Lucky Strike Entertainment (LUCK) 10-Q 15 Feb 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jan. 01, 2023	Feb. 08, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jan. 01, 2023
Document Transition Report	false
Entity File Number	001-40142
Entity Registrant Name	BOWLERO CORP.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-1632024
Entity Address, Address Line One	7313 Bell Creek Road
Entity Address, City or Town	Mechanicsville
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23111
City Area Code	(804)
Local Phone Number	417-2000
Title of 12(b) Security	Class A common stock, par value $0.0001 per share
Trading Symbol	BOWL
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001840572
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--07-02
Amendment Flag	false
Class A ordinary shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		109,725,694
Class B ordinary shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		55,911,203

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 01, 2023	Jul. 03, 2022
Current assets:
Cash and cash equivalents	$ 79,446	$ 132,236
Restricted cash	10,363	0
Marketable securities	12,125	0
Accounts and notes receivable, net of allowance for doubtful accounts of $609 and $504, respectively	8,807	5,227
Inventories, net	11,407	10,310
Prepaid expenses and other current assets	14,206	12,732
Assets held-for-sale	2,552	8,789
Total current assets	138,906	169,294
Property and equipment, net	652,847	534,721
Internal use software, net	14,901	11,423
Property and equipment under capital leases, net	254,583	262,703
Intangible assets, net	92,795	92,593
Goodwill	748,594	742,669
Other assets	38,643	41,022
Total assets	1,941,269	1,854,425
Current liabilities:
Accounts payable	44,590	38,217
Accrued expenses	76,612	62,854
Current maturities of long-term debt	5,821	4,966
Other current liabilities	11,995	13,123
Total current liabilities	139,018	119,160
Long-term debt, net	876,856	865,090
Long-term obligations under capital leases	394,836	397,603
Earnout liability	282,557	210,952
Other long-term liabilities	79,354	54,418
Deferred income tax liabilities	15,213	14,882
Total liabilities	1,787,834	1,662,105
Commitments and Contingencies (Note 10)
Temporary Equity
Series A preferred stock	211,667	206,002
Stockholders’ Deficit
Additional paid-in capital	336,261	335,015
Treasury stock, at cost	(47,968)	(34,557)
Accumulated deficit	(344,950)	(312,851)
Accumulated other comprehensive loss	(1,592)	(1,306)
Total stockholders’ deficit	(58,232)	(13,682)
Total liabilities, temporary equity and stockholders’ deficit	1,941,269	1,854,425
Class A ordinary shares
Stockholders’ Deficit
Common stock	11	11
Class B ordinary shares
Stockholders’ Deficit
Common stock	$ 6	$ 6

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jan. 01, 2023	Jul. 03, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 609	$ 504

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 01, 2023	Dec. 26, 2021	Jan. 01, 2023	Dec. 26, 2021
Income Statement [Abstract]
Revenues	$ 273,385	$ 205,190	$ 503,645	$ 386,168
Costs of revenues	179,706	141,383	344,908	268,251
Gross profit	93,679	63,807	158,737	117,917
Operating (income) expenses:
Selling, general and administrative expenses	34,452	93,283	66,946	114,698
Asset impairment	0	0	84	0
Gain on sale of assets	(1,823)	(124)	(1,978)	(154)
Other operating expense	614	3,332	1,976	3,809
Total operating expense	33,243	96,491	67,028	118,353
Operating profit (loss)	60,436	(32,684)	91,709	(436)
Other expenses:
Interest expense, net	27,379	23,880	50,949	46,808
Change in fair value of earnout liability	30,776	(22,542)	71,536	(22,542)
Change in fair value of warrant liability	0	70	0	70
Other income	(678)	0	(630)	0
Total other expense	57,477	1,408	121,855	24,336
Income (loss) before income tax expense (benefit)	2,959	(34,092)	(30,146)	(24,772)
Income tax expense (benefit)	1,524	362	1,953	(5,882)
Net income (loss)	1,435	(34,454)	(32,099)	(18,890)
Series A preferred stock dividends	(2,802)	(2,221)	(5,603)	(4,472)
Net loss attributable to common stockholders, basic	(1,367)	(36,675)	(37,702)	(23,362)
Net loss attributable to common stockholders, diluted	$ (1,367)	$ (36,675)	$ (37,702)	$ (23,362)
Net loss per share attributable to Class A and B common stockholders
Basic (in dollars per share)	$ (0.01)	$ (0.25)	$ (0.23)	$ (0.16)
Diluted (in dollars per share)	$ (0.01)	$ (0.25)	$ (0.23)	$ (0.16)
Weighted-average shares used in computing net loss per share attributable to common stockholders
Basic (in shares)	162,478,147	148,754,908	162,665,041	147,801,618
Diluted (in shares)	162,478,147	148,754,908	162,665,041	147,801,618

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 01, 2023	Dec. 26, 2021	Jan. 01, 2023	Dec. 26, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 1,435	$ (34,454)	$ (32,099)	$ (18,890)
Other comprehensive income (loss), net of income tax:
Unrealized loss on derivatives	0	(10)	0	(42)
Reclassification to earnings	0	2,203	0	4,405
Foreign currency translation adjustment	81	(208)	(286)	(372)
Other comprehensive income (loss)	81	1,985	(286)	3,991
Total comprehensive income (loss)	$ 1,516	$ (32,469)	$ (32,385)	$ (14,899)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Temporary Equity and Stockholders' Deficit - USD ($) $ in Thousands	Total	As previously reported	Adjustments	Treasury stock	Additional Paid-in capital	Additional Paid-in capital As previously reported	Accumulated deficit	Accumulated deficit As previously reported	Accumulated deficit Adjustments	Accumulated other comprehensive loss	Accumulated other comprehensive loss As previously reported	Redeemable Class A common stock	Redeemable Class A common stock As previously reported	Redeemable Class A common stock Adjustments	Series A preferred stock	Series A preferred stock As previously reported	Series A preferred stock Adjustments	Class A common Stock	Class A common Stock Common stock	Class A common Stock Common stock As previously reported	Class A common Stock Common stock Adjustments	Class B common Stock	Class B common Stock Common stock
Beginning balance at Jun. 27, 2021												$ 464,827	$ 464,827		$ 141,162	$ 141,162
Beginning balance (in shares) at Jun. 27, 2021												51,397,025	2,069,000	49,328,025	2,642,587	106,378	2,536,209
Increase (Decrease) in Temporary Equity [Roll Forward]
Accrual of paid-in-kind dividends on Series A preferred stock															$ 2,251
Change in fair value of redeemable Class A common stock of Old Bowlero												$ 14,995
Ending balance (in shares) at Sep. 26, 2021												51,397,025			2,642,587
Ending balance at Sep. 26, 2021												$ 479,822			$ 143,413
Beginning balance (in shares) at Jun. 27, 2021																			95,451,303	3,842,428	91,608,875		0
Beginning balance at Jun. 27, 2021	$ (275,866)	$ (275,866)	$ 0	$ 0	$ 0	$ 0	$ (266,472)	$ (266,463)	$ (9)	$ (9,404)	$ (9,404)								$ 10	$ 1	$ 9		$ 0
Beginning balance (in shares) at Jun. 27, 2021				0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	15,564						15,564
Foreign currency translation adjustment	(164)									(164)
Unrealized loss on derivatives	(32)									(32)
Reclassification to earnings	2,202									2,202
Accrued dividends on pre-merger Series A preferred stock	(2,251)				(2,251)
Change in fair value of redeemable Class A common stock of Old Bowlero	(14,995)				(14,995)
Share-based compensation	801				801
Reclass of negative APIC to accumulated deficit	0				16,445		(16,445)
Ending balance (in shares) at Sep. 26, 2021																			95,451,303				0
Ending balance at Sep. 26, 2021	(274,741)			$ 0	0		(267,353)			(7,398)									$ 10				$ 0
Ending balance (in shares) at Sep. 26, 2021				0
Beginning balance at Jun. 27, 2021												$ 464,827	$ 464,827		$ 141,162	$ 141,162
Beginning balance (in shares) at Jun. 27, 2021												51,397,025	2,069,000	49,328,025	2,642,587	106,378	2,536,209
Ending balance (in shares) at Dec. 26, 2021												0			200,000
Ending balance at Dec. 26, 2021												$ 0			$ 200,000
Beginning balance (in shares) at Jun. 27, 2021																			95,451,303	3,842,428	91,608,875		0
Beginning balance at Jun. 27, 2021	(275,866)	$ (275,866)	$ 0	$ 0	0	$ 0	(266,472)	$ (266,463)	$ (9)	(9,404)	$ (9,404)								$ 10	$ 1	$ 9		$ 0
Beginning balance (in shares) at Jun. 27, 2021				0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized loss on derivatives	(42)
Reclassification to earnings	4,405
Ending balance (in shares) at Dec. 26, 2021																			107,066,196				58,311,203
Ending balance at Dec. 26, 2021	(12,375)			$ 0	294,828		(301,807)			(5,413)									$ 11				$ 6
Ending balance (in shares) at Dec. 26, 2021				0
Beginning balance at Sep. 26, 2021												$ 479,822			$ 143,413
Beginning balance (in shares) at Sep. 26, 2021												51,397,025			2,642,587
Increase (Decrease) in Temporary Equity [Roll Forward]
Accrual of paid-in-kind dividends on Series A preferred stock															$ 1,885
Change in fair value of redeemable Class A common stock of Old Bowlero												$ 23,869
Issuance of common stock and preferred stock in connection with Merger Capitalization, net of Bowlero equity issuance costs and fair value of liability-classified warrants and earnout (in shares)															95,000
Issuance of common stock and preferred stock in connection with Merger Capitalization, net of Bowlero equity issuance costs and fair value of liability-classified warrants and earnout															$ 95,000
Settlement of pre-merger Series A preferred stock (in shares)															(2,642,587)
Settlement of pre-merger Series A preferred stock															$ (145,298)
Conversion of Class A common stock of Old Bowlero to Series A preferred stock (in shares)															105,000
Conversion of Class A common stock of Old Bowlero to Series A preferred stock															$ 105,000
Exchange of redeemable Class A common stock of Old Bowlero for Class B common stock (in shares)												(51,397,025)
Exchange of redeemable Class A common stock of Old Bowlero for Class B common stock												$ (503,691)
Ending balance (in shares) at Dec. 26, 2021												0			200,000
Ending balance at Dec. 26, 2021												$ 0			$ 200,000
Beginning balance (in shares) at Sep. 26, 2021																			95,451,303				0
Beginning balance at Sep. 26, 2021	(274,741)			$ 0	0		(267,353)			(7,398)									$ 10				$ 0
Beginning balance (in shares) at Sep. 26, 2021				0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(34,454)						(34,454)
Foreign currency translation adjustment	(208)									(208)
Unrealized loss on derivatives	(10)									(10)
Reclassification to earnings	2,203									2,203
Accrued dividends on pre-merger Series A preferred stock	(1,885)				(1,885)
Change in fair value of redeemable Class A common stock of Old Bowlero	(23,869)				(23,869)
Merger induced stock based compensation (in shares)																			2,529,360				5,839,993
Merger induced stock based compensation	42,556				42,555																		$ 1
Issuance of common stock and preferred stock in connection with Merger Capitalization, net of Bowlero equity issuance costs and fair value of liability-classified warrants and earnout (in shares)																			42,185,233				1,074,185
Issuance of common stock and preferred stock in connection with Merger Capitalization, net of Bowlero equity issuance costs and fair value of liability-classified warrants and earnout	120,809				120,805														$ 4
Conversion of Class A common stock of Old Bowlero to Series A preferred stock (in shares)																			(10,499,900)
Conversion of Class A common stock of Old Bowlero to Series A preferred stock	(105,000)				(104,999)														$ (1)
Consideration to existing shareholders of Old Bowlero (in shares)																			(22,599,800)
Consideration to existing shareholders of Old Bowlero	(226,000)				(225,998)														$ (2)
Consideration paid to Old Bowlero optionholders	(15,467)				(15,467)
Exchange of redeemable Class A common stock of Old Bowlero for Class B common stock (in shares)																							51,397,025
Exchange of redeemable Class A common stock of Old Bowlero for Class B common stock	503,691				503,686																		$ 5
Ending balance (in shares) at Dec. 26, 2021																			107,066,196				58,311,203
Ending balance at Dec. 26, 2021	(12,375)			$ 0	294,828		(301,807)			(5,413)									$ 11				$ 6
Ending balance (in shares) at Dec. 26, 2021				0
Beginning balance at Jul. 03, 2022	206,002														$ 206,002
Beginning balance (in shares) at Jul. 03, 2022															200,000
Ending balance (in shares) at Oct. 02, 2022															200,000
Ending balance at Oct. 02, 2022															$ 206,002
Beginning balance (in shares) at Jul. 03, 2022																		110,395,630	110,395,630			55,911,203	55,911,203
Beginning balance at Jul. 03, 2022	$ (13,682)			$ (34,557)	335,015		(312,851)			(1,306)									$ 11				$ 6
Beginning balance (in shares) at Jul. 03, 2022	3,430,667			3,430,667
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ (33,534)						(33,534)
Foreign currency translation adjustment	(367)									(367)
Stock based compensation (in shares)																			50,317
Share-based compensation	3,279				3,279
Repurchase of Class A common stock into Treasury Stock (in shares)				(468,103)															(468,103)
Repurchase of Class A common stock into Treasury stock	(5,462)			$ (5,462)
Ending balance (in shares) at Oct. 02, 2022																			109,977,844				55,911,203
Ending balance at Oct. 02, 2022	(49,766)			$ (40,019)	338,294		(346,385)			(1,673)									$ 11				$ 6
Ending balance (in shares) at Oct. 02, 2022				3,898,770
Beginning balance at Jul. 03, 2022	206,002														$ 206,002
Beginning balance (in shares) at Jul. 03, 2022															200,000
Ending balance (in shares) at Jan. 01, 2023															200,000
Ending balance at Jan. 01, 2023	211,667														$ 211,667
Beginning balance (in shares) at Jul. 03, 2022																		110,395,630	110,395,630			55,911,203	55,911,203
Beginning balance at Jul. 03, 2022	$ (13,682)			$ (34,557)	335,015		(312,851)			(1,306)									$ 11				$ 6
Beginning balance (in shares) at Jul. 03, 2022	3,430,667			3,430,667
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized loss on derivatives	$ 0
Reclassification to earnings	0
Repurchase of Class A common stock into Treasury Stock (in shares)																		(1,097,780)
Repurchase of Class A common stock into Treasury stock																		$ (13,411)
Ending balance (in shares) at Jan. 01, 2023																		109,726,094	109,726,094			55,911,203	55,911,203
Ending balance at Jan. 01, 2023	$ (58,232)			$ (47,968)	336,261		(344,950)			(1,592)									$ 11				$ 6
Ending balance (in shares) at Jan. 01, 2023	4,528,447			4,528,447
Beginning balance at Oct. 02, 2022															$ 206,002
Beginning balance (in shares) at Oct. 02, 2022															200,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Accrual of paid-in-kind dividends on Series A preferred stock															$ 5,665
Ending balance (in shares) at Jan. 01, 2023															200,000
Ending balance at Jan. 01, 2023	$ 211,667														$ 211,667
Beginning balance (in shares) at Oct. 02, 2022																			109,977,844				55,911,203
Beginning balance at Oct. 02, 2022	(49,766)			$ (40,019)	338,294		(346,385)			(1,673)									$ 11				$ 6
Beginning balance (in shares) at Oct. 02, 2022				3,898,770
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	1,435						1,435
Foreign currency translation adjustment	81									81
Unrealized loss on derivatives	0
Reclassification to earnings	0
Stock based compensation (in shares)																			377,927
Share-based compensation	3,632				3,632
Accrual of paid-in-kind dividends on Series A preferred stock	(5,665)				(5,665)
Repurchase of Class A common stock into Treasury Stock (in shares)				(629,677)															(629,677)
Repurchase of Class A common stock into Treasury stock	(7,949)			$ (7,949)
Ending balance (in shares) at Jan. 01, 2023																		109,726,094	109,726,094			55,911,203	55,911,203
Ending balance at Jan. 01, 2023	$ (58,232)			$ (47,968)	$ 336,261		$ (344,950)			$ (1,592)									$ 11				$ 6
Ending balance (in shares) at Jan. 01, 2023	4,528,447			4,528,447

