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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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
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.
Q4 results. Q4 revenues exceeded our expectations, $283.9 million (up a strong 18.6% y-o-y) versus our $270.0 million estimate, driven by strong 6.9% growth in same store revenues. Adj. EBITDA was $83.4 million, roughly in line with our $86.5 million estimate.
Resilient against economic headwinds. Management indicated that its business caters to a high end consumer that appears to be resilient to the economy. It plans to roll out high end food items and focus on its event business as a key revenue growth driver in fiscal 2025. Event business is currently $275 million and is expected to exceed $300 million in fiscal 2025.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
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.
Reports solid Q4 results. Q4 revenues exceeded our expectations, $283.9 million (up a strong 18.6% y-o-y) versus our $270.0 million estimate, driven by strong 6.9% growth in same store revenues. Adj. EBITDA was $83.4 million, roughly in line with our $86.5 million estimate. Figure #1 Q4 Results illustrates our estimates versus reported results.
Resilient against economic headwinds. Management indicated that its business caters to a high end consumer that appears to be resilient to the economy. It plans to roll out high end food items and focus on its event business as a key revenue growth driver in fiscal 2025. Event business is currently $275 million and is expected to exceed $300 million in fiscal 2025.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
RICHMOND, Va.–(BUSINESS WIRE)– The Board of Directors of Bowlero Corp. (NYSE: BOWL), one of the world’s premier operators of location-based entertainment, declared a regular quarterly cash dividend of $0.055 per common share. The dividend is payable on September 6, 2024, to stockholders of record on August 23, 2024.
About Bowlero Corp.
Bowlero Corporation is one of the world’s premier operators of location-based entertainment. With over 350 locations across North America, the Company serves more than 40 million guest visits annually through a family of brands that include Lucky Strike, Bowlero and AMF. In 2019, Bowlero acquired the Professional Bowlers Association, the major league of bowling and a growing media property that boasts millions of fans around the globe. For more information on Bowlero, please visit BowleroCorp.com.
Forward Looking Statements
Some of the statements contained in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve risk, assumptions and uncertainties, such as statements of our plans, objectives, expectations, intentions and forecasts. These forward-looking statements are generally identified by the use of forward-looking terminology, including the terms “anticipate,” “believe,” “confident,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and, in each case, their negative or other various or comparable terminology. These forward-looking statements reflect our views with respect to future events as of the date of this release and are based on our management’s current expectations, estimates, forecasts, projections, assumptions, beliefs and information. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. All such forward-looking statements are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to be materially different from those stated or implied in this document. It is not possible to predict or identify all such risks. These risks include, but are not limited to: our ability to design and execute our business strategy; changes in consumer preferences and buying patterns; our ability to compete in our markets; the occurrence of unfavorable publicity; risks associated with long-term non-cancellable leases for our centers; our ability to retain key managers; risks associated with our substantial indebtedness and limitations on future sources of liquidity; our ability to carry out our expansion plans; our ability to successfully defend litigation brought against us; our ability to adequately obtain, maintain, protect and enforce our intellectual property and proprietary rights and claims of intellectual property and proprietary right infringement, misappropriation or other violation by competitors and third parties; failure to hire and retain qualified employees and personnel; the cost and availability of commodities and other products we need to operate our business; cybersecurity breaches, cyber-attacks and other interruptions to our and our third-party service providers’ technological and physical infrastructures; catastrophic events, including war, terrorism and other conflicts; public health emergencies and pandemics, such as the COVID-19 pandemic, or natural catastrophes and accidents; changes in the regulatory atmosphere and related private sector initiatives; fluctuations in our operating results; economic conditions, including the impact of increasing interest rates, inflation and recession; and other factors described under the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) by the Company on September 11, 2023, as well as other filings that the Company will make, or has made, with the SEC, such as Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in other filings. We expressly disclaim any obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.
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 Q3 results. The company reported Q3 revenue of $337.7 million, in-line with our Street low estimate of $337.0 million. Adj. EBITDA in the quarter was $122.8 million, which missed our estimate of $132.5 million by 7.3%. Notably, the quarter was negatively impacted by poor weather during the first three weeks of January.
