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General | 9 Months Ended
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Sep. 30, 2025
Accounting Policies [Abstract] |
General | General Basis of Presentation - The unaudited consolidated financial statements for the three and nine months ended September 30, 2025 and September 26, 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 September 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 nine months ended September 30, 2025 refer to the periods July 1, 2025 through September 30, 2025 and December 27, 2024 through September 30, 2025, respectively, and the three and nine months ended September 26, 2024 refer to the periods June 28, 2024 through September 26, 2024 and December 29, 2023 through September 26, 2024, respectively. Accounting Policies - Refer to the Company’s audited consolidated financial statements (including footnotes) for the fiscal year ended December 26, 2024, contained in the Company’s Annual Report on Form 10-K for such year, for a description of the Company’s accounting policies. Depreciation and Amortization - Depreciation and amortization of property and equipment are provided using the straight-line method over the shorter of the estimated useful lives of the assets or any related lease terms. Depreciation expense totaled $16,828 and $52,256, respectively, for the three and nine months ended September 30, 2025, and $17,277 and $49,992, respectively, for the three and nine months ended September 26, 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 nine months ended September 26, 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 nine months ended September 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 nine months ended September 30, 2025 or September 26, 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. Holders of Common Stock are entitled to cash dividends per share equal to 110% of all dividends declared and paid on each share of Class B Common Stock. As such, the undistributed earnings (losses) for each period are allocated based on the proportionate share of entitled cash dividends. The following table illustrates the computation of Common Stock basic and diluted net 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 |  | Nine Months Ended
| September 30, 2025 |  | September 26, 2024 |  | September 30, 2025 |  | September 26, 2024
Net earnings (loss) per share - basic: |  |  |  |  |  |  |
Common Stock | $ | 0.53 |  |  | $ | 0.74 |  |  | $ | 0.22 |  |  | $ | (0.28) |
Class B Common Stock | $ | 0.49 |  |  | $ | 0.69 |  |  | $ | 0.20 |  |  | $ | (0.26) |
Net earnings (loss) per share - diluted: |  |  |  |  |  |  |
Common Stock | $ | 0.52 |  |  | $ | 0.73 |  |  | $ | 0.21 |  |  | $ | (0.28) |
Class B Common Stock | $ | 0.49 |  |  | $ | 0.69 |  |  | $ | 0.20 |  |  | $ | (0.26) |
Numerator: |  |  |  |  |  |  |
Net earnings (loss) | $ | 16,230 |  |  | $ | 23,314 |  |  | $ | 6,735 |  |  | $ | (8,773) |
Denominator (in thousands): |  |  |  |  |  |  |
Denominator for basic EPS | 31,056 |  |  | 31,953 |  |  | 31,322 |  |  | 32,002 |
Effect of dilutive employee stock options | 39 |  |  | 17 |  |  | 53 |  |  | — |
Effect of restricted stock units | 80 |  |  | 47 |  |  | 74 |  |  | — |
Effect of convertible senior notes | — |  |  | 14 |  |  | — |  |  | — |
Diluted weighted-average shares outstanding | 31,175 |  |  | 32,031 |  |  | 31,449 |  |  | 32,002 |
Weighted-average number of anti-dilutive shares excluded from denominator (in thousands): |  |  |  |  |  |  |
Employee stock options | 2,084 |  |  | 2,800 |  |  | 1,641 |  |  | 2,809 |
Restricted stock units | — |  |  | — |  |  | — |  |  | 49 |
Performance stock units | 237 |  |  | 139 |  |  | 221 |  |  | 141 |
Convertible senior notes | — |  |  | — |  |  | — |  |  | 14 |
Total | 2,321 |  |  | 2,939 |  |  | 1,862 |  |  | 3,013 |
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. Shareholders’ Equity - Activity impacting total shareholders’ equity for the nine months ended September 30, 2025 and September 26, 2024 was as follows:
| 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 |
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 |
Reissuance of treasury stock | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 15 |  |  | 16 |
Issuance of non-vested stock | — |  |  | — |  |  | (265) |  |  | — |  |  | — |  |  | 265 |  |  | — |
Shared-based compensation | — |  |  | — |  |  | 1,441 |  |  | — |  |  | — |  |  | — |  |  | 1,441 |
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 |
Cash dividends: |  |  |  |  |  |  |  |  |  |  |  |  |
$0.073 per share Class B Common Stock | — |  |  | — |  |  | — |  |  | (510) |  |  | — |  |  | — |  |  | (510) |
$0.08 per share Common Stock | — |  |  | — |  |  | — |  |  | (1,918) |  |  | — |  |  | — |  |  | (1,918) |
Exercise of stock options | — |  |  | — |  |  | (2) |  |  | — |  |  | — |  |  | 6 |  |  | 4 |
