National Cinemedia Inc (NCMI) 2025 Q1 法說會逐字稿

Good day, and welcome to the National CineMedia, Inc., first-quarter 2025 earnings conference call. Today's conference is being recorded.

大家好，歡迎參加 National CineMedia, Inc. 2025 年第一季財報電話會議。今天的會議正在錄製中。

At this time, I would like to turn the conference over to Chan Park, Senior Vice President of Finance.

現在，我想將會議交給財務高級副總裁 Chan Park。

Thank you, operator, and 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 Security Exchange Act of 1934 as amended. All statements other than statements of historical facts communicated during this conference call may constitute forward-looking statements.

謝謝接線員，下午好。今天與我一起出席的還有我們的執行長 Tom Lesinski 和財務長 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 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。本公司向美國證券交易委員會提交的文件中的風險因素揭露了可能導致實際結果與公司預期產生重大差異的重要因素。所有前瞻性陳述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。

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

現在，我將把電話轉給湯姆。

Thank you, Chan. Hello, everyone, and thank you for joining our fiscal 2025 first-quarter earnings call. Before we dive into our highlights from the quarter, I want to thank everyone who attended our 2025 Investor Day in March.

謝謝你，陳。大家好，感謝您參加我們的 2025 財年第一季財報電話會議。在深入探討本季的亮點之前，我想感謝所有參加我們三月 2025 年投資者日的人。

As we shared, NCM is well-positioned to win as the leading platform in cinema advertising with an unmatched competitive edge, attractive industry tailwinds, a premium audience and product, and a robust financial position. The key pillars of our growth strategy remain front and center as we move forward.

正如我們所分享的，NCM 憑藉無與倫比的競爭優勢、誘人的行業順風、優質的觀眾和產品以及強勁的財務狀況，完全有能力成為影院廣告領域的領先平台。在我們前進的過程中，成長策略的關鍵支柱仍然是重中之重。

We are diligently investing in both technology and top tier talent to enhance our platform and capitalize on opportunities within the premium video ad space. At the same time, we are committed to generating long-term value for our shareholders through our share repurchase program and the reinstatement of our dividend. We look forward to building on this momentum as we continue to execute our business strategy.

我們正在大力投資科技和頂尖人才，以增強我們的平台並利用優質影片廣告領域的機會。同時，我們致力於透過股票回購計畫和恢復股利為股東創造長期價值。我們期待在繼續執行業務策略的同時，繼續保持這一勢頭。

Now, let's dive into the current dynamics we're seeing at the box office. In the first quarter of 25, the box office generated approximately $1.4 billion, representing an 11.6% decline compared to the same period last year. While the first quarter is a seasonally softer period for the box office, the year-over-year decline reflected both a weaker than anticipated slate with fewer tentpole films alongside the underperformance of several high-profile titles such as Snow White. This said, we are encouraged that audiences continue to show up for new features including Mufasa: The Lion King, One of Them Days, and the animated comedy, Dogman. Looking ahead, we are optimistic that attendance will recover throughout the year, supported by a strong start to the second quarter.

現在，讓我們深入了解票房的當前動態。25年第一季，票房收入約14億美元，較去年同期下降11.6%。雖然第一季是票房的季節性疲軟期，但同比下降反映了票房表現弱於預期，主打電影數量減少，以及《白雪公主》等幾部高知名度影片的表現不佳。儘管如此，我們很高興看到觀眾繼續觀看新影片，包括《木法沙：獅子王》、《他們中的一員》和動畫喜劇《狗俠》。展望未來，我們樂觀地認為，在第二季強勁開局的支撐下，全年遊客量將回升。

Kicking off the second quarter, a Minecraft movie delivered the largest opening day of the year thus far and set a record for the largest debut ever for a video game feature. Looking at attendance, the robust contribution from a Minecraft movie has more than offset the slower first quarter with NCM's year-to-date network attendance through April up 6% compared with the same period last year.

第二季開始，《我的世界》電影創下了今年迄今首映日票房最高的紀錄，並創下了電子遊戲電影首映日票房最高的紀錄。從上座率來看，《我的世界》電影的強勁貢獻足以抵銷第一季的放緩，截至 4 月，NCM 年初至今的網路上座率與去年同期相比成長了 6%。

The remainder of the quarter is expected to benefit from a stronger lineup of releases across a wide range of genres, including highly anticipated titles such as Mission Impossible: The Final Reckoning, Ballerina, and How to Train Your Dragon.

預計本季剩餘時間將受益於各種類型影片的強勁上映陣容，其中包括備受期待的影片，如《碟中諜 3：最終清算》、《芭蕾舞女演員》和《馴龍高手》。

The second half of '25 is also shaping up to be very promising, with a rich and diverse slate of blockbuster sequels, original tentpoles, and award-season contenders poised to drive increased attendance and advertiser engagement.

2025 年下半年也前景光明，豐富多元的大片續集、原創主打影片以及獎項季競爭影片將有望提高上座率和廣告商參與度。

Many of these highly anticipated films are on display at this year's CinemaCon in early April, which highlighted the enduring power and cult of resonance of cinema. Early previews of titles like Walt Disney Studios' Zootopia 2, Universal Pictures' Wicked for Good, and Paramount Pictures' The Running Man captivated attendees and reaffirmed the depth and quality of the theatrical slate through 2026.

許多備受期待的電影都在今年四月初的 CinemaCon 上展出，彰顯了電影的持久力量和共鳴。華特迪士尼影業的《瘋狂動物城 2》、環球影業的《魔法壞女巫》和派拉蒙影業的《奔跑的人》等電影的早期預告片吸引了觀眾，並再次證明了到 2026 年影院上映的深度和質量。

Studio leaders continue to voice their commitment to the big screen, including Amazon MGM Studios, which made its CinemaCon debut this year. The content studio for the streaming giant announced 14 theatrical releases already planned for '26, a clear indicator of growing industry enthusiasm and momentum behind the theatrical model.

電影公司領導人繼續表達對大銀幕的承諾，其中包括今年首次亮相 CinemaCon 的亞馬遜米高梅影業。這家串流媒體巨頭的內容工作室宣布，已計劃在 26 年上映 14 部影片，這清楚地表明了業界對影院模式的熱情和發展勢頭日益增強。

The widespread support from across the entertainment ecosystem reinforces the enduring appeal to theatrical experience and further validates our long-term belief in the resilience of the industry. For NCM, this momentum represents an opportunity to connect brands with hard-to-reach audiences in one of the most immersive advertising mediums available today. With a strong slate of premium cinematic content expected to draw consumers to theaters, we believe we are well-positioned to capture box office upside going forward.

來自整個娛樂生態系統的廣泛支持增強了對戲劇體驗的持久吸引力，並進一步證實了我們對該行業韌性的長期信念。對 NCM 來說，這種勢頭代表著一個機會，即透過當今最具沉浸感的廣告媒介之一，將品牌與難以接觸的受眾聯繫起來。憑藉一系列優質電影內容，我們有望吸引消費者走進戲院，我們相信我們已做好準備，在未來獲得票房成長的機會。

Next, I want to quickly discuss two trends we are currently seeing in the advertising marketplace. First, as we previewed on our last earnings call, recent shifts in government policy have resulted in an overall reduction in government ad spend. Second, advertisers across a range of categories delayed ad spending decisions in response to tariff uncertainty in the first quarter.

