National Cinemedia Inc (NCMI) 2024 Q2 法說會逐字稿

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.

美好的一天，歡迎參加 National CineMedia Inc. 2024 年第二季財報電話會議。今天的會議正在錄製中。現在，我想將會議交給財務高級副總裁 Chan Park。請繼續。

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.

午安.今天我們的執行長 Thomas Lesinski 也加入了我的行列。以及我們的財務長 Ronnie Ng。我想提醒我們的聽眾，本次電話會議包含經修訂的 1933 年證券法第 27A 條和經修訂的 1934 年證券交易法第 21E 條含義內的前瞻性陳述。

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 forward-looking statements are expressly qualified in their entirety by such factors.

本次電話會議期間傳達的除歷史事實陳述之外的所有陳述都可能構成前瞻性陳述。這些前瞻性陳述涉及風險和不確定性。本公司向 SEC 提交的文件中包含的風險因素中揭露了可能導致實際結果與公司預期產生重大差異的重要因素。所有前瞻性陳述的整體都明確受到這些因素的限制。

Further, our discussion today includes some non-GAAP measures. In accordance with Regulation G, we have reconciled these amounts back to the closest GAAP basis measurement. These reconciliations can be found at the end of today's earnings release or on the Investor Relations page of our website at ncm.com.

此外，我們今天的討論也包括一些非公認會計原則措施。根據 G 條例，我們已將這些金額調整回最接近的 GAAP 基礎計量。這些調節表可以在今天的收益報告末尾或我們網站 ncm.com 的投資者關係頁面上找到。

Today, we will be discussing NCM LLC's operating results as they relate to the second quarter of 2024, which are largely similar to NCM Inc.'s results. We are reporting NCM LLC's operating results to provide an accurate comparison to the second quarter of 2023 when we also reported NCM LLC's results, given fiscal year 2023 results were unconsolidated.

今天，我們將討論 NCM LLC 2024 年第二季的經營業績，該業績與 NCM Inc. 的業績基本相似。鑑於 2023 財年業績未合併，我們報告 NCM LLC 的經營業績是為了與 2023 年第二季進行準確比較，當時我們也報告了 NCM LLC 的業績。

Now, I'll turn the call over to Tom.

現在，我將把電話轉給湯姆。

Thank you, Chan, and good afternoon, everyone. Welcome to our second-quarter 2024 earnings call. The cinema industry saw consistent momentum throughout the second quarter of 2024 as we entered into the summer. The box office brought in $1.9 billion, driven by highly anticipated theatrical releases, including Inside Out 2, Kingdom of the Planet of the Apes, and Bad Boys: Ride or Die.

謝謝陳老師，大家下午好。歡迎參加我們的 2024 年第二季財報電話會議。隨著夏季的到來，電影業在 2024 年第二季度保持了持續的成長勢頭。票房收入達 19 億美元，主要得益於備受期待的院線上映，包括《腦筋急轉彎》、《猩球崛起》和《絕地戰警：乘勝追擊》。

Inside Out 2 earned the spot as the biggest movie of the first half of 2024 and became the second largest animated opening of all time, bringing in $469 million in the second quarter alone. Inside Out 2 was also the first film since Barbie to earn more than $1 billion globally, the first $100 million opening in 2024, and Pixar's top grossing movie of all time. Kingdom of the Planet of the Apes added to the success of its franchise, bringing in $168 million, 16% higher than its last installment. And finally, the sequel, Bad Boys: Ride or Die, brought in $165 million with the second highest R-rated opening since Oppenheimer.

《腦筋急轉彎 2》成為 2024 年上半年票房最大的電影，並成為有史以來第二大首映動畫電影，光是第二季就帶來了 4.69 億美元的票房收入。《腦筋急轉彎 2》也是繼《芭比娃娃》之後第一部全球票房超過 10 億美元的電影，也是 2024 年首部票房突破 1 億美元的電影，也是皮克斯有史以來票房最高的電影。《猩球崛起3》系列再創佳績，票房收入達 1.68 億美元，比上一期高出 16%。最後，續集《絕地戰警：乘勝追擊》票房收入 1.65 億美元，是繼奧本海默之後第二高的 R 級首映票房。

Deadpool & Wolverine built upon the strong box office momentum from the last several months, taking theatrical moviegoing to new heights and boosting moviegoer enthusiasm. Although the lingering effects of the industry strikes reduced and postponed releases in the second quarter, we were encouraged by the sequential improvement at the box office each month. Specifically, the 28% increase from April to May and the 75% increase from May to June reaffirmed that there is growing consumer demand for moviegoing, especially when the slate has broad demographic appeal.

《死侍與金鋼狼》延續了過去幾個月強勁的票房勢頭，將院線電影的觀影體驗提升到了新的高度，並激發了觀眾的熱情。儘管產業罷工的持續影響減少了第二季的上映時間，但每個月票房的連續改善令我們感到鼓舞。具體而言，4 月至5 月的成長率為28%，5 月至6 月的成長率為75%，這再次證實了消費者對電影的需求不斷增長，特別是當電影具有廣泛的人口吸引力時。

Inside Out 2 drew moviegoers of all ages to the theaters, reminding them the joy they feel from cinema and sparking the success of many other films to overperform against expectations. Furthermore, June brought in nearly $1 billion at the box office, the best month year to date. We have seen the box office continue to accelerate in recent weeks with the massive success of Deadpool & Wolverine breaking numerous records, including becoming the biggest July opening of all time.

《腦筋急轉彎 2》吸引了各個年齡層的電影觀眾來到戲院，讓他們回想起電影院帶來的快樂，並激發了許多其他電影取得超乎預期的成功。此外，6 月的票房收入接近 10 億美元，是今年迄今為止最好的一個月。最近幾週，我們看到票房繼續加速成長，《死侍與金鋼狼》取得了巨大成功，打破了多項紀錄，包括成為有史以來最大的 7 月首映票房。

We are highly confident that the box office will continue to build upon this momentum in the latter half of 2024 and into 2025 as supply continues to normalize and with several highly anticipated films hitting the big screen. The box office, from family-friendly hits to new installments of franchise titles, catered to all demographics of moviegoers this quarter.

我們非常有信心，隨著供應持續正常化以及幾部備受期待的電影登陸大銀幕，2024 年下半年和 2025 年票房將繼續保持這一勢頭。從適合家庭觀看的熱門影片到新系列電影的票房，迎合了本季所有電影觀眾的需求。

Our core audience, Gen Z and millennials, represented 70% of our viewership in the second quarter, with a cumulative reach of more than 30 million individuals. Recent opening weekends of Inside Out 2 and Bad Boys commanded 51% and 50% of the 18 to 34-year-old age demographic, respectively.

我們的核心觀眾 Z 世代和千禧世代佔第二季收視率的 70%，累計覆蓋率超過 3,000 萬人。最近上映的《腦筋急轉彎 2》和《絕地戰警》在 18 至 34 歲年齡層的觀眾中分別佔據了 51% 和 50% 的觀眾。

So far this year, family-friendly films, including Inside Out 2, Kung Fu Panda 4, and The Garfield Movie, have had widespread success. NCM's audience includes these highly sought-after groups, with families comprising 58% of our moviegoers, ultimately expanding the reach for our advertisers.

