Bowlero Reports Fourth Quarter and Full Year Results for Fiscal Year 2024
Bowlero Corp. (NYSE: BOWL) reported its Q4 and full-year fiscal 2024 results, ending June 30, 2024. Q4 highlights include an 18.6% revenue increase to $283.9 million and a 29%+ year-over-year growth in Adjusted EBITDA. The company saw a 6.9% increase in Same Store Revenue. For the full fiscal year, revenue grew 9.1% to $1,154.6 million, while Adjusted EBITDA reached $361.5 million. Bowlero added 25 new locations, including acquisitions of Lucky Strike and Raging Waves waterpark. The company's Season Pass sales hit a record $11 million. For fiscal year 2025, Bowlero expects total Revenue to grow mid-single digits to 10%+, reaching $1.22-$1.28 billion, with Adjusted EBITDA projected at $390-$430 million.
Bowlero Corp. (NYSE: BOWL) ha riportato i risultati del quarto trimestre e dell'intero anno fiscale 2024, terminato il 30 giugno 2024. I punti salienti del Q4 includono un aumento del fatturato del 18,6% a 283,9 milioni di dollari e una crescita dell'EBITDA rettificato superiore al 29% anno su anno. L'azienda ha registrato un incremento del 6,9% nei ricavi delle stesse sedi. Per l'intero anno fiscale, il fatturato è cresciuto del 9,1% fino a raggiungere 1.154,6 milioni di dollari, mentre l'EBITDA rettificato ha toccato i 361,5 milioni di dollari. Bowlero ha aggiunto 25 nuove sedi, comprese le acquisizioni di Lucky Strike e del parco acquatico Raging Waves. Le vendite dei pass stagionali dell'azienda hanno raggiunto un record di 11 milioni di dollari. Per l'anno fiscale 2025, Bowlero prevede una crescita del fatturato compresa tra il 5% e il 10%+, raggiungendo tra 1,22 e 1,28 miliardi di dollari, con un EBITDA rettificato stimato tra 390 e 430 milioni di dollari.
Bowlero Corp. (NYSE: BOWL) informó sus resultados del cuarto trimestre y del año fiscal completo 2024, finalizando el 30 de junio de 2024. Los aspectos destacados del Q4 incluyen un aumento del 18.6% en los ingresos, alcanzando los 283.9 millones de dólares y un crecimiento en el EBITDA ajustado de más del 29% en comparación con el año anterior. La compañía vio un aumento del 6.9% en los Ingresos de Tiendas Comparables. Para el año fiscal completo, los ingresos crecieron un 9.1% hasta alcanzar los 1,154.6 millones de dólares, mientras que el EBITDA ajustado alcanzó los 361.5 millones de dólares. Bowlero agregó 25 nuevas ubicaciones, incluidas las adquisiciones de Lucky Strike y el parque acuático Raging Waves. Las ventas de Pases de Temporada de la compañía alcanzaron un récord de 11 millones de dólares. Para el año fiscal 2025, Bowlero espera que los ingresos totales crezcan entre un 5% y un 10%+, alcanzando entre 1.22 y 1.28 mil millones de dólares, con un EBITDA ajustado proyectado entre 390 y 430 millones de dólares.
Bowlero Corp. (NYSE: BOWL)는 2024 회계연도 4분기 및 전체 연도 결과를 보고했습니다. 2024년 6월 30일에 종료되었습니다. 4분기 하이라이트에는 수익이 18.6% 증가하여 2억 8390만 달러에 이르고 조정된 EBITDA의 연평균 29% 이상의 성장률이 포함됩니다. 회사는 동일한 매장 수익이 6.9% 증가했습니다. 전체 회계연도 동안 수익은 9.1% 증가하여 11억 5460만 달러에 달하고, 조정된 EBITDA는 3억 6150만 달러에 도달했습니다. Bowlero는 Lucky Strike와 Raging Waves 워터파크 인수를 포함하여 25개의 새로운 매장을 추가했습니다. 회사의 시즌 패스 판매는 기록적인 1100만 달러에 달했습니다. 2025 회계연도를 위해 Bowlero는 총 수익이 중간 단위 수치에서 10% 이상 성장하여 12억 2000만 달러에서 12억 8000만 달러에 이르고 조정된 EBITDA는 3억 9000만 달러에서 4억 3000만 달러로 예상하고 있습니다.
