National Cinemedia Inc (NCMI) 2024 Q4 法說會逐字稿

Good day, and welcome to the National CineMedia, Inc., fourth-quarter 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 National CineMedia, Inc. 2024 年第四季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Chan Park, Vice President of Finance. Please go ahead.

現在我想將會議交給財務副總裁 Chan Park。請繼續。

Thank you, operator. Good afternoon. I'm joined today by our Chief Executive Officer, Tom Lesinski; and our Chief Financial Officer, Ronnie Ng. I would like to remind our listeners that this conference call contains forward-looking statements within the meaning of 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts communicated during this conference call may constitute forward-looking statements.

謝謝您，接線生。午安.今天和我一起出席的還有我們的執行長湯姆·萊辛斯基 (Tom Lesinski)；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 條所定義的前瞻性陳述。本次電話會議中傳達的除歷史事實陳述以外的所有陳述均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. All forward-looking statements are expressly qualified in their entirety by such factors.

這些前瞻性陳述涉及風險和不確定性。可能導致實際結果與公司預期有重大差異的重要因素已在公司向美國證券交易委員會提交的文件中的風險因素中揭露。所有前瞻性陳述均明確地受到這些因素的整體限制。

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準則指標。根據 G 條例，我們已將這些金額調整至最接近的 GAAP 基礎計量。這些對帳單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 fourth quarter and full year 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 fourth-quarter and full-year of 2023 when we also reported NCM LLC's results given fiscal year 2023 results were of unconsolidated.

今天，我們將討論 NCM LLC 的 2024 年第四季和全年營運業績，這些業績與 NCM, Inc. 的業績大致相似。我們報告 NCM LLC 的經營業績，以便與 2023 年第四季和全年進行準確的比較，當時我們也報告了 NCM LLC 的業績，因為 2023 財年的業績是未合併的。

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 fourth-quarter and full-year 2024 earnings call.

謝謝陳，大家下午好。歡迎參加我們的 2024 年第四季和全年財報電話會議。

Before we begin, I want to take a moment to address the devastating wildfires that have swept through Southern California. Our hearts go out to all those impacted by this tragedy, families who have lost their homes, communities facing unimaginable hardship, and the brave first responders who risked their lives to protect others.

在我們開始之前，我想花點時間談談席捲南加州的毀滅性野火。我們向所有受這場悲劇影響的人們、失去家園的家庭、面臨難以想像的困難的社區以及冒著生命危險保護他人的勇敢的急救人員表示慰問。

For many of us, including myself, this isn't just a news story, it's personal. Southern California is my home and home to many of our employees, partners, friends, and loved ones. We stand in solidarity with everyone affected, and we're committed to supporting recovery efforts in every way we can. While the fires have been contained, we know the road to recovery will be long. Our thoughts remain with those who are grieving, rebuilding and finding the strength to move forward. We are here with you today and for the journey ahead.

對我們許多人來說，包括我自己，這不僅僅是一個新聞故事，而是個人的事情。南加州是我的家鄉，也是我們許多員工、伴侶、朋友和親人的家鄉。我們與所有受影響的人團結一致，並致力於盡一切努力支持恢復工作。雖然火勢已經得到控制，但我們知道恢復之路仍很漫長。我們的思念始終與那些正在悲傷、正在重建並尋找前進力量的人們同在。今天，我們與你們同在，並一起踏上未來的旅程。

Moving on to our earnings. We're excited to share the highlights of what has been another landmark year for an NCM and the cinema industry as a whole. This year's performance demonstrated the resilience of cinema advertising and the ongoing appeal of theatrical experiences for moviegoers.

繼續討論我們的收入。我們很高興與大家分享 NCM 和整個電影行業又一個具有里程碑意義的一年的亮點。今年的表現證明了戲院廣告的韌性以及戲院體驗對電影觀眾的持續吸引力。

Let's dive into the details. The fourth quarter of '24 was a great success for the box office, exceeding most industry expectations. The total box office for the quarter generated approximately $2.4 billion, marking a 26% increase year over year. This success was driven by a diverse slate of films from massive tentpole releases to breakout hits. Wicked: Part I generated $433 million in the quarter and shattered records for a November release. Disney's Moana 2 followed closely behind with $404 million and cemented itself as a key player in the studio's animated film library, appealing to audiences both young and old. Other highlights included Gladiator II, Sonic the Hedgehog 3, and Mufasa: The Lion King, which brought in nearly $450 million combined.

讓我們深入了解一下細節。《24》第四季的票房取得了巨大成功，超出了大多數業內預期。本季總票房約 24 億美元，較去年同期成長 26%。這一成功得益於一系列多元化的電影，從大型電影到熱門電影。《魔法壞女巫》第一部在本季創造了 4.33 億美元的票房，打破了 11 月上映影片的票房紀錄。迪士尼的《海洋奇緣 2》緊隨其後，票房收入達 4.04 億美元，並鞏固了其作為迪士尼動畫電影庫中重要角色的地位，吸引了年輕和年長的觀眾。其他亮點包括《角鬥士 II》、《刺猬索尼克 3》和《獅子王：木法沙》，總票房近 4.5 億美元。

Thanksgiving weekend '24 was an especially historic moment for the domestic box office. The industry brought in $420 million over the Thanksgiving weekend, breaking the previous all-time record of $315 million set in 2018. December '24 was also exceptionally strong, featuring a wave of highly anticipated films, driving the fifth-highest grossing month since 2019.

2024 年感恩節週末對於國內票房來說是一個特別歷史性的時刻。感恩節週末，該行業收入達 4.2 億美元，打破了 2018 年創下的 3.15 億美元的歷史最高紀錄。2024 年 12 月也表現異常強勁，一系列備受期待的電影上映，創下 2019 年以來月票房第五高的紀錄。

Looking at the year as a whole, the total domestic box office for 2024 reached $8.6 billion, driven by a robust second half. While the first half of '24 was impacted by the residual effects of the 2023 industry strikes, the second-half recovery underscored moviegoers' enduring passion for the cinema, culminating in the fourth quarter.

縱觀全年，受下半年強勁表現的推動，2024 年國內總票房將達到 86 億美元。儘管 2024 年上半年受到 2023 年行業罷工的殘餘影響，但下半年的復甦凸顯了影迷對電影的持久熱情，並在第四季度達到頂峰。

Notably, approximately 80 additional movies were released that drew meaningful attendance on top of the planned slate, keeping theaters buzzing with a diverse range of content. Inside Out 2 was the highest grossing movie in 2024, marking the first time that an animated movie has been crowned the highest grossing film of the year since Finding Dory became the highest grossing movie of 2016.