今年到目前為止，《腦筋急轉彎2》、《功夫熊貓4》和《加菲貓大電影》等適合闔家觀賞的電影都取得了廣泛的成功。NCM 的觀眾包括這些備受追捧的群體，其中家庭觀眾占我們電影觀眾的 58%，最終擴大了我們廣告商的覆蓋範圍。

Gen Z comprised 40% of NCM's quarterly audience, demonstrating a strong 5.9 weekly rating throughout the quarter, three times the average weekly rating of the NBA Finals and 10 times the average rating of the Stanley Cup Finals.

Z世代佔NCM季度觀眾的40%，整個季度的周收視率高達5.9，是NBA總決賽平均週收視率的三倍，是史丹利盃總決賽平均收視率的10倍。

Additionally, over 45 million of the hard-to-reach 18 to 34-year-old demographic came to NCM theaters, averaging a 5.0 weekly rating, almost two times the average prime time rating of the larger streaming platforms. These trends are continuing into the third quarter as Deadpool & Wolverine sees the cultural spotlight, captivating young diverse audiences and outperforming Olympic coverage.

此外，超過 4500 萬難以接觸的 18 至 34 歲人群來到 NCM 影院，平均每週收視率達到 5.0，幾乎是大型串流平台黃金時段平均收視率的兩倍。這些趨勢將持續到第三季度，《死侍與金鋼狼》將成為文化焦點，吸引年輕的多元化觀眾，並超越奧運報道。

With an impressive 20.7 rating over the three-day weekend from the 18 to 34-year-old age group, viewership of Deadpool & Wolverine outpaced the opening ceremony by nearly five times. With strong ratings and an average consumer age of 30, comparing very favorably to broadcast average age of 63 and the largest streaming services average age of 41. It is clearer than ever why advertisers continue to turn to NCM.

《死侍與金鋼狼》在三天的周末在 18 歲至 34 歲年齡層的收視率高達 20.7 分，收視率比開幕式高出近五倍。憑藉強勁的收視率和 30 歲的平均消費者年齡，與廣播平均年齡 63 歲和最大的串流媒體服務平均年齡 41 歲相比，非常有利。廣告商繼續轉向 NCM 的原因比以往任何時候都更加清楚。

Before turning to the company's results, I want to touch upon some of the trends we're seeing with the premium video advertising marketplace, which is experiencing a multi-year shift in spending away from legacy linear broadcast and cable networks.

在討論該公司的業績之前，我想談談我們在優質視訊廣告市場中看到的一些趨勢，多年來，該市場的支出正在從傳統的線性廣播和有線網路轉向。

NCM solutions continue to compare favorably to the new ad-supported streaming platforms given our demonstrated track record of delivering strong impressions and our ability to provide brands with impactful metrics.

鑑於我們在提供強烈印象方面的良好記錄以及為品牌提供有影響力的指標的能力，NCM 解決方案繼續優於新的廣告支援的串流媒體平台。

Due to these dynamics, cinema remains uniquely positioned given our track record of delivering hard-to-reach audiences at scale with synchronous viewing. Throughout NCM's differentiated and highly valued offerings, we continue to grow our client base across key national and local ad categories, demonstrating our ongoing attractiveness to advertisers who are following consumers to the movies in a shifting marketplace.

由於這些動態，考慮到我們透過同步觀看向難以接觸到的大規模觀眾提供的記錄，電影院仍然保持著獨特的地位。透過 NCM 的差異化和高價值產品，我們在關鍵的國家和地方廣告類別中不斷擴大客戶群，展示了我們對在不斷變化的市場中跟隨消費者觀看電影的廣告商的持續吸引力。

Year to date, NCM has welcomed 11 new advertisers that have placed major cinema advertising campaigns. Additionally, our silence-your-cellphones courtesy partnerships were among the largest revenue drivers in our premium offering. Courtesy advertising was up 88% year over year, driven by new travel and tech industry partners.

今年迄今為止，NCM 已迎來 11 家新廣告商，他們投放了大型戲院廣告活動。此外，我們的手機靜音合作夥伴關係是我們優質產品中最大的收入驅動因素之一。在新的旅遊和科技業合作夥伴的推動下，禮遇廣告較去年同期成長 88%。

Now, to our results. NCM's revenue continues to significantly outperform both the box office and attendance levels, reinforcing the appeal of our offerings. Specifically, the second quarter box office was down 27% year over year, and attendance dropped 31% over the same period, while NCM's total advertising revenue was down only 11% year over year, proving our ability to continue to outpace a challenging market. This quarter, approximately 78% of the second quarter's national revenue was attributable to longer-term upfront commitments.

現在，我們的結果。NCM 的收入繼續大幅超越票房和觀眾水平，增強了我們產品的吸引力。具體來說，第二季票房較去年同期下降27%，上座率較去年同期下降31%，而NCM的廣告總營收年減11%，證明我們有能力持續超越充滿挑戰的市場。本季度，第二季全國收入的約 78% 來自長期預付款承諾。

Additionally, the scatter market continued to grow year over year, which helped offset the impact of the attendance loss. NCM saw strength across several categories this quarter, with government, travel, and automotive categories leading the way.

此外，分散市場持續逐年成長，這有助於抵消觀眾流失的影響。NCM 本季在多個類別中表現強勁，其中政府、旅遊和汽車類別領先。

Advertisers in government and the travel industry, including booking sites, cruise lines, airlines, and hotels, continue to rely on cinema to reach high-value customers as government accounted for 17% of total NCM ad spending this quarter, and travel advertisers comprised approximately 16% of total ad spending.

政府和旅遊業的廣告商（包括預訂網站、遊輪公司、航空公司和酒店）繼續依靠影院來吸引高價值客戶，因為本季度政府佔 NCM 廣告支出總額的 17%，旅遊廣告商約佔廣告支出總額的16%。

Several categories also demonstrated meaningful growth, including tech, which was up more than six times year over year, insurance up 89% year over year, and government up 84% year over year. Our strong reach across young demographics drove meaningful contributions from automotive which comprised 13% of total NCM national ad spending this quarter.

多個類別也出現了顯著增長，其中科技業同比增長六倍以上，保險業同比增長 89%，政府行業同比增長 84%。我們對年輕人群體的強大影響力推動了汽車產業的重大貢獻，佔本季 NCM 全國廣告支出總額的 13%。

This quarter, we saw automotive and government initiatives focused on EVs in particular, intentionally turning to NCM to target that elusive 18 to 34-year-old audience that NCM delivers. The second quarter of 2024 represented the second-best quarter ever for our platinum advertising offering, only trailing the fourth quarter of 2019 with sales up more than 15 times compared to the second quarter of 2023.

