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    Drew Crum • B. Riley Securities

    Drew Crum's questions to Cinemark Holdings Inc (CNK) leadership

    Drew Crum's questions to Cinemark Holdings Inc (CNK) leadership • Q2 2025

    Question

    Drew Crum sought an update on the full-year guidance for domestic per caps and average ticket prices. He also asked about the back-half weighted nature of the CapEx guidance and other potential swing factors for free cash flow in the second half.

    Answer

    CFO Melissa Thomas reaffirmed expectations for modest year-over-year growth in domestic average ticket prices and moderate growth in per caps. She confirmed the $225 million CapEx guidance is typically back-half weighted. For free cash flow, she highlighted Q3 working capital headwinds and interest payment timing, but noted that the previously expected increase in cash taxes would be less severe due to recent legislation.

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    Drew Crum's questions to Marcus Corp (MCS) leadership

    Drew Crum's questions to Marcus Corp (MCS) leadership • Q2 2025

    Question

    Drew Crum from B. Riley Securities asked for management's preliminary outlook for the domestic box office in the second half of the year and requested clarification on the various factors affecting the hotel segment's revenue in the third quarter.

    Answer

    Chairman, President & CEO Gregory S. Marcus stated that while predicting the box office is difficult, the outlook is positive with a strong holiday slate including 'Wicked' and 'Avatar'. CFO & Treasurer Chad Paris added that Q4 results will benefit from an extra week due to a fiscal calendar change. For the hotel segment, Paris noted that strong group business is driving banquet and catering revenue, which has lower margins, and confirmed the headwind from the Hilton renovation will be gone in Q3, leading to a more stable operational path.

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    Drew Crum's questions to Imax Corp (IMAX) leadership

    Drew Crum's questions to Imax Corp (IMAX) leadership • Q2 2025

    Question

    Drew Crum of B. Riley Securities asked for insight into the puts and takes for adjusted EBITDA margins in the second half of the year and the key drivers for achieving the "low 40s" guidance.

    Answer

    CFO Natasha Fernandes explained that H2 margins will be shaped by high incremental profit from box office, offset by discretionary marketing spend for major releases like Avatar. The mix between Hollywood and lower-cost local language films will also be a factor in quarterly margin performance.

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