Dave & Buster's Entertainment, Inc., (NASDAQ: PLAY), ("Dave
& Buster's" or "the Company"), an owner and operator of
entertainment and dining venues, today announced financial results
for its first quarter ended April 30, 2023.
Key First Quarter 2023
Highlights
- Record revenue of
$597.3 million in the quarter increased 32.4% from the first
quarter of 2022. Including the pro forma contribution of Main Event
in the first quarter of 2022, the year-over-year growth was $21.8
million, or 3.8%.
- Pro forma combined
comparable store sales (including Main Event branded stores)
decreased 4.1% compared with the same period in 2022 and increased
10.3% compared with the same period in 2019.
- Record Net income
totaled $70.1 million, or $1.45 per diluted share, compared with
net income of $67.0 million, or $1.35 per diluted share in the
first quarter of 2022.
- Record Adjusted
EBITDA of $182.1 million in the quarter increased 29.8% from the
first quarter of 2022. Including the pro forma contribution of Main
Event in the first quarter of 2022, the year-over-year Adjusted
EBITDA growth was $7.9 million, or 4.6%.
- The Company
repurchased 3.6 million shares in the first quarter at a total
cost of $125.5 million. Subsequent to the end of the quarter, the
Company has purchased an additional 2.1 million shares at a
total cost of $74.5 million, bringing the total repurchases in
fiscal 2023 to 5.7 million shares totaling $200.0 million,
representing 11.8% of the outstanding shares as of the end of
fiscal 2022.
- Ended the quarter
with $581.7 million of liquidity, which included $91.5 million in
cash and $490.2 million available under its $500 million revolving
credit facility.
- Opened a new Dave
& Buster's store in Puerto Rico and three new Main Event stores
in Little Rock, AR, Tucson, AZ, and Lexington, KY.
- Signed two
international franchise agreements for up to 15 stores in India and
up to 5 stores in Australia.
"We are pleased to report strong results for our
first quarter of fiscal 2023. Our extremely talented team of
operators and support center employees continue to execute on the
breadth of strategic opportunities we've identified to unlock
significant revenue growth and cost efficiency opportunities in our
business which will continue to bring meaningful upside to all
stakeholders and in all macro-economic environments," said Chris
Morris, Dave & Buster's Chief Executive Officer. "As a
testament to the conviction we have in the long-term success of our
business and the value we see in our shares, we have repurchased
$200 million of common stock thus far in fiscal 2023, reducing our
shares outstanding by nearly 12%. We see tremendous upside as we
continue to drive value creation for our stakeholders and we look
forward to keeping you updated on our progress."
First Quarter 2023 Results
Total revenue was $597.3 million, an increase of
32.4% from $451.1 million in the first quarter of 2022. Including
the pro forma contribution of Main Event stores in the prior year
period, total revenue increased 3.8% versus the first quarter of
2022.
Pro forma combined comparable store sales
(including Main Event branded stores) decreased 4.1% compared with
the first quarter of 2022 and increased 10.3% compared with the
first quarter of 2019.
Operating income totaled $121.4 million, or
20.2% of revenue, compared with operating income of $98.7 million,
or 21.8% of revenue in the first quarter of 2022.
Net income totaled $70.1 million, or $1.45 per
diluted share, compared with net income of $67.0 million, or $1.35
per diluted share in the first quarter of 2022.
Adjusted EBITDA totaled $182.1 million, or 30.5%
of revenue, compared with Adjusted EBITDA of $140.3 million, or
31.1% of revenue in the first quarter of 2022.
Store operating income before depreciation and
amortization totaled $206.4 million, or 34.6% of revenue, compared
with store operating income before depreciation and amortization of
$163.3 million, or 36.2% of revenue in the first quarter of
2022.
Balance Sheet, Liquidity, Cash Flow and
Share Repurchases
The Company generated $92.4 million in operating
cash flow during the first quarter, ending the quarter with $91.5
million in cash and $490.2 million of availability under its $500
million revolving credit facility, net of $9.8 million in
outstanding letters of credit. The Company ended the quarter with a
Net Total Leverage Ratio of 2.0x as defined under its Credit
Agreement as the ratio of the aggregate principal amount of any
Consolidated Debt less Unrestricted Cash and unrestricted Permitted
Investments to Credit Adjusted EBITDA. The Company's maximum
permitted Net Total Leverage Ratio is 3.5x.
