☒ | 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 | 3 | |||||
Item 1. | 3 | |||||
Item 2. | ||||||
Item 3. | ||||||
Item 4. | ||||||
PART II | 32 | |||||
Item 1. | ||||||
Item 1A. | ||||||
Item 2. | ||||||
Item 6. | ||||||
35 |
Item 1. | Financial Statements |
October 31, | 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 | $ | 27,005 | $ | 11,891 | |||||||||
Inventories | 22,812 | 23,807 | 37,256 | 23,807 | |||||||||||||
Prepaid expenses | 11,681 | 11,878 | 12,376 | 11,878 | |||||||||||||
Income taxes receivable | 55,224 | 70,064 | 67,646 | 70,064 | |||||||||||||
Other current assets | 1,572 | 1,231 | 2,101 | 1,231 | |||||||||||||
Total current assets | 111,443 | 118,871 | 146,384 | 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 $891,352 and $798,804 accumulated depreciation as of October 31, 2021 and January 31, 2021, respectively) | 779,518 | 815,027 | |||||||||||||||
Operating lease right of use assets | 1,029,315 | 1,037,569 | 1,038,269 | 1,037,569 | |||||||||||||
Deferred tax assets | 7,451 | 5,874 | 9,467 | 5,874 | |||||||||||||
Tradenames | 79,000 | 79,000 | 79,000 | 79,000 | |||||||||||||
Goodwill | 272,552 | 272,597 | 272,561 | 272,597 | |||||||||||||
Other assets and deferred charges | 25,918 | 23,886 | 25,517 | 23,886 | |||||||||||||
Total assets | $ | 2,317,975 | $ | 2,352,824 | $ | 2,350,716 | $ | 2,352,824 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Accounts payable | $ | 39,418 | $ | 36,400 | $ | 39,295 | $ | 36,400 | |||||||||
Accrued liabilities | 238,511 | 234,790 | 250,948 | 234,790 | |||||||||||||
Income taxes payable | 1,291 | 446 | 435 | 446 | |||||||||||||
Total current liabilities | 279,220 | 271,636 | 290,678 | 271,636 | |||||||||||||
Deferred income taxes | 10,910 | 13,658 | 12,606 | 13,658 | |||||||||||||
Operating lease liabilities | 1,258,169 | 1,267,791 | 1,270,929 | 1,267,791 | |||||||||||||
Other liabilities | 53,932 | 50,119 | 45,267 | 50,119 | |||||||||||||
Long-term debt, net | 537,102 | 596,388 | 484,677 | 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: 61,364,015 shares at October 31, 2021 and 60,488,833 shares at January 31, 2021; outstanding: 48,342,301 shares at October 31, 2021 and 47,646,606 shares at January 31, 2021 | 614 | 605 | |||||||||||||||
Preferred stock, 50,000,000 authorized; NaN issued | 0— | 0— | 0— | 0— | |||||||||||||
Paid-in capital | 535,768 | 531,191 | 545,168 | 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, 13,021,714 and 12,842,227 shares as of October 31, 2021 and January 31, 2021, respectively | (603,745 | ) | (595,970 | ) | |||||||||||||
Accumulated other comprehensive loss | (7,653 | ) | (9,085 | ) | (4,959 | ) | (9,085 | ) | |||||||||
Retained earnings | 246,126 | 226,491 | 309,481 | 226,491 | |||||||||||||
Total stockholders’ equity | 178,642 | 153,232 | 246,559 | 153,232 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 2,317,975 | $ | 2,352,824 | $ | 2,350,716 | $ | 2,352,824 | |||||||||
Thirteen Weeks | Thirteen Weeks | |||||||||||||||
Ended | Ended | |||||||||||||||
Thirteen Weeks Ended May 2, 2021 | Thirteen Weeks Ended May 3, 2020 | October 31, 2021 | November 1, 2020 | |||||||||||||
$ | 85,758 | $ | 63,920 | $ | 107,747 | $ | 38,346 | |||||||||
Amusement and other revenues | 179,582 | 95,886 | 210,229 | 70,706 | ||||||||||||
Total revenues | 265,340 | 159,806 | 317,976 | 109,052 | ||||||||||||
Cost of food and beverage | 23,157 | 17,344 | 30,082 | 10,664 | ||||||||||||
Cost of amusement and other | 16,614 | 10,728 | 22,531 | 7,244 | ||||||||||||
Total cost of products | 39,771 | 28,072 | 52,613 | 17,908 | ||||||||||||
Operating payroll and benefits | 50,279 | 43,737 | 78,995 | 27,704 | ||||||||||||
Other store operating expenses | 84,445 | 95,672 | 103,322 | 70,783 | ||||||||||||
General and administrative expenses | 17,091 | 14,563 | 22,104 | 11,746 | ||||||||||||
Depreciation and amortization expense | 35,099 | 35,352 | 34,381 | 34,384 | ||||||||||||
Pre-opening costs | 1,659 | 3,823 | 2,092 | 2,570 | ||||||||||||
Total operating costs | 228,344 | 221,219 | 293,507 | 165,095 | ||||||||||||
Operating income (loss) | 36,996 | (61,413 | ) | 24,469 | (56,043 | ) | ||||||||||
Interest expense, net | 14,820 | 6,115 | 13,423 | 8,213 | ||||||||||||
Loss on debt extinguishment / refinancing | 2,829 | 904 | ||||||||||||||
Income (loss) before provision (benefit) for income taxes | 22,176 | (67,528 | ) | |||||||||||||
Provision (benefit) for income taxes | 2,541 | (23,984 | ) | |||||||||||||
