Business
Dave & Buster’s Reports Record Second Quarter 2023 Financial Results; Company Increases Remaining Share Repurchase Program Authorization to $200 Million
DALLAS, Sept. 06, 2023 (GLOBE NEWSWIRE) -- Dave & Buster's Entertainment, Inc., (NASDAQ: PLAY), ("Dave & Buster's" or "the Company"), an owner and operator of
About this update from Dave & Buster's Entertainment, Inc.
[{"type":"text","content":"DALLAS, Sept. 06, 2023 (GLOBE NEWSWIRE) -- Dave & Buster's Entertainment, Inc., (NASDAQ: PLAY), (\"Dave & Buster's\" or \"the Company\"), an owner and operator of entertainment and dining venues, today announced financial results for its second quarter ended July 30, 2023. Key Second Quarter 2023 Highlights Second quarter revenue of $542.1 million increased 15.7% from the second quarter of 2022. Including the pro forma contribution of Main Event in the second quarter of 2022, year-over-year revenue decreased $2.5 million, or 0.5%.Pro forma combined comparable store sales (including Main Event branded stores) decreased 6.3% compared with the same period in 2022 and increased 5.8% compared with the same period in 2019.Net income totaled $25.9 million, or $0.60 per diluted share, compared with net income of $29.1 million, or $0.59 per diluted share in the second quarter of 2022. Adjusted net income totaled $40.9 million, or $0.94 per diluted share, compared with adjusted net income of $41.9 million, or $0.85 per diluted share in the second quarter of 2022.Adjusted EBITDA of $140.3 million in the quarter increased 21.3% from the second quarter of 2022. Including the pro forma contribution of Main Event in the second quarter of 2022, the year-over-year Adjusted EBITDA growth was $11.5 million, or 8.9%.The Company ended the second quarter with $572.8 million of liquidity, which included $82.6 million in cash and $490.2 million available under its $500 million revolving credit facility.The Company opened two new Dave & Buster's stores and one new Main Event store in the second quarter. Other Highlights The Company purchased 2.1 million shares at a total cost of $74.5 million in the second quarter. Total share repurchases to date in fiscal 2023 are 5.7 million shares totaling $200.0 million and representing 11.8% of the Company's outstanding shares as of the end of fiscal 2022.The Board of Directors has approved an increase to the Company's existing share repurchase authorization of $100 million, bringing the total remaining authorization to $200 million.The Company opportunistically amended its credit agreement, reducing the interest rate margin applicable to term loans and revolving loans outstanding under the credit agreement by 1.25%. \"As we enter the second half of 2023, we remain as confident as ever in our ability to execute aga...