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Jul 02, 2023
Lucky Strike Entertainment Q4 2023 Earnings Report
Bowlero reported results for Q4 2023, showing a decrease in revenue compared to the prior year due to out-of-period service revenue and an extra week in the prior year's results, but an increase compared to Q4 2019. Net income was significantly higher than the previous year.
Key Takeaways
Bowlero Corp. announced its Q4 and full year results for fiscal year 2023, with Q4 revenue at $239.4 million, down 10.6% from the prior year but up 54.0% versus Q4 2019. Net income for the quarter was $146.2 million. The company repurchased 6.4 million shares during the quarter and provided FY24 guidance, expecting revenue to be up 10% to 15%.
Revenue was $239.4 million, a decrease of 10.6% year-over-year, but up 54.0% compared to Q4 Fiscal Year 2019.
Total Bowling Center Revenue increased by 2.4% year-over-year and 54.1% compared to Q4 Fiscal Year 2019.
Net income reached $146.2 million.
The company repurchased 6.4 million shares of Class A common stock during the quarter.
Lucky Strike Entertainment
Lucky Strike Entertainment
Forward Guidance
The Company provided financial guidance for fiscal year 2024. We expect Revenue to be up 10% to 15% excluding the $21 million of Service 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. We expect to heavily reinvest in the business in fiscal year 2024, with more than $160 million allocated to acquisitions, $40 million to new builds, and $75 million to conversions.
Positive Outlook
- Revenue is expected to be up 10% to 15% excluding the $21 million of Service 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.
- More than $160 million allocated to acquisitions.
- $40 million allocated to new builds.
- $75 million to conversions.