Financial Data and Key Metrics Changes - For Q4 2024, National CineMedia, Inc. reported revenue of $86.3 million, slightly exceeding the guidance of $82 million to $86 million, but down from $90.9 million in Q4 2023 [22][33] - Adjusted OIBDA for Q4 2024 was $35 million, surpassing the guidance range of $28 to $30 million, compared to $39.8 million in the prior year [22][38] - Full-year 2024 revenue was $240.8 million, down from $259.8 million in 2023, with adjusted OIBDA of $45.7 million compared to $52.7 million in 2023 [24][39] Business Line Data and Key Metrics Changes - National advertising revenue for Q4 2024 decreased to $69.2 million from $71.9 million in Q4 2023, while local and regional advertising revenue fell to $13.5 million from $16.2 million [33] - The fourth quarter saw attendance of 101 million, driven by new titles, with full-year attendance at 390.7 million, reflecting a decline of 11% year over year [24][40] Market Data and Key Metrics Changes - The total domestic box office for Q4 2024 reached approximately $2.4 billion, a 26% increase year over year, with the full-year box office totaling $8.6 billion [12][15] - The audience demographic remains strong, with Gen Z and Millennials accounting for 69% of total viewership in Q4 2024 [17] Company Strategy and Development Direction - The company is focusing on advertising growth, leveraging its NCMx data intelligence platform to enhance audience engagement and drive measurable results for advertisers [28][29] - National CineMedia, Inc. plans to continue investing in client solutions, including programmatic and self-serve advertising, to drive revenue growth in the coming years [31][50] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the cinema industry's recovery, particularly in Q2 2025, despite expecting a softer performance in Q1 due to a weaker film slate and advertising market headwinds [30][48] - The company anticipates a strong film slate for 2025, with several high-profile releases expected to drive attendance and revenue growth [51] Other Important Information - The company closed a new revolving facility with US Bank, reducing its cost of debt and annual interest expense, and has no outstanding long-term debt as of now [44][45] - National CineMedia, Inc. has repurchased 2.5 million shares for $13.4 million as part of its $100 million share repurchase program [45] Q&A Session Summary Question: Expectations on advertising headwinds - Management indicated that the pacing for Q2 looks encouraging compared to last year, with optimism for the second half of the year [55][56] Question: KPI-based ad sales and advertiser retention - Management noted that half of the business is supported through NCMx, which is significant for advertiser retention and engagement [58] Question: Share of national advertisers still on the sidelines - Management acknowledged the need to calculate the percentage of pre-pandemic advertisers that have yet to return [63] Question: Attendance growth expectations for 2025 and 2026 - Management stated that attendance is the primary driver of revenue growth, with forecasts for 2025 and 2026 aligning with industry expectations [66][67] Question: Advertiser sentiment compared to prior years - Management reported positive sentiment among advertisers, with expectations for a better upfront season compared to the previous year [72][76] Question: Demand for premium screens and advertising - Management confirmed strong demand from advertisers for premium screens, which is expected to benefit the company [80] Question: Local and regional business growth - Management expressed optimism about the local and regional teams' potential for growth in 2025 and 2026, following reinvestment in sales resources [84]

For the quarter ended December 2024, National CineMedia (NCMI) reported revenue of $86.3 million, down 5.1% over the same period last year. EPS came in at $0.26, compared to $0.20 in the year-ago quarter.The reported revenue represents a surprise of +0.12% over the Zacks Consensus Estimate of $86.2 million. With the consensus EPS estimate being $0.20, the EPS surprise was +30.00%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall ...

