0000950170-24-121466 | 10-Q | XBRL Viewer

Related Party Transactions

9 Months Ended

Sep. 26, 2024

6. RELATED PARTY TRANSACTIONS

ESA Party and Managing Member Transactions—In connection with NCM, Inc.’s initial public offering (“IPO”), the Company entered into several agreements to define and regulate the relationships among NCM LLC, NCM, Inc. and AMC, Cinemark, and Regal which are outlined below.

AMC has owned less than 5% of NCM LLC, on an as converted basis, since July 2018 and is no longer a related party. AMC remains a party to the ESA, Common Unit Adjustment Agreement, Tax Receivable Agreement (“TRA”) and certain other original agreements and is a member under the terms of the NCM LLC Operating Agreement, subject to fulfilling the requirements of Section 3.1 of the NCM LLC Operating Agreement. AMC will continue to participate in the annual Common Unit Adjustment and receive available cash distributions or allocation of earnings and losses in NCM LLC (as long as its ownership in NCM LLC is greater than zero), TRA payments and theater access fees. Further, AMC will continue to pay beverage revenue, among other things, to NCM LLC. AMC’s ownership percentage does not impact future integration payments and other encumbered theater payments owed to NCM LLC by AMC. On April 1, 2024, in accordance with the Common Unit Adjustment Agreement, NCM LLC issued 3,377 common membership units to AMC. As of September 26, 2024, AMC’s ownership was approximately 0.0% of NCM LLC and 0.0% of NCM, Inc.

Cinemark has owned less than 5% of NCM LLC, on an as converted basis, since NCM LLC emerged from bankruptcy on August 7, 2023 and is no longer a related party. Cinemark remains a party to the ESA, Common Unit Adjustment Agreement, TRA and certain other original agreements and is a member under the terms of the NCM LLC Operating Agreement, subject to fulfilling the requirements of Section 3.1 of the NCM LLC Operating Agreement. Cinemark will continue to participate in the annual Common Unit Adjustment and receive available cash distributions or allocation of earnings and losses in NCM LLC (as long as its ownership in NCM LLC is greater than zero), TRA payments and theater access fees. Further, Cinemark will continue to pay beverage revenue, among other things, to NCM LLC. Cinemark’s ownership percentage does not impact future integration payments and other encumbered theater payments owed to NCM LLC by Cinemark. On April 1, 2024, in accordance with the Common Unit Adjustment Agreement, NCM LLC issued 132,096 common membership units to Cinemark. On April 16, 2024, the Company elected to satisfy a

redemption request from Cinemark for all of their outstanding common membership units through a cash settlement as provided in NCM LLC’s Operating Agreement. This redemption reduced Cinemark’s ownership interest in NCM LLC to 0.0% as of April 16, 2024. As of September 26, 2024, Cinemark’s ownership was 0.0% of NCM LLC and 4.6% of NCM, Inc.

On June 3, 2023, NCM LLC entered into the Regal Advertising Agreement and Regal Termination Agreement which became effective on July 14, 2023. Pursuant to the Regal Termination Agreement, Regal rejected and terminated its ESA with NCM LLC. Additionally Regal and Regal’s affiliates’ waived all rights and interests as to the TRA, the Common Unit Adjustment Agreement, the Software License Agreement, the Director Designation Agreement, the Registration Rights Agreement and all the other joint venture agreements described in the NCM LLC Operating Agreement and the Company and NCM LLC, and Regal and Regal’s affiliates waived and released claims against the other party. Regal also agreed to support NCM LLC’s Plan and surrendered all 4,068,350 shares in the Company, totaling $13.0 million, upon the Effective Date of the Plan. In connection with the Regal Advertising Agreement, NCM LLC and Regal also agreed to dismiss with prejudice the ongoing litigation between the parties related to NCM LLC’s request to enforce certain provisions of the ESA, including the exclusivity provision. From and after July 14, 2023, Regal is no longer an ESA Party or related party to NCM, Inc. or NCM LLC.

The material agreements with the ESA Parties are as follows:

•

ESAs. Under the ESAs, NCM LLC is the exclusive provider within the United States of advertising services in the ESA Parties’ theaters (subject to pre-existing contractual obligations and other limited exceptions for the benefit of the ESA Parties). The advertising services include the use of the digital content network (“DCN”) equipment required to deliver the on-screen advertising and other content included in the Noovie® show, use of the LEN and rights to sell and display certain lobby promotions. Further, 30 to 60 seconds of advertising included in the Noovie show is sold to the ESA Parties to satisfy the ESA Parties’ on-screen advertising commitments under their beverage concessionaire agreements. In consideration for access to the ESA Parties’ theaters, theater patrons, the network equipment required to display on-screen and LEN video advertising and the use of theaters for lobby promotions, the ESA Parties receive a monthly theater access fee. In conjunction with the 2019 ESA Amendments, NCM LLC also pays Cinemark and paid Regal (through July 14, 2023) incremental monthly theater access fees and, subject to NCM LLC’s use of specified inventory, a revenue share in consideration for NCM LLC’s access to certain on-screen advertising inventory after the advertised showtime of a feature film beginning November 1, 2019 and the underlying term of the Cinemark ESA was extended until 2041. The ESAs and 2019 ESA Amendments were considered leases with related parties under ASC 842. As described above, the Regal ESA was rejected by Regal in connection with Regal’s Chapter 11 case and terminated by the Regal Termination Agreement.

•

Common Unit Adjustment Agreement. The common unit adjustment agreement provides a mechanism for increasing or decreasing the membership units held by the ESA Parties based on the acquisition or construction of new theaters or sale of theaters that are operated by each ESA Party and included in NCM LLC’s network.

•

Tax Receivable Agreement. The TRA provides for the effective payment by NCM, Inc. to AMC and Cinemark of 90% of the amount of cash savings, if any, in U.S. federal, state and local income tax or franchise tax that is actually realized as a result of certain increases in NCM, Inc.’s proportionate share of tax basis in NCM LLC’s tangible and intangible assets resulting from the IPO and related transactions that is related to AMC and Cinemark’s share in the effect at the time the TRA was signed.

•

Software License Agreement. At the date of the Company’s IPO, NCM LLC was granted a perpetual, royalty-free license from AMC, Cinemark and Regal to use certain proprietary software that existed at the time for the delivery of digital advertising and other content through the DCN to screens in the U.S. NCM LLC has made improvements to this software since the IPO date and NCM LLC owns those improvements, except for improvements that were developed jointly by NCM LLC and AMC, Cinemark and Regal, if any.

The following tables provide summaries of the transactions between NCM, Inc. and AMC, Cinemark and Regal when designated related parties (in millions):


	Three Months Ended				Nine Months Ended
Included in the unaudited Condensed Consolidated Statements of Operations:	September 26, 2024		September 28, 2023		September 26, 2024		September 28, 2023
Revenue:	(1)				(1)
ESA advertising revenue from beverage concessionaire agreements (included in revenue) (2)	$	—	$	—	$	—	$	4.1
Management fee reimbursement (3)	$	—	$	2.4	$	—	$	10.1
Operating expenses:
ESA Parties and network affiliate fees (4)	$	—	$	—	$	—	$	16.5

(1)

For the three and nine months ended September 26, 2024, AMC, Cinemark and Regal were not related parties.

(2)

For the three and nine months ended September 28, 2023, Cinemark and Regal (through July 14, 2023) purchased 60 seconds of on-screen advertising time from NCM LLC to satisfy their obligations under their beverage concessionaire agreements at a 30 seconds equivalent cost per thousand impressions (“CPM”) rate specified by the ESA. Beverage revenue above is only reflective of periods where Cinemark and Regal were related parties.

(3)

Comprised of fees owed by NCM LLC to NCM, Inc. for managing NCM LLC during the period where NCM LLC was deconsolidated of April 11, 2023 through August 7, 2023.

(4)

Comprised of payments per theater attendee, payments per digital screen with respect to Cinemark and Regal theaters included in the Company’s network and payments for access to higher quality digital cinema equipment. Following the 2019 ESA Amendments this also includes payments to Cinemark and Regal (through July 14, 2023) for their share of the revenue from the sale of an additional single unit that is either 30 or 60 seconds of the Noovie pre-show in the trailer position directly prior to the “attached” trailers preceding the feature film (the “Platinum Spot”). Theater access fees and revenue share expenses above are only reflective of periods where Cinemark and Regal were related parties.

AC JV, LLC Transactions—In December 2013, NCM LLC sold its Fathom Events business to a newly formed limited liability company, AC JV, LLC, owned 32% by each of the founding members and 4% by NCM LLC. The Company accounts for its investment in AC JV, LLC under the equity method of accounting in accordance with ASC 323-30, Investments—Equity Method and Joint Ventures (“ASC 323-30”) because AC JV, LLC is a limited liability company with the characteristics of a limited partnership and ASC 323-30 requires the use of equity method accounting unless the Company’s interest is so minor that it would have virtually no influence over partnership operating and financial policies. Although NCM LLC does not have a representative on AC JV, LLC’s Board of Directors or any voting, consent or blocking rights with respect to the governance or operations of AC JV, LLC, the Company concluded that its interest was more than minor under the accounting guidance. The Company’s investment in AC JV, LLC was $1.3 million and $0.7 million as of September 26, 2024 and December 28, 2023, respectively. During the three months ended September 26, 2024 and September 28, 2023 and nine months ended September 26, 2024 and September 28, 2023, NCM LLC received cash distributions from AC JV, LLC of $0.3 million, $0.1 million, $0.6 million, and $0.3 million, respectively. Equity in earnings from AC JV, LLC of $0.5 million, $0.1 million, $1.2 million and $0.3 million, for the three months ended September 26, 2024 and September 28, 2023 and nine months ended September 26, 2024 and September 28, 2023, respectively, are included in “Other non-operating (income) expense, net” in the unaudited Condensed Consolidated Statements of Operations.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Loss Per Share (Tables)

9 Months Ended

Sep. 26, 2024

Earnings Per Share [Abstract]

Schedule of Loss Per Share, Basic and Diluted

The components of basic and diluted loss per NCM, Inc. share are as follows:


	Three Months Ended					Nine Months Ended
	September 26, 2024			September 28, 2023		September 26, 2024			September 28, 2023
Net (loss) income attributable to NCM, Inc. (in millions)	$	(3.6	)	$	181.8	$	(47.0	)	$	681.5
Net income attributable to NCM, Inc. following conversion of dilutive membership units (in millions)	$	—		$	181.8	$	—		$	673.0
Weighted average shares outstanding:
Basic		95,221,502			62,765,418		96,183,328			31,574,026
Add: Dilutive effect of stock options, restricted stock and exchangeable membership units		—			39,270		—			913,872
Diluted		95,221,502			62,804,688		96,183,328			32,487,898
(Loss) income per NCM, Inc. share:
Basic	$	(0.04	)	$	2.89	$	(0.49	)	$	21.58
Diluted	$	(0.04	)	$	2.89	$	(0.49	)	$	20.72

Subsequent Events - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended	9 Months Ended
	Sep. 27, 2024	Sep. 26, 2024	Sep. 26, 2024	Sep. 28, 2023	Oct. 08, 2024	Oct. 01, 2024
Subsequent Event [Line Items]
Stock Repurchased and Retired During Period, Shares		304,901	2,224,488
Payments for Repurchase of Common Stock			$ 11.1	$ 0.0
Subsequent Event [Member]
Subsequent Event [Line Items]
Stock Repurchased and Retired During Period, Shares	169,895
Payments for Repurchase of Common Stock	$ 1.1
Investet cash to acquire equity interests						$ 1.0
Agreenment to exchange on-screen advertising					$ 2.0
Term for exchange of equity interests					3 years

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	9 Months Ended
	Sep. 26, 2024	Sep. 28, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated net (loss) income	$ (47.0)	$ 673.0
Adjustments to reconcile consolidated net (loss) income to net cash provided by (used in) operating activities:
Depreciation expense	3.4	2.1
Amortization expense	28.4	12.8
Non-cash share-based compensation	9.2	3.0
Gain on deconsolidation of affiliate	0.0	(557.7)
Gain on re-measurement of NCM LLC	0.0	(35.5)
Gain on reconsolidation of NCM LLC	0.0	(168.0)
Amortization of debt issuance costs	0.6	3.2
Non-cash loss on re-measurement of the payable under the tax receivable agreement	9.3	12.7
Other	(0.6)	(0.3)
ESA integration and other encumbered theater payments	0.9	4.7
Other cash flows from operating activities	0.0	(0.6)
Changes in operating assets and liabilities:
Receivables, net	33.2	63.7
Accounts payable and accrued expenses	(9.8)	(11.4)
ESA amounts due to/from, net	(2.1)	(9.2)
Prepaid expenses	(0.7)	(12.0)
Deferred revenue	4.7	(5.9)
Other, net	0.3	3.1
Net cash provided by (used in) operating activities	29.8	(22.3)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(3.4)	(1.7)
Purchases of marketable securities	(0.1)	0.0
Cash contributed in reconsolidation	0.0	(15.5)
Cash, cash equivalents and restricted cash reconsolidated	0.0	49.5
Proceeds received from equity method investment	0.6	0.0
Proceeds from the sale of assets	0.0	0.3
Proceeds from sale and maturities of marketable securities	0.0	1.0
Net cash (used in) provided by investing activities	(2.9)	33.6
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of dividends	(0.3)	(0.5)
Purchases of NCM, Inc.'s common stock	(11.1)	0.0
Cash redemption of NCM LLC common membership units	(0.7)	0.0
Removal of cash, cash equivalents and restricted cash of unconsolidated affiliate	0.0	(49.6)
Repayment of term loan facility	0.0	(0.8)
Payment of debt issuance costs	0.0	(1.2)
Net cash used in financing activities	(12.1)	(52.1)
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	14.8	(40.8)
Cash, cash equivalents and restricted cash at beginning of period	37.6	63.8
Cash, cash equivalents and restricted cash at end of period	52.4	23.0
Supplemental disclosure of non-cash financing and investing activity:
Purchase of an intangible asset with NCM LLC equity	0.7	0.0
Purchase of subsidiary equity with NCM, Inc. equity	0.0	(2.6)
Dividends declared not requiring cash in the period	0.0	(0.1)
Right of use assets obtained in exchange for lease liabilities	8.5	0.0
Supplemental disclosure of cash flow information:
Cash paid for interest	(0.7)	(12.2)
Cash paid for income taxes	(0.1)	(0.1)
NCM, LLC.
Supplemental disclosure of non-cash financing and investing activity:
Fair value of NCM LLC net assets reconsolidated, net of cash	0.0	434.0
Secured Creditors
Supplemental disclosure of non-cash financing and investing activity:
Issuance of shares upon the reconsolidation of NCM LLC	$ 0.0	$ 245.3

The Company (Policies)

9 Months Ended

Sep. 26, 2024

Accounting Policies [Abstract]

Basis of Presentation

The Company has prepared the unaudited Condensed Consolidated Financial Statements and related notes of NCM, Inc. in accordance with GAAP for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures typically included in an annual report have been condensed or omitted for this quarterly report. The balance sheet as of December 28, 2023 is derived from the audited financial statements of NCM, Inc. Therefore, the unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Company’s annual report on Form 10-K filed for the fiscal year ended December 28, 2023.

