Thursday, February 16, 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, Noble Capital Markets, Inc.
Patrick McCann, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Impressive Q2 results. The company reported fiscal Q2 end December 2022 revenue of $273.4 million, up a strong 33%, and Adj. EBITDA of $97 million, up 45%. The impressive revenue and Adj. EBITDA beat our estimates by 7.4% and 18.6%, respectively. Adj. EBITDA margins increase from 32.9% a year earlier to 35.5%.
Events and walk-in revenue rebound. The company reported impressive event revenue of $69 million, an increase of 74% from the prior year period. Walk in retail revenue in the quarter was $170 million, growing by 24% from the prior year period. Management attributed the strong rebound in event revenue to waning concerns over the Omicron Covid variant.
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