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H.S. senior Avg
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New words:
abatement, absorbed, accelerated, acceleration, accommodate, accomplish, accuracy, accurate, accurately, acquire, acquired, acquirer, acquiring, ADA, adapt, addressed, adequate, adequately, adhere, administer, administered, advance, advanced, advertising, affirmative, age, aggressive, aid, alcohol, alcoholic, alter, ambience, ambiguity, American, amplified, amusement, analyst, analyze, anchor, annum, Anthony, appeal, appointing, approach, area, armed, Ascentium, Assembly, assert, asserted, asserting, atmosphere, attempt, attention, attract, attracting, attraction, attractive, attributable, audience, auditor, authoritative, AUV, award, backed, background, bankruptcy, banquet, bar, bargaining, BCA, beer, behalf, behavior, beneficial, beneficially, bespoke, beverage, big, billion, binomial, birthday, booked, box, breakage, brick, broad, broader, broadly, brought, budget, build, building, buy, buying, calendar, California, calorie, Cameron, cannibalization, cannibalize, capped, card, carefully, catastrophic, catering, caution, cautionary, cautioned, CEO, certify, CFO, chain, Chairman, challenge, challenged, challenging, Chancery, character, characterize, Chicago, Chief, children, circuit, circumstance, circumvented, citizenship, civil, clause, climate, closure, code, collaborative, collateralized, collusion, commitment, commodity, comparable, compare, compared, compelling, competition, competitive, competitor, complaint, complex, complexity, complicated, compromise, concentrated, concentration, concept, conclusively, confidence, confidential, constitute, constituted, constituting, constitutional, construct, constructed, construction, consulting, consumer, consuming, contamination, content, context, contract, convenient, Cook, core, correctly, corruption, Cosmetic, costly, council, county, coupled, court, covenant, coverage, Creek, crime, criminal, cuisine, curated, cure, cured, currency, customer, cybersecurity, daily, damage, dealing, debit, deceleration, decide, 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hire, hired, hiring, holiday, home, hospitality, host, hosting, hour, hourly, housing, human, Hyman, hyperinflation, identification, IL, ill, Immigration, implicit, implied, imposition, improper, improve, improvement, imprudent, inability, inaccurate, inadequate, inadvertent, incentive, incident, incidental, inclement, incorrect, increasingly, incremental, indemnification, indemnify, indirectly, industry, inflationary, infrastructure, infringe, infringement, injunction, injunctive, injured, injury, innovation, insider, instability, installment, intake, intangible, intellectual, intensive, intercompany, intercreditor, interior, internationally, internet, interpret, interpretation, interpreted, interruption, interval, intimate, intoxicated, intrinsic, invasion, inventory, investigation, investor, irrespective, Israel, Jerry, Job, joint, journal, Judicial, July, justified, Keith, Kimberly, kind, knew, labeling, labor, land, landlord, large, largely, larger, lattice, lawsuit, leadership, 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passed, past, Patient, patio, pattern, payback, Paycheck, payroll, PCAOB, peak, penetrate, penny, people, percent, percentage, perception, perpetuated, personnel, pertaining, Peter, phase, physical, pickleball, PIK, Pinstripe, play, pledge, PNST, point, policy, political, pollution, pool, popularity, population, possession, post, postage, posted, posting, power, powerful, PPACA, PPP, Prairiefire, precise, premium, prepaid, prepayment, prescribed, presence, President, pressure, pretax, prevail, primary, print, privacy, privileged, proceeding, procure, procurement, produce, product, production, productivity, profit, profitability, profitable, profitably, Program, prolonged, promotional, promulgated, proportion, proportional, proprietary, protect, protection, prove, proximity, publish, punitive, qualification, quantify, Querciagrossa, quotient, rapidly, rationalize, reach, reached, reaction, real, realignment, recalculated, recall, recapitalization, recast, recession, reclassed, Reclassification, recognition, recoverable, recovery, recreation, recruit, recruiting, recruitment, refinance, refinancing, Reform, region, regional, regularly, regulatory, relationship, relax, reliability, reliance, relief, relocate, relocation, rely, remit, remitted, renamed, rendered, renew, renewable, renewal, renewed, rent, rental, reopened, repair, repatriate, repayable, repayment, replace, replacement, reputation, rescission, research, resell, reservation, reserve, reserved, residual, resignation, resold, resolution, resolve, respond, responding, restaurant, restrict, restricted, restricting, restriction, restrictive, resurgence, retail, retention, retroactive, retroactively, reverse, revocation, revoked, Riveron, robust, role, routine, Russia, safety, sanitation, satisfactory, SBA, scale, schedule, scheduled, scheduling, school, season, seasonal, seasonality, seasonally, secondary, secret, seemingly, segment, segregation, senior, sentiment, serve, served, seventeen, seventeenth, shop, shopping, shortage, shorten, shortened, shown, sick, Silverview, Silveview, similarly, simple, simplicity, site, sixteen, sixteenth, skilled, slowdown, slower, small, social, software, sophisticated, speak, speculation, spend, spending, spirit, spoiled, sporting, spring, square, staffing, standing, stimulate, storage, store, stored, strategic, Street, strike, stringent, strong, stronger, subminimum, subordinate, subordinated, subscribe, subsection, sue, suit, suitability, suitable, summary, summer, Sunday, supervision, supplied, supplier, supply, Supreme, susceptible, symbol, Sysco, tailor, talent, tampered, tampering, taxation, technical, technological, technology, temporarily, tenant, tendered, terrorist, theft, threaten, threshold, thwart, timeline, tip, tipped, titled, toxic, tracer, track, tracking, tradeable, trademark, traditional, traffic, train, training, tranche, transmission, transport, treated, trend, TripAdvisor, tthe, turn, turnover, twelfth, twelve, type, typical, typically, unanticipated, unauthorized, unclaimed, unclear, unconditionally, underling, underway, underwritten, undiscounted, undue, unemployment, unexercised, unexpired, unfamiliarity, unfavorable, unforeseen, uniform, union, Unionization, unionize, unionized, unique, unknown, unlawful, unlimited, unpaid, unplanned, unpredictable, unredeemed, unsuccessful, upgrade, upgrading, upheld, usage, vacation, vaccine, variant, vary, varying, venture, venue, video, view, viewed, violate, violation, virtue, visibility, visit, vulnerability, VWAP, wage, Wall, warming, Washington, waste, water, weaker, weather, wedding, week, wholesale, Willow, wine, winning, winter, workforce, workplace, workweek, worldwide, worsen, writing, wrongfully, WS, Yelp, York, zonal, zoning
Removed:
abuse, accessed, accretion, adjust, advisor, affiliate, allocated, allotted, America, Article, assessing, assign, ASU, avoidance, backstop, bearing, BTIG, Bulletin, calculating, Carlo, carry, cent, charged, commonly, comprehensive, Conditionally, confirming, conserve, consisted, de, declared, detached, detaching, determinable, deviation, doubt, drew, earliest, EDGAR, effecting, effectuate, embedded, ensuring, entitle, entitling, evidence, examination, excise, existed, exit, extending, facilitating, Federation, fee, formation, formulating, forward, fractional, framework, frequency, furnish, generating, hereof, hierarchy, history, identifying, inception, incorporated, indirect, institution, intention, invested, IR, irrevocable, knowledge, largest, lender, liquidate, loaned, maximize, measuring, member, military, minimize, Monte, month, nearest, negotiating, objective, observable, orderly, overhead, participate, partly, periodic, permanently, principally, priority, prudent, pursuit, questioning, quoted, reconvened, referenced, released, remeasure, remeasurement, removing, reorganization, repurchased, repurchasing, requisite, retrospectively, revise, Russian, satisfying, secretarial, seller, sentence, separately, separation, settle, settled, shelf, simulation, situation, Subtopic, surrendered, suspending, taxable, Topic, transferred, unadjusted, unconsolidated, underwriting, unobservable, unrealized, unsecured, upsize, utilizing, waive, waiver, withdraw, withdrawn
Financial report summary
?Risks
- Our market is highly competitive. We may not be able to compete favorably in the highly competitive out-of-home and home-based entertainment and dining markets, which could adversely affect our business, results of operations and financial condition.
- Our long-term growth is dependent on our ability to successfully identify and secure appropriate locations and timely develop and expand our operations in existing and new markets.
- We may encounter disruptions or delays in the construction of our facilities, which may impair our ability to grow.
- Fixed rental payments account for a significant portion of our operating expenses, which increases our vulnerability to general adverse economic and industry conditions and could limit our operating and financial flexibility.
- We may not be able to renew real property leases on favorable terms, or at all, and our landlords may not meet their financial obligations to us, either of which may require us to close a location or relocate and could adversely affect our business, results of operations and financial condition.
- Increased food commodity and energy costs could decrease our location-level operating profit margins or cause us to limit or otherwise modify our menu, which could adversely affect our business, results of operations and financial condition.
- Changes in the cost of labor could harm our business.
- Our inability to identify qualified individuals for our workforce could slow our growth and adversely impact our ability to operate our locations.