In the opinion of management, all adjustments necessary to present fairly in all material respects the financial position, results of operations and cash flows for all periods presented have been made and all intercompany accounts have been eliminated in consolidation. The Company has reclassified certain historical amounts on the unaudited Condensed Consolidated Balance Sheets, Statements of Operations and Statements of Cash Flows to conform to current period presentation. In the three months and nine months ended September 26, 2024, the Company reclassified certain historical expenses on the unaudited Condensed Consolidated Statements of Operations from ‘Advertising operating costs’ and ‘Network costs’ to ‘Network operating costs’ and certain historical expenses from ‘Advertising operating costs’ and ‘ESA theater access fees and revenue shares’ to ‘ESA Parties and network affiliate fees’ to conform to current period presentation. Historically, the Company’s business has been seasonal and for this and other reasons operating results for interim periods have not been indicative of the Company’s full year results or future performance. As a result of the various related party agreements discussed in Note 6—Related Party Transactions, the operating results as presented are not necessarily indicative of the results that might have occurred if all agreements were with non-related third parties. The Company manages its business under one operating and reportable segment of advertising.

Estimates

Estimates—The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include those related to the reserve for uncollectible accounts receivable, share-based compensation and income taxes. Actual results could differ from estimates.

Revenue Recognition

Revenue Recognition—The Company derives revenue principally from the advertising business, which includes advertising through its on-screen cinema network, lobby network ("LEN") and lobby promotions in theaters, and on websites, mobile applications and out-of-home locations owned by NCM LLC and other companies. Revenue is recognized over time as the customer receives the benefits provided by NCM LLC’s advertising services and the Company has the right to payment for performance to date. The Company considers the terms of each arrangement to determine the appropriate accounting treatment.

Concentration of Credit Risk and Significant Customers

Concentration of Credit Risk and Significant Customers—The risk of credit loss related to the Company’s trade receivables and unbilled receivables balances is accounted for through the allowance for doubtful accounts, a contra asset account which reduces the net receivables balance. The allowance for doubtful accounts balance is determined by pooling the Company’s receivables with similar risk characteristics, specifically by type of customer (national or local/regional) and then age of receivable and applying historical write off percentages to these pools in order to determine the amount of expected credit losses as of the balance sheet date. National receivables are with large advertising agencies with strong reputations in the advertising industry and clients with stable financial positions and good credit ratings, represent larger receivables balances per customer and have significantly lower historical and expected credit loss patterns. Local and regional receivables are with smaller companies, sometimes with less credit history, represent smaller receivable balances per customer and have higher historical and expected credit loss patterns. The Company has smaller contracts with many local clients that are not individually significant. The Company also considers current economic conditions and trends to determine whether adjustments to historical loss rates are necessary. The Company also reserves for specific receivable balances that it expects to write off based on known concerns regarding the financial health of the customer. Receivables are written off when management determines amounts are uncollectible.

The Company had two agencies through which it sourced advertising revenue that accounted for 12.1% and 17.3% of the Company’s gross outstanding receivable balance as of September 26, 2024 and had no customers through which it sourced advertising revenue that accounted for more than 10.0% of the Company's gross outstanding receivable balance as of December 28, 2023. During the three and nine months ended September 26, 2024, the Company had no customers that accounted for more than 10.0% of the Company's revenue. During the three and nine months ended September 28, 2023, the Company had two customers that accounted for 30.5% and 26.5% of the Company’s revenue, respectively.

Long-lived Assets

Long-lived Assets—The Company assesses impairment of long-lived assets pursuant to ASC 360—Property, Plant and Equipment. This includes determining whether certain triggering events have occurred that could affect the value of an asset. The Company did not record any losses related to long-lived assets during the three months ended September 26, 2024 and September 28, 2023, and the nine months ended September 26, 2024 and September 28, 2023, respectively.

Share-Based Compensation

Share-Based Compensation—The Company has issued stock options and restricted stock units to certain employees and its independent directors. The restricted stock unit grants for Company management vest upon the achievement of Company performance measures, market conditions and/or service conditions, while non-management grants vest only upon the achievement of service conditions. Compensation expense of restricted stock units that vest upon the achievement of Company performance measures is based on management’s financial projections and the probability of achieving the projections, which require considerable judgment. A cumulative adjustment is recorded to share-based compensation expense in periods that management changes its estimate of the number of shares of restricted stock units expected to vest. Ultimately, the Company adjusts the expense recognized to reflect the actual vested shares following the resolution of the performance conditions. Compensation expense of restricted stock units that vest upon achievement of certain market conditions is based on an estimate of the fair value of the granted restricted stock units on the grant date, which requires considerable judgment. The fair value of the granted restricted stock units is expensed over an estimated derived service period, which also requires considerable judgment. In accordance with ASC 718—Stock Compensation, the Company does not adjust the expense recognized to reflect the actual vested shares following the resolution of the market condition. Dividends are accrued when declared on unvested restricted stock units that are expected to vest and are only paid with respect to shares that actually vest. During the three and nine months ended September 26, 2024, 0 and 6,447,791 shares, respectively, of restricted stock units were granted. During the three and nine months ended September 28, 2023, 522,390 and 522,390 shares, respectively, of restricted stock units were granted. During the three months ended September 26, 2024 and September 28, 2023 and nine months ended September 26, 2024 and September 28, 2023, 150,354, 29,954, 471,835, and 234,870 shares of restricted stock units vested, respectively. Additionally, the Company recorded $3.1 million, $1.0 million, $9.2 million and $3.0 million in share-based compensation expense during the three months ended September 26, 2024 and September 28, 2023, and nine months ended September 26, 2024 and September 28, 2023, respectively, within ‘Network operating costs’, ‘Selling and marketing costs’ and ‘Administrative and other costs’ within the unaudited Condensed Consolidated Statements of Operations or have been capitalized within ‘Property and equipment, net’ within the unaudited Condensed Balance Sheets.

Share Repurchase Program

Share Repurchase Program—On March 18, 2024, the Board of Directors of the Company approved a stock repurchase program under which the Company is authorized to use assets of the Company to repurchase up to $100.0 million of shares of the Company’s Common Stock, exclusive of any fees, commissions or other expenses related to such repurchases, from time to time over a period of three years. Shares may be repurchased under the program through open market purchases, block trades, or accelerated or other structured share repurchase programs. During the three and nine months ended September 26, 2024, 304,901 and 2,224,488 shares, respectively, were repurchased on the open market. In accordance with ASC 505 —Equity, the Company elected to retire the shares. Upon the retirement of these shares, any excess over par value paid, inclusive of direct costs, was recorded as a reduction to retained earnings of $1.9 million and $11.3 million for the three and nine months ended September 26, 2024, respectively.

Consolidation

Consolidation—NCM, Inc. consolidates the accounts of NCM LLC, a variable interest entity wherein NCM, Inc. is the primary beneficiary, under the provisions of ASC 810—Consolidation. Upon NCM LLC’s emergence from bankruptcy, it was determined that NCM, Inc. holds the current rights that give it power to direct activities of NCM LLC that most significantly impact NCM LLC’s economic performance and that NCM, Inc. has the rights to receive the significant benefits or the obligations to absorb potentially significant losses, resulting in NCM, Inc. having a controlling financial interest in NCM LLC. As a result, NCM, Inc. was deemed to be the primary beneficiary of NCM LLC and the Company has consolidated NCM LLC under the variable interest entity provisions of ASC 810—Consolidation. The following table presents the changes in NCM, Inc.’s equity resulting from net income attributable to NCM, Inc. and transfers to or from noncontrolling interests (in millions):


	Three Months Ended					Nine Months Ended
	September 26, 2024			September 28, 2023		September 26, 2024			September 28, 2023
Net (loss) income attributable to NCM, Inc.	$	(3.6	)	$	181.8	$	(47.0	)	$	681.5
NCM LLC equity issued for purchase of intangible asset		—			—		0.7			—
Income tax and other impacts of subsidiary ownership changes		—			5.9		0.1			33.4
Cash redemption of NCM LLC common membership units		—			—		(0.7	)		—
NCM LLC common membership unit redemption for NCM, Inc. common stock		—			7.7		—			(2.6	)
Issuance of shares to founding members		—			231.5		—			241.4
Change from net (loss) income attributable to NCM, Inc. and transfers from noncontrolling interests	$	(3.6	)	$	426.9	$	(46.9	)	$	953.7

Recently Adopted Accounting Pronouncements

The Company did not adopt any accounting pronouncements during the nine months ended September 26, 2024.

Recently Issued Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-07, Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which establishes segment disclosure requirements in addition to modifying and eliminating certain existing requirements. Under the new guidance, entities must disclose incremental segment information on an annual and interim basis to enable investors to develop more decision-useful financial analyses. This guidance is effective for issuances on and after December 15, 2024. The Company does not believe this will have a material impact on the Company’s Consolidated Financial Statements.

In January 2024, the FASB issued Accounting Standards Update No. 2023-09, Income Tax Disclosures (“ASU 2023-09”), which establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. Under the new guidance, entities must consistently categorize and provide greater disaggregation of information in the rate reconciliation. They must also further disaggregate income taxes paid. This guidance is effective for issuances on and after December 15, 2024. The Company does not believe this will have a material impact on the Company’s Consolidated Financial Statements.

The Company has considered all other recently issued accounting pronouncements and does not believe the adoption of such pronouncements will have a material impact on its Consolidated Financial Statements or notes thereto.

Revenue from Contracts with Customers - Additional Information 1 (Details)	Sep. 26, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-09-27
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue from contract, payment due period from the customer	9 months

Commitments and Contingencies

9 Months Ended

Sep. 26, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

9. COMMITMENTS AND CONTINGENCIES

Legal Actions—The Company is subject to claims and legal actions in the ordinary course of business. The Company believes such claims will not have a material adverse effect individually or in the aggregate on its financial position, results of operations or cash flows.

Operating Commitments - Facilities—The Company has entered into operating lease agreements for its corporate headquarters and other regional offices. The Company has right-of-use (“ROU”) assets of $11.9 million and short-term and long-term lease liabilities of $1.4 million and $12.3 million, respectively, on the balance sheet as of September 26, 2024 for all material leases with terms longer than twelve months. These balances are included within ‘Other assets’, ‘Other current liabilities’ and ‘Other liabilities’, respectively, on the unaudited Condensed Consolidated Balance Sheets. As of September 26, 2024, the Company had a weighted average remaining lease term of 7.6 years on these leases. When measuring the ROU assets and lease liabilities recorded, the Company utilized its incremental borrowing rate in order to determine the present value of the lease payments as the leases do not provide an implicit rate. The Company used the rate of interest that it would have paid to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment. As of September 26, 2024, the Company’s weighted average annual discount rate used to establish the ROU assets and lease liabilities was 6.9%.

During the three and nine months ended September 26, 2024 and September 28, 2023, the Company recognized the following components of total lease cost (in millions). These costs are presented within ‘Selling and marketing costs’ and ‘Administrative and other costs’ within the unaudited Condensed Consolidated Statements of Operations depending upon the nature of the use of the facility.


	Three Months Ended				Nine Months Ended
	September 26, 2024		September 28, 2023		September 26, 2024		September 28, 2023
Operating lease cost	$	0.5	$	1.4	$	1.8	$	2.4
Variable lease cost		—		0.2		0.2		0.4
Total lease cost	$	0.5	$	1.6	$	2.0	$	2.8

The Company made total lease payments of $0.4 million, $0.8 million, $1.6 million and $2.9 million during the three months ended September 26, 2024 and September 28, 2023 and nine months ended September 26, 2024 and September 28, 2023, respectively. These payments are included within cash flows from operating activities within the unaudited Condensed Consolidated Statement of Cash Flows.

Operating Commitments—ESAs and Affiliate Agreements—The Company has entered into long-term ESAs and multi-year agreements with third-party theater circuits. The ESAs and network affiliate agreements grant NCM LLC exclusive rights in their theaters to sell advertising, subject to limited exceptions. The Company recognized the intangibles upon the reconsolidation of NCM LLC on August 7, 2023. Additions to the intangible assets may be recognized upon issuance of membership units to the ESA Parties in accordance with NCM LLC’s Common Unit Adjustment Agreement and upfront cash payments to the affiliates for the contractual rights to provide the Company’s services within their theaters as further discussed within Note 5—Intangible Assets. These ESAs and network affiliate agreements are considered leases under ASC 842—Leases ("ASC 842") once the asset is identified and the period of control is determined upon the scheduling of the showtimes by the exhibitors, typically one week prior to the showtime. As such, the leases are considered short-term in nature, specifically less than one month. Within ASC 842, leases with terms of less than one month are exempt from the majority of the accounting and disclosure requirements, including disclosure of short-term lease expense. No ROU assets or lease liabilities were recognized for these agreements and no change to the balance sheet presentation of the intangible assets was necessary. However, the amortization of these intangible assets is considered lease expense and is presented within ‘Amortization expense’ within the unaudited Condensed Consolidated Statement of Operations. The company recorded $5.9 million, $3.6 million, $17.6 million and $10.7 million in amortization of these intangible assets in the three and nine months ended September 26, 2024 and September 28, 2023, respectively.

In consideration for NCM LLC’s access to the ESA Parties’ theater attendees for on-screen advertising and use of lobbies and other space within the ESA Parties’ theaters for the LEN and lobby promotions, the ESA Parties receive a monthly theater access fee under the ESAs. The theater access fee is composed of a fixed payment per patron, a fixed payment per digital screen (connected to the DCN) and a fee for access to higher quality digital cinema equipment. The payment per theater patron increases by 8% every five years. The payment per theater patron increased in 2022 and will again in fiscal year 2027, and the payment per digital screen and for digital cinema equipment increases annually by 5%. The theater access fee paid in the aggregate cannot be less than 12% of NCM LLC’s aggregate advertising revenue (as defined in the ESA), or it will be adjusted upward to reach this minimum payment. As of September 26, 2024 and December 28, 2023, the Company had no liabilities recorded for the minimum payment, as the theater access fee was in excess of the minimum.

