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Bowlero Reports Third Quarter Results for Fiscal Year 2024

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Bowlero Corp. (NYSE: BOWL) reported a 7.0% revenue increase to $337.7 million in the third quarter of the 2024 fiscal year, with net income of $23.8 million. Despite a 2.1% decline in same store revenue, total revenue growth was substantial. The company added 2 locations, closing an acquisition in the water park sector and repurchasing 1.1 million shares of Class A common stock. Bowlero expects to meet the low end of fiscal year 2024 Revenue and Adjusted EBITDA guidance.

Positive
  • Revenue increased by 7.0% to $337.7 million in the third quarter of the 2024 fiscal year.

  • Net income reached $23.8 million, a significant improvement from the prior year's loss.

  • Added 2 new locations during the quarter, totaling 352 locations in operation as of May 6, 2024.

  • Successfully closed an acquisition in the water park sector by acquiring Raging Waves, the largest outdoor water park in Illinois.

  • Repurchased 1.1 million shares of Class A common stock for approximately $13 million in the fiscal year 2024.

Negative
  • Same Store Revenue declined by 2.1% compared to the prior year.

  • Expected to be near the low end of fiscal year 2024 Revenue and Adjusted EBITDA guidance.

Insights

Bowlero Corp.'s reported revenue increase of 7.0% to $337.7 million indicates a positive trajectory in the company's earnings, particularly when set against a robust 64.7% growth compared to the same quarter of 2019. The turnaround to net income of $23.8 million from a prior year loss shows significant operational improvements. However, investors should note the slight decrease in Adjusted EBITDA year-over-year and the management's expectation to hit the low end of the annual guidance, which may signal a cautious outlook.

Strategic expansion through the addition of new locations, including a notable acquisition in the water park space, potentially diversifies revenue streams but also entails risk as it requires efficient integration. The company's strategy of increasing wallet share through customer engagement in the out-of-home entertainment sector appears to be yielding fruit, considering the positive same-store sales post initial weather challenges.

The share repurchase initiative, with 20.8 million shares repurchased in the fiscal year, suggests confidence by management in the intrinsic value of the company and aligns with the reduction of common stock outstanding by about 20%. The declaration of a quarterly cash dividend could be seen as a signal of financial stability and a commitment to returning value to shareholders.

Resolution of the age discrimination claims with the Equal Employment Opportunity Commission (EEOC) is a significant development that removes a degree of legal uncertainty for Bowlero Corp. Closure notices indicate that the majority of claims are time-barred and the determination by the EEOC not to bring litigation could mitigate potential legal risks and associated costs. For investors, this development may represent an alleviation of concerns over legal headwinds that could have affected the company's operations and stock performance.

RICHMOND, Va.--(BUSINESS WIRE)-- Bowlero Corp. (NYSE: BOWL) (“Bowlero” or the “Company”), one of the world’s premier operators of location-based entertainment, today provided financial results for the third quarter of the 2024 Fiscal Year, which ended on March 31, 2024.

Quarter Highlights:

  • Revenue increased 7.0% to $337.7 million versus the prior year and increased 64.7% versus 3QFY19 (quarter ended March 31, 2019)
  • Revenue excluding Service Fee Revenue increased 8.8% to $336.4 million versus the prior year and was up 64.1% versus 3QFY19
  • Same Store Revenue declined 2.1% versus the prior year and grew 26.1% versus 3QFY19
  • Net income of $23.8 million versus prior year loss of $32.1 million and income of $27.4 million in 3QFY19
  • Adjusted EBITDA of $122.8 million versus prior year of $127.6 million and $67.4 million in 3QFY19
  • Added 2 locations during the quarter, 1 through acquisitions and 1 new build-out, bringing year-to-date new locations to 23
  • Total locations in operation as of May 6, 2024 is 352

“Third quarter fiscal year 2024 started slowly due to weather. Post the first three weeks of January, we found a stable footing and increased investments to drive traffic. After the first three weeks of the quarter, we achieved a positive same-store-comp and double-digit total growth. Lucky Strike Miami opened in the quarter with exciting results, and we expect to have four more new builds opening in the next nine months with two in the Denver area and two in California. Summer Season Pass returned this year, and we expect that our continued investments in traffic will drive results throughout the spring and fall,” said Thomas Shannon, Founder and Chief Executive Officer of Bowlero.

“Last week, we closed an acquisition in the water park space by acquiring Raging Waves, the largest outdoor water park in Illinois. We bought the park at an attractive price with the opportunity to partner with a strong operator in the space,” followed Thomas Shannon. “We will continue to use internal and external investments to support increasing wallet share from customers in the out-of-home entertainment space, helping grow our industry-leading free cash flow generation.”

Bobby Lavan, Chief Financial Officer, added, “We had a strong cash flow quarter building up cash balances as we focused on investing capital in new builds and acquisitions. We ended the quarter with $212 million of cash and $432 million of total liquidity.”

