NCMI — what changed in the latest 10-Q
A section-by-section comparison of NCMI's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-08-11 vs the prior 10-Q · 2026-05-12
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +23 | −8 | ~34 | 15 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~1 | 0 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 2 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | −1 | ~2 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-08-11
vendor relationships and is in the process of terminating its relationship with certain vendors resulting in estimated termination fees of $0.5 million and $3.1 million for the three and six months ended July 2, 2026, respectively. The Company also engaged the services of third-party consultants to …
National advertising revenue. National advertising revenue increased by $3.7 million, or 9.0%, from $41.2 million for the second quarter of 2025 to $44.9 million for the second quarter of 2026. The increase in national advertising revenue was primarily due to a 19.3% increase in network attendance a…
decreased personnel related costs. These decreases were partially offset by a $0.3 million increase in commission expense driven by the increase in revenue in the second quarter of 2026, as compared to the second quarter of 2025, a $0.3 million increase in medical costs driven by higher claim activi…
Administrative and other costs. Administrative and other costs increased $0.2 million, or 1.9%, from $10.6 million for the second quarter of 2025 to $10.8 million for the second quarter of 2026. The increase was primarily due to $1.2 million in transition related administrative expenses and severanc…
The increase in non-operating income was primarily due to a $1.5 million increase in gain on the re-measurement of the payable under the tax receivable agreement largely due to the subsequent decrease in the forecast during the second quarter of 2026, as compared to the original forecast, as well as…
Text removed vs the prior filing · source: 10-Q · 2026-05-12
resulting in an accrual of estimated termination fees of $2.6 million as of April 2, 2026. The Company also engaged the services of a third-party consultant to assist with the 2026 Transformation Initiative and recorded a charge of $1.1 million in the quarter ended April 2, 2026 related to these ser…
Advisor fees related to the Cineworld Proceeding and Chapter 11 Case (5)
National advertising revenue. National advertising revenue increased by $0.1 million, or 0.4%, from $27.4 million for the first quarter of 2025 to $27.5 million for the first quarter of 2026. The increase in national advertising revenue was primarily due to a 21.2% increase in national advertising u…
expenses primarily driven by the timing of our periodic company-wide sales meeting during the first quarter of 2025, a $0.4 million decrease in commission expenses in line with the decrease in local revenue and a $0.2 million decrease in variable partnership costs in the first quarter of 2026, as co…
Administrative and other costs. Administrative and other costs increased $0.4 million, or 3.1%, from $12.9 million for the first quarter of 2025 to $13.3 million for the first quarter of 2026. The increase was primarily due to a $3.6 million increase in expenses due to the 2026 Transformation Initia…
Other information
Text removed vs the prior filing · source: 10-Q · 2026-05-12
On March 23, 2026, Thomas F. Lesinski, our Chief Executive Officer, adopted a Rule 10b5-1 Plan to sell up to 150,000 shares, subject to the satisfaction of specific conditions set forth in the plan. The plan expires on June 25, 2027, unless terminated sooner in accordance with its terms.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice