Basis of Presentation - The unaudited consolidated financial statements for the three and six months ended June 30, 2025 and June 27, 2024 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 June 30, 2025, 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 26, 2024.

Beginning on December 27, 2024, the Company’s fiscal year changed from a 52- or 53-week fiscal year ending on the last Thursday in December of each year to a fiscal year ending on December 31 of each year. Accordingly, effective for its fiscal year ending December 31, 2025, the Company’s quarterly results will be for three month periods ending March 31, June 30, September 30 and December 31 of each year. In this quarterly report, the three and six months ended June 30, 2025 refer to the periods April 1, 2025 through June 30, 2025 and December 27, 2024 through June 30, 2025, respectively, and the three and six months ended June 27, 2024 refer to the periods March 29, 2024 through June 27, 2024 and December 29, 2023 through June 27, 2024, respectively.

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 $17,597 and $35,428, respectively, for the three and six months ended June 30, 2025, and $16,701 and $32,715, respectively, for the three and six months ended ended June 27, 2024.

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.

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.

During the three months ended June 27, 2024, the Company determined that indicators of impairment were present at one asset group for a leased theatre location in which the Company made the decision to close during the second quarter of fiscal 2024. As such, the Company evaluated the fair value of these assets, consisting primarily of land improvements, leasehold improvements, building, furniture, fixtures and equipment, and operating lease right-of-use assets less lease obligations, and determined that the fair value, measured using Level 3 pricing inputs (using estimated discounted cash flows over the life of the primary asset), was less than their carrying values and recorded a $472 impairment loss, reducing certain property and equipment and certain operating lease net obligations. The remaining net book value of the impaired assets as of the date of the asset write-down (June 27, 2024) was $0. There were no indicators of impairment identified during the six months ended June 30, 2025.

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 six months ended June 30, 2025 or June 27, 2024.

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.

The following table illustrates the computation of Common Stock basic and diluted net earnings (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:


	Three Months Ended				Six Months Ended
	June 30, 2025		June 27, 2024		June 30, 2025		June 27, 2024

Net earnings (loss) per share - basic:
Common Stock	$	0.24	$	(0.64)	$	(0.31)	$	(1.03)
Class B Common Stock	$	0.22	$	(0.58)	$	(0.28)	$	(0.92)
Net earnings (loss) per share - diluted:
Common Stock	$	0.23	$	(0.64)	$	(0.31)	$	(1.03)
Class B Common Stock	$	0.22	$	(0.58)	$	(0.28)	$	(0.92)

Numerator:
Net earnings (loss)	$	7,321	$	(20,221)	$	(9,495)	$	(32,087)

Denominator (in thousands):
Denominator for basic EPS	31,304		32,161		31,453		32,027
Effect of dilutive employee stock options	47		—		—		—
Effect of restricted stock units	80		—		—		—
Effect of convertible senior notes	—		—		—		—
Diluted weighted-average shares outstanding	31,431		32,161		31,453		32,027

Weighted-average number of anti-dilutive shares excluded from denominator (in thousands):
Employee stock options	2,215		3,146		1,829		2,934
Restricted stock units	—		50		72		50
Performance stock units	238		143		213		143
Convertible senior notes	—		6,719		—		8,009
Total	2,452		10,058		2,114		11,136

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 were excluded from the computation of diluted earnings per share in periods when the effect would have been anti-dilutive using the if-converted method.


