Dave & Buster's Reports Fourth Quarter and Fiscal Year End 2024 Financial Results; Repurchases $108 Million of Shares and Executes Sale Leaseback of Five Properties for $111 Million

Core Insights - Dave & Buster's reported a revenue of $534.5 million for Q4 2024, a decrease of 10.8% from Q4 2023, with comparable store sales down 9.4% [6] - The company experienced a net income of$ 9.3 million, or $0.24 per diluted share, compared to$ 36.2 million, or $0.88 per diluted share in Q4 2023 [6] - Adjusted EBITDA for Q4 2024 was$ 127.2 million, representing 23.8% of revenue, down 16.2% from the previous year [6] Financial Performance - Fiscal 2024 total revenue was $2.1 billion, a decrease of 3.3% from fiscal 2023, with comparable store sales down 7.2% [6] - Net income for fiscal 2024 totaled$ 58.3 million, or $1.46 per diluted share, compared to$ 126.9 million, or $2.88 per diluted share in fiscal 2023 [6] - Adjusted net income for fiscal 2024 was$ 101.4 million, or $2.53 per diluted share, down from$ 156.9 million, or $3.56 per diluted share in fiscal 2023 [6] Operational Developments - The company opened five new stores in Q4 2024, totaling 14 new stores for fiscal 2024 [6] - A total of 44 Dave & Buster's stores have been remodeled since the start of the remodel program in 2023 [6] - The company repurchased approximately 5 million shares in fiscal 2024, totaling$ 172.0 million, representing 12.4% of outstanding shares [6] Cash Flow and Liquidity - Operating cash flow for Q4 2024 was $108.9 million, with total liquidity at$ 510.4 million, including $6.9 million in cash [9] - The company ended the quarter with a Net Total Leverage Ratio of 2.8x [9][10] Strategic Outlook - Current leadership is focused on a "back to basics" strategy to improve operational performance and shareholder value [5][8] - Recent trends in March and April 2025 have shown improvement compared to Q4 2024, with expectations for continued growth [8]