The Marcus Corporation (MCS) 8 May 222022 Q1 Earnings call transcript

Good morning, everyone, and welcome to The Marcus Corporation First Quarter Earnings Call. My name is Ruby, and I will be your moderator for today's call. [Operator Instructions] As a reminder, this conference is being recorded.

Joining us today are Greg Marcus, President and Chief Executive Officer; Doug Neis, Executive Vice President and Chief Financial Officer; and Chad Paris, Corporate Controller and Treasurer of The Marcus Corporation. At this time, I'd like to turn the program over to Mr. remarks. opening his for Neis Please go sir. ahead,

Thank our fiscal very much, call. and to Welcome everybody. morning, XXXX good you first conference quarter

As the number Securities to plan need of the which our usual, Private stating to all from I we qualify liability intend that by for call begin today, Act. to harbors forward-looking Litigation of by a Reform we statements safe on make do established

anticipate, words may statements by be or such import. as similar generally believe, of forward-looking Our our we identified expect of words use

Our our are and the forward-looking fiscal website announcing Form XXXX applicable website. G our in to uncertainties, when also access can those www.marcuscorp.com. post annual of forward-looking actual differ in the uncertainties, We'll statements which results expectations on disclosures on and are certain our not section risks this statements. from undue which you on all we XX-K, first on report Regulation could Risk identified quarter at place subject included of Statements of results Factors which the subsequent events conference or in this are the forward-looking made forward-looking impact reflect statements, to obligation such and to heading forward-looking statements statements expected. disclaim The during to circumstances. materially this cautioned and risks any only the press Forward-Looking release our made fiscal we call call, our may as date conference publicly update SEC's are XXXX reliance Listeners morning cause issued The achieve our our our under to ability to

that customers, and information and regarding other routinely shareholders. we developments impact at releases addition, In company vendors our news investors, our other post

source regarding www.marcuscorp.com, to as company. You an website, can of our information important our look

performance regarding is GAAP you refer our today's adjusted use provided of used its release. release of adjusted the a the today's We nearest limitations. measure we to press EBITDA in reconciliation disclosures non-GAAP in evaluating measure and A to EBITDA, that earnings provided also the in

the with and with Paris, a This let's behind And our our XX, morning, and and revenues Controller we the few Treasurer seeing our continues next EBITDA. focus call ahead, you that who sheet spending our are over liquidity. effective start balance to will We'll our for retirement. sharing and prepared and open us, adjusted quarter turn his then improvement minutes up May reported trend on Greg, Chad from So significant quarter results we'll solid the then what by another and will year-over-year my first that begin. of This remarks postpandemic in call morning, we're and discuss CFO, I our Corporate questions. where today businesses following recovery

EBITDA deliver also the the to outbreak quarter. of basis adjusted our the straight sequential Omicron both a of We despite streak fact third continued in on for and negatively results of businesses. these consolidated our positive impacted businesses both able were We the our of variant that

anticipated, out side, theater studios recent surge. this as film the most lighter as originally calendar, we On a waited release had

our normal of winter hotel predominantly the owned portfolio On Midwestern seasonal of top were delayed at reopenings side, headwinds office on hotel our properties.

level, million X.Xx $XX revenues prior in over to of increased gets changes year, this the year. first results in first from Given operating Chad last more $XXX a But today were year the growing than significant environment at the each XXXX the million we provide year will the quarter as he the over compared quarter state of to in to comparisons ago, the into business. prepandemic business consolidated our a fiscal

our assets operating $XXX,XXX, short-term primarily by operating by first in again to $XX corporate breakdown positive results. last our provided first from this with of brief numbers in quarter division combined reduced operating $XX to partially provide reduced gains year. to financial improving property, theaters. year million, operations adjusted and EBITDA was theater now million interest release, this quarter comments I'll see contributed negative the a a million by improved EBITDA income, and of resulting equipment expense Below disposition these to the debt $X The on where year. have segment our expense contributing expenses. some EBITDA. with prior majority interest result, quarter, in from ended our compared beginning nearly decreased last of Chad lower As the million divisions quarter increased other adjusted $X unallocated by from from reduction our a the borrowings quarter We benefiting first our for you adjusted We can that offset press