Favorable outlook. The company added 23 new locations so far in FY 2024, with 2 coming in Q3, including the Lucky Strike Miami location. Additionally, the company has 4 new builds opening in the next nine months. Separately, the company acquired the largest water park in Illinois, Raging Waves, for an undisclosed amount. We view the acquisition favorably, as it provides another lane for growth in the out of home entertainment space.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
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 Q2 results. The company reported Q2 revenue of $305.7 million, beating our estimate of $295.5 million by 3.4%.. Adj. EBITDA of $103.1 million was 3.6% higher than our estimate of $99.5 million. Notably, acquisitions and new builds contributed $41 million of revenue in the quarter and event revenue was up over 30% from the prior year period.
Expanding growth initiatives. Management highlighted the company’s increased investment guidance for 2024. Notably, $190.0 million is allocated for acquisitions, up from $160.0 million, and $80.0 million is allocated to conversions, up from $75.0 million. Additionally, $40.0 million is allocated to new builds and $45.0 million in maintenance expenditures are expected in 2024. We view the company’s increased investment favorably.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
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.
FY Q1 results. The company reported Q1 revenue of $227.4 million, 4.7% below our estimate of $238.5 million. The modest revenue miss was attributed to experimenting with various mid-week promotional pricing, which did not go well, before pivoting to a more cost effective pricing strategy. Adj. EBITDA in Q1 was $52.1 million, approximately 16% below our estimate of $62 million. While operating results were a tad softer, management gained valuable knowledge about its customer base.
2024 Outlook. Management views fiscal 2024 as a year of investment for more robust top and bottom line growth in fiscal 2025. Notably, for full fiscal year 2024, the company has allocated roughly $160 million for acquisitions, $40 million for new builds, and $75 million for conversions. In our view, the aggressive expansion efforts should help the company continue its impressive revenue growth trajectory.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
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.
Asset sale-leaseback. On October 19, the company completed the sale-leaseback of 38 bowling centers across 17 states to Vici Properties in exchange for $432.9 million. Notably, the agreement is structured as a 25 year lease with an initial annual rent of $31.6 million. In our view, the favorable transaction should allow for an acceleration of company growth initiatives and debt reduction.
Terms of the agreement. The 25 year lease will increase from the initial amount of $31.6 million by a minimum of 2% and a maximum of 2.5% annually, equating to an acquisition cap rate of 7.3%. The lease agreement stipulates the lessee pays all expenses of the property in addition to rent, and should be treated as a long-term lease, which should have no impact on EBITDA.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
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.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
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.
Bowlero agrees to acquire Lucky Strike. The company entered into a definitive agreement to acquire virtually all assets of Lucky Strike Entertainment, a premier bowling company with a compelling family of locations. When completed Bowlero will acquire Lucky Strike’s fourteen bowling alleys spread over nine states in an all cash transaction for approximately $90 million. The agreement is expected to close in the first half of the company’s fiscal year 2024. The acquisition is viewed favorably.
Extensive national footprint. When the transaction of the fourteen Lucky Strike bowling centers is completed, the company’s extensive national footprint will be 343 centers spread over 35 States. Notably, six of the Lucky Strike bowling centers are located in the center of major US cities.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
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.
Patrick McCann, CFA, Research Analyst, 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%.
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.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
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.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
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.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Exercised the earn-out. In 2021, Bowlero issued 11.4 million “earn-out” shares exercisable should the shares trade at or above $15 for a 10 day period. Given the recent price movement, the “earn-out” was achieved, and, as a result, Atairos Group and Thomas Shannon each received 4.9 million earn-out shares. Atairos subsequently sold the shares.
Increasing float. Atairos acquired the “earn-out” shares as part of the business combination agreement when Bowlero went public in 2021. Atairos could have sold up to 9 million shares under 144a, but only sold the exact number of “earn-out” shares. Atairos cannot sell additional shares until Bowlero’s next earnings date in mid-May. The sale of the 4.9 million earnout shares increased Bowlero’s public share float from 17.9% to 20.7% of total shares outstanding.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
