Core Viewpoint - The market anticipates a year-over-year decline in earnings for Marcus (MCS) due to lower revenues, with a focus on how actual results compare to estimates [1][2]. Company Summary - Marcus is expected to report quarterly earnings of $0.48 per share, reflecting a year-over-year decrease of 38.5% [3]. - Revenue is projected to be $210.31 million, down 9.6% from the same quarter last year [3]. - The consensus EPS estimate has been revised 3.64% lower in the last 30 days, indicating a bearish sentiment among analysts [4]. Earnings Surprise Prediction - The Most Accurate Estimate for Marcus is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -13.54%, suggesting a challenging outlook for beating consensus EPS estimates [12]. - Despite a Zacks Rank of 3 (Hold), the combination of a negative Earnings ESP makes it difficult to predict an earnings beat [12]. Historical Performance - In the last reported quarter, Marcus exceeded expectations with earnings of $0.23 per share against an estimate of $0.19, resulting in a surprise of +21.05% [13]. - Over the past four quarters, Marcus has beaten consensus EPS estimates three times [14]. Industry Comparison - In the Zacks Leisure and Recreation Services industry, Royal Caribbean (RCL) is expected to post earnings of $5.67 per share, indicating a year-over-year increase of 9% [18]. - Royal Caribbean's revenue is projected to be $5.16 billion, up 5.7% from the previous year, with a consensus EPS estimate revised 0.1% higher [19]. - The Earnings ESP for Royal Caribbean is +0.29%, suggesting a likelihood of beating the consensus EPS estimate [19][20].

Core Points - Marcus Corporation (NYSE: MCS) will report its third quarter results for fiscal 2025 on October 31, 2025, before the stock market opens [1] - A conference call will follow the results announcement at 10:00 a.m. Central/11:00 a.m. Eastern time [1] - Participants can access the conference call via the company's investor relations website or by dialing a provided phone number with a passcode [1]

Core Viewpoint - Marcus (MCS) has experienced significant selling pressure, resulting in an 18.6% decline over the past four weeks, but analysts anticipate improved earnings in the near future [1] Group 1: Technical Analysis - The Relative Strength Index (RSI) is a key technical indicator used to identify oversold conditions, with a reading below 30 typically indicating that a stock is oversold [2] - MCS has an RSI reading of 28.75, suggesting that the heavy selling may be exhausting itself, indicating a potential for price rebound [5] - Stocks oscillate between overbought and oversold states, and the RSI can help investors identify entry points for potential rebounds [3] Group 2: Fundamental Analysis - There has been a strong consensus among sell-side analysts to raise earnings estimates for MCS, leading to a 7.3% increase in the consensus EPS estimate over the last 30 days [7] - An upward trend in earnings estimate revisions is generally associated with price appreciation in the near term [7] - MCS holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate trends and EPS surprises, indicating a strong potential for a turnaround [8]

Core Viewpoint - Marcus & Millichap, Inc. will report its financial results for Q3 2025 on November 7, 2025, before market open [1] Company Announcement - The company specializes in commercial real estate investment sales, financing, and research and advisory services [1] - A webcast and conference call will be held on the same day at 10:30 a.m. Eastern Time to discuss the results [1]

Company Announcement - AngloGold Ashanti plc has appointed Marcus Randolph as an independent non-executive director effective from 27 October 2025 [1] - Randolph will be a member of the Compensation and Human Resources Committee and the Social, Ethics and Sustainability Committee [1] Experience and Background - Marcus Randolph brings over 40 years of experience in the mining and processing industries, having held senior leadership and board positions [2] - He was previously the CEO and President of Ecobat, a leader in battery recycling, and Executive Chairman of Boart Longyear, the largest supplier of drilling services and equipment to the minerals industry [2] - Randolph held several senior leadership roles at BHP Billiton from 1999 to 2013, including Chief Executive Officer Ferrous & Coal and Chief Strategic Officer for Minerals [3] - He holds a BSc in Mining Engineering from Colorado School of Mines and an MBA from Harvard University [3] Company Overview - AngloGold Ashanti plc is headquartered in Denver, Colorado, and employs approximately 25,000 people [4][8] - The company operates in the natural resources sector, specifically in mining and minerals [4]

