National Cinemedia Inc (NCMI) 2024 Q3 法說會逐字稿

National Cinemedia Inc third quarter, 2024 earnings conference call. Today's conference is being recorded at this time. I would like to turn the conference over to Chan Park Senior VP of Finance. Please go ahead.

National Cinemedia Inc 2024 年第三季財報電話會議。今天的會議此時正在錄製中。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, Tom Lisinski and our Chief Financial Officer Ronnie.

午安.今天我們的執行長 Tom Lisinski 和財務長 Ronnie 也加入了我的行列。

I would like to remind our listeners that this conference call contains four looking statements within the meaning of 27 A of the Securities Act of 1933 as amended and section 21 E 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.

我想提醒我們的聽眾，本次電話會議包含1933 年《證券法》修訂版第27 A 條和1934 年《證券交易法》修訂版第21 E 條含義內的四項聲明，所有聲明均除歷史陳述外本次電話會議期間所傳達的事實可能構成前瞻性陳述。

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.

這些前瞻性陳述涉及風險和不確定性，公司向 SEC 提交的文件中包含的風險因素中披露了可能導致實際結果與公司預期存在重大差異的重要因素。

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

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 dotcom.

此外，我們今天的討論還包括一些符合監管規定的非公認會計準則措施。我們已將這些金額調整回最接近的 GAAP 基礎計量，這些調整可以在今天的收益發布結束時或在我們 NCM dotcom 網站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 third quarter of 2024 which are largely similar to NCM Inc's results.

今天我們將討論 NCM LLC S 的 2024 年第三季營運業績，這些業績與 NCM Inc 的業績基本相似。

We are reporting NCM LLC,s operating results to provide an accurate comparison to the third quarter of 2023. When we also reported NCM LLC S results given fiscal year 2023 results were unconsolidated.

我們報告 NCM LLC 的經營業績，以便與 2023 年第三季進行準確比較。當我們也報告 NCM LLC S 的表現時，考慮到 2023 財年的表現並未合併。

Now I'll turn the call over to Tom.

現在我將把電話轉給湯姆。

Thank you, Chad and good afternoon everyone.

謝謝查德，大家下午好。

Welcome to our third quarter, 2024 earnings call. We're excited to report our fourth consecutive quarter of solid performance as the market continues to recognize NMC's improving execution and delivery of consistent results as the box office generates further meaningful growth.

歡迎參加我們的 2024 年第三季財報電話會議。我們很高興地報告我們連續第四個季度的穩健業績，因為隨著票房產生進一步有意義的增長，市場繼續認可 NMC 不斷提高的執行力和交付的一致結果。

The cinema industry once again built on its momentum through the third quarter of 2024. Outperforming almost all expectations.

到 2024 年第三季度，電影業再次保持強勁勢頭。表現幾乎超出所有預期。

The box office brought in almost $2.7 billion this quarter up slightly compared to the same period last year with Deadpool and Wolverine, Despicable Me 4 , Twisters and Beetlejuice. Beetlejuice leading the way, supported by the success of smaller films, including it ends with us and Longlegs.

《死侍》和《金鋼狼》、《神偷奶爸 4》、《龍捲風》和《甲蟲汁》本季票房收入近 27 億美元，較去年同期略有成長。《甲蟲汁》一路領先，並得到了小電影成功的支持，其中包括我們和《長腿》的結局。

Several of these late summer hits broke records with Deadpool and Wolverine cementing itself as the highest grossing R rated film ever.

夏末的幾部熱門影片打破了紀錄，其中《死侍》和《金剛狼》鞏固了自己作為有史以來票房最高的 R 級電影的地位。

And Beetlejuice ranking as the second highest grossing September movie of all time.

《甲蟲汁》名列史上票房第二高的 9 月電影。

We also are encouraged by strong performance in alternative content. As Longlegs became 2024 highest grossing indie horror film.

另類內容的強勁表現也讓我們感到鼓舞。《長腿》成為 2024 年票房最高的獨立恐怖片。

The increase at the box office year over year amidst tough comparisons given last summer's blockbuster hits including Barbie, Oppenheimer, Sound of Freedom and Mission Impossible 7 is a tremendous sign of sustainable growth and a testament to moviegoers' desire to go to the theaters and experience the content they love in the best viewing environment.

與去年夏天的大片（包括《芭比娃娃》、《奧本海默》、《自由之聲》和《碟中諜7》）相比，票房逐年增長是可持續增長的巨大跡象，也證明了電影觀眾前往影院和體驗的願望在最佳觀看環境中觀看他們喜愛的內容。

In the third quarter alone, seven films earned over $100 million highlighting the breadth of the box office recovery.

光是第三季就有七部電影收入超過 1 億美元，凸顯了票房復甦的幅度。

The last time seven or more films exceeded $100 million at the box office in a single quarter was back in the fourth quarter of 2019.

上一次有七部或更多電影單季票房超過 1 億美元還是在 2019 年第四季。

Looking month to month, July brought in almost $1.2 billion.

按月來看，7 月帶來了近 12 億美元的收入。

The best month year-to-date August surpassed both 2023 and 2019 levels and September was up 25% compared to the same period the previous year.

今年迄今為止最好的月份 8 月超過了 2023 年和 2019 年的水平，9 月與去年同期相比增長了 25%。

In fact.The third quarter's Deadpool and Wolverine and Despicable Me 4 performances cumulatively outperformed Barben Heimer. A true indication of box office momentum this quarter along with the consistent success of the film slate each summer, we are highly confident that the cinema industry will continue its positive momentum through the end of the year leading to an exciting and highly anticipated 2025 slate.

事實上，第三季的《死侍》和《金鋼狼》以及《神偷奶爸4》的表現累計超過了巴本海默。真實反映了本季度的票房勢頭以及每年夏季電影上映的持續成功，我們非常有信心電影行業將在年底前繼續保持積極的勢頭，從而迎來令人興奮且備受期待的 2025 年電影上映。

Once again, cinema demonstrates its ability to cater to all demographics of moviegoers this quarter with strength across a wide range of genres. From family-friendly movies to R rated films and the horror genre movie theaters continue to draw young, diverse and multigenerational audiences. With median age of just 30 much younger than the popular platforms like NFL, which has a medium age of 54 or the NBA with a median age of 47.

本季度，電影再次展現了其在各種類型上的實力，能夠滿足所有電影觀眾群的需求。從適合家庭觀看的電影到 R 級電影以及恐怖類型電影院繼續吸引年輕、多元化和多代人的觀眾。中位年齡僅 30 歲，比 NFL 的中位年齡 54 歲或 NBA 的中位年齡 47 歲等熱門平台年輕得多。

Advertisers see the value in NMC's ability to reach elusive audiences. As Gen Z and millennials made up 64% of NMC's third quarter viewership. For major titles, Gen Z and millennials represented 69% of the audience for Deadpool and Wolverine. 67% for Beetlejuice and 58% for Despicable Me 4 , highlighting cinema's unique ability to reach the most sought after consumers.

廣告商看到了 NMC 接觸難以捉摸的受眾的能力的價值。Z 世代和千禧世代佔 NMC 第三季收視率的 64%。對於主要遊戲，Z 世代和千禧世代佔《死侍》和《金鋼狼》觀眾的 69%。 《甲蟲汁》的收視率為 67%，《神偷奶爸 4》的收視率為 58%，凸顯了電影吸引最受追捧消費者的獨特能力。

Gen Z alone accounted for 38% of our quarterly audience averaging a strong 7.4% weekly rating compared to a 2.4% weekly rating for NFL, Sunday night football and the 1.6% average rating across all five games of the recent world series where Gen Z comprised only 6% of the audience.

光是Z 世代就佔了我們季度觀眾的38%，平均每週收視率高達7.4%，而NFL、週日晚間橄欖球賽的每週收視率為2.4%，Z 世代參與的最近世界大賽的所有五場比賽的平均收視率為1.6%只有6%的觀眾。

NCM theaters also drew nearly $72 million of the hard to reach 18 to 34 year old demographic with an average weekly rating of 7.9.

