RICHMOND, Va.–(BUSINESS WIRE)–Bowlero Corp. (NYSE: BOWL), one of the world’s premier operators of location-based entertainment, today provided financial results for the first quarter of the 2025 Fiscal Year, which ended on September 29, 2024.
Quarter Highlights:
- Revenue increased 14.4% to $260.2 million from $227.4 million in the previous year
- Total Location Revenue increased 17.5% versus the prior year
- Same Store Revenue increased 0.4% versus the prior year
- Net income of $23.1 million versus prior year income of $18.2 million
- Adjusted EBITDA of $62.9 million versus $52.1 million in the prior year
- From July 1, 2024 through November 4, 2024, opened two new builds and acquired one bowling location, five family entertainment centers and one water park. Total locations in operation as of November 4, 2024 is 3611
“Total Location Revenue grew 17.5% year over year in the quarter as we outperformed the market driven by increased customer wallet share through heightened food, beverage, and experiential offerings,” said Founder, Chairman, and CEO Thomas Shannon. “Raging Waves, the largest waterpark in Illinois, outperformed expectations throughout the summer, in part from an expanded season pass offering. We acquired Boomers Parks, a leading family entertainment center brand in California and Florida. In addition, we recently acquired Spectrum Entertainment Complex, a 52-lane bowling and events venue near Grand Rapids, Michigan, and opened two Lucky Strike locations in Denver. We expect to open the flagship Lucky Strike Beverly Hills and Lucky Strike Ladera Ranch California, shortly. The M&A market is extremely active, and we look to continue to deploy capital at attractive returns through our long-proven underwriting process and operational excellence.”
“Cash flow from operations in the quarter was a record for the seasonally small first quarter as we focus on operational efficiencies to expand margins and improve cash flow conversion. Mobile ordering is now available in all locations. We also have reformatted our income statement to provide investors new visibility into revenue segments and 4-wall profitability,” added Bobby Lavan, Chief Financial Officer.
Share Repurchase and Capital Return Program Update
From July 1, 2024 through October 30, 2024, the Company repurchased 0.8 million shares of Class A common stock for approximately $8 million. The company has $156 million currently remaining under the share repurchase program.
The Board of Directors declared a quarterly cash dividend of $0.055 per share of common stock for the second quarter of fiscal year 2025. The dividend will be payable on December 6, 2024, to stockholders of record on November 22, 2024.
Fiscal Year 2025 Guidance
After completing the first quarter, Bowlero is increasing the low end of its total revenue guidance for fiscal year 2025 by $10 million. We expect total Revenue to be up mid-single digits to 10%+ year-over-year, which equates to $1.23 billion to $1.28 billion of total Revenue. Adjusted EBITDA margin is expected to be 32% to 34%, which equates to Adjusted EBITDA of $390 million to $430 million.
About Bowlero Corp.
Bowlero Corporation is one of the world’s premier operators of location-based entertainment. With over 360 locations across North America, including bowling and our other location-based entertainment offerings like Octane Raceway, Raging Waves water park and Boomers Parks, 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.
