Lucky Strike Entertainment (LUCK) 5 Sep 242024 Q4 Earnings call transcript

Ladies and gentlemen, thank you for standing by. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the Bowlero Fourth Quarter and Fiscal Year 2024 Earnings Conference Call. [Operator Instructions] And I would now like to turn the conference over to Bobby Lavan, Chief Financial Officer.

You may begin.

on everyone to afternoon the call. Good Bobby is Lavan, Bowlero's Officer. Financial Chief This to discuss to conference fourth Welcome call earnings. Bowlero's our quarter XXXX issued announcing release period XXXX. a results we the XX, ended our for June Today, financial press copy Relations of Investor A in section the is our press available of the website. release

statements, Chief make today's I should forward-looking me to would and such and our remind today certain conference Lev guarantees and you performance, reliance Shannon, Thomas Officer; Joining during call, not on like may we Ekster, forward-looking are that not future are Founder Executive our undue statements place President. them. of one therefore,

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

filings cause discussed to from to as or in the could For forward-looking in actual statements that Bowlero results revise in well forward-looking to refer or today's events company's should risk occur additional Corporation press contained obligation those information circumstances after with the call. you factors cautionary our update to the reflect statements, no contained SEC. the statements differ factors as our any concerning release that undertakes

between can Tom. call, financial the SEC non-GAAP most each GAAP website. I'll financial certain may on company as defined each turn financial measure discussed financial comparable measures financial non-GAAP now measure found call the over measure of by today's discuss differences directly reconciliation the during Regulation Also the GAAP to the The to and G. non-GAAP measures be comparable company's the and

platform. results a positive entertainment for near same-store a speak recent of provide Thomas was Bowlero world-class themselves, our years am quarter, customers XX% today. our ago, to CEO I revenue experience, you Corporation. and with premier company and Good we for location-based founded afternoon. and Thank growth us Founder XX.X I joining When become this most have a comp driven with I Shannon, X.X%

centers rebranding for XXX $XXX the technology and acquired best-in-class date communities centers corporate bankruptcy in birthday in outings. group In from the spent XXXX, AMF centers, These overall and XX kitchen, bowling gatherings, seating, million. legacy the across for we their location We entertainment deliberately of children's became the past parties, upgrades investing leagues, experience. out years audiovisual, nights

Lucky time, almost America near At average the superb efficiently industry compared in XXXX, from Brunswick XX EBITDA less an of This in XX same XXXX from centers operate than playbook the new along building the period. centers centers with that. centers half XX run with from they repeated and at and Corporation with was time during acquisition Bowl XX% of bowling this our sole XX Strike XX locations proprietors in in XXXX, around margins

the year to on spent more $XXX years, fiscal we past in we over that. capital over of on and million have project $X EBITDA. expenditures have 'XX, continue consolidated and We capital and returns target EBITDA invested strong $XXX and than We achieving double-digit of million the acquisitions expertise billion XX X-wall

on deploying focus into centers. builds, We our and continue acquisitions capital upgrading our the majority through with to bowling forward of drive new

locations year. under asset In Denver; efficiencies and We real in in scale. XXXX, and Beverly and Northfield Southlands currently Ranch, Ladera September Illinois, are California; underwrote our of These Denver. having on synergies of XX this Yorkville, named along centers Hills, November X new California; in acquired estate acres valuation Waves. philosophies park water construction large this from powerhouse also open in operating May with at an and attractive at Raging will we We implementing a acquired between

at digits say philosophy tried our entertainment with operating year-over-year, the of that efficient and am experience expand the Raging capital Waves consumer, Bowlero bowling confirms of outside operating up property have standards. on deliver also executing while industry. deployment that summer, This we true at to I opportunities more significant double to focusing broadly first practices implemented location-based we our can growth. happy Throughout long-term as and powerful revenue the identified the we was look

will to capital our excess implementing standards We earnings for while scale drive best-in-class double-digit opportunities of returns continue operating well to seek capital. in that grow at efficiencies of deploy and cost

and outsized deliver to continue in investors scale returns our will coming accelerate that will We years. the to

internal Lev and details. to financial Bobby our then me review you. to talk Let Thank hand the will initiatives over it about