值得注意的是，另有約 80 部電影上映，在計劃放映的電影名單之外吸引了大量觀眾，使影院因內容的多樣化而人氣爆棚。《腦筋急轉彎 2》成為 2024 年票房最高的電影，這是自 2016 年《海底總動員 2：多莉去哪裡》成為票房最高的電影以來，動畫電影首次榮登年度票房最高的電影寶座。

Additionally, Deadpool & Wolverine, the second highest grossing film of '24, had the sixth-biggest domestic opening of all time, among any film, and broke the record for the highest grossing R-rated film domestically. The strength of our core audience, which is predominantly made of Gen Z and millennials, continues to be a key driver of our success. These groups accounted for 69% of our total viewership in the fourth quarter, cumulatively reaching over 43 million moviegoers. Gen Z, in particular, represents 38% of our audience, maintaining a strong 6.6 weekly rating throughout the quarter.

此外，《24小時》票房排名第二的電影《死侍與金鋼狼》成為有史以來國內首映票房第六高的電影，並打破了國內票房最高的 R 級電影紀錄。我們的核心受眾主要由 Z 世代和千禧世代組成，他們的力量仍然是我們成功的關鍵驅動力。這些群體占我們第四季總觀眾人數的69%，累計觀眾人數超過4,300萬人。尤其是 Z 世代，占我們觀眾的 38%，整個季度保持著 6.6 的強勁週收視率。

Our reach with this young, highly sought-after audience compares favorably to sports programming. For example, the recent Super Bowl drew an audience with a median age of 48, with Gen Z comprising just 12% of viewers. Meanwhile, NCM's audience has a median age of 30, and among the coveted 18- to 34-year-old demographic, 57 million individuals attended NCM theaters, averaging a 6.1 weekly rating in the fourth quarter. This demographic remains critical for advertisers, and we're proud to have captured such a significant share of their attention. In fact, 7 of the top 10 event programs among 18- to 34-year-olds in 2024 were theatrical releases within the NCM network. The other three were NFL football games.

我們對這些年輕、備受追捧的觀眾群體的覆蓋範圍與體育節目相比毫不遜色。例如，最近的超級盃吸引的觀眾平均年齡為 48 歲，其中 Z 世代僅佔觀眾的 12%。同時，NCM 觀眾的平均年齡為 30 歲，在令人垂涎的 18 至 34 歲觀眾群體中，有 5700 萬人前往 NCM 影院觀影，第四季度平均每週收視率為 6.1。這一人群對於廣告商來說仍然至關重要，我們很自豪能夠吸引如此大一部分的注意力。事實上，2024 年 18 至 34 歲人群中最熱門的 10 個活動節目中有 7 個是 NCM 網路內的戲院上映節目。另外三場是 NFL 橄欖球比賽。

As we've discussed in prior quarters, we see a continued shift in how advertisers allocate their spending. Increasingly, brands are moving away from saturated streaming and video platforms and turning to cinema, which offers broader reach and greater engagement. Advertisers realize that platforms like NCM deliver a unique and powerful opportunity to connect with audiences.

正如我們在前幾個季度所討論的那樣，我們看到廣告商分配支出的方式正在持續變化。越來越多的品牌正在遠離飽和的串流媒體和視訊平台，轉向更廣泛、更參與的電影平台。廣告商意識到 NCM 等平台提供了與觀眾建立聯繫的獨特而強大的機會。

In the fourth quarter, we welcomed 25 new advertisers who launched major cinema campaigns for the first time since the pandemic. These brands are drawn to NCM for our ability to deliver unmatched audience engagement tied to culturally relevant content and for our proven track record of driving measurable results, including in-store traffic and online sales.

第四季度，我們迎來了 25 家新廣告商，這是疫情爆發以來，他們首次進行大型戲院宣傳活動。這些品牌之所以選擇 NCM，是因為我們能夠透過與文化相關的內容吸引無與倫比的受眾，並且擁有推動可衡量成果（包括店內流量和線上銷售）的良好記錄。

Now, on to our results. The fourth quarter marked the fifth-consecutive quarter where our results surpassed our expectations, reflecting our strategic focus on advertising growth as the box office continues its momentum. For the fourth quarter of 2024, NCM reported revenue of $86.3 million, which slightly exceeded our revenue guide of $82 million to $86 million.

現在，來看看我們的結果。第四季是我們業績連續第五個季度超出預期，這反映了我們在票房持續成長的背景下對廣告成長的策略關注。2024 年第四季度，NCM 報告營收為 8,630 萬美元，略高於我們預期的 8,200 萬美元至 8,600 萬美元的收入預期。

Adjusted OIBDA was $35 million, well surpassing our guidance range of $28 million to $30 million. Approximately 51% of the fourth quarter's national on-screen revenue was attributed to the scatter market as advertisers continue to demonstrate interest in closer to campaign real-time solutions. During the fourth quarter, NCM partnered with 84 unique advertisers with retail emerging as the top advertising category for the quarter.

調整後的 OIBDA 為 3500 萬美元，遠遠超出了我們 2800 萬至 3000 萬美元的指導範圍。由於廣告主繼續對更接近廣告活動的即時解決方案表現出興趣，第四季度全國螢幕廣告收入約有 51% 來自分散市場。第四季度，NCM 與 84 家獨立廣告商合作，零售成為本季最大的廣告類別。

We also saw significant growth from wireless and insurance advertisers as well as strong performance in the travel and leisure sectors. Our fourth-quarter attendance of 101 million attendees was buoyed by new titles in the movie slate led by Wicked: Part I, Moana 2, and The Wild Robot.

我們也看到無線和保險廣告商的顯著成長以及旅遊和休閒領域的強勁表現。第四季觀影人次達到 1.01 億，這主要得益於《魔法壞女巫前傳》 (Wicked: Part I)、《海洋奇緣 2》 (Moana 2) 和《野生機器人》 (The Wild Robot) 等新片的上映。

For the full year, NCM results were approximately in line with the domestic box office. Specifically, NCM reported full year 2024 revenue of $240.8 million compared to $259.8 million in 2023 and adjusted OIBDA of $45.7 million compared to $52.7 million. Despite the industry-wide headwinds in the first half of the year, our total '24 attendance was 390.7 million, primarily driven by the overperformance of key titles, including Inside Out 2, Wicked: Part I, and Deadpool & Wolverine.

