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    Drew Crum

    Managing Director at B. Riley Securities

    Drew Crum is a Managing Director at B. Riley Securities specializing in equity research for the consumer, media, and entertainment sectors, with a focus on companies such as AMC Entertainment Holdings, Cinemark Holdings, National CineMedia, Marcus Corporation, and IMAX Corporation. With nearly 25 years of experience as a sell-side analyst, he has held senior research roles at both B. Riley Securities and Stifel, where he covered video games, toys, media, entertainment, publishing, and education. Crum brings a robust industry background, having joined B. Riley Securities in 2025 after serving as Managing Director at Stifel, and holds a BS from Bowling Green State University along with an MBA and Master of Accountancy from Case Western Reserve University. He is recognized for his extensive sector expertise, institutional investor relationships, and compliance with industry credentials required for senior analyst roles.

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

    Drew Crum's questions to Cinemark Holdings (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 (MCS) leadership

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

    Question

    Drew Crum from B. Riley Financial requested management's preliminary outlook for the domestic box office for the second half of the year, noting the tough comparisons from the prior year. He also asked for clarification on the various factors impacting the hotel segment's revenue in the third quarter.

    Answer

    Chairman, President & CEO Gregory S. Marcus stated that while short-term box office is hard to predict, the end-of-year slate with major films like 'Wicked' and 'Avatar' looks very strong. CFO & Treasurer Chad Paris added that the company's fiscal Q4 will benefit from including the full week between Christmas and New Year's. For the hotel segment, Mr. Paris explained that strong, lower-margin banquet and catering business is a key factor, and the operational headwind from the Hilton Milwaukee renovation will be gone in Q3, which should provide an easier path forward.

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

    Question

    Drew Crum from B. Riley Financial requested an outlook for the domestic box office for the second half of the year, given tough comparisons and a strong holiday slate. He also asked about the net impact of various factors on the hotel segment's revenue for the upcoming third quarter.

    Answer

    Chairman, President & CEO Gregory S. Marcus stated that while short-term box office is hard to predict, the end-of-year slate with major films like 'Wicked' and 'Avatar' looks very positive. CFO & Treasurer Chad Paris added that a fiscal calendar change will add the high-traffic week between Christmas and New Year's to Q4 results. For the hotel segment, Paris explained that while the completed Hilton renovation removes a headwind, the revenue mix is shifting towards lower-margin banquet and catering business, but the overall business outlook remains stable.

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

    Question

    Drew Crum from B. Riley Securities sought a preliminary outlook for the domestic box office in the second half of the year, noting tough upcoming comparisons. He also asked for clarification on the various factors affecting hotel segment revenue in the third quarter and how they are expected to net out.

    Answer

    CEO Gregory S. Marcus found it difficult to predict the box office precisely but expressed optimism for a strong end to the year with films like 'Wicked' and 'Avatar'. CFO Chad Paris added that the company's fiscal Q4 will benefit from an extra week between Christmas and New Year's. For the hotel segment, Paris noted that while strong banquet and catering growth comes at lower margins, the significant headwind from the Hilton Milwaukee renovation will be gone in Q3, which should provide an operational lift.

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

    Question

    Drew Crum from B. Riley Securities requested a preliminary outlook for the domestic box office for the second half of the year, noting tough comparisons. He also asked for clarification on the various factors impacting the hotel segment's revenue in the upcoming third quarter.

    Answer

    CEO Gregory S. Marcus acknowledged the difficulty in predicting the box office but expressed optimism for a strong end to the year, citing major releases like 'Wicked' and 'Avatar'. CFO & Treasurer Chad Paris added that a fiscal calendar change will benefit Q4 by including the week between Christmas and New Year's. For the hotel segment, Paris noted that while strong banquet and catering business has lower margins, the significant headwind from the Hilton Milwaukee renovation will be gone in Q3, creating an easier operational path.

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

    Question

    Drew Crum from B. Riley Financial sought preliminary thoughts on the domestic box office outlook for the second half of the year, given tough comparisons and a strong holiday slate. He also asked for clarification on the various factors affecting the hotel segment's revenue outlook for the third quarter.

    Answer

    Chairman, President & CEO Gregory S. Marcus stated that while short-term box office is hard to predict, the end-of-year slate with films like 'Wicked' and 'Avatar' looks very positive. CFO & Treasurer Chad Paris added that the company's fiscal year change will benefit Q4 results by including the full week between Christmas and New Year's. For the hotel segment, Paris explained that strong, lower-margin banquet and catering business is a key factor, and the completion of the disruptive Hilton renovation will provide an operational tailwind in Q3.

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    Drew Crum's questions to IMAX (IMAX) leadership

    Drew Crum's questions to IMAX (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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    Drew Crum's questions to HEAR leadership

    Drew Crum's questions to HEAR leadership • Q2 2024

    Question

    Asked for specifics on the PDP integration being ahead of schedule, whether this influenced the upgraded EBITDA guidance, and about the potential impact of weakening Nintendo hardware sales on the PDP business in the second half of the year.

    Answer

    The PDP integration is ahead of schedule in areas like system integration, retailer negotiations, and portfolio optimization, which partially contributed to the raised EBITDA guidance. A potential dip in Nintendo-related sales is anticipated and already factored into the full-year guidance, with the company noting that the PDP business is well-diversified across other platforms and product categories that are performing strongly.

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