Income (loss) before benefit for income taxes | 8,217 | (65,160 | ) | |||||||||||||
Benefit for income taxes | (2,368 | ) | (17,117 | ) | ||||||||||||
Net income (loss) | 19,635 | (43,544 | ) | 10,585 | (48,043 | ) | ||||||||||
Unrealized foreign currency translation gain (loss) | 61 | (435 | ) | (34 | ) | 34 | ||||||||||
Unrealized gain (loss) on derivatives, net of tax | 1,371 | (4,949 | ) | |||||||||||||
Unrealized gain on derivatives, net of tax | 1,371 | 1,370 | ||||||||||||||
Total other comprehensive income (loss) | 1,432 | (5,384 | ) | |||||||||||||
Total other comprehensive income | 1,337 | 1,404 | ||||||||||||||
Total comprehensive income (loss) | $ | 21,067 | $ | (48,928 | ) | $ | 11,922 | $ | (46,639 | ) | ||||||
Net income (loss) per share: | ||||||||||||||||
Basic | $ | 0.41 | $ | (1.37 | ) | $ | 0.22 | $ | (1.01 | ) | ||||||
Diluted | $ | 0.40 | $ | (1.37 | ) | $ | 0.21 | $ | (1.01 | ) | ||||||
Weighted average shares used in per share calculations: | ||||||||||||||||
Basic | 47,695,705 | 31,829,985 | 48,277,358 | 47,613,741 | ||||||||||||
Diluted | 49,331,092 | 31,829,985 | 49,283,503 | 47,613,741 |
Thirty-Nine Weeks | Thirty-Nine Weeks | |||||||
Ended | Ended | |||||||
October 31, 2021 | November 1, 2020 | |||||||
Food and beverage revenues | $ | 316,511 | $ | 119,268 | ||||
Amusement and other revenues | 644,443 | 200,423 | ||||||
Total revenues | 960,954 | 319,691 | ||||||
Cost of food and beverage | 86,366 | 32,667 | ||||||
Cost of amusement and other | 63,729 | 21,997 | ||||||
Total cost of products | 150,095 | 54,664 | ||||||
Operating payroll and benefits | 209,897 | 85,197 | ||||||
Other store operating expenses | 292,883 | 229,137 | ||||||
General and administrative expenses | 57,665 | 35,587 | ||||||
Depreciation and amortization expense | 104,355 | 104,896 | ||||||
Pre-opening costs | 5,427 | 8,781 | ||||||
Total operating costs | 820,322 | 518,262 | ||||||
Operating income (loss) | 140,632 | (198,571 | ) | |||||
Interest expense, net | 41,971 | 22,491 | ||||||
Loss on debt extinguishment / refinancing | 2,829 | 904 | ||||||
Income (loss) before provision (benefit) for income taxes | 95,832 | (221,966 | ) | |||||
Provision (benefit) for income taxes | 12,842 | (71,777 | ) | |||||
Net income (loss) | 82,990 | (150,189 | ) | |||||
Unrealized foreign currency translation gain (loss) | 12 | (97 | ) | |||||
Unrealized gain (loss) on derivatives, net of tax | 4,114 | (2,207 | ) | |||||
Total other comprehensive income (loss) | 4,126 | (2,304 | ) | |||||
Total comprehensive income (loss) | $ | 87,116 | $ | (152,493 | ) | |||
Net income (loss) per share: | ||||||||
Basic | $ | 1.73 | $ | (3.56 | ) | |||
Diluted | $ | 1.68 | $ | (3.56 | ) | |||
Weighted average shares used in per share calculations: | ||||||||
Basic | 48,050,558 | 42,185,163 | ||||||
Diluted | 49,257,269 | 42,185,163 |
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 | ||||||||||||||||
Thirteen Weeks Ended May 2, 2021 | Thirteen Weeks Ended May 3, 2020 | |||||||
Cash flows from operating activities: | ||||||||
Net income (loss) | $ | 19,635 | $ | (43,544 | ) | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||
Depreciation and amortization expense | 35,099 | 35,352 | ||||||
Non-cash interest expense | 1,887 | 314 | ||||||
Impairment of long-lived assets | — | 11,549 | ||||||
Deferred taxes | (4,840 | ) | (892 | ) | ||||
Loss on disposal of fixed assets | 145 | 153 | ||||||
Share-based compensation | 2,971 | (389 | ) | |||||
Other, net | 950 | (156 | ) | |||||
Changes in assets and liabilities: | ||||||||
Inventories | 995 | (249 | ) | |||||
Prepaid expenses | 197 | 1,828 | ||||||
Income tax receivable | 14,840 | (20,910 | ) | |||||
Other current assets | (341 | ) | 1,271 | |||||
Other assets and deferred charges | (2,097 | ) | (110 | ) | ||||
Accounts payable | 1,173 | 21,441 | ||||||
Accrued liabilities | 8,667 | 11,647 | ||||||
Income taxes payable | 845 | (1,847 | ) | |||||
Other liabilities | (2,930 | ) | 1,359 | |||||
Net cash provided by operating activities | 77,196 | 16,817 | ||||||
Cash flows from investing activities: | ||||||||
Capital expenditures | (10,359 | ) | (55,168 | ) | ||||
Proceeds from sales of property and equipment | 54 | 18 | ||||||
Net cash used in investing activities | (10,305 | ) | (55,150 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from debt | 19,000 | 138,000 | ||||||
Payments of debt | (79,000 | ) | (34,750 | ) | ||||
Net proceeds from the issuance of common stock | — | 72,144 | ||||||