NCM 影院也吸引了近 7,200 萬美元的 18 至 34 歲年齡層觀眾，平均每週收視率為 7.9。

Finally, it ends with us. Exemplified the box offices appeal to younger audiences with 18 to 34 year olds comprising 60% of the opening in audience with women comprising 84% of that group in an evolving marketplace. Cinema stands out apart from streaming and legacy linear TV, in its ability to reach the desirable incremental audiences that marketers seek.

最後以我們結束。舉例來說，在不斷變化的市場中，票房對 18 至 34 歲的年輕觀眾有吸引力，其中 60% 為女性觀眾，其中女性佔該群體的 84%。電影與串流媒體和傳統線性電視的區別在於，它能夠吸引行銷人員尋求的理想增量觀眾。

And NCM continues to cater to the ad marketplace's changing demands.

NCM 持續滿足廣告市場不斷變化的需求。

Given our unique ability to capture a diverse audience. We are poised to continue growing and scaling the business through the ongoing shift in the premium video marketplace away from legacy linear broadcast and cable networks.

鑑於我們吸引不同受眾的獨特能力。我們準備透過優質視訊市場不斷擺脫傳統線性廣播和有線網路的轉變，繼續發展和擴大業務。

In the third quarter, we saw a continuation of recent trends in how advertisers are thinking about allocating their future spend, recognizing investment in video and streaming marketplaces continues to reach the same limited audiences with truly underwhelming attentiveness given these trends, it's no surprise that we saw increasing interest in the highly measurable and flexible buying options and inventory that NCM provides through our differentiated and high value offerings. We are continuing to expand our client base across key national and local ad categories. Demonstrating our ongoing attractiveness to a full spectrum of advertisers year-to-date NCM's welcomed 14 advertisers that are new or have placed their first major cinema advertising campaign since 2019 with new clients in the CPG, QSR alcoholic beverages and beauty industries.

在第三季度，我們看到了廣告商如何考慮分配未來支出的最新趨勢的延續，認識到對視訊和串流媒體市場的投資繼續以真正令人印象深刻的關注度吸引同樣有限的受眾，考慮到這些趨勢，我們毫不奇怪地看到人們對 NCM 透過我們的差異化和高價值產品提供的高度可衡量和靈活的購買選項和庫存越來越感興趣。我們正在繼續擴大我們在主要國家和地方廣告類別的客戶群。今年迄今為止，NCM 迎來了14 家新廣告商或自2019 年以來首次針對CPG、QSR 酒精飲料和美容行業的新客戶開展大型影院廣告活動，證明了我們對各類廣告商的持續吸引力。

We expect to drive continual growth in new client engagement to our innovative offerings, differentiated platform and delivery of hard to reach audiences.

我們期望推動新客戶對我們的創新產品、差異化平台和難以接觸的受眾的參與度持續成長。

Now on to our results.

現在來看我們的結果。

In the third quarter of 2024 revenue was $62.4 million exceeding our guidance range of $56 million to $58 million and adjusted OIBDA was $8.8 million exceeding our guidance range of $6 million to $8 million.

2024 年第三季的營收為 6,240 萬美元，超出了我們 5,600 萬美元至 5,800 萬美元的指導範圍，調整後的 OIBDA 為 880 萬美元，超出了我們 600 萬美元至 800 萬美元的指導範圍。

Approximately 59% of the third quarter's national revenue was attributable to longer-term upfront commitments while approximately 41% was attributable to the scatter market.

第三季全國收入的約 59% 來自長期預付款承諾，約 41% 來自分散市場。

Amidst an industry wide challenged upfront market, we benefited from strong scatter market performance which experienced a substantial increase in revenue per attendee year over year as advertisers are showing greater interest in closer to campaign. Realtime solutions.

在全行業面臨挑戰的前期市場中，我們受益於強勁的分散市場表現，隨著廣告商對臨近活動表現出更大的興趣，每位與會者的收入逐年大幅增長。即時解決方案。

NCM saw strength across multiple categories this quarter with wireless, automotive, retail and apparel, entertainment, and travel representing nearly 60% of revenue.

NCM 本季在多個類別中表現強勁，其中無線、汽車、零售和服裝、娛樂和旅遊佔收入的近 60%。

Several categories also demonstrated meaningful growth including tech which was up more than 10 times year over year, retail and apparel, which was up 123% year over year and pharma up 59% year over year.

多個類別也顯示出顯著的成長，其中科技年增超過 10 倍，零售和服裝年增 123%，製藥年增 59%。

This demonstrates how NMC's diverse portfolio of offerings appeals to a broad range of brands whether through our continued strong performance in top verticals such as wireless and automotive or engagement with newer categories including Pharma.

這表明 NMC 多樣化的產品組合如何吸引廣泛的品牌，無論是透過我們在無線和汽車等頂級垂直領域的持續強勁表現，還是與製藥等新類別的合作。

Our category diversification further reduces our sensitivity to market volatility, ensuring a more stable and resilient revenue stream across varying economic conditions.

我們的品類多元化進一步降低了我們對市場波動的敏感度，確保在不同的經濟條件下擁有更穩定、更有彈性的收入來源。

Platinum, NMC's premier ad unit in the trailer pack is a coveted placement for advertisers because of its exclusivity and the offering is showing impressive signs of growth with sales up 2.4 times compared to the third quarter of 2023. Platinum is becoming a key driver of interest with advertisers and we are continuing to see major advertisers leverage platinum to gain moviegoer engagement and attention.

Platinum 是 NMC 預告片中的首要廣告單元，因其獨特性而成為廣告商夢寐以求的廣告單元，而且該產品顯示出令人印象深刻的增長跡象，銷售額比 2023 年第三季度增長了 2.4 倍。白金正在成為廣告商興趣的關鍵驅動力，我們繼續看到主要廣告商利用白金來獲得電影觀眾的參與和關注。

Our newly introduced retargeting platforms, boomerang and boost have already shown strong incremental value to advertisers with boomerang increasing poster engagement by 20% with 15 deals to date and boost expanding audience reach by three times across premium video channels. For those unfamiliar with boost, it is NMC's digital offering that enables advertisers to retarget elusive moviegoing audiences at the national regional and local level boost connects cinema to TV audiences combining exclusive cinema ad exposure data with leading identity graphs to create targeted CTV campaigns. Boost has been gaining notable traction in the marketplace while reaching multiple categories including automotive government and health care.

我們新推出的重定向平台、boomerang 和boost 已經向廣告商展示了強大的增量價值，迄今為止，boomerang 已透過15 筆交易將海報參與度提高了20%，並將優質影片頻道的受眾覆蓋範圍擴大了三倍。對於那些不熟悉boost 的人來說，NMC 的數位產品使廣告商能夠在國家、區域和地方層面重新定位難以捉摸的電影觀眾。的身份圖譜結合，創建有針對性的CTV 活動。Boost 在市場上獲得了顯著的吸引力，同時涉及汽車、政府和醫療保健等多個類別。

Furthermore, we are increasing our innovative experiential marketing efforts due to positive momentum providing new avenues for demand drivers combined with nontraditional longer form content on the big screen because we are the number one medium for consumer attention. Compared to linear digital social podcast and others. Advertisers are presented with a high value opportunity to extend their ads through live experiences, creating a new way to convey their brand messages to sought after audiences.

此外，我們正在加大創新體驗式行銷力度，因為積極的勢頭為需求驅動因素提供了新的途徑，再加上大螢幕上的非傳統較長形式內容，因為我們是消費者關注的第一媒介。與線性數位社交播客等相比。廣告主獲得了透過現場體驗擴展廣告的高價值機會，創造了一種向受追捧的受眾傳達品牌訊息的新方式。

NCM has a unique ability to maximize creativity beyond the screen through in person activations in movie theater lobbies and nearby locations. In addition to the most premium video experience in an immersive theater environment.

NCM 擁有獨特的能力，可以透過在電影院大廳和附近地點親自激活，最大限度地發揮螢幕之外的創造力。除了沉浸式戲院環境中最優質的視訊體驗。

Some examples include a new in lobby holographic activation for an entertainment client which brought to life, their highly anticipated new series and a customized original content segment linking an automotive client to Twisters.

