Tuesday, November 05, 2024
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.
Off to a good start. Fiscal Q1 end Sept. results were better than expectations. Revenues were $260.2 million versus our $240.0 million estimate. Adj. EBITDA was $62.9 million versus our $59.0 million estimate. The key revenue upside driver was a solid performance in Food & Beverage, up a strong 17.3% y-o-y and beating our estimate by a solid 10.7%. Figure #1 Q1 Results highlight the quarter versus our estimates.
Raises low end of fiscal 2025 guidance. Management increased its total revenue guidance for fiscal 2025 by $10 million on the low end of its previous guidance range of $1.22 billion to $1.28 billion, now $1.23 billion to $1.28 billion. The guidance implies attractive mid-single digit to 10% plus year over year revenue growth. Adj. EBITDA margins are expected to be 32% to 34%, or adj. EBITDA between $390 million to $430 million.
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