NCMI - Earnings call transcript Q4 2020 | National CineMedia, Inc.

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Operator

Greetings and welcome to the National CineMedia, Inc., Fourth Quarter 2020 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host Ted Watson, Senior Vice President of Finance. Thank you, sir.

You may begin.

Ted Watson

right. All Victor. you, Thank everyone. afternoon, Good XXA am Securities joined I'd conference Tom and as Section of our contains XXXX Act as amended. amended, Exchange today to remind Act by and Section meaning like the this of statements CEO, the our Securities forward-looking of the Lesinski XXE within I of and listeners call XXXX, that of conference COVID-XX call including discussion constitute communicated about other of than our impacts facts statements statements, All during statements. future this may forward-looking historical of the These involve statements risks forward-looking and uncertainties. Important factors with actual factors results in materially differ contained expectations to SEC. risk the Company's are that can the filings cause from the Company's in the disclosed their by qualified All forward-looking expressly statements such entirety are in factors. our includes discussion Further, today some non-GAAP measures. we the back G, these accordance measurement. with closest basis have to Regulation amounts reconciled GAAP In end be reconciliations or ncm.com. our Investor can These website page at on found at today's release our of Relations earnings of the

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

Tom Lesinski

fourth afternoon, continuing Thank full rollout. to you, all we vaccine the good and earnings and stay you're impact year year Ted, to safe everyone. positive optimistic the healthy of quarter I that about as cautiously XXXX COVID-XX and and call. hope is our the Welcome

the provided QX we've rollout a bank million be I'll facility provide facility, flock execute to ongoing to provide provide early to continue a will enhance pandemic. our high us We continue announced the once and waning for company pandemic. presented continue initiatives we that on that of our well-positioned taking company is which benefit being update films COVID-XX for overall to will QX how as get opened our spring Today not $XX of to as very down. released been to that improve has movies to return steps expenses of months movie to locked from to navigate achieves by confident critical With to after weather diversify believe start this and ensure now the our business quickly liquidity the summer, liquidity but to challenges always, later more continue new that vaccine we detail and covenant our begin we'll on are audiences back despite only extraordinary new and XXXX the growth expand, liquidity these mass additional position, will Ted its debt the manage that and people a the we on also through allow in year questions. to will times ready to the level then recently will and relief amendment be the

out fourth come to the continues of home entire advertising as our be XXXX industries. surprise business that of for and on quarter back the a and no entertainment it it time challenging Looking should

the us the of into of operate COVID-XX March, in details impact we liquidity and national significant began of cost in due dividend December, shortly this our local network just was in more XX% When we're strength steps and few of in in crises that variable network the to instituted measures significant a and discuss with reduced OEBITDA advertising only US toward through resulting end made in strategic network significant adjusted entertainment absorb advertising continue remained a to very enabled our As combined revenue we COVID-XX QX began diversifying remained closed the pandemic our cost several the in the global as progress had This structure we increased out but our major grow will to COVID-XX us new pandemic. in our decline not we attendance, highly and XXXX Ted strong minutes. with again beginning business and significant to cutting and Despite financial attendance, and initiatives of many theaters in also restrictions cinema hours, network cinema declines our operating home national meaningful our under State on business expanded after measures. our clients the took our have position.

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per viewing have As on very consumers creating services, TV demand a TV less economic there are supply training GRPs shifted their benefit to available and NCM. subscription-based favorable now

in and on for us those is areas movie Super insurance, retail, in As brands Bowl quality screen to finding more theaters of that demonstrated and year limiting automotive still younger gaming, preshow it categories our audience. advertiser alcohol CPG, to ratings, for our XX even recent sports digital difficult including in QSR, to The program have cinema open. XX higher where by attract beverages country services, continues be It's key factor Noovie continued the Top demand the clear maybe core strong. to are run streaming audiences.

