Marcus Theatres and Marcus Hotels & Resorts
Contributed to Strong Results
The Marcus Corporation (NYSE: MCS) today reported results for
the fourth quarter and fiscal year 2023 ended December 28,
2023.
“Our fiscal year 2023 results marked another year of significant
growth as both Marcus Theatres and Marcus Hotels & Resorts
continued to drive operational excellence at our movie theatres and
our hotels and resorts,” said Gregory S. Marcus, chief executive
officer of The Marcus Corporation. “Marcus Theatres’ results
improved in fiscal 2023 thanks to a wide array of new movies that
appealed to diverse audiences. Our hotel division had another good
year, driven by continued strength in the leisure travel market and
growth in group events. As we look ahead, we remain optimistic
about the long-term future of our company thanks to our experienced
team, diverse business model, strong operating fundamentals,
opportunities for strategic growth, and compelling assets and
offerings.”
Fourth Quarter Fiscal 2023
Highlights
- Total revenues for the fourth quarter of fiscal 2023 were
$161.5 million, a 0.9% decrease from total revenues of $162.9
million for the fourth quarter of fiscal 2022.
- Operating income was $1.2 million for the fourth quarter of
fiscal 2023, compared to an operating loss of $2.7 million for the
prior year quarter.
- Net loss was $1.4 million for the fourth quarter of fiscal
2023, compared to a net loss of $9.3 million for the same period in
fiscal 2022.
- Net loss per diluted common share attributable to The Marcus
Corporation was $0.05 for the fourth quarter of fiscal 2023,
compared to a net loss per diluted common share attributable to The
Marcus Corporation of $0.30 for the fourth quarter of fiscal
2022.
- Adjusted EBITDA was $18.2 million for the fourth quarter of
fiscal 2023, a 10.1% increase from Adjusted EBITDA of $16.6 million
for the prior year quarter.
Full Year Fiscal 2023
Highlights
- Total revenues for fiscal 2023 were $729.6 million, a 7.7%
increase from total revenues of $677.4 million for fiscal
2022.
- Operating income was $33.9 million for fiscal 2023, a 308.5%
increase from operating income of $8.3 million for fiscal
2022.
- Net earnings attributable to The Marcus Corporation was $14.8
million for fiscal 2023, compared to net loss attributable to The
Marcus Corporation of $12.0 million for fiscal 2022.
- Net earnings per diluted common share attributable to The
Marcus Corporation was $0.46 for fiscal 2023, compared to net loss
per diluted common share attributable to The Marcus Corporation of
$0.39 for fiscal 2022.
- Adjusted EBITDA was $108.7 million for the full year fiscal
2023, a 27.8% increase from Adjusted EBITDA of $85.1 million for
fiscal 2022.
Marcus Theatres®
For the fourth quarter of fiscal 2023, Marcus Theatres reported
total revenues of $98.6 million, a 1.1% increase over the same
period last year, despite closing several theatres during fiscal
2023. Same store admission revenues for the fourth quarter of
fiscal 2023 increased 4.1% compared to the fourth quarter of fiscal
2022. Operating income in the fourth quarter of fiscal 2023 was
$3.5 million compared to operating income of $0.4 million for the
same period of fiscal 2022. During the fourth quarter of fiscal
2023, average ticket price increased 8.3% and average concession
revenues per person increased 3.1% compared to the prior year
period. Marcus Theatres’ top five highest-performing films in the
fourth quarter of fiscal 2023 were Taylor Swift: The Eras Tour, The
Hunger Games: The Ballad of Songbirds & Snakes, Five Nights at
Freddy’s, Trolls Band Together, and Wonka.
For the full year fiscal 2023, a diverse slate of films
including Barbie, The Super Mario Bros. Movie, Guardians of the
Galaxy Vol.3, Spider-man: Across the Spider-Verse, and Avatar: The
Way of Water, drove full year revenue growth of 12.4% to $458.4
million compared to fiscal 2022. Operating income grew 346.9% to
$36.2 million in fiscal 2023 compared to $8.1 million in fiscal
2022 and Adjusted EBITDA grew 44.1% to $86.4 million in fiscal 2023
compared to $60.0 million in fiscal year 2022. For the full year
fiscal 2023, ticket price optimization strategies grew average
ticket price 10.9%, and average concession revenue per person grew
5.2% over fiscal year 2022 following the rollout of a new food and
beverage menu and price optimization.