The Company repurchased 3.6 million shares
in the first quarter at a total cost of $125.5 million. Subsequent
to the end of the quarter, the Company has purchased an additional
2.1 million shares at a total cost of $74.5 million, bringing
the total repurchases to 5.7 million shares totaling $200.0
million, representing 11.8% of the outstanding shares in fiscal
2023. The Company has $100 million remaining on its current
repurchase authorization for fiscal 2023.
"We continue to make significant strides
optimizing our business model to drive revenue, realize meaningful
cost savings across the company and deploy our capital in high ROI
opportunities," said Michael Quartieri, Dave & Buster's Chief
Financial Officer. "Our significant liquidity profile, strong
balance sheet, and substantial cash flow provide us the flexibility
to invest in the business and opportunistically return capital to
shareholders."
Quarterly Report on Form 10-Q
Available
The Company’s Quarterly Report on Form 10-Q,
will be available at www.sec.gov and on the Company’s investor
relations website, contains a thorough review of its financial
results for the first quarter ended April 30, 2023.
Investor Conference Call and
Webcast
Management will hold a conference call to report
these results on Tuesday, June 6, 2023, at 4:00 p.m. Central Time
(5:00 p.m. Eastern Time). Participants can access the conference
call by dialing toll-free (877) 883-0383. The international dial-in
for participants is (412) 902-6506. The participant entry number is
6007700. A replay will be available after the call for one year
beginning at 6:00 p.m. Central Time (7:00 p.m. Eastern Time) and
can be accessed by dialing toll-free (877) 344-7529 or by the
international toll number (412) 317-0088; the replay access code
4105310. Additionally, a live and archived webcast of the
conference call will be available at ir.daveandbusters.com.
About Dave & Buster’s Entertainment,
Inc.
Founded in 1982 and headquartered in Coppell,
Texas, Dave & Buster's Entertainment, Inc., is the owner and
operator of 210 venues in North America that offer premier
entertainment and dining experiences to guests through two distinct
brands: Dave & Buster’s and Main Event. The Company has 154
Dave & Buster’s branded stores in 41 states, Puerto Rico, and
Canada and offers guests the opportunity to "Eat Drink Play and
Watch," all in one location. Each store offers a full menu of
entrées and appetizers, a complete selection of alcoholic and
non-alcoholic beverages, and an extensive assortment of
entertainment attractions centered around playing games and
watching live sports and other televised events. The Company also
operates 56 Main Event branded stores in 18 states across the
country, and offers state-of-the-art bowling, laser tag, hundreds
of arcade games and virtual reality, making it the perfect place
for families to connect and make memories. For more information
about each brand, visit daveandbusters.com and mainevent.com.
Forward-Looking Statements
The Company cautions that this release contains
forward-looking statements. These forward-looking statements
involve risks and uncertainties, including: our ability to continue
as a going concern; our ability to obtain waivers, and thereafter
continue to satisfy covenant requirements, under our revolving
credit facility; our ability to access other funding sources; our
overall level of indebtedness; general business and economic
conditions, including as a result of the coronavirus pandemic and
any new coronavirus variants; the impact of competition; the
seasonality of the Company’s business; adverse weather conditions;
future commodity prices; guest and employee complaints and
litigation; fuel and utility costs; labor costs and availability;
changes in consumer and corporate spending; changes in demographic
trends; changes in governmental regulations; unfavorable publicity,
our ability to open new stores, and acts of God. Accordingly,
actual results may differ materially from the forward-looking
statements, and the Company therefore cautions you against relying
on such forward-looking statements. Dave & Buster’s intends
these forward-looking statements to speak only as of the time of
this release and does not undertake to update or revise them as
more appropriate information becomes available, except as required
by law.
