Lucky Strike Entertainment (LUCK) 10-Q 7 Nov 23 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Oct. 01, 2023	Nov. 01, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 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	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	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--06-30
Amendment Flag	false
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		92,768,345
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		58,519,437

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 01, 2023	Jul. 02, 2023
Current assets:
Cash and cash equivalents	$ 40,088	$ 195,633
Accounts and notes receivable, net of allowance for doubtful accounts	4,087	3,092
Inventories, net	13,183	11,470
Prepaid expenses and other current assets	19,393	18,395
Assets held-for-sale	2,069	2,069
Total current assets	78,820	230,659
Property and equipment, net	773,057	697,850
Internal use software, net	20,792	17,914
Operating lease right of use assets, net	550,113	449,085
Finance lease right of use assets, net	540,186	515,339
Intangible assets, net	100,087	90,986
Goodwill	825,522	753,538
Deferred income tax asset	86,237	73,807
Other assets	12,582	12,096
Total assets	2,987,396	2,841,274
Current liabilities:
Accounts payable and accrued expenses	141,164	121,226
Current maturities of long-term debt	9,595	9,338
Current obligations of operating lease liabilities	26,194	23,866
Other current liabilities	16,650	14,281
Total current liabilities	193,603	168,711
Long-term debt, net	1,276,371	1,138,687
Long-term obligations of operating lease liabilities	541,937	431,295
Long-term obligations of financing lease liabilities	678,720	652,450
Earnout liability	71,364	112,041
Other long-term liabilities	35,220	34,380
Deferred income tax liabilities	4,079	4,160
Total liabilities	2,801,294	2,541,724
Commitments and Contingencies (Note 10)
Temporary Equity
Series A preferred stock	144,329	144,329
Stockholders’ Equity
Additional paid-in capital	507,935	506,112
Treasury stock, at cost	(268,063)	(135,401)
Accumulated deficit	(201,440)	(219,659)
Accumulated other comprehensive income	3,325	4,152
Total stockholders’ equity	41,773	155,221
Total liabilities, temporary equity and stockholders’ equity	2,987,396	2,841,274
Class A common stock
Stockholders’ Equity
Common stock	10	11
Class B common stock
Stockholders’ Equity
Common stock	$ 6	$ 6

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Oct. 01, 2023	Oct. 02, 2022
Income Statement [Abstract]
Revenues	$ 227,405	$ 230,260
Costs of revenues	182,921	165,202
Gross profit	44,484	65,058
Operating (income) expenses:
Selling, general and administrative expenses	37,765	32,494
Asset impairment	26	84
Gain on sale or disposal of assets	(27)	(155)
Other operating expense	1,364	1,362
Total operating expense	39,128	33,785
Operating profit	5,356	31,273
Other (income) expenses:
Interest expense, net	37,449	23,570
Change in fair value of earnout liability	(40,682)	40,760
Other expense	53	48
Total other (income) expense	(3,180)	64,378
Income (loss) before income tax (benefit) expense	8,536	(33,105)
Income tax (benefit) expense	(9,683)	429
Net income (loss)	18,219	(33,534)
Series A preferred stock dividends	(1,962)	(2,801)
Earnings allocated to Series A preferred stock	(1,049)	0
Net (loss) income attributable to common stockholders, basic	15,208	(36,335)
Net (loss) income attributable to common stockholders, diluted	$ 15,208	$ (36,335)
Net income (loss) per share attributable to common stockholders
Basic (in dollars per share)	$ 0.09	$ (0.22)
Diluted (in dollars per share)	$ 0.09	$ (0.22)
Weighted-average shares used in computing net loss per share attributable to common stockholders
Basic (in shares)	160,929,391	162,854,597
Diluted (in shares)	168,903,508	162,854,597

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Oct. 01, 2023	Oct. 02, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 18,219	$ (33,534)
Other comprehensive loss, net of income tax:
Unrealized loss on derivatives	(340)	0
Foreign currency translation adjustment	(487)	(367)
Other comprehensive loss	(827)	(367)
Total comprehensive income (loss)	$ 17,392	$ (33,901)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Temporary Equity and Stockholders’ Equity - USD ($) $ in Thousands	Total	Series A preferred stock	Class A common stock	Class B common stock	Common stock Class A common stock	Common stock Class B common stock	Treasury stock	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive income (loss)
Beginning balance (in shares) at Jul. 03, 2022		200,000
Beginning balance at Jul. 03, 2022		$ 206,002
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	55,911,203
Beginning balance at Jul. 03, 2022	$ (13,682)				$ 11	$ 6	$ (34,557)	$ 335,015	$ (312,851)	$ (1,306)
Beginning balance (in shares) at Jul. 03, 2022							3,430,667
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(33,534)								(33,534)
Foreign currency translation adjustment	(367)									(367)
Unrealized loss on derivatives	0
Share-based compensation (in shares)					50,317
Share-based compensation	3,279							3,279
Shares repurchased (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)				$ 11	$ 6	$ (40,019)	338,294	(346,385)	(1,673)
Ending balance (in shares) at Oct. 02, 2022							3,898,770
Beginning balance (in shares) at Jul. 02, 2023		136,373
Beginning balance at Jul. 02, 2023	144,329	$ 144,329
Ending balance (in shares) at Oct. 01, 2023		136,373
Ending balance at Oct. 01, 2023	144,329	$ 144,329
Beginning balance (in shares) at Jul. 02, 2023			107,666,301		107,666,301	60,819,437
Beginning balance at Jul. 02, 2023	$ 155,221				$ 11	$ 6	$ (135,401)	506,112	(219,659)	4,152
Beginning balance (in shares) at Jul. 02, 2023	11,312,302						11,312,302
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 18,219								18,219
Foreign currency translation adjustment	(487)									(487)
Unrealized loss on derivatives	(340)									(340)
Conversion of Class B common stock into Class A common stock (in shares)					2,300,000	2,300,000
Share-based compensation (in shares)					15,489
Share-based compensation	1,823							1,823
Shares repurchased (in shares)			12,131,185		12,131,185		12,131,185
Repurchase of Class A common stock into Treasury stock	(132,663)		$ (131,350)		$ (1)		$ (132,662)
Ending balance (in shares) at Oct. 01, 2023			97,850,605	58,519,437	97,850,605	58,519,437
Ending balance at Oct. 01, 2023	$ 41,773				$ 10	$ 6	$ (268,063)	$ 507,935	$ (201,440)	$ 3,325
Ending balance (in shares) at Oct. 01, 2023	23,443,487						23,443,487