“We were thrilled with the quantity and quality of exciting new
theatrical debuts in 2023, which drove our attendance growth for
the year,” said Mark A. Gramz, president of Marcus Theatres. “The
success of movies like Barbie, The Super Mario Bros. Movie, and
Guardians of the Galaxy Vol. 3, along with more niche films like
Oppenheimer and Sound of Freedom, is proof positive that moviegoers
are hungry for diverse storytelling on the big screen.”
“As we have long said, our theatres are entertainment
destinations that offer unforgettable experiences not available at
home,” added Gramz. “The success of Taylor Swift: The Eras Tour
concert film, along with other non-traditional programming like
live events, sports and musical theater, create new opportunities
to enjoy unique experiences with the clearest sound, most vivid
screens, comfortable amenities, and exciting food and beverage
options.”
While the quantity of new films will be negatively impacted in
fiscal 2024 due to production delays caused by WGA and SAG-AFTRA
strikes earlier in the year, there are many exciting film releases
planned for the rest of the year. Several films have contributed to
early fiscal 2024 first quarter results, including Wonka, Mean
Girls, Migration, Anyone But You, The Beekeeper, and Bob Marley:
One Love. While additional schedule changes may occur, new films
expected to be released during the remainder of fiscal 2024 that
have the potential to do well include Dune: Part Two, Kung Fu Panda
4, Ghostbusters: Frozen Empire, Godzilla x Kong: The New Empire,
The Fall Guy, Kingdom of the Planet of the Apes, IF, Furiosa,
Inside Out 2, A Quiet Place: Day One, Despicable Me 4, Twisters,
Deadpool & Wolverine, Beetlejuice 2, Joker: Folie A Deux, Smile
2, Venom 3, Moana 2, Wicked Part One, Mufasa: The Lion King, and
Sonic the Hedgehog 3, among others.
Marcus® Hotels & Resorts
During the fourth quarter of fiscal 2023, comparable hotels
revenues before cost reimbursements (which excludes the impact of
the sale of The Skirvin Hilton) increased 4.0% during the fourth
quarter of fiscal 2023 compared to the prior year. Comparable hotel
revenue per available room, or RevPAR, increased 5.8% during the
fourth quarter of fiscal 2023 compared to fiscal 2022, resulting in
Marcus Hotels & Resorts outperforming the industry by 2.2
percentage points during the fourth quarter of fiscal 2023.
For the full year fiscal 2023, comparable hotels revenues before
cost reimbursements increased 6.3% compared to fiscal 2022.
Comparable hotel RevPAR grew at all seven company-owned hotels,
increasing 8.4% for fiscal 2023 compared to the prior year, in-line
with the industry during 2023.
"We are pleased with our fourth quarter and fiscal 2023 results
as leisure travel remains healthy and group and business travel
continue to steadily approach pre-pandemic levels,” said Michael R.
Evans, president of Marcus Hotels & Resorts. “We have much to
look forward to in fiscal 2024 with renovations at The Pfister
Hotel and Grand Geneva Resort & Spa - two of our iconic
company-owned properties - nearing completion and the Republican
National Convention coming to Milwaukee this summer as the city’s
new expanded convention center opens. Our dedicated associates and
our commitment to operational excellence position us well for
success in the years ahead.”
Group booking pace for fiscal 2024 is running ahead of
comparable pace during the same period in fiscal 2023, even when
excluding the favorable impact of the Republican National
Convention scheduled for July 2024. Fiscal 2025 booking pace is
also running well ahead of comparable pace during the same period a
year ago. In addition, banquet and catering booking pace for fiscal
2024 and 2025 are ahead compared to the same period last year.
