Lucky Strike Entertainment 8K Bowlero Reports First Quarter Results for Fiscal Year 2025

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________

FORM 8-K

___________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

November 4, 2024

Date of Report (date of earliest event reported)

___________________________________

BOWLERO CORP.

(Exact name of registrant as specified in its charter)

___________________________________


Delaware (State or other jurisdiction of incorporation or organization)	001-40142 (Commission File Number)	98-1632024 (I.R.S. Employer Identification Number)
7313 Bell Creek Road Mechanicsville, Virginia 23111
(Address of principal executive offices and zip code)
(804) 417-2000
(Registrant's telephone number, including area code)

___________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Class A common stock, par value $0.0001

BOWL

The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Item 2.02 - Results of Operations and Financial Condition

On November 4, 2024, Bowlero Corp. (the “Company”) issued a press release announcing its preliminary financial results for the first quarter of fiscal year 2025, which ended on September 29, 2024. A copy of the Company’s press release is being furnished herewith as Exhibit 99.1.

The information furnished with this Item 2.02 (including the preliminary financial results and related information included in Exhibit 99.1 referenced under Item 9.01 below) of this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 7.01 - Regulation FD Disclosure

The Company will host a webcast on November 4, 2024 at 4:30 p.m. Eastern Time to review its results for the first quarter of fiscal year 2025, which ended on September 29, 2024.

The presentation to be used for the webcast, any future investor presentations or updates thereto will be available on the Company’s website at https://ir.bowlerocorp.com/overview/default.aspx. These presentations will be accessible by the public on such website for a limited period of time.

Change in Consolidated Statements of Operations Presentation

In the first quarter of fiscal year 2025, the Company made a change to its consolidated statements of operations presentation in order to enhance our disclosures by disaggregating previously combined revenues and costs of revenues, reclassifying depreciation and amortization to be a separate financial statement line item, and reclassifying certain amounts to selling, general, and administrative expenses. The change in presentation will enhance the comparability of our financial statements with industry peers and present a more detailed picture of our operations.

The financial results for the preceding two fiscal years and corresponding eight fiscal quarters presented below have been updated to conform with the change in consolidated statements of operations presentation. The reclassifications to conform certain prior period amounts had no impact to revenue, income (loss) from operations, net income (loss), earnings (loss) per share, retained earnings or other components of equity or net assets for any of the periods presented below.


	Unaudited
	Three Months Ended								Fiscal Year Ended
	October 1, 2023		December 31, 2023		March 31, 2024		June 30, 2024		June 30, 2024
Revenues
Bowling	$	116,430	$	145,295	$	165,528	$	130,709	$	557,962
Food & beverage	74,913		111,192		118,032		97,246		401,383
Amusement & other	36,062		49,184		54,110		55,913		195,269
Total revenues	227,405		305,671		337,670		283,868		1,154,614

Costs and expenses
Location operating costs, excluding depreciation and amortization	73,373		78,837		86,766		89,575		328,551
Location payroll and benefit costs	63,054		77,742		78,645		67,765		287,206
Location food and beverage costs	16,685		23,920		27,178		22,969		90,752
Selling, general and administrative expenses, excluding depreciation and amortization	38,124		35,835		37,121		36,927		148,007
Depreciation and amortization	31,352		37,071		36,327		40,614		145,364
(Gain) loss on impairment and disposal of fixed assets, net	(1)		50		1,011		60,373		61,433
Other operating (income) expense	(538)		2,739		(390)		(100)		1,711
Total costs and expenses	222,049		256,194		266,658		318,123		1,063,024

Operating income (loss)	5,356		49,477		71,012		(34,255)		91,590

Other (income) expenses
Interest expense, net	37,449		46,236		46,890		47,036		177,611
Change in fair value of earnout liability	(40,682)		64,091		(8,868)		10,915		25,456
Other expense	53		10		3		10		76
Total other (income) expense	(3,180)		110,337		38,025		57,961		203,143

Income (loss) before income tax (benefit) expense	8,536		(60,860)		32,987		(92,216)		(111,553)

Income tax (benefit) expense	(9,683)		2,609		9,141		(30,039)		(27,972)
Net income (loss)	$	18,219	$	(63,469)	$	23,846	$	(62,177)	$	(83,581)


	Unaudited
	Three Months Ended								Fiscal Year Ended
	October 2, 2022		January 1, 2023		April 2, 2023		July 2, 2023		July 2, 2023
Revenues
Bowling	$	115,327	$	131,426	$	154,960	$	116,715	$	518,428
Food & beverage	79,023		100,657		111,708		81,219		372,607
Amusement & other	35,910		41,302		49,057		41,486		167,755
Total revenues	230,260		273,385		315,725		239,420		1,058,790

Costs and expenses
Location operating costs, excluding depreciation and amortization	62,796		65,088		65,236		75,365		268,485
Location payroll and benefit costs	59,812		65,229		71,736		65,550		262,327
Location food and beverage costs	18,215		21,720		24,618		18,492		83,045
Selling, general and administrative expenses, excluding depreciation and amortization	32,296		34,102		35,306		35,579		137,283
Depreciation and amortization	26,267		29,303		29,444		24,391		109,405
(Gain) loss on impairment and disposal of fixed assets, net	(71)		(1,823)		297		958		(639)
Other operating (income) expense	(328)		(670)		(496)		(422)		(1,916)
Total costs and expenses	198,987		212,949		226,141		219,913		857,990

Operating income (loss)	31,273		60,436		89,584		19,507		200,800

Other (income) expenses
Interest expense, net	23,570		27,379		29,117		30,785		110,851
Change in fair value of earnout liability	40,760		30,776		87,222		(73,406)		85,352
Other expense	48		(678)		5,986		1,436		6,792
Total other (income) expense	64,378		57,477		122,325		(41,185)		202,995

Income (loss) before income tax (benefit) expense	(33,105)		2,959		(32,741)		60,692		(2,195)

Income tax (benefit) expense	429		1,524		(668)		(85,528)		(84,243)
Net income (loss)	$	(33,534)	$	1,435	$	(32,073)	$	146,220	$	82,048

The information referenced under Item 7.01 of this Current Report on Form 8-K is being “furnished” under “Item 7.01. Regulation FD Disclosure” and, as such, shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall the information be deemed incorporated by reference in any filings under the Securities Act or the Exchange Act.

Item 9.01 - Financial Statements and Exhibits

(d) Exhibits:


Exhibit No.						Description
99.1						Press release of Bowlero Corp. dated November 4, 2024 reporting financial results for the first quarter of fiscal year 2025 ended September 29, 2024
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	BOWLERO CORP.

Date: November 4, 2024	By:	/s/ Robert M. Lavan
	Name:	Robert M. Lavan
	Title:	Chief Financial Officer

Lucky Strike Entertainment (LUCK) 8-KBowlero Reports First Quarter Results for Fiscal Year 2025