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jan. 01, 2023	Dec. 26, 2021
Operating activities
Net loss	$ (32,099)	$ (18,890)
Adjustments to reconcile net loss to net cash provided by operating activities:
Asset impairment	84	0
Depreciation and amortization	55,570	48,501
Gain on sale of assets, net	(1,978)	(154)
Income from joint venture	(200)	(158)
Loss on refinance of debt	0	953
Amortization of deferred financing costs	1,856	1,833
Amortization of deferred rent incentive	(204)	75
Non-cash interest expense on capital lease obligation	5,360	3,343
Amortization of deferred sale lease-back gain	(514)	(513)
Deferred income taxes	178	(6,587)
Share-based compensation	7,684	43,356
Distributions from joint venture	213	220
Change in fair value of earnout liability	71,536	(22,542)
Change in fair value of warrant liability	0	70
Change in fair value of marketable securities	(755)	0
Changes in assets and liabilities, net of business acquisitions:
Accounts receivable and notes receivable, net	(3,018)	(26)
Inventories	(976)	(2,050)
Prepaids, other current assets and other assets	(688)	(5,404)
Accounts payable and accrued expenses	12,385	9,926
Other current liabilities	127	2,605
Other long-term liabilities	1,318	4,727
Net cash provided by operating activities	115,879	59,285
Investing activities
Purchases of property and equipment	(78,111)	(111,523)
Purchases of intangible assets	(22)	(2,587)
Proceeds from sale of property and equipment	6,518	16
Proceeds from sale of intangibles	126	0
Purchase of marketable securities	(44,855)	0
Proceeds from sale of marketable securities	32,921	0
Acquisitions, net of cash acquired	(79,582)	(46,754)
Net cash used in investing activities	(163,005)	(160,848)
Financing activities
Repurchase of treasury stock	(16,355)	0
Repurchase of Series A preferred stock - Old Bowlero	0	(145,298)
Proceeds from issuance of Series A preferred stock	0	95,000
Proceeds from issuance of Class A common stock to Isos investors	0	94,413
Proceeds from share issuance	590	0
Transaction costs related to Merger recapitalization	0	(20,670)
Proceeds from PIPE Investment	0	150,604
Proceeds from Forward Investment	0	100,000
Payment to existing shareholders of Old Bowlero	0	(226,000)
Payments for tax withholdings on share-based awards	(1,491)	0
Consideration paid to existing option holders of Old Bowlero	0	(15,467)
Settlement of contingent consideration	1,000	0
Payment of long-term debt	(4,399)	(4,105)
Payment of First Lien Credit Facility Revolver	0	(39,853)
Proceeds from long-term debt	15,418	0
Payment of Incremental Liquidity Facility	0	(45,000)
Proceeds from New Revolver	0	86,434
Proceeds from sale-leaseback financing	10,363	0
Payment of deferred financing costs	0	(977)
Construction allowance receipts	0	1,132
Net cash provided by financing activities	5,126	30,213
Effect of exchange rates on cash	(427)	(84)
Net decrease in cash, cash equivalents and restricted cash	(42,427)	(71,434)
Cash, cash equivalents and restricted cash at beginning of period	132,236	187,093
Cash, cash equivalents and restricted cash at end of period	$ 89,809	$ 115,659

Description of Business and Sig

Description of Business and Significant Accounting Policies	6 Months Ended
	Jan. 01, 2023
Accounting Policies [Abstract]
Description of Business and Significant Accounting Policies	Description of Business and Significant Accounting Policies Bowlero Corp., a Delaware corporation, and its subsidiaries (referred to herein as the “Company”, “Bowlero”, “we,” “us” and “our”) are the world’s largest operator of bowling entertainment centers. The Company operates bowling entertainment centers under different brand names. Our AMF branded centers are traditional bowling centers and the Bowlero branded centers offer a more upscale entertainment concept with lounge seating, enhanced food and beverage offerings, and more robust customer service for individuals and group events. Additionally, within the brands, there exists a spectrum where some AMF branded centers are more upscale and some Bowlero branded centers are more traditional. All of our centers, regardless of branding, are managed in a fully integrated and consistent basis since all of our centers are in the same business of operating bowling entertainment. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with GAAP have been condensed or omitted. In the opinion of management, these financial statements contain all adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position, results of operations and cash flows for the periods indicated. Our quarterly financial data should be read in conjunction with the audited financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended July 3, 2022. Reverse Recapitalization: On December 15, 2021, (the “Closing Date”), the Company consummated the previously announced Business Combination pursuant to the Business Combination Agreement (“BCA”) dated as of July 1, 2021, by and among Bowlero Corp. prior to the Closing Date (“Old Bowlero”) and Isos Acquisition Corporation (“Isos”). Notwithstanding the legal form of the Business Combination pursuant to the BCA, the Business Combination was accounted for as a reverse recapitalization. Under this method of accounting, Isos was treated as the acquired company and Old Bowlero was treated as the acquirer for accounting and financial statement reporting purposes. The consolidated assets, liabilities and results of operations prior to the reverse recapitalization are those of the Company, thus the shares and corresponding capital amounts and losses per share, prior to the reverse recapitalization, have been retroactively restated based on shares reflecting the exchange ratio of 24.841 established in the BCA. Principles of Consolidation: The consolidated financial statements and related notes include the accounts of Bowlero Corp. and the subsidiaries it controls. Control is determined based on ownership rights or, when applicable, based on whether the Company is considered to be the primary beneficiary of a variable interest entity. The Company’s interest in 20% to 50% owned companies that are not controlled are accounted for using the equity method, unless the Company does not sufficiently influence the management of the investee. All significant intercompany balances and transactions have been eliminated in consolidation. Use of Estimates: The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the balance sheets, statement of operations and accompanying notes. Significant estimates made by management include, but are not limited to, cash flow projections; the fair value of assets and liabilities in acquisitions; derivatives with hedge accounting; share-based compensation; depreciation and impairment of long-lived assets; carrying amount and recoverability analyses of property and equipment, assets held for sale, goodwill and other intangible assets; valuation of deferred tax assets and liabilities and income tax uncertainties; and reserves for litigation, claims and self-insurance costs. Actual results could differ from those estimates. Fair-value Estimates: We have various financial instruments included in our financial statements. Financial instruments are carried in our financial statements at either cost or fair value. We estimate fair value of assets and liabilities using the following hierarchy using the highest level possible: Level 1: Quoted prices in active markets that are accessible at the measurement date for identical assets and liabilities. Level 2: Observable prices that are based on inputs not quoted on active markets, but are corroborated by market data. Level 3: Unobservable inputs are used when little or no market data is available. Cash, Cash Equivalents and Restricted Cash: The Company considers all highly liquid investments with a maturity date of three months or less when purchased to be cash equivalents. The Company had cash equivalents of $6,758 and $88,067 at January 1, 2023 and July 3, 2022, respectively. The Company accepts a range of debit and credit cards, and these transactions are generally transmitted to a bank for reimbursement within 24 hours. The payments due from the banks for these debit and credit card transactions are generally received, or settled, within 24 to 48 hours of the transmission date. The Company considers all debit and credit card transactions that settle in less than seven days to be cash equivalents. Amounts due from the banks for these transactions classified as cash equivalents totaled $15,132 and $8,688 at January 1, 2023 and July 3, 2022, respectively. The Company considers sales proceeds from a sale lease back transaction held by an intermediary in a qualified account as restricted cash, as part of like-kind exchange under U.S. tax law. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheet to the condensed consolidated statement of cash flows: January 1, 2023 July 3, 2022 Cash and cash equivalents $ 79,446 $ 132,236 Restricted cash 10,363 — Total cash, cash equivalents and restricted cash $ 89,809 $ 132,236 Marketable Securities: Our investments in marketable equity securities are measured at fair value with the related gains and losses recognized in other income. The unrealized gains recognized on equity securities held at January 1, 2023 for the periods ended January 1, 2023 were as follows: Three Months Ended Six Months Ended January 1, 2023 January 1, 2023 Unrealized gain $ 680 $ 625 Derivatives: We are exposed to interest rate risk. To manage these risks, we entered into interest rate swap derivative transactions associated with a portion of our outstanding debt. The interest rate swaps were designated for accounting purposes as cash flow hedges of forecasted floating interest payments on variable rate debt. The Company's interest rate swaps expired on June 30, 2022. The reclassifications from accumulated other comprehensive income (“AOCI”) into income during each reporting period were as follows: Three Months Ended Six Months Ended January 1, 2023 December 26, 2021 January 1, 2023 December 26, 2021 Interest expense reclassified from AOCI into net loss $ — $ 2,203 $ — $ 4,405 The fair value of the swap and cap agreements excludes accrued interest and takes into consideration current interest rates and current likelihood of the swap counterparties’ compliance with its contractual obligations. There are no income taxes related to the amounts recorded to AOCI due to tax credits and the full valuation allowance on deferred taxes. Net (Loss) Income Per Share Attributable to Common Stockholders: We compute net (loss) income per share of Class A common stock and Class B common stock under the two-class method. Holders of Class A common stock and Class B common stock have equal rights to the earnings of the Company. Our participating securities include the redeemable convertible preferred stock that have a non-forfeitable right to dividends in the event that a dividend is paid on common stock, but do not participate in losses, and thus are not included in a two-class method in periods of loss. Since the Company has reported net loss for the current period, all potentially dilutive securities have been excluded from the calculation of the diluted net loss per share attributable to common stockholders as their effect is antidilutive and accordingly, basic and diluted net loss per share attributable to common stockholders is the same for the current period presented. Dilutive securities include convertible preferred stock, earnouts, stock options, and restricted stock units (“RSUs”). See Note 15 -  Net (Loss) Income Per Share . Emerging Growth Company Status: The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the JOBS Act, and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act and reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of our financial statements with those of another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Recently Issued Accounting Standards: We reviewed the accounting pronouncements that became effective for our fiscal year 2023 and besides ASU No. 2016-02, Leases (“Topic 842”), we determined that either they were not applicable, or they did not have a material impact on the consolidated financial statements.

