decreased to $7.6 million from $12.5 million in the same period last year.
For Q3 2024, NCM expects total revenue between $56.0 million to $58.0 million and Adjusted OIBDA in the range of $6.0 million to $8.0 million. The company remains confident in the box office's resurgence and its ability to capitalize on this momentum.
National CineMedia (NASDAQ: NCMI) ha riportato i risultati del secondo trimestre fiscale 2024, con un fatturato totale di $54,7 milioni, superiore alle attese ma in calo del 15,1% rispetto all'anno precedente. Il fatturato pubblicitario per partecipante ha raggiunto $0,56, il livello più alto per un secondo trimestre dal 2017. Il fatturato pubblicitario nazionale per partecipante è aumentato del 37% rispetto all'anno scorso. La perdita operativa è aumentata a $9,3 milioni rispetto ai $2,2 milioni del secondo trimestre 2023. L'OIBDA rettificata è diminuita a $7,6 milioni rispetto ai $12,5 milioni dello stesso periodo dell'anno precedente.
Per il terzo trimestre 2024, NCM prevede un fatturato totale compreso tra $56,0 milioni e $58,0 milioni e un OIBDA rettificato nella fascia di $6,0 milioni a $8,0 milioni. L'azienda rimane fiduciosa nel risveglio del botteghino e nella sua capacità di capitalizzare questo slancio.
National CineMedia (NASDAQ: NCMI) reportó sus resultados del segundo trimestre fiscal de 2024, con un ingreso total de $54,7 millones, superando las expectativas pero disminuyendo un 15,1% en comparación con el año anterior. Los ingresos publicitarios por asistente alcanzaron $0,56, el nivel más alto desde 2017 en un segundo trimestre. Los ingresos publicitarios nacionales por asistente aumentaron un 37% en comparación con el año anterior. La pérdida operativa se amplió a $9,3 millones desde $2,2 millones en el segundo trimestre de 2023. El OIBDA ajustado disminuyó a $7,6 millones desde $12,5 millones en el mismo período del año pasado.
Para el tercer trimestre de 2024, NCM espera ingresos totales entre $56,0 millones y $58,0 millones y un OIBDA ajustado en el rango de $6,0 millones a $8,0 millones. La empresa sigue confiando en el resurgimiento de la taquilla y en su capacidad para aprovechar este impulso.
내셔널 시네미디어(NASDAQ: NCMI)가 2024 회계년도 2분기 실적을 발표했으며, 총 수익이 $54.7백만 달러로, 예상치를 초과했지만 전년 동기 대비 15.1% 감소했습니다. 참석자당 광고 수익은 $0.56에 달해 2017년 이후 2분기 중 가장 높은 수치입니다. 참석자당 국내 광고 수익은 전년 대비 37% 증가했습니다. 운영 손실은 2023년 2분기의 $2.2백만에서 $9.3백만으로 확대되었습니다. 조정된 OIBDA는 지난 해 동일 기간의 $12.5백만에서 $7.6백만으로 감소했습니다.
2024년 3분기에는 NCM이 총 수익을 $56.0백만에서 $58.0백만으로 예상하고 있으며, 조정된 OIBDA는 $6.0백만에서 $8.0백만 범위 내에 있을 것으로 보입니다. 이 회사는 박스오피스의 부흥과 이러한 모멘텀을 활용할 수 있는 능력에 대한 자신감을 유지하고 있습니다.
National CineMedia (NASDAQ: NCMI) a annoncé ses résultats du deuxième trimestre fiscal 2024, avec un chiffre d'affaires total de $54,7 millions, dépassant les prévisions mais en baisse de 15,1 % par rapport à l'année précédente. Les revenus publicitaires par participant ont atteint $0,56, le niveau le plus élevé pour un deuxième trimestre depuis 2017. Les revenus publicitaires nationaux par participant ont augmenté de 37 % par rapport à l'année dernière. La perte d'exploitation a augmenté à $9,3 millions contre $2,2 millions au deuxième trimestre 2023. L'OIBDA ajusté a diminué à $7,6 millions contre $12,5 millions au cours de la même période de l'année dernière.
Pour le troisième trimestre 2024, NCM s'attend à un chiffre d'affaires total compris entre $56,0 millions et $58,0 millions et un OIBDA ajusté dans une fourchette de $6,0 millions à $8,0 millions. L'entreprise reste confiante dans le retour à la normale des recettes au box-office et sa capacité à tirer parti de cet élan.
