Lucky Strike Entertainment (LUCK) 5 Feb 242024 Q2 Earnings call transcript

Good morning, and welcome to the Bowlero Second Quarter 2024 Earnings Conference Call. [Operator Instructions] Bobby Lavan, Bowlero's Chief Financial Officer, you may begin your conference.

Good morning to everyone on the call. This is Bobby Lavan, Bowlero's Chief Financial Officer. Welcome to our conference call to discuss Bowlero's second quarter 2024 earnings. a ended announcing December issued for financial we period the XX, morning, press our release results This XXXX. make the our A is copy Chief performance. conference like the me Executive; of President.I Ekster, Founder during today's to available release about are may on website.Joining company's would in the and call, Shannon, of Investor certain Relations and the our statements call today press remind forward-looking our that Thomas Lev section we you guarantees future them. performance, not one are not place on therefore, statements reliance should forward-looking Such of and undue

risks Forward-looking to statements are and expressed. also uncertainties from materially could subject results to actual inherent cause those that differ

call and each discuss financial the call.Also, For as the defined the company's from undertakes revise financial cautionary risk comparable measures non-GAAP the refer occur information results to no in factors in can found today's well actual to circumstances website.I call, measure directly factors in to company any be contained certain you or cause to reflect during those forward-looking and reconciliation the financial press our Bowlero on as differences should additional statements to differ SEC. company's Corporation events obligation the statements SEC update the that between to may GAAP each release now comparable that Regulation our concerning after financial filings by could discussed forward-looking the measures discussed G. over today's with measure or the of statements, measure The most as non-GAAP turn non-GAAP GAAP financial Tom. will

am strong XX.X%. CEO Bowlero you with revenue second thank Corporation. for Bowlero of I Thomas Founder Shannon, and a and of growth morning, quarter total had joining us Good today.

become We continue centers, goal to in people premier to our our recreation our experiential the company. and invest

sales celebrations the same-store holiday as for consumers Bowlero in turned picked period. comp positive Our December

was our investing through through premium was that a outperforming market the and builds have with pre-pandemic and The We the combined of XXXX, Lucky accelerated will capital Our $XXX transformative more Premier as built we with ended new product.Calendar from and by than on our started is the centers year-over-year we in unit and expectations centers new year. acquisitions, the returns generate unit revenues per per put builds are XXXX second levels acquisitions X capital. pipeline. We XXX and Lucky pushing work grow X% a the We XX-plus dozen portfolio, unit in quarter XXX. are to share percent up average XX% up Strike up.In million in Strike with count revenue into average increasing industry-leading revenue our year combined that bringing revenue year growth X%.

over double-digit growth the will to We term. on formula this to drive revenue focus long continue

midweek between slower we summer, model. retail weekends. league and opportunities on year Event to up prior with found at our Our was blockbuster offerings spent subprime together and balance best-in-class come environment, expand by increased considerable the to ownership. combined offerings revenue reasonable employees a corporate premium as XX% tinkering lapped combined we events pricing social continues activity in we brand December. These business business footing work-from-home promotional year-over-year offsetting and from during companies platform our record-breaking seeking year-over-year. for full-priced enhanced with as good PBA slows during XX% Leagues Strong spend comps.Last outperform. price recognition a with a with demand are effort customer traffic We a the

price we certain increase the we events to an Our January. pricing retail centers, average took centers. In across model reset and X% was which identify in us fully in allowed of mid-October, in applied across to December, that opportunities

also invested President. C-suite. leading Lev of we opportunities pricing at expansion see the Last of to Ekster we dramatic announced month, continue years We in leagues across experience XX-plus promotion of to line.This our year, brings amusements. enhancements Bowlero, product Lev our and