Non-GAAP Measures
To supplement its consolidated financial
statements, which are prepared and presented in accordance with
GAAP, the Company uses the following non-GAAP financial measures:
EBITDA, EBITDA margin, Adjusted EBITDA, Adjusted EBITDA margin,
Credit Adjusted EBITDA (calculated in accordance with the Company's
credit agreement, additional details of which can be found in the
Company's Annual Report on Form 10-K), Credit Adjusted EBITDA
margin, Store operating income before depreciation and
amortization, Store operating income before depreciation and
amortization margin, and pro forma financials including Main Event
branded stores prior to the Company's ownership, reconciliations of
which can be found on our website (collectively the “non-GAAP
financial measures”). The presentation of this financial
information is not intended to be considered in isolation or as a
substitute for, or superior to, the financial information prepared
and presented in accordance with GAAP. The Company uses these
non-GAAP financial measures for financial and operational decision
making and as a means to evaluate period-to-period comparisons. The
Company believes that they provide useful information about
operating results, enhance the overall understanding of our
operating performance and future prospects, and allow for greater
transparency with respect to key metrics used by management in its
financial and operational decision making. The non-GAAP measures
used by the Company in this press release may be different from the
measures used by other companies.
For Investor Relations
Inquiries:
Cory Hatton, VP Investor Relations &
TreasurerDave & Buster’s Entertainment,
Inc.cory.hatton@daveandbusters.com
|
DAVE & BUSTER'S ENTERTAINMENT, INC. |
Consolidated Statements of Operations |
(unaudited, in millions, except per share
amounts) |
|
|
|
|
|
13 Weeks Ended |
|
13 Weeks Ended |
|
April 30, 2023 |
|
May 1, 2022 |
Entertainment revenues |
$ |
393.1 |
|
|
65.8 |
|
% |
|
$ |
299.2 |
|
|
66.3 |
|
% |
Food and beverage
revenues |
|
204.2 |
|
|
34.2 |
|
% |
|
|
151.9 |
|
|
33.7 |
|
% |
Total revenues |
|
597.3 |
|
|
100.0 |
|
% |
|
|
451.1 |
|
|
100.0 |
|
% |
Cost of entertainment (as a
percentage of entertainment revenues) |
|
34.3 |
|
|
8.7 |
|
% |
|
|
26.8 |
|
|
9.0 |
|
% |
Cost of food and beverage (as
a percentage of food and beverage revenues) |
|
56.0 |
|
|
27.4 |
|
% |
|
|
43.2 |
|
|
28.4 |
|
% |
Total cost of products |
|
90.3 |
|
|
15.1 |
|
% |
|
|
70.0 |
|
|
15.5 |
|
% |
Operating payroll and
benefits |
|
130.6 |
|
|
21.9 |
|
% |
|
|
93.4 |
|
|
20.7 |
|
% |
Other store operating
expenses |
|
170.0 |
|
|
28.5 |
|
% |
|
|
124.4 |
|
|
27.6 |
|
% |
General and administrative
expenses |
|
31.4 |
|
|
5.3 |
|
% |
|
|
28.3 |
|
|
6.3 |
|
% |
Depreciation and amortization
expense |
|
48.9 |
|
|
8.2 |
|
% |
|
|
33.3 |
|
|
7.4 |
|
% |
Pre-opening costs |
|
4.7 |
|
|
0.8 |
|
% |
|
|
3.0 |
|
|
0.7 |
|
% |
Total operating costs |
|
475.9 |
|
|
79.8 |
|
% |
|
|
352.4 |
|
|
78.2 |
|
% |
Operating income |
|
121.4 |
|
|
20.2 |
|
% |
|
|
98.7 |
|
|
21.8 |
|
% |
Interest expense, net |
|
30.7 |
|
|
5.1 |
|
% |
|
|
11.4 |
|
|
2.5 |
|
% |
Income before provision for income taxes |
|
90.7 |
|
|
15.1 |
|
% |
|
|
87.3 |
|
|
19.3 |
|
% |
Provision for income
taxes |
|
20.6 |
|
|
3.4 |
|
% |
|
|
20.3 |
|
|
4.5 |
|
% |
Net income |
$ |
70.1 |
|
|
11.7 |
|
% |
|
$ |
67.0 |
|
|
14.8 |
|
% |
|
|
|
|
|
|
|
|
Net income per share: |
|
|
|
|
|
|
|
Basic |
$ |
1.46 |
|
|
|
|
$ |
