National CineMedia, Inc. Reports Results for Fiscal Fourth Quarter and Full Year 2023

About this update from National Cinemedia, Inc.

[{"type":"text","content":"\nFourth quarter revenue per attendee reaches record high\n\n\nFourth quarter adjusted OIBDA significantly exceeds guidance\n\n\nAnnounces $100 million share repurchase program\n\n\n CENTENNIAL, Colo.--(BUSINESS WIRE)--\nNational CineMedia, Inc. (NASDAQ: NCMI) (“the Company” or “NCM”), the managing member of National CineMedia, LLC (“NCM LLC”), the operator of the largest cinema advertising platform in the U.S., today announced its results for the fourth quarter and full year 2023, ended December 28, 2023.\n\n\n“In 2023, NCM successfully re-established the importance of cinema for best-in-class advertisers, with movies driving the cultural conversation and the box office reaching its highest point since 2019,” said Tom Lesinski, CEO of NCM. “We are very encouraged by our strong fourth quarter performance, which led to a 43% increase in active national advertisers and record revenue per attendee. This resulted in strong adjusted OIBDA, significantly exceeding our fourth quarter guide. Our confidence in the strength of NCM’s business model and cash flow generation is highlighted by our new $100 million share repurchase program. What remains clear is that the biggest brands continue to turn to NCM as a trusted and effective way to reach the millions of young, diverse moviegoers.”\n\n\nShare Repurchase Program\n\n\nNCM today announced that its board of directors approved a new share repurchase program authorizing the Company to repurchase up to $100 million of shares of the Company’s common stock through April 1, 2027. During the course of the program, NCM plans to use operating cash flow distributions from NCM LLC to opportunistically repurchase shares at prevailing market prices, while continuing to invest capital in growing its advertising network through strategic initiatives.\n\n\nIn determining the amount of capital to allocate to share repurchases, the Company will take into account, among other things, its historical and expected business performance, cash and liquidity position, economic and market conditions, ongoing strategic initiatives and the market price of the Company’s common stock. The timing, manner, price, and amount of any repurchases under the share repurchase program will be determined by the Company in its discretion. Repurchases under the Company’s share repurchase program may be made through open market tra...

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