We C-suite which complement will are providing XX,XXX-plus to drive people in experiences to it the workforce over review. long-term for customer, a adding that, investing Lev that me premium by our to revisits our growth.With the Lev? in and hand business let

bowling drive business the you, wait exciting. get their grow and by to or with feet bowling for afterthought. attachment. for same to square accounts maximize able is in to $XXX a game games was extra they're processes We're here food profits more When of today.The Today, playing our I'm Tom. amusement so is traffic to extend space plans. I customer implement Thank game passes, through of few we million XX food lane to about by to thrilled visit bowl joined and space to floor tremendously entertainment a why amusements. plan beverage while revenue slower months Selling into arcade can Driving us. it the you pricing, million and the growing. white summer or to selection revenue be amusements our of and all them the revenue after Opportunities and Bowlero, bowling our promotion and well We XXX% than performed successful incremental a revenue. has amusements optimizing help an beverage on

Lavan. The Bobby now brand the entertainment California underscores building.I as well Bowlers to opportunities opening meeting millions the properties featuring of in results. with single increases inbound culture a has coming Fox Pushing for on from a interest the We're the the leaning of the of on in season Miami. telecast well-recognized Strike look Association broadcast Lucky part are the job an is and iconic our Moorpark into ever you upcoming customers XXXX most content program and as the the brand demand forward promise we Lucky Strike Professional in the awareness of for the the loyalty of opening Big months important the Strike database and of these brand. as with centers.Lucky hours showing Our season And really customers.

Thanks, EBITDA year compared of of adjusted XXXX, we $XXX Lev. of million. the million an $XXX.X million last second In the and and adjusted million ex total revenue $XXX.X service $XX.X of quarter generated of EBITDA fee to

reminder, being a out. revenue fee pass-through, noncontributor is is a phased and a service earnings As

growth year-over-year, Our comp and was XX.X% our same-store positive total expectations. X.X% in was with plus line is X.X%. comp Positive same-store

compared our Our communications we $XXX.X million year. difficult middle comparatives $XX we the the prior on set.Adjusted to was and as with to EBITDA investors peer down million continue in execute outperform

in people to the $X year-over-year. for to expectations previous We to quarter million our million with continue our Strike in the the outperformed year. compared comp in Lucky our million-plus up contribution EBITDA $X.X invest payroll same-store $X

past for have to the high third significant start, the due we weeks Due structure, flat to a primarily $XX third ice slightly double-digit team. payroll, expenses slow we X single-digit invest to sales payroll to our in on revenue.The centers our to over event of bump cost revising expectations $XX are March in normalizes employee Our approximately across million primarily X first growth Corporate XXXX down and the same-store to contributed down million comp quarter low EBITDA comps teens weeks the difficult, Same-store single after rebounded. were while XXXX. of are Non-comp a of quarter. the January country. continue in for

quarterly $XX XX%. the $XX $XX for CapEx, We and million on and $XX an In dividend quarter, morning, on million announced a of shares of we we $X.XXX expect $X.XX. growth new spent the fourth $XX maintenance. on in we net quarter annual up be rate builds We total on acquisitions, repurchased million around million revenue to expected quarter.This spent million

repurchase to share Our increased $XXX authorization Board of additionally million. our Directors

We our rewarding to liquidity growth have continue investing to ample in our and shareholders.

updated for guidance capital year. We also our the

are on to and M&A was quarter $XXX $XXX we the revolver X.Xx. up $XX million ratio $XXX million. million and spend of Net our million previous to $XXX facility new cash. Conversions our credit guidance We drawn end was bank builds increasing continue up the leverage at million million, from $XXX was are with of debt $XX and our million at holding ramp net nothing to from $XX million.Our liquidity

conversion are remain our to coming and fundamental your trajectory. in to look time, you growth in and operating continuing we for ethos and in We believe about underway the our and the and initiatives evolve months. long-term road or as of forward exciting ABC several build Thank strategy innovate. we have offering seeing on new enthusiastic acquisition, We our part you

We will Steven first of now Instructions] Your [Operator from Wieczynski our question-and-answer begin the from session. question line Stifel. comes

So ask to about I guidance. ability want to hold the

February far so far. might And a in and here seems But need obviously, of impact With quarter. look fact called Bobby, your guidance January is significant out weather third you've the behind in trends already headwinds upswing at the weather in if with the you the and quarter us, like we so the faced, see to you guys third March. obviously, it for

guys use or are to So line quarter am there? something are can missing in third you guidance? there get with willing pull more that I levers to your Or other that

the X few seen past million. $X $X in weeks. And I we've rebound us to Yes. million first kind of of January weeks mean hit for the about a