	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 26, 2024	$	25,237	$	6,985	$	177,172	$	265,028	$	(181)	$	(9,375)	$	464,866
Cash dividends:
$0.064 per share Class B Common Stock	—		—		—		(447)		—		—		(447)
$0.07 per share Common Stock	—		—		—		(1,733)		—		—		(1,733)
Exercise of stock options	—		—		1		—		—		7		8
Purchase of treasury stock	—		—		—		—		—		(7,642)		(7,642)
Reissuance of treasury stock	—		—		1		—		—		13		14
Issuance of non-vested stock	132		—		(208)		—		—		76		—
Shared-based compensation	—		—		3,545		—		—		—		3,545
Other	—		—		—		—		—		—		—
Conversions of Class B Common Stock	—		—		—		—		—		—		—
Comprehensive loss	—		—		—		(16,816)		(4)		—		(16,820)
BALANCES AT MARCH 31, 2025	25,369		6,985		180,511		246,032		(185)		(16,921)		441,791
Cash dividends:
$0.064 per share Class B Common Stock	—		—		—		(447)		—		—		(447)
$0.07 per share Common Stock	—		—		—		(1,702)		—		—		(1,702)
Exercise of stock options	—		—		—		—		—		2		2
Purchase of treasury stock	—		—		—		—		—		—		—
Reissuance of treasury stock	—		—		1		—		—		15		16
Issuance of non-vested stock	—		—		(265)		—		—		265		—
Shared-based compensation	—		—		1,441		—		—		—		1,441
Other	—		—		—		—		—		—		—
Conversions of Class B Common Stock	—		—		—		—		—		—		—
Comprehensive loss	—		—		—		7,321		(4)		—		7,317
BALANCES AT JUNE 30, 2025	$	25,369	$	6,985	$	181,688	$	251,204	$	(189)	$	(16,639)	$	448,418


	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	$	24,692	$	7,078	$	160,642	$	281,599	$	(1,336)	$	(1,503)	$	471,172
Cash dividends:
$0.064 per share Class B Common Stock	—		—		—		(449)		—		—		(449)
$0.07 per share Common Stock	—		—		—		(1,760)		—		—		(1,760)

Purchase of treasury stock	—		—		—		—		—		(301)		(301)
Reissuance of treasury stock	—		—		(3)		—		—		23		20
Issuance of non-vested stock	452		—		(515)		—		—		63		—
Shared-based compensation	—		—		2,514		—		—		—		2,514

Conversions of Class B Common Stock	93		(93)		—		—		—		—		—
Comprehensive loss	—		—		—		(11,866)		(12)		—		(11,878)
BALANCES AT MARCH 28, 2024	25,237		6,985		162,638		267,524		(1,348)		(1,718)		459,318
Cash dividends:
$0.064 per share Class B Common Stock	—		—		—		(447)		—		—		(447)
$0.070 per share Common Stock	—		—		—		(1,763)		—		—		(1,763)


Reissuance of treasury stock	—		—		(7)		—		—		23		16
Issuance of non-vested stock	—		—		(326)		—		—		326		—
Shared-based compensation	—		—		2,418		—		—		—		2,418
Convertible senior note repurchase	—		—		(2,788)		—		—		—		(2,788)
Capped call unwind	—		—		12,904		—		—		—		12,904
Comprehensive loss	—		—		—		(20,221)		(11)		—		(20,232)
BALANCES AT JUNE 27, 2024	$	25,237	$	6,985	$	174,839	$	245,093	$	(1,359)	$	(1,369)	$	449,426

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.

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 June 30, 2025 and December 26, 2024, the Company’s $0 and $8,142, respectively, of debt and equity securities classified as trading were valued using Level 1 pricing inputs and were included in other current assets. At June 30, 2025 and December 26, 2024, the Company had $0 and $19,002, respectively, of investments in money market funds which were valued using Level 1 pricing inputs and were included in cash and cash equivalents.

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 June 30, 2025 and December 26, 2024, 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. Assets that are measured on a non-recurring basis are discussed above under Long-Lived Assets.

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 $160,000 of senior notes, valued using Level 2 pricing inputs, is approximately $164,119 at June 30, 2025, determined based upon discounted cash flows using current market interest rates for financial instruments with a similar average remaining life. 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.


