What The Marcus Corporation told the SEC could break it.

Both of Marcus's segments depend on discretionary consumer spending on travel, leisure and entertainment, which is sensitive to economic conditions; moreover, business and consumer spending on these activities can be adversely affected by terrorist attacks in the United States or other incidents of violence in public venues such as hotels and movie theatres, so a downturn in discretionary spending or a high-profile safety incident could materially reduce theatre attendance and hotel occupancy.

“the adverse impact on business and consumer spending on travel, leisure and entertainment resulting from terrorist attacks in the United States or other incidents of violence in public venues such as hotels and movie theatres;”

Marcus's theatre division depends on the supply of films from movie studios: its ability to utilize premium formats (e.g., 3D/Ultra Screens) and to drive admission and concession revenue depends on the number of films — including digital 3D films — anticipated to be released in future periods and on customers' response to those releases, so a weak or delayed studio release slate, shortened theatrical windows, or production disruptions would reduce theatre attendance and revenue.

“We have the ability to increase the number of digital 3D capable screens we offer to our guests in the future as needed, based on the number of digital 3D films anticipated to be released during future periods and our customers' response to these 3D releases.”

The Marcus Corporation is geographically concentrated in the upper Midwest — its owned flagship hotels (The Pfister, Hilton Milwaukee, The Marc) are in downtown Milwaukee, Wisconsin and a large share of its theatres are in the Midwest — so it is particularly exposed to weather conditions, especially winter weather in the Midwest and its other markets, as well as regional economic conditions that can depress attendance, occupancy and food-and-beverage revenue.

“the effects of weather conditions, particularly during the winter in the Midwest and in our other markets;”

Marcus operates a capital-intensive owned-real-estate model (hotels and theatres requiring ongoing renovation/development capital) funded in part with debt: it has outstanding Convertible Notes (with associated Capped Call Transactions) and a five-year revolving credit facility maturing October 16, 2028 with $225.0 million of initial maximum availability (expandable by up to $125.0 million); rising interest rates, tighter credit, covenant constraints or a downturn that pressures cash flows could increase its borrowing costs and constrain its ability to fund operations and development.

“The Credit Agreement provides for a five-year revolving credit facility that matures on October 16, 2028 with an initial maximum aggregate amount of availability of $225.0 million.”