- Revenue was a record-breaking $316 million in the third
quarter, growing $58 million, or 22%, year-over-year, and $111
million, or 54%, relative to the corresponding pre-pandemic
period.1 Same-store revenue2 increased $43 million, or 17%,
year-over-year, and grew $54 million, or 30%, vs. the comparable
pre-pandemic period.
- Net Loss was $32 million in the third quarter, a $14 million,
or 78%, greater loss vs. the prior year's quarter, and a $60
million, or 217%, greater loss relative to the pre-pandemic period.
Net loss for the quarter was driven by the $87 million non-cash
expense related to the revaluation of the earnout shares. Adjusted
for this non-cash expense, Adjusted Net Income was $55
million.
- Adjusted EBITDA was $128 million in the third quarter, higher
by $19 million, or 18% year-over-year, and $60 million, or 89%,
relative to the pre-pandemic period.
- Trailing Twelve Month (TTM) Revenue was $1.1 billion, another
high water mark in the Company's history, and increased $284
million or 35% compared to prior year TTM period and $393 million
or 57% compared to the corresponding pre-pandemic period.
- TTM Adjusted EBITDA was $372 million and increased $96 million
or 35% compared to prior year TTM period and $198 million or 114%
compared to pre-pandemic.
- MoneyBowl™, the Company’s proprietary skill-based gamification
app, is active in 64 centers as of May 17, 2023, which represents
nearly 20% of the center population. Total downloads are now over
60,000. Free-to-play planned to launch in beta in Q4 fiscal
2023
- The Company's growth pipeline remains robust. Bowlero added 1
new center during the quarter. Total centers in operation as of
April 2, 2023 were 327. Subsequent to the quarter-end, the Company
acquired an additional 2 centers bringing the updated center count
to 329. The Company has signed leases for another 6 locations to be
new builds, with two properties currently under construction.
- The Company also undertook efforts to de-risk the balance
sheet, reduce potential dilution from the preferred shares, and to
continue to return capital to shareholders via share buybacks.
Bowlero Corp. (NYSE: BOWL) (“Bowlero” or the “Company”), the
world’s largest owner and operator of bowling centers, today
provided financial results for the third quarter of the 2023 fiscal
year, which ended on April 2, 2023. Bowlero announced record
revenue of $316 million, driven by continued strong event
performance and solid increases in league and walk-in-retail
revenue. Event Revenue3 grew 49% ($20 million) vs. the prior year's
quarter and 83% ($27 million) vs. the comparable pre-pandemic
period. Total revenue grew by 22% on a year-over-year basis and 54%
compared to pre-pandemic performance. Same-store revenue rose by
17% year-over-year and 30% relative to the pre-pandemic period.
This press release features multimedia. View
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Bowling Center Trailing 13-week Revenue
Growth Trend (Graphic: Business Wire)
"The Company’s third quarter performance set new records for
Revenue and Adjusted EBITDA while maintaining extremely healthy
margins. In our seasonally most significant quarter, the Company
delivered fantastic results driven by continued same-store revenue
growth,” said Thomas Shannon, Founder and Chief Executive Officer.
"Adjusted EBITDA increased its quarterly record by $19 million vs.
the previous record set in Q3 FY22. We remain very excited for
MoneyBowl™. Our proprietary gamification app has now been rolled
out to 64 centers. MoneyBowl™ has the potential to revolutionize
bowling today similar to how experiential bowling transformed the
bowling industry in the 2000s."
Third-Quarter 2023 Operating Results
Revenue during the quarter, totaling $316 million, was up 22% on
a year-over-year basis, and up 54% relative to pre-pandemic.
Same-store revenue increased 17% year-over-year, demonstrating the
Company's ability to continue to drive organic growth.
Net loss for the quarter was $32 million, after giving effect to
$87 million of non-cash expenses related to the increase in the
fair value of earnouts. Net Loss per share for the quarter was
$(0.22). In the prior year, Net loss for the quarter was $18
million, driven primarily by the $67 million of non-cash expenses
related to the increase in fair value of the earnouts. Adjusted for
the non-cash expenses, Adjusted Net Income in the quarter was $55
million, which increased $3 million or 6% vs. the prior year's
Adjusted Net Income. Adjusted Earnings per diluted share for the
quarter was $0.26.