就全年而言，NCM 的成績與國內票房大致持平。具體而言，NCM 報告稱，2024 年全年收入為 2.408 億美元，而 2023 年為 2.598 億美元，調整後的 OIBDA 為 4570 萬美元，而 2023 年為 5270 萬美元。儘管今年上半年整個產業面臨阻力，但我們 24 年的總觀影人次仍達到 3.907 億，主要得益於《腦筋急轉彎 2》、《魔法壞女巫》第一部、《死侍與金鋼狼》等主要影片的出色表現。

Our Platinum advertising product continues to be a key growth driver for NCM. Sales have increased significantly for this top-tier inventory with revenue more than doubling year over year. This growth was driven primarily by strength across the government, wireless, entertainment and dining categories. Fourth-quarter Platinum revenue was up 28% over the prior year period, and we're encouraged by continued demand for this premium offering by category-leading advertisers.

我們的白金廣告產品繼續成為 NCM 的主要成長動力。該頂級庫存的銷售大幅成長，營收年增一倍以上。這一成長主要得益於政府、無線、娛樂和餐飲領域的強勁成長。第四季白金營收比去年同期成長了 28%，我們對領先廣告商對此優質產品的持續需求感到鼓舞。

Additionally, our standard attention ratings enable brands to push the boundaries of traditional advertising. NCM brought Xfinity's campaign for Universal's Wicked: Part I to Life in the first-ever US 4DX ad running via Platinum, combining dynamic on-screen visuals with synchronized movie seats and hyper-realistic environmental effects.

此外，我們的標準關注度評級使品牌能夠突破傳統廣告的界限。NCM 將 Xfinity 為環球影業《魔法壞女巫》第一部所做的宣傳活動融入到白金發行的美國首個 4DX 廣告中，將動態螢幕視覺效果與同步電影座椅和超現實的環境效果結合在一起。

We ran another unique campaign with UScellular, who was looking for an out-of-the-box opportunity to help increase local awareness and sales. NCM set up UScellular branded activation in select theaters, connecting the brand with current and prospective customers on a one-on-one basis. These campaigns highlight how advertisers can creatively engage NCM's audience through immersive and experiential solutions.

我們與 UScellular 合作進行了另一項獨特的活動，他們正在尋找一個突破性的機會來幫助提高當地的知名度和銷售量。NCM 在精選影院設立了 UScellular 品牌活化活動，以一對一的方式將品牌與現有和潛在客戶聯繫起來。這些活動重點展示了廣告主如何透過沉浸式和體驗式解決方案創造性地吸引 NCM 的受眾。

Our industry-leading data intelligence platform, NCMx, is playing an increasing role in our success. We continue to leverage NCMx to create measurable impact and value for our advertising partners, offering strategic audience insights, performance attribution, continued engagement and cross-channel reach.

我們業界領先的數據智慧平台 NCMx 在我們的成功中發揮著越來越重要的作用。我們繼續利用 NCMx 為我們的廣告合作夥伴創造可衡量的影響力和價值，提供策略受眾洞察、績效歸因、持續參與和跨通路覆蓋。

In the fourth quarter, NCM successfully delivered on key performance indicators for major retail advertisers, driving thousands of incremental visits to brands featured on our screens. On average, these brands saw a 47% lift in retail foot traffic, thanks to the power of NCM moviegoers. Nearly half of our sales revenue is now supported by NCMx initiatives, as advertisers continue to leverage these advanced measurement tools to optimize their campaigns and maximize ROI.

第四季度，NCM 成功實現了主要零售廣告商的關鍵績效指標，為我們螢幕上展示的品牌帶來了數千次增量存取。平均而言，由於 NCM 電影觀眾的力量，這些品牌的零售客流量增加了 47%。由於廣告主繼續利用這些先進的測量工具來優化他們的廣告活動並最大化投資回報率，我們現在近一半的銷售收入都來自 NCMx 計劃。

As we look to 2025 as a whole, we're encouraged by the continuation of the momentum we saw in the fourth quarter, both within our business and across the cinema industry. This said, we expect some near-term variability in the first half of 2025.

展望 2025 年，我們對第四季度我們業務和整個電影行業持續保持的良好勢頭感到鼓舞。儘管如此，我們預計 2025 年上半年會出現一些短期波動。

For the first quarter, we're expecting softer performance compared with the prior year, driven by a weaker slate and consequently, a slight decline in attendance year over year. While the advertising market is seasonally slower in the fourth quarter, we are also seeing headwinds from reductions in government spending and ongoing tariff uncertainty, leading advertisers in certain categories to delay spending to later in the year. Ronnie will provide further detail on these factors.

對於第一季度，我們預計業績將比去年有所疲軟，原因是電影票房較弱，因此上座率比去年同期略有下降。雖然第四季度廣告市場季節性放緩，但我們也看到政府支出減少和持續的關稅不確定性帶來的阻力，導致某些類別的廣告商將支出推遲到今年稍後。羅尼將提供有關這些因素的更多詳細資訊。

Despite these near-term headwinds, we are encouraged by the strong sales pacing we're already seeing for the second quarter, signaling positive momentum for the remainder of the year. Our focus remains on innovation and growth as we continue to invest in our client solutions, including programmatic and self-serve, which we expect to continue to grow in revenue in the coming years.

儘管存在這些短期阻力，但第二季強勁的銷售速度令我們感到鼓舞，這預示著今年剩餘時間的積極勢頭。我們仍然專注於創新和成長，我們將繼續投資於我們的客戶解決方案，包括程序化和自助服務，我們預計未來幾年這些解決方案的收入將繼續增長。

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

說完這些，我將把電話轉給羅尼，讓他向您提供有關我們的經營業績和未來展望的更多詳細資訊。

Thank you, Tom, and good afternoon, everyone. As Tom noted, the fourth quarter marks the fifth-consecutive quarter where the company's results surpassed our expectations with both revenue and adjusted OIBDA exceeding our guidance. Despite a challenging advertising climate due to an unfavorable mix of harder to monetize G and PG-rated movies and an anticipated addition to the film slate, we continue to demonstrate strong execution as we focus on the monetization of our inventory and disciplined management of our business.

謝謝你，湯姆，大家午安。正如湯姆所指出的，第四季度是公司業績連續第五個季度超出我們的預期，收入和調整後的 OIBDA 都超出我們的預期。儘管由於 G 級和 PG 級電影難以貨幣化以及預期增加的電影片單，廣告環境充滿挑戰，但我們仍然表現出強勁的執行力，因為我們專注於庫存貨幣化和嚴格的業務管理。

NCM LLC total revenue for the fourth quarter was $86.3 million, which exceeded our revenue guidance of $82 million to $86 million and is compared to the prior year's revenue of $90.9 million. National advertising revenue decreased to $69.2 million compared to $71.9 million in the fourth quarter of 2023, driven by a 22% decrease in utilization, while pricing remained flat.

