The Marcus Corporation Reports Record Third Quarter Fiscal 2024 Results
“Results for the third quarter of fiscal 2024 were driven by strong contributions from both divisions, with
Third Quarter Fiscal 2024 Highlights
-
Total revenues for the third quarter of fiscal 2024 were a record
$232.7 million , an 11.4% increase from total revenues of$208.8 million for the third quarter of fiscal 2023. -
Operating income was a record
$32.8 million for the third quarter of fiscal 2024, a 56.6% increase compared to operating income of$20.9 million for the prior year quarter. -
Net earnings was a record
$23.3 million for the third quarter of fiscal 2024, a 90.6% increase compared to net earnings of$12.2 million for the same period in fiscal 2023. Net earnings for the third quarter of fiscal 2024 was negatively impacted by$1.5 million , or$0.05 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 earnings was$24.8 million for the third quarter of fiscal 2024. -
Net earnings per diluted common share was
$0.73 for the third quarter of fiscal 2024, a 128.1% increase compared to net earnings per diluted common share of$0.32 for the third quarter of fiscal 2023. Excluding the impacts of the convertible senior notes repurchases, net earnings per diluted common share was$0.78 for the third quarter of fiscal 2024. -
Adjusted EBITDA was a record
$52.3 million for the third quarter of fiscal 2024, a 23.5% increase compared to Adjusted EBITDA of$42.3 million for the prior year quarter.
First Three Quarters Fiscal 2024 Highlights
-
Total revenues for the first three quarters of fiscal 2024 were
$547.2 million , a 3.7% decrease from total revenues of$568.0 million for the first three quarters of fiscal 2023. -
Operating income was
$18.4 million for the first three quarters of fiscal 2024, compared to operating income of$32.8 million for the first three quarters of fiscal 2023. -
Net loss was
$8.8 million for the first three quarters of fiscal 2024, compared to net income of$16.2 million for the for the first three quarters of fiscal 2023. Net loss for the first three quarters of fiscal 2024 was negatively impacted by$16.5 million , or$0.52 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 earnings was$7.7 million for the first three quarters of fiscal 2024. -
Net loss per diluted common share was
$0.28 for the first three quarters of fiscal 2024, compared to net earnings per diluted common share of$0.46 for the first three quarters of fiscal 2023. Excluding the impacts of the convertible senior notes repurchases, net earnings per diluted common share was$0.24 for the first three quarters of fiscal 2024. -
Adjusted EBITDA was
$76.5 million for the first three quarters of fiscal 2024, compared to Adjusted EBITDA of$90.5 million for the first three quarters of fiscal 2023.
For the third quarter of fiscal 2024,
Marcus Theatres’ attendance grew 7.1% at same store theatres during the third quarter of fiscal 2024 compared to the same period the prior year. As a result, the division outperformed the industry by 5.7 percentage points during the third quarter of fiscal 2024. An improved film slate featuring record-breaking films that played well with audiences in our markets drove growth and outperformance. The division’s Everyday Matinee, which offers a
During the third quarter fiscal 2024, average ticket price increased 2.6% with an increased percentage of ticket sales coming from Premium Large Format (PLF) screens and evening showings, partially offset by attendance associated with Value Tuesday and other promotional offerings. Average concession revenues per person increased 7.9% during the third quarter compared to the prior year quarter.
“While the WGA and
Marcus Theatres’ top five highest-performing films in the third quarter of fiscal 2024 were Deadpool & Wolverine, Despicable Me 4, Twisters, Inside Out 2 and Beetlejuice Beetlejuice.
While film schedule changes may occur, new films planned to be released during the remainder of fiscal 2024 that have the potential to perform very well include: Gladiator II, Wicked, Moana 2, Lord of The Rings: The War of the Rohirrim, Mufasa: The Lion King, and Sonic the Hedgehog 3.