Bowlero Corp. (NYSE: BOWL) a publié ses résultats du 4ème trimestre et de l'année fiscale complète 2024, se terminant le 30 juin 2024. Les points forts du Q4 comprennent une augmentation de 18,6 % des revenus, atteignant 283,9 millions de dollars, et une croissance de plus de 29 % de l'EBITDA ajusté par rapport à l'année précédente. L'entreprise a constaté une augmentation de 6,9 % des Revenus des Magasins Comparables. Pour l'année fiscale complète, les revenus ont augmenté de 9,1 %, atteignant 1,154.6 millions de dollars, tandis que l'EBITDA ajusté a atteint 361,5 millions de dollars. Bowlero a ajouté 25 nouveaux établissements, y compris les acquisitions de Lucky Strike et du parc aquatique Raging Waves. Les ventes de Pass Saisonniers de l'entreprise ont atteint un record de 11 millions de dollars. Pour l'année fiscale 2025, Bowlero prévoit une croissance des revenus totale de 5 % à plus de 10 %, atteignant entre 1,22 et 1,28 milliard de dollars, avec une EBITDA ajusté projetée entre 390 et 430 millions de dollars.
Bowlero Corp. (NYSE: BOWL) hat seine Ergebnisse für das 4. Quartal und das gesamte Geschäftsjahr 2024 bekanntgegeben, das am 30. Juni 2024 endete. Die Höhepunkte des Q4 umfassen einen Umsatzanstieg von 18,6 % auf 283,9 Millionen Dollar und ein Wachstum des bereinigten EBITDA von über 29 % im Jahresvergleich. Das Unternehmen verzeichnete einen Anstieg des Umsatzes in gleichen Filialen um 6,9 %. Im vollständigen Geschäftsjahr stieg der Umsatz um 9,1 % auf 1.154,6 Millionen Dollar, während das bereinigte EBITDA 361,5 Millionen Dollar erreichte. Bowlero eröffnete 25 neue Standorte, einschließlich der Übernahmen von Lucky Strike und dem Wasserpark Raging Waves. Die Verkaufszahlen für Saisonkarten erreichten einen Rekord von 11 Millionen Dollar. Für das Geschäftsjahr 2025 erwartet Bowlero, dass der Gesamtumsatz im mittleren einstelligen Bereich bis über 10 % wachsen wird, was 1,22 bis 1,28 Milliarden Dollar entspricht, mit einem prognostizierten bereinigten EBITDA von 390 bis 430 Millionen Dollar.
- Q4 revenue increased 18.6% to $283.9 million
- Q4 Adjusted EBITDA grew 29%+ year-over-year
- Full-year revenue increased 9.1% to $1,154.6 million
- Added 25 new locations during fiscal year 2024
- Season Pass sales hit a record $11 million
- Expects FY2025 revenue growth of mid-single digits to 10%+
- Projected FY2025 Adjusted EBITDA of $390-$430 million
- Q4 net loss of $62.2 million compared to net income of $146.2 million in Q4 FY2023
- Full-year net loss of $83.6 million versus prior year net income of $82.0 million
- Same Store Revenue was flat for the full fiscal year
Insights
Bowlero's Q4 FY2024 results paint a mixed picture. While revenue growth is impressive at
Bowlero's performance indicates potential market share gains in the location-based entertainment sector, offsetting slight consumer weakness. The success of acquisitions like Lucky Strike and Raging Waves waterpark demonstrates Bowlero's ability to integrate and optimize new assets effectively. The company's focus on capital deployment and M&A opportunities in a challenging economic environment could lead to further market consolidation. The introduction of seasonal passes shows adaptability to consumer preferences and could drive increased foot traffic. However, investors should note the discrepancy between revenue growth and profitability, suggesting potential challenges in cost management or integration expenses. The company's share repurchase program, having reduced outstanding shares by
Bowlero's financial report raises some legal considerations. The significant swing from net income to net loss might prompt scrutiny from shareholders, potentially leading to questions about financial management and disclosure practices. The aggressive M&A strategy, while promising for growth, also carries legal risks related to antitrust concerns, especially if Bowlero continues to consolidate market share in the location-based entertainment sector. The introduction of new products like Season Passes may require careful review of consumer protection laws and contract terms. Additionally, the substantial share repurchase program could face scrutiny regarding the use of company funds and its impact on shareholder value. Lastly, as Bowlero expands, particularly into new ventures like waterparks, it must ensure compliance with various safety regulations and liability considerations across different jurisdictions.