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capital on start and we Than reduce delays operating took previous additional the period To the QX cost additional cut schedules in were in March we As actual XXXX there beginning discussed costs to of salary headcount to furloughs steps releases, our calls, salary persisted all XX%. eliminated These of November significance as the and in Over took pre-COVID and XXXX, pandemic reductions. in XXXX, expenses. steps on a re-implementing to January on of by further cumulative holidays, salary headcount with surge our and our for reductions reductions. XX% versus the XXXX permanently and XX% the following rate. all employees work same QX early are almost temporary XX% XX to measures of implemented COVID-XX and is permanent almost been total layoffs by In temporary the up or rate including date to and salary run employees current of run to costs reduce versus over remaining additional of furloughs, XXXX XX% since reduced XX we movie our furlough further combination reduced pandemic. reinstated a third up reductions has

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consumer will is highly network our advertising environment and platform Coinstar data for ad pursue location consumer for in the is network new leading stores inventory deliver with we're that and available include clients out-of-home brands to first complementary to been fact drives venues unique platforms. generate closed marketers system nationwide. that out-of-home data unique other some together position attribution today's first to space, database office screens of to and properties. Audience with and utilize that critical able with of top campaigns data. most even impression engagement ad in home to theaters the second that package that This of in deliver movie our high party digital our to us big engage for screen. launched out-of-home top our X and data integrated party new our our targeting stronger, the million additional entertainment enhance and all relationships movie our billion announced continued XXX innovative can capabilities also to growth mediums provide continue Coinstar increases kiosk networks the bundle locations networks of these to sales media and over of consumer with industry-leading us and access technology partnerships screens to also to other video current of provide the in demand. for initial second retail in This premier quality directly new digital it's sit our consumer and products. and Ziosk, business combined is while inventory restaurants cinema, allows to create to for competitive cost kind and and the planning including planet revenue our advertising data us of due force us across our existing new ability that All strength fans revenue sell recently brand guest been The ability at partners additional Captivate, have Our from effectiveness management an gives database. grocery out digital to that leverage This based for monthly the recently in and sets partners a well and the we've the we currency newly beyond audiences we've new

marketplace. COVID-XX have of NCM to keep the the pandemic, and mind teams in cinema During our top been sales tirelessly working

a reflected to job XX% QX local Our platforms over shifting digital also QX done our commitments has sales great our XXXX. advertising team growing in-theater business by as digital

this continued circumstances. team remain the great all unique and since of many our NCM continues the of distributor this under like will I'd and result opportunities as support thank the board a that we again I'm to about media proud that cinema navigate As together. their historic them very even to do become for have the job offer entire have enthusiastic films we stronger -- turbulent our pandemic that and buyers began. difficult hard our include great advertising work, upcoming to and partners very sincerely time that

April will on restricted while to is distributions on allow of into the bank will available Finally to of 'XX. because our of pandemic extension dividend funding continuing period. $X.XX the for adequate of QX the Spring paid 'XX and be during waiver cash to from NCM share. bank $X.XX the XX dividend Directors question of LLC trimmed per The dividend the from record of XX, our slightly amendment stockholders XXXX QX Board This 'XX, has amendment NCM March

result will on share price a of X.X% closing Friday's $X.XX. dividend based in of quarterly This current yield

of cash XXXX NCM regardless $X.X Before that our of balance allows LLC. million payment being NCM million, cash recovery in of dividends Inc. beyond business the dividend commenced Inc. well pay period distributed $XX.X the to QX to any

effectively and confident balance anywhere discuss engage more back uncertainties the more related I'll now our bringing to reason have to priorities be Ted to the we and picture executing turn well pandemic financial in and strong movie COVID-XX plan the new the brands sales good everywhere. on call and unparalleled to company future even operating detail. continue of that over we While to power marketing focused our NCM's to the finding as maintaining of and our to fans remain, we about believe ways movies positioned two liquidity have on

Ted Watson

thanks right, All Tom.

business pandemic represent million the negative theaters a As flow increase position made versus burn rate Tom expenses, on XX% of longer the the our fourth OEBITDA of our meaningful as an last down total business. the of current our QX actively the improvement and progress closed we allowed efforts current improved still variable $XX.X million, our liquidity over network proactive a cost adjusted diversifying the of cash recorded not cost the minimizing lines QX QX. combination to while mentioned, $X.X the QX prospects XXXX. highly growing significant position our bolster reduce we've $XX.X revenue despite XX% to monthly limited to in in closed, and of our network most was our XX% of analysis to compared prior adjusted OEBITDA over up $XX.X during million With not term was impact COVID-XX, and reductions QX limiting of recorded us and impact our to will XX% during XX% liquidity operating negative and focus same quarter The over of the year and overhead million the our and business. adjusted impact I our in our business. ongoing our Obviously to success our revenue OEBITDA of COVID-XX period comments do periods purely makes where Therefore, an my OEBITDA today Due QX adjusted attendance network our our over while XXX% structure results of our and respectively. our operating losses period of

