Bowlero Corp. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Bowlero Corp. has filed its quarterly report (10-Q) for the period ending December 31, 2023, detailing its financial performance and operational status.</b>

AI Summary

Bowlero Corp. (LUCK) filed a Quarterly Report (10-Q) with the SEC on February 5, 2024. Bowlero Corp. filed its 10-Q report for the period ending December 31, 2023. The filing covers the second quarter of fiscal year 2024. The company's fiscal year ends on July 3rd. Bowlero Corp. was formerly known as Isos Acquisition Corp. The company's business address is 7313 Bell Creek Road, Mechanicsville, VA.

Why It Matters

For investors and stakeholders tracking Bowlero Corp., this filing contains several important signals. This 10-Q filing provides investors with the latest financial data and operational updates for Bowlero Corp., crucial for assessing the company's performance and future prospects. Understanding the details within this report allows stakeholders to evaluate Bowlero's financial health, strategic direction, and potential risks in the amusement and recreation services sector.

Risk Assessment

Risk Level: low — Bowlero Corp. shows low risk based on this filing. The filing is a standard 10-Q, indicating routine financial reporting without immediate red flags.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand Bowlero Corp.'s performance trends and outlook.

Key Numbers

• 20231231 — Report Period End Date (Conformed Period of Report)
• 20240205 — Filing Date (Filed as of Date)
• 0703 — Fiscal Year End (Fiscal Year End)
• 7900 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• Bowlero Corp. (company) — Filer name
• Isos Acquisition Corp. (company) — Former company name
• 7313 Bell Creek Road (location) — Business address
• Mechanicsville (location) — Business address city
• VA (location) — Business address state
• 23111 (location) — Business address zip

FAQ

Industry Context

Bowlero Corp. operates in the amusement and recreation services industry, which includes entertainment venues like bowling alleys.

Regulatory Implications

Companies in this sector are subject to SEC regulations requiring timely and accurate financial disclosures, such as this 10-Q filing.

What Investors Should Do

1. Analyze Bowlero Corp.'s financial statements for the quarter ending December 31, 2023.
2. Review any management discussion and analysis (MD&A) provided in the filing for insights into performance drivers and challenges.
3. Compare current period results with historical data to identify trends and assess growth.

Key Dates

• 2023-12-31: Period End Date — End of the reporting quarter for the 10-Q filing.
• 2024-02-05: Filing Date — Date Bowlero Corp. submitted its 10-Q to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a comprehensive overview of a company's financial performance during a specific quarter.)

SEC

U.S. Securities and Exchange Commission. (The regulatory body that oversees securities markets and requires public companies to file regular financial reports.)

Year-Over-Year Comparison

This is the initial 10-Q filing for the period ending December 31, 2023, following the previous reporting periods.

Key Financial Figures

• $0.0001 — tered Class A common stock, par value $0.0001 per share BOWL The New York Stock Excha

Filing Documents

• bowl-20231231.htm (10-Q) — 1355KB
• bowl-ex311x123123.htm (EX-31.1) — 10KB
• bowl-ex312x123123.htm (EX-31.2) — 10KB
• bowl-ex321x123123.htm (EX-32.1) — 5KB
• bowl-ex322x123123.htm (EX-32.2) — 5KB
• bowl-20231231_g1.jpg (GRAPHIC) — 13KB
• 0001628280-24-003167.txt (&nbsp;) — 7425KB
• bowl-20231231.xsd (EX-101.SCH) — 57KB
• bowl-20231231_cal.xml (EX-101.CAL) — 98KB
• bowl-20231231_def.xml (EX-101.DEF) — 252KB
• bowl-20231231_lab.xml (EX-101.LAB) — 742KB
• bowl-20231231_pre.xml (EX-101.PRE) — 442KB
• bowl-20231231_htm.xml (XML) — 1025KB

- Financial Information

Part I - Financial Information

Financial Statements

Item 1. Financial Statements i Condensed Consolidated Balance Sheets (unaudited) 1 Condensed Consolidated Statements of Operations (unaudited) 3 Condensed Consolidated Statements of Comprehensive (Loss) Income (unaudited) 4 Condensed Consolidated Statements of Changes in Temporary Equity and Stockholders' (Deficit) Equity (unaudited) 5 Condensed Consolidated Statements of Cash Flows (unaudited) 6 Index for Notes to Condensed Consolidated Financial Statements (unaudited) 8 Notes to Condensed Consolidated Financial Statements (unaudited) 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 29

Controls and Procedures

Item 4. Controls and Procedures 30

- Other Information

Part II - Other Information

Legal Proceedings

Item 1. Legal Proceedings 30

Risk Factors

Item 1A. Risk Factors 31

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31 Item 5. Other Information 31

Exhibits and Financial Statement Schedules

Item 6. Exhibits and Financial Statement Schedules 31

Signatures

Signatures 32 i Table of Contents Index to Notes Bowlero Corp. Condensed Consolidated Balance Sheets (Amounts in thousands) (Unaudited)

Condensed Financial Statements

Item 1. Condensed Financial Statements December 31, 2023 July 2, 2023 Assets Current assets: Cash and cash equivalents $ 189,955 $ 195,633 Accounts and notes receivable, net of allowance for doubtful accounts 6,875 3,092 Inventories, net 14,166 11,470 Prepaid expenses and other current assets 24,304 18,395 Assets held-for-sale 2,069 2,069 Total current assets 237,369 230,659 Property and equipment, net 806,096 697,850 Internal use software, net 22,538 17,914 Operating lease right of use assets, net 546,188 449,085 Finance lease right of use assets, net 536,274 515,339 Intangible assets, net 98,784 90,986 Goodwill 826,619 753,538 Deferred income tax asset 84,767 73,807 Other assets 33,527 12,096 Total assets $ 3,192,162 $ 2,841,274 Liabilities, Temporary Equity and Stockholders' (Deficit) Equity Current liabilities: Accounts payable and accrued expenses $ 142,670 $ 121,226 Current maturities of long-term debt 9,248 9,338 Current obligations of operating lease liabilities 31,718 23,866 Other current liabilities 11,497 14,281 Total current liabilities 195,133 168,711 Long-term debt, net 1,134,076 1,138,687 Long-term obligations of operating lease liabilities 539,580 431,295 Long-term obligations of finance lease liabilities 680,309 652,450 Long-term financing obligations 436,790 9,005 Earnout liability 135,479 112,041 Other long-term liabilities 27,239 25,375 Deferred income tax liabilities 4,200 4,160 Total liabilities 3,152,806 2,541,724 Commitments and Contingencies (Note 10) 1 Table of Contents Index to Notes December 31, 2023 July 2, 2023 Temporary Equity Series A preferred stock $ 144,329 $ 144,329 Stockholders' (Deficit) Equity Class A common stock 9 11 Class B common stock 6 6 Additional paid-in capital 508,065 506,112 Treasury stock, at cost ( 349,025 ) ( 135,401 ) Accumulated deficit ( 264,909 ) ( 219,659 ) Accumulated other comprehensive income 881 4,152 Total stockholders' (deficit) equity ( 104,973 )

View Full Filing

View this 10-Q filing on SEC EDGAR