National CineMedia (NASDAQ: NCMI) hat die Ergebnisse des fiskalischen 2. Quartals 2024 bekannt gegeben, mit einem Gesamtumsatz von $54,7 Millionen, der über der Prognose lag, jedoch im Vergleich zum Vorjahr um 15,1 % zurückging. Der Werbeumsatz pro Teilnehmer erreichte $0,56, den höchsten Wert im 2. Quartal seit 2017. Der nationale Werbeumsatz pro Teilnehmer stieg um 37 % im Jahresvergleich. Der operative Verlust weitete sich auf $9,3 Millionen aus, im Vergleich zu $2,2 Millionen im 2. Quartal 2023. Das angepasste OIBDA sank auf $7,6 Millionen von $12,5 Millionen im selben Zeitraum des Vorjahres.
Für das 3. Quartal 2024 erwartet NCM einen Gesamtumsatz zwischen $56,0 Millionen und $58,0 Millionen sowie ein angepasstes OIBDA in der Spanne von $6,0 Millionen bis $8,0 Millionen. Das Unternehmen bleibt zuversichtlich, was die Wiederbelebung der Kassenumsätze betrifft, und sieht sich in der Lage, von diesem Schwung zu profitieren.
- Revenue of $54.7 million exceeded guidance for Q2 2024
- Advertising revenue per attendee reached $0.56, highest Q2 level since 2017
- National advertising revenue per attendee increased by 37% year-over-year
- Adjusted OIBDA for the six months ended June 27, 2024 increased to $1.9 million from $1.6 million in the same period last year
- Total revenue decreased 15.1% year-over-year to $54.7 million in Q2 2024
- Operating loss increased to $9.3 million in Q2 2024 from $2.2 million in Q2 2023
- Adjusted OIBDA decreased to $7.6 million in Q2 2024 from $12.5 million in Q2 2023
- Net loss for Q2 2024 was $8.7 million, or negative $0.09 per diluted share
- Q3 2024 revenue guidance of $56.0-$58.0 million is lower than Q3 2023 revenue of $69.6 million
Insights
National CineMedia's Q2 2024 results present a mixed picture. While total revenue of
However, the operating loss widened to
The cinema advertising landscape is evolving, with NCM showing resilience in a challenging market. The
However, the overall revenue decline indicates that total attendance might still be lagging. The company's optimism about the upcoming movie slate and box office resurgence in late 2024 and 2025 will be critical to watch. If attendance doesn't rebound as expected, NCM's revenue growth could be despite its strong per-attendee performance. The company's ability to adapt to changing viewer habits and potentially explore new revenue streams will be key to its long-term success.
Revenue of
Advertising revenue per attendee reaches
National advertising revenue per attendee up
“The second quarter of 2024 highlighted our continued strong performance across the key metrics of inventory utilization and monetization, with advertising revenue per attendee reaching
Q2 2024 NCM LLC Results1
Total revenue for the second quarter ended June 27, 2024 decreased
Total revenue for the six months ended June 27, 2024 decreased
| ________________________________ |
1With 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. |
Q2 2024 Consolidated Results
Total revenue for the second quarter ended June 27, 2024 increased
Total revenue for the six months ended June 27, 2024 increased
Q3 2024 Outlook
For the third quarter of 2024, NCM LLC expects to earn total revenue of
Supplemental Information
Integration and other encumbered theater payments due primarily from AMC associated with Carmike Theaters for NCM LLC for the quarter ended June 27, 2024 and June 29, 2023 and the six months ended June 27, 2024 and June 29, 2023 were
Conference Call
The Company will host a conference call and audio webcast with investors, analysts, and other interested parties, August 5, 2024 at 5:00 P.M. Eastern Time. The live call can be accessed by dialing 1-877-300-8521 or, for international participants, 1-412-317-6026. 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.
The replay of the conference call will be available until midnight Eastern Time, August 19, 2024 by dialing 1-844-512-2921 or, for international participants, 1-412-317-6671, and entering conference ID 10191034.
About National CineMedia, Inc.
National CineMedia, Inc. (NCM, NASDAQ:NCMI) is America’s Movie Network. As the largest cinema advertising network in the
Forward-Looking Statements
This 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 recent 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.
This 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 payment costs, workforce reorganization costs, satellite transition 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.