Adjusted EBITDA for the quarter was $128 million, up 18%
year-over-year and 89% relative to pre-pandemic performance. The
Company was able to materially expand the EBITDA margin compared to
pre-pandemic as a result of QMS, Bowlero's proprietary tech-enabled
financial performance optimization tool, a relentless focus on
efficient execution, and operating leverage from higher revenue
generation in the quarter.
Brett Parker, President and Chief Financial Officer of Bowlero
Corp., said, "We had a strong quarter and continue to prove out
Bowlero's potential as we achieve new heights. We set records for
both Revenue and Adjusted EBITDA generated in a quarter. Revenue
for the quarter exceeded the previous record (set Q2 FY23) by an
astounding $42 million. Meanwhile, we undertook several steps to
de-risk the balance sheet and reduce the fully diluted share
count."
Financial Position
As of April 2, 2023, cash, cash equivalents, and restricted cash
totaled $161 million and total debt was $915 million, resulting in
net debt of $754 million. At the end of the third quarter of 2023,
Bowlero’s Net Leverage Ratio was 2.1x TTM Adjusted EBITDA. For the
third quarter of 2023, Net Cash provided by operating Activities
was $93 million, and Net Cash generated from Adjusted Operating
Activities was $118 million when adjusted for the $25 million in
interest expense paid in cash.
Share Repurchase Program
During the quarter, the Company repurchased 371 thousand shares
of Class A common stock at an average price of $15.01. As of April
2, 2023, the total Class A and Class B shares outstanding are 173.3
million after the first tranche of earn-out shares were earned on
March 2, when the stock traded over $15 for the 10th time in a 20
day span.
Subsequent to the quarter-end, Bowlero has repurchased an
additional 2 million shares of Class A Common stock at an average
price of $14.04 through May 15, 2023 bringing the total shares
acquired under the program to 7 million and the average purchase
price to $11.85. In addition to the repurchase of common stock, the
Company has retired approximately 32% of the outstanding Series A
preferred stock for $81 million as of April 25, 2023. On May 16,
2023, the Board authorized an increase to the share repurchase
program to $200 million.
Bowling Center Trailing 13-week Revenue
Growth Trend4
[Please see the Bowling Center Trailing 13-week Revenue Growth
Trend Chart]
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 May 17, 2023 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 the worldwide leader in bowling entertainment.
With more than 325 bowling centers across North America, Bowlero
Corp. serves nearly 30 million guests each year through a family of
brands that includes Bowlero and AMF. Bowlero Corp. is also home to
the Professional Bowlers Association, which boasts thousands of
members and millions of fans across the globe. For more information
on Bowlero Corp., please visit BowleroCorp.com.
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. These forward-looking
statements are generally identified by the use of words such as
"anticipate," "believe," "could," "estimate," "expect," "intend,"
"may," "plan," "potential," "predict," "project," "should,"
"target," "will," "would" and, in each case, their negative or
other various or comparable terminology and include preliminary
results. 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: the impact of COVID-19 or other adverse public
health developments on our business; our ability to grow and manage
growth profitably, maintain relationships with customers, compete
within our industry and retain our key employees; changes in
consumer preferences and buying patterns; the possibility that we
may be adversely affected by other economic, business, and/or
competitive factors; the risk that the market for our entertainment
offerings may not develop on the timeframe or in the manner that we
currently anticipate; general economic conditions and uncertainties
affecting markets in which we operate and economic volatility that
could adversely impact our business, including the COVID-19
pandemic and other factors described under the section titled “Risk
Factors” in the Company's Annual Report on Form 10-K filed with the
U.S. Securities and Exchange Commission (the “SEC”) by the Company
on September 15, 2022, as well as other filings that the Company
will make, or has made, with the SEC, such as Quarterly Reports on
Form 10-Q and Current Reports on Form 8-K. These factors should not
be construed as exhaustive and should be read in conjunction with
the other cautionary statements that are included in this press
release and in other filings. We expressly disclaim any obligation
to publicly update or review any forward-looking statements,
whether as a result of new information, future developments or
otherwise, except as required by applicable law.
GAAP Financial Information
Bowlero Corp.
