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]

Group 1 - The market anticipates Marcus (MCS) to report a year-over-year earnings increase driven by higher revenues for the quarter ended December 2024, with earnings expected to be $0.11 per share, reflecting a +320% change, and revenues projected at $187 million, up 15.8% from the previous year [1][3] - The stock price may rise if the actual earnings exceed expectations in the upcoming report scheduled for February 27, while a miss could lead to a decline [2] - The consensus EPS estimate for Marcus has been revised 17.81% lower in the last 30 days, indicating a reassessment by analysts [4] Group 2 - 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%, which complicates predictions of an earnings beat [10][11] - Despite a Zacks Rank of 1 (Strong Buy), the lack of a positive Earnings ESP reading makes it challenging to predict a beat for Marcus [11] - Historical performance indicates that Marcus has beaten consensus EPS estimates in two out of the last four quarters, with a notable surprise of +69.57% in the last reported quarter [12][13] Group 3 - AMC Entertainment, another player in the leisure and recreation services industry, is expected to report earnings of $0.16 per share for the same quarter, representing a +70.4% year-over-year change, with revenues anticipated at $1.29 billion, up 16.5% [17] - The consensus EPS estimate for AMC has been revised 17.2% higher in the last 30 days, leading to a positive Earnings ESP of 2.04%, suggesting a likely earnings beat [18]

Core Viewpoint - Marcus (MCS) has been upgraded to a Zacks Rank 2 (Buy), indicating a positive outlook on its earnings estimates, which significantly influence stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system emphasizes the importance of earnings estimate revisions, which are strongly correlated with stock price movements, particularly due to institutional investors' reliance on these estimates for valuation [4][6]. - An increase in earnings estimates typically leads to higher fair value for a stock, prompting institutional investors to buy or sell accordingly, thus affecting stock prices [4]. Company Performance and Outlook - The recent upgrade for Marcus suggests an improvement in the company's underlying business, which is expected to be reflected in a higher stock price as investors respond positively to this trend [5]. - Over the past three months, the Zacks Consensus Estimate for Marcus has increased by 14.7%, indicating a positive shift in earnings expectations [8]. Zacks Rating System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks, which have generated an average annual return of +25% since 1988 [7]. - The upgrade of Marcus to a Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting a strong potential for market-beating returns in the near term [10].

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Company Overview: Marcus (MCS) - Marcus currently holds a Momentum Style Score of B, indicating a favorable momentum characteristic [2] - The company has a Zacks Rank of 1 (Strong Buy), suggesting strong potential for outperformance in the market [3] Performance Metrics - Over the past week, Marcus shares increased by 1.24%, while the Zacks Leisure and Recreation Services industry rose by 2.05% [6] - In a longer timeframe, Marcus's monthly price change is 32.23%, significantly outperforming the industry's 8.13% [6] - Over the last quarter, Marcus shares have surged by 55.69%, and by 53.09% over the past year, compared to the S&P 500's increases of 7.42% and 32.55%, respectively [7] Trading Volume - The average 20-day trading volume for Marcus is 380,603 shares, which serves as a bullish indicator when combined with rising stock prices [8] Earnings Outlook - Recent earnings estimate revisions for Marcus show 2 upward revisions and none downward for the full year, raising the consensus estimate from -$0.54 to -$0.23 [10] - For the next fiscal year, there have also been 2 upward revisions with no downward changes [10] Conclusion - Considering the positive momentum indicators and earnings outlook, Marcus is positioned as a 1 (Strong Buy) stock with a Momentum Score of B, making it a potential candidate for near-term investment [11][12]

Core Viewpoint - Momentum investing focuses on "buying high and selling higher," contrasting with traditional strategies of "buying low and selling high" [1] Group 1: Momentum Investing Characteristics - Momentum investing can be risky as stocks may lose momentum when their valuations exceed future growth potential, leading to potential losses for investors [2] - A safer approach may involve investing in bargain stocks that have recently shown price momentum, utilizing tools like the Zacks Momentum Style Score to identify such opportunities [3] Group 2: Case Study - Marcus (MCS) - Marcus (MCS) has demonstrated significant price momentum, with a four-week price change of 32.5%, indicating growing investor interest [4] - Over the past 12 weeks, MCS has gained 54.8%, with a beta of 1.48, suggesting it moves 48% more than the market [5] - MCS has a Momentum Score of B, indicating a favorable entry point for investors looking to capitalize on its momentum [6] Group 3: Earnings Estimates and Valuation - MCS has received a Zacks Rank 1 (Strong Buy) due to upward revisions in earnings estimates, which typically attract more investor interest [7] - The stock is currently trading at a Price-to-Sales ratio of 0.97, suggesting it is undervalued as investors pay only 97 cents for each dollar of sales [7] Group 4: Additional Opportunities - Besides MCS, there are other stocks that meet the criteria of the 'Fast-Paced Momentum at a Bargain' screen, presenting further investment opportunities [8] - Investors can explore over 45 Zacks Premium Screens tailored to different investing styles to identify potential winning stocks [9]