Revenue per available room, or RevPAR, increased 9.8% at comparable company-owned hotels during the third quarter of fiscal 2024 compared to the third quarter of fiscal 2023. As a result, the division outperformed the industry by 8.4 percentage points.
“Our record third quarter fiscal 2024 results were favorably impacted by the
Group booking pace for the remainder of fiscal 2024 is running ahead of the same period in fiscal 2023. Fiscal 2025 booking pace is running significantly ahead compared to the same period last year, excluding bookings related to the
In October, four
Return of Capital to Shareholders
During the third quarter of fiscal 2024, the Company repurchased approximately 693,000 shares of common stock for
“Our strong balance sheet gives us the ability to return capital to shareholders, while at the same time continuing to invest in our two businesses and pursue potential growth opportunities,” said
Balance Sheet and Liquidity
The Marcus Corporation’s financial position remains strong with
During the second and third quarters of fiscal 2024, the Company completed the previously announced repurchases of
In connection with the repurchases, the required accounting for the transactions resulted in the Company recognizing
In addition, during the third quarter of fiscal 2024 the Company completed a private placement offering of
These refinancing transactions significantly simplified the Company’s capital structure and extended debt maturities.
Conference Call and Webcast
A telephone replay of the conference call will be available through
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
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
Headquartered in
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 or epidemics 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
|
|||||||||||||||
|
|||||||||||||||
Consolidated Statements of Earnings (Loss) (Unaudited) (in thousands, except per share data) |
|||||||||||||||
|
13 Weeks Ended |
|
39 Weeks Ended |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
Revenues: |
|
|
|
|
|
|
|
||||||||
Theatre admissions |
$ |
68,980 |
|
|
$ |
63,652 |
|
|
$ |
158,156 |
|
|
$ |
180,274 |
|
Rooms |
|
40,019 |
|
|
|
36,456 |
|
|
|
88,728 |
|
|
|
82,959 |
|
Theatre concessions |
|
62,118 |
|
|
|
54,551 |
|
|
|
141,230 |
|
|
|
156,633 |
|
Food and beverage |
|
22,283 |
|
|
|
20,214 |
|
|
|
57,718 |
|
|
|
53,980 |
|
Other revenues |
|
28,876 |
|
|
|
23,908 |
|
|
|
71,112 |
|
|
|
65,024 |
|
|
|
222,276 |
|
|
|
198,781 |
|
|
|
516,944 |
|
|
|
538,870 |
|
Cost reimbursements |
|
10,392 |
|
|
|
9,985 |
|
|
|
30,303 |
|
|
|
29,179 |
|
Total revenues |
|
232,668 |
|
|
|