Core Viewpoint - National CineMedia (NCMI) reported quarterly earnings of $0.26 per share, exceeding the Zacks Consensus Estimate of $0.20 per share, and showing an increase from $0.20 per share a year ago, representing a 30% earnings surprise [1] Financial Performance - The company posted revenues of $86.3 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 0.12%, but down from $90.9 million year-over-year [2] - Over the last four quarters, National CineMedia has surpassed consensus revenue estimates four times [2] Stock Performance - National CineMedia shares have declined approximately 3.8% since the beginning of the year, compared to a decline of 0.7% for the S&P 500 [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.15 on revenues of $38.9 million, and for the current fiscal year, it is $0.21 on revenues of $275.1 million [7] - The estimate revisions trend for National CineMedia is mixed, which may change following the recent earnings report [6] Industry Context - The Advertising and Marketing industry, to which National CineMedia belongs, is currently ranked in the bottom 24% of over 250 Zacks industries, indicating potential challenges ahead [8]

Company Overview - National CineMedia (NCM) is the largest cinema advertising platform in the US, with over 18,000 screens in more than 1,400 theaters across 196 Designated Market Areas (DMAs) [22]. - NCM generates revenue primarily from advertising through The Noovie® Show and strategically-placed screens in theater lobbies, extending reach via NCM Boost across various digital and out-of-home venues [23]. Bankruptcy and Restructuring - NCM LLC emerged from Chapter 11 bankruptcy on August 7, 2023, after a restructuring plan was confirmed, allowing it to reconsolidate into NCM, Inc.'s financial statements [35]. - The company made a capital contribution of $15.0 million to NCM LLC as part of the restructuring support agreement [32]. - Following the emergence from bankruptcy, NCM, Inc. retained approximately 13.8% ownership of NCM LLC's equity [34]. - Regal terminated its exclusive advertising agreement with NCM LLC on July 14, 2023, and entered into a new advertising agreement, effectively ending its status as an ESA Party [39]. - Each holder of general unsecured claims received a pro rata share of $15.0 million, with $14.5 million contributed by NCM LLC and $0.5 million from NCM, Inc. [38]. - As of December 26, 2024, NCM LLC held a total of $3.0 million within escrow accounts for finalizing unsecured creditors' claims [37]. - The restructuring plan included the issuance of new common membership units to secured debt claim holders, allowing them to exchange units for shares of NCM, Inc.'s common stock [38]. - The company emerged from bankruptcy on August 7, 2023, which required significant management focus on negotiations rather than business operations [131]. - The ongoing litigation with AMC and Cinemark regarding the confirmation of the bankruptcy plan could impact future cooperation under the ESAs [130]. Financial Performance - The company executed a one-for-ten reverse stock split on August 3, 2023, reducing outstanding shares from 174,112,385 to 17,411,323, and later to 13,343,065 after share cancellations [40]. - A stock repurchase program was approved on March 18, 2024, allowing the company to repurchase up to $100 million of its common stock over three years, with 2,524,991 shares repurchased in the year ended December 26, 2024 [41]. - The company entered into a $45 million senior secured revolving credit facility on January 24, 2025, maturing on January 24, 2028, which is expected to reduce overall interest expenses [42]. - The company's revenue is seasonal, with the first quarter typically generating 15.5% of total revenue for FY 2024, compared to 35.8% in the fourth quarter [86]. - The company reported that 62.0% of its audience in 2023 was between the ages of 12-34, with a median age of 30, highlighting its appeal to younger demographics [95]. - The cinema advertising business derived 78.1% of its revenue from national clients and 16.2% from regional and local advertisers for the year ended December 26, 2024 [54]. - Exclusive contractual relationships accounted for approximately 19.0% and 28.4% of total revenue for the years ended December 26, 2024, and December 28, 2023, respectively [101]. - NCM LLC's Adjusted OIBDA margin was 20.3% for the year ended December 28, 2023, but decreased to (69.6)% in 2024 due to various operational impacts [102]. - The average annual attendance per screen in the network was 21,674 in 2024 [97]. - The company generates a significant portion of its revenue from a small number of large advertisers, with one agency accounting for over 14.7% of the gross outstanding receivable balance as of December 26, 2024 [165]. Advertising Strategies and Innovations - In 2024, the company launched several specialty content platforms targeting diverse audiences, including sustainability and sports, to attract higher disposable income demographics [47]. - The company launched programmatic and self-serve advertising marketplaces in 2024, allowing real-time data-driven trading and enabling local businesses to manage their own ad purchases [55]. - NCMx™, the company's