Following the 2019 ESA Amendments, Cinemark receives an additional monthly theater access fee that began on November 1, 2019 in consideration for NCM LLC's access to certain on-screen advertising inventory after the advertised showtime of a feature film. These fees are also based upon a fixed payment per patron: $0.052 per patron beginning on November 1, 2022 and increasing 8% every five years beginning November 1, 2027. Additionally, following the 2019 ESA Amendments, beginning on November 1, 2019, NCM LLC is entitled to display the Platinum Spot, an additional single unit that is either 30 or 60 seconds of the Noovie® pre-show in the trailer position directly prior to the “attached” trailers preceding the feature film. The “attached” trailers are those provided by studios to Cinemark that are with the feature film, which is at least one trailer, but sometimes two or more trailers. In consideration for the utilization of the theaters for the Platinum Spots, Cinemark is entitled to receive a percentage of all revenue generated for the actual display of Platinum Spots in their applicable theaters, subject to a specified minimum. If NCM LLC runs advertising in more than one concurrent advertisers’ Platinum Spot for any portion of the network over a period of time, then NCM LLC will be required to satisfy a minimum average CPM for that period of time. The Company does not owe any theater access fees or any Platinum Spot revenue share when the theaters are not displaying the Company's pre-show or when the Company does not have access to the theaters. The digital screen fee is calculated based upon average screens in use during each month.

The network affiliates compensation is considered variable lease expense and varies by circuit depending upon the agreed upon terms of the network affiliate agreement. The majority of agreements are centered around a revenue share where an agreed upon percentage of the advertising revenue received from a theater’s attendance is paid to the circuit. As part of the network affiliate agreements entered into in the ordinary course of business under which the Company sells advertising for display in various network affiliate theater chains, the Company has agreed to certain minimum revenue guarantees on a per attendee basis. If a network affiliate achieves the attendance set forth in their respective agreement, the Company has guaranteed minimum revenue for the network affiliate per attendee if such amount paid under the revenue share arrangement is less than its guaranteed amount. As of September 26, 2024, the maximum potential amount of future payments the Company could be required to make pursuant to the minimum revenue

guarantees is $234.5 million over the remaining terms of the network affiliate agreements. These minimum guarantees relate to various affiliate agreements ranging in term from two years to nine years, prior to any renewal periods of which some are at the option of the Company. The Company accrued $0.6 million and $0.0 million related to affiliate agreements with guaranteed minimums in excess of the revenue share agreement as of September 26, 2024 and December 28, 2023, respectively, within ‘Accounts payable’ in the Unaudited Condensed Consolidated Balance Sheet. As the guaranteed minimums are based upon agreed upon minimum attendance or affiliate revenue levels, the Company will not incur minimum revenue share fees during a period of time the minimum theater attendance or revenue levels are not met by the affiliate.

Reconsolidation of NCM LLC - Summary of Pro Forma Financial Information (Unaudited) (Details) - NCM, LLC. - USD ($)	3 Months Ended	9 Months Ended
	Sep. 26, 2023	Sep. 28, 2023
Business Acquisition
Revenue	$ 69.6	$ 168.9
Net Loss	$ (146.9)	$ (210.3)

Intangible Assets

9 Months Ended

Sep. 26, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

5. INTANGIBLE ASSETS

The Company’s intangible assets consist of contractual rights to provide its services within the theaters under the ESAs and the network affiliate agreements, as well as for customer relationships developed and maintained by the Company’s sales force and trademarks held and used by the Company. The intangible assets are stated at their estimated fair values upon the reconsolidation of NCM LLC on August 7, 2023, net of accumulated amortization. The Company records amortization using the straight-line method over the estimated useful life of each intangible. For the contractual rights to provide its service within the theaters under the ESA and network affiliate agreements, the estimated useful life corresponds to the term of the ESAs and the average renewable term of the contracts with the network affiliates. For the customer relationships developed and maintained by the Company’s sales force and trademarks held and used by the Company, the estimated useful life corresponds to industry standard lives for customer relationships and trademarks. In accordance with ASC 360—Property, Plant and Equipment, the Company continuously monitors the performance of the underlying assets for potential triggering events suggesting an impairment review should be performed. No such triggering events were identified in the three and nine months ended September 26, 2024 and September 28, 2023.

Common Unit Adjustments—In accordance with NCM LLC’s Common Unit Adjustment Agreement, on an annual basis NCM LLC determines the amount of common membership units to be issued to or returned by AMC and Cinemark based on theater additions, new builds or dispositions during the previous year. In the event that either AMC or Cinemark does not have sufficient common membership units to return, the adjustment is satisfied in cash in an amount calculated pursuant to NCM LLC’s Common Unit Adjustment Agreement. In addition, NCM LLC’s Common Unit Adjustment Agreement requires that a Common Unit Adjustment occur for either AMC or Cinemark if its acquisition or disposition of theaters, in a single transaction or cumulatively since the most recent Common Unit Adjustment, results in an attendance increase or decrease in excess of two percent of the annual total attendance at the prior adjustment date. Upon the issuance of common membership units, the Company records an addition to the intangible asset related to AMC and Cinemark’s respective ESAs equal to the fair market value of NCM, Inc.’s publicly traded stock as of the date on which the common membership units were issued. The NCM LLC common membership units are fully convertible into NCM, Inc.’s common stock.

During the quarter ended June 27, 2024, in accordance with the Common Unit Adjustment Agreement, NCM LLC issued 135,473 common membership units to AMC and Cinemark, with a net impact of $0.7 million to the intangible asset. On April 16, 2024, the Company elected to satisfy a redemption request from Cinemark for all of their outstanding common membership units through a cash settlement as provided in NCM LLC’s Operating Agreement. This redemption reduced Cinemark’s ownership interest in NCM LLC to 0.0% as of April 16, 2024 while AMC’s ownership interest is de minimis.

Pursuant to and in connection with the Chapter 11 Case during the year ended December 28, 2023, NCM LLC did not issue common membership units to Cinemark for the rights to exclusive access to the theater screens and attendees added, net of dispositions, to NCM LLC’s network for the 2022 fiscal year and the 16,581,829 units issued to AMC were issued and cancelled on the Effective Date.

Integration Payments and Other Encumbered Theater Payments—If an existing on-screen advertising agreement with an alternative provider is in place with respect to any acquired theaters (“Encumbered Theaters”), the applicable ESA Party may elect to receive common membership units related to those Encumbered Theaters in connection with the Common Unit Adjustment. If the

ESA Party makes this election, then they are required to make payments on a quarterly basis in arrears in accordance with certain run-out provisions pursuant to the ESAs (“integration payments”). Because the Carmike Cinemas, Inc. (“Carmike”) theaters acquired by AMC are subject to an existing on-screen advertising agreement with an alternative provider, AMC makes integration payments to NCM LLC. The integration payments will continue until the earlier of (i) the date the theaters are transferred to NCM LLC’s network or (ii) the expiration of the ESA. Integration payments are calculated based upon the advertising cash flow that the Company would have generated if it had exclusive access to sell advertising in the theaters with pre-existing advertising agreements. The ESAs additionally entitle NCM LLC to payments related to the ESA Parties’ on-screen advertising commitments under their beverage concessionaire agreements for Encumbered Theaters. These payments are also accounted for as a reduction to the intangible asset related to the ESAs. During the three and nine months ended September 26, 2024 and September 28, 2023, the Company recorded a reduction to net intangible assets of $1.2 million, $0.9 million, $2.2 million and $2.1 million, respectively, related to integration and other Encumbered Theater payments. During the three months ended September 26, 2024 and September 28, 2023 and nine months ended September 26, 2024 and September 28, 2023, AMC and Cinemark paid a total of $0.5 million, $1.1 million, $0.9 million and $5.2 million, respectively, in integration and Encumbered Theater payments. If common membership units are issued to an ESA Party for newly acquired theaters that are subject to an existing on-screen advertising agreement with an alternative provider, the amortization of the intangible asset commences after the existing agreement expires and NCM LLC can utilize the theaters for all of its services.

As of September 26, 2024 and December 28, 2023, the Company’s intangible assets related to the ESA Party agreements were $221.2 million, net of accumulated amortization of $21.6 million, and $236.7 million, net of accumulated amortization of $7.6 million, respectively, with weighted average remaining lives of 11.9 years and 12.6 years, respectively.

As of September 26, 2024 and December 28, 2023, the Company’s intangible assets related to the network affiliate agreements were $69.6 million, net of accumulated amortization of $5.4 million, and $73.2 million, net of accumulated amortization of $1.8 million, respectively, with weighted average remaining lives of 14.9 years and 15.6 years, respectively.

As of September 26, 2024 and December 28, 2023, the Company’s intangible assets related to customer relationships, were $60.7 million, net of accumulated amortization of $14.3 million, and $70.1 million, net of accumulated amortization of $4.9 million, respectively, with weighted average remaining lives of 4.9 years and 5.6 years, respectively.

As of September 26, 2024 and December 28, 2023, the Company’s intangible asset related to the trademark, was $12.9 million, net of accumulated amortization of $2.1 million, and $14.3 million, net of accumulated amortization of $0.7 million, respectively, with weighted average remaining lives of 6.9 years and 7.6 years, respectively.

The estimated aggregate amortization expense for the remainder of fiscal 2024 is $9.4 million and $37.8 million each for fiscal years 2025 and 2028.

Fair Value Measurements - Schedule of Marketable Securities (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 26, 2024	Dec. 28, 2023
Debt Securities, Available-for-Sale [Line Items]
Total marketable securities	$ 0.1	$ 0.0
Short Term Certificates of Deposit [Member] \| Short-term Certificates of Deposit [Member]
Debt Securities, Available-for-Sale [Line Items]
Maturities	4 months 24 days
Amortized Cost Basis [Member]
Debt Securities, Available-for-Sale [Line Items]
Total marketable securities	$ 0.1
Amortized Cost Basis [Member] \| Short-term Certificates of Deposit [Member]
Debt Securities, Available-for-Sale [Line Items]
Total marketable securities	0.1
Amortized Cost Basis [Member] \| Short-term Marketable Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Total marketable securities	0.1
Aggregate Fair Value [Member]
Debt Securities, Available-for-Sale [Line Items]
Total marketable securities	0.1
Aggregate Fair Value [Member] \| Short-term Certificates of Deposit [Member]
Debt Securities, Available-for-Sale [Line Items]
Total marketable securities	0.1
Aggregate Fair Value [Member] \| Short-term Marketable Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Total marketable securities	$ 0.1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

The Company - Additional Information (Details)					3 Months Ended				9 Months Ended		12 Months Ended
The Company - Additional Information (Details)	Apr. 16, 2024	Apr. 01, 2024 shares	Aug. 07, 2023 USD ($)	Aug. 03, 2023 $ / shares shares	Sep. 26, 2024 USD ($) Customer $ / shares shares	Jun. 27, 2024 shares	Sep. 28, 2023 USD ($) shares	Jun. 29, 2023 USD ($)	Sep. 26, 2024 USD ($) Segnent Customer $ / shares shares	Sep. 28, 2023 USD ($) shares	Dec. 28, 2023 USD ($) $ / shares shares	Mar. 18, 2024 USD ($)	Aug. 02, 2023 shares	Mar. 23, 2023 shares	Feb. 23, 2023 shares	Dec. 29, 2022 shares
General Company Information [Line Items]
Remaining term (in years)									14 years 4 months 24 days
Gain on deconsolidation					$ 0		$ 0	$ 557,700,000	$ 0	$ 557,700,000
Number of reportable segment \| Segnent									1
Number of operating segments \| Segnent									1
Number of shares of restricted stock and stock units vested \| shares					150,354		29,954		471,835	234,870
Number of customers more than ten percentage of revenue \| Customer					0				0
Customer Percentage of Accounts Receivable											10.00%
Customer with revenue in excess of ten percent of Accounts Payable					2.00%				2.00%		0.00%
Asset Impairment Charges					$ 0		$ 0		$ 0	$ 0
Common stock, par value (in usd per share) \| $ / shares				$ 0.01	$ 0.01				$ 0.01		$ 0.01
Common stock, shares outstanding (in shares) \| shares				17,411,323	95,084,232				95,084,232		96,837,039		174,112,385
Stockholders' Equity, Reverse Stock Split				1:10
Restricted Cash					$ 3,000,000				$ 3,000,000		$ 3,000,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period \| shares					0		522,390		6,447,791	522,390
Share-based compensation expense/capitalized					$ 3,100,000		$ 1,000,000		$ 9,200,000	$ 3,100,000
Stock repurchase program, period									3 years
Number of shares, repurchased \| shares					304,901				2,224,488
Reduction to retained earnings					$ 1,900,000				$ 11,300,000
Share-based compensation expense/capitalized					$ 3,100,000		$ 1,000,000		$ 9,200,000	$ 3,000,000
Customer One
General Company Information [Line Items]
Customer Percentage of Accounts Receivable					12.10%				12.10%
Customer Two
General Company Information [Line Items]
Customer Percentage of Accounts Receivable					17.30%				17.30%
Revenue \| Customer Concentration Risk \| Customer One
General Company Information [Line Items]
Customer ten percent of revenue					10.00%		30.50%		10.00%	26.50%
Transfers Related To Bankruptcy Settlement
General Company Information [Line Items]
Related party transaction, amounts of transaction			$ 15,500,000						$ 15,000,000
NCM, LLC.
General Company Information [Line Items]
Gain on deconsolidation							$ 557,700,000			$ 557,700,000
Weighted average term, ESA and affiliate (in years)									11 years 6 months
Common membership units issued \| shares						135,473
Debtor reorganization items, legal and advisory professional fees			$ 8,800,000
Gain on bankruptcy							$ 916,400,000			$ 916,400,000
Regal Entertainment Group [Member]
General Company Information [Line Items]
Units of Partnership Interest, Amount - Regal \| shares																4,068,380
Minimum
General Company Information [Line Items]
Affiliates Agreement, Term									2 years
Maximum
General Company Information [Line Items]
Affiliates Agreement, Term									9 years
Stock repurchase program, authorized amount												$ 100,000,000
National Cine Media Inc [Member]
General Company Information [Line Items]
Percentage of common membership units outstanding			100.00%						100.00%
American Multi Cinema Inc [Member]
General Company Information [Line Items]
Percentage of common membership units outstanding									0.00%		0.00%
Units of Partnership Interest, Amount - AMC \| shares																595,465
American Multi Cinema Inc [Member] \| NCM, LLC.
General Company Information [Line Items]
Common membership units issued \| shares		3,377
Cinemark
General Company Information [Line Items]
Common membership units outstanding \| shares														172,094	4,196,987
Percentage of common membership units outstanding	0.00%
Cinemark \| NCM, LLC.
General Company Information [Line Items]
Percentage of common membership units outstanding	0.00%
Common membership units issued \| shares		132,096

Borrowings (Tables)

9 Months Ended

Sep. 26, 2024

NCM, LLC.