	Three Months Ended June 30, 2025
	Theatres		Hotels/Resorts		Corporate		Total
Theatre admissions	$	62,348	$	—	$	—	$	62,348
Rooms	—		29,632		—		29,632
Theatre concessions	57,611		—		—		57,611
Food and beverage	—		21,291		—		21,291
Other revenues(1)	11,045		13,634		111		24,790
Revenue before cost reimbursements	131,004		64,557		111		195,672
Cost reimbursements	646		9,725		—		10,371
Total revenues	$	131,650	$	74,282	$	111	$	206,043


	Six Months Ended June 30, 2025
	Theatres		Hotels/Resorts		Corporate		Total
Theatre admissions	$	103,279	$	—	$	—	$	103,279
Rooms	—		48,907		—		48,907
Theatre concessions	95,611		—		—		95,611
Food and beverage	—		39,120		—		39,120
Other revenues(1)	18,636		28,830		198		47,664
Revenue before cost reimbursements	217,526		116,857		198		334,581
Cost reimbursements	1,481		18,747		—		20,228
Total revenues	$	219,007	$	135,604	$	198	$	354,809


	Three Months Ended June 27, 2024
	Theatres		Hotels/Resorts		Corporate		Total
Theatre admissions	$	48,580	$	—	$	—	$	48,580
Rooms	—		30,496		—		30,496
Theatre concessions	44,417		—		—		44,417
Food and beverage	—		19,272		—		19,272
Other revenues(1)	8,455		13,996		83		22,534
Revenue before cost reimbursements	101,452		63,764		83		165,299
Cost reimbursements	—		10,733		—		10,733
Total revenues	$	101,452	$	74,497	$	83	$	176,032


	Six Months Ended June 27, 2024
	Theatres		Hotels/Resorts		Corporate		Total
Theatre admissions	$	89,176	$	—	$	—	$	89,176
Rooms	—		48,709		—		48,709
Theatre concessions	79,112		—		—		79,112
Food and beverage	—		35,435		—		35,435
Other revenues(1)	14,434		27,639		163		42,236
Revenue before cost reimbursements	182,722		111,783		163		294,668
Cost reimbursements	—		19,911		—		19,911
Total revenues	$	182,722	$	131,694	$	163	$	314,579

The Company had deferred revenue from contracts with customers of $37,451 and $36,353 as of June 30, 2025 and December 26, 2024, respectively. The Company had no contract assets as of June 30, 2025 and December 26, 2024. During the six months ended June 30, 2025, the Company recognized revenue of $12,448 that was included in deferred revenues as of December 26, 2024. During the six months ended June 27, 2024, the Company recognized revenue of $12,789 that was included in deferred revenues as of December 28, 2023. 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 June 30, 2025, the amount of transaction price allocated to the remaining performance obligations under the Company’s advanced ticket sales was $1,786 and is reflected in the Company’s consolidated balance sheet as part of deferred revenues, which is included in other accrued liabilities. As of June 30, 2025, the amount of transaction price allocated to the remaining performance obligations related to the amount of Theatres non-redeemed gift cards was $13,081 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 June 30, 2025, the amount of transaction price allocated to the remaining performance obligations related to the amount of Hotels and Resorts non-redeemed gift cards was $4,453 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.

Recent Accounting Pronouncements - In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740: Improvements to Income Tax Disclosures (ASU No. 2023-09). ASU No. 2023-09 requires on an annual basis specific category disclosures in the rate reconciliation, additional information for reconciling items that meet a quantitative threshold within the rate reconciliation, and additional disclosures related to income taxes paid. ASU No. 2023-09 is 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.

On November 4, 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (DISE), which requires disaggregated disclosure of income statement expenses for public business entities. ASU No. 2024-03 does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. ASU No. 2024-03 is effective for the Company in fiscal 2027. The Company is evaluating the effect the guidance will have on its consolidated financial statement disclosures.

In fiscal 2024, the Company adopted 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. The annual requirements of ASU No. 2023-07 were included in the Company’s fiscal 2024 Annual Report Business Segment footnote (Note 13) and the interim requirements of ASU No. 2023-07 are included in Note 7 of this quarterly report. The adoption of the new standard did not have a material effect on the Company’s consolidated financial statements.