QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
THE | ||
(Exact name of registrant as specified in its charter) |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
x | No | o |
x | No | o |
Large accelerated filer | o | x | |||||||||
Non-accelerated filer | o | Smaller reporting company | |||||||||
Emerging growth company |
Yes | o | No |
Page | ||||||||
S-1 |
March 28, 2024 | December 28, 2023 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Accounts receivable, net of reserves of $ | |||||||||||
Assets held for sale | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Property and equipment: | |||||||||||
Land and improvements | |||||||||||
Buildings and improvements | |||||||||||
Leasehold improvements | |||||||||||
Furniture, fixtures and equipment | |||||||||||
Finance lease right-of-use assets | |||||||||||
Construction in progress | |||||||||||
Total property and equipment | |||||||||||
Less accumulated depreciation and amortization | |||||||||||
Net property and equipment | |||||||||||
Operating lease right-of-use assets | |||||||||||
Other assets: | |||||||||||
Investments in joint ventures | |||||||||||
Goodwill | |||||||||||
Deferred incomes taxes | |||||||||||
Other | |||||||||||
Total other assets | |||||||||||
TOTAL ASSETS | $ | $ |
March 28, 2024 | December 28, 2023 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Taxes other than income taxes | |||||||||||
Accrued compensation | |||||||||||
Other accrued liabilities | |||||||||||
Current portion of finance lease obligations | |||||||||||
Current portion of operating lease obligations | |||||||||||
Current maturities of long-term debt | |||||||||||
Total current liabilities | |||||||||||
Finance lease obligations | |||||||||||
Operating lease obligations | |||||||||||
Long-term debt | |||||||||||
Deferred income taxes | |||||||||||
Other long-term obligations | |||||||||||
Shareholders’ Equity: | |||||||||||
Preferred Stock, $ | |||||||||||
Common Stock, $ | |||||||||||
Class B Common Stock, $ | |||||||||||
Capital in excess of par | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Less cost of Common Stock in treasury ( | ( | ( | |||||||||
Total shareholders’ equity | |||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | $ |
13 Weeks Ended | |||||||||||
March 28, 2024 | March 30, 2023 | ||||||||||
Revenues: | |||||||||||
Theatre admissions | $ | $ | |||||||||
Rooms | |||||||||||
Theatre concessions | |||||||||||
Food and beverage | |||||||||||
Other revenues | |||||||||||
Cost reimbursements | |||||||||||
Total revenues | |||||||||||
Costs and expenses: | |||||||||||
Theatre operations | |||||||||||
Rooms | |||||||||||
Theatre concessions | |||||||||||
Food and beverage | |||||||||||
Advertising and marketing | |||||||||||
Administrative | |||||||||||
Depreciation and amortization | |||||||||||
Rent | |||||||||||
Property taxes | |||||||||||
Other operating expenses | |||||||||||
Loss on disposition of property, equipment and other assets | |||||||||||
Reimbursed costs | |||||||||||
Total costs and expenses | |||||||||||
Operating loss | ( | ( | |||||||||
Other income (expense): | |||||||||||
Investment income | |||||||||||
Interest expense | ( | ( | |||||||||
Other income (expense) | ( | ( | |||||||||
Equity losses from unconsolidated joint ventures | ( | ( | |||||||||
( | ( | ||||||||||
Loss before income taxes | ( | ( | |||||||||
Income tax benefit | ( | ( | |||||||||
Net loss | $ | ( | $ | ( | |||||||
Net loss per share - basic: | |||||||||||
Common Stock | $ | ( | $ | ( | |||||||
Class B Common Stock | $ | ( | $ | ( | |||||||
Net loss per share - diluted: | |||||||||||
Common Stock | $ | ( | $ | ( | |||||||
Class B Common Stock | $ | ( | $ | ( |
13 Weeks Ended | |||||||||||
March 28, 2024 | March 30, 2023 | ||||||||||
Net loss | $ | ( | $ | ( | |||||||
Other comprehensive loss, net of tax: | |||||||||||
Amortization of the net actuarial loss and prior service credit related to the pension, net of tax benefit of $ | ( | ( | |||||||||
Fair market value adjustment of interest rate swap, net of tax benefit of $ | ( | ||||||||||
Reclassification adjustment on interest rate swap included in interest expense, net of tax benefit of $ | ( | ||||||||||
Other comprehensive loss | ( | ( | |||||||||
Comprehensive loss | $ | ( | $ | ( | |||||||
13 Weeks Ended | |||||||||||
March 28, 2024 | March 30, 2023 | ||||||||||
OPERATING ACTIVITIES: | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Losses on investments in joint ventures | |||||||||||
Loss on disposition of property, equipment and other assets | |||||||||||
Depreciation and amortization | |||||||||||
Amortization of debt issuance costs | |||||||||||
Share-based compensation | |||||||||||
Deferred income taxes | ( | ( | |||||||||
Other long-term obligations | |||||||||||
Contribution of the Company’s stock to savings and profit-sharing plan | |||||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | |||||||||||
Other assets | ( | ( | |||||||||
Operating leases | ( | ( | |||||||||
Accounts payable | ( | ( | |||||||||
Income taxes | |||||||||||
Taxes other than income taxes | ( | ( | |||||||||
Accrued compensation | ( | ( | |||||||||
Other accrued liabilities | ( | ( | |||||||||
Total adjustments | ( | ||||||||||
Net cash used in operating activities | ( | ( | |||||||||
INVESTING ACTIVITIES: | |||||||||||
Capital expenditures | ( | ( | |||||||||
Proceeds from disposals of property, equipment and other assets | |||||||||||
Capital contribution in joint venture | ( | ||||||||||
Subscription and sale of joint venture interests | |||||||||||
Proceeds from sale of trading securities | |||||||||||
Purchase of trading securities | ( | ( | |||||||||
Other investing activities | ( | ( | |||||||||
Net cash used in investing activities | ( | ( | |||||||||
FINANCING ACTIVITIES: | |||||||||||
Debt transactions: | |||||||||||
Proceeds from borrowings on revolving credit facility | |||||||||||
Repayment of borrowings on revolving credit facility | ( | ( | |||||||||
Principal payments on long-term debt | ( | ( | |||||||||
Debt issuance costs | ( | ||||||||||
Principal payments on finance lease obligations | ( | ( | |||||||||
Equity transactions: | |||||||||||
Treasury stock transactions, except for stock options | ( | ( | |||||||||
Exercise of stock options | |||||||||||
Dividends paid | ( | ( | |||||||||
Distributions to noncontrolling interest | ( | ||||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||
Net decrease in cash, cash equivalents and restricted cash | ( | ( | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | |||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ | |||||||||
Supplemental Information: | |||||||||||
Interest paid, net of amounts capitalized | $ | $ | |||||||||
Income taxes paid, including interest earned | |||||||||||
Change in accounts payable for additions to property, equipment and other assets | ( | ( |
13 Weeks Ended | |||||||||||
March 28, 2024 | March 30, 2023 | ||||||||||
Net loss per share - basic: | |||||||||||
Common Stock | $ | ( | $ | ( | |||||||
Class B Common Stock | $ | ( | $ | ( | |||||||
Net loss per share - diluted: | |||||||||||
Common Stock | $ | ( | $ | ( | |||||||
Class B Common Stock | $ | ( | $ | ( | |||||||
Numerator: | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Denominator (in thousands): | |||||||||||
Basic and diluted weighted-average shares outstanding | |||||||||||
Weighted-average number of anti-dilutive shares excluded from denominator: | |||||||||||
Employee stock options | |||||||||||
Restricted stock units | |||||||||||
Performance stock units | |||||||||||
Convertible senior notes | |||||||||||
Total |
Common Stock | Class B Common Stock | Capital in Excess of Par | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total Shareholders’ Equity | |||||||||||||||||||||||||||||||||||
BALANCES AT DECEMBER 28, 2023 | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||
Cash dividends: | |||||||||||||||||||||||||||||||||||||||||
$ | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
$ | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Purchase of treasury stock | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Reissuance of treasury stock | — | — | ( | — | — | ||||||||||||||||||||||||||||||||||||
Issuance of non-vested stock | — | ( | — | — | |||||||||||||||||||||||||||||||||||||
Shared-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Conversions of Class B Common Stock | ( | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Comprehensive loss | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||
BALANCES AT MARCH 28, 2024 | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||
Common Stock | Class B Common Stock | Capital in Excess of Par | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Shareholders’ Equity Attributable to The Marcus Corporation | Non- controlling Interest | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||