NCM LLC 第四季總營收為 8,630 萬美元，超過了我們 8,200 萬美元至 8,600 萬美元的收入預期，而去年同期的收入為 9,090 萬美元。全國廣告收入從 2023 年第四季的 7,190 萬美元下降至 6,920 萬美元，因為利用率下降了 22%，而價格保持不變。

Local and regional advertising revenue was $13.5 million compared to $16.2 million in the fourth quarter of 2023, largely driven by reduced contract sizes across regional and local businesses. Total revenue for the quarter decreased 5% year over year, primarily due to the dynamics we explained when we provided guidance last quarter. The unusually high mix of harder to monetize G and PG-rated movies was especially impactful in December when advertising demand is typically the highest.

本地和區域廣告收入為 1,350 萬美元，而 2023 年第四季為 1,620 萬美元，這主要是由於區域和本地業務的合約規模減少。本季總營收年減 5%，主要原因是我們在上個季度提供指引時解釋的動態。12 月的廣告需求通常最高，而 G 級和 PG 級電影的獲利難度卻異常之高，這在當時的影響尤其顯著。

Additionally, the prior-year success of Taylor Swift: The Eras Tour concert film in October 2023 presented a challenging year-over-year comparison and the window between Thanksgiving and Christmas, a period that is particularly popular for advertisers was one of the shortest we've seen. The shortened holiday season, coupled with the election, which caused advertisers to delay ad spend decisions, ultimately impacted our top line. Importantly, we see these trends as temporary with audience mix expected to normalize and a strong film slate expected in 2025.

此外，2023 年 10 月上映的《泰勒絲：時代巡迴演唱會》電影取得了巨大成功，與去年同期相比也頗具挑戰性，而感恩節和聖誕節之間的這段時間對廣告商來說尤其受歡迎，也是我們所見過的最短的時間段之一。假期縮短，加上選舉導致廣告商推遲廣告支出決定，最終影響了我們的營收。重要的是，我們認為這些趨勢只是暫時的，預計觀眾結構將恢復正常，2025 年的電影片單也將強勁成長。

Additionally, we are pleased with our revenue performance this quarter, especially given the sluggish start to the quarter due to the box office's underperformance in October. In particular, our team continued to expand our scatter participation, which increased to 45% of the mix versus the same quarter last year of 29%, mitigating the soft upfront market.

此外，我們對本季的營收表現感到滿意，特別是考慮到 10 月票房表現不佳導致本季開局疲軟。特別是，我們的團隊繼續擴大分散參與度，從去年同期的 29% 增加到 45%，緩解了預付市場疲軟的情況。

Turning to our expenses. Fourth-quarter operating expenses were $66.3 million compared to $70.4 million in the prior year, primarily driven by onetime expenses related to our Chapter 11 restructuring. Additionally, increased attendance in the fourth quarter resulted in higher exhibitor fees, which were fully offset by lower personnel and overhead expenses from cost savings initiatives. Excluding one-time items, depreciation, amortization and non-cash share-based compensation, our adjusted operating expenses for the fourth quarter of 2024 were $51.3 million, which was in line with the same period last year.

談到我們的開支。第四季營運費用為 6,630 萬美元，而去年同期為 7,040 萬美元，主要由於與第 11 章重組相關的一次性費用。此外，第四季度參展人數的增加導致參展商費用增加，但成本節約措施帶來的人員和管理費用的降低完全抵消了這一影響。不包括一次性項目、折舊、攤提和非現金股權激勵費用，我們 2024 年第四季的調整後營運費用為 5,130 萬美元，與去年同期持平。

Fourth-quarter adjusted OIBDA, excluding non-cash charges and onetime items, was $35 million compared to $39.8 million in the prior year. The variation in year-over-year results was primarily driven by the unfavorable impact from harder to monetize G and PG-rated movies in the absence of Taylor Swift concert film from last year, as previously mentioned. That said, our adjusted OIBDA results well exceeded our guidance range of $28 million to $30 million.

第四季調整後的 OIBDA（不包括非現金費用和一次性項目）為 3,500 萬美元，而去年同期為 3,980 萬美元。如前所述，由於去年沒有泰勒絲演唱會電影，G 級和 PG 級電影更難貨幣化，這給公司帶來了不利影響，導致業績同比出現差異。也就是說，我們調整後的 OIBDA 結果遠遠超出了我們的指導範圍 2800 萬美元至 3000 萬美元。

The outperformance was driven by lower-than-expected theater access fees and our successful cost savings initiatives. Total free cash flow for the quarter, as defined by cash flow from operations less capital expenditures was $28.1 million, which represented an adjusted OIBDA to free cash flow conversion rate of 80%.

這項優異表現得益於低於預期的戲院入場費和我們成功的成本節約措施。本季總自由現金流（定義為營運活動現金流減去資本支出）為 2,810 萬美元，這意味著調整後的 OIBDA 至自由現金流轉換率為 80%。

Turning to the full year. In 2024, NCM LLC generated $240.8 million in total revenue compared to $259.8 million in 2023. These results were largely driven by lower attendance during the year, which ultimately resulted in higher revenue per attendee, up 4% versus the prior year.

展望全年。2024 年，NCM LLC 的總收入為 2.408 億美元，而 2023 年為 2.598 億美元。這些結果主要是由於年內出席人數減少所致，最終導致每位出席者的收入增加，比前一年增加了 4%。

National advertising revenue was $188 million for the year compared to $190.1 million in 2023, driven primarily by a weaker movie slate in the first half of 2024 due to the writer and actor strikes in the second half of 2023. Local and regional advertising was $39.1 million in 2024 compared to $51.1 million in 2023, driven by a decrease in contract activity from small businesses, which adopted a more cautious approach to advertising stemming from rising costs. Including beverage revenue, total advertising revenue was $227.1 million, which was down 6% compared to the same period the previous year, while attendance declined 11% year-over-year.

全年全國廣告收入為 1.88 億美元，而 2023 年為 1.901 億美元，主要原因是 2023 年下半年編劇和演員罷工導致 2024 年上半年電影票房較弱。2024 年本地和區域廣告支出為 3,910 萬美元，而 2023 年為 5,110 萬美元，這主要是由於小型企業的合約活動減少，由於成本上升，小型企業對廣告採取了更為謹慎的態度。包括飲料收入在內，總廣告收入為 2.271 億美元，比去年同期下降 6%，而出席人數較去年同期下降 11%。

Beverage revenue derived from the ESA Parties beverage agreement decreased from $18.6 million in the prior year to $13.7 million. The decrease was due to the termination of the Regal ESA in July of 2023 and the coinciding discontinuation of their beverage revenue, combined with a decrease in the remaining ESA Parties attendance.