本季度，我們看到汽車和政府舉措特別關注電動車，有意轉向 NCM 來瞄準 NCM 提供的難以捉摸的 18 至 34 歲受眾。2024 年第二季度是我們白金廣告產品有史以來第二好的季度，僅落後於 2019 年第四季度，銷售額比 2023 年第二季度增長了 15 倍以上。

Interest in this offering continues to broaden as advertisers from several premier categories, including government, entertainment, and dining, all utilized platinum advertising to showcase their campaigns in the second quarter.

隨著政府、娛樂和餐飲等幾個主要類別的廣告商在第二季度都利用白金廣告來展示他們的活動，人們對這項產品的興趣持續擴大。

Furthermore, interest in experiential marketing is leading to new opportunities to drive demand, as demonstrated by the recent Nerds candy campaign. This national on-screen campaign, which was developed in-house by NCM's creative team, brought the first-ever holographic activation to select movie theaters in major US cities. Featuring a holographic Nerds Gummy Cluster. Success in these alternative formats continues to expand advertisers' appetite to explore non-traditional, longer-form, or experiential advertising solutions.

此外，對體驗式行銷的興趣正在帶來推動需求的新機會，最近的書呆子糖果活動證明了這一點。這項全國性的螢幕宣傳活動由 NCM 創意團隊內部開發，首次為美國主要城市的精選電影院帶來了全息活化。具有全息 Nerds 軟糖簇。這些替代形式的成功繼續擴大了廣告商探索非傳統、較長形式或體驗式廣告解決方案的興趣。

Regarding partnerships and sponsorships in the second quarter of '24, one of the world's largest airlines joined NCM as the first-ever official travel sponsor of our US Young Lions competition, which is open to the rising stars of the advertising industry who are also aligned with NCM's Gen Z movie-going audience. We've also seen an uptick in sponsorships during the movie preshow, including custom-branded content from a leading insurance, automotive, beverage, and entertainment company.

關於24 年第二季的合作夥伴關係和贊助，全球最大的航空公司之一加入NCM，成為我們美國Young Lions 競賽的首個官方旅遊贊助商，該競賽向廣告業的後起之秀開放，他們也與NCM保持一致與 NCM 的 Z 世代電影觀眾。我們也看到電影預演期間的贊助增加，包括來自一家領先的保險、汽車、飲料和娛樂公司的定製品牌內容。

As we've said before, NCM has been at the forefront of revolutionizing cinema measurement through our data intelligence platform known as NCMx. Year to date, 43% of our current sales revenue is directly tied to our advanced measurement capabilities provided by NCMx. The power of NCMx to prove business outcomes continues to pay dividends as leaders in undershared categories, such as pharma and quick-serve restaurants, realize NCM's ability to drive measurable results.

正如我們之前所說，NCM 透過我們名為 NCMx 的資料智慧平台，一直走在電影測量革命的前沿。今年迄今為止，我們目前銷售收入的 43% 直接與 NCMx 提供的先進測量功能相關。NCMx 證明業務成果的能力繼續帶來紅利，因為製藥和快餐店等共享不足類別的領導者認識到 NCM 推動可衡量成果的能力。

To share one example, a leading QSR brand, saw a 27% lift in foot traffic at their stores, with 42% of those visits occurring within 24 hours of exposure to a cinema ad. NCMx is the most powerful data platform in cinema, and we continue to enhance its capabilities. Our proprietary suite of digital solutions now includes cutting-edge innovations designed to enhance a brand's message before, during, and after the movies.

舉個例子，一家領先的 QSR 品牌的商店人流量增加了 27%，其中 42% 的訪問發生在觀看電影廣告後 24 小時內。NCMx是戲院中最強大的數據平台，我們不斷增強其功能。我們專有的數位解決方案套件現在包括尖端創新，旨在增強電影之前、期間和之後的品牌訊息。

This includes introducing reminder messaging via NCMx Boomerang, NCM's new exclusive QR code enhancement product, moviegoer retargeting, and the largest programmatic cinema capabilities in the industry, all powered by the most expensive moviegoer database available.

這包括透過 NCMx Boomerang 引入提醒訊息、NCM 全新的獨家 QR 碼增強產品、電影觀眾重新定位以及業內最大的程序化影院功能，所有這些均由最昂貴的電影觀眾資料庫提供支援。

When a moviegoer scans the QR code displayed in theaters, it will enable them to receive a text, email, or calendar reminder to visit the respective advertiser's website after the movie, increasing engagement and driving outcomes. We have already launched our first two campaigns with a leading automotive company and a global quick-serve restaurant, and we are excited for what is to come in the future.

當電影觀眾掃描劇院中顯示的二維碼時，他們將能夠收到簡訊、電子郵件或日曆提醒，以便在電影結束後訪問相應廣告商的網站，從而提高參與度並推動成果。我們已經與一家領先的汽車公司和一家全球快餐餐廳啟動了前兩項活動，我們對未來的發展感到興奮。

Additionally, this quarter, NCM announced the integration of its cinema audience data into the Nielsen All-Minute Respondent Level Data, also known as AMRLD. Through this integration, agency decision makers will be able to compare cinema's effectiveness to other mediums further proving it is the premier platform for storytelling with the most attentive audience in the media.

此外，本季度，NCM 宣布將其影院觀眾數據整合到尼爾森全分鐘受訪者層級數據（也稱為 AMRLD）中。透過這種整合，機構決策者將能夠將電影與其他媒體的有效性進行比較，進一步證明它是向媒體中最專注的觀眾講述故事的首要平台。

As a leader in the premium video advertising marketplace, we are excited for advertisers to see firsthand why we're positioned to reach sought-after audiences. Looking ahead, we are focusing on new and innovative client solutions. Interest in our recently launched on-screen programmatic offering surged in the second quarter, unlocking new demand channels for NCM, including first-time deals with leading brands in CPG, retail, and automotive, with expansions across other categories, including government, tech, and travel.

作為優質影片廣告市場的領導者，我們很高興廣告商能夠親眼目睹為什麼我們能夠吸引廣受歡迎的受眾。展望未來，我們將專注於新的創新客戶解決方案。第二季度，人們對我們最近推出的螢幕程式化產品的興趣激增，為NCM 開啟了新的需求管道，包括與消費品、零售和汽車領域的領先品牌首次達成交易，並擴展到其他類別，包括政府、科技、和旅行。

As we continue to expand our programmatic reach, we expect it will drive sustainable business revenues for NCM. Specifically, this June was our highest grossing month for our on-screen programmatic offering since launching in February, including our largest deal to date and our first programmatic guaranteed deal with a leading automotive company.

隨著我們不斷擴大程序化覆蓋範圍，我們預計它將為 NCM 帶來可持續的業務收入。具體來說，今年 6 月是我們自 2 月推出螢幕程式化產品以來收入最高的月份，包括我們迄今為止最大的一筆交易以及我們與一家領先汽車公司的首筆程式化保證交易。

Programmatic's launch introduced a new option for advertisers who have not had historically purchased cinema directly, given NCM access to new agency buyers and parts of client budgets that were previously unavailable to us. Both private and programmatic guaranteed deals have expanded NCM's client base by tapping into budgets year marked for programmatic initiatives.

