National CineMedia(NCMI) - 2025 Q3 - Quarterly Results

Financial Performance - Total revenue for Q3 2025 increased by 1.6% to $63.4 million compared to $62.4 million in Q3 2024[3] - Net income for Q3 2025 was $1.6 million, or $0.02 per diluted share, a significant improvement from a net loss of $3.6 million, or $0.04 per diluted share, in Q3 2024[3] - Adjusted OIBDA for Q3 2025 rose to $10.2 million from $8.8 million in Q3 2024, reflecting improved operational efficiency[3] - For the nine months ended September 25, 2025, total revenue decreased by 2.9% to $150.0 million compared to $154.5 million for the same period in 2024[4] - Operating loss for Q3 2025 decreased to $1.8 million from $7.5 million in Q3 2024, indicating improved financial performance[3] - Total revenue for the three months ended September 25, 2025, was $63.4 million, a slight increase from $62.4 million for the same period in 2024, while total revenue for the nine months ended was $150.0 million, down from $154.5 million[25] - National advertising revenue for the three months ended September 25, 2025, was $49.9 million, up 6.6% from $46.8 million in the same period last year, while local and regional advertising revenue decreased to $9.6 million from $11.4 million[25] - Adjusted OIBDA for the three months ended September 25, 2025, was $10.2 million, compared to $8.8 million for the same period in 2024, with an adjusted OIBDA margin of 16.1%[25][33] - The company reported an operating loss of $1.8 million for the three months ended September 25, 2025, an improvement from a loss of $7.5 million in the same period last year[25][33] - Adjusted income per share for the three months ended September 25, 2025, was $0.00, compared to a loss of $0.05 in the same period last year[25] Assets and Equity - Total assets as of September 25, 2025, were $451.9 million, down from $568.6 million as of December 26, 2024[20] - Cash, cash equivalents, and marketable securities decreased to $32.9 million from $78.2 million as of December 26, 2024[20] - The company reported a decrease in total equity to $350.5 million as of September 25, 2025, compared to $411.2 million at the end of 2024[20] Attendance and Screens - Total attendance for the three months ended September 25, 2025, was 108.7 million, down from 121.6 million in the same period in 2024, while attendance for the nine months ended was 296.4 million, slightly up from 290.2 million[25] - The company had 17,696 total screens at the end of the period, a decrease from 18,141 screens at the end of September 26, 2024[22] - ESA Party attendance for the three months ended September 25, 2025, was 68.2 million, down from 74.3 million in the same period last year[25] Dividends and Future Projections - The company declared a cash dividend of $0.03 per share, totaling approximately $2.8 million, to be paid on November 26, 2025[6] - NCM LLC expects Q4 2025 total revenue to be between $91.0 million and $98.0 million, with Adjusted OIBDA projected in the range of $30.0 million to $35.0 million[7] Adjusted Losses and Costs - Adjusted net loss excluding adjusting items for the nine months ended September 25, 2025, was $34.8 million, an improvement from a loss of $28.6 million for the same period in 2024[38] - Workforce reorganization costs for the nine months ended September 25, 2025, totaled $3.1 million, reflecting changes to the company's workforce[38] - System optimization costs incurred in the third quarter of 2024 amounted to $1.5 million, with an additional $1.8 million for the nine months ended September 25, 2025[39] - The company incurred $5.4 million in advisor and legal fees related to the Cineworld proceeding and Chapter 11 case for the nine months ended September 25, 2025[38] - The loss on re-measurement of the payable under the tax receivable agreement for the nine months ended September 25, 2025, was $1.6 million, compared to a gain of $9.3 million for the same period in 2024[38] - Diluted income per share excluding adjusting items for the nine months ended September 25, 2025, was $(0.37), compared to $(0.30) for the same period in 2024[38] - The weighted average shares outstanding for diluted income per share as reported was 93,701,506 for the three months ended September 25, 2025[38]