208,766 |
|
|
|
547,247 |
|
|
|
568,049 |
|
|
|
|
|
|
|
|
|
||||||||
Costs and expenses: |
|
|
|
|
|
|
|
||||||||
Theatre operations |
|
68,460 |
|
|
|
62,742 |
|
|
|
165,563 |
|
|
|
180,716 |
|
Rooms |
|
12,300 |
|
|
|
11,594 |
|
|
|
32,875 |
|
|
|
31,232 |
|
Theatre concessions |
|
24,062 |
|
|
|
20,738 |
|
|
|
57,463 |
|
|
|
59,069 |
|
Food and beverage |
|
16,084 |
|
|
|
15,266 |
|
|
|
45,027 |
|
|
|
43,285 |
|
Advertising and marketing |
|
6,645 |
|
|
|
6,025 |
|
|
|
18,448 |
|
|
|
16,703 |
|
Administrative |
|
23,202 |
|
|
|
19,854 |
|
|
|
67,234 |
|
|
|
59,171 |
|
Depreciation and amortization |
|
17,274 |
|
|
|
19,158 |
|
|
|
49,988 |
|
|
|
51,028 |
|
Rent |
|
6,631 |
|
|
|
6,592 |
|
|
|
19,474 |
|
|
|
19,679 |
|
Property taxes |
|
4,442 |
|
|
|
4,663 |
|
|
|
12,061 |
|
|
|
13,952 |
|
Other operating expenses |
|
10,279 |
|
|
|
10,290 |
|
|
|
29,890 |
|
|
|
29,577 |
|
Loss on disposition of property, equipment and other assets |
|
115 |
|
|
|
242 |
|
|
|
95 |
|
|
|
1,019 |
|
Impairment charges |
|
— |
|
|
|
684 |
|
|
|
472 |
|
|
|
684 |
|
Reimbursed costs |
|
10,392 |
|
|
|
9,985 |
|
|
|
30,303 |
|
|
|
29,179 |
|
Total costs and expenses |
|
199,886 |
|
|
|
187,833 |
|
|
|
528,893 |
|
|
|
535,294 |
|
|
|
|
|
|
|
|
|
||||||||
Operating income |
|
32,782 |
|
|
|
20,933 |
|
|
|
18,354 |
|
|
|
32,755 |
|
|
|
|
|
|
|
|
|
||||||||
Other income (expense): |
|
|
|
|
|
|
|
||||||||
Investment income |
|
809 |
|
|
|
445 |
|
|
|
1,674 |
|
|
|
1,064 |
|
Interest expense |
|
(3,062 |
) |
|
|
(2,869 |
) |
|
|
(8,160 |
) |
|
|
(8,970 |
) |
Other income (expense) |
|
(390 |
) |
|
|
(477 |
) |
|
|
(1,121 |
) |
|
|
(1,355 |
) |
Debt conversion expense |
|
(1,410 |
) |
|
|
— |
|
|
|
(15,318 |
) |
|
|
— |
|
Equity earnings (losses) from unconsolidated joint ventures |
|
(9 |
) |
|
|
75 |
|
|
|
(446 |
) |
|
|
(127 |
) |
|
|
(4,062 |
) |
|
|
(2,826 |
) |
|
|
(23,371 |
) |
|
|
(9,388 |
) |
|
|
|
|
|
|
|
|
||||||||
Earnings (loss) before income taxes |
|
28,720 |
|
|
|
18,107 |
|
|
|
(5,017 |
) |
|
|
23,367 |
|
Income tax expense |
|
5,406 |
|
|
|
5,873 |
|
|
|
3,756 |
|
|
|
7,133 |
|
Net earnings (loss) |
$ |
23,314 |
|
|
$ |
12,234 |
|
|
|
(8,773 |
) |
|
|
16,234 |
|
|
|
|
|
|
|
|
|
||||||||
Net earnings (loss) per common share - diluted |
$ |
0.73 |
|
|
$ |
0.32 |
|
|
$ |
(0.28 |
) |
|
$ |
0.46 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding - diluted |
|
32,031 |
|
|
|
40,974 |
|
|
|
32,002 |
|
|
|
40,935 |
|
|
|||||
|
|||||
Condensed Consolidated Balance Sheets (Unaudited) (In thousands) |
|||||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
Assets: |
|
|
|
||
|
|
|
|
||
Cash and cash equivalents |
$ |
28,415 |