Proceeds from the exercise of stock options | 1,608 | 44 | ||||||
Dividends paid | — | (4,891 | ) | |||||
Repurchases of common stock to satisfy employee withholding tax obligations | (236 | ) | (36 | ) | ||||
Net cash provided by (used in) financing activities | (58,628 | ) | 170,511 | |||||
Increase in cash and cash equivalents | 8,263 | 132,178 | ||||||
Beginning cash and cash equivalents | 11,891 | 24,655 | ||||||
Ending cash and cash equivalents | $ | 20,154 | $ | 156,833 | ||||
Supplemental disclosures of cash flow information: | ||||||||
Increase (decrease) in fixed asset accounts payable | $ | 1,845 | $ | (7,717 | ) | |||
Cash paid (refund received) for income taxes, net | $ | (8,525 | ) | $ | (357 | ) | ||
Cash paid for interest, net | $ | 22,525 | $ | 5,574 |
Thirteen Weeks Ended October 31, 2021 | ||||||||||||||||||||||||||||||||
Common Stock | Paid-In Capital | Treasury Stock At Cost | Accumulated Other Comprehensive Loss | Retained Earnings | Total | |||||||||||||||||||||||||||
Shares | Amt. | Shares | Amt. | |||||||||||||||||||||||||||||
Balance August 1, 2021 | 61,276,473 | $ | 613 | $ | 540,348 | 13,020,098 | $ | (603,686 | ) | $ | (6,296 | ) | $ | 298,896 | $ | 229,875 | ||||||||||||||||
Net income | — | — | — | — | — | — | 10,585 | 10,585 | ||||||||||||||||||||||||
Unrealized foreign currency translation loss | — | — | — | — | — | (34 | ) | — | (34 | ) | ||||||||||||||||||||||
Unrealized gain on derivatives, net of tax | — | — | — | — | — | 1,371 | — | 1,371 | ||||||||||||||||||||||||
Share-based compensation | — | — | 3,778 | — | — | — | — | 3,778 | ||||||||||||||||||||||||
Issuance of common stock | 87,542 | 1 | 1,042 | — | — | — | — | 1,043 | ||||||||||||||||||||||||
Repurchase of common stock | — | — | — | 1,616 | (59 | ) | — | — | (59 | ) | ||||||||||||||||||||||
Balance October 31, 2021 | 61,364,015 | $ | 614 | $ | 545,168 | 13,021,714 | $ | (603,745 | ) | $ | (4,959 | ) | $ | 309,481 | $ | 246,559 | ||||||||||||||||
Thirteen Weeks Ended November 1, 2020 | ||||||||||||||||||||||||||||||||
Common Stock | Paid-In Capital | Treasury Stock At Cost | Accumulated Other Comprehensive Loss | Retained Earnings | Total | |||||||||||||||||||||||||||
Shares | Amt. | Shares | Amt. | |||||||||||||||||||||||||||||
Balance August 2, 2020 | 60,422,212 | $ | 604 | $ | 526,253 | 12,827,300 | $ | (595,728 | ) | $ | (12,077 | ) | $ | 331,319 | $ | 250,371 | ||||||||||||||||
Net loss | — | — | — | — | — | — | (48,043 | ) | (48,043 | ) | ||||||||||||||||||||||
Unrealized foreign currency translation gain | — | — | — | — | — | 34 | — | 34 | ||||||||||||||||||||||||
Unrealized gain on derivatives, net of tax | — | — | — | — | — | 1,370 | — | 1,370 | ||||||||||||||||||||||||
Share-based compensation | — | — | 2,999 | — | — | — | — | 2,999 | ||||||||||||||||||||||||
Issuance of common stock | 61,518 | 1 | 271 | — | — | — | — | 272 | ||||||||||||||||||||||||
Repurchase of common stock | — | — | 14,401 | (229 | ) | — | — | (229 | ) | |||||||||||||||||||||||
Balance November 1, 2020 | 60,483,730 | $ | 605 | $ | 529,523 | 12,841,701 | $ | (595,957 | ) | $ | (10,673 | ) | $ | 283,276 | $ | 206,774 | ||||||||||||||||
Thirty-Nine Weeks Ended October 31, 2021 | ||||||||||||||||||||||||||||||||
Common Stock | Paid-In Capital | Treasury Stock At Cost | Accumulated Other Comprehensive Loss | Retained 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 | — | — | — | — | — | — | 82,990 | 82,990 | ||||||||||||||||||||||||
Unrealized foreign currency translation gain | — | — | — | — | — | 12 | — | 12 | ||||||||||||||||||||||||
Unrealized gain on derivatives, net of tax | — | — | — | — | — | 4,114 | — | 4,114 | ||||||||||||||||||||||||
Share-based compensation | — | — | 9,936 | — | — | — | — | 9,936 | ||||||||||||||||||||||||
Issuance of common stock | 875,182 | 9 | 4,041 | — | — | — | — | 4,050 | ||||||||||||||||||||||||
Repurchase of common stock | — | — | — | 179,487 | (7,775 | ) | — | — | (7,775 | ) | ||||||||||||||||||||||
Balance October 31, 2021 | 61,364,015 | $ | 614 | $ | 545,168 | 13,021,714 | $ | (603,745 | ) | $ | (4,959 | ) | $ | 309,481 | $ | 246,559 | ||||||||||||||||
Thirty-Nine Weeks Ended November 1, 2020 | ||||||||||||||||||||||||||||||||
Common Stock | Paid-In Capital | Treasury Stock At Cost | Accumulated Other Comprehensive Loss | Retained 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 | — | — | — | — | — | — | (150,189 | ) | (150,189 | ) | ||||||||||||||||||||||