So at point. guidance we're pretty this comfortable with our

Okay.

that can So kind you think based just carry Fair? and into of on what you're you guidance kind of February seeing today, range. March

Correct.

for for But these Okay. of Got a obviously you've been he's Lev, for second time. it. Obviously, Lev time. And you've the is since company first the question then one calls of kind on long that after there time? benefit promotion here. Bowlero change go initiatives nice over major story think or really to the or want really you anything a got is any going to Is you at

Yes.

across to really on comes best to of is have and good improve I've to great, with there. The food great the enough out from been here is get business attachment us these processes. but strongest just our that to to that the So level. phenomenal, the maximize me probably see model execute to to down help our business continue higher processes and amusement to beverage core we It good the to long a people, execution I to that that at mousetrap, company want focusing

of comes question Your next line from Randy Jefferies. Konik the from

follow you're some give perspective on on. working the bit that the kind little a on Yes, you up maybe Can on things to of of some processes. us

I I had think, looked a food think Bobby, Summit, implemented system our or we into. Winter at beverage spoken that's being and

high can on you're areas help potentially things these higher. already give on the of of you very some us can perspective some margins even we to working Just focus go that see and

curious. Just

Yes, this I'm that. is happy to Lev. take

with not he but data that fingertips something historically. has table the level So had our at the haven't brings is we Bobby to that long, of that been us

to So our of centers. decision-making really We our the XXX days, also the variance is centers, up way more is want something on reducing but we're processes. focused data-driven tighten across these all

and centers So can really to staffing So our guidance maximize the be on what have process maintenance knowledge our budgets? foot we're revenue? convert the give we apply what culture we company this and that expand to Can and should a standards for traffic best the optimal repair across parts and collaboration foster given use centers. to works rest centers that of number going of of that to in across and

addition in in then talked you And beverage, particular you. mostly food to just else? Got anything on the focused around and ones you're anything any areas about, just

fill Ultimately, the our And the and the can Yes. we the and allow the pricing. sort of can We we're going also pricing the price is will website last And leverage about I which amount for we the us summer, when of the this significant is F&B, going something re-implement talked summer, so the opportunity to inventory ultimately, centers The mean, that. the And we goal system ultimately did summer, the will of do We've then for be, dynamic year is summer. most in a a will which line. the slower management dynamic our robust that it get summer website very week. allows in we price out to weekends that key to important out talked system have in cost few next website. reason months. games, that allow installing had getting that. the drive to is the website not reasonable on rolling fill inventory system, bottom we're the dollars a that at so perpetual to is always centers at highest about can is dynamic that really we add but website the during the traffic it effectively you is to revenue, million to of model. us out $XX a allows roll times

why Like plan, $XXX the the perspective question $XXX million. assets just just the And versus $XXX function million think million, us on give of that behind spread coming $XXX last narrowing? on Is the the bid-ask just just a million to capital market, you that? rationale more versus

Yes.

Lucky just of in We the our Strike. September plan closed in there opportunity bought Lucky got We capital and there, set XX. accelerating is we we're So because significant.

focus We've felt in of be over the years. we'd of really a at where we a going got the So that. few end pulling But pipeline. It's we're is day, definitely spend in sooner. a deals few really capital the more Lucky to the Strike

line from Genuity. of next Jason from Your comes Canaccord the question Tilchen

talking just some that just curious you start, those talked the then Strike. Just identified the bit, if how we're some talk savings areas was I about. of you've could down areas release, centered of minute a some which a on around to Lucky about seeing already bit profitability filling that spend some of you you was that, a and investments of In little the of target. were of improvement there further be press could maybe about ahead on Wondering

