MARCUS CORP
For the period ended Jun 30, 2025. Filed Aug 1, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 1, 2025
MCS$26.76-0.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-07.
0000062234-25-000026
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-01.
0000062234-25-000037
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 72 previous paragraphs and 88 current paragraphs.
27 unchanged; 43 reworded; 15 added; 2 removed; 0 previous and 3 current paragraphs rearranged.
Tables are not compared: 11 previous and 11 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (15)
Current report
Operating income during the second quarter of fiscal 2025 increased $10.8 million primarily due to increased revenues in our Theatre division, and was unfavorably impacted by increased corporate expenses and an increase in depreciation expense of $0.9 million compared to the second quarter of fiscal 2024. Operating loss during the first half of fiscal 2025 improved $7.0 million compared to the first half of fiscal 2024 due to increased revenues in both divisions, and was negatively impacted by increased corporate expenses and increased depreciation expense of $2.7 million over the prior year period.
Current report
Corporate expenses during the second quarter of fiscal 2025 increased $0.2 million compared to the second quarter of fiscal 2024 due to increases in depreciation expense, long-term incentive compensation expenses, professional fees, and personnel and benefits cost inflation, partially offset by a favorable $1.0 million decrease in non-cash stock compensation expense. Corporate expenses during the first half of fiscal 2025 increased $2.5 million compared to the first half of fiscal 2024 due to increases in depreciation, long-term incentive compensation expenses, professional fees related to tax, audit and legal services, and personnel and benefits cost inflation.
Current report
Other income (expense) and net earnings (loss) during the second quarter and first half of fiscal 2025 were impacted by an increase in interest expense, fluctuations in investment income, and a decrease in debt conversion expense compared with the second quarter and first half of fiscal 2024.
Current report
Other income (expense) and net earnings (loss) during the second quarter and first half of fiscal 2024 were negatively impacted by debt conversion expense of $13.9 million in connection with the $86.4 million aggregate principal amount of Convertible Notes Repurchases. See“2024 Convertible Senior Notes Repurchases”in the “Liquidity and Capital Resources” section of this MD&A for further discussion.
Current report
Net earnings (loss) and net earnings (loss) per diluted common share improved during the second quarter and first half of fiscal 2025 compared to the second quarter and first half of fiscal 2024 resulting from an improvement in operating income (loss), and a decrease in other expense, which was negatively impacted by debt conversion expense of $13.9 million during the prior year comparable periods.
Current report
Total theatre attendance for our comparable theatres increased 17.8% during the first half of fiscal 2025 compared to the first half of fiscal 2024, resulting primarily from the stronger film slate in second quarter of fiscal 2025. In addition, our total theatre attendance during the first half of fiscal 2025 benefited from an increased number of operating days during the first quarter of fiscal 2025 compared to the first quarter of fiscal 2024 due to the transition of our fiscal quarter as described above. On a calendar quarter basis (January 1 through June 30), total theatre attendance for our comparable theatres increased 10.8% during first half of fiscal 2025 compared to the first half of fiscal 2024.
Current report
Our average concession revenues per person increased by 3.1% and 3.4% during the second quarter and first half of fiscal 2025, respectively, compared to the second quarter and first half of fiscal 2024, resulting from an increase in movie merchandise sales and menu price increases. The overall increase in average concession revenues per person favorably impacted our concession revenues of our comparable theatres by $1.9 million and $3.2 million during the second quarter and first half of fiscal 2025, respectively, compared to the second quarter and first half of fiscal 2024.
Current report
Our theatre division Adjusted EBITDA increased during the second quarter of fiscal 2025 compared to the second quarter of fiscal 2024 due to increased revenues and increased operating leverage with the higher volumes, partially offset by increases in film costs, advertising costs, facility maintenance and other expenses. Our hotels and resorts division Adjusted EBITDA decreased during the second quarter of fiscal 2025 compared to the second quarter of fiscal 2024 and was negatively impacted by changes in revenue mix, with a decrease in higher margin rooms revenue offset by an increase in lower margin food and beverage revenue, as well as higher repair costs following a water damage event at one hotel and higher associate benefits costs. Adjusted EBITDA attributable to corporate items decreased during the second quarter of fiscal 2025 compared to the second quarter of fiscal 2024 due primarily to increased long-term incentive compensation expenses as well as personnel and benefits cost inflation, partially offset by a decrease in professional fees related to legal services.
Current report
(2)Non-cash impairment charges related to one permanently closed theatre location in the second quarter of fiscal 2024.
Current report
(5)Debt conversion expense resulting from repurchases of $86.4 million aggregate principal amount of Convertible Notes. See Convertible Senior Notes Repurchasesin the “Liquidity and Capital Resources” section of this MD&A for further discussion.
Current report
During the first half of fiscal 2024 we paid $46.5 million in cash for the Convertible Notes Repurchases (as defined below) and related transaction costs. We received $5.8 million in cash from the proportionate unwind of the Capped Call Transactions in connection with the Convertible Notes Repurchases during the first half of fiscal 2024. See“2024 Convertible Senior Notes Repurchases”for further discussion below.
Current report
2024 Convertible Senior Notes Repurchases
Current report
During the second quarter of fiscal 2024, we entered into separate, privately negotiated purchase agreements (the “Purchase Agreements”) with certain holders of its Convertible Notes. Under the terms of the Purchase Agreements, the holders agreed to exchange $86.4 million in aggregate principal amount of Convertible Notes for cash consideration of $101.1 million (or $87.9 million net of the cash we received in connection with the unwind of a portion of the Capped Call Transactions as discussed below) effected over two separate repurchase tranches (the “Convertible Notes Repurchases”). On May 8, 2024, we entered into the first repurchase transaction to retire $40.0 million of aggregate principal amount of Convertible Notes for $45.9 million in cash consideration plus accrued interest, with settlement occurring during the fiscal second quarter on June 14, 2024. On June 17, 2024, we entered into the second repurchase transaction to retire $46.4 million of aggregate principal amount of Convertible Notes for $55.2 million in cash consideration plus accrued interest, with settlement occurring during the fiscal third quarter on July 16, 2024.
Current report
In connection with the Convertible Notes Repurchases, we entered into unwind agreements with the Capped Call Counterparties to terminate a portion of the Capped Call Transactions equal to the notional amounts of the Convertible Notes Repurchases, and to receive aggregate cash of $13.2 million effected over two separate unwind tranches. On May 8, 2024, we entered into the first tranche of unwind agreements and received $5.8 million in cash consideration with settlement occurring during the fiscal second quarter on June 14, 2024. On June 17, 2024, we entered into the second tranche of unwind agreements and received $7.5 million in cash consideration at settlement occurring during the fiscal third quarter on July 16, 2024.
