RICHMOND, Va.--(BUSINESS WIRE)--Bowlero Corp. (NYSE: BOWL) (“Bowlero” or the “Company”), one of the world’s premier operators of location-based entertainment, today provided financial results for the second quarter of the 2024 Fiscal Year, which ended on December 31, 2023. Quarter Highlights: Revenue increased 11.8% to $305.7 million versus the prior year and increased 65.4% versus 2QFY20 (quarter ended December 29, 2019) Revenue excluding Service Fee Revenue increased 13.4% to $304.0 million versus th ...

Intangible Assets: (5) Property and Equipment Three Months Ended Six Months Ended December 31, December 31, 2023 January 1, 2023 2023 January 1, 2023 Depreciation expense $ 29,453 $ 21,925 $ 53,631 $ 42,264 (6) Leases On October 19, 2023, the Company completed a transaction with VICI Properties Inc. ("VICI") relating to the transfer of the land and real estate assets of 38 bowling entertainment centers for an aggregate value of $432,900. The transaction was structured as a tax-deferred capital contribution ...

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Bowlero Corporation (BOWL) , a global leader in bowling entertainment, continues its impressive growth trajectory with the acquisition of Ten Pin in Hilliard, OH. This buyout marks its 20th center addition in fiscal 2024. This strategic move follows the successful acquisitions of Niles Bowling center in Niles, IL, and BAM! Entertainment Center in Holland, MI, during the second quarter.The company, known for its iconic Lucky Strike brand, recently unveiled Lucky Strike Moorpark in Moorpark, CA. This 43,000 s ...

RICHMOND, Va.--(BUSINESS WIRE)--Bowlero Corporation (NYSE: BOWL), the global leader in bowling entertainment, announced today the naming of Lev Ekster, 40, as President of Bowlero Corp. Mr. Ekster has led the expansion of the Professional Bowlers Association (“PBA”) along with the Amusements and Leagues departments and most recently, Information Technology. He will report to Thomas Shannon, Founder, Chairman and CEO of Bowlero, and be responsible for daily management of Center Operations. “Over the past ...

NOVEMBER 2023 ▪ Expanding the PBA Elite League to a season-long event (five additional team shows on FS1) for the first time ▪ Launch of first-ever PBA All-Star Weekend in 2024 17 200 195 190 ▲ Audio-visual – Video screens at the end of the lanes and upgraded sound system Phase II: ▲ Rebranding – Rebrand name, including signage ▲ Transition to Upscale – Kitchen/bar replacement, front desk, changes to center layout (e.g., lane additions) Post-Investment – Illustrative 14 Illustrative Examples of Converted Ce ...

Bowlero Corp. (NYSE:BOWL) Q1 2024 Results Earnings Conference Call November 7, 2023 10:00 AM ET Company Participants Bobby Lavan - Chief Financial Officer Thomas Shannon - Founder, Chief Executive Officer and President Conference Call Participants Matthew Boss - J.P. Morgan Randy Konik - Jefferies & Company Steven Wieczynski - Stifel Financial Corp. Jason Tilchen - Canaccord Genuity Group Inc. Ian Zaffino - Oppenheimer & Co. Jeremy Hamblin - Craig-Hallum Eric Wold - B. Riley Securities Daniel Moore - CJS Se ...

Financial Performance - For the quarter ended October 1, 2023, revenues totaled $227,405, representing a decrease of $2,855, or 1%, compared to the same period last fiscal year[175]. - Same-store revenues decreased by $15,522, or 6.9%, to $209,146 for the quarter ended October 1, 2023, compared to $224,668 for the same period last year[175]. - For the quarter ended October 1, 2023, the company reported a net income of $18,219, compared to a net loss of $33,534 for the same period in 2022[187]. - Adjusted EBITDA for the quarter was $52,134, down from $65,309 in the prior year, reflecting a decrease of approximately 20%[187]. - Net cash provided by operating activities decreased to $16,083 from $35,573, a decline of $19,490 year-over-year[190]. Costs and Expenses - Cost of revenues increased by $17,719, or 11%, primarily due to higher labor, supplies, and maintenance costs, resulting in cost of revenues as a percentage of revenues rising from 72% to almost 80%[177]. - Selling, general and administrative expenses (SG&A) rose by $5,271, or 16%, to $37,765, with SG&A as a percentage of revenues increasing from 14% to approximately 17%[178]. - Interest expense increased by $13,879, or 59%, to $37,449, primarily due to higher interest rates and increased debt obligations[179]. Investments and Acquisitions - The company made three acquisitions, acquiring 17 bowling entertainment centers during the quarter, with two additional centers expected to close in the second quarter of fiscal year 2024[169]. - The company utilized $176,576 in investing activities, significantly higher than $62,492 in the same period last year, primarily due to the acquisition of Lucky Strike[191]. - The company entered into a transaction with VICI Properties Inc. for the transfer of land and real estate assets of 38 bowling entertainment centers valued at $432,900[171]. - The company expects to continue investing in accretive acquisitions and center upgrades in future periods[191]. Operational Developments - One new build-out was completed and opened during the quarter, with seven signed agreements for future build-outs in prime markets[170]. - Renovations and remodels are currently underway at 14 bowling centers[171]. - The company anticipates continued organic growth and market expansion through acquisitions and upgrades of existing centers[166]. Cash and Financing - Financing activities generated $5,091, with proceeds from revolver draws of $140,000, partially offset by $130,140 for treasury stock repurchase[192]. - As of October 1, 2023, the company had approximately $40,088 in available cash and cash equivalents[188]. Tax and Interest Rate Impact - The effective tax rate for the quarter was (113.4)%, primarily due to income recognized for book purposes associated with changes in fair value of the earnout liability[181]. - An increase or decrease of 1.0% in the effective interest rate would impact interest expense by approximately $12,870 over a twelve-month period[200]. Market Risks - The company is exposed to market price fluctuations in food, beverage, supplies, and energy costs[202]. - Historical volatility in food product prices, including proteins, produce, dairy products, and cooking oil, can materially impact food costs[202]. - Purchasing commitments partially mitigate the risk of price fluctuations, but supply and demand factors can still cause price changes[202]. - External factors such as disease or inclement weather may influence commodity prices used in food operations[202]. - The cost of purchased materials may be affected by tariffs and trade regulations beyond the company's control[202]. - If the company does not pass along cost increases to customers, its operational results may be adversely affected[202].