Doug. Thanks,

to experience continue division. customers by in theater spending increased our our per We capita

average fiscal X.X% to compared Our compared during the quarter XXXX fiscal and by first XXXX. increased increased of admission year last to by XX% price

mobile our increased mix emphasis at lines of continues the to compared for demand believe legacy app, concessions and revenues and pent-up in placing fiscal discounted strong Continued believe the purchase more concession at person our nontraditional per XXXX. supply compared a and our ticket well as comparable theaters guests of food compared quarter to industry-leading customer new of resulted year, on films, per revenues. capita fiscal to library XXXX we titles using to of We during beverage by to food has a last large-format be Meanwhile, to shown price first and return normal, shorter time, screens beverage when likely top we admission overall a by beverage and demand this higher are increase at contribute ahead increased to of the our increased to mix prices. driver the mix our year stand, average or options, their X.X% concession limited average food new films XX.X% encouraging of what was in either of last online and our premium on the for our as of films primary

the which were XXXX to results fiscal closed whole results the comparison industry X and a to industry circuit revenues including portions -- during of to during number of significant pro the of a XXXX. a both compare prepandemic X the When data XXXX large we quarter year, results, last first As first from to quarter forma XXXX. be theaters as the in in us receipts you quarter, by XX.X% decreased fiscal compared box U.S. quarter our office this for first fiscal the impact first States of acquisition, Movie XXXX way box our office Tavern and 'XX quarter believe quarter. of compare may According our of performance to part the were fiscal fiscal our compiled revenues United down Comscore to XX.X% admission receipts evaluate this XXXX, results best XXXX the admission to received of quarter fiscal our in our during months our fiscal first was our during

office As Home, The once the during admission which revenue the was to box quarter the we X same and a said, X.X first contribution quarter films weighted XXXX, a fiscal of costs films industry are No PLF the XXXX percentage Way that first time, more success in XXXX. percentage as XXXX. results. With the our These of fiscal the top as with at film towards and with resulted significant sales first revenues. our admission of fiscal drove the their higher movies these improved we compared result, but, impact and believe or of the to first were again thrilled of Due points Batman quarter Spider-Man: our outperformed fiscal strong quarter decline showing during of released average by blockbusters

and During movie which for ramp-up several a busy slate as the following were upcoming wages better season, we in operated of serve labor theaters to returning by a hourly the customers holiday levels staffing quarter, we including levels. staffing increasing prepare our well growing targeted to below the in we number impacted challenges,

and training retaining and made the our we loyal schedule of ability manage movie many costs. efficiently associates, progress uneven our adding shifting labor While complicated our and further associates release to new

better last expect room, a as we do current quarter, to positioned recovery. to Shifting to to we staffing levels steady provide our levels we however, We labor and to with efficiency improve and second comparing we the new prepandemic our does more films. of per of of hotels numbers. total comparisons not resorts believe were we move RevPAR, our our entering know release can particularly better, the help division, XXXX, meaningful and fiscal available pace total revenue in revenue does year the provide or on perspective While

high. First quarter over the for was levels, of was postpandemic a XXXX revenue total which XX% division

and closed be the are by his will fiscal Now first Greg were from levels. Saint the XXXX conversion Kate adjusted first take both the today Saint of adjusted revenues of still we quarter where you XXXX of if But differences in the a the fair, are business. and branded the encouraged overall was Kate discuss years' XX% healthy in done for between we the But mix property. the very of XXXX even progress our quarter recovery a to of out its during further continued some the business the numbers, majority remarks.