Positive Update on EEOC Matter

The Company has received positive updates on the status of the age discrimination claims that had been pending with the EEOC. On April 12, 2024, the EEOC issued Closure Notices for the individual age discrimination charges that had been filed, in most cases, many years ago with the EEOC. The notices provide the claimants, as a matter of course, with an individual right to sue. The vast majority of these claims are time-barred. On May 3, 2024, the EEOC issued an additional Closure Notice for the related pattern and practice directed investigation. The notice states that the EEOC has determined not to bring litigation against the Company.

Share Repurchases

From January 1, 2024 through May 6, 2024, the Company repurchased 1.1 million shares of Class A common stock for approximately $13 million, bringing current total repurchases in fiscal year 2024 to approximately 20.8 million. Since 2021, the Company has spent approximately $446 million retiring all SPAC-related warrants, repurchasing 32.1 million shares of common stock, and 5.0 million as-converted preferred shares, reducing common stock outstanding by about 20%.

Dividend

The Board of Directors declared a quarterly cash dividend of $0.055 per share of common stock for the fourth quarter of fiscal year 2024. The dividend will be payable on June 7, 2024, to stockholders of record on May 24, 2024.

Fiscal Year 2024 Guidance

After completing three fiscal quarters, we now expect to be near the low end of our fiscal year 2024 Revenue and Adjusted EBITDA guidance.

Investor Webcast Information

Listeners may access an investor webcast hosted by Bowlero. The webcast and results presentation will be accessible at 10:00 AM ET on May 6, 2024 in the Events & Presentations section of the Bowlero Investor Relations website at https://ir.bowlerocorp.com/overview/default.aspx.

About Bowlero Corp.

Bowlero Corporation is one of the world’s premier operators of location-based entertainment. With over 350 locations across North America, the Company serves more than 40 million guest visits annually through a family of brands that include Lucky Strike, Bowlero and AMF. In 2019, Bowlero acquired the Professional Bowlers Association, the major league of bowling and a growing media property that boasts millions of fans around the globe. For more information on Bowlero, 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, 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 centers; 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 U.S. Securities and Exchange Commission (the “SEC”) by the Company on September 11, 2023, 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.

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 Bowling Center 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 2024 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, stock-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 Bowling Center Revenue represents Total Revenue less Non-Center Related Revenue, Revenue from Closed Centers (as defined below), and Service Fee Revenue, if applicable. Same Store Revenue represents Total Revenue less Non-Center Related Revenue, Revenue from Closed Centers, Service Fee Revenue, if applicable, and Acquired Revenue. Adjusted EBITDA represents Net Income (Loss) before Interest Expense, Income Taxes, Depreciation and Amortization, 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 provides a financial measure of revenue directly associated with consumer discretionary spending and Total Bowling Center Revenue as an important financial measure because it provides a financial measure of revenue directly associated with bowling center operations. The Company also considers Same Store Revenue as an important financial measure because it provides comparable revenue for centers 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)

 

 

March 31,

2024

 

July 2, 2023

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

212,429

 

 

$

195,633

 

Accounts and notes receivable, net

 

5,668

 

 

 

3,092

 

Inventories, net

 

14,955

 

 

 

11,470

 

Prepaid expenses and other current assets

 

26,723

 

 

 

18,395

 

Assets held-for-sale

 

2,069

 

 

 

2,069

 

Total current assets

 

261,844

 

 

 

230,659

 

 

 

 

 

Property and equipment, net

 

811,648

 

 

 

697,850

 

Internal use software, net

 

24,165

 

 

 

17,914

 

Operating lease right of use assets

 

561,655

 

 

 

449,085

 

Finance lease right of use assets, net

 

531,985

 

 

 

515,339

 

Intangible assets, net

 

97,995

 

 

 

90,986

 

Goodwill

 

832,311

 

 

 

753,538

 

Deferred income tax asset

 

75,540

 

 

 

73,807

 

Other assets

 

34,391

 

 

 

12,096

 

Total assets

$

3,231,534

 

 

$

2,841,274

 

 

 

 

 

Liabilities, Temporary Equity and Stockholders’ (Deficit) Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable and accrued expenses

$

153,810

 

 

$

121,226

 

Current maturities of long-term debt

 

9,203

 

 

 

9,338

 

Current obligations of operating lease liabilities

 

31,163

 

 

 

23,866

 

Other current liabilities

 

9,568

 

 

 

14,281

 

Total current liabilities

 

203,744

 

 

 

168,711

 

 

 

 

 

Long-term debt, net

 

1,131,803

 

 

 

1,138,687

 

Long-term obligations of operating lease liabilities

 

559,171

 

 

 

431,295

 

Long-term obligations of finance lease liabilities

 

682,153

 