Revenue

Revenue	6 Months Ended
	Jan. 01, 2023
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The following table presents the Company’s revenue disaggregated by major revenue categories: Three Months Ended Six Months Ended January 1, % of revenues December 26, % of revenues January 1, % of revenues December 26, % of revenues Major revenue categories: Bowling $ 131,426 48.1 % $ 103,532 50.5 % $ 246,753 49.0 % $ 196,142 50.8 % Food and beverage 100,657 36.8 % 72,774 35.5 % 179,680 35.7 % 133,019 34.4 % Amusement 36,748 13.4 % 26,474 12.9 % 67,557 13.4 % 50,186 13.0 % Media 4,554 1.7 % 2,410 1.1 % 9,655 1.9 % 6,821 1.8 % Total revenues $ 273,385 100.0 % $ 205,190 100.0 % $ 503,645 100.0 % $ 386,168 100.0 %

Business Acquisitions

Business Acquisitions	6 Months Ended
	Jan. 01, 2023
Business Combination and Asset Acquisition [Abstract]
Business Acquisitions	Business Acquisitions Acquisitions: The Company continually evaluates potential acquisitions of bowling entertainment centers, which can be either business combinations or asset purchases, that strategically fit within the Company’s existing portfolio of centers as a key part of the Company’s overall growth strategy in order to expand our market share in key geographic areas, and to improve our ability to leverage our fixed costs. 2023 Business Acquisitions: For business combinations, the Company allocates the consideration transferred to the identifiable assets acquired and liabilities assumed based on their preliminary estimated fair values as of the acquisition date. We estimate the fair values of the assets acquired and liabilities assumed using valuation techniques, such as the income, cost and market approaches. During the six months ended January 1, 2023, the Company had nine business acquisitions in which we acquired eleven bowling entertainment centers for a total consideration of $79,582. The Company is still in the process of finalizing the acquisition date fair values. The remaining fair value estimates include working capital, intangibles, property and equipment, and capital lease assets and liabilities. For business combinations, we will continue to refine our estimates throughout the permitted measurement period, which may result in corresponding offsets to goodwill. We expect to finalize the valuations as soon as possible, but no later than one year after the acquisition dates. Fair values for acquisitions that were considered preliminary at July 3, 2022 were finalized with immaterial adjustments. The following table summarizes the preliminary purchase price allocations for the fair values of the identifiable assets acquired and liabilities assumed, components of consideration transferred and the transactional related expenses using the acquisition method of accounting: Identifiable assets acquired and liabilities assumed Total Current assets $ 122 Property and equipment 69,212 Capital lease asset 1,860 Identifiable intangible assets 3,630 Goodwill 6,265 Other assets 1,160 Total assets acquired 82,249 Current liabilities (807) Long-term obligations under capital leases (1,860) Total liabilities assumed (2,667) Total fair value, net of cash acquired of $56 $ 79,582 Components of consideration transferred Cash $ 76,877 Holdback 2,705 Total consideration transferred $ 79,582 Transaction expenses included in “other operating expense” in the condensed consolidated statement of operations for the period ended January 1, 2023 $ 458

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Jan. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill: The changes in the carrying amount of goodwill for the period ended January 1, 2023: Balance as of July 3, 2022 $ 742,669 Goodwill resulting from acquisitions during fiscal year 2023 6,265 Adjustments to preliminary fair values for prior year acquisitions (340) Balance as of January 1, 2023 $ 748,594 Intangible Assets: January 1, 2023 July 3, 2022 Gross Accumulated Net Gross Accumulated Net Finite-lived intangible assets: AMF trade name $ 9,900 $ (8,923) $ 977 $ 9,900 $ (8,593) $ 1,307 Other acquisition trade names 2,490 (973) 1,517 1,761 (651) 1,110 Customer relationships 23,022 (16,213) 6,809 21,112 (13,989) 7,123 Management contracts 1,800 (1,587) 213 1,800 (1,443) 357 Non-compete agreements 2,951 (1,297) 1,654 2,450 (1,067) 1,383 PBA member, sponsor & media relationships 1,400 (572) 828 1,400 (504) 896 Other intangible assets 921 (239) 682 921 (133) 788 42,484 (29,804) 12,680 39,344 (26,380) 12,964 Indefinite-lived intangible assets: Liquor licenses 10,115 — 10,115 9,629 — 9,629 PBA trade name 3,100 — 3,100 3,100 — 3,100 Bowlero trade name 66,900 — 66,900 66,900 — 66,900 80,115 — 80,115 79,629 — 79,629 $ 122,599 $ (29,804) $ 92,795 $ 118,973 $ (26,380) $ 92,593 The following table shows amortization expense for finite-lived intangible assets for each reporting period: Three Months Ended Six Months Ended January 1, 2023 December 26, 2021 January 1, 2023 December 26, 2021 Amortization expense $ 1,862 $ 3,325 $ 3,444 $ 4,757

Property and Equipment

Property and Equipment	6 Months Ended
	Jan. 01, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment As of January 1, 2023 and July 3, 2022, property and equipment consists of: January 1, 2023 July 3, 2022 Land $ 91,152 $ 77,006 Buildings and improvements 117,526 69,219 Leasehold improvements 363,150 349,534 Equipment, furniture, and fixtures 435,005 375,780 Construction in progress 39,628 15,638 1,046,461 887,177 Accumulated depreciation (393,614) (352,456) Property and equipment, net of accumulated depreciation $ 652,847 $ 534,721 The following table shows depreciation expense related to property and equipment for each reporting period: Three Months Ended Six Months Ended January 1, 2023 December 26, 2021 January 1, 2023 December 26, 2021 Depreciation expense $ 21,925 $ 18,054 $ 42,264 $ 34,947 Assets held for sale:

Leases

Leases	6 Months Ended
	Jan. 01, 2023
Leases [Abstract]
Leases	Leases The Company leases various assets under non-cancellable operating and capital leases. These assets include bowling entertainment centers, office space, vehicles, and equipment. Most of our leases contain payments for some or all of the following: base rent, contingent rent, common area maintenance, insurance, real-estate taxes, and other operating expenses. Rental payments are subject to escalation depending on future changes in designated indices or based on pre-determined amounts agreed upon at lease inception. Operating Leases: We recorded accrued rent of $26,967 and $26,417 within other current liabilities and other long-term liabilities on the condensed consolidated balance sheets as of January 1, 2023 and July 3, 2022, respectively. Capital Leases: We had $53,449 and $47,298 in accumulated amortization on property and equipment under capital leases as of January 1, 2023 and July 3, 2022, respectively The following tables summarize the Company’s costs for operating and capital leases: Three Months Ended Six Months Ended January 1, 2023 December 26, 2021 January 1, 2023 December 26, 2021 Operating Leases Rent expense $ 16,436 $ 16,654 $ 31,226 $ 31,939 Capital Leases Interest expense $ 10,480 $ 9,484 $ 20,841 $ 18,825 Amortization expense 3,142 3,081 6,237 6,369 Total capital lease cost $ 13,622 $ 12,565 $ 27,078 $ 25,194

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jan. 01, 2023
Payables and Accruals [Abstract]
Accrued Expenses	Accrued Expenses As of January 1, 2023 and July 3, 2022, accrued expenses consist of: January 1, 2023 July 3, 2022 Customer deposits $ 22,576 $ 10,728 Taxes and licenses 11,471 11,568 Compensation 14,230 15,746 Insurance 5,915 5,229 Utilities 4,243 4,185 Deferred revenue 6,949 6,384 Deferred rent 2,831 3,252 Professional fees 1,891 3,062 Interest 605 498 Other 5,901 2,202 Total accrued expenses $ 76,612 $ 62,854

