Tuesday, September 12, 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.
Solid Q4 Full year results. The company reported Q4 revenue and adj. EBITDA of $239.4 million and $64.5 million, respectively, both of which were roughly in-line with our estimates. While the company faced difficult comps in Q4, event revenue was up 7% in the quarter, and 43% for the year.
A year of investment. Management highlighted that revenue in fiscal full year 2024 is expected to increase in the range of 10% to 15% from full year 2023. Given planned investment spending, adj. EBITDA is expected to grow less than revenues, with adj. EBITDA margins in the range of 32% to 34%, slightly below that of the 34.7% adj. EBITDA margins for fiscal 2023. The company also plans to invest $160 million for acquisitions, $40 million for new builds and $75 million for conversions.
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