Momentum Building for Marcus Theatres;
Continued Strong Performance From Marcus Hotels &
Resorts
The Marcus Corporation (NYSE: MCS) today reported results for
the second quarter fiscal 2024 ended June 27, 2024.
“Marcus Hotels & Resorts continued its strong performance in
the second quarter of fiscal 2024 as group demand continued to
improve, especially midweek, and the summer travel season got
started,” said Gregory S. Marcus, chief executive officer of The
Marcus Corporation. “While last year’s Hollywood strikes continued
to impact Marcus Theatres’ results in April and May, there was a
notable positive shift in June and we ended the quarter with much
stronger momentum. The blockbuster performances of Inside Out 2 and
Deadpool & Wolverine, along with other strong performances from
recent films like Despicable Me 4 and Twisters, continue to affirm
that consumers crave seeing great movies on the big screen. As we
look ahead to the second half of 2024, we are encouraged by
improving trends in both businesses, including continued strong
group bookings in our hotel business and an improving slate of
exciting films anticipated in our theatre business.”
Second Quarter Fiscal 2024
Highlights
- Total revenues for the second quarter of fiscal 2024 were
$176.0 million, a 15.0% decrease from total revenues of $207.0
million for the second quarter of fiscal 2023.
- Operating income was $2.2 million for the second quarter of
fiscal 2024, compared to operating income of $20.8 million for the
prior year quarter.
- Net loss was $20.2 million for the second quarter of fiscal
2024, compared to net income of $13.5 million for the same period
in fiscal 2023. Net loss for the second quarter of fiscal 2024 was
negatively impacted by $15.0 million, or $0.47 per share, of debt
conversion expense and related tax impacts of the previously
announced convertible senior notes repurchases. Excluding the
impacts of the convertible senior notes repurchases, net loss was
$5.2 million for the second quarter of fiscal 2024.
- Net loss per diluted common share was $0.64 for the second
quarter of fiscal 2024, compared to net earnings per diluted common
share of $0.35 for the second quarter of fiscal 2023. Excluding the
impacts of the convertible senior notes repurchases, net loss per
diluted common share was $0.17 for the second quarter of fiscal
2024.
- Adjusted EBITDA was $22.0 million for the second quarter of
fiscal 2024, compared to Adjusted EBITDA of $38.7 million for the
prior year quarter.
First Half Fiscal 2024
Highlights
- Total revenues for the first half of fiscal 2024 were $314.6
million, a 12.4% decrease from total revenues of $359.3 million for
the first half of fiscal 2023.
- Operating loss was $14.4 million for the first half of fiscal
2024, compared to operating income of $11.8 million for the first
half of fiscal 2023.
- Net loss was $32.1 million for the first half of fiscal 2024,
compared to net income of $4.0 million for the for the first half
of fiscal 2023. Net loss for the first half of fiscal 2024 was
negatively impacted by $15.0 million, or $0.47 per share, of debt
conversion expense and related tax impacts of the previously
announced convertible senior notes repurchases. Excluding the
impacts of the convertible senior notes repurchases, net loss was
$17.1 million for the first half of fiscal 2024.
- Net loss per diluted common share was $1.03 for the first half
of fiscal 2024, compared to net earnings per diluted common share
of $0.13 for the first half of fiscal 2023. Excluding the impacts
of the convertible senior notes repurchases, net loss per diluted
common share was $0.56 for the first half of fiscal 2024.
- Adjusted EBITDA was $24.3 million for the first half of fiscal
2024, compared to Adjusted EBITDA of $48.2 million for the first
half of fiscal 2023.
Marcus® Hotels & Resorts
Marcus Hotels & Resorts reported total revenues before cost
reimbursements of $63.8 million in the second quarter of fiscal
2024, a 5.6% increase over the prior year period. Revenue per
available room, or RevPAR, increased 6.5% in the second quarter of
fiscal 2024 compared to the second quarter of fiscal 2023,
resulting in the division outperforming the industry and its
competitive sets by 3.5 and 1.9 percentage points,
respectively.