Current report
During the second quarter and first half of fiscal 2024, we incurred debt conversion expense of $13.9 million in connection with the Convertible Notes Repurchases. The unwind of the Capped Call Transactions resulted in a $12.9 million increase in capital in excess of par within shareholders’ equity during the second quarter and first half of fiscal 2024.
Removed paragraphs (2)
Previous report
Net loss and net loss per diluted common share increased during the first quarter of fiscal 2025 compared to the first quarter of fiscal 2024 due to an increase in operating loss and interest expense and a decrease in investment income.
Previous report
Our average concession revenues per person increased by 2.9% during the first quarter of fiscal 2025 compared to the first quarter of fiscal 2024, due to market pricing adjustments. During the second quarter of fiscal 2024, we made changes to our Value Tuesday promotion for our Magical Movie Rewards (MMR) loyalty members, discontinuing the prior promotion that offered a 20% discount on all concessions, food and non-alcoholic beverages and reintroducing a free complimentary-sized popcorn, which has been well received by guests. The overall increase in average concession revenues per person favorably impacted our concession revenues of our comparable theatres by $1.1 million during the first quarter of fiscal 2025 compared to the first quarter of fiscal 2024.
Reworded paragraphs (43)
Previous wording
The first quarter of fiscal 2025 consisted of the three month period beginning on December 27, 2024 and ended on March 31, 2025 and included an additional four operating days compared to the prior year quarter. The first quarter of fiscal 2024 consisted of the three month period beginning December 29, 2023 and ended on March 28, 2024.
Current wording
The second quarter of fiscal 2025 consisted of the three month period beginning on April 1, 2025 and ended on June 30, 2025 and included the same number of operating days compared to the prior year quarter. The second quarter of fiscal 2024 consisted of the three month period beginning March 29, 2024 and ended on June 27, 2024. The first half of fiscal 2025 consisted of the six month period beginning on December 27, 2024 and ended on June 30, 2025 and included four additional operating days compared to the prior year period. The first half of fiscal 2024 consisted of the six month period beginning on December 29, 2023 and ended on June 27, 2024.
Previous wording
The following table sets forth revenues, operating loss, other income (expense), net loss and net loss per diluted common share for the first quarter of fiscal 2025 and fiscal 2024 (in millions, except for per share and variance percentage data):
Current wording
The following table sets forth revenues, operating income (loss), other income (expense), net earnings (loss) and net earnings (loss) per diluted common share for the second quarter and first half of fiscal 2025 and fiscal 2024 (in millions, except for per share and variance percentage data):
Previous wording
Revenues increased during the first quarter of fiscal 2025 compared to the first quarter of fiscal 2024 due to increased revenues from both our theatre division and hotels and resorts division. Revenues in the first quarter of fiscal 2025 were favorably impacted by the four additional operating days compared to the first quarter of fiscal 2024, which included two additional days during the week between the Christmas and New Year’s holidays and two additional days at the end of March 2025. The four additional operating days in the first quarter of fiscal 2025 favorably impacted revenues by approximately $9.2 million. Our first quarter is typically the seasonally weakest quarter of our fiscal year due to the traditionally reduced level of winter travel at our predominantly Midwestern portfolio of owned hotels. Our first quarter also often has fewer blockbuster films released by studios compared to the other quarters of our fiscal year.
Current wording
Revenues increased and operating income (loss), net earnings (loss), and net earnings (loss) per diluted common share improved during the second quarter and first half of fiscal 2025 compared to the second quarter and first half of fiscal 2024 primarily due to increased revenues from our theatre division. Hotels and resorts division revenues during the second quarter of fiscal 2025 remained consistent with the second quarter of fiscal 2024, and increased during the first half of fiscal 2025 compared to the first half of fiscal 2024. Revenues in the first half of fiscal 2025 were favorably impacted by four additional operating days compared to the first half of fiscal 2024, which included two additional days during the week between the Christmas and New Year’s holidays and two additional days at the end of March 2025. The four additional operating days (which occurred during the fiscal 2025 first quarter) favorably impacted revenues by approximately $9.2 million.
Previous wording
Operating loss increased during the first quarter of fiscal 2025 compared to the first quarter of fiscal 2024 due to an increase in operating losses from both our theatre division and hotels and resorts division, as well as an increase in corporate operating expenses. Corporate expenses increased $2.3 million primarily due to a $0.9 million increase in noncash share-based compensation expense as well as increases in depreciation, long-term incentive compensation expenses, professional fees related to tax, audit, and legal services, and personnel and benefits cost inflation. Operating loss during the first quarter of fiscal 2025 was favorably impacted by a $1.4 million gain on disposition of property, equipment and other assets related to the sale of surplus land, compared to an immaterial loss on disposition of property, equipment and other assets during the first quarter of fiscal 2024.
Current wording
In addition, operating income during the second quarter of fiscal 2025 was negatively impacted by a $0.2 million loss on disposition of property, equipment and other assets compared to an immaterial gain on disposition of property, equipment and other assets during the second quarter of fiscal 2024. Operating loss during the first half of fiscal 2025 was favorably impacted by a $1.2 million gain on disposition of property, equipment and other assets due largely to the sale of surplus land, compared to an immaterial gain during the first half of fiscal 2024.
Previous wording
Our interest expense totaled $2.8 million for the first quarter of fiscal 2025, compared to $2.5 million for the first quarter of fiscal 2024. The increase in interest expense during the first quarter of fiscal 2025 was primarily due to increased borrowings and higher interest rates, partially offset by a decrease in non-cash amortization of deferred financing costs. Changes in our borrowing levels due to variations in our operating results, capital expenditures, acquisition opportunities (or the lack thereof) and asset sale proceeds, among other items, may impact, either favorably or unfavorably, our actual reported interest expense in future periods, as may changes in short-term interest rates.
Current wording
Our interest expense totaled $3.0 million and $5.8 million for the second quarter and first half of fiscal 2025, respectively, compared to $2.6 million and $5.1 million for the second quarter and first half of fiscal 2024, respectively. The increase in interest expense during the second quarter and first half of fiscal 2025 was primarily due to increased borrowings and higher interest rates, partially offset by a decrease in non-cash amortization of deferred financing costs. Changes in our borrowing levels due to variations in our operating results, capital expenditures, acquisition opportunities (or the lack thereof) and asset sale proceeds, among other items, may impact, either favorably or unfavorably, our actual reported interest expense in future periods, as may changes in short-term interest rates.
