Core Points - The Annual General Meeting of Fly Play hf. was held on April 9, 2025, at Grand Hotel, Reykjavik [1] Group 1 - The meeting results were attached for review [2]

Financial Data and Key Metrics Changes - In Q4 of fiscal 2024, comparable store sales decreased by 9.4% year-over-year on a like-for-like basis [32] - Revenue for the quarter was $535 million, with a net income of $9 million, or $0.25 per diluted share, and adjusted net income of $27 million, or $0.69 per diluted share [32] - Adjusted EBITDA was $127 million, resulting in an adjusted EBITDA margin of 23.8% [32] - Operating cash flow for the quarter was $108.9 million, ending with $6.9 million in cash and $503.5 million available under a $650 million revolving credit facility [33] Business Line Data and Key Metrics Changes - The company has reintroduced TV advertising and returned to a historical cadence of promotional activity, including the classic eat and play combo promotion [17][18] - The menu is being revamped to reintroduce popular items and improve pricing architecture [19][20] - The company completed 15 remodels in Q4, totaling 44 remodels since the program began in 2023 [21] Market Data and Key Metrics Changes - The company opened five new stores in Q4, bringing the total to 14 new stores for fiscal 2024, including its first international franchise location in India [28][29] - The company has entered into 35 franchise partnership agreements, anticipating at least six additional franchise units opening in the next 12 months [29] Company Strategy and Development Direction - The current leadership is focused on a "back to basics" strategy to improve operational performance and shareholder value [11][12] - The company aims to enhance its marketing strategy by reallocating funds back to TV advertising and optimizing digital marketing [57] - A renewed focus on capital expenditures is being implemented, with expectations for total capital expenditures not to exceed $220 million in fiscal 2025 [38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in improving revenue and cash flow, with March and April showing notable improvements compared to Q4 [12][44] - The leadership team is optimistic about the company's ability to navigate economic uncertainties and capitalize on strategic opportunities [114] Other Important Information - The company repurchased nearly 3 million shares for approximately $85 million in Q4, totaling 5 million shares for fiscal 2024 [34] - The company is committed to generating free cash flow while investing in new store growth and high ROI initiatives [37] Q&A Session Summary Question: Improvements seen in March and April - Management noted that March and April showed marked improvements in traffic and ticket sales, indicating a positive trend [44] Question: Impact of calendar shifts and late Easter - Management acknowledged that the holiday calendar played a role but emphasized that the overall business is building positively [46][48] Question: Back-to-basics strategy and cost structure implications - The strategy involves smarter spending on marketing and a focus on core menu items without significantly increasing costs [57][59] Question: Value proposition for the brand - Management is re-evaluating the gaming side's value proposition and testing ways to enhance guest experience [67] Question: Recent traffic and sales pressures breakdown - Management indicated that recent challenges were largely self-inflicted due to execution errors rather than competitive pressures [76][78] Question: Competitive environment and differentiation - Management believes that improving execution will mitigate competitive pressures and is focused on driving traffic through new initiatives [100][102] Question: Clarification on remodel spending and TV advertising mix - The remodel hurdle rate is expected to be lowered to mid to high single digits, and TV advertising is moving back towards a 50% mix [110][108]

Core Insights - Dave & Buster's reported revenue of $534.5 million for the quarter ended January 2025, reflecting a year-over-year decline of 10.8% [1] - The company's EPS for the same period was $0.69, down from $1.03 a year ago, with a surprise of +7.81% compared to the consensus estimate of $0.64 [1] Financial Performance - Revenue of $534.5 million was below the Zacks Consensus Estimate of $544.9 million, resulting in a surprise of -1.91% [1] - Comparable Store Sales decreased by 9.4%, worse than the six-analyst average estimate of -6.2% [4] - Entertainment revenues were reported at $335 million, which is a decline of 11.6% year over year and below the average estimate of $352.84 million [4] - Food and beverage revenues reached $199.50 million, representing a year-over-year decline of 9.4%, slightly above the average estimate of $192.04 million [4] Stock Performance - Over the past month, shares of Dave & Buster's have returned -12.8%, compared to a -12.1% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 5 (Strong Sell), indicating potential underperformance relative to the broader market in the near term [3]