來自 ESA 各方飲料協議的飲料收入從去年的 1,860 萬美元減少到 1,370 萬美元。下降的原因是 Regal ESA 於 2023 年 7 月終止，同時其飲料收入也停止，加上剩餘的 ESA 派對出席人數減少。

Turning to our expenses. For full year 2024, operating expenses were $260.3 million, down from $440.7 million in the prior year, driven by the absence of onetime expenses related to our Chapter 11 restructuring. Excluding onetime items, depreciation, amortization and non-cash share-based compensation, our adjusted operating expenses for 2024 were $195.1 million, down 6% year-over-year from $207.1 million. The reduction in adjusted operating expenses was primarily due to a decrease in exhibitor fees attributable to an 11% decrease in network attendance, coupled with decreases in SG&A expenses.

談到我們的開支。2024 年全年營運費用為 2.603 億美元，低於上年的 4.407 億美元，原因是沒有與第 11 章重組相關的一次性費用。不包括一次性專案、折舊、攤提和非現金股權激勵，我們 2024 年的調整後營運費用為 1.951 億美元，較去年同期的 2.071 億美元年減 6%。調整後營業費用的減少主要是由於網路上座率下降 11% 導致參展商費用減少，同時銷售、一般及行政費用 (SG&A) 也下降。

Full-year 2024 adjusted OIBDA, excluding non-cash charges and onetime items was $45.7 million compared to $52.7 million in 2023, driven by the attendance loss and partially mitigated by strong scatter market performance and lower operating costs. Additionally, total free cash flow for the year of $54.5 million significantly outperformed full year 2023 levels of negative $48.8 million due to the absence of restructuring expenses.

2024 年全年調整後的 OIBDA（不包括非現金費用和一次性項目）為 4570 萬美元，而 2023 年為 5270 萬美元，這主要是由於觀眾人數減少，並且分散市場表現強勁和運營成本降低在一定程度上抵消了這一影響。此外，由於沒有重組費用，全年 5,450 萬美元的總自由現金流大大超過 2023 年全年的負 4,880 萬美元水準。

Turning to our consolidated balance sheet. At the end of the fourth quarter, the company had $78.2 million of cash, cash equivalents, restricted cash and marketable securities and total debt of $10 million, which was flat year over year. Notably, on January 24, 2025, we closed on a new revolving facility with US Bank.

轉向我們的合併資產負債表。第四季末，該公司擁有現金、現金等價物、限制性現金和有價證券 7,820 萬美元，總債務為 1,000 萬美元，與去年同期持平。值得注意的是，2025 年 1 月 24 日，我們與美國銀行達成了一項新的循環信貸額度。

A revolving facility reduced the cost of debt by over 200 basis points and our annual interest expense by $1 million. Importantly, the facility is a cash flow-based credit facility versus an asset-based facility, indicating the credit market's confidence in our business and our ability to generate consistent cash flows. Upon closing of the new facility with US Bank, we repaid the entirety of our outstanding debt with CIT, meaning that as of today, we have no outstanding long-term debt.

循環信貸額度將債務成本降低了 200 多個基點，並將我們的年度利息支出減少了 100 萬美元。重要的是，該貸款是基於現金流的信貸貸款，而不是基於資產的信貸貸款，這表明信貸市場對我們的業務以及我們產生穩定現金流的能力充滿信心。在與美國銀行達成新協議後，我們償還了 CIT 的全部未償債務，這意味著截至今天，我們沒有未償還的長期債務。

To provide an update of our $100 million share repurchase program as of December 26, 2024, we have repurchased 2.5 million shares for $13.4 million at an average share price of $5.28 as we continue to focus on returning value to our shareholders. 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 self-serve.

為了更新我們截至 2024 年 12 月 26 日的 1 億美元股票回購計劃，我們已以 1,340 萬美元的價格回購了 250 萬股，平均股價為 5.28 美元，我們將繼續專注於為股東帶來價值。雖然我們計劃在 2027 年 4 月之前繼續以現行市場價格擇機回購股票，但我們也專注於透過程序化和自助服務等新創新策略性地投資資金來擴大我們的廣告網絡。

Turning to our outlook. As we shared earlier, we are excited about the slate for 2025 and look forward to the continued box office momentum. While the first quarter slate is expected to be slightly softer than the same period last year, leading to a slight year-over-year decline in attendance, we see this as a temporary dynamic in what we expect to shape up to be a strong year overall. With this in mind, we expect first quarter revenue, which falls within a seasonally slower advertising period to be between $34 million and $36 million.

轉向我們的展望。正如我們之前所分享的，我們對 2025 年的電影計劃感到興奮，並期待票房勢頭的持續。雖然預計第一季的票房將比去年同期略有疲軟，導致觀眾人數同比略有下降，但我們認為這只是暫時的，預計今年全年票房將表現強勁。考慮到這一點，我們預計第一季的營收（處於季節性廣告淡季）將在 3,400 萬美元至 3,600 萬美元之間。

This not only reflects the expected reduction in impressions, but also recent policy shifts relating to Federal Government spending and tariffs that have, in certain cases, delayed advertising spend to subsequent quarters within the year. As a result, we expect adjusted OIBDA for the first quarter of 2025 to be between negative $9.5 million and negative $7.5 million.

這不僅反映了預期的展示次數減少，也反映了聯邦政府支出和關稅方面的近期政策變化，在某些情況下，這些政策將廣告支出推遲到今年的後續季度。因此，我們預計 2025 年第一季的調整後 OIBDA 將在負 950 萬美元至負 750 萬美元之間。

In addition to the revenue impacts already discussed, the guidance reflects planned investments in sales and operations, coupled with onetime expenses that were not incurred last year. That said, we do not see first quarter revenue and adjusted OIBDA being indicative of our full year results. Looking ahead, we are encouraged by the strength of our second quarter pipeline, which is currently pacing well ahead of last year.

除了已經討論過的收入影響之外，該指引還反映了銷售和營運方面的計劃投資，以及去年未發生的一次性費用。話雖如此，我們並不認為第一季的營收和調整後的 OIBDA 能夠預示我們的全年業績。展望未來，我們對第二季的強勁成長感到鼓舞，目前其發展速度遠超過去年同期。

With an improving content lineup, growing advertising demand and the continued expansion of our client solutions, we are confident in our ability to drive strong results as the year progresses. With that said, I would like to provide some additional context on our expectations for 2025.