Core Insights - Battery Ventures has appointed Marcus Ryu as a general partner, highlighting the firm's commitment to leveraging experienced technology leaders in its investment strategy [1] - Ryu co-founded Guidewire Software in 2001, which has grown to achieve annual revenues exceeding $1.2 billion and a market capitalization of nearly $20 billion as of this month [1] Company Overview - Guidewire Software, co-founded by Marcus Ryu, is a leader in insurance technology and has been instrumental in transforming the industry [1] - The company went public in 2012 and Ryu served as CEO until 2019, indicating a strong leadership track record [1] Investment Focus - Since joining Battery Ventures in 2022, Ryu has focused on identifying and nurturing technology-driven investment opportunities [1]

Core Viewpoint - McChip Resources Inc has decided to distribute cash and assets to shareholders and subsequently explore strategic alternatives to maximize shareholder value [1] Group 1: Financial Position and Distributions - The company has liquidated most of its assets, holding approximately $11,200,000 in cash and certain shares in other public companies [2] - The company plans to distribute all or a portion of its cash and securities holdings to shareholders after settling outstanding liabilities and estimated professional fees of approximately $700,000 [2] - A special meeting of shareholders is scheduled for October 1, 2025, to vote on a special resolution to distribute up to $5,200,000 through a reduction in stated capital [4] Group 2: Shareholder Meeting and Approval Process - Shareholders are expected to receive approximately C$0.91066 per Common Share as part of the Return of Capital, subject to the Board's discretion to adjust the amount [4] - Approval of the Reduction in Stated Capital requires at least two-thirds of the votes cast at the special meeting [5] - The Board unanimously recommends that shareholders vote in favor of the Reduction in Stated Capital, which is subject to necessary shareholder and regulatory approvals [5][6]

Core Insights - Marcus reported fiscal Q2 2025 earnings per share (GAAP) of $0.23, exceeding estimates by 16.4%, with revenue increasing 17.0% year over year to $206.0 million, surpassing forecasts [1][2] - The Marcus Theatres segment experienced a significant revenue increase of 29.8%, driven by blockbuster films and strategic renovations, while the Hotels & Resorts segment saw flat revenue due to ongoing renovations [1][7] Financial Performance - Q2 Fiscal 2025 metrics include GAAP EPS of $0.23, revenue of $206.0 million, and adjusted EBITDA of $32.3 million, reflecting a 46.8% year-over-year increase [2] - Revenue from the Marcus Theatres segment reached $131.7 million, up from $101.5 million a year earlier, while the Hotels & Resorts segment reported revenue of $74.3 million, a slight decline of 0.3% [2] Operational Highlights - The Marcus Theatres segment saw a 26.7% increase in attendance and a 2.0% rise in average ticket prices, contributing to a record Memorial Day weekend [5] - Strategic renovations at various cinema locations improved customer experience and operational efficiency, including enhanced digital ordering tools and upgraded facilities [6] Hotels & Resorts Segment - The Hotels & Resorts segment faced challenges with renovations at the Hilton Milwaukee, leading to a decline in operating income to $4.2 million from $6.1 million in Q2 FY2024 [7] - Revenue per available room (RevPAR) decreased by 2.9%, but all renovated rooms reopened by the end of June 2025, positioning the segment for improved performance in the upcoming travel season [7][10] Strategic Focus - Marcus emphasizes investments in customer experience, digital technology, and facility upgrades to attract a diverse customer base and enhance competitive positioning [3][4] - Management is optimistic about the second half of fiscal 2025, citing a strong film lineup and completed hotel renovations as key growth drivers [10]