“Total occupancy neared pre-pandemic levels during the second
quarter of fiscal 2024, driven by strong group demand, especially
on weekdays, and the start of the peak travel season,” said Michael
R. Evans, president of Marcus Hotels & Resorts. “Our Milwaukee
properties recently hosted thousands of guests for five sold out
nights during the Republican National Convention, and I
congratulate all our associates on a job exceptionally well done.
Looking ahead, we remain encouraged by positive group booking
trends across our portfolio for the remainder of 2024, 2025 and
beyond. As the summer travel, festival and convention season
continues, we look forward to continuing to showcase our
award-winning properties and world-class hospitality to more
leisure travelers and groups alike.”
Continued improvements in group business drove occupancy growth
of 4.5 percentage points during the second quarter of fiscal 2024.
Group booking pace for the remainder of fiscal 2024 is running
ahead of comparable pace during the same period in fiscal 2023,
even when excluding bookings related to the Republican National
Convention in July 2024. Fiscal 2025 booking pace is also running
significantly ahead compared to the same period last year, with
banquet and catering revenue pace running similarly ahead.
The Pfister Hotel in Milwaukee is in the final phases of its $20
million reinvestment, with finishing touches continuing in the
hotel’s first floor public spaces. The hotel recently completed
renovations of its historic guest rooms, which followed the full
revitalization of The Pfister’s ballrooms and meeting and event
spaces which were completed in September 2023.
Marcus Theatres®
The lingering effects of the nearly four-month long WGA and
SAG-AFTRA labor strikes in 2023 continued to impact results, with
weaker performances from films in April and May, followed by
stronger film product in June. As a result, Marcus Theatres
reported total revenue of $101.5 million in the second quarter of
fiscal 2024, compared to $136.9 million in the second quarter of
fiscal 2023. Division operating income of $2.8 million and Adjusted
EBITDA of $15.1 million were down in the second quarter due to
decreased attendance. Average ticket price decreased 3.1% with an
increase in promotions and a higher percentage of attendance on
Value Tuesday, while average concession revenues per person
increased by 2.3%.
As part of Marcus Theatres’ initiatives to drive attendance and
appeal to value oriented customers, the division launched its
Everyday Matinee program during the second quarter, which offers a
$7 ticket for kids and seniors for all shows starting before 4 p.m.
In addition, Marcus Theatres continued to enhance its Value Tuesday
promotion, bringing back a free complimentary size popcorn for
members of the Magical Movie Rewards loyalty program.
“We are starting to see the impact of the last year’s Hollywood
strikes lessen, with a larger quantity of exciting wide-release
films on the horizon,” said Mark A. Gramz, president of Marcus
Theatres. “Inside Out 2 opened with a huge success in the second
quarter of 2024, and continued its strong run in July to become the
highest grossing animated movie ever. Inside Out 2, Bad Boys: Ride
or Die, and IF performed particularly well in our primarily
Midwestern markets during the second quarter of fiscal 2024. As we
head into the second half of the year, the momentum has continued
with Despicable Me 4 and Twisters off to strong showings in our
markets, and the blockbuster Deadpool & Wolverine opened last
weekend with much excitement from moviegoers. We continue to see an
improving film slate with several highly anticipated new wide
releases this fall such as Beetlejuice Beetlejuice and Joker: Folie
a Deux, along with a number of exciting films slated for the
remainder of the year.”
While schedule changes may occur, new films expected to be
released during the remainder of fiscal 2024 that have the
potential to perform well include Beetlejuice Beetlejuice, Joker:
Folie A Deux, Smile 2, Venom: The Last Dance, Gladiator II, Wicked
Part One, Moana 2, Mufasa: The Lion King, and Sonic the Hedgehog 3,
among others.