接下來，我想快速討論我們目前在廣告市場上看到的兩個趨勢。首先，正如我們在上次收益電話會議上所預測的那樣，政府政策的近期變化導致政府廣告支出整體減少。其次，由於第一季關稅不確定性，各類別的廣告商都延後了廣告支出決策。

As this uncertainty has increased, advertisers are reevaluating their near-term marketing strategies. Consequently, we're seeing a trend toward fewer and smaller advertising campaigns, especially across local and regional channels. We're continuing to monitor these evolving trends and are working with our advertisers to help them place the right campaigns at the right time to continue to reach NCM's valuable audiences.

隨著這種不確定性的增加，廣告商正在重新評估他們的近期行銷策略。因此，我們看到廣告活動越來越少、規模越來越小的趨勢，尤其是在本地和區域管道。我們將繼續關注這些不斷變化的趨勢，並與我們的廣告商合作，幫助他們在正確的時間進行正確的活動，以繼續吸引 NCM 的寶貴受眾。

With these dynamics in mind, NCM delivered results in line with our expectations.

考慮到這些動態，NCM 的表現符合我們的預期。

NCM's first-quarter 2025 total revenue was $34.9 million within our guidance range. The 7% year-over-year decline reflects the slower first quarter at the box office and an expected degree of advertiser uncertainty regarding tariffs.

NCM 2025 年第一季的總收入為 3,490 萬美元，在我們的指導範圍內。7% 的同比下降反映了第一季票房成長放緩以及廣告商對票價的不確定性。

Approximately 42% of first quarter national on-screen revenue was attributed to the scanner market compared to 29% in the prior-year period, reflecting the market shift toward real-time advertising solutions.

第一季全國螢幕收入約有 42% 來自掃描器市場，而去年同期這一比例為 29%，這反映了市場向即時廣告解決方案的轉變。

Our core platinum offering continues to represent a high-quality and proven option for reaching sought-after audiences at scale, attracting category leading advertisers in wireless insurance and dining.

我們的核心白金產品繼續代表著高品質且經過驗證的選擇，可以大規模地吸引受歡迎的受眾，吸引無線保險和餐飲領域的領先廣告商。

Adjusted OIBDA was $9 million in line with our guidance and primarily driven by reduced theater attendance and the impact to the top line. Our adjusted OIBDA also reflects investments in sales and operations coupled with one-time investments that were not incurred last year. As we've stated previously, we do not expect our first-quarter results to be indicative of our full year performance.

調整後的 OIBDA 為 900 萬美元，符合我們的預期，主要原因是戲院上座率下降以及對營收的影響。我們調整後的 OIBDA 也反映了銷售和營運方面的投資以及去年未發生的一次性投資。正如我們之前所說，我們並不認為第一季的業績能夠代表全年的業績。

Based upon our current sales pacing, we expect to achieve year-over-year growth for the second quarter. Despite the headwinds we saw in the first quarter, the fundamentals of our business remain strong. NCM continues to be the largest cinema ad network in the US, providing advertisers unmatched reached to valuable young and diverse audiences in a brand-safe, high-impact environment.

根據我們目前的銷售速度，我們預計第二季將實現同比成長。儘管第一季面臨阻力，但我們的業務基本面依然強勁。NCM 繼續成為美國最大的影院廣告網絡，在品牌安全、高影響力的環境中為廣告商提供無與倫比的覆蓋面，使其能夠接觸到寶貴的年輕和多樣化的觀眾。

Across our entire network, NCM reached over 72 million individuals in the first quarter. Primarily driven by Gen Z and millennials, who accounted for 64% of our viewership in the quarter. Gen Z alone comprised 36% of our total audience and maintained a strong weekly average rating of 4.

在我們的整個網路中，NCM 在第一季覆蓋了超過 7,200 萬人。主要受 Z 世代和千禧世代推動，他們佔本季觀眾人數的 64%。僅 Z 世代就佔了我們總觀眾的 36%，並保持了 4 的強勁每周平均收視率。

This quarter, 30 million of the hard-to-reach 18- to 34-year-old demographic flocked to NCM theaters, resulting in a 3.9% average weekly rating, outperforming traditional media benchmarks and dominating entertainment in the first quarter.

本季度，3,000 萬難以接觸的 18 至 34 歲人群湧入 NCM 影院，平均每週收視率為 3.9%，超過傳統媒體基準，並在第一季度佔據娛樂業的主導地位。

Our strength with these sought after demographics continues to attract advertisers who recognize the value of NCM's precision targeting, real-time insights, and measurable performance outcomes. Year to date, NCM has welcomed 14 new advertisers who have not placed cinema campaigns since prior to the pandemic. As we expand our client base and enhance our platform, we remain confident that advertisers will continue turning to NCM even amid market uncertainties to leverage our high-value audiences and maximize campaign performance.

我們在這些熱門人口統計數據方面的優勢繼續吸引著那些認可 NCM 的精準定位、即時洞察和可衡量績效結果的價值的廣告商。今年迄今，NCM 已迎來 14 家新廣告商，這些廣告商自疫情爆發前就未曾投放過戲院廣告活動。隨著我們擴大客戶群並增強平台，我們仍然相信，即使在市場不確定的情況下，廣告商仍將繼續轉向 NCM，以利用我們的高價值受眾並最大限度地提高廣告活動效果。

With strong fundamentals and a capitalized business model, we remain focused on investing in the business and executing on our growth strategy. And we have several exciting updates to share.

憑藉強大的基本面和資本化的商業模式，我們將繼續專注於業務投資和執行成長策略。我們有幾個令人興奮的更新要分享。

I am pleased to announce that NCM agreed to a five-year extension of our contract with AMC Theaters, the world's largest theatrical exhibition company, through the end of 2042. We're excited to further strengthen a relationship that's been foundational to our success.

我很高興地宣布，NCM 同意將與全球最大的影院放映公司 AMC 影院的合約延長五年，至 2042 年底。我們很高興能夠進一步加強對我們的成功至關重要的關係。

The revised agreement aligns the payment structure more closely with actual performance metrics, specifically attendance, screen count, and advertising revenue, ensuring more dynamic and scalable revenue generation starting July 1, 2025.

修訂後的協議使支付結構與實際績效指標（特別是出席人數、螢幕數量和廣告收入）更加緊密地結合起來，確保從 2025 年 7 月 1 日起實現更具活力和可擴展的收入創造。

NCM retains exclusive rights to the lobby advertising at AMC Theaters and will collaborate with them to modernize lobby video screens, improving audience engagement, and monetization potential. Additionally, the agreement strengthens the value of our advertising inventory at AMC Theaters.

NCM 保留 AMC 影院大堂廣告的獨家權利，並將與其合作對大堂視頻屏幕進行現代化改造，提高觀眾參與度和盈利潛力。此外，該協議還增強了我們在 AMC 影院的廣告庫存的價值。

Through this new agreement, we further solidified our position as the national leader in cinema advertising. Ronnie will provide additional details on the economics of this agreement in a few moments.

透過這項新協議，我們進一步鞏固了我們在全國影院廣告領域的領先地位。羅尼稍後將提供有關該協議經濟方面的更多細節。

In addition to strengthening our network, we are prioritizing investing in our platform and enhancing its capabilities.

除了加強我們的網路之外，我們還優先投資我們的平台並增強其功能。

At Investor Day, we introduced Bullseye, a new NCMX product powered by artificial intelligence that leverages and analyzes key audience signals to deliver dynamic hyper localized messaging at scale.

在投資者日，我們推出了 Bullseye，這是一款由人工智慧驅動的新型 NCMX 產品，它利用和分析關鍵受眾訊號來大規模傳遞動態超本地化訊息。

Launched in Q1, Bullseye builds on the success of boomerang and boost, strengthening our growing portfolio of innovative solutions that drive measurable results across key consumer categories.