Condensed Consolidated Balance
Sheets
(Amounts in thousands, except
share and per share amounts)
(Unaudited)
April 2, 2023
July 3, 2022
Assets
Current assets:
Cash and cash equivalents
$
150,670
$
132,236
Restricted cash
10,374
—
Accounts and notes receivable, net of
allowance for doubtful accounts of $592 and $504, respectively
6,157
5,227
Inventories, net
11,848
10,310
Prepaid expenses and other current
assets
19,649
12,732
Assets held-for-sale
2,069
8,789
Total current assets
200,767
169,294
Property and equipment, net
663,937
534,721
Internal use software, net
16,434
11,423
Property and equipment under capital
leases, net
252,379
262,703
Intangible assets, net
91,982
92,593
Goodwill
750,230
742,669
Other assets
38,409
41,022
Total assets
$
2,014,138
$
1,854,425
Liabilities, Temporary Equity and
Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable
$
46,601
$
38,217
Accrued expenses
83,774
62,854
Current maturities of long-term debt
5,569
4,966
Other current liabilities
10,946
13,123
Total current liabilities
146,890
119,160
Long-term debt, net
897,404
865,090
Long-term obligations under capital
leases
393,890
397,603
Earnout liability
185,361
210,952
Other long-term liabilities
80,004
54,418
Deferred income tax liabilities
15,771
14,882
Total liabilities
1,719,320
1,662,105
Commitments and Contingencies (Note
10)
Temporary Equity
Series A preferred stock
206,376
206,002
April 2, 2023
July 3, 2022
Stockholders’ Equity (Deficit)
Class A common stock
$
11
$
11
Class B common stock
6
6
Additional paid-in capital
519,093
335,015
Treasury stock, at cost
(53,530
)
(34,557
)
Accumulated deficit
(377,023
)
(312,851
)
Accumulated other comprehensive loss
(115
)
(1,306
)
Total stockholders’ equity (deficit)
88,442
(13,682
)
Total liabilities, temporary equity and
stockholders’ equity (deficit)
$
2,014,138
$
1,854,425
Bowlero Corp.
Condensed Consolidated Statements
of Operations
(Amounts in thousands)
(Unaudited)
Three Months Ended
Nine Months Ended
April 2, 2023
March 27, 2022
April 2, 2023
March 27, 2022
Revenues
$
315,725
$
257,820
$
819,370
$
643,988
Costs of revenues
189,304
156,491
534,212
424,742
Gross profit
126,421
101,329
285,158
219,246
Operating (income) expenses:
Selling, general and administrative
expenses
35,891
30,315
102,837
145,013
Asset impairment
489
—
573
—
Gain on sale of assets
(192
)
(1,601
)
(2,170
)
(1,755
)
Other operating expense
649
1,899
2,625
5,708
Total operating expense
36,837
30,613
103,865
148,966
Operating profit
89,584
70,716
181,293
70,280
Other expenses:
Interest expense, net
29,117
22,293
80,066
69,101
Change in fair value of earnout
liability
87,222
45,778
158,758
23,236
Change in fair value of warrant
liability
—
20,678
—
20,748
Other expense
5,986
161
5,356
161
Total other expense
122,325
88,910
244,180
113,246
Loss before income tax (benefit)
expense
(32,741
)
(18,194
)
(62,887
)
(42,966
)
Income tax (benefit) expense
(668
)
(207
)
1,285
(6,089
)
Net loss
(32,073
)
(17,987
)
(64,172
)
(36,877
)
Series A preferred stock dividends
(4,401
)
(2,818
)
(10,004
)
(7,290
)
Net loss attributable to common
stockholders
$
(36,474
)
$
(20,805
)
$
(74,176
)
$
(44,167
)
Net loss per share attributable to
Class A and B common stockholders
Basic & Diluted
$
(0.22
)
$
(0.13
)
$
(0.45
)
$
(0.29
)
Weighted-average shares used in
computing net loss per share attributable to common
stockholders
Basic & Diluted
165,698,500
162,590,921
163,676,194
152,731,385
Bowlero Corp.