data analytics platform, had over 824.4 million unique data records as of December 26, 2024, providing advertisers with extensive insights into moviegoer behavior [62]. - In 2024, the company launched NCM Boost, enhancing cinema advertising campaigns by extending reach beyond the big screen, allowing for precise targeting of moviegoers using first-, second-, and third-party data [63]. - The NCM Boomerang retargeting solution was introduced in 2024, enabling advertisers to reconnect with moviegoers three hours after their theater experience, maximizing campaign impact [64]. - The company's Digital Out-of-Home (DOOH) group sold media inventory on a national, regional, local, and programmatic level in 2024, expanding advertising reach beyond theaters [74]. - The Noovie Show's Post-Showtime Inventory is utilized by 65.0% of network affiliates, enhancing advertising opportunities [105]. - The company aims to expand its affiliate network and strengthen relationships with exhibitors to increase revenue and market reach [106]. Market Challenges and Risks - The company experienced significant impacts on theater attendance due to production delays from writers' and actors' strikes in 2023, which are expected to affect attendance throughout 2024 [120]. - Future pandemics or health-related incidents could lead to public safety restrictions that negatively impact attendance and advertising revenue [121]. - The company faces risks related to the enforceability of non-competition provisions in its ESAs, which could allow competitors to enter the market [133]. - Changes in consumer behavior, such as increased online ticket purchases, may reduce the number of patrons present to view advertising content [129]. - Regal announced plans to optimize the number of theaters it operates, which may reduce advertising impressions and revenue if theaters are closed or liquidated [138]. - The competitive advertising market includes significant competition from digital platforms, which may affect NCM's market position and revenue [153]. - Changes in the number and mix of films shown in theaters could lead to reduced advertising spending if the audience does not match advertisers' target demographics [155]. - Economic uncertainty and a decline in consumer spending in the U.S. may adversely impact demand for the company's services and delay payments from advertising clients [160]. Technology and Cybersecurity - The company implemented a new cinema advertising management system in early 2021, which replaced many internally developed systems and aims to optimize delivery, inventory management, and revenue recognition [157]. - The company maintains a cybersecurity management program, regularly updated to address identified risks and threats [198]. - The company has established a cybersecurity incident response plan to manage potential incidents, requiring notification to a response team for risk assessment and appropriate action [200]. - The Audit Committee oversees the company's cybersecurity program, receiving updates quarterly on risk management effectiveness and identified threats [202]. - The Chief Information Officer, with over 30 years of experience, leads the cybersecurity team and reports to the Audit Committee on incident prevention and mitigation efforts [203]. Corporate Governance and Shareholder Relations - The company is a holding entity with no independent operations, relying on distributions from NCM LLC to meet obligations [179]. - The declaration of future dividends will depend on NCM LLC's financial condition and results of operations [179]. - The company's bylaws contain anti-takeover provisions that may impede strategic transactions beneficial to stockholders [188]. - The management discussion includes forward-looking statements regarding financial conditions and results of operations for fiscal 2024 compared to fiscal 2023 [220].

Revenue Performance - Total revenue for Q4 2024 decreased 5.1% to $86.3 million compared to $90.9 million in Q4 2023, primarily due to an unfavorable film slate[3] - For the full year 2024, total revenue decreased 7.3% to $240.8 million from $259.8 million in 2023, attributed to decreased attendance due to a reduced movie slate[4] - Total revenue for the quarter ended December 26, 2024, was $86.3 million, a decrease of 5.1% from $90.9 million for the same period in 2023[18] - Total revenue for the year ended December 26, 2024, was $240.8 million, a decrease of 7.4% from $259.8 million in 2023[33] Income and Profitability - Operating income for Q4 2024 was $20.0 million, down from $21.3 million in Q4 2023[3] - The company reported a net income of $24.7 million, or $0.26 per diluted share, for Q4 2024, compared to $23.7 million, or $0.24 per diluted share, in Q4 2023[5] - For the year ended December 26, 2024, the operating loss decreased to $19.5 million from $180.9 million in 2023[4] - Operating income for the quarter was $20.0 million, slightly down from $21.3 million in the same quarter last year[25] - Net income attributable to NCM, Inc. for the quarter was $24.7 million, compared to $23.7 million in the prior year[18] Adjusted OIBDA - Adjusted OIBDA for Q4 2024 decreased to $35.0 million from $39.8 million in Q4 2023[3] - Adjusted