|
$ |
55,589 |
Restricted cash |
|
4,630 |
|
|
4,249 |
Accounts receivable |
|
28,309 |
|
|
19,703 |
Assets held for sale |
|
— |
|
|
— |
Other current assets |
|
26,391 |
|
|
22,175 |
Property and equipment, net |
|
686,993 |
|
|
682,262 |
Operating lease right-of-use assets |
|
168,404 |
|
|
179,788 |
Other assets |
|
103,817 |
|
|
101,337 |
|
|
|
|
||
Total Assets |
$ |
1,046,959 |
|
$ |
1,065,103 |
|
|
|
|
||
Liabilities and Shareholders' Equity: |
|
|
|
||
|
|
|
|
||
Accounts payable |
$ |
39,284 |
|
$ |
37,384 |
Income taxes |
|
847 |
|
|
— |
Taxes other than income taxes |
|
17,730 |
|
|
18,585 |
Other current liabilities |
|
76,317 |
|
|
80,283 |
Current portion of finance lease obligations |
|
2,546 |
|
|
2,579 |
Current portion of operating lease obligations |
|
14,315 |
|
|
15,290 |
Current maturities of long-term debt |
|
10,460 |
|
|
10,303 |
Finance lease obligations |
|
10,989 |
|
|
12,753 |
Operating lease obligations |
|
167,384 |
|
|
178,582 |
Long-term debt |
|
162,633 |
|
|
159,548 |
Deferred income taxes |
|
34,719 |
|
|
32,235 |
Other long-term obligations |
|
47,443 |
|
|
46,389 |
Equity |
|
462,292 |
|
|
471,172 |
|
|
|
|
||
Total Liabilities and Shareholders' Equity |
$ |
1,046,959 |
|
$ |
1,065,103 |
|
||||||||||||
|
||||||||||||
Business Segment Information (Unaudited) (In thousands) |
||||||||||||
|
||||||||||||
|
Theatres |
|
Hotels/ Resorts |
|
Corporate Items |
|
Total |
|||||
13 Weeks Ended |
|
|
|
|
|
|
|
|||||
Revenues |
$ |
143,843 |
|
$ |
88,738 |
|
$ |
87 |
|
|
$ |
232,668 |
Operating income (loss) |
|
21,761 |
|
|
17,041 |
|
|
(6,020 |
) |
|
|
32,782 |
Depreciation and amortization |
|
11,347 |
|
|
5,789 |
|
|
138 |
|
|
|
17,274 |
Adjusted EBITDA |
|
33,187 |
|
|
23,074 |
|
|
(3,986 |
) |
|
|
52,275 |
|
|
|
|
|
|
|
|
|||||
13 Weeks Ended |
|
|
|
|
|
|
|
|||||
Revenues |
$ |
126,585 |
|
$ |
82,098 |
|
$ |
83 |
|
|
$ |
208,766 |
Operating income (loss) |
|
11,377 |
|
|
14,377 |
|
|
(4,821 |
) |
|
|
20,933 |
Depreciation and amortization |
|
14,258 |
|
|
4,817 |
|
|
83 |
|
|
|
19,158 |
Adjusted EBITDA |
|
26,695 |
|
|
19,446 |
|
|
(3,811 |
) |
|
|
42,330 |
|
|
|
|
|
|
|
|
|||||
39 Weeks Ended |
|
|
|
|
|
|
|
|||||
Revenues |
$ |
326,565 |
|
$ |
220,432 |
|
$ |
250 |
|
|
$ |
547,247 |
Operating income (loss) |
|
18,803 |
|
|
17,996 |
|
|
(18,445 |
) |
|
|
18,354 |
Depreciation and amortization |
|
33,900 |
|
|
15,701 |
|
|
387 |
|
|
|
49,988 |
Adjusted EBITDA |
|
54,412 |
|
|
34,489 |
|
|
(12,375 |
) |
|
|
76,526 |
|
|
|
|
|
|
|
|
|||||
39 Weeks Ended |
|
|
|
|
|
|
|
|||||
Revenues |
$ |
359,811 |
|
$ |
207,975 |
|
$ |
263 |
|
|
$ |
568,049 |
Operating income (loss) |
|
32,707 |