Purchase of treasury stock | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (9,127) |  |  | (9,127) |
Reissuance of treasury stock | — |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | 18 |  |  | 20 |
Issuance of non-vested stock | — |  |  | — |  |  | (93) |  |  | — |  |  | — |  |  | 93 |  |  | — |
Shared-based compensation | — |  |  | — |  |  | 1,230 |  |  | — |  |  | — |  |  | — |  |  | 1,230 |
Comprehensive income | — |  |  | — |  |  | — |  |  | 16,230 |  |  | (5) |  |  | — |  |  | 16,225 |
BALANCES AT SEPTEMBER 30, 2025 | $ | 25,369 |  |  | $ | 6,985 |  |  | $ | 182,825 |  |  | $ | 265,006 |  |  | $ | (194) |  |  | $ | (25,649) |  |  | $ | 454,342 |
| 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) |
$0.07 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 |
Cash dividends: |  |  |  |  |  |  |  |  |  |  |  |  |
$0.064 per share Class B Common Stock | — |  |  | — |  |  | — |  |  | (447) |  |  | — |  |  | — |  |  | (447) |
$0.07 per share Common Stock | — |  |  | — |  |  | — |  |  | (1,749) |  |  | — |  |  | — |  |  | (1,749) |
Purchase of treasury stock | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (9,667) |  |  | (9,667) |
Reissuance of treasury stock | — |  |  | — |  |  | 6 |  |  | — |  |  | — |  |  | 16 |  |  | 22 |
Issuance of non-vested stock | — |  |  | — |  |  | (52) |  |  | — |  |  | — |  |  | 52 |  |  | — |
Shared-based compensation | — |  |  | — |  |  | 2,225 |  |  | — |  |  | — |  |  | — |  |  | 2,225 |
Convertible senior note repurchase | — |  |  | — |  |  | (5,472) |  |  | — |  |  | — |  |  | — |  |  | (5,472) |
Capped call unwind | — |  |  | — |  |  | 4,652 |  |  | — |  |  | — |  |  | — |  |  | 4,652 |
Comprehensive income (loss) | — |  |  | — |  |  | — |  |  | 23,314 |  |  | (12) |  |  | — |  |  | 23,302 |
BALANCES AT SEPTEMBER 26, 2024 | $ | 25,237 |  |  | $ | 6,985 |  |  | $ | 176,198 |  |  | $ | 266,211 |  |  | $ | (1,371) |  |  | $ | (10,968) |  |  | $ | 462,292 |
Accumulated Other Comprehensive Loss – Accumulated other comprehensive loss presented in the accompanying consolidated balance sheets consists of the following, all presented net of tax:
| September 30, 2025 |  | December 26, 2024
Net unrecognized actuarial loss for pension obligation | $ | (194) |  |  | $ | (181) |
| $ | (194) |  |  | $ | (181) |
Fair Value Measurements - Certain financial assets and liabilities are recorded at fair value in the consolidated financial statements. Some are measured on a recurring basis while others are measured on a non-recurring basis. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. A fair value measurement assumes that a transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The Company’s assets and liabilities measured at fair value are classified in one of the following categories: Level 1 - Assets or liabilities for which fair value is based on quoted prices in active markets for identical instruments as of the reporting date. At December 26, 2024, the Company’s $8,142 of debt and equity securities classified as trading were valued using Level 1 pricing inputs and were included in other current assets. At December 26, 2024, the Company had $19,002 of investments in money market funds which were valued using Level 1 pricing inputs and were included in cash and cash equivalents. Level 2 - Assets or liabilities for which fair value is based on pricing inputs that were either directly or indirectly observable as of the reporting date. At each of September 30, 2025 and December 26, 2024, none of the Company’s recorded assets or liabilities were measured using Level 2 pricing inputs. Level 3 - Assets or liabilities for which fair value is based on valuation models with significant unobservable pricing inputs and which result in the use of management estimates. At each of September 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 $150,000 of senior notes, valued using Level 2 pricing inputs, is approximately $154,790 at September 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. Defined Benefit Plan - The components of the net periodic pension cost of the Company’s unfunded nonqualified, defined-benefit plan are as follows:
| Three Months Ended |  | Nine Months Ended
| September 30, 2025 |  | September 26, 2024 |  | September 30, 2025 |  | September 26, 2024
Service cost | $ | 51 |  |  | $ | 62 |  |  | $ | 151 |  |  | $ | 186 |
Interest cost | 463 |  |  | 445 |  |  | 1,390 |  |  | 1,334 |
Net amortization of prior service cost and actuarial loss | (6) |  |  | (16) |  |  | (17) |  |  | (48) |
Net periodic pension cost | $ | 508 |  |  | $ | 491 |  |  | $ | 1,524 |  |  | $ | 1,472 |
Service cost is included in Administrative expense while all other components are recorded within Other expense outside of operating income in the consolidated statements of operations. Revenue Recognition – The disaggregation of revenues by business segment for the three and nine months ended September 30, 2025 is as follows:
| Three Months Ended September 30, 2025