程序化的推出為歷史上沒有直接購買過電影的廣告商提供了一個新的選擇，讓 NCM 能夠接觸到新的代理買家以及我們以前無法獲得的部分客戶預算。私人和程序化保證交易都透過利用程序化計劃的預算年度擴大了 NCM 的客戶群。

During second quarter, NCM had 44 unique advertisers across our on-screen and in-lobby programmatic offerings. As we look to the remainder of the year, there are more than a dozen programmatic deals in the pipeline, and we're seeing momentum across scatter businesses as well. We're always exploring new paths to expand our pipeline and are actively working to integrate programmatic with additional platforms to further increase our coverage and provide enhanced solutions to our clients.

第二季度，NCM 在我們的螢幕和大廳內程式化產品中擁有 44 個獨特的廣告商。展望今年剩餘時間，有十多項程序化交易正在醞釀中，我們也看到了分散業務的勢頭。我們一直在探索新的途徑來擴大我們的管道，並積極致力於將程序化與其他平台集成，以進一步擴大我們的覆蓋範圍，並為我們的客戶提供增強的解決方案。

Through our self-serve offering, we are continuing to redefine the movie experience for advertisers through sponsored content, alternative distributions, and experiential activations. For those unfamiliar with our self-serve offering, it's the first fully automated self-serve solution in cinema advertising that empowers local and regional companies to plan, buy, schedule, and create their ads to run on the big screen.

透過我們的自助服務，我們將繼續透過贊助內容、替代發行和體驗式活化為廣告商重新定義電影體驗。對於那些不熟悉我們的自助服務產品的人來說，這是影院廣告中第一個全自動自助服務解決方案，使本地和區域公司能夠規劃、購買、安排和創建在大螢幕上投放的廣告。

In the second quarter, our self-serve offering had 44 unique advertisers, and we saw an uptick in all the aspects of the offering compared to the first quarter of 2024, with the orders up 157% and sales up 141% quarter over quarter. Since its initial testing, our self-serve program has delivered significant growth quarter over quarter, and we expect it to continue contributing to higher commercial utilization across the NCM network.

第二季度，我們的自助服務有44 個獨特的廣告商，與2024 年第一季相比，我們看到該服務的各個方面都有所上升，訂單量環比增長157%，銷售額環比增長141 %。自最初測試以來，我們的自助服務計劃實現了逐季度的顯著增長，我們預計它將繼續為整個 NCM 網路更高的商業利用率做出貢獻。

Before I turn the call over to Ronnie, I want to take a moment to introduce the newest member of the NCM executive team.

在將電話轉給 Ronnie 之前，我想花點時間介紹 NCM 執行團隊的最新成員。

In May, Catherine Sullivan joined NCM as our new President of Sales, Marketing and Partnerships. Catherine is a seasoned media executive and strategist, bringing over three decades of experience from PHD Media US, Omnicom Media Group, ABC Television, and NBCUniversal Media. In her role, Catherine is responsible for leading the development and execution of our go-to-market strategy to propel the next stage of growth across NCM's premium video advertising platform.

5 月，Catherine Sullivan 加入 NCM，擔任新任銷售、行銷和合作夥伴總裁。Catherine 是一位經驗豐富的媒體高管和策略家，擁有在 PHD Media US、Omnicom Media Group、ABC Television 和 NBCUniversal Media 三十多年的經驗。Catherine 負責領導我們的上市策略的製定和執行，以推動 NCM 優質視訊廣告平台的下一階段成長。

Specifically, she oversees our sales and marketing strategy with a focus on improving utilization and expanding our reach as we advance NCM's continued transformation into a modern, full funnel media solution. She has already started to make a major impact on NCM, and we are extremely excited to have her on board at NCM.

具體來說，她負責監督我們的銷售和行銷策略，重點是提高利用率和擴大我們的覆蓋範圍，推動 NCM 不斷轉型為現代化的全漏斗媒體解決方案。她已經開始對 NCM 產生重大影響，我們非常高興她加入 NCM。

With that, I will turn the call over to Ronnie to provide you with more details on our operating results and future outlook.

接下來，我將把電話轉給羅尼，為您提供有關我們經營業績和未來前景的更多詳細資訊。

Thank you, Tom, and good afternoon, everyone.

謝謝你，湯姆，大家午安。

Second quarter saw the continuation of our strong execution and momentum in the advertising marketplace, driving results that exceeded our expectations for both revenue and adjusted OIBDA. We are pleased that our key fundamentals continue to improve with inventory utilization increasing significantly as advertising revenue per attendee reached $0.56 ahead of 2019 and significantly surpassing 2023 levels.

第二季我們在廣告市場上持續保持強勁的執行力和勢頭，推動營收和調整後的 OIBDA 超越我們的預期。我們很高興看到我們的關鍵基本面繼續改善，庫存利用率顯著提高，每位與會者的廣告收入在 2019 年之前達到 0.56 美元，並大大超過 2023 年的水平。

In fact, this marks the highest second quarter advertising revenue per attendee since 2017. This was achieved through our focus on improving inventory management as impressions sold per attendee was up 27% year over year, while slightly increasing pricing.

事實上，這標誌著自 2017 年以來第二季每位與會者的廣告收入最高。這是透過我們專注於改善庫存管理實現的，每位與會者銷售的印象數年增 27%，同時價格略有上漲。

NCM LLC's total revenue for the second quarter was $54.7 million, exceeding our revenue guidance of $49.5 million to $51.5 million. Total revenue for the quarter declined 15% year over year due to the decline in attendance and the contracted decline in beverage revenue, which was offset by improved per-patron monetization. In fact, when excluding beverage revenue, total advertising revenue declined only 11% year over year despite a 31% decline in attendance.

NCM LLC 第二季度的總收入為 5,470 萬美元，超出了我們 4,950 萬美元至 5,150 萬美元的收入指引。由於出席人數下降和飲料收入合約下降，本季總收入年減 15%，但每位顧客變現率的提高抵消了這一下降。事實上，如果剔除飲料收入，儘管觀眾人數下降了 31%，但廣告總收入比去年同期僅下降了 11%。

National advertising revenue was $41.7 million, down 6% due to the drop in attendance over the same period offset by significant 37% increase in revenue per attendee. The growth in per attendee monetization was a result of a 27% year-over-year increase in national advertising utilization as well as a 5% year-over-year increase in CPMs in the second quarter of 2024.

全國廣告收入為 4,170 萬美元，下降 6%，原因是同期出席人數下降，但人均收入大幅增加 37%，抵消了這一影響。每位與會者變現額的成長得益於 2024 年第二季全國廣告利用率年增 27%，以及每千次曝光費用年增 5%。

Additionally, this quarter's national revenue per attendee of $0.45 was the highest second quarter national revenue per attendee since 2016. Local and regional advertising revenue was $9.8 million, down compared to $13.4 million the previous year. The decrease in local and regional advertising revenue was primarily attributable to the decrease in attendance.