Thanks, months. during the summer, were traffic Tom. This our season a success, slower driving summer passes

business approximately from sales weekly attachment our starting plus March. improved our are with through helps locations winter December periods. compared our them believe reminder, to ultimately April November our customer into providing We seasonal million satisfaction and improve Incremental through months. and the a $XX the passes value revisit As during in the during by slower critical locations helping $XX million holiday traffic

our we heavily summer, Spicy our This holidays the innovative be fully of into to compelling setting our the offering for Poppy and new and will us Pizza, food new menu Salad. by sizes. with better leaning this of of revamped F&B Mac top are Cheese better And we all beverage quarter, month, a be will a Honey event also more a better be last featuring all introducing and Mike's that discussed XX increasing portion Rigatoni, such as offering an for menu we Lobster started we menus. Sweet catering retail will higher-quality Hot guests, and success end the locations The locations when rollout featuring up presentation, As are of sales. menus new in selections

in for begun our tablets stations, to having point-of-sale efficiencies have back guests. forth locations, and process of servers the to associates piloting which from walk our improving for the provides thereby the we and Additionally, experience strong our

in on of Denver Lucky Hills, a Lucky has new X expansion which X Beverly the Strike new be to months, The on brand. will and X come in locations we logo, few the hanging Strike brand more opening next in the

of our and we to optimize become Bobby. we to customer improve as satisfaction outperform is how continue our destination entertainment preferred choice. to This now will while to pass over offerings continue And I'll it guest traffic out-of-home increasing spend peers. We to the will look

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

in a service earnings a XXXX. revenue out is being is non-contributor As reminder, year-over-year year normalizes and fee phased fiscal pass-through,

XX.X%, positive we headwinds are comps of return X.X%. and $XX.X a meaningful was $X positive growth. we in true-up year-over-year was growth total in the will in year, quarter. all outperforming positive Adjusted positive continued up we with insurance and XX% leverage. quarter rest to through while operating the worse-than-expected as quarter, have the previously mentioned saw the EBITDA manage same-store PBA the Our million same-store the and was amusements June May operate loss. and Food In at comp April, upcoming a had turned the amusements contribution to that costs investments million, business

comped to expect wage 'XX, onetime leverage and FY We March have operating costs. achieve COVID increases around the in as manager XXXX XX% we

year-over-year balance costs in with quarter, EBITDA $X We of of managing million. investing flat same-store Waves, contributed water and our payroll payroll revenue. and June. last revenue contributed comp our found centers on than is in Non-comp approximately million negative million of better $X the good EBITDA park quarter, which million $XX $X.X in and in $X of million Raging Illinois, of a

year, the was The week prior this a on July the versus comps to Tuesday July X of year start and seen year same-store have a and Thursday slow positive falling mid-July. X since we

year fiscal issued we today, XXXX release press guidance. our In

While fiscal in total of digits low comp. we forecast concerns in mid-single-digit growth the and XXXX. EBITDA of XX% mid-single are are spent that, to This we the capital expenditures of seeing 'XX. to market margins $XXX and consumer, not FY weakness XX%. signs point, guiding in are this XX% be at in same-store hearing includes to million sales to We will a in

allocate We CapEx As The Strike. of plans Centers a in growth to our breakdown to $XX 'XX paring back to expected expenditure build we for new of includes spend to investing capital rewarding CapEx internal CapEx balance be initiatives, Bowlero of our million, are $XX focus plan of million, continue we maintenance and and to shift shareholders. we million. to $XXX FY Lucky growth our million with total million, rebranding plan our $XX CapEx $XX to

the of We coming was an forward of the revolver time, you Net million of months past leverage end billion, revolver cash. capacity and few seeing was was increased Thank quarter M&A the the drawn for net those anticipation credit debt and look bank increased forma on our million road X.X. and $XXX in facility nothing on liquidity the with to the in at the $XX to ratio in Pro for increases, your you our $X.X environment. we months. million $XXX

from [Operator the of with Steve Instructions] Stifel. And line comes your first question Wieczynski

Bobby, think So say, year cadence the I 'XX out. Is about how for and quarters comps. low way mid-single-digit might sales look as to about should to same-store maybe a expectation us we maybe or play of there your quarters think help fiscal the how should the

want that how just outlook thinking tailwinds the we're that year? headwinds the low in together I impact mid-single-digit those -- Just about make to could should sure -- any come to could I quarters mean or for or

