0000062234FALSE00000622342023-08-022023-08-02

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report
(Date of earliest
event reported):		August 1, 2024
THE MARCUS CORPORATION
 
(Exact name of registrant as
specified in its charter)
Wisconsin1-1260439-1139844
(State or other
jurisdiction of
incorporation)
(Commission File
Number)
(IRS Employer
Identification No.)
100 East Wisconsin Avenue, Suite 1900, Milwaukee, Wisconsin 53202-4125
(Address of principal executive offices, including zip code)
(414) 905-1000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17-CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17-CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $1.00 par valueMCSNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o


Item 2.02.Results of Operations and Financial Condition.
On August 1, 2024, The Marcus Corporation issued a press release announcing its financial results for its second quarter ended June 27, 2024. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

Item 9.01.Financial Statements and Exhibits.
(a)Not applicable.
(b)Not applicable.
(c)Not applicable.
(d)Exhibits. The following exhibit is being furnished herewith:
Exhibit
Number
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
THE MARCUS CORPORATION
Date: August 1, 2024
By:/s/ Chad M. Paris
Chad M. Paris
Chief Financial Officer and Treasurer


Exhibit 99.1

marcus_masthead1a.jpg
THE MARCUS CORPORATION REPORTS SECOND QUARTER FISCAL 2024 RESULTS
Momentum Building for Marcus Theatres; Continued Strong Performance From Marcus Hotels & Resorts
Milwaukee, August 1, 2024 … 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.
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•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
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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
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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.

For additional information, contact:
Chad Paris
(414) 905-1100
investors@marcuscorp.com
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.
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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.
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THE MARCUS CORPORATION
Consolidated Statements of Earnings (Loss)
(Unaudited)
(in thousands, except per share data)
13 Weeks Ended26 Weeks Ended
June 27,
2024		June 29,
2023		June 27,
2024		June 29,
2023
Revenues:
Theatre admissions$48,580 $68,987 $89,176 $116,622 
Rooms30,496 28,646 48,709 46,503 
Theatre concessions44,417 59,707 79,112 102,082 
Food and beverage19,272 18,573 35,435 33,766 
Other revenues22,534 21,428 42,236 41,116 
165,299 197,341 294,668 340,089 
Cost reimbursements10,733 9,666 19,911 19,194 
Total revenues176,032 207,007 314,579 359,283 
Costs and expenses:
Theatre operations52,118 66,905 97,103 117,974 
Rooms11,164 10,360 20,575 19,638 
Theatre concessions18,515 22,601 33,401 38,331 
Food and beverage15,080 14,451 28,943 28,019 
Advertising and marketing6,502 5,613 11,803 10,678 
Administrative22,630 19,466 44,032 39,317 
Depreciation and amortization16,699 15,994 32,714 31,870 
Rent6,496 6,594 12,843 13,087 
Property taxes3,688 4,532 7,619 9,289 
Other operating expenses9,741 9,636 19,611 19,287 
(Gain) Loss on disposition of property, equipment and other assets(43)379 (20)777 
Impairment charges472 — 472 — 
Reimbursed costs10,733 9,666 19,911 19,194 
Total costs and expenses173,795 186,197 329,007 347,461 
Operating income (loss)2,237 20,810 (14,428)11,822 
Other income (expense):
Investment income 173 359 865 619 
Interest expense(2,564)(3,093)(5,098)(6,101)
Other income (expense)(390)(477)(731)(878)
Debt conversion expense(13,908)— (13,908)— 
Equity losses from unconsolidated joint ventures(50)(31)(437)(202)
(16,739)(3,242)(19,309)(6,562)
Earnings (Loss) before income taxes(14,502)17,568 (33,737)5,260 
Income tax expense (benefit)5,719 4,102 (1,650)1,260 
Net Earnings (Loss)$(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 - diluted32,161 40,935 32,027 31,674 
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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 cash4,975 4,249 
Accounts receivable28,046 19,703 
Other current assets24,882 22,175 
Property and equipment, net685,864 682,262 
Operating lease right-of-use assets171,193 179,788 
Other assets104,328 101,337 
Total Assets$1,052,098 $1,065,103 
Liabilities and Shareholders' Equity:
Accounts payable$47,804 $37,384 
Taxes other than income taxes18,635 18,585 
Other current liabilities85,325 80,283 
Current portion of finance lease obligations2,512 2,579 
Current portion of operating lease obligations14,077 15,290 
Current maturities of long-term debt10,815 10,303 
Finance lease obligations11,578 12,753 
Operating lease obligations170,638 178,582 
Long-term debt164,862 159,548 
Deferred income taxes30,150 32,235 
Other long-term obligations46,276 46,389 
Equity449,426 471,172 
Total Liabilities and Shareholders' Equity$1,052,098 $1,065,103 
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THE MARCUS CORPORATION
Business Segment Information
(Unaudited)
(In thousands)
TheatresHotels/
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 amortization11,520 5,048 131 16,699 
Adjusted EBITDA15,069 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 amortization11,317 4,588 89 15,994 
Adjusted EBITDA31,251 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 amortization22,553 9,912 249 32,714 
Adjusted EBITDA21,225 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 amortization22,805 8,889 176 31,870 
Adjusted EBITDA45,054 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 Ended26 Weeks Ended
ConsolidatedJune 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 $47,326 
Net cash flow provided by (used in) investing activities(19,882)(7,111)(40,640)(16,642)
Net cash flow provided by (used in) financing activities1,139 (11,911)(2,290)(6,336)
Capital expenditures(19,843)(6,975)(35,283)(15,896)
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THE MARCUS CORPORATION
Reconciliation of Net Earnings (Loss) to Adjusted EBITDA
(Unaudited)
(In thousands)
13 Weeks Ended26 Weeks Ended
June 27,
2024		June 29,
2023		June 27,
2024		June 29,
2023
Net earnings (loss)$(20,221)$13,466 $(32,087)$4,000 
Add (deduct):
Investment income(173)(359)(865)(619)
Interest expense2,564 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 ventures50 31 437 202 
Income tax expense (benefit)5,719 4,102 (1,650)1,260 
Depreciation and amortization16,699 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, 202426 Weeks Ended June 27, 2024
TheatresHotels & ResortsCorp. ItemsTotalTheatresHotels & ResortsCorp. ItemsTotal
Operating income (loss)$2,781 $6,117 $(6,661)$2,237 $(2,958)$955 $(12,425)$(14,428)
Depreciation and amortization11,520 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, 202326 Weeks Ended June 29, 2023
TheatresHotels & ResortsCorp. ItemsTotalTheatresHotels & ResortsCorp. ItemsTotal
Operating income (loss)$19,811 $6,105 $(5,106)$20,810 $21,330 $1,073 $(10,581)$11,822 
Depreciation and amortization11,317 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)Debt conversion expense for repurchases 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 Form 10-Q for further discussion.
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v3.24.2.u1
Cover Page
Aug. 02, 2023
Cover [Abstract]  
Document Type 8-K
Document Period End Date Aug. 01, 2024
Entity Registrant Name THE MARCUS CORPORATION
Entity Incorporation, State or Country Code WI
Entity File Number 1-12604
Entity Tax Identification Number 39-1139844
Entity Address, Address Line One 100 East Wisconsin Avenue
Entity Address, Address Line Two Suite 1900
Entity Address, City or Town Milwaukee
Entity Address, State or Province WI
Entity Address, Postal Zip Code 53202
City Area Code 414
Local Phone Number 905-1000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $1.00 par value
Trading Symbol MCS
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0000062234
Amendment Flag false
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