Balance Sheet and
Liquidity
The Marcus Corporation’s financial position remains strong with
$208.0 million in cash and revolving credit availability at the end
of the second quarter of fiscal 2024.
As previously announced, during the second quarter of fiscal
2024 the Company entered into agreements for $86.4 million
aggregate principal amount of privately negotiated cash repurchases
effected over two separate repurchase tranches (the “Repurchases”)
of the Company’s 5.00% Convertible Senior Notes due 2025 (the
“Convertible Senior Notes”). The first repurchase transaction
retired $40 million aggregate principal amount of Convertible
Senior Notes and closed during the second quarter of fiscal 2024 on
June 14, 2024. The second repurchase transaction retired $46.4
million aggregate principal amount of Convertible Senior Notes and
closed during the third quarter of fiscal 2024 on July 16, 2024. In
connection with the Repurchases, the Company entered into unwind
agreements with certain financial institutions to terminate a
portion of the existing capped call transactions in a notional
amount equal to the aggregate principal amount of the
Repurchases.
The final cash cost of the $86.4 million aggregate principal
amount of Convertible Senior Notes repurchases, net of the cash
received from the unwind of the capped call transactions, was $87.9
million. Following the completion of the Repurchases, $13.6 million
aggregate principal amount of the Convertible Senior Notes remains
outstanding.
In connection with the Repurchases, the required accounting for
the transactions resulted in the Company recognizing $13.9 million
of debt conversion expense during the second quarter of fiscal
2024, while the unwind of the capped call transactions resulted in
a $12.9 million increase in shareholders equity during the second
quarter of fiscal 2024. In addition, income tax expense (benefit)
during the second quarter of fiscal 2024 was negatively impacted by
$1.1 million for the related noncash tax impacts of the capped call
unwind.
In addition, on July 9, 2024, the Company completed a private
placement offering of $100 million aggregate principal amount of
senior notes in two tranches: $60 million aggregate principal
amount of 6.89% senior notes due 2031 and $40 million aggregate
principal amount of 7.02% senior notes due 2034. The net proceeds
of the offering were used to refinance the Repurchases and for
general corporate purposes. These refinancing transactions extended
debt maturities and mark a significant step in simplifying the
Company’s capital structure.
Conference Call and
Webcast
The Marcus Corporation management will hold a conference call
today, Thursday, August 1, 2024, at 10:00 a.m. Central/11:00 a.m.
Eastern time. Interested parties may listen to the call live on the
internet through the investor relations section of the company's
website: investors.marcuscorp.com, or by dialing 1-404-975-4839 and
entering the passcode 979410. Listeners should dial in to the call
at least 5-10 minutes prior to the start of the call or should go
to the website at least 15 minutes prior to the call to download
and install any necessary audio software.
A telephone replay of the conference call will be available
through Thursday, August 8, 2024, by dialing 1-866-813-9403 and
entering passcode 848375. The webcast will be archived on the
company’s website until its next earnings release.
Non-GAAP Financial
Measure
Adjusted EBITDA has been presented in this press release as a
supplemental measure of financial performance that is not required
by, or presented in accordance with, GAAP. The company defines
Adjusted EBITDA as net earnings (loss) attributable to The Marcus
Corporation before investment income or loss, interest expense,
other expense, gain or loss on disposition of property, equipment
and other assets, equity earnings or losses from unconsolidated
joint ventures, net earnings or losses attributable to
noncontrolling interests, income taxes, depreciation and
amortization and non-cash share-based compensation expense,
adjusted to eliminate the impact of certain items that the company
does not consider indicative of its core operating performance. A
reconciliation of this measure to the equivalent measure under
GAAP, along with reconciliations of this measure for each of our
operating segments, are set forth in the attached table.
