Lucky Strike Entertainment Corporation · NYSE:LUCK
Lucky Strike Entertainment — Isos Acquisition — Q4 2021 Earnings Presentation
15 slides from Lucky Strike Entertainment's earnings presentation, Sep 21, 2021
Slide 1: Bowlero Q4 FY 2021 Results Presentation
Bowlero Q4 FY 2021 Results Presentation September 2021
Slide 2: Disclaimer: Forward-looking statements
D is c lai m e r 2 Forward - looking statements Some of the statements contained in this presentation are forward - looking statements within the meaning of Section 27 A of the Securities Act of 1933 , as amended, and Section 21 E of the Securities Exchange Act of 1934 , as amended . These forward -
Slide 3: Q4 FY'21 results key messages
Q4 FY’21 results key messages x Increasing guidance for CY2022E Adjusted EBITDA 1 by +4% vs. prior plan ($285mm vs. $275mm prior guidance) x Growth fueled by strong organic performance, and high volume of acquisitions and new builds, including the acquisition of 22 centers and 4 new builds since Jun
Slide 4: Increasing CY2022E Adjusted EBITDA guidance by $10mm or 4%
$34 $19 $16 $8 $4 $3 $10 $2 0 1 $2 85 Feb '20 TTM run - rate Adjusted EBITDA 1 Base business New builds 2 Center a c q u i s i t i o ns Bowl America Media business acquisition G&A CY2022E Adjusted EBI T DA 1 Given base business outperformance, we are increasing CY2022E Adjusted EBITDA 1 guidance by
Slide 5: Revenue production well ahead of pre-pandemic performance
Revenue production well ahead of pre - pandemic performance 5 Note: Performance compared to same period 2019 1 As of September 12, 2021 ( 8 %) Ap r i l 6% 13% 26% 21% 21% May Ju n e Ju l y Augu s t S e pt e mbe r t o da t e 1 Grow by revenue stream vs. 2019 April May June July August September to da
Slide 6: Strong and improving center-level economics
Strong and improving center - level economics Note: FY as of 6/30. See Appendix for reconciliation of EBITDAR, which is a non - GAAP measure 6 x Gross profit and EBITDAR margins expanded +600 bps over Q4 ‘19 x Q4 ’21 revenues across all major product lines surpassed expectations and recovered beyond
Slide 7: Q4 FY'21 EBITDA was 82% greater than the comparable pre-COVID quarter
$ 2 4 $43 Q4 '19A Q4 '21A Q4 FY’21 EBITDA was 82% greater than the comparable pre - COVID quarter 7 REALIZED EBITDA 1 ($MM) x Realized EBITDA 1 in Q4 '21 exceeded Q4 '19 by nearly $20mm or 82% x Retail Bowling & Shoe and Amusements revenues were 11% and 29% higher than pre - pandemic levels, respect
Slide 8: Significantly outperformed FY2021 guidance
8 Significantly outperformed FY2021 guidance due to recovery in businesses and accelerating operational efficiencies REVENUE ($MM) ADJUSTED EBITDA 1 ($MM) Note: FY as of 6/30 1 EBITDA as defined by credit agreement. See Appendix for definition of Adjusted EBITDA, which is a non - GAAP measure, and a
Slide 9: Strong organic performance enhanced by new locations
9 Our strong organic performance is enhanced by our new locations TX MT CA ID NV AZ OR IL NM CO WY MN SD IA ND UT KS NE WA WI OK MI MO NY FL IN AL GA AR LA NC VA TN KY OH MS ME SC MI WV VT NH PA MD NJ DE MA CT RI PA MD VA FL EBITDA multiple paid ($MM) # of centers N e t cash invested TTM 2 1 – Year
Slide 10: Strong cash generation strengthened our financial position
10 Strong cash generations from operations strengthened our financial position and provided increased flexibility x $54mm of cash generated from operations in Q4 FY2021 x $33mm of permanent annualized savings through reduced costs x $58mm in reduced capital expenditures ($ ‘000s) Three months ending
Slide 11: Appendix
Appendix
Slide 12: Non-GAAP Reconciliations
Non - GAAP Reconciliations Note: $ in millions; FY as of 6/30 1 The closed center adjustment is to remove EBITDA for closed centers. Closed centers are those centers that are closed for a variety of reasons, including permanent closure, newly acquired or built centers prior to opening, centers close
Slide 13: Non-GAAP Reconciliations (Cont'd)
Non - GAAP Reconciliations (Cont’d) Note: $ in millions; FY as of 6/30 1 The closed center adjustment is to remove EBITDA for closed centers. Closed centers are those centers that are closed for a variety of reasons, including permanent closure, newly acquired or built centers prior to opening, cent
Slide 14: Non-GAAP Reconciliations (Cont'd)
Non - GAAP Reconciliations (Cont’d) 14 ($ ‘000s) Three months ending June 27, 2021 Twelve months ending June 27, 2021 Net cash provided by operating activities $41,091 $58,232 Business Interruption Insurance proceeds 0 (20,187) Interest on debt 13,317 46,460 Effect of exchange rates on cash 44 27 Op
Slide 15: Thank You
T H A N K Y O U