此外，本季每位與會者的國民所得為 0.45 美元，是自 2016 年以來第二季每位與會者的最高國民所得。本地和地區廣告收入為 980 萬美元，低於上年的 1,340 萬美元。本地和區域廣告收入的下降主要是因為觀眾人數的減少。

However, the local and regional team continued to focus on the monetization of its inventory and recorded a revenue per attendee of $0.11 for the second quarter of 2024, which was slightly ahead of both 2023 and 2019.

然而，本地和區域團隊繼續專注於其庫存的貨幣化，並在 2024 年第二季度錄得每位與會者的收入為 0.11 美元，略高於 2023 年和 2019 年。

Turning to the categories, we experienced increased activity in average deal size within apparel, technology, and automotive. Local and regional also saw growing demand for its new programmatic offering. While still small, revenue for the second quarter exceeded expectations and continues to gain momentum.

就類別而言，服裝、科技和汽車領域的平均交易規模活動增加。當地和地區對其新程序化產品的需求也不斷增長。雖然第二季的收入仍然很小，但超出了預期，並繼續保持成長勢頭。

Beverage revenue derived from the ESA Parties beverage agreement decreased $3.5 million to $3.2 million compared to the prior year. This decrease was due to the termination of the Regal ESA in July of 2023 and the resulting discontinuation of their beverage revenue, combined with a decrease in the remaining ESA Parties attendance year over year.

與前一年相比，來自 ESA 締約方飲料協議的飲料收入減少了 350 萬美元，至 320 萬美元。這一減少是由於 Regal ESA 於 2023 年 7 月終止，導致其飲料收入停止，加上其餘 ESA 締約方出席人數逐年減少。

Turning to our expenses. Second quarter total operating expenses were $64 million, down 4% versus the same period last year. Excluding one-time items, depreciation, amortization, and non-cash share-based compensation, our adjusted operating expenses for the second quarter of 2024 were $47.1 million, down 9% year over year. The decline in adjusted operating expenses was driven by an 11% decline in theater access fees and affiliate expenses from lower attendance offset by higher per-attendee fees.

轉向我們的開支。第二季總營運費用為 6,400 萬美元，比去年同期下降 4%。不包括一次性專案、折舊、攤提和非現金股份補償，我們2024年第二季調整後的營運費用為4,710萬美元，較去年同期下降9%。調整後營運費用下降的原因是劇院入場費和附屬費用下降了 11%，因為上座率下降被每位觀眾費用上升所抵消。

In addition, adjusted SG&A expenses of $20.3 million were down 7% compared to the same period last year. The decrease in SG&A expenses was driven by 5% year-over-year reduction in personnel expenses as we continue to benefit from the $5.5 million annual cost savings plan we executed at the start of the year. We are currently on track to achieve the full cost savings for the year.

此外，調整後的銷售、管理及行政費用為 2,030 萬美元，較去年同期下降 7%。SG&A 費用的減少是由於人事費用同比減少 5%，我們繼續受益於年初執行的 550 萬美元的年度成本節約計劃。目前，我們有望實現今年的全部成本節約。

Second-quarter adjusted OIBDA excluding non-cash charges and one-time items was $7.6 million, down compared to $12.5 million in the same period the previous year, but considerably exceeding our guidance range of $3.5 million to $4.5 million. Again, the decline in adjusted OIBDA was related to the 15% year-over-year decline in revenue and offset by a 9% decline in adjusted operating expenses.

第二季調整後的 OIBDA（不包括非現金費用和一次性項目）為 760 萬美元，低於去年同期的 1,250 萬美元，但大大超出了我們 350 萬美元至 450 萬美元的指導範圍。同樣，調整後 OIBDA 的下降與收入年減 15% 有關，並被調整後營運費用下降 9% 所抵銷。

Unlevered free cash flow for the second quarter improved significantly to $6.7 million compared to $0.9 million in the same quarter the prior year, which reflected the absence of the restructuring expenses in the prior year.

第二季的無槓桿自由現金流大幅改善至 670 萬美元，而去年同期為 90 萬美元，反映出去年沒有重組費用。

Year to date, NCM LLC's total revenue is $92.1 million, compared to $99.3 million in the previous year. National advertising revenue increased 7% due to a 40% increase in national advertising utilization in the six months ended June 27, 2024, compared to the same period in the prior year. Local and regional advertising revenue decreased by 30%, largely due to the lingering effects of the 2023 writer and actor strike. NCM's adjusted OIBDA year to date is $1.9 million compared to $1.6 million the previous year.

今年迄今為止，NCM LLC 的總收入為 9,210 萬美元，而前一年為 9,930 萬美元。截至 2024 年 6 月 27 日的六個月，全國廣告使用率較上年同期成長 40%，因此全國廣告收入成長 7%。本地和地區廣告收入下降了 30%，這主要是由於 2023 年作家和演員罷工的持續影響。NCM 今年迄今調整後的 OIBDA 為 190 萬美元，而前一年為 160 萬美元。

Turning to our consolidated balance sheet. At the end of the second quarter, the company had $56.8 million of cash, cash equivalents, restricted cash, in marketable securities compared to $60.1 million at the end of the first quarter of 2024, while total debt balance remained unchanged at $10 million. On our fourth-quarter 2023 earnings call, we announced that our Board approved a $100 million share repurchase program.

轉向我們的合併資產負債表。截至第二季末，該公司擁有 5,680 萬美元的現金、現金等價物、限制性現金和有價證券，而 2024 年第一季末為 6,010 萬美元，而總債務餘額維持在 1,000 萬美元不變。在 2023 年第四季財報電話會議上，我們宣布董事會批准了一項 1 億美元的股票回購計畫。

Since the launch of this program, we have repurchased nearly 2.1 million shares for $9.8 million and an average share price of $4.78. This also includes the redemption of Cinemark's common membership units of approximately 130,000 shares. We plan to continue opportunistically repurchasing shares at prevailing market prices over the next three years, while also strategically investing capital in growing our advertising network through new innovations such as programmatic and self-serve.

自該計劃啟動以來，我們已以 980 萬美元的價格回購了近 210 萬股股票，平均股價為 4.78 美元。這也包括贖回喜滿客約 13 萬股普通會員單位。我們計劃在未來三年內繼續以現行市場價格擇機回購股票，同時也透過程序化和自助服務等新創新策略性地投資資本來發展我們的廣告網絡。

Turning to guidance. For the third quarter of 2024, we expect revenue to be between $56 million and $58 million. In addition, we expect adjusted OIBDA for the third quarter of 2024 to be between $6 million and $8 million. The outlook for the third quarter assumes a continuation of the attendance trends we've experienced year to date due to the lower slate count offset by our improved execution increasing revenue per attendee.