Adjusted EBITDA is a key measure used by management and the
company’s board of directors to assess the company’s financial
performance and enterprise value. The company believes that
Adjusted EBITDA is a useful measure, as it eliminates certain
expenses and gains that are not indicative of the company’s core
operating performance and facilitates a comparison of the company’s
core operating performance on a consistent basis from period to
period. The company also uses Adjusted EBITDA as a basis to
determine certain annual cash bonuses and long-term incentive
awards, to supplement GAAP measures of performance to evaluate the
effectiveness of its business strategies, to make budgeting
decisions, and to compare its performance against that of other
peer companies using similar measures. Adjusted EBITDA is also used
by analysts, investors and other interested parties as a
performance measure to evaluate industry competitors.
Adjusted EBITDA is a non-GAAP measure of the company’s financial
performance and should not be considered as an alternative to net
earnings (loss) as a measure of financial performance, or any other
performance measure derived in accordance with GAAP and it should
not be construed as an inference that the company’s future results
will be unaffected by unusual or non-recurring items. Additionally,
Adjusted EBITDA is not intended to be a measure of liquidity or
free cash flow for management’s discretionary use. In addition,
this non-GAAP measure excludes certain non-recurring and other
charges and has its limitations as an analytical tool. You should
not consider Adjusted EBITDA in isolation or as a substitute for
analysis of the company’s results as reported under GAAP. In
evaluating Adjusted EBITDA, you should be aware that in the future
the company will incur expenses that are the same as or similar to
some of the items eliminated in the adjustments made to determine
Adjusted EBITDA, such as acquisition expenses, preopening expenses,
accelerated depreciation, impairment charges and other adjustments.
The company’s presentation of Adjusted EBITDA should not be
construed to imply that the company’s future results will be
unaffected by any such adjustments. Definitions and calculations of
Adjusted EBITDA differ among companies in our industries, and
therefore Adjusted EBITDA disclosed by the company may not be
comparable to the measures disclosed by other companies.
About The Marcus
Corporation
Headquartered in Milwaukee, The Marcus Corporation is a leader
in the lodging and entertainment industries, with significant
company-owned real estate assets. The Marcus Corporation’s theatre
division, Marcus Theatres®, is the fourth largest theatre circuit
in the U.S. and currently owns or operates 995 screens at 79
locations in 17 states under the Marcus Theatres, Movie Tavern® by
Marcus and BistroPlex® brands. The company’s lodging division,
Marcus® Hotels & Resorts, owns and/or manages 16 hotels,
resorts and other properties in eight states. For more information,
please visit the company’s website at www.marcuscorp.com.
Certain matters discussed in this press release are
“forward-looking statements” intended to qualify for the safe
harbors from liability established by the Private Securities
Litigation Reform Act of 1995. These forward-looking statements may
generally be identified as such because the context of such
statements include words such as we “believe,” “anticipate,”
“expect” or words of similar import. Similarly, statements that
describe our future plans, objectives or goals are also
forward-looking statements. Such forward-looking statements are
subject to certain risks and uncertainties which may cause results
to differ materially from those expected, including, but not
