National CineMedia, Inc. (NASDAQ:NCMI) Q1 2024 Earnings Conference Call May 6, 2024 5:00 PM ET

Company Participants

Chan Park - VP, Finance
Tom Lesinski - Chief Executive Officer
Ronnie Ng - Chief Financial Officer

Conference Call Participants

Eric Wold - B. Riley Securities
Jim Goss - Barrington Research
Mike Hickey - The Benchmark Company

Operator

Good day, and welcome to the National CineMedia Inc., Q1 2024 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded.

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

Chan Park

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. 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.

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.

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

Tom Lesinski

Thank you, Chan, and good afternoon everyone. Welcome to our first quarter 2024 earnings call. The first quarter of '24 once again demonstrated that consumer demand for the movies is strong.

The domestic box office brought in $1.6 billion this quarter, exceeding expectations and ending with great momentum, showing areas of strong performance and enduring interest in cinema.

Films such as Dune: Part Two and Kung Fu Panda 4 led the box office during the quarter, bringing in $400 million collectively. During Dune 2's opening of $82.5 million was more than double the box office opening of the original Dune film.

Additionally, several titles performed better than estimates, including Mean Girls and Bob Marley, One Love. Mean Girls eclipsed studio projections by 40% in its opening weekend, while Bob Marley, One Love finished nearly 70% above its first week projections.