Debt

Debt	6 Months Ended
	Jan. 01, 2023
Debt Disclosure [Abstract]
Debt	Debt The following table summarizes the Company’s debt structure as of January 1, 2023 and July 3, 2022: January 1, 2023 July 3, 2022 First Lien Credit Facility Term Loan (Maturing July 3, 2024 and bearing variable rate interest; 7.89% and 5.17% at January 1, 2023 and July 3, 2022, respectively) $ 786,166 $ 790,271 Revolver (Maturing April 4, 2024 and bearing variable rate interest; 6.92% and 4.13% at January 1, 2023 and July 3, 2022, respectively) 86,434 86,434 Other Equipment Loans 15,123 — 887,723 876,705 Less: Unamortized financing costs (5,046) (6,649) Current portion of unamortized financing costs 3,323 3,245 Current maturities of long-term debt (9,144) (8,211) Total long-term debt $ 876,856 $ 865,090 See Note 17 - Subsequent Events for further information concerning the amendment of the First Lien Credit Agreement. First Lien Credit Facility Term Loan: The First Lien Credit Facility Term Loan is repaid on a quarterly basis on the last business day of the last month of each calendar quarter in principal payments of $2,053. Obligations owed under the First Lien Credit Facility Term Loan bear interest at a rate per annum equal to the applicable LIBOR rate, subject to a floor of 1.00%, plus an applicable margin of 3.50%. Interest on term loans under the First Lien Credit Facility bearing interest based upon the Base Rate will be due quarterly, and interest on loans bearing interest based upon the LIBOR rate will be due on the last day of each relevant interest period or, if sooner, on the respective dates that fall every three months after the beginning of such interest period. Pursuant to the First Lien Guarantee and Collateral Agreements, obligations owed under the First Lien Credit Facility are secured by a first priority security interest on substantially all assets of Bowlero Corp and the guarantor subsidiaries. The First Lien Credit Agreement contains customary events of default, restrictions on indebtedness, liens, investments, asset dispositions, dividends and affirmative and negative covenants. Revolver: On December 15, 2021, the Company entered into a Sixth Amendment (“Sixth Amendment”) to the First Lien Credit Agreement, by and among Bowlero, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders. Pursuant to the Sixth Amendment, the revolving credit facility under the First Lien Credit Agreement was refinanced and replaced by a $140,000 senior secured revolving credit facility (“Revolver”), which has a maturity date of the earlier of December 15, 2026 or the date that is 90 days prior to the scheduled maturity date of any term loans outstanding under the First Lien Credit Facility Term Loan in an aggregate principal amount exceeding $175,000. Since the First Lien Credit Agreement matures on July 3, 2024, the maturity date for the Revolver is currently April 4, 2024. Interest on borrowings under the Revolver is initially based on either the Adjusted Term Secured Overnight Financing Rate (“SOFR”) or the Alternate Base Rate, as further described in the First Lien Credit Agreement. In addition, on December 17, 2021, Bowlero entered into a Seventh Amendment (“Seventh Amendment”) to the First Lien Credit Agreement pursuant to which the total revolving commitments under the Revolver were increased by $25,000 to an aggregate amount of $165,000. No changes, other than increasing the aggregate principal amount of revolving commitments thereunder, were made to the terms of the Revolver in connection with the Seventh Amendment. The Revolver is subject to, among other provisions, covenants regarding indebtedness, liens, negative pledges, restricted payments, certain prepayments of indebtedness, cross-default with other agreements relating to indebtedness, investments, fundamental changes, disposition of assets, sale and lease-back transactions, transactions with affiliates, amendments of or waivers with respect to restricted debt and permitted activities of Bowlero. In addition, the Revolver is subject to a financial covenant requiring that the First Lien Leverage Ratio (as defined in the First Lien Credit Agreement) not exceed 6.00:1.00 as of the end of any fiscal quarter if the Revolver is at least 35% utilized (subject to certain exclusions) at the end of such fiscal quarter. The Revolver is also subject to customary events of defaults. Payment of borrowings under the Revolver may be accelerated if there is an event of default, and Bowlero would no longer be permitted to borrow additional funds under the Revolver while a default or event of default were outstanding. No changes were made to the terms of the term loan under the First Lien Credit Agreement in connection with the Sixth Amendment or the Seventh Amendment. Letters of Credit: Outstanding standby letters of credit as of January 1, 2023 and July 3, 2022 totaled $10,386, and are guaranteed by JP Morgan Chase Bank, N.A. The available amount of the Revolver is reduced by the outstanding standby letters of credit. Other Equipment Loans : On August 19, 2022, the Company entered into an equipment loan agreement for a principal amount of $15,350 with JP Morgan Chase Bank, N.A. The loan matures August 19, 2029 and bears a fixed interest rate of 6.24%.The loan is repaid on a monthly basis in fixed payments of $153 plus a final payment at maturity. The loan obligation is secured by a lien on the equipment. Other equipment loans entered into by the Company were immaterial. Covenant Compliance: The Company was in compliance with all debt covenants as of January 1, 2023.

Income Taxes

Income Taxes	6 Months Ended
	Jan. 01, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company uses the estimated annual effective tax rate method for calculating its tax provision in interim periods, which represents the Company's best estimate of the effective tax rate expected for the full year. Certain items, including those deemed to be unusual, infrequent or that cannot be reliably estimated (discrete items), are excluded from the estimated annual effective tax rate, and the related tax expense or benefit is reported in the same period as the related item. The Company’s effective tax rate for the six months ended January 1, 2023 was 6.5%, which differs from the US federal statutory rate of 21% primarily due to certain non-deductible expenses, changes in the valuation allowance, and state and local taxes. The Company’s effective tax rate for the six months ended December 26, 2021 was 23.7% tax benefit and differs from the US federal statutory rate of 21% due to changes in the valuation allowance, state and local taxes, and the release of a portion of the valuation allowance resulting from the acquisition of Bowl America.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jan. 01, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation and Claims: The Company is currently, and from time to time may be, subject to claims and actions arising in the ordinary course of its business, including general liability, fidelity, workers’ compensation, employment claims, and Americans with Disabilities Act (“ADA”) claims. The Company has insurance to cover general liability and workers’ compensation claims and reserves for claims and actions in the ordinary course. The insurance is subject to a self-insured retention. In some actions, plaintiffs request punitive or other damages that may not be covered by insurance. There is currently a group of approximately 73 pending claims, filed with the Equal Employment Opportunity Commission (the “EEOC”) between 2016 and 2019, generally relating to claims of age discrimination. To date, the EEOC issued determinations of probable cause as to 55 of the charges, which the Company contests and intends to defend vigorously. The EEOC has also alleged a pattern or practice of age discrimination, which resulted in a determination of probable cause and, on August 22, 2022, the EEOC submitted a proposal for the Company to participate in the conciliation process. The EEOC’s proposal includes a demand for monetary and non-monetary remedies. The Company contests such determination and intends to defend vigorously. The Company cannot estimate the possible range of loss, if any, associated with these EEOC matters.

Earnouts

Earnouts	6 Months Ended
	Jan. 01, 2023
Earnouts [Abstract]
Earnouts	Earnouts Old Bowlero’s stockholders and option holders received additional shares of Bowlero common stock (the “Earnout Shares”). Earnout Shares vest during the period from and after the Closing Date until the fifth anniversary of the Closing Date (the “Earnout Period”). The following tranches of Earnout Shares were issued to Old Bowlero stockholders: (a) 10,375,000 Earnout Shares, if the closing share price of Bowlero’s Class A common stock, par value $0.0001 per share (Class A common stock) equals or exceeds $15.00 per share for any 10 trading days within any consecutive 20-trading day period that occurs after the Closing Date during the Earnout Period and (b) 10,375,000 Earnout Shares, if the closing share price of Class A common stock equals or exceeds $17.50 per share for any 10 trading days within any consecutive 20-trading day period during the Earnout Period. During the Earnout Period, if Bowlero experiences an Acceleration Event, which as detailed in the BCA includes a change of control, liquidation or dissolution of the Company, bankruptcy or the assignment for the benefit of creditors the appointment of a custodian, receiver or trustee for all or substantially all the assets or properties of the Company, then any Earnout Shares that have not been previously issued by Bowlero (whether or not previously earned) to the Bowlero stockholders or holders of Options or Earnout shares issued but not vested will be deemed earned and issued or vested by Bowlero as of immediately prior to the Acceleration Event, unless, in the case of an Acceleration Event, the value of the consideration to be received by the holders of Bowlero common stock in such change of control transaction is less than the applicable stock price thresholds described above. If the consideration received in such Acceleration Event is not solely cash, Bowlero’s Board of Directors will determine the treatment of the Earnout Shares.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jan. 01, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Debt The fair value and carrying value of our debt as of January 1, 2023 and July 3, 2022 are as follows: January 1, 2023 July 3, 2022 Carrying value $ 887,723 $ 876,705 Fair value 887,075 841,637 The fair value of our debt is estimated based on trading levels of lenders buying and selling their participation levels of funding (Level 2). There were no transfers in or out of any of the levels of the valuation hierarchy during the six months ended January 1, 2023 and the fiscal year ended July 3, 2022. Items Measured at Fair Value on a Recurring Basis The Company holds certain assets and liabilities that are required to be measured at fair value on a recurring basis. The following table is a summary of fair value measurements and hierarchy level as of January 1, 2023 and July 3, 2022: January 1, 2023 Level 1 Level 2 Level 3 Total Marketable securities $ 12,125 $ — $ — $ 12,125 Total assets $ 12,125 $ — $ — $ 12,125 Earnout shares $ — $ — $ 282,557 $ 282,557 Total liabilities $ — $ — $ 282,557 $ 282,557 July 3, 2022 Level 1 Level 2 Level 3 Total Earnout shares $ — $ — $ 210,952 $ 210,952 Contingent consideration — — 1,470 1,470 Total liabilities $ — $ — $ 212,422 $ 212,422 The fair value of earnout shares was estimated using a Monte Carlo simulation model (level 3 inputs). The key inputs into the Monte Carlo simulation as of January 1, 2023 were as follows: Earnout Expected term in years 3.96 Expected volatility 60% Risk-free interest rate 4.11% Stock price $ 13.48 Dividend yield — The following table sets forth a summary of changes in the estimated fair value of the Company's Level 3 Earnout liability for the three and six months ended January 1, 2023 and December 26, 2021: Three Months Ended Six Months Ended January 1, 2023 December 26, 2021 January 1, 2023 December 26, 2021 Balance as of beginning of period $ 251,779 $ — $ 210,952 $ — Issuances 2 181,113 69 181,113 Changes in fair value 30,776 (22,542) 71,536 (22,542) Balance as of end of period $ 282,557 $ 158,571 $ 282,557 $ 158,571 Items Measured at Fair Value on a Non-Recurring Basis The Company’s significant assets measured at fair value on a non-recurring basis subsequent to their initial recognition include assets held for sale. We utilize third party brokers for an estimate of value to record the assets held for sale at their fair value less costs to sell. These inputs are classified as Level 2 fair value measurements. Other Financial Instruments Other financial instruments include cash and cash equivalents, accounts and notes receivable, accounts payable and accrued expenses. The financial statement carrying amounts of these items approximate the fair value due to their short duration.