一些例子包括為娛樂客戶提供的全新大廳全息激活、他們備受期待的新系列以及將汽車客戶與 Twisters 連接起來的定制原創內容片段。

NCM also partnered with one of the largest multinational retail corporations to activate a five minute longform content campaign which included a theatrical segment promoting back to school shopping layered with our boomerang technology to create a shoppable experience among moviegoers who scanned the code, an impressive 81% took action by shopping for back to school deals while viewing the content and the remaining 19% opted to set a reminder for later.

NCM 還與最大的跨國零售公司之一合作，啟動了一場五分鐘的長篇內容活動，其中包括一個宣傳返校購物的戲劇片段，並與我們的迴旋鏢技術分層，為掃描代碼的電影觀眾創造了一種購物體驗，令人印象深刻的81%在查看內容時採取了購買返校優惠的行動，其餘 19% 的人選擇設定稍後提醒。

These experiential and longform content initiatives exemplify our flexibility and effectiveness in delivering engaging activations and effective shoppable ads and reinforce the shareable nature of the moviegoing experience. Through breakthrough technology partnerships NCM is continuing to democratize cinema data in collaboration with our newest data cloud partner Snowflake. We will utilize data clean rooms to securely share and analyze audience information while safeguarding sensitive data, integrating our robust 1st and 2nd party deterministic cinema audience data with advertisers proprietary data in Snowflake's cleanroom environment enables precise audience targeting performance measurement and attribution.

這些體驗式長篇內容措施體現了我們在提供引人入勝的激活和有效的可購物廣告方面的靈活性和有效性，並強化了觀影體驗的可共享性。透過突破性的技術合作夥伴關係，NCM 與我們最新的數據雲合作夥伴 Snowflake 合作，繼續實現影院數據的民主化。我們將利用數據潔淨室安全地共享和分析觀眾信息，同時保護敏感數據，將我們強大的第一方和第二方確定性電影觀眾數據與Snowflake 潔淨室環境中的廣告商專有數據相集成，從而實現精確的受眾定位績效衡量和歸因。

This approach allows advertisers to gain deeper insights into campaign effectiveness to optimize their strategies and achieve KPIS all while ensuring compliance with data privacy regulations.

這種方法使廣告主能夠更深入地了解行銷活動的有效性，以優化其策略並實現 KPIS，同時確保遵守資料隱私法規。

NCM S continued to be the leader of revolutionizing cinema measurement as we continue enhancing the most powerful data platform in Cinema, NCMx year-to-date 47% of our sales are directly tied to our advanced measurement capabilities provided by NCMx.

隨著我們不斷增強影院中最強大的數據平台 NCMx，NCM S 繼續成為革命性影院測量的領導者，今年迄今為止，我們 47% 的銷售額直接與 NCMx 提供的先進測量功能相關。

We are leveraging NCMx to drive measurable results for clients business growth, offering strategic audience insights, performance attribution, continued engagement and cross channel reach.

我們利用 NCMx 為客戶業務成長推動可衡量的成果，提供策略受眾洞察、績效歸因、持續參與和跨通路覆蓋。

Our targeted insights have proved to lead to more than 30% higher engagement and it directly attributable 50% sales lift driven by NCMx. Our innovative approach to merging national awareness campaigns with local messaging and consumer retargeting marks a significant advancement for franchise categories.

事實證明，我們有針對性的見解使參與度提高了 30% 以上，並且直接歸因於 NCMx 推動的 50% 銷售提升。我們將全國意識活動與本地訊息傳遞和消費者重新導向相結合的創新方法標誌著特許經營類別的重大進步。

Throughout the third quarter. We have been collaborating with a major automotive company to assess campaign impact at key local dealerships in critical regions.

整個第三季。我們一直在與一家大型汽車公司合作，評估活動對關鍵地區主要當地經銷商的影響。

This is essential to demonstrate the campaign's return on investment and encourage participation from additional auto dealership groups that did not engage in the current initiative.

這對於展示該活動的投資回報並鼓勵未參與當前舉措的其他汽車經銷商團體的參與至關重要。

Looking ahead, we are exploring ways to further develop our new and innovative client solutions including expanding our programmatic and self serve offerings to help unlock new demand channels for NCM.

展望未來，我們正在探索進一步開發新的創新客戶解決方案的方法，包括擴展我們的程式化和自助服務產品，以幫助解鎖 NCM 的新需求管道。

We continue to expand and invest in our programmatic offering and see an opportunity to build it into a meaningful revenue contributor in the coming years.

我們繼續擴大和投資我們的程序化產品，並看到有機會在未來幾年將其打造成有意義的收入貢獻者。

Self serve our fully automated cinema advertising solution that empowers local and regional companies to plan by schedule and create their ads to run on the big screen. Has continued to generate leads and deliver significant growth quarter to quarter due to its user-friendly characteristics, providing advertisers the ability to create ads in new and diverse ways.

自助服務我們的全自動劇院廣告解決方案使本地和區域公司能夠按時間表進行規劃並製作在大螢幕上投放的廣告。由於其用戶友好的特性，不斷產生潛在客戶並實現逐季度的顯著增長，為廣告商提供了以新的、多樣化的方式製作廣告的能力。

In the third quarter, our self serve offering had 59 unique advertisers and we saw a sizable uptick in all aspects of the offering compared to the second quarter of 2024.

第三季度，我們的自助服務擁有 59 個獨特的廣告商，與 2024 年第二季度相比，我們看到該服務的各個方面都有大幅增長。

In fact, self serve had its biggest quarter since launch with sales up 96% quarter over quarter.

事實上，自助服務迎來了自推出以來最強勁的一個季度，銷售額較上季成長了 96%。

Additionally, in July, we added a new AI feature to answer customers' questions and have already seen strong initial results with an automation rate of 72% and over 28 hours of agent time saved.

此外，7 月，我們添加了新的 AI 功能來回答客戶的問題，並且已經取得了良好的初步成果，自動化率達到 72%，並節省了超過 28 小時的客服時間。

We continue to see a great opportunity to bolster local ad sales to an additional focus on self serve.

我們繼續看到一個促進本地廣告銷售並進一步關注自助服務的絕佳機會。

We expect it to keep growing and contributing to higher commercial utilization across the NCM network. Together these offerings enable us to more efficiently capitalize on the shifting advertising marketplace dynamics.

我們預計它將繼續成長，並為整個 NCM 網路更高的商業利用率做出貢獻。這些產品使我們能夠更有效地利用不斷變化的廣告市場動態。

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

接下來，我會將電話轉給羅尼，為您提供有關我們的營運表現和未來前景的更多詳細資訊。

Thank you, Tom and good afternoon, everyone for the third quarter, our revenue and adjusted OBIDA exceeded our guidance resulting in higher than projected March.

謝謝湯姆，大家下午好，第三季的收入和調整後的 OBIDA 超出了我們的指導，導致 3 月的收入高於預期。

This marks the fourth consecutive quarter where our results exceeded our expectations. Demonstrating our commitment to executing on both ends of the PNL and driving predictable financial results.

這標誌著我們的業績連續第四個季度超出了我們的預期。證明我們致力於在損益兩端執行並推動可預測的財務表現。

As Tom previously mentioned, while the overall advertising marketplace navigates through a challenged and evolving upfront market, our team continued to grow our scatter business which was up 35% compared to the prior year.

正如 Tom 之前提到的，雖然整個廣告市場面臨著充滿挑戰且不斷發展的前期市場，但我們的團隊繼續發展我們的分散業務，與前一年相比增長了 35%。

MCM LLC's total revenue for the third quarter was $62.4 million. Exceeding our revenue guidance of $56 million to $58 million total revenue for the quarter decreased 10% year over year. Primarily due to an unusual high mix of harder to monetize G and PG rated movies in July impacting what is typically our highest revenue month of the quarter excluding beverage revenue, total advertising revenue was $58.2 million, which was down 10% compared to the same period the previous year. While attendance declined 8% year over year, national advertising revenue was $46.8 million compared to $52 million the previous year, down 10% due to lower attendance in the quarter and a low single digit percentage decrease in national advertising scams.