| Theatres |  | Hotels/Resorts |  | Corporate |  | Total
Theatre admissions | $ | 57,714 |  |  | $ | — |  |  | $ | — |  |  | $ | 57,714 |
Rooms | — |  |  | 39,875 |  |  | — |  |  | 39,875 |
Theatre concessions | 51,244 |  |  | — |  |  | — |  |  | 51,244 |
Food and beverage | — |  |  | 24,137 |  |  | — |  |  | 24,137 |
Other revenues(1) | 10,145 |  |  | 16,320 |  |  | 81 |  |  | 26,546 |
Revenue before cost reimbursements | 119,103 |  |  | 80,332 |  |  | 81 |  |  | 199,516 |
Cost reimbursements | 838 |  |  | 9,797 |  |  | — |  |  | 10,635 |
Total revenues | $ | 119,941 |  |  | $ | 90,129 |  |  | $ | 81 |  |  | $ | 210,151 |
| Nine Months Ended September 30, 2025
| Theatres |  | Hotels/Resorts |  | Corporate |  | Total
Theatre admissions | $ | 160,993 |  |  | $ | — |  |  | $ | — |  |  | $ | 160,993 |
Rooms | — |  |  | 88,782 |  |  | — |  |  | 88,782 |
Theatre concessions | 146,855 |  |  | — |  |  | — |  |  | 146,855 |
Food and beverage | — |  |  | 63,257 |  |  | — |  |  | 63,257 |
Other revenues(1) | 28,781 |  |  | 45,150 |  |  | 279 |  |  | 74,210 |
Revenue before cost reimbursements | 336,629 |  |  | 197,189 |  |  | 279 |  |  | 534,097 |
Cost reimbursements | 2,319 |  |  | 28,544 |  |  | — |  |  | 30,863 |
Total revenues | $ | 338,948 |  |  | $ | 225,733 |  |  | $ | 279 |  |  | $ | 564,960 |
(1)Included in other revenues is an immaterial amount related to rental income that is not considered revenue from contracts with customers. The disaggregation of revenues by business segment for the three and nine months ended September 26, 2024 is as follows:
| Three Months Ended September 26, 2024
| Theatres |  | Hotels/Resorts |  | Corporate |  | Total
Theatre admissions | $ | 68,980 |  |  | $ | — |  |  | $ | — |  |  | $ | 68,980 |
Rooms | — |  |  | 40,019 |  |  | — |  |  | 40,019 |
Theatre concessions | 62,118 |  |  | — |  |  | — |  |  | 62,118 |
Food and beverage | — |  |  | 22,283 |  |  | — |  |  | 22,283 |
Other revenues(1) | 12,090 |  |  | 16,699 |  |  | 87 |  |  | 28,876 |
Revenue before cost reimbursements | 143,188 |  |  | 79,001 |  |  | 87 |  |  | 222,276 |
Cost reimbursements | 655 |  |  | 9,737 |  |  | — |  |  | 10,392 |
Total revenues | $ | 143,843 |  |  | $ | 88,738 |  |  | $ | 87 |  |  | $ | 232,668 |
| Nine Months Ended September 26, 2024
| Theatres |  | Hotels/Resorts |  | Corporate |  | Total
Theatre admissions | $ | 158,156 |  |  | $ | — |  |  | $ | — |  |  | $ | 158,156 |
Rooms | — |  |  | 88,728 |  |  | — |  |  | 88,728 |
Theatre concessions | 141,230 |  |  | — |  |  | — |  |  | 141,230 |
Food and beverage | — |  |  | 57,718 |  |  | — |  |  | 57,718 |
Other revenues(1) | 26,524 |  |  | 44,338 |  |  | 250 |  |  | 71,112 |
Revenue before cost reimbursements | 325,910 |  |  | 190,784 |  |  | 250 |  |  | 516,944 |
Cost reimbursements | 655 |  |  | 29,648 |  |  | — |  |  | 30,303 |
Total revenues | $ | 326,565 |  |  | $ | 220,432 |  |  | $ | 250 |  |  | $ | 547,247 |
(1)Included in other revenues is an immaterial amount related to rental income that is not considered revenue from contracts with customers. The Company had deferred revenue from contracts with customers of $35,174 and $36,353 as of September 30, 2025 and December 26, 2024, respectively. The Company had no contract assets as of September 30, 2025 and December 26, 2024. During the nine months ended September 30, 2025, the Company recognized revenue of $16,504 that was included in deferred revenues as of December 26, 2024. During the nine months ended September 26, 2024, the Company recognized revenue of $17,208 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 sales and the Company’s loyalty program. As of September 30, 2025, the amount of transaction price allocated to the remaining performance obligations under the Company’s advanced ticket sales was $1,911 and is reflected in the Company’s consolidated balance sheet as part of deferred revenues, which is included in other accrued liabilities. As of September 30, 2025, the amount of transaction price allocated to the remaining performance obligations related to the amount of Theatres non-redeemed gift cards was $12,403 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 September 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 $4,313 and is reflected in the Company’s consolidated balance sheet as part of deferred revenues. The Company recognizes revenue as the gift cards are redeemed, which is expected to occur within the next two years. The majority of the Company’s revenue is recognized in less than one year from the original contract. 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 will be effective for the Company’s fiscal year ending December 31, 2025 and must be applied prospectively with retrospective application permitted. The Company is evaluating the effect that the guidance 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.

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