NATIONAL CINEMEDIA, INC. Condensed Consolidated Statements of Income Unaudited ($ in millions, except per share data) |
||||||||||||||||
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
|
|
June 27, 2024 |
|
|
June 29, 2023 |
|
|
June 27, 2024 |
|
|
June 29, 2023 |
|
||||
REVENUE |
|
$ |
54.7 |
|
|
$ |
14.8 |
|
|
$ |
92.1 |
|
|
$ |
49.7 |
|
OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Network operating costs |
|
|
3.7 |
|
|
|
0.5 |
|
|
|
7.3 |
|
|
|
4.4 |
|
ESA Parties and network affiliate fees |
|
|
26.7 |
|
|
|
4.5 |
|
|
|
49.2 |
|
|
|
28.3 |
|
Selling and marketing costs |
|
|
9.6 |
|
|
|
1.1 |
|
|
|
19.6 |
|
|
|
10.6 |
|
Administrative and other costs |
|
|
13.4 |
|
|
|
12.5 |
|
|
|
26.9 |
|
|
|
33.3 |
|
Depreciation expense |
|
|
1.1 |
|
|
|
0.2 |
|
|
|
2.2 |
|
|
|
1.5 |
|
Amortization expense |
|
|
9.5 |
|
|
|
0.9 |
|
|
|
18.9 |
|
|
|
7.1 |
|
Total |
|
|
64.0 |
|
|
|
19.7 |
|
|
|
124.1 |
|
|
|
85.2 |
|
OPERATING LOSS |
|
|
(9.3 |
) |
|
|
(4.9 |
) |
|
|
(32.0 |
) |
|
|
(35.5 |
) |
NON-OPERATING EXPENSE (INCOME): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest on borrowings |
|
|
0.4 |
|
|
|
3.1 |
|
|
|
0.9 |
|
|
|
27.1 |
|
Interest income |
|
|
(0.7 |
) |
|
|
— |
|
|
|
(1.1 |
) |
|
|
— |
|
Loss on re-measurement of the payable under the tax
|
|
|
— |
|
|
|
4.0 |
|
|
|
12.2 |
|
|
|
3.4 |
|
Gain on deconsolidation of NCM LLC |
|
|
— |
|
|
|
(557.7 |
) |
|
|
— |
|
|
|
(557.7 |
) |
Other non-operating (income) expense, net |
|
|
(0.3 |
) |
|
|
0.4 |
|
|
|
(0.6 |
) |
|
|
0.4 |
|
Total |
|
|
(0.6 |
) |
|
|
(550.2 |
) |
|
|
11.4 |
|
|
|
(526.8 |
) |
(LOSS) INCOME BEFORE INCOME TAXES |
|
|
(8.7 |
) |
|
|
545.3 |
|
|
|
(43.4 |
) |
|
|
491.3 |
|
Income tax expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
CONSOLIDATED NET (LOSS) INCOME |
|
|
(8.7 |
) |
|
|
545.3 |
|
|
|
(43.4 |
) |
|
|
491.3 |
|
Less: Net loss attributable to noncontrolling interests |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(8.5 |
) |
NET (LOSS) INCOME ATTRIBUTABLE TO NCM, INC. |
|
$ |
(8.7 |
) |
|
$ |
545.3 |
|
|
$ |
(43.4 |
) |
|
$ |
499.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
NET (LOSS) INCOME PER NCM, INC. COMMON SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
(0.09 |
) |
|
$ |
31.33 |
|
|
$ |
(0.45 |
) |
|
$ |
31.28 |
|
Diluted |
|
$ |
(0.09 |
) |
|
$ |
31.33 |
|
|
$ |
(0.45 |
) |
|
$ |
28.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
WEIGHTED AVERAGE SHARES OUTSTANDING: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
96,409,830 |
|
|
|
17,405,864 |
|
|
|
96,664,241 |
|
|
|
15,978,331 |
|
Diluted |
|
|
96,409,830 |
|
|
|
17,405,864 |
|
|
|
96,664,241 |
|
|
|
17,349,139 |
|
NATIONAL CINEMEDIA, INC. Selected Condensed Balance Sheet Data Unaudited ($ in millions) |
||||||||
|
|
As of |
|
|||||
|
|
June 27, 2024 |
|
|
December 28, 2023 |
|
||
Cash, cash equivalents and restricted cash |
|
$ |
56.8 |
|
|
$ |
37.6 |
|
Receivables, net |
|
$ |
50.7 |
|
|
$ |
96.6 |
|
Property and equipment, net |
|
$ |
15.8 |
|
|
$ |
15.8 |
|
Total assets |
|
$ |
527.2 |
|
|
$ |
567.7 |
|
Borrowings, gross |
|
$ |
10.0 |
|
|
$ |
10.0 |
|
Total equity |
|
$ |
387.9 |
|
|
$ |
434.5 |
|
Total liabilities and equity |
|
$ |
527.2 |
|
|
$ |
567.7 |
|
NATIONAL CINEMEDIA, LLC Operating Data Unaudited |
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|