Yes. I very the procurement system is Bowlero strong. mean

And so Lucky, our we only in closed September put we ultimately, in XX. systems on

much the that. Center profitability the of multiple because staffing it's which that. profitable drove much you're our in very, center like events that platform food know buyouts, incremental we to buyouts doing, of centers. how very business. are top you're much sort things So and ultimately great crushed are in those how how on center, exactly December, had you're down take And that, they doing, doing, you But it just liquor

So coming we're with happy is where very Lucky out.

the how on the over months peak of the you've bundles during value can times expanded recent And just helpful. you've of centers performed that give update been That's quick across using Maybe an sort country. to follow-up. you Great. them sort have one as more

pizza Yes. I pictures mean, center, in every getting and the we're good ultimately, uptake.

of is little in the sampler. focused best a focused but of pause what practices on are these You'll December A said, Lev very of a very take testing rest these with pushing taking is December to we're alley portfolio. pretty on we're the the upselling see that things good lot that out that uptake. centers events, at really and We're products the bit from because happy

in a reported massively down add. same-store sector. were and This last on Buster's Dave in Tom. is chime right? hospitality I'll we We & outperforming are X.X% basis up was quarter. leisure So and X.X%, the the

all bundling, with by tinkering the these way exercises. things of get doing these continuous you is sort other so And optimization all pricing, there like value pricing and

continue think don't shows or and fly. some competitors, operate of as strength our when all massively, we being we think how were I result so initiative our the that promotion adjust that under about. and of it's and cases, down all up more all our and Lev's the strength of playing on And It's of optimized the And of and down, in initiative another everyone, you getting it how sort peers more talk model the of the pricing one become leadership. we will we're with really been systematized to of time. optimized But

line comes from of Your the Matthew Boss from JPMorgan. next question

just quarter performance then customer to start you maybe second and you speak that response off, of seeing Tom, from expectations? Strike relative you changes to to how Lucky pricing elaborate this to promotion just maybe comps? the impact and some you're And could the on initial specifically saw could

than numbers second the pleased They part. December, Lucky expectation. revenue strong and Lev We in was season, very, Lucky properties. shockingly and we're and I'll it's of a brand out I'll unaided holiday with outperformed brand our Strike, Strike the concluded and of between awareness. very seeing conduct the that survey, customer XX% We're to take off Bowlero of the and on terms aided strong and XXX% Strike part, first strength Nielsen hired very hand the very came stronger high to Lucky they had

outperformed our opened Los expectations. Lucky Moorpark, wildly And northwest so as has of California, which center an as is we in Strike recent it just experiment, and Angeles most a

increase March. couldn't good to with not very Strike our in Lucky That second new we brand, We're will about probably happier So brand. beginning open be if very, Lucky quarter last a Miami. this of ago Lucky we're started. already just done XX% Strike location a Strike ownership, the that had give the We year in Lev. Lucky the and feel the under Strike We Lucky profitability of Strike month, in And second I'll performance. question saw part open about getting what the prior versus to

new earlier, with expand. and to price try we that tinker to promotions, just new work, we So like we our points, offerings, Tom try try mentioned we we regard new things, things continue

performing, Bobby the did mentioned our we sorry, Tom to mentioned or expanded lead picture So really worked that We it's that pizza well, right? what do? program. So and

So and to as that's one games have We're of with national a now it picture really fastest pizza national back done in that terms it going for actually back. our programs bring sign-ups. the comes how we And exactly a league in we've summer team. not We're resonating past. every program of bringing

We're of learnings. a once on focused at them We try have that end in get customer. day, and program. We operate optimize vacuum. to into have we to foot we're traffic of going the some execution our But now centers that none the

showing a attachment that with seeing revenue, that our guest in foot F&B convert in NPS service We're which execute, And to I investing really traffic those we results. scores, for landscape, right? and promotions, people, nice we into is think So we're our and these back example. now improvement it's our higher get really we

look consumer points Bobby. retail. X running it's no And at and of weeks We we at after Like we X took on it December, Matt, saw pushback. when I back look

