☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 35-2382255 | |
(State of Incorporation) | (I.R.S. Employer ID) | |
2481 Mañana Drive, Dallas, Texas, 75220 | (214) 357-9588 | |
(Address of principal executive offices) (Zip Code) | (Registrant’s telephone number) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Common Stock $0.01 par value | PLAY | NASDAQ Global Select Market |
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||
Emerging Growth Company | ☐ |
Page | ||||||
PART I | ||||||
Item 1. | 3 | |||||
Item 2. | ||||||
Item 3. | ||||||
Item 4. | ||||||
PART II | ||||||
Item 1. | ||||||
Item 1A. | ||||||
Item 2. | ||||||
Item 6. | ||||||
Item | Financial Statements |
August 1, | January 31, | ||||||||||||||||
May 2, 2021 | January 31, 2021 | 2021 | 2021 | ||||||||||||||
(unaudited) | (audited) | (unaudited) | (audited) | ||||||||||||||
ASSETS | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash and cash equivalents | $ | 20,154 | $ | 11,891 | $ | 107,801 | $ | 11,891 | |||||||||
Inventories | 22,812 | 23,807 | 23,811 | 23,807 | |||||||||||||
Prepaid expenses | 11,681 | 11,878 | 10,673 | 11,878 | |||||||||||||
Income taxes receivable | 55,224 | 70,064 | 51,639 | 70,064 | |||||||||||||
Other current assets | 1,572 | 1,231 | 2,031 | 1,231 | |||||||||||||
Total current assets | 111,443 | 118,871 | 195,955 | 118,871 | |||||||||||||
Property and equipment (net of $832,079 and $798,804 accumulated depreciation as of May 2, 2021 and January 31, 2021, respectively) | 792,296 | 815,027 | |||||||||||||||
Property and equipment (net of $862,568 and $798,804 accumulated depreciation as of August 1, 2021 and January 31, 2021, respectively) | 785,227 | 815,027 | |||||||||||||||
Operating lease right of use assets | 1,029,315 | 1,037,569 | 1,018,558 | 1,037,569 | |||||||||||||
Deferred tax assets | 7,451 | 5,874 | 7,313 | 5,874 | |||||||||||||
Tradenames | 79,000 | 79,000 | 79,000 | 79,000 | |||||||||||||
Goodwill | 272,552 | 272,597 | 272,570 | 272,597 | |||||||||||||
Other assets and deferred charges | 25,918 | 23,886 | 25,882 | 23,886 | |||||||||||||
Total assets | $ | 2,317,975 | $ | 2,352,824 | $ | 2,384,505 | $ | 2,352,824 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Accounts payable | $ | 39,418 | $ | 36,400 | $ | 34,227 | $ | 36,400 | |||||||||
Accrued liabilities | 238,511 | 234,790 | 272,062 | 234,790 | |||||||||||||
Income taxes payable | 1,291 | 446 | 2,644 | 446 | |||||||||||||
Total current liabilities | 279,220 | 271,636 | 308,933 | 271,636 | |||||||||||||
Deferred income taxes | 10,910 | 13,658 | 11,405 | 13,658 | |||||||||||||
Operating lease liabilities | 1,258,169 | 1,267,791 | 1,248,038 | 1,267,791 | |||||||||||||
Other liabilities | 53,932 | 50,119 | 48,438 | 50,119 | |||||||||||||
Long-term debt, net | 537,102 | 596,388 | 537,816 | 596,388 | |||||||||||||
Commitments and contingencies | 0 | 0 | 0 | ||||||||||||||
Stockholders’ equity: | |||||||||||||||||
Common stock, par value $0.01; authorized: 400,000,000 shares; issued: 60,691,906 shares at May 2, 2021 and 60,488,833 shares at January 31, 2021; outstanding: 47,844,608 shares at May 2, 2021 and 47,646,606 shares at January 31, 2021 | 607 | 605 | |||||||||||||||
Common stock, par value $0.01; authorized: 400,000,000 shares; issued: 61,276,473 shares at August 1, 2021 and 60,488,833 shares at January 31, 2021; outstanding: 48,256,375 shares at August 1, 2021 and 47,646,606 shares at January 31, 2021 | 613 | 605 | |||||||||||||||
Preferred stock, 50,000,000 authorized; NaN issued | 0— | 0— | 0— | 0— | |||||||||||||
Paid-in capital | 535,768 | 531,191 | 540,348 | 531,191 | |||||||||||||
Treasury stock, 12,847,298 and 12,842,227 shares as of May 2, 2021 and January 31, 2021, respectively | (596,206 | ) | (595,970 | ) | |||||||||||||
Treasury stock, 13,020,098 and 12,842,227 shares as of August 1, 2021 and January 31, 2021, respectively | (603,686 | ) | (595,970 | ) | |||||||||||||
Accumulated other comprehensive loss | (7,653 | ) | (9,085 | ) | (6,296 | ) | (9,085 | ) | |||||||||
Retained earnings | 246,126 | 226,491 | 298,896 | 226,491 | |||||||||||||
Total stockholders’ equity | 178,642 | 153,232 | 229,875 | 153,232 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 2,317,975 | $ | 2,352,824 | $ | 2,384,505 | $ | 2,352,824 | |||||||||
Thirteen Weeks | Thirteen Weeks | |||||||
Ended | Ended | |||||||
August 1, 2021 | August 2, 2020 | |||||||
Food and beverage revenues | $ | 123,006 | $ | 17,002 | ||||
Amusement and other revenues | 254,632 | 33,831 | ||||||
Total revenues | 377,638 | 50,833 | ||||||
Cost of food and beverage | 33,127 | 4,659 | ||||||
Cost of amusement and other | 24,584 | 4,025 | ||||||
Total cost of products | 57,711 | 8,684 | ||||||
Operating payroll and benefits | 80,623 | 13,756 | ||||||
Other store operating expenses | 105,116 | 62,682 | ||||||
General and administrative expenses | 18,470 | 9,278 | ||||||
Depreciation and amortization expense | 34,875 | 35,160 | ||||||
