Q2 2024 National Cinemedia Inc Earnings Call Transcript
Key Points
- National CineMedia Inc (NCMI) saw a significant increase in advertising revenue per attendee, reaching $0.56, the highest since 2017.
- The company welcomed 11 new advertisers, demonstrating ongoing attractiveness to advertisers.
- NCMI's platinum advertising offering saw its second-best quarter ever, with sales up more than 15x compared to the second quarter of 2023.
- The company reported strong reach across young demographics, with Gen Z comprising 40% of NCMI's quarterly audience.
- NCMI's self-serve advertising platform saw significant growth, with orders up 157% and sales up 141% quarter-over-quarter.
- Total revenue for the second quarter declined 15% year-over-year due to a decline in attendance and beverage revenue.
- Local and regional advertising revenue decreased by 30%, largely due to the lingering effects of the 2023 writer and actor strike.
- Attendance dropped 31% year-over-year, impacting overall revenue.
- Beverage revenue derived from the ESA Parties beverage agreement decreased significantly due to the termination of the Regal ESA.
- Adjusted OIBDA for the second quarter was $7.6 million, down from $12.5 million in the same period the previous year.
Good day, and welcome to the National CineMedia Inc. Second Quarter 2024 Earnings Conference Call. Today's conference is being recorded. And at this time, I would like to turn the conference over to Chan Park, Senior Vice President of Finance. Please go ahead.
Good afternoon. I'm joined today by our Chief Executive Officer, Thomas Lesinski; and our Chief Financial Officer, Ronnie Ng. I would like to remind our listeners that this conference call contains forward-looking statements within the meaning of 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended. All statements other than statements of historical facts communicated during this conference call may constitute forward-looking statements. These forward-looking statements involve risks and uncertainties. Important factors that can cause actual results to differ materially from the company's expectations are disclosed in the risk factors contained in the company's filings with the SEC. All
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