Dave & Buster's(PLAY) - 2025 Q4 - Annual Results

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]