Bowlero Corp. (NYSE:BOWL) Q4 2023 Earnings Call Transcript September 11, 2023 10:00 AM ET Company Participants Bobby Lavan - Chief Financial Officer Thomas Shannon - Chairman, Founder & Chief Executive Officer Conference Call Participants Matthew Boss - JPMorgan Securities LLC Steven Wieczynski - Stifel, Nicolaus & Co., Inc. Garrett Greenblatt - Jefferies Ian Zaffino - Oppenheimer & Co., Inc Jason Tilchan - Canaccord Genuity LLC Daniel Moore - CJS securities Eric Wold - B. Riley Jeremy Hamblin - Craig-Hallu ...

Revenue and Profit Growth - Revenue increased by $147.1 million (16.1%) to $1,058.8 million in fiscal year 2023 compared to $911.7 million in fiscal year 2022[192] - Gross profit rose by $40.7 million (13.5%) to $342.4 million, with gross margin slightly decreasing from 33.1% to 32.3%[192] - Operating profit surged by $84.2 million (72.2%) to $200.8 million, with operating margin improving from 12.8% to 19.0%[192] - Net income improved significantly to $82.0 million from a net loss of $29.9 million in the previous fiscal year[192] - Revenues for fiscal 2023 totaled $1,058,790, representing a 16% increase ($147,085) compared to fiscal 2022[244] - Same-store revenues increased by 12% in fiscal 2023, reaching $925,143 compared to $823,277 in fiscal 2022[245] - Media, new, and closed centers revenues grew by 51% to $133,647 in fiscal 2023, up from $88,428 in fiscal 2022[245] - Net income for fiscal 2023 was $82,048, a significant improvement from a net loss of $29,934 in fiscal 2022[250] Expansion and Renovation - The company acquired 16 bowling entertainment centers to expand in key geographic markets[188] - Bowlero renovated or remodeled 38 bowling centers and expanded or refurbished arcades in 26 centers[190] - The company is negotiating four lease agreements and has signed six leases for new bowling entertainment centers in prime markets[189] Financial Management and Debt - Interest expense increased by $16.4 million (17.4%) to $110.9 million due to higher interest rates and increased debt obligations[194] - The company entered into two hedging transactions with an aggregate notional amount of $800,000 to manage interest rate risk[240] - The company secured a new $900,000 term loan maturing in 2028, used to refinance existing debt and for general corporate purposes[254] - Cash and cash equivalents as of July 2, 2023, stood at $195,633[257] - Investing activities utilized $253,218 in fiscal 2023, including $111,664 in capital expenditures and acquisitions[258] Adjusted EBITDA and Non-Core Items - Adjusted EBITDA is used as a key financial measure to assess the quality of earnings, excluding non-core items[196] - Adjusted EBITDA for fiscal 2023 increased to $354,344, up from $316,375 in fiscal 2022[250] Tax and Impairment - The company recorded a non-cash income tax benefit of $135,061 due to the release of valuation allowances for deferred tax assets[247] - The company recognized impairment charges of $1,601 in fiscal 2023, primarily related to long-lived assets for open and closed centers[262] Stock Transactions and Equity - Settlement of premerger Series A preferred stock resulted in a charge of $2,642,587[285] - Conversion of Class A common stock of Old Bowlero to Series A preferred stock involved 105,000 shares[285] - Consideration paid to existing shareholders of Old Bowlero amounted to $22,599,800[285] - Exchange of redeemable Class A common stock of Old Bowlero for Class B common stock involved 51,397,025 shares[285] - Repurchase of Class A common stock into Treasury stock cost $3,430,667[285] - Class A common stock issued in conjunction with exercise of warrants totaled 4,266,439 shares[285] - Conversion of Class B common stock into Class A common stock involved 2,400,000 shares[285] - Balance as of July 3, 2022, showed total equity of $110,395,630[285] Market Risks and Commodity Prices - The company is exposed to market risks including interest rates, credit risk, and foreign currency exchange rates[293] - Commodity price fluctuations in food, beverage, and energy costs can materially impact the company's operations[295]