Bowlero Corp. (BOWL) 10K Annual Reports & 10Q SEC Filings

Bowlero Corp. (NYSE: BOWL) (“Bowlero” or the “Company”), the world’s largest owner and operator of bowling centers, today provided financial results for the fourth quarter and the full 2023 Fiscal Year, which ended on July 2, 2023. Fourth quarter 2022 and Fiscal Year 2022 had an extra week of results compared to Fourth quarter 2023 and Fiscal Year 2023.

Fourth Quarter Highlights:

•Revenue was $239.4 million, down $28.3 million or (10.6)% from $267.7 million in the prior year, in which out-of-period Service Revenue and the 53rd week & related calendar shift totaled $29.7 million. Revenue was up 54.0% versus Fourth quarter Fiscal Year 2019

•Total Bowling Center Revenue grew $5.4 million or 2.4% versus prior year and 54.1% versus Fourth quarter Fiscal Year 2019

•Normalized Calendar Same Store Revenue decline of (2.6)% versus prior year and growth of 29.3% versus Fourth quarter Fiscal Year 2019

•Net income of $146.2 million

•Adjusted EBITDA of $64.5 million

•Total centers in operation as of July 2, 2023 were 328

Fiscal Year 2023 Highlights:

•Revenue was $1,058.8 million, up $147.1 million or 16.1% versus $911.7 million in the prior year, which included revenue from the 53rd week & related calendar shift totaling $20.7 million. Revenue was up 57.5% versus Fiscal Year 2019

•Total Bowling Center Revenue grew $165.2 million or 19.4% versus prior year and 57.8% versus Fiscal Year 2019

•Normalized Calendar Same Store Revenue growth of 12.8% versus prior year and 31.9% versus Fiscal Year 2019

•Net income of $82.0 million

•Adjusted EBITDA of $354.3 million

•16 new centers added to the portfolio

"We finished Fiscal Year 2023 with 16% growth over Fiscal Year 2022 and 58% over Fiscal Year 2019. The same-store comp against a strong fourth quarter in Fiscal 2022 was down low-single digits in one of our seasonally smallest quarters. While April began with a decline versus the prior year, we saw an improving trend over the course of the quarter in conjunction with innovating our offerings to encourage more retail spend in our centers. We are in the early stages of pioneering new ways to increase wallet share from our vast customer base, and these changes are resonating with our guests,” said Tom Shannon, Founder, Chief Executive Officer and President. "The capital deployment opportunities are significant. Fiscal Year 2024 will

The following information was filed by Bowlero Corp. (BOWL) on Monday, September 11, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Bowlero Corp.'s 10-K Annual Report:

Other - Other Highlight
Recently Issued Accounting Standards For a description of recently issued Financial Accounting Standards that we adopted during the year ended July 2, 2023 and, that are applicable to us and likely to have material effect on our consolidated financial statements, but have not Index to Financial Statements yet been adopted, see Note 2 - Significant Accounting Policies of the notes to Consolidated Financial Statements of this Annual Report on Form 10-K.

Financial - Cash Flow Highlight
Fiscal Year Ended July 2, 2023 Compared To the Fiscal Year Ended July 3, 2022 The following compares the primary categories of the consolidated statements of cash flows for the years ended July 2, 2023 and July 3, 2022: The increase in cash provided by operating activities mainly reflects higher profitability driven by increased revenues.
Financial - Cash Flow Highlight
We believe our sources of liquidity, namely available cash on hand, positive operating cash flows, and access to capital markets will continue to be adequate to meet our contractual obligations, as well as fund working capital, planned capital expenditures, center acquisitions, and execute purchases under our share repurchase program.
Financial - Expense Highlight
The increase in other expenses is mainly due to the $6,786 in costs that were expensed associated with the refinancing of the First Lien Credit Facility Term Loan and Incremental Term Loan.
Financial - Income Highlight
We have presented Adjusted EBITDA solely as a supplemental disclosure because we believe it allows for a more complete analysis of results of operations and assists investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance, such as Interest, Income Taxes, Depreciation and Amortization, Impairment Charges, Share-based Compensation, EBITDA from Closed Centers, Foreign Currency Exchange Loss (Gain), Asset Disposition Loss (Gain), Transactional and other advisory costs, Changes in the value of earnouts and warrants, and Other.
Revenue - Product
We benefited during fiscal year...Read more
Financial - Income
The prior year income tax...Read more
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The income tax benefit for...Read more
Financial - Expense
The unfavorable impact on the...Read more
Other - Other
The Company remains in a...Read more
Revenue - Product
The increase in same-store revenues...Read more
Other - Other
Additionally, the further improvements in...Read more
Financial - Earnings
The following table provides a...Read more
Financial - Expense
Additionally, we have increased prices...Read more
Financial - Expense
Some of these limitations are...Read more
Other - Other
Impairment of Indefinite-Lived Intangible Assets...Read more
Other - Other
Based on these reviews, the...Read more
Financial - Expense
The higher interest expense is...Read more
Financial - Expense
Cost of revenues as a...Read more
Revenue - Product
Recent Developments Bowlero's results for...Read more
Other - Other
Other companies may calculate Adjusted...Read more
Financial - Expense
We assessed macroeconomic conditions, industry...Read more
Financial - Earnings
Index to Financial Statements A...Read more
Revenue - Product
The overall increase in revenues...Read more
Revenue - Product
If fiscal 2022 had not...Read more
Other - Other
If impairment exists, an adjustment...Read more
Other - Other
Interest on borrowings under the...Read more
Revenue - Product
The Company's revenues for fiscal...Read more
Revenue - Product
For fiscal year 2023 as...Read more
Revenue - Product
Revenues: For fiscal 2023, revenues...Read more
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We believe our financial position,...Read more
Financial - Expense
The increases in insurance costs...Read more
Financial - Expense
Interest expense increased $16,391, or...Read more
Other - Other
Refer to notes below for...Read more
Other - Other
Refer to notes below for...Read more
Other - Other
For fiscal 2023 and 2022,...Read more
Financial - Shares
The increase in share-based compensation...Read more
Other - Other
Inputs that have a significant...Read more
Other - Other
Inputs that have a significant...Read more
Financial - Earnings
A core tenet of our...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Bowlero Corp. provided additional information to their SEC Filing as exhibits

Exhibit 4.5: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 10.19: Material Contract

Exhibit 10.22: Material Contract

Exhibit 10.23: Material Contract

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 23.2: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: BOWL
CIK: 1840572
Form Type: 10-K Annual Report
Accession Number: 0001628280-23-031928
Submitted to the SEC: Mon Sep 11 2023 7:35:24 AM EST
Accepted by the SEC: Mon Sep 11 2023
Period: Sunday, July 2, 2023
Industry: Amusement And Recreation Services