January Year's last does to fall thing was extremely year only weather. you weak The and in the Yes. I would quarter, New from third direct is

we're positive expect So throughout quarter. comps the stronger I year. relative performance the third But expecting would in generally,

it pleased Okay. outside with speak. of you, bit bowling picture arena, then, to question, so but the you've it's like the And that little a for clear a pretty maybe acquisitions been Tom, of maybe bigger seems

still through it towards there pretty bowling I more point. the clear as your way think really think it's allocated towards starts bit go So going to shift seems any maybe non-bowling you path, little of that help this a that presentation, be you down and kind very think Is will do more to us or mix release M&A healthy of amenities? about M&A that press your environment kind at traditional

or to $X much a revenue of that range, average. do, percolating, average marquee are acquisition after with than X these on open do the $X average The million million bowling for we're million new locations. We're $X.X Well, deals do about the So we center the we'll new attractive acquisition every centers pipeline is very the that has opening center. we in acquisitions, a larger dozen average about builds whether strong deal in is right? to can and it's a new now on the build

even many, large are the contribution. in quite terms though we're newbuilds of doing their So not as

Waves, the out pleased Similarly, and we're opportunistic. Raging we're very with of results

wider apply net to with going the we'll entertainment stream the deals. same continue look always very the we returns from bowling. but and get at the we're a did really now, tight we're we'll But yes, So that and within deal every deals location-based it's casting opportunity upon dependent that to

JPMorgan. of your And next with from comes line Matthew question the Boss

Congrats nice on quarter. a

Tom, And step in quarter? of maybe could on maybe And leisure think in that as if could through or experience parts is you other inflection elaborate walk so really the first seen what backdrop? a far in you differentiating to same-store the the in you've So sales taking you speak fourth progressed. what quarter just saw back, relative you your economic this traffic

Yes.

the best wonderful We've sort They're still it your and is that bigger business. the some easily But picture I'll then good bowling done. a enduring we've Lev of spent a centers it's money about things of good build to answer really a to lot I'll talk So that available. off accessible. are perspective, value. in very of to from community, that look, very and hand product tactical a They're

overlooked. I think that the get bowling fundamentals of

We comping of When off year, an margin, came it. to business. we The unbelievably results absolutely were very that love we We're it. started comp extremely it's realized down that COVID. high bowling is resilient. out It's of to fantastic high committed and last down

a bowling. of So is comping it's of in Bowling enduring. ever repudiation -- down down, X the comp it's as way in off XX% strong been, but as up no years a being strength was it's it

best most and believe, product, entertainment. management have best importantly, the in location-based we have We team, the I

results-oriented fundamentals take the you take very so versus wide bowling, data-driven, the of and our which combine with culture, you with is best-in-class, outperformance that peers. up and And product we've you end you built, that our

the Lev of about to it get turn specifically to the to me talk let over things months this to did So some we last few result. over

happen well. by in hands, incredibly on facilities. mentioned, in Tom to don't not our results do as to continue We So obviously, sitting bowling want invest accident. we and these we're have every best that in. And the bowling we market we're But our centers

it. sold So to summer removed just launch summer. consumer all. the proposition we this We brand-new value from a totally million revamped you all value That proposition? in summer summer read clear, very, know very that the clear pass. we at launched last times. We season complexity redeemed relaunch the over former passes. didn't the made How didn't pass a the there million was We season and pass it $X.X with do the We product. we X.X summer, a We was

value So consumers our a for we're continues share. NPS to result, a got And market starting I And score great it. climb. our as to take think

mentioned centers lot our to amusements business. We're maintaining better in than games. improve. competitors. We're we we other our were continues So investing adding That a better

We're prizes counters. of not launching store called into now to We're going walk see Prize with redemption down our brand-new Vault. never a one locations upgrading the our half redemption and stocked. or arcades You're games

We've Our just menus centers, Strikes and food in to product food growth our up all a the new across are to beverage Lucky beverage better starting and all grow and sales food there. we're traditional and the beverage We're the our investing improving. to team centers released see there. way and menus offer premier

fiscal. game of upping mentioned, continued as that think X the we've are both those of our and I So the And and see throughout Bobby rest see periods you're results. that first the positive which see to to expect these we're results, enterprise across just fiscal, we the the to starting in

as consider to margin support the relates EBITDA puts Great. the efficiencies Bobby any embedded procurement And FY just any to And a follow-up, identified takes outlook? this 'XX year and it then you've within SG&A, and maybe just that bottom to line?