 

 

652,450

 

Long-term financing obligations

 

438,819

 

 

 

9,005

 

Earnout liability

 

126,659

 

 

 

112,041

 

Other long-term liabilities

 

27,088

 

 

 

25,375

 

Deferred income tax liabilities

 

4,321

 

 

 

4,160

 

Total liabilities

 

3,173,758

 

 

 

2,541,724

 

 

 

 

 

Commitments and Contingencies (Note 10)

 

 

 

 

March 31,

2024

 

July 2, 2023

Temporary Equity

 

 

 

Series A preferred stock

$

133,760

 

 

$

144,329

 

 

 

 

 

Stockholders’ (Deficit) Equity

 

 

 

Class A common stock

 

9

 

 

 

11

 

Class B common stock

 

6

 

 

 

6

 

Additional paid-in capital

 

512,621

 

 

 

506,112

 

Treasury stock, at cost

 

(349,770

)

 

 

(135,401

)

Accumulated deficit

 

(240,982

)

 

 

(219,659

)

Accumulated other comprehensive income

 

2,132

 

 

 

4,152

 

Total stockholders’ (deficit) equity

 

(75,984

)

 

 

155,221

 

Total liabilities, temporary equity and stockholders’ (deficit) equity

$

3,231,534

 

 

$

2,841,274

 

 

Bowlero Corp.

Condensed Consolidated Statements of Operations

(Amounts in thousands)

(Unaudited)

 

 

Three Months Ended

 

Nine Months Ended

 

March 31,

2024

 

April 2,

2023

 

March 31,

2024

 

April 2,

2023

Revenues

$

337,670

 

 

$

315,725

 

 

$

870,746

 

 

$

819,370

 

Costs of revenues

 

225,894

 

 

 

189,304

 

 

 

623,905

 

 

 

534,212

 

Gross profit

 

111,776

 

 

 

126,421

 

 

 

246,841

 

 

 

285,158

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

39,488

 

 

 

35,891

 

 

 

114,765

 

 

 

102,837

 

Asset impairment

 

354

 

 

 

489

 

 

 

409

 

 

 

573

 

Loss (gain) on sale of assets

 

657

 

 

 

(192

)

 

 

651

 

 

 

(2,170

)

Other operating expense

 

265

 

 

 

649

 

 

 

5,171

 

 

 

2,625

 

Total operating expense

 

40,764

 

 

 

36,837

 

 

 

120,996

 

 

 

103,865

 

 

 

 

 

 

 

 

 

Operating profit

 

71,012

 

 

 

89,584

 

 

 

125,845

 

 

 

181,293

 

 

 

 

 

 

 

 

 

Other expenses:

 

 

 

 

 

 

 

Interest expense, net

 

46,890

 

 

 

29,117

 

 

 

130,575

 

 

 

80,066

 

Change in fair value of earnout liability

 

(8,868

)

 

 

87,222

 

 

 

14,541

 

 

 

158,758

 

Other expense

 

3

 

 

 

5,986

 

 

 

66

 

 

 

5,356

 

Total other expense

 

38,025

 

 

 

122,325

 

 

 

145,182

 

 

 

244,180

 

 

 

 

 

 

 

 

 

Income (loss) before income tax expense (benefit)

 

32,987

 

 

 

(32,741

)

 

 

(19,337

)

 

 

(62,887

)

 

 

 

 

 

 

 

 

Income tax expense (benefit)

 

9,141

 

 

 

(668

)

 

 

2,067

 

 

 

1,285

 

Net income (loss)

$

23,846

 

 

$

(32,073

)

 

$

(21,404

)

 

$

(64,172

)

 

Bowlero Corp.

Condensed Consolidated Statements of Cash Flows

(Amounts in thousands)

(Unaudited)

 

 

Three Months Ended

 

Nine Months Ended

 

March 31,

2024

 

April 2, 2023

 

March 31,

2024

 

April 2, 2023

Net cash provided by operating activities

$

76,899

 

 

$

92,923

 

 

$

148,098

 

 

$

208,802

 

Net cash used in investing activities

 

(39,294

)

 

 

(24,944

)

 

 

(285,960

)

 

 

(187,949

)

Net cash (used in) provided by financing activities

 

(15,451

)

 

 

2,838

 

 

 

154,287

 

 

 

7,964

 

Effect of exchange rate changes on cash

 

320

 

 

 

418

 

 

 

371

 

 

 

(9

)

Net increase in cash and cash equivalents

 

22,474

 

 

 

71,235

 

 

 

16,796

 

 

 

28,808

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at beginning of period

 

189,955

 

 

 

89,809

 

 

 

195,633

 

 

 

132,236

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at end of period

$

212,429

 

 

$

161,044

 

 

$

212,429

 

 

$

161,044

 

 

Balance Sheet and Liquidity

 