MCM LLC 第三季的總收入為 6,240 萬美元。本季總收入年減 10%，超出了我們 5,600 萬至 5,800 萬美元的收入指引。主要是由於 7 月份難以貨幣化的 G 級和 PG 級電影的異常高組合影響了我們本季通常收入最高的月份（不包括飲料收入），廣告總收入為 5,820 萬美元，同比下降 10%前一年。雖然觀眾人數較去年同期下降8%，但全國廣告收入為4,680 萬美元，而去年同期為5,200 萬美元，下降了10%，原因是本季觀眾人數減少以及全國廣告詐騙的個位數百分比下降幅度較低。

As previously mentioned, July had an outsized mix of G and PG audience which typically experience lower advertising demand than other ratings categories. While July is historically the highest advertising demand month in the quarter, typically accounting for nearly half of third quarter revenue. This July contributed only 31% as a result, revenue was weighted toward August and September months with seasonally lower CPM's resulting in the year over year decline in CPM's and a slight decrease of national revenue per attendee of 3%.

如前所述，7 月的 G 和 PG 觀眾數量龐大，他們的廣告需求通常低於其他收視類別。而七月歷史上是該季度廣告需求最高的月份，通常佔第三季營收的近一半。今年7 月僅貢獻了31%，收入被加權到8 月和9 月，每千次展示費用(CPM) 季節性較低，導致每千次展示費用(CPM) 同比下降，每位參與者的國家收入略有下降3%。

As said, our sales team was able to capture upside in advertising revenue this quarter by optimizing pricing and packaging and deepening relationships with our advertisers.

如上所述，我們的銷售團隊透過優化定價和包裝以及加深與廣告商的關係，在本季度獲得了廣告收入的成長。

Local and regional advertising revenue was $11.4 million down compared to $12.9 million. The previous year, primarily driven by lower attendance. While revenue was down, local and regional sales experienced an increase in contract activity and size within the automotive health care, wireless and insurance categories.

本地和區域廣告收入從 1,290 萬美元下降了 1,140 萬美元。上一年，主要是因為出席人數減少所致。雖然收入下降，但汽車醫療保健、無線和保險類別的本地和區域銷售合約活動和規模有所增加。

Additionally, we saw a 10% increase in average local client revenue and the continued adoption of our programmatic offering across new categories.

此外，我們的本地客戶平均收入成長了 10%，並且我們的程序化產品在新類別中持續採用。

Turning to our expenses.

轉向我們的開支。

Third quarter, total operating expenses were $69.9 million down 68% versus the same period last year, primarily driven by one time expenses related to our chapter 11 restructuring excluding one time items appreciation amortization and non cash share based compensation. Our adjusted operating expenses for the third quarter of 2024 or $53.6 million down 8% year over year.

第三季度，總營運費用為6,990 萬美元，比去年同期下降68%，主要是由於與我們的第11 章重組相關的一次性費用（不包括一次性項目升值攤銷和非現金股份補償）所致。2024 年第三季調整後營運費用為 5,360 萬美元，年減 8%。

The decrease in adjusted operating expenses was primarily due to lower attendance related expenses resulting from an 8% decrease in network attendance. And our overhead cost savings initiatives partially offset by higher perten team third quarter adjusted OBIDA excluding noncash charges and onetime items was 8.8 million down compared to $11.3 million in the same period the previous year exceeding our guidance range of $6 million to $8 million.

調整後營運費用的減少主要是由於網路出席人數減少 8%，導致出席人數相關費用減少。我們的管理費用節省措施部分被較高的團隊第三季調整後OBIDA（不包括非現金費用和一次性項目）所抵消，與去年同期的1130 萬美元相比，下降了880 萬美元，超出了我們600 萬美元至800 萬美元的指導範圍。

The decrease in third quarter adjusted OBIDA was due to lower revenue partially offset by an 8% decline in adjusted operating expenses driven by lower attendance and SGNA expenses unlevered free cash flow for the third quarter improved significantly to negative $2.4 million compared to negative $43.9 million in the same quarter the prior year, reflecting the absence of restructuring expenses from the bankruptcy proceeding. We exited in August of 2023 here today, NCM LLC's total revenue is $154.5 million compared to $168.9 million in the previous year, national advertising revenue of $117.9 million remains flat due to a 22.1% increase in national advertising utilization offset by slight decrease in CP MS. The nine months ended September 26th, 2024 compared to the same period in the prior year, local and regional advertising of $26.5 million decreased by 24%. Largely due to the lingering effects of 2023 writer and actor strikes that impacted the film slate and reduced the advertising inventory.

第三季調整後OBIDA 的下降是由於收入下降，部分被調整後營運費用下降8% 所抵消，而調整後營運費用下降是由於出勤率和SGNA 費用下降所致。顯著改善至負240 萬美元，去年同期為負4,390 萬美元。我們今天在2023 年8 月退出，NCM LLC 的總收入為1.545 億美元，而上一年為1.689 億美元，全國廣告收入1.179 億美元保持不變，因為全國廣告利用率增長22.1%，被CP MS略有下降所抵消。截至 2024 年 9 月 26 日的 9 個月，與去年同期相比，本地和區域廣告費用為 2,650 萬美元，減少了 24%。很大程度上是由於 2023 年編劇和演員罷工的揮之不去的影響影響了電影陣容並減少了廣告庫存。

NC MS total adjusted Orbita year-to-date is $10.7 million compared to$ 12.9 million the previous year.

NC MS 今年迄今調整後的 Orbita 總額為 1,070 萬美元，而上一年為 1,290 萬美元。

Turning to our consolidated balance sheet at the end of the third quarter, the company had $52.5 million of cash, cash equivalents, restricted cash and marketable securities compared to $56.8 million at the end of the second quarter of 2024 while total debt balance remained unchanged at $10 million.

轉向我們第三季末的合併資產負債表，該公司擁有5,250 萬美元的現金、現金等價物、限制性現金和有價證券，而2024 年第二季末為5,680 萬美元，而總債務餘額保持不變1000萬美元。

NMC continues to opportunistically make strategic investments.

NMC 繼續機會主義地進行策略性投資。

And shortly after the end of this quarter, we invested $1 million in cash to acquire equity interest in an advertising related company and also entered into an agreement with an entertainment company to exchange $2 million of on screen advertising to be provided over a three year term for equity interest.

在本季結束後不久，我們投資了 100 萬美元現金收購了一家廣告相關公司的股權，並與一家娛樂公司簽訂了一項協議，交換將在三年內提供的 200 萬美元的螢幕廣告為股權。

But these were minor investments, we believe they are additive to our portfolio and we will continue to evaluate other opportunities as they arise to provide an update on our $100 million share repurchase program.

但這些都是小額投資，我們相信它們是我們投資組合的補充，我們將繼續評估其他機會，以提供我們 1 億美元股票回購計畫的最新資訊。

Since the launch of the program, we have repurchased $2.5 million shares for $12.8 million at an average share price of $5.07 as we continue to focus on returning value to our shareholders. This also includes a redemption of Cinemark's common membership units of approximately 130,000 shares.

自從該計劃啟動以來，我們以 1,280 萬美元的價格回購了 250 萬美元的股票，平均股價為 5.07 美元，因為我們繼續致力於為股東回報價值。這也包括贖回喜滿客約 13 萬股普通會員單位。

While we plan to continue to opportunistically repurchase shares at prevailing market prices through April of 2027. We are also focused on strategically investing capital in growing our advertising network through new innovations such as programmatic and (inaudible).

我們計劃在 2027 年 4 月前繼續以現行市場價格擇機回購股票。我們也專注於透過程式化和廣告等新創新策略性地投資資本來發展我們的廣告網路。（聽不清楚）。

Turning to God for the fourth quarter of 2024 we expect revenue to be between $82 million and $86 million.

轉向上帝，我們預計 2024 年第四季的收入將在 8,200 萬美元至 8,600 萬美元之間。

In addition, we expect that just to OIBDA the fourth quarter of 2024 to be between $28 million and $30 million.

