NOVEMBER 2023 ▪ Expanding the PBA Elite League to a season-long event (five additional team shows on FS1) for the first time ▪ Launch of first-ever PBA All-Star Weekend in 2024 17 200 195 190 ▲ Audio-visual – Video screens at the end of the lanes and upgraded sound system Phase II: ▲ Rebranding – Rebrand name, including signage ▲ Transition to Upscale – Kitchen/bar replacement, front desk, changes to center layout (e.g., lane additions) Post-Investment – Illustrative 14 Illustrative Examples of Converted Ce ...

Bowlero Corp. (NYSE:BOWL) Q1 2024 Results Earnings Conference Call November 7, 2023 10:00 AM ET Company Participants Bobby Lavan - Chief Financial Officer Thomas Shannon - Founder, Chief Executive Officer and President Conference Call Participants Matthew Boss - J.P. Morgan Randy Konik - Jefferies & Company Steven Wieczynski - Stifel Financial Corp. Jason Tilchen - Canaccord Genuity Group Inc. Ian Zaffino - Oppenheimer & Co. Jeremy Hamblin - Craig-Hallum Eric Wold - B. Riley Securities Daniel Moore - CJS Se ...

Financial Performance - For the quarter ended October 1, 2023, revenues totaled $227,405, representing a decrease of $2,855, or 1%, compared to the same period last fiscal year[175]. - Same-store revenues decreased by $15,522, or 6.9%, to $209,146 for the quarter ended October 1, 2023, compared to $224,668 for the same period last year[175]. - For the quarter ended October 1, 2023, the company reported a net income of $18,219, compared to a net loss of $33,534 for the same period in 2022[187]. - Adjusted EBITDA for the quarter was $52,134, down from $65,309 in the prior year, reflecting a decrease of approximately 20%[187]. - Net cash provided by operating activities decreased to $16,083 from $35,573, a decline of $19,490 year-over-year[190]. Costs and Expenses - Cost of revenues increased by $17,719, or 11%, primarily due to higher labor, supplies, and maintenance costs, resulting in cost of revenues as a percentage of revenues rising from 72% to almost 80%[177]. - Selling, general and administrative expenses (SG&A) rose by $5,271, or 16%, to $37,765, with SG&A as a percentage of revenues increasing from 14% to approximately 17%[178]. - Interest expense increased by $13,879, or 59%, to $37,449, primarily due to higher interest rates and increased debt obligations[179]. Investments and Acquisitions - The company made three acquisitions, acquiring 17 bowling entertainment centers during the quarter, with two additional centers expected to close in the second quarter of fiscal year 2024[169]. - The company utilized $176,576 in investing activities, significantly higher than $62,492 in the same period last year, primarily due to the acquisition of Lucky Strike[191]. - The company entered into a transaction with VICI Properties Inc. for the transfer of land and real estate assets of 38 bowling entertainment centers valued at $432,900[171]. - The company expects to continue investing in accretive acquisitions and center upgrades in future periods[191]. Operational Developments - One new build-out was completed and opened during the quarter, with seven signed agreements for future build-outs in prime markets[170]. - Renovations and remodels are currently underway at 14 bowling centers[171]. - The company anticipates continued organic growth and market expansion through acquisitions and upgrades of existing centers[166]. Cash and Financing - Financing activities generated $5,091, with proceeds from revolver draws of $140,000, partially offset by $130,140 for treasury stock repurchase[192]. - As of October 1, 2023, the company had approximately $40,088 in available cash and cash equivalents[188]. Tax and Interest Rate Impact - The effective tax rate for the quarter was (113.4)%, primarily due to income recognized for book purposes associated with changes in fair value of the earnout liability[181]. - An increase or decrease of 1.0% in the effective interest rate would impact interest expense by approximately $12,870 over a twelve-month period[200]. Market Risks - The company is exposed to market price fluctuations in food, beverage, supplies, and energy costs[202]. - Historical volatility in food product prices, including proteins, produce, dairy products, and cooking oil, can materially impact food costs[202]. - Purchasing commitments partially mitigate the risk of price fluctuations, but supply and demand factors can still cause price changes[202]. - External factors such as disease or inclement weather may influence commodity prices used in food operations[202]. - The cost of purchased materials may be affected by tariffs and trade regulations beyond the company's control[202]. - If the company does not pass along cost increases to customers, its operational results may be adversely affected[202].

Bowlero Corp. (NYSE:BOWL) Q4 2023 Earnings Call Transcript September 11, 2023 10:00 AM ET Company Participants Bobby Lavan - Chief Financial Officer Thomas Shannon - Chairman, Founder & Chief Executive Officer Conference Call Participants Matthew Boss - JPMorgan Securities LLC Steven Wieczynski - Stifel, Nicolaus & Co., Inc. Garrett Greenblatt - Jefferies Ian Zaffino - Oppenheimer & Co., Inc Jason Tilchan - Canaccord Genuity LLC Daniel Moore - CJS securities Eric Wold - B. Riley Jeremy Hamblin - Craig-Hallu ...

