Marcus is the 4th largest movie theater circuit in the U.S., and also owns and operates a portfolio of upper-upscale hotels in the Midwest. The theater segment, roughly 60% of revenue, operates 78 locations with 985 screens across 17 states under the Marcus Theatres, Movie Tavern by Marcus, and BistroPlex brands. Theater revenue comes from admissions, concessions, food and beverage, and ancillary sources like pre-show advertising. Admissions revenue is driven by attendance multiplied by average ticket price; attendance is primarily a function of the Hollywood film slate, which Marcus does not control. Concessions and food and beverage carry high margins and are a critical profit driver; Marcus has invested in expanded dine-in concepts and digital ordering to grow per-capita spend. The theater business has high operating leverage, meaning earnings are sensitive to attendance swings. The hotels segment, roughly 40% of revenue, owns seven properties totaling roughly 4,700 rooms, including the Pfister Hotel and Grand Geneva Resort. Marcus also manages nine additional hotels for third parties, earning base and incentive management fees. Hotel revenue is driven by room revenue (occupancy and ADR), food and beverage, and group/convention business. Marcus has recently completed a heavy hotel renovation cycle, and expects capital spending to step down in FY26, freeing up meaningful free cash flow. Marcus allocates capital to maintenance and selective reinvestment, opportunistic theater and hotel M&A, dividends, and share repurchases.