此外，我們預計 2024 年第四季 OIBDA 的營收將在 2,800 萬美元至 3,000 萬美元之間。

Our guidance reflects a challenging year over year comp with Taylor Swift, the AOS tour in October 2023 and higher theater access fees as attendance continues to recover. We also expect a similar audience to next shift the fourth quarter to what we experienced in the third quarter that said we are confident that this is a temporary trend that will revert with the 2025 film slate.

我們的指導反映了與泰勒絲（Taylor Swift）的逐年比較、2023 年 10 月的 AOS 巡演以及隨著上座率持續回升而上漲的劇院入場費的挑戰。我們也預計，接下來第四季將有類似的觀眾轉向我們在第三季所經歷的情況，這表明我們有信心這是一種暫時的趨勢，並將隨著 2025 年的電影上映而恢復。

Looking ahead to 2025 there is a lot to be excited about with the upcoming slate filled with highly anticipated films from a diverse range of studios.

展望 2025 年，即將到來的片單充滿了來自不同工作室的備受期待的電影，有很多令人興奮的事情。

We have already seen great success in the fourth quarter through the Wild Robot and Terri Fire three and we are confident this momentum will carry into 2025 for a resilient year at the box office.

我們已經透過《狂野機器人》和《特麗火力三部曲》在第四季度取得了巨大成功，我們相信這種勢頭將延續到 2025 年，實現票房強勁的一年。

We are particularly excited about the 2025 releases of Superman: Legacy, Avatar 3, Mission Impossible 8, Captain America Brave New World NCM is uniquely positioned with its strong appeal to its high value audience and we are optimistic. Advertisers will continue to turn to NCM and the valuable audiences we provide as the box office builds momentum in the years to come.

我們對2025 年上映的《超人：遺產》、《阿凡達3》、《碟中諜8》、《美國隊長：勇敢新世界》感到特別興奮。的定位，我們對此持樂觀態度。隨著未來幾年票房的成長勢頭，廣告商將繼續轉向 NCM 和我們提供的寶貴受眾。

Operator. Please open the line for questions.

操作員。請打開提問專線。

Thank you. We will now begin the question and answer session to ask a question. You may press star, then one on your telephone keypad. If you're using a speakerphone, please pick up your handset before pressing the keys to withdraw your question. Please press star two.

謝謝。我們現在開始問答環節來提問。您可以按星號，然後按電話鍵盤上的一個。如果您使用免持電話，請在按按鍵撤回問題之前拿起聽筒。請按星號二。

At this time, we will pause momentarily to assemble our roster.

此時，我們將暫停片刻以集合我們的名單。

Today's first question comes from Eric Wold with B Riley Securities. Please go ahead.

今天的第一個問題來自 B Riley Securities 的 Eric Wold。請繼續。

Thank you. Good afternoon, Tom Ronnie. A couple of questions, I guess one as we head towards the end of the year, can you know, can you update us on kind of your upfront visibility as we kind of head into next year? I guess, not looking for specific guidance, but maybe any metrics you can share around kind of demand and pricing coming out of the upfront. Kind of what you saw and kind of, you know, you noted that at least in the third quarter, I forget, but if you give a year-to-date number on, but you know, 59% of national revenue is longer term commitments in the quarter, what would be your goal going forward for long term commitments as you look to grow programmatic and insult your platforms? Then I will follow up after that as well.

謝謝。下午好，湯姆·羅尼。有幾個問題，我想在我們即將進入年底時，你能知道嗎？我想，不是在尋找具體的指導，而是也許您可以分享任何關於預先提出的需求和定價的指標。有點像你所看到的，你知道，你注意到至少在第三季度，我忘記了，但如果你給出一個年初至今的數字，但你知道，國家收入的 59% 是長期的當您希望在發展程式化並侮辱您的平台時，您的長期承諾的未來目標是什麼？那麼之後我也會跟進。

Let me talk to you a little bit more in general about the evolving upfront marketplace, Eric and then I'll try to be a little more specific with metrics. What we're seeing now for two straight years is an evolving size of the upfront market and what's happening is candidly, more and more advertisers are actually looking to buy closer to scatter. So the mix between upfront and scatter is changing. And while it's relatively immaterial on a percentage basis, it is worth noting, but at the end of the day, we've been performing really well in scatter. And what's really happening is brands and agencies are really looking at spending closer to the actual campaign date than they have in the past. I think what's most notable and this was literally published in ad age in the last two days. Of all the big streaming companies out there, whether it's Hulu Max Netflix, Paramount plus, etcetera. The average decay in CPM's during the upfront was anywhere from 10% to 30%. We did much better in the upfront. I'm not going to quote you how we did, but we actually are quite happy with how NCM performed. But what's evolving in the upfront marketplace across all these big platforms. It's not just us, is less reliance on the upfront than in the past. Having said that our pricing in the upfront was basically stable year on year and we're actually doing better on a pricing basis in Scatter. I can't tell you how that's impacting the other industry players, but I can tell you that our performance in the upfront was actually really solid and I can tell you there's some other companies, major media companies that had a much harder time sustaining pricing and revenue during the upfront.

艾瑞克，讓我更籠統地與您談談不斷發展的前期市場，然後我將嘗試更具體地介紹指標。我們現在連續兩年看到的是前期市場規模的不斷變化，坦白說，越來越多的廣告商實際上希望購買更接近分散的產品。因此，前期和分散之間的組合正在改變。雖然從百分比來看它相對無關緊要，但值得注意的是，但歸根結底，我們在分散方面的表現非常好。真正發生的情況是，品牌和代理商確實在考慮比過去更接近實際活動日期的支出。我認為最值得注意的是，這實際上是在過去兩天在《廣告時代》上發表的。在所有大型串流媒體公司中，無論是 Hulu Max Netflix、派拉蒙 plus 等等。前期 CPM 的平均下降幅度為 10% 到 30%。我們在前期做得更好。我不會向您引用我們的表現，但我們實際上對 NCM 的表現非常滿意。但所有這些大平台的前期市場正在發生什麼變化。不只是我們，對前期的依賴也比過去少了。話雖如此，我們的前期定價與去年同期相比基本上穩定，而且我們實際上在 Scatter 的定價基礎上做得更好。我無法告訴你這對其他行業參與者有何影響，但我可以告訴你，我們在前期的表現實際上非常穩定，我可以告訴你，還有其他一些公司，主要媒體公司，維持定價要困難得多和前期收入。

Thank you. That's helpful. And then my, my second question, you know, obviously, Ronnie, you highlight obviously what's looking to be a very attractive year next year for the, for the film slate and it's going to have a very favorable slate for IMAX and other premium formats. Any early success or read on the demand you're seeing with the, with the new kind of premium format a package you're launching and you know, how is that market? I'm assuming that's marketed fairly well ahead of time. We think that's also going to play into the into the move to purchase a little closer to the campaign.

謝謝。這很有幫助。然後我的第二個問題，你知道，羅尼，你顯然強調了明年對於電影板來說將是非常有吸引力的一年，並且對於IMAX 和其他優質格式來說，它將有一個非常有利的板。任何早期的成功或閱讀您所看到的需求，以及您正在推出的新型優質格式的套餐，您知道，那個市場怎麼樣？我假設它已經提前上市了。我們認為這也將有助於在距離競選活動更近的時候進行購買。

So on the on the, on the premium formats, Eric, there's, you know, we have a lot of momentum in building that new ad package, not ready to give you any specific visibility on it yet, but clearly you're seeing advertisers gravitate to the wider screens and also literally the biggest movies are playing on those bigger screens in a much higher proportion.

因此，關於高級格式，埃里克，我們在構建新的廣告包方面有很大的動力，尚未準備好為您提供任何具體的可見性，但顯然您正在看到廣告商傾向於更寬的屏幕，而且實際上最大的電影在更大的螢幕上播放的比例要高得多。

So we expect a lot of traction on that. It's truly a way to differentiate the movie business even further versus television or streaming. So we have a lot of momentum and we're putting a lot of effort behind that and it's certainly riding a trend that we like. We're not it doesn't really have anything to do honestly with how the up front's doing that piece of it. But it is a separate initiative that we're actually really focused on and that the brands agencies are responding to. So I'm more of an update on that probably next quarter. But so far that's been going really well.