X% up is events in and January in events in out January. it rolled we So

they in what we're charging. on movements. So not pushing the And back see consumer value frankly, price the our is

going like a maybe potentially the ultimately, to places, of increase we giving to price price shoe like but we food, some bowling, feel consumer while in And increased price the continue wallet continue opportunity just taking like product. of of lower the opportunities so where a lot the premium there's pricing, increase share

we And today? unit space how to the view new and multiyear, in center level pipeline what's Bobby, opportunity to the just Great. just maybe where market? just then, new fragmented opportunity builds accelerate potential Bowling next your think sit of Or the visibility white highly addressable as you year the for total we

entertainment total look as Well, the at we Yes. the space white market.

press release, The word million, you our From least our come a $X is new from got see few So in next towards at $X in $X We're remember, average at space perspective, X significant. white unit moving value a can And moving locations. we're builds, center. the years. they versus the these million. new away million is year build for we've

new that it's acquisitions. effectively build for So every smaller comes X up,

really side, yet. the in On bid-ask acquisition the hasn't come

over kind the building we're expect entertainment the volatility So year. dry bit powder next of more little space we while a in

get of So dry don't growth, I by come want the ask unit pinned count sort unit but to sort to power we we and of down. when expect down building are

line Eric MKM. Your next Handler the question comes ROTH from from of

the quarter fiscal increased quarter, that the spoke margin a a costs is same 'XX? about on itself, start you margin you payroll that at as on on Bobby, that I'm what And in in gross your basis? believe March comp I the gross to improving allow of basis. anniversaries does said then year-over-year end curious, weighed

our that weighed on are X gross things there margin. So

us million but new million XXX of about and is and $XX D&A. points of EBITDA, $X want is these of margin. that the $X The ultimately basis have to that in million acquisitions So on give numbers the bigger centers did payroll one, they gross cost Strike I Lucky there just comp

profit effectively on million million you $XX $X have sales. of gross So of

now think X-year will skewing for million, margin. ultimately, on accounting in quarter in M&A it gross the XX our the it's D&A last the a use it but $X does it's But of acquisitions, when business So about short a D&A, formula you was it term. is long years $X plus, that for If depress million. kind I term, benefit

Lucky quarter, D&A had we $X.X West Strike. closed million Nyack Additionally, in the we from of

it are the cash numbers. we being flow very but does focused in create on noise and some So performance,

then capital At of what complementing to And Great. Okay. was the your increase nice you've you're dividend. made dividend a the spending. now curious increasing is same the right returns, I'm got this time now your implementation you time, a buybacks with surprise. investment decide

bit talk balance could So a maybe about your you sheet. little

Yes.

all different pay May. our I we conversions, quarter. the When liquidity, been outflows have over of ample in looked And and by discussed the of at M&A, a business unbelievably joined here I internally. third we years, needed of builds, that and cash this impressed second the and back sort at to few flow in and look So we new generation quarter liquidity had dividend. next buying stock continue our We

we're about we're the of really excited FY of and business on it on and much And capital if 'XX is lot capital. we're the going there's about bring still so is, more just in excited the now, more exit in. it's right effectively, sitting we where sort frankly, a business opportunities where but But And cash. want rate to the

So end the going reward to and business. the day, shareholders invest of at continue to the in we're

from next of from the Your comes Wold B. Riley Securities. Eric question line

going moves, taken various beverage, I market? on of the you higher going the specific Bobby forms questions what take and in competitive lower, comments. X% price to guess, drove each guess, shoes, center about trends pricing a food from of each there the specific Was decision what market the of bowling. location of it, you're drove decision were in guess, to on talked make in each Two on of that in pricing? or I kind or offerings prior average possibly follow-up going I or know kind I whoever kind December, it

Yes.