Pre-opening costs | 1,676 | 2,388 | ||||||
Total operating costs | 298,471 | 131,948 | ||||||
Operating income (loss) | 79,167 | (81,115 | ) | |||||
Interest expense, net | 13,728 | 8,163 | ||||||
Income (loss) before provision (benefit) for income taxes | 65,439 | (89,278 | ) | |||||
Provision (benefit) for income taxes | 12,669 | (30,676 | ) | |||||
Net income (loss) | 52,770 | (58,602 | ) | |||||
Unrealized foreign currency translation gain (loss) | (15 | ) | 304 | |||||
Unrealized gain on derivatives, net of tax | 1,372 | 1,372 | ||||||
Total other comprehensive income | 1,357 | 1,676 | ||||||
Total comprehensive income (loss) | $ | 54,127 | $ | (56,926 | ) | |||
Net income (loss) per share: | ||||||||
Basic | $ | 1.10 | $ | (1.24 | ) | |||
Diluted | $ | 1.07 | $ | (1.24 | ) | |||
Weighted average shares used in per share calculations: | ||||||||
Basic | 48,178,611 | 47,111,763 | ||||||
Diluted | 49,229,817 | 47,111,763 |
Thirteen Weeks Ended May 2, 2021 | Thirteen Weeks Ended May 3, 2020 | |||||||
Food and beverage revenues | $ | 85,758 | $ | 63,920 | ||||
Amusement and other revenues | 179,582 | 95,886 | ||||||
Total revenues | 265,340 | 159,806 | ||||||
Cost of food and beverage | 23,157 | 17,344 | ||||||
Cost of amusement and other | 16,614 | 10,728 | ||||||
Total cost of products | 39,771 | 28,072 | ||||||
Operating payroll and benefits | 50,279 | 43,737 | ||||||
Other store operating expenses | 84,445 | 95,672 | ||||||
General and administrative expenses | 17,091 | 14,563 | ||||||
Depreciation and amortization expense | 35,099 | 35,352 | ||||||
Pre-opening costs | 1,659 | 3,823 | ||||||
Total operating costs | 228,344 | 221,219 | ||||||
Operating income (loss) | 36,996 | (61,413 | ) | |||||
Interest expense, net | 14,820 | 6,115 | ||||||
Income (loss) before provision (benefit) for income taxes | 22,176 | (67,528 | ) | |||||
Provision (benefit) for income taxes | 2,541 | (23,984 | ) | |||||
Net income (loss) | 19,635 | (43,544 | ) | |||||
Unrealized foreign currency translation gain (loss) | 61 | (435 | ) | |||||
Unrealized gain (loss) on derivatives, net of tax | 1,371 | (4,949 | ) | |||||
Total other comprehensive income (loss) | 1,432 | (5,384 | ) | |||||
Total comprehensive income (loss) | $ | 21,067 | $ | (48,928 | ) | |||
Net income (loss) per share: | ||||||||
Basic | $ | 0.41 | $ | (1.37 | ) | |||
Diluted | $ | 0.40 | $ | (1.37 | ) | |||
Weighted average shares used in per share calculations: | ||||||||
Basic | 47,695,705 | 31,829,985 | ||||||
Diluted | 49,331,092 | 31,829,985 |
Thirteen Weeks Ended May 2, 2021 | ||||||||||||||||||||||||||||||||
Common Stock | Paid-In | Treasury Stock At Cost | Accumulated Other Comprehensive | Retained | ||||||||||||||||||||||||||||
Shares | Amt. | Capital | Shares | Amt. | Loss | Earnings | Total | |||||||||||||||||||||||||
Balance January 31, 2021 | 60,488,833 | $ | 605 | $ | 531,191 | 12,842,227 | $ | (595,970 | ) | $ | (9,085 | ) | $ | 226,491 | $ | 153,232 | ||||||||||||||||
Net income | — | — | — | — | — | 19,635 | 19,635 | |||||||||||||||||||||||||
Unrealized foreign currency | — | — | — | — | — | 61 | — | 61 | ||||||||||||||||||||||||
Unrealized gain on derivatives, | — | — | — | — | — | 1,371 | — | 1,371 | ||||||||||||||||||||||||
Share-based compensation | — | — | 2,971 | — | — | — | — | 2,971 | ||||||||||||||||||||||||
Issuance of common stock | 203,073 | 2 | 1,606 | — | — | — | — | 1,608 | ||||||||||||||||||||||||
Repurchase of common stock | — | — | — | 5,071 | (236 | ) | — | — | (236 | ) | ||||||||||||||||||||||
Balance May 2, 2021 | 60,691,906 | $ | 607 | $ | 535,768 | 12,847,298 | $ | (596,206 | ) | $ | (7,653 | ) | $ | 246,126 | $ | 178,642 | ||||||||||||||||
Thirteen Weeks Ended May 3, 2020 | ||||||||||||||||||||||||||||||||
Common Stock | Paid-In | Treasury Stock At Cost | Accumulated Other Comprehensive | Retained | ||||||||||||||||||||||||||||
Shares | Amt. | Capital | Shares | Amt. | Loss | Earnings | Total | |||||||||||||||||||||||||
Balance February 2, 2020 | 43,386,852 | $ | 434 | $ | 339,161 | 12,783,512 | $ | (595,041 | ) | $ | (8,369 | ) | $ | 433,465 | $ | 169,650 | ||||||||||||||||
Net loss | — | — | — | — | — | — | (43,544 | ) | (43,544 | ) | ||||||||||||||||||||||
Unrealized foreign currency translation loss | — | — | — | — | — | (435 | ) | — | (435 | ) | ||||||||||||||||||||||
Unrealized loss on derivatives, net of tax | — | — | — | — | — | (4,949 | ) | — | (4,949 | ) | ||||||||||||||||||||||
Share-based compensation | — | — | (389 | ) | — | — | — | — | (389 | ) | ||||||||||||||||||||||
Issuance of common stock | 6,191,499 | 62 | 72,276 | — | — | — | — | 72,338 | ||||||||||||||||||||||||
Repurchase of common stock | — | — | 3,112 | (36 | ) | — | — | (36 | ) | |||||||||||||||||||||||
Balance May 3, 2020 | 49,578,351 | $ | 496 | $ | 411,048 | 12,786,624 | $ | (595,077 | ) | $ | (13,753 | ) | $ | 389,921 | $ | 192,635 | ||||||||||||||||
Twenty-Six Weeks | Twenty-Six Weeks | |||||||