因此，我們預期這方面會有很大的吸引力。這確實是一種使電影業務與電視或串流媒體業務進一步差異化的方式。所以我們有很大的動力，我們在這背後付出了很多努力，這肯定是我們喜歡的趨勢。我們並不是說，老實說，這與前期的工作方式沒有任何關係。但這是我們真正關注的一項單獨舉措，也是各品牌代理商正在做出的回應。所以我可能會在下個季度更新更多資訊。但到目前為止，一切進展順利。

And just a quick follow up on that given that, you know, the, the IMAX and kind of premium format runs tend to be relatively short runs of a film before it moves on to the next film. With those, with those premium ad packages be sold kind of on an exclusive basis to an advertiser.

考慮到 IMAX 和某種優質格式的放映往往是一部電影在進入下一部電影之前相對較短的放映時間，我們對此進行快速跟進。有了這些，這些優質廣告套餐就可以獨家販售給廣告商。

And actually we could do that, but it's more likely given the amount of inventory that it would go to multiple advertisers.

實際上我們可以做到這一點，但考慮到它會流向多個廣告商的庫存量，這種情況更有可能發生。

Got it. Thank you. Appreciate it.

知道了。謝謝。欣賞它。

You're welcome.

不客氣。

Thank you. The next question is from Patrick Scholl with Barrington Research. Please go ahead.

謝謝。下一個問題來自 Barrington Research 的 Patrick Scholl。請繼續。

Thank you. I was wondering if some of the different ad formats that you had, like the extent that you're able to maybe integrate like this is like the QR scanning was like the extent that you're able to integrate some of those advertising formats with your cinema partners, whether it's like alcohol with concession purchasing or retail with some of their merchandise offerings.

謝謝。我想知道您擁有的一些不同的廣告格式，例如您能夠像這樣集成的程度，就像 QR 掃描一樣，您能夠將其中一些廣告格式與您的廣告集成的程度電影院合作夥伴，無論是優惠購買的酒類還是部分商品的零售。

So almost all the ad units we run are capable of running a QR code. And one of the significant changes over the last couple of years has been the percent of ads that run with the QR code. Many of them are used as part of our NCMx platform and allow us to not just retarget but to monitor actual behavior from the theater into a fast food restaurant for instance, or to any venue that's trying to actually match the viewership to real attribution or an outcome.

因此，我們運行的幾乎所有廣告單元都能夠運行二維碼。過去幾年的重大變化之一是透過二維碼投放的廣告所佔的百分比。其中許多被用作我們NCMx 平台的一部分，使我們不僅可以重新定位，還可以監控從劇院到快餐店的實際行為，或者任何試圖將收視率與真實歸因或真實匹配的場所進行實際匹配的行為。

So ironically, the QR code, which was kind of birthed out of COVID restaurants and is now migrated to a very popular form of follow up with consumers. We've been taking a lot of advantage of that. And one thing I will say is our QR code, download rates are by far the highest that we're aware of in the industry compared to television or any other digital platform. So we're getting a lot of traction from advertisers using QR codes and the uptake on actually using the code is really impressive compared to what we're seeing in the rest of the industry.

諷刺的是，二維碼原本是從新冠疫情餐廳中誕生的，現在已經成為一種非常流行的消費者跟進形式。我們已經充分利用了這一點。我要說的一件事是，與電視或任何其他數位平台相比，我們的二維碼下載率是迄今為止我們所知的業內最高的。因此，我們從使用二維碼的廣告商那裡獲得了很大的吸引力，與我們在行業其他公司看到的情況相比，實際使用二維碼的情況確實令人印象深刻。

Okay.

好的。

And then I guess on just the screen base, I guess, could you maybe talk about like the competitiveness of or openness of exhibitors in terms of, I guess? I guess this is the market for, you know, the changing screen advertising Providers.

然後我想，就螢幕基礎而言，我想，您能否談談參展商的競爭力或開放性？我想這就是不斷變化的螢幕廣告提供者的市場。

I didn't quite get your question. Can you just rephrase that again? Pat.

我不太明白你的問題。你能再重新表達一下嗎？拍。

II, I guess I'm just kind of wondering if the, if the financial position of the exhibitors that sort of stabilized to the point that, you know, there's maybe going to be less, you know, exhibitors moving in or out of relationships kind of based upon whatever financial restructuring they're going in.

II，我想我只是想知道，如果參展商的財務狀況穩定到這樣的程度，你知道，可能會有更少的參展商進入或退出關係有點基於他們正在進行的任何財務重組。

You know, it's funny, during the course of the last, you know, 10 years there hasn't been a significant amount of shifting between exhibitors in and out of various advertising companies. You know, I would say, you know, there's just a lot more renewals than there are changes. I would say that every now and again, a mid size or large exhibitor comes up. And obviously, we, we compete for that. We're quite happy with our existing footprint. We are getting 70% of the opening weekend attendance. Having said that there are still some attractive markets available. And there's certainly some exhibitors that we would like to be in business more with or even fresh with. So it's something we focus on every quarter. And we're actively talking to the exhibitors to, opportunistically evolve our footprint into markets that we care a lot about and that advertisers care about.

你知道，這很有趣，在過去的十年裡，不同廣告公司的參展商之間並沒有顯著的變化。你知道，我會說，你知道，更新的數量遠遠多於變化的數量。我想說，時不時就會出現中型或大型參展商。顯然，我們為此而競爭。我們對現有的足跡非常滿意。我們的開幕週末出席率達到了 70%。話雖如此，仍然有一些有吸引力的市場。當然，我們希望與一些參展商有更多的業務往來，甚至是新的業務往來。所以這是我們每季都關注的事情。我們正在積極與參展商交談，機會主義地將我們的足跡拓展到我們非常關心和廣告商關心的市場。

Okay, thank you.

好的，謝謝。

You're welcome.

不客氣。

Thank you. The next question is from Mike Hickey with the Benchmark Company. Please go ahead.

謝謝。下一個問題來自 Benchmark 公司的 Mike Hickey。請繼續。

Hey, Tom Ronnie Chan. Great quarter, guys. Thanks for taking our questions. Just curious on the Q4 guide to. Are, are you looking for attendance growth in the fourth quarter? Because it looks like the box office is set up here pretty good for Q4 growth. Just a little perplexed on your guide down in terms of total revenue. I know you gave a brief explanation but wonder if you can double click on that and then in terms of kind of segues into 25 I think we're all really excited to see the continued recovery of the box office in terms of the attendance 25 26 27 until we sort of get back towards prepandemic levels. I mean, how much of your growth, I guess is dependent upon attendance coming back here, which seems pretty certain versus sort of your ability to sell those impressions.

嘿，湯姆·羅尼·陳。很棒的季度，夥計們。感謝您回答我們的問題。只是對第四季指南感到好奇。您是否期待第四季的觀眾人數成長？因為看起來這裡的票房對於第四季的成長來說非常好。只是對你的總收入指南有點困惑。我知道你做了一個簡短的解釋，但不知道你是否可以雙擊它，然後就進入 25 我想我們都很高興看到票房在上座率方面持續復甦 25 26 27 直到我們回到大流行前的水平。我的意思是，我想你的成長有多少取決於回到這裡的出席率，這與你出售這些印象的能力相比似乎相當確定。

Let me, let me cover the 25 part and then Ronnie can cover the guides in the Q4 bit. We are very optimistic about 25. I mean, the, the slate in 25 and 26. By the way, with a lack of any COVID overhang, a lack of any strike issue, We, we are looking at some really robust numbers for next year. And I can tell you, it's certainly it's really being borne out by industry forecast by all the analysts that cover the industry. So, more on that next quarter for sure, in January, but we are looking at attendance growth that's very attractive for next year. We also believe that the revenue per 10 will also increase a little bit. So we're set up for a really good 2025. And it'll probably be the first, what I would call a normalized year of consumer behavior that we can measure against low as 2019, what percent it will be of 2019. I'm not really willing to go out on a limb just yet on that. But I can tell you it's going to be the best year since 2019 that we've had in a really long time. So Ron, do you want to cover?