隨著內容陣容的不斷完善、廣告需求的不斷增長以及客戶解決方案的不斷擴展，我們有信心在未來取得強勁的業績。話雖如此，我想提供一些有關我們對 2025 年期望的額外背景資訊。

As we continue to position NCM for long-term success, we expect our annual SG&A expenses to increase by a high-single-digit percentage in 2025. This increase reflects a deliberate and strategic investment in key areas that we expect will drive sustained growth, primarily expanding our sales team, enhancing targeted marketing efforts and strengthening our operational infrastructure to support future revenue generation. Additionally, we plan to increase our annual capital expenditures by $2 million to $3 million, which will mostly be onetime with the majority of that related to delayed investment originally planned in 2024 and the remainder focused on upgrading our IT systems, sales technology, and research tools.

隨著我們繼續為 NCM 的長期成功做好準備，我們預計到 2025 年，我們的年度銷售、一般及行政費用 (SG&A) 將以高個位數百分比成長。這一成長反映了我們對關鍵領域的深思熟慮和策略性投資，我們預計這些領域將推動持續成長，主要是擴大我們的銷售團隊，加強有針對性的行銷力度，並加強我們的營運基礎設施，以支持未來的創收。此外，我們計劃將年度資本支出增加 200 萬至 300 萬美元，其中大部分為一次性支出，大部分與原計劃於 2024 年推遲的投資有關，其餘部分則用於升級我們的 IT 系統、銷售技術和研究工具。

These investments are highly targeted to enhance efficiency, improve scalability and ensure we remain well-positioned to capitalize on future opportunities. Importantly, we are making these investments with discipline and confidence, ensuring they generate meaningful value for both advertisers and our shareholders.

這些投資具有高度針對性，旨在提高效率、改善可擴展性並確保我們始終處於有利地位，以利用未來的機會。重要的是，我們以紀律和信心進行這些投資，確保它們為廣告商和股東創造有意義的價值。

Overall, we continue to expect 2025 to be another robust year for cinema. There are many films to be excited about as we look forward to 2025, both sequels and original content such as Avatar: Fire and Ash, Wicked: Part II, Snow White, Minecraft, the new Mission Impossible, Superman, The Fantastic Four: First Steps, and How to Train Your Dragon.

總體而言，我們仍然預計 2025 年將是電影業又一個強勁的一年。展望 2025 年，有許多電影值得我們期待，包括續集和原創內容，例如《降世神通：火與灰燼》、《魔法壞女巫 2》、《白雪公主》、《我的世界》、《碟中諜 2》、《超人》、《神奇四俠：第一步》和《馴龍高手》。

NCM holds a distinctive advantage with its strong connection to highly valuable audiences, and we are confident that advertisers will continue to rely on NCM and the premium audiences we deliver as the box office gains momentum in 2025 and beyond.

NCM 憑藉與高價值觀眾的緊密聯繫而擁有獨特的優勢，我們相信，隨著 2025 年及以後票房的增長勢頭，廣告商將繼續依賴 NCM 和我們提供的優質觀眾。

We will be providing more detail on what we expect for 2025 at our upcoming Investor Day in March. Operator, please open the line for questions.

我們將在三月即將舉行的投資者日上提供有關 2025 年預期的更多詳細資訊。接線員，請打開熱線來回答問題。

(Operator Instructions) Patrick Sholl, Barrington Research.

（操作員指示）Patrick Sholl，Barrington Research。

Hi, thanks for taking the questions. I was wondering if you could provide a little bit more detail on what you expect -- on how sort of temporary you see these advertising headwinds as being. Specifically, if you could talk a little bit about what you're seeing in the second half of the year, especially since that was kind of the stronger period for box office.

你好，謝謝你回答這個問題。我想知道您是否可以提供一些更詳細的信息，說明您的預期——您認為這些廣告逆風是暫時的嗎？具體來說，您能否談談對今年下半年的看法，特別是因為那是票房表現較為強勁的時期。

Hey, Patrick, it's Tom. I think what I would say is that the pacing in the second quarter is very encouraging compared to last year. First quarter is always kind of an odd quarter to forecast, and I think some of the exogenous things out there, like the tariffs and policy shifts affected some of the commitments.

嘿，派崔克，我是湯姆。我想說的是，與去年相比，第二季的步伐非常令人鼓舞。第一季總是一個預測奇怪的季度，我認為一些外部因素，例如關稅和政策變化影響了一些承諾。

But as I look at Q2, which is an important quarter and typically significantly larger than Q1. I'm looking at the pacing for Q2, which looks very good compared to the prior year. I can't really get into the second half yet really at this point, but we're very encouraged by what's going on in Q2 right now.

但當我看第二季度時，這是一個重要的季度，通常比第一季大得多。我正在關注第二季度的步伐，與去年相比，情況看起來非常好。我現在還不能真正進入下半年，但我們對目前第二季的情況感到非常鼓舞。

Okay. And you talked about some of the KPI-based ad sales and I was just wondering how that has supported advertiser retention realizing it's pretty -- it's earlier in that process, but both advertiser retention and efforts to increase the client base.

好的。您談到了一些基於 KPI 的廣告銷售，我只是想知道這如何支持廣告商保留，意識到這是相當早期的過程，但既需要廣告商保留，也需要努力增加客戶群。

What I can say in general is, within our NCMx team that supports a lot of the outcome-based advertising commitments, basically half of our business is supported through NCMx, whether it's through a KPI or some other measurement. So it's pretty much a significant piece of what we're doing every day. So we're really encouraged by that, and we've put a lot of money and effort into it. So we're really happy with the attention we're getting from our clients.

總的來說，我可以說，在我們的 NCMx 團隊中，支持大量基於結果的廣告承諾，基本上我們一半的業務都是透過 NCMx 支持的，無論是透過 KPI 還是其他衡量標準。所以這幾乎是我們每天所做工作的很大一部分。因此我們真的受到了鼓舞，並且我們為此投入了大量的金錢和精力。因此，我們對客戶給予的關注感到非常高興。

Okay. And then, I guess, the last question I had, you talked about bringing back more of the advertisers that hadn't been spending since COVID. I was kind of curious what sort of share of like your national advertisers are maybe still on the sidelines on cinema advertising?

好的。然後，我想，我的最後一個問題是，您談到了吸引更多自 COVID 以來沒有支出的廣告商。我有點好奇，你們國家有多少廣告商可能仍對電影廣告持觀望態度？

Can you say what percent of them? What was the question again? I'm sorry, Patrick.