BALANCES AT DECEMBER 29, 2022 | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Cash dividends: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | — | — | — | ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
$ | — | — | — | ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | ( | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | — | — | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Savings and profit-sharing contribution | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Reissuance of treasury stock | — | — | ( | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of non-vested stock | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Shared-based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | ( | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Conversions of Class B Common Stock | ( | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Distribution to noncontrolling interest | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Comprehensive loss | — | — | — | ( | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
BALANCES AT MARCH 30, 2023 | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
March 28, 2024 | December 28, 2023 | ||||||||||
Net unrecognized actuarial loss for pension obligation | $ | ( | $ | ( | |||||||
$ | ( | $ | ( |
13 Weeks Ended | |||||||||||
March 28, 2024 | March 30, 2023 | ||||||||||
Service cost | $ | $ | |||||||||
Interest cost | |||||||||||
Net amortization of prior service cost and actuarial loss | ( | ( | |||||||||
Net periodic pension cost | $ | $ |
13 Weeks Ended March 28, 2024 | |||||||||||||||||||||||
Theatres | Hotels/Resorts | Corporate | Total | ||||||||||||||||||||
Theatre admissions | $ | $ | $ | $ | |||||||||||||||||||
Rooms | |||||||||||||||||||||||
Theatre concessions | |||||||||||||||||||||||
Food and beverage | |||||||||||||||||||||||
Other revenues(1) | |||||||||||||||||||||||
Cost reimbursements | |||||||||||||||||||||||
Total revenues | $ | $ | $ | $ | |||||||||||||||||||
13 Weeks Ended March 30, 2023 | |||||||||||||||||||||||
Theatres | Hotels/Resorts | Corporate | Total | ||||||||||||||||||||
Theatre admissions | $ | $ | $ | $ | |||||||||||||||||||
Rooms | |||||||||||||||||||||||
Theatre concessions | |||||||||||||||||||||||
Food and beverage | |||||||||||||||||||||||
Other revenues(1) | |||||||||||||||||||||||
Cost reimbursements | |||||||||||||||||||||||
Total revenues | $ | $ | $ | $ | |||||||||||||||||||
March 28, 2024 | December 28, 2023 | ||||||||||
Senior notes | $ | $ | |||||||||
Unsecured term note due February 2025, with monthly principal and interest payments of $ | |||||||||||
Convertible senior notes | |||||||||||
Payroll Protection Program loans | |||||||||||
Revolving credit agreement | |||||||||||
Debt issuance costs | ( | ( | |||||||||
Total debt, net of debt issuance costs | |||||||||||
Less current maturities, net of issuance costs | |||||||||||
Long-term debt | $ | $ |
13 Weeks Ended | ||||||||||||||||||||
Lease Cost | Classification | March 28, 2024 | March 30, 2023 | |||||||||||||||||
Finance lease costs: | ||||||||||||||||||||
Amortization of finance lease assets | Depreciation and amortization | $ | $ | |||||||||||||||||
Interest on lease liabilities | Interest expense | |||||||||||||||||||
$ | $ | |||||||||||||||||||
Operating lease costs: | ||||||||||||||||||||
Operating lease costs | Rent expense | $ | $ | |||||||||||||||||
Variable lease cost | Rent expense | |||||||||||||||||||
Short-term lease cost | Rent expense | |||||||||||||||||||
$ | $ |
13 Weeks Ended | ||||||||||||||
Other Information | March 28, 2024 | March 30, 2023 | ||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||
Financing cash flows from finance leases | $ | $ | ||||||||||||
Operating cash flows from finance leases | ||||||||||||||
Operating cash flows from operating leases | ||||||||||||||
Right of use assets obtained in exchange for new lease obligations: | ||||||||||||||
Finance lease liabilities | ||||||||||||||
Operating lease liabilities |
March 28, 2024 | December 28, 2023 | ||||||||||
Finance leases: | |||||||||||
Property and equipment – gross | $ | $ | |||||||||
Accumulated depreciation and amortization | ( | ( | |||||||||
Property and equipment - net | $ | $ |
Lease Term and Discount Rate | March 28, 2024 | December 28, 2023 | ||||||||||||
Weighted-average remaining lease terms: | ||||||||||||||
Finance leases | ||||||||||||||
Operating leases | ||||||||||||||
Weighted-average discount rates: | ||||||||||||||
Finance leases | % | % | ||||||||||||
Operating leases | % | % |
Stock Options | Restricted Stock & RSUs | PSUs | |||||||||||||||||||||||||||||||||
Options | Weighted-Average Exercise Price | Shares / Units | Weighted-Average Fair Value | Units | Weighted-Average Fair Value | ||||||||||||||||||||||||||||||
December 28, 2023 | $ | $ | $ | ||||||||||||||||||||||||||||||||
Granted | |||||||||||||||||||||||||||||||||||
Exercised (1) | |||||||||||||||||||||||||||||||||||
Vested (2) | ( | ||||||||||||||||||||||||||||||||||
Forfeited | ( | ||||||||||||||||||||||||||||||||||
March 28, 2024 | $ | $ | $ |
13 Weeks Ended | Theatres | Hotels/ Resorts | Corporate Items | Total | ||||||||||||||||||||||
March 28, 2024 | ||||||||||||||||||||||||||
Revenues | $ | $ | $ | $ | ||||||||||||||||||||||
Operating loss | ( | ( | ( | ( | ||||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||||||||
13 Weeks Ended | Theatres | Hotels/ Resorts | Corporate Items | Total | ||||||||||||||||||||||
March 30, 2023 | ||||||||||||||||||||||||||
Revenues | $ | $ | $ | $ | ||||||||||||||||||||||
Operating income (loss) | ( | ( | ( | |||||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||||||||
First Quarter | |||||||||||||||||||||||
Variance | |||||||||||||||||||||||
F2024 | F2023 | Amt. | Pct. | ||||||||||||||||||||
Revenues | $ | 138.5 | $ | 152.3 | $ | (13.7) | (9.0) | % | |||||||||||||||
Operating loss | (16.7) | (9.0) | (7.7) | (85.4) | % | ||||||||||||||||||
Other income (expense) | (2.6) | (3.3) | 0.8 | 22.6 | % | ||||||||||||||||||
Net loss | $ | (11.9) | $ | (9.5) | $ | (2.4) | (25.4) | % | |||||||||||||||
Net loss per common share - diluted | $ | (0.38) | $ | (0.31) | $ | (0.07) | (22.6) | % |
First Quarter | |||||||||||||||||||||||
Variance | |||||||||||||||||||||||
F2024 | F2023 | Amt. | Pct. | ||||||||||||||||||||
Revenues | $ | 81.3 | $ | 96.4 | $ | (15.1) | (15.7) | % | |||||||||||||||
Operating income (loss) | (5.7) | 1.5 | (7.3) | (477.8) | % | ||||||||||||||||||
Operating margin (% of revenues) | (7.1) | % | 1.6 | % |
First Quarter | |||||||||||||||||||||||
Variance | |||||||||||||||||||||||
F2024 | F2023 | Amt. | Pct. | ||||||||||||||||||||
Admission revenues | $ | 40.6 | $ | 47.6 | $ | (7.0) | (14.8) | % | |||||||||||||||
Concession revenues | 34.7 | 42.4 | (7.7) | (18.1) | % | ||||||||||||||||||
Other revenues | 6.0 | 6.4 | (0.4) | (6.1) | % | ||||||||||||||||||
Total revenues | 81.3 | 96.4 | (15.1) | (15.7) | % |
First Quarter | |||||||||||||||||||||||
Variance | |||||||||||||||||||||||
F2024 | F2023 | Amt. | Pct. | ||||||||||||||||||||
Revenues | $ | 57.2 | $ | 55.8 | $ | 1.4 | 2.5 | % | |||||||||||||||
Operating loss | (5.2) | (5.0) | (0.1) | (2.6) | % | ||||||||||||||||||
Operating margin (% of revenues) | (9.0) | % | (9.0) | % |
First Quarter | |||||||||||||||||||||||
Variance | |||||||||||||||||||||||
F2024 | F2023 | Amt. | Pct. | ||||||||||||||||||||
Room revenues | $ | 18.2 | $ | 17.9 | $ | 0.4 | 2.0 | % | |||||||||||||||
Food/beverage revenues | 16.2 | 15.2 | 1.0 | 6.4 | % | ||||||||||||||||||
Other revenues | 13.6 | 13.2 | 0.4 | 3.1 | % | ||||||||||||||||||
Total revenues before cost reimbursements | 48.0 | 46.3 | 1.7 | 3.8 | % | ||||||||||||||||||
Cost reimbursements | 9.2 | 9.5 | (0.4) | (3.7) | % | ||||||||||||||||||
Total revenues | $ | 57.2 | $ | 55.8 | $ | 1.4 | 2.5 | % |
First Quarter | |||||||||||||||||||||||
Variance | |||||||||||||||||||||||
F2024 | F2023 | Amt. | Pct. | ||||||||||||||||||||
Occupancy pct. | 53.7 | % | 50.8 | % | 2.9 pts | 5.6 | % | ||||||||||||||||
ADR | $ | 150.11 | $ | 155.35 | $ | (5.24) | (3.4) | % | |||||||||||||||
RevPAR | $ | 80.57 | $ | 78.95 | $ | 1.62 | 2.1 | % |
First Quarter | |||||||||||||||||||||||
Variance | |||||||||||||||||||||||
F2024 | F2023 | Amt. | Pct. | ||||||||||||||||||||
Theatres | $ | 6.2 | $ | 13.8 | $ | (7.6) | (55.4) | % | |||||||||||||||
Hotels and resorts | — | (0.4) | 0.4 | 97.3 | % | ||||||||||||||||||
Corporate items | (3.9) | (3.9) | 0.1 | 2.1 | % | ||||||||||||||||||
Total Adjusted EBITDA | $ | 2.3 | $ | 9.5 | $ | (7.2) | (75.8) | % |
First Quarter | |||||||||||
F2024 | F2023 | ||||||||||
Net earnings (loss) | $ | (11.9) | $ | (9.5) | |||||||
Add (deduct): | |||||||||||
