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Jun 30, 2022
National CineMedia Q2 2022 Earnings Report
Reported consolidated results with revenue increasing and operating income improving.
Key Takeaways
National CineMedia, Inc. reported a significant increase in revenue for the second quarter of 2022, driven by increased theater attendance and a stronger film slate. Total revenue increased by 379.3% compared to the same quarter last year, and operating income improved from a loss to a gain. The company's adjusted OIBDA also showed substantial improvement, and the management guides to first full year of positive AOIBDA since the pandemic began.
Total revenue increased 379.3% to $67.1 million compared to Q2 2021.
Operating income improved to $5.6 million from an operating loss of $29.6 million in Q2 2021.
Adjusted OIBDA improved to $15.1 million from negative $18.7 million in Q2 2021.
Net loss was $0.7 million, or $0.01 per diluted share, compared to a net loss of $22.7 million, or $0.28 per diluted share, in Q2 2021.
Revenue by Segment
Forward Guidance
The Company expects to earn total revenue of $53.0 million to $57.0 million for the third quarter of 2022 and Adjusted OIBDA in the range of $3.0 million to $7.0 million. For the full year 2022, the Company expects to earn total revenue of $265.0 million to $285.0 million and Adjusted OIBDA in the range of $58.0 million to $75.0 million.
Positive Outlook
- Continued growth in the cinema advertising business is expected.
- Strong film slate anticipated, especially moving into the fourth quarter with several blockbuster releases planned.
- Monthly box office reached nearly $1 billion in June, resulting in NCM achieving pre-pandemic level AOIBDA margins.
- The second quarter demonstrated, that with a strong film slate, large audiences will return to the theaters.
- Company expects to earn total revenue of $265.0 million to $285.0 million for the full year 2022.
Challenges Ahead
- Variants of the COVID-19 virus continue to circulate throughout the United States and may lead to increased health and safety regulations and restrictions.
- Impacts from post-production delays.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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