that. perspective, going sort how end comp focused at we continue that's cost going and where Really, companies day, team. to one Matt. the the centers, our up, drive we're hired procurement We're -- to We we growth. leverage. that's as costs, of the of From earnings we at have as not earnings the be the be like of always manage on the through, Let's roll goes acquisitions to see you'll the those

next Konik And the comes Jefferies. of from with your line Randy question

the low how Any on should we guidance? first outside I And Does thinking range mid-single-digit to kind shift near as the you. think Bobby, the XQ. that about the that of it guess, Just comp be spoke for potentially thoughts fall of impacting of to first the kind quarter. should relates I comp about without annual you mean XQ comp curious there.

I on any also or the include exclude does guidance, in include there. And then you're the annual thoughts guide guidance? Just that or -- of the M&A unannounced guess, thinking

It the does not include does It M&A. build. new include

stay digits perspective, of go drive in sort would to year. effectively we M&A as From the end low could I'd like the to -- and through mid-single guidance of digits you So a cadence higher sort the above. single of the to

low digits range. single stay quarter, the in This but still to some digits to go, have would time I we mid-single

of people on kind those the and pass the those some helpful. perspective season All Have from pass an what Lev, you redemption at you the I extra guess not visited gave of versus lift was Do guys on beverage and attendees? season Super -- And that pass on the on visited you in see good then lift looked food pass success. right. season pass? beverage food that

areas that give you of Tom, be could location-based is different the call then, or entertainment don't helpful on don't you potential businesses And perspective of would not perspective models? types include at gave entertainment. the to to net good think particularly or are business what types some want entertainment businesses or in perspective, some lot on What you of the you widening of interested us for are economy good to look an of probably M&A a what from

was our of part be amusements because to F&B these across So it I'll just of attachment thanks to visits. business pass significant, also and I all about hit and to don't first the I question the want the think the limited your that

put this is we our we around lines. pass, other that performance now when those heard outpacing it's think You revenue created because focus amusements I the And segments.

a with and you XX% were premium getting So off beverage. nonalcoholic food pass,

a getting able during a were card. visit. holder, And $X also arcade pass to discounted were arcade reload you every visit, get onetime You a per as

drive lot visits again, we was of amount so the value holders, And we pass wanted out a of to of it obvious. to got pretty

Food and up. sales were beverage

the it they the to time the being pass, that's launch October, to a peak is lot we're first we excited they're Now loving right? delivering we the can centers, But to to attributed launch that when the the for could fall also a ever very think, opportunity decision traffic, our want be the pass, those could fill overall, driven It November to loving be clearly selective don't I all to us come. times season product they're them new that when telling attributed product. there's new menus quite and pass. that for mentioned. exclude consumer opportunity the We're we're visitation. in to really And of the months that use We Saturdays, on so in during you cannibalize but that

Yes.

hedge pass would to pass. neighborhood there, Just that $X I days to some have thought did weather satisfaction of increased enormous property visitation. insulates these $X So it weather, of the between where Waves because into in million Waves metro next there we number from also of will the is centers. bowling was customer an at hard found of owning dependency, in area about Raging million that be One close million really are $X.X leaning it season for good you and complete or season attributes. have season despite year effects Chicago customer businesses the of only the sales we to pass that a in But lot offset from XX expect weather $X.X all over Raging is We're XX season opening. and right? one that million excellent we advantages the weather

Raging same-store actually found what we to the prior up centers in Chicago about versus districts because XX% were didn't area, is we the first comprise Waves year. And it The open, was the open supposed rain. of day X in sales that

