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Bowlero Corp. (BOWL) SEC Filing 10-K Annual Report for the fiscal year ending Sunday, July 3, 2022

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Bowlero Corp.

CIK: 1840572 Ticker: BOWL

Bowlero Corp. announces continued strong results for the Fourth Quarter and Fiscal Year 2022

Revenue in the fourth quarter was nearly $267.7 million, growing $108.6 million, or 68.3%, year-over-year, and $112.2 million, or 72.2%, relative to pre-pandemic performance. Same-store revenue was $78.8 million, or 53.0%, higher than pre-pandemic. 1
Revenue in fiscal year 2022 totaled nearly $911.7 million, growing $516.5 million, or 130.7%, year-over-year, and $217.8 million, or 31.4%, relative to pre-pandemic performance. Same-store revenue grew vs. the pre-pandemic performance by $127.4 million, or 19.4%.1
Net Income for the quarter was $6.9 million. There was a Net Loss for fiscal year 2022 of $29.9 million was driven primarily by expenses related to the successful de-SPAC transaction.2
Adjusted EBITDA in the fourth quarter of $82.4 million increased $40.1 million, or 94.8%, vs. the prior year's quarter, and grew $48.2 million, or 140.9%, relative to pre-pandemic performance. 1 2
Adjusted EBITDA for fiscal year 2022 of $316.4 million increased $243.3 million, or 332.7%, vs. the prior year, and grew $142.5 million, or 81.9%, relative to pre-pandemic performance.1 2
The Company repurchased 3,320,913 shares of Class A common stock during the fourth quarter, bringing the fiscal year total shares repurchased to 3,430,667 shares and bringing the total Class A and Class B shares outstanding down to 163.1 million as of July 3, 2022.
3
The Company retired all outstanding publicly traded and privately held warrants as of May 18, 2022.
The Company added 4 new centers during the quarter, part of the 29 new centers for the fiscal year. As of September 15, 2022, after July 3, 2022, the Company has added 1 more and has signed definitive purchase agreements for an additional 8 new centers. Total centers in operation as of July 3, 2022 were 317.

RICHMOND, Va. September 15, 2022 – 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 of and the full annual results for the 2022 fiscal year, which ended on July 3, 2022. Bowlero announced revenue grew in the quarter to nearly $267.7 million, driven by continued strong growth in walk in retail and accelerated further by significant growth in event revenue. Total revenue grew by 72.2% compared to pre-pandemic performance and by 68.3% on a year-over-year basis. Same-store sales rose by 53.0% relative to pre-pandemic.1

“We are very pleased with our performance in the fourth quarter and during fiscal year 2022. We achieved world-class results in our first year as a public company, while simultaneously laying important groundwork for sustained growth. We are excited about the future, and we are looking forward to continuing to provide unforgettable experiences for our guests”, said Thomas Shannon, Founder and Chief Executive Officer.
1 Same-store sales are measured by comparing revenues for centers open for the entire duration of both the current and comparable measurement periods. The pre-pandemic comparable period for the quarter ended July 3, 2022 is the quarter ended on June 30, 2019. The pre-pandemic comparable period for the fiscal year ended July 3, 2022 are the trailing twelve months ended on December 29, 2019.
2 Adjusted EBITDA, trailing twelve month Adjusted EBITDA and normalized net income are non-GAAP measures. "GAAP" stands for Generally Accepted Accounting Principles in the U.S. Please see the sections of this document titled "GAAP Financial Information" and "GAAP to non-GAAP Reconciliations" for more information on the Company's GAAP and non-GAAP measures. Certain figures in the tables throughout this document may not foot due to rounding.
3 Class A and Class B shares outstanding excludes 3.2 million shares that are subject to forfeiture contingent on certain stock price thresholds.