Bullseye 於第一季推出，以 boomerang 和 boost 的成功為基礎，增強了我們不斷增長的創新解決方案組合，為主要消費者類別帶來可衡量的成果。

Additionally, we are excited to announce the introduction of Blueprint, the newest addition to the NCMX product suite, alongside Boomerang, Boost, and Bullseye. Blueprint uses real-time renovation permit data to identify homeowners who are actively engaged in remodeling projects, giving brands the ability to reach high-intent consumers at exactly the right moment. Bullseye Blueprint reflect our ongoing commitment to develop smart, scalable solutions that connect brands with valuable audiences during team moments.

此外，我們很高興地宣布推出 Blueprint，這是 NCMX 產品套件的最新成員，與 Boomerang、Boost 和 Bullseye 一起。Blueprint 使用即時裝修許可數據來識別積極參與改造專案的房主，使品牌能夠在適當的時機接觸到有強烈意圖的消費者。Bullseye Blueprint 反映了我們持續致力於開發智慧、可擴展的解決方案，在團隊合作期間將品牌與有價值的受眾聯繫起來。

Beyond continued innovation within the NCMX, we are accelerating our efforts to align our platform with broader shifts in the advertising landscape, particularly the growing demand for programmatic and self-serve solution. This quarter, we took a significant step in positioning NCMX to capitalize on this trend by signing a new supply side technology partner. The collaboration expands our addressable marketplace, enhances our targeting capabilities, and further strengthens our delivery of data-driven solutions.

除了在 NCMX 內部持續創新之外，我們還在加快努力使我們的平台與廣告領域的更廣泛變化保持一致，特別是對程序化和自助服務解決方案日益增長的需求。本季度，我們透過簽署新的供應方技術合作夥伴，向 NCMX 定位邁出了重要一步，以利用這一趨勢。此次合作擴大了我們的潛在市場，增強了我們的定位能力，並進一步加強了我們提供數據驅動解決方案的能力。

We are starting to see our programmatic business gain meaningful traction. In the first quarter, NCM partnered with 61 unique advertisers across our on-screen and in-lobby programmatic offerings. Programmatic contributed 3% of total revenue for the first quarter, captioning 48% of our 2024 full year total programmatic revenue. This momentum has continued in the second quarter, with programmatic revenue currently pacing out of the first quarter.

我們開始看到我們的程序化業務獲得有意義的發展。第一季度，NCM 透過螢幕和大廳程式化廣告與 61 個獨立廣告商建立了合作關係。程序化廣告貢獻了第一季總收入的 3%，占我們 2024 年全年程序化廣告總收入的 48%。這股動能在第二季得以延續，程序化廣告收入目前已超過第一季。

Turning now to self-serve. We are pleased to announce the re-launch of our enhanced self-serve platform this quarter. The improved platform is a more user-friendly solution that enables advertisers to seamlessly activate cinema advertising, launch hyperlocal campaigns, and target specific geographic areas.

現在轉向自助服務。我們很高興地宣布，本季我們重新推出了增強型自助服務平台。改進後的平台是一種更用戶友好的解決方案，使廣告商能夠無縫激活影院廣告、啟動超本地化活動並定位特定地理區域。

By providing new on-ramps to cinema advertising for brands who previously may not have considered it, the self-serve platform unlocks new demand channels for NCM. As demand accelerates and we continue to invest in technology, partnerships, and inventory optimization, we expect to see continued adoption of programmatic self-serve with meaningful revenue contributions from these offerings expected beginning in '26.

透過為以前可能沒有考慮過的品牌提供新的戲院廣告入口，自助平台為 NCM 開闢了新的需求管道。隨著需求的增長以及我們繼續在技術、合作夥伴關係和庫存優化方面的投資，我們預計程序化自助服務將繼續被採用，並且預計從 26 年開始這些產品將帶來可觀的收入貢獻。

We also continue to recognize the potential in the local advertising space. The improvements we've made to our self-serve offering have significantly streamlined campaign execution at the local level, reducing friction for advertisers and enabling our sales team to shift focus toward higher-value opportunities across these markets.

我們也持續認識到本地廣告領域的潛力。我們對自助服務所做的改進大大簡化了本地層面的廣告活動執行，減少了廣告商的摩擦，並使我們的銷售團隊能夠將重點轉向這些市場中更高價值的機會。

As we shared at our 2025 Investor Day, we've been investing in experienced sales leaders to drive our local initiatives with a targeted approach. This includes dedicating resources to building relationships across the full spectrum of local advertisers, including national holding companies, placing regional buys, larger franchise operators, and small independent businesses looking to drive awareness of foot traffic.

正如我們在 2025 年投資者日所分享的那樣，我們一直在投資經驗豐富的銷售領導者，以有針對性的方式推動我們的本地計劃。這包括投入資源與所有本地廣告商建立關係，包括全國控股公司、區域購買商、大型特許經營商以及希望提高客流量意識的小型獨立企業。

This multi-tiered strategy will allow us to tap into growth categories at the local level, including lottery, education, automotive, and professional services. As the local advertising space continues to evolve, and with our expanded capabilities and a clear focus on execution, we are optimistic about our ability to capture incremental revenue and unlock sustained local growth.

這項多層次策略將使我們能夠挖掘地方層級的成長類別，包括彩票、教育、汽車和專業服務。隨著本地廣告領域的不斷發展，以及我們能力的擴大和對執行的明確關注，我們對獲取增量收入和實現持續本地增長的能力充滿信心。

As we look ahead to the second quarter, we are confident that we are taking the right steps to position NCM for the future. We're particularly encouraged by the robust upcoming movie slate and continue to deliver the most valuable sought after audiences with unmatched scale and reach in a uniquely immersive environment.

展望第二季度，我們有信心採取正確的措施為 NCM 的未來做好準備。我們對即將上映的強勁電影名單感到特別鼓舞，並將繼續在獨特的沉浸式環境中以無與倫比的規模和影響力為最有價值的觀眾提供最優質的服務。

While we expect continued headwinds for advertisers in certain categories impacted by tariffs, we are seeing solid sales facing so far in the second quarter and into the second half of the year, and we're optimistic that advertisers will continue to turn to the unique value in ROI that NCM delivers.

雖然我們預期某些類別的廣告商會繼續受到關稅的影響，但我們看到第二季和下半年的銷售情況穩健，我們樂觀地認為廣告商將繼續轉向 NCM 提供的投資報酬率 (ROI) 的獨特價值。

The remainder of 2025 will be pivotal as the box office continues to recover and we build on our competitive edge in the marketplace. We remain mindful of the dynamic macroeconomic environment and continue to believe in the resilience of the theatrical exhibition industry, supported by a compelling film slate and renewed commitments from key industry leaders.

2025 年剩餘時間將是關鍵時期，因為票房將繼續復甦，我們將在市場上增強競爭優勢。我們始終關注動態的宏觀經濟環境，並繼續相信影院放映行業的韌性，這得益於引人注目的電影片單和主要行業領導者的新承諾。

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

現在，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前景的更多詳細資訊。

Thank you, Tom, and good afternoon, everyone. Well, the first-quarter box office was seasonally slower than we typically see. We began the year with strong momentum, executing on value enhancing transactions, including a new $45 million cash flow based revolver, which significantly reduced our cost of financing. And securing a revised AMC agreement that strengthens our value proposition to both clients and shareholders.