Condensed Consolidated Statements
of Cash Flows
(Amounts in thousands)
(Unaudited)
Three Months Ended
Nine Months Ended
April 2, 2023
March 27, 2022
April 2, 2023
March 27, 2022
Net cash provided by operating
activities
$
92,923
$
83,576
$
208,802
$
142,861
Net cash used in investing activities
(24,944
)
(17,896
)
(187,949
)
(178,744
)
Net cash provided by (used in) financing
activities
2,838
(8,461
)
7,964
21,752
Effect of exchange rate changes on
cash
418
99
(9
)
15
Net increase (decrease) in cash, cash
equivalents and restricted cash
71,235
57,318
28,808
(14,116
)
Cash, cash equivalents and restricted cash
at beginning of period
89,809
115,659
132,236
187,093
Cash, cash equivalents and restricted
cash at end of period
$
161,044
$
172,977
$
161,044
$
172,977
GAAP to non-GAAP Reconciliations
Adjusted EBITDA
Reconciliation
Three Months Ended
(in thousands)
April 2, 2023
March 27, 2022
March 31, 2019
Consolidated
Revenue
$315,725
$257,820
$205,023
Net (loss) income - GAAP
(32,073)
(17,987)
27,432
Adjustments:
Interest expense
29,117
22,293
15,468
Income tax (benefit) expense
(668)
(207)
(291)
Depreciation, amortization and impairment
charges
29,933
29,986
20,490
Share-based compensation
4,207
3,020
847
Closed center EBITDA (1)
480
611
588
Foreign currency exchange loss (gain)
328
(90)
5
Asset disposition (gain) loss
(192)
(1,601)
2,045
Transactional and other advisory costs
(2)
8,726
4,757
127
Charges attributed to new initiatives
(3)
40
43
270
Extraordinary unusual non-recurring losses
(gains) (4)
468
929
369
Changes in the value of earnouts and
warrants (5)
87,222
66,617
—
Adjusted EBITDA
$127,588
$108,371
$67,350
- The closed center adjustment is to remove EBITDA for closed
centers. Closed centers are those centers that are closed for a
variety of reasons, including permanent closure, newly acquired or
built centers prior to opening, centers closed for renovation or
rebranding and conversion. Closed centers do not include centers
closed in compliance with local, state and federal government
restrictions due to COVID-19. If a center is not open on the last
day of the reporting period, it will be considered closed for that
reporting period. If the center is closed on the first day of the
reporting period for permanent closure, the center will be
considered closed for that reporting period.
- 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.
- The adjustment for charges is to remove charges attributed to
new initiatives include charges with the undertaking and/or
implementation of new initiatives, business optimization
activities, cost savings initiatives, cost rationalization
programs, operating expense reductions and/or synergies and/or
similar initiatives and/or programs (including in connection with
any integration, restructuring or transition, any reconstruction,
decommissioning, recommissioning, or reconfiguration of fixed
assets for alternative uses, any office or facility opening and/or
pre-opening), including any inventory optimization program and/or
any curtailment, any business optimization charge, any
restructuring charge (including any charges relating to any tax
restructuring), any charge relating to the closure or consolidation
of any office or facility (including but not limited to rent
terminations, moving costs and legal costs), any systems
implementation charge, any severance charge, any one time
compensation charge, any charge relating to entry into a new
market, any charge relating to any strategic initiative or
contract, any charge relating to any entry into new markets and
contracts, any lease run-off charge, any charge associated with
improvements to information technology (IT) or accounting
functions, losses related to temporary decreases in work volume and
expenses related to maintaining underutilized personnel, any charge
relating to a new contract, any consulting charge and/or any
corporate development charge; provided, that, in this case of any
such charge, the results of any such action relating to such charge
are projected by in good faith to be achieved with 24 months of
undertaking.
- The adjustment for extraordinary unusual non-recurring gains or
losses is to remove extraordinary gains and losses, which include
any gain or charge from any extraordinary item as determined in
good faith by the Company and/or any non-recurring or unusual item
as determined in good faith by the Company and/or any charge
associated with and/or payment of any legal settlement, fine,
judgment or order.
- The adjustment for changes in the value of earnouts and
warrants is to remove the impact of the revaluation of the earnouts
and warrants. As a result of the Company's de-SPAC transaction, the
Company recorded liabilities for earnouts and warrants. Changes in
the fair value of the earnout and warrant liabilities are
recognized in the statement of operations. Decreases in the
liability will have a favorable impact on the income statement and
increases in the liability will have an unfavorable impact.
