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As of the date of this release, multiple COVID-19 vaccines have been developed and immunizations have commenced throughout the United States and instances of the COVID-19 virus are decreasing from the peak numbers experienced in late 2020. We believe that the exhibition industry has historically fared well during periods of economic stress, and management remains optimistic, though cannot guarantee, that the founding members and network affiliates will rebound and attendance figures will benefit from pent-up social demand as state and local restrictions and other social distancing orders subside and people seek togetherness with a return to normalcy.
However, the ultimate significance of the COVID-19 pandemic, including the extent of the adverse impact on the Company’s financial and operational results, will be dictated by the currently unknowable duration of the pandemic, the effect of the pandemic on the overall economy and the advertising market and responsive governmental regulations, including mandated business closures which could recur after reopening causing subsequent closure periods, social distancing guidelines, theater capacity restrictions, shifting movie slates, voluntary theater closures and the level of theater attendance.
Our business also could be significantly affected should the disruptions caused by the COVID-19 pandemic lead to changes in consumer behavior (such as the movie audience’s willingness to return to the movie theaters and the impacts of social distancing, facemask requirements and other measures on the movie going experience), or further reductions to the customary theatrical release window. The COVID-19 pandemic also makes it more challenging for management to estimate the future performance of our business, particularly over the near to medium term. The Company continues to
On March, 2021 NCM LLC amended its Credit Agreement to (1) raise $50.0 million of additional liquidity at an interest rate of LIBOR plus 8.0% to mature on December 20, 2024 and (2) extend the waiver of any non-compliance with its Consolidated Net Senior Secured Leverage Ratio and Consolidated Total Leverage Ratio financial covenants established by the credit agreement amendment entered into on April 30, 2020 until and including the quarter ending June 30, 2022 and allow for increased financial covenant ratios for the quarter ending September 29, 2022.
The Credit Agreement amendment also extends requirements established by the credit agreement amendment entered into on April 30, 2020 through September 29, 2022 related to the amount of NCM LLC unrestricted cash on hand and availability under the Revolving Credit Facility during the waiver period, as well as, restrictions on available cash distributions from NCM LLC to NCM, Inc., during the waiver period, all of which are further described in the Company’s Form 8-K filed with the SEC on March 8, 2021. When including the approximate net proceeds from the amendment after fees, the Company would have had a cash balance of $204.9 million ($147.0 million at NCM LLC) as of March 5, 2021.
monitor the rapidly evolving situation and its potential impacts on its financial position, results of operations, liquidity and cash flows.
Beginning in mid-March 2020, each of the Company’s founding members and all of its network affiliates announced that their theaters would be temporarily closed to address the COVID-19 pandemic and almost all of the theaters within the Company’s network remained closed until late August 2020.
The Company continues to preserve cash and ensure sufficient liquidity to endure the impacts of the COVID-19 pandemic, even if prolonged. Since the beginning of the pandemic, the Company has significantly reduced compensation cost through a combination of temporary furloughs, permanent layoffs and salary reductions. As of the filing date, almost 20% of our current headcount is on furlough, over 20% of our current headcount is on reduced pay and schedules of 50-60% and almost all remaining employees are at salary reductions of up to 20%. Further.
since the start of the COVID-19 pandemic we have permanently reduced our total headcount by over 20% from pre-COVID-19 pandemic headcount levels. Further, the Company suspended non-essential operating expenditures, terminated or deferred certain non-essential capital expenditures, and worked with its vendors, and other business partners to manage, defer, and/or abate certain costs during the disruptions caused by the COVID-19 pandemic. As of December 31, 2020, the Company had $181.8 million of cash, cash equivalents and investments ($123.9 million at NCM LLC and $57.9 million at NCMI).
The Company generated no in-theater advertising revenue for the period that the theaters were closed. On September 4, 2020, the Company resumed advertising within the theaters that were open in its network, however, in-theater advertising revenue continues to be adversely impacted as attendance remains lower than historical levels due to government restrictions including mandated patron capacity limitations and a continued lack of new major motion picture releases. In October 2020, Regal announced the re-closure of its theaters in the United States. As of December 31, 2020, 40.5% of the theaters within the Company’s network were open.
NCM LLC’s theater access fees, network affiliate payments and Platinum Spot revenue sha payments are driven by attendance, active screens and revenue, and therefore, were not incurred for the duration that the theaters were closed and will be reduced for the period of time that attendance is lower than historical levels.