So excellent hedge. weather

our at the it park, reverses, is several number astonishing Waves day a because were good Raging $XXX,XXX, same the centers had time, course, an which very in challenged while of right? weather. days for single Of revenue over regional bowling

of there. on going So exciting stuff lots

I dining because think model. We example, say ancillary asked that and was never owning. question, that thought a for restaurant great -- Pinstripes. space those probably visit, or about look food we're least is one the we you centric, that what centric. excited park and business don't the concept view a that are of fine really attractive. water a I lanes beverage to a bowling right? with of add-on. wouldn't Restaurant and that be good never Pinstripes would a That example particularly in we thing at are things dining are great that attached I with a the attached. probably is you're familiar are would is interested But handful business Selling

from Canaccord of your the question Genuity. next Jason Tilchen And with comes line

comment the strategy for a centers. rebranding more CapEx Lucky amount in allocated to I up allocation terms Strike these Bobby wanted brand? to you in this to Is on expand regards of can particularly there anything Bowlero the regarding that year, the portion and last of for follow from share

Yes.

So property Hills leave that. into leaning brand, in we're to come let's next in the about it the months, and or more be lot flagship a there'll so few opening at Beverly a

follow-up. more Okay. Great. one quick And then

same-store could and you In terms year, the traffic is anything the the terms of for guidance talk breakout in sales, we can pricing? sort between of of next expect about there

not We're any year. this pricing assuming

your Hamblin And question Jeremy with comes from of next Craig-Hallum. the line

kind Congrats strong piece of I on come to business. results. of operating the And wanted the back to the

that, the into there. highest your that the I had. about And contributed I you've prepared $XX I little seasonality which that a million think much assuming think, to just the quarter, of in Waves in in of true-up, into But $X how a was SG&A wanted Your I'm the Raging of folds also caught terms understand, over thinking SG&A? have remarks might insurance million given

million Waves, of million abandoned D&A anything $XX of million and development did $X that $X costs, Yes, deal some software related not $X for did it include comp. to share of of million but million Raging costs, write-offs include $X

cost. our as in non-GAAP see deck that view a SG&A we our rec you'll million So in investor $XX

we will we corporate quarter, costs. will remove from Next -- SG&A our start D&A

So statement. give of a income clarity. profit more sort lot gross a we the of is end This will

have a more going lot you'll So forward. X-wall

on traffic then well? the here from maybe driver terms And comment Obviously, in the are you expecting I and it. is And to tremendous passes what success want the to expecting back Got in your that's here pricing. made having get come of what door. with season to as you're a foot just -- consumer

particularly You how are or entertainment pricing to season get need you pricing like like for the other seeing a into the drive more you passes? sense models of traffic outside bit of dip businesses, of price needed a to to competition models, just wanted whether feel of not to kind your weekend operate I you promos and you but your from felt

Yes.

kind getting has first a going selling We've jump in our to hand the be kitchen is we've the use school So of The lot, of that don't to is to our is we hours focus be promote the into center talked and that food, so could F&B. this you Lev Really, extended the menu, more right? got out. and the pass actually season then or to when great on into. more can't sell Saturday. and need centers, people So clear, upgraded We Saturday, right? one season I'll them a thing pass over discount to about we proof

and featuring And that mixology, Strike launched beverage was is we higher that Strike in the Lucky terms So beverage the Miami, Lucky built on there this ours. the acquisition and Their food right, street higher food cocktails the than beverage and and that of much, from much making the think for menu seen. we've and I bowls, results spend of than the ever focus food menu and and was when the pizzas now bowling. innovation of attachment tacos blueprint at and we we're that's so dollar triggered there, and seeing seasonal nearly multiples seeing a And salads every that we were obviously buns there, we're Craft again, possible. what's looking $X.XX bao

So menus got way menus, our we've used as going to an up launch that we're to focused to across went new all now menu. down centers to We the of centers. inspiration Strike the revamped They premier on catering the traditional all and Lucky be centers. our all

go going to to afterwards indications to that. I great option we're you're to an given to for option, is still bowling going and just we're of bowling, we're is Lucky world it's And you amusement continue But to offering have dinner encouraging. towards. the you're plans not us confidence attachment year, to Strike before super type to grow. and beverage That's us of a beverage you're better operator going And that king. any see be better you're show we're to or a like as if and where you what find again, a for sense to us going are if food So options, when a offering capable operation. driving where this run visiting this early a food

just was summer. than this revenue F&B up bowling revenue And would I greater Yes. --

in pudding. is proof the So

sell the them more food, we the people centers, significant. in and upside get You is

comes from And the line with your Capital. ROTH Eric next of Handler question

gross Bobby, can we talk little about bit margin. the a

was So while were profit the fourth gross down. implying was sales same-center in up up, volume quarter,

gross we fiscal margin? about how look the think we 'XX, As direction do for into

