-
Bowlero Corp. Announces Outstanding Results for the Third Quarter of Fiscal Year 2022
المصدر: Nasdaq GlobeNewswire / 11 مايو 2022 16:05:02 America/New_York
- Revenue totaled nearly $258 million, growing $145.6 million or 129.8% year over year, $52.8 million or 25.8% relative to pre-pandemic performance, and $24.1 million or 12.2% on a same-store basis vs. pre-pandemic.1 Revenue trends accelerated through the week ended April 24, 2022 (see chart below).
- Net Loss for the quarter of $18.0 million was driven primarily by $66.6 million of non-cash expenses related to the increase in the value of earnouts and warrants, as well as $3.4 million of transactional expenses related to the business combination. Net Income for the quarter, adjusted for these items was $52.0 million vs. a net loss of $23.1 million in the prior year.2
- Adjusted EBITDA of $108.4 million increased $81.0 million or 295.7% vs. prior year's quarter, and grew $41.0 million or 60.9% relative to pre-pandemic performance.2
- Trailing twelve month ("TTM") Net Loss of $50.3 million was driven primarily by expenses related to the successful de-SPAC transaction, which include $42.2 million in share based compensation and $32.5 million in transactional expenses, as well as $44.1 million of non-cash expenses related to the increase in the value of earnouts and warrants. TTM Net Income, adjusted for these items was $68.5 million.2
- TTM Adjusted EBITDA of $276.3 million exceeded pre-pandemic performance by 58.9%.2
- Repurchased 109,754 shares of Class A common stock and 2,690,272 warrants.
- Announced the redemption of all outstanding publicly traded and privately held warrants, which is planned to be completed on May 16, 2022.
RICHMOND, Va., May 11, 2022 (GLOBE NEWSWIRE) -- Bowlero Corp. (NYSE: BOWL) (“Bowlero” or the “Company”), the world’s largest owner and operator of bowling centers, today provided financial results for the 2022 fiscal year third quarter, which ended on March 27, 2022. Bowlero announced that it grew revenue in the quarter to nearly $258 million, driven by strong growth in both walk in retail and event revenue. Total revenue grew by 25.8% compared to pre-pandemic performance and by 129.8% on a year-over-year basis. Same-store sales rose by 12.2% relative to pre-pandemic.1
“We are extremely pleased with our performance in the quarter. As our record quarterly generation of Revenue and Adjusted EBITDA demonstrate, Bowlero has never been stronger than it is today. We are more committed than ever to executing our growth strategy, and we are thrilled to continue to welcome our guests to a delightful experience,” said Tom Shannon, Founder and Chief Executive Officer.
Financial Summary
- Significant growth in Revenue during the quarter, totaling nearly $258 million, up 25.8% relative to pre-pandemic performance and 129.8% on a year-over-year basis; 12.2% on a same-store basis vs. pre-pandemic performance.1
- Net Loss for the quarter of $18.0 million was driven primarily by $66.6 million of non-cash expenses related to the increase in the value of earnouts and warrants, as well as $3.4 million in transactional expenses related to the business combination. Net Income, adjusted for these items was $52.0 million vs. a net loss of $23.1 million in the prior year.2
- Adjusted EBITDA for the quarter grew to $108.4 million, up 60.9% relative to pre-pandemic performance and 295.7% vs. prior year.2
- TTM Adjusted EBITDA of $276.3 million exceeded pre-pandemic performance by 58.9%.2
- TTM Net Loss of $50.3 million was driven primarily by expenses related to the successful de-SPAC transaction, which include $42.2 million in share based compensation and $32.5 million in transactional expenses, as well as $44.1 million of non-cash expenses related to the increase in the value of earnouts and warrants. TTM Net Income, adjusted for these items was $68.5 million.2
- Cash generated from Operations during the quarter was $83.6 million.
“We saw an acceleration of growth as the quarter progressed, driven by the waning impact of Omicron and COVID restrictions being eased,” said Brett Parker, President and CFO of Bowlero Corp. “In addition to continued strong growth in walk in retail revenue, we also saw growth in total event revenue for the first quarter since the onset of COVID. While growing revenue, we also expanded Adjusted EBITDA margin from the pre-COVID levels by 918 basis points. As a result, we posted our highest Revenue and Adjusted EBITDA generated in any quarter, as well as any nine month or TTM period in our history.”
Total Bowling Center Revenue Performance Trend3
Chart for Bowlero Corporation Revenue Performance Summary vs. Pre-COVID Performance:
https://www.globenewswire.com/NewsRoom/AttachmentNg/3c14a746-9fd9-430a-ae09-5fc850a77e9b* The revenue performance for the week ended 10/31/21 was negatively impacted by Halloween falling on the weekend.
