National CineMedia, Inc. (NASDAQ:NCMI) Q2 2024 Earnings Conference Call August 5, 2024 5:00 PM ET

Company Participants

Chan Park – Senior Vice President-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. Second Quarter 2024 Earnings Conference Call. Today's conference is being recorded.

And at this time, I would like to turn the conference over to Chan Park, Senior Vice President 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. Today, we will be discussing NCM LLC's operating results as they relate to the second quarter 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 second quarter of 2023 when we also reported NCM LLC's results given fiscal year 2023 results were unconsolidated.

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

Tom Lesinski

Thank you, Chan, and good afternoon, everyone. Welcome to our second quarter 2024 earnings call. The cinema industry saw consistent momentum throughout the second quarter of 2024 as we entered into the summer. The box office brought in $1.9 billion, driven by highly anticipated theatrical releases, including Inside Out 2, Kingdom of the Planet of the Apes, and Bad Boys: Ride or Die. Inside Out 2 earned the spot as the biggest movie of the first half of 2024 and became the second largest animated opening of all time, bringing in $469 million in the second quarter alone. Inside Out 2 was also the first film since Barbie to earn more than $1 billion globally, the first $100 million opening in 2024, and Pixar's top grossing movie of all time.