Bowlero (BOWL)2024-11-05 02:42Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was 226 million in the previous year, representing a year-over-year growth of 15% [14] - Adjusted EBITDA increased to 52.1 million year-over-year, with an EBITDA margin of 24.2%, expanding by 130 basis points [14] - Same-store sales growth was positive at 0.4%, while total location revenue grew by 17.5% year-over-year [14] Business Line Data and Key Metrics Changes - Food and beverage sales rose by 18% year-over-year, with a key performance indicator (KPI) of retail F&B to bowling reaching 0.80 across the portfolio [11] - In the top 50 Bowlero locations, the F&B per bowl metric reached 1.10, up 49 million and Boomers for 10 million [15] - The macro environment is viewed as providing increasing opportunities for capital deployment beyond bowling [7] - Management noted that the third quarter is expected to show the greatest margin expansion due to seasonal factors [18][24] Other Important Information - The company has hired a Chief Procurement Officer to drive efficiencies and manage inflation, which has been a significant cost factor [29] - The company is becoming more data-driven, expanding the use of Power BI for daily sales tracking across various levels of management [29] Q&A Session Summary Question: Can you elaborate on the cadence of same-center comps in the first quarter and trends in October? - Management noted that hurricanes impacted September results, costing about $2 million, but October event tracking is positive at plus 10% for P6 [17] Question: What are the drivers of first-quarter EBITDA margin expansion? - Management indicated that the greatest margin expansion is expected in the third quarter due to the shift of New Year's from Q2 to Q3, which is significant for revenue [18][24] Question: How is the acquisition environment and focus on potential assets? - Management stated that they are spending time on both core bowling assets and other entertainment assets, with a division of labor among executives [25] Question: Can you unpack the utilization of data and the role of the Chief Procurement Officer? - Management emphasized becoming a data-driven organization and the Chief Procurement Officer's role in managing inflation and driving efficiencies [29] Question: What is the outlook for event bookings and average event revenue? - December is pacing up 10% year-over-year for events, indicating strong demand [70] Question: How are new build openings performing? - All new centers are profitable, with recent openings outperforming expectations [66]