Previous wording
We recognized investment income of $0.1 million during the first quarter of fiscal 2025, compared to $0.7 million during the first quarter of fiscal 2024. Variations in investment income were due to changes in the value of marketable securities.
Current wording
We recognized investment income of $0.4 million and $0.5 million during the second quarter and first half of fiscal 2025, respectively, compared to $0.2 million and $0.9 million during the second quarter and first half of fiscal 2024, respectively. Variations in investment income were due to changes in the value of marketable securities.
Previous wording
We reported income tax benefit of $7.4 million for both the first quarter of fiscal 2025 and the first quarter of fiscal 2024. Our fiscal 2025 first quarter effective income tax rate was 30.4% compared to our fiscal 2024 first quarter effective income tax rate of 38.3%. The income tax rate in both fiscal 2025 first quarter and fiscal 2024 first quarter was negatively impacted by excess compensation subject to deduction limitations. We anticipate that our effective income tax rate for fiscal 2025 may be in the 28% to 32% range, excluding any potential changes in federal or state income tax rates, valuation allowance adjustments or other one-time tax benefits. Our actual fiscal 2025 effective income tax rate may be different from our estimated quarterly rates depending upon actual facts and circumstances.
Current wording
We reported income tax expense of $2.7 million for the second quarter of fiscal 2025 compared to expense of $5.7 million during the second quarter of fiscal 2024. We reported income tax benefit of $4.6 million for the first half of fiscal 2025 compared to benefit of $1.7 million for the first half of fiscal 2024. Our fiscal 2025 first half effective income tax rate was 32.7% and was negatively impacted by excess compensation subject to deduction limitations. Our fiscal 2024 first half effective income tax rate was 4.9%, and was negatively impacted by nondeductible debt conversion expense resulting from the Convertible Notes Repurchases and a $1.1 million reduction in deferred tax assets resulting from the related termination of the Capped Call Transactions (combined negative impact of 7.5 percentage points) and excess compensation subject to deduction limitations. We anticipate that our effective income tax rate for fiscal 2025 may be in the 28% to 32% range, excluding any potential changes in federal or state income tax rates, valuation allowance adjustments or other one-time tax benefits. Our actual fiscal 2025 effective income tax rate may be different from our estimated quarterly rates depending upon actual facts and circumstances.
Previous wording
The following table sets forth revenues, operating loss and operating margin for our theatre division for the first quarter of fiscal 2025 and fiscal 2024 (in millions, except for variance percentage and operating margin):
Current wording
The following table sets forth revenues, operating income (loss) and operating margin for our theatre division for the second quarter and first half of fiscal 2025 and fiscal 2024 (in millions, except for variance percentage and operating margin):
Previous wording
Our theatre division revenues increased with stronger performances from films and also benefited from four additional operating days during the first quarter of fiscal 2025, compared to the first quarter of fiscal 2024. Operating loss increased in the first quarter of fiscal 2025, compared to the first quarter of fiscal 2024, driven by higher film costs and an increase in labor expenses. In the first quarter of fiscal 2024, operating hours and staffing levels were significantly reduced due to a weaker film slate following the WGA and SAG-AFTRA labor strikes in 2023. With an anticipated improvement in the film slate in the first quarter of fiscal 2025, we returned to more normal operating hours and staffing level resulting in higher labor costs, while some films released underperformed expectations. These increases in expenses were partially offset by higher revenue from the additional operating days.
Current wording
Our theatre division revenues and operating income (loss) improved with stronger performances from films resulting in increased attendance during the second quarter and first half of fiscal 2025, compared to the second quarter and first half of fiscal 2024. The quality and quantity of films released in second quarter and first half of fiscal 2025 improved compared to the second quarter and first half of fiscal 2024, which was negatively impacted by the content and supply chain disruption following the WGA and SAG-AFTRA labor strikes in 2023, resulting in a weaker slate of films in the first half of fiscal 2024. While the second quarters of fiscal 2025 and 2024 included a comparable number of operating days, the first half of fiscal 2025 benefited from four additional operating days compared to the first half of fiscal 2024 (which occurred during the fiscal 2025 first quarter).
Previous wording
The following table provides a further breakdown of the components of revenues for the theatre division for the first quarter of fiscal 2025 and fiscal 2024 (in millions, except for variance percentage):
Current wording
The following table provides a further breakdown of the components of revenues for the theatre division for the second quarter and first half of fiscal 2025 and fiscal 2024 (in millions, except for variance percentage):
Previous wording
According to data received from Comscore (a national box office reporting service for the theatre industry) and compiled by us to evaluate our fiscal 2025 first quarter results, U.S. box office receipts increased 3.1% during our fiscal 2025 first quarter compared to our fiscal 2024 first quarter, indicating that our increase of 1.3% in admission revenues for comparable theatres (excluding theatres closed during the past year) during the first quarter of fiscal 2025 underperformed the industry by 1.8 percentage points. On a calendar quarter basis (January 1st through March 31st), admissions revenue for our comparable theatres decreased 14.0% during the first quarter 2025 compared to the first quarter of 2024, also underperforming the industry during the calendar quarter by 1.8%. We believe our under performance in the first quarter of fiscal 2025 was attributable to strategic pricing decisions made during the release of blockbuster films and holiday periods (we did not raise prices on blockbuster films, unlike many national exhibitors), resulting in lower average ticket price growth compared to other exhibitors. We believe our pricing strategy promoted moviegoing by not raising ticket prices on blockbuster films will benefit our long-term theatre attendance moving forward.
Current wording
According to data received from Comscore (a national box office reporting service for the theatre industry) and compiled by us to evaluate our fiscal 2025 second quarter and first half results, U.S. box office receipts increased 36.5% and 21.4% during our fiscal 2025 second quarter and first half, respectively, compared to our fiscal 2024 second quarter and first half, indicating that our increase in admission revenues for comparable theatres (excluding theatres closed during the past year) of 29.3% and 16.6% during the second quarter and first half of fiscal 2025 underperformed the industry by 7.2 and 4.8 percentage points, respectively. We believe our under performance in the second quarter and first half of fiscal 2025 was largely attributable to strategic pricing decisions made during the release of blockbuster films (we did not raise prices on most blockbuster films, unlike many national exhibitors) and our value promotions, resulting in lower average ticket price growth compared to other exhibitors. We believe our pricing strategies promote the affordability of moviegoing for customers at a variety of price points and will benefit our long-term theatre attendance. We believe our underperformance was also the result of an unfavorable film mix, with certain titles that were more appealing to audiences in other parts of the U.S. than in our Midwestern markets.