As of March 31, 2024 and July 2, 2023, our calculation of net debt was as follows:

 

(in thousands)

 

March 31,

2024

 

July 2, 2023

Cash and cash equivalents

 

$

212,429

 

$

195,633

Bank debt and loans

 

 

1,155,323

 

 

1,164,662

Net debt

 

$

942,894

 

$

969,029

As of March 31, 2024 and July 2, 2023, our cash on hand and revolving borrowing capacity was as follows:

 

(in thousands)

 

March 31,

2024

 

July 2, 2023

Cash and cash equivalents

 

$

212,429

 

 

$

195,633

 

Revolver Capacity

 

 

235,000

 

 

 

235,000

 

Revolver capacity committed to letters of credit

 

 

(15,834

)

 

 

(10,386

)

Total cash on hand and revolving borrowing capacity

 

$

431,595

 

 

$

420,247

 

 

GAAP to non-GAAP Reconciliations

 

 

FY24 vs. FY19

 

FY24 vs. FY23

(in thousands)

 

March 31, 2019

March 31, 2024

 

April 2, 2023

March 31, 2024

Total Revenue - Reported

 

$205,023

$337,670

 

$315,725

$337,670

 

 

 

 

 

 

 

less: Service Fee Revenue

 

(1,270)

 

(6,652)

(1,270)

 

 

 

 

 

 

 

Revenue excluding Service Fee Revenue

 

$205,023

$336,400

 

$309,073

$336,400

 

 

 

 

 

 

 

less: Non-Center Related (including Closed Centers)

 

(8,679)

(4,096)

 

(6,315)

(4,096)

 

 

 

 

 

 

 

Total Bowling Center Revenue

 

$196,344

$332,304

 

$302,758

$332,304

 

 

 

 

 

 

 

less: Acquired Revenue

 

(544)

(85,424)

 

(428)

(36,194)

 

 

 

 

 

 

 

Same Store Revenue

 

$195,800

$246,880

 

$302,330

$296,110

 

 

 

 

 

 

 

% Year-over-Year Change

 

 

 

 

 

 

Total Revenue – Reported

 

 

64.7%

 

 

7.0%

Total Revenue excluding Service Fee Revenue

 

 

64.1%

 

 

8.8%

Total Bowling Center Revenue

 

 

69.2%

 

 

9.8%

Same Store Revenue

 

 

26.1%

 

 

(2.1)%

 

 

 

Adjusted EBITDA Reconciliation

 

 

Three Months Ended

(in thousands)

 

March 31, 2024

 

April 2, 2023

 

March 31, 2019

Consolidated

 

 

 

 

 

 

Revenue

 

$337,670

 

$315,725

 

$205,023

Net income (loss) - GAAP

 

23,846

 

(32,073)

 

27,432

Net income (loss) margin

 

7.1%

 

(10.2)%

 

13.4%

Adjustments:

 

 

 

 

 

 

Interest expense

 

49,177

 

29,117

 

15,468

Income tax expense (benefit)

 

9,141

 

(668)

 

(291)

Depreciation, amortization and impairment charges

 

37,119

 

29,933

 

20,490

Share-based compensation

 

4,143

 

4,207

 

847

Closed location EBITDA (1)

 

2,159

 

480

 

588

Foreign currency exchange gain

 

318

 

328

 

5

Asset disposition loss (gain)

 

657

 

(192)

 

2,045

Transactional and other advisory costs (2)

 

3,813

 

8,726

 

127

Changes in the value of earnouts (3)

 

(8,868)

 

87,222

 

Other, net (4)

 

1,301

 

508

 

639

Adjusted EBITDA

 

$122,806

 

$127,588

 

$67,350

Adjusted EBITDA Margin

 

36.4%

 

40.4%

 

32.8%

(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.

 

Bowlero Corp. Investor Relations

IR@BowleroCorp.com

Source: Bowlero Corp

FAQ

What was Bowlero Corp.'s revenue in the third quarter of fiscal year 2024?

Bowlero Corp.'s revenue in the third quarter of fiscal year 2024 was $337.7 million.

How many locations did Bowlero Corp. add during the quarter?

Bowlero Corp. added 2 locations during the quarter, bringing the total to 352 locations in operation as of May 6, 2024.

What was the net income reported by Bowlero Corp. in the third quarter of 2024?

Bowlero Corp. reported a net income of $23.8 million in the third quarter of 2024.

What acquisition did Bowlero Corp. close in the third quarter of fiscal year 2024?

Bowlero Corp. closed an acquisition in the water park sector by acquiring Raging Waves, the largest outdoor water park in Illinois.

How many shares of Class A common stock did Bowlero Corp. repurchase in the fiscal year 2024?

Bowlero Corp. repurchased 1.1 million shares of Class A common stock for approximately $13 million in the fiscal year 2024.

Bowlero Corp.

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