|
|
15,450 |
|
|
(15,402 |
) |
|
|
32,755 |
Depreciation and amortization |
|
37,063 |
|
|
13,706 |
|
|
259 |
|
|
|
51,028 |
Adjusted EBITDA |
|
71,749 |
|
|
30,372 |
|
|
(11,635 |
) |
|
|
90,486 |
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 |
|
39 Weeks Ended |
||||||||||||
Consolidated |
|
|
|
|
|
|
|
|
||||||||
Net cash flow provided by (used in) operating activities |
|
$ |
30,497 |
|
|
$ |
21,316 |
|
|
$ |
51,374 |
|
|
$ |
68,642 |
|
Net cash flow provided by (used in) investing activities |
|
|
(17,757 |
) |
|
|
(10,240 |
) |
|
|
(58,397 |
) |
|
|
(26,882 |
) |
Net cash flow provided by (used in) financing activities |
|
|
(17,480 |
) |
|
|
(19,848 |
) |
|
|
(19,770 |
) |
|
|
(26,184 |
) |
Capital expenditures |
|
|
(18,487 |
) |
|
|
(9,940 |
) |
|
|
(53,770 |
) |
|
|
(25,836 |
) |
|
|||||||||||||||
|
|||||||||||||||
Reconciliation of Net earnings (loss) to Adjusted EBITDA (Unaudited) (In thousands) |
|||||||||||||||
|
|
|
|
||||||||||||
|
13 Weeks Ended |
|
39 Weeks Ended |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
Net earnings (loss) |
$ |
23,314 |
|
|
$ |
12,234 |
|
|
$ |
(8,773 |
) |
|
$ |
16,234 |
|
Add (deduct): |
|
|
|
|
|
|
|
||||||||
Investment income |
|
(809 |
) |
|
|
(445 |
) |
|
|
(1,674 |
) |
|
|
(1,064 |
) |
Interest expense |
|
3,062 |
|
|
|
2,869 |
|
|
|
8,160 |
|
|
|
8,970 |
|
Other expense (income) |
|
390 |
|
|
|
477 |
|
|
|
1,121 |
|
|
|
1,355 |
|
(Gain) Loss on disposition of property, equipment and other assets |
|
115 |
|
|
|
242 |
|
|
|
95 |
|
|
|
1,019 |
|
Equity (earnings) losses from unconsolidated joint ventures |
|
9 |
|
|
|
(75 |
) |
|
|
446 |
|
|
|
127 |
|
Income tax expense (benefit) |
|
5,406 |
|
|
|
5,873 |
|
|
|
3,756 |
|
|
|
7,133 |
|
Depreciation and amortization |
|
17,274 |
|
|
|
19,158 |
|
|
|
49,988 |
|
|
|
51,028 |
|
Share-based compensation (a) |
|
2,225 |
|
|
|
1,313 |
|
|
|
7,157 |
|
|
|
5,000 |
|
Impairment charges (b) |
|
— |
|
|
|
684 |
|
|
|
472 |
|
|
|
684 |
|
Theatre exit costs (c) |
|
— |
|
|
|
— |
|
|
|
136 |
|
|
|
— |
|
Insured losses (recoveries) (d) |
|
(206 |
) |
|
|
— |
|
|
|
239 |
|
|
|
— |
|
Debt conversion expense (e) |
|
1,410 |
|
|
|
— |
|
|
|
15,318 |
|
|
|
— |
|
Other non-recurring (f) |
|
85 |
|
|
|
— |
|
|
|
85 |
|
|
|
— |
|
Adjusted EBITDA |
$ |
52,275 |
|
|
$ |
42,330 |
|
|
$ |
76,526 |
|
|
$ |
90,486 |
|
Reconciliation of Operating income (loss) to Adjusted EBITDA by Reportable Segment (Unaudited) (In thousands) |
|||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||
|
13 Weeks Ended |
|
39 Weeks Ended |
||||||||||||||||||||||||||
|
Theatres |
|
Hotels &
|
|
Corp.
|
|
Total |
|
Theatres |
|
Hotels &
|
|
Corp.