Schedule of Outstanding Debt

The following table summarizes total outstanding debt as of September 26, 2024 and December 28, 2023 and the significant terms of its borrowing arrangements (in millions):


	Outstanding Balance as of
Borrowings	September 26, 2024		December 28, 2023		Maturity Date	Interest Rate
Revolving Credit Facility 2023	$	10.0	$	10.0	August 7, 2026		(1	)
Total borrowings		10.0		10.0
Less: debt issuance costs and debt discounts related to term loans and senior notes		—		—
Total borrowings, net		10.0		10.0
Less: current portion of debt		—		—
Carrying value of long-term debt	$	10.0	$	10.0

(1)

The interest rates on the Revolving Credit Facility 2023 is described below.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 26, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 26, 2024	Sep. 28, 2023	Sep. 26, 2024	Sep. 28, 2023
Related Party Transaction [Line Items]
ESA advertising revenue from beverage concessionaire agreements (included in revenue)	$ 62.4	$ 24.7	$ 154.5	$ 74.4
ESA Parties and network affiliate fees	32.9	14.5	82.1	42.8
Founding Members
Related Party Transaction [Line Items]
ESA advertising revenue from beverage concessionaire agreements (included in revenue)	0.0	0.0	0.0	11.8
Management fee reimbursement	0.0	2.4	0.0	10.1
ESA Parties and network affiliate fees	0.0	0.0	0.0	16.5
Founding Members \| Beverage Concessionaire
Related Party Transaction [Line Items]
ESA advertising revenue from beverage concessionaire agreements (included in revenue)	$ 0.0	$ 0.0	$ 0.0	$ 4.1

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 32
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Revenue from Contracts with Customers - Schedule of Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 26, 2024	Sep. 28, 2023
National advertising revenue
Schedule of Allowance for Doubtful Accounts [Line Items]
Allowance for Customer Receivables, Beginning Balance	$ 0.1	$ 0.3
Allowance for Customer Receivables, Provision for bad debt	0.4	(0.2)
Allowance for Customer Receivables, Write-offs, net	(0.4)	0.0
Allowance for Customer Receivables, Ending Balance	0.1	0.1
Local And Regional Advertising Revenue [Member]
Schedule of Allowance for Doubtful Accounts [Line Items]
Allowance for Customer Receivables, Beginning Balance	1.3	1.4
Allowance for Customer Receivables, Provision for bad debt	0.1	0.1
Allowance for Customer Receivables, Write-offs, net	(0.4)	(0.2)
Allowance for Customer Receivables, Ending Balance	$ 1.0	$ 1.3

Intangible Assets - Additional Information (Details) - USD ($) $ in Millions			3 Months Ended			9 Months Ended		12 Months Ended
	Apr. 16, 2024	Apr. 01, 2024	Sep. 26, 2024	Jun. 27, 2024	Sep. 28, 2023	Sep. 26, 2024	Sep. 28, 2023	Dec. 29, 2022	Dec. 28, 2023
Finite-Lived Intangible Assets [Line Items]
Integration and other encumbered payments, related parties - operating activities						$ 0.9	$ 4.7
Intangible assets, net of accumulated amortization of $34.0 and $15.0, respectively			$ 364.4			364.4			$ 394.3
Accumulated amortization, intangible assets			43.4			43.4			15.0
Accumulated amortization, intangible assets, remainder of fiscal 2024			9.4			9.4
Accumulated amortization, intangible assets, 2025			37.8			37.8
Accumulated amortization, intangible assets, 2026			37.8			37.8
Accumulated amortization, intangible assets, 2027			37.8			37.8
Accumulated amortization, intangible assets, 2028			37.8			37.8
NCM, LLC.
Finite-Lived Intangible Assets [Line Items]
Increase (decrease) in intangible assets, net				$ 0.7
Common membership units issued				135,473
NCM, LLC. \| AMC and Cinemark
Finite-Lived Intangible Assets [Line Items]
Increase (decrease) in intangible assets, net			1.2		$ 0.9	2.2	2.1
Integration and other encumbered payments, related parties - operating activities			0.5		$ 1.1	0.9	$ 5.2
NCM, LLC. \| Founding Members
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net of accumulated amortization of $34.0 and $15.0, respectively			$ 221.2			$ 221.2			$ 236.7
Finite-lived intangible asset, useful life			11 years 10 months 24 days			11 years 10 months 24 days			12 years 7 months 6 days
Accumulated amortization, intangible assets			$ 21.6			$ 21.6			$ 7.6
NCM, LLC. \| Network Affiliates
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net of accumulated amortization of $34.0 and $15.0, respectively			$ 69.6			$ 69.6			$ 73.2
Finite-lived intangible asset, useful life			14 years 10 months 24 days			14 years 10 months 24 days			15 years 7 months 6 days
Accumulated amortization, intangible assets			$ 5.4			$ 5.4			$ 1.8
NCM, LLC. \| Customer Relations
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net of accumulated amortization of $34.0 and $15.0, respectively			$ 60.7			$ 60.7			$ 70.1
Finite-lived intangible asset, useful life			4 years 10 months 24 days			4 years 10 months 24 days			5 years 7 months 6 days
Accumulated amortization, intangible assets			$ 14.3			$ 14.3			$ 4.9
NCM, LLC. \| Trademark
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net of accumulated amortization of $34.0 and $15.0, respectively			$ 12.9			$ 12.9			$ 14.3
Finite-lived intangible asset, useful life			6 years 10 months 24 days			6 years 10 months 24 days			7 years 7 months 6 days
Accumulated amortization, intangible assets			$ 2.1			$ 2.1			$ 0.7
AMC
Finite-Lived Intangible Assets [Line Items]
Common membership units issued and cancelled								16,581,829
Cinemark
Finite-Lived Intangible Assets [Line Items]
Percentage of common membership units outstanding	0.00%
Cinemark \| NCM, LLC.
Finite-Lived Intangible Assets [Line Items]
Percentage of common membership units outstanding	0.00%
Common membership units issued		132,096
Minimum \| NCM, LLC.
Finite-Lived Intangible Assets [Line Items]
Percentage increase (decrease) in theater attendance for Common Unit adjustment to occur						(2.00%)
Maximum \| NCM, LLC.
Finite-Lived Intangible Assets [Line Items]
Percentage increase (decrease) in theater attendance for Common Unit adjustment to occur						2.00%

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 26, 2024

Commitments and Contingencies Disclosure [Abstract]

Lease Cost

These costs are presented within ‘Selling and marketing costs’ and ‘Administrative and other costs’ within the unaudited Condensed Consolidated Statements of Operations depending upon the nature of the use of the facility.


	Three Months Ended				Nine Months Ended
	September 26, 2024		September 28, 2023		September 26, 2024		September 28, 2023
Operating lease cost	$	0.5	$	1.4	$	1.8	$	2.4
Variable lease cost		—		0.2		0.2		0.4
Total lease cost	$	0.5	$	1.6	$	2.0	$	2.8

Loss Per Share

9 Months Ended

Sep. 26, 2024

Earnings Per Share [Abstract]

Loss Per Share

3. LOSS PER SHARE

Basic loss per share is computed on the basis of the weighted average number of shares of common stock outstanding. Diluted loss per share is computed on the basis of the weighted average number of shares of common stock outstanding plus the effect of potentially dilutive common stock options, restricted stock and restricted stock units using the treasury stock method. The components of basic and diluted loss per NCM, Inc. share are as follows:


	Three Months Ended					Nine Months Ended
	September 26, 2024			September 28, 2023		September 26, 2024			September 28, 2023
Net (loss) income attributable to NCM, Inc. (in millions)	$	(3.6	)	$	181.8	$	(47.0	)	$	681.5
Net income attributable to NCM, Inc. following conversion of dilutive membership units (in millions)	$	—		$	181.8	$	—		$	673.0
Weighted average shares outstanding:
Basic		95,221,502			62,765,418		96,183,328			31,574,026
Add: Dilutive effect of stock options, restricted stock and exchangeable membership units		—			39,270		—			913,872
Diluted		95,221,502			62,804,688		96,183,328			32,487,898
(Loss) income per NCM, Inc. share:
Basic	$	(0.04	)	$	2.89	$	(0.49	)	$	21.58
Diluted	$	(0.04	)	$	2.89	$	(0.49	)	$	20.72

The effect of the 19,566 and 6,522 weighted average exchangeable NCM LLC common units held by AMC and Cinemark for the three and nine months ended September 26, 2024, respectively, have been excluded from the calculation of diluted weighted average shares and loss per NCM, Inc. share as they were anti-dilutive. The weighted average exchangeable NCM LLC common units held by NCM LLC's other members for the three and nine months ended September 28, 2023 was 0 and 913,872, respectively. NCM LLC common units do not participate in dividends paid on NCM, Inc.'s common stock. In addition, there were 6,553,890, 983,825, 6,553,890, and 983,825 stock options and non-vested (restricted) shares for the three months ended September 26, 2024 and September 28, 2023 and nine months ended September 26, 2024 and September 28, 2023, respectively, excluded from the calculation as they were anti-dilutive. The Company’s non-vested (restricted) shares do not meet the definition of a participating security as the dividends will not be paid if the shares do not vest.

On August 3, 2023, the Company effected a one-for-ten (1:10) reverse stock split of its common stock, par value $0.01 per share. The reverse stock split, which was authorized by its Board of Directors, was approved by the Company’s stockholders on August 2, 2023. The reverse stock split reduced the number of outstanding shares of the Company’s common stock from 174,112,385 shares as of August 3, 2023 to 17,411,323 shares outstanding post-reverse stock split. In accordance with ASC 260—Earnings Per Share, income per share for the three and nine months ended September 28, 2023 were retrospectively adjusted for the reverse stock split.

The Company - Changes In Equity (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 26, 2024	Sep. 28, 2023	Sep. 26, 2024	Sep. 28, 2023
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Net Income (Loss)	$ (3.6)	$ 181.8	$ (47.0)	$ 681.5
NCM LLC equity issued for purchase of intangible asset	0.0	0.0	0.7	0.0
Income tax and other impacts of subsidiary ownership changes	0.0	5.9	0.1	33.4
NCM LLC common membership units redemption		7.7	(0.7)	(2.6)
Issued shares to secured creditors, value		232.3		242.6
Change from net (loss) income attributable to NCM, Inc. and transfers from noncontrolling interests	(3.6)	426.9	(46.9)	953.7
Cash [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
NCM LLC common membership units redemption	0.0	0.0	(0.7)	0.0
Additional Paid-in Capital [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
NCM LLC common membership units redemption		7.7	(0.7)	(2.6)
Issued shares to secured creditors, value	0.0	231.5	0.0	241.4
Common Stock [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
NCM LLC common membership units redemption	$ 0.0	7.7	$ 0.0	(2.6)
Issued shares to secured creditors, value		$ 0.8		$ 1.2

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 26, 2024	Sep. 28, 2023	Sep. 26, 2024	Sep. 28, 2023
Income Tax Disclosure [Abstract]
Income tax benefit	$ 0.0	$ 0.0	$ 0.0	$ 0.0
Effective tax rate	0.00%	0.00%	0.00%	0.00%
Deferred income tax expense, net of valuation allowance	$ 0.0		$ 0.0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

The Company (Tables)

9 Months Ended

Sep. 26, 2024

Accounting Policies [Abstract]

Changes In Equity

The following table presents the changes in NCM, Inc.’s equity resulting from net income attributable to NCM, Inc. and transfers to or from noncontrolling interests (in millions):


	Three Months Ended					Nine Months Ended
	September 26, 2024			September 28, 2023		September 26, 2024			September 28, 2023
Net (loss) income attributable to NCM, Inc.	$	(3.6	)	$	181.8	$	(47.0	)	$	681.5
NCM LLC equity issued for purchase of intangible asset		—			—		0.7			—
Income tax and other impacts of subsidiary ownership changes		—			5.9		0.1			33.4
Cash redemption of NCM LLC common membership units		—			—		(0.7	)		—
NCM LLC common membership unit redemption for NCM, Inc. common stock		—			7.7		—			(2.6	)
Issuance of shares to founding members		—			231.5		—			241.4
Change from net (loss) income attributable to NCM, Inc. and transfers from noncontrolling interests	$	(3.6	)	$	426.9	$	(46.9	)	$	953.7

CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) $ in Millions	Sep. 26, 2024	Dec. 28, 2023
Allowance for doubtful accounts receivable	$ 1.1	$ 1.4
Accumulated depreciation, property and equipment	4.7	1.6
Accumulated amortization, intangible assets	$ 43.4	$ 15.0
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	50	50
Preferred stock, shares outstanding	50	50
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	260,000,000	260,000,000
Common stock, shares issued (in shares)	95,084,232	96,837,039
Common stock, shares outstanding (in shares)	95,084,232	96,837,039

Fair Value Measurements - Schedule of Other Investments (Details) - USD ($) $ in Millions	Sep. 26, 2024	Dec. 28, 2023
Fair Value, Separate Account Investment [Line Items]
Total other investments	$ 1.3	$ 0.7
AC JV, LLC
Fair Value, Separate Account Investment [Line Items]
Investment in AC JV, LLC	$ 1.3	$ 0.7

- Definition

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 26, 2024	Sep. 28, 2023	Sep. 26, 2024	Sep. 28, 2023
REVENUE (including revenue from related parties of $0.0, $0.0, $0.0 and $11.8, respectively)	$ 62.4	$ 24.7	$ 154.5	$ 74.4
OPERATING EXPENSES:
Network operating costs	3.3	2.6	10.6	6.9
ESA Parties and network affiliate fees (including fees to related parties of $0.0, $0.0, $0.0 and $16.5, respectively)	32.9	14.5	82.1	42.8
Selling and marketing costs	10.1	6.3	29.6	16.9
Administrative and other costs	12.9	7.3	39.8	40.6
Depreciation expense	1.2	0.6	3.4	2.1
Amortization expense	9.5	5.7	28.4	12.8
Total	69.9	37.0	193.9	122.1
OPERATING LOSS	(7.5)	(12.3)	(39.4)	(47.7)
NON-OPERATING (INCOME) EXPENSE:
Interest on borrowings	0.4	0.3	1.3	27.5
Interest income	(0.7)	0.0	(1.7)	0.0
(Gain) loss on re-measurement of the payable under the tax receivable agreement	(3.0)	9.3	9.3	12.7
Gain on deconsolidation of NCM LLC	0.0	0.0	0.0	(557.7)
Gain on reconsolidation of NCM LLC	0.0	(168.0)	0.0	(168.0)
Other non-operating (income) expense, net	(0.6)	(0.4)	(1.3)	0.3
Total	(3.9)	(194.1)	7.6	(720.7)
(LOSS) INCOME BEFORE INCOME TAXES	(3.6)	181.8	(47.0)	673.0
Income tax expense	0.0	0.0	0.0	0.0
CONSOLIDATED NET (LOSS) INCOME	(3.6)	181.8	(47.0)	673.0
Less: Net loss attributable to noncontrolling interests	0.0	0.0	0.0	(8.5)
NET (LOSS) INCOME ATTRIBUTABLE TO NCM, INC.	(3.6)	181.8	(47.0)	681.5
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO NCM, INC.	$ (3.6)	$ 181.8	$ (47.0)	$ 681.5
NET (LOSS) INCOME PER NCM, INC. COMMON SHARE:
Basic (in usd per share)	$ (0.04)	$ 2.89	$ (0.49)	$ 21.58
Diluted (in usd per share)	$ (0.04)	$ 2.89	$ (0.49)	$ 20.72
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic (in shares)	95,221,502	62,765,418	96,183,328	31,574,026
Diluted (in shares)	95,221,502	62,804,688	96,183,328	32,487,898
NCM, LLC.
NON-OPERATING (INCOME) EXPENSE:
Gain on deconsolidation of NCM LLC		$ (557.7)		$ (557.7)
Gain on re-measurement of investment	$ 0.0	$ (35.3)	$ 0.0	$ (35.5)