謝謝你，湯姆，大家午安。嗯，第一季的票房表現比我們通常看到的要慢。我們以強勁的勢頭開啟了新的一年，執行了增值交易，包括一筆新的 4500 萬美元的基於現金流的循環信貸，這大大降低了我們的融資成本。並確保修訂後的 AMC 協議能加強我們對客戶和股東的價值主張。

As we continue to execute on the growth strategy we outline our 2025 Investor Day, we remain focused on capturing opportunities in the premium video marketplace, improving the monetization of our inventory, and managing our business with discipline.

在我們繼續執行 2025 年投資者日概述的成長策略的同時，我們仍然專注於抓住優質視訊市場的機遇，提高庫存的貨幣化程度，並嚴格管理我們的業務。

NCM's total revenue for the first quarter was $34.9 million. With our guidance range of $34 million to $36 million but down 7% from $37.4 million in the same period last year.

NCM第一季的總收入為3,490萬美元。我們的指導範圍為 3,400 萬美元至 3,600 萬美元，但比去年同期的 3,740 萬美元下降了 7%。

This decline was primarily driven by a 5% year-over-year reduction in attendance, stemming from the underperformance of select film titles, temporary pullbacks in government advertising in connection with recent cost saving policy shifts and delayed auto ad spending decisions in response to ongoing tariff announcements. These factors were partially offset by continued strength across travel, wireless, and entertainment. Importantly, we are keeping a close eye on these dynamics as we continue to invest in our business.

這一下降主要是由於觀影人次同比下降 5% 所致，這歸咎於部分電影票房表現不佳、近期成本節約政策轉變導致政府廣告暫時減少以及為應對持續的關稅公告而推遲汽車廣告支出決策。這些因素被旅遊、無線和娛樂領域的持續強勁表現部分抵消。重要的是，我們在繼續投資業務的同時，也密切關注這些動態。

Our team continued to expand our scattered participation, which increased to 42% of the mix versus 29% in the same quarter last year to mitigate the shift away from the upfront marketplace.

我們的團隊持續擴大分散參與度，從去年同期的 29% 增加到 42%，以緩解預付市場轉移的影響。

National advertising revenue decreased to $27.4 million, down from $29.5 million in the first quarter of 2024, driven primarily by lower march attendance. While we saw advertising delays in sectors such as government, automotive, and consumer packaged goods, increased demand from wireless, pharmaceutical, dining, and media helped mitigate some of this softness. The chopping environment did lead to lower inventory utilization for the quarter of approximately 8%, offset by slightly increasing CPMs.

全國廣告收入從 2024 年第一季的 2,950 萬美元下降至 2,740 萬美元，主要原因是遊行出席人數減少。雖然我們看到政府、汽車和消費品等行業的廣告出現延遲，但無線、製藥、餐飲和媒體方面的需求增加有助於緩解部分疲軟。削減環境確實導致本季庫存利用率下降約 8%，但 CPM 略有增加，抵消了這一影響。

Attendance trends during the quarter also impacted our ability to monetize efficiently, with strong February moviegoer turnout driven by the release of Captain America during a seasonally softer advertising month. Conversely, March, which is a seasonally stronger advertising period during the quarter, experienced a 37% decline in attendance due to the underperformance of Snow White. The box office performance for these two months led to March accounting for less than 30% of the quarterly attendance compared to over 40% historically.

本季的上座率趨勢也影響了我們有效獲利的能力，由於《美國隊長》在季節性廣告較淡的月份上映，2 月的電影觀眾人數強勁。相反，3 月是本季廣告業務旺盛的時期，但由於《白雪公主》表現不佳，觀影人次卻下降了 37%。這兩個月的票房表現導致 3 月的票房佔比不到整個季度的 30%，而歷史上這一比例通常超過 40%。

Despite these challenges, March demonstrated robust advertiser demand, highlighted by a 21% increase in inventory utilization and a 15% lift in CPMs, resulting in an oversold month. We remain vigilant on the current market dynamics, but are also encouraged by the demand we experience exiting the quarter.

儘管面臨這些挑戰，3 月廣告主需求依然強勁，庫存利用率成長了 21%，每千次曝光費用 (CPM) 成長了 15%，導致當月銷售超額。我們對當前的市場動態保持警惕，但本季結束時的需求也令我們感到鼓舞。

Local and regional advertising revenue totaled $4.9 million, down from $5.3 million in the first quarter of 2024. This decline was primarily driven by lower attendance and ongoing economic uncertainty, which led to lower contract volume and smaller deal sizes, particularly within the dining, automotive, wireless, and healthcare categories. These declines were partially offset by increased contract activity and larger deal sizes within the travel and professional services categories.

本地和地區廣告收入總計 490 萬美元，低於 2024 年第一季的 530 萬美元。這種下降主要是由於出席人數減少和持續的經濟不確定性，導致合約減少和交易規模縮小，尤其是在餐飲、汽車、無線和醫療保健類別。這些下降被旅遊和專業服務類別中合約活動的增加和交易規模的擴大部分抵消。

Turning to our expenses. First-quarter operating expenses were $58.8 million a 2% decrease from $60.1 million in the prior year. Excluding one-time items, depreciation, amortization, and non-cash share-based compensation, our adjusted operating expenses were $43.9 million, up 2% year over year. This increase was primarily driven by the timing of our annual sales event, which did not occur in the prior year partially offset by lower exhibitor fees attributable to decreased attendance.

談到我們的開支。第一季營運費用為 5,880 萬美元，較去年同期的 6,010 萬美元下降 2%。不包括一次性項目、折舊、攤提和非現金股權激勵，我們的調整後營運費用為 4,390 萬美元，年增 2%。這一增長主要歸因於我們年度銷售活動的時間安排，而前一年並未舉辦該活動，但因參展人數減少導致參展商費用降低，部分抵消了這一增長。

As we previously shared, we anticipate a high single digit percentage increase in adjusted SG&A for the full year, reflecting higher sales commissions tied to revenue growth, continuing investment in our sales team and go-to-market initiatives, and the implementation of new sales technology to optimize inventory utilization.

正如我們先前所分享的，我們預計全年調整後的銷售、一般及行政費用將出現較高的個位數百分比增長，這反映了與收入增長相關的銷售佣金增加、對銷售團隊和上市計劃的持續投資，以及實施新的銷售技術以優化庫存利用率。

First-quarter adjusted OIBDA, excluding non-cash charges and one-time items, was negative $9 million compared to negative $5.7 million in the prior year. That said, our adjusted OIBDA result was in line with our guidance range of negative $9.5 million to negative $7.5 million.

第一季調整後的 OIBDA（不含非現金費用和一次性項目）為負 900 萬美元，去年同期為負 570 萬美元。也就是說，我們調整後的 OIBDA 結果符合我們的指導範圍，即負 950 萬美元至負 750 萬美元。

Total and lever free cash flow for the quarter, as defined by cash flow from operations less capital expenditures, was $5.5 million. As a reminder, our fourth-quarter 2024 unlevered free cash flow benefited from approximately $13 million in client advance payments for advertising scheduled to run throughout 2025. As a result, these upfront payments will impact the year over year comparability of free cash generation in 2025.

本季總自由現金流和槓桿自由現金流（定義為經營活動現金流減去資本支出）為 550 萬美元。提醒一下，我們 2024 年第四季的無槓桿自由現金流受益於客戶為計劃於 2025 年全年投放的廣告支付的約 1,300 萬美元的預付款。因此，這些預付款將影響 2025 年自由現金產生的年比可比性。

Turning to our consolidated balance sheet. At the end of the first quarter, the company has $63.1 million of cash equivalents, restricted cash, and marketable securities, and zero outstanding debt with an undrawn revolver. As we shared at Investor Day, our capital allocation strategy reflects our commitment to delivering value by investing in the future of NCM and returning capital to shareholders.