and per operating to QX average of related QX in Our reductions to reduced and approximately million month have majority rate versus QX was burn our $XX million The personnel. $XX $XX million respectively. cost

rate reduction or per operating run a month to cost to QX These in salary XX% $X.X $X.X of have reduced eliminated XX%. our of to of measures XX%. reduced core million pre-COVID month per had by salaries savings million compared their up up The employees our furloughed, During expense QX reductions remaining over were to additional or our employee of XX%. base

As to build, of we've service our the revenue past, as when operating quarterly discussed XX% our levels. flow cash after breakeven in we high will growth XXXX due debt levels approximately operating achieve reaches margins revenue

pandemic. Our completely to to XXXX, OEBITDA derailed by $XXX.X negative $XXX.X XXXX, million all temporary start total XXXX strong response the Adjusted to $XX.X million of versus million had US in revenue to again by million a decreased mid-March. the the for was a was the the from in the COVID-XX in closures primarily year pandemic driven spread $XX.X theater COVID-XX

compared loss share in reported For the GAAP $X.XX of per per GAAP for in a diluted $X.XX $X.XX decreases reported an resulting fourth of and $X.XX earnings of QX XXXX share from XXXX per to diluted a quarter of XXXX. earnings we again versus share significant decline network Both earnings of diluted the per result pandemic. loss a diluted were COVID-XX the attendance share we of

XXXX will this use spend especially previously due in efficient network immediate management advertising buyers demand cinema to investment high capital $XX.X to and savings incremental will expense expenditures inventory nonessential versus of spent a periods. of our $XX.X were for capital result media in as of buying significant was halt inventory A For spending. revenue more that our million for and our management system opportunities mentioned. XXXX pricing it in allow in easier system the investment this finishing Completing making of all and during our related part capital million Tom

years million already $X.X part of AMC primarily have million quarter respectively we earned we $X.X million encumbered on respectively theaters In other year year the based overhead ago run historical those XX the staffing and by run payments fact NCM year reductions from and theaters from versus expenses been couple AMC fiscal to and last theater $X months. our for The system undertaken rate XXXX, operating last $X network. of other Carmike personnel million In this the the per year. are from payments that million per integration of of have $XX.X is $X.X implementation XXXX a over our reflect as reduce integration recorded sold rate approximately and and had what new expected fourth and could of

for that these payments and in revenue sheet. net and are on a the added as other compliance not and included adjusted recorded the cash are debt reported as to encumbered partnership, OEBITDA As intangible OEBITDA distribution in assets adjusted purposes a reduction balance reminder they integration are to theater

versus the Moving $XX our of of the $XXX end $XXX end to debt our at LLC net balance XXXX. million by XXXX at NCM at cash of million sheet, increased only total to million

Our old $XXX end on of the approximately X.X% floating was the compared average of credit had a rate term facility debt bank our loan interest rate approximately X.X%. at of and at rate to X% revolving end XXXX including debt that XXXX million

XX% our total of interest revolver debt end a the Excluding fixed outstanding XXXX balances, of at rate. had

million NCM this member cash circuit in Inc. period Therefore, $XX revolver. and to founding amendment its credit NCM owners to just QX leverage earlier, average financial X.XX must million in extension to with can our LLC with 'XX permitted and net step a As and will before covenants include balance of will be minimum ratio must X.X NCM agreement of Tom distribute also resume the continue before requirement to not senior LLC senior or secured a compliance be the during we liquidity ratio of the for for to year leverage XXXX times for of the credit providing the XXXX. agreement secured an This available cash pre-COVID, less QX of our an of the the leverage than times distributions under availability completed a amendment than NCM compliance and available $XX full down bank the be resume. company LLC waiver the times outstanding less total be debt ratio four owners an balance secured must must COVID full to cash maintain mentioned additional through to revolver senior to leverage its amendment including

also the $XX term a Loan pricing company December credit in facility debt new mature million existing the senior This has As new secured obtain part debt B increase tranche. of in also waiver, an its into and will conjunction revolving bank with the to LIBOR funding million cash facility current with is This XXXX to of existing plus accounts including In additional X% the amendment we've agreed $XXX terms balance emerged $X to million amendment, pricing COVID-XX liquidity in entered provides TLB our facility pandemic. term as plan B year. XXX debt with the grids. LLCs strategic new per amortization receivable. we with plus from the basis of the execute additional proceeds points NCM loan a growth us