Previous wording
Additional data received and compiled by us from Comscore indicates our admission revenues at comparable theatres during the first quarter of fiscal 2025 and the first quarter of fiscal 2024 represented approximately 3.0% of the total admission revenues in the U.S. (commonly referred to as market share in our industry), during both periods. Our goal is to continue our historical long-term pattern of outperforming the industry, but our ability to do so in any given quarter will likely be partially dependent upon film mix, pricing strategies, weather and the competitive landscape in our markets.
Current wording
Additional data received and compiled by us from Comscore indicates our admission revenues at comparable theatres during the second quarter and first half of fiscal 2025 represented approximately 2.8% and 2.9%, respectively, of the total admission revenues in the U.S. (commonly referred to as market share in our industry), compared to 3.0% during the both the second quarter and first half of fiscal 2024. Our goal is to outperform the industry, but our ability to do so in any given quarter will likely be partially dependent upon film mix, pricing strategies, weather and the competitive landscape in our markets.
Previous wording
Total theatre attendance for our comparable theatres increased 6.9% during the first quarter of fiscal 2025 compared to the first quarter of fiscal 2024, which was primarily attributable to an increase in operating days due to the transition of our fiscal quarter as described above, an improved holiday film slate, higher box office performance from the top films during the first quarter of fiscal 2025 versus the top films last fiscal year during the first quarter, and an increase in the number of films released during the fiscal 2025 first quarter compared to the prior year first quarter. On a calendar quarter basis (January 1st through March 31st), total theatre attendance for our comparable theatres decreased 8.0% during the first quarter 2025 compared to the first quarter of 2024.
Current wording
Total theatre attendance for our comparable theatres increased 26.7% during the second quarter of fiscal 2025 compared to the second quarter of fiscal 2024, which was attributable to a stronger film slate, higher box office performance from the top films, and an increase in the number of films released during second quarter of fiscal 2025 compared to the second quarter of fiscal 2024. During the second quarter of fiscal 2025, there were 32 wide-release films (films shown in over approximately 1,500 theatres in the U.S.) compared to 28 wide-release films during the second quarter of fiscal 2024. On a calendar quarter basis (April 1 through June 30), total theatre attendance for our comparable theatres increased 26.2% during the second quarter of 2025 compared to the second quarter of 2024.
Previous wording
During the first quarter of fiscal 2025 there were 28 wide-release films (films shown in over approximately 1,500 theatres in the U.S.) compared to 24 wide-release films during the first quarter of fiscal 2024. Our highest grossing films during the fiscal 2025 first quarter included Captain America: Brave New World, Mufasa: The Lion King, Sonic the Hedgehog 3, Dog Man, and Moana 2. Three of these films were carryovers from the 2024 holiday season. Our top five films during our fiscal 2025 first quarter accounted for 45% of our total box office results, compared to 41% for the top five films during the first quarter of fiscal 2024, both expressed as a percentage of the total admission revenues for the relevant period. An increased concentration of blockbuster films during a given quarter often has the effect of increasing our film rental costs during the period, as generally the better a particular film performs, the greater the film rental cost tends to be as a percentage of box office receipts. As a result of a more concentrated film slate, our overall film cost as a percentage of admission revenues increased during the first quarter of fiscal 2025 compared to the same period in the prior fiscal year.
Current wording
Our highest grossing films during the fiscal 2025 second quarter included A Minecraft Movie, Lilo & Stitch, Sinners, How to Train Your Dragon, and Thunderbolts*. Our top five films during our fiscal 2025 second quarter accounted for 59% of our total box office results, compared to 56% for the top five films during the second quarter of fiscal 2024, both expressed as a percentage of the total admission revenues for the relevant period. An increased concentration of blockbuster films during a given quarter often has the effect of increasing our film rental costs during the period, as generally the better a particular film performs, the greater the film rental cost tends to be as a percentage of box office receipts. As a result of a more concentrated film slate, our overall film cost as a percentage of admission revenues increased during the second quarter of fiscal 2025 compared to the same period in the prior fiscal year.
Previous wording
Our average ticket price decreased 5.1% during the first quarter of fiscal 2025, compared to the first quarter of fiscal 2024. Our average ticket price during the first quarter of fiscal 2025 was negatively impacted by an increased percentage of our attendance coming from promotional pricing offerings, including a $7 Everyday Matinee for seniors and children that was introduced during the second quarter of fiscal 2024, an unfavorable ticket mix with an increase in child attendance resulting from an increased number of family films, and a lower percentage of ticket sales for premium large format (PLF) screens. The overall change in average ticket price unfavorably impacted our admission revenues of our comparable theatres by $2.2 million during the first quarter of fiscal 2025 compared to the first quarter of fiscal 2024.
Current wording
Our average ticket price increased 2.0% during the second quarter of fiscal 2025, compared to the second quarter of fiscal 2024. Our average ticket price during the second quarter of fiscal 2025 was favorably impacted by an increased percentage of ticket sales coming from premium large format (PLF) screens and a decrease in the percentage of attendance coming from Value Tuesday, partially offset by an unfavorable ticket mix with an increase in child attendance resulting from an increased number of family films during the quarter. Additionally, the average ticket price was negatively impacted by promotional pricing, including $7 Everyday Matinee for seniors and children that was introduced during the second quarter fiscal 2024. The overall change in average ticket price favorably impacted our admission revenues of our comparable theatres by $1.2 million during the second quarter of fiscal 2025 compared to the second quarter of fiscal 2024.
Previous wording
Other revenues during the first quarter of fiscal 2025 increased by $1.6 million compared to the first quarter of fiscal 2024 due to the impact of increased attendance on internet surcharge ticketing fees and preshow and in-app advertising revenue. Late during the first quarter of fiscal 2024, we made changes to the criteria for waiving internet surcharge ticket fees for our MMR members, resulting in an increase in ticketing fees per person during most of the first quarter of fiscal 2025.
Current wording
Other revenues during the second quarter and first half of fiscal 2025 increased by $2.6 million and $4.2 million, respectively, compared to the second quarter and first half of fiscal 2024, due to the impact of increased attendance on internet surcharge ticketing fees and preshow and in-app advertising revenue. Late during the first quarter of fiscal 2024, we made changes to the criteria for waiving internet surcharge ticket fees for our MMR members, resulting in an increase in ticketing fees per person during most of the first quarter of fiscal 2025.
Previous wording
We ended the first quarter of fiscal 2025 with a total of 971 company-owned screens in 77 theatres and 14 managed screens at one theatre, compared to 993 company-owned screens in 79 theatres at the end of the first quarter of fiscal 2024. We made decisions to close underperforming theatres during fiscal 2024 and fiscal 2025, including one leased theatre in the second quarter of fiscal 2024, and one leased Movie Tavern theatre in the first quarter of fiscal 2025. During the third quarter of fiscal 2024, we added one theatre that we manage for the owner of a lifestyle shopping center.