1.38 |
|
|
|
Diluted |
$ |
1.45 |
|
|
|
|
$ |
1.35 |
|
|
|
Weighted average shares used
in per share calculations: |
|
|
|
|
|
|
|
Basic shares |
|
47.93 |
|
|
|
|
|
48.58 |
|
|
|
Diluted shares |
|
48.47 |
|
|
|
|
|
49.45 |
|
|
|
|
|
|
|
|
|
|
|
Other information: |
|
|
|
|
|
|
|
Company-owned stores at end of period |
|
208 |
|
|
|
|
|
144 |
|
|
|
Store operating weeks in the period |
|
2,690 |
|
|
|
|
|
1,876 |
|
|
|
Total revenue per store operating weeks in the period (in
thousands) |
$ |
222.0 |
|
|
|
|
$ |
240.5 |
|
|
|
|
DAVE & BUSTER'S ENTERTAINMENT, INC. |
Other Operating Data |
(unaudited, in millions) |
|
|
|
|
Condensed Consolidated
Balance Sheet: |
|
|
|
|
|
|
|
|
April 30, 2023 |
|
January 29, 2023 |
ASSETS |
|
|
|
Cash and cash equivalents |
$ |
91.5 |
|
|
$ |
181.6 |
|
Other current assets |
|
116.1 |
|
|
|
112.1 |
|
Total current assets |
|
207.6 |
|
|
|
293.7 |
|
Property and equipment,
net |
|
1,185.5 |
|
|
|
1,180.2 |
|
Operating lease right of use
assets |
|
1,352.4 |
|
|
|
1,333.6 |
|
Intangible and other assets,
net |
|
948.9 |
|
|
|
953.5 |
|
Total assets |
$ |
3,694.4 |
|
|
$ |
3,761.0 |
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
Total current liabilities |
$ |
409.5 |
|
|
$ |
438.0 |
|
Operating lease
liabilities |
|
1,583.1 |
|
|
|
1,567.8 |
|
Other long-term
liabilities |
|
120.8 |
|
|
|
122.0 |
|
Long-term debt, net |
|
1,221.1 |
|
|
|
1,222.7 |
|
Stockholders' equity |
|
359.9 |
|
|
|
410.5 |
|
Total liabilities and stockholders' equity |
$ |
3,694.4 |
|
|
$ |
3,761.0 |
|
Summary Cash Flow
Information: |
|
|
|
|
|
|
|
|
Thirteen Weeks Ended |
|
Thirteen Weeks Ended |
|
April 30, 2023 |
|
May 1, 2022 |
Net cash provided by operating activities: |
92.4 |
|
|
148.6 |
|
Net cash used in investing
activities: |
(50.8 |
) |
|
(39.8 |
) |
Net cash provided by (used in)
financing activities: |
(131.7 |
) |
|
4.4 |
|
Increase (decrease) in cash and cash equivalents |
(90.1 |
) |
|
113.2 |
|
|
DAVE & BUSTER'S ENTERTAINMENT, INC. |
Non-GAAP Measures |
(unaudited, in millions) |
The following table sets forth a reconciliation
of net income to EBITDA and Adjusted EBITDA, a non-GAAP measure,
for the periods shown:
|
Thirteen Weeks Ended |
|
Thirteen Weeks Ended |
|
April 30, 2023 |
|
May 1, 2022 |
Net income |
$ |
70.1 |
|
|
11.7 |
|
% |
|
$ |
67.0 |
|
|
14.9 |
|
% |
Add back: |
|
|
|
|
|
|
|
Interest expense, net |
|
30.7 |
|
|
|
|
|
11.4 |
|
|
|
Provision for income taxes |
|
20.6 |
|
|
|
|
|
20.3 |
|
|
|
Depreciation and amortization expense |
|
48.9 |
|
|
|
|
|
33.3 |
|
|
|
EBITDA |
|
170.3 |
|
|
28.5 |
|
% |
|
|
132.0 |
|
|
29.3 |
|
% |
Add back: |
|
|
|
|
|
|
|
Loss on asset disposal |
|
0.7 |
|
|
|
|
|
0.2 |
|
|
|
Share-based compensation |
|
6.7 |
|
|
|
|
|
3.6 |
|
|
|
Merger & integration costs |
|
2.6 |
|
|
|
|
|
4.4 |
|
|
|
Information systems implementation costs and other items |
|
1.8 |
|
|
|
|
|
0.1 |
|
|
|
Adjusted EBITDA, a non-GAAP
measure |
$ |
182.1 |
|
|
30.5 |
|
% |
|
$ |
140.3 |
|
|
31.1 |
|
% |
The following table sets forth a reconciliation
of operating income to store operating income before depreciation
and amortization, a non-GAAP measure, for the periods shown:
|
Thirteen Weeks Ended |
|
Thirteen Weeks Ended |
|
April 30, 2023 |
|
May 1, 2022 |
Operating income |
$ |
121.4 |
|
|
20.3 |
|
% |
|
$ |
98.7 |
|
|
21.9 |
|
% |
Add back: |
|
|
|
|
|
|
|
General and administrative expenses |
|
31.4 |
|
|
|
|
|
28.3 |
|
|
|
Depreciation and amortization expense |
|
48.9 |
|
|
|
|
|