- The COVID-19 pandemic had a material adverse impact on our business, results of operations, liquidity and financial condition. Future outbreaks of COVID-19, other contagious diseases or other adverse public health developments in the United States or worldwide could have similar impacts on our business.
- Changes in economic conditions could materially affect our business, financial condition and results of operations.
- Damage to our reputation could negatively impact our business, financial condition and results of operations.
- Food safety and food-borne illness incidents may have an adverse effect on our business by not only reducing demand but also increasing operating costs.
- Shortages or interruptions in the supply or delivery of food products or other supplies could adversely affect our business, results of operations and financial condition.
- We have one principal supplier and a limited number of other suppliers and distributors for our food products and other supplies. If our suppliers or distributors are unable to fulfill their obligations under our arrangements with them, we could encounter supply shortages and incur higher costs.
- Our procurement of bowling and other equipment is dependent upon a few suppliers.
- Local conditions, events, adverse weather conditions and natural disasters could adversely affect our business.
- Our expansion into new markets may present increased risks due to our unfamiliarity with the area.
- As part of our growth strategy, we may pursue growing our business internationally, and the risks of doing business internationally could increase our costs, reduce our profits or disrupt our business.
- New locations, once opened, may not be profitable, and the performance of our existing locations may not be indicative of future results.
- Our failure to manage our growth effectively could harm our business and operating results.
- Our plans to open new locations, and the ongoing need for capital expenditures at our existing locations, may require additional capital.
- We depend on our founder and will depend on other key personnel.
- Unionization activities could disrupt our operations and affect our profitability.
- Our business is subject to seasonal and quarterly fluctuations.
- Because many of our locations are concentrated in local or regional areas, we are susceptible to economic and other trends and developments, including adverse weather conditions, in those areas.
- Changes in consumer preferences and buying patterns could negatively affect our results of operations.
- Our marketing strategies and channels will evolve and may not be successful.
- Legislation and regulations requiring the display and provision of nutritional information for our menu offerings, and new information or attitudes regarding diet and health or adverse opinions about the health effects of consuming our menu offerings, could affect consumer preferences and negatively impact our business, financial condition and results of operations.
- Our insurance may not provide adequate levels of coverage against claims.
- If we fail to develop and implement new technology, products and services, adapt our products and services to changes in technology and marketplace requirements, or if our ongoing efforts to upgrade our technology, products and services are not successful, we could lose customers.
- We may engage in merger and acquisition activities, joint ventures and other strategic ventures and investments that could require significant management attention, disrupt our business, dilute stockholder value and adversely affect our results of operations.
- Our current or future indebtedness could impair our financial condition and reduce the funds available to us for growth or other purposes. Our debt agreements impose certain operating and financial restrictions, with which failure to comply could result in an event of default that could adversely affect our business.
- Our management has identified material weaknesses in its internal control over financial reporting and may identify additional material weaknesses in the future. If we fail to remediate the material weaknesses or if we otherwise fail to establish and maintain effective control over financial reporting, our ability to accurately and timely report our financial results may be affected, and such failure may adversely affect investor confidence and business operations.
- We are subject to many federal, state and local laws with which compliance is both costly and complex.
- Our business is subject to risks related to our sale of alcoholic beverages.
- Higher health care costs and labor costs could adversely affect our business, results of operations and financial condition.
- Failure to comply with environmental laws, particularly regarding waste management, may negatively affect our business.
- We rely heavily on information technology, and any material failure, weakness, interruption or breach of security could prevent us from effectively operating our business.
- Security breaches of confidential customer information, in connection with our electronic processing of credit and debit card transactions or otherwise, or confidential employee information, may adversely affect our business, results of operations and financial condition.
- We may not be able to adequately protect our intellectual property, which, in turn, could harm the value of our brands and adversely affect our business, results of operations and financial condition.
- Changes to estimates related to our property, fixtures and equipment or operating results that are lower than our current estimates at certain locations may cause us to incur impairment charges on certain long-lived assets, which may adversely affect our business, results of operations and financial condition.
- Fluctuations in our tax obligations and effective tax rate and realization of our deferred tax assets may result in volatility of our operating results.
- Businesses in our industry have been the target of class action lawsuits and other proceedings that are costly, divert management attention and, if successful, could result in our payment of substantial damages or settlement costs.
- Customer complaints or litigation on behalf of our customers or employees may adversely affect our business, results of operations or financial condition.
- Our procurement of new games and amusement and entertainment offerings is contingent upon availability, and in some instances, our ability to obtain licensing rights.
- We face potential liability with our gift cards under the property laws of some states.