* The revenue performance for the week ended 12/26/21 was negatively impacted by Christmas Day falling on the weekend.
* The revenue performance for the week ended 2/13/22 was negatively impacted by the shift in Super Bowl Sunday.____________
1 Same-store sales are measured by comparing revenues for centers open for the entire duration of both the current and comparable measurement periods. The pre-pandemic comparable period for current quarter is the quarter ended March 31, 2019.
2 "GAAP" stands for Generally Accepted Accounting Principles in the U.S. Please see the sections of this document titled "GAAP Financial Information" and "GAAP to non-GAAP Reconciliations" for more information on the Company's GAAP and non-GAAP measures. Certain figures in the tables throughout this document may not foot due to rounding.
3 Total Bowling Center Revenue excludes closed bowling center activity and media revenue, which is also a component of our bowling operations. For weeks between 9/5/21 and 12/26/21 and between 3/6/22 and 4/17/22, the percentages above are calculated by comparing each week to the comparable week in 2019. For weeks between 1/2/22 and 2/27/22, the percentages above are calculated by comparing each week to the comparable week in 2020. Data for all weeks following the close of the quarter ended on 3/27/22 are preliminary.Investor Webcast Information
Listeners may access an investor webcast hosted by Bowlero. The webcast and results presentation will be accessible at 5:30 PM ET on May 11, 2022 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 300 bowling centers across North America, Bowlero Corp. serves more than 26 million guests each year through a family of brands that includes Bowlero, Bowlmor Lanes, and AMF. Bowlero Corp. is also home to the Professional Bowlers Association, which it acquired in 2019 and 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 registration statement on Form S-1 filed with the U.S. Securities and Exchange Commission (the “SEC”) by the Company, as well as other filings that the Company will make, or has made, with the SEC, such as Annual Reports on Form 10-K, 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 InformationBowlero Corp. Condensed Consolidated Balance Sheets (Amounts in thousands, except share and per share amounts) (UNAUDITED) March 27,
2022June 27,
2021Assets Current assets: Cash and cash equivalents $ 172,977 $ 187,093 Accounts and notes receivable, net of allowance for doubtful accounts of $327 and $204, respectively 4,409 3,300 Inventories, net 10,056 8,310 Prepaid expenses and other current assets 11,668 8,056 Assets held-for-sale 14,506 686 Total current assets 213,616 207,445 Property and equipment, net 512,343 415,661 Internal use software, net 10,251 9,062 Property and equipment under capital leases, net 260,632 284,077 Intangible assets, net 93,192 96,057 Goodwill 738,787 726,156 Investment in joint venture 1,250 1,230 Other assets 41,491 42,550 Total assets $ 1,871,562 $ 1,782,238 Liabilities, Temporary Equity and Stockholders’ Deficit Current liabilities: Accounts payable $ 29,267 $ 29,489 Accrued expenses 80,113 63,650 Current maturities of long-term debt 4,944 5,058 Other current liabilities 6,876 9,176 Total current liabilities 121,200 107,373 Long-term debt, net 868,370 870,528 Long-term obligations under capital leases 394,708 374,598 Earnout liability 204,416 — Warrant liability 37,952 — Other long-term liabilities 56,991 87,749 Deferred income tax liabilities 14,346 11,867 Total liabilities 1,697,983 1,452,115 Temporary Equity Series A preferred stock - Old Bowlero — 141,162 Series A preferred stock 200,489 — Redeemable Class A common stock - Old Bowlero — 464,827 Stockholders’ deficit: Class A common stock 11 10 Class B common stock 6 — Additional paid-in capital 296,790 — Treasury stock, at cost (1,026 ) — Accumulated deficit (319,794 ) (266,472 ) Accumulated other comprehensive loss (2,897 ) (9,404 ) Total stockholders’ deficit (26,910 ) (275,866 ) Total liabilities, temporary equity and stockholders’ deficit $ 1,871,562 $ 1,782,238 Bowlero Corp. Condensed Consolidated Statements of Operations (Amounts in thousands) (UNAUDITED) Three Months Ended Nine Months Ended March 27,
2022March 28,
2021March 31,
2019March 27,
2022March 28,
2021March 31,