Company Performance - Dave & Buster's reported quarterly earnings of $0.69 per share, exceeding the Zacks Consensus Estimate of $0.64 per share, but down from $1.03 per share a year ago [1] - The earnings surprise for the quarter was 7.81%, while the previous quarter saw a loss of $0.45 per share against an expected loss of $0.42, resulting in a surprise of -7.14% [2] - The company posted revenues of $534.5 million for the quarter, missing the Zacks Consensus Estimate by 1.91%, and down from $599.1 million year-over-year [3] Stock Performance - Dave & Buster's shares have declined approximately 42.3% since the beginning of the year, compared to a 13.7% decline in the S&P 500 [4] - The current Zacks Rank for the stock is 5 (Strong Sell), indicating expectations of underperformance in the near future [7] Future Outlook - The consensus EPS estimate for the upcoming quarter is $1.13 on revenues of $585.07 million, and for the current fiscal year, it is $2.39 on revenues of $2.21 billion [8] - The estimate revisions trend for Dave & Buster's is currently unfavorable, which may impact future stock performance [6][7] Industry Context - The Retail - Restaurants industry, to which Dave & Buster's belongs, is currently ranked in the bottom 33% of over 250 Zacks industries, suggesting potential challenges ahead [9]

Financial Performance - Revenue for fiscal 2024 was $2,132.7 million, a decrease of 3.3% compared to $2,205.3 million in fiscal 2023[164]. - Comparable store sales decreased by 7.2% on a like-for-like calendar basis compared to fiscal 2023[164]. - Net income for fiscal 2024 totaled $58.3 million, or $1.46 per diluted share, down from $126.9 million, or $2.88 per diluted share in fiscal 2023[164]. - Adjusted EBITDA decreased by $49.4 million to $506.2 million, representing 23.7% of revenues, compared to 25.2% of revenues in fiscal 2023[164]. - Operating income decreased to $220.4 million in fiscal 2024, accounting for 10.3% of total revenues, down from 13.9% in the previous year[185]. - The effective tax rate for fiscal 2024 was 16.5%, compared to 22.2% for fiscal 2023[201]. - The company had total debt of $1,486.1 million, resulting in a Net Total Leverage Ratio of 2.8x[213]. Store Operations and Expansion - The company opened eleven Dave & Buster's stores and three Main Event stores in fiscal 2024[33]. - The average size of new Dave & Buster's stores opened in fiscal 2024 was 26,000 square feet[35]. - The average size of new Main Event stores opened in fiscal 2024 was approximately 50,000 square feet[36]. - The company operates a total of 232 stores, including 171 Dave & Buster's and 61 Main Event locations[147]. - The company plans to open 30 to 40 franchised Dave & Buster's locations internationally[37]. Revenue and Cost Management - The cost of entertainment decreased to $118.6 million (8.5% of entertainment revenues) in fiscal 2024 from $138.5 million (9.7%) in fiscal 2023[185]. - The cost of food and beverage was $195.8 million (26.4% of food and beverage revenues) in fiscal 2024, down from $214.5 million (27.8%) in fiscal 2023[185]. - The total cost of products was $314.4 million for fiscal 2024, representing 14.7% of total revenues, down from 16.0% in fiscal 2023[191]. - Operating payroll and benefits decreased to $523.5 million in fiscal 2024, accounting for 24.5% of total revenues, compared to 23.8% in fiscal 2023[194]. - Other store operating expenses increased to $690.4 million in fiscal 2024, or 32.4% of total revenues, up from 30.4% in fiscal 2023[195]. Marketing and Customer Engagement - Dave & Buster's has approximately 90% national brand awareness as an entertainment and dining venue[25]. - The company aims to drive growth in comparable store sales through innovative game offerings and improved food and beverage options[32]. - The company is focused on enhancing customer engagement through strategic marketing and loyalty offerings[38]. - The company’s marketing strategy is evolving to be more data-driven and consumer-centric, aligning investments with changing media consumption trends[57]. Corporate Responsibility and Community Engagement - The company has contributed over $18.5 million to the Make-A-Wish Foundation through fiscal 2024, supporting its commitment to corporate responsibility[55]. Risks and Challenges - The out-of-home entertainment market is highly dependent on consumer discretionary spending, which may be negatively affected by economic conditions such as fluctuations in disposable income and changes in consumer confidence[77]. - The company faces significant competition in the out-of-home entertainment market from larger entities with greater financial resources and name recognition[80]. - The company is subject to risks associated with long-term, non-cancelable leases, which account for a significant portion of its operating expenses[85]. - The company is exposed to risks from adverse weather conditions, natural disasters, and pandemics, which can negatively affect operations and consumer spending[94]. - Rising labor costs due to low unemployment and increased minimum wages could materially affect financial performance[103]. - The company faces challenges in recruiting and retaining qualified personnel, which could delay new store openings and adversely affect existing operations[102]. Compliance and Legal Matters - The company is subject to various federal, state, and local laws affecting its business operations, including health and safety regulations[70]. - The company is subject to extensive laws and regulations that could adversely affect operational efficiencies and cost structure[119]. - Legal proceedings, including class action lawsuits related to employment practices, may adversely affect the company's financial condition[125]. - The company faces potential liabilities related to gift cards under state abandoned and unclaimed property laws, which could increase financial liabilities if laws change[123]. Cybersecurity and Technology - The company has implemented a cybersecurity program to identify and mitigate material cybersecurity risks[139]. - Cybersecurity risks are integrated into the company's overall enterprise risk management process to enhance risk assessment and strategic planning[141]. - Cybersecurity breaches could lead to significant negative publicity, loss of customers, and increased costs, potentially impacting financial performance[97]. - Compliance with cybersecurity and privacy laws may involve significant costs, and failure to comply could result in material civil or criminal liability[101]. Future Outlook - The company anticipates continued pressure on supplier pricing and consumer spending due to economic and environmental conditions[182]. - Future decisions on cash dividends or share repurchases will depend on operating performance and financial condition[216].