Ended | Ended | |||||||
August 1, 2021 | August 2, 2020 | |||||||
Food and beverage revenues | $ | 208,764 | $ | 80,922 | ||||
Amusement and other revenues | 434,214 | 129,717 | ||||||
Total revenues | 642,978 | 210,639 | ||||||
Cost of food and beverage | 56,284 | 22,003 | ||||||
Cost of amusement and other | 41,198 | 14,753 | ||||||
Total cost of products | 97,482 | 36,756 | ||||||
Operating payroll and benefits | 130,902 | 57,493 | ||||||
Other store operating expenses | 189,561 | 158,354 | ||||||
General and administrative expenses | 35,561 | 23,841 | ||||||
Depreciation and amortization expense | 69,974 | 70,512 | ||||||
Pre-opening costs | 3,335 | 6,211 | ||||||
Total operating costs | 526,815 | 353,167 | ||||||
Operating income (loss) | 116,163 | (142,528 | ) | |||||
Interest expense, net | 28,548 | 14,278 | ||||||
Income (loss) before provision (benefit) for income taxes | 87,615 | (156,806 | ) | |||||
Provision (benefit) for income taxes | 15,210 | (54,660 | ) | |||||
Net income (loss) | 72,405 | (102,146 | ) | |||||
Unrealized foreign currency translation gain (loss) | 46 | (131 | ) | |||||
Unrealized gain (loss) on derivatives, net of tax | 2,743 | (3,577 | ) | |||||
Total other comprehensive income (loss) | 2,789 | (3,708 | ) | |||||
Total comprehensive income (loss) | $ | 75,194 | $ | (105,854 | ) | |||
Net income (loss) per share: | ||||||||
Basic | $ | 1.51 | $ | (2.59 | ) | |||
Diluted | $ | 1.47 | $ | (2.59 | ) | |||
Weighted average shares used in per share calculations: | ||||||||
Basic | 47,937,158 | 39,470,874 | ||||||
Diluted | 49,272,693 | 39,470,874 |
Thirteen Weeks Ended August 1, 2021 | ||||||||||||||||||||||||||||||||
Accumulated | ||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||
Paid-In | Treasury Stock | Comprehensive | Retained | |||||||||||||||||||||||||||||
Common Stock | Capital | At Cost | Loss | Earnings | Total | |||||||||||||||||||||||||||
Shares | Amt. | Shares | Amt. | |||||||||||||||||||||||||||||
Balance May 2, 2021 | 60,691,906 | $ | 607 | $ | 535,768 | 12,847,298 | $ | (596,206 | ) | $ | (7,653 | ) | $ | 246,126 | $ | 178,642 | ||||||||||||||||
Net income | — | — | — | — | — | — | 52,770 | 52,770 | ||||||||||||||||||||||||
Unrealized foreign currency translation loss | — | — | — | — | — | (15 | ) | — | (15 | ) | ||||||||||||||||||||||
Unrealized gain on derivatives, net of tax | — | — | — | — | — | 1,372 | — | 1,372 | ||||||||||||||||||||||||
Share-based compensation | — | — | 3,187 | — | — | — | — | 3,187 | ||||||||||||||||||||||||
Issuance of common stock | 584,567 | 6 | 1,393 | — | — | — | — | 1,399 | ||||||||||||||||||||||||
Repurchase of common stock | — | — | — | 172,800 | (7,480 | ) | — | — | (7,480 | ) | ||||||||||||||||||||||
Balance August 1, 2021 | 61,276,473 | $ | 613 | $ | 540,348 | 13,020,098 | $ | (603,686 | ) | $ | (6,296 | ) | $ | 298,896 | $ | 229,875 | ||||||||||||||||
Thirteen Weeks Ended August 2, 2020 | ||||||||||||||||||||||||||||||||
Accumulated | ||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||
Paid-In | Treasury Stock | Comprehensive | Retained | |||||||||||||||||||||||||||||
Common Stock | Capital | At Cost | Loss | Earnings | Total | |||||||||||||||||||||||||||
Shares | Amt. | Shares | Amt. | |||||||||||||||||||||||||||||
Balance May 3, 2020 | 49,578,351 | $ | 496 | $ | 411,048 | 12,786,624 | $ | (595,077) | $ | (13,753) | $ | 389,921 | $ | 192,635 | ||||||||||||||||||
Net loss | — | — | — | — | — | — | (58,602 | ) | (58,602 | ) | ||||||||||||||||||||||
Unrealized foreign currency translation gain | — | — | — | — | — | 304 | — | 304 | ||||||||||||||||||||||||
Unrealized gain on derivatives, net of tax | — | — | — | — | — | 1,372 | — | 1,372 | ||||||||||||||||||||||||
Share-based compensation | — | — | 2,734 | — | — | — | — | 2,734 | ||||||||||||||||||||||||
Issuance of common stock | 10,843,861 | 108 | 112,471 | — | — | — | — | 112,579 | ||||||||||||||||||||||||
Repurchase of common stock | — | — | 40,676 | (651 | ) | — | — | (651 | ) | |||||||||||||||||||||||
Balance August 2, 2020 | 60,422,212 | $ | 604 | $ | 526,253 | 12,827,300 | $ | (595,728) | $ | (12,077) | $ | 331,319 | $ | 250,371 | ||||||||||||||||||
Twenty-Six Weeks Ended August 1, 2021 | ||||||||||||||||||||||||||||||||
Accumulated | ||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||
Paid-In | Treasury Stock | Comprehensive | Retained | |||||||||||||||||||||||||||||
Common Stock | Capital | At Cost | Loss | Earnings | Total | |||||||||||||||||||||||||||
Shares | Amt. | Shares | Amt. | |||||||||||||||||||||||||||||
Balance January 31, 2021 | 60,488,833 | $ | 605 | $ | 531,191 | 12,842,227 | $ | (595,970 | ) | $ | (9,085 | ) | $ | 226,491 | $ | 153,232 | ||||||||||||||||
Net income | — | — | — | — | — | — | 72,405 | 72,405 | ||||||||||||||||||||||||
Unrealized foreign currency translation gain | — | — | — | — | — | 46 | — | 46 | ||||||||||||||||||||||||
Unrealized gain on derivatives, net of tax | — | — | — | — | — | 2,743 | — | 2,743 | ||||||||||||||||||||||||