limited to, the following: (1) the adverse effects future pandemics
may have on our theatre and hotels and resorts businesses, results
of operations, liquidity, cash flows, financial condition, access
to credit markets and ability to service our existing and future
indebtedness; (2) the availability, in terms of both quantity and
audience appeal, of motion pictures for our theatre division
(including disruptions in the production of films due to events
such as a strike by actors, writers or directors or future
pandemics); (3) the effects of theatre industry dynamics such as
the maintenance of a suitable window between the date such motion
pictures are released in theatres and the date they are released to
other distribution channels; (4) the effects of adverse economic
conditions in our markets; (5) the effects of adverse economic
conditions on our ability to obtain financing on reasonable and
acceptable terms, if at all; (6) the effects on our occupancy and
room rates caused by the relative industry supply of available
rooms at comparable lodging facilities in our markets; (7) the
effects of competitive conditions in our markets; (8) our ability
to achieve expected benefits and performance from our strategic
initiatives and acquisitions; (9) the effects of increasing
depreciation expenses, reduced operating profits during major
property renovations, impairment losses, and preopening and
start-up costs due to the capital intensive nature of our business;
(10) the effects of changes in the availability of and cost of
labor and other supplies essential to the operation of our
business; (11) the effects of weather conditions, particularly
during the winter in the Midwest and in our other markets; (12) our
ability to identify properties to acquire, develop and/or manage
and the continuing availability of funds for such development; (13)
the adverse impact on business and consumer spending on travel,
leisure and entertainment resulting from terrorist attacks in the
United States, other incidents of violence in public venues such as
hotels and movie theatres or epidemics; and (14) a disruption in
our business and reputational and economic risks associated with
civil securities claims brought by shareholders. These statements
are not guarantees of future performance and are subject to risks,
uncertainties and other factors, some of which are beyond our
control and difficult to predict and could cause actual results to
differ materially from those expressed or forecasted in the
forward-looking statements. Our forward-looking statements are
based upon our assumptions, which are based upon currently
available information. Shareholders, potential investors and other
readers are urged to consider these factors carefully in evaluating
the forward-looking statements and are cautioned not to place undue
reliance on such forward-looking statements. The forward-looking
statements made herein are made only as of the date of this press
release and we undertake no obligation to publicly update such
forward-looking statements to reflect subsequent events or
circumstances.
THE MARCUS CORPORATION
Consolidated Statements of
Earnings (Loss)
(Unaudited)
(in thousands, except per share
data)
13 Weeks Ended
26 Weeks Ended
June 27, 2024
June 29, 2023
June 27, 2024
June 29, 2023
Revenues:
Theatre admissions
$
48,580
$
68,987
$
89,176
$
116,622
Rooms
30,496
28,646
48,709
46,503
Theatre concessions
44,417
59,707
79,112
102,082
Food and beverage
19,272
18,573
35,435
33,766
Other revenues
22,534
21,428
42,236
41,116
165,299
197,341
294,668
340,089
Cost reimbursements
10,733
9,666
19,911
19,194
Total revenues
176,032
207,007
314,579
359,283
Costs and expenses:
Theatre operations
52,118
66,905
97,103
117,974
Rooms
11,164
10,360