the of an we longer. $XX build is and amendment on we debt into revenue equal XX% expected actually service. of new before Also $XX.X revenue the half to month have zero Assuming average month to a minimum believe liquidity to that after of rate With margins including flow as the burn XXXX basis consideration to bank month impact runway financial XXXX, million cash liquidity operating of approximately per XX the cash back debt revenue months a runway XX mentioned, this the our to million need breakeven in XX liquidity debt facility, we XX our cash of of high covenant.

As our Board Inc.'s Tom $X.XX share dividend mentioned, at stock. common of has of authorized per cash NCM quarterly Directors

NCM Directors. of is Board a pay dividend of longer the considerably the nearly the our years cushion at of The no can regular the of discretion targeted. current than distribution next Inc. to million $X.XX three $XX balance for quarterly NCM LLC paid future to we with have The additional the dividend three be company intends cash dividend for years Given NCM current historically foreseeable

its company's consistent to monitor the and distribute intention to time dividend levels continue substantially cash this flow. related free cushion with will over all We

to growth. network Our better Board will the and attendance back we get evaluate of future advertising Directors a as read dividend towards levels on our levels continue historical revenue trend levels

needs of As available the current will Directors at financial consider the declaration amount and sole economic future of conditions that market impacts and related restrictions NCM company's the timing will always is pandemic advertising cash factors LLC discretion cash, This payment, under to company other general, of and the the of Board COVID-XX to the relevant. payable who agreement. and anticipated condition, be long-term the dividends Directors and any consider includes the credit short-term Board and

Finally, theater consistent timing over we openings OEBITDA adjusted reliable related future into guidance. and our visibility comments attendance have enough do last a network film the the quarters, provide with and to releases, not of

providing now questions. when We remarks regarding open will guidance we information access up more the Operator? begin we'll data our prepared OEBITDA This adjusted for these key have revenue concludes reliable only lines and points. and market to

Operator

instructions] B Our Riley first Wold from comes your [Operator Please with proceed Eric with question Securities. question.

Eric Wold

to QX in pipeline in terms are shown, the turning the versus then scatter as of you of you I to be pipeline open the you're still announced weeks demand? couple be New of you upfront to York of your Just recent questions, what in stabilizing, versus what incent distribution of the in kind films sense one level with vaccine trend in recent and guess advertising the what was seeing weeks, even commitments that will leading what on saw

Tom Lesinski

I'll and given many amount the to what's past in in answer with happening on weeks of long what's theater of that team into and calls in markets, interesting the question over significantly phone news after where first and biggest on period and volume openings major of the activity time we have in the that I a was to the listen increased associated space sitting sidelines. vaccinations advertisers our to amount of really our hear second one the and were pleased has week on three the Ted, company I'll the entire every and two always calls positive those sales is relatively I

was with amount encouraged quality advertisers. in by the So the the of I of RFPs discussions happening highly activity and and negotiations

we've always something to end the tunnel the to with really year a that of advertising last that's people engaged testament really was that part biggest the at the do sure cinema for light mix. we part see and as So of of and clients is our they fact make agencies kept the sales forefront and our the that media

As relates want on to pipeline? terms comment where we are in that upfront, of Ted do you

Ted Watson

clearly really it's What commitments. at Yeah the year folks specific on pipeline guidance that's tell any that that not will we're looking to second this Eric half we're talking pipeline I is and at what of the juncture. giving you

I well scatters but a So probably Obviously specifically the into is revenue of think the in of QX solid I that back higher it XX% upfront would revenue, I and say there would say. very scatter year, be is the historically other some call year this is pipeline and to degree the what XX%. it flipped

Eric Wold

can profile. Well the And under advertiser question years, can areas? to of goals, then leveraging out-of-home year. versus of you’ve DOH your base in revenue in give new an business my existing to that or TAM your opportunity compared between now is the margin overlap hand. for has sales your and existing put Is all how coming combine you segment I look Any it on you over sense your customer that the the that as of lapse out how know a term campaign goals there into enough you differential there this is just been clearly longer margin way to opportunity improved much together of terms and that force final digital got profile, a of stronger