Share-based compensation | — | — | 6,158 | — | — | — | — | 6,158 | ||||||||||||||||||||||||
Issuance of common stock | 787,640 | 8 | 2,999 | — | — | — | — | 3,007 | ||||||||||||||||||||||||
Repurchase of common stock | — | — | — | 177,871 | (7,716 | ) | — | — | (7,716 | ) | ||||||||||||||||||||||
Balance August 1, 2021 | 61,276,473 | $ | 613 | $ | 540,348 | 13,020,098 | $ | (603,686 | ) | $ | (6,296 | ) | $ | 298,896 | $ | 229,875 | ||||||||||||||||
Twenty-Six Weeks Ended August 2, 2020 | ||||||||||||||||||||||||||||||||
Accumulated | ||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||
Paid-In | Treasury Stock | Comprehensive | Retained | |||||||||||||||||||||||||||||
Common Stock | Capital | At Cost | Loss | Earnings | Total | |||||||||||||||||||||||||||
Shares | Amt. | Shares | Amt. | |||||||||||||||||||||||||||||
Balance February 2, 2020 | 43,386,852 | $ | 434 | $ | 339,161 | 12,783,512 | $ | (595,041) | $ | (8,369) | $ | 433,465 | $ | 169,650 | ||||||||||||||||||
Net loss | — | — | — | — | — | — | (102,146 | ) | (102,146 | ) | ||||||||||||||||||||||
Unrealized foreign currency translation loss | — | — | — | — | — | (131 | ) | — | (131 | ) | ||||||||||||||||||||||
Unrealized loss on derivatives, net of tax | — | — | — | — | — | (3,577 | ) | — | (3,577 | ) | ||||||||||||||||||||||
Share-based compensation | — | — | 2,345 | — | — | — | — | 2,345 | ||||||||||||||||||||||||
Issuance of common stock | 17,035,360 | 170 | 184,747 | — | — | — | — | 184,917 | ||||||||||||||||||||||||
Repurchase of common stock | — | — | 43,788 | (687 | ) | — | — | (687 | ) | |||||||||||||||||||||||
Balance August 2, 2020 | 60,422,212 | $ | 604 | $ | 526,253 | 12,827,300 | $ | (595,728 | ) | $ | (12,077 | ) | $ | 331,319 | $ | 250,371 | ||||||||||||||||
Thirteen Weeks Ended May 2, 2021 | Thirteen Weeks Ended May 3, 2020 | Twenty-Six Weeks Ended August 1, 2021 | Twenty-Six Weeks Ended August 2, 2020 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | 19,635 | $ | (43,544 | ) | $ | 72,405 | $ | (102,146 | ) | ||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||
Depreciation and amortization expense | 35,099 | 35,352 | 69,974 | 70,512 | ||||||||||||
Non-cash interest expense | 1,887 | 314 | 3,774 | 2,201 | ||||||||||||
Impairment of long-lived assets | — | 11,549 | — | 13,727 | ||||||||||||
Deferred taxes | (4,840 | ) | (892 | ) | (4,723 | ) | (31,609 | ) | ||||||||
Loss on disposal of fixed assets | 145 | 153 | 257 | 417 | ||||||||||||
Share-based compensation | 2,971 | (389 | ) | 6,158 | 2,345 | |||||||||||
Other, net | 950 | (156 | ) | 2,127 | 173 | |||||||||||
Changes in assets and liabilities: | ||||||||||||||||
Inventories | 995 | (249 | ) | (4 | ) | 3,288 | ||||||||||
Prepaid expenses | 197 | 1,828 | 1,405 | 2,089 | ||||||||||||
Income tax receivable | 14,840 | (20,910 | ) | 18,425 | (21,474 | ) | ||||||||||
Other current assets | (341 | ) | 1,271 | (800 | ) | 2,311 | ||||||||||
Other assets and deferred charges | (2,097 | ) | (110 | ) | (2,503 | ) | 107 | |||||||||
Accounts payable | 1,173 | 21,441 | (4,918 | ) | 6,646 | |||||||||||
Accrued liabilities | 8,667 | 11,647 | 39,187 | 37,522 | ||||||||||||
Income taxes payable | 845 | (1,847 | ) | 2,198 | (2,430 | ) | ||||||||||
Other liabilities | (2,930 | ) | 1,359 | (4,874 | ) | 2,817 | ||||||||||
Net cash provided by operating activities | 77,196 | 16,817 | ||||||||||||||
Net cash provided by (used in) operating activities | 198,088 | (13,504 | ) | |||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Capital expenditures | (10,359 | ) | (55,168 | ) | (37,915 | ) | (63,486 | ) | ||||||||
Proceeds from sales of property and equipment | 54 | 18 | 446 | 152 | ||||||||||||
Net cash used in investing activities | (10,305 | ) | (55,150 | ) | (37,469 | ) | (63,334 | ) | ||||||||
Cash flows from financing activities: | ||||||||||||||||
Proceeds from debt | 19,000 | 138,000 | 37,000 | 138,000 | ||||||||||||
Payments of debt | (79,000 | ) | (34,750 | ) | (97,000 | ) | (38,500 | ) | ||||||||
Net proceeds from the issuance of common stock | — | 72,144 | — | 182,207 | ||||||||||||
Proceeds from the exercise of stock options | 1,608 | 44 | 3,007 | 359 | ||||||||||||
Dividends paid | — | (4,891 | ) | — | (4,891 | ) | ||||||||||
Repurchases of common stock to satisfy employee withholding tax obligations | (236 | ) | (36 | ) | (7,716 | ) | (687 | ) | ||||||||
Net cash provided by (used in) financing activities | (58,628 | ) | 170,511 | (64,709 | ) | 276,488 | ||||||||||
Increase in cash and cash equivalents | 8,263 | 132,178 | 95,910 | 199,650 | ||||||||||||
Beginning cash and cash equivalents | 11,891 | 24,655 | 11,891 | 24,655 | ||||||||||||
Ending cash and cash equivalents | $ | 20,154 | $ | 156,833 | $ | 107,801 | $ | 224,305 | ||||||||
Supplemental disclosures of cash flow information: | ||||||||||||||||
Increase (decrease) in fixed asset accounts payable | $ | 1,845 | $ | (7,717 | ) | $ | 2,745 | $ | (12,466 | ) | ||||||