33.3 |
|
|
|
Pre-opening costs |
|
4.7 |
|
|
|
|
|
3.0 |
|
|
|
Store operating income before
depreciation and amortization, a non-GAAP measure |
$ |
206.4 |
|
|
34.6 |
|
% |
|
$ |
163.3 |
|
|
36.2 |
|
% |
The following table sets forth a reconciliation of Net income to
Credit Adjusted EBITDA, as defined in our senior secured credit
facility, for the periods shown:
|
Thirteen Weeks EndedApril 30,
2023 |
|
Trailing Four Quarters Ended April 30, 2023 |
Net income |
$ |
70.1 |
|
|
$ |
140.2 |
|
Add back: |
|
|
|
Interest expense, net |
|
30.7 |
|
|
|
106.7 |
|
Loss on debt extinguishment / refinancing |
|
— |
|
|
|
1.5 |
|
Provision for income taxes |
|
20.6 |
|
|
|
36.8 |
|
Depreciation and amortization expense |
|
48.9 |
|
|
|
184.9 |
|
EBITDA |
|
170.3 |
|
|
|
470.1 |
|
Add back: |
|
|
|
Loss on asset disposal |
|
0.7 |
|
|
|
1.3 |
|
Impairment of long-lived assets and lease termination costs |
|
— |
|
|
|
1.8 |
|
Share-based compensation |
|
6.7 |
|
|
|
23.1 |
|
Merger and integration costs |
|
2.6 |
|
|
|
23.5 |
|
Pre-opening costs |
|
4.7 |
|
|
|
16.3 |
|
Entertainment revenue deferrals |
|
4.7 |
|
|
|
13.1 |
|
Proforma Main Event adjustments (1) |
|
— |
|
|
|
15.0 |
|
Information systems implementation costs and other items |
|
1.8 |
|
|
|
2.4 |
|
Credit Adjusted EBITDA, a
non-GAAP measure |
$ |
191.5 |
|
|
$ |
566.6 |
|
(1) |
Total adjustment amount for Main Event for periods prior to the
Company's ownership during the trailing four quarter Test Period,
as defined on a Pro Forma Basis in our senior secured credit
facility. |
|
|
The following table provides a calculation of
Net Total Leverage Ratio, as defined in our senior secured credit
facility, for the period shown:
|
As Of And For The Trailing Four Quarters Ended April 30,
2023 |
Credit Adjusted EBITDA (a) |
$ |
566.6 |
|
Total debt (1) |
$ |
1,229.6 |
|
Less: Cash and cash
equivalents |
$ |
(91.5 |
) |
Add: Outstanding letters of
credit |
$ |
9.8 |
|
Net debt (b) |
$ |
1,147.9 |
|
Net Total Leverage Ratio (b /
a) |
|
2.0 x |
|
(1) |
Amount equals the face amount of debt outstanding less unamortized
debt issuance costs and debt discount. |
|
DAVE & BUSTER'S ENTERTAINMENT,
INC. |
Supplemental Data |
(in millions) |
The Company is providing the following
supplemental unaudited pro forma financial information to assist
investors in assessing the Company’s historical performance as
though Main Event and the Company had been combined as of the
beginning of the thirteen-week period ended May 1, 2022, which is
the Company’s first quarter of fiscal 2022. The following unaudited
pro forma condensed financial information has been presented in
accordance with Accounting Standards Codification 805, Business
Combinations (“ASC 805”), and presents the combined results as
though Main Event and the Company had been combined as of the
beginning of the first quarter of fiscal 2022. The unaudited pro
forma financial information as presented below is for informational
purposes only and is not necessarily indicative of the results of
operations that would have been achieved if the acquisition had
taken place at the beginning of the first quarter of fiscal 2022,
nor is it necessarily an indication of trends in future results for
a number of reasons, including, but not limited to, differences
between the assumptions used to prepare the pro forma information,
cost savings from operating efficiencies, potential synergies, and
the impact of incremental costs incurred in integrating the
businesses.
