The Marcus Corporation Reports Second Quarter Fiscal 2024 Results
“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
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.
“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
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
The lingering effects of the nearly four-month long WGA and
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
“We are starting to see the impact of the last year’s
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
As previously announced, during the second quarter of fiscal 2024 the Company entered into agreements for
The final cash cost of the
In connection with the Repurchases, the required accounting for the transactions resulted in the Company recognizing
In addition, on
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 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 |
|
26 Weeks Ended |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
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 |
|
Condensed Consolidated Balance Sheets (Unaudited) (In thousands) |
|||||
|
|
|
|
||
|
|
|
|
||
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 |
Business Segment Information (Unaudited) (In thousands) |
||||||||||||||
|
Theatres |
|
Hotels/ Resorts |
|
Corporate Items |
|
Total |
|||||||
13 Weeks Ended |
|
|
|
|
|
|
|
|||||||
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 |
|
|
|
|
|
|
|
|||||||
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 |
|
|
|
|
|
|
|
|||||||
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 |
|
|
|
|
|
|
|
|||||||
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 |
|
|
|
|
|
|
|
|
||||||||
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 |
) |
Reconciliation of Net Earnings (Loss) to Adjusted EBITDA (Unaudited) (In thousands) |
|||||||||||||||
|
13 Weeks Ended |
|
26 Weeks Ended |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
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 |
|
26 Weeks Ended |
||||||||||||||||||||||||||
|
Theatres |
|
|
|
Corp. Items |
|
Total |
|
Theatres |
|
|
|
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 |
|
26 Weeks Ended |
||||||||||||||||||||||||||
|
Theatres |
|
|
|
Corp. Items |
|
Total |
|
Theatres |
|
|
|
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 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240731602301/en/
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