轉向我們的合併資產負債表。截至第一季末，該公司擁有 6,310 萬美元的現金等價物、受限現金和有價證券，且未償還債務為零，並有未提取的循環信貸額度。正如我們在投資者日所分享的，我們的資本配置策略反映了我們透過投資 NCM 的未來和向股東返還資本來實現價值的承諾。

Strategic investments in our platform, including the improvements in programmatic and self-serve, new NCMX products, and the extended AMC partnership will enhance NCM's ability to drive growth.

對我們平台的策略性投資，包括程式化和自助服務的改進、新的 NCMX 產品以及擴展的 AMC 合作夥伴關係，將增強 NCM 推動成長的能力。

As mentioned, on April 24, we announced a strengthened long-term partnership with AMC through a revised agreement that extends the term by five years through 2042, underscoring the value of our advertising inventory and securing a stable revenue stream.

如上所述，4 月 24 日，我們宣布透過修訂協議加強與 AMC 的長期合作夥伴關係，將合作期限延長五年至 2042 年，強調了我們廣告庫存的價值並確保了穩定的收入來源。

The revised ESA introduces an improved advertising show structure that aligns with our other major exhibitor partners, simplifying operations, and creating additional high-value inventory, particularly during peak periods while expanding preapproved advertising categories.

修訂後的 ESA 引入了改進的廣告展示結構，與我們的其他主要參展商合作夥伴保持一致，簡化了運營，並創造了額外的高價值庫存，特別是在高峰期，同時擴大了預先批准的廣告類別。

We have also entered into a new multiscreen lobby advertising and data sharing agreements, modernizing our lobby offerings, and further enhancing our data products within the NCMX suite. As part of this agreement, our existing beverage arrangement remains in place, and we have established a revised payment structure with AMC, which continues to include per patron and screen fees while introducing a potential revenue sharing component tied to performance.

我們還簽署了新的多螢幕大廳廣告和數據共享協議，使我們的大廳服務現代化，並進一步增強 NCMX 套件內的數據產品。作為本協議的一部分，我們現有的飲料安排仍然有效，並且我們與 AMC 建立了修訂後的付款結構，該結構繼續包括每位顧客和螢幕費用，同時引入與績效掛鉤的潛在收入分成部分。

Regarding the revised fees, if we assume no incremental revenue from the agreement, the 2024 adjusted OIBDA margin would have been minimally impacted by approximately 1.5 points. Through the course of the agreement, we expect adjusted OIBDA margins to be impacted between 1.5 to 2.5 points. That said, we do expect to see incremental revenue from the improved agreement, which we project to offset the increased fees and support potential adjusted OIBDA growth.

關於修訂的費用，如果我們假設該協議不會帶來增量收入，那麼 2024 年調整後的 OIBDA 利潤率將受到約 1.5 個百分點的影響。在協議執行期間，我們預計調整後的 OIBDA 利潤率將受到 1.5 至 2.5 個百分點的影響。話雖如此，我們確實希望從改進的協議中獲得增量收入，我們預計這將抵消增加的費用並支持潛在的調整後 OIBDA 成長。

As part of the revised terms, NCM and AMC also agreed to terminate our joint venture agreements and dismiss ongoing litigation. This agreement positions NCM for accretive growth and reaffirms the long-term strategic value of our AMC relationship.

作為修訂條款的一部分，NCM 和 AMC 還同意終止合資協議並撤銷正在進行的訴訟。該協議將使 NCM 實現增值成長，並重申我們與 AMC 關係的長期策略價值。

To complement these strategic initiatives, we have accelerated our share repurchase program. Year-to-date through April, NCM has repurchased 2.3 million shares at an average price per share of $6.06 for a total of approximately $14 million, almost matching the total number of shares repurchased throughout all of 2024. This brings our total shares repurchased under this program to 4.8 million shares, at an average price of $5.60 for a total of $27 million.

為了配合這些策略性舉措，我們加快了股票回購計畫。截至今年 4 月，NCM 已以每股平均 6.06 美元的價格回購了 230 萬股，總計約 1,400 萬美元，幾乎相當於 2024 年全年回購的股票總數。這使得我們根據該計劃回購的股票總數達到 480 萬股，平均價格為 5.60 美元，總額為 2,700 萬美元。

Looking ahead, we plan to continue repurchasing shares opportunistically throughout the remainder of this year. We also announced a quarterly dividend of $0.03 per share today, amounting to $2.9 million. This dividend will be paid on May 29, 2025, to stockholders of record on May 16, 2025. This program provides a predictable baseline of capital returns for shareholders and aligns well with our high free cash flow conversion business model. With a balanced approach to investing in the business and returning capital to shareholders, we are committed to continuing to be a shareholder-friendly company.

展望未來，我們計劃在今年剩餘時間內繼續適時回購股票。我們今天也宣布了每股 0.03 美元的季度股息，總計 290 萬美元。該股將於 2025 年 5 月 29 日支付給 2025 年 5 月 16 日登記在冊的股東。該計劃為股東提供了可預測的資本回報基準，並且與我們的高自由現金流轉換業務模式一致。透過平衡地投資業務和向股東返還資本，我們致力於繼續成為一家股東友好型公司。

Turning to our outlook. We are excited about the upcoming major releases in the 2025 box office with a strong slate and demonstrated commitment from industry leaders. As we shared previously, we do not see the first quarter's results as indicative of our full-year performance. The second quarter ad sales pipeline remains active, but has heavily shifted into the scatter market, and we expect continued headwinds in categories impacted by government policy shifts.

轉向我們的展望。我們對 2025 年即將上映的票房大片感到興奮，這些大片擁有強大的片單和行業領袖的承諾。正如我們之前所分享的，我們認為第一季的業績不能代表我們的全年業績。第二季的廣告銷售管道依然活躍，但已大量轉向分散市場，我們預計受政府政策變化影響的類別將繼續面臨阻力。

We expect second quarter revenue to be between $56 million and $61 million, reflecting the ongoing impacts of tariff uncertainty on the advertising market. We expect adjusted OIBDA for the second quarter of 2025 to be between $2.5 million and $7.5 million.

我們預計第二季營收將在 5,600 萬美元至 6,100 萬美元之間，這反映了關稅不確定性對廣告市場的持續影響。我們預計 2025 年第二季的調整後 OIBDA 將在 250 萬美元至 750 萬美元之間。

In closing, we are encouraged by the industry momentum coming out of CinemaCon, where the upcoming film slate and unwavering support for theatrical exhibition from industry leaders were on full display. Looking at the remainder of the second quarter, we're particularly excited about Lilo & Stitch: 28 Years Later and Karate Kid: Legends.

最後，我們對 CinemaCon 帶來的行業發展勢頭感到鼓舞，該展會充分展示了即將上映的電影名單和行業領袖對影院上映的堅定支持。展望第二季的剩餘部分，我們對《星際寶貝：28 年後》和《龍威小子：傳奇》特別感興趣。

As audiences continue returning to theaters in great numbers, and as we deepen investment in our platform and capabilities, we believe advertisers will continue to recognize the value of NCM and turn to us to reach the most sought-after audiences. The combination of our strong execution, coupled with the share buyback and dividend programs, give us confidence in our ability to sustain growth, and we are committed to delivering long-term value for our partners, clients, and shareholders.