Current wording
We ended the second quarter of fiscal 2025 with a total of 971 company-owned screens in 77 theatres and 14 managed screens at one theatre, compared to 981 company-owned screens in 78 theatres at the end of the second quarter of fiscal 2024. We made decisions to close underperforming theatres during fiscal 2024 and fiscal 2025, including one leased theatre in the second quarter of fiscal 2024, and one leased Movie Tavern theatre in the first quarter of fiscal 2025. During the third quarter of fiscal 2024, we added one theatre that we manage for the owner of a lifestyle shopping center.
Previous wording
The following table sets forth revenues, operating loss and operating margin for our hotels and resorts division for the first quarter of fiscal 2025 and fiscal 2024 (in millions, except for variance percentage and operating margin):
Current wording
The following table sets forth revenues, operating income (loss) and operating margin for our hotels and resorts division for the second quarter and first half of fiscal 2025 and fiscal 2024 (in millions, except for variance percentage and operating margin):
Previous wording
Hotels and resorts revenues increased 7.2% during the first quarter of fiscal 2025 compared to the first quarter of fiscal 2024, primarily due to an additional four operating days as described above, a stronger ski season with favorable winter weather compared to last year, as well as a significant increase in group business at one of our condo hotel properties. Our hotels and resorts division operating loss increased $0.9 million during the first quarter of fiscal 2025 compared to the first quarter of fiscal 2024, and was negatively impacted by a $1.9 million increase in depreciation expense due to hotel renovations completed during fiscal 2024, partially offset by the favorable impact of the increase in revenues.
Current wording
Hotels and resorts division revenues decreased 0.3% during the second quarter of fiscal 2025 compared to the second quarter of fiscal 2024. Division operating income during the second quarter of fiscal 2025 decreased $1.9 million compared to the second quarter of fiscal 2024, and was negatively impacted by an increase in depreciation expense of $1.7 million due to hotel renovations completed during fiscal 2024 as well as higher repair costs following a water damage event at one hotel. During the first half of fiscal 2025, hotels and resorts division revenues increased 3.0% and benefited from four additional operating days compared to the first half of fiscal 2024 (which occurred during the first quarter of fiscal 2025). Operating income (loss) declined $2.8 million during the first half of fiscal 2025, compared to the first half of fiscal 2024, due to a $3.6 million increase in depreciation expense partially offset by the favorable impact of the increase in revenues.
Previous wording
The following table provides a further breakdown of the components of revenues for the hotels and resorts division for the first quarter of fiscal 2025 and fiscal 2024 (in millions, except for variance percentage):
Current wording
The following table provides a further breakdown of the components of revenues for the hotels and resorts division for the second quarter and first half of fiscal 2025 and fiscal 2024 (in millions, except for variance percentage):
Previous wording
Division total revenues before cost reimbursements increased 8.9% during the first quarter of fiscal 2025 compared to the first quarter of fiscal 2024, primarily due to an additional four operating days, favorable winter weather resulting in a stronger ski season at the Grand Geneva Resort & Spa, as well as an increase in other revenues driven largely by a group buyout of one condo hotel property during a portion of the quarter. The increase in group business at our condo hotel property in the first quarter of fiscal 2025 also positively impacted food and beverage revenues compared to the first quarter of fiscal 2024.
Current wording
Division total revenues before cost reimbursements increased 1.2% during the second quarter of fiscal 2025, compared to the second quarter of fiscal 2024, due largely to increased group demand contributing to growth in food and beverage revenues, partially offset by a decrease in rooms revenue which was negatively impacted by rooms out of service due to the renovation of the Hilton Milwaukee, as well as lower transient demand at some properties. Division total revenues before cost reimbursements increased 4.5% during the first half of fiscal 2025, compared to the first half of fiscal 2024, resulting primarily from an additional four operating days, growth in food and beverage revenues, as well as an increase in other revenues driven primarily by a group buyout of one condo hotel property during a portion of the first quarter, partially offset by the negative impact of the Hilton Milwaukee renovation.
Previous wording
The following table sets forth certain operating statistics for the first quarter of fiscal 2025 and fiscal 2024, including our average occupancy percentage (number of occupied rooms as a percentage of available rooms), our average daily room rate, or ADR, and our total revenue per available room, or RevPAR, for comparable company-owned properties:
Current wording
The following table sets forth certain operating statistics for the second quarter and first half of fiscal 2025 and fiscal 2024, including our average occupancy percentage (number of occupied rooms as a percentage of available rooms), our average daily room rate, or ADR, and our total revenue per available room, or RevPAR, for comparable company-owned properties:
Previous wording
RevPAR increased at four of our seven comparable company-owned properties during the first quarter of fiscal 2025 compared to the first quarter of fiscal 2024, driven primarily by increased average daily rates. We saw our mix of business in the first quarter of fiscal 2025 remain very similar to the first quarter of fiscal 2024. During the first quarter of fiscal 2025, our group business represented approximately 34.6% of our total rooms revenue, compared to approximately 34.5% during the first quarter of fiscal 2024. Non-group pricing increased in some of our major markets during the first quarter of fiscal 2025, primarily due to increased rate compression at our other Milwaukee market hotels as a result of the renovation at the Hilton Milwaukee, as well as increased weekend transient leisure demand due to the stronger ski season.
Current wording
RevPAR increased at four of our seven comparable company-owned properties during the second quarter of fiscal 2025 compared to the second quarter of fiscal 2024, driven primarily by increased average daily rates. Group business grew as a percentage of our mix of business, representing approximately 47.1% of our total rooms revenue in the second quarter of fiscal 2025, compared to approximately 44.6% during the second quarter of fiscal 2024. Non-group pricing increased in some of our major markets during the second quarter of fiscal 2025, primarily due to increased rate compression at our other Milwaukee market hotels as a result of the renovation at the Hilton Milwaukee.
Previous wording
According to data received from Smith Travel Research and compiled by us in order to evaluate our fiscal 2025 first quarter results, comparable “upper upscale” hotels—hotels identified as our industry— throughout the United States experienced an increase in RevPAR of 2.8% during our fiscal 2025 first quarter compared to our fiscal 2024 first quarter, leading us to believe we underperformed the industry during the fiscal 2025 first quarter by approximately 1.7 percentage points. We believe our underperformance during the first quarter of fiscal 2025 results primarily from the unfavorable impact of the Hilton Milwaukee renovation and group displacement as a result of the reduced capacity. We estimate that the Hilton Milwaukee renovation negatively impacted our RevPAR growth by approximately 3.7 percentage points.