The following information was filed by Bowlero Corp. (BOWL) on Thursday, September 15, 2022 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:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Temporary Equity And Stockholders' Deficit
Consolidated Statements Of Comprehensive Loss
Consolidated Statements Of Operations
Accrued Expenses
Accrued Expenses (Tables)
Accrued Expenses - Schedule Of Accrued Expenses (Details)
Business Combinations And Acquisitions
Business Combinations And Acquisitions (Tables)
Business Combinations And Acquisitions - Narrative (Details)
Business Combinations And Acquisitions - Schedule Of Asset Acquisition (Details)
Business Combinations And Acquisitions - Schedule Of Business Combinations (Details)
Business Combinations And Acquisitions - Schedule Of Merger To The Consolidated Statement Of Cash Flows (Details)
Commitment And Contingencies - Narrative (Details)
Commitments And Contingencies
Common Stock, Preferred Stock And Stockholders' Equity
Common Stock, Preferred Stock And Stockholders' Equity - Narrative (Details)
Debt
Debt (Tables)
Debt - Interest Rape Swap And Cap Agreements (Details)
Debt - Narrative (Details)
Debt - Reclassifications From Aoci Into Income (Details)
Debt - Schedule Of Debt Structure (Details)
Debt - Schedule Of Minimum Repayments Of Debt (Details)
Description Of Business
Description Of Business (Tables)
Description Of Business - Narrative (Details)
Description Of Business - Schedule Of Description Of Business (Details)
Earnouts
Earnouts - Narrative (Details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments - Schedule Of Changes In The Estimated Fair Value (Details)
Fair Value Of Financial Instruments - Schedule Of Fair Value And Carrying Value Of Our Debt (Details)
Fair Value Of Financial Instruments - Schedule Of Fair Value Measurements And Hierarchy Level (Details)
Fair Value Of Financial Instruments - Schedule Of Fair Value Of The Warrant Liability Is Classified As Level 1 And Level 3 (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Finite-Lived Intangible Asset Amortization (Details)
Goodwill And Other Intangible Assets - Future Amortization Expense (Details)
Goodwill And Other Intangible Assets - Narrative (Details)
Goodwill And Other Intangible Assets - Schedule Of Changes In The Carrying Amount Of Goodwill (Details)
Goodwill And Other Intangible Assets - Schedule Of Intangible Assets (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Narrative (Details)
Income Taxes - Schedule Of Income Tax (Benefit) Expense (Details)
Income Taxes - Schedule Of Provision For Income Taxes (Details)
Income Taxes - Schedule Of The Reconciliation Of Unrecognized Tax Benefits (Details)
Income Taxes - Schedule Of The Tax Effects Of Temporary Differences And Carryforwards (Details)
Income Taxes - Schedule Of Total Loss Before Income Taxes (Details)
Leases
Leases (Tables)
Leases - Future Minimum Rental Payments (Details)
Leases - Narrative (Details)
Leases - Summary Of Lease Costs (Details)
Net Loss Per Share
Net Loss Per Share (Tables)
Net Loss Per Share - Schedule Of Basic And Diluted Net Loss Per Common Share (Details)
Property And Equipment
Property And Equipment (Tables)
Property And Equipment - Narrative (Details)
Property And Equipment - Schedule Of Depreciation Expense Related To Property And Equipment (Details)
Property And Equipment - Schedule Of Property And Equipment (Details)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Significant Accounting Policies - Narrative (Details)
Significant Accounting Policies - Schedule Of Estimated Useful Lives Of Property And Equipment (Details)
Significant Accounting Policies - Schedule Of Revenue Disaggregated By Major Revenue Categories (Details)
Stock Based Compensation
Stock Based Compensation (Tables)
Stock Based Compensation - Narrative (Details)
Stock Based Compensation - Schedule Of Fair Value Of Options At The Date Of Grant Was Estimated Using The Black-Scholes (Details)
Stock Based Compensation - Schedule Of Rsu Activity (Details)
Stock Based Compensation - Schedule Of Stock Option Activity (Details)
Stock Based Compensation - Total Compensation Cost By Plan (Details)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Tables)
Supplemental Cash Flow Information - Schedule Of Supplemental Cash Flow (Details)
Warrants
Warrants (Tables)
Warrants - Narrative (Details)
Warrants - Schedule Of Warrants Outstanding (Details)
Ticker: BOWL
CIK: 1840572
Form Type: 10-K Annual Report
Accession Number: 0001628280-22-024988
Submitted to the SEC: Thu Sep 15 2022 4:03:55 PM EST
Accepted by the SEC: Thu Sep 15 2022
Period: Sunday, July 3, 2022
Industry: Amusement And Recreation Services

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