Unrealized foreign currency translation loss | — | — | — | — | — | (97 | ) | — | (97 | ) | ||||||||||||||||||||||
Unrealized loss on derivatives, net of tax | — | — | — | — | — | (2,207 | ) | — | (2,207 | ) | ||||||||||||||||||||||
Share-based compensation | — | — | 5,344 | — | — | — | — | 5,344 | ||||||||||||||||||||||||
Issuance of common stock | 17,096,878 | 171 | 185,018 | — | — | — | — | 185,189 | ||||||||||||||||||||||||
Repurchase of common stock | — | — | 58,189 | (916 | ) | — | — | (916 | ) | |||||||||||||||||||||||
Balance November 1, 2020 | 60,483,730 | $ | 605 | $ | 529,523 | 12,841,701 | $ | (595,957 | ) | $ | (10,673 | ) | $ | 283,276 | $ | 206,774 | ||||||||||||||||
Thirty-Nine Weeks Ended October 31, 2021 | Thirty-Nine Weeks Ended November 1, 2020 | |||||||
Cash flows from operating activities: | ||||||||
Net income (loss) | $ | 82,990 | $ | (150,189 | ) | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||
Depreciation and amortization expense | 104,355 | 104,896 | ||||||
Non-cash interest expense | 5,660 | 4,088 | ||||||
Impairment of long-lived assets | — | 13,727 | ||||||
Deferred taxes | (6,191 | ) | (17,730 | ) | ||||
Loss on disposal of fixed assets | 634 | 541 | ||||||
Loss on debt extinguishment or refinancing | 2,829 | 904 | ||||||
Share-based compensation | 9,936 | 5,344 | ||||||
Other, net | 3,250 | 1,292 | ||||||
Changes in assets and liabilities: | ||||||||
Inventories | (13,449 | ) | 7,745 | |||||
Prepaid expenses | (498 | ) | 2,761 | |||||
Income tax receivable | 2,418 | (42,243 | ) | |||||
Other current assets | (870 | ) | 2,580 | |||||
Other assets and deferred charges | (1,859 | ) | (3 | ) | ||||
Accounts payable | (3,419 | ) | (11,945 | ) | ||||
Accrued liabilities | 19,069 | 44,742 | ||||||
Income taxes payable | (11 | ) | (2,639 | ) | ||||
Other liabilities | (6,346 | ) | 4,375 | |||||
Net cash provided by (used in) operating activities | 198,498 | (31,754 | ) | |||||
Cash flows from investing activities: | ||||||||
Capital expenditures | (63,559 | ) | (72,604 | ) | ||||
Proceeds from sales of property and equipment | 550 | 234 | ||||||
Net cash used in investing activities | (63,009 | ) | (72,370 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from debt | 37,000 | 688,000 | ||||||
Payments of debt | (152,000 | ) | (760,250 | ) | ||||
Net proceeds from the issuance of common stock | — | 182,207 | ||||||
Proceeds from the exercise of stock options | 4,050 | 465 | ||||||
Dividends paid | — | (4,891 | ) | |||||
Repurchases of common stock to satisfy employee withholding tax obligations | (7,775 | ) | (16,805 | ) | ||||
Debt issuance costs and prepayment premiums | (1,650 | ) | (916 | ) | ||||
Net cash provided by (used in) financing activities | (120,375 | ) | 87,810 | |||||
Increase (decrease) in cash and cash equivalents | 15,114 | (16,314 | ) | |||||
Beginning cash and cash equivalents | 11,891 | 24,655 | ||||||
Ending cash and cash equivalents | $ | 27,005 | $ | 8,341 | ||||
Supplemental disclosures of cash flow information: | ||||||||
Increase (decrease) in fixed asset accounts payable | $ | 6,314 | $ | (12,315 | ) | |||
Cash paid (refund received) for income taxes, net | $ | 16,043 | $ | (9,281 | ) | |||
Cash paid for interest, net | $ | 43,910 | $ | 17,306 |
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 | October 31, 2021 | January 31, 2021 | ||||||||||
Interest rate swaps | Accrued liabilities | $ | (6,384 | ) | $ | (8,350 | ) | |||||
Interest rate swaps | Other liabilities | — | (4,416 | ) | ||||||||
Total derivatives | $ | (6,384 | ) | $ | (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 | Thirty-nine weeks ended | |||||||||||||||
October 31, 2021 | November 1, 2020 | October 31, 2021 | November 1, 2020 | |||||||||||||
Loss recorded in accumulated other comprehensive income | $ | 0 | $ | 0 | $ | — | $ | 7,602 | ||||||||
Loss reclassified into income (1) | $ | (1,886 | ) | $ | (1,886 | ) | $ | (5,660 | ) | $ | (4,566 | ) | ||||
Income tax expense (benefit) in accumulated income | $ | 515 | $ | 516 | $ | 1,546 | $ | (829 | ) |
(1) | Amounts reclassified into income are included in “Interest expense, net” in the Consolidated Statements of ComprehensiveIncome (Loss). |
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 |
Thirteen weeks ended | Thirty-nine weeks ended | |||||||||||||||
October 31, 2021 | November 1, 2020 | October 31, 2021 | November 1, 2020 | |||||||||||||
Basic weighted average shares outstanding | 48,277,358 | 47,613,741 | 48,050,558 | 42,185,163 | ||||||||||||
