Basis of Presentation - The unaudited consolidated financial statements for the three and six months ended June 30, 2026 and June 30, 2025 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, 2026, 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 31, 2025.

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 ended December 31, 2025 and thereafter, the Company’s quarterly results are for three month periods ending March 31, June 30, September 30 and December 31 of each year. In this quarterly report, the six months ended June 30, 2025 refers to the period December 27, 2024 through June 30, 2025.

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 $17,114 and $34,942, respectively, for the three and six months ended June 30, 2026, and $17,597 and $35,428, respectively, for the three and six months ended June 30, 2025.

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.

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, 2026 or June 30, 2025.

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, and performance stock units using the if-converted method. Convertible Class B Common Stock is 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, 2026		June 30, 2025		June 30, 2026		June 30, 2025

Net earnings (loss) per share - basic:
Common Stock	$	0.53	$	0.24	$	0.02	$	(0.31)
Class B Common Stock	$	0.48	$	0.22	$	0.02	$	(0.28)
Net earnings (loss) per share - diluted:
Common Stock	$	0.51	$	0.23	$	0.02	$	(0.31)
Class B Common Stock	$	0.48	$	0.22	$	0.02	$	(0.28)

Numerator:
Net earnings (loss)	$	15,844	$	7,321	$	491	$	(9,495)

Denominator (in thousands):
Denominator for basic EPS	30,733		31,304		30,707		31,453
Effect of dilutive employee stock options	212		47		146		—
Effect of restricted stock units	104		80		98		—

Diluted weighted-average shares outstanding	31,049		31,431		30,951		31,453

Weighted-average number of anti-dilutive shares excluded from denominator (in thousands):
Employee stock options	1,510		2,215		1,527		1,829
Restricted stock units	—		—		—		72
Performance stock units	375		238		344		213
Total	1,885		2,453		1,871		2,114

For the periods when the Company reports a net loss, common stock equivalents, restricted stock units, and performance stock units 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.


	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 31, 2025	$	25,369	$	6,985	$	184,002	$	268,561	$	(12)	$	(27,527)	$	457,378
Cash dividends:
$0.073 per share Class B Common Stock	—		—		—		(510)		—		—		(510)
$0.08 per share Common Stock	—		—		—		(1,900)		—		—		(1,900)
Exercise of stock options	—		—		—		—		—		45		45
Purchase of treasury stock	—		—		—		—		—		(2,331)		(2,331)
Reissuance of treasury stock	—		—		(313)		—		—		330		17
Issuance of non-vested stock	—		—		(2,429)		—		—		2,429		—
Share-based compensation	—		—		3,824		—		—		—		3,824


Comprehensive loss	—		—		—		(15,353)		(3)		—		(15,356)
BALANCES AT MARCH 31, 2026	25,369		6,985		185,084		250,798		(15)		(27,054)		441,167
Cash dividends:
$0.073 per share Class B Common Stock	—		—		—		(510)		—		—		(510)
$0.08 per share Common Stock	—		—		—		(1,899)		—		—		(1,899)
Exercise of stock options	—		—		(274)		—		—		3,014		2,740
Purchase of treasury stock	—		—		—		—		—		(2,097)		(2,097)
Reissuance of treasury stock	—		—		(13)		—		—		29		16
Issuance of non-vested stock	—		—		(282)		—		—		282		—
Shared-based compensation	—		—		1,626		—		—		—		1,626


Comprehensive income (loss)	—		—		—		15,844		(3)		—		15,841
BALANCES AT JUNE 30, 2026	25,369		6,985		186,141		264,233		(18)		(25,826)		456,884


	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		—
Share-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
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


Comprehensive income (loss)	—		—		—		7,321		(4)		—		7,317
BALANCES AT JUNE 30, 2025	25,369		6,985		181,688		251,204		(189)		(16,639)		448,418

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, 2026 and December 31, 2025, the Company had $12,000 and $10,000, 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, 2026 and December 31, 2025, 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 $153,523 at June 30, 2026, 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, 2026
	Theatres		Hotels/Resorts		Corporate		Total
Theatre admissions	$	72,557	$	—	$	—	$	72,557
Rooms	—		33,706		—		33,706
Theatre concessions	65,264		—		—		65,264
Food and beverage	—		22,509		—		22,509
Other revenues(1)	12,025		14,537		112		26,674
Revenue before cost reimbursements	149,846		70,752		112		220,710
Cost reimbursements	802		10,232		—		11,034
Total revenues	$	150,648	$	80,984	$	112	$	231,744


	Six Months Ended June 30, 2026
	Theatres		Hotels/Resorts		Corporate		Total
Theatre admissions	$	117,382	$	—	$	—	$	117,382
Rooms	—		54,168		—		54,168
Theatre concessions	104,829		—		—		104,829
Food and beverage	—		39,969		—		39,969
Other revenues(1)	19,849		28,334		185		48,368
Revenue before cost reimbursements	242,060		122,471		185		364,716
Cost reimbursements	1,516		19,916		—		21,432
Total revenues	$	243,576	$	142,387	$	185	$	386,148


	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

The Company had deferred revenue from contracts with customers of $42,995 and $39,475 as of June 30, 2026 and December 31, 2025, respectively. The Company had no contract assets as of June 30, 2026 and December 31, 2025. During the six months ended June 30, 2026, the Company recognized revenue of $13,852 that was included in deferred revenues as of December 31, 2025. 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. The majority of the Company’s deferred revenue relates to non-redeemed gift cards, advanced sales and the Company’s loyalty program.

As of June 30, 2026, the amount of transaction price allocated to the remaining performance obligations under the Company’s advanced ticket sales was $1,748 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, 2026, the amount of transaction price allocated to the remaining performance obligations related to the amount of Theatres non-redeemed gift cards was $12,124 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, 2026, the amount of transaction price allocated to the remaining performance obligations related to the amount of Hotels and Resorts non-redeemed gift cards was $4,472 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 - 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.

On September 18, 2025, the FASB issued ASU No. 2025-06, Intangibles - Goodwill and Other - Internal use Software (Subtopic 350-50): Targeted Improvements to the Accounting for Internal-Use Software (ASU No. 2025-06), which simplifies the capitalization guidance by removing all references to software development project stages so that the guidance is neutral to different software development methods. ASU No. 2025-06 also supersedes the current website development costs guidance and incorporates the recognition requirements for website-specific development costs from ASC 350-50 into ASC 350-40. ASU 2025-06 is effective for the Company in fiscal 2028. The Company is evaluating the effect the guidance will have on its consolidated financial statements.

On December 4, 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which establishes recognition, measurement, and presentation guidance for government grants received by business entities. Under the new guidance, government grants are recognized when there is reasonable assurance that the Company will comply with the conditions of the grant and that the grant will be received. Grants related to income are presented either as other income or as a reduction of the related expense, while grants related to assets are recorded either as deferred income or as a reduction of the carrying amount of the related asset. The guidance in this ASU is effective for fiscal years beginning after December 15, 2028, and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. If a business entity adopts the amendments in this ASU in an interim reporting period, it must adopt them as of the beginning of the annual reporting period that includes that interim reporting period. The Company elected to early adopt this guidance in fiscal 2026, applying a modified prospective approach. The Company has elected to recognize the government grant utilizing the deferred income approach. The adoption did not have a material impact on the Company's condensed consolidated financial statements.