Investment (income) loss | (0.7) | (0.3) | |||||||||
Interest expense | 2.5 | 3.0 | |||||||||
Other (income) expense | 0.3 | 0.4 | |||||||||
Loss (gain) on disposition of property, equipment and other assets | — | 0.4 | |||||||||
Equity (earnings) losses from unconsolidated joint ventures | 0.4 | 0.2 | |||||||||
Income tax expense (benefit) | (7.4) | (2.8) | |||||||||
Depreciation and amortization | 16.0 | 15.9 | |||||||||
Share-based compensation expenses (1) | 2.5 | 2.2 | |||||||||
Insured losses (2) | 0.4 | — | |||||||||
Total Adjusted EBITDA | $ | 2.3 | $ | 9.5 |
First Quarter, F2024 | |||||||||||||||||||||||
Theatres | Hotels & Resorts | Corp. Items | Total | ||||||||||||||||||||
Operating income (loss) | $ | (5.7) | $ | (5.2) | $ | (5.8) | $ | (16.7) | |||||||||||||||
Depreciation and amortization | 11.0 | 4.9 | 0.1 | 16.0 | |||||||||||||||||||
Loss (gain) on disposition of property, equipment and other assets | — | — | — | — | |||||||||||||||||||
Share-based compensation (1) | 0.4 | 0.3 | 1.8 | 2.5 | |||||||||||||||||||
Insured losses (2) | 0.4 | — | — | 0.4 | |||||||||||||||||||
Total Adjusted EBITDA | $ | 6.2 | $ | — | $ | (3.9) | $ | 2.3 |
First Quarter, F2023 | |||||||||||||||||||||||
Theatres | Hotels & Resorts | Corp. Items | Total | ||||||||||||||||||||
Operating loss | $ | 1.5 | $ | (5.0) | $ | (5.5) | $ | (9.0) | |||||||||||||||
Depreciation and amortization | 11.5 | 4.3 | 0.1 | 15.9 | |||||||||||||||||||
Loss (gain) on disposition of property, equipment and other assets | 0.3 | 0.1 | — | 0.4 | |||||||||||||||||||
Share-based compensation (1) | 0.5 | 0.2 | 1.5 | 2.2 | |||||||||||||||||||
Total Adjusted EBITDA | $ | 13.8 | $ | (0.4) | $ | (3.9) | $ | 9.5 |
March 28, 2024 | December 28, 2023 | ||||||||||
Long-term debt (GAAP measure) (1) | $ | 169.8 | $ | 169.9 | |||||||
Finance lease obligations (GAAP measure) (2) | 14.7 | 15.3 | |||||||||
Less: Cash and cash equivalents | (17.3) | (55.6) | |||||||||
Net Debt | $ | 167.3 | $ | 129.6 | |||||||
Net Debt | $ | 167.3 | $ | 129.6 | |||||||
LTM Adjusted EBITDA | 101.6 | 108.7 | |||||||||
Net Leverage (Net Debt to Adjusted EBITDA) | 1.65x | 1.19x | |||||||||
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Programs (1) | Maximum Number of Shares that May Yet be Purchased Under the Plans or Programs (1) | ||||||||||||||||||||||
December 29 - February 1 | — | $ | — | — | 2,428,138 | |||||||||||||||||||||
February 2 - February 29 | 20,537 | 14.67 | 20,537 | 2,407,601 | ||||||||||||||||||||||
March 1 - March 28 | — | — | — | 2,407,601 | ||||||||||||||||||||||
Total | 20,537 | $ | 14.67 | 20,537 | 2,407,601 |
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104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
THE MARCUS CORPORATION | ||||||||
DATE: May 2, 2024 | By: | /s/ Gregory S. Marcus | ||||||
Gregory S. Marcus | ||||||||
President and Chief Executive Officer | ||||||||
DATE: May 2, 2024 | By: | /s/ Chad M. Paris | ||||||
Chad M. Paris | ||||||||
Chief Financial Officer and Treasurer |
DATE: May 2, 2024 | By: | /s/ Gregory S. Marcus | |||||||||
Gregory S. Marcus | |||||||||||
President and Chief Executive Officer |
DATE: May 2, 2024 | By: | /s/ Chad M. Paris | ||||||
Chad M. Paris | ||||||||
Chief Financial Officer and Treasurer |
/s/ Gregory S. Marcus | |||||
Gregory S. Marcus | |||||
President and Chief Executive Officer | |||||
/s/ Chad M. Paris | |||||
Chad M. Paris | |||||
Chief Financial Officer and Treasurer | |||||
Date: | May 2, 2024 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Mar. 28, 2024 |
Dec. 28, 2023 |
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Accounts receivables | $ 199 | $ 115 |
Preferred stock, par (in dollars per share) | $ 1 | $ 1 |
Preferred stock, authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Cost of common stock in treasury (in shares) | 67,052 | 47,916 |
Common Stock | ||
Common stock, par (in dollars per share) | $ 1 | $ 1 |
Common stock, authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, issued (in shares) | 25,237,374 | 24,691,548 |
Class B Common Stock | ||
Common stock, par (in dollars per share) | $ 1 | $ 1 |
Common stock, authorized (in shares) | 33,000,000 | 33,000,000 |
Common stock, issued (in shares) | 6,984,584 | 7,078,410 |
Common stock, outstanding (in shares) | 6,984,584 | 7,078,410 |
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 28, 2024 |
Mar. 30, 2023 |
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Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (11,866) | $ (9,466) |
Other comprehensive loss, net of tax: | ||
Amortization of the net actuarial loss and prior service credit related to the pension, net of tax benefit of $4 and $5, respectively | (12) | (11) |
Fair market value adjustment of interest rate swap, net of tax benefit of $0 and $8, respectively | 0 | (22) |
Reclassification adjustment on interest rate swap included in interest expense, net of tax benefit of $0 and $20, respectively | 0 | (58) |
Other comprehensive loss | (12) | (91) |
Comprehensive loss | $ (11,878) | $ (9,557) |
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 28, 2024 |
Mar. 30, 2023 |
|
Statement of Comprehensive Income [Abstract] | ||
Amortization of the net actuarial loss and prior service credit related to the pension, net of tax effect (benefit) | $ (4) | $ (5) |
Fair market value adjustment of interest rate swap, net of tax effect (benefit) | 0 | (8) |
Reclassification adjustment on interest rate swap included in interest expense, net of tax effect (benefit) | $ 0 | $ (20) |
General |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General | General Basis of Presentation - The unaudited consolidated financial statements for the 13 weeks ended March 28, 2024 and March 30, 2023 have been prepared by the Company. In the opinion of management, all adjustments, consisting of normal recurring adjustments necessary to present fairly the unaudited interim financial information at March 28, 2024, and for all periods presented, have been made. The results of operations during the interim periods are not necessarily indicative of the results of operations for the entire year or other interim periods. However, the unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 28, 2023. Accounting Policies - Refer to the Company’s audited consolidated financial statements (including footnotes) for the fiscal year ended December 28, 2023, contained in the Company’s Annual Report on Form 10-K for such year, for a description of the Company’s accounting policies. Depreciation and Amortization - Depreciation and amortization of property and equipment are provided using the straight-line method over the shorter of the estimated useful lives of the assets or any related lease terms. Depreciation expense totaled $16,014 and $15,868 for the 13 weeks ended March 28, 2024, and March 30, 2023, respectively. Assets Held for Sale – Long-lived assets that are expected to be sold within the next 12 months and meet the other relevant held-for-sale criteria are classified as assets held for sale and included within current assets on the consolidated balance sheet. Assets held for sale are measured at the lower of their carrying value or their fair value less costs to sell the asset. As of March 28, 2024, assets held for sale consisted of one closed theatre that was sold subsequent to March 28, 2024. Long-Lived Assets – The Company periodically considers whether indicators of impairment of long-lived assets held for use are present. This includes quantitative and qualitative factors, including evaluating the historical actual operating performance of the long-lived assets and assessing the potential impact of recent events and transactions impacting the long-lived assets. If such indicators are present, the Company determines if the long-lived assets are recoverable by assessing whether the sum of the estimated undiscounted future cash flows attributable to such assets is less than their carrying amounts. If the long-lived assets are not recoverable, the Company recognizes any impairment losses based on the excess of the carrying amount of the assets over their fair value. Goodwill – The Company reviews goodwill for impairment annually or more frequently if certain indicators arise. The Company performs its annual impairment test on the first day of the fiscal fourth quarter. There were no indicators of impairment identified during the 13 weeks ended March 28, 2024 or March 30, 2023. Earnings (Loss) Per Share - Net earnings (loss) per share (EPS) of Common Stock and Class B Common Stock is computed using the two class method. Basic net earnings (loss) per share is computed by dividing net earnings (loss) by the weighted-average number of common shares outstanding. Diluted net earnings (loss) per share is computed by dividing net