Quarter Highlights:
-
Revenue increased
18.6% to versus fourth quarter fiscal year 2023$283.9 million -
Revenue excluding Service Fee Revenue increased
20.2% to versus fourth quarter fiscal year 2023$282.9 million -
Same Store Revenue increased
6.9% to versus fourth quarter fiscal year 2023$242.5 million -
Net loss of
versus net income of$62.2 million in fourth quarter fiscal year 2023$146.2 million -
Adjusted EBITDA of
versus$83.4 million in fourth quarter fiscal year 2023$64.5 million - Added two locations through acquisitions during the quarter
Fiscal Year Highlights:
-
Revenue increased
9.1% to versus the prior year$1,154.6 million -
Revenue excluding Service Fee Revenue increased
10.7% to versus the prior year$1,149.2 million -
Same Store Revenue was flat at
versus the prior year$985.9 million -
Net loss of
versus prior year net income of$83.6 million $82.0 million -
Adjusted EBITDA of
versus prior year of$361.5 million $354.3 million - Added 25 locations during the fiscal year, 22 through acquisitions and three new builds
- Total locations in operation as of June 30, 2024 was 352, plus the Raging Waves waterpark
“We ended fiscal year 2024 on a high note with a superior same-store-sales comp and total growth. Our proven ability to deploy capital across our portfolio and operate acquired assets more efficiently while investing in our people and brand showed results with Adjusted EBITDA growing
“Bowlero’s primary strength is its ability to optimize assets through efficiencies, analytics and now scale, resulting in class-leading returns on invested capital. This year, we acquired 22 locations, including the flagship Lucky Strike locations and the 60-acre Raging Waves waterpark in
Fiscal Year 2025 Guidance
Today, the Company provided financial guidance for fiscal year 2025. We expect total Revenue to be up mid-single digits to
Share Repurchase and Capital Return Program Update
From April 1, 2024 through June 30, 2024, the Company repurchased 3.0 million shares of Class A common stock for approximately
As previously announced on August 5, 2024, the Board of Directors of the Company declared a regular quarterly cash dividend of
Investor Webcast Information
Listeners may access an investor webcast hosted by Bowlero. The webcast and results presentation will be accessible at 4:30 PM ET on September 5, 2024 in the Events & Presentations section of the Bowlero Investor Relations website at https://ir.bowlerocorp.com/overview/default.aspx.
About Bowlero Corp.
Bowlero Corp. is one of the world’s premier operators of location-based entertainment. With over 350 bowling locations across
Forward Looking Statements
Some of the statements contained in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve risk, assumptions and uncertainties, such as statements of our plans, objectives, expectations, intentions and forecasts. These forward-looking statements are generally identified by the use of forward-looking terminology, including the terms "anticipate," "believe," “confident,” “continue,” "could," "estimate," "expect," "intend," “likely,” "may," "plan," “possible,” "potential," "predict," "project," "should," "target," "will," "would" and, in each case, their negative or other various or comparable terminology. These forward-looking statements reflect our views with respect to future events as of the date of this release and are based on our management’s current expectations, estimates, forecasts, projections, assumptions, beliefs and information. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. All such forward-looking statements are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to be materially different from those stated or implied in this document. It is not possible to predict or identify all such risks. These risks include, but are not limited to: our ability to design and execute our business strategy; changes in consumer preferences and buying patterns; our ability to compete in our markets; the occurrence of unfavorable publicity; risks associated with long-term non-cancellable leases for our locations; our ability to retain key managers; risks associated with our substantial indebtedness and limitations on future sources of liquidity; our ability to carry out our expansion plans; our ability to successfully defend litigation brought against us; our ability to adequately obtain, maintain, protect and enforce our intellectual property and proprietary rights and claims of intellectual property and proprietary right infringement, misappropriation or other violation by competitors and third parties; failure to hire and retain qualified employees and personnel; the cost and availability of commodities and other products we need to operate our business; cybersecurity breaches, cyber-attacks and other interruptions to our and our third-party service providers’ technological and physical infrastructures; catastrophic events, including war, terrorism and other conflicts; public health emergencies and pandemics, such as the COVID-19 pandemic, or natural catastrophes and accidents; changes in the regulatory atmosphere and related private sector initiatives; fluctuations in our operating results; economic conditions, including the impact of increasing interest rates, inflation and recession; and other factors described under the section titled “Risk Factors” in the Company's Annual Report on Form 10-K filed with the