讓我，讓我介紹 25 部分，然後 Ronnie 可以介紹 Q4 位元中的指南。我們對25非常樂觀。我的意思是，25 和 26 的石板。順便說一句，由於沒有任何新冠疫情的影響，沒有任何罷工問題，我們正在尋找明年一些非常強勁的數字。我可以告訴你，所有涵蓋該行業的分析師的行業預測確實證實了這一點。因此，更多關於下個季度（一月份）的信息，但我們正在考慮明年非常有吸引力的觀眾成長。我們也相信每10人的收入也會增加一點點。因此，我們已經為美好的 2025 年做好了準備。這可能是第一個，我稱之為消費者行為正常化的一年，我們可以根據 2019 年的低水平來衡量，2019 年的百分比是多少。我還不太願意在這件事上冒險。但我可以告訴你，這將是自 2019 年以來我們很長一段時間以來最好的一年。那麼羅恩，你想掩護嗎？

So, so Mike on the, on the fourth quarter guided. So there's, there's a few things to point out. So last year in the fourth quarter, we had a fairly challenging comp on a year on your basis as Taylor Swift, came out in October, which is typically a very soft advertising month. And so Taylor Swift really kind of helped pull forward demand into the quarter, in a way that we just haven't seen before. So, so that's one thing that's affecting, the comp on a year on year basis. The second thing that we're seeing in the fourth quarter is very similarly to the third quarter in July where there was a lot of, G/PG rated audiences. We're seeing a lot of that in December actually, even much more so in the fourth quarter in December than even in July. So that's those two things are affecting. I'll call the comp on a revenue per attendee basis for, for the year. I mean, sorry for the, for the fourth quarter. So if you take those things and then factor in, you're right, we are expecting an increase in overall attendance in the fourth. That would then translate into, you know, slight margin compression on a year on year basis.

所以，所以麥克對第四節進行了指導。因此，有幾件事需要指出。所以去年第四季度，我們在泰勒絲的基礎上進行了相當具有挑戰性的一年，十月發布，這通常是一個非常柔軟的廣告月。因此，泰勒絲確實以一種我們以前從未見過的方式幫助推動了本季的需求。所以，這是影響逐年比較的一件事。我們在第四季度看到的第二件事與 7 月的第三季非常相似，當時有很多 G/PG 級觀眾。事實上，我們在 12 月看到了很多這樣的情況，在 12 月第四季甚至比 7 月還要多。這就是這兩件事正在影響。我將根據當年每位參與者的收入來計算比較。我的意思是，對第四季感到抱歉。因此，如果您將這些因素考慮在內，那麼您是對的，我們預計第四節的總上座率會增加。你知道，這將轉化為逐年輕微的利潤壓縮。

Thanks, Ronnie Tom. Are you as optimistic about your ability to grow in 25 as you are the box office? And is there a assuming that you are expecting to grow in 25? Is there a leverage opportunity here? I know you mentioned some cost pressures as attendance grows, how much leverage you're operating leverage, unlock you have in 25 I guess with the backdrop of the first question I just asked on your enthusiasm for 25.

謝謝，羅尼湯姆。你對自己在25年的成長能力是否像對票房一樣樂觀？是否有一個假設你預計 25 歲時會成長？這裡有槓桿機會嗎？我知道您提到了隨著出席人數的增加而帶來的一些成本壓力，您的營運槓桿有多大，我猜想在我剛剛問的第一個問題的背景下您對 25 的熱情。

Growth. I think one thing you have to just as you try to model this is you have to look at the box office growth and then the attendance. So obviously the box office growth is, is higher, you know, based on the mix of wider screen, big screen formats as well as higher pricing. But the attendance growth is still a significant driver. And when you look at the estimates that we have and what others have provided, married to our high CPM's and potentially growing CPM's , We're in a really good position. I don't know, Ron, do you want to talk a little bit about the operating leverage question?

生長。我認為，當你試圖對此進行建模時，你必須做的一件事是你必須專注於票房成長，然後是上座率。顯然，基於更寬的螢幕、大螢幕格式以及更高的定價，票房成長更高。但出席人數的成長仍是一個重要的推動因素。當您查看我們的估算和其他人提供的數據時，再結合我們的高每千次曝光費用和潛在成長的每千次曝光費用，我們處於非常有利的位置。我不知道，羅恩，你想談談經營槓桿問題嗎？

Yeah. So, I think there's, there's definitely still a significant, a significant amount of operating leverage that we can get. You know, heading into 2025. There's obviously still a lot more we can do even on a revenue per attendee basis. We've done a good job, this year, especially in the first half of the year. And next year we'll have a more normalized slate. So giving us a better opportunity to improve that. So when you factor that in and where some of our deals have fixed screen fees, built in on, that's actually helpful for operating leverage. So there, there's still, I think a lot of opportunities to improve margin going into, going into next year.

是的。因此，我認為我們仍然可以獲得大量的營運槓桿。你知道，進入 2025 年。即使以每位與會者的收入為基礎，我們顯然還有很多事情要做。今年特別是上半年我們做得很好。明年我們將有一個更標準化的名單。所以給我們一個更好的機會來改進這一點。因此，當你考慮到這一點，並且我們的一些交易有固定的螢幕費用時，這實際上對營運槓桿很有幫助。因此，我認為明年仍有許多提高利潤率的機會。

Thanks guys. Last question on your capital allocation. Looks like I didn't do the math. It looks like the quarter may maybe it slowed, it sort of implied that given the average price, you've been buying it back and you mentioned some smaller investments here, it was kind of nebulous. But sort of, are you at this point, maybe just given the success your stock has had as you've grown your business bouncing more towards the sort of smaller M&A opportunities. Could there be larger ones, Tom, here in the future or I guess just your enthusiasm here on the buyback versus the (inaudible).

謝謝你們。關於您的資本配置的最後一個問題。看來我沒算過。看起來這個季度可能會放緩，這有點暗示考慮到平均價格，你一直在回購它，你在這裡提到了一些較小的投資，這有點模糊。但在某種程度上，您現在是否在考慮您的股票所取得的成功，因為您的業務不斷發展，並且更多地轉向小型併購機會。湯姆，未來是否會有更大的，或者我猜你對回購的熱情與（聽不清楚）。

Good question. Good question. I think the things we did, the small ones are opportunistic. Our focus is still on doing what's best for shareholders. Right now that's focused on our share buyback program. We certainly are going to look at other things that would make shareholders even more interested in the equity value of the company. We're having ongoing discussions with our board about that. We do look at some of these additive things that we're doing as relatively small. I mean, I think we spent a total of $3 million on the two opportunities, you know, which is really not a material thing, but both of them fit strategically into our business and will allow us to grow revenue and also be better at doing certain things including data gathering attribution and, and outcome guarantees. So I wouldn't read that much into the small investments we made. They're exciting and interesting, but they're small and I think our focus right now is on, you know, the current shareholder base and making sure that they see the potential of this and continue to be attracted to it. And right now, 2025 is the best story we have. We'll continue our buyback program. But that's really the plan right now.

好問題。好問題。我認為我們所做的事情，小事情都是機會主義的。我們的重點仍然是為股東做最好的事。現在的重點是我們的股票回購計畫。我們當然會考慮其他能讓股東對公司股權價值更感興趣的事。我們正在與董事會就此進行持續討論。我們確實認為我們正在做的一些附加事情相對較小。我的意思是，我認為我們在這兩個機會上總共花費了300 萬美元，你知道，這確實不是一件實質性的事情，但這兩個機會都在戰略上適合我們的業務，將使我們能夠增加收入並更好地做事某些事情，包括資料收集歸屬和結果保證。所以我不會對我們所做的小額投資有太多的了解。它們令人興奮且有趣，但它們規模很小，我認為我們現在的重點是當前的股東基礎，並確保他們看到這一點的潛力並繼續被它所吸引。現在，2025 年是我們所擁有的最好的故事。我們將繼續我們的回購計劃。但這確實是現在的計劃。

Alright, thanks guys. Best of luck. Great quarter.

好的，謝謝大家。祝你好運。很棒的季度。

Again. Thank you.

再次。謝謝。

Thank you. The next question comes from Alicia Reese with Wedbush. Please go ahead.