Borrowings - Additional Information (Details)	Aug. 07, 2023 USD ($)	Sep. 26, 2024 USD ($)	Dec. 28, 2023 USD ($)
Revolving Credit Facility 2023
Debt Instrument [Line Items]
Proceeds from lines of credit	$ 9,100,000
Debt issuance costs, gross	2,400,000
NCM, LLC.
Debt Instrument [Line Items]
Debt instrument currently outstanding loan amount		$ 10,000,000	$ 10,000,000
NCM, LLC. \| Revolving Credit Facility 2023
Debt Instrument [Line Items]
Borrowing amount of credit facility	55,000,000	55,000,000
Debt instrument currently outstanding loan amount		$ 10,000,000
Weighted-average interest rate		9.06%
Debt instrument, trigger amount covenant	$ 5,000,000	$ 8,250,000
Debt intstrument, debt covenant aggregate revolving commitment trigger	10.00%	15.00%
Line Of credit facility, percentage of revolving commitment	10.00%
Line of credit facility, current borrowing capacity		$ 44,400,000
NCM, LLC. \| Revolving Credit Facility 2023 \| Minimum
Debt Instrument [Line Items]
Debt instrument, fixed coverage covenant	1	1
NCM, LLC. \| Revolving Credit Facility 2023 \| Maximum
Debt Instrument [Line Items]
Debt instrument, fixed coverage covenant	1.1	3.5
NCM, LLC. \| Revolving Credit Facility 2023 \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate, percent	3.75%
Line of credit facility, unused capacity, commitment fee percentage	50.00%
NCM, LLC. \| Revolving Credit Facility 2023 \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate, percent	4.50%
Line of credit facility, unused capacity, commitment fee percentage	50.00%
NCM, LLC. \| Letter of Credit
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity		$ 600,000

Revenue from Contracts with Customers - Summary of Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 26, 2024	Sep. 28, 2023	Sep. 26, 2024	Sep. 28, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 62.4	$ 24.7	$ 154.5	$ 74.4
National advertising revenue
Disaggregation of Revenue [Line Items]
Revenue	46.8	15.5	117.9	43.0
Local and regional advertising revenue
Disaggregation of Revenue [Line Items]
Revenue	11.4	5.1	26.5	14.2
ESA advertising revenue from beverage concessionaire agreements
Disaggregation of Revenue [Line Items]
Revenue	4.2	1.7	10.1	7.1
Management Fee Reimbursement
Disaggregation of Revenue [Line Items]
Revenue	$ 0.0	$ 2.4	$ 0.0	$ 10.1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Loss Per Share - Additional Information (Details) - $ / shares		3 Months Ended		9 Months Ended
	Aug. 03, 2023	Sep. 26, 2024	Sep. 28, 2023	Sep. 26, 2024	Sep. 28, 2023	Dec. 28, 2023	Aug. 02, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, par value (in usd per share)	$ 0.01	$ 0.01		$ 0.01		$ 0.01
Common stock, shares outstanding (in shares)	17,411,323	95,084,232		95,084,232		96,837,039	174,112,385
Stockholders' Equity, Reverse Stock Split	1:10
Stock Options And Non-Vested Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the calculation of diluted weighted average shares		6,553,890	983,825	6,553,890	983,825
Common Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the calculation of diluted weighted average shares		19,566	0	6,522	913,872

Commitments and Contingencies - Lease Cost (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 26, 2024	Sep. 28, 2023	Sep. 26, 2024	Sep. 28, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 0.5	$ 1.4	$ 1.8	$ 2.4
Variable lease cost	0.0	0.2	0.2	0.4
Total lease cost	$ 0.5	$ 1.6	$ 2.0	$ 2.8

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 26, 2024	Oct. 31, 2024
Document Information [Line Items]
Document Transition Report	false
Document Quarterly Report	true
Title of 12(b) Security	Common Stock, par value $0.01 per share
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-5665602
Entity Address, Address Description	6300 S. Syracuse Way, Suite 300
Entity Address, City or Town	Centennial
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80111
City Area Code	303
Local Phone Number	792-3600
Trading Symbol	NCMI
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Document Period End Date	Sep. 26, 2024
Entity Registrant Name	NATIONAL CINEMEDIA, INC.
Amendment Flag	false
Entity Central Index Key	0001377630
Document Type	10-Q
Entity File Number	001-33296
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Small Business	true
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-26
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		94,915,077
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false

Subsequent Events

9 Months Ended

Sep. 26, 2024

Subsequent Events [Abstract]

Subsequent Events

11. SUBSEQUENT EVENTS

Share Repurchase Program—Subsequent to the three and nine months ended September 26, 2024, in accordance with the stock repurchase plan approved on March 18, 2024 by the Company’s Board of Directors, 169,895 shares were repurchased on the open market for $1.1 million. In accordance with ASC 505 —Equity, these shares were retired and any excess over par value paid was recorded as a reduction to retained earnings.

Other Investments—On October 1, 2024, the Company invested $1.0 million in cash to acquire equity interests in an advertising-related company. Additionally, on October 8, 2024, the Company entered into an agreement with an entertainment company to exchange $2.0 million of on-screen advertising to be provided over a three-year term in exchange for equity interests.

Borrowings

9 Months Ended

Sep. 26, 2024

Debt Disclosure [Abstract]

Borrowings

7. BORROWINGS

The following table summarizes total outstanding debt as of September 26, 2024 and December 28, 2023 and the significant terms of its borrowing arrangements (in millions):


	Outstanding Balance as of
Borrowings	September 26, 2024		December 28, 2023		Maturity Date	Interest Rate
Revolving Credit Facility 2023	$	10.0	$	10.0	August 7, 2026		(1	)
Total borrowings		10.0		10.0
Less: debt issuance costs and debt discounts related to term loans and senior notes		—		—
Total borrowings, net		10.0		10.0
Less: current portion of debt		—		—
Carrying value of long-term debt	$	10.0	$	10.0

(1)

The interest rates on the Revolving Credit Facility 2023 is described below.

Loan, Security and Guarantee Agreement—On August 7, 2023, NCM LLC entered into a Loan, Security and Guarantee Agreement (the “Revolving Credit Facility 2023”) with CIT Northbridge Credit LLC as agent. The Revolving Credit Facility 2023 is an asset backed line facility where the capacity depends upon NCM LLC’s trade accounts receivable balance, as adjusted for aged balances and other considerations. The maximum availability NCM LLC has access to under the Revolving Credit Facility 2023 is $55,000,000. The proceeds of the Revolving Credit Facility 2023 may be used for, inter alia, working capital and capital expenditures. The Revolving Credit Facility 2023 will mature on August 7, 2026. The interest rate under the Revolving Credit Facility 2023 is a base rate of SOFR benchmark plus (i) 3.75% if less than 50% of revolving commitments are utilized or (ii) 4.50% if 50% or more of revolving commitments are utilized (utilizing the average revolver usage for the prior calendar month as a benchmark for this determination). The Revolving Credit Facility 2023 also contains a financial maintenance covenant requiring that the fixed charge coverage ratio ending on the last day of each fiscal month is at least 1.1 to 1.0 during a “Trigger Period.” A Trigger Period begins upon (i) an event of default or (ii) if availability is less than the greater of (a) $5,000,000 and (b) 10% of aggregate revolving commitments. A Trigger Period ends only if (i) no event of default existed for the preceding thirty (30) consecutive days and (ii) availability is greater than both (a) $5,000,000 and (b) 10% of aggregate revolving commitments. Upon the effectiveness of the Revolving Credit Facility 2023, NCM LLC immediately drew $10.0 million from the facility, which represents the only amount

currently outstanding under the Revolving Credit Facility 2023, as of September 26, 2024. The Revolving Credit Facility 2023 also contains customary representations, warranties, covenants, events of default, terms and conditions, including limitations on liens, incurrence of debt, mergers and significant asset dispositions. As of September 26, 2024, NCM LLC’s maximum availability under the $55.0 million Revolving Credit Facility 2023 was $44.4 million, net of $10.0 million outstanding and net of letters of credit of $0.6 million. The weighted-average interest rate on the Revolving Credit Facility 2023 as of September 26, 2024 was 9.06%. Upon execution of the Revolving Credit Facility 2023, NCM LLC recorded $2.4 million as debt issuance costs and received $9.1 million in proceeds.

The Revolving Credit Facility 2023 contains a number of covenants and financial ratio requirements, with which NCM LLC was in compliance at September 26, 2024, including maintaining a fixed charge coverage ratio in excess of 1.1 to 1.0 on a monthly basis while maintaining availability in excess of either (i) $8.25 million or (ii) 15.0% of the aggregate revolver commitments (the “availability thresholds”). NCM LLC is permitted to make quarterly dividend payments and other payments based on the fixed charge coverage ratio and availability thresholds so long as no default or event of default has occurred and continues to occur. Dividend payments and other distributions are made if the fixed charge coverage ratio is in excess of 1.1 to 1.0 and availability, after the distribution, is in compliance with the availability thresholds.

There are no borrower distribution restrictions as long as NCM LLC’s fixed coverage ratio is 1.1 to 1.0, NCM LLC maintains availability under the availability thresholds and NCM LLC is in compliance with its debt covenants. If there are borrower distribution restrictions on the payments, NCM LLC may not declare or pay any dividends, or make any payments on account of NCM LLC or make any other distribution for obligations of NCM LLC. When these restrictions are effective, NCM LLC may still pay the services fee and reimbursable costs pursuant to terms of a management services agreement, between NCM, Inc. and NCM LLC, in exchange for NCM, Inc. providing specified management services to NCM LLC. NCM LLC can also make payments pursuant to the Common Unit Adjustment Agreement and Tax Receivable Agreement in the amount, and at the time necessary to satisfy the contractual obligations with respect to the actual cash tax benefits payable to NCM LLC’s ESA Parties.

As of September 26, 2024, the NCM LLC’s fixed charge coverage ratio was 3.5 to 1.0 (versus the required ratio of 1.1 to 1.0) and had maximum availability under the Revolving Credit Facility 2023 of $44.4 million (versus the applicable availability threshold of $8.25 million).

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue from Contracts with Customers (Tables)

9 Months Ended

Sep. 26, 2024

Revenue from Contract with Customer [Abstract]

Summary of Revenue from Contracts with Customers

The following table summarizes revenue from contracts with customers for the three and nine months ended September 26, 2024 and September 28, 2023 (in millions):


	Three Months Ended				Nine Months Ended
	September 26, 2024		September 28, 2023		September 26, 2024		September 28, 2023
National advertising revenue	$	46.8	$	15.5	$	117.9	$	43.0
Local and regional advertising revenue		11.4		5.1		26.5		14.2
ESA advertising revenue from beverage concessionaire agreements		4.2		1.7		10.1		7.1
Management fee reimbursement		—		2.4		—		10.1
Total revenue	$	62.4	$	24.7	$	154.5	$	74.4

Schedule of Allowance for Doubtful Accounts

The changes within the allowance for doubtful accounts balances for the nine months ended September 26, 2024 and September 28, 2023, respectively, were as follows (in millions):


	Nine Months Ended
	September 26, 2024						September 28, 2023
	Allowance for National Customer Receivables			Allowance for Local/ Regional Customer Receivables			Allowance for National Customer Receivables			Allowance for Local/ Regional Customer Receivables
Balance at beginning of period	$	0.1		$	1.3		$	0.3		$	1.4
Provision for bad debt		0.4			0.1			(0.2	)		0.1
Write-offs, net		(0.4	)		(0.4	)		—			(0.2	)
Balance at end of period	$	0.1		$	1.0		$	0.1		$	1.3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY/(DEFICIT) - USD ($) $ in Millions	Total	Common Stock	Preferred Stock	Additional Paid in Capital (Deficit)	Retained Earnings (Accumulated Deficit)	Non-controlling Interest
Balance at Dec. 29, 2022	$ (464.0)	$ 1.2	$ 0.0	$ (146.2)	$ (370.4)	$ 51.4
Balance (in shares) at Dec. 29, 2022		12,840,264	0
Deconsolidation, Equity Effect, Amount	(33.3)			(15.2)	(18.1)
Income tax and other impacts of NCM LLC ownership changes	(9.6)			33.4		(43.0)
Issuance of shares to founding members	242.6	$ 1.2		241.4
Issuance of shares, shares		83,722,159	50
Cash redemption of NCM LLC common membership units	(2.6)	$ (2.6)		(2.6)
Comprehensive income (loss), net of tax	673.0				681.5	(8.5)
Share-based compensation issued, net of tax	0.1	$ 0.1
Share-based compensation issued, net of tax (in shares)		221,813
Share-based compensation expense/capitalized	3.1			3.0		0.1
Balance at Sep. 28, 2023	409.3	$ 2.5	$ 0.0	113.8	293.0	0.0
Balance (in shares) at Sep. 28, 2023		96,784,236	50
Balance at Jun. 29, 2023	(19.3)	$ 1.7	$ 0.0	(132.3)	111.3	0.0
Balance (in shares) at Jun. 29, 2023		17,405,978	0
Income tax and other impacts of NCM LLC ownership changes	5.8			5.9	(0.1)
Issuance of shares to founding members	232.3	$ 0.8		231.5
Issuance of shares, shares		79,353,079	50
Cash redemption of NCM LLC common membership units	7.7	$ 7.7		7.7
Comprehensive income (loss), net of tax	181.8				181.8
Share-based compensation issued, net of tax	0.0
Share-based compensation issued, net of tax (in shares)		25,179
Share-based compensation expense/capitalized	1.0			1.0
Balance at Sep. 28, 2023	409.3	$ 2.5	$ 0.0	113.8	293.0	0.0
Balance (in shares) at Sep. 28, 2023		96,784,236	50
Balance at Dec. 28, 2023	434.5	$ 2.6	$ 0.0	115.3	316.6	0.0
Balance (in shares) at Dec. 28, 2023		96,837,039	50
Income tax and other impacts of NCM LLC ownership changes	0.1			0.1
NCM LLC equity issued for purchase of intangible asset	0.7			0.7
Issuance of shares to founding members				0.0
Cash redemption of NCM LLC common membership units	(0.7)	$ 0.0		(0.7)
Purchases of NCM, Inc.'s common stock	(11.4)	$ (0.1)			(11.3)
Purchases of NCM, Inc.'s common stock, shares		(2,224,488)
Comprehensive income (loss), net of tax	(47.0)				(47.0)
Share-based compensation issued, net of tax	0.1			0.1
Share-based compensation issued, net of tax (in shares)		471,681
Share-based compensation expense/capitalized	9.2			9.2
Balance at Sep. 26, 2024	385.5	$ 2.5	$ 0.0	124.7	258.3	0.0
Balance (in shares) at Sep. 26, 2024		95,084,232	50
Balance at Jun. 27, 2024	387.9	$ 2.5	$ 0.0	121.6	263.8	0.0
Balance (in shares) at Jun. 27, 2024		95,238,849	50
Issuance of shares to founding members				0.0
Cash redemption of NCM LLC common membership units		$ 0.0
Purchases of NCM, Inc.'s common stock	(1.9)				(1.9)
Purchases of NCM, Inc.'s common stock, shares		(304,901)
Comprehensive income (loss), net of tax	(3.6)				(3.6)
Share-based compensation issued, net of tax	0.0
Share-based compensation issued, net of tax (in shares)		150,284
Share-based compensation expense/capitalized	3.1			3.1
Balance at Sep. 26, 2024	$ 385.5	$ 2.5	$ 0.0	$ 124.7	$ 258.3	$ 0.0
Balance (in shares) at Sep. 26, 2024		95,084,232	50