Trailing twelve month Adjusted
EBITDA Reconciliation
(in thousands)
December 26, 2021
March 27, 2022
July 3, 2022
October 2, 2022
January 1, 2023
April 2, 2023
Consolidated
TTM Revenue
$657,483
$803,091
$911,705
$960,987
$1,029,182
$1,087,087
TTM Net loss
$(55,442)
$(50,338)
$(29,934)
$(79,032)
$(43,143)
$(57,229)
Adjustments:
Interest expense
92,239
92,229
94,460
95,102
98,601
105,425
Income tax (benefit) expense
(7,147)
(7,457)
(690)
5,983
7,145
6,684
Depreciation, amortization and impairment
charges
95,363
102,359
108,505
112,015
115,658
115,605
Share-based compensation
44,975
47,169
50,236
53,083
14,564
15,751
Closed center EBITDA (1)
3,374
3,179
1,480
1,439
1,809
1,678
Foreign currency exchange (gain) loss
126
(68)
5
(101)
(369)
49
Asset disposition (gain) loss
(58)
(1,723)
(4,109)
(4,234)
(5,934)
(4,525)
Transactional and other advisory costs
(2)
40,474
43,379
38,140
37,537
14,268
18,237
Charges attributed to new initiatives
(3)
489
396
362
266
241
238
Extraordinary unusual non-recurring losses
(4)
3,374
3,009
5,131
7,233
3,390
2,929
Changes in the value of earnouts and
warrants and settlement costs (5)
(22,472)
44,145
52,789
93,549
146,797
167,402
TTM Adjusted EBITDA
$195,295
$276,279
$316,375
$322,840
$353,027
$372,244
- The closed center adjustment is to remove EBITDA for closed
centers. Closed centers are those centers that are closed for a
variety of reasons, including permanent closure, newly acquired or
built centers prior to opening, centers closed for renovation or
rebranding and conversion. Closed centers do not include centers
closed in compliance with local, state and federal government
restrictions due to COVID-19. If a center is not open on the last
day of the reporting period, it will be considered closed for that
reporting period. If the center is closed on the first day of the
reporting period for permanent closure, the center will be
considered closed for that reporting period.
- 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.
- The adjustment for charges is to remove charges attributed to
new initiatives include charges with the undertaking and/or
implementation of new initiatives, business optimization
activities, cost savings initiatives, cost rationalization
programs, operating expense reductions and/or synergies and/or
similar initiatives and/or programs (including in connection with
any integration, restructuring or transition, any reconstruction,
decommissioning, recommissioning, or reconfiguration of fixed
assets for alternative uses, any office or facility opening and/or
pre-opening), including any inventory optimization program and/or
any curtailment, any business optimization charge, any
restructuring charge (including any charges relating to any tax
restructuring), any charge relating to the closure or consolidation
of any office or facility (including but not limited to rent
terminations, moving costs and legal costs), any systems
implementation charge, any severance charge, any one time
compensation charge, any charge relating to entry into a new
market, any charge relating to any strategic initiative or
contract, any charge relating to any entry into new markets and
contracts, any lease run-off charge, any charge associated with
improvements to information technology (IT) or accounting
functions, losses related to temporary decreases in work volume and
expenses related to maintaining underutilized personnel, any charge
relating to a new contract, any consulting charge and/or any
corporate development charge; provided, that, in this case of any
such charge, the results of any such action relating to such charge
are projected by in good faith to be achieved with 24 months of
undertaking.
- The adjustment for extraordinary unusual non-recurring gains or
losses is to remove extraordinary gains and losses, which include
any gain or charge from any extraordinary item as determined in
good faith by the Company and/or any non-recurring or unusual item
as determined in good faith by the Company and/or any charge
associated with and/or payment of any legal settlement, fine,
judgment or order.
- The adjustment for changes in the value of earnouts and
warrants is to remove the impact of the revaluation of the earnouts
and warrants. As a result of the Company's de-SPAC transaction, the
Company recorded liabilities for earnouts and warrants. Changes in
the fair value of the earnout and warrant liabilities are
recognized in the statement of operations. Decreases in the
liability will have a favorable impact on the income statement and
increases in the liability will have an unfavorable impact. The
adjustment also includes realized costs associated with the
settlement of warrants during past reporting periods.
Adjusted Net Income
Reconciliation
Three Months Ended
(in thousands)
April 2, 2023
March 27, 2022
Net loss
$(32,073)
$(17,987)
Change in fair value of earnouts and
warrants
87,222
66,617
Share-based compensation
—
—
Transactional and other advisory costs
—
3,353
Adjusted Net Income
$55,149
$51,983
Adjusted Net Income
Attributable to all Common Stockholders Reconciliation
Three Months Ended
(in thousands)
April 2, 2023
March 27, 2022
Net Loss attributable to all common
stockholders
$(36,474)
$(20,805)
Change in fair value of earnouts and
warrants
87,222
66,617
Share-based compensation
—
—
Transactional and other advisory costs
—
3,353
Adjusted Net Income attributable to all
common stockholders
$50,748
$49,165
Adjusted earnings per share
attributable to all common stockholders
Basic
$0.31
$0.30
Diluted
$0.26
$0.27
Weighted average total common shares
outstanding (in millions)
Basic
165.7
162.6
Diluted
193.9
183.6
Net Operating Activities
Reconciliation
Three Months Ended
(in thousands)
April 2, 2023
March 27, 2022
Net Cash Provided by Operating
Activities - GAAP
$92,923
$83,576
Cash Paid for Interest
25,142
19,476
Adjusted Cash from Operating
Activities
$118,065
$103,052
Non-GAAP Financial Measures
To provide investors with information in addition to our results
as determined under Generally Accepted Accounting Principles
(“GAAP”), we disclose Adjusted Net Income, Adjusted Cash from
Operating Activities, Adjusted EBITDA, trailing twelve month
Adjusted EBITDA, and Adjusted Net Income Attributable to all Common
Stockholders as “non-GAAP measures” that 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, net cash provided (used) by
operating activities 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.