- Pursuant to the Director Designation Agreement, Dale Schwartz, our Chairman and Chief Executive Officer, has the right to designate a specified number of directors (initially four of seven) to Pinstripes’ Board and will retain certain other governance rights so long as he continues to beneficially own a certain number of shares of Pinstripes Class A Common Stock, and his interests may conflict with ours or our stockholders’ in the future.
- Delaware law, the Charter and the Bylaws contain certain provisions, including anti-takeover provisions, that limit the ability of stockholders to take certain actions and could delay or discourage takeover attempts that stockholders may consider favorable.
- The Charter limits director and officer liability and provides for director and officer indemnification.
- We are an “emerging growth company” and a “smaller reporting company” and are able to avail ourselves of reduced disclosure requirements applicable to emerging growth companies or smaller reporting companies, which could make the Pinstripes Class A Common Stock less attractive to investors.
- We may issue shares of preferred stock in the future, which could make it difficult for another company to acquire us or could otherwise adversely affect holders of the Pinstripes Class A Common Stock, which could depress the price of the Pinstripes Class A Common Stock.
- We will incur increased costs as a result of becoming a public company and in the administration of our organizational structure.
- We may not be able to timely and effectively implement controls and procedures required by Section 404 of the Sarbanes-Oxley Act, which is applicable to us after the Business Combination and the transactions related thereto are consummated.
- Pinstripes’ stockholders may be required to bring certain actions or proceedings relating to us in the Delaware Court of Chancery and certain actions asserting claims arising under the Securities Act in the federal district courts of the United States.
- Members of Pinstripes’ management team have no or limited experience in operating a public company.
- Our new independent auditing firm may interpret accounting rules differently than our old independent auditing firm.
- There can be no assurance that we will be able to comply with the continued listing standards of the NYSE, which could result in the delisting of our securities, limit investors’ ability to make transactions in our securities and subject us to additional trading restrictions.
- We cannot assure you that an active trading market for the Pinstripes Class A Common Stock will develop or be sustained after the closing of the Business Combination.
- If securities analysts do not publish research or reports about our business or if they publish negative evaluations of the Pinstripes Class A Common Stock, the price of the Pinstripes Class A Common Stock could decline.
- If Pinstripes’ operating and financial performance in any given period does not meet the guidance that we provide to the public, our stock price may decline.
- The market price of Pinstripes Class A Common Stock and Warrants (as defined below) substantially declined following the Business Combination. If the perceived benefits of the Business Combination do not meet the expectations of investors, securityholders or financial analysts, the market price for the Pinstripes Class A Common Stock may further decline.
- Substantial future sales of the Pinstripes Class A Common Stock, or the perception in the public markets that these sales may occur, may depress our stock price.
- The historical financial results of Pinstripes included elsewhere in the Quarterly Report may not be indicative of what Pinstripes’ actual financial position or results of operations would have been.
- We do not expect to pay any cash dividends in the foreseeable future.
- We are a holding company with no operations of our own, and will depend on our subsidiaries for cash.
- We have broad discretion in the use of the net proceeds from the Business Combination and related financings and may not use them effectively.
- Because Pinstripes became a public reporting company by means other than a traditional underwritten initial public offering, Pinstripes’ stockholders may face additional risks and uncertainties.
- There is no guarantee that the Public Warrants or the Private Warrants will ever be in the money, and, as such, they may expire worthless and we may receive no proceeds from the exercise of the Public Warrants or Private Warrants.
- We may redeem the unexpired Public Warrants prior to their exercise at a time that is disadvantageous to the holders thereof, thereby making the Public Warrants worthless.
- We may amend the terms of the Public Warrants in a manner that may be adverse to holders of Public Warrants with the approval by the holders of at least 65% of the then-outstanding Public Warrants. As a result, the exercise price of the Public Warrants could be increased, the exercise period could be shortened and the number of shares of Pinstripes Class A Common Stock purchasable upon exercise of a Public Warrant could be decreased, without the approval of all the Public Warrant holders.
Management Discussion
- We operate in one operating and reportable segment.
- The increase in revenue for the third quarter of fiscal 2024 compared to the third quarter of fiscal 2023 was primarily due to increases in volume of open play and private events business at our legacy 13 locations, having two new stores open in the third quarter of fiscal 2024 compared to fiscal 2023, and modest price increases in menu and game offerings. Increases in total revenue from volume, including new store openings, represented 82% of our total revenue increase while price increases represented 18% of our total revenue increase.
- The increase in food and beverage costs for the third quarter of fiscal 2024 compared to the third quarter of fiscal 2023 was due to an increase in food and beverage sales, which was partially offset by reduced food and beverage costs of approximately $94 as a result of menu optimization and food cost efficiency efforts initiated at the beginning of fiscal 2024.