Commitments and Contingencies - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended		60 Months Ended	160 Months Ended
	Sep. 26, 2024	Sep. 28, 2023	Sep. 26, 2024	Sep. 28, 2023	Oct. 31, 2027	Feb. 13, 2041	Dec. 28, 2023
Other Commitments [Line Items]
Operating lease, right-of-use asset	$ 11,900,000		$ 11,900,000
Short-term lease liability	1,400,000		1,400,000
Long-term lease liability	$ 12,300,000		$ 12,300,000				$ 5,000,000
Weighted average remaining lease term	7 years 7 months 6 days		7 years 7 months 6 days
Weighted average discount rate	6.90%		6.90%
Operating Lease, Lease Income, Lease Payments	$ 400,000	$ 800,000	$ 1,600,000	$ 2,900,000
Maximum potential payment	234,500,000		234,500,000
Additional amount accrued related to minimum guarantees	600,000		600,000				0
On-screen advertising time to satisfy agreement obligations, in seconds		30 seconds		30 seconds
Amortization of intangible assets	9,500,000	$ 5,700,000	28,400,000	$ 12,800,000
ESAs and Network Affiliate Agreements
Other Commitments [Line Items]
Amortization of intangible assets	5,900,000	$ 3,600,000	17,600,000	$ 10,700,000
NCM, LLC. \| Founding Members
Other Commitments [Line Items]
Liabilities recorded for related party obligations	$ 0		$ 0				$ 0
Percentage of increase in payment per theatre patron			8.00%
Term of increase in payment percentage per theater patron			5 years
Percentage of increase in payment per digital screen and digital cinema equipment			5.00%
Minimum
Other Commitments [Line Items]
On-screen advertising time to satisfy agreement obligations, in seconds			30 seconds
Minimum \| NCM, LLC. \| Founding Members
Other Commitments [Line Items]
Aggregate percentage of theater access fee paid	12.00%		12.00%
Maximum
Other Commitments [Line Items]
On-screen advertising time to satisfy agreement obligations, in seconds			60 seconds
Future patron payment \| Cinemark
Other Commitments [Line Items]
Percentage of increase in payment per theatre patron						8.00%
Term of increase in payment percentage per theater patron						5 years
Future patron payment \| Cinemark and Regal [Member]
Other Commitments [Line Items]
Amount Increase In Payment Per Theater Patron					$ 0.052

Related Party Transactions - Schedule of Related Party Transactions (Parenthetical) (Details)	3 Months Ended	9 Months Ended
	Sep. 28, 2023	Sep. 26, 2024	Sep. 28, 2023
Related Party Transaction [Line Items]
On-screen advertising time to satisfy agreement obligations, in seconds	30 seconds		30 seconds
Two Founding Members
Related Party Transaction [Line Items]
On-screen advertising time purchased, in seconds	60 seconds		60 seconds
Maximum
Related Party Transaction [Line Items]
On-screen advertising time to satisfy agreement obligations, in seconds		60 seconds
Minimum
Related Party Transaction [Line Items]
On-screen advertising time to satisfy agreement obligations, in seconds		30 seconds

Loss Per Share - Schedule of Loss Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 26, 2024	Sep. 28, 2023	Sep. 26, 2024	Sep. 28, 2023
Earnings Per Share [Abstract]
Net (loss) income attributable to NCM, Inc. (in millions)	$ (3.6)	$ 181.8	$ (47.0)	$ 681.5
Net income attributable to NCM, Inc. following conversion of dilutive membership units (in millions)	$ 0.0	$ 181.8	$ 0.0	$ 673.0
Weighted average shares outstanding:
Basic (in shares)	95,221,502	62,765,418	96,183,328	31,574,026
Add: Dilutive effect of stock options and restricted stock (in shares)	0	39,270	0	913,872
Diluted (in shares)	95,221,502	62,804,688	96,183,328	32,487,898
(Loss) income per NCM, Inc. share:
Basic (in usd per share)	$ (0.04)	$ 2.89	$ (0.49)	$ 21.58
Diluted (in usd per share)	$ (0.04)	$ 2.89	$ (0.49)	$ 20.72

Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 28, 2023	Sep. 26, 2024
Revenue from Contract with Customer [Abstract]
Unbilled accounts receivable	$ 0.8	$ 0.9
Contract with Customer, Liability, Change in Timeframe, Performance Obligation Satisfied, Revenue Recognized	$ 9.7

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 26, 2024	Dec. 28, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 49.4	$ 34.6
Restricted Cash	3.0	3.0
Short-term marketable securities	0.1	0.0
Receivables, net of allowance of $1.1 and $1.4, respectively	62.8	96.6
Amounts due from ESA Parties	6.7	5.4
Prepaid Expense and Other Assets, Current	3.6	4.2
Total current assets	125.6	143.8
NON-CURRENT ASSETS:
Property and equipment, net of accumulated depreciation of $4.7 and $1.6, respectively	15.3	15.8
Intangible assets, net of accumulated amortization of $43.4 and $15.0, respectively	364.4	394.3
Other Investments	1.3	0.7
Debt issuance costs, net	1.5	2.2
Other assets	18.0	10.9
Total non-current assets	400.5	423.9
TOTAL ASSETS	526.1	567.7
CURRENT LIABILITIES:
Amounts due to ESA Parties, net	3.1	6.6
Accrued expenses	1.9	1.6
Accrued payroll and related expenses	12.3	17.7
Accounts payable	16.2	21.7
Deferred revenue	14.5	9.8
Other current liabilities	3.1	1.0
Total current liabilities	51.1	58.4
NON-CURRENT LIABILITIES:
Long-term debt	10.0	10.0
Payable under the TRA	67.2	59.8
Long-term lease liability	12.3	5.0
Total non-current liabilities	89.5	74.8
Total liabilities	140.6	133.2
COMMITMENTS AND CONTINGENCIES (NOTE 9)
EQUITY:
Preferred stock, $0.01 par value; 10,000,000 shares authorized, 50 issued and outstanding	0.0	0.0
Common stock, $0.01 par value; 260,000,000 shares authorized, 95,084,232 and 96,837,039 issued and outstanding, respectively	2.5	2.6
Additional paid in capital	124.7	115.3
Retained earnings	258.3	316.6
Total NCM, Inc. stockholders’ equity	385.5	434.5
Noncontrolling interests	0.0	0.0
Total equity	385.5	434.5
TOTAL LIABILITIES AND EQUITY	$ 526.1	$ 567.7

Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions			3 Months Ended			9 Months Ended		12 Months Ended
	Apr. 16, 2024	Apr. 01, 2024	Sep. 26, 2024	Jun. 27, 2024	Sep. 28, 2023	Sep. 26, 2024	Sep. 28, 2023	Dec. 28, 2023	Aug. 07, 2023	Jul. 31, 2018	Dec. 31, 2013
Related Party Transaction [Line Items]
On-screen advertising time to satisfy agreement obligations, in seconds					30 seconds		30 seconds
Percentage of cash savings related to taxes						90.00%
ACJV Cash Distributions			$ 0.3		$ 0.1	$ 0.6	$ 0.3
NCM, LLC.
Related Party Transaction [Line Items]
Common membership units issued				135,473
Regal
Related Party Transaction [Line Items]
Units of Partnership Interest, Amount Surrendered									4,068,350
Units of Partnership Interest, Cash Surrender Value									$ 13.0
AC JV, LLC
Related Party Transaction [Line Items]
Investment in AC JV, LLC, Percentage											32.00%
Investment in AC JV, LLC			1.3			1.3		$ 0.7
AC JV, LLC \| NCM, LLC.
Related Party Transaction [Line Items]
Investment in AC JV, LLC, Percentage											4.00%
Investment in AC JV, LLC			1.3			1.3		$ 0.7
Equity in earnings of non-consolidated entities			$ 0.5		$ 0.1	$ 1.2	$ 0.3
AMC
Related Party Transaction [Line Items]
Percentage of common membership units outstanding						0.00%		0.00%
AMC \| NCM, LLC.
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners			0.00%			0.00%				5.00%
Common membership units issued		3,377
AMC \| NCM Inc.
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners			0.00%			0.00%
Cinemark Holdings In
Related Party Transaction [Line Items]
Percentage of common membership units outstanding	0.00%
Cinemark Holdings In \| NCM, LLC.
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners			0.00%			0.00%			5.00%
Percentage of common membership units outstanding	0.00%
Common membership units issued		132,096
Cinemark Holdings In \| NCM Inc.
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners			4.60%			4.60%
Minimum
Related Party Transaction [Line Items]
On-screen advertising time to satisfy agreement obligations, in seconds						30 seconds
Maximum
Related Party Transaction [Line Items]
On-screen advertising time to satisfy agreement obligations, in seconds						60 seconds

Reconsolidation of NCM LLC - Additional Information (Details) $ / shares in Units, $ in Millions		3 Months Ended			9 Months Ended		12 Months Ended
	Aug. 07, 2023 USD ($) $ / shares shares	Sep. 26, 2024 USD ($)	Sep. 28, 2023 USD ($)	Jun. 29, 2023 USD ($)	Sep. 26, 2024 USD ($) Segnent	Sep. 28, 2023 USD ($)	Dec. 28, 2023 USD ($)
Business Acquisition
Number of reportable segment \| Segnent					1
Issued shares to secured creditors, value			$ 232.3			$ 242.6
Revenue		$ 62.4	24.7		$ 154.5	74.4
Net Income (Loss)		(3.6)	181.8		(47.0)	681.5
Business combination, gain upon the reconsolidation		0.0	168.0		0.0	168.0
Gain on deconsolidation of affiliate		0.0	0.0	$ 557.7	0.0	557.7
Secured Creditors
Business Acquisition
Closing stock price \| $ / shares	$ 2.94
Issued shares to secured creditors, shares \| shares	83,421,135
Stock issued	$ 245.3				0.0	245.3
NCM, LLC.
Business Acquisition
Payments to acquire capital contributions	15.0
Repayments of unsecured debt	$ 0.5
Equity interest acquired, percentage	2.80%
Investment owned, at cost	$ 11.9
Business combination, gain on re-measurement of investment		$ 0.0	35.3		$ 0.0	35.5	$ 35.5
Business combination, gain upon the reconsolidation	167.8
Gain on deconsolidation of affiliate			$ 557.7			$ 557.7
Total intangible assets	415.0
Business combination, capital contribution recognized transactions	$ 483.4
NCM Inc.
Business Acquisition
Percentage of common membership units outstanding	100.00%				100.00%
Transfers Related To Bankruptcy Settlement
Business Acquisition
Related party transaction, investment cash contributed	$ 15.5				$ 15.0

Borrowings - Schedule of Outstanding Debt (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 26, 2024	Dec. 28, 2023
Debt Instrument [Line Items]
Carrying value of long-term debt	$ 10.0	$ 10.0
NCM, LLC.
Debt Instrument [Line Items]
Outstanding borrowings	10.0	10.0
Debt issuance costs, long-term	0.0	0.0
Long-term Debt	10.0	10.0
Carrying value of long-term debt	10.0	10.0
Less: current portion of debt	0.0	0.0
NCM, LLC. \| Revolving Credit Facility 2023
Debt Instrument [Line Items]
Outstanding borrowings	10.0	$ 10.0
Long-term Debt	$ 10.0
Debt Instrument, Maturity Date	Aug. 07, 2026

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Reconsolidation of NCM LLC

9 Months Ended

Sep. 26, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Reconsolidation of NCM LLC

4. RECONSOLIDATION OF NCM LLC

On April 11, 2023, NCM LLC filed the Chapter 11 Case. Upon filing the Chapter 11 Case and in accordance with applicable GAAP, the Company concluded that NCM, Inc. no longer controlled NCM LLC for accounting purposes as of April 11, 2023 (the “Petition Date”), the date on which NCM LLC filed its Chapter 11 petition, as NCM LLC was under the control of the Bankruptcy Court, and therefore, NCM LLC was deconsolidated from the Company’s consolidated financial statements prospectively, resulting in a $557.7 million gain recorded in ‘Gain on deconsolidation of affiliate’ in the Consolidated Statements of Operations for the three and nine months ended September 28, 2023. The recorded gain was measured as the excess of the estimated fair value of the investment in NCM LLC retained over the net liabilities of NCM LLC as of April 11, 2023. The investment of NCM LLC was measured at cost minus any impairment in accordance with the measurement alternative outlined in ASC 321—Investments—Equity Securities. While NCM LLC remained in bankruptcy, NCM, Inc. accounted for the retained equity interest in NCM LLC at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly market transactions. Upon the deconsolidation of NCM LLC, the original cost of the investment was valued based upon NCM, Inc.'s ownership of the secured debt of NCM LLC and an estimation of the enterprise value of NCM LLC developed utilizing discounted cash flows and comparable company analysis as of the Petition Date. Significant assumptions utilized within these analyses included the weighted average cost of capital and NCM LLC’s forecasted cash flows.

