Lucky Strike Entertainment Corp. Files 10-Q

TL;DR

Lucky Strike (fka Bowlero) 10-Q filed. Financials for Q2 2024 out.

AI Summary

Lucky Strike Entertainment Corp. filed its 10-Q for the period ending December 29, 2024. The company, formerly known as Bowlero Corp., reported financial results for its fiscal second quarter. The filing details its operations in amusement and recreation services, with its fiscal year ending on June 29.

Why It Matters

This filing provides investors with an update on Lucky Strike Entertainment's financial performance and operational status for the recent quarter, crucial for understanding the company's trajectory.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing financial updates, not indicating immediate or significant new risks.

Key Numbers

• 20241229 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 20250205 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 0629 — Fiscal Year End (Specifies the end date of the company's fiscal year.)

Key Players & Entities

• Lucky Strike Entertainment Corp. (company) — Filer of the 10-Q
• Bowlero Corp. (company) — Former name of Lucky Strike Entertainment Corp.
• Isos Acquisition Corp. (company) — Previous former name of Lucky Strike Entertainment Corp.
• 20241229 (date) — End of the reporting period
• 20250205 (date) — Date of filing
• 7313 BELL CREEK ROAD (address) — Company's business and mailing address
• MECHANICSVILLE, VA (address) — Company's business and mailing city and state
• 800-417-2000 (phone_number) — Company's business phone number

FAQ

Key Financial Figures

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

Filing Documents

• bowl-20241229.htm (10-Q) — 1578KB
• ekster-employmentagreement.htm (EX-10.2) — 110KB
• bowl-ex311x122924.htm (EX-31.1) — 10KB
• bowl-ex312x122924.htm (EX-31.2) — 10KB
• bowl-ex321x122924.htm (EX-32.1) — 5KB
• bowl-ex322x122924.htm (EX-32.2) — 5KB
• bowl-20241229_g1.jpg (GRAPHIC) — 66KB
• 0001628280-25-003930.txt ( ) — 8585KB
• bowl-20241229.xsd (EX-101.SCH) — 60KB
• bowl-20241229_cal.xml (EX-101.CAL) — 107KB
• bowl-20241229_def.xml (EX-101.DEF) — 256KB
• bowl-20241229_lab.xml (EX-101.LAB) — 598KB
• bowl-20241229_pre.xml (EX-101.PRE) — 405KB
• bowl-20241229_htm.xml (XML) — 1473KB

- 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 Income (Loss) (unaudited) 4 Condensed Consolidated Statements of Changes in Temporary Equity and Stockholders' (Deficit) Equity (unaudited) 5 Condensed Consolidated Statements of Cash Flows (unaudited) 7 Index for Notes to Condensed Consolidated Financial Statements (unaudited) 9 Notes to Condensed Consolidated Financial Statements (unaudited) 10

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 25

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 34

Controls and Procedures

Item 4. Controls and Procedures 35

- Other Information

Part II - Other Information

Legal Proceedings

Item 1. Legal Proceedings 35

Risk Factors

Item 1A. Risk Factors 35

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35

Exhibits and Financial Statement Schedules

Item 6. Exhibits and Financial Statement Schedules 36

Signatures

Signatures 37 i Table of Contents Index to Notes Lucky Strike Entertainment Corporation Condensed Consolidated Balance Sheets (Amounts in thousands) (Unaudited)

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements December 29, 2024 June 30, 2024 Assets Current assets: Cash and cash equivalents $ 80,755 $ 66,972 Accounts and notes receivable, net 6,102 6,757 Inventories, net 15,927 13,171 Prepaid expenses and other current assets 35,220 25,316 Assets held-for-sale 20 1,746 Total current assets 138,024 113,962 Property and equipment, net 935,854 887,738 Operating lease right of use assets 591,264 559,168 Finance lease right of use assets, net 516,144 524,392 Intangible assets, net 46,331 47,051 Goodwill 841,269 833,888 Deferred income tax asset 135,718 112,106 Other assets 35,381 35,730 Total assets $ 3,239,985 $ 3,114,035 Liabilities, Temporary Equity and Stockholders' Deficit Current liabilities: Accounts payable and accrued expenses $ 141,363 $ 135,784 Current maturities of long-term debt 10,278 9,163 Current obligations of operating lease liabilities 31,637 28,460 Other current liabilities 7,680 9,399 Total current liabilities 190,958 182,806 Long-term debt, net 1,275,757 1,129,523 Long-term obligations of operating lease liabilities 603,986 561,916 Long-term obligations of finance lease liabilities 680,622 680,213 Long-term financing obligations 445,027 440,875 Earnout liability 69,058 137,636 Other long-term liabilities 26,310 26,471 Deferred income tax liabilities 4,007 4,447 Total liabilities 3,295,725 3,163,887 Commitments and Contingencies (Note 9) 1 Table of Contents Index to Notes December 29, 2024 June 30, 2024 Temporary Equity Series A preferred stock $ 123,918 $ 127,410 Stockholders' Deficit Class A common stock 11 11 Class B common stock 6 6 Additional paid-in capital 504,830 510,675 Treasury stock, at cost ( 430,851 ) ( 385,015 ) Accumulated deficit ( 251,757 ) ( 303,159 ) Accumulated other comprehensive (loss) income ( 1,897 ) 220 Total stockholders' deficit ( 179,658 ) ( 177,262 ) Total liabilities, temporary equity and stockholders' deficit $ 3,239,98

View Full Filing

View this 10-Q filing on SEC EDGAR