Core Viewpoint - The article emphasizes the importance of timing and sustainability in short-term investing, highlighting that a solid trend can lead to successful investments, but requires careful analysis of underlying factors [1][2]. Group 1: Stock Performance and Trends - The "Recent Price Strength" screen identifies stocks with strong fundamentals that can maintain upward momentum, focusing on those trading in the upper portion of their 52-week high-low range [3]. - Marcus (MCS) has shown a significant price increase of 55.4% over the past 12 weeks, indicating strong investor interest [4]. - MCS has also experienced a price increase of 32.1% over the last four weeks, suggesting that the upward trend is still intact [5]. - Currently, MCS is trading at 93.4% of its 52-week high-low range, indicating a potential breakout [6]. Group 2: Fundamental Strength and Ratings - MCS holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, which are critical for near-term price movements [6]. - The stock has an Average Broker Recommendation of 1 (Strong Buy), reflecting high optimism from the brokerage community regarding its near-term performance [7]. - Historically, Zacks Rank 1 stocks have generated an average annual return of +25% since 1988, showcasing the effectiveness of this rating system [7]. Group 3: Investment Strategy and Tools - The article suggests that investors should consider other stocks that pass the "Recent Price Strength" screen, as well as explore over 45 Zacks Premium Screens tailored to different investing styles [8]. - The Zacks Research Wizard can assist in backtesting stock-picking strategies to ensure they have produced profitable results in the past [9].

Group 1 - Marcus (MCS) is a strong performer in the Consumer Discretionary sector, with a year-to-date gain of approximately 49.3%, significantly outperforming the sector average return of 10.7% [4] - The Zacks Rank for Marcus is 1 (Strong Buy), indicating a positive outlook, with the consensus estimate for full-year earnings having increased by 310.7% over the past 90 days [3] - Marcus is part of the Leisure and Recreation Services industry, which has an average gain of 16.8% this year, further highlighting its strong performance within its industry [5] Group 2 - Adtalem Global Education (ATGE) is another notable stock in the Consumer Discretionary sector, with a year-to-date return of 47.9% [4] - The Zacks Rank for Adtalem Global Education is 2 (Buy), with a consensus estimate for its current year EPS having increased by 2.8% over the past three months [5] - The Schools industry, to which Adtalem belongs, is ranked 11 and has seen a modest gain of 1.5% this year [6]

Core Insights - SweetWater Brewing Company, a subsidiary of Tilray Brands, Inc., is celebrating the 20th anniversary of its 420 Fest with a three-day event from April 18-20, 2025, at Atlanta's Historic Pullman Yards [1][2][3] Group 1: Festival Highlights - The festival will feature headliners such as The Revivalists, Marcus King, and Greensky Bluegrass, along with other notable artists including Drive-By Truckers and Cypress Hill [2][3] - Interactive art installations will showcase 20 years of festival artwork, band photography, and album art [3] - A Craft Beer Village will offer a selection of award-winning craft brews from various renowned breweries [3][4] Group 2: Family and Fan Experience - A designated family-friendly area, including private "Chill Mom Spots," will be available for families to relax and enjoy the festival [4] - Returning attractions include SweetWater's Fishing Camp and the SweetWater BoatHouse, along with a new SweetWater Roadie Challenge [4] Group 3: Sustainability Initiatives - The festival will utilize green energy credits to offset all energy consumed by stage lighting and sound [5] - $10 from every ticket sold will support clean waterways through a partnership with the Waterkeeper Alliance [5] - Eco-friendly transportation options, such as bike and scooter valet services, will be provided to reduce the carbon footprint [5] Group 4: Company Background - SweetWater Brewing Company is the largest craft brewer in the Southeast, known for its popular beers like the original 420 Extra Pale Ale and various IPAs [6] - The company is committed to environmental conservation and supports initiatives for clean water through its Save Our Water campaign [6]