On August 7, 2023, NCM LLC emerged from bankruptcy and NCM, Inc. contributed $15.0 million in cash to NCM LLC in exchange for 2.8% of additional ownership of NCM LLC in accordance with the NCMI Capital Contribution and $0.5 million to assist with payments to unsecured creditors in accordance with the settlement with the unsecured creditors. NCM, Inc. also issued 83,421,135 shares to the secured creditors in accordance with the NCMI 9019 Settlement and terms of the Plan with a fair value of $245.3 million based on the closing stock price of $2.94. Upon NCM LLC’s emergence from bankruptcy, NCM, Inc. retained 100.0% of, regained control of and reconsolidated NCM LLC.

The Company accounted for the NCM LLC reconsolidation as a business combination under ASC 805—Business Combinations and accordingly, the purchase price was allocated to the assets acquired and liabilities assumed based on their estimated fair values as of the date of reconsolidation, the Effective Date. The determination of fair values required management to make significant estimates and assumptions.

The following table summarizes the fair value of NCM LLC and fair values of the assets acquired and liabilities assumed as of the reconsolidation date (in millions):


Fair value of assets acquired:
Cash, cash equivalents and restricted cash	$	49.6
Receivables, net		74.8
Prepaid expenses and other current assets		7.2
Property and equipment, net		14.8
Other investments		0.9
Debt issuance costs, net		2.4
Fair value of intangible assets		415.0
Other assets		10.0
Total assets acquired		574.7
Fair value of liabilities assumed:
Amounts due to members, net		(15.3	)
Accrued expenses		(0.7	)
Accrued payroll and related expenses		(9.9	)
Accounts payable		(37.3	)
Deferred revenue		(11.1	)
Other current liabilities		(1.5	)
Long-term debt		(10.0	)
Other liabilities		(5.5	)
Total liabilities assumed		(91.3	)
Fair value of NCM LLC	$	483.4

There have been no adjustments to the purchase price and fair value estimates presented in Note 5 of the Company’s Form 10-K for the nine months ended September 26, 2024, and these amounts are now final.

The identifiable intangible assets of $415.0 million are subject to amortization. The following table summarizes the major classes of intangible assets acquired and their respective weighted-average estimated useful lives.


	Estimated Fair Value (in millions)		Useful Life (years)
Exhibitor service agreements	$	250.0		13.0
Network affiliates agreements		75.0		16.0
Customer relationships		75.0		6.0
Trademarks		15.0		8.0
Total intangible assets	$	415.0

The estimated fair values of the ESAs, network affiliate agreements and trademarks were estimated using the income approach. The multi-period excess earnings method starts with a forecast of all of the expected future net cash flows associated with the asset. The forecasts are then adjusted to present value by applying an appropriate discount rate that reflects the risks associated with the company specific cash flow streams. Significant assumptions utilized within the income approach include the weighted average cost of capital and forecasted cash flows. The estimated fair values of the customer relationships were estimated using the cost approach. The cost approach included estimating the investment required to replace the contracts with customers, with significant assumptions including the replacement cost. The Company elected the practical expedients allowed in ASC 805-20-30-29a in estimating the fair value of the contract liabilities assumed.

Upon NCM LLC’s emergence from the Chapter 11 Case, NCM, Inc. remeasured the value of the investment in NCM LLC to the estimated fair value calculated as NCM, Inc.’s percentage ownership of NCM LLC, due to NCM, Inc.’s ownership of the secured debt of NCM LLC and the NCMI Capital Contribution, multiplied by the fair value of NCM LLC as of the Effective Date of $483.4 million. The value of the cost investment of NCM LLC immediately prior to the Effective Date was $11.9 million based upon NCM, Inc.’s ownership of the secured debt of NCM LLC and an estimation of the enterprise value of NCM LLC developed utilizing discounted cash flows and comparable company analysis as of the Petition Date. The increase in the fair value resulted in a ‘Gain on re-measurement of the investment in NCM LLC’ of $35.5 million in the Consolidated Statements of Operations for the year ended December 28, 2023.

Upon reconsolidation, NCM, Inc. recorded the fair values of the assets acquired and liabilities assumed as of the reconsolidation date and the investment in NCM LLC was further adjusted to the full purchase price value of $483.4 million. The

difference between the purchase price of NCM LLC and the fair value of NCM, Inc.’s investment in NCM LLC as calculated above, the $15.5 million of cash contributed by NCM, Inc. (consisting of $0.5 million related to the General Unsecured Claim Pool and $15.0 million under the NCMI Capital Contribution) and the shares issued to NCM LLC’s secured lenders of $245.3 million resulted in a gain of $167.8 million upon the reconsolidation of NCM LLC. The Company recognized a gain due to the variance between the fair value of NCM LLC’s assets and liabilities and NCM, Inc.’s depressed stock price on the Effective Date and the NCM, Inc. shares retained by the existing shareholders as part of the NCMI 9019 Settlement. NCM, Inc.’s stock price had been negatively impacted beginning with the COVID-19 pandemic followed by Cineworld’s bankruptcy proceeding and NCM LLC’s Chapter 11 Case, as well as by other socioeconomic factors.

Pro Forma Financial Information (Unaudited)

The following table presents unaudited pro forma financial information as if the NCM LLC reconsolidation had occurred on December 31, 2021. The unaudited pro forma results reflect adjustments for depreciation of acquired property and equipment, amortization of acquired intangible assets and amortization of acquired debt issuance costs. The unaudited pro forma financial information is presented for informational purposes only and is not necessarily indicative of future operations or results had the NCM LLC reconsolidation been completed as of December 31, 2021.


	Three Months Ended			Nine Months Ended
	September 26, 2023			September 28, 2023
Revenue	$	69.6		$	168.9
Net Loss	$	(146.9	)	$	(210.3	)

Fair Value Measurements - Fair Values of the Company's Assets and Liabilities (Details) - Fair Value, Measurements, Recurring $ in Millions	Sep. 26, 2024 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 40.7
Short-term marketable securities	0.1
Total assets	40.8
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	40.7
Short-term marketable securities	0.0
Total assets	40.7
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0.0
Short-term marketable securities	0.1
Total assets	0.1
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0.0
Short-term marketable securities	0.0
Total assets	$ 0.0

Related Party Transactions (Tables)

9 Months Ended

Sep. 26, 2024

Schedule of Related Party Transactions

The following tables provide summaries of the transactions between NCM, Inc. and AMC, Cinemark and Regal when designated related parties (in millions):


	Three Months Ended				Nine Months Ended
Included in the unaudited Condensed Consolidated Statements of Operations:	September 26, 2024		September 28, 2023		September 26, 2024		September 28, 2023
Revenue:	(1)				(1)
ESA advertising revenue from beverage concessionaire agreements (included in revenue) (2)	$	—	$	—	$	—	$	4.1
Management fee reimbursement (3)	$	—	$	2.4	$	—	$	10.1
Operating expenses:
ESA Parties and network affiliate fees (4)	$	—	$	—	$	—	$	16.5

(1)

For the three and nine months ended September 26, 2024, AMC, Cinemark and Regal were not related parties.

(2)

(3)

Comprised of fees owed by NCM LLC to NCM, Inc. for managing NCM LLC during the period where NCM LLC was deconsolidated of April 11, 2023 through August 7, 2023.

(4)

Reconsolidation of NCM LLC - Summary of Assets Acquired and Liabilities Assumed (Details) - NCM, LLC. $ in Millions	Aug. 07, 2023 USD ($)
Fair value of assets acquired:
Cash, cash equivalents and restricted cash	$ 49.6
Receivables, net	74.8
Prepaid expenses and other current assets	7.2
Property and equipment, net	14.8
Other investments	0.9
Debt issuance costs, net	2.4
Fair value of intangible assets	415.0
Other assets	10.0
Total assets acquired	574.7
Fair value of liabilities assumed:
Amounts due to members, net	(15.3)
Accrued expenses	(0.7)
Accrued payroll and related expenses	(9.9)
Accounts payable	(37.3)
Deferred revenue	(11.1)
Other current liabilities	(1.5)
Long-term debt	(10.0)
Other liabilities	(5.5)
Total liabilities assumed	(91.3)
Fair value of NCM LLC	$ 483.4

Reconsolidation of NCM LLC - Summary of Intangible Assets Acquired (Details) - NCM, LLC. $ in Millions	Aug. 07, 2023 USD ($)
Business Acquisition
Total intangible assets	$ 415.0
Intangible Assets ESA [Member]
Business Acquisition
Total intangible assets	$ 250.0
Useful Life (years)	13 years
Intangible Assets Affiliates [Member]
Business Acquisition
Total intangible assets	$ 75.0
Useful Life (years)	16 years
Customer Relationships [Member]
Business Acquisition
Total intangible assets	$ 75.0
Useful Life (years)	6 years
Trademarks [Member]
Business Acquisition
Total intangible assets	$ 15.0
Useful Life (years)	8 years

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 26, 2024	Sep. 28, 2023	Sep. 26, 2024	Sep. 28, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (3.6)	$ 181.8	$ (47.0)	$ 681.5

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Reconsolidation of NCM LLC (Tables)

9 Months Ended

Sep. 26, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Summary of Assets Acquired and Liabilities Assumed

The following table summarizes the fair value of NCM LLC and fair values of the assets acquired and liabilities assumed as of the reconsolidation date (in millions):


Fair value of assets acquired:
Cash, cash equivalents and restricted cash	$	49.6
Receivables, net		74.8
Prepaid expenses and other current assets		7.2
Property and equipment, net		14.8
Other investments		0.9
Debt issuance costs, net		2.4
Fair value of intangible assets		415.0
Other assets		10.0
Total assets acquired		574.7
Fair value of liabilities assumed:
Amounts due to members, net		(15.3	)
Accrued expenses		(0.7	)
Accrued payroll and related expenses		(9.9	)
Accounts payable		(37.3	)
Deferred revenue		(11.1	)
Other current liabilities		(1.5	)
Long-term debt		(10.0	)
Other liabilities		(5.5	)
Total liabilities assumed		(91.3	)
Fair value of NCM LLC	$	483.4

Summary of Intangible Assets Acquired

The following table summarizes the major classes of intangible assets acquired and their respective weighted-average estimated useful lives.


	Estimated Fair Value (in millions)		Useful Life (years)
Exhibitor service agreements	$	250.0		13.0
Network affiliates agreements		75.0		16.0
Customer relationships		75.0		6.0
Trademarks		15.0		8.0
Total intangible assets	$	415.0

Summary of Pro Forma Financial Information

The unaudited pro forma financial information is presented for informational purposes only and is not necessarily indicative of future operations or results had the NCM LLC reconsolidation been completed as of December 31, 2021.


	Three Months Ended			Nine Months Ended
	September 26, 2023			September 28, 2023
Revenue	$	69.6		$	168.9
Net Loss	$	(146.9	)	$	(210.3	)

Fair Value Measurements

9 Months Ended

Sep. 26, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

10. FAIR VALUE MEASUREMENTS

All current assets and liabilities are estimated to approximate their fair value due to the short-term nature of these balances. Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:

Level 1—Quoted prices in active markets for identical assets or liabilities.

Level 2—Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3—Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability.

Non-Recurring Measurements—Certain assets are measured at fair value on a non-recurring basis. These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances. These assets include long-lived assets, intangible assets, other investments, notes receivable and borrowings.

Long-Lived Assets, Intangible Assets and Other Investments—The Company regularly reviews long-lived assets (primarily property, plant and equipment), intangible assets and investments accounted for under the cost or equity method for impairment whenever certain qualitative factors, events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable. When the estimated fair value is determined to be lower than the carrying value of the asset, an impairment charge is recorded to write the asset down to its estimated fair value.

Other investments consisted of the following (in millions):


	As of
	September 26, 2024		December 28, 2023
Investment in AC JV, LLC	$	1.3	$	0.7
Total	$	1.3	$	0.7

As of September 26, 2024, no observable price changes or impairments have been recorded as a result of the Company’s qualitative assessment of identified events or changes in the circumstances of the remaining investments. The investment in AC JV, LLC was initially valued using comparative market multiples. The other investments were recorded based upon the fair value of the services provided in exchange for the investment. As the inputs to the determination of fair value are based upon non-identical assets and use significant unobservable inputs, they have been classified as Level 3 in the fair value hierarchy.

Borrowings—The carrying amount of the Revolving Credit Facility 2023 is considered a reasonable estimate of fair value due to its floating-rate terms.

Recurring Measurements—All current assets and liabilities are estimated to approximate their fair value due to the short-term nature of these balances. The fair values of the Company’s assets and liabilities measured on a recurring basis pursuant to ASC 820-10 Fair Value Measurements and Disclosures are as follows (in millions):


			Fair Value Measurements at Reporting Date Using
	Fair Value As of September 26, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
ASSETS:
Cash equivalents (1)	$	40.7	$	40.7	$	—	$	—
Short-term marketable securities (2)		0.1		—		0.1		—
Total assets	$	40.8	$	40.7	$	0.1	$	—

(1)

Cash equivalents—The Company’s cash equivalents are carried at estimated fair value. Cash equivalents consist of money market accounts which the Company has classified as Level 1 given the active market for these accounts.

(2)

Short-term marketable securities—The carrying amount and fair value of the marketable securities are equivalent since the Company accounts for these instruments at fair value. The Company’s certificates of deposit are valued at cost plus interest. The inputs in the valuation are classified as Level 1 if there is an active market for these securities; however, if an active market does not exist, the inputs are recorded at a lower level in the fair value hierarchy. The value of the certificates of deposit is derived from contractual terms. The inputs to the valuation pricing models are observable, and as such are generally classified as Level 2 in the fair value hierarchy.

The amortized cost basis, aggregate fair value and maturity of the marketable securities the Company held as of September 26, 2024 are as follows:


	As of September 26, 2024
	Amortized Cost Basis (in millions)		Aggregate Fair Value (in millions)		Maturities (in years)
MARKETABLE SECURITIES:
Short-term certificates of deposit	$	0.1	$	0.1		0.4
Total short-term marketable securities		0.1		0.1
Total marketable securities	$	0.1	$	0.1

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
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-Paragraph 107
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+ Details

Fair Value Measurements (Tables)

9 Months Ended

Sep. 26, 2024

Fair Value Disclosures [Abstract]

Schedule of Other Investments

Other investments consisted of the following (in millions):


	As of
	September 26, 2024		December 28, 2023
Investment in AC JV, LLC	$	1.3	$	0.7
Total	$	1.3	$	0.7

Fair Values of the Company's Assets

The fair values of the Company’s assets and liabilities measured on a recurring basis pursuant to ASC 820-10 Fair Value Measurements and Disclosures are as follows (in millions):


			Fair Value Measurements at Reporting Date Using
	Fair Value As of September 26, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
ASSETS:
Cash equivalents (1)	$	40.7	$	40.7	$	—	$	—
Short-term marketable securities (2)		0.1		—		0.1		—
Total assets	$	40.8	$	40.7	$	0.1	$	—

(1)

(2)

Marketable Securities, Available-for-Sale

The amortized cost basis, aggregate fair value and maturity of the marketable securities the Company held as of September 26, 2024 are as follows:


	As of September 26, 2024
	Amortized Cost Basis (in millions)		Aggregate Fair Value (in millions)		Maturities (in years)
MARKETABLE SECURITIES:
Short-term certificates of deposit	$	0.1	$	0.1		0.4
Total short-term marketable securities		0.1		0.1
Total marketable securities	$	0.1	$	0.1

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (PARENTHETICAL) (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 26, 2024	Sep. 28, 2023	Sep. 26, 2024	Sep. 28, 2023
Revenue	$ 62.4	$ 24.7	$ 154.5	$ 74.4
ESA Parties and network affiliate fees	32.9	14.5	82.1	42.8
Founding Members
Revenue	0.0	0.0	0.0	11.8
ESA Parties and network affiliate fees	$ 0.0	$ 0.0	$ 0.0	$ 16.5

- Definition

+ References

+ Details

The Company

9 Months Ended

Sep. 26, 2024

Accounting Policies [Abstract]

The Company

1. THE COMPANY

Description of Business

National CineMedia, Inc., a Delaware corporation (“NCM, Inc.”), is a holding company with the sole purpose of becoming a member and sole manager of National CineMedia, LLC (“NCM LLC”), a Delaware limited liability company. NCM, Inc. currently owns approximately 100.0% of NCM LLC. The terms “NCM”, “the Company” or “we” shall, unless the context otherwise requires, be deemed to include the consolidated entity.