2019Revenues $ 257,820 $ 112,212 $ 205,023 $ 643,988 $ 236,131 $ 516,681 Costs of revenues 156,491 94,113 139,679 424,742 253,654 384,280 Gross profit (loss) 101,329 18,099 65,344 219,246 (17,523 ) 132,401 Operating (income) expenses: Selling, general and administrative expenses 30,315 17,695 20,637 145,013 49,217 73,147 (Gain) loss on sale or disposal of assets (1,601 ) 64 2,045 (1,755 ) (77 ) 681 Loss on extinguishment of debt — — — — — 1,788 Income from joint venture (127 ) (69 ) (67 ) (285 ) (126 ) (155 ) Management fee income (307 ) (25 ) (254 ) (564 ) (132 ) (557 ) Other operating expense 2,333 1,119 374 6,557 721 400 Business interruption insurance recoveries — — — — (20,188 ) — Total operating expense, net 30,613 18,784 22,735 148,966 29,415 75,304 Operating profit (loss) 70,716 (685 ) 42,609 70,280 (46,938 ) 57,097 Other expenses: Interest expense, net 22,293 22,303 15,468 69,101 65,729 46,164 Change in fair value of earnout shares 45,778 — — 23,236 — — Change in fair value of warrant liability 20,678 — — 20,748 — — Other expense 161 — — 161 — — Total other expense, net 88,910 22,303 15,468 113,246 65,729 46,164 (Loss) income before income tax (benefit) expense (18,194 ) (22,988 ) 27,141 (42,966 ) (112,667 ) 10,933 Income tax (benefit) expense (207 ) 103 (291 ) (6,089 ) 333 7 Net (loss) income $ (17,987 ) $ (23,091 ) $ 27,432 $ (36,877 ) $ (113,000 ) $ 10,926 Bowlero Corp. Condensed Consolidated Statements of Cash Flows (Amounts in thousands) (UNAUDITED) Three Months Ended Nine Months Ended March 27, 2022 March 28, 2021 March 27, 2022 March 28, 2021 Net cash provided by operating activities $ 83,576 $ 28,722 $ 142,861 $ 17,123 Net cash used in investing activities (17,896 ) (9,486 ) (178,744 ) (28,188 ) Net cash (used in) provided by financing activities (8,461 ) (2,025 ) 21,752 36,858 Effect of exchange rate changes on cash 99 152 15 71 Net increase (decrease) in cash and cash equivalents 57,318 17,363 (14,116 ) 25,864 Cash and cash equivalents at beginning of period 115,659 149,206 187,093 140,705 Cash and cash equivalents at end of period $ 172,977 $ 166,569 $ 172,977 $ 166,569 GAAP to non-GAAP Reconciliations
Adjusted EBITDA Reconciliation Three Months Ended Nine Months Ended (in thousands) March 27, 2022 March 28, 2021 March 31, 2019 March 27, 2022 March 28, 2021 March 31, 2019 Consolidated Revenues $ 257,820 $ 112,212 $ 205,023 $ 643,988 $ 236,131 $ 516,681 Net (loss) income - GAAP $ (17,987 ) $ (23,091 ) $ 27,432 $ (36,877 ) $ (113,000 ) $ 10,926 Adjustments: Interest expense 22,293 22,303 15,468 69,101 65,729 46,164 Income tax expense (benefit) (207 ) 103 (291 ) (6,089 ) 333 7 Depreciation and amortization 29,986 22,990 20,490 78,487 67,979 66,111 Share-based compensation 3,020 826 847 46,376 2,371 2,590 Closed center EBITDA (1) 611 806 588 1,429 2,289 2,161 Foreign currency exchange loss (gain) (90 ) 104 5 31 (89 ) 7 Asset disposition loss (gain) (1,601 ) 64 2,045 (1,754 ) (77 ) 681 Transactional and other advisory costs (2) 4,757 1,852 127 36,735 4,093 1,789 Charges attributed to new initiatives (3) 43 136 270 249 384 937 Extraordinary unusual non-recurring (gains) losses (4) 929 1,294 369 2,150 811 2,181 Changes in the value of earnouts and warrants (5) 66,617 — — 44,145 — — Adjusted EBITDA $ 108,371 $ 27,387 $ 67,350 $ 233,983 $ 30,823 $ 133,554 Adjusted EBITDA Margin 42.0 % 24.4 % 32.8 % 36.3 % 13.1 % 25.8 % SG&A Expense 20,340 13,074 20,720 57,979 37,592 59,998 Media & Other Income (4,396 ) (6 ) (2,110 ) (13,226 ) (1,295 ) (434 ) Center EBITDA $ 124,315 $ 40,455 $ 85,960 $ 278,736 $ 67,120 $ 193,118 Rent Expense 9,285 13,420 18,599 39,264 40,204 46,992 Center EBITDAR $ 133,600 $ 53,875 $ 104,559 $ 318,000 $ 107,324 $ 240,110 (1) 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. (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. The large increases in this adjustment during the quarters ended December 26, 2021 and March 27, 2022 reflect the transactional costs associated with the Business Combination. (3) The adjustment for charges is to remove actual 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 any restructuring charge (including any charges relating to any tax restructuring), any charge relating to the closure or consolidation of any office or facility, 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 and any lease run-off charge. (4) 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. (5) 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 Business Combination, 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.