你能說出其中的百分比是多少嗎？問題又是什麼？對不起，派崔克。

Like the number of advertisers you had pre-pandemic, how many of them have yet to sort of return?

就像疫情爆發前你們的廣告商數量一樣，其中有多少還沒回歸？

I think we need to calculate that for you. I don't have that off the top of our head, but we can get it to you in short order.

我想我們需要為你計算一下。我還沒想好，但我們可以盡快把它給你。

(Operator Instructions) Mike Hickey, The Benchmark Company.

（操作員指示）Mike Hickey，The Benchmark Company。

Hey, Tom, Ronnie, thanks for taking our questions here. And congratulations on a better-than-expected Q4 and '24, especially with the headwinds on attendance. I guess that segues, Tom, it looks like '25 and '26 film volume is going higher. Obviously, the expectation here is we should continue to see a strong recovery in attendance.

嘿，湯姆、羅尼，感謝你們在這裡回答我們的問題。恭喜第四季和 2024 年業績優於預期，尤其是在出席人數面臨阻力的情況下。湯姆，我想，從這個角度來看，25 年和 26 年的電影數量似乎會更高。顯然，我們期望繼續看到出席人數的強勁復甦。

But I guess, the question is, what are your expectations for attendance growth in '25-'26? Is that sort of in line with what the market is thinking? And is higher attendance sort of the primary driver of your revenue growth? Or do you see more of an opportunity today in better monetizing your existing ad inventory?

但我想，問題是，您對 25-26 年的出席人數成長有何預期？這是否符合市場的想法？更高的出席人數是否是推動您營收成長的主要因素？或者您看到了今天更好地將現有廣告資源貨幣化的更多機會？

I would say attendance is always the number one driver. And I think the quality of the attendance is probably the second driver in terms of the demographic mix. The more its geared towards PG 13, the more we can monetize it.

我想說出勤率永遠是第一個驅動力。我認為，就人口結構而言，出席人數的品質可能是第二個驅動因素。它越適合 PG 13，我們就越能將其貨幣化。

But I think as I look at all of the forecasts for '25 and '26, and they're actually relatively uniform across the whole base of forecasters, I'm feeling pretty much in sync with most of the big analysts and most of the big forecasters in terms of how '25 and particularly '26 looks. So I think truthfully, this is an important year for the industry. It's the first real year without a strike in post-COVID. So we're anxious to see how the movies perform and how many releases come out this year and next year.

但我認為，當我查看所有針對 25 年和 26 年的預測時，會發現所有預測者的預測實際上都相對一致，因此，就 25 年，尤其是 26 年的前景而言，我與大多數​​大型分析師和大多數大型預測者的看法基本一致。所以我認為，說實話，今年對該行業來說是重要的一年。這是新冠疫情爆發後第一個真正沒有罷工的年份。因此，我們迫切地想知道這些電影的表現如何，以及今年和明年會上映多少部電影。

But we have a very focused sales team talking about the year all the way out through the end of this year. And the response we've gotten from advertisers in looking at the slate and looking at all the data around it is encouraging.

但是我們有一個非常專注的銷售團隊，一直在討論今年年底的情況。當我們查看這份名單並查看所有相關數據時，廣告商的回饋令人鼓舞。

Yeah, I mean, I guess, how is advertiser sentiment for your medium, Tom, sort of compared to prior year? Obviously, we knew there was some lack of product given the Hollywood strikes. I think there was -- box is better than we thought. We thought it was going to be down 10%, did better than we thought. But obviously, we weren't expecting growth. We're expecting growth this year. So slate is improving. The demo you have is, obviously, very attractive, I would think, for media buyers. The attribution work you're doing is certainly something you never had before. It looks like you're getting good feedback.

是的，我的意思是，我想，湯姆，與去年相比，廣告商對你的媒介的看法如何？顯然，我們知道由於好萊塢罷工，產品會有些短缺。我認為——盒子比我們想像的還要好。我們原以為它會下降 10%，但結果比我們想像的還要好。但顯然，我們並沒有期待成長。我們預計今年將會成長。因此，石板正在不斷改進。我認為，你們的演示對於媒體購買者來說顯然非常有吸引力。您所做的歸因工作肯定是您以前從未做過的。看起來你得到了很好的回饋。

On the product side, programmatic, self-serve, obviously, those are sort of industry standards and you're in the right direction there. So I guess, how is sentiment today given all the improvements in the macro and in your business? And when do you think that will sort of translate into higher media buys?

在產品方面，程序化、自助服務顯然是行業標準，而且你們正朝著正確的方向前進。那麼我想，考慮到宏觀經濟和您的業務方面的所有改善，今天的情緒如何？您認為什麼時候這會轉化為更高的媒體購買量？

I think the sentiment is really good right now. And when you think about all the negative sentiment we had to deal with for the past several years, even in the first half of last year, I think we're finally in a state where there shouldn't be any surprises from an industry point of view. So I think the advertising side of the story is actually looking really good. And for the first time, we can really communicate with them looking at a schedule that's unencumbered by any of the crazy things that have impacted our industry. And I think we're really lined up nicely with all of the capabilities that we've built over the last couple of years, particularly on the data side.

我認為現在的情緒非常好。當你想到過去幾年，甚至去年上半年我們必須應對的所有負面情緒時，我認為我們最終處於一種從行業角度來看不會有任何意外的狀態。所以我認為廣告方面的情況實際上看起來非常好。這是我們第一次能夠真正與他們溝通，並且不受任何影響我們行業的瘋狂事件所影響的日程安排。我認為，我們在過去幾年中建立的所有能力都已經很好地結合在一起，特別是在數據方面。

So we're really encouraged. Every now and again, you're going to have situations where a certain industry, in the case of government spending, creates a little bit of a hiccup on our forecasting, but I don't think anyone could have predicted that in Q1. But as we look to Q2 and beyond, we're really optimistic about how the industry is going to be performing against the box office.

所以我們真的受到鼓舞。有時，你會遇到這樣的情況：某個產業，例如政府支出，會對我們的預測造成一點幹擾，但我認為沒有人能夠在第一季預測到這種情況。但展望第二季及以後，我們對電影業的票房表現非常樂觀。

Is that higher advertiser sentiment, Tom? Does that sort of put you in a better position this year in terms of driving maybe some growth in the upfront season? I know last year, that was certainly not the case. Scatter was a larger factor. It seemed like that was more secular. But given all the improvement in the market and your business, do you think you have a better shot at driving higher upfront?

