National CineMedia today announced its consolidated results for the fiscal first quarter ended March 28, 2024.
“The first quarter of 2024 yet again proved the resilience of our industry-leading platform with strong performance across both the upfront and scatter marketplaces,” said Tom Lesinski, CEO of NCM. “Our revenue increased 7.2 percent compared to the prior period, representing the highest first quarter since the pandemic and demonstrating the continued appeal of our premium video advertising solutions. We generated our highest free cash flow in the last 15 quarters which, combined with our previously announced $100 million share repurchase program, provides us with several pathways to create value for our shareholders.”
Total revenue for the first quarter, ended March 28, 2024, increased 7.2 percent to $37.4 million as compared to $34.9 million for the comparable quarter last year. Operating loss improved to $22.7 million for the first quarter of 2024 from operating loss of $30.6 million for the first quarter of 2023.
Adjusted OIBDA, a non-GAAP measure, improved to negative $5.7 million for the first quarter of 2024 from negative $10.9 million for the first quarter of 2023. Net loss for the first quarter of 2024 was $34.7 million, or negative $0.36 per diluted share, compared to net loss of $45.5 million, or negative $3.13 per diluted share, for the first quarter of 2023. As adjusted to exclude the loss on the re-measurement of the payable to ESA Parties under the tax receivable agreement, workforce reorganization costs and legal and advisor fees related to the Cineworld proceeding and NCM LLC’s Chapter 11 case, each as previously reported and described in the Company’s public filings made with the U.S. Securities and Exchange Commission, net loss per diluted share for the quarter, ended March 28, 2024, would have decreased to negative $0.19 per diluted share and net loss per diluted share for the quarter, ended March 30, 2023, would have decreased to negative $2.55 per diluted share. Adjusted OIBDA, adjusted net loss, and adjusted loss per share are non-GAAP measures. See the tables at the end of this release for the reconciliations to the closest GAAP basis measurements.
For the second quarter of 2024, the Company expects to earn total revenue of $49.5 million to $51.5 million, compared to NCM LLC’s total revenue for the second quarter 2023 of $64.4 million, and Adjusted OIBDA in the range of $3.5 million to $4.5 million for the second quarter of 2024, compared to NCM LLC’s Adjusted OIBDA for the second quarter 2023 of $12.5 million.
Integration and other encumbered theater payments due primarily from AMC associated with Carmike Theaters for the three months, ended March 28, 2024 and March 30, 2023, were $0.2 million and $0.3 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.
The Company will host a conference call and audio webcast with investors, analysts, and other interested parties May 6, 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.
National CineMedia www.ncm.com