Earlier this month, Marcus Hotels & Resorts announced that
its newly-formed joint venture had reached an agreement to acquire
the Loews Minneapolis Hotel. Upon closing, which is expected in
early March 2024, Marcus Hotels & Resorts will assume
management of the hotel. The hotel will be rebranded under another
major global hotel system. The terms of the agreement were not
disclosed and remain subject to the satisfaction of certain
standard closing conditions.
The Pfister Hotel in Milwaukee recently announced the start of
the next phase of its extensive renovations. After completing the
full revitalization of its ballrooms and meeting and event spaces
in late 2023, the hotel has begun renovations of its historic guest
rooms. Following the completion of the historic guest rooms,
subsequent phases will include a refresh of the lobby, first floor
public spaces, and the popular Pfister Café.
Grand Geneva Resort & Spa in Lake Geneva, Wisconsin, is also
continuing its multi-phase renovation with work having begun on its
62,000 square foot meeting and event space. These renovations are
expected to be completed in spring 2024. The hotel unveiled major
renovations to its reception and lobby bar areas in fiscal 2021 and
its guest rooms in fiscal 2023. In addition, Timber Ridge Lodge
& Water Park, located on the same resort campus as Grand Geneva
Resort & Spa, unveiled new experiences at its Moose Mountain
Falls indoor waterpark in November 2023.
Balance Sheet and
Liquidity
The Marcus Corporation’s financial position remains strong with
$276.2 million in cash and revolving credit availability at the end
of fiscal 2023.
During the fourth quarter of fiscal 2023, The Marcus Corporation
entered into a credit agreement amendment to provide for a new $225
million five-year revolving credit facility that matures in October
2028. This replaces the previous credit facility that was set to
mature in January 2025.
Diluted weighted average shares outstanding and diluted net
earnings per common share include the dilutive effect of conversion
of the Company’s convertible notes to the extent conversion is
dilutive in each period. During fiscal 2023, diluted weighted
average shares outstanding includes 9.2 million from the dilutive
effect of the convertible notes. During fiscal 2022 and the fourth
quarter of fiscal 2023 and fiscal 2022, diluted weighted average
shares outstanding excludes the dilutive effect of the convertible
notes as the convertible notes were antidilutive. Diluted weighted
average shares outstanding does not include the benefit from the
capped call transactions the Company entered into in connection
with the issuance of the convertible notes, which mitigate the
dilutive effect of the convertible notes by approximately 2.8
million shares during fiscal 2023 when settled at the maturity date
of the convertible notes. Upon conversion, the convertible notes
may be settled, at the Company’s election, in cash, shares of
common stock or a combination thereof. To the extent the Company
settles the convertible notes in cash, there will be no incremental
dilution from the settlement of the convertible notes.
Conference Call and
Webcast
The Marcus Corporation management will hold a conference call
today, Thursday, February 29, 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 589400. 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, March 7, 2024, by dialing 1-866-813-9403 and
entering passcode 745084. 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 993 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 15 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 the COVID-19