Cash paid (refund received) for income taxes, net | $ | (8,525 | ) | $ | (357 | ) | $ | (1,189 | ) | $ | 752 | |||||
Cash paid for interest, net | $ | 22,525 | $ | 5,574 | $ | 22,978 | $ | 11,295 |
Fair Value | ||||||||||||
Balance Sheet Location | May 2, 2021 | January 31, 2021 | ||||||||||
Interest rate swaps | Accrued liabilities | $ | (8,184 | ) | $ | (8,350 | ) | |||||
Interest rate swaps | Other liabilities | (2,366 | ) | (4,416 | ) | |||||||
Total derivatives | $ | (10,550 | ) | $ | (12,766 | ) | ||||||
Fair Value | ||||||||||||
Balance Sheet Location | August 1, 2021 | January 31, 2021 | ||||||||||
Interest rate swaps | Accrued liabilities | $ | (8,300 | ) | $ | (8,350 | ) | |||||
Interest rate swaps | Other liabilities | (373 | ) | (4,416 | ) | |||||||
Total derivatives | $ | (8,673 | ) | $ | (12,766 | ) | ||||||
Thirteen weeks ended May 2, 2021 | Thirteen weeks ended May 3, 2020 | |||||||
Amount of loss recorded in accumulated other comprehensive income | $ | 0 | $ | 7,602 | ||||
Amount of loss reclassified into income (1) | $ | (1,887 | ) | $ | (793 | ) | ||
Income tax expense (benefit) in accumulated other comprehensive income | $ | 516 | $ | (1,860 | ) |
Thirteen weeks ended | Twenty-six weeks ended | |||||||||||||||
August 1, 2021 | August 2, 2020 | August 1, 2021 | August 2, 2020 | |||||||||||||
Loss recorded in accumulated other comprehensive income | $ | 0 | $ | 0 | $ | — | $ | 7,602 | ||||||||
Loss reclassified into income (1) | $ | (1,887 | ) | $ | (1,887 | ) | $ | (3,774 | ) | $ | (2,680 | ) | ||||
Income tax expense (benefit) in accumulated other | ||||||||||||||||
comprehensive income | $ | 515 | $ | 515 | $ | 1,031 | $ | (1,345 | ) |
(1) | Amounts reclassified into income are included in “Interest expense, net” in the Consolidated Statements of Comprehensive Income (Loss). |
Thirteen weeks ended | Twenty-Six weeks ended | |||||||||||||||
August 1, 2021 | August 2, 2020 | August 1, 2021 | August 2, 2020 | |||||||||||||
Basic weighted average shares outstanding | 48,178,611 | 47,111,763 | 47,937,158 | 39,470,874 | ||||||||||||
Weighted average dilutive impact of awards (1) | 1,051,206 | 0 | 1,335,535 | 0 | ||||||||||||
Diluted weighted average shares outstanding | 49,229,817 | 47,111,763 | 49,272,693 | 39,470,874 |
Thirteen weeks ended May 2, 2021 | Thirteen weeks ended May 3, 2020 | |||||||
Basic weighted average shares outstanding | 47,695,705 | 31,829,985 | ||||||
Weighted average dilutive impact of awards (1) | 1,635,387 | 0 | ||||||
Diluted weighted average shares outstanding | 49,331,092 | 31,829,985 |
(1) | Amounts exclude all potential common and common equivalent shares for periods when there is a net loss. |
May 2, 2021 | January 31, 2021 | August 1, 2021 | January 31, 2021 | |||||||||||||
Deferred amusement revenue | $ | 87,638 | $ | 78,852 | $ | 95,380 | $ | 78,852 | ||||||||
Current portion of operating lease liabilities, net (1) | 52,212 | 46,471 | 49,699 | 46,471 | ||||||||||||
Compensation and benefits | 33,325 | 13,846 | ||||||||||||||
Current portion of deferred occupancy costs | 23,587 | 36,121 | 23,223 | 36,121 | ||||||||||||
Compensation and benefits | 19,208 | 13,846 | ||||||||||||||
Accrued interest | 10,748 | 11,321 | ||||||||||||||
Deferred gift card revenue | 10,513 | 10,918 | 10,317 | 10,918 | ||||||||||||
Property taxes | 8,222 | 8,149 | 10,154 | 8,149 | ||||||||||||
Current portion of derivatives | 8,184 | 8,350 | 8,300 | 8,350 | ||||||||||||
Sales and use taxes | 6,148 | 1,385 | ||||||||||||||
Utilities | 5,638 | 4,151 | ||||||||||||||
Current portion of long-term insurance | 5,000 | 5,100 | 5,000 | 5,100 | ||||||||||||
Utilities | 4,559 | 4,151 | ||||||||||||||
Sales and use taxes | 3,829 | 1,385 | ||||||||||||||
Customer deposits | 2,577 | 1,373 | 2,695 | 1,373 | ||||||||||||
Accrued interest | 490 | 11,321 | ||||||||||||||
Other | 12,492 | 8,753 | 11,435 | 8,753 | ||||||||||||
Total accrued liabilities | $ | 238,511 | $ | 234,790 | $ | 272,062 | $ | 234,790 | ||||||||
(1) | The balance of leasehold incentive receivables of as of August 1, 2021 and January 31, 2021, respectively, is reflected as a reduction of the current portion of operating lease liabilities. |
May 2, 2021 | January 31, 2021 | August 1, 2021 | January 31, 2021 | |||||||||||||
Senior secured notes | $ | 550,000 | $ | 550,000 | $ | 550,000 | $ | 550,000 | ||||||||
Credit facility - revolver | 0 | 60,000 | ||||||||||||||
Credit facility — revolver | 0 | 60,000 | ||||||||||||||
Total debt outstanding | 550,000 | 610,000 | 550,000 | 610,000 | ||||||||||||
Less debt issuance costs | (12,898 | ) | (13,612 | ) | (12,184 | ) | (13,612 | ) | ||||||||
Long-term debt, net | $ | 537,102 | $ | 596,388 | $ | 537,816 | $ | 596,388 | ||||||||
Thirteen Weeks Ended | Thirteen Weeks Ended | Twenty- S ix Weeks Ended | ||||||||||||||||||||||
May 2, 2021 | May 3, 2020 | August 1, 2021 | August 2, 2020 | August 1, 2021 | August 2, 2020 | |||||||||||||||||||