Current wording
According to data received from Smith Travel Research and compiled by us in order to evaluate our fiscal 2025 second quarter and first half results, comparable “upper upscale” hotels—hotels identified as our industry— throughout the United States experienced flat RevPAR during our fiscal 2025 second quarter compared to our fiscal 2024 second quarter, leading us to believe we underperformed the industry during the fiscal 2025 second quarter by approximately 2.9 percentage points. During the first half of fiscal 2025, comparable “upper upscale” hotels experienced RevPAR growth of 1.3%, compared to the first half of fiscal 2024, leading us to believe we underperformed the industry during the first half of fiscal
Previous wording
Data received from Smith Travel Research for our various “competitive sets”—hotels identified in our specific markets that we deem to be competitors to our hotels—indicates that these hotels experienced an increase in RevPAR of 6.7% during our fiscal 2025 first quarter, again compared to our fiscal 2024 first quarter. Therefore, we underperformed our competitive sets during the first quarter of fiscal 2025 by approximately 5.6 percentage points. We believe the underperformance to our competitive sets during the first quarter of fiscal 2025 results primarily from group displacement at the Hilton Milwaukee while under renovation which we believe unfavorably impacted our RevPAR growth by approximately 3.7 percentage points while favorably impacting competitive hotels RevPAR growth by 1.0 percentage point. After adjusting for the estimated impact of the Milwaukee Hilton renovation, we believe our hotels underperformed their competitive sets during the first quarter of fiscal 2025 by approximately 0.9 percentage points. We believe this underperformance was driven largely by new hotel room supply within one of our markets.
Current wording
Data received from Smith Travel Research for our various “competitive sets”—hotels identified in our specific markets that we deem to be competitors to our hotels—indicates that these hotels experienced an increase in RevPAR of 2.9% during our fiscal 2025 second quarter, again compared to our fiscal 2024 second quarter. Therefore, we underperformed our competitive sets during the second quarter of fiscal 2025 by approximately 5.8 percentage points. During the first half of fiscal 2025, hotels in our competitive sets experienced RevPAR growth of 3.6%, indicating that we underperformed our competitive set hotels by 5.5 percentage points. We believe the underperformance to our competitive sets during the second quarter and first half of fiscal 2025 resulted primarily from group displacement at the Hilton Milwaukee while under renovation which we believe unfavorably impacted our RevPAR growth while favorably impacting competitive hotels RevPAR growth. After adjusting for the estimated impact of the Hilton Milwaukee renovation, we believe our hotels underperformed their competitive sets during the second quarter and first half of fiscal 2025 by approximately 1.3 and 1.0 percentage points, respectively. We believe this underperformance was driven largely by new hotel room supply within one of our markets.
Previous wording
We generally expect our revenue trends to track or exceed the overall industry trends for our segment of the industry, particularly in our respective markets. Hotel revenues have historically tracked very closely with traditional macroeconomic statistics, such as the Gross Domestic Product. The U.S. economic outlook has recently moved into a period of heightened uncertainty. In the near term, we expect leisure travel demand to soften, and we expect our group business to remain stable. Leisure travel in our markets has a seasonal component, peaking in the summer months and slowing down as children return to school and the weather turns colder in our primarily Midwestern markets.
Current wording
We generally expect our revenue trends to track or exceed the overall industry trends for our segment of the industry, particularly in our respective markets. Hotel revenues have historically tracked very closely with traditional macroeconomic statistics, such as the Gross Domestic Product. The U.S. economic outlook has moved into a period of heightened uncertainty. In the near term, we expect leisure travel demand to soften, and we expect our group business to remain stable. Leisure travel in our markets has a seasonal component, peaking in the summer months and slowing down as children return to school and the weather turns colder in our primarily Midwestern markets.
Previous wording
As of the date of this report, our group room revenue bookings for the remainder of fiscal 2025 - commonly referred to in the hotels and resorts industry as “group pace” - is running over 11% ahead of where we were at the same time last year, excluding bookings related to the July 2024 Republican National Convention (RNC). Group room revenue bookings for fiscal 2026 is running over 20% ahead of where we were at the same time in early fiscal 2024 for fiscal 2025. Banquet and catering revenue pace for fiscal 2025 is similarly running ahead of where we were at this same time last year, excluding bookings related to the July 2024 RNC in Milwaukee. Banquet pace for 2026 is approximately in-line and catering pace for 2026 is up over 7%, both compared to where we were at the same time in early fiscal 2024 for fiscal 2025.
Current wording
As of the date of this report, our group room revenue bookings for the remainder of fiscal 2025 - commonly referred to in the hotels and resorts industry as “group pace” - is running in-line with where we were at the same time last year, and is running approximately 11% ahead of where we were at the same time last year excluding bookings related to the July 2024 Republican National Convention. Group room revenue bookings for fiscal 2026 is running nearly 20% ahead of where we were at the same time in fiscal 2024 for fiscal 2025. Banquet and catering revenue pace for fiscal 2025 is running approximately 15% ahead of where we were at the same time last year, and fiscal 2026 is running approximately 20% ahead of where we were at the same time in fiscal 2024 for fiscal 2025.
Previous wording
We define Adjusted EBITDA as net earnings (loss) attributable to The Marcus Corporation before investment income or loss, interest expense, other expense, gain or loss on disposition of property, equipment and other assets, impairment charges, equity earnings or losses from unconsolidated joint ventures, net earnings or losses attributable to noncontrolling interests, income taxes, depreciation and amortization and non-cash share-based compensation expense, adjusted to eliminate the impact of certain items that we do not consider indicative of our core operating performance. These further adjustments are itemized below. You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating Adjusted EBITDA, you should be aware that in the future we will incur expenses that are the same as or similar to some of the items eliminated in the adjustments made to determine Adjusted EBITDA, such as acquisition expenses, preopening expenses, accelerated depreciation, impairment charges and other adjustments. Our presentation of Adjusted EBITDA should not be construed to imply that our future results will be unaffected by any such adjustments. Definitions and calculations of Adjusted EBITDA differ among companies in our industries, and therefore Adjusted EBITDA disclosed by us may not be comparable to the measures disclosed by other companies.