The Company has a fiscal year consisting of 52
or 53 weeks, ending on the Sunday after the Saturday closest to
January 31. The fiscal year for Main Event historically ended on
the last Tuesday in June. Main Event’s historical results in this
supplemental unaudited pro forma financial information were derived
from the unaudited financial information that conforms to the
Company’s fiscal year end.
|
Fiscal Q1 2023 |
Fiscal Q4 2022 |
Fiscal Q3 2022 |
Fiscal Q2 2022 |
Trailing Four Quarters |
Fiscal Year 2022 |
|
Consolidated Actuals |
Consolidated Actuals |
Consolidated Actuals |
Pro Forma Combined |
Pro Forma Combined |
Pro Forma Combined |
Entertainment revenue |
$ |
393.1 |
|
$ |
360.2 |
|
$ |
315.4 |
|
$ |
365.3 |
|
$ |
1,434.0 |
|
$ |
1,428.2 |
|
Food and beverage revenue |
|
204.2 |
|
|
203.6 |
|
|
165.9 |
|
|
179.2 |
|
|
752.8 |
|
|
736.8 |
|
Total revenue |
|
597.3 |
|
|
563.8 |
|
|
481.2 |
|
|
544.6 |
|
|
2,186.8 |
|
|
2,165.1 |
|
Cost of entertainment |
|
34.3 |
|
|
32.0 |
|
|
27.3 |
|
|
33.0 |
|
|
126.6 |
|
|
125.1 |
|
Cost of food and beverage and
other |
|
56.0 |
|
|
55.1 |
|
|
48.9 |
|
|
53.2 |
|
|
213.2 |
|
|
211.5 |
|
Total cost of products |
|
90.3 |
|
|
87.1 |
|
|
76.3 |
|
|
86.2 |
|
|
339.8 |
|
|
336.6 |
|
Gross margin |
|
507.0 |
|
|
476.7 |
|
|
405.0 |
|
|
458.3 |
|
|
1,847.0 |
|
|
1,828.4 |
|
Operating payroll and
benefits |
|
130.6 |
|
|
137.8 |
|
|
125.9 |
|
|
135.6 |
|
|
529.9 |
|
|
522.7 |
|
Other store operating expenses
(a) |
|
170.0 |
|
|
169.9 |
|
|
163.8 |
|
|
166.0 |
|
|
669.7 |
|
|
657.4 |
|
General and administrative
expenses (b) |
|
31.4 |
|
|
39.1 |
|
|
32.8 |
|
|
47.7 |
|
|
150.9 |
|
|
156.0 |
|
Depreciation and amortization
expense |
|
48.9 |
|
|
49.0 |
|
|
48.4 |
|
|
47.1 |
|
|
193.4 |
|
|
190.7 |
|
Pre-opening costs |
|
4.7 |
|
|
3.8 |
|
|
3.9 |
|
|
4.6 |
|
|
17.0 |
|
|
17.4 |
|
Total operating costs |
|
385.6 |
|
|
399.5 |
|
|
374.8 |
|
|
401.0 |
|
|
1,561.0 |
|
|
1,544.2 |
|
Operating income |
$ |
121.4 |
|
$ |
77.2 |
|
$ |
30.1 |
|
$ |
57.3 |
|
$ |
286.0 |
|
$ |
284.2 |
|
(a) |
Excludes $2.2 of Main Event gains related to preferred shares held
by shareholders prior to its acquisition by Dave & Buster's
Entertainment in Q2 2022. |
(b) |
Excludes $49.0 of Main Event long-term incentive and
change-in-control incentive compensation expenses in Q2 2022. |
|
|
|
Fiscal Q1 2023 |
|
Fiscal Q4 2022 |
|
Fiscal Q3 2022 |
|
Fiscal Q2 2022 |