轉向指導。我們預計 2024 年第三季的營收將在 5,600 萬美元至 5,800 萬美元之間。此外，我們預計 2024 年第三季調整後的 OIBDA 將在 600 萬至 800 萬美元之間。第三季的前景假設我們今年迄今所經歷的出席人數趨勢將繼續下去，因為我們改進的執行力增加了每位與會者的收入，從而抵消了較少的闆卡數量。

Looking to the remainder of the year, there is a lot to be excited about as the movie slate continues to recover and generate momentum heading into 2025. And as we further deploy new products such as programmatic and NCMx to reach new clients.

展望今年剩餘時間，隨著電影市場繼續復甦並在 2025 年產生動力，有很多值得興奮的事情。隨著我們進一步部署程式化和 NCMx 等新產品來吸引新客戶。

While industry strike related delays linger, production is fully up and running again, and we are bullish about the resurgence of film volume over the coming years. We most recently witnessed the huge success of Deadpool & Wolverine, and for the remainder of 2024, we are particularly excited about the releases of Joker 2, The Lord of the Rings prequel, Mufasa: The Lion King, and Gladiator II.

儘管與行業罷工相關的延誤持續存在，但製作已全面恢復正常運行，我們對未來幾年電影產量的復甦持樂觀態度。我們最近見證了《死侍》和《金鋼狼》的巨大成功，在2024 年剩餘時間裡，我們對《小丑2》、《魔戒》前傳、《木法沙：獅子王》和《角鬥士II 》的上映感到特別興奮。

2025 promises another set of highly anticipated films, including Captain America: Brave New World, Mission: Impossible 8, Superman, and Avatar 3. NCM is uniquely positioned to continue to make positive gain in utilization and attendee monetization as we move forward, and the box office recovers in the latter half of 2024 and into 2025.

2025 年將會有另一組備受期待的電影上映，包括《美國隊長：美麗新世界》、《不可能的任務 8》、《超人》和《阿凡達 3》。NCM 處於獨特的地位，隨著我們的前進，將繼續在利用率和觀眾變現方面取得積極進展，票房將在 2024 年下半年和 2025 年恢復。

Operator, please open the line for questions.

接線員，請開通提問線。

Eric Wold, B. Riley Securities.

沃爾德 (Eric Wold)，B. 萊利證券。

Thanks. Good afternoon, Tom and Ronnie. A couple questions. I guess, one, you talked about on the self-service platform, you talked about the improvements you've seen with that sequentially since launching it and kind of the 44 unique advertisers. Any way you can kind of quantify just how big that is right now, whatever range you want to give?

謝謝。下午好，湯姆和羅尼。有幾個問題。我想，第一，您談到了自助服務平台，您談到了自啟動以來您所看到的連續改進以及 44 個獨特的廣告商。有什麼方法可以量化現在有多大，無論你想給什麼範圍？

But then also, are you seeing -- with the usage of the self-service platform, are you seeing kind of the average window between when advertisers are kind of buying their spot, is that shrinking such that you can kind of fill up inventory that would have otherwise been unsold and it can be more reactionary? Or are you mainly seeing no change in that, but just they're doing it more on their own versus using your services as a little bit more of a cost savings? Or is it both?

但是，您是否看到，隨著自助服務平台的使用，您是否看到廣告商購買其廣告位之間的平均視窗時間正在縮小，以至於您可以填補庫存否則會賣不出去，會更加反動嗎？或者您是否主要看到這方面沒有任何變化，只是他們更多地自己做，而不是使用您的服務來節省更多的成本？或兩者兼而有之？

So a lot of questions just to unbundle there quickly. Let me try to answer the second half first. So both programmatic and self-serve help us allow advertisers to buy inventory closer to the actual airtime. So that's a good thing, and it creates a lot of efficiency as well in terms of just the resources we devote to it. So those are both very positive.

所以有很多問題只是為了快速解綁。讓我先試著回答後半部。因此，程序化和自助服務都有助於我們讓廣告主在更接近實際播出時間的情況下購買廣告資源。所以這是一件好事，而且就我們投入的資源而言，它也創造了許多效率。所以這些都是非常正面的。

And I can tell you that we're doubling down all of our efforts on self-serve and on programmatic. It's definitely one of the highest priorities we have both from an allocation of people and resources over the next six months. We can't give you any specific revenue or metrics associated with self-serve just yet. I think, given that it's relatively new, same with programmatic, we will be in a position over the next couple quarters to provide more specifics on that.

我可以告訴你，我們正在加倍努力進行自助服務和程序化服務。這絕對是我們未來六個月的人員和資源分配的最高優先事項之一。我們目前無法向您提供與自助服務相關的任何具體收入或指標。我認為，鑑於它相對較新，與程序化相同，我們將在接下來的幾季中提供更多細節。

And I think especially with Catherine Sullivan joining us and all of her experience in programmatic, we'll be able to give you a lot of insights on that, Eric. But I appreciate the question.

我認為，特別是隨著凱瑟琳·沙利文的加入以及她在程序化方面的所有經驗，我們將能夠為您提供很多關於這方面的見解，埃里克。但我很欣賞這個問題。

And then my last question, I know you're only at this point providing Q3 or one quarter out guidance, but maybe now that we're past the upfront meetings and you have a firmer sense of the commitments coming out of that, which will start in Q4. Maybe it's just kind of a postmortem of those meetings, kind of how you felt coming out of them, maybe some sense of revenue increase as that box office starts to improve heading into next year.

然後是我的最後一個問題，我知道您目前只提供第三季或四分之一的指導，但也許現在我們已經過了前期會議，您對由此產生的承諾有了更堅定的認識，這將從第四季開始。也許這只是對這些會議的事後剖析，是你從會議中得到的感受，也許是隨著明年票房開始改善而帶來的某種收入增加的感覺。

So I think the upfront is still an active negotiation. I think we're about halfway through it, Eric. So for this call, we're not going to put a number and update on it. We'll definitely be able to do it next quarter. We are actively in it right now. What you have noticed so far from the major media companies is not a lot of specifics so far, as those deals are just getting wrapped up.

所以我認為前期仍然是一個積極的談判。我想我們已經完成一半了，艾瑞克。因此，對於這次通話，我們不會提供號碼並進行更新。下個季度我們肯定能夠做到。我們現在正在積極參與其中。到目前為止，您從主要媒體公司注意到的細節還不是很多，因為這些交易才剛剛結束。

We're obviously very competitive in the upfront. It's an important part of our business. But it's probably going a little slower this year from a timing point of view than it has in the past. But I can assure you coming next quarter, when we'll have completed the upfront, we'll give you a lot of specifics on it.

我們在前期顯然非常有競爭力。這是我們業務的重要組成部分。但從時間角度來看，今年的進展可能比過去慢一些。但我可以向您保證，下個季度，當我們完成前期工作時，我們將為您提供許多細節。

And as you know, we've always created a lot of transparency around our performance in the upfront and in scatter. So we'll do that next quarter.

如您所知，我們始終在前期和分散的績效方面創造了很大的透明度。所以我們將在下個季度這樣做。

Jim Goss, Barrington Research.