OIBDA for the quarter was $35.0 million, compared to $39.8 million in the prior year, with an adjusted OIBDA margin of 40.6%[25] - Adjusted OIBDA for the quarter ended December 26, 2024, was $35.0 million, down from $39.8 million in the prior year, reflecting a decline of 12.1%[33] - The Adjusted OIBDA margin for the quarter ended December 26, 2024, was 40.6%, compared to 43.8% in the same quarter of 2023, showing a decline of 3.2 percentage points[33] Advertising Revenue - National advertising revenue decreased to $69.2 million from $71.9 million, while local and regional advertising revenue fell to $13.5 million from $16.2 million[25] Attendance and Market Performance - Total attendance for the quarter was 100.6 million, up from 82.4 million in the previous year, representing a 22% increase[22] - The company highlighted the success of films like Wicked and Moana 2 as key drivers for the cinema industry's performance in 2024[2] Future Projections - The company expects Q1 2025 revenue to be between $34.0 million and $36.0 million, with Adjusted OIBDA projected to be between negative $9.5 million and negative $7.5 million[8] - The company is optimistic about the first half of fiscal year 2025 based on strong second quarter sales pacing[8] Assets and Expenditures - Cash, cash equivalents, and marketable securities increased to $78.2 million from $37.6 million year-over-year[20] - Total assets remained relatively stable at $568.6 million compared to $567.7 million in the previous year[20] - The number of total screens at period end decreased to 18,028 from 18,403 year-over-year[22] - Capital expenditures for the quarter were $2.3 million, down from $3.0 million in the same quarter last year[26] Costs and Expenses - Share-based compensation costs increased to $3.0 million in the quarter ended December 26, 2024, from $1.6 million in the same quarter of 2023, representing an increase of 87.5%[34] - Integration and encumbered theater payments for the year ended December 26, 2024, were $6.4 million, down from $7.2 million in 2023, a decrease of 11.1%[33] - The company incurred $1.0 million in advisor fees related to the Chapter 11 case and Cineworld Proceeding for the quarter ended December 26, 2024, compared to $7.1 million in the same quarter of 2023, a decrease of 85.8%[33] - Workforce reorganization costs amounted to $2.9 million for the year ended December 26, 2024, reflecting the company's efforts to streamline operations[35] - The impairment of long-lived assets was recorded at $8.9 million for the year ended December 28, 2023, primarily related to certain intangible assets[34] Strategic Focus - The company is focusing on transitioning satellite providers and optimizing its technology offerings, incurring one-time costs in these areas during 2024[36]

Core Viewpoint - National CineMedia (NCMI) is expected to report quarterly earnings of $0.20 per share, indicating no change from the previous year, with revenues projected at $86.2 million, reflecting a decline of 5.2% year over year [1]. Earnings Estimates - The consensus EPS estimate for the quarter has been revised downward by 3.6% over the past 30 days, indicating a reassessment by analysts [2]. - Changes in earnings estimates are crucial for predicting investor reactions, as empirical research shows a strong correlation between earnings estimate revisions and short-term stock performance [3]. Revenue Projections - Analysts project 'Revenue- Local and regional advertising revenue' to reach $13.50 million, a decrease of 16.7% year over year [5]. - The estimate for 'Revenue- National advertising revenue' is set at $68.80 million, indicating a decline of 4.3% from the prior-year quarter [5]. - The consensus estimate for 'Revenue- Total advertising revenue (excluding beverage)' stands at $84.10 million, suggesting a year-over-year change of -4.5% [6]. Stock Performance - Over the past month, National CineMedia shares have returned +1.5%, contrasting with the Zacks S&P 500 composite's -1.3% change, suggesting that NCMI may perform in line with the overall market in the near term [7].

Financial Data and Key Metrics Changes - In Q3 2024, revenue was $62.4 million, exceeding guidance of $56 million to $58 million, while adjusted OIBDA was $8.8 million, surpassing guidance of $6 million to $8 million [18][35][36] - Total revenue decreased 10% year-over-year, primarily due to a high mix of harder-to-monetize G and PG rated movies in July [37] - National advertising revenue was $46.8 million, down 10% from the previous year, attributed to lower attendance and a decrease in national advertising CPMs [38] Business Line Data and Key Metrics Changes - Local and regional advertising revenue was $11.4 million, down from $12.9 million the previous year, driven by lower attendance [40] - Adjusted OIBDA excluding noncash charges was $8.8 million, down from $11.3 million in the same period last year [42] - The scatter market revenue increased by 35% compared to the prior year, indicating strong performance despite overall revenue decline [36][19] Market Data and Key Metrics Changes - The box office generated nearly $2.7 billion in Q3 2024, showing slight growth compared to the same period last year [6] - Seven films