So retail. took we only

is pushback consumer the was to see smaller it wanted none. was business much a the there in took of bit test retail we remember, little portion the But December. we how a was So there reason and and

some didn't. hour, we the pricing to allowed products. we're fruit we're by center, that react really December by that in-house events. into past They But a months, had pricing at now and X and that low-hanging by took it day, it. saw consumer pushing us in consultant test And we've looking ultimately, change to whether the we So by for negatively

so And doing continue to ultimately, going that. we're

we're this so changes consultant and those be very There's exciting We opportunity the have just better pricing and the kind continue coming, coming another spend much engagement. of are round product to center. dynamic have to of of consumer end will to more because in that

hasn't it. Got ones about the [ of work. things, comments the maybe promotions ] around something some that kind promotional the work? of that, as And works, learned didn't on testing and expanding then ones to what different from seeing what of talk the on promotion you maybe cutting that you of that didn't worked kind back expected the of midweek kind activity kind Maybe

take [ ]. is Tom. I'll Look, Kelpa the Mia this

enough in decided we built it could So fiscal it Summer get we've that in strong up price figure games. mountain some was And for to was there the 'XX kill back eliminate of season summer full while have of business nearly because that about wasn't there so just to I which And had to summer made offset, like pass. worthwhile XXXX $X had a games, offset program. I to revenue. those million games was ski

on that probably cost mentioned, summer. probably we're that going $X back. us Lev as last So that of eliminating revenue million of bring But order to

entirely consumer as going be they was decision. There'll learned. probably of wider of have a We're for to better. it we're going decision, kind was was was a experience on back that And what range depending my that the good that want. wrong to But make exactly it before. a options work bring it something and So that not pretty it of we example didn't

the Capital Group. Craig-Hallum from comes question next Hamblin Jeremy of Your from line

Congrats bit on a acceleration strong the dial of to the just and results. little integration that. investment in Lucky in the I wanted on more Strike

in thinking that systems driving of done you're of well. some outcomes see are revenue? You XX bringing deeper getting that little of rationale, sounds you talked the an cost opportunity the more implementation investment, the see in do terms opportunity get over that focused about is they the a But this next you here just can terms capital you of and and about more like months? into where as In

Yes. going and cost, be to right. It's revenue

So does at the X. talk revenue X revenue can in put $XX-plus another of about first. we [indiscernible], million, million which $XX we let's think to

always can magnitude do looking we're on effectively way. of That's you at the things that. a So accelerating. math we're and the There's kind the of that

On the brand, the kind I'll Lev talk of let brand. more about

before we've is and opened see interest. People are tickets, line Miami, I out hiring Well, the even last lot even Miami I've haven't Swift want locations personally a giving managed brand, point center. department I for events And the do of years. terms Taylor for that are on A that. side, events. games in It into the out number calls lived the to investment We're looks in had the we have addressing locations There revenue Strike reaching of seen open free I in buyouts. we're no years. Lucky out, opening. our those few for I long. We some that visit like inbound the so amusements of We're addressing arcades. that.

our this that for brand. properties, haven't lot I We And any going There's right? seen in of of with just to demand think a it. get we're better

Our seen, marketing speak we've brand and maximize really lead results going And now to with pull the right Lucky And really themselves, beverage we're dollars, and we're it. totally food I as the different to relative to concept. agency the to just some brand, Srike And highest Moorpark, the now Strike to operators, of going identity. we bowling for strong right? as sales a where we're Lucky it's know think into an develop strong it department engaged which that. So was, Strike just Lucky levers the

a you no bit operating at be Yes. the low math, our Like little better if the of XXs look is that margin. now, EBITDA there's margin. Lucky couldn't than sort And corporate-wide just that, right reason margin

Got it. That's helpful.

just investments. technology to switch Let's

noted updated. is getting You website the that

you're refresh a that's coming months sounds center here you there. an in the and Moneybowl a it update think more if of also provide to doing and just noted that's get just see side in I that marry out I that of wanted couple some bit of like I wanted technology with operation. could on the becoming there to little of terms you deeper.