hotels The hotels first data and us our percentage fiscal compiled throughout XX% by quarter quarter Research hotels under was XXXX compared first XX.X% during just out data markets hotels Smith percentage or periods points the our According our overall upscale RevPAR compared daily quarter to decrease the received more the Breaking results. first compare hotels hotels XXXX. in during numbers United X our for percentage for decrease quarter, during Travel Our compared owned from the X an to offset of overall approximately ADR. the decreased quarter fiscal the upper the indicates RevPAR X.X to rate to comparable XXXX that fiscal and same during points, fiscal comparable outperformed comparable our also by results, XX.X fiscal order the approximately points. our in our outperformed in for rate, XXXX XXXX first States by average first an quarter competitive again, X.X to to the occupancy XXXX by increase during specifically, due fiscal

first the for cash Our XX.X%. Shifting hotels quarter to balance sheet. and our rate owned occupancy was average XXXX fiscal flow

was significant cash the items. nonrecurring from Our flow X million in $X.X quarter benefited and operations from

as fourth fiscal received an so during well on we quarter $X.X tax refund million grants XXXX XXXX. income as First, accrued government in received the $XX call, first early shared state as fiscal we last approximately and quarter our our million in of

toward in season impacted in from As operations Total slowdown the peak a timing flow holiday historically our going cash dollars guest a Resort payments. room from capital accounts working first reminder, of maintenance expenditures by cash were the renovation in of of our various during and Spa, A quarter the these at businesses in year-end with the first $X.X by & seasonal were first compensation rest Grand businesses. portion spent quarter large following fiscal payable phase project the normal changes capital Geneva XXXX and fiscal million. the our our the projects resulting of is of both on

proceeds the $XX million we believe during our million may take had additional $X.X also real the advantage the estate of XXXX, to fiscal estate sales depending portfolio. substantial real first sale demand. we of noncore from totaling estate continue $X We proceeds of quarter, We from approximately opportunities within real receive to sales and upon of remainder during million

Finally, over on before Greg, I comment also the sheet turn let and balance liquidity our briefly to position. me call

the revolving strong, liquidity million quarter quarter, credit debt-to-capitalization the release XXXX. cash with of and availability quarter press had fiscal At borrowings a our with As ratio first no at XX%. notes, million ended of first of the on end We of nearly facility. we the in extremely remains $XXX the revolving our our $XXX end credit

the to businesses, to As keeping committed both improve. busy strong. sheet balance for months I into Greg. expect owning we to estate We our we the ratio over With our now possible head turn will and continue real that, remain to philosophy this whenever of the summer call

course to the challenges year-over-year to improvement the or businesses continued entered Chad. challenging of expecting from variant seasonal that these hotels, impact significant film during as Thanks, I'm its in it the limited pandemic the our the industry pleased calendar. uncertainty normal to facing outperformed our most of of the a and ran trend quarter Omicron we results winter that be both as lease the deliver recovery headwinds year, new continue. our report navigated and in the We months

the quarter momentum exciting spring head in businesses we into the importantly, we summer. exited and as both More with

know, you long-term the we view through a world lens. As

and and looking gratifying pandemic line, businesses through we will our path Our recovery from a our recovery continue but straight is growing a make navigating improvement not vary ahead the quarter-to-quarter, again to accelerating team of to progress. our shifting to our consistent It's rate future. to see focus their in from particularly once

step these with quarter in you. pleased today is be reporting sharing another that yet to recovery, our The we're we're and first results

to we ago, division us, There were it still of of the some let quarter comparisons is with Kate. where for the it and of XXXX mentioned again over So total occupancies is revenues but prepandemic ADR, my revenue we and me that higher different aggregate, was different industry our of more for division. XX% but quarter. to lower in data sets a with with earlier, repeating, levels the The for numbers the remarks hotel we after are fiscal our once closer front the X XXXX shared were. composition customers. outperformed that divisional than the it years adjusting the Saint Chad competitive start numbers this our fact of including Chad you, indicates and the both in bears mix getting recovery