surpassed $100 million at the box office in Q3, the highest number since Q4 2019 [9] - Gen Z and Millennials made up 64% of NCM's viewership in Q3, highlighting cinema's ability to reach desirable demographics [12] Company Strategy and Development Direction - NCM is focusing on expanding its programmatic and self-serve advertising offerings to unlock new demand channels [31][32] - The company is investing in innovative experiential marketing efforts to enhance brand engagement [24][26] - NCM is leveraging its advanced measurement capabilities through NCMx to drive measurable results for clients [28][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the cinema industry's momentum continuing through the end of 2024 and into 2025, with a strong film slate expected [10][51] - The company anticipates a challenging year-over-year comparison in Q4 due to the success of Taylor Swift's The Eras Tour in October 2023 [50][75] - Management highlighted the importance of attendance recovery and revenue per attendee growth for future performance [72][76] Other Important Information - NCM's total adjusted OIBDA year-to-date is $10.7 million compared to $12.9 million the previous year [45] - The company had $52.5 million in cash and equivalents at the end of Q3 2024, with total debt remaining unchanged at $10 million [46] - NCM has repurchased 2.5 million shares for $12.8 million as part of its $100 million share repurchase program [48] Q&A Session Summary Question: Can you update on your upfront visibility as we head into next year? - Management noted a shift towards advertisers buying closer to scatter, with stable pricing in the upfront market [55][56] Question: Any early success with the new premium format ad package? - Management indicated strong momentum in building the new ad package, expecting significant traction [59][60] Question: Are you able to offer performance guarantees in the scatter market? - Management confirmed that performance guarantees can be offered in both upfront and scatter markets [83] Question: How does the shift to scatter impact gross margins? - Management acknowledged that the scatter market typically has higher CPMs, which could positively impact gross margins [85] Question: Can you participate in live events advertising? - Management confirmed that advertising rights for live events are available, and they are actively pursuing opportunities in this area [88][89]

Core Insights - National CineMedia (NCMI) reported a revenue of $62.4 million for the quarter ended September 2024, reflecting a significant increase of 152.6% compared to the same period last year [1] - The earnings per share (EPS) for the quarter was -$0.04, a decline from $0.33 in the previous year [1] - The reported revenue exceeded the Zacks Consensus Estimate of $58.2 million, resulting in a positive surprise of 7.22% [1] - The company experienced an EPS surprise of -33.33%, with the consensus EPS estimate being -$0.03 [1] Revenue Breakdown - Local and regional advertising revenue was reported at $11.40 million, surpassing the estimated $9.80 million, but showing a year-over-year decline of 11.6% [3] - National advertising revenue reached $46.80 million, exceeding the average estimate of $44.20 million, with a year-over-year decrease of 10% [3] - Total advertising revenue (excluding beverage) was $62.40 million, compared to the average estimate of $54.05 million, indicating a year-over-year change of -3.9% [3] - ESA advertising revenue from beverage concessionaire agreements was $4.20 million, slightly above the estimated $3.95 million, with a year-over-year decline of 10.6% [3] Stock Performance - Shares of National CineMedia have increased by 10.1% over the past month, contrasting with a -0.5% change in the Zacks S&P 500 composite [4] - The stock currently holds a Zacks Rank 4 (Sell), suggesting potential underperformance relative to the broader market in the near term [4]

分组1 - National CineMedia (NCMI) reported a quarterly loss of $0.04 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.03, and a significant decline from earnings of $0.33 per share a year ago, indicating an earnings surprise of -33.33% [1] - The company posted revenues of $62.4 million for the quarter ended September 2024, exceeding the Zacks Consensus Estimate by 7.22%, and showing a substantial increase from year-ago revenues of $24.7 million [2] - National CineMedia shares have increased approximately 72% since the beginning of the year, outperforming the S&P 500's gain of 19.8% [3] 分组2 - The earnings outlook for National CineMedia is uncertain, with current consensus EPS estimates at $0.26 on $93.3 million in revenues for the coming quarter, and -$0.22 on $243.43 million in revenues for the current fiscal year [7] - The estimate revisions trend for National CineMedia is currently unfavorable, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] - The Advertising and Marketing industry, to which National CineMedia belongs, is currently ranked in the top 22% of over 250 Zacks industries, suggesting a favorable industry outlook [8]