pandemic, or 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
52 Weeks Ended
December 28,
2023
December 29,
2022
December 28,
2023
December 29,
2022
Revenues:
Theatre admissions
$
48,912
$
47,557
$
229,186
$
198,485
Rooms
23,659
24,480
106,618
107,699
Theatre concessions
41,020
41,854
197,653
180,180
Food and beverage
19,298
19,867
73,278
74,836
Other revenues
20,396
20,387
85,420
82,560
153,285
154,145
692,155
643,760
Cost reimbursements
8,241
8,802
37,420
33,634
Total revenues
161,526
162,947
729,575
677,394
Costs and expenses:
Theatre operations
50,054
51,489
230,770
212,410
Rooms
9,839
11,031
41,071
41,561
Theatre concessions
16,834
17,070
75,903
73,124
Food and beverage
14,586
15,947
57,871
59,272
Advertising and marketing
6,135
6,874
22,838
23,877
Administrative
19,394
18,052
78,565
74,755
Depreciation and amortization
16,273
16,638
67,301
67,073
Rent
6,475
6,537
26,154
26,037
Property taxes
3,919
3,319
17,871
17,955
Other operating expenses
8,228
8,402
38,824
37,865
Impairment charges
377
1,525
1,061
1,525
Reimbursed costs
8,241
8,802
37,420
33,634
Total costs and expenses
160,355
165,686
695,649
669,088
Operating income (loss)
1,171
(2,739
)
33,926
8,306
Other income (expense):
Investment income (loss)
1,362
717
2,426
(45
)
Interest expense
(3,751
)
(3,456
)
(12,721
)
(15,299
)
Other income (expense)
(477
)
218
(1,832
)
(1,060
)
Gain on sale of hotel
—
6,274
—
6,274
Equity losses from unconsolidated joint
ventures
(22
)
(39
)
(149
)
(143
)
(2,888
)
3,714
(12,276
)
(10,273
)
Earnings (loss) before income
taxes
(1,717
)
975
21,650
(1,967
)
Income tax expense (benefit)
(277
)
7,426
6,856
7,137
Net earnings (loss)
(1,440
)
(6,451
)
14,794
(9,104
)
Net earnings attributable to
noncontrolling interests
—
2,868
—
2,868
Net earnings (loss) attributable to The
Marcus Corporation
$
(1,440
)
$
(9,319
)
$
14,794
$
(11,972
)
Net earnings (loss) per common share
attributable to
The Marcus Corporation -
diluted
$
(0.05
)
$
(0.30
)
$
0.46
$
(0.39
)
Weighted average shares outstanding -
diluted
31,696
31,509
40,989
31,488
THE MARCUS CORPORATION
Condensed Consolidated Balance
Sheets
(Unaudited)
(In thousands)
December 28,
2023
December 29,
2022
Assets:
Cash and cash equivalents
$
55,589
$
21,704
Restricted cash
4,249
2,802
Accounts receivable
19,703
21,455
Assets held for sale
—
460
Other current assets
22,175
17,474
Property and equipment, net
682,262
715,765
Operating lease right-of-use assets
179,788
194,965
Other assets
101,337
89,973
Total Assets
$
1,065,103
$
1,064,598
Liabilities and Shareholders'
Equity:
Accounts payable
$
37,384
$
32,187
Taxes other than income taxes
18,585
17,948
Other current liabilities
80,283
78,787
Current portion of finance lease
obligations
2,579
2,488
Current portion of operating lease
obligations
15,290
14,553
Current maturities of long-term debt
10,303
10,432
Finance lease obligations
12,753
15,014
Operating lease obligations
178,582
195,281
Long-term debt
159,548
170,005
Deferred income taxes
32,235
26,567
Other long-term obligations
46,389
44,415
Equity
471,172
456,921
Total Liabilities and Shareholders'
Equity
$
1,065,103
$
1,064,598
THE MARCUS CORPORATION
Business Segment
Information
(Unaudited)
(In thousands)
Theatres
Hotels/
Resorts
Corporate
Items
Total
13 Weeks Ended December 28,
2023
Revenues
$
98,583
$
62,860
$
83
$
161,526
Operating income (loss)
3,469
2,063
(4,361
)
1,171
Depreciation and amortization
11,315
4,863
95
16,273
Adjusted EBITDA
14,667
7,359
(3,789
)
18,237
13 Weeks Ended December 29,
2022
Revenues
$
97,555
$
65,328
$
64
$
162,947
Operating income (loss)
421
736
(3,896
)
(2,739
)
Depreciation and amortization
11,874
4,676
88
16,638
Adjusted EBITDA
13,964
5,622
(3,028
