Bowlero (US:BOWL)2025-11-04 22:00Business Overview - Lucky Strike operates 369 locations as of November 2025, well-positioned in attractive North American markets and expanding into Family Entertainment Centers (FECs) through the acquisition of Boomers[24] - The company's diversified portfolio includes bowling (46%), food & beverage (35%), and amusement & other (19%) revenue streams in FY25, mitigating seasonality and consumer discretionary spending risks[26] Financial Performance - Total Revenue increased by 4% from $1,154,614 thousand in FY24 to $1,201,333 thousand in FY25[55] - Same Store Revenue decreased by 3.7% from $1,029,251 thousand in FY24 to $990,678 thousand in FY25[55] - Adjusted EBITDA increased from $361,497 thousand in FY24 to $367,687 thousand in FY25, with margins of 31.3% and 30.6% respectively[59] - Adjusted Location EBITDA margin was 36% in Q1 FY25, 42% in Q2 FY25, 44% in Q3 FY25, and 40% in Q4 FY25[57] Strategic Initiatives - The company sold 260,000 summer passes in 2025, with members visiting 9 times per pass, driving loyalty and year-round revenue[18] - Lucky Strike plans to rebrand nearly 100 locations by the end of the year and complete the rebrand by the end of 2026[33] Acquisitions and Value Creation - Lucky Strike acquired AMF for $310 million in 2013, with Lucky Strike contributing $20 million of equity, resulting in an estimated value creation of $1.3-$1.5 billion[20] - The company acquired Brunswick locations in 2014 for $260 million and immediately entered into a Sale-Leaseback Transaction reducing purchase price to $60 million[20, 21] - The company deployed $700 million of capital into acquisitions in the past three years[21]