Current wording
We define Adjusted EBITDA as net earnings (loss) attributable to The Marcus Corporation before investment income or loss, interest expense, other expense, gain or loss on disposition of property, equipment and other assets, impairment charges, equity earnings or losses from unconsolidated joint ventures, net earnings or losses attributable to noncontrolling interests, income taxes, depreciation and amortization and non-cash share-based compensation expense, adjusted to eliminate the impact of certain items that we do not consider indicative of our core operating performance. These further adjustments are itemized below. You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating Adjusted EBITDA, you should be aware that in the future we will incur expenses that are the same as or similar to some of the items eliminated in the adjustments made to determine
Previous wording
The following table sets forth Adjusted EBITDA by reportable operating segment for the first quarter of fiscal 2025 and fiscal 2024 (in millions, except for variance percentage):
Current wording
The following table sets forth Adjusted EBITDA by reportable operating segment for the second quarter and first halfof fiscal 2025 and fiscal 2024 (in millions, except for variance percentage):
Previous wording
Our theatre division Adjusted EBITDA decreased during the first quarter of fiscal 2025 compared to the first quarter of fiscal 2024 due to higher film costs and an increase in labor expenses, partially offset by higher revenue from the additional operating days, as further described in the Theatres section above. Our hotels and resorts division Adjusted EBITDA increased during fiscal 2025 due to higher revenue resulting from additional operating days and an increase in group business, as further described in the Hotels and Resorts section above. Adjusted EBITDA attributable to corporate items decreased during the first quarter of fiscal 2025 compared to the first quarter of fiscal 2024 due primarily to increased long-term incentive compensation expenses, professional fees related to tax, audit, and legal services, and personnel and benefits cost inflation.
Current wording
During the first half of fiscal 2025, theatre division Adjusted EBITDA increased compared to the first half of fiscal 2024, due to higher revenue resulting from increased attendance and four additional operating days in the fiscal 2025 first quarter, as described above, partially offset by increased film costs and labor expenses. Our hotels and resorts Adjusted EBITDA increased during the first half of fiscal 2025 compared to the first half of fiscal 2024 due to higher revenue resulting from additional operating days and an increase in group business, partially offset by increased associate benefits costs and repair costs. Adjusted EBITDA attributable to corporate items decreased during the first half of fiscal 2025 compared to the first half of fiscal 2024 due primarily to increased long-term incentive compensation expenses, professional fees related to tax, audit, and legal services, and personnel and benefits cost inflation.
Previous wording
The following tables sets forth our reconciliation of Adjusted EBITDA by reportable operating segment (in millions):
Current wording
The following tables set forth our reconciliation of Adjusted EBITDA by reportable operating segment (in millions):
Previous wording
(2)Reflects non-recurring costs related to the closure and exit of one theatre location in the first quarter of fiscal 2025.
Current wording
(3)Reflects non-recurring costs related to the closure and exit of one theatre location in the first quarter of fiscal 2025 and one theatre location in the second quarter of fiscal 2024.
Previous wording
(3)Repair costs related to insured property damage at one theatre location that are non-operating in nature.
Current wording
(4)Repair costs related to insured property damage at one theatre location that are non-operating in nature.
Previous wording
Our movie theatre and hotels and resorts businesses each generate significant and consistent daily amounts of cash, subject to previously-noted seasonality, because each segment’s revenue is derived predominantly from consumer cash purchases. We believe that these relatively consistent and predictable cash sources, as well as the availability of unused credit lines, would be adequate to support the ongoing operational liquidity needs of our businesses.
Current wording
Our movie theatre and hotels and resorts businesses each generate significant and consistent daily amounts of cash, subject to previously-noted seasonality, because each segment’s revenue is derived predominantly from consumer cash purchases. We believe that these relatively consistent and predictable cash sources, as well as the availability of unused credit lines, would be adequate to support the ongoing operational liquidity needs of our businesses. However, our cash position may fluctuate from time-to-time based on seasonality of our businesses, the timing of interest payments on our debt as well as timing of payment of other operating expenses that are paid on an infrequent basis.
Previous wording
Maintaining and protecting a strong balance sheet has always been a core value of The Marcus Corporation during our 90-year history and our financial position remains strong. As of March 31, 2025, we had a cash balance of approximately $11.9 million, $180.2 million of availability under our $225 million revolving credit facility, our debt-to-capitalization ratio was 0.31, and our net leverage ratio was 2.00x net debt to Adjusted EBITDA. With our strong liquidity position combined with cash generated from operations, we believe we have sufficient liquidity to meet our obligations as they come due and to comply with our debt covenants for at least 12 months from the issuance date of the consolidated financial statements, as well as fund our longer-term capital requirements.
Current wording
Maintaining and protecting a strong balance sheet has always been a core value of The Marcus Corporation during our 90-year history and our financial position remains strong. As of June 30, 2025, we had a cash balance of approximately $14.9 million, $199.2 million of availability under our $225 million revolving credit facility, our debt-to-capitalization ratio was 0.29, and our net leverage ratio was 1.61x net debt to Adjusted EBITDA. With our strong liquidity position combined with cash generated from operations, we believe we have sufficient liquidity to meet our obligations as they come due and to comply with our debt covenants for at least 12 months from the issuance date of the consolidated financial statements, as well as fund our longer-term capital requirements.
Previous wording
Net cash used in operating activities totaled $35.3 million during the first quarter of fiscal 2025, compared to net cash used in operating activities of $15.1 million during the first quarter of fiscal 2024. The $20.2 million increase in net cash used in operating activities was primarily due to a $5.0 million decrease in net earnings, a $3.1 million unfavorable impact in the timing of collection of accounts receivable and a $15.8 million unfavorable impact from the seasonal timing of payments of accounts payable, partially offset by increases in depreciation and amortization and non-cash share-based compensation expense.
Current wording
Net cash used in operating activities totaled $3.7 million during the first half of fiscal 2025, compared to net cash provided by operating activities of $20.9 million during the first half of fiscal 2024. The $24.6 million increase in net cash used in operating activities was primarily due to a $19.4 million unfavorable impact from the seasonal timing of payments of accounts payable, a $7.5 million increase in prepaid and other assets, a $4.8 million unfavorable impact from timing of accrued compensation payments and a $13.9 million non-cash debt conversion expense in the prior year that did not recur, partially offset by a $22.6 million increase in net earnings and increases in non-cash depreciation and amortization.
Previous wording
Net cash used in investing activities during the first quarter of fiscal 2025 totaled $22.8 million, compared to net cash used in investing activities of $20.8 million during the first quarter of fiscal 2024. The increase in net cash used in investing activities of $2.0 million was the result of an increase of $7.6 million in capital expenditures, partially offset by a decrease in net contributions to hotel joint ventures in the prior year period that did not recur. Total cash capital expenditures (including normal continuing capital maintenance and renovation projects) totaled $23.0 million during the first quarter of fiscal 2025 compared to $15.4 million during the first quarter of fiscal 2024. In fiscal 2024, we contributed $5.6 million for the purchase of joint venture interests in The Lofton Hotel, partially offset by a $1.5 million sale of joint venture interests in The Lofton Hotel to other minority investors.