)
16,558
52 Weeks Ended December 28,
2023
Revenues
$
458,394
$
270,835
$
346
$
729,575
Operating income (loss)
36,176
17,513
(19,763
)
33,926
Depreciation and amortization
48,378
18,569
354
67,301
Adjusted EBITDA
86,416
37,731
(15,424
)
108,723
52 Weeks Ended December 29,
2022
Revenues
$
407,741
$
269,286
$
367
$
677,394
Operating income (loss)
8,108
18,699
(18,501
)
8,306
Depreciation and amortization
47,560
19,160
353
67,073
Adjusted EBITDA
59,950
38,904
(13,780
)
85,074
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
52 Weeks Ended
Consolidated
December 28,
2023
December 29,
2022
December 28,
2023
December 29,
2022
Net cash flow provided by (used in)
operating activities
$
33,987
$
32,847
$
102,629
$
93,209
Net cash flow provided by (used in)
investing activities
(9,867
)
22,517
(36,749
)
(346
)
Net cash flow provided by (used in)
financing activities
(4,364
)
(47,653
)
(30,548
)
(92,411
)
Capital expenditures
(12,938
)
(9,360
)
(38,774
)
(36,843
)
THE MARCUS CORPORATION
Reconciliation of Net earnings
(loss) to Adjusted EBITDA
(Unaudited)
(In thousands)
13 Weeks Ended
52 Weeks Ended
December 28,
2023
December 29,
2022
December 28,
2023
December 29,
2022
Net earnings (loss)
$
(1,440
)
$
(9,319
)
$
14,794
$
(11,972
)
Add (deduct):
Investment (income) loss
(1,362
)
(717
)
(2,426
)
45
Interest expense
3,751
3,456
12,721
15,299
Other expense (income)
477
586
1,832
2,131
(Gain) loss on disposition of property,
equipment and other assets
(978
)
(804
)
41
(1,071
)
Gain on sale of hotel
—
(6,274
)
—
(6,274
)
Equity losses from unconsolidated joint
ventures
22
39
149
143
Net loss attributable to noncontrolling
interests
—
2,868
—
2,868
Income tax expense (benefit)
(277
)
7,426
6,856
7,137
Depreciation and amortization
16,273
16,638
67,301
67,073
Share-based compensation (a)
1,394
1,134
6,394
8,170
Impairment charges (b)
377
1,525
1,061
1,525
Adjusted EBITDA
$
18,237
$
16,558
$
108,723
$
85,074
Reconciliation of Operating
income (loss) to Adjusted EBITDA by Reportable Segment
(Unaudited)
(In thousands)
13 Weeks Ended December 28,
2023
52 Weeks Ended December 28,
2023
Theatres
Hotels & Resorts
Corp. Items
Total
Theatres
Hotels & Resorts
Corp. Items
Total
Operating income (loss)
$
3,469
$
2,063
$
(4,361
)
$
1,171
$
36,176
$
17,513
$
(19,763
)
$
33,926
Depreciation and amortization
11,315
4,863
95
16,273
48,378
18,569
354
67,301
Loss (gain) on disposition of property,
equipment and other assets
(636
)
188
(530
)
(978
)
(99
)
670
(530
)
41
Share-based compensation (a)
142
245
1,007
1,394
900
979
4,515
6,394
Impairment charges (b)
377
—
—
377
1,061
—
—
1,061
Adjusted EBITDA
$
14,667
$
7,359
$
(3,789
)
$
18,237
$
86,416
$
37,731
$
(15,424
)
$
108,723
13 Weeks Ended December 29,
2022
52 Weeks Ended December 29,
2022
Theatres
Hotels & Resorts
Corp. Items
Total
Theatres
Hotels & Resorts
Corp. Items
Total
Operating income (loss)
$
421
$
736
$
(3,896
)
$
(2,739
)
$
8,108
$
18,699
$
(18,501
)
$
8,306
Depreciation and amortization
11,874
4,676
88
16,638
47,560
19,160
353
67,073
Share-based compensation (a)
144
210
780
1,134
2,757
1,045
4,368
8,170
Impairment charges (b)
1,525
—
—
1,525
1,525
—
—
1,525
Adjusted EBITDA
$
13,964
$
5,622
$
(3,028
)
$
16,558
$
59,950
$
38,904
$
(13,780
)
$
85,074
(a)
Non-cash expense related to
share-based compensation programs.
(b)
Non-cash impairment charges
related to two permanently closed theatres and surplus theatre real
estate in fiscal 2023, and two operating theatres in fiscal
2022.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240228559554/en/
Chad Paris (414) 905-1100 investors@marcuscorp.com
Marcus (NYSE:MCS)
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