Comparable Store Sales & Average Weekly Sales
Data (1) |
Consolidated Actuals |
|
Consolidated Actuals |
|
Consolidated Actuals |
|
Pro Forma Combined |
Total Comparable Store Sales % Change vs 2019 |
|
10.3 |
|
% |
|
|
14.1 |
|
% |
|
|
17.5 |
|
% |
|
|
13.1 |
|
% |
Walk-in Comparable Store Sales
% Change vs 2019 |
|
11.2 |
|
% |
|
|
18.0 |
|
% |
|
|
20.3 |
|
% |
|
|
16.4 |
|
% |
Special Events Comparable
Store Sales % Change vs 2019 |
|
(0.1 |
) |
% |
|
|
(6.4 |
) |
% |
|
|
(6.7 |
) |
% |
|
|
(13.4 |
) |
% |
Total Comparable Store Sales %
Change vs prior year |
|
(4.1 |
) |
% |
|
|
19.0 |
|
% |
|
|
13.3 |
|
% |
|
|
4.3 |
|
% |
Walk-in Comparable Store Sales
% Change vs prior year |
|
(6.4 |
) |
% |
|
|
12.1 |
|
% |
|
|
8.0 |
|
% |
|
|
(2.0 |
) |
% |
Special Events Comparable
Store Sales % Change vs prior year |
|
31.4 |
|
% |
|
|
89.5 |
|
% |
|
|
110.3 |
|
% |
|
|
166.5 |
|
% |
F&B Comparable Store Sales
% Change vs 2019 |
|
(3.5 |
) |
% |
|
|
(1.8 |
) |
% |
|
|
0.8 |
|
% |
|
|
(2.6 |
) |
% |
Entertainment/Other Comparable
Store Sales % Change vs 2019 |
|
19.3 |
|
% |
|
|
25.7 |
|
% |
|
|
28.9 |
|
% |
|
|
22.9 |
|
% |
F&B Comparable Store Sales
% Change vs prior year |
|
0.9 |
|
% |
|
|
25.4 |
|
% |
|
|
17.0 |
|
% |
|
|
10.3 |
|
% |
Entertainment/Other Comparable
Store Sales % Change vs prior year |
|
(6.5 |
) |
% |
|
|
15.6 |
|
% |
|
|
11.4 |
|
% |
|
|
1.5 |
|
% |
Total Stores at the end of the
period |
|
208 |
|
|
|
|
204 |
|
|
|
|
203 |
|
|
|
|
200 |
|
|
Total Store Operating
Weeks |
|
2,690 |
|
|
|
|
2,641 |
|
|
|
|
2,616 |
|
|
|
|
2,579 |
|
|
Total Store Average Weekly
Sales (in thousands) |
$ |
222 |
|
|
|
$ |
213 |
|
|
|
$ |
184 |
|
|
|
$ |
211 |
|
|
(1) |
For proforma comparisons to prior year for Q1 2023, there were 185
comparable stores. For all other proforma comparisons to prior year
and to 2019, there were 153 comparable stores. |
|
|
|
Fiscal Q1 2023 |
Fiscal Q4 2022 |
Fiscal Q3 2022 |
Fiscal Q2 2022 |
Trailing Four Quarters |
Fiscal Year 2022 |
|
Consolidated Actuals |
Consolidated Actuals |
Consolidated Actuals |
Pro Forma Combined |
Pro Forma Combined |
Pro Forma Combined |
Operating Income |
$ |
121.4 |
|
|
$ |
77.2 |
|
|
$ |
30.1 |
|
|
$ |
57.3 |
|
|
$ |
286.0 |
|
|
$ |
284.2 |
|
|
Add: Depreciation and
amortization expense |
|
48.9 |
|
|
|
49.0 |
|
|
|
48.4 |
|
|
|
47.1 |
|
|
$ |
193.4 |
|
|
$ |
190.7 |
|
|
EBITDA |
|
170.3 |
|
|
|
126.2 |
|
|