Revenue Performance - Revenue for Q4 2024 was $534.5 million, a decrease of 10.8% from Q4 2023[5] - Total revenue for fiscal 2024 was $2.1 billion, a decrease of 3.3% from fiscal 2023[5] - Total revenues for the quarter were $534.5 million, a decrease from $599.1 million in the same quarter last year[19] Comparable Store Sales - Comparable store sales decreased by 9.4% compared to the same period in fiscal 2023[5] Net Income - Net income for Q4 2024 was $9.3 million, or $0.24 per diluted share, down from $36.2 million, or $0.88 per diluted share in Q4 2023[5] - Net income for the quarter was $9.3 million, representing 1.7% of total revenues, down from $36.2 million (6.0%) in the same quarter of 2024[19] - Adjusted net income for the fiscal year ended February 4, 2025, was $101.4 million, with an Adjusted net income per diluted share of $2.53[29] EBITDA - Adjusted EBITDA for Q4 2024 was $127.2 million, representing 23.8% of revenue, a decrease of 16.2% from Q4 2023[5] - Adjusted EBITDA for the quarter was $127.2 million, or 23.8% of total revenues, compared to $151.8 million (25.3%) in the same quarter last year[25] - Credit Adjusted EBITDA for the trailing four quarters ended February 4, 2025, was $533.4 million[28] Operating Income - Operating income for the quarter was $44.1 million, or 8.3% of total revenues, compared to $89.6 million (15.0%) in the prior year[19] - Store Operating Income Before Depreciation and Amortization for the quarter ended February 4, 2025, was $154.3 million, representing 28.9% of total revenues[26] Cash Flow and Liquidity - The company generated $108.9 million in operating cash flow during Q4 2024, ending with $510.4 million in available liquidity[8] - Net cash provided by operating activities for the quarter was $108.9 million, up from $97.2 million in the same quarter last year[22] Debt and Leverage - Long-term debt increased to $1,479.1 million as of February 4, 2025, from $1,284.0 million a year earlier[21] - Total debt as of the latest test period was $1.48 billion, resulting in a Net Total Leverage Ratio of 2.8[28] Store Openings and Franchise Agreements - The company opened five new stores in Q4 2024, totaling 14 new stores for fiscal 2024[5] - The company has entered into international franchise agreements for over 35 stores across five countries, with six additional units expected to open in the next 12 months[11] Other Financial Metrics - General and administrative expenses for the quarter ended February 4, 2025, were $18.9 million[26] - Depreciation and amortization expense for the trailing four quarters was $238.2 million[28] - Pre-opening costs for the quarter ended February 4, 2025, amounted to $6.1 million[26] - Loss on debt refinancing for the quarter ended February 4, 2025, was $15.2 million[29] - Other charges and gains for the quarter ended February 4, 2025, totaled $21.2 million[26] Revenue Breakdown - Entertainment revenues for the quarter ended February 4, 2025, were $335.0 million, representing 62.7% of total revenues, compared to $378.9 million (63.2%) for the same quarter in 2024[19] - Food and beverage revenues for the quarter were $199.5 million, accounting for 37.3% of total revenues, down from $220.2 million (36.8%) in the prior year[19] Asset Management - Total current assets decreased to $94.4 million as of February 4, 2025, from $137.5 million a year earlier[21] - Total assets increased to $4,015.8 million as of February 4, 2025, compared to $3,754.4 million in the previous year[21]