earnings (loss) by the weighted-average number of common shares outstanding, adjusted for the effect of dilutive stock options, restricted stock units, performance stock units and convertible debt instruments using the if-converted method. Convertible Class B Common Stock and convertible debt instruments are reflected on an if-converted basis when dilutive to Common Stock. The computation of the diluted net earnings (loss) per share of Common Stock assumes the conversion of Class B Common Stock in periods that have net earnings since it would be dilutive to Common Stock earnings per share, while the diluted net earnings (loss) per share of Class B Common Stock does not assume the conversion of those shares. Holders of Common Stock are entitled to cash dividends per share equal to 110% of all dividends declared and paid on each share of Class B Common Stock. As such, the undistributed earnings (losses) for each period are allocated based on the proportionate share of entitled cash dividends. The following table illustrates the computation of Common Stock basic and diluted net loss per share, provides a reconciliation of the number of weighted-average basic and diluted shares outstanding, when applicable, and provides the weighted-average number of anti-dilutive shares excluded from the computation of diluted weighted-average shares outstanding:
For the periods when the Company reports a net loss, common stock equivalents, restricted stock units, performance stock units, and shares related to the convertible senior notes are excluded from the computation of diluted loss per share as their inclusion would have an anti-dilutive effect. Performance stock units are considered anti-dilutive if the performance targets upon which the issuance of the shares are contingent have not been achieved and the respective performance period has not been completed as of the end of the current period. Shares related to the convertible senior notes are excluded from the computation of diluted earnings per share in periods when the effect would have been anti-dilutive using the if-converted method. Shareholders’ Equity - Activity impacting total shareholders’ equity attributable to The Marcus Corporation and noncontrolling interest for the 13 weeks ended March 28, 2024 and March 30, 2023 was as follows:
Accumulated Other Comprehensive Loss – Accumulated other comprehensive loss presented in the accompanying consolidated balance sheets consists of the following, all presented net of tax:
Fair Value Measurements - Certain financial assets and liabilities are recorded at fair value in the consolidated financial statements. Some are measured on a recurring basis while others are measured on a non-recurring basis. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. A fair value measurement assumes that a transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The Company’s assets and liabilities measured at fair value are classified in one of the following categories: Level 1 - Assets or liabilities for which fair value is based on quoted prices in active markets for identical instruments as of the reporting date. At March 28, 2024 and December 28, 2023, the Company’s $6,821 and $5,364 respectively, of debt and equity securities classified as trading were valued using Level 1 pricing inputs and were included in other current assets. At December 28, 2023, the Company’s $37,018 of investments in were valued using Level 1 pricing inputs and were included in cash and cash equivalents. Level 2 - Assets or liabilities for which fair value is based on pricing inputs that were either directly or indirectly observable as of the reporting date. At each of March 28, 2024 and December 28, 2023, none of the Company’s recorded assets or liabilities were measured using Level 2 pricing inputs. Level 3 - Assets or liabilities for which fair value is based on valuation models with significant unobservable pricing inputs and which result in the use of management estimates. At each of March 28, 2024 and December 28, 2023, none of the Company’s recorded assets or liabilities that are measured on a recurring basis at fair market value were valued using Level 3 pricing inputs. The carrying value of the Company’s financial instruments (including cash and cash equivalents, restricted cash, accounts receivable and accounts payable) approximates fair value. The fair value of the Company’s $70,000 of senior notes, valued using Level 2 pricing inputs, is approximately $66,833 at March 28, 2024, determined based upon discounted cash flows using current market interest rates for financial instruments with a similar average remaining life. The fair value of the Company's $100,050 of convertible senior notes, valued using Level 2 pricing inputs, is approximately $144,371 at March 28, 2024, determined based on market rates and the closing trading price of the convertible senior notes as of March 28, 2024. The carrying amounts of the Company’s remaining long-term debt approximate their fair values, determined using current rates for similar instruments, or Level 2 pricing inputs. Defined Benefit Plan - The components of the net periodic pension cost of the Company’s unfunded nonqualified, defined-benefit plan are as follows:
Service cost is included in Administrative expense while all other components are recorded within Other expense outside of operating income in the consolidated statements of earnings. Revenue Recognition – The disaggregation of revenues by business segment for the 13 weeks ended March 28, 2024 is as follows:
(1)Included in other revenues is an immaterial amount related to rental income that is not considered revenue from contracts with customers. The disaggregation of revenues by business segment for the 13 weeks ended March 30, 2023 is as follows:
(1)Included in other revenues is an immaterial amount related to rental income that is not considered revenue from contracts with customers. The Company had deferred revenue from contracts with customers of $36,320 and $38,034 as of March 28, 2024 and December 28, 2023, respectively. The Company had no contract assets as of March 28, 2024 and December 28, 2023. During the 13 weeks ended March 28, 2024, the Company recognized revenue of $7,548 that was included in deferred revenues as of December 28, 2023. During the 13 weeks ended March 30, 2023, the Company recognized revenue of $6,276 that was included in deferred revenues as of December 29, 2022. The majority of the Company’s deferred revenue relates to non-redeemed gift cards, advanced ticket sales and the Company’s loyalty program. As of March 28, 2024, the amount of transaction price allocated to the remaining performance obligations under the Company’s advanced ticket sales was $2,031 and is reflected in the Company’s consolidated balance sheet as part of deferred revenues, which is included in other accrued liabilities. As of March 28, 2024, the amount of transaction price allocated to the remaining performance obligations related to the amount of Theatres non-redeemed gift cards was $16,055 and is reflected in the Company’s consolidated balance sheet as part of deferred revenues. The Company recognizes revenue as the tickets and gift cards are redeemed, which is expected to occur within the next two years. As of March 28, 2024, the amount of transaction price allocated to the remaining performance obligations related to the amount of Hotels and Resorts non-redeemed gift cards was $4,282 and is reflected in the Company’s consolidated balance sheet as part of deferred revenues. The Company recognizes revenue as the gift cards are redeemed, which is expected to occur within the next two years. The majority of the Company’s revenue is recognized in less than one year from the original contract. New Accounting Pronouncements - In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280: Improvements to Reportable Segment Disclosures (ASU No. 2023-07), which requires disclosure of incremental segment information on an annual and interim basis. ASU No 2023-07 will be effective for the Company’s fiscal year ending December 26, 2024, and the Company’s interim periods beginning in fiscal 2025. The Company is evaluating the effect that the guidance will have on its consolidated financial statement disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740: Improvements to Income Tax Disclosures (ASU No. 2023-09), which requires improvements to income tax disclosures primarily related to rate reconciliation and income taxes paid information. ASU No. 2023-09 will be effective for the Company in fiscal 2025 and must be applied prospectively with retrospective application permitted. The Company is evaluating the impact that ASU No. 2023-09 will have on its consolidated financial statement disclosures.
