Company Overview - Wall Street anticipates a year-over-year decline in earnings for Marcus (MCS) with a projected loss of $0.52 per share, reflecting a -36.8% change, while revenues are expected to reach $143.1 million, up 3.3% from the previous year [3][10]. Earnings Expectations - The upcoming earnings report for Marcus is scheduled for May 6, and the stock may rise if actual results exceed expectations, while a miss could lead to a decline [2][10]. - The consensus EPS estimate for Marcus has remained unchanged over the last 30 days, indicating stability in analyst expectations [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model shows that the Most Accurate Estimate for Marcus aligns with the Zacks Consensus Estimate, resulting in an Earnings ESP of 0%, suggesting no recent differing analyst views [10]. - Marcus holds a Zacks Rank of 3 (Hold), making it challenging to predict an earnings beat conclusively [11]. Historical Performance - In the last reported quarter, Marcus had an expected EPS of $0.11 but delivered $0.13, resulting in a positive surprise of +18.18% [12]. - Over the past four quarters, Marcus has beaten consensus EPS estimates two times [13]. Industry Context - In the Zacks Leisure and Recreation Services industry, Airbnb, Inc. (ABNB) is expected to report earnings of $0.25 per share, indicating a -39% year-over-year change, with projected revenues of $2.26 billion, up 5.6% from the previous year [17]. - The consensus EPS estimate for Airbnb has been revised 1.9% lower in the last 30 days, but a higher Most Accurate Estimate has resulted in an Earnings ESP of 7.39%, indicating a likelihood of beating the consensus EPS estimate [18].

Core Insights - CJ 4DPLEX and Marcus Theatres are expanding their partnership with the addition of three new 270-degree panoramic SCREENX auditoriums in Shakopee, MN, Columbus, OH, and Addison, IL, marking the first SCREENX theater in Illinois and Columbus [1][2] - The new SCREENX locations will open ahead of the 2025 blockbuster summer season and will feature luxury recliner seating, enhancing the premium moviegoing experience [2] Company Overview - CJ 4DPLEX is a leading cinema technology company known for innovative film formats such as SCREENX, 4DX, and Ultra 4DX, with headquarters in Seoul and international offices in Los Angeles and Beijing [5] - Marcus Theatres, a division of Marcus Corporation, is the fourth largest theatre circuit in the U.S., operating 985 screens across 78 locations in 17 states [9][10] Technology Insights - SCREENX is the world's first multi-projection cinema technology, providing a 270-degree panoramic viewing experience that enhances storytelling by extending visuals onto the auditorium's side walls [3][7] - The success of the initial SCREENX location at Marcus Ridge Cinema has demonstrated strong box office results, indicating a growing demand for premium cinema experiences [2][4] Market Position - The expansion of SCREENX auditoriums reflects both companies' commitment to redefining the moviegoing experience and setting new standards in the cinema industry [4] - CJ 4DPLEX has over 425 SCREENX auditoriums in 40 countries, showcasing its global reach and the popularity of its innovative cinema technologies [7]

Core Insights - Screenvision Media has announced an agreement to extend its partnership with Marcus Theatres, the fourth largest cinema exhibitor in the U.S., which has been ongoing for 16 years [2][4] - The agreement includes the introduction of "Platinum" inventory, allowing brands to advertise just before the final two trailers, enhancing the preshow experience for moviegoers [3][4] - Marcus Theatres operates 993 screens across 79 locations in 17 states, contributing to a significant footprint in major markets [6] Company Overview - Screenvision Media is a leader in cinema advertising, with a network that includes nearly half of all measured cinema admissions, comprising 14,000 screens in 2,300 theatre locations across all 50 states [5] - Marcus Theatres, a division of The Marcus Corporation, operates under various brands including Movie Tavern and BistroPlex, and is known for providing an engaging environment for audiences [6] Market Context - The enthusiasm for the 2025 box office is reportedly returning to levels not seen in years, indicating a potential recovery in cinema attendance and advertising opportunities [2] - The partnership aims to leverage exclusive content and advanced research and technology capabilities to enhance advertising effectiveness throughout the year [4]

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Core Insights - The article emphasizes the importance of value investing, which focuses on identifying undervalued companies in the market [2][3] - It highlights the use of various metrics, such as P/S and P/CF ratios, to assess the value of stocks [4][5] Company Analysis: The Marcus (MCS) - MCS has a Zacks Rank of 2 (Buy) and an A for Value, indicating strong potential as a value stock [3][7] - The P/S ratio for MCS is 0.79, significantly lower than the industry average of 1.12, suggesting it is undervalued [4] - MCS's P/CF ratio stands at 11.66, compared to the industry's average of 16.32, further indicating its attractive valuation [5] Company Analysis: UTD PARKS&RESRT (PRKS) - PRKS also holds a Zacks Rank of 2 (Buy) and a Value grade of A, making it another stock to consider for value investors [6][7] - The P/B ratio for PRKS is -6.38, contrasting sharply with the industry's price-to-book ratio of 4.43, indicating potential undervaluation [6] Conclusion - Both MCS and PRKS exhibit strong value characteristics based on their respective financial metrics, suggesting they are likely undervalued in the current market [7]