PART I – FINANCIAL INFORMATION [Item 1. Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) This section presents the unaudited consolidated financial statements for the quarterly period ended June 30, 2025, highlighting key changes in assets, liabilities, revenue, and net earnings [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) The balance sheet as of June 30, 2025, shows a decrease in total assets and shareholders' equity, with an increase in long-term debt Key Balance Sheet Items (in thousands) | Account | June 30, 2025 | December 26, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $14,901 | $40,841 | | Total current assets | $61,009 | $92,150 | | Net property and equipment | $694,239 | $685,734 | | **Total Assets** | **$1,016,307** | **$1,044,528** | | Total current liabilities | $156,529 | $176,681 | | Long-term debt | $170,116 | $149,007 | | **Total Liabilities** | **$567,889** | **$579,662** | | **Total Shareholders' Equity** | **$448,418** | **$464,866** | [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) The company reported a significant increase in Q2 2025 revenues and a shift from net loss to net earnings, with improved six-month results Key Operating Results (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $206,043 | $176,032 | $354,809 | $314,579 | | Operating Income (Loss) | $13,007 | $2,237 | $(7,405) | $(14,428) | | Net Earnings (Loss) | $7,321 | $(20,221) | $(9,495) | $(32,087) | | Diluted EPS (Common Stock) | $0.23 | $(0.64) | $(0.31) | $(1.03) | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities shifted to a use of $3.7 million in H1 2025, with a net decrease in total cash and equivalents Six-Month Cash Flow Summary (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 27, 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $(3,689) | $20,877 | | Net cash used in investing activities | $(31,545) | $(40,640) | | Net cash provided by (used in) financing activities | $7,354 | $(2,290) | | **Net decrease in cash, cash equivalents and restricted cash** | **$(27,880)** | **$(22,053)** | [Condensed Notes to Consolidated Financial Statements](index=11&type=section&id=Condensed%20Notes%20to%20Consolidated%20Financial%20Statements) The notes detail the basis of presentation, including a fiscal year-end change, disaggregated revenue, debt, and segment operations - Effective December 27, 2024, the company changed its fiscal year-end from the last Thursday in December to December 31 of each year[17](index=17&type=chunk) Total Revenues by Segment - Six Months Ended June 30, 2025 (in thousands) | Segment | Total Revenues | | :--- | :--- | | Theatres | $219,007 | | Hotels/Resorts | $135,604 | | Corporate | $198 | | **Total** | **$354,809** | - As of June 30, 2025, the company had **$179.9 million** in total debt (net of issuance costs), an increase from **$159.1 million** at year-end 2024, primarily due to **$21 million** in borrowings on its revolving credit facility[45](index=45&type=chunk)[46](index=46&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the significant improvement in Q2 and H1 2025 financial results, driven by the Theatre division, and reviews liquidity [Overall Results of Operations](index=25&type=section&id=Overall%20Results%20of%20Operations) Consolidated revenues increased significantly in Q2 and H1 2025, leading to improved operating income and a shift to net earnings in Q2 Overall Financial Performance (in millions) | Metric | Q2 2025 | Q2 2024 | Variance (%) | H1 2025 | H1 2024 | Variance (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Revenues | $206.0 | $176.0 | 17.0% | $354.8 | $314.6 | 12.8% | | Operating Income (Loss) | $13.0 | $2.2 | 481.4% | $(7.4) | $(14.4) | 48.7% | | Net Earnings (Loss) | $7.3 | $(20.2) | 136.2% | $(9.5) | $(32.1) | 70.4% | - The first half of fiscal 2025 included four additional operating days compared to the prior year period, which favorably impacted revenues by approximately **$9.2 million**[77](index=77&type=chunk) - The significant improvement in net earnings was aided by the absence of a **$13.9 million** debt conversion expense that was incurred in Q2 2024[84](index=84&type=chunk)[85](index=85&type=chunk) [Theatres Segment Analysis](index=26&type=section&id=Theatres%20Segment%20Analysis) The Theatre division experienced significant revenue and operating income growth in Q2 and H1 2025, driven by increased attendance Theatres Segment Performance (in millions) | Metric | Q2 2025 | Q2 2024 | Variance (%) | H1 2025 | H1 2024 | Variance (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Revenues | $131.7 | $101.5 | 29.8% | $219.0 | $182.7 | 19.9% | | Operating Income (Loss) | $15.7 | $2.8 | 464.5% | $9.4 | $(3.0) | 418.4% | - Comparable theatre attendance increased **26.7%** in Q2 2025, attributed to a stronger film slate with 32 wide-release films compared to 28 in Q2 2024[90](index=90&type=chunk) - The company's admission revenue growth for comparable theatres (**29.3%** in Q2) underperformed the U.S. box office increase (**36.5%**), which management attributes to strategic pricing and value promotions[88](index=88&type=chunk) Key Theatre Operating Metrics (Q2 2025 vs Q2 2024) | Metric | Change | | :--- | :--- | | Average Ticket Price | +2.0% | | Average Concession Revenues per Person | +3.1% | [Hotels and Resorts Segment Analysis](index=28&type=section&id=Hotels%20and%20Resorts%20Segment%20Analysis) The Hotels and Resorts division saw a slight Q2 revenue decrease and operating income decline, with RevPAR negatively impacted by renovations