20,575
19,638
Theatre concessions
18,515
22,601
33,401
38,331
Food and beverage
15,080
14,451
28,943
28,019
Advertising and marketing
6,502
5,613
11,803
10,678
Administrative
22,630
19,466
44,032
39,317
Depreciation and amortization
16,699
15,994
32,714
31,870
Rent
6,496
6,594
12,843
13,087
Property taxes
3,688
4,532
7,619
9,289
Other operating expenses
9,741
9,636
19,611
19,287
(Gain) Loss on disposition of property,
equipment and other assets
(43
)
379
(20
)
777
Impairment charges
472
—
472
—
Reimbursed costs
10,733
9,666
19,911
19,194
Total costs and expenses
173,795
186,197
329,007
347,461
Operating income (loss)
2,237
20,810
(14,428
)
11,822
Other income (expense):
Investment income
173
359
865
619
Interest expense
(2,564
)
(3,093
)
(5,098
)
(6,101
)
Other income (expense)
(390
)
(477
)
(731
)
(878
)
Debt conversion expense
(13,908
)
—
(13,908
)
—
Equity losses from unconsolidated joint
ventures
(50
)
(31
)
(437
)
(202
)
(16,739
)
(3,242
)
(19,309
)
(6,562
)
Earnings (Loss) before income
taxes
(14,502
)
17,568
(33,737
)
5,260
Income tax expense (benefit)
5,719
4,102
(1,650
)
1,260
Net Earnings (Loss)
$
(20,221
)
$
13,466
(32,087
)
4,000
Net earnings (loss) per common share -
diluted
$
(0.64
)
$
0.35
$
(1.03
)
$
0.13
Weighted average shares outstanding -
diluted
32,161
40,935
32,027
31,674
THE MARCUS CORPORATION
Condensed Consolidated Balance
Sheets
(Unaudited)
(In thousands)
June 27, 2024
December 28,
2023
Assets:
Cash and cash equivalents
$
32,810
$
55,589
Restricted cash
4,975
4,249
Accounts receivable
28,046
19,703
Other current assets
24,882
22,175
Property and equipment, net
685,864
682,262
Operating lease right-of-use assets
171,193
179,788
Other assets
104,328
101,337
Total Assets
$
1,052,098
$
1,065,103
Liabilities and Shareholders'
Equity:
Accounts payable
$
47,804
$
37,384
Taxes other than income taxes
18,635
18,585
Other current liabilities
85,325
80,283
Current portion of finance lease
obligations
2,512
2,579
Current portion of operating lease
obligations
14,077
15,290
Current maturities of long-term debt
10,815
10,303
Finance lease obligations
11,578
12,753
Operating lease obligations
170,638
178,582
Long-term debt
164,862
159,548
Deferred income taxes
30,150
32,235
Other long-term obligations
46,276
46,389
Equity
449,426
471,172
Total Liabilities and Shareholders'
Equity
$
1,052,098
$
1,065,103
THE MARCUS CORPORATION
Business Segment
Information
(Unaudited)
(In thousands)
Theatres
Hotels/
Resorts
Corporate
Items
Total
13 Weeks Ended June 27, 2024
Revenues
$
101,452
$
74,497
$
83
$
176,032
Operating income (loss)
2,781
6,117
(6,661
)
2,237
Depreciation and amortization
11,520
5,048
131
16,699
Adjusted EBITDA
15,069
11,426
(4,535
)
21,960
13 Weeks Ended June 29, 2023
Revenues
$
136,850
$
70,066
$
91
$
207,007
Operating income (loss)
19,811
6,105
(5,106
)
20,810
Depreciation and amortization
11,317
4,588
89
15,994
Adjusted EBITDA
31,251
11,336
(3,889
)
38,698
26 Weeks Ended June 27, 2024
Revenues
$
182,722
$
131,694
$
163
$
314,579
Operating income (loss)
(2,958
)
955
(12,425
)
(14,428
)
Depreciation and amortization
22,553
9,912
249
32,714
Adjusted EBITDA
21,225
11,415
(8,389
)
24,251
26 Weeks Ended June 29, 2023
Revenues
$
233,226
$
125,877
$
180
$
359,283
Operating income (loss)
21,330
1,073
(10,581
)
11,822
Depreciation and amortization
22,805
8,889
176
31,870
Adjusted EBITDA
45,054
10,926
(7,824
)
48,156
Corporate items include amounts not
allocable to the business segments. Corporate revenues consist
principally of rent and the corporate operating loss includes
general corporate expenses. Corporate information technology costs
and accounting shared services costs are allocated to the business
segments based upon several factors, including actual usage and
segment revenues.
