Lucky Strike Entertainment Corporation · NYSE:LUCK
Lucky Strike Entertainment — Q3 2025 Earnings Presentation
23 slides from Lucky Strike Entertainment's earnings presentation, May 8, 2025
Slide 1: May 2025 Investor Presentation
May 2025 3025 INVESTOR PRESENTATION
Slide 2: Forward-looking statements
Forward-looking statements Some of the statements contained in this presentation 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 uncertai
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: $897M $1,038M $1,149M
$1,149M $1,038M $897M $672M FY19 FY22 FY23 FY24
Slide 5: AMF acquisition returns
↗ 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 returns
↗ Lucky Strike acquired 85 Brunswick locations ↗ Grew revenue 4% Revenue CAGR over 10 from Brunswick in 2014 for $260M. In the same years despite closing 14% of centers year entered Sale-Leaseback for $200M, ↗ 5% Revenue CAGR when adjusting for closed reducing the net purchase price to $60M centers
Slide 7: Bowl America acquisition returns
↗ 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: 367 operating locations as of May 2025
367 operating locations as of May 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 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
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
Slide 14: Ladera Ranch
Slide 15: Northfield
Slide 16: Southlands
Slide 17: Raging Waves acquisition success
• 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: Shipwreck Island, Panama City Beach, Florida
SHIPWRECK ISLAND, PANAMA CITY BEACH, FLORIDA
Slide 20: Revenue reconciliation by quarter
FY 23 FY 24 4Q FY23 1Q FY24 2Q FY24 3Q FY24 4Q FY24 1Q FY25 2Q FY25 3Q FY25 (in thousands) 07/02/23 6/30/2024 07/02/23 10/01/23 12/31/23 3/31/2024 6/30/2024 9/29/2024 12/29/2024 3/30/2025 Total Revenue - Reported $1,058,790 $1,154,614 $239,420 $227,405 $305,671 $337,670 $283,868 $260,195 $300,074 $3
Slide 21: Location 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 Q3 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 3/30/25 Consolidated Revenue Retail $166 $170 $216 $162 $152 $180 $220 $189 $180 $178 $225 Events 41 69 60 48 46 90 76
Slide 22: Net income to Adjusted EBITDA reconciliation
Fiscal Year Ended Three Months Ended (in thousands) June 30, 2024 July 2, 2023 March 30, 2025 March 31, 2024 Consolidated Revenues $1,154,614 $1,058,790 $339,882 $337,670 Net (loss) income - GAAP -83,581 82,048 13,292 23,846 Net (loss) income margin -7.2% 7.7% 3.9% 7.1% Adjustments: Interest expense
Slide 23: Lease cost reconciliation
Reduction of operating lease right of use assets (amortization) 27.1 25.6 Condensed Consolidated Statement of Cash Flows (Operating activities) Change in operating lease liabilities (payments less interest) (8.9) (19.7) Condensed Consolidated Statement of Cash Flows (Operating activities) Note 5 - L
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