謝謝。下一個問題來自艾莉西亞·里斯和韋德布希。請繼續。

Thank you and thanks for taking my question guys. And I wanted to ask about the performance guarantees. Given the shift, the mix shift from fewer, you know, from upfront contracts a bit more toward the scatter contracts closer to the air date. So I'm just wondering, are you able to, to offer the performance guarantees just as much in the scatter market if at all as you did in the up front?

謝謝你們，謝謝你們提出我的問題。我想問一下性能保證的問題。鑑於這種轉變，混合方式從較少的預付合約轉向接近播出日期的分散合約。所以我只是想知道，您是否能夠在分散市場中提供與您在前期所做的一樣多的性能保證？

Yeah, absolutely. Good question. And a fair question, there's no difference really in offering a guarantee whether it's in an up or a scatter market as long as we have enough time to execute on it. And typically we can put a performance guarantee package together in a really short period. So that expertise that we've built through NCMx , which by the way has gotten a tremendous amount of traction. A significant amount of advertisers and NCM are using outcome guarantees and attribution in our data analytics package. And as it relates to the mix between scatter and upfront, we can execute in either market on those kind of performance metrics.

是的，絕對是。好問題。一個公平的問題是，無論是在上漲市場還是分散市場，只要我們有足夠的時間執行，提供擔保實際上沒有什麼區別。通常我們可以在很短的時間內提供效能保證包。因此，我們透過 NCMx 建立的專業知識已經獲得了巨大的關注。大量廣告商和 NCM 正在我們的資料分析套件中使用結果保證和歸因。由於它涉及分散和預付之間的混合，我們可以在任一市場中執行這些績效指標。

Excellent, thanks. And, and as a follow up, I'm wondering also because of the, the shift again from the upfronts towards the scatter market that should that should positively impact gross margins assuming that perhaps there's, there's some also puts and takes on more or less expense related to building and maintaining the programmatic booking platforms that you have now that you didn't necessarily have before.

太棒了，謝謝。而且，作為後續行動，我也想知道，從前期到分散市場的再次轉變，這應該會對毛利率產生積極影響，假設也許有，也有一些看跌期權和承擔或多或少與構建和維護您現在擁有的以前不一定擁有的程序化預訂平台相關的費用。

Yeah, I think Alicia, you, you know, you're pointing to the fact that typically the scatter market has higher CPM's versus the upfront. So, so you're absolutely right. There's, there's an opportunity there as the market continues to shift. Again, obviously, that's all with the, with the backdrop of, you know, sustainability of demand and all that, which we expect demand to, to improve, going into, into 25. So, so that could be a helpful set up, going going into next year.

是的，我認為艾莉西亞，你，你知道，你指出了這樣一個事實：通常分散市場的每千次展示費用（CPM）高於前期市場。所以，所以你是絕對正確的。隨著市場的不斷變化，機會也隨之而來。顯然，這一切都是在需求可持續性的背景下進行的，我們預計需求將在進入 25 年後有所改善。所以，這可能是一個有用的設置，進入明年。

You know, as it relates to programmatic, your follow up on that. Obviously, we're, you know, very bullish on the potential of programmatic in the marketplace. More and more money is shifting into programmatic every day. In some cases, advertisers are allocating 50% of their open to buy dollars into programmatic. Obviously, it's much more complicated doing it in a movie theater environment than it is in digital, out of home or in CTV. But I can tell you we're devoting a lot of time effort and resources towards getting programmatic rolled out as broadly as possible. And it's definitely one of the most important initiatives we have in the company right now.

你知道，因為它與程序化有關，你對此的後續行動。顯然，我們非常看好程序化在市場上的潛力。每天都有越來越多的資金轉向程序化。在某些情況下，廣告商會將 50% 的資金投入程式化購買。顯然，在電影院環境中進行操作比在數位、戶外或 CTV 環境中進行要複雜得多。但我可以告訴你，我們正在投入大量的時間和資源來盡可能廣泛地推廣程序化。這絕對是我們公司目前最重要的舉措之一。

Excellent. And one last question if I may, I'm curious to know if you're able to participate with any of your partners, exhibitor partners or potentially even IMAX on some of the live events that they're starting to do. Obviously you did with Taylor Swift concert movie, but, you know, IMAX just announced that it's going to do live football game. So I'm curious to know if you're able to participate in that and if not this one, anything in the future.

出色的。最後一個問題是，我很想知道您是否能夠與您的任何合作夥伴、放映商合作夥伴甚至 IMAX 一起參與他們即將開始舉辦的一些現場活動。顯然，你拍攝了泰勒絲 (Taylor Swift) 的演唱會電影，但是，你知道，IMAX 剛剛宣布將直播足球比賽。所以我很想知道你是否能夠參加這項活動，如果不能參加，將來也可以參加。

Yeah, for the most part, all the advertising rights that garner to us are also available for live events and live programming. Obviously, we did a great job of monetizing Taylor Swift and Beyonce and the other concerts. We're very interested in helping develop and evolve that business and we have some active business development discussions going on. Both with content providers as well as with exhibitors to grow that business. We believe we can be a key part of facilitating it. And it's part of the business that also has a new idea and new business we're really focused on trying to develop. So, we think that seeing certain things in theaters in the communal experience is very attractive and it's particularly attractive to advertisers. You might recall during Taylor Swift, we had the most sold out inventory position we've ever had around that movie. And we also had probably the highest pricing we've ever had. So we see those opportunities with rabid fans being in a venue as a great opportunity to sell advertisers and sell through at a very premium price point.

是的，在大多數情況下，我們獲得的所有廣告權也可用於現場活動和現場節目。顯然，我們在泰勒絲和碧昂絲以及其他音樂會的貨幣化方面做得很好。我們非常有興趣幫助開發和發展該業務，並且我們正在進行一些積極的業務開發討論。與內容提供者以及參展商合作來發展業務。我們相信我們可以成為促進這一目標的關鍵部分。這是我們真正致力於開發的新想法和新業務的業務的一部分。因此，我們認為在劇院中看到某些東西的公共體驗非常有吸引力，對廣告商來說尤其有吸引力。您可能還記得在泰勒絲期間，我們擁有該電影以來售罄最多的庫存位置。而我們的定價也可能是有史以來最高的。因此，我們認為狂熱粉絲在場館的機會是向廣告商推銷並以非常高的價格進行銷售的絕佳機會。

Right? A tough comparison, of course, in the fourth quarter, but excellent work on that and it seems like there's quite a bit more you could do in that arena going forward. Thanks for taking my questions today.

正確的？當然，這是一個艱難的比較，在第四季度，但在這方面的工作非常出色，而且看起來你在未來的舞台上還可以做更多的事情。感謝您今天回答我的問題。

Thank you.

謝謝。

Thank you. This concludes our question and answer session. I would now like to turn the call back over to Tom Lisinski for closing remarks.

謝謝。我們的問答環節到此結束。我現在想將電話轉回給湯姆·利辛斯基 (Tom Lisinski) 致閉幕詞。

Well, thank you everyone for joining the call today and your ongoing support of National Cinemedia and we're confident that 2024 is on solid footing, finishing the year and we carry significant momentum into what everyone expects to be a great year of movies in 2025.

好的，感謝大家今天參加電話會議，感謝大家對National Cinemedia 的持續支持，我們相信2024 年將打下堅實的基礎，為這一年畫上句號，我們將帶著巨大的動力迎接每個人都期待的2025年電影的偉大一年。

So before we wrap up, I'm pleased to Sheila will be hosting an Investor Day in the spring of 2025 in New York City. More details will be forthcoming, but we look forward to doing our first Investor Day in a very long time.

因此，在我們結束之前，我很高興 Sheila 將於 2025 年春季在紐約市舉辦投資者日活動。更多細節即將公佈，但我們期待著很長一段時間以來的第一個投資者日。

And importantly, I want to thank the entire NCM team for their hard work and thank our shareholders for their support. See you at the movies. Thank you.

重要的是，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 has now concluded. Thank you for attending today's presentation. You may now disconnect your lines.

會議現已結束。感謝您參加今天的演講。現在您可以斷開線路。