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Long-Term Debt | Long-Term Debt Long-term debt is summarized as follows:
Credit Agreement As of March 28, 2024, the Company has a five year Credit Agreement that provides for a revolving credit facility that matures on October 16, 2028 with an initial maximum aggregate amount of availability of $225,000. At March 28, 2024, there were no borrowings outstanding on the revolving credit facility, which when borrowed, bear interest at the secured overnight financing rate (SOFR) plus a margin (as discussed further below), effectively 9.05% at March 28, 2024. Availability under the $225,000 revolving credit facility was $220,185 as of March 28, 2024 after taking into consideration outstanding letters of credit that reduce revolver availability. Borrowings under the Credit Agreement bear interest at a variable rate equal to (i) the term SOFR, plus a credit spread adjustment of 0.10%, subject to a 0% floor, plus a specified margin based upon the Company’s net leverage ratio as of the most recent determination date, or (ii) the alternate base rate (“ABR”) (which is the highest of (a) the prime rate, (b) the greater of the federal funds rate and the overnight bank funding rate plus 0.50% or (c) the sum of 1% plus one-month SOFR plus a credit spread adjustment of 0.10%), subject to a 1% floor, plus a specified margin based upon the Company’s net leverage ratio as of the most recent determination date. The revolving credit facility also requires an annual facility fee equal to 0.175% to 0.275% of the total revolving commitments depending on the Company’s consolidated net leverage ratio. The Credit Agreement includes, among other restrictions and covenants applicable to the Company, a requirement that the Company’s consolidated net leverage ratio not exceed 3.50:1.00, provided that, with some limitations, such ratio may be increased to 4.00:1:00 for the full fiscal quarter in which a material acquisition (in which aggregate consideration equals or exceeds $30,000) is consummated and the three fiscal quarters immediately thereafter, and a requirement that the Company’s interest coverage ratio at the end of any fiscal quarter not be less than 3.00:1.00. In connection with the Credit Agreement: (i) the Company has pledged, subject to certain exceptions, security interests and liens in and on (a) substantially all of its respective personal property assets and (b) certain of its respective real property assets, in each case, to secure the Credit Agreement and related obligations; and (ii) certain of the Company’s subsidiaries have guaranteed the Company’s obligations under the Credit Agreement. The Credit Agreement contains customary events of default. If an event of default under the Credit Agreement occurs and is continuing, then, among other things, the lenders may declare any outstanding obligations under the Credit Agreement to be immediately due and payable and exercise rights and remedies against the pledged collateral. Note Purchase Agreements At March 28, 2024 and December 28, 2023, the Company’s $70,000 of senior notes consist of two Note Purchase Agreements maturing in 2025 through 2027, require annual principal payments in varying installments and bear interest payable semi-annually at fixed rates ranging from 4.02% to 4.32%. Convertible Senior Notes On September 17, 2020, the Company entered into a purchase agreement to issue and sell $100,050 aggregate principal amount of its 5.00% Convertible Senior Notes due 2025 (the “Convertible Notes.”) The Convertible Notes were issued pursuant to an indenture (the “Indenture”), dated September 22, 2020, between the Company and U.S. Bank National Association, as trustee. The Convertible Notes bear interest from September 22, 2020 at a rate of 5.00% per year. Interest will be payable semiannually in arrears on March 15 and September 15 of each year, beginning on March 15, 2021. The Convertible Notes may bear additional interest under specified circumstances relating to the Company’s failure to comply with its reporting obligations under the Indenture or if the Convertible Notes are not freely tradeable as required by the Indenture. The Convertible Notes will mature on September 15, 2025, unless earlier repurchased or converted. Prior to March 15, 2025, the Convertible Notes will be convertible at the option of the holders only under the following circumstances: (i) during any fiscal quarter commencing after the fiscal quarter ending on December 31, 2020 (and only during such fiscal quarter), if the last reported sale price of the Common Stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (ii) during the business day period immediately after any consecutive trading day period, or the measurement period, in which the trading price per $1,000 principal amount of the Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Common Stock and the conversion rate on each such trading day; or (iii) upon the occurrence of specified corporate events. On or after March 15, 2025, the Convertible Notes will be convertible at the option of the holders at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion, the Convertible Notes may be settled, at the Company’s election, in cash, shares of Common Stock or a combination thereof. The initial conversion rate was 90.8038 shares of Common Stock per $1,000 principal amount of the Convertible Notes (equivalent to an initial conversion price of approximately $11.01 per share of Common Stock), representing an initial conversion premium of approximately 22.5% to the $8.99 last reported sale price of the Common Stock on The New York Stock Exchange on September 17, 2020. The conversion rate is subject to adjustment for certain events, including distributions and dividends paid to holders of Common Stock. At March 28, 2024, the applicable conversion rate is 93.2680 shares of Common Stock per $1,000 principal amount of the Convertible Notes (equivalent to an applicable conversion price of approximately $10.72 per share of Common Stock). If the Company undergoes certain fundamental changes, holders of Convertible Notes may require the Company to repurchase for cash all or part of their Convertible Notes for a purchase price equal to 100% of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. In addition, if a make-whole fundamental change occurs prior to the maturity date, the Company will, under certain circumstances, increase the conversion rate for holders who convert Convertible Notes in connection with such make-whole fundamental change. The Company may not redeem the Convertible Notes before maturity and no “sinking fund” is provided for the Convertible Notes. The Indenture includes covenants customary for securities similar to the Convertible Notes, sets forth certain events of default after which the Convertible Notes may be declared immediately due and payable and sets forth certain types of bankruptcy or insolvency events of default involving the Company and certain of its subsidiaries after which the Convertible Notes become automatically due and payable. Since the Company’s fiscal 2021 second quarter through the Company’s fiscal 2024 second quarter, the Company’s Convertible Notes were (are) eligible for conversion at the option of the holders as the last reported sale price of the Common Stock was greater than or equal to 130% of the applicable conversion price for at least 20 trading days during the last 30 consecutive trading days ending on the last trading day of the preceding fiscal quarter. The Company has the ability to settle the conversion in Company stock. As such, the Convertible Notes will continue to be classified as long-term. Future convertibility and resulting balance sheet classification of this liability will be monitored at each quarterly reporting date and will be analyzed dependent upon market prices of the Company’s Common Stock during the prescribed measurement period. No Convertible Notes have been converted to date and the Company does not expect any to be converted within the next 12 months. In connection with the pricing of the Convertible Notes on September 17, 2020, and in connection with the exercise by the Initial Purchasers (as defined in the Convertible Notes purchase agreement) of their option to purchase additional Convertible Notes on September 18, 2020, the Company entered into privately negotiated Capped Call Transactions (the “Capped Call Transactions”) with certain of the Initial Purchasers and/or their respective affiliates and/or other financial institutions (the “Capped Call Counterparties”). The Capped Call Transactions are expected generally to reduce potential dilution of the Company’s common stock upon any conversion of the Convertible Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of such converted Convertible Notes, as the case may be, in the event that the market price per share of the Company’s common stock, as measured under the terms of the Capped Call Transactions, is greater than the strike price of the Capped Call Transactions, which initially corresponds to the conversion price of the Convertible Notes and is subject to anti-dilution adjustments substantially similar to those applicable to the conversion rate of the Convertible Notes. If, however, the market price per share of the Company’s common stock, as measured under the terms of the Capped Call Transactions, exceeds the cap price of the Capped Call Transactions, there would nevertheless be dilution to the extent that such market price exceeds the cap price of the Capped Call Transactions. The cap price of the Capped Call Transactions was initially $17.98 per share (in no event shall the cap price be less than the strike price of $11.0128), which represents a premium of 100% over the last reported sale price of the Common Stock of $8.99 per share on The New York Stock Exchange on September 17, 2020. Under the terms of the Capped Call Transactions, the cap price is subject to adjustment for certain events, including distributions and dividends paid to holders of Common Stock. At March 28, 2024, the adjusted cap price is approximately $17.51 per share. The Capped Call Transactions are separate transactions entered into by the Company with the Capped Call Counterparties, are not part of the terms of the Convertible Notes and will not change the rights of holders of the Convertible Notes under the Convertible Notes and the Indenture.
