Lucky Strike Entertainment Corporation · NYSE:LUCK
Lucky Strike Entertainment — Q2 2025 Earnings Presentation
22 slides from Lucky Strike Entertainment's earnings presentation, Feb 5, 2025
Slide 1: 2025 Investor Presentation
February 2025 2025 INVESTOR PRESENTATION
Slide 2: Forward-looking statements; Non-GAAP Financial Measures
Forward-looking statements Some of the statements contained in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve risk, assumptions and uncerta
Slide 3: A location-based entertainment platform with proven history of superior returns
A location-based entertainment platform with proven history of superior returns The industry leader in massive Proven history of improving addressable market of $100bn+ acquired assets’ margins and for out-of-home entertainment above industry sales growth Consistent and proven track Best in class ma
Slide 4: Revenue growth FY19 to FY25 midpoint guidance
$1,250M $1,149M $1,038M $897M $672M FY19 FY22 FY23 FY24 FY25 - Midpoint
Slide 5: AMF acquisition: 70x+ MOIC over 11 years
↗ Acquired AMF at Enterprise Value of $310M. Lucky ↗ Grew revenue 4% Revenue CAGR over 11 Strike put up $20M of equity funding in 2013 years despite closing 18% of centers ↗ Lucky Stirke best practices implemented in ↗ 6% Revenue CAGR when adjusting for closed acquired centers drove dramatic perform
Slide 6: Brunswick acquisition: 15x MOIC over 10 years
↗ Lucky Strike acquired 85 Brunswick locations ↗ Grew revenue 4% Revenue CAGR over 10 from Brunswick in 2014 for $260M. In the years despite closing 14% of centers same year entered Sale-Leaseback for ↗ 5% Revenue CAGR when adjusting for closed $200M, reducing the purchase price to centers with AUV
Slide 7: Bowl America acquisition and sale-leaseback
↗ Lucky Strike acquired Bowl America with 17 ↗ Grew revenue 19% Revenue CAGR over first locations in 2021 for $44 million. Sold off 6 3 years despite selling 35% of centers underperforming locations for $25M for net ↗ Incremental upside expected as we continue purchase price of $19M to invest in gro
Slide 8: 364 operating locations across North America
364 operating locations as of February 5, 2025 Well positioned in highly attractive markets across North America Robust acquisition pipeline supports unit growth Acquired Boomers which provides platform for FECs Bowlero Lucky Strike AMF/Other Boomers
Slide 9: 2018-2024 Location Additions
Asd 2018-2024 Location Additions 1 Acquisitions 41 $299M ~$60M 4.9x Chain 28 $134M ~$40M 3.4x Acquisitions New Builds 12 $90M ~$40M 2.3x Bowlero Lucky Strike AMF/Other Note: $ in millions (1) Excludes sale-leaseback proceeds. (2) Illustrative. Annualized EBITDA for acquisitions completed in FY24.
Slide 10: Acquire Locations with Land at 4-7x EBITDAR
Acquire Locations with Land at 4-7x EBITDAR ↗ We continue to add to our unencumbered land portfolio Lucky Strike ↗ Sale-Leasebacks are Lucky Strike Optimization: a proven funding Self Funding Year 1 EBITDAR mechanism for Model Margin Lift acquisitions in the location-based entertainment industry to
Slide 11: Average Unit Volumes have reset to a new base
$3.2M $3.3M $2.8M $2.4M FY19 FY22 FY23 FY24 Average Unit Volumes have reset to a new base driven by higher Average Revenue Per Customer
Slide 12: New builds come online with 2-3x the AUV
NEW BUILDS NEW BUILDS COME ONLINE WITH 2-3X THE AVERAGE UNIT VOLUME (AUV) FOUR NEW BUILDS EXEMPLIFYING THE ENHANCED LUCKY STRIKE CONCEPT OPENED IN 2025
Slide 13: Beverly Hills location photos
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Slide 15: Northfield location photos
Slide 16: Southlands location photos
Slide 17: Raging Waves acquisition
• Raging Waves acquisition was a success driven by season pass initiative with 88k season passes sold vs PY of 39k • Investing $2-3M of capex before FY25 season to drive revenue per cap increases with better foods and leaning into Event Sales
Slide 18: Acquisition of Boomers included Big Kahuna's in Destin, Florida
ACQUISITION OF BOOMERS INCLUDED BIG KAHUNA’S IN DESTIN, FLORIDA
Slide 19: Same store revenue reconciliation
FY 23 FY 24 3Q FY23 4Q FY23 1Q FY24 2Q FY24 3Q FY24 4Q FY24 1Q FY25 2Q FY25 (in thousands) 07/02/23 6/30/2024 04/02/23 07/02/23 10/01/23 12/31/23 3/31/2024 6/30/2024 9/29/2024 12/29/2024 Total Revenue - Reported $1,058,790 $1,154,614 $315,725 $239,420 $227,405 $305,671 $337,670 $283,868 $260,195 $30
Slide 20: Revenue and Adjusted Location EBITDA by quarter
Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 (in millions) 10/2/22 1/1/23 4/2/23 7/2/23 10/1/23 12/31/23 3/31/24 6/30/24 9/29/24 12/29/24 Consolidated Revenue Retail $166 $170 $216 $162 $152 $180 $220 $189 $180 $178 Events 41 69 60 48 46 90 76 66 55 85 League & tou
Slide 21: Net income to Adjusted EBITDA reconciliation
Fiscal Year Ended Three Months Ended (in thousands) June 30, 2024 July 2, 2023 December 29, 2024 December 31, 2023 Consolidated Revenues $1,154,614 $1,058,790 $300,074 $305,671 Net (loss) income - GAAP -83,581 82,048 28,307 -63,469 Net (loss) income margin -7.2% 7.7% 9.4% -20.8% Adjustments: Interes
Slide 22: Lease cost reconciliation
Reduction of operating lease right of use assets (amortization) 17.9 16.6 Condensed Consolidated Statement of Cash Flows (Operating activities) Change in operating lease liabilities (payments less interest) (4.5) (14.1) Condensed Consolidated Statement of Cash Flows (Operating activities) Note 5 - L
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