National CineMedia, Inc. (NASDAQ:NCMI) shares surged after reporting Q4 financial results that exceeded expectations and announcing a $100 million share repurchase program. The company's operating revenue was $90.9 million, surpassing the consensus of $81.1 million. National advertising revenue grew 2% Y/Y, while local and regional advertising revenue declined 5% Y/Y. Operating income and adjusted OIBDA decreased due to increased amortization expenses. EPS was $0.24, beating the consensus of $0.09. For Q1 2024, NCM expects revenue between $34.5 million and $35.5 million and an adjusted OIBDA loss of $(7.5) million to $(6.5) million. The share repurchase program is authorized through April 1, 2027, and NCMI shares are up 20.85% at $5.10 in premarket trading.