Weighted average dilutive impact of awards (1) | 1,006,145 | 0 | 1,206,711 | 0 | ||||||||||||
Diluted weighted average shares outstanding | 49,283,503 | 47,613,741 | 49,257,269 | 42,185,163 |
(1) | Amounts exclude all potential common and common equivalent shares for periods when there is a net loss. |
May 2, 2021 | January 31, 2021 | |||||||
Deferred amusement revenue | $ | 87,638 | $ | 78,852 | ||||
Current portion of operating lease liabilities, net (1) | 52,212 | 46,471 | ||||||
Current portion of deferred occupancy costs | 23,587 | 36,121 | ||||||
Compensation and benefits | 19,208 | 13,846 | ||||||
Deferred gift card revenue | 10,513 | 10,918 | ||||||
Property taxes | 8,222 | 8,149 | ||||||
Current portion of derivatives | 8,184 | 8,350 | ||||||
Current portion of long-term insurance | 5,000 | 5,100 | ||||||
Utilities | 4,559 | 4,151 | ||||||
Sales and use taxes | 3,829 | 1,385 | ||||||
Customer deposits | 2,577 | 1,373 | ||||||
Accrued interest | 490 | 11,321 | ||||||
Other | 12,492 | 8,753 | ||||||
Total accrued liabilities | $ | 238,511 | $ | 234,790 | ||||
October 31, 2021 | January 31, 2021 | |||||||
Deferred amusement revenue | $ | 92,909 | $ | 78,852 | ||||
Current portion of operating lease liabilities, net (1) | 51,735 | 46,471 | ||||||
Compensation and benefits | 24,702 | 13,846 | ||||||
Current portion of deferred occupancy costs | 22,564 | 36,121 | ||||||
Property taxes | 10,449 | 8,149 | ||||||
Deferred gift card revenue | 9,564 | 10,918 | ||||||
Current portion of derivatives | 6,384 | 8,350 | ||||||
Utilities | 5,453 | 4,151 | ||||||
Current portion of long-term insurance | 5,100 | 5,100 | ||||||
Sales and use taxes | 4,177 | 1,385 | ||||||
Customer deposits | 4,130 | 1,373 | ||||||
Accrued interest | 256 | 11,321 | ||||||
Other | 13,525 | 8,753 | ||||||
Total accrued liabilities | $ | 250,948 | $ | 234,790 | ||||
(1) | The balance of leasehold incentive receivables of . |
May 2, 2021 | January 31, 2021 | |||||||
Senior secured notes | $ | 550,000 | $ | 550,000 | ||||
Credit facility - revolver | 0 | 60,000 | ||||||
Total debt outstanding | 550,000 | 610,000 | ||||||
Less debt issuance costs | (12,898 | ) | (13,612 | ) | ||||
Long-term debt, net | $ | 537,102 | $ | 596,388 |
October 31, 2021 | January 31, 2021 | |||||||
Senior secured notes | $ | 495,000 | $ | 550,000 | ||||
Credit facility - revolver | 0 | 60,000 | ||||||
Total debt outstanding | 495,000 | 610,000 | ||||||
Less debt issuance costs | (10,323 | ) | (13,612 | ) | ||||
Long-term debt, net | $ | 484,677 | $ | 596,388 | ||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||||||||||
Thirteen Weeks Ended | October 31, 2021 | November 1, 2020 | October 31, 2021 | November 1, 2020 | ||||||||||||||||||||
May 2, 2021 | May 3, 2020 | |||||||||||||||||||||||
Interest expense on debt | $ | 12,101 | 5,299 | $ | 10,782 | $ | 6,092 | $ | 33,921 | $ | 17,255 | |||||||||||||
Interest associated with swap agreements | 1,887 | 793 | 1,886 | 1,886 | 5,660 | 4,566 | ||||||||||||||||||
Amortization of issuance cost | 1,102 | 242 | 1,070 | 427 | 3,275 | 1,081 | ||||||||||||||||||
Interest income | 0 | (22 | ) | — | — | — | (22 | ) | ||||||||||||||||
Capitalized interest | (270 | ) | (197 | ) | (315 | ) | (192 | ) | (885 | ) | (389 | ) | ||||||||||||
Total interest expense, net | $ | 14,820 | $ | 6,115 | $ | 13,423 | $ | 8,213 | $ | 41,971 | $ | 22,491 | ||||||||||||
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 | Thirty-Nine Weeks Ended | |||||||||||||||
October 31, 2021 | November 1, 2020 | October 31, 2021 | November 1, 2020 | |||||||||||||
Operating lease cost | $ | 33,915 | 33,278 | $ | 100,506 | 100,162 | ||||||||||
Variable lease cost | 7,862 | 5,351 | 22,492 | 18,405 | ||||||||||||
Short-term lease cost | 121 | 102 | 431 | 329 | ||||||||||||
Total | $ | 41,898 | $ | 38,731 | $ | 123,429 | $ | 118,896 | ||||||||
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 | Thirty-Nine Weeks Ended | |||||||||||||||
October 31, 2021 | November 1, 2020 | October 31, 2021 | November 1, 2020 | |||||||||||||
Stock options | $ | 88 | 269 | $ | 446 | 1,099 | ||||||||||
Restricted stock units | 3,690 | 2,730 | 9,490 | 4,245 | ||||||||||||
Share-based compensation expense | $ | 3,778 | $ | 2,999 | $ | 9,936 | $ | 5,344 | ||||||||
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 | Wtd. Avg. | Number | Wtd. Avg. | |||||||||||||
of Options | Exercise Price | of Options | Exercise Price | |||||||||||||
Outstanding at January 31, 2021 | 1,231,601 | $ | 36.77 | 173,563 | $ | 7.51 | ||||||||||