|
Three Months Ended |
|
|||||
|
|
June 27, 2024 |
|
|
June 29, 2023 |
|
||
Total Screens ( |
|
|
18,279 |
|
|
|
19,462 |
|
ESA Party Screens at Period End (2)(5) |
|
|
9,552 |
|
|
|
9,533 |
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
|
|
June 27, 2024 |
|
|
June 29, 2023 |
|
|
June 27, 2024 |
|
|
June 29, 2023 |
|
||||
Total Attendance for Period (3)(5) (in millions) |
|
|
92.8 |
|
|
|
134.9 |
|
|
|
168.6 |
|
|
|
224.9 |
|
ESA Party Attendance for Period (4)(5) (in millions) |
|
|
57.6 |
|
|
|
78.1 |
|
|
|
104.7 |
|
|
|
129.6 |
|
Capital Expenditures (6) (in millions) |
|
$ |
1.0 |
|
|
$ |
1.0 |
|
|
$ |
2.3 |
|
|
$ |
1.7 |
|
(1) |
Represents the total screens within NCM LLC’s advertising network. |
|
(2) |
Represents the total ESA Party screens. |
|
(3) |
Represents the total attendance within NCM LLC’s advertising network. |
|
(4) |
Represents the total attendance within NCM LLC’s advertising network in theaters operated by the ESA Parties. |
|
(5) |
Excludes screens and attendance associated with certain AMC Carmike theaters for each period presented. |
|
(6) |
Includes certain other implementation costs associated with cloud computing arrangements. |
NATIONAL CINEMEDIA, LLC Operating Data Unaudited ($ in millions) |
||||||||||||||||
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
|
|
June 27, 2024 |
|
|
June 29, 2023 |
|
|
June 27, 2024 |
|
|
June 29, 2023 |
|
||||
Revenue breakout: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
National advertising revenue |
|
$ |
41.7 |
|
|
$ |
44.3 |
|
|
$ |
71.2 |
|
|
$ |
66.8 |
|
Local and regional advertising revenue |
|
|
9.8 |
|
|
|
13.4 |
|
|
|
15.0 |
|
|
|
21.4 |
|
ESA Party advertising revenue from beverage concessionaire
|
|
|
3.2 |
|
|
|
6.7 |
|
|
|
5.9 |
|
|
|
11.1 |
|
Total advertising revenue (excluding beverage) |
|
$ |
54.7 |
|
|
$ |
64.4 |
|
|
$ |
92.1 |
|
|
$ |
99.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other operating data: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating loss |
|
$ |
(9.3 |
) |
|
$ |
(2.2 |
) |
|
$ |
(32.0 |
) |
|
$ |
(32.8 |
) |
Adjusted OIBDA (1) |
|
$ |
7.6 |
|
|
$ |
12.5 |
|
|
$ |
1.9 |
|
|
$ |
1.6 |
|
Adjusted OIBDA margin (1) |
|
|
13.9 |
% |
|
|
19.4 |
% |
|
|
2.1 |
% |
|
|
1.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
(1) |
Adjusted OIBDA, Adjusted OIBDA margin and adjusted loss per share are not financial measures calculated in accordance with GAAP in |
NATIONAL CINEMEDIA, LLC
Non-GAAP Reconciliations
Unaudited
Adjusted OIBDA and Adjusted OIBDA Margin
Adjusted Operating Income Before Depreciation and Amortization (“Adjusted OIBDA”) and Adjusted OIBDA margin are not financial measures calculated in accordance with GAAP in
Adjusted OIBDA represents operating income before depreciation and amortization expense adjusted to also exclude amortization of intangibles, non-cash share-based payment costs, workforce reorganization costs, satellite transition 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, amounts of amortization of intangibles, non-cash share-based compensation programs, impairment of long-lived assets, workforce reorganization costs, satellite transition costs and fees and expenses related to involvement in the Cineworld proceeding and Chapter 11 case, interest rates, debt levels or income tax rates.