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The Company determines if an arrangement is a lease at inception. The Company evaluates each lease for classification as either a finance lease or an operating lease according to Accounting Standards Codification No. 842, Leases. The Company performs this evaluation at the inception of the lease and when a modification is made to a lease. The Company leases real estate and equipment with lease terms of one year to 45 years, some of which include options to extend and/or terminate the lease. The majority of the Company’s lease agreements include fixed rental payments. For those leases with variable payments based on increases in an index subsequent to lease commencement, such payments are recognized as variable lease expense as they occur. Variable lease payments that do not depend on an index or rate, including those that depend on the Company’s performance or use of the underlying asset, are also expensed as incurred. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. Total lease cost consists of the following:
Additional information related to leases is as follows:
Remaining lease terms and discount rates are as follows:
Deferred rent payments of approximately $647 for the Company’s operating leases have been included in the total operating lease obligations as of March 28, 2024, of which approximately $197 is included in long-term operating lease obligations.
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Leases | Leases The Company determines if an arrangement is a lease at inception. The Company evaluates each lease for classification as either a finance lease or an operating lease according to Accounting Standards Codification No. 842, Leases. The Company performs this evaluation at the inception of the lease and when a modification is made to a lease. The Company leases real estate and equipment with lease terms of one year to 45 years, some of which include options to extend and/or terminate the lease. The majority of the Company’s lease agreements include fixed rental payments. For those leases with variable payments based on increases in an index subsequent to lease commencement, such payments are recognized as variable lease expense as they occur. Variable lease payments that do not depend on an index or rate, including those that depend on the Company’s performance or use of the underlying asset, are also expensed as incurred. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. Total lease cost consists of the following:
Additional information related to leases is as follows:
Remaining lease terms and discount rates are as follows:
Deferred rent payments of approximately $647 for the Company’s operating leases have been included in the total operating lease obligations as of March 28, 2024, of which approximately $197 is included in long-term operating lease obligations.
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Share Based Compensation |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share Based Compensation | Share Based Compensation During the 13 weeks ended March 28, 2024, the Company granted restricted stock, restricted stock units (RSUs) and performance stock units (PSUs) to certain executives and associates. Restricted Stock and Restricted Stock Units During the 13 weeks ended March 28, 2024, the Company granted (i) an annual award of restricted stock and RSUs with a vesting period of 50% after two years and 100% after three years, and (ii) a special long-term incentive and retention award of restricted stock to certain executives with a vesting period of 100% after four years, or upon retirement after three years. Restricted stock awards are issued and outstanding common stock at the time of the grant and become unrestricted upon the vesting date. RSU awards are payable in common stock upon vesting. The Company expenses the cost of restricted stock and RSU awards over the vesting period based on the fair value of the award at the date of grant. Performance Stock Units During the 13 weeks ended March 28, 2024, the Company granted PSUs with vesting subject to the Company’s achievement of performance goals expressed in terms of (i) earnings before interest, taxes, depreciation and amortization, or EBITDA, growth rate ranking relative to the Russell 2000 Index with respect to 25% of the total number of performance stock unit awards, and (ii) the Company’s average return on invested capital, or ROIC, ranking relative to the Russell 2000 Index with respect to 75% of the total number of performance stock unit awards. For grants awarded in fiscal 2024, the PSU performance goals relate to the three-year performance period from fiscal 2024-2026. PSUs are payable at the end of their respective performance period in common stock, and the number of PSUs awarded can range from zero to 150% depending on the Company’s achievement of the relative performance metrics. The Company expenses the cost of PSUs based on the fair value of the awards at the date of grant and the estimated achievement of the performance metric, ratable over the performance period of three fiscal years. A summary of the Company’s stock option, restricted stock and RSU and PSU activity and related information follows, with PSUs reflected at the target achievement percentage until the completion of the performance period (shares in thousands):
(1)Exercise activity only applicable to stock options. (2)Vesting activity not applicable to stock options. Share-based compensation expense was $2,514 and $2,172 during the 13 weeks ended March 28, 2024 and March 30, 2023, respectively. As of March 28, 2024, total unrecognized share-based compensation expense related to stock options was $3,385, which will be amortized to expense over the weighted-average remaining life of 2.3 years. As of March 28, 2024, total unrecognized share-based compensation expense related to non-vested restricted stock, RSUs and PSUs was $9,736 which will be amortized over the weighted-average remaining service period of 3.2 years. At March 28, 2024, there were 420,766 shares available for grants of additional stock options, restricted stock, RSUs, PSUs and other types of equity awards under the current plan.
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Income Taxes |
3 Months Ended |
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Mar. 28, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesThe Company’s effective income tax rate for the 13 weeks ended March 28, 2024 and March 30, 2023 was 38.3% and 23.1%, respectively. The fiscal 2024 first quarter effective income tax rate was negatively impacted by excess compensation subject to deduction limitations. The fiscal 2023 first quarter effective income tax rate was favorably impacted by a decrease in valuation allowances related to deferred tax assets for state net operating loss carryforwards. |
Joint Venture Transactions |
3 Months Ended |
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Mar. 28, 2024 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Joint Venture Transactions | Joint Venture Transactions In March 2024, the Company formed a joint venture with Hempel Real Estate (“Hempel”) and Robinson Park (“RP”) to acquire the Loews Minneapolis Hotel, a 251 guest room and suite full-service lifestyle hotel located in downtown Minneapolis, Minnesota. The acquired hotel was rebranded as The Lofton Hotel (“Lofton”) under the Tapestry Collection by Hilton flag. The Company invested $5,620 for a 33.3% equity interest in the Lofton joint venture and entered into a management agreement for the hotel. Subsequent to its initial investment in the joint venture, the Company sold an 8.6% interest to a minority investor for $1,500, reducing its equity interest in the Lofton joint venture to 24.7%. The Company accounts for its investment in the Lofton joint venture on the equity method. A wholly-owned subsidiary of the Lofton joint venture entity, as the borrower, financed the acquisition of and future improvements to the hotel with a mortgage loan. In connection with this mortgage loan, the Company provided an environmental indemnity and a several payment guaranty that provides that the lender can recover losses from the Company, a principal in Hempel, and a principal in RP for certain events of default of the borrower up to $6.2 million for the Company. Under the terms of a cross-indemnity agreement among the guarantors, the other two guarantors have fully indemnified the Company under the guarantees for any losses in excess of its proportionate liability under the several payment guaranty and environmental indemnity.
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Business Segment Information |
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segment Information | Business Segment Information The Company’s primary operations are reported in the following business segments: Theatres and Hotels/Resorts. Corporate items include amounts not allocable to the business segments. Corporate revenues consist principally of rent and the corporate operating loss includes general corporate expenses. Corporate information technology costs and accounting shared services costs are allocated to the business segments based upon several factors, including actual usage and segment revenues. Following is a summary of business segment information for the 13 weeks ended March 28, 2024 and March 30, 2023:
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 28, 2024 |
Mar. 30, 2023 |
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Pay vs Performance Disclosure | ||
Net Income (Loss) | $ (11,866) | $ (9,466) |
Insider Trading Arrangements |
3 Months Ended |
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Mar. 28, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
General (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation - The unaudited consolidated financial statements for the 13 weeks ended March 28, 2024 and March 30, 2023 have been prepared by the Company. In the opinion of management, all adjustments, consisting of normal recurring adjustments necessary to present fairly the unaudited interim financial information at March 28, 2024, and for all periods presented, have been made. The results of operations during the interim periods are not necessarily indicative of the results of operations for the entire year or other interim periods. However, the unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 28, 2023.
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Depreciation and Amortization | Depreciation and Amortization - Depreciation and amortization of property and equipment are provided using the straight-line method over the shorter of the estimated useful lives of the assets or any related lease terms. Depreciation expense totaled $16,014 and $15,868 for the 13 weeks ended March 28, 2024, and March 30, 2023, respectively.