|
78.5 |
|
|
|
104.4 |
|
|
|
479.4 |
|
|
|
474.9 |
|
|
Add: Loss on asset
disposal |
|
0.7 |
|
|
|
0.2 |
|
|
|
0.2 |
|
|
|
0.2 |
|
|
|
1.3 |
|
|
|
0.8 |
|
|
Impairment of long-lived
assets (c) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1.8 |
|
|
|
1.8 |
|
|
|
1.8 |
|
|
Share-based compensation
(c) |
|
6.7 |
|
|
|
8.5 |
|
|
|
3.2 |
|
|
|
4.7 |
|
|
|
23.1 |
|
|
|
20.0 |
|
|
Transaction & integration
costs (c) |
|
2.6 |
|
|
|
3.0 |
|
|
|
4.0 |
|
|
|
17.7 |
|
|
|
27.3 |
|
|
|
29.3 |
|
|
Other items, net |
|
1.8 |
|
|
|
0.5 |
|
|
|
0.1 |
|
|
|
— |
|
|
|
2.4 |
|
|
|
0.6 |
|
|
Adjusted EBITDA |
$ |
182.1 |
|
|
$ |
138.4 |
|
|
$ |
86.0 |
|
|
$ |
128.8 |
|
|
$ |
535.3 |
|
|
$ |
527.4 |
|
|
Adjusted EBITDA Margin % |
|
30.5 |
|
% |
|
24.5 |
|
% |
|
17.9 |
|
% |
|
23.7 |
|
% |
|
24.5 |
|
% |
|
24.4 |
|
% |
(c) |
Amounts recorded in General & Administrative expenses. |
|
|
|
Fiscal Q1 2023 |
Fiscal Q4 2022 |
Fiscal Q3 2022 |
Fiscal Q2 2022 |
Trailing Four Quarters |
Fiscal Year 2022 |
|
Consolidated Actuals |
Consolidated Actuals |
Consolidated Actuals |
Pro Forma Combined |
Pro Forma Combined |
Pro Forma Combined |
Operating Income |
$ |
121.4 |
|
$ |
77.2 |
|
$ |
30.1 |
|
$ |
57.3 |
|
$ |
286.0 |
|
$ |
284.2 |
|
Add: Depreciation and
amortization expense |
|
48.9 |
|
|
49.0 |
|
|
48.4 |
|
|
47.1 |
|
|
193.4 |
|
|
190.7 |
|
EBITDA |
|
170.3 |
|
|
126.2 |
|
|
78.5 |
|
|
104.4 |
|
|
479.4 |
|
|
474.9 |
|
Add: Loss on asset
disposal |
|
0.7 |
|
|
0.2 |
|
|
0.2 |
|
|
0.2 |
|
|
1.3 |
|
|
0.8 |
|
Impairment of long-lived
assets (c) |
|
— |
|
|
— |
|
|
— |
|
|
1.8 |
|
|
1.8 |
|
|
1.8 |
|
Share-based compensation
(c) |
|
6.7 |
|
|
8.5 |
|
|
3.2 |
|
|
4.7 |
|
|
23.1 |
|
|
20.0 |
|
Transaction & integration
costs (c) |
|
2.6 |
|
|
3.0 |
|
|
4.0 |
|
|
17.7 |
|
|
27.3 |
|
|
29.3 |
|
Pre-opening costs |
|
4.7 |
|
|
3.8 |
|
|
3.9 |
|
|
4.6 |
|
|
17.0 |
|
|
17.4 |
|
Amusement deferrals |
|
4.7 |
|
|
6.4 |
|
|
1.8 |
|
|
1.3 |
|
|
14.2 |
|
|
14.9 |
|
Other items, net |
|
1.8 |
|
|
0.5 |
|
|
0.1 |
|
|
— |
|
|
2.4 |
|
|
0.6 |
|
Credit Adjusted EBITDA |
$ |
191.5 |
|
$ |
148.6 |
|
$ |
91.7 |
|
$ |
134.8 |
|
$ |
566.6 |
|
$ |
559.6 |
|
(c) |
Amounts recorded in General & Administrative expenses. |
|
|
Dave and Busters Enterta... (NASDAQ:PLAY)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Dave and Busters Enterta... (NASDAQ:PLAY)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024