The Marcus Corporation (NYSE:MCS) Q4 2024 Results Conference Call February 27, 2025 11:00 AM ET Company Participants Gregory Marcus - Chairman, President and CEO Chad Paris - CFO and Treasurer Conference Call Participants Mike Hickey - The Benchmark Company Patrick Sholl - Barrington Research Chris Potter - Northern Border Investment Operator Good morning, everyone, and welcome to The Marcus Corporation Third Quarter Earnings Conference Call. My name is Lydia, and I'll be your operator today. [Operator Inst ...

Financial Data and Key Metrics Changes - The company reported consolidated revenues of $188 million for the fourth quarter, an over 16% increase compared to the same period last year [7] - Fourth quarter operating loss was $2.2 million, impacted by a $6.4 million noncash impairment charge in the theater division and $2.4 million of non-recurring expenses [7] - Adjusted EBITDA for the fourth quarter was nearly $26 million, a 42% increase over the prior year [7] - For the full year, consolidated revenues increased just under 1%, with operating income of $16.2 million negatively impacted by $6.8 million of non-cash impairment charges [8] Business Line Data and Key Metrics Changes - The theater division's fourth quarter revenue was $121.2 million, a nearly 23% increase compared to the prior year [9] - Comparable theater admission revenue increased by 15.4%, with attendance up 29.1% due to a stronger film slate [10] - The hotel division's fourth quarter revenue was $57.6 million, a 5.4% increase compared to the prior year, with RevPAR growing 3.6% [15][16] Market Data and Key Metrics Changes - U.S. box office receipts increased 22.9% during the fourth quarter compared to the previous year, indicating the company's theaters underperformed the industry by approximately 7.5 percentage points [12] - The upper upscale hotel segment experienced a RevPAR increase of 2.2% during the fourth quarter, indicating the company's hotels outperformed the industry by 1.4 percentage points [18] Company Strategy and Development Direction - The company plans to transition to a calendar fiscal year starting in fiscal 2025 to better align performance comparisons with industry peers [25] - Capital expenditures for fiscal 2025 are expected to be between $70 million and $85 million, focusing on hotel renovations and enhancing customer experience in theaters [22][23] - The company is committed to returning capital to shareholders, having returned $19 million or approximately 18% of cash from operations in fiscal 2024 [24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the upcoming film slate for 2025 and 2026, anticipating strong attendance growth driven by blockbuster films [35] - The hotel division is expected to see low to mid-single-digit RevPAR growth in 2025, supported by strong group business and improving business travel [43] - Management highlighted the importance of maintaining momentum in attendance through various promotional programs [30] Other Important Information - The company completed significant renovations in its hotel properties, including the Hilton Milwaukee, which is expected to enhance the quality of offerings for meeting and event planners [42] - The company is actively seeking growth investment opportunities in both the theater and hotel divisions [24][44] Q&A Session Summary Question: Thoughts on average ticket price and screen count growth - Management is closely monitoring pricing strategies and emphasizes attendance as a key driver of revenue [49][51] Question: Strategies to enhance per capita spend on concessions - Management believes digital ordering can increase basket size and enhance customer experience [60][63] Question: Impact of Movie Club on attendance and engagement - Management sees potential for the Movie Club to drive steady cash flow and enhance attendance [65][66] Question: Views on market share and capacity - Management believes they have the capacity to grow market share and are focused on executing their business strategy [73][75] Question: Leisure environment and its impact on overall views - Management noted a shift from leisure to more business and group travel, with their assets well-positioned to adapt [78][80]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 26, 2024 o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number 1-12604 THE MARCUS CORPORATION (Exact name of registrant as specified in its charter) Wisconsin 39 ...