Interest expense on debt | $ | 12,101 | 5,299 | $ | 11,038 | $ | 5,865 | $ | 23,139 | $ | 11,163 | |||||||||||||
Interest associated with swap agreements | 1,887 | 793 | 1,887 | 1,887 | 3,774 | 2,680 | ||||||||||||||||||
Amortization of issuance cost | 1,102 | 242 | 1,103 | 411 | 2,205 | 654 | ||||||||||||||||||
Interest income | 0 | (22 | ) | 0 | 0 | 0 | (22 | ) | ||||||||||||||||
Capitalized interest | (270 | ) | (197 | ) | (300 | ) | 0 | (570 | ) | (197 | ) | |||||||||||||
Total interest expense, net | $ | 14,820 | $ | 6,115 | $ | 13,728 | $ | 8,163 | $ | 28,548 | $ | 14,278 | ||||||||||||
Thirteen Weeks Ended | ||||||||
May 2, 2021 | May 3, 2020 | |||||||
Operating lease cost | $ | 33,294 | 33,563 | |||||
Variable lease cost | 7,389 | 7,366 | ||||||
Short-term lease cost | 123 | 87 | ||||||
Total | $ | 40,806 | $ | 41,016 | ||||
Thirteen Weeks Ended | Twenty-Six Weeks Ended | |||||||||||||||
August 1, 2021 | August 2, 2020 | August 1, 2021 | August 2, 2020 | |||||||||||||
Operating lease cost | $ | 33,297 | 33,321 | $ | 66,591 | 66,884 | ||||||||||
Variable lease cost | 7,241 | 5,688 | 14,630 | 13,054 | ||||||||||||
Short-term lease cost | 187 | 140 | 310 | 227 | ||||||||||||
Total | $ | 40,725 | $ | 39,149 | $ | 81,531 | $ | 80,165 | ||||||||
Thirteen Weeks Ended | ||||||||
May 2, 2021 | May 3, 2020 | |||||||
Stock options | $ | 274 | 540 | |||||
Restricted stock units | 2,697 | (929 | ) | |||||
Share-based compensation expense | $ | 2,971 | $ | (389 | ) | |||
Thirteen Weeks Ended | Twenty-Six Weeks Ended | |||||||||||||||
August 1, 2021 | August 2, 2020 | August 1, 2021 | August 2, 2020 | |||||||||||||
Stock options | $ | 84 | 290 | $ | 358 | 830 | ||||||||||
Restricted stock units | 3,103 | 2,444 | 5,800 | 1,515 | ||||||||||||
Share-based compensation expense | $ | 3,187 | $ | 2,734 | $ | 6,158 | $ | 2,345 | ||||||||
2014 Stock Incentive Plan | 2010 Stock Incentive Plan | |||||||||||||||
Number of Options | Wtd. Avg. Exercise Price | Number of Options | Wtd. Avg. Exercise Price | |||||||||||||
Outstanding at January 31, 2021 | 1,231,601 | $ | 36.77 | 173,563 | $ | 7.51 | ||||||||||
Granted | — | — | — | — | ||||||||||||
Exercised | (75,463 | ) | 16.75 | (55,122 | ) | 6.24 | ||||||||||
Forfeited | (9,056 | ) | 43.86 | — | — | |||||||||||
Outstanding at May 2, 2021 | 1,147,082 | $ | 38.04 | 118,441 | $ | 8.09 | ||||||||||
Exercisable at May 2, 2021 | 1,077,161 | $ | 37.11 | 118,441 | $ | 8.09 | ||||||||||
2014 Stock Incentive Plan | 2010 Stock Incentive Plan | |||||||||||||||
Number of Options | Wtd. Avg. Exercise Price | Number of Options | Wtd. Avg. Exercise Price | |||||||||||||
Outstanding at January 31, 2021 | 1,231,601 | $ | 36.77 | 173,563 | $ | 7.51 | ||||||||||
Granted | — | — | — | — | ||||||||||||
Exercised | (151,902 | ) | 16.61 | (70,122 | ) | 6.90 | ||||||||||
Forfeited | (9,838 | ) | 44.53 | — | — | |||||||||||
Outstanding at August 1, 2021 | 1,069,861 | $ | 39.57 | 103,441 | $ | 7.91 | ||||||||||
Exercisable at August 1, 2021 | 1,005,392 | $ | 38.76 | 103,441 | $ | 7.91 | ||||||||||
Shares | Wtd. Avg. Fair Value | |||||||||||||||
Shares | Wtd. Avg. Fair Value | |||||||||||||||
Outstanding at January 31, 2021 | 1,116,341 | $ | 17.32 | 1,116,341 | $ | 17.32 | ||||||||||
Granted | 226,153 | 50.60 | 226,153 | 50.60 | ||||||||||||
Performance adjusted units | 362,491 | 15.30 | ||||||||||||||
Vested | (72,488 | ) | 15.69 | (565,616 | ) | 15.11 | ||||||||||
Forfeited | (43,074 | ) | 40.24 | (49,615 | ) | 37.64 | ||||||||||
Outstanding at May 2, 2021 | 1,226,932 | $ | 22.75 | |||||||||||||
Outstanding at August 1, 2021 | 1,089,754 | $ | 23.78 | |||||||||||||
Item 2. |
Thirteen Weeks Ended May 2, 2021 | Thirteen Weeks Ended May 3, 2020 | Thirteen Weeks Ended August 1, 2021 | Thirteen Weeks Ended August 2, 2020 | |||||||||||||||||||||||||||||
Food and beverage revenues | $ | 85,758 | 32.3 | % | $ | 63,920 | 40.0 | % | $ | 123,006 | 32.6 | % | $ | 17,002 | 33.4 | % | ||||||||||||||||
Amusement and other revenues | 179,582 | 67.7 | 95,886 | 60.0 | 254,632 | 67.4 | 33,831 | 66.6 | ||||||||||||||||||||||||
Total revenues | 265,340 | 100.0 | 159,806 | 100.0 | 377,638 | 100.0 | 50,833 | 100.0 | ||||||||||||||||||||||||
Cost of food and beverage (as a percentage of food and beverage revenues) | 23,157 | 27.0 | 17,344 | 27.1 | 33,127 | 26.9 | 4,659 | 27.4 | ||||||||||||||||||||||||
Cost of amusement and other (as a percentage of amusement and other revenues) | 16,614 | 9.3 | 10,728 | 11.2 | 24,584 | 9.7 | 4,025 | 11.9 | ||||||||||||||||||||||||
Total cost of products | 39,771 | 15.0 | 28,072 | 17.6 | 57,711 | 15.3 | 8,684 | 17.1 | ||||||||||||||||||||||||
Operating payroll and benefits | 50,279 | 18.9 | 43,737 | 27.4 | 80,623 | 21.3 | 13,756 | 27.1 | ||||||||||||||||||||||||
Other store operating expenses | 84,445 | 31.9 | 95,672 | 59.8 | 105,116 | 27.9 | 62,682 | 123.2 | ||||||||||||||||||||||||
General and administrative expenses | 17,091 | 6.4 | 14,563 | 9.1 | 18,470 | 4.9 | 9,278 | 18.3 | ||||||||||||||||||||||||