|
|
Total |
||||||||||||||
Operating income (loss) |
$ |
21,761 |
|
|
$ |
17,041 |
|
|
$ |
(6,020 |
) |
|
$ |
32,782 |
|
|
$ |
18,803 |
|
$ |
17,996 |
|
|
$ |
(18,445 |
) |
|
$ |
18,354 |
Depreciation and amortization |
|
11,347 |
|
|
|
5,789 |
|
|
|
138 |
|
|
|
17,274 |
|
|
|
33,900 |
|
|
15,701 |
|
|
|
387 |
|
|
|
49,988 |
(Gain) loss on disposition of property, equipment and other assets |
|
126 |
|
|
|
(11 |
) |
|
|
— |
|
|
|
115 |
|
|
|
99 |
|
|
(4 |
) |
|
|
— |
|
|
|
95 |
Share-based compensation (a) |
|
159 |
|
|
|
255 |
|
|
|
1,811 |
|
|
|
2,225 |
|
|
|
763 |
|
|
796 |
|
|
|
5,598 |
|
|
|
7,157 |
Impairment charges (b) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
472 |
|
|
— |
|
|
|
— |
|
|
|
472 |
Theatre exit costs (c) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
136 |
|
|
— |
|
|
|
— |
|
|
|
136 |
Insured losses (recoveries) (d) |
|
(206 |
) |
|
|
— |
|
|
|
— |
|
|
|
(206 |
) |
|
|
239 |
|
|
— |
|
|
|
— |
|
|
|
239 |
Other non-recurring (f) |
|
— |
|
|
|
— |
|
|
|
85 |
|
|
|
85 |
|
|
|
— |
|
|
— |
|
|
|
85 |
|
|
|
85 |
Adjusted EBITDA |
$ |
33,187 |
|
|
$ |
23,074 |
|
|
$ |
(3,986 |
) |
|
$ |
52,275 |
|
|
$ |
54,412 |
|
$ |
34,489 |
|
|
$ |
(12,375 |
) |
|
$ |
76,526 |
|
13 Weeks Ended |
|
39 Weeks Ended |
||||||||||||||||||||||
|
Theatres |
|
Hotels &
|
|
Corp.
|
|
Total |
|
Theatres |
|
Hotels &
|
|
Corp.
|
|
Total |
||||||||||
Operating income (loss) |
$ |
11,377 |
|
$ |
14,377 |
|
$ |
(4,821 |
) |
|
$ |
20,933 |
|
$ |
32,707 |
|
$ |
15,450 |
|
$ |
(15,402 |
) |
|
$ |
32,755 |
Depreciation and amortization |
|
14,258 |
|
|
4,817 |
|
|
83 |
|
|
|
19,158 |
|
|
37,063 |
|
|
13,706 |
|
|
259 |
|
|
|
51,028 |
(Gain) loss on disposition of property, equipment and other assets |
|
233 |
|
|
9 |
|
|
— |
|
|
|
242 |
|
|
537 |
|
|
482 |
|
|
— |
|
|
|
1,019 |
Share-based compensation (a) |
|
143 |
|
|
243 |
|
|
927 |
|
|
|
1,313 |
|
|
758 |
|
|
734 |
|
|
3,508 |
|
|
|
5,000 |
Impairment charges (b) |
|
684 |
|
|
— |
|
|
— |
|
|
|
684 |
|
|
684 |
|
|
— |
|
|
— |
|
|
|
684 |
Adjusted EBITDA |
$ |
26,695 |
|
$ |
19,446 |
|
$ |
(3,811 |
) |
|
$ |
42,330 |
|
$ |
71,749 |
|
$ |
30,372 |
|
$ |
(11,635 |
) |
|
$ |
90,486 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 and one permanently closed theatre location in fiscal 2023. |
(c) |
Non-recurring costs related to the closure and exit of one theatre location in the second quarter of fiscal 2024. |
(d) |
Repair costs and insurance recoveries that are non-operating in nature related to insured property damage at one theatre location. |
(e) |
Debt conversion expense for repurchases of |
(f) |
Other non-recurring includes professional fees related to convertible debt repurchase transactions. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241031770635/en/
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investors@marcuscorp.com
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