Revenue and Profit Growth - Revenue increased by $147.1 million (16.1%) to $1,058.8 million in fiscal year 2023 compared to $911.7 million in fiscal year 2022[192] - Gross profit rose by $40.7 million (13.5%) to $342.4 million, with gross margin slightly decreasing from 33.1% to 32.3%[192] - Operating profit surged by $84.2 million (72.2%) to $200.8 million, with operating margin improving from 12.8% to 19.0%[192] - Net income improved significantly to $82.0 million from a net loss of $29.9 million in the previous fiscal year[192] - Revenues for fiscal 2023 totaled $1,058,790, representing a 16% increase ($147,085) compared to fiscal 2022[244] - Same-store revenues increased by 12% in fiscal 2023, reaching $925,143 compared to $823,277 in fiscal 2022[245] - Media, new, and closed centers revenues grew by 51% to $133,647 in fiscal 2023, up from $88,428 in fiscal 2022[245] - Net income for fiscal 2023 was $82,048, a significant improvement from a net loss of $29,934 in fiscal 2022[250] Expansion and Renovation - The company acquired 16 bowling entertainment centers to expand in key geographic markets[188] - Bowlero renovated or remodeled 38 bowling centers and expanded or refurbished arcades in 26 centers[190] - The company is negotiating four lease agreements and has signed six leases for new bowling entertainment centers in prime markets[189] Financial Management and Debt - Interest expense increased by $16.4 million (17.4%) to $110.9 million due to higher interest rates and increased debt obligations[194] - The company entered into two hedging transactions with an aggregate notional amount of $800,000 to manage interest rate risk[240] - The company secured a new $900,000 term loan maturing in 2028, used to refinance existing debt and for general corporate purposes[254] - Cash and cash equivalents as of July 2, 2023, stood at $195,633[257] - Investing activities utilized $253,218 in fiscal 2023, including $111,664 in capital expenditures and acquisitions[258] Adjusted EBITDA and Non-Core Items - Adjusted EBITDA is used as a key financial measure to assess the quality of earnings, excluding non-core items[196] - Adjusted EBITDA for fiscal 2023 increased to $354,344, up from $316,375 in fiscal 2022[250] Tax and Impairment - The company recorded a non-cash income tax benefit of $135,061 due to the release of valuation allowances for deferred tax assets[247] - The company recognized impairment charges of $1,601 in fiscal 2023, primarily related to long-lived assets for open and closed centers[262] Stock Transactions and Equity - Settlement of premerger Series A preferred stock resulted in a charge of $2,642,587[285] - Conversion of Class A common stock of Old Bowlero to Series A preferred stock involved 105,000 shares[285] - Consideration paid to existing shareholders of Old Bowlero amounted to $22,599,800[285] - Exchange of redeemable Class A common stock of Old Bowlero for Class B common stock involved 51,397,025 shares[285] - Repurchase of Class A common stock into Treasury stock cost $3,430,667[285] - Class A common stock issued in conjunction with exercise of warrants totaled 4,266,439 shares[285] - Conversion of Class B common stock into Class A common stock involved 2,400,000 shares[285] - Balance as of July 3, 2022, showed total equity of $110,395,630[285] Market Risks and Commodity Prices - The company is exposed to market risks including interest rates, credit risk, and foreign currency exchange rates[293] - Commodity price fluctuations in food, beverage, and energy costs can materially impact the company's operations[295]

(90) 5 $148,631 $124,315 $85,960 $(55,442) $(50,338) $(29,934) $(79,032) $(43,143) $(57,229) Disclaimer Q3 FY2023 Results Set a New Performance Record Quarter 3 Fiscal Year 2023 Results Presentation May 2023 Forward-looking statements Some of the statements contained in this presentation 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. These forward-looking statements are generally ...

Bowlero Corp. (NYSE:BOWL) Q3 2023 Earnings Conference Call May 17, 2023 4:30 PM ET Company Participants Ashley DeSimone - Partner & Head-Global Media, Sports & Entertainment, ICR Inc Thomas Shannon - Chairman, Founder & Chief Executive Officer Brett Parker - President, Chief Financial Officer & Vice Chairman Conference Call Participants Matthew Boss - JPMorgan Securities LLC Jeremy Hamblin - Craig-Hallum Capital Group LLC Randy Konik - Jefferies LLC Ian Zaffino - Oppenheimer & Co., Inc Steven Wieczynski - S ...

Washington, D.C. 20549 FORM 10-Q ___________________________________ (Exact name of registrant as specified in its charter) ___________________________________ Delaware 98-1632024 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 7313 Bell Creek Road Mechanicsville, Virginia 23111 (Address of Principal Executive Offices) (Zip Code) (804) 417-2000 Registrant's telephone number, including area code Securities registered pursuant to Section 12(b) of the Act: Ti ...

Bowlero Corp. (NYSE:BOWL) Q2 2023 Earnings Conference Call February 15, 2023 4:30 PM ET Company Participants Ashley DeSimone - Partner, ICR, Investor Relations Brett Parker - President and Chief Financial Officer Thomas Shannon - Chairman and Chief Executive Officer Conference Call Participants Matthew Boss - JPMorgan Chase & Co. Ian Zaffino - Oppenheimer & Co. Eric Handler - MKM Partners LLC Stefanos Crist - CJS Securities Michael Kupinski - NOBLE Capital Markets, Inc. Operator Greetings, and welcome to Bo ...

SECURITIES AND EXCHANGE COMMISSION FORM 10-Q | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------- ...