Common Stock, Preferred Stock a

Common Stock, Preferred Stock and Stockholders' Equity	6 Months Ended
	Jan. 01, 2023
Stockholders' Equity Note [Abstract]
Common Stock, Preferred Stock and Stockholders' Equity	Common Stock, Preferred Stock and Stockholders’ Equity The Company is authorized to issue three classes of stock to be designated, respectively, Class A common stock, Class B common stock (together with Class A common stock, the “Common Stock”) and Series A preferred stock (the “Preferred Stock”). The total number of shares of capital stock which the Company shall have authority to issue is 2,400,000,000, divided into the following: Class A common stock: • Authorized: 2,000,000,000 shares, with a par value of $0.0001 per share as of January 1, 2023 and July 3, 2022. • Issued and Outstanding: 109,726,094 shares (inclusive of 3,204,082 shares contingent on certain stock price thresholds but excluding 4,528,447 shares held in treasury) as of January 1, 2023 and 110,395,630 shares (inclusive of 3,209,972 shares contingent on certain stock price thresholds but excluding 3,430,667 shares held in treasury) as of July 3, 2022. Class B common stock: • Authorized: 200,000,000 shares, with a par value of $0.0001 per share as of January 1, 2023 and July 3, 2022. • Issued and Outstanding: 55,911,203 shares as of January 1, 2023 and July 3, 2022. Preferred Stock: • Authorized: 200,000,000 shares, with a par value of $0.0001 per share as of January 1, 2023 and July 3, 2022. • Issued and Outstanding: 200,000 shares as of January 1, 2023 and July 3, 2022. Series A Preferred Stock Dividends accumulate on a cumulative basis on a 360-day year commencing from the issue date. The dividend rate is fixed at 5.5% per annum on a liquidation preference of $1,000 per share. Payment dates are June 30 and December 31 of each year with a record date of June 15 for the June 30 payment date and December 15 for the December 31 payment date. Declared dividends will be paid in cash if the Company declares the dividend to be paid in cash. If the Company does not pay all or any portion of the dividends that have accumulated as of any payment date, then the dollar amount of the dividends not paid in cash will be added to the liquidation preference and deemed to be declared and paid in-kind. As of January 1, 2023, there have been no dividends declared or paid in cash. For the period ended January 1, 2023, accumulated dividends in the amount of $5,665 were added to the liquidation preference and deemed to be declared and paid in-kind. The Preferred Stock is redeemable if a Fundamental Change occurs and each holder will have the right to require the Company to repurchase such holders’ shares of Preferred Stock or any portion thereof for a cash purchase price. A Fundamental Change includes events such as a person or a group becoming direct or indirect owners of shares of the Company’s Common Stock representing more than 50% of the voting power, consummation of a transaction with which all the Common Stock is exchanged for, converted into, acquired for, or constitutes solely the right to receive cash or other property, Company’s stockholders approve any plan or proposal for the liquidation or dissolution of the Company, or the Company’s Common Stock ceases to be listed on any of the NYSE or The Nasdaq Global Market or The Nasdaq Global Select Market (or any of their respective successors). The Company has classified the Preferred Stock as temporary equity as the shares have certain redemption features that are not solely in the control of the Company. The Preferred Stock is not currently redeemable because the deemed liquidation provision is considered a substantive condition that is contingent on the event and it is not currently probable that it will become redeemable. Shares and Warrant Repurchase Program On February 7, 2022, the Company announced that its Board of Directors authorized a share and warrant repurchase program providing for repurchases of up to $200,000 of the Company’s outstanding Class A common stock and warrants through February 3, 2024. Treasury stock purchases are stated at cost and presented as a reduction of equity on the condensed consolidated balance sheets. Repurchases of shares and warrants are made in accordance with applicable securities laws and may be made from time to time in the open market or by negotiated transactions. The amount and timing of repurchases are based on a variety of factors, including stock price, regulatory limitations, debt agreement limitations, and other market and economic factors. The share repurchase plan does not require the Company to repurchase any specific number of shares, and the Company may terminate the repurchase plan at any time.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jan. 01, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation The Company has three stock plans: the 2017 Stock Incentive Plan (“2017 Plan”), the Bowlero Corp. 2021 Omnibus Incentive Plan (“2021 Plan”) and the Bowlero Corp. Employee Stock Purchase Plan (“ESPP”). These stock incentive plans are designed to attract and retain key personnel by providing them the opportunity to acquire an equity interest in the Company and align the interest of key personnel with those of the Company’s stockholders. As of January 1, 2023 and July 3, 2022, the total compensation cost not yet recognized is as follows: Award Plan January 1, 2023 July 3, 2022 Stock options 2021 Plan $ 32,533 $ 37,273 Service based RSUs 2021 Plan 5,540 7,211 Market and service based RSUs 2021 Plan 1,165 1,498 Earnout RSUs 2021 Plan 801 939 Total unrecognized compensation cost $ 40,039 $ 46,921 Share-based compensation recognized in the consolidated statements of operations for the periods ended January 1, 2023 and December 26, 2021 is as follows: Three Months Ended Six Months Ended Award Plan January 1, December 26, January 1, December 26, Performance-based options 2017 Plan $ — $ 24,516 $ — $ 24,516 Time-based options 2017 Plan — 151 — 952 Stock options 2021 Plan 2,383 3,608 4,741 3,608 Service based RSUs 2021 Plan 1,345 45 2,326 45 Market and service based RSUs 2021 Plan 148 — 289 — Earnout RSUs 2021 Plan 50 7 95 7 Share-based bonus — 14,228 — 14,228 ESPP 110 — 233 — Total share-based compensation expense $ 4,036 $ 42,555 $ 7,684 $ 43,356 The Company did not have any recognized income tax benefits, net of valuation allowances, related to our share-based compensation plans.

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jan. 01, 2023
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per Share Net loss per share calculations for all periods prior to the Closing Date have been retrospectively adjusted for the equivalent number of shares outstanding immediately after the Closing Date to effect the reverse recapitalization. The computation of basic and diluted net loss per share of Class A common stock and Class B common stock is as follows: Three Months Ended January 1, 2023 December 26, 2021 Class A Class B Total Class A Class B Total Numerator Net loss allocated to common stockholders $ (897) $ (470) $ (1,367) $ (34,937) $ (1,738) $ (36,675) Denominator Weighted-average shares outstanding 106,566,944 55,911,203 162,478,147 141,706,301 7,048,607 148,754,908 Net loss per share, basic & diluted $ (0.01) $ (0.01) $ (0.01) $ (0.25) $ (0.25) $ (0.25) Anti-dilutive shares excluded from diluted calculation* 26,362,340 20,678,849 Six Months Ended January 1, 2023 December 26, 2021 Class A Class B Total Class A Class B Total Numerator Net loss allocated to common stockholders $ (24,743) $ (12,959) $ (37,702) $ (22,805) $ (557) $ (23,362) Denominator Weighted-average shares outstanding 106,753,838 55,911,203 162,665,041 144,277,315 3,524,303 147,801,618 Net loss per share, basic & diluted $ (0.23) $ (0.23) $ (0.23) $ (0.16) $ (0.16) $ (0.16) Anti-dilutive shares excluded from diluted calculation* 25,696,874 20,678,849 The total weighted average shares outstanding for the periods ended December 26, 2021 are considerably lower than the total shares outstanding as of December 26, 2021, due to the Business Combination that was consummated on December 15, 2021. *The impact of potentially dilutive convertible preferred stock, service based RSUs, stock options, and purchases of shares under our ESPP were excluded from the diluted per share calculations because they would have been antidilutive.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jan. 01, 2023
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information January 1, December 26, Cash paid during the period for: Interest $ 44,210 $ 41,055 Income taxes, net of refunds 4,205 885 Noncash investing and financing transactions: Assets obtained in build to suit arrangement 13,601 — Capital expenditures in accounts payable 13,563 7,116 Capital lease assets obtained in exchange for capital lease liabilities — 4,970 Modifications of capital lease assets and liabilities 3,922 (2,609) Change in fair value of interest rate swap — 4,405 Issuance of warrants in Business Combination — 22,426 Issuance of earnout obligation in Business Combination — 181,113 Unsettled trade receivable, net (413) —

Subsequent Events

Subsequent Events	6 Months Ended
	Jan. 01, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn February 8, 2023, the Company entered into an Eighth Amendment (“Eighth Amendment”) to the First Lien Credit Agreement pursuant to which the total principal amount under the First Lien Credit Facility Term Loan was increased to $900,000 from $812,850, and the maturity date was extended to February 8, 2028. In addition, the total revolving commitments under the Revolver were increased to $200,000 from $165,000, and extended the maturity date to December 15, 2026. Proceeds were used to refinance the existing term loan under the First Lien Credit Agreement, to repay all amounts outstanding under the Revolver, and for general corporate purposes. Interest on borrowings under the First Lien Credit Agreement and Revolver is based on either SOFR or the Alternate Base Rate, as further described in the Eighth Amendment. The First Lien Credit Agreement and Revolver are subject to, among other provisions, covenants regarding indebtedness, liens, negative pledges, restricted payments, certain prepayments of indebtedness, investments, fundamental changes, disposition of assets, sale and lease-back transactions, transactions with affiliates, amendments of or waivers with respect to restricted debt and permitted activities of Bowlero.

Description of Business and S_2

Description of Business and Significant Accounting Policies (Policies)	6 Months Ended
	Jan. 01, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with GAAP have been condensed or omitted. In the opinion of management, these financial statements contain all adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position, results of operations and cash flows for the periods indicated. Our quarterly financial data should be read in conjunction with the audited financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended July 3, 2022.
Principles of Consolidation	Principles of Consolidation: The consolidated financial statements and related notes include the accounts of Bowlero Corp. and the subsidiaries it controls. Control is determined based on ownership rights or, when applicable, based on whether the Company is considered to be the primary beneficiary of a variable interest entity. The Company’s interest in 20% to 50% owned companies that are not controlled are accounted for using the equity method, unless the Company does not sufficiently influence the management of the investee. All significant intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates: The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the balance sheets, statement of operations and accompanying notes. Significant estimates made by management include, but are not limited to, cash flow projections; the fair value of assets and liabilities in acquisitions; derivatives with hedge accounting; share-based compensation; depreciation and impairment of long-lived assets; carrying amount and recoverability analyses of property and equipment, assets held for sale, goodwill and other intangible assets; valuation of deferred tax assets and liabilities and income tax uncertainties; and reserves for litigation, claims and self-insurance costs. Actual results could differ from those estimates.
Fair-value Estimates	Fair-value Estimates: We have various financial instruments included in our financial statements. Financial instruments are carried in our financial statements at either cost or fair value. We estimate fair value of assets and liabilities using the following hierarchy using the highest level possible: Level 1: Quoted prices in active markets that are accessible at the measurement date for identical assets and liabilities. Level 2: Observable prices that are based on inputs not quoted on active markets, but are corroborated by market data. Level 3: Unobservable inputs are used when little or no market data is available.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash:    The Company considers all highly liquid investments with a maturity date of three months or less when purchased to be cash equivalents. The Company had cash equivalents of $6,758 and $88,067 at January 1, 2023 and July 3, 2022, respectively. The Company accepts a range of debit and credit cards, and these transactions are generally transmitted to a bank for reimbursement within 24 hours. The payments due from the banks for these debit and credit card transactions are generally received, or settled, within 24 to 48 hours of the transmission date. The Company considers all debit and credit card transactions that settle in less than seven days to be cash equivalents.The Company considers sales proceeds from a sale lease back transaction held by an intermediary in a qualified account as restricted cash, as part of like-kind exchange under U.S. tax law.
Marketable Securities	Marketable Securities: Our investments in marketable equity securities are measured at fair value with the related gains and losses recognized in other income. The unrealized gains recognized on equity securities held at January 1, 2023 for the periods ended January 1, 2023 were as follows: Three Months Ended Six Months Ended January 1, 2023 January 1, 2023 Unrealized gain $ 680 $ 625
Derivatives	Derivatives: We are exposed to interest rate risk. To manage these risks, we entered into interest rate swap derivative transactions associated with a portion of our outstanding debt. The interest rate swaps were designated for accounting purposes as cash flow hedges of forecasted floating interest payments on variable rate debt. The Company's interest rate swaps expired on June 30, 2022.
Net (Loss) Income Per Share Attributable to Common Stockholders	Net (Loss) Income Per Share Attributable to Common Stockholders:    We compute net (loss) income per share of Class A common stock and Class B common stock under the two-class method. Holders of Class A common stock and Class B common stock have equal rights to the earnings of the Company. Our participating securities include the redeemable convertible preferred stock that have a non-forfeitable right to dividends in the event that a dividend is paid on common stock, but do not participate in losses, and thus are not included in a two-class method in periods of loss. Since the Company has reported net loss for the current period, all potentially dilutive securities have been excluded from the calculation of the diluted net loss per share attributable to common stockholders as their effect is antidilutive and accordingly, basic and diluted net loss per share attributable to common stockholders is the same for the current period presented. Dilutive securities include convertible preferred stock, earnouts, stock options, and restricted stock units (“RSUs”).
Emerging Growth Company Status	Emerging Growth Company Status: The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the JOBS Act, and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act and reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of our financial statements with those of another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
Recent Issued Accounting Standards	Recently Issued Accounting Standards: We reviewed the accounting pronouncements that became effective for our fiscal year 2023 and besides ASU No. 2016-02, Leases (“Topic 842”), we determined that either they were not applicable, or they did not have a material impact on the consolidated financial statements.

