What is the revenue and EPS growth rate for National Cinemedia year over year?

What does National Cinemedia do and what are its main business segments?

What is National Cinemedia's latest dividend and current dividend yield?

What factors drove the changes in National Cinemedia's revenue and profit?

What is National Cinemedia's gross profit margin?

What were the key takeaways from National Cinemedia’s earnings call?

What is the market's earnings forecast for National Cinemedia next quarter?

What guidance did National Cinemedia's management provide for the next earnings period?

- **Revenue Resilience**: Q3 revenue up 2% YoY to $63.4M, driven by national advertising and Programmatic growth. Adjusted OIBDA of $10.2M reflects improved monetization.
- **Programmatic Surge**: 82% sequential growth in Programmatic, with 4x YoY revenue, targeting new advertiser segments.
- **Holiday Slate Strength**: Wicked for Good inventory nearing sellout, positioning Q4 for strong attendance and advertiser demand.
- **Profit Margin Expansion**: National revenue per attendee up 20% YoY to $0.46, highest in 5 years, despite 11% audience decline.
- **Dividend and Buybacks**: Reinstated $0.03 quarterly dividend; $18.8M in share repurchases YTD at $5.78 avg price.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 revenue of $63.4 million, up 2% YoY, driven by national advertising demand and improved inventory utilization. Adjusted OIBDA of $10.2 million, exceeding prior year's $8.8 million.
- **Attendance Trends**: Audience of 109 million, down 11% YoY, but September attendance matched 2024 levels, signaling stabilization. Q4 slate includes Wicked for Good, Avatar Fire & Ash, and Zootopia 2, with strong advertiser demand.
- **Programmatic Expansion**: Programmatic revenue grew 82% sequentially, achieving 4x YoY growth. New clients and categories (e.g., midsized advertisers) are adopting the platform.
- **Self-Serve Platform**: Q3 revenue up 23% QoQ, supported by AI-driven lead scoring and CRM activation. Local sales transformation is enhancing engagement with regional advertisers.
- **Platinum Performance**: Platinum revenue up 19% YoY, with 8% ad recall in a recent campaign, outperforming industry benchmarks.
- **4DX and Bullseye Success**: 4DX ad recall of 85% in an automotive campaign; Bullseye delivered 283,000 verified store visits, a 110% lift.

**【CFO Financial Commentary】**
- **Revenue Breakdown**: National advertising ($49.9M, +6.6% YoY), local/regional ($9.6M, -15% YoY), offset by Programmatic growth. National revenue per attendee ($0.46) is highest in 5 years.
- **Cost Management**: Total operating expenses down 7% YoY to $65.2M, driven by lower attendance-related costs. Adjusted OIBDA margin improved to 16.1% vs. 11.5% prior year.
- **Free Cash Flow**: Negative $1.8M for Q3, reflecting seasonal capex and system optimization costs. Year-to-date free cash flow negative $2.4M.
- **Q4 Guidance**: Revenue $91M-$98M, adjusted OIBDA $30M-$35M. Extra week in Q4 (due to fiscal calendar change) expected to boost attendance but lower revenue per attendee.
- **Capital Allocation**: Reinstated $0.03 quarterly dividend ($2.8M annualized). Repurchased 3.4M shares YTD at $5.78 avg price; additional 100K shares post-Q3 at $4.08 avg price.

**【Q&A Key Highlights】**
- **Programmatic Adoption**: 82% sequential growth, with new clients (e.g., midsized advertisers) driving expansion. Programmatic clients are 4x YoY, with no cannibalization of scatter market.
- **New IP Films**: Advertisers not avoiding new IP titles; buying based on forecasts and estimates. Incremental buying occurs post-release success (e.g., Wicked for Good).
- **2026 Outlook**: CEO optimistic on box office growth and advertiser confidence. Local sales recovery, Programmatic scale, and self-serve expansion are key growth drivers.
- **Cost Structure**: AI investments focus on lead generation and efficiency, not just cost-cutting. No immediate plans for M&A; prioritize dividend and buybacks.
- **Dividend vs. Buybacks**: Dividend seen as consistent shareholder return; buybacks opportunistic (e.g., $18.8M YTD at higher prices, $0.1M post-Q3 at lower prices).

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