DALLAS, April 07, 2025 (GLOBE NEWSWIRE) -- Dave & Buster's Entertainment, Inc., (NASDAQ:PLAY), ("Dave & Buster's" or "the Company"), an owner and operator of entertainment and dining venues, today announced financial results for its fourth quarter and fiscal year ended February 4, 2025. The Company's fiscal 2024 consisted of 13 weeks in the fourth quarter and 52 weeks in the fiscal year, whereas the Company's prior fiscal year (fiscal 2023) consisted of 14 weeks in the fourth quarter and 53 weeks in the fis ...

DALLAS, April 07, 2025 (GLOBE NEWSWIRE) -- Dave & Buster's Entertainment, Inc., (NASDAQ: PLAY), ("Dave & Buster's" or "the Company"), an owner and operator of entertainment and dining venues, today announced financial results for its fourth quarter and fiscal year ended February 4, 2025. The Company's fiscal 2024 consisted of 13 weeks in the fourth quarter and 52 weeks in the fiscal year, whereas the Company's prior fiscal year (fiscal 2023) consisted of 14 weeks in the fourth quarter and 53 weeks in the fi ...

Core Insights - PLAY airlines experienced a 16.5% reduction in capacity in March 2025, carrying 111,531 passengers compared to 142,918 in March 2024 [1] - The airline's load factor decreased to 82.0% from 88.1% year-over-year, influenced by a focus on leisure destinations and the timing of Easter [2] - PLAY Europe received its Air Operator Certificate (AOC) from Malta, marking a significant step in the airline's international expansion [4] Passenger and Operational Metrics - In March 2025, 30.7% of passengers were flying from Iceland, 37.5% were traveling to Iceland, and 31.8% were connecting passengers [3] - On-time performance dropped to 83.9% from 94.0% in the previous year, attributed to weather-related disruptions [3] Strategic Developments - PLAY Europe has secured a lease agreement with an Eastern European airline, aiming to operate aircraft outside of Iceland and recruit local pilots and crew [5] - The company plans to launch its first flight to Antalya, Turkey, in April 2025, and will also begin service to Faro, Portugal [6] Future Outlook - The outlook for summer 2025 is positive, with improved seat factors and strong forward bookings to and from Iceland, despite reduced capacity [7] - CEO Einar Örn Ólafsson emphasized the importance of the AOC for financial stability and operational predictability [8]

Group 1 - The Annual General Meeting of Fly Play hf. is scheduled for April 9, 2025, at 16:00 (GMT) in Reykjavik [1] - The deadline for submitting candidacies for the Board of Directors was April 4, 2025, at 16:00 (GMT) [1] - Five individuals have declared their candidacy for the Board of Directors, and all submissions have been accepted in accordance with relevant regulations [1] Group 2 - As no additional candidacies were submitted, the candidates will be elected without a ballot during the meeting [2] - Additional information regarding the candidates is provided in an attachment [2][3]