Granted | — | — | — | — | ||||||||||||
Exercised | (203,861 | ) | 16.48 | (100,009 | ) | 6.90 | ||||||||||
Forfeited | (13,167 | ) | 45.75 | — | — | |||||||||||
Outstanding at October 31, 2021 | 1,014,573 | $ | 40.73 | 73,554 | $ | 8.33 | ||||||||||
Exercisable at October 31, 2021 | 950,187 | $ | 39.97 | 73,554 | $ | 8.33 | ||||||||||
Wtd. Avg. | ||||||||
Shares | Fair Value | |||||||
Outstanding at January 31, 2021 | 1,116,341 | $ | 17.32 | |||||
Granted | 301,847 | 47.82 | ||||||
Performance adjusted units | 362,491 | 15.30 | ||||||
Vested | (571,312 | ) | 15.39 | |||||
Forfeited | (51,686 | ) | 38.01 | |||||
Outstanding at October 31, 2021 | 1,157,681 | $ | 24.67 | |||||
Shares | Wtd. Avg. Fair Value | |||||||
Outstanding at January 31, 2021 | 1,116,341 | $ | 17.32 | |||||
Granted | 226,153 | 50.60 | ||||||
Vested | (72,488 | ) | 15.69 | |||||
Forfeited | (43,074 | ) | 40.24 | |||||
Outstanding at May 2, 2021 | 1,226,932 | $ | 22.75 | |||||
Thirteen Weeks | Thirteen Weeks | |||||||||||||||||||||||||||||||
Ended | Ended | |||||||||||||||||||||||||||||||
Thirteen Weeks Ended May 2, 2021 | Thirteen Weeks Ended May 3, 2020 | October 31, 2021 | November 1, 2020 | |||||||||||||||||||||||||||||
Food and beverage revenues | $ | 85,758 | 32.3 | % | $ | 63,920 | 40.0 | % | $ | 107,747 | 33.9 | % | $ | 38,346 | 35.2 | % | ||||||||||||||||
Amusement and other revenues | 179,582 | 67.7 | 95,886 | 60.0 | 210,229 | 66.1 | 70,706 | 64.8 | ||||||||||||||||||||||||
Total revenues | 265,340 | 100.0 | 159,806 | 100.0 | 317,976 | 100.0 | 109,052 | 100.0 | ||||||||||||||||||||||||
Cost of food and beverage (as a percentage of food and beverage revenues) | 23,157 | 27.0 | 17,344 | 27.1 | 30,082 | 27.9 | 10,664 | 27.8 | ||||||||||||||||||||||||
Cost of amusement and other (as a percentage of amusement and other revenues) | 16,614 | 9.3 | 10,728 | 11.2 | 22,531 | 10.7 | 7,244 | 10.2 | ||||||||||||||||||||||||
Total cost of products | 39,771 | 15.0 | 28,072 | 17.6 | 52,613 | 16.5 | 17,908 | 16.4 | ||||||||||||||||||||||||
Operating payroll and benefits | 50,279 | 18.9 | 43,737 | 27.4 | 78,995 | 24.8 | 27,704 | 25.4 | ||||||||||||||||||||||||
Other store operating expenses | 84,445 | 31.9 | 95,672 | 59.8 | 103,322 | 32.5 | 70,783 | 64.9 | ||||||||||||||||||||||||
General and administrative expenses | 17,091 | 6.4 | 14,563 | 9.1 | 22,104 | 7.0 | 11,746 | 10.8 | ||||||||||||||||||||||||
Depreciation and amortization expense | 35,099 | 13.2 | 35,352 | 22.1 | 34,381 | 10.8 | 34,384 | 31.5 | ||||||||||||||||||||||||
Pre-opening costs | 1,659 | 0.6 | 3,823 | 2.4 | 2,092 | 0.7 | 2,570 | 2.4 | ||||||||||||||||||||||||
Total operating costs | 228,344 | 86.0 | 221,219 | 138.4 | 293,507 | 92.3 | 165,095 | 151.4 | ||||||||||||||||||||||||
Operating income (loss) | 36,996 | 14.0 | (61,413 | ) | (38.4 | ) | 24,469 | 7.7 | (56,043 | ) | (51.4 | ) | ||||||||||||||||||||
Interest expense, net | 14,820 | 5.6 | 6,115 | 3.9 | 13,423 | 4.2 | 8,213 | 7.6 | ||||||||||||||||||||||||
Loss on debt extinguishment / refinancing | 2,829 | 0.9 | 904 | 0.8 | ||||||||||||||||||||||||||||
Income (loss) before provision (benefit) for income taxes | 22,176 | 8.4 | (67,528 | ) | (42.3 | ) | ||||||||||||||||||||||||||
Provision (benefit) for income taxes | 2,541 | 1.0 | (23,984 | ) | (15.1 | ) | ||||||||||||||||||||||||||
Income (loss) before benefit for income taxes | 8,217 | 2.6 | (65,160 | ) | (59.8 | ) | ||||||||||||||||||||||||||
Benefit for income taxes | (2,368 | ) | (0.7 | ) | (17,117 | ) | (15.7 | ) | ||||||||||||||||||||||||
Net income (loss) | $ | 19,635 | 7.4 | % | $ | (43,544 | ) | (27.2 | )% | $ | 10,585 | 3.3 | % | $ | (48,043 | ) | (44.1 | )% | ||||||||||||||
Change in comparable store sales (1) | 56.5 | % | (58.6 | )% | 189.3 | % | (65.6 | )% | ||||||||||||||||||||||||
Company-owned stores at end of period (1) | 141 | 137 | 143 | 137 | ||||||||||||||||||||||||||||
Comparable stores at end of period (1) | 114 | 116 | 114 | 114 |
(1) | re-open. |
Thirteen Weeks | Thirteen Weeks | |||||||||||||||||||||||||||||||
Ended | Ended | |||||||||||||||||||||||||||||||
Thirteen Weeks Ended May 2, 2021 | Thirteen Weeks Ended May 3, 2020 | October 31, 2021 | November 1, 2020 | |||||||||||||||||||||||||||||
Net income (loss) | $ | 19,635 | 7.4 | % | $ | (43,544 | ) | -27.2 | % | $ | 10,585 | 3.3 | % | $ | (48,043 | ) | -44.1 | % | ||||||||||||||
Interest expense, net | 14,820 | 6,115 | 13,423 | 8,213 | ||||||||||||||||||||||||||||