吉姆‧戈斯，巴靈頓研究中心。

All right. Thank you. I'd like to talk a little more about the -- you to talk a little more about the per patron monetization improving. Did you -- what did you say the current level of national utilization is? You said it was up 27%. And you talked about a 5% increase in the CPM pricing attributable to it. How wide is the variance of pricing between say direct sales and programmatic and self-serve? Is it considerable based on when you buy and how you buy it?

好的。謝謝。我想多談談—您可以多談談每位顧客貨幣化的改善。您說目前的國家利用水準是多少？你說上漲了27%。您談到了由此帶來的每千次曝光費用 (CPM) 定價增加 5%。直接銷售與程序化和自助服務之間的定價差異有多大？根據您購買的時間和方式，它是否相當可觀？

I'm going to let Ronnie deal with the specifics and then I'm going to chime in more. So Ronnie, why don't you answer that?

我會讓羅尼處理具體細節，然後我會插話更多。那麼羅尼，你為什麼不回答這個問題呢？

Yeah, so a lot of the better monetization, if you actually look at the actual total advertising revenue per attendee, again, it was down 11% year on year versus the attendance overall being down 31%. I feel again, a lot of that is just due to the ability to sell more through per unit or per attendee. And also, better at utilizing our inventory versus what our advertisers or agencies have contracted to do.

是的，所以很多更好的貨幣化，如果你真的看看每個與會者的實際總廣告收入，你會發現它同比下降了 11%，而整體出席人數下降了 31%。我再次感覺到，這很大程度上是由於透過單位或每個參與者銷售更多的能力。而且，與我們的廣告商或代理商簽訂的合約相比，我們能夠更好地利用我們的庫存。

So what with -- and we have actually done those improvements over the last three quarters now, and that's why you see -- or that's why our per patron -- impressions per attendee, especially on the national side, is up 27%. This is -- again, we're not utilizing pricing to drive better utilization because pricing is up roughly 5% on a year-on-year basis. It's literally just better execution and better inventory management from our side.

那麼，我們在過去三個季度實際上已經做了這些改進，這就是為什麼你會看到——或者這就是為什麼我們的每位顧客——每位與會者的印象，特別是在國內方面，成長了27%。再次強調，我們並沒有利用定價來提高利用率，因為定價較去年同期上漲了約 5%。從字面上看，這只是我們方面更好的執行和更好的庫存管理。

And I was wondering if you could talk about any shifts in the audience demographics you've noticed to either your benefit or detriment. And trends in the time which -- during which they're witnessing your ads. How are they getting -- are the audiences arriving at theaters any earlier or later than they had before? And maybe you benefit a lot from having a lot of the advertising post to the stated showtime, and maybe that's part of the improved situation as well.

我想知道您是否可以談談您注意到的觀眾人口統計數據對您有利或不利的任何變化。以及他們目睹您的廣告期間的趨勢。他們的情況如何——觀眾到達戲院的時間比以前更早還是更晚？也許你會因為在規定的放映時間內發布大量廣告而受益匪淺，也許這也是情況改善的一部分。

So demographics first. I mean, the one great thing about the cinema business, particularly cinema media, is the consistency of our young platform in terms of demographics. No one delivers the young 18 to 34-year-old demo better than cinema. And that has been consistent and in fact growing over time. And in a world where every marketer is anxious to reach that demo, Jim, no one does it better than us and no one does it more consistently than we do.

所以首先是人口統計。我的意思是，電影業（尤其是電影媒體）的一大優點是我們年輕的平台在人口統計方面的一致性。沒有人比電影院更能向 18 至 34 歲的年輕人展示這一點。這一直是一致的，而且事實上隨著時間的推移還在不斷增長。在每個行銷人員都渴望實現簡報的世界中，吉姆，沒有人比我們做得更好，也沒有人比我們做得更一致。

If you compare our delivery on that demo to any of the major media networks in recent times, whether it was against sports or the Olympics, we are clearly the best way to reach those people today in terms of attention-grabbing ad to a young demographic. So we're really happy about that.

如果你將我們在該演示中的表現與最近的任何主要媒體網絡進行比較，無論是針對體育賽事還是奧運會，我們顯然是當今針對年輕人投放引人注目的廣告的最佳方式。所以我們對此感到非常高興。

Remind me of what the second half of your question was?

請提醒我您問題的後半部是什麼？

Well, I was just asking about the arrival times relative to when your content is on display.

嗯，我只是詢問相對於您的內容展示時間的到達時間。

So we do a good job monitoring this on a regular basis. The actual arrival times have been consistent for people for the last two years. And as you know, we have created a lot of inventory in almost every exhibitor in post-showtime advertising as well as platinum.

因此，我們定期對此進行良好的監控。過去兩年人們的實際到達時間一直保持一致。如您所知，我們在幾乎每個參展商的展後廣告和白金庫存中都創建了大量庫存。

But moviegoing, ever since reserved seating has been entrenched, has not really changed that much over the last three or four years. So the arrival times are what they are. And clearly, we were monitoring that for a long time. So we found a way to deliver the vast majority of that inventory in post-show and in platinum, and we'll continue to keep doing that.

但自從保留座位以來，看電影在過去三、四年並沒有真正改變太多。所以到達時間就是這樣。顯然，我們對此進行了很長時間的監控。因此，我們找到了一種方法，可以在演出結束後以白金形式交付絕大多數庫存，我們將繼續這樣做。

And I guess the other part of that was when you shifted to this having a lot of the advertising post, the stated showtime, has that effectively been effective in terms of increasing the viewership of your ads?

我想另一部分是，當您轉向擁有大量廣告貼文時，即規定的放映時間，這在增加廣告收視率方面是否有效？

Yes, it has, definitely. Remember, we did that back in 2019 in the fourth quarter. So it's been going on for a relatively long period of time, and we've seen a consistent growth in the delivery of impressions based on that new platform that we created in the fourth quarter of 2019.

是的，確實如此。請記住，我們在 2019 年第四季就做到了這一點。這種情況已經持續了相當長的一段時間，我們看到基於我們在 2019 年第四季創建的新平台，展示次數的交付持續成長。

Mike Hickey, The Benchmark Company.

麥克·希基，基準公司。

Hey, Tom and team. Nice quarter, guys. I guess just a few questions here on the Q2. I mean, I heard your prepared comments, guys, but obviously Q2, I mean, despite a nice little healing process towards the end of the quarter was brutal. And I imagine that attendance didn't meet your expectations. Can you just -- I guess summarize real quick what was it that drove the upside in Q2 and how we should think about, I guess, the Q3 guys?

嘿，湯姆和團隊。夥計們，這個季度不錯。我想這裡只是關於第二季的幾個問題。我的意思是，我聽到了你們準備好的評論，夥計們，但顯然第二季度，我的意思是，儘管在本季度末有一個不錯的小癒合過程，但這是殘酷的。我想出席人數沒有達到您的期望。我想你能快速總結一下是什麼推動了第二季的上漲，以及我們應該如何考慮第三季的人員嗎？

That's a good question. It's a good question, Mike, and we'll get to your other questions too. It was pretty simple. When you think about how well we performed despite the attendance being down, it was driven really by higher utilization, better platinum sales, slightly increased pricing, incremental programmatic, and a more diversified advertiser base. So those combined is what drove the higher revenue per attendee in the performance, which was really impressive against a relatively down quarter attendance in box office-wise.