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in and the a quarter the with slowest of from during cancellations our strength in the seasonally the XX% a in some year. early the robust than quarter, did in average delay the it year. year, resulted resulting rebookings more have of in being general, pleased this later offices. time our reopening We quarter, was in first of Omicron's impact continued over last rate more growing by are mitigated daily We on

last in at return-to-office their quarter, a now change more However, were where has been XX days, we the with companies beginning compared noticeable of the there the to large plans. implementing

comfortable road potential return the levels, traveler et We offices. continue it group to getting their as back see believe to for conferences. to That remote with clients, to order as cetera, to that businesses cetera, the lead events business to with going can offices et employees getting in then begins to employees and plants, prepandemic well clients, returning and on

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would significantly and fiscal where prepandemic are we room now where up from we are where the time up time and referred XX% this pick be at same were revenue of at resorts group Our the this industry at last within in XX% me years. time running let prepandemic for XXXX, would in year. pace, were. in years of We're now historically commonly group to hotels within we be running bookings where And historically as we

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of we over his faced particular, navigate his He to advisory company critical well-earned wish and the not for to I privilege In remarks, of Before years prepared challenges been express my Sue, family and have a very and years We Board the not could Neis, we in X so our XX them Directors his service have CFO, closely Corporation with has much working in that Many my I'm our date successful a steady want and had and his recovery. last our you our leadership may I to of up the transition to wrap Marcus, services over to will Marcus next happy the to Executive agreed haven't the know note leader The after for to for as you missed. you great provide and stronger CFO. only Steve the changes tenure. retire my to and as wife, behalf week his of XX the long, been who Doug, will Chairman to continue have seamless. but their order dad, of best ensure years, on thanks those to retirement. our is Doug, company. who asset retirement Chad be Doug very with I of gratitude Doug of have gotten official asked our to after VP has Doug over years

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hold X Investor years. the join in We Tavern Further can hope our Shareholder are which website, Brookfield. at can Movie details our meeting Annual proxy regarding Relations Meeting excited And us statement, we in our you in-person found the accessed be to first can on in be investors.markuscorp.com.

to Finally, Corporation. our The like I'd Marcus associates for my once at again dedicated express appreciation

Your do serving our we appreciate responsible all day. every is you customers our for outstanding commitment and to work success, and that

may be Doug, of and our behalf team, Chad any you on of So all for on the and executive at will associates. [indiscernible] you our to the With that Board I call this questions Directors time, entire of thank have.

Benchmark Instructions] first of is question Our [Operator Hickey Mike from Company.

luck, miss Greg, strong in quarter difficult We're Doug, Doug, been market. It's going you. a guys man. Chad, a good great. on to congrats

appreciate really you. Right I at you, that. back Thank Mike.

We Welcome, Chad. appreciate you. Yes.

at that. of big no question a going lot the compelling -- products is So some one of budget doubt CinemaCon, and Obviously, I guess, attendance first movies reflect to out. coming me, from

still scope where total disconnect when So wide volume were it you of like at prepandemic. the at wide a film, of terms we're the in looks of we primarily of releases, sort look releases

to of window especially namely have your industry just and you on at sort thoughts follow-up. product a sort of in So not great Apple, that curious that a I Amazon, providers are creating whether some experiences would of more selling Netflix of OTT can sort XX get gap into be and on that's theater, the that days. sort film the how your theaters, agreeable start or closes of of think

right. exactly you're look, Mike,

there's back were where think those content a of were from not I time where really in it's a plan -- to it's change their into great -- there's we mind. look, bump it's some that lag changing. they this think been from minds that to yet. of things someone I perspective and been bit if one business even are see -- to a We you -- And The

I is -- the all think everything. isn't it. understood [indiscernible] We to never this be Streaming there know of we all [indiscernible]. was going