隨著大量觀眾繼續重返影院，以及我們對平台和能力的投資不斷加深，我們相信廣告商將繼續認識到 NCM 的價值，並轉向我們接觸最受歡迎的觀眾。強大的執行力，加上股票回購和股息計劃，使我們對維持成長的能力充滿信心，我們致力於為合作夥伴、客戶和股東提供長期價值。

Operator, please open the line for questions.

接線員，請打開熱線以回答問題。

(Operator Instructions) Eric Wold, Texas Capital Securities.

（操作員指示）埃里克·沃爾德，德州資本證券。

Thanks guys. Good afternoon. I appreciate you taking my questions. Just a couple. I'm kind of thinking back to the Q4 call, Tom, you talked about pacing was running strong for Q2 and use the same language again for the pacing in Q2 now. And I know you don't give guidance beyond the quarter, but obviously, the guidance came in below where us and consensus was looking for the quarter. I guess the simple question is, has that strength of pacing that you saw on the Q4 call weakened from the pacing you're seeing now on the Q1 call? Just trying to get a sense of kind of the level of strength and how it might have changed.

謝謝大家。午安.感謝您回答我的問題。只是一對。湯姆，我有點回想起第四季的電話會議，你談到第二季的節奏非常強勁，現在再次使用相同的語言來描述第二季的節奏。我知道你們沒有給出本季之後的指引，但顯然，該指引低於我們和市場對本季的普遍預期。我想簡單的問題是，您在第四季度電話會議上看到的節奏強度是否比您現在在第一季電話會議上看到的節奏強度弱？只是想了解強度水平以及它可能發生了怎樣的變化。

Well, here's what I would say. The pipeline is still very active in the second quarter. Scatter is obviously more important than ever. We're definitely seeing some headwinds in certain categories. Obviously, we think our inventory and the value of it is going to continue to draw audiences. There are certain categories like pharma, CPG, travel, insurance, entertainment that seem to be unaffected by the tariff discussions. And there's other categories, including government, cars, auto that I think are having more headwinds.

好吧，這就是我想說的。第二季管道仍然非常活躍。分散顯然比以往任何時候都更重要。我們確實看到某些類別中存在一些阻力。顯然，我們認為我們的庫存及其價值將繼續吸引觀眾。製藥、快速消費品、旅遊、保險、娛樂等某些類別似乎並未受到關稅討論的影響。我認為其他類別，包括政府、汽車等，也面臨更多阻力。

I know when I mentioned this in Q4, that the pacing was strong. I think it softened a little bit, and I think that's the explanation for how we're seeing the upcoming quarter. So, I think what's very difficult right now is it's very hard to predict day-to-day, week-to-week announcements on tariffs and how they're going to impact individual investors. Clearly, uncertainty is driving some level of hesitancy. That wasn't there, candidly, back in fourth quarter.

我知道當我在第四季度提到這一點時，節奏非常強勁。我認為它有所減弱，我認為這就是我們對下一季的看法的解釋。所以，我認為現在非常困難的是，很難預測每天、每週的關稅公告以及它們將如何影響個人投資者。顯然，不確定性導致了一定程度的猶豫。坦白說，第四季的情況還不存在。

I'll just add one thing to that, is that in terms of pacing, our scatter business is actually doing extraordinarily well right now. We're up at this point in time, what's already booked is up more than double versus the same period last year. I think, again, just reiterating what Tom said, it is about kind of seeing -- trying to find a little bit more clarity about the next two months is a little bit more difficult in this environment today.

我只想補充一點，就節奏而言，我們的分散業務現在實際上做得非常好。目前，我們已經預訂了，與去年同期相比，預訂量增加了一倍以上。我認為，再次重申湯姆所說的話，這是一種觀察——在當今的環境下，試圖對未來兩個月有更清晰的認識有點困難。

Got it. So last question, you kind of mentioned at the beginning that you're seeing kind of more shorter-term campaigns or shorter-term decisions and maybe some smaller campaigns from kind of as advertisers are a little uncertain. How much -- I know in the past, you've been, I guess, for -- except for kind of maybe extraordinary circumstances, upfront commitments were upfront commitments, and it was hard for somebody to get out of one. Are you planning to be any more flexible in terms of what they have committed to dollar-wise and timing-wise during the last upfront and given the environment we're in? Or is this basically whatever has been delayed really has to be made up by the end of the current scatter period -- or sorry, the upfront period?

知道了。最後一個問題，您一開始就提到，您看到更多的短期活動或短期決策，也許還有一些較小規模的活動，因為廣告商有點不確定。我知道，在過去，你一直都是這樣的——除非是特殊情況，預付承諾就是預付承諾，人們很難擺脫這種承諾。考慮到我們所處的環境，您是否計劃在上一次預付款中，在資金和時間方面做出更靈活的承諾？或者基本上，所有被延遲的事情都必須在當前分散期結束前彌補——或者抱歉，是預付期結束前？

So you're really talking about two different periods. The new upfront negotiations start in the next couple of months for the next, call it, 9 to 12 months. All advertisers are going to be more flexible in terms of cancellation policy and pricing given what's going on in the economic marketplace.

所以你實際上談論的是兩個不同的時期。新的預付談判將在未來幾個月內開始，持續 9 到 12 個月。鑑於經濟市場的現狀，所有廣告商在取消政策和定價方面都將更加靈活。

As it relates to what's happening over the next, call it, two quarters, which is really the end of our current upfront, generally speaking, we hold to our cancellation policies, and we plan on doing that. No one's really been aggressive with us trying to change cancellation policies. So it hasn't been an issue yet. It is unlikely to become an issue in any material way over the next two quarters.

因為這與接下來兩個季度發生的事情有關，這兩個季度實際上是我們當前預付款的結束，一般來說，我們堅持我們的取消政策，我們計劃這樣做。沒有人真正積極地試圖改變我們取消政策。所以這還不是一個問題。在接下來的兩個季度裡，這不太可能成為任何實質的問題。

I think where it's going to become very interesting, though, is in the next upfront where you have more and more advertisers buying closer and closer to air date. And that is going to be a significant thing for every advertiser. And we're happy to compete in scatter. And with the outgrowth and implementation of programmatic and self-serve, we'll be well positioned to deliver advertising within 24 hours of an actual air date for spot. So, it's an interesting question, and I think you're going to see more of it in the next upfront, not so much for us in this upfront period.

不過，我認為，在下一次預付款中，將會有越來越多的廣告商在越來越接近播出日期時購買廣告。這對每個廣告商來說都是一件大事。我們很高興參加分散比賽。隨著程序化和自助服務的發展和實施，我們將能夠在實際播出日期後的 24 小時內投放廣告。所以，這是一個有趣的問題，我認為你會在下一輪預付款中看到更多這樣的問題，但在這次預付款期間我們不會看到太多這樣的問題。

Perfect. Thanks, guys.

完美的。謝謝大家。

Patrick Sholl, Barrington Research.

巴林頓研究公司的 Patrick Sholl。

Hi. Just following up on what you were talking about being able to deliver the advertising more quickly. Just kind of curious to what extent that that's helping to maybe improve some of the monetization on films that outperform and maybe kind of erase some of that gap when there is like a stronger-than-expected box office period.