Financial Performance - Total revenue increased by $37.7 million, or 152.6%, from $24.7 million in Q3 2023 to $62.4 million in Q3 2024[63]. - National advertising revenue rose by $31.3 million, or 201.9%, from $15.5 million in Q3 2023 to $46.8 million in Q3 2024[64]. - Local and regional advertising revenue increased by $6.3 million, or 123.5%, from $5.1 million in Q3 2023 to $11.4 million in Q3 2024[64]. - ESA Party beverage revenue grew by $2.5 million, or 147.1%, from $1.7 million in Q3 2023 to $4.2 million in Q3 2024[64]. - Total revenue increased by $80.1 million, or 107.7%, from $74.4 million for the nine months ended September 28, 2023, to $154.5 million for the nine months ended September 26, 2024[70]. - National advertising revenue rose by $74.9 million, or 174.2%, from $43.0 million to $117.9 million for the same period[71]. - Local and regional advertising revenue increased by $12.3 million, or 86.6%, from $14.2 million to $26.5 million[71]. Operating Expenses - Total operating expenses increased by $32.9 million, or 88.9%, from $37.0 million in Q3 2023 to $69.9 million in Q3 2024[65]. - ESA Parties and network affiliate fees rose by $18.4 million, or 126.9%, from $14.5 million in Q3 2023 to $32.9 million in Q3 2024[65]. - Selling and marketing costs increased by $3.8 million, or 60.3%, from $6.3 million in Q3 2023 to $10.1 million in Q3 2024, mainly due to the reconsolidation of NCM LLC[67]. - Administrative and other costs rose by $5.6 million, or 76.7%, from $7.3 million in Q3 2023 to $12.9 million in Q3 2024, driven by increased advisor and legal fees[67]. - Total operating expenses increased by $71.8 million, or 58.8%, from $122.1 million to $193.9 million[72]. - ESA Parties and network affiliate fees increased by $39.3 million, or 91.8%, from $42.8 million to $82.1 million[73]. Net Income and Loss - The company experienced a net loss attributable to NCM, Inc. of $3.6 million in Q3 2024, compared to a profit of $181.8 million in Q3 2023[64]. - Revenue decreased by $7.2 million, or 10.3%, from $69.6 million in Q3 2023 to $62.4 million in Q3 2024[69]. - Total non-operating income decreased by $190.2 million, or 98.0%, from $194.1 million in Q3 2023 to $3.9 million in Q3 2024, primarily due to a decrease in gains from reconsolidation[68]. - Adjusted OIBDA decreased by $2.5 million, or 22.1%, from $11.3 million in Q3 2023 to $8.8 million in Q3 2024[69]. - Operating loss improved by $143.2 million, from a loss of $150.7 million in Q3 2023 to a loss of $7.5 million in Q3 2024[69]. Bankruptcy and Restructuring - National CineMedia reported a gain on deconsolidation of $557.7 million during the second quarter of 2023 due to the deconsolidation of NCM LLC following its Chapter 11 filing[58]. - NCM LLC emerged from bankruptcy on August 7, 2023, with all historical debt discharged and a gain on bankruptcy of $916.4 million recorded for the nine months ended December 28, 2023[58]. - NCM LLC's restructuring plan included transferring $15.5 million to NCM LLC and assuming certain unexpired contracts, facilitating its emergence from bankruptcy[58]. - NCM LLC emerged from bankruptcy on August 7, 2023, after satisfying the conditions of its Plan[92]. Attendance and Market Metrics - Total theater attendance decreased by 10.1 million, or 7.7%, from 131.7 million in Q3 2023 to 121.6 million in Q3 2024[69]. - Total theater attendance decreased by 66.4 million, or 18.6%, from 356.6 million to 290.2 million[76]. - National advertising revenue fell by $5.2 million, or 10.0%, from $52.0 million in Q3 2023 to $46.8 million in Q3 2024, primarily due to a 7.7% decrease in attendance[69]. Cash Flow and Liquidity - As of September 26, 2024, total liquidity was $93.9 million, an increase of $14.9 million from $79.0 million in the previous year[85]. - Cash provided by operating activities increased by $52.1 million for the nine months ended September 26, 2024, compared to the same period in 2023, primarily due to a $58.0 million decrease in net loss adjusted for non-cash items[88]. - Cash used in investing activities increased by $36.5 million, mainly due to a $49.5 million addition of cash from the reconsolidation of NCM LLC in Q3 2023[88]. - Cash used in financing activities decreased by $40.0 million, primarily due to the removal of $49.6 million of cash from the deconsolidation of NCM LLC in Q2 2023[88]. Debt and Financial Obligations - The weighted average remaining maturity of the company's debt was 1.9 years, with 100% of borrowings bearing interest at variable rates[85]. - NCM, Inc. expects to use cash balances and future distributions to fund payments associated with the TRA, stock repurchases, and potential dividends[89]. - As of September 26, 2024, NCM LLC owed NCM, Inc. $4.7 million in deferred available cash distribution[89]. - The company does not expect to make a TRA payment in 2024 for the 2023 tax year[89]. Internal Controls and Compliance - The company maintains effective disclosure controls and procedures as of September 26, 2024, ensuring timely decision-making regarding required disclosures[91]. - There were no changes to the internal control over financial reporting during the quarter ended September 26, 2024, that materially affected the company's reporting[91]. - The company does not anticipate any material impact from recently issued accounting pronouncements on its financial statements[91].