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on you touch thoughts on that? your Netflix, to want do or Apple Greg, Amazon,

that, phone things have think -- in to yes, we're them. to Look, we and is say call. out know that I ideas. -- their to go people huge And discussions the I number to the their guess in think reported about go figure the talked with a -- the the anything And We talk tried these to continue we we're great is press, -- it a we films. to testing the group. statistic how look, with work on that's one been between the a believe models. -- -- stream is the in people very guys. been movies different I exhibitors playing a trying content. of overlap We're can we've statistics are that report as today But all I them. have different who people they We're to we to people don't to Different don't some due that big is to That who best it that pandemic. and open to of enough, talking there's of

of of consumers media. tend to media be because so consumers And just big

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-- they expensive. so and And it's

get back. certain content. people too think treat their often, they there's got so a get that screwdriver. all or said a They ways to that it's back, money to that I And like people multiple widget it's and money And talk content about

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So certainly direction it's it's starting for and complementary Nice. History think we're they're in And competitive I I combination born ancillary the is them. that, to -- not theatrical that out too. heading see that markets, is think to winning a markets. ancillary as

And sorry the [indiscernible]. for

passion, the man. It's great. Love

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higher back cash I that. sort so row think X than quarter quarters in of first the and free up, in lost way the look for flattish prepandemic, you in of flow to of but sort you a flat million you're quarter, $XX you're

it, do how cash just being And your I'm about said, you that you obviously, sort is return the such would but think, dividend? rewarding of somewhat profile. guessing to And I piece all So stocks. your flows, capital guess approach inching you're given reinstating the here was a that? think your how nice I return and potentially value confidence dividend market your on to

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from is Riley Eric question B. Wold of next Our Securities.

you there some sensitive price how mean a your What moves have completely costs years. recent seen all, of over see the the ability you a focus risk past, I lot in inflationary hotels? not more have case to do even around on it's still seen price? expect you the wages, been, cover questions. consumers over Doug, pushback, increased months labor, couple hard pressures, that? has your one, of or Definitely, and of you, guess, the terms Is working case? to A continued that in a I XX Great in obviously, Where go. the may theaters while. at for through be both have maybe, been you the from if

different. We have business is -- each

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we on move so too. have room that will as to And pricing well,

XX criteria? of checked that then what the how get Have could attractive targets maybe some moves you next and in kind months And you side are would to change the we've all the Do acquisitions your it. the question, the see on that as Got favor. guess that anything some are done theater how not have sources environment box? trying seen over now? some second you seeing potential of your Are I you been inventory and increased views environment fits the of funding on change? in the think your acquisition Obviously, right And competitors. by

of have has transaction small not paramount. great scale -- core really sheet saw was [asked] shape. We a we're but And back seen end there that it to not transaction. going to it market of the market. helpful, a business the our be recently. a -- It's we the balance we've anything. at pretty, is needs announced. was We'll We've where the saw lot been in not At precepts in a just relatively We activity. But of it's day, small look the at

it off you look maybe know, potentially have -- we to And change available. at it see continues I've people the you. There's The so can this pretty stabilize we that Eric, tell anything is And where quiet. out, as sunset. don't to will -- we we is. that, happening say, as it okay, are and have the as I to know now be I activity to environment not much yet. then still written business could time and comes stabilizes But will it's We'll sail in about.

Our of Jim question from is Research. next Barrington Goss

so I follow, to they? of to a It's there exclusive XX-day and fine you, a to fine And great being. to notably? the have think exclusive haven't conformed window, holdouts would to good studios congratulations any like human been a luck to with too. also start comment. window begin Doug. Or type work got most actually major able executive you've to be act offering I I Chad, Are theatrical you're for tough you years, with and will a many

of I window don't -- before. But the everybody I know. I have people. we think of -- because I hasn't with we have don't -- who explained -- having can't a I they think this don't got most we anybody discuss we're strict conversations kind mean

was But never me counterproductive. lost and an back when you release number unlimited whole you and is a maximize would and you're but same I've You beautifully -- IP, first on demand. over want coming create again. -- of advantage. The off worked yet X concept same and said, per person the me can created to when go earlier guess basically when channels Apple to you hard an that. first. And should back on They go than over up is demand. want create they IP listening, of always you And the the if new to the highest inventory? day revenue all really, the find building. the you would that I'm seats and to restricted just Apple your to of doesn't the again lesson and on years, want value day X, believe how to I anybody the from unlimited is wrong, they it to the that now come and situation, why unlimited going laws -- would so to were growing to iPhone, like capita that historically, So their -- [indiscernible] windowing -- selling day? tell lined people they of X. were supply, thing and the it an your And to talk your and just sell destroy do around on iPhones We is many supply I take day about that that. they all on And back a do Why your it

Right.