Description of Business and S_3

Description of Business and Significant Accounting Policies (Tables)	6 Months Ended
	Jan. 01, 2023
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheet to the condensed consolidated statement of cash flows: January 1, 2023 July 3, 2022 Cash and cash equivalents $ 79,446 $ 132,236 Restricted cash 10,363 — Total cash, cash equivalents and restricted cash $ 89,809 $ 132,236
Marketable Securities	The unrealized gains recognized on equity securities held at January 1, 2023 for the periods ended January 1, 2023 were as follows: Three Months Ended Six Months Ended January 1, 2023 January 1, 2023 Unrealized gain $ 680 $ 625
Schedule of Reclassifications from AOCI into Income	The reclassifications from accumulated other comprehensive income (“AOCI”) into income during each reporting period were as follows: Three Months Ended Six Months Ended January 1, 2023 December 26, 2021 January 1, 2023 December 26, 2021 Interest expense reclassified from AOCI into net loss $ — $ 2,203 $ — $ 4,405

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jan. 01, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Revenue Disaggregated by Major Revenue Categories	The following table presents the Company’s revenue disaggregated by major revenue categories: Three Months Ended Six Months Ended January 1, % of revenues December 26, % of revenues January 1, % of revenues December 26, % of revenues Major revenue categories: Bowling $ 131,426 48.1 % $ 103,532 50.5 % $ 246,753 49.0 % $ 196,142 50.8 % Food and beverage 100,657 36.8 % 72,774 35.5 % 179,680 35.7 % 133,019 34.4 % Amusement 36,748 13.4 % 26,474 12.9 % 67,557 13.4 % 50,186 13.0 % Media 4,554 1.7 % 2,410 1.1 % 9,655 1.9 % 6,821 1.8 % Total revenues $ 273,385 100.0 % $ 205,190 100.0 % $ 503,645 100.0 % $ 386,168 100.0 %

Business Acquisitions (Tables)

Business Acquisitions (Tables)	6 Months Ended
	Jan. 01, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Identifiable Assets Acquired Components of Consideration Transferred and the Transactional Related Expenses for Acquisitions	The following table summarizes the preliminary purchase price allocations for the fair values of the identifiable assets acquired and liabilities assumed, components of consideration transferred and the transactional related expenses using the acquisition method of accounting: Identifiable assets acquired and liabilities assumed Total Current assets $ 122 Property and equipment 69,212 Capital lease asset 1,860 Identifiable intangible assets 3,630 Goodwill 6,265 Other assets 1,160 Total assets acquired 82,249 Current liabilities (807) Long-term obligations under capital leases (1,860) Total liabilities assumed (2,667) Total fair value, net of cash acquired of $56 $ 79,582 Components of consideration transferred Cash $ 76,877 Holdback 2,705 Total consideration transferred $ 79,582 Transaction expenses included in “other operating expense” in the condensed consolidated statement of operations for the period ended January 1, 2023 $ 458

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Jan. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in the Carrying Amount of Goodwill	The changes in the carrying amount of goodwill for the period ended January 1, 2023: Balance as of July 3, 2022 $ 742,669 Goodwill resulting from acquisitions during fiscal year 2023 6,265 Adjustments to preliminary fair values for prior year acquisitions (340) Balance as of January 1, 2023 $ 748,594
Schedule of Intangible Assets	January 1, 2023 July 3, 2022 Gross Accumulated Net Gross Accumulated Net Finite-lived intangible assets: AMF trade name $ 9,900 $ (8,923) $ 977 $ 9,900 $ (8,593) $ 1,307 Other acquisition trade names 2,490 (973) 1,517 1,761 (651) 1,110 Customer relationships 23,022 (16,213) 6,809 21,112 (13,989) 7,123 Management contracts 1,800 (1,587) 213 1,800 (1,443) 357 Non-compete agreements 2,951 (1,297) 1,654 2,450 (1,067) 1,383 PBA member, sponsor & media relationships 1,400 (572) 828 1,400 (504) 896 Other intangible assets 921 (239) 682 921 (133) 788 42,484 (29,804) 12,680 39,344 (26,380) 12,964 Indefinite-lived intangible assets: Liquor licenses 10,115 — 10,115 9,629 — 9,629 PBA trade name 3,100 — 3,100 3,100 — 3,100 Bowlero trade name 66,900 — 66,900 66,900 — 66,900 80,115 — 80,115 79,629 — 79,629 $ 122,599 $ (29,804) $ 92,795 $ 118,973 $ (26,380) $ 92,593
Schedule of Finite-lived Intangible Asset Amortization	The following table shows amortization expense for finite-lived intangible assets for each reporting period: Three Months Ended Six Months Ended January 1, 2023 December 26, 2021 January 1, 2023 December 26, 2021 Amortization expense $ 1,862 $ 3,325 $ 3,444 $ 4,757

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jan. 01, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	As of January 1, 2023 and July 3, 2022, property and equipment consists of: January 1, 2023 July 3, 2022 Land $ 91,152 $ 77,006 Buildings and improvements 117,526 69,219 Leasehold improvements 363,150 349,534 Equipment, furniture, and fixtures 435,005 375,780 Construction in progress 39,628 15,638 1,046,461 887,177 Accumulated depreciation (393,614) (352,456) Property and equipment, net of accumulated depreciation $ 652,847 $ 534,721
Schedule of Depreciation Expenses Related to Property and Equipment	The following table shows depreciation expense related to property and equipment for each reporting period: Three Months Ended Six Months Ended January 1, 2023 December 26, 2021 January 1, 2023 December 26, 2021 Depreciation expense $ 21,925 $ 18,054 $ 42,264 $ 34,947

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jan. 01, 2023
Leases [Abstract]
Summary of Lease Costs	The following tables summarize the Company’s costs for operating and capital leases: Three Months Ended Six Months Ended January 1, 2023 December 26, 2021 January 1, 2023 December 26, 2021 Operating Leases Rent expense $ 16,436 $ 16,654 $ 31,226 $ 31,939 Capital Leases Interest expense $ 10,480 $ 9,484 $ 20,841 $ 18,825 Amortization expense 3,142 3,081 6,237 6,369 Total capital lease cost $ 13,622 $ 12,565 $ 27,078 $ 25,194

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jan. 01, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	As of January 1, 2023 and July 3, 2022, accrued expenses consist of: January 1, 2023 July 3, 2022 Customer deposits $ 22,576 $ 10,728 Taxes and licenses 11,471 11,568 Compensation 14,230 15,746 Insurance 5,915 5,229 Utilities 4,243 4,185 Deferred revenue 6,949 6,384 Deferred rent 2,831 3,252 Professional fees 1,891 3,062 Interest 605 498 Other 5,901 2,202 Total accrued expenses $ 76,612 $ 62,854

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jan. 01, 2023
Debt Disclosure [Abstract]
Schedule of Debt Structure	The following table summarizes the Company’s debt structure as of January 1, 2023 and July 3, 2022: January 1, 2023 July 3, 2022 First Lien Credit Facility Term Loan (Maturing July 3, 2024 and bearing variable rate interest; 7.89% and 5.17% at January 1, 2023 and July 3, 2022, respectively) $ 786,166 $ 790,271 Revolver (Maturing April 4, 2024 and bearing variable rate interest; 6.92% and 4.13% at January 1, 2023 and July 3, 2022, respectively) 86,434 86,434 Other Equipment Loans 15,123 — 887,723 876,705 Less: Unamortized financing costs (5,046) (6,649) Current portion of unamortized financing costs 3,323 3,245 Current maturities of long-term debt (9,144) (8,211) Total long-term debt $ 876,856 $ 865,090

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jan. 01, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value and Carrying Value of Our Debt	The fair value and carrying value of our debt as of January 1, 2023 and July 3, 2022 are as follows: January 1, 2023 July 3, 2022 Carrying value $ 887,723 $ 876,705 Fair value 887,075 841,637
Schedule of Fair Value Measurements and Hierarchy Level	The Company holds certain assets and liabilities that are required to be measured at fair value on a recurring basis. The following table is a summary of fair value measurements and hierarchy level as of January 1, 2023 and July 3, 2022: January 1, 2023 Level 1 Level 2 Level 3 Total Marketable securities $ 12,125 $ — $ — $ 12,125 Total assets $ 12,125 $ — $ — $ 12,125 Earnout shares $ — $ — $ 282,557 $ 282,557 Total liabilities $ — $ — $ 282,557 $ 282,557 July 3, 2022 Level 1 Level 2 Level 3 Total Earnout shares $ — $ — $ 210,952 $ 210,952 Contingent consideration — — 1,470 1,470 Total liabilities $ — $ — $ 212,422 $ 212,422
Schedule of Fair Value of the Warrant Liability is Classified as Level 1 and Level 3	The fair value of earnout shares was estimated using a Monte Carlo simulation model (level 3 inputs). The key inputs into the Monte Carlo simulation as of January 1, 2023 were as follows: Earnout Expected term in years 3.96 Expected volatility 60% Risk-free interest rate 4.11% Stock price $ 13.48 Dividend yield —
Schedule of Classification of the Derivative Liability Fair Value	The following table sets forth a summary of changes in the estimated fair value of the Company's Level 3 Earnout liability for the three and six months ended January 1, 2023 and December 26, 2021: Three Months Ended Six Months Ended January 1, 2023 December 26, 2021 January 1, 2023 December 26, 2021 Balance as of beginning of period $ 251,779 $ — $ 210,952 $ — Issuances 2 181,113 69 181,113 Changes in fair value 30,776 (22,542) 71,536 (22,542) Balance as of end of period $ 282,557 $ 158,571 $ 282,557 $ 158,571

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jan. 01, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Total Compensation Cost by Plan	As of January 1, 2023 and July 3, 2022, the total compensation cost not yet recognized is as follows: Award Plan January 1, 2023 July 3, 2022 Stock options 2021 Plan $ 32,533 $ 37,273 Service based RSUs 2021 Plan 5,540 7,211 Market and service based RSUs 2021 Plan 1,165 1,498 Earnout RSUs 2021 Plan 801 939 Total unrecognized compensation cost $ 40,039 $ 46,921 Share-based compensation recognized in the consolidated statements of operations for the periods ended January 1, 2023 and December 26, 2021 is as follows: Three Months Ended Six Months Ended Award Plan January 1, December 26, January 1, December 26, Performance-based options 2017 Plan $ — $ 24,516 $ — $ 24,516 Time-based options 2017 Plan — 151 — 952 Stock options 2021 Plan 2,383 3,608 4,741 3,608 Service based RSUs 2021 Plan 1,345 45 2,326 45 Market and service based RSUs 2021 Plan 148 — 289 — Earnout RSUs 2021 Plan 50 7 95 7 Share-based bonus — 14,228 — 14,228 ESPP 110 — 233 — Total share-based compensation expense $ 4,036 $ 42,555 $ 7,684 $ 43,356

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jan. 01, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Loss Per Share	The computation of basic and diluted net loss per share of Class A common stock and Class B common stock is as follows: Three Months Ended January 1, 2023 December 26, 2021 Class A Class B Total Class A Class B Total Numerator Net loss allocated to common stockholders $ (897) $ (470) $ (1,367) $ (34,937) $ (1,738) $ (36,675) Denominator Weighted-average shares outstanding 106,566,944 55,911,203 162,478,147 141,706,301 7,048,607 148,754,908 Net loss per share, basic & diluted $ (0.01) $ (0.01) $ (0.01) $ (0.25) $ (0.25) $ (0.25) Anti-dilutive shares excluded from diluted calculation* 26,362,340 20,678,849 Six Months Ended January 1, 2023 December 26, 2021 Class A Class B Total Class A Class B Total Numerator Net loss allocated to common stockholders $ (24,743) $ (12,959) $ (37,702) $ (22,805) $ (557) $ (23,362) Denominator Weighted-average shares outstanding 106,753,838 55,911,203 162,665,041 144,277,315 3,524,303 147,801,618 Net loss per share, basic & diluted $ (0.23) $ (0.23) $ (0.23) $ (0.16) $ (0.16) $ (0.16) Anti-dilutive shares excluded from diluted calculation* 25,696,874 20,678,849 The total weighted average shares outstanding for the periods ended December 26, 2021 are considerably lower than the total shares outstanding as of December 26, 2021, due to the Business Combination that was consummated on December 15, 2021. *The impact of potentially dilutive convertible preferred stock, service based RSUs, stock options, and purchases of shares under our ESPP were excluded from the diluted per share calculations because they would have been antidilutive.

