Bowlero Corp. (NYSE:BOWL) Q3 2024 Earnings Conference Call May 6, 2024 10:00 AM ET Company Participants Bobby Lavan - Chief Financial Officer Thomas Shannon - Founder, Chairman & Chief Executive Officer Lev Ekster - President Conference Call Participants Steven Wieczynski - Stifel Matthew Boss - JPMorgan Jason Tilchen - Canaccord Genuity Jeremy Hamblin - Craig-Hallum Capital Group Ian Zaffino - Oppenheimer Eric Handler - Roth MKM Eric Wold - B. Riley Securities Daniel Moore - CJS Securities Randy Konik - Je ...

The company got off to a slow start in January and it will impact the fiscal year.Shares of bowling entertainment company Bowlero (BOWL -15.77%) crashed on Friday after the company reported financial results for its fiscal third quarter of 2024. As of 10:20 a.m. ET, Bowlero stock was down 18%.A slow start led to a weak quarterIn Q3, Bowlero's revenue was only up 7% year over year to $338 million. The company benefited from new units contributing to the top line. By contrast, existing locations underperforme ...

LUCKY STRIKE Forward-looking statements MAY 2024 Some of the statements contained in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve risk, assumptions and uncertainties, such as statements of our plans, objectives, expectations, intentions and forecasts. These forward-looking statements are generally identified by the use of forward-looking terminolo ...

UNITED STATES ___________________________________ ___________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-40142 BOWLERO CORP. (Exact name of registrant as specified in its charter) ___________________________________ Delaware 98-1632024 (State or other jurisdiction of incorp ...

Balance Sheet and Liquidity | --- | --- | --- | --- | --- | |-------------------------------------------------------------------|-----------|------------------------|-------|----------------------------| | (in thousands) \nCash and cash equivalents | March \n$ | 31, 2024 \n212,429 | $ | July 2, 2023 \n195,633 | | Revolver Capacity | | 235,000 | | 235,000 | | Revolver capacity committed to letters of credit | | (15,834) | | (10,386) | | Total cash on hand and revolving borrowing capacity | $ | 431,595 | $ | ...

The market expects Bowlero Corp. (BOWL) to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended March 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released ...

In this articleBOWLThe Bowlero location at Chelsea Piers in New York City.CNBCA former executive at Bowlero, the world's largest owner and operator of bowling centers, has asked a court's permission to countersue his former employer for extortion and retaliation, after an executive on a recorded call threatened to report him to the FBI if he didn't admit to spilling company secrets, according to a transcript of the conversation filed in court.The allegations by Bowlero's former chief information officer, Th ...

Bowlero Corp. (BOWL) reported second-quarter fiscal 2024 results, with earnings missing the Zacks Consensus Estimate and revenues beating the same. The top line increased year over year, but the bottom line declined from the prior-year quarter's figure.During the fiscal second quarter, the company reported benefits from the Lucky Strike acquisition and robust event business performance. It reported positive same-store revenue backed by adjustments in promotions and pricing dynamics. During the quarter, acqu ...

Financial Data and Key Metrics Changes - The company reported total revenue of $304 million for Q2 2024, a 13.4% increase from $268.1 million in the previous year, with adjusted EBITDA rising to $103.1 million from $97 million [39][52][70] - Same-store sales comp turned positive at 0.2%, indicating a slight improvement in performance compared to previous periods [70] - The company announced a quarterly dividend of $0.055, with an expected annual rate of $0.22, and increased share repurchase authorization to $200 million [41][54] Business Line Data and Key Metrics Changes - The Lucky Strike brand outperformed expectations, contributing over $6 million to EBITDA in the quarter, compared to $4 million in the previous year [52][66] - Event revenue increased by 30% year-over-year, driven by strong corporate demand and holiday celebrations [67] - The amusements business generated $100 million in revenue, showing significant growth from previous years [37] Market Data and Key Metrics Changes - The company expanded its center count from 327 to 350 within the year, with plans for at least five new builds annually in the coming years [35][39] - Average revenue per unit increased by 6% year-over-year, with unit count rising by 8% [67] - The company is experiencing strong demand for corporate events and birthday parties, benefiting from a trade-down effect in the current economic environment [27][67] Company Strategy and Development Direction - The company is focusing on dynamic pricing strategies to optimize revenue across different times and products, aiming to fill centers at the highest price during weekends and at reasonable prices during weekdays [58][90] - There is a significant emphasis on enhancing the Lucky Strike brand and expanding its presence, with new locations planned in Moorpark and Miami [38][66] - The company is committed to investing in its workforce and improving operational efficiencies through data-driven decision-making and process standardization [83][109] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the business's trajectory, highlighting a strong rebound in customer traffic and positive trends in January following a challenging start to the year [71][76] - The company anticipates continued growth in the third quarter, despite weather-related challenges in January, with expectations for total revenue to increase by around 20% in the fourth quarter [71][76] - Management acknowledged the need for ongoing adjustments to pricing and promotional strategies based on consumer response and market conditions [90][127] Other Important Information - The company is increasing its capital guidance for M&A spending from $160 million to $190 million, reflecting a focus on growth opportunities [72] - The implementation of a robust inventory management system for food and beverage is expected to enhance profitability [84] - The company is also working on a website update to facilitate dynamic pricing and improve customer engagement [84][132] Q&A Session Summary Question: How is the company managing guidance amid weather-related challenges? - Management noted that January's weather impacted revenue by approximately $7 million to $8 million, but they are comfortable with their guidance based on recent trends [76][77] Question: What initiatives will the new president focus on? - The new president aims to enhance execution across food and beverage and amusement offerings, leveraging data to improve processes and maximize profitability [78] Question: Can you elaborate on the food and beverage system being implemented? - The company is focusing on reducing variance across centers and implementing a robust inventory management system to improve margins [83][84] Question: How is the Lucky Strike brand performing relative to expectations? - The Lucky Strike brand has significantly outperformed initial expectations, with a 50% increase in profitability compared to the previous year under prior ownership [66][104] Question: What is the outlook for new unit pipeline and acquisitions? - The company is building dry powder for future acquisitions while monitoring market conditions, with a focus on capitalizing on opportunities as they arise [121]

Shares of bowling company Bowlero (BOWL 17.63%) popped on Monday, even though the market was down. The company reported strong financial results for its fiscal second quarter of 2024 and announced some shareholder-friendly moves. And that's why Bowlero stock was up almost 14% as of 11:45 a.m. ET.Bowlero is looking to give back to shareholdersBowlero's Q2 ended on Dec. 31. The company owns 350 bowling centers and also owns the Professional Bowlers Association.In Q2, Bowlero generated revenue of $306 million, ...