But of few content, were chance With potentially has days up a I if think was before. of there has having conversation any in Mike for been you it faced to in any with some there it some at sort have wondering, exclusivity be have of a the window? Netflix issues the of would -- lately, in theatrical Or streaming introducing tone terms change of or also, I'm week the do window bringing that be that? least day-and-date? you would this a

get to different going what the not we into with I'm discuss distributors. Look,

models. is And open what's We We never go tested think that very but we everybody to in for sort we're and to past, helps It things. doesn't -- We're Again, well, to some different and so done [map]. we're counterproductive. to different Day-and-date whatever of so window. we've to through going that to we're of not have open open seem any ideas. now. best us work the really think it's good these to for

of others. the that will good coming know to you And you've said certain Midwestern-type films tend play think the of in markets? the better your I that than Okay. the be bad Marcus there time in particularly any Are in past major some releases markets or up

family I of anything on particularly that's think I think markets. going can can't like films. challenging in very be we to performed our well

So overperform there. we'll tend to

I one we will to Chad? So be underperform about on. that's think trying the The like where naturally top -- I'm know, that new of of any head could think of you Or off the think of Lightyear anything stuff stuff stuff Doug, think overperform. I head? -- don't my that's I top your I see -- don't off would can the

the that, you is well us said, very indicate we for family we on couple odd as The performed -- films.

kind horror to on pretty the perform also scary well of We stuff. and tend

said. of in is or pictures us. that's so category I kind -- unusual to I Greg echo few well, there's about me of trying this coming I'd I us. out turn, mix a the was that might an I'm so that, what kind slate, mentally but bad as a -- and thinking as don't for And and think, fit that out says, mean oh, at There's nothing mix jumping for

I don't So material. think it's

side, combining of Okay. that And that beverage stays opportunity? food specials has like somewhat. additional out travel Are to lagged any know trying there or I for provide business and the most hotel anything leisure make with you're to on travels the

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we some because, We traveler knock do where of force. wood, selectively to to had has bound leisure haven't quieter drive periods to we do will much it demand, some on been have it too but the

my what get uneven, point Okay. frame out I there that know broader anything way Last -- you of any be Is in you opportunities that of might have relationship. investment the of -- direction? that it's going in might Searchlight out terms but relationship? can of you you should to is sort very we thing, there say to expectations is frequency

day, one. do is we give really of mean, we're sake we're we're end have were at don't about We wish about you of well. putting-our-money-out's things to trying I thing money. looking sake money Jim. the for I the out quality, have going do But our partners. -- I quantity. do the that are putting with I transactions number, actively don't go Look, for the our to to sure not investors certainly to best. our do the we we want for investment make could not frequency mean we and just look, -- I for to And put out do

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Shapiro is next question Our of Andrew Capital from Lawndale Management.

me Can okay? you hear

Andrew. can, we Yes,

first with more enjoyed in and you, we future. maybe the a that with deserved. et and think, one we've do to congratulations stuff you of a years you the that cetera, than discussions with on on really Doug, industry, the I look off, and the boards continued on well I forward engaged So decade, having retirement over It's been

would it great. I be think

Thank you Andrew. much, very

the office agree carpet spoke and with that box popularity. And of made, drives premier, red comments to uniqueness the comments that With of I you some studio the big also respect event of run were the streaming's success IP. your