Provision (benefit) for income taxes | 2,541 | (23,984 | ) | |||||||||||||||||||||||||||||
Loss on debt extinguishment / refinancing | 2,829 | 904 | ||||||||||||||||||||||||||||||
Benefit for income taxes | (2,368 | ) | (17,117 | ) | ||||||||||||||||||||||||||||
Depreciation and amortization expense | 35,099 | 35,352 | 34,381 | 34,384 | ||||||||||||||||||||||||||||
EBITDA | 72,095 | 27.2 | % | (26,061 | ) | -16.3 | % | 58,850 | 18.5 | % | (21,659 | ) | -19.9 | % | ||||||||||||||||||
Loss on asset disposal | 145 | 153 | 377 | 124 | ||||||||||||||||||||||||||||
Impairment of long-lived assets and lease termination costs | — | 11,549 | ||||||||||||||||||||||||||||||
Share-based compensation | 2,971 | (389 | ) | 3,778 | 2,999 | |||||||||||||||||||||||||||
Pre-opening costs | 1,659 | 3,823 | 2,092 | 2,570 | ||||||||||||||||||||||||||||
Other costs (1) | (165 | ) | 147 | 3,112 | (5 | ) | ||||||||||||||||||||||||||
Adjusted EBITDA | $ | 76,705 | 28.9 | % | $ | (10,778 | ) | -6.7 | % | $ | 68,209 | 21.5 | % | $ | (15,971 | ) | -14.6 | % | ||||||||||||||
(1) | Primarily represents costs related to currency transaction (gains) or losses. The third quarter of fiscal 2021 includes a $3,230 severance obligation to the Company’s former Chief Executive Officer, who terminated his service in this position effective September 30, 2021. |
Thirteen Weeks | Thirteen Weeks | |||||||||||||||||||||||||||||||
Ended | Ended | |||||||||||||||||||||||||||||||
Thirteen Weeks Ended May 2, 2021 | Thirteen Weeks Ended May 3, 2020 | October 31, 2021 | November 1, 2020 | |||||||||||||||||||||||||||||
Operating income (loss) | $ | 36,996 | 14.0 | % | $ | (61,413 | ) | -38.4 | % | $ | 24,469 | 7.7 | % | $ | (56,043 | ) | -51.4 | % | ||||||||||||||
General and administrative expenses | 17,091 | 14,563 | 22,104 | 11,746 | ||||||||||||||||||||||||||||
Depreciation and amortization expense | 35,099 | 35,352 | 34,381 | 34,384 | ||||||||||||||||||||||||||||
Pre-opening costs | 1,659 | 3,823 | 2,092 | 2,570 | ||||||||||||||||||||||||||||
Store Operating Income Before Depreciation and Amortization | $ | 90,845 | 34.2 | % | $ | (7,675 | ) | �� | -4.8 | % | $ | 83,046 | 26.1 | % | $ | (7,343 | ) | -6.7 | % | |||||||||||||
Thirteen Weeks | Thirteen Weeks | |||||||||||||||
Ended | Ended | |||||||||||||||
Thirteen Weeks Ended May 2, 2021 | Thirteen Weeks Ended May 3, 2020 | October 31, 2021 | November 1, 2020 | |||||||||||||
New store and operating initiatives | $ | 7,145 | $ | 37,046 | $ | 20,616 | $ | 7,700 | ||||||||
Games | 3,171 | 7,908 | 195 | 361 | ||||||||||||
Maintenance capital | 1,888 | 2,497 | 8,402 | 1,208 | ||||||||||||
Total capital additions | $ | 12,204 | $ | 47,451 | $ | 29,213 | $ | 9,269 | ||||||||
Payments from landlords | $ | — | $ | — | $ | 5,717 | $ | 4,709 |
Thirteen Weeks Ended | ||||||||||||||||||||||||
13 weeks ended May 2, 2021 | 13 weeks ended May 3, 2020 | Change | October 31, 2021 | November 1, 2020 | Change | |||||||||||||||||||
Total revenues | $ | 265,340 | $ | 159,806 | $ | 105,534 | $ | 317,976 | $ | 109,052 | $ | 208,924 | ||||||||||||
Total store operating weeks | 1,633 | 833 | 800 | 1,854 | 1,221 | 633 | ||||||||||||||||||
Comparable store revenues | $ | 216,945 | $ | 138,636 | $ | 78,309 | $ | 259,206 | $ | 89,592 | $ | 169,614 | ||||||||||||
Comparable store operating weeks | 1,303 | 697 | 606 | 1,482 | 993 | 489 | ||||||||||||||||||
Noncomparable store revenues | $ | 56,959 | 24,234 | $ | 32,725 | $ | 55,356 | 20,092 | $ | 35,264 | ||||||||||||||
Noncomparable store operating weeks | 330 | 136 | 194 | 372 | 228 | 144 | ||||||||||||||||||
Other revenues | $ | (8,564 | ) | $ | (3,064 | ) | $ | (5,500 | ) | |||||||||||||||
Other revenues and deferrals | $ | 3,414 | $ | (632 | ) | $ | 4,046 |
Thirty-Nine Weeks | Thirty-Nine Weeks | |||||||||||||||
Ended | Ended | |||||||||||||||
October 31, 2021 | November 1, 2020 | |||||||||||||||
Food and beverage revenues | $ | 316,511 | 32.9 | % | $ | 119,268 | 37.3 | % | ||||||||
Amusement and other revenues | 644,443 | 67.1 | 200,423 | 62.7 | ||||||||||||
Total revenues | 960,954 | 100.0 | 319,691 | 100.0 | ||||||||||||
Cost of food and beverage (as a percentage of food and beverage revenues) | 86,366 | 27.3 | 32,667 | 27.4 | ||||||||||||
Cost of amusement and other (as a percentage of amusement and other revenues) | 63,729 | 9.9 | 21,997 | 11.0 | ||||||||||||
Total cost of products | 150,095 | 15.6 | 54,664 | 17.1 | ||||||||||||
Operating payroll and benefits | 209,897 | 21.8 | 85,197 | 26.6 | ||||||||||||