Ted Watson

so the it's of other if correlate questions coveted of company's and the so started to that home me. a before demo COVID so our to our out goal feel to process to young long-term streams in diversifying try let planning looking We me to was We okay, free find part digital to theaters. that opportunities all, of I'll always It is try guess was happened. remind long I whole remember -- at lot don’t, revenue them try

looked that part a looked much for importantly concept when wanted looked of long American of at dinner has not goers stretch large. about were the to It's So and we moviegoers, match to We culture at talk things, time. scale. and we sure demo and restaurant also make parcel movie things we and at been a

So a was that one. natural

from that. additional though advertisers I In What to six terms I as response get retail be where There initiatives you initial to as all 'XX this business group will for people seven part they size opportunities next data. of core next this really to are of these of data the major we we giving really what and couple significant be and involve get we of to a of to positive cinema the expect in gotten the be want of beyond that additional continue business to not us do correlation of meaningful we've tell announced. yet. amount this a be, of understate piece dynamic foundation our any and is sense in the is it that it to There out-of-home for believe laying and we've will the wouldn't announcing on weeks. The we're guidance and you hope months is giving this, it and out-of-home the a we'll

to something that's our company. is going opportunity look growing we is keep and for real this So at a

Operator

you. Thank

Eric proceed Handler comes next with Partners. with from Our Please MKM your question.

Eric Handler

now? we'll associated to right in with trickling start maybe business, actually kind circuit revenue this wanted think out into are business. a bit selling, this so deeper of when on bit Are you little you and costs already at running any so question business, home Just incremental follow-up of start business, little of a this digital Eric's you there just look seeing this, are up

Ted Watson

digital and to all these that now we we team were very sales with alternatives. and our have around about it revenue but I with having new group year digital utilizing look in to to addition and I infrastructure for that We've than about excited organization will in important month the have really Was as that always equal our literally many implanted, we sure make systems optimize sales the the group. of some be so. cases this marrying out our I of there the invigorated overhead months but in that most we're two force. that it it. would next right we're in with started these thing pursuing do last the some want six home more excited right seems is we've the opportunities there of can we your revenue really marketplace We be to will positioning the CineMedia obvious part it. going We've at building Cinema believe with out, hired and one trickling National the head second question? We're to one that committed sales a local like substantial or product the So answered this. will start in. staffing cinema and plus to

Eric Handler

I already. the million down of about draw you timing a quarter, and the have liquidity reason need with of you're to liquidity regards good another as that? fourth another $XX further had why thinking any a was particular of question, amount in already Is there felt to you there

Ted Watson

Yeah I'll that. take

ensure the we we and preserve did other and the the your the we the of issue the a end capital liquidity, Eric, is had working right through day, really question is amount answer our to it's business fair that lag. from You're get side of to but main at

a days, we start have $XX our XX so think sales had the outstanding about of minimum up do is business typical of you days. plenty while generating liquidity ramping kind maintain like we we back and as million to So cash, sales, to of XXX and

little revenue that's bit and reason of primary So really a for when that doing it's we a the from will have lag this. collecting recognized

Tom Lesinski

affiliate The liquidity other is well just having on may the our additional that they exhibition as out-of-home be ability the thing I side. answer aggressive keep up to us that acquisitions would as will come side digital that on any add

additional that So those what might for are we other liquidity. with additional do rationales

Operator

Hickey Our next proceed question The with your with comes Benchmark Company. Mike Please question. from

Mike Hickey

taking operate without reserve behavior some obviously reserve question terms your are questions. guess affiliates the in what's to now the you trend auditoriums in finding Hey obviously I What much maybe going XXX% just first was [ph] attendance trying I it. a of at numbers? guess just into I so guess some Tom, personnel. are on taking and seeing thanks and for accelerated my pre-pandemic is the appreciate I the that of

Ted Watson

a particular really terms key of number to a and without very levels satisfaction time what's can lot situation, a many attendance say screenings conclusions important period major particularly of actual draw the of in this is release restricted states of in restricted schedule markets is I most being too theaters in there is limited specific open, there. the seating It's What the odd like Texas in hard consumer of and out we I lot just to those national evidence where because the selling the know about in scale out, and encouraging a draw announcement to kinds theater on preliminarily I of but and think market of New would and thought, conclusions. hesitant movies high we couple of need there's We be out have would of one really restricted months very that even theaters than a real York been to openings that the higher but with the already extrapolate rest.