你好。我只是想繼續討論您剛才說的關於如何能夠更快地投放廣告的問題。我只是有點好奇，這在多大程度上有助於提高表現優異的電影的貨幣化程度，並在票房表現強於預期時消除一些差距。

Yeah. I mean, the best application for our ability to deliver ads quickly is when a movie outperforms. So, on a movie like Minecraft, which did phenomenally well in its opening weekend, everyone wanted to chase that the following weekend. And unless you have the tools to do it or the platform to do it, it's very hard to deliver incremental inventory that quickly. We're in a position where we can do it fairly well today as programmatic becomes more pervasive across our whole capability platform, we'll be able to do it literally within 24 hours or even in some cases, a couple of hours. So yes, it will be a great tool for improving utilization.

是的。我的意思是，當電影表現出色時，我們快速投放廣告的能力就得到了最好的體現。因此，對於像《我的世界》這樣的電影來說，它在首映週末取得了驚人的成功，每個人都想在接下來的周末繼續追捧。除非你有相應的工具或平台，否則很難如此快速地提供增量庫存。如今，隨著程式化在我們整個能力平台上的普及，我們可以做得相當好，我們將能夠在 24 小時內，甚至在某些情況下，幾個小時內完成這項任務。所以是的，它將是提高利用率的絕佳工具。

Okay. And then just in terms of like the category weakness, is there any -- maybe a breakout between kind of more brand-driven versus performance ad purchases there from your advertisers?

好的。那麼就類別弱點而言，是否存在－在品牌驅動型廣告購買和成效驅動型廣告購買之間出現突破？

I think where you see some pausing in the, call it, upper end of the funnel is those who are trying to build brand awareness or image advertising, those are typically the kind of companies that put more of a pause on things during uncertain environments. I think the performance-based companies, particularly CPG, pharma, travel insurance, et cetera, those people continue to invest in marketing because of the ability to quantify the outcomes. And obviously, we're a great platform for delivering high levels of predictable outcomes. So, that's sort of the landscape of what's happening right now.

我認為，在漏斗的上端看到一些暫停的人是那些試圖建立品牌知名度或形象廣告的人，這些公司通常是在不確定的環境中暫停做事的公司。我認為以績效為基礎的公司，特別是快速消費品、製藥、旅遊保險等，之所以繼續投資行銷，是因為他們能夠量化結果。顯然，我們是一個能夠提供高水準可預測結果的絕佳平台。這就是目前正在發生的情況。

Okay, thank you.

好的，謝謝。

Mike Hickey, The Benchmark Company.

麥克希基（Mike Hickey），The Benchmark Company。

Hey, Tom, Ronnie, Chan, thanks for taking our questions, and great job in a very challenging environment here. Just I guess, first on AMC, one, congratulations. This is a big deal, a lot of great things and as you highlighted, it seems like one of the bigger unlocks here is the post-showtime inventory, including the Platinum Spot. Obviously, that's been a big piece of your growth there on the national side. Just I'm curious if you can help us understand the incremental revenue opportunity that this new inventory can give you on revenue?

嘿，湯姆、羅尼、陳，感謝你們回答我們的問題，在這樣一個充滿挑戰的環境中，你們做得很好。我想，首先要祝賀的是 AMC。這是一件大事，有很多很棒的事情，正如你所強調的，這裡最大的解鎖之一似乎是演出後的庫存，包括白金現貨。顯然，這對你們在國家層級的成長起了很大的作用。我只是好奇，您是否可以幫助我們了解這個新庫存可以為您帶來的增量收入機會？

Ronnie will get into more of the specifics of it. But let me say, we are really thrilled to be enhancing our relationship with AMC. It's just a fantastic circuit, a lot of respect for that whole company and what they do. They have certainly some of the best theaters in all the biggest markets, and they've been a particularly innovative company.

羅尼將會詳細介紹它。但我要說的是，我們真的很高興能夠加強與 AMC 的關係。這真是一個奇妙的賽道，我對整個公司和他們所做的一切都充滿敬意。他們確實在所有最大的市場中擁有一些最好的影院，而且他們是一家特別具有創新精神的公司。

To unlock new and better inventory with them is a huge opportunity for our company. So, we're already out there selling it. And I think candidly, it will take a little while to get everyone aware of the opportunity. But we think in the second half of the year, we're going to see definitely some material impact from the new AMC relationship. Ronnie can speak a little more quantitatively about it.

與他們一起開發新的、更好的庫存對我們公司來說是一個巨大的機會。所以，我們已經開始銷售它了。我坦白認為，讓每個人都意識到這個機會還需要一段時間。但我們認為，今年下半年，我們肯定會看到與 AMC 的新關係帶來的一些實質影響。羅尼可以更量化地談論這一點。

So one of the things that to think about is the way we've been selling Platinum, before the AMC deal, it was not the entire network per se because AMC was excluded from that. So that really limited to some extent, the way we can actually sell the product to advertisers.

因此，需要考慮的事情之一是，在與 AMC 達成交易之前，我們銷售 Platinum 的方式並不是整個網路本身，因為 AMC 被排除在外。所以這在某種程度上確實限制了我們向廣告商銷售產品的方式。

Now that we're going to have the entire network available to Platinum, it's not going to be -- our expectation is it's not just going to be straightly linear. So it will have a greater growth effect just because that it is now truly a national network that people can buy in Platinum and post-show.

現在我們將向 Platinum 提供整個網絡，但這不會是——我們的預期是它不會只是直線性的。因此，它將具有更大的成長效應，因為它現在真正是一個全國性的網絡，人們可以在白金版和演出後購買。

Historically, we never provided the dollar amounts for Platinum, but I'll say last year, in 2024, Platinum's growth was pretty strong, pretty high. It's pretty meaningful part of the revenue. And I think back half of 2025, when the full agreement kicks in, our expectations is going to be greater than that.

從歷史上看，我們從未提供過白金的美元金額，但我要說的是，去年，也就是 2024 年，白金的成長相當強勁，相當高。這是收入中相當重要的一部分。我認為，到 2025 年上半年，當全面協議生效時，我們的期望會更高。

Thanks, guys. On NCMX, I guess, first, nice to see another B in the portfolio there. Curious on Blueprint. But I guess, overall, like how is NCMX sort of helping you compete with other digital video platforms? And what kind of feedback are you guys hearing from advertisers that are using the attribution or data targeting tools? Obviously, this is set of tools that sort of the new NCM versus what you guys are doing sort of pre-pandemic. So, kind of wondering how helpful it is in terms of generating national business.

謝謝大家。關於 NCMX，我想，首先，很高興看到投資組合中還有另一個 B。對藍圖感到好奇。但我想，總的來說，NCMX 如何幫助您與其他數位視訊平台競爭？你們從使用歸因或數據定位工具的廣告主那裡聽到了什麼樣的回饋？顯然，這是一套類似新 NCM 的工具，與你們在疫情前所做的工作不同。因此，有點想知道它對於促進全國業務有多大幫助。

And then I would love to hear more about the new addition, Blueprint.

然後我很想聽到有關新添加的 Blueprint 的更多信息。

So, we now have 4 Bs in our portfolio. Blueprint, the most new one is a really exciting one. We can now scrape individual construction data by market, by ZIP code, and we can retarget that to advertisers, for example, like Home Depot or anyone in the business of selling to people who are buying a new home or building a new home. We're not aware of anyone else doing that today.

因此，我們現在的投資組合中有 4 個 B。藍圖，最新的藍圖確實令人興奮。我們現在可以按市場、按郵遞區號抓取個人建築數據，並將其重新定位到廣告商，例如家得寶 (Home Depot) 或任何從事向購買新房或建造新房的人銷售產品的企業。我們不知道今天還有其他人這樣做。

Bullseye provides a similar thing where we can actually localize inventory against our audience. So for example, we could have literally hundreds of different versions of an ad for the same insurance company or for the same travel company. So now that we've built out our unique -- our platform, we can really cover and be much more competitive with a lot of other digital media companies.