Group 1: Earnings Performance - Marcus reported quarterly earnings of $0.13 per share, exceeding the Zacks Consensus Estimate of $0.11 per share, compared to a loss of $0.05 per share a year ago, representing an earnings surprise of 18.18% [1] - The company posted revenues of $188.31 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 0.70%, and up from $161.53 million year-over-year [2] - Over the last four quarters, Marcus has surpassed consensus EPS estimates two times and topped consensus revenue estimates three times [2] Group 2: Stock Performance and Outlook - Marcus shares have declined approximately 2.9% since the beginning of the year, while the S&P 500 has gained 1.3% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the upcoming quarter is -$0.43 on revenues of $151.3 million, and $0.46 on revenues of $774.9 million for the current fiscal year [7] Group 3: Industry Context - The Leisure and Recreation Services industry, to which Marcus belongs, is currently ranked in the top 16% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that tracking these revisions can be beneficial for investors [5] - The Zacks Rank for Marcus is currently 1 (Strong Buy), indicating expectations for the stock to outperform the market in the near future [6]

Revenue Performance - Total revenues for fiscal 2024 were $735.6 million, a 0.8% increase from $729.6 million in fiscal 2023[4] - Fourth quarter total revenues were $188.3 million, a 16.6% increase from $161.5 million in the same quarter of fiscal 2023[4] - Marcus Theatres reported total revenues of $447.7 million for fiscal 2024, down from $458.4 million in fiscal 2023[8] - Marcus Hotels & Resorts achieved total revenues of $248.3 million for fiscal 2024, a 6.4% increase compared to fiscal 2023[13] - Theatre admissions revenue for the 13 weeks ended December 26, 2024, was $56,265,000, an increase of 15% from $48,912,000 in the same period last year[25] - Total revenues for the 52 weeks ended December 26, 2024, reached $735,560,000, compared to $729,575,000 for the previous year, reflecting a slight increase of 0.4%[25] Adjusted EBITDA - Adjusted EBITDA for the fourth quarter was $25.9 million, a 41.9% increase from $18.2 million in the prior year quarter[4] - Adjusted EBITDA for the 13 weeks ended December 26, 2024, was $25,881,000, up from $18,237,000 in the same period last year, representing a growth of 42%[31] - Adjusted EBITDA for the 13 weeks ended December 26, 2024, was $25,881,000, an increase from $18,237,000 in the same period of 2023, representing a growth of 42.1%[36] Operating Income and Loss - Operating income for Marcus Theatres was $22.1 million in fiscal 2024, down from $36.2 million in fiscal 2023, impacted by $6.8 million in impairment charges[8] - Operating income for the theatre segment for the 13 weeks ended December 26, 2024, was $3,344,000, compared to $3,469,000 in the same period last year[31] - The total operating income for the 52 weeks ended December 26, 2024, was $16,170,000, compared to a loss of $24,454,000 for the same period in 2023[38] Net Income and Loss - Net loss for fiscal 2024 was $7.8 million, compared to net earnings of $14.8 million in fiscal 2023[9] - The net loss for the 52 weeks ended December 26, 2024, was $7,787,000, compared to a net income of $14,794,000 for the previous year[25] - Net earnings for the 13 weeks ended December 26, 2024, were $986,000, compared to a loss of $1,440,000 for the same period in 2023[36] Cash Flow and Assets - Cash and cash equivalents decreased to $40,841,000 as of December 26, 2024, down from $55,589,000 a year earlier[26] - The company reported a net cash flow from operating activities of $52,566,000 for the 13 weeks ended December 26, 2024, compared to $33,987,000 for the same period last year[33] - Total assets decreased to $1,044,528,000 as of December 26, 2024, from $1,065,103,000 a year earlier[26] Capital Expenditures and Renovations - Capital expenditures for the 52 weeks ended December 26, 2024, totaled $79,210,000, significantly higher than $38,774,000 in the previous year[33] - Marcus Hotels & Resorts announced a $40 million renovation at the Hilton Milwaukee, expected to be completed in the first half of 2025[15] Impairment and Other Expenses - Impairment charges for the 13 weeks ended December 26, 2024, were $6,351,000, compared to $377,000 in the same period of 2023, reflecting a significant increase[36] - Other non-recurring expenses for the 13 weeks ended December 26, 2024, amounted to $2,400,000, while there were no such expenses reported in the same period of 2023[39] Interest Expense - The company reported interest expense of $2,812,000 for the 13 weeks ended December 26, 2024, down from $3,751,000 in the same period of 2023, indicating a decrease of 25.1%[36] - The company reported a total of $10,972,000 in interest expense for the 52 weeks ended December 26, 2024, down from $12,721,000 in the previous year, indicating a reduction of 13.8%[36] Company Operations - The company operates 985 screens at 78 locations across 17 states, maintaining its position as the fourth largest theatre circuit in the U.S.[22] - Revenue per available room (RevPAR) increased by 3.6% at comparable company-owned hotels in the fourth quarter of fiscal 2024[12] - The total depreciation and amortization expense for the 52 weeks ended December 26, 2024, was $67,958,000, slightly up from $67,301,000 in the previous year[36] - The company incurred share-based compensation expenses of $1,049,000 for the 13 weeks ended December 26, 2024, compared to $1,394,000 in the same period of 2023, a decrease of 24.7%[38] - The company reported equity losses from unconsolidated joint ventures of $158,000 for the 13 weeks ended December 26, 2024, compared to $22,000 in the same period of 2023[36]