Yes.

this lot manufacturing legacy reporting starting acquisition our first gross margins AMF, So standards had not to the of quarter. also date reporting issue, be a as to in we've talked business. We're back going the about AMF where a

at X-wall, the the depreciation the really Strike came is Lucky on and margin. gross in So drag I amortization look that from what

points. XXX gross D&A, look ex you up was basis If margin

Q something it's your really change So just can't standard, it in legacy changing is going we a that K, you are our but forward. in

it. Got

was Okay. just dance how I talk then about around if sort you could you far. And what and so August? you going did first July saw of in quarter wonder

I around all. don't at think it we've danced

same-store are of -- expanding operating basis we're the the fiscal year, We and for first on the the positive margins. a X through first periods seeing

Michael comes with Kupinski your NOBLE Markets. Capital next And of line question from the

towards on allowing of seeing I that A kind solid the macroeconomic bit on to questions. was nice third that quarter. can same-store of to a showed more of to back maybe revenue acceleration the you're color quarter. trends spite growth, what couple want go I obviously the from little grow nicely you give wondering so kind it and businesses. -- you Congratulations you're a a wondering, is so in are what of a seeing hurting seeing up like you're of items Are And just consumers, I'm higher grow of other to forth. demographic nicely? discretionary introducing is flavor in you're moving food consumer what allowing seems just higher-end the so if income it you any differences giving kind that consumer patterns. spending

is Well, Tom. this

a those centers are perform are very overweighted relative we If look where really located then standpoint our from how the centers, other to revenue consumer. higher-end and at geographically you centers towards

excess in grossing $XXX,XXX. are highest The are maybe our markets. These centers now X in in Washington; Bellevue, So of A well probably income Corner, Manhattan, our or average household all locations $XXX,XXX in is Tysons Virginia, Miami. even

platform. dramatically of higher-end time revamps in Where booking reservations online our some So customer. for we're very to or the we're particularly close where online to our party. We've the overweighted good strong desired increased bookings business events through really a of is date

past, able a given we of date. weren't in from book -- parties X went to So days we the within

through X We're business. meaningful made very it guest seeing what, event and had moment, much event to, business buy, for the spur to down on that's operational effect technological and continue our hours, the that's remain we've grow. Now hours, a particularly X larger easier refinements, of strong, the right? So to

excellent sales leadership. have We

do of you the below No is him by team in he far. we'll really we event best-in-class doubt they recall -- did head superb. sales? the and And Bobby, Our sales are has do what

total? Rough

the always Yes, number.

million. $XXX

certainly last $XXX $XXX event fiscal over million sales will year. fiscal. in in the million That number this of be

So also on value -- events. we're corporate we're want really seeing offering seeing strong retail we're focused to And events, it. then value-oriented strong customer we're when they the

million, season the additive, period. million in last a going to pass money lot year our revenue is of X $X.X $X.X slowest So certainly from

Groupon a -- are So $XX.X believe, was it things very ], meaningful favorable difference. us. I last Also like million, conditions number to [ made the year where

] from have a disproportionately [ ]. So large hold [ we Groupon

We also restrict use to off-peak times.

any revenue. full don't price So out we squeeze

of It's nuances. a lot And to. a we getting things. can it's full price when and we lot So need discounting when operational of

refine think come that Miami, I visit Corner, at some That glamor. we're our of don't we've I the it's glitz facilities, to in just product. like I effort to money going community. We've quality continuing and and a and the new. I any new we're in Tysons back better really model, discount something and Beverly if these, built almost of that. open, and spent earlier, better lot these of your said do, you encourage at of about And of to and our time then to to getting spectacular and would mean we're build you which Vegas one Hills level

