Monday, November 11, 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 start. The company reported fiscal Q1 results that were better than expectations. Notably, revenue increased 14.4% from the prior year period to $260.2 million, and adj. EBITDA of $62.9 million grew 20.7% from the prior year period. The favorable results were driven by strategic initiatives in the Food & Beverage segment and the inclusion of Raging Waves operating results in the quarter. Furthermore, we believe the results are indicative of positive operating momentum, which could see enhanced growth prospects from M&A activity.
Food & Beverage leads. The company’s Food & Beverage segment revenue increased by 17.5% from the prior year period and catalyzed the strong quarter. Notably, management highlighted that the increase in Food & Beverage revenue was due to its strategic efforts, not price increases. Furthermore, there appears to be room for growth through enhanced menu options.
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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.