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Assets Held for Sale | Assets Held for Sale – Long-lived assets that are expected to be sold within the next 12 months and meet the other relevant held-for-sale criteria are classified as assets held for sale and included within current assets on the consolidated balance sheet. Assets held for sale are measured at the lower of their carrying value or their fair value less costs to sell the asset. As of March 28, 2024, assets held for sale consisted of one closed theatre that was sold subsequent to March 28, 2024.
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Long-Lived Assets | Long-Lived Assets – The Company periodically considers whether indicators of impairment of long-lived assets held for use are present. This includes quantitative and qualitative factors, including evaluating the historical actual operating performance of the long-lived assets and assessing the potential impact of recent events and transactions impacting the long-lived assets. If such indicators are present, the Company determines if the long-lived assets are recoverable by assessing whether the sum of the estimated undiscounted future cash flows attributable to such assets is less than their carrying amounts. If the long-lived assets are not recoverable, the Company recognizes any impairment losses based on the excess of the carrying amount of the assets over their fair value. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | Goodwill – The Company reviews goodwill for impairment annually or more frequently if certain indicators arise. The Company performs its annual impairment test on the first day of the fiscal fourth quarter. There were no indicators of impairment identified during the 13 weeks ended March 28, 2024 or March 30, 2023.
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Earnings (Loss) Per Share | Earnings (Loss) Per Share - Net earnings (loss) per share (EPS) of Common Stock and Class B Common Stock is computed using the two class method. Basic net earnings (loss) per share is computed by dividing net earnings (loss) by the weighted-average number of common shares outstanding. Diluted net earnings (loss) per share is computed by dividing net earnings (loss) by the weighted-average number of common shares outstanding, adjusted for the effect of dilutive stock options, restricted stock units, performance stock units and convertible debt instruments using the if-converted method. Convertible Class B Common Stock and convertible debt instruments are reflected on an if-converted basis when dilutive to Common Stock. The computation of the diluted net earnings (loss) per share of Common Stock assumes the conversion of Class B Common Stock in periods that have net earnings since it would be dilutive to Common Stock earnings per share, while the diluted net earnings (loss) per share of Class B Common Stock does not assume the conversion of those shares. Holders of Common Stock are entitled to cash dividends per share equal to 110% of all dividends declared and paid on each share of Class B Common Stock. As such, the undistributed earnings (losses) for each period are allocated based on the proportionate share of entitled cash dividends. The following table illustrates the computation of Common Stock basic and diluted net loss per share, provides a reconciliation of the number of weighted-average basic and diluted shares outstanding, when applicable, and provides the weighted-average number of anti-dilutive shares excluded from the computation of diluted weighted-average shares outstanding:
For the periods when the Company reports a net loss, common stock equivalents, restricted stock units, performance stock units, and shares related to the convertible senior notes are excluded from the computation of diluted loss per share as their inclusion would have an anti-dilutive effect. Performance stock units are considered anti-dilutive if the performance targets upon which the issuance of the shares are contingent have not been achieved and the respective performance period has not been completed as of the end of the current period. Shares related to the convertible senior notes are excluded from the computation of diluted earnings per share in periods when the effect would have been anti-dilutive using the if-converted method.
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Fair Value Measurements | Fair Value Measurements - Certain financial assets and liabilities are recorded at fair value in the consolidated financial statements. Some are measured on a recurring basis while others are measured on a non-recurring basis. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. A fair value measurement assumes that a transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The Company’s assets and liabilities measured at fair value are classified in one of the following categories: Level 1 - Assets or liabilities for which fair value is based on quoted prices in active markets for identical instruments as of the reporting date. At March 28, 2024 and December 28, 2023, the Company’s $6,821 and $5,364 respectively, of debt and equity securities classified as trading were valued using Level 1 pricing inputs and were included in other current assets. At December 28, 2023, the Company’s $37,018 of investments in were valued using Level 1 pricing inputs and were included in cash and cash equivalents. Level 2 - Assets or liabilities for which fair value is based on pricing inputs that were either directly or indirectly observable as of the reporting date. At each of March 28, 2024 and December 28, 2023, none of the Company’s recorded assets or liabilities were measured using Level 2 pricing inputs. Level 3 - Assets or liabilities for which fair value is based on valuation models with significant unobservable pricing inputs and which result in the use of management estimates. At each of March 28, 2024 and December 28, 2023, none of the Company’s recorded assets or liabilities that are measured on a recurring basis at fair market value were valued using Level 3 pricing inputs. The carrying value of the Company’s financial instruments (including cash and cash equivalents, restricted cash, accounts receivable and accounts payable) approximates fair value. The fair value of the Company’s $70,000 of senior notes, valued using Level 2 pricing inputs, is approximately $66,833 at March 28, 2024, determined based upon discounted cash flows using current market interest rates for financial instruments with a similar average remaining life. The fair value of the Company's $100,050 of convertible senior notes, valued using Level 2 pricing inputs, is approximately $144,371 at March 28, 2024, determined based on market rates and the closing trading price of the convertible senior notes as of March 28, 2024. The carrying amounts of the Company’s remaining long-term debt approximate their fair values, determined using current rates for similar instruments, or Level 2 pricing inputs.
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Defined Benefit Plan | Defined Benefit Plan - The components of the net periodic pension cost of the Company’s unfunded nonqualified, defined-benefit plan are as follows:
Service cost is included in Administrative expense while all other components are recorded within Other expense outside of operating income in the consolidated statements of earnings.
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Revenue Recognition | Revenue Recognition – The disaggregation of revenues by business segment for the 13 weeks ended March 28, 2024 is as follows:
(1)Included in other revenues is an immaterial amount related to rental income that is not considered revenue from contracts with customers. The disaggregation of revenues by business segment for the 13 weeks ended March 30, 2023 is as follows:
(1)Included in other revenues is an immaterial amount related to rental income that is not considered revenue from contracts with customers. The Company had deferred revenue from contracts with customers of $36,320 and $38,034 as of March 28, 2024 and December 28, 2023, respectively. The Company had no contract assets as of March 28, 2024 and December 28, 2023. During the 13 weeks ended March 28, 2024, the Company recognized revenue of $7,548 that was included in deferred revenues as of December 28, 2023. During the 13 weeks ended March 30, 2023, the Company recognized revenue of $6,276 that was included in deferred revenues as of December 29, 2022. The majority of the Company’s deferred revenue relates to non-redeemed gift cards, advanced ticket sales and the Company’s loyalty program. As of March 28, 2024, the amount of transaction price allocated to the remaining performance obligations under the Company’s advanced ticket sales was $2,031 and is reflected in the Company’s consolidated balance sheet as part of deferred revenues, which is included in other accrued liabilities. As of March 28, 2024, the amount of transaction price allocated to the remaining performance obligations related to the amount of Theatres non-redeemed gift cards was $16,055 and is reflected in the Company’s consolidated balance sheet as part of deferred revenues. The Company recognizes revenue as the tickets and gift cards are redeemed, which is expected to occur within the next two years. As of March 28, 2024, the amount of transaction price allocated to the remaining performance obligations related to the amount of Hotels and Resorts non-redeemed gift cards was $4,282 and is reflected in the Company’s consolidated balance sheet as part of deferred revenues. The Company recognizes revenue as the gift cards are redeemed, which is expected to occur within the next two years. The majority of the Company’s revenue is recognized in less than one year from the original contract.
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New Accounting Pronouncements | New Accounting Pronouncements - In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280: Improvements to Reportable Segment Disclosures (ASU No. 2023-07), which requires disclosure of incremental segment information on an annual and interim basis. ASU No 2023-07 will be effective for the Company’s fiscal year ending December 26, 2024, and the Company’s interim periods beginning in fiscal 2025. The Company is evaluating the effect that the guidance will have on its consolidated financial statement disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740: Improvements to Income Tax Disclosures (ASU No. 2023-09), which requires improvements to income tax disclosures primarily related to rate reconciliation and income taxes paid information. ASU No. 2023-09 will be effective for the Company in fiscal 2025 and must be applied prospectively with retrospective application permitted. The Company is evaluating the impact that ASU No. 2023-09 will have on its consolidated financial statement disclosures.