Non-GAAP Financial Measures
To provide investors with information in addition to our results as determined under Generally Accepted Accounting Principles (“GAAP”), we disclose Revenue Excluding Service Fee Revenue, Total Location Revenue, Same Store Revenue and Adjusted EBITDA as “non-GAAP measures”, which management believes provide useful information to investors because each measure assists both investors and management in analyzing and benchmarking the performance and value of our business. Accordingly, management believes that these measurements are useful for comparing general operating performance from period to period, and management relies on these measures for planning and forecasting of future periods. Additionally, these measures allow management to compare our results with those of other companies that have different financing and capital structures. These measures are not financial measures calculated in accordance with GAAP and should not be considered as a substitute for revenue, net income, or any other operating performance or liquidity measure calculated in accordance with GAAP, and may not be comparable to a similarly titled measure reported by other companies. Our fiscal year 2025 guidance measures (other than revenue) are provided on a non-GAAP basis without a reconciliation to the most directly comparable GAAP measure because the Company is unable to predict with a reasonable degree of certainty certain items contained in the GAAP measures without unreasonable efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Such items include, but are not limited to, acquisition related expenses, share-based compensation and other items not reflective of the company's ongoing operations.
Revenue Excluding Service Fee Revenue represents total Revenue less Service Fee Revenue. Total Location Revenue represents total Revenue less Non-Location Related Revenue, Revenue from Closed Locations, and Service Fee Revenue, if applicable. Same Store Revenue represents total Revenue less Non-Location Related Revenue, Revenue from Closed Locations, Service Fee Revenue, if applicable, and Acquired Revenue. Adjusted EBITDA represents Net Income (Loss) before Interest Expense, Income Taxes, Depreciation and Amortization, Impairment and Other Charges, Share-based Compensation, EBITDA from Closed Locations, Foreign Currency Exchange Loss (Gain), Asset Disposition Loss (Gain), Transactional and other advisory costs, changes in the value of earnouts, and other.
The Company considers Revenue Excluding Service Fee Revenue as an important financial measure because it provides a financial measure of revenue directly associated with consumer discretionary spending and Total Location Revenue as an important financial measure because it provides a financial measure of revenue directly associated with location operations. The Company also considers Same Store Revenue as an important financial measure because it provides comparable revenue for locations open for the entire duration of both the current and comparable measurement periods.
The Company considers Adjusted EBITDA as an important financial measure because it provides a financial measure of the quality of the Company’s earnings. Other companies may calculate Adjusted EBITDA differently than we do, which might limit its usefulness as a comparative measure. Adjusted EBITDA is used by management in addition to and in conjunction with the results presented in accordance with GAAP. We have presented Adjusted EBITDA solely as a supplemental disclosure because we believe it allows for a more complete analysis of results of operations and assists investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are that Adjusted EBITDA:
- do not reflect every expenditure, future requirements for capital expenditures or contractual commitments;
- do not reflect changes in our working capital needs;
- do not reflect the interest expense, or the amounts necessary to service interest or principal payments, on our outstanding debt;
- do not reflect income tax (benefit) expense, and because the payment of taxes is part of our operations, tax expense is a necessary element of our costs and ability to operate;
- do not reflect non-cash equity compensation, which will remain a key element of our overall equity based compensation package; and
- do not reflect the impact of earnings or charges resulting from matters we consider not to be indicative of our ongoing operations.