Other store operating expenses | 292,883 | 30.5 | 229,137 | 71.8 | ||||||||||||
General and administrative expenses | 57,665 | 6.0 | 35,587 | 11.1 | ||||||||||||
Depreciation and amortization expense | 104,355 | 10.9 | 104,896 | 32.8 | ||||||||||||
Pre-opening costs | 5,427 | 0.6 | 8,781 | 2.7 | ||||||||||||
Total operating costs | 820,322 | 85.4 | 518,262 | 162.1 | ||||||||||||
Operating income (loss) | 140,632 | 14.6 | (198,571 | ) | (62.1 | ) | ||||||||||
Interest expense, net | 41,971 | 4.3 | 22,491 | 7.0 | ||||||||||||
Loss on debt extinguishment / refinancing | 2,829 | 0.3 | 904 | 0.3 | ||||||||||||
Income (loss) before provision (benefit) for income taxes | 95,832 | 10.0 | (221,966 | ) | (69.4 | ) | ||||||||||
Provision (benefit) for income taxes | 12,842 | 1.4 | (71,777 | ) | (22.4 | ) | ||||||||||
Net income (loss) | $ | 82,990 | 8.6 | % | $ | (150,189 | ) | (47.0 | )% | |||||||
Change in comparable store sales (1) | 195.8 | % | (70.2 | )% | ||||||||||||
Company-owned stores at end of period (1) | 143 | 137 | ||||||||||||||
Comparable stores at end of period (1) | 114 | 114 |
(1) | As of the end of the third quarter of fiscal 2020, 104 of our 137 total stores and 84 of our 114 comparable stores were open and operating in limited capacity. Our comparable store count as of the end of the third quarter of fiscal 2020 excludes a store in Chicago, Illinois and a store in Houston, Texas, which were at or near the end of their respective lease terms, when the Company decided not to re-open. |
Thirty-Nine Weeks | Thirty-Nine Weeks | |||||||||||||||
Ended | Ended | |||||||||||||||
October 31, 2021 | November 1, 2020 | |||||||||||||||
Net income (loss) | $ | 82,990 | 8.6 | % | $ | (150,189 | ) | -47.0 | % | |||||||
Interest expense, net | 41,971 | 22,491 | ||||||||||||||
Loss on debt extinguishment / refinancing | 2,829 | 904 | ||||||||||||||
Provision (benefit) for income taxes | 12,842 | (71,777 | ) | |||||||||||||
Depreciation and amortization expense | 104,355 | 104,896 | ||||||||||||||
EBITDA | 244,987 | 25.5 | % | (93,675 | ) | -29.3 | % | |||||||||
Loss on asset disposal | 634 | 541 | ||||||||||||||
Impairment of long-lived assets and lease termination costs | — | 13,727 | ||||||||||||||
Share-based compensation | 9,936 | 5,344 | ||||||||||||||
Pre-opening costs | 5,427 | 8,781 | ||||||||||||||
Other costs (1) | 3,082 | 54 | ||||||||||||||
Adjusted EBITDA | $ | 264,066 | 27.5 | % | $ | (65,228 | ) | -20.4 | % | |||||||
(1) | Primarily represents costs related to currency transaction (gains) or losses. The third quarter of fiscal 2021 includes a $3,230 severance obligation to the Company’s former Chief Executive Officer, who terminated his service in this position effective September 30, 2021. |
Thirty-Nine Weeks | Thirty-Nine Weeks | |||||||||||||||
Ended | Ended | |||||||||||||||
October 31, 2021 | November 1, 2020 | |||||||||||||||
Operating income (loss) | $ | 140,632 | 14.6 | % | $ | (198,571 | ) | -62.1 | % | |||||||
General and administrative expenses | 57,665 | 35,587 | ||||||||||||||
Depreciation and amortization expense | 104,355 | 104,896 | ||||||||||||||
Pre-opening costs | 5,427 | 8,781 | ||||||||||||||
Store Operating Income Before Depreciation and Amortization | $ | 308,079 | 32.1 | % | $ | (49,307 | ) | -15.4 | % | |||||||
Thirty-Nine Weeks | Thirty-Nine Weeks | |||||||
Ended | Ended | |||||||
October 31, 2021 | November 1, 2020 | |||||||
New store and operating initiatives | $ | 40,372 | $ | 48,222 | ||||
Games | 12,809 | 9,079 | ||||||
Maintenance capital | 16,692 | 2,988 | ||||||
Total capital additions | $ | 69,873 | $ | 60,289 | ||||
Payments from landlords | $ | 7,802 | $ | 8,723 |
Thirty-Nine Weeks Ended | ||||||||||||
October 31, 2021 | November 1, 2020 | Change | ||||||||||
Total revenues | $ | 960,954 | $ | 319,691 | $ | 641,263 | ||||||
Total store operating weeks | 5,304 | 2,682 | 2,622 | |||||||||
Comparable store revenues | $ | 794,033 | $ | 268,426 | $ | 525,607 | ||||||
Comparable store operating weeks | 4,243 | 2,184 | 2,059 | |||||||||
Noncomparable store revenues | $ | 179,603 | 54,763 | $ | 124,840 | |||||||
Noncomparable store operating weeks | 1,061 | 498 | 563 | |||||||||
Other revenues and deferrals | $ | (12,682 | ) | $ | (3,498 | ) | $ | (9,184 | ) |
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/ | ||||
Interim Chief Executive Officer | ||||||
Date: | By: | /s/ Scott J. Bowman | ||||
Scott J. Bowman | ||||||
Chief Financial Officer |