Current wording
Net cash used in investing activities during the first half of fiscal 2025 totaled $31.5 million, compared to net cash used in investing activities of $40.6 million during the first half of fiscal 2024. The decrease in net cash used in investing activities of $9.1 million was the result of a decrease in net contributions to hotel joint ventures in the prior year period that did not recur and $8.2 million in proceeds from the sale of trading securities during the first half of fiscal 2025 compared to $1.1 million in purchases of trading securities in the first half of fiscal 2024, partially offset by an increase of $4.6 million in capital expenditures. Total cash capital expenditures (including normal continuing capital maintenance and renovation projects) totaled $39.9 million during the first half of fiscal 2025 compared to $35.3 million during the first half of fiscal 2024. In fiscal 2024, we contributed $5.6 million for the purchase of joint venture interests in The Lofton Hotel, partially offset by a $1.5 million sale of joint venture interests in The Lofton Hotel to other minority investors.
Previous wording
Fiscal 2025 first quarter cash capital expenditures included approximately $4.4 million incurred in our theatre division, primarily related to normal maintenance capital projects. We incurred capital expenditures in our hotels and resorts division during the first quarter of fiscal 2025 of approximately $15.9 million, including costs related to guest room renovations at Hilton Milwaukee and normal maintenance capital projects. We incurred corporate capital expenditures during the first quarter of fiscal 2025 of approximately $2.7 million, which includes $1.2 million for the purchase of land acquired in a 1031 tax-deferred exchange for future development, and the final costs related to office construction for the relocation of our corporate and divisional headquarters that occurred during fiscal 2024.
Current wording
Fiscal 2025 first half cash capital expenditures included approximately $10.4 million incurred in our theatre division, primarily related to normal maintenance capital projects. We incurred capital expenditures in our hotels and resorts division during the first half of fiscal 2025 of approximately $26.6 million, including costs related to guest room renovations at Hilton Milwaukee and normal maintenance capital projects. We incurred corporate capital expenditures during the first half of fiscal 2025 of approximately $2.9 million, which includes $1.2 million for the purchase of land acquired in a 1031 tax-deferred exchange for future development, and the final costs related to office construction for the relocation of our corporate and divisional headquarters that occurred during fiscal 2024.
Previous wording
Net cash provided by financing activities during the first quarter of fiscal 2025 totaled $29.3 million compared to net cash used in financing activities of $3.4 million during the first quarter of fiscal 2024. During the first quarter of fiscal 2025, we increased our borrowings under our revolving credit facility as needed to fund our cash needs and used excess cash to reduce our borrowings under our revolving credit facility. As short-term revolving credit facility borrowings became due, we replaced them as necessary with new short-term revolving credit facility borrowings. As a result, we added $69.0 million of new short-term revolving credit facility borrowings, and we made $29.0 million of repayments on short-term revolving credit facility borrowings during the first quarter of fiscal 2025 (net $40.0 million increase in borrowings on our credit facility). We ended the first quarter of fiscal 2025 with $40.0 million of outstanding borrowings under our revolving credit facility. During the first quarter of fiscal 2024, we increased our borrowings under our revolving credit facility as needed to fund our cash needs and used excess cash to reduce our borrowings under our revolving credit facility. As a result, we added $5.0 million of new short-term revolving credit facility borrowings, and we made $5.0 million of repayments on short-term revolving credit facility borrowings during the first quarter of fiscal 2024 (net zero borrowings on our credit facility).
Current wording
Net cash provided by financing activities during the first half of fiscal 2025 totaled $7.4 million compared to net cash used in financing activities of $2.3 million during the first half of fiscal 2024. During the first half of fiscal 2025, we increased our borrowings under our revolving credit facility as needed to fund our cash needs and used excess cash to reduce our borrowings under our revolving credit facility. As short-term revolving credit facility borrowings became due, we replaced them as necessary with new short-term revolving credit facility borrowings. As a result, we added $105.0 million of new short-term revolving credit facility borrowings, and we made $84.0 million of repayments on short-term revolving credit facility borrowings during the first half of fiscal 2025 (net $21.0 million increase in borrowings on our credit facility). We ended the second quarter of fiscal 2025 with $21.0 million of outstanding borrowings under our revolving credit facility. During the first half of fiscal 2024, we increased our borrowings under our revolving credit facility as needed to fund our cash needs and used excess cash to reduce our borrowings under our revolving credit facility. As a result, we added $81.0 million of new short-term revolving credit facility borrowings, and we made $36.0 million of repayments on short-term revolving credit facility borrowings during the first half of fiscal 2024 (net $45.0 million increase in borrowings on our credit facility).
Previous wording
Principal payments on long-term debt were approximately $0.3 million during the first quarter of fiscal 2025 compared to payments of $0.3 million during the first quarter of fiscal 2024.
Current wording
Principal payments on long-term debt were approximately $0.4 million during the first half of fiscal 2025 compared to payments of $0.7 million during the first half of fiscal 2024.
Showing the first 40 of 43 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
Our average ticket price decreased 1.1% during the first half of fiscal 2025, compared to the first half of fiscal 2024, resulting from the unfavorable impact of the $7 Everyday Matinee promotional offering for seniors and children and an unfavorable ticket mix with an increase in child attendance resulting from an increased number of family films, partially offset by the favorable impact of an increased percentage of ticket sales coming from premium large format (PLF) screens. The overall change in average ticket price unfavorably impacted our admission revenues of our comparable theatres by $1.1 million during the first half of fiscal 2025 compared to the first half of fiscal 2024.
Current report — wording carried from elsewhere
2025 by approximately 3.2 percentage points. We believe our underperformance during the second quarter and first half of fiscal 2025 resulted primarily from the unfavorable impact of the Hilton Milwaukee renovation and group displacement as a result of the reduced capacity. We estimate that the Hilton Milwaukee renovation negatively impacted our RevPAR growth by approximately 3.7 and 3.6 percentage points during the fiscal 2025 second quarter and first half, respectively.
Current report — wording carried from elsewhere
Adjusted EBITDA, such as acquisition expenses, preopening expenses, accelerated depreciation, impairment charges and other adjustments. Our presentation of Adjusted EBITDA should not be construed to imply that our future results will be unaffected by any such adjustments. Definitions and calculations of Adjusted EBITDA differ among companies in our industries, and therefore Adjusted EBITDA disclosed by us may not be comparable to the measures disclosed by other companies.