Bullseye 提供了類似的東西，我們實際上可以根據我們的受眾在地化庫存。例如，對於同一家保險公司或同一家旅遊公司，我們可以製作數百個不同版本的廣告。因此，現在我們已經建立了我們獨特的平台，我們可以真正覆蓋許多其他數位媒體公司，並且更具競爭力。

When you think about this company even three years ago, we really couldn't with a straight face tell the advertising world that we really could deliver on the promise of bringing data and outcome-based results to their platform and to their brand. So this is really something that's going to be a continuous investment for us. There'll probably be more Bs in the future. But I'm really proud of our team that's put together these great products. It has allowed us to compete for every ad dollar out there.

當你回想三年前這家公司時，我們真的無法直面廣告界，我們真的可以兌現承諾，為他們的平台和品牌帶來數據和基於結果的結果。所以這對我們來說確實是一項持續的投資。將來可能會有更多的 B。但我真的為我們的團隊打造出這些出色的產品而感到自豪。它使我們能夠爭奪每一分廣告費。

As you know, certain advertisers want to have a high degree of proof in the pudding. And candidly, we never used to be able to do that. We were kind of a big reach awareness building vehicle. And now candidly, with all the data we have and all of the data products that we have, we can compete in a much more predictive way and a results way. And I think that's what advertisers are more and more geared to. That's where all the money is going. And now we're in a position really to compete very effectively with anyone as it relates to those kind of metrics.

如你所知，某些廣告商希望獲得高度的可信度。坦白說，我們以前從來沒有做到這一點。我們就像是一個具有廣泛影響力的意識建構工具。坦白說，現在憑藉我們擁有的所有數據和所有數據產品，我們可以以更具預測性和結果性的方式參與競爭。我認為這正是廣告商越來越關注的。所有的錢都流向了那裡。現在，就這些指標而言，我們確實能夠與任何人進行非常有效的競爭。

Thanks, Tom. Last question from us. Obviously, 1Q was a challenge, but 2Q has been sort of a rocket ship here, and you gave some data and enthusiasm. It looks like you look at the slate of films going forward, it seems like the momentum here is going to continue and into 2026. How does that affect sort of media buyers' enthusiasm to want to put ads into your network? I mean, you've got the attribution, you've got the demo, you've got a defensive model, an exciting model in a challenging environment. Are you seeing sort of incremental interest, I guess, Tom, for ad placements given that sort of lineup of good data?

謝謝，湯姆。我們的最後一個問題。顯然，第一季是一個挑戰，但第二季度就像一艘火箭，你提供了一些數據和熱情。從未來的電影名單來看，這種勢頭似乎將持續到 2026 年。這對媒體購買者將廣告投放到您的網路的熱情有何影響？我的意思是，你已經得到了歸因，你已經得到了演示，你已經得到了防禦模型，一個在充滿挑戰的環境中令人興奮的模型。我想，湯姆，考慮到這些良好的數據，您是否看到了人們對廣告投放的興趣增加？

It's funny you mentioned it. We recently had a screening for Thunderbolts* that was sold out with all of our clients. We have another one for Mission Impossible coming up.

你提到這個很有趣。我們最近為《雷霆特工隊*》舉辦了放映會，所有客戶的票都已售罄。我們即將推出另一部《不可能的任務》。

If you look at the quality of movies coming out in May and June and through July, those big hit movies, whether it's Jurassic World, whether it's F1, those movies are all going to get incredibly positive results at the box office and really good press. And it's that kind of awareness building and positive awareness building for the movie business that so helps our company.

如果你看一下 5 月、6 月和 7 月上映的電影的質量，那些大片，無論是《侏羅紀世界》還是《F1》，這些電影都會在票房上取得令人難以置信的積極成績，並獲得良好的口碑。正是這種對電影產業的認識和積極的認識建設對我們的公司有很大幫助。

In the first quarter, candidly, there were a lot of movies that didn't do well and some really high-profile ones that actually failed, including Snow White. And that kind of negative buzz candidly puts a little cloud over the business.

坦白說，第一季有很多電影表現不佳，一些非常引人注目的電影實際上也失敗了，包括《白雪公主》。而這種負面評價確實為公司業務蒙上了一層陰影。

And now that we've had Minecraft and Sinners, the Accountant, Thunderbolts*, Mission Impossible, and Lilo & Stitch coming up in two weeks, we have, again, like this wind at our sales and the consistency at the box office creates excitement and sustainable excitement. And that's what we need to continue to deliver.

兩週後，《我的世界》、《十惡不赦5：罪孽深重》、《雷霆特工隊*》、《碟中諜》和《星際寶貝》即將上映，我們的銷售再次迎來了強勁增長，票房的穩定增長創造了興奮感和持續的興奮感。這正是我們需要繼續努力實現的目標。

Obviously, first quarter was a tough one, but the second quarter and the rest of the summer look really strong. And I can already tell our advertisers are talking about it. A lot of it is indicative of being sold out at a screening in LA and New York, so people are anxious to get back to the movies.

顯然，第一季是艱難的，但第二季和夏季剩餘時間的表現看起來非常強勁。我已經看到我們的廣告商正在談論它。許多跡象表明，洛杉磯和紐約的放映票已經售罄，因此人們急切地想回到電影院。

I'm sure that Mission Impossible will not disappoint people. One of the underdogs I have for the summer is Ballerina, which is off the John Wick series. So I think it's going to be a really, really good theatrical summer and one we haven't seen in a long time.

我相信《不可能的任務》不會讓人失望。我今年夏天最想看的電影之一是《疾速追殺》系列中的《芭蕾舞女星》。所以我認為這將是一個非常非常好的戲劇夏天，也是我們很久沒有見過的夏天。

That's awesome. Good luck, guys. Thank you.

太棒了。祝大家好運。謝謝。

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

我們的問答環節到此結束。我想將會議交還給湯姆·萊辛斯基 (Tom Lesinski) 來做結束語。

Thank you for joining us today. We appreciate your questions and ongoing support of NCM. And while we're operating against a bit of an uncertain backdrop, we remain committed to executing on our growth strategy and are optimistic that an upcoming and improving slate will drive recovery at the box office.

感謝您今天加入我們。我們感謝您的提問以及對 NCM 的持續支持。儘管我們的營運環境有些不確定，但我們仍然致力於執行我們的成長策略，並樂觀地認為，即將上映的影片和不斷改善的影片陣容將推動票房的復甦。

NCM continues to attract advertisers as a top player in the premium video advertising space with advertising industry-leading data capabilities and unmatched scale and reach among the most sought-after young audiences.

NCM 作為優質影片廣告領域的頂級參與者，憑藉廣告業領先的數據能力以及在最受追捧的年輕觀眾中無與倫比的規模和影響力，繼續吸引廣告商。

So with our fortified balance sheet, robust cash flow and a shareholder-friendly capital allocation strategy, we are well positioned to capitalize on the opportunities that lie ahead and generate long-term value for our shareholders.

因此，憑藉我們強大的資產負債表、強勁的現金流量和股東友善的資本配置策略，我們完全有能力利用未來的機會並為股東創造長期價值。

Finally, thank you to the NCM team for their hard work and to our shareholders for their support. See you at the movies.

最後，感謝NCM團隊的辛勤工作以及股東的支持。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。