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jan. 01, 2023
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	January 1, December 26, Cash paid during the period for: Interest $ 44,210 $ 41,055 Income taxes, net of refunds 4,205 885 Noncash investing and financing transactions: Assets obtained in build to suit arrangement 13,601 — Capital expenditures in accounts payable 13,563 7,116 Capital lease assets obtained in exchange for capital lease liabilities — 4,970 Modifications of capital lease assets and liabilities 3,922 (2,609) Change in fair value of interest rate swap — 4,405 Issuance of warrants in Business Combination — 22,426 Issuance of earnout obligation in Business Combination — 181,113 Unsettled trade receivable, net (413) —

Description of Business and S_4

Description of Business and Significant Accounting Policies - Narrative (Details) $ in Thousands	Jan. 01, 2023 USD ($)	Jul. 03, 2022 USD ($)
Significant Accounting Policies (Details) [Line Items]
Recapitalization exchange ratio	24.841
Cash equivalents	$ 6,758	$ 88,067
Cash equivalents total	$ 79,446	132,236
Minimum
Significant Accounting Policies (Details) [Line Items]
Interest rate	20%
Operating lease assets	$ 500,000
Operating lease liabilities	$ 500,000
Maximum
Significant Accounting Policies (Details) [Line Items]
Interest rate	50%
Operating lease assets	$ 600,000
Operating lease liabilities	600,000
Cash and cash equivalents
Significant Accounting Policies (Details) [Line Items]
Cash equivalents total	$ 15,132	$ 8,688

Description of Business and S_5

Description of Business and Significant Accounting Policies - Schedule of Cash, Cash Equivalents And Restricted Cash (Details) - USD ($) $ in Thousands	Jan. 01, 2023	Jul. 03, 2022	Dec. 26, 2021	Jun. 27, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 79,446	$ 132,236
Restricted cash	10,363	0
Total cash, cash equivalents and restricted cash	$ 89,809	$ 132,236	$ 115,659	$ 187,093

Description of Business and S_6

Description of Business and Significant Accounting Policies - Unrealized Gains Recognized on Equity Securities (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jan. 01, 2023	Jan. 01, 2023
Accounting Policies [Abstract]
Unrealized gain	$ 680	$ 625

Description of Business and S_7

Description of Business and Significant Accounting Policies - Reclassifications from AOCI into Income (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jan. 01, 2023	Oct. 02, 2022	Dec. 26, 2021	Sep. 26, 2021	Jan. 01, 2023	Dec. 26, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense reclassified from AOCI into net loss	$ (1,435)	$ 33,534	$ 34,454	$ (15,564)
Reclassification out of AOCI | Accumulated gain (loss), cash flow hedge
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense reclassified from AOCI into net loss	$ 0		$ 2,203		$ 0	$ 4,405

Revenue - Schedule of revenue d

Revenue - Schedule of revenue disaggregated by major revenue categories (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 01, 2023	Dec. 26, 2021	Jan. 01, 2023	Dec. 26, 2021
Disaggregation of Revenue [Line Items]
Total revenues amount	$ 273,385	$ 205,190	$ 503,645	$ 386,168
Revenue, Product and Service Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
Total revenues percentage	100%	100%	100%	100%
Bowling
Disaggregation of Revenue [Line Items]
Total revenues amount	$ 131,426	$ 103,532	$ 246,753	$ 196,142
Bowling | Revenue, Product and Service Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
Total revenues percentage	48.10%	50.50%	49%	50.80%
Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues amount	$ 100,657	$ 72,774	$ 179,680	$ 133,019
Food and beverage | Revenue, Product and Service Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
Total revenues percentage	36.80%	35.50%	35.70%	34.40%
Amusement
Disaggregation of Revenue [Line Items]
Total revenues amount	$ 36,748	$ 26,474	$ 67,557	$ 50,186
Amusement | Revenue, Product and Service Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
Total revenues percentage	13.40%	12.90%	13.40%	13%
Media
Disaggregation of Revenue [Line Items]
Total revenues amount	$ 4,554	$ 2,410	$ 9,655	$ 6,821
Media | Revenue, Product and Service Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
Total revenues percentage	1.70%	1.10%	1.90%	1.80%

Business Acquisitions - Narrati

Business Acquisitions - Narrative (Details) $ in Thousands	6 Months Ended
	Jan. 01, 2023 USD ($) center acquisition
Merger and Acquisitions (Details) [Line Items]
Number of bowling entertainment centers acquired (in centers) | center	11
Business combinations
Merger and Acquisitions (Details) [Line Items]
Number of acquisitions (in acquisitions) | acquisition	9
Consideration transferred | $	$ 79,582

Business Acquisitions - Schedul

Business Acquisitions - Schedule of business combinations (Details) - USD ($) $ in Thousands	6 Months Ended
	Jan. 01, 2023	Jul. 03, 2022
Merger and Acquisitions (Details) - Schedule of business combinations [Line Items]
Goodwill	$ 748,594	$ 742,669
Other assets	1,160
2023 business combinations
Merger and Acquisitions (Details) - Schedule of business combinations [Line Items]
Current assets	122
Property and equipment	69,212
Capital lease asset	1,860
Identifiable intangible assets	3,630
Goodwill	6,265
Total assets acquired	82,249
Current liabilities	(807)
Long-term obligations under capital leases	(1,860)
Total liabilities assumed	(2,667)
Total fair value, net of cash acquired of $56	79,582
Cash	56
Components of consideration transferred
Cash	76,877
Holdback	2,705
Total consideration transferred	79,582
Transaction expenses included in “other operating expense” in the condensed consolidated statement of operations for the period ended January 1, 2023	$ 458

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Schedule of changes in the carrying amount of goodwill (Details) $ in Thousands	6 Months Ended
	Jan. 01, 2023 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 742,669
Goodwill resulting from acquisitions during fiscal year 2023	6,265
Adjustments to preliminary fair values for prior year acquisitions	(340)
Ending balance	$ 748,594

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Schedule of intangible assets (Details) - USD ($) $ in Thousands	Jan. 01, 2023	Jul. 03, 2022
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 42,484	$ 39,344
Accumulated amortization	(29,804)	(26,380)
Net carrying amount	12,680	12,964
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	80,115	79,629
Gross carrying amount	122,599	118,973
Net carrying amount	92,795	92,593
Liquor licenses
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	10,115	9,629
PBA trade name
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	3,100	3,100
Bowlero trade name
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	66,900	66,900
AMF trade name
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	9,900	9,900
Accumulated amortization	(8,923)	(8,593)
Net carrying amount	977	1,307
Other acquisition trade names
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	2,490	1,761
Accumulated amortization	(973)	(651)
Net carrying amount	1,517	1,110
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	23,022	21,112
Accumulated amortization	(16,213)	(13,989)
Net carrying amount	6,809	7,123
Management contracts
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	1,800	1,800
Accumulated amortization	(1,587)	(1,443)
Net carrying amount	213	357
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	2,951	2,450
Accumulated amortization	(1,297)	(1,067)
Net carrying amount	1,654	1,383
PBA member, sponsor & media relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	1,400	1,400
Accumulated amortization	(572)	(504)
Net carrying amount	828	896
Other intangible assets
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	921	921
Accumulated amortization	(239)	(133)
Net carrying amount	$ 682	$ 788

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Finite-lived intangible asset amortization (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 01, 2023	Dec. 26, 2021	Jan. 01, 2023	Dec. 26, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 1,862	$ 3,325	$ 3,444	$ 4,757

Property and Equipment - Schedu

Property and Equipment - Schedule of property and equipment (Details) - USD ($) $ in Thousands	Jan. 01, 2023	Jul. 03, 2022
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 1,046,461	$ 887,177
Accumulated depreciation	(393,614)	(352,456)
Property and equipment, net of accumulated depreciation	652,847	534,721
Land
Property, Plant and Equipment [Line Items]
Total property and equipment	91,152	77,006
Buildings and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	117,526	69,219
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	363,150	349,534
Equipment, furniture, and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	435,005	375,780
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 39,628	$ 15,638

Property and Equipment - Sche_2

Property and Equipment - Schedule of depreciation expense related to property and equipment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 01, 2023	Dec. 26, 2021	Jan. 01, 2023	Dec. 26, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 21,925	$ 18,054	$ 42,264	$ 34,947

Property and Equipment - Narrat

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands	Jan. 01, 2023	Jul. 03, 2022
Property, Plant and Equipment [Abstract]
Total assets held	$ 2,552	$ 8,789

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jan. 01, 2023	Jul. 03, 2022
Operating Leased Assets [Line Items]
Accrued rent	$ 26,967	$ 26,417
Assets held under capital leases
Operating Leased Assets [Line Items]
Increase (decrease) in accumulated depreciation, depletion and amortization	$ 53,449	$ 47,298

Leases - Summary of lease costs

Leases - Summary of lease costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 01, 2023	Dec. 26, 2021	Jan. 01, 2023	Dec. 26, 2021
Operating Leases
Rent expense	$ 16,436	$ 16,654	$ 31,226	$ 31,939
Capital Leases
Interest expense	10,480	9,484	20,841	18,825
Amortization expense	3,142	3,081	6,237	6,369
Total capital lease cost	$ 13,622	$ 12,565	$ 27,078	$ 25,194

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of accrued expenses (Details) - USD ($) $ in Thousands	Jan. 01, 2023	Jul. 03, 2022
Payables and Accruals [Abstract]
Customer deposits	$ 22,576	$ 10,728
Taxes and licenses	11,471	11,568
Compensation	14,230	15,746
Insurance	5,915	5,229
Utilities	4,243	4,185
Deferred revenue	6,949	6,384
Deferred rent	2,831	3,252
Professional fees	1,891	3,062
Interest	605	498
Other	5,901	2,202
Total accrued expenses	$ 76,612	$ 62,854

Debt - Schedule of debt structu

Debt - Schedule of debt structure (Details) - USD ($) $ in Thousands	Jan. 01, 2023	Jul. 03, 2022
Debt (Details) - Schedule of debt structure [Line Items]
Long-term debt, gross	$ 887,723	$ 876,705
Less:
Unamortized financing costs	(5,046)	(6,649)
Current portion of unamortized financing costs	3,323	3,245
Current maturities of long-term debt	(9,144)	(8,211)
Long-term debt, net	876,856	865,090
First Lien Credit Facility Term Loan
Debt (Details) - Schedule of debt structure [Line Items]
Long-term debt, gross	$ 786,166	$ 790,271
Interest rate	7.89%	5.17%
Revolver (Maturing April 4, 2024 and bearing variable rate interest; 6.92% and 4.13% at January 1, 2023 and July 3, 2022, respectively)
Debt (Details) - Schedule of debt structure [Line Items]
Long-term debt, gross	$ 86,434	$ 86,434
Interest rate	6.92%	4.13%
Other Equipment Loans
Debt (Details) - Schedule of debt structure [Line Items]
Long-term debt, gross	$ 15,123	$ 0

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Thousands				1 Months Ended	6 Months Ended
	Aug. 19, 2022 USD ($)	Dec. 17, 2021 USD ($)	Dec. 15, 2021 USD ($)	Dec. 17, 2021	Jan. 01, 2023 USD ($)	Jul. 03, 2022 USD ($)
Debt [Line Items]
Principal payments					$ 2,053
Revolving credit facility		$ 165,000	$ 140,000
Maturity date of term loans			90 days
Aggregate principal amount			$ 175,000
Revolving increased amount		$ 25,000
Percentage of fiscal quarter				0.35
Outstanding standby letters of credit					$ 10,386	$ 10,386
Loan payable | Equipment loan agreement
Debt [Line Items]
Principal amount	$ 15,350
Monthly fixed payment	$ 153
First Lien Credit Facility Term Loan
Debt [Line Items]
Interest rate					7.89%	5.17%
Other Equipment Loans | Equipment loan agreement
Debt [Line Items]
Interest rate					6.24%
LIBOR | First Lien Credit Facility Term Loan
Debt [Line Items]
Basis spread on variable rate					3.50%
Minimum | LIBOR | First Lien Credit Facility Term Loan
Debt [Line Items]
Variable rate floor					1%
Maximum
Debt [Line Items]
Leverage ratio				6