GAAP Financial Information
Bowlero Corp. Condensed Consolidated Balance Sheets (Amounts in thousands, except share and per share amounts) (Unaudited) |
|||||||
June 30, 2024 |
|
July 2, 2023 |
|||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
66,972 |
|
|
$ |
195,633 |
|
Accounts and notes receivable, net |
|
6,757 |
|
|
|
3,092 |
|
Inventories, net |
|
13,171 |
|
|
|
11,470 |
|
Prepaid expenses and other current assets |
|
25,316 |
|
|
|
18,395 |
|
Assets held-for-sale |
|
1,746 |
|
|
|
2,069 |
|
Total current assets |
|
113,962 |
|
|
|
230,659 |
|
|
|
|
|
||||
Property and equipment, net |
|
887,738 |
|
|
|
715,764 |
|
Operating lease right of use assets |
|
559,168 |
|
|
|
449,085 |
|
Finance lease right of use assets, net |
|
524,392 |
|
|
|
515,339 |
|
Intangible assets, net |
|
47,051 |
|
|
|
90,986 |
|
Goodwill |
|
833,888 |
|
|
|
753,538 |
|
Deferred income tax asset |
|
112,106 |
|
|
|
73,807 |
|
Other assets |
|
35,730 |
|
|
|
12,096 |
|
Total assets |
$ |
3,114,035 |
|
|
$ |
2,841,274 |
|
|
|
|
|
||||
Liabilities, Temporary Equity and Stockholders’ (Deficit) Equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable and accrued expenses |
$ |
135,784 |
|
|
$ |
121,226 |
|
Current maturities of long-term debt |
|
9,163 |
|
|
|
9,338 |
|
Current obligations of operating lease liabilities |
|
28,460 |
|
|
|
23,866 |
|
Other current liabilities |
|
9,399 |
|
|
|
14,281 |
|
Total current liabilities |
|
182,806 |
|
|
|
168,711 |
|
|
|
|
|
||||
Long-term debt, net |
|
1,129,523 |
|
|
|
1,138,687 |
|
Long-term obligations of operating lease liabilities |
|
561,916 |
|
|
|
431,295 |
|
Long-term obligations of financing lease liabilities |
|
680,213 |
|
|
|
652,450 |
|
Long-term financing obligations |
|
440,875 |
|
|
|
9,005 |
|
Earnout liability |
|
137,636 |
|
|
|
112,041 |
|
Other long-term liabilities |
|
26,471 |
|
|
|
25,375 |
|
Deferred income tax liabilities |
|
4,447 |
|
|
|
4,160 |
|
Total liabilities |
|
3,163,887 |
|
|
|
2,541,724 |
|
|
|
|
|
||||
Commitments and Contingencies (Note 11) |
|
|
|
||||
|
June 30, 2024 |
|
July 2, 2023 |
||||
Temporary Equity |
|
|
|
||||
Series A preferred stock |
$ |
127,410 |
|
|
$ |
144,329 |
|
|
|
|
|
||||
Stockholders’ (Deficit) Equity |
|
|
|
||||
Class A common stock |
|
11 |
|
|
|
11 |
|
Class B common stock |
|
6 |
|
|
|
6 |
|
Additional paid-in capital |
|
510,675 |
|
|
|
506,112 |
|
Treasury stock, at cost |
|
(385,015 |
) |
|
|
(135,401 |
) |
Accumulated deficit |
|
(303,159 |
) |
|
|
(219,659 |
) |
Accumulated other comprehensive income |
|
220 |
|
|
|
4,152 |
|
Total stockholders’ (deficit) equity |
|
(177,262 |
) |
|
|
155,221 |
|
Total liabilities, temporary equity and stockholders’ (deficit) equity |
$ |
3,114,035 |
|
|
$ |
2,841,274 |
|
Bowlero Corp. Condensed Consolidated Statements of Operations (Amounts in thousands) (Unaudited) |
|||||||||||||||
Three Months Ended |
|
Twelve Months Ended |
|||||||||||||
|
June 30, 2024 |
|
July 2, 2023 |
|
June 30, 2024 |
|
July 2, 2023 |
||||||||
Revenues |
$ |
283,868 |
|
|
$ |
239,420 |
|
|
$ |
1,154,614 |
|
|
$ |
1,058,790 |
|
Costs of revenues |
|
216,530 |
|
|
|
182,172 |
|
|
|
840,435 |
|
|
|
716,384 |
|
Gross profit |
|
67,338 |
|
|
|
57,248 |
|
|
|
314,179 |
|
|
|
342,406 |
|
|
|
|
|
|
|
|
|
||||||||
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Selling, general and administrative expenses |
|
40,438 |
|
|
|
35,082 |
|
|
|
155,203 |
|
|
|
137,919 |
|
Asset impairment |
|
59,802 |
|
|
|
1,028 |
|
|
|
60,211 |
|
|
|
1,601 |
|
Loss (gain) on sale of assets |
|
571 |
|
|
|
(70 |
) |
|
|
1,222 |
|
|
|
(2,240 |
) |
Other operating expense |
|
782 |
|
|
|
1,701 |
|
|
|
5,953 |
|
|
|
