Lucky Strike Entertainment Corp · Q1 2024 earnings

Briefing

Announced first quarter results for fiscal year 2024.

Bowlero Corp. reported a decrease in revenue by 1.2% to $227.4 million, but net income increased to $18.2 million compared to a prior year loss of $33.5 million. The company added 18 centers during the quarter and reiterated its FY24 guidance.

• Revenue decreased 1.2% to $227.4 million versus the prior year.
• Net income was $18.2 million versus prior year loss of $33.5 million.
• Adjusted EBITDA was $52.1 million versus prior year of $65.3 million.
• Added 18 centers during the quarter, 17 from acquisitions and 1 new build out.

Headline financials

Revenue & EPS history

The Company expects Revenue to be up 10% to 15% at the end of fiscal year 2024, excluding the $21 million of Service Fee Revenue from prior year revenue, which equates to $1.14 billion to $1.19 billion of Revenue. Adjusted EBITDA margin is expected to be 32% to 34%, which equates to Adjusted EBITDA of $365 million to $405 million. The Company expects second quarter fiscal year 2024 to have Revenue Excluding Service Fee Revenue of $295 million to $310 million and Adjusted EBITDA of $100 million to $110 million.