Chart for Trailing Twelve Month Net loss - GAAP & Adjusted EBITDA (in thousands) is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/fe39d426-ecfd-45e4-8acf-72dd16480a92Trailing twelve month Adjusted EBITDA Reconciliation Net loss - GAAP and Adjusted EBITDA (in thousands) December 29, 2019 March 28, 2021 June 27, 2021 September 26, 2021 December 26, 2021 March 27, 2022 Consolidated Revenues $ 693,929 $ 247,257 $ 395,234 $ 526,281 $ 657,483 $ 803,091 Net loss - GAAP $ (1,841 ) $ (197,748 ) $ (126,461 ) $ (70,125 ) $ (55,442 ) $ (50,338 ) Adjustments: Interest expense 69,903 86,352 88,857 90,612 92,239 92,229 Income tax expense (benefit) 1,803 7,927 (1,035 ) (7,403 ) (7,147 ) (7,457 ) Depreciation and amortization 89,264 91,411 91,851 92,241 95,363 102,359 Share-based compensation 3,406 3,226 3,164 3,116 44,975 47,169 Closed center EBITDA (1) (400 ) 3,259 4,039 3,880 3,374 3,179 Foreign currency exchange loss (gain) (225 ) (146 ) (188 ) (155 ) 126 (68 ) Asset disposition loss (gain) 5,247 613 (46 ) (77 ) (58 ) (1,723 ) Transactional and other advisory costs (2) 3,041 5,573 10,737 12,056 40,474 43,379 Charges attributed to new initiatives (3) 1,020 500 531 540 489 396 Extraordinary unusual non-recurring losses (4) 2,680 360 1,670 65 3,374 3,009 Changes in the value of earnouts and warrants (5) — — — — (22,472 ) 44,145 Adjusted EBITDA $ 173,898 $ 1,327 $ 73,119 $ 124,750 $ 195,295 $ 276,279 Adjusted EBITDA Margin 25.1 % 0.5 % 18.5 % 23.7 % 29.7 % 34.4 % (1) 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. (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. The large increases in this adjustment during the quarters ended December 26, 2021 and March 27, 2022 reflect the transactional costs associated with the Business Combination. (3) The adjustment for charges is to remove actual 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 any restructuring charge (including any charges relating to any tax restructuring), any charge relating to the closure or consolidation of any office or facility, 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 and any lease run-off charge. (4) 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. (5) 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 Business Combination, 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. NORMALIZED NET INCOME RECONCILIATION March 27, 2022 (in thousands) Three months
endedNine months
endedTwelve months
endedNet loss - GAAP $ (17,987 ) $ (36,877 ) $ (50,338 ) Share-based compensation - de-SPAC — 42,212 42,212 Change in fair value of earnouts and warrants 66,617 44,145 44,145 Transactional and other advisory costs 3,353 29,149 32,502 Normalized Net Income $ 51,983 $ 78,629 $ 68,521 Non-GAAP Financial Measures
To provide investors with information in addition to our results as determined under Generally Accepted Accounting Principles (“GAAP”), we disclose net income, normalized for extraordinary and non-recurring items, Adjusted EBITDA and trailing twelve month 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, 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.
Net income normalized for extraordinary and non-recurring items represents Net income (loss) before share-based compensation issued in connection with the Company's de-SPAC transaction, transaction and other advisory costs related to the de-SPAC transaction and non-cash expenses or income related to Changes in the value of earnouts and warrants. Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“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. Trailing twelve month Adjusted EBITDA represents Adjusted EBITDA over the most recent twelve month period.
The Company considers net income normalized for extraordinary and non-recurring items 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 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, such as 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.
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.
Contacts:
For Media:
Bowlero Corp. Public Relations
pr@bowlerocorp.comFor Investors:
ICR, Inc.
Ryan Lawrence
Ryan.Lawrence@icrinc.comAshley DeSimone
Ashely.desimone@icrinc.com
- Revenue totaled nearly $258 million, growing $145.6 million or 129.8% year over year, $52.8 million or 25.8% relative to pre-pandemic performance, and $24.1 million or 12.2% on a same-store basis vs. pre-pandemic.1 Revenue trends accelerated through the week ended April 24, 2022 (see chart below).