4,326 |
|
Total operating expense |
|
101,593 |
|
|
|
37,741 |
|
|
|
222,589 |
|
|
|
141,606 |
|
|
|
|
|
|
|
|
|
||||||||
Operating (loss) profit |
|
(34,255 |
) |
|
|
19,507 |
|
|
|
91,590 |
|
|
|
200,800 |
|
|
|
|
|
|
|
|
|
||||||||
Other expenses: |
|
|
|
|
|
|
|
||||||||
Interest expense, net |
|
47,036 |
|
|
|
30,785 |
|
|
|
177,611 |
|
|
|
110,851 |
|
Change in fair value of earnout liability |
|
10,915 |
|
|
|
(73,406 |
) |
|
|
25,456 |
|
|
|
85,352 |
|
Other expense |
|
10 |
|
|
|
1,436 |
|
|
|
76 |
|
|
|
6,792 |
|
Total other expense |
|
57,961 |
|
|
|
(41,185 |
) |
|
|
203,143 |
|
|
|
202,995 |
|
|
|
|
|
|
|
|
|
||||||||
(Loss) income before income tax benefit |
|
(92,216 |
) |
|
|
60,692 |
|
|
|
(111,553 |
) |
|
|
(2,195 |
) |
|
|
|
|
|
|
|
|
||||||||
Income tax benefit |
|
(30,039 |
) |
|
|
(85,528 |
) |
|
|
(27,972 |
) |
|
|
(84,243 |
) |
Net (loss) income |
$ |
(62,177 |
) |
|
$ |
146,220 |
|
|
$ |
(83,581 |
) |
|
$ |
82,048 |
|
Bowlero Corp. Condensed Consolidated Statements of Cash Flows (Amounts in thousands) (Unaudited) |
|||||||||||||||
Three Months Ended |
|
Twelve Months Ended |
|||||||||||||
|
June 30, 2024 |
|
July 2, 2023 |
|
June 30, 2024 |
|
July 2, 2023 |
||||||||
Net cash provided by operating activities |
$ |
6,732 |
|
|
$ |
8,985 |
|
|
$ |
154,830 |
|
|
$ |
217,787 |
|
Net cash used in investing activities |
|
(99,696 |
) |
|
|
(65,269 |
) |
|
|
(385,656 |
) |
|
|
(253,218 |
) |
Net cash (used in) provided by financing activities |
|
(52,130 |
) |
|
|
90,993 |
|
|
|
102,157 |
|
|
|
98,957 |
|
Effect of exchange rate changes on cash |
|
(363 |
) |
|
|
(120 |
) |
|
|
8 |
|
|
|
(129 |
) |
Net (decrease) increase in cash and cash equivalents |
|
(145,457 |
) |
|
|
34,589 |
|
|
|
(128,661 |
) |
|
|
63,397 |
|
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents at beginning of period |
|
212,429 |
|
|
|
161,044 |
|
|
|
195,633 |
|
|
|
132,236 |
|
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents at end of period |
$ |
66,972 |
|
|
$ |
195,633 |
|
|
$ |
66,972 |
|
|
$ |
195,633 |
|
Balance Sheet and Liquidity
As of June 30, 2024 and July 2, 2023, our calculation of net debt was as follows:
|
|
June 30, 2024 |
|
July 2, 2023 |
||
Cash and cash equivalents |
|
$ |
66,972 |
|
$ |
195,633 |
Bank debt and loans |
|
|
1,152,200 |
|
|
1,164,662 |
Net debt |
|
$ |
1,085,228 |
|
$ |
969,029 |
As of June 30, 2024 and July 2, 2023, our cash on hand and revolving borrowing capacity was as follows:
(in thousands) |
|
June 30, 2024 |
|
July 2, 2023 |
||||
Cash and cash equivalents |
|
$ |
66,972 |
|
|
$ |
195,633 |
|
Revolver Capacity (1) |
|
|
285,000 |
|
|
|
235,000 |
|
Revolver capacity committed to letters of credit |
|
|
(15,834 |
) |
|
|
(10,386 |
) |
Total cash on hand and revolving borrowing capacity |
|
$ |
336,138 |
|
|
$ |
420,247 |
|
(1) |
On August 23, 2024, the Revolver commitment was increased by |
GAAP to non-GAAP Reconciliations
|
|
Three Months Ended |
|
Twelve Months Ended |
||||
(in thousands) |
|
June 30, 2024 |
|
July 2, 2023 |
|
June 30, 2024 |
|
July 2, 2023 |
Total Revenue - Reported |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
less: Service Fee Revenue |
|
(939) |
|
(4,088) |
|
(5,462) |
|
(21,064) |
|
|
|
|
|
|
|
|
|
Revenue Excluding Service Fee Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
less: Non-Location Related (including Closed Locations) |
|
(4,859) |
|
(7,490) |
|
(20,520) |
|
(25,351) |
|
|
|
|
|
|
|
|
|
Total Location Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
less: Acquired Revenue |
|
(35,598) |
|
(1,094) |
|
(142,774) |
|
(26,438) |
|
|
|
|
|
|
|
|
|
Same Store Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Year-over-Year Change |