The Company operates the largest cinema advertising network reaching movie audiences in the U.S. and sells advertising under long-term exhibitor service agreements (“ESAs”) with Cinemark USA, Inc., a wholly owned subsidiary of Cinemark Holdings, Inc. (“Cinemark”), and American Multi-Cinema, Inc., a wholly owned subsidiary of AMC Entertainment, Inc. (“AMC”) and with certain network affiliates under long-term network affiliates agreements, including Regal Cinemas, Inc., a wholly owned subsidiary of Cineworld Group plc and Regal Entertainment Group (“Regal”). As of September 26, 2024, the weighted average remaining term of the ESAs with Cinemark and AMC was approximately 14.4 years. The network affiliate agreements expire at various dates between January 2025 and July 2033. The weighted average remaining term of the ESAs and the network affiliate agreements together is 11.5 years as of September 26, 2024.

Bankruptcy Filing, Deconsolidation and Reconsolidation of NCM LLC

On April 11, 2023, NCM LLC filed a voluntary petition for reorganization (the “Chapter 11 Case”) with a prearranged Chapter 11 plan under Chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”) in the U.S. Bankruptcy Court for the Southern District of Texas (“Bankruptcy Court”). During the Chapter 11 Case, the Company was deemed to no longer control NCM LLC for accounting purposes and NCM LLC was deconsolidated from the Company’s financial statements prospectively as of April 11, 2023 and the Company recorded a gain on deconsolidation of $557.7 million within the second quarter of 2023. NCM, Inc. continued to operate as the manager of the debtor-in-possession pursuant to the authority granted under Chapter 11 of the Bankruptcy Code throughout the Chapter 11 Case.

On June 27, 2023, the Bankruptcy Court entered an order (the “Confirmation Order”) confirming NCM LLC’s Modified First Amended Plan of Reorganization of National CineMedia, LLC Pursuant to Chapter 11 of the Bankruptcy Code [Docket No. 428] (as may be amended, modified, or supplemented form time to time, the “Plan”) and approving the Amended Disclosure Statement for First Amended Chapter 11 Plan of Reorganization of National CineMedia, LLC [Docket No. 250] (the “Disclosure Statement”) on a final basis. Following confirmation of the Plan on August 7, 2023 (the “Effective Date”), all the conditions to effectiveness of the Plan were satisfied or waived, the Restructuring Transactions (as defined in the “Plan”) were substantially consummated and NCM LLC emerged from bankruptcy. Among other things, on the Effective Date, in accordance with the Plan, all common units under the NCM LLC’s Third Amended and Restated Limited Liability Company Operating Agreement (the “NCM LLC Operating Agreement”) were canceled and extinguished, NCM, Inc. received NCM LLC common units and transferred the NCM Capital Contribution (as defined in the Plan) of approximately $15.5 million to NCM LLC, NCM LLC assumed certain unexpired Executory Contracts and Unexpired Leases (each, as defined in the Plan), including AMC’s and Cinemark’s ESAs, NCM LLC transferred $8.8 million of cash to a professional fees escrow account and $15.0 million to an unsecured creditor settlements escrow account for the General Unsecured Claim Pool (as defined in the Plan). NCM LLC commenced distributions to creditors, including the issuance of shares of NCM, Inc. common stock to holders of Secured Debt Claims (as defined in the Plan) and NCM LLC entered into an Exit Facility (as defined in the Plan) to support operations upon emergence. As a result of the Plan, all historical debt of NCM LLC was discharged and NCM LLC recorded a gain on bankruptcy of $916.4 million for the three and nine months ended September 28, 2023.

Additionally, upon emergence from bankruptcy, NCM, Inc., regained control and retained 100.0% ownership of NCM LLC, after taking into account elections by the holders of Secured Debt Claims to receive NCM, Inc. common stock in lieu of NCM LLC common units and NCM LLC was therefore reconsolidated into the Company’s financial statements prospectively as of August 7, 2023 akin to an acquisition under Accounting Standards Codification ("ASC") 805 – Business Combinations. In accordance with ASC 805 – Business Combinations, the assets and liabilities of NCM LLC were adjusted to their estimated fair value as of the Effective Date. All activity during the Chapter 11 Case from April 11, 2023 to August 7, 2023 when NCM LLC was deconsolidated from NCM, Inc. represents activity and balances for NCM, Inc. standalone. All activity and balances prior to the deconsolidation of NCM LLC on April 11, 2023 and after the reconsolidation of NCM LLC on August 7, 2023 represent NCM, Inc. consolidated, inclusive of NCM LLC.

As of September 26, 2024, the Company had not completed all agreed upon payments to the General Unsecured Claim Pool and held a total of $3.0 million within the escrow accounts and accruals, presented within ‘Restricted cash’ and ‘Accounts payable’ on the unaudited Consolidated Balance Sheet as of September 26, 2024, respectively.

Other Developments

In December 2022, AMC and Regal each redeemed all of their outstanding membership units, 595,465 and 4,068,380, respectively, in exchange for shares of NCM, Inc. common stock, reducing AMC’s and Regal’s ownership to 0.0% in NCM LLC as of December 28, 2023. On February 23, 2023 and March 23, 2023, Cinemark redeemed 4,196,987 and 172,094, respectively, of its outstanding common membership units in exchange for shares of NCM, Inc. common stock. On April 1, 2024, in accordance with the Common Unit Adjustment Agreement, NCM LLC issued 132,096 and 3,377 common membership units to Cinemark and AMC, respectively. On April 16, 2024, the Company elected to satisfy a redemption request from Cinemark for all of their outstanding common membership units through a cash settlement as provided in NCM LLC’s Operating Agreement. This redemption reduced Cinemark’s ownership interest in NCM LLC to 0.0% as of April 16, 2024. As of September 26, 2024, AMC’s ownership interest remains de minimis. AMC and Cinemark and their affiliates are referred to in this document as “ESA Parties”.

On June 3, 2023, NCM LLC, entered into a Network Affiliate Transaction Agreement (the “Regal Advertising Agreement”) with Regal. The Regal Advertising Agreement became effective on July 14, 2023. Pursuant to a separate termination agreement (the “Regal Termination Agreement”), effective on July 14, 2023, Regal rejected and terminated its ESA. Additionally Regal and Regal’s affiliates’ waived all rights and interests as to the Tax Receivable Agreement (“TRA”), the Common Unit Adjustment Agreement, the Software License Agreement, the Director Designation Agreement, the Registration Rights Agreement and all the other joint venture agreements described in the NCM LLC Operating Agreement. The Company and NCM LLC and Regal and Regal’s affiliates waived and released claims against the other party. Regal also agreed to support NCM LLC’s Plan and surrendered all shares of NCM, Inc. common stock upon the Effective Date. In connection with the Regal Advertising Agreement, NCM LLC and Regal also agreed to dismiss with prejudice the ongoing litigation between the parties related to NCM LLC’s request to enforce certain provisions of the ESA, including the exclusivity provision. Beginning on July 14, 2023, Regal is no longer an ESA Party of NCM, Inc. or NCM LLC.

Basis of Presentation

Reverse Stock Split—On August 3, 2023, the Company effected a one-for-ten (1:10) reverse stock split of its common stock, par value $0.01 per share. The reverse stock split, which was authorized by its Board of Directors, was approved by the Company’s stockholders on August 2, 2023. The reverse stock split reduced the number of outstanding shares of the Company’s common stock from 174,112,385 shares as of August 3, 2023, to 17,411,323 shares outstanding post-reverse stock split. The primary purpose of the reverse stock split was to comply with the Company’s obligations under a settlement reached between the Company, NCM LLC and certain lender parties thereto in connection with the Chapter 11 Case (the “NCMI 9019 Settlement”), and so that the Plan may become effective as well as to increase the per share market price of the Company’s common stock in an effort to maintain compliance with applicable Nasdaq continued listing standards with respect to the closing price of the Company’s common stock.

Significant Accounting Policies

The Company’s annual financial statements included in its Form 10-K filed for the fiscal year ended December 28, 2023 contain a complete discussion of the Company’s significant accounting policies. The following is additional information related to the Company’s accounting policies.


	Three Months Ended					Nine Months Ended
	September 26, 2024			September 28, 2023		September 26, 2024			September 28, 2023
Net (loss) income attributable to NCM, Inc.	$	(3.6	)	$	181.8	$	(47.0	)	$	681.5
NCM LLC equity issued for purchase of intangible asset		—			—		0.7			—
Income tax and other impacts of subsidiary ownership changes		—			5.9		0.1			33.4
Cash redemption of NCM LLC common membership units		—			—		(0.7	)		—
NCM LLC common membership unit redemption for NCM, Inc. common stock		—			7.7		—			(2.6	)
Issuance of shares to founding members		—			231.5		—			241.4
Change from net (loss) income attributable to NCM, Inc. and transfers from noncontrolling interests	$	(3.6	)	$	426.9	$	(46.9	)	$	953.7

Recently Adopted Accounting Pronouncements

The Company did not adopt any accounting pronouncements during the nine months ended September 26, 2024.

Recently Issued Accounting Pronouncements

Income Taxes

9 Months Ended

Sep. 26, 2024

Income Tax Disclosure [Abstract]

Income Taxes

8. INCOME TAXES

Changes in the Company’s Effective Tax Rate—The Company recorded income tax expense of $0.0 million for the three and nine months ended September 26, 2024 and for the three and nine months ended September 28, 2023 resulting in an effective tax rate of 0.0% for these periods. The Company held a full valuation allowance on its net deferred tax assets as of December 28, 2023 following the determination it was more-likely-than-not that the Company will not be able to realize the benefit of those assets. The Company maintained a full valuation allowance as of September 26, 2024, resulting in deferred tax expense of $0.0 million for the three and nine months ended September 26, 2024 and the Company’s effective tax rate of 0.0%.

- Definition

The entire disclosure for income tax.

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+ Details

Revenue from Contracts with Customers

9 Months Ended

Sep. 26, 2024

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

2. REVENUE FROM CONTRACTS WITH CUSTOMERS AND ACCOUNTS RECEIVABLE

Revenue Recognition

The Company derives revenue principally from the sale of advertising to national, regional and local businesses in the Noovie® show, the Company’s cinema advertising and entertainment pre-show. The Company also sells advertising through the LEN, a series of strategically placed screens located in movie theater lobbies, as well as other forms of advertising and promotions in theater lobbies. In addition, the Company sells online and mobile advertising, including through Noovie Audience Accelerator, and through the Company’s digital gaming products. Further the Company sells advertising in a variety of complementary out of home venues,

including restaurants, convenience stores and college campuses. The Company also has a long-term agreement to exhibit the advertising of the ESA Parties’ beverage suppliers.

The Company makes contractual guarantees to deliver a specified number of impressions to view the customers’ advertising. If the contracted number of impressions are not delivered, the Company will run additional advertising to deliver the contracted impressions at a later date. The deferred portion of the revenue associated with undelivered impressions is referred to as a make-good provision. The Company defers the revenue associated with the make-good provision until the advertising airs to the audience specified in the advertising contract or the make-good period expires.

The Company does not have any significant contracts with customers with terms in excess of one year that are noncancellable as of September 26, 2024. Agreements with a duration of less than one year or are longer than one year that are cancellable are not considered within unsatisfied performance obligations as the Company elected to use the practical expedient in ASC 606-10-50-14 for those contracts.

Disaggregation of Revenue

The Company disaggregates revenue based upon the type of customer: national; local and regional; beverage concessionaire; and management fee reimbursement revenue related to NCM LLC, in periods where NCM LLC was deconsolidated. This method of disaggregation is in alignment with how revenue is reviewed by management and discussed with and historically disclosed to investors.

The following table summarizes revenue from contracts with customers for the three and nine months ended September 26, 2024 and September 28, 2023 (in millions):


	Three Months Ended				Nine Months Ended
	September 26, 2024		September 28, 2023		September 26, 2024		September 28, 2023
National advertising revenue	$	46.8	$	15.5	$	117.9	$	43.0
Local and regional advertising revenue		11.4		5.1		26.5		14.2
ESA advertising revenue from beverage concessionaire agreements		4.2		1.7		10.1		7.1
Management fee reimbursement		—		2.4		—		10.1
Total revenue	$	62.4	$	24.7	$	154.5	$	74.4

Deferred Revenue and Unbilled Accounts Receivable

Revenue recognized in the nine months ended September 26, 2024 that was included within the ‘Deferred revenue’ balance as of December 28, 2023 was $9.7 million. As of September 26, 2024 and December 28, 2023, the Company had $0.9 million and $0.8 million in unbilled accounts receivable, respectively.

Allowance for Doubtful Accounts

The allowance for doubtful accounts balance is determined separately for each pool of the Company’s receivables with similar risk characteristics. The Company has determined that two pools, national customers and local/regional customers, is appropriate. The changes within the allowance for doubtful accounts balances for the nine months ended September 26, 2024 and September 28, 2023, respectively, were as follows (in millions):


	Nine Months Ended
	September 26, 2024						September 28, 2023
	Allowance for National Customer Receivables			Allowance for Local/ Regional Customer Receivables			Allowance for National Customer Receivables			Allowance for Local/ Regional Customer Receivables
Balance at beginning of period	$	0.1		$	1.3		$	0.3		$	1.4
Provision for bad debt		0.4			0.1			(0.2	)		0.1
Write-offs, net		(0.4	)		(0.4	)		—			(0.2	)
Balance at end of period	$	0.1		$	1.0		$	0.1		$	1.3

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details