Income Taxes (Details)

Income Taxes (Details)	6 Months Ended
	Jan. 01, 2023	Dec. 26, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	6.50%	23.70%

Commitment and Contingencies (D

Commitment and Contingencies (Details) - Age Discrimination Claims for 2016-2019 with EEOC	Jan. 01, 2023 charge claim
Commitments and Contingencies (Details) [Line Items]
Number of pending claims (in claims) | claim	73
Number of probable cause charges (in charges) | charge	55

Earnouts (Details)

Earnouts (Details)	6 Months Ended
	Jan. 01, 2023 USD ($) tradingDay $ / shares shares	Jul. 03, 2022 $ / shares
Earnouts [Line Items]
Earnout shares (in shares)	10,375,000
Common stock issued in exchange for warrants (in shares)	475,440
Fair value of earnout shares | $	$ 123,142
Earnout shares
Earnouts [Line Items]
Threshold trading days (in trading days) | tradingDay	10
Threshold consecutive trading days (in trading days) | tradingDay	20
Earnout liability (in shares)	1,611,278
Milestone one
Earnouts [Line Items]
Earnout liability (in shares)	805,639
Stock price trigger (in dollars per share) | $ / shares	$ 15
Milestone two
Earnouts [Line Items]
Earnout liability (in shares)	805,639
Stock price trigger (in dollars per share) | $ / shares	$ 17.50
Milestone three
Earnouts [Line Items]
Earnout liability (in shares)	237,721
Stock price trigger (in dollars per share) | $ / shares	$ 15
Milestone four
Earnouts [Line Items]
Earnout liability (in shares)	237,719
Stock price trigger (in dollars per share) | $ / shares	$ 17.50
Bowlero
Earnouts [Line Items]
Shares issued (in shares)	10,375,000
Class A ordinary shares
Earnouts [Line Items]
Common stock, par value (in dollars per share) | $ / shares	$ 0.0001	$ 0.0001
Price per unit (in dollars per share) | $ / shares	17.50
Class A ordinary shares | Bowlero
Earnouts [Line Items]
Price per unit (in dollars per share) | $ / shares	$ 15

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Schedule of fair value and carrying value of our debt (Details) - USD ($) $ in Thousands	Jan. 01, 2023	Jul. 03, 2022
Carrying value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt	$ 887,723	$ 876,705
Fair value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt	$ 887,075	$ 841,637

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Schedule of fair value measurements and hierarchy level (Details) - USD ($) $ in Thousands	Jan. 01, 2023	Jul. 03, 2022
Fair Value of Financial Instruments (Details) - Schedule of fair value measurements and hierarchy level [Line Items]
Marketable securities	$ 12,125
Total assets	12,125
Earnout shares	282,557	$ 210,952
Contingent consideration		1,470
Total liabilities	282,557	212,422
Level 1
Fair Value of Financial Instruments (Details) - Schedule of fair value measurements and hierarchy level [Line Items]
Marketable securities	12,125
Total assets	12,125
Earnout shares	0	0
Contingent consideration		0
Total liabilities	0	0
Level 2
Fair Value of Financial Instruments (Details) - Schedule of fair value measurements and hierarchy level [Line Items]
Marketable securities	0
Total assets	0
Earnout shares	0	0
Contingent consideration		0
Total liabilities	0	0
Level 3
Fair Value of Financial Instruments (Details) - Schedule of fair value measurements and hierarchy level [Line Items]
Marketable securities	0
Total assets	0
Earnout shares	282,557	210,952
Contingent consideration		1,470
Total liabilities	$ 282,557	$ 212,422

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Schedule of fair value of the warrant liability is classified as Level 1 and Level 3 (Details)	Jan. 01, 2023 yr $ / shares
Expected term in years
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout | yr	3.96
Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout	0.60
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout	0.0411
Stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout | $ / shares	13.48
Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout	0

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Schedule of changes in the estimated fair value (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 01, 2023	Dec. 26, 2021	Jan. 01, 2023	Dec. 26, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in fair value	$ 30,776	$ (22,542)	$ 71,536	$ (22,542)
Earnout
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	251,779	0	210,952	0
Issuances	2	181,113	69	181,113
Changes in fair value	30,776	(22,542)	71,536	(22,542)
Fair value, ending balance	$ 282,557	$ 158,571	$ 282,557	$ 158,571

Common Stock, Preferred Stock_2

Common Stock, Preferred Stock and Stockholders' Equity (Details) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended	12 Months Ended
	Jan. 01, 2023 USD ($) class $ / shares shares	Oct. 02, 2022 USD ($)	Jan. 01, 2023 USD ($) class $ / shares shares	Jul. 03, 2022 $ / shares shares	Feb. 07, 2022 USD ($)
Common Stock, Preferred Stock and Stockholders' Equity [Line Items]
Number of stock classes (in classes) | class	3		3
Total authorized shares (in shares)	2,400,000,000		2,400,000,000
Shares held in treasury (in shares)	4,528,447		4,528,447	3,430,667
Dividend rate percentage			5.50%
Liquidation preference per share (in dollars per share) | $ / shares	$ 1,000		$ 1,000
Authorized amount | $					$ 200,000
Remaining balance under repurchase plan | $	$ 146,650		$ 146,650
Share repurchases | $	$ 7,949	$ 5,462
Class A common Stock
Common Stock, Preferred Stock and Stockholders' Equity [Line Items]
Common stock, shares authorized (in shares)	2,000,000,000		2,000,000,000	2,000,000,000
Ordinary shares, par value (in dollars per share) | $ / shares	$ 0.0001		$ 0.0001	$ 0.0001
Common stock shares issued (in shares)	109,726,094		109,726,094	110,395,630
Common stock shares outstanding (in shares)	109,726,094		109,726,094	110,395,630
Shares subject to possible forfeiture (in shares)			3,204,082	3,209,972
Shares repurchased (in shares)			1,097,780
Share repurchases | $			$ 13,411
Average purchase price (in dollars per share) | $ / shares			$ 12.22
Class B common Stock
Common Stock, Preferred Stock and Stockholders' Equity [Line Items]
Common stock, shares authorized (in shares)	200,000,000		200,000,000	200,000,000
Ordinary shares, par value (in dollars per share) | $ / shares	$ 0.0001		$ 0.0001	$ 0.0001
Common stock shares issued (in shares)	55,911,203		55,911,203	55,911,203
Common stock shares outstanding (in shares)	55,911,203		55,911,203	55,911,203
Series A preferred stock
Common Stock, Preferred Stock and Stockholders' Equity [Line Items]
Preferred stock shares authorized (in shares)	200,000,000		200,000,000	200,000,000
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.0001		$ 0.0001	$ 0.0001
Preferred stock, shares issued (in shares)	200,000		200,000	200,000
Preferred stock, shares outstanding (in shares)	200,000		200,000	200,000
Temporary equity, accumulated dividends | $			$ 5,665

Share-Based Compensation - Tota

Share-Based Compensation - Total compensation cost by plan (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 01, 2023	Dec. 26, 2021	Jan. 01, 2023	Dec. 26, 2021	Jul. 03, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost not yet recognized	$ 40,039		$ 40,039		$ 46,921
Stock-based compensation expense	4,036	$ 42,555	7,684	$ 43,356
Performance-based options | 2017 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	0	24,516	0	24,516
Time-based options | 2017 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	0	151	0	952
Stock options | 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost not yet recognized	32,533		32,533		37,273
Stock-based compensation expense	2,383	3,608	4,741	3,608
Service based RSUs | 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost not yet recognized	5,540		5,540		7,211
Stock-based compensation expense	1,345	45	2,326	45
Market and service based RSUs | 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost not yet recognized	1,165		1,165		1,498
Stock-based compensation expense	148	0	289	0
Earnout RSUs | 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost not yet recognized	801		801		$ 939
Stock-based compensation expense	50	7	95	7
Share-based bonus
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	0	14,228	0	14,228
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 110	$ 0	$ 233	$ 0

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of basic and diluted net loss per common share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 01, 2023	Dec. 26, 2021	Jan. 01, 2023	Dec. 26, 2021
Numerator
Net loss allocated to common stockholders, basic	$ (1,367)	$ (36,675)	$ (37,702)	$ (23,362)
Net loss allocated to common stockholders, diluted	$ (1,367)	$ (36,675)	$ (37,702)	$ (23,362)
Denominator
Weighted-average shares outstanding, basic (in shares)	162,478,147	148,754,908	162,665,041	147,801,618
Weighted-average shares outstanding, diluted (in shares)	162,478,147	148,754,908	162,665,041	147,801,618
Net loss per share
Net loss per share, basic (in dollars per share)	$ (0.01)	$ (0.25)	$ (0.23)	$ (0.16)
Net loss per share, diluted (in dollars per share)	$ (0.01)	$ (0.25)	$ (0.23)	$ (0.16)
Potentially dilutive securities excluded from diluted per share calculations (in shares)	26,362,340	20,678,849	25,696,874	20,678,849
Class A ordinary shares
Numerator
Net loss allocated to common stockholders, basic	$ (897)	$ (34,937)	$ (24,743)	$ (22,805)
Net loss allocated to common stockholders, diluted	$ (897)	$ (34,937)	$ (24,743)	$ (22,805)
Denominator
Weighted-average shares outstanding, basic (in shares)	106,566,944	141,706,301	106,753,838	144,277,315
Weighted-average shares outstanding, diluted (in shares)	106,566,944	141,706,301	106,753,838	144,277,315
Net loss per share
Net loss per share, basic (in dollars per share)	$ (0.01)	$ (0.25)	$ (0.23)	$ (0.16)
Net loss per share, diluted (in dollars per share)	$ (0.01)	$ (0.25)	$ (0.23)	$ (0.16)
Class B ordinary shares
Numerator
Net loss allocated to common stockholders, basic	$ (470)	$ (1,738)	$ (12,959)	$ (557)
Net loss allocated to common stockholders, diluted	$ (470)	$ (1,738)	$ (12,959)	$ (557)
Denominator
Weighted-average shares outstanding, basic (in shares)	55,911,203	7,048,607	55,911,203	3,524,303
Weighted-average shares outstanding, diluted (in shares)	55,911,203	7,048,607	55,911,203	3,524,303
Net loss per share
Net loss per share, basic (in dollars per share)	$ (0.01)	$ (0.25)	$ (0.23)	$ (0.16)
Net loss per share, diluted (in dollars per share)	$ (0.01)	$ (0.25)	$ (0.23)	$ (0.16)

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Schedule of supplemental cash flow (Details) - USD ($) $ in Thousands	6 Months Ended
	Jan. 01, 2023	Dec. 26, 2021
Cash paid during the period for:
Interest	$ 44,210	$ 41,055
Income taxes, net of refunds	4,205	885
Noncash investing and financing transactions:
Assets obtained in build to suit arrangement	13,601	0
Capital expenditures in accounts payable	13,563	7,116
Capital lease assets obtained in exchange for capital lease liabilities	0	4,970
Modifications of capital lease assets and liabilities	3,922	(2,609)
Change in fair value of interest rate swap	0	4,405
Issuance of warrants in Business Combination	0	22,426
Issuance of earnout obligation in Business Combination	0	181,113
Unsettled trade receivable, net	$ (413)	$ 0

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent event $ in Thousands	Feb. 08, 2023 USD ($)
First Lien Credit Facility
Subsequent Events (Details) [Line Items]
Current borrowing capacity	$ 812,850
Maximum borrowing capacity	900,000
New Revolver
Subsequent Events (Details) [Line Items]
Current borrowing capacity	165,000
Maximum borrowing capacity	$ 200,000