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National CineMedia Inc. (NCMI-3.69%) has submitted its 10-K filing for the fiscal year ended December 26, 2024.
The filing outlines National CineMedia's operations, highlighting its status as the largest cinema advertising platform in the U.S. The company derives revenue primarily from selling advertising to national, regional, and local businesses through its Noovie® Show, which is presented in 42 leading national and regional theater circuits.
The filing reports total revenue of $240.8 million for the year, an increase from $165.2 million in the previous year. This growth was driven by increases in national advertising revenue, which rose by 63.8% to $188.0 million, and local and regional advertising revenue, which increased by 28.6% to $39.1 million.
Operating expenses totaled $260.3 million, up from $192.5 million the previous year, with significant increases in ESA Parties and network affiliate fees, selling and marketing costs, and amortization expense. The company reported a net loss attributable to NCM, Inc. of $22.3 million, compared to a net income of $705.2 million in the previous year, which included a gain on deconsolidation of NCM LLC.
National CineMedia's balance sheet shows total assets of $568.6 million, with cash and cash equivalents of $75.1 million. The company's liabilities include $10.0 million in long-term debt under the Revolving Credit Facility 2023, which was repaid and replaced by a new $45.0 million credit facility in January 2025.
The filing details the company's emergence from Chapter 11 bankruptcy on August 7, 2023, and the reconsolidation of NCM LLC. This process involved a gain on reconsolidation of $167.8 million and adjustments to the fair value of acquired assets and liabilities.
National CineMedia's strategic initiatives include expanding its digital and data offerings, enhancing its cinema advertising management system, and growing its network of theaters through new affiliate agreements. The company also launched new advertising products, including programmatic and self-serve solutions, to increase revenue opportunities.
The company faces risks related to theater attendance, changes in theater patron behavior, and competition within the advertising industry. It also notes potential impacts from future pandemics, economic conditions, and changes in regulations affecting its business and industry.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the National CineMedia Inc. annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.