Hotels and Resorts Segment Performance (in millions) | Metric | Q2 2025 | Q2 2024 | Variance (%) | H1 2025 | H1 2024 | Variance (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Revenues | $74.3 | $74.5 | (0.3)% | $135.6 | $131.7 | 3.0% | | Operating Income (Loss) | $4.2 | $6.1 | (31.4)% | $(1.9) | $1.0 | (293.7)% | Key Hotel Operating Statistics (Comparable Properties, Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Occupancy Pct. | 67.3% | 72.7% | (5.4) pts | | ADR | $196.35 | $187.03 | +5.0% | | RevPAR | $132.07 | $136.03 | (2.9)% | - The renovation at the Hilton Milwaukee negatively impacted the division's RevPAR growth by an estimated **3.7 percentage points** during Q2 2025[106](index=106&type=chunk) - Group room revenue bookings for the remainder of fiscal 2025 are in-line with the prior year, while bookings for fiscal 2026 are running nearly **20%** ahead of the same time last year[109](index=109&type=chunk) [Adjusted EBITDA Analysis](index=31&type=section&id=Adjusted%20EBITDA%20Analysis) Total Adjusted EBITDA increased significantly in Q2 2025, primarily driven by strong performance in the Theatres division Adjusted EBITDA by Segment (in millions) | Segment | Q2 2025 | Q2 2024 | Variance (%) | H1 2025 | H1 2024 | Variance (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Theatres | $26.5 | $15.1 | 76.2% | $30.2 | $21.2 | 42.5% | | Hotels and resorts | $11.2 | $11.4 | (1.8)% | $12.2 | $11.4 | 7.2% | | Corporate items | $(5.5) | $(4.5) | (21.4)% | $(10.5) | $(8.4) | (24.8)% | | **Total Adjusted EBITDA** | **$32.3** | **$22.0** | **46.9%** | **$32.0** | **$24.3** | **32.0%** | Reconciliation of Net Earnings (Loss) to Adjusted EBITDA (in millions) | Line Item | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Net earnings (loss) | $7.3 | $(20.2) | $(9.5) | $(32.1) | | Depreciation and amortization | $17.6 | $16.7 | $35.4 | $32.7 | | Interest expense | $3.0 | $2.6 | $5.8 | $5.1 | | Income tax expense (benefit) | $2.7 | $5.7 | $(4.6) | $(1.7) | | Debt conversion expense | — | $13.9 | — | $13.9 | | Other adjustments | $1.7 | $3.3 | $1.9 | $6.4 | | **Total Adjusted EBITDA** | **$32.3** | **$22.0** | **$32.0** | **$24.3** | [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with available credit and a 1.61x net leverage ratio, despite cash used in operations - As of June 30, 2025, the company had a cash balance of **$14.9 million** and **$199.2 million** of availability under its **$225 million** revolving credit facility[121](index=121&type=chunk) Net Leverage Calculation (in millions) | Metric | June 30, 2025 | | :--- | :--- | | Long-term debt | $179.9 | | Finance lease obligations | $12.4 | | Less: Cash and cash equivalents | $(14.9) | | **Net Debt** | **$177.3** | | LTM Adjusted EBITDA | $110.2 | | **Net Leverage Ratio** | **1.61x** | - During the first half of fiscal 2025, the company repurchased **0.4 million** shares of its common stock for **$7.1 million** and paid dividends of **$4.3 million**[131](index=131&type=chunk)[132](index=132&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes in market risk exposures have occurred since the previous fiscal year-end of December 26, 2024 - No material changes in market risk exposures were experienced since December 26, 2024[138](index=138&type=chunk) [Item 4. Controls and Procedures](index=36&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no significant changes to internal control over financial reporting - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures are effective[139](index=139&type=chunk) - There were no significant changes in internal control over financial reporting during the quarter[140](index=140&type=chunk) PART II – OTHER INFORMATION [Item 1A. Risk Factors](index=37&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported, except for new risks related to tariffs and revised motion picture dependency - A new risk factor was added regarding the potential for tariffs to increase the cost of commodities and film production[141](index=141&type=chunk) - The risk factor concerning the dependency on the quantity and audience appeal of motion pictures was revised, noting the negative impact of production disruptions like the WGA and SAG-AFTRA strikes[142](index=142&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=37&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No common stock was repurchased in Q2 2025, with approximately 1.3 million shares remaining available under authorization Share Repurchases (Q2 2025) | Period | Total Number of Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 1 - June 30 | 0 | $0.00 | - As of June 30, 2025, **1,262,090 shares** remained available for repurchase under the company's authorized plans[143](index=143&type=chunk) [Item 4. Mine Safety Disclosures](index=38&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is reported as not applicable to the company's operations - Not applicable[146](index=146&type=chunk) [Item 5. Other Information](index=38&type=section&id=Item%205.%20Other%20Information) No director or Section 16 officer adopted or terminated trading arrangements during Q2 2025 - No director or Section 16 officer adopted or terminated a Rule 10b5-1 trading arrangement during the quarter[147](index=147&type=chunk) [Item 6. Exhibits](index=38&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including incentive plans and required certifications - Exhibits filed include CEO/CFO certifications (31.1, 31.2, 32) and the company's 2025 Omnibus Incentive Plan (10.1)[148](index=148&type=chunk)