Supplemental Data
(Unaudited)
(In thousands)
13 Weeks Ended
26 Weeks Ended
Consolidated
June 27, 2024
June 29, 2023
June 27, 2024
June 29, 2023
Net cash flow provided by (used in)
operating activities
$
35,975
$
55,060
$
20,877
$
47,326
Net cash flow provided by (used in)
investing activities
(19,882
)
(7,111
)
(40,640
)
(16,642
)
Net cash flow provided by (used in)
financing activities
1,139
(11,911
)
(2,290
)
(6,336
)
Capital expenditures
(19,843
)
(6,975
)
(35,283
)
(15,896
)
THE MARCUS CORPORATION
Reconciliation of Net Earnings
(Loss) to Adjusted EBITDA
(Unaudited)
(In thousands)
13 Weeks Ended
26 Weeks Ended
June 27, 2024
June 29, 2023
June 27, 2024
June 29, 2023
Net earnings (loss)
$
(20,221
)
$
13,466
$
(32,087
)
$
4,000
Add (deduct):
Investment income
(173
)
(359
)
(865
)
(619
)
Interest expense
2,564
3,093
5,098
6,101
Other expense (income)
390
477
731
878
(Gain) Loss on disposition of property,
equipment and other assets
(43
)
379
(20
)
777
Equity losses from unconsolidated joint
ventures
50
31
437
202
Income tax expense (benefit)
5,719
4,102
(1,650
)
1,260
Depreciation and amortization
16,699
15,994
32,714
31,870
Share-based compensation (a)
2,418
1,515
4,932
3,687
Impairment charges (b)
472
—
472
—
Theatre exit costs (c)
136
—
136
—
Insured losses (d)
41
—
445
—
Debt conversion expense (e)
13,908
—
13,908
—
Adjusted EBITDA
$
21,960
$
38,698
$
24,251
$
48,156
Reconciliation of Operating
income (loss) to Adjusted EBITDA by Reportable Segment
(Unaudited)
(In thousands)
13 Weeks Ended June 27,
2024
26 Weeks Ended June 27,
2024
Theatres
Hotels & Resorts
Corp. Items
Total
Theatres
Hotels & Resorts
Corp. Items
Total
Operating income (loss)
$
2,781
$
6,117
$
(6,661
)
$
2,237
$
(2,958
)
$
955
$
(12,425
)
$
(14,428
)
Depreciation and amortization
11,520
5,048
131
16,699
22,553
9,912
249
32,714
(Gain) loss on disposition of property,
equipment and other assets
(45
)
2
—
(43
)
(27
)
7
—
(20
)
Share-based compensation (a)
164
259
1,995
2,418
604
541
3,787
4,932
Impairment charges (b)
472
—
—
472
472
—
—
472
Theatre exit costs (c)
136
—
—
136
136
—
—
136
Insured losses (d)
41
—
—
41
445
—
—
445
Adjusted EBITDA
$
15,069
$
11,426
$
(4,535
)
$
21,960
$
21,225
$
11,415
$
(8,389
)
$
24,251
13 Weeks Ended June 29,
2023
26 Weeks Ended June 29,
2023
Theatres
Hotels & Resorts
Corp. Items
Total
Theatres
Hotels & Resorts
Corp. Items
Total
Operating income (loss)
$
19,811
$
6,105
$
(5,106
)
$
20,810
$
21,330
$
1,073
$
(10,581
)
$
11,822
Depreciation and amortization
11,317
4,588
89
15,994
22,805
8,889
176
31,870
(Gain) loss on disposition of property,
equipment and other assets
(19
)
398
—
379
304
473
—
777
Share-based compensation (a)
142
245
1,128
1,515
615
491
2,581
3,687
Adjusted EBITDA
$
31,251
$
11,336
$
(3,889
)
$
38,698
$
45,054
$
10,926
$
(7,824
)
$
48,156
(a)
Non-cash expense related to share-based
compensation programs.
(b)
Non-cash impairment charges related to one
permanently closed theatre location in the second quarter of fiscal
2024.
(c)
Non-recurring costs related to the closure
and exit of one theatre location in the second quarter of fiscal
2024.
(d)
Repair costs that are non-operating in
nature related to insured property damage at one theatre
location.
(e)
Loss on extinguishment of $86.4 million
aggregate principal amount of Convertible Notes. See Convertible
Senior Notes Repurchases in the “Liquidity and Capital Resources”
section of MD&A included in the fiscal 2024 second quarter 10Q
for further discussion.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240731602301/en/
Chad Paris (414) 905-1100 investors@marcuscorp.com
Marcus (NYSE:MCS)
Historical Stock Chart
From Dec 2024 to Jan 2025
Marcus (NYSE:MCS)
Historical Stock Chart
From Jan 2024 to Jan 2025