|
|
|
|
|
|
|
|
Total Revenue – Reported |
|
|
|
|
|
|
|
|
Total Revenue excluding Service Fee Revenue |
|
|
|
|
|
|
|
|
Total Location Revenue |
|
|
|
|
|
|
|
|
Same Store Revenue |
|
|
|
|
|
|
|
—% |
|
|
Adjusted EBITDA Reconciliation |
||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||
(in thousands) |
|
June 30, 2024 |
|
July 2, 2023 |
|
June 30, 2024 |
|
July 2, 2023 |
Consolidated |
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
Net income (loss) - GAAP |
|
(62,177) |
|
146,220 |
|
(83,581) |
|
82,048 |
Net income (loss) margin |
|
(21.9)% |
|
|
|
(7.2)% |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
Interest expense |
|
48,860 |
|
32,095 |
|
185,181 |
|
112,160 |
Income tax benefit |
|
(30,039) |
|
(85,528) |
|
(27,972) |
|
(84,243) |
Depreciation and amortization |
|
41,064 |
|
30,665 |
|
147,362 |
|
115,680 |
Impairment and other charges |
|
60,931 |
|
1,028 |
|
61,340 |
|
1,601 |
Share-based compensation |
|
4,032 |
|
3,851 |
|
13,775 |
|
15,742 |
Closed location EBITDA (1) |
|
2,228 |
|
1,692 |
|
9,006 |
|
3,319 |
Foreign currency exchange loss (gain) |
|
59 |
|
(128) |
|
378 |
|
(53) |
Asset disposition loss (gain) |
|
571 |
|
(70) |
|
1,222 |
|
(2,240) |
Transactional and other advisory costs (2) |
|
4,157 |
|
6,804 |
|
21,303 |
|
23,635 |
Changes in the value of earnouts (3) |
|
10,915 |
|
(73,406) |
|
25,456 |
|
85,352 |
Other, net (4) |
|
2,830 |
|
1,270 |
|
8,027 |
|
1,343 |
Adjusted EBITDA |
|
|
|
|
|
|
|
|
Adjusted EBITDA Margin |
|
|
|
|
|
|
|
|
(1) |
The closed location adjustment is to remove EBITDA for closed locations. Closed locations are those locations that are closed for a variety of reasons, including permanent closure, newly acquired or built locations prior to opening, locations closed for renovation or rebranding and conversion. If a location is not open on the last day of the reporting period, it will be considered closed for that reporting period. If the location is closed on the first day of the reporting period for permanent closure, the location will be considered closed for that reporting period. |
|
(2) |
The adjustment for transaction costs and other advisory costs is to remove charges incurred in connection with any transaction, including mergers, acquisitions, refinancing, amendment or modification to indebtedness, dispositions and costs in connection with an initial public offering, in each case, regardless of whether consummated. Certain prior year amounts have been reclassified to conform to current year presentation. |
|
(3) |
The adjustment for changes in the value of earnouts is to remove of the impact of the revaluation of the earnouts. Changes in the fair value of the earnout liability is recognized in the statement of operations. Decreases in the liability will have a favorable impact on the statement of operations and increases in the liability will have an unfavorable impact. |
|
(4) |
Other includes the following related to transactions that do not represent ongoing or frequently recurring activities as part of the Company’s operations: (i) non-routine expenses, net of recoveries for matters outside the normal course of business, (ii) costs incurred that have been expensed associated with obtaining an equity method investment in a subsidiary of VICI, (iii) severance expense, and (iv) other individually de minimis expenses. Certain prior year amounts have been reclassified to conform to current year presentation. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240905000301/en/
Bowlero Corp. Investor Relations
IR@BowleroCorp.com
Source: Bowlero Corp
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