Thursday, May 18, 2023
Bowlero Corp. is the worldwide leader in bowling entertainment, media, and events. 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. In 2019, Bowlero Corp. acquired the Professional Bowlers Association, the major league of bowling, which boasts thousands of members and millions of fans across the globe. For more information on Bowlero Corp., please visit BowleroCorp.com.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Strong Q3 results. The company reported solid Q3 revenue of $315.7 million, up 22.5% from the prior year period, beating our estimate of $298 million by 5.9%. Adj. EBITDA in the quarter increased 17.7% to $127.6 million, beating our estimate of $116.3 million by 9.7%. Our estimates are illustrated in Figure #1 Q3 Results.
Favorable margins. Bowling center adj. gross profit margins were a strong 68% and adj. Center EBITDA margins were 48%, a record high. The company posted impressive total company Adj. EBITDA margins of 40.4% for Q3. The total company adj. EBITDA margins were 60 basis points better than our estimate.
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