Adjusted 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, amounts of amortization of intangibles, non-cash share-based compensation programs, workforce reorganization costs, satellite transition costs and fees and expenses related to involvement in the Cineworld proceeding and Chapter 11 case, interest rates, debt levels or income tax rates.
A 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 of intangibles, non-cash share-based payment costs, workforce reorganization costs, satellite transition 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.
The 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.
The following table reconciles NCM LLC's operating loss to Adjusted OIBDA for the periods presented (dollars in millions):
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
|
|
June 27, 2024 |
|
|
June 29, 2023 |
|
|
June 27, 2024 |
|
|
June 29, 2023 |
|
||||
Operating loss |
|
$ |
(9.3 |
) |
|
$ |
(2.2 |
) |
|
$ |
(32.0 |
) |
|
$ |
(32.8 |
) |
Depreciation expense |
|
|
1.1 |
|
|
|
1.3 |
|
|
|
2.2 |
|
|
|
2.5 |
|
Amortization expense |
|
|
9.5 |
|
|
|
6.2 |
|
|
|
18.9 |
|
|
|
12.5 |
|
Share-based compensation costs (1) |
|
|
3.5 |
|
|
|
1.2 |
|
|
|
6.1 |
|
|
|
2.7 |
|
Workforce reorganization costs (2) |
|
|
1.4 |
|
|
|
— |
|
|
|
2.9 |
|
|
|
— |
|
Satellite transition costs (3) |
|
|
0.3 |
|
|
|
— |
|
|
|
0.3 |
|
|
|
— |
|
Fees and expenses related to the Cineworld proceeding and
|
|
|
1.1 |
|
|
|
6.0 |
|
|
|
3.5 |
|
|
|
16.7 |
|
Adjusted OIBDA |
|
$ |
7.6 |
|
|
$ |
12.5 |
|
|
$ |
1.9 |
|
|
$ |
1.6 |
|
Total revenue |
|
$ |
54.7 |
|
|
$ |
64.4 |
|
|
$ |
92.1 |
|
|
$ |
99.3 |
|
Adjusted OIBDA margin |
|
|
13.9 |
% |
|
|
19.4 |
% |
|
|
2.1 |
% |
|
|
1.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted OIBDA |
|
$ |
7.6 |
|
|
$ |
12.5 |
|
|
$ |
1.9 |
|
|
$ |
1.6 |
|
Integration and encumbered theater payments |
|
|
0.8 |
|
|
|
0.9 |
|
|
|
1.0 |
|
|
|
1.2 |
|
Adjusted OIBDA after integration and encumbered
|
|
$ |
8.4 |
|
|
$ |
13.4 |
|
|
$ |
2.9 |
|
|
$ |
2.8 |
|
(1) |
Share-based compensation costs are included in network operations, selling and marketing and administrative expense in the accompanying financial tables as shown in the following table (dollars in millions). |
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
|
|
June 27, 2024 |
|
|
June 29, 2023 |
|
|
June 27, 2024 |
|
|
June 29, 2023 |
|
||||
Share-based compensation costs included in network costs |
|
$ |
0.2 |
|
|
$ |
0.1 |
|
|
$ |
0.3 |
|
|
$ |
0.3 |
|
Share-based compensation costs included in selling and
|
|
|
0.4 |
|
|
|
0.3 |
|
|
|
0.8 |
|
|
|
0.6 |
|
Share-based compensation costs included in administrative and
|
|
|
2.9 |
|
|
|
0.8 |
|
|
|
5.0 |
|
|
|
1.8 |
|
Total share-based compensation costs |
|
$ |
3.5 |
|
|
$ |
1.2 |
|
|
$ |
6.1 |
|
|
$ |
2.7 |
|
(2) |
Workforce reorganization costs represents redundancy costs associated with changes to the Company’s workforce primarily implemented during the first quarter of 2024. |
|
(3) |
One time costs of transitioning satellite providers in the second quarter of 2024. |
|
(4) |
Advisor 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 and second 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. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240805938240/en/
INVESTOR CONTACT:
Chan Park
investors@ncm.com
MEDIA CONTACT:
Amy Tunick
press@ncm.com
Source: National CineMedia, Inc.
FAQ
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