National CineMedia(US:NCMI)2024-11-05 21:05Revenue Performance - Total revenue for Q3 2024 was $62.4 million, a decrease of 10.3% compared to $69.6 million in Q3 2023[2] - For the nine months ended September 26, 2024, total revenue increased by 107.7% to $154.5 million compared to $74.4 million for the same period in 2023[4] - Total revenue for the three months ended September 26, 2024, was $62.4 million, down from $69.6 million in the prior year, representing a decline of about 17.3%[22] Advertising Revenue - Scatter revenue increased by 35% year-over-year, indicating strong growth in advertising[1] - The premium Platinum offering has more than doubled since last year, attracting new advertisers[1] - Total advertising revenue (excluding beverage) for the nine months ended September 26, 2024, was $154.5 million, down 8.5% from $168.9 million in the prior year[18] - ESA Party advertising revenue from beverage concessionaire agreements was $4.2 million for the three months ended September 26, 2024, down from $4.7 million in the prior year[18] Operating Performance - Operating loss for Q3 2024 decreased to $7.5 million from $150.7 million in Q3 2023, showing significant improvement[2] - Operating loss for the three months ended September 26, 2024, was $(7.5) million, an improvement from $(150.7) million in the same period last year[18] - The company reported an operating loss of $7.5 million for the three months ended September 26, 2024, compared to an operating loss of $150.7 million for the same period in 2023[22] Adjusted OIBDA - Adjusted OIBDA for Q3 2024 was $8.8 million, down from $11.3 million in Q3 2023[2] - Adjusted OIBDA for the three months ended September 26, 2024, was $8.8 million, representing a margin of 14.1%, compared to $11.3 million and 16.2% in the same period last year[18] - Adjusted OIBDA after integration and encumbered theater payments was $10.0 million for the three months ended September 26, 2024, compared to $12.2 million in the prior year[22] Net Loss - The net loss for Q3 2024 was $3.6 million, or negative $0.04 per diluted share, compared to a net income of $181.8 million, or $2.89 per diluted share, in Q3 2023[3] Future Projections - The company expects Q4 2024 total revenue to be between $82.0 million and $86.0 million, with Adjusted OIBDA projected between $28.0 million and $30.0 million[5] - The company is optimistic about the upcoming film slate for 2025, which is expected to appeal to a diverse demographic[1] Cash and Assets - Cash and cash equivalents increased to $52.5 million as of September 26, 2024, up from $37.6 million as of December 28, 2023[15] - Total assets decreased to $526.1 million as of September 26, 2024, compared to $567.7 million as of December 28, 2023[15] - Total equity decreased to $385.5 million as of September 26, 2024, from $434.5 million as of December 28, 2023[15] Attendance and Screens - Total attendance for the three months ended September 26, 2024, was 121.6 million, a decline of 7.7% from 131.7 million in the prior year[16] - Total screens at period end were 18,141 as of September 26, 2024, compared to 18,489 screens at the end of September 28, 2023[16] Costs and Expenses - Share-based compensation costs for the three months ended September 26, 2024, totaled $3.1 million, up from $1.2 million in the same period last year, marking an increase of 158.3%[23] - Fees and expenses related to the Cineworld proceeding and Chapter 11 case amounted to $2.0 million for the three months ended September 26, 2024, compared to $16.8 million in the prior year[22] - The company incurred $0.2 million in satellite transition costs during the three months ended September 26, 2024, with no such costs reported in the same period of 2023[22] - Integration and encumbered theater payments were $1.2 million for the three months ended September 26, 2024, compared to $0.9 million in the same period last year[22] Non-GAAP Measures - The company has not provided a reconciliation of the forward-looking non-GAAP Adjusted OIBDA measure to forward-looking GAAP operating income due to unpredictability of certain impacts[20]