湯姆，這是否意味著廣告商的情緒更高了？就推動前期成長而言，這是否會讓您今年處於更有利的地位？我知道去年的情況絕對不是這樣。分散是一個更重要的因素。這似乎更加世俗。但考慮到市場和業務的全面改善，您是否認為您有更好的機會提高預付款？

I think we'll do as well proportionally in the upfronts, given that our industry is doing really well compared to linear television and broadcast television. I think the question is how are people buying versus how they used to buy. I do think we'll have a better upfront than we had last year.

考慮到我們的行業與線性電視和廣播電視相比表現非常好，我認為我們在前期投入方面也會取得同樣好的表現。我認為問題在於人們現在的購買方式與過去的購買方式有何不同。我確實認為我們的前期準備會比去年更好。

But I think as you look at it, there's still an unusual mix between scatter and upfront where people are buying closer and closer to the actual broadcast date. But remember -- but you're right, last year, when we were doing the upfront there was still some uncertainty in the theatrical business were we're still coming off the strike. So this next upfront should be one, probably the cleanest upfront we've had since 2019.

但我認為，當你看到它時，分散購買和預付購買之間仍然存在著不尋常的混合，人們在越來越接近實際播出日期時購買。但請記住——但你是對的，去年，當我們進行預付款時，戲劇業務仍然存在一些不確定性，我們仍然處於罷工階段。因此，下一次預付款應該是，可能是我們自 2019 年以來最乾淨的預付款。

Nice. I know premium, obviously, has been a very hot area of the box office. And I think you've been sort of trying to corner that market a little bit, Tom, through maybe IMAX and PLFs. Just sort of what are you seeing in terms of advertiser demand to get on the premium screens? And how big of a factor can that be for you in '25 as we see the blockbuster slate growing?

好的。我知道，高端電影顯然是票房的一個非常熱門的領域。湯姆，我認為你一直在試圖壟斷這個市場，也許是透過 IMAX 和 PLF。您認為廣告主對於優質螢幕的需求是如何的？隨著大片數量的不斷增加，這對您在 25 年會起到多大作用？

Everybody wants to be on those premiums. Everyone wants to be on those premium screens, and that's always a topic of discussion. And as that's married to our Platinum inventory in particular, it's where the biggest advertisers want to go first. So whenever we're working either with a new advertiser or someone that's particularly interesting piece of creative, they're always focused on Platinum and on these large screen formats. So I think as that trend continues, which it seems to be at all the major exhibitors in terms of their investment plans and their growth, that's only going to benefit us and help us from an advertiser interest point of view.

每個人都想享受這些保費。每個人都想出現在那些優質螢幕上，這始終是一個討論的話題。由於它與我們的白金庫存緊密結合，因此它是最大的廣告商最想首先涉足的領域。因此，每當我們與新的廣告商或某個特別有趣的創意者合作時，他們總是專注於白金和這些大螢幕格式。因此，我認為，隨著這種趨勢的持續，從投資計劃和成長來看，所有主要參展商似乎都呈現這種趨勢，從廣告商利益的角度來看，這只會對我們有利，並對我們有幫助。

Last question from us, Tom, on the -- moving away from national, looking at the local, regional piece of your business. Obviously, pre-pandemic, it had pretty good scale, and I think you've gone through here a restructuring process. Just what are you seeing, I guess, from your local and regional teams, the excitement there to sort of scale and grow the business in '25 and '26?

湯姆，我們的最後一個問題是關於——從全國範圍來看，看看您的業務的本地和區域部分。顯然，在疫情之前，它的規模相當大，我認為你們已經經歷了一個重組過程。我想，您從當地和地區團隊中看到了什麼？他們對 25 年和 26 年業務規模和成長有何興奮？

So historically, local, pre-COVID was a really significant part of our business. During the COVID period and during even the recovery period, we -- as we cut back on cost, local, I think, was impacted pretty significantly given what an individual sales sort of kind of business that is. We've reinvested in our sales team locally and allocated more resources to them -- resources to them. So we're really optimistic that local is going to have a nice comeback in '25 and '26.

因此，從歷史上看，疫情之前的本地業務是我們業務中非常重要的一部分。在新冠疫情期間，甚至在恢復期間，隨著我們削減成本，我認為本地業務受到了相當大的影響，因為這是個人銷售類型的業務。我們對當地的銷售團隊進行了重新投資，並為他們分配了更多的資源。因此，我們非常樂觀地認為，本地旅遊業將在 2025 年和 2026 年實現強勁復甦。

This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Tom Lesinski for any closing remarks. Please go ahead, sir.

我們的問答環節到此結束。我想將會議交還給湯姆·萊辛斯基先生，請他作最後發言。先生，請繼續。

Okay. Thank you for your questions, everyone, and your support of National CineMedia. With our unmatched scale, NCM has maintained its position as a top player in this premium video advertising space. This past year has proven that movies are thriving once again, and MCM has consistently connected to advertisers with high-value audiences, attracting both new and loyal brands to our platform every quarter. Further, we believe NCM is well-positioned for the future with strong growth catalysts, a fortified balance sheet, positive cash flow and an opportunistic share repurchase program.

好的。感謝大家的提問，也謝謝大家對 National CineMedia 的支持。憑藉無與倫比的規模，NCM 一直保持著這一優質影片廣告領域的領先地位。過去的一年證明電影再次蓬勃發展，MCM 也始終與擁有高價值觀眾的廣告商保持聯繫，每個季度都吸引新品牌和忠實品牌加入我們的平台。此外，我們相信，憑藉強勁的成長催化劑、穩健的資產負債表、正的現金流和機會性的股票回購計劃，NCM 已為未來做好了準備。

As we look forward to '25, we are energized by our momentum and eagerly anticipate the opportunities that wait us in this year ahead. So as a final reminder, NCM will be hosting its 2025 Investor Day in New York City, Thursday, March 13, at 3:00. Excited for you to hear more about our strategy, innovation and performance from myself, Ronnie and other members of our talented management team.

展望25年，我們充滿活力，熱切期待來年帶給我們的機會。最後提醒一下，NCM 將於 3 月 13 日星期四下午 3:00 在紐約市舉辦 2025 年投資者日。我很高興能從我、羅尼和我們才華橫溢的管理團隊的其他成員那裡聽到更多關於我們的策略、創新和績效的資訊。

So finally, I want to thank our NCM team, as always, for their hard work and dedication, and thank you to our shareholders for their support as well. See you at the movies.

最後，我要一如既往地感謝我們的 NCM 團隊的辛勤工作和奉獻精神，也感謝我們股東的支持。電影院見。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。