Depreciation and amortization expense | 35,099 | 13.2 | 35,352 | 22.1 | 34,875 | 9.2 | 35,160 | 69.2 | ||||||||||||||||||||||||
Pre-opening costs | 1,659 | 0.6 | 3,823 | 2.4 | 1,676 | 0.4 | 2,388 | 4.7 | ||||||||||||||||||||||||
Total operating costs | 228,344 | 86.0 | 221,219 | 138.4 | 298,471 | 79.0 | 131,948 | 259.6 | ||||||||||||||||||||||||
Operating income (loss) | 36,996 | 14.0 | (61,413 | ) | (38.4 | ) | 79,167 | 21.0 | (81,115 | ) | (159.6 | ) | ||||||||||||||||||||
Interest expense, net | 14,820 | 5.6 | 6,115 | 3.9 | 13,728 | 3.7 | 8,163 | 16.0 | ||||||||||||||||||||||||
Income (loss) before provision (benefit) for income taxes | 22,176 | 8.4 | (67,528 | ) | (42.3 | ) | 65,439 | 17.3 | (89,278 | ) | (175.6 | ) | ||||||||||||||||||||
Provision (benefit) for income taxes | 2,541 | 1.0 | (23,984 | ) | (15.1 | ) | 12,669 | 3.3 | (30,676 | ) | (60.3 | ) | ||||||||||||||||||||
Net income (loss) | $ | 19,635 | 7.4 | % | $ | (43,544 | ) | (27.2 | )% | $ | 52,770 | 14.0 | % | $ | (58,602 | ) | (115.3 | )% | ||||||||||||||
Change in comparable store sales (1) | 56.5 | % | (58.6 | )% | 690.8 | % | (87.0 | )% | ||||||||||||||||||||||||
Company-owned stores at end of period (1) | 141 | 137 | 142 | 137 | ||||||||||||||||||||||||||||
Comparable stores at end of period (1) | 114 | 116 | 114 | 115 |
(1) | re-open. |
Thirteen Weeks Ended May 2, 2021 | Thirteen Weeks Ended May 3, 2020 | Thirteen Weeks Ended August 1, 2021 | Thirteen Weeks Ended August 2, 2020 | |||||||||||||||||||||||||||||
Net income (loss) | $ | 19,635 | 7.4 | % | $ | (43,544 | ) | -27.2 | % | $ | 52,770 | 14.0 | % | $ | (58,602 | ) | -115.3 | % | ||||||||||||||
Interest expense, net | 14,820 | 6,115 | 13,728 | 8,163 | ||||||||||||||||||||||||||||
Provision (benefit) for income taxes | 2,541 | (23,984 | ) | 12,669 | (30,676 | ) | ||||||||||||||||||||||||||
Depreciation and amortization expense | 35,099 | 35,352 | 34,875 | 35,160 | ||||||||||||||||||||||||||||
EBITDA | 72,095 | 27.2 | % | (26,061 | ) | -16.3 | % | 114,042 | 30.2 | % | (45,955 | ) | -90.4 | % | ||||||||||||||||||
Loss on asset disposal | 145 | 153 | 112 | 264 | ||||||||||||||||||||||||||||
Impairment of long-lived assets and lease termination costs | — | 11,549 | — | 2,178 | ||||||||||||||||||||||||||||
Share-based compensation | 2,971 | (389 | ) | 3,187 | 2,734 | |||||||||||||||||||||||||||
Pre-opening costs | 1,659 | 3,823 | 1,676 | 2,388 | ||||||||||||||||||||||||||||
Other costs (1) | (165 | ) | 147 | 135 | (88 | ) | ||||||||||||||||||||||||||
Adjusted EBITDA | $ | 76,705 | 28.9 | % | $ | (10,778 | ) | -6.7 | % | $ | 119,152 | 31.6 | % | $ | (38,479 | ) | -75.7 | % | ||||||||||||||
(1) | Primarily represents costs related to currency transaction (gains) or losses. |
Thirteen Weeks Ended May 2, 2021 | Thirteen Weeks Ended May 3, 2020 | Thirteen Weeks Ended August 1, 2021 | Thirteen Weeks Ended August 2, 2020 | |||||||||||||||||||||||||||||
Operating income (loss) | $ | 36,996 | 14.0 | % | $ | (61,413 | ) | -38.4 | % | $ | 79,167 | 21.0 | % | $ | (81,115 | ) | -159.6 | % | ||||||||||||||
General and administrative expenses | 17,091 | 14,563 | 18,470 | 9,278 | ||||||||||||||||||||||||||||
Depreciation and amortization expense | 35,099 | 35,352 | 34,875 | 35,160 | ||||||||||||||||||||||||||||
Pre-opening costs | 1,659 | 3,823 | 1,676 | 2,388 | ||||||||||||||||||||||||||||
Store Operating Income Before Depreciation and Amortization | $ | 90,845 | 34.2 | % | $ | (7,675 | ) | �� | -4.8 | % | $ | 134,188 | 35.5 | % | $ | (34,289 | ) | -67.5 | % | |||||||||||||
Thirteen Weeks Ended May 2, 2021 | Thirteen Weeks Ended May 3, 2020 | Thirteen Weeks Ended August 1, 2021 | Thirteen Weeks Ended August 2, 2020 | |||||||||||||
New store and operating initiatives | $ | 7,145 | $ | 37,046 | $ | 12,611 | $ | 1,921 | ||||||||
Games | 3,171 | 7,908 | 9,443 | 810 | ||||||||||||
Maintenance capital | 1,888 | 2,497 | 6,402 | 838 | ||||||||||||
Total capital additions | $ | 12,204 | $ | 47,451 | $ | 28,456 | $ | 3,569 | ||||||||
Payments from landlords | $ | — | $ | — | $ | 2,085 | $ | 4,014 |
Thirteen Weeks Ended | ||||||||||||||||||||||||
13 weeks ended May 2, 2021 | 13 weeks ended May 3, 2020 | Change | August 1, 2021 | August 2, 2020 | Change | |||||||||||||||||||
Total revenues | $ | 265,340 | $ | 159,806 | $ | 105,534 | $ | 377,638 | $ | 50,833 | $ | 326,805 | ||||||||||||
Total store operating weeks | 1,633 | 833 | 800 | 1,817 | 628 | 1,189 | ||||||||||||||||||
Comparable store revenues | $ | 216,945 | $ | 138,636 | $ | 78,309 | $ | 317,882 | $ | 40,199 | $ | 277,683 | ||||||||||||
Comparable store operating weeks | 1,303 | 697 | 606 | 1,458 | 493 | 965 | ||||||||||||||||||
Noncomparable store revenues | $ | 56,959 | 24,234 | $ | 32,725 | $ | 67,288 | 10,437 | $ | 56,851 | ||||||||||||||
Noncomparable store operating weeks | 330 | 136 | 194 | 359 | 135 | 224 | ||||||||||||||||||
Other revenues | $ | (8,564 | ) | $ | (3,064 | ) | $ | (5,500 | ) | |||||||||||||||
