Friday, September 16, 2022
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, Noble Capital Markets, Inc.
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Reports a strong year. The company reported another strong quarter. Q4 revenue of $267.7 million increased a strong 68% from year earlier levels and an impressive 42% above our estimate of $188.3 million. The strong revenue was attributed to favorable “walk-in” revenue. Adj. EBITDA was well above our estimate at $82.4 million, 45% higher than our forecast of $56.8 million.
The COVID bounce continues. Management noted the strong performance was driven in large part by a continuation of the COVID recovery. This is perhaps best illustrated by Group Event revenue which was $46 million, up 140% from the prior year period. Notably, the recovery of Event revenue will likely get an additional boost over the upcoming holiday season as year earlier results reflected lingering Covid issues.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
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