這是個好問題。這是一個很好的問題，麥克，我們也會回答您的其他問題。這很簡單。當你想到儘管出席率下降但我們的表現有多好時，你會發現這實際上是由更高的利用率、更好的白金銷量、略微上漲的定價、增量程序化和更多元化的廣告商基礎推動的。因此，這些因素加在一起推動了演出中每位觀眾收入的增加，這在票房方面相對下降的季度觀眾人數中確實令人印象深刻。

And then, I mean, are those -- are you taking those trends into Q3? Or is Q3 sort of kind of conservative again, sort of build back the case, like, yes?

然後，我的意思是，您是否會將這些趨勢納入第三季？或者第三季又有點保守，有點像重建情況，是的？

I mean, our priority is obviously in utilization optimization. Obviously, we want to keep pushing platinum because of the high CPMs and try to make sure we at least retain pricing levels or grow them a little bit. And more importantly, what we've been doing more than ever is creating more and more of a diversified ad base. We added more than a dozen new advertisers past quarter, and we have many more coming in in the third quarter and towards the fourth quarter.

我的意思是，我們的首要任務顯然是利用率優化。顯然，由於每千次曝光費用較高，我們希望繼續推動白金，並努力確保我們至少保持定價水準或稍微提高定價水準。更重要的是，我們比以往任何時候都更努力地創造越來越多樣化的廣告基礎。上個季度我們增加了十幾家新廣告商，第三季和第四季我們還會增加更多廣告商。

We're optimistic about the second half of the year. Third quarter is obviously going a very tough comparable with Barbenheimer last third quarter, but fourth quarter looks really good. So the whole second half from an attendance box office point of view looks very good compared to the prior year. So I think we've got a good set of titles lined up with a really good performance of our sales team, particularly on utilization and our platinum sales.

我們對下半年持樂觀態度。與巴本海默上個第三季相比，第三季顯然非常艱難，但第四季看起來確實不錯。因此，從上座票房的角度來看，整個下半年與去年相比看起來非常好。因此，我認為我們擁有一系列出色的遊戲，我們的銷售團隊表現出色，特別是在利用率和白金銷售方面。

The last question, you touched on up front, Tom, I don't want to say you sounded guarded, but you didn't give us a lot of details. Q2 obviously, box was for the most part doing awful. That couldn't have been helpful for you. You're a great salesman, but I mean, Q2 was rough, and all of a sudden, the box started working, and everyone's excited. So I imagine through that progression, it helped Catherine and her team and you in the upfront.

湯姆，你前面提到的最後一個問題，我不想說你聽起來很謹慎，但你沒有給我們很多細節。Q2 顯然，box 在很大程度上表現得很糟糕。那對你沒有幫助。你是一位出色的推銷員，但我的意思是，第二季度很艱難，突然之間，盒子開始工作，每個人都很興奮。所以我想透過這個進展，它可以幫助凱瑟琳和她的團隊以及你在前期。

And so sort of maybe more color there, and then how you think about this macro picture that's sort of [than] the now possible recession. You could sort of walk through the resilience of the box office and media buyer's allocation and maybe how that could impact your upfront?

因此，那裡可能有更多的色彩，然後你如何看待這個宏觀圖景，這有點像現在可能的經濟衰退。您可以大致了解票房和媒體購買者分配的彈性，以及這可能如何影響您的預付款？

I think, Mike, you were asking about the progression in Q2, which started off obviously really slowly but grew towards the end. We were overly focused on making sure that even in a down quarter that our utilization was higher. And I think our record platinum sales also was a testament to the sales team being able to sell in any kind of an environment. We've got a really senior season team that knows how to sell in any environment.

我想，麥克，你是在問第二季度的進展，它一開始顯然非常緩慢，但到了最後才有所增長。我們過於專注於確保即使在季度下滑的情況下我們的利用率也更高。我認為我們創紀錄的白金銷售也證明了銷售團隊能夠在任何環境下進行銷售。我們擁有一支非常資深的賽季團隊，他們知道如何在任何環境下進行銷售。

In fact, we even had prices up slightly. It was positive. But I think the way we brought new people into this business, new advertisers, new clients, this is the most impressive thing, even in a quarter where the box office was down pretty significantly year on year.

事實上，我們的價格甚至略有上漲。這是積極的。但我認為我們將新人、新廣告商、新客戶帶入這個行業的方式是最令人印象深刻的事情，即使是在票房同比大幅下降的一個季度。

So it's really a testament to the company's experience and just aggressiveness in optimizing the platform that's really made me feel really confident about the second half of the year.

因此，這確實證明了該公司在優化平台方面的經驗和積極性，這讓我對今年下半年充滿信心。

And this will conclude our question-and-answer session. I'd like to turn the conference back over to Tom Lesinski for any closing remarks.

我們的問答環節到此結束。我想將會議轉回給湯姆·萊辛斯基（Tom Lesinski）做總結發言。

Okay. Thank you all for joining us today, and particularly thanking you for your support of NCM. Heading into the second half of 2024 with really strong box office momentum, NCM's differentiated and high-value offerings position us for continued growth at the forefront of this industry. We remain focused on our two pillars of utilization and inventory modernization as we demonstrate our unique ability to deliver young, hard-to-reach audiences at an unmatched scale.

好的。感謝大家今天加入我們，特別感謝您對 NCM 的支持。進入 2024 年下半年，NCM 的票房勢頭強勁，差異化和高價值的產品使我們能夠在該行業的前沿持續增長。我們仍然專注於利用率和庫存現代化這兩個支柱，因為我們展示了我們以無與倫比的規模向年輕、難以接觸到的受眾提供獨特能力的能力。

As we continue to assert our position as a frontrunner in the premium video advertising space, we are very excited for what the future holds for NCM. Given the strong commitments from the studios, early industry analyst forecasts, and buzz from media and consumer select, we are confident that 2025 will be the true indication of the box office's ultimate resurgence.

隨著我們繼續維護我們在優質影片廣告領域的領先地位，我們對 NCM 的未來感到非常興奮。鑑於電影公司的堅定承諾、早期行業分析師的預測以及媒體和消費者選擇的熱議，我們相信 2025 年將是票房最終復甦的真正標誌。

I'd like to thank the entire NCM team for all their hard work and thank our shareholders for their support. See you at the movies. Thank you.

我要感謝整個 NCM 團隊的辛勤工作，並感謝股東的支持。看電影見。謝謝。

The conference is now concluded. Thank you for attending today's presentation, and you may now disconnect your lines at this time.

會議現已結束。感謝您參加今天的演示，您現在可以斷開線路。