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Leases | The Company determines if an arrangement is a lease at inception. The Company evaluates each lease for classification as either a finance lease or an operating lease according to Accounting Standards Codification No. 842, Leases. The Company performs this evaluation at the inception of the lease and when a modification is made to a lease. The Company leases real estate and equipment with lease terms of one year to 45 years, some of which include options to extend and/or terminate the lease. The majority of the Company’s lease agreements include fixed rental payments. For those leases with variable payments based on increases in an index subsequent to lease commencement, such payments are recognized as variable lease expense as they occur. Variable lease payments that do not depend on an index or rate, including those that depend on the Company’s performance or use of the underlying asset, are also expensed as incurred. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term.
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Mar. 28, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings (Loss) Per Share | The following table illustrates the computation of Common Stock basic and diluted net loss per share, provides a reconciliation of the number of weighted-average basic and diluted shares outstanding, when applicable, and provides the weighted-average number of anti-dilutive shares excluded from the computation of diluted weighted-average shares outstanding:
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Schedule of Stockholders Equity | Activity impacting total shareholders’ equity attributable to The Marcus Corporation and noncontrolling interest for the 13 weeks ended March 28, 2024 and March 30, 2023 was as follows:
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Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive loss presented in the accompanying consolidated balance sheets consists of the following, all presented net of tax:
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Schedule of Defined Benefit Plan | The components of the net periodic pension cost of the Company’s unfunded nonqualified, defined-benefit plan are as follows:
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Schedule of Disaggregation of Revenue | The disaggregation of revenues by business segment for the 13 weeks ended March 28, 2024 is as follows:
(1)Included in other revenues is an immaterial amount related to rental income that is not considered revenue from contracts with customers. The disaggregation of revenues by business segment for the 13 weeks ended March 30, 2023 is as follows:
(1)Included in other revenues is an immaterial amount related to rental income that is not considered revenue from contracts with customers.
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Long-Term Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 28, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term debt and short-term borrowings | Long-term debt is summarized as follows:
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Leases (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 28, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Lease Cost | Total lease cost consists of the following:
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Schedule of Other Information Related to Leases | Additional information related to leases is as follows:
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Schedule of Lease Term and Discount Rate | Remaining lease terms and discount rates are as follows:
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Share Based Compensation (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 28, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Share-Based Payment Arrangement, Activity | A summary of the Company’s stock option, restricted stock and RSU and PSU activity and related information follows, with PSUs reflected at the target achievement percentage until the completion of the performance period (shares in thousands):
(1)Exercise activity only applicable to stock options. (2)Vesting activity not applicable to stock options.
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Business Segment Information (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 28, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | Following is a summary of business segment information for the 13 weeks ended March 28, 2024 and March 30, 2023:
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General - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands |
Mar. 28, 2024 |
Dec. 28, 2023 |
---|---|---|
Accounting Policies [Abstract] | ||
Net unrecognized actuarial loss for pension obligation | $ (1,348) | $ (1,336) |
Accumulated other comprehensive loss | $ (1,348) | $ (1,336) |
General - Schedule of Defined Benefit Plan (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 28, 2024 |
Mar. 30, 2023 |
|
Accounting Policies [Abstract] | ||
Service cost | $ 62 | $ 122 |
Interest cost | 444 | 453 |
Net amortization of prior service cost and actuarial loss | (16) | (16) |
Net periodic pension cost | $ 490 | $ 559 |
Long-Term Debt - Schedule of Long-term debt and short-term borrowings (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 28, 2024 |
Dec. 28, 2023 |
|
Debt Disclosure [Abstract] | ||
Principal and interest payments | $ 39 | $ 39 |
Interest rate of unsecured term note (as percent) | 5.75% | 5.75% |
Senior notes | $ 70,000 | $ 70,000 |
Unsecured term note due February 2025, with monthly principal and interest payments of $39, bearing interest at 5.75% | 418 | 528 |
Convertible senior notes | 100,050 | 100,050 |
Payroll Protection Program loans | 1,004 | 1,233 |
Revolving credit agreement | 0 | 0 |
Debt issuance costs | (1,693) | (1,960) |
Total debt, net of debt issuance costs | 169,779 | 169,851 |
Less current maturities, net of issuance costs | 10,273 | 10,303 |
Long-term debt | $ 159,506 | $ 159,548 |
Leases - Narrative (Details) $ in Thousands |
Mar. 28, 2024
USD ($)
|
---|---|
Deferred rent payments under operating lease | $ 647 |
Long-Term Operating Lease Obligations | |
Deferred rent payments under operating lease | $ 197 |
Minimum | |
Lease terms (in years) | 1 year |
Maximum | |
Lease terms (in years) | 45 years |
Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 28, 2024 |
Mar. 30, 2023 |
|
Finance lease costs: | ||
Amortization of finance lease assets | $ 615 | $ 691 |
Interest on lease liabilities | 175 | 198 |
Total finance lease costs | 790 | 889 |
Operating lease costs: | ||
Operating lease costs | 5,985 | 6,044 |
Variable lease cost | 312 | 416 |
Short-term lease cost | 50 | 33 |
Total operating lease costs | $ 6,347 | $ 6,493 |
Leases - Schedule of Other Information Related to Leases (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 28, 2024 |
Mar. 30, 2023 |
|
Cash paid for amounts included in the measurement of lease liabilities: | ||
Financing cash flows from finance leases | $ 601 | $ 556 |
Operating cash flows from finance leases | 175 | 198 |
Operating cash flows from operating leases | 6,282 | 6,430 |
Right of use assets obtained in exchange for new lease obligations: | ||
Finance lease liabilities | 0 | 0 |
Operating lease liabilities | $ 0 | $ 0 |
Leases - Schedule of Finance Leases (Details) - USD ($) $ in Thousands |
Mar. 28, 2024 |
Dec. 28, 2023 |
---|---|---|
Finance leases: | ||
Property and equipment – gross | $ 30,106 | $ 30,106 |
Accumulated depreciation and amortization | (18,571) | (17,956) |
Finance lease right-of-use assets | $ 11,535 | $ 12,150 |
Leases - Schedule of Lease Term and Discount Rate (Details) |
Mar. 28, 2024 |
Dec. 28, 2023 |
---|---|---|
Weighted-average remaining lease terms: | ||
Finance leases | 6 years | 7 years |
Operating leases | 11 years | 12 years |
Weighted-average discount rates: | ||
Finance leases | 4.64% | 4.62% |
Operating leases | 4.67% | 4.52% |
Income Taxes (Details) |
3 Months Ended | |
---|---|---|
Mar. 28, 2024 |
Mar. 30, 2023 |
|
Income Tax Disclosure [Abstract] | ||
Effective income tax rate, percent | 38.30% | 23.10% |
Joint Venture Transactions (Details) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 28, 2024
USD ($)
|
Mar. 04, 2024
USD ($)
|
Mar. 28, 2024
USD ($)
hotel
|
|
Hempel and Robinson Park | |||
Guaranties and environmental indemnity amount | $ 6,200 | $ 6,200 | |
Lofton Hotel | |||
Number of guest and suite room | hotel | 251 | ||
Payments to acquire equity method investments | $ 5,620 | ||
Equity method investment, ownership percentage | 24.70% | 33.30% | 24.70% |
Proceeds from sale of equity method investments | $ 1,500 | ||
Lofton Hotel | The Marcus Corporation | |||
Equity method investment, ownership percentage sold | 8.60% |
Business Segment Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 28, 2024 |
Mar. 30, 2023 |
|
Segment Reporting Information [Line Items] | ||
Revenues | $ 138,547 | $ 152,276 |
Operating income (loss) | (16,665) | (8,988) |
Depreciation and amortization | 16,015 | 15,876 |
Operating Segments | Theatres | ||
Segment Reporting Information [Line Items] | ||
Revenues | 81,270 | 96,376 |
Operating income (loss) | (5,739) | 1,519 |
Depreciation and amortization | 11,033 | 11,488 |
Operating Segments | Hotels/ Resorts | ||
Segment Reporting Information [Line Items] | ||
Revenues | 57,197 | 55,811 |
Operating income (loss) | (5,162) | (5,032) |
Depreciation and amortization | 4,864 | 4,301 |
Corporate Items | ||
Segment Reporting Information [Line Items] | ||
Revenues | 80 | 89 |
Operating income (loss) | (5,764) | (5,475) |
Depreciation and amortization | $ 118 | $ 87 |
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