Yes.

operating XX still is Moneybowl in centers. So

has So summer. be yet. have be of relaunching company but it Moneybowl as doesn't rolling third-party The will out that of we a a has lot loyalty this that increased functionality, demand, loyalty and will haven't a app. app lot that a

it. summer Got period, back of done about And some before. games you've talked bringing last ahead over summer then the thing, and just you the kind of looking things

has wanted in sense Just you Olympic like you're within centers, is an around a locations available something the an get centers in year some for keep the for a in past year that and longer? is And that of you traffic? and got as maybe media that this people that? see positive or Anything when something the this the you negative historically been planned opportunity kind to of have to

business. No. a but argue think any bearing I does tell on will I stretch. on bearing you business, media a our that's don't This I has would is have that Lev. our what

by Orly strong. league the grown is growing It's obviously, see the per and and by bought growing, it's in we were PBA XXXX. price It's Leagues business dwindling. So headcount. country you across average game revenue.

XX% on championship event the PBA, effect year-over-year our now have So January. up the us, that the was this halo in first right? for gives PBA we players Viewership

flywheel surprise growing but our at nights, our and that send I something and have centers getting our into on stars That's league think PBA the stronger, our the to PBA, have we're but We're busy the like and my and involvement with we it's we we all things I delight now, trying But think think bowlers. that disposal, our lean core continue going in property is we we things we're business, PBA. upside. trying into. new I to with

did will first It interesting [ year I League. We PBA the weekend All-Star this year event be year. had a Base called the the attended ever ]. property in So We last March. was was It really a electric. Elite ibowl one PBA in team-based.

and for the league bowling a events We're to casual and this to awareness as this that grow do So why viewership we're X the season, we property to going centers in going we said, our continue more shouldn't around result. to more? have

of we're media more focused the that's on. that So

wishes, Best Super helpful. Great. guys.

comes the Your Kupinski Capital NOBLE Markets. of from next question line from Michael

want back in quarter. in I sense in just was in staffing you you give of can are to know some where year, levels? that if I you last of center the Congratulations increase I wondering quarter. go indicated terms levels. goals us on And staffing the today tweaking a the of your of you your to terms payroll were

Bobby as we adjustment. all our so range March, field salary we Well, Shannon. last in market that XX.X%, gave staff onetime in view a of that mentioned, Tom XX% really the as management increases and Michael, to from

plan, grow, to So added in company the easier. comp we that need really did what turnover guest much both roles. we growth leadership achieved. there, to XX have goal need dramatically to year, to continues important reduced lap for ambitious we our the We've increasing develop that's future managers was a managers turnover, which And and stable be been retain We make that we're and we continue with last experienced which we payroll and the as them going locations to order, group achieved. of and short as in you satisfaction will about get and reducing manager of and

also which increases results, Net part Score the other saw Promoter in the goal. was of meaningful We

allocations correct. back a house that.On between the model some we're So lap of to front hourly about of getting with side, other of house lot the tweaks of the and functions the the aren't there the than

So a bowling of into running, And that's not are where function centers disconnects have too for run time. and mechanics beginning since find enough server really labor go we as labor. much data, been example, how the we the we of deeper

quantify allocations it, And really so going think think I make but with the going it in data regard impact within and fingertips our I can't using the we rational meaningful will the pretty forward. to will decisions informed labor a most have of I be and now substantial. at to center, have

questions my been All other have addressed.

[indiscernible] from line Our Oppenheimer. from the question next comes of

the recovery. to This that driven corporate guess but I much a by is strong. like it How This as pretty continues of far It event demand Ian. strength cetera? been is versus have [indiscernible] corporate follow-up parties, et events, upside is business. the more as much there for be for looks very birthday answered, other on room

going. December both parties side birthday saw on we family I Yes, in the ramp it's to and going the keep events. mean, mean it's and strength weather, January, good a despite corporate I corporate families. significant and through still on we're seeing

expensive trade or like you'd be something that premium corporate it's of in this of that place we're willing a not too we are bring your a can't dynamic a enough beneficiary that it's do anymore So employees. to where product down the

of do we're definitely a we so parties. benefit seeing well And And that. with birthday always

January. on just in demand year? Or guess continue on you half move I mentioned guidance you any be X% guess Okay. And in of assume the then increases will price I in Great. year? event as through incremental the the more the pricing. back flexible does to adjusted you the

any It price increases. more does assume not

There for participation. are Thank conference no further questions. This you call. today's concludes your

disconnect. now may You