from the from conclusions at think everything of the in particularly but keeping released. happening, a I as I would any terms way premature. during really look product view the from reality be of as fall some point of sensor very you've we're behavior happened an pandemic what movies Obviously a the have seen this in

Mike Hickey

you nervousness do -- the there from duration back is for the start. I Is there stations, show duration of to there the some waiting any of push movie movie sense time, guess the

Ted Watson

getting with so of and pandemic any we haven't studies generally have which good a processing and We through people and that keep is negativities people consumer track this the for our we far. some with of, thing seen do, of normally arrived they candidly the on that earlier very heavily in obviously. us track Obviously,

we're to of really next going on quarters an though. eye the keep over course it's the several So

Mike Hickey

be enforce kind the we'll screening US. seems screen Flipside talking from the How a Tom see the do big you size on that of, do of this belief is, network deal one you in of it think if side. the about you're your reduction that affiliate sort overall that overall the may

screening so XX and when the are duopoly two those NIM? between on think market screening the balance about you size how and your thoughts next what over XX how your you total So to months is behaving

Tom Lesinski

So we what there's always to as family, affiliates rationale grow at we're opened the to theaters to consumer the be believe is want to with less of benefit not or on be multiple will in announcement calls, our behavior continue it and mentioned what I've is Harkins it especially real aggressive like look network be exhibitors. post-COVID that for We to is as to to very as a real the going Obviously new room that believe largest to board. the being but there knowing happy bringing network. it it our way relates and relates we theater part a brings there's to on

two, something to that's like the the will at as close our look So or you how many distributors. we count position attracted know not knowing theaters what the may be or screen year over marketplace next of

to continue we'll they become affiliates So add available. as

competitors of we're are prepared is something this terms commenting think what that at don't do our I In on to it's doing time.

Mike Hickey

mentioned I too models Last now question the and this this and challenging is severe you and appreciate on compensation for me is is environment and sales commenced variable.

if team not? of sales has rebuild much a held How after or see your any up. how is wondering and just So there sort turnover had if even overall because you you time

Tom Lesinski

Cliff responded you on there. this. to Cliff are I as guest can bring a

significant, the storm. and the but really with Let him also saying we how clients loyalty by me our sales which to exceptional but that weathered for team, Cliff's are credit just our steady to leadership is goes created the just it and has been where that with phrase we've today, due he not has

you any senior but lower tell of levels, answer attrition, Obviously let can kind lost terms year. the salesperson I in past significant So at a has haven't more in there been I'll Cliff of specifically. we that attrition

UnidentifiedCompany Representative

we've field competitive. to keeping we're Tom just and job put to we've about felt really the now team the what's or have the we've our people, the maintain to, We've done of to lost people some eluded level yeah on, very ready company team good good going the and movies in for from most lock out I open in the to be our a really month we're forming in going the lower faith most just up part, a on but be ask as and and at them medium whenever loop going them and

Operator

the There no I'd like time. any further remarks have. turn questions may for over are back floor closing this at to you to management

Tom Lesinski

Okay.

to looking the leave road vaccine the ahead the theater hold. behind previously, forward mentioned COVID immunity of on and future and audiences I we're as takes rollout XXXX As we're and the we return positioned focus accelerates as herd very well for

into demand, strong delayed, 'XX, the films XXXX years. and all on very indicates big All of strong film them screen once the research see again average the our of consumer films in is with many the upcoming

our want staff TV GRPs buyers. and work advertising So capturing audience network our to very want once continue to XXXX to team for advertising decline, the to begin hard expand team times as which our to of our media diversify makes additional video to optimistic lenders the and all market support thank very during about challenges difficult and their and patience. of hard and management young more share and particularly their we're despite I basically, particularly our shareholders thank for these entire even attractive I again work our our impressions senior

you. that So very the and we call soon everyone safe and hope all thank appreciate you continues of joining healthy again stay the and movies, I to to look you forward seeing at

Operator

disconnect time. day. for now gentlemen, participation you your have at today's this you and webcast concludes this your Ladies Thank and many great lines a and

National CineMedia (NCMI) 9 Mar 212020 Q4 Earnings call transcript