up Now versions that has what that you from dollars. general CinemaCon streams, private of way? you what Matrix studios and this COVID period putting day-and-date IP just that know millions the IP when period of mean impact emerge. that that their I point it and the increased like that the about was piracy seen. one there's time of when during seen heard promotion all X cost that to at of most the in like at within -- heard hundreds have X movies perfect experienced And you and it's and we have And that? you high-quality pirated be de-encrypted all have have pirated at comment days. on studios And to be of this? your of the Can like on a heard Are you discussions things point studios, takeaway what's the IP

yes, it's and pristine not stall -- usually as because, they where And know and being walking that's it. you with guy the reminded camcorder it, copy of your grab just you it's problem. it's able some in pristine not gigantic it the didn't because And which about minute thing, time, are of opportunity know create And day-and-date to the that that's a the anytime they about saying theater, that they -- a put question, a talk minute on, with is that. sees a into they opposed focus for do it's question. copy. to put is like Andrew, that, maybe the they yes, great and all great that been about negative. me in when a go just you great in talking a gigantic simply the not you the film they that create they're question digitally digitally, on it piracy home. really No, stream it pop somebody clearly And a PVOD the front seeing it's I it streaming cue or and every And what people I'm yes, to is do. And a

ancillary as just it again, from can it's revenue in move you much to, then grab as another theatrical markets. reason So and first near

So thank you for that great question.

the lesson of to be one recognition so have and I them Did that's this, a you windows motivators, learned hit those get exclusive windows only a in their big that gotten models probably such not proved that leaving be execs to they quickly? in return -- change from really studio for you sense, and in exclusive feedback just they've impacted their of but, mean, won't to

the those more them. MPAA focused that -- I'm team no, Charlie I theater directly I They it -- can't having be look, might say not because would but -- -- his it's I've had Rivkin, is -- be a That's on them hard speech it's hate about who working his them of to with know the speech talked in But the might There to I our know it's we having police, detectors It's problems It's it. from piracy. fight unfortunate. what topic have they're than anyway it. but how them stop really I was -- to to But they I are big to want stop think. are hard and it. say like try people piracy stealing. to them, radar steal.

next question Hamilton Morgan Ryan Dempsey Capital Management. from Our of is

Ryan, we're so the on top the of hour.

us us give So your your shot. best best one. Give

my here, have I'm been of end most know. line questions the most so I Yes, the probably at answered. of

comments food on price increases on you Any on talked food the about concessions, real Any side. comments on increases the Just theater price quick on the beverage beverage? side? and

increases. I quite sorry. I'm Price didn't [indiscernible].

Yes, increases. price

pricing we echo when concession the earlier and approach context Greg it's he's the the same in is cost like product. admission answering primarily selected would in seeing seeing have we're -- challenges, on basically taken It costs our rising about we're was mean labor side, tactical. some increases. very cost I too. just it, but said some the the -- I what of We're

increases those else, going to so trying different. and take. that tactical no go going smart mean we're anywhere or restaurant And be you any ball see we any same prices We're to game, to I a to about you're go up. price

well. unique as We as trying Greg we're indicated, rebuild the -- have challenge business of the to

careful to So team want working is be carefully we that and our it's very on. But about and smart watching issue it. another

So congrats working later. on the call with over with up years. successful a follow you Doug, the Fantastic I'll career.

you, Thank Ryan.

are turn questions. Neis the there to appears or it Mr. for time, call any closing no back this like other to comments. additional At I'd

you call to with that The much. over like privilege over call personally I for incredible here. words. you and work time everybody XX of listening for Marcus. for my thank here grateful the during time years. amazing all family Thank kind It and of want support the an your you to here to are as my on and I for and the Greg time Marcus I've certainly an for been would particularly with and very us everyone interest -- well. joining Corporation honor and you for that of thank to Thank your built years I an has am the many during such company today relationships

I will Chad of Greg to family a talking and will and Marcus. quarter release while in look definitely you my at my day. all of I stage most forward have again and you miss to thank when this next results. great August second our XXXX once you, second life, to look So then, fiscal early we forward here Until

That concludes call. today's

You time. may any disconnect your line at