Financial Data and Key Metrics Changes - Consolidated revenues for the second quarter were $206 million, up 17% compared to the prior year quarter, with operating income increasing to $13 million, a rise of $10.8 million [6] - Consolidated adjusted EBITDA for the second quarter was $32.3 million, reflecting a nearly 47% increase over the previous year [6] - Net earnings for the quarter were $7.3 million, or $0.23 per share, compared to a net loss of $5.2 million, or $0.17 per share, in the prior year [6] Business Line Data and Key Metrics Changes - Theater division revenue for the second quarter was $131.7 million, an increase of nearly 30% year-over-year, with comparable admission revenue up 29.3% and attendance up 26.7% [7][8] - Hotel division revenues before cost reimbursements were $64.6 million, a 1.2% increase compared to the prior year, with RevPAR decreasing by 2.9% due to a 5.4 percentage point drop in occupancy [12][14] Market Data and Key Metrics Changes - U.S. box office receipts increased by 36.5% during the second quarter compared to the previous year, indicating that the company's admissions revenue performance trailed the industry by approximately seven percentage points [8] - Comparable competitive hotels in the markets experienced RevPAR growth of 2.9%, indicating that the company's hotels underperformed the competitive set by 5.8 percentage points [14] Company Strategy and Development Direction - The company is focused on driving long-term attendance and total revenue, with strategies that include optimizing ticket prices and promotional programs to encourage repeat moviegoing [22][23] - The company plans to continue capital expenditures for fiscal 2025 between $70 million and $85 million, with a significant portion allocated to renovations [17][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the second quarter results, highlighting strong consumer demand and a diverse film slate as key drivers of growth [18][19] - The company noted that while there is increased economic uncertainty, its hotel portfolio has generally performed well, with stable group bookings and no significant cancellations [29] Other Important Information - The company completed major renovations at the Hilton Milwaukee, with all guest rooms returned to service, and expects limited impact on room sales moving forward [13][27] - The company is exploring opportunities for capital deployment to grow both business segments, with a history of executing on attractive investments [30][31] Q&A Session Summary Question: Can you separate the group pace between the Milwaukee area and outside of Milwaukee? - Management indicated that group pace gains are partly due to renovated meeting spaces and acknowledged the positive impact of the convention center expansion, but did not provide specific splits [34][36] Question: What is the size of the blockbuster surcharge being implemented? - Management mentioned that the everyday matinee pricing is moving from $7 to $7.50, with certain films priced at $8.50, indicating a cautious approach to pricing strategies [35][41] Question: What are the preliminary thoughts for the domestic box office going into the second half? - Management noted that while there are tough comparisons, there are strong films expected in the latter half of the year, making it difficult to predict box office performance [46][49] Question: How do you see the hotel segment revenue netting out for the current period? - Management highlighted strong banquet and catering business growth but noted lower margins, while the impact of the Hilton renovation is expected to ease in the second half [50][52] Question: What is the outlook for capital expenditures moving forward? - Management indicated a significant step down in capital expenditures is expected next year, with ongoing smaller projects but no major renovations like those recently completed [56][60]