Tuesday, February 06, 2024
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.
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