Bowlero Corp. (BOWL), a bowling entertainment company, reported Monday that its fourth-quarter net income surged to $146.22 million from last year’s $6.94 million.
Adjusted EBITDA grew to $64.49 million from last year’s $82.39 million. Adjusted EBITDA Margin, meanwhile, declined to 26.9 percent from 30.8 percent last year.
Revenue was $239.42 million, down 10.6 percent from $267.72 million in the prior year. Revenue was up 54 percent versus the same period in 2019.
Total Bowling Center Revenue grew 2.4 percent. Normalized Calendar Same Store Revenue declined 2.6 percent versus prior year.
Looking ahead for fiscal 2024, the company expects revenue to be up 10 percent to 15 percent excluding the $21 million of Service Revenue, which equates to $1.14 billion to $1.19 billion of Revenue.
Adjusted EBITDA margin is expected to be 32 percent to 34 percent, which equates to Adjusted EBITDA of $365 million to $405 million.
In fiscal 2023, revenue was $1.06 billion and adjusted EBITDA was $354.34 million with margin of 33.5 percent.
The company further said it expects to heavily reinvest in the business in fiscal year 2024, with more than $160 million allocated to acquisitions, $40 million to new builds, and $75 million to conversions.
In pre-market activity on the NYSE, the shares were losing around 5.23 percent to trade at $9.60.
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