So we've you winning together, and model. all got a put it

summer a I very Waves. during was there it's a appreciate in I X Illinois, there That that But that relatively was acquisition, summer. you. question. the more Got that. small mild helpful. relatively know I I I believe lived Raging have do

able what were give you the for flavor increase still -- can some except of revenue are kind little of that in was can us had initiatives gas, few kind it planned? drove you I'm such and weeks, you past you Or -- I wondering, strong on growth. implement surprised that a the had of Or increases? Or to of those you the was price the growth? the dock? So

very early question. Great next too mild. closer in shake And up and than than me hard were factors. into XX%, hurt weekend up this summer which of go. know. drove we XX%, surprisingly feel which maybe really It more leaned Combination was year-over-year, year. pass to It which about still definitely attendance, to was which revenue it season cool was excited sales, will significantly Chicago, X XX%, might more have frankly, happen out more what We makes us, to

had put again, And the It of food then and the we where beers game only on, will which about which period, liquor but for partial into increased a season beneficial got sales. a a effect definitely we middle a wasn't changer we was because, effect. from beverage license, sell it

$X.X of events. events, dedicated million those So didn't going birthday which sorts $X that from actually building, of we Chicago-based and into booking didn't to to that fold existing We happen stuff. large event team think within parties, sales it's things million family corporate quite be park really to process facilitate upside whether is capable. We're the area building a quite the there's our was force,

really of think but I give million we that it, year, take. million $X this Figured, most summarizes part. of do paid for EBITDA we that $XX will or

can a peak you to X,XXX number XX are difference $XX a or as to but which from to that it think to is XX the in X, are going on acres, X,XXX, I undeveloped, you I meaningfully capture higher. an capacity people it's could in-park season, XX it's days. important think allows are said, X,XXX I disproportionately of there makes the be expansion EBITDA. comfortable possibly the acres as or get days to you in X,XXX revenue mean, huge to and able And capacity busy, in million to much go of as of be a that next because could really be that those have day when of ultimately, you sort mild year upside park

that But And meaningfully also ability capacity. have adjacent to the capacity doing increase term, already existing the expanding we on embark that's our to to tweaks the longer so we're land we to facility. some own

line And your comes the Eric of B. with Securities. next question from Riley Wold

not of price. back, sales way, in you arise? guidance, is price, any least price now, and ask A that how a may you is I question. the do They're taking not want obviously just driving And year, if same-store questions. the labor the and driver what is right of expectation different same-store for ] it couple contemplation beverage this not the per-person taking then planning spend. offset or say of maybe much is [ noted to go sales that taking -- you're on helping attendance within Bobby, I biggest kind uplift much how an at you in know to food more then guidance input

Yes.

there's cap it's So cap on centers, lot percent XX-plus comes a event and bigger at growth in than retail the event -- least a basis. XX% per in a of per higher centers, walk-in

events, we up. as do size check So goes the more

of about Secondarily, talking lot spent we've time a it.

share technologies get is and continues rolled business drives new different ticket The up price the it, lot better. website A online to being wallet has out. Our of XX%. website and drives up. XX%, killing is It are used

And need value we seeing it's of attachment. just and that to early get don't raise wallet chain price go shoots up -- share. not we talked F&B as the So then that the about getting the we're big -- moving the right? we're is the initiative bowling, of We're ultimately, we sort green

play all it. this And levers have terms started you some does to that cost all price? you or driving would to -- other think -- those person you in of Do per with Are that offset have great play Got into you do don't spend. obviously, seeing that? you inflation, are

levers procurement, kind on other We been play. of have I've focused sort rebuilding systems. very of to rebuilding

look And figure you out. can at every when dollar, so you it

Moore Securities. with comes question CJS Daniel of line final the your from And

obviously, been EBITDA any the Just cash, free year? And I got thoughts just think you're 'XX? sheet range cash or and most the of there fiscal M&A your guide, this of expectations on based have in you've a very balance flow liquidity. But And around the range for of targeting what capital? for working healthy free terms kind answered. Is are asked

capital Working to meaningful faster, never capacity. range few M&A We working we lot turn we past perspective, -- Yes. we've been That's to is has out but the of there quietly come going a do. just try there's an is that to take business. wide $XXX -- revolver to the in continue capital because our product million part From as in been raising added months. our as

there's opportunity but there, an environment is out the active. expecting So M&A that very we're

get announce we'll it done, we that be as trajectory. will them kind deals so of And

I think for it's So more the better difficult to I get upside we that's know surprise to M&A guys if for you us done. model, to but

And participation, for ladies and gentlemen, that concludes thank our may question-and-answer disconnect. your now session you We and and today's you conference.