Other revenues and deferrals | $ | (7,532 | ) | $ | 197 | $ | (7,729 | ) |
Twenty-Six WeeksEnded August 1, 2021 | Twenty-Six WeeksEnded August 2, 2020 | |||||||||||||||
Food and beverage revenues | $ | 208,764 | 32.5 | % | $ | 80,922 | 38.4 | % | ||||||||
Amusement and other revenues | 434,214 | 67.5 | 129,717 | 61.6 | ||||||||||||
Total revenues | 642,978 | 100.0 | 210,639 | 100.0 | ||||||||||||
Cost of food and beverage (as a percentage of food and beverage revenues) | 56,284 | 27.0 | 22,003 | 27.2 | ||||||||||||
Cost of amusement and other (as a percentage of amusement and other revenues) | 41,198 | 9.5 | 14,753 | 11.4 | ||||||||||||
Total cost of products | 97,482 | 15.2 | 36,756 | 17.4 | ||||||||||||
Operating payroll and benefits | 130,902 | 20.4 | 57,493 | 27.3 | ||||||||||||
Other store operating expenses | 189,561 | 29.4 | 158,354 | 75.3 | ||||||||||||
General and administrative expenses | 35,561 | 5.5 | 23,841 | 11.3 | ||||||||||||
Depreciation and amortization expense | 69,974 | 10.9 | 70,512 | 33.5 | ||||||||||||
Pre-opening costs | 3,335 | 0.5 | 6,211 | 2.9 | ||||||||||||
Total operating costs | 526,815 | 81.9 | 353,167 | 167.7 | ||||||||||||
Operating income (loss) | 116,163 | 18.1 | (142,528 | ) | (67.7 | ) | ||||||||||
Interest expense, net | 28,548 | 4.5 | 14,278 | 6.7 | ||||||||||||
Income (loss) before provision (benefit) for income taxes | 87,615 | 13.6 | (156,806 | ) | (74.4 | ) | ||||||||||
Provision (benefit) for income taxes | 15,210 | 2.3 | (54,660 | ) | (25.9 | ) | ||||||||||
Net income (loss) | $ | 72,405 | 11.3 | % | $ | (102,146 | ) | (48.5 | )% | |||||||
Change in comparable store sales (1) | 199.1 | % | (72.2 | )% | ||||||||||||
Company-owned stores at end of period (1) | 142 | 137 | ||||||||||||||
Comparable stores at end of period (1) | 114 | 115 |
(1) | As of the end of the second quarter of fiscal 2020, 84 of 137 total stores and 68 of 115 comparable stores were open and operating in limited capacity. Our comparable store count as of the end of the second quarter of fiscal 2020 includes a store in Houston, Texas that is near the end of its lease term, which the Company decided not to re-open. |
Twenty-Six WeeksEnded August 1, 2021 | Twenty-Six WeeksEnded August 2, 2020 | |||||||||||||||
Net income (loss) | $ | 72,405 | 11.3 | % | $ | (102,146 | ) | -48.5 | % | |||||||
Interest expense, net | 28,548 | 14,278 | ||||||||||||||
Provision (benefit) for income taxes | 15,210 | (54,660 | ) | |||||||||||||
Depreciation and amortization expense | 69,974 | 70,512 | ||||||||||||||
EBITDA | 186,137 | 28.9 | % | (72,016 | ) | -34.2 | % | |||||||||
Loss on asset disposal | 257 | 417 | ||||||||||||||
Impairment of long-lived assets and lease termination costs | — | 13,727 | ||||||||||||||
Share-based compensation | 6,158 | 2,345 | ||||||||||||||
Pre-opening costs | 3,335 | 6,211 | ||||||||||||||
Other costs (1) | (30 | ) | 59 | |||||||||||||
Adjusted EBITDA | $ | 195,857 | 30.5 | % | $ | (49,257 | ) | -23.4 | % | |||||||
(1) | Primarily represents costs related to currency transaction (gains) or losses. |
Twenty-Six WeeksEnded August 1, 2021 | Twenty-Six WeeksEnded August 2, 2020 | |||||||||||||||
Operating income (loss) | $ | 116,163 | 18.1 | % | $ | (142,528 | ) | -67.7 | % | |||||||
General and administrative expenses | 35,561 | 23,841 | ||||||||||||||
Depreciation and amortization expense | 69,974 | 70,512 | ||||||||||||||
Pre-opening costs | 3,335 | 6,211 | ||||||||||||||
Store Operating Income Before Depreciation and Amortization | $ | 225,033 | 35.0 | % | $ | (41,964) | -19.9 | % | ||||||||
Twenty-Six Weeks Ended August 1, 2021 | Twenty-Six Weeks Ended August 2, 2020 | |||||||
New store and operating initiatives | $ | 19,756 | $ | 40,522 | ||||
Games | 12,614 | 8,718 | ||||||
Maintenance capital | 8,290 | 1,780 | ||||||
Total capital additions | $ | 40,660 | $ | 51,020 | ||||
Payments from landlords | $ | 2,085 | $ | 4,014 |
Twenty-Six Weeks Ended | ||||||||||||
August 1, 2021 | August 2, 2020 | Change | ||||||||||
Total revenues | $ | 642,978 | $ | 210,639 | $ | 432,339 | ||||||
Total store operating weeks | 3,450 | 1,461 | 1,989 | |||||||||
Comparable store revenues | $ | 534,827 | $ | 178,835 | $ | 355,992 | ||||||
Comparable store operating weeks | 2,761 | 1,190 | 1,571 | |||||||||
Noncomparable store revenues | $ | 124,247 | 34,671 | $ | 89,576 | |||||||
Noncomparable store operating weeks | 689 | 271 | 418 | |||||||||
Other revenues and deferrals | $ | (16,096 | ) | $ | (2,867 | ) | $ | (13,229 | ) |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings |
Item 1A. | Risk Factors |
Item 2. | Unregistered Sales of Equity Securities |
Item 6. Exhibits |
* | Filed herein |
DAVE & BUSTER’S ENTERTAINMENT, INC., a Delaware corporation | ||||||
Date: | By: | /s/ Brian A. Jenkins |
Brian A. Jenkins | ||||||
Chief Executive Officer |
Date: | By: | /s/ Scott J. Bowman |
Scott J. Bowman | ||||||
Chief Financial Officer |