Adjusted Net Income represents Net income (loss) before non-cash
expenses or income related to changes in the value of earnouts and
warrants. Adjusted Cash from Operating Activities represents net
cash provided by operating activities before cash interest expense.
Adjusted EBITDA represents Net Income (Loss) before Interest,
Income Taxes, Depreciation and Amortization, Share-based
Compensation, EBITDA from Closed Centers, Foreign Currency Exchange
Loss (Gain), Asset Disposition Loss (Gain), Transactional and other
advisory costs, charges attributed to new initiatives,
Extraordinary unusual non-recurring gains or losses and changes in
the value of earnouts and warrants and settlement costs. Trailing
twelve month Adjusted EBITDA represents Adjusted EBITDA over the
most recent twelve month period.
The Company considers Adjusted Net Income as an important
financial measure because it provides an indicator of performance
that is not affected by fluctuations in certain costs or other
items. However, this measure 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 it does not reflect every cash expenditure and
is not adjusted for all non-cash income or expense items that are
reflected in our statements of cash flows.
The Company considers Adjusted Cash from Operating Activities as
an important financial measure because it provides an indicator of
cash flow that is not affected by how the Company finances its
operations. However, this measure has limitations as an analytical
tool, and you should not consider it in isolation or as a
substitute for analysis of cash generation as reported under
GAAP.
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. Additionally, we believe trailing twelve
month Adjusted EBITDA provides the current run-rate for trending
purposes, rather than annualizing the respective quarters, as the
Company’s business is seasonal, with the second and third fiscal
quarters being higher than the first and last quarters. 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 and trailing twelve month 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.
__________________________________ 1 The pre-pandemic comparable
period for the quarter ended April 2, 2023 is the quarter ended on
March 31, 2019. 2 Same-store revenue are measured by comparing
revenues for centers open for the entire duration of both the
current and comparable measurement periods. 3 Event revenue
represent revenue from corporate and other special events and group
parties booked in advanced and held at the bowling centers.
4Revenue growth is calculated as the growth in Bowling Center
Revenue compared to the comparable week during the pre-pandemic
52-week period beginning March 2019 and ending February 2020. Total
Bowling Center Revenue (i) excludes media-related revenue and (ii)
closed bowling centers from both current period and pre-pandemic
and prior year periods and (iii) includes new bowling centers that
have opened since March 2020. For weeks ending between (i)
September 26, 2021 - December 26, 2021, (ii) March 6, 2022 -
January 1, 2023, and (iii) March 12, 2023 - April 30, 2023, the
percentages above are calculated by comparing each week to the
comparable week in 2019. For weeks ending between (i) January 2,
2022 - February 27, 2022 and (ii) January 8, 2023 and March 5,
2023, the percentages above are calculated by comparing each week
to the comparable week in 2020. Total Bowling Center Revenue for
each date is the 13-week rolling average of weekly Total Bowling
Center Revenue. We use the 13-week rolling average because the
revenue performance in individual weeks can be positively or
negatively impacted by timing shift of holiday/sporting events,
holidays moving to weekends, and extreme weather events. Data for
all weeks following the close of the quarter ended on April 2, 2023
are preliminary and have not been audited or reviewed and are
forward-looking statements based solely on information available to
us as of the date of this announcement.
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version on businesswire.com: https://www.businesswire.com/news/home/20230517005746/en/
For Media: Bowlero Corp. Public Relations PR@BowleroCorp.com For
Investors: Bowlero Corp. Public Relations IRSupport@BowleroCorp.com
Ashley DeSimone Ashley.DeSimone@icrinc.com
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