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Oct. 01, 2023	Oct. 02, 2022
Operating activities
Net income (loss)	$ 18,219	$ (33,534)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Asset impairment	26	84
Depreciation and amortization	31,352	26,267
Gain on sale or disposal of assets, net	(27)	(155)
Income from joint venture	(71)	(99)
Amortization of deferred financing costs	846	956
Amortization of deferred rent incentive	0	(567)
Non-cash interest expense on capital lease obligation	0	4,510
Non-cash interest expense on finance lease obligation	935	0
Non-cash operating lease expense	7,822	0
Non-cash portion of gain on lease modification	(499)	0
Amortization of deferred sale lease-back gain	0	(257)
Deferred income taxes	(9,697)	0
Share-based compensation	1,911	3,648
Distributions from joint venture	72	109
Change in fair value of earnout liability	(40,682)	40,760
Change in fair value of marketable securities	0	(89)
Changes in assets and liabilities, net of business acquisitions:
Accounts receivable and notes receivable, net	(995)	(205)
Inventories	(1,178)	(824)
Prepaids, other current assets and other assets	(1,913)	(915)
Accounts payable and accrued expenses	16,613	(3,947)
Other current liabilities	(163)	(1,125)
Other long-term liabilities	(6,488)	956
Net cash provided by operating activities	16,083	35,573
Investing activities
Purchases of property and equipment	(50,674)	(44,709)
Purchases of intangible assets	(112)	(17)
Proceeds from sale of intangibles	65	0
Purchase of marketable securities	0	(11,594)
Proceeds from sale of marketable securities	0	9,746
Acquisitions, net of cash acquired	(125,855)	(15,918)
Net cash used in investing activities	(176,576)	(62,492)
Financing activities
Repurchase of Class A common stock into Treasury stock	(130,140)	(7,558)
Proceeds from long-term debt	0	15,350
Proceeds from Revolver draws	140,000	0
Payment of long-term debt	(3,109)	(2,126)
Payment on finance leases	(1,576)	0
Payments for tax withholdings on share-based compensation	(84)	(499)
Net cash provided by financing activities	5,091	5,167
Effect of exchange rates on cash	(143)	(123)
Net decrease in cash and equivalents	(155,545)	(21,875)
Cash and cash equivalents at beginning of period	195,633	132,236
Cash and cash equivalents at end of period	$ 40,088	$ 110,361

Description of Business and Sig

Description of Business and Significant Accounting Policies	3 Months Ended
	Oct. 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 and Bowl America branded centers are traditional bowling centers, while the Bowlero and Lucky Strike 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. See Note - 3 Business Acquisitions for additional information on our newly acquired Lucky Strike centers. 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 2, 2023. 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 and Cash Equivalents: 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 highly liquid investments classified as cash equivalents of $8,997 and $166,510 at October 1, 2023 and July 2, 2023, 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 $10,439 and $9,066 at October 1, 2023 and July 2, 2023, respectively. Derivatives: We are exposed to interest rate risk. To manage this risk, we entered into interest rate collar derivative transactions associated with a portion of our outstanding debt. The interest rate collars, which are designated for accounting purposes as cash flow hedges, establish a cap and floor on the Secured Overnight Financing Rate (SOFR). The Company's interest rate collars expire on March 31, 2026. For financial derivative instruments that are designated as a cash flow hedge for accounting purposes, the effective portion of the gain or loss on the financial derivative instrument is reported as a component of other comprehensive income and reclassified into earnings in the same line item associated with the forecasted transaction, and in the same period or periods during which the forecasted transaction affects earnings. Gains and losses on the financial derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. The interest rate collar agreements effectively modified our exposure to interest rate risk by converting a portion of our interest payments on floating rate debt to include a cap and floor, thus reducing the impact of interest rate changes on future interest expense. See Note 8 - Debt for more information. Net Income (Loss) Per Share Attributable to Common Stockholders: We compute net income (loss) 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. In periods where the Company reports a net loss, all potentially dilutive securities are 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 will be the same. Dilutive securities include convertible preferred stock, earnouts, stock options, and restricted stock units (“RSUs”). See Note 15 -  Net Income (Loss) Per Share . Emerging Growth Company Status: The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as modified by the Jumpstart Our Business Startups Act of 2012 (“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 because of the potential differences in accounting standards used. Recently Issued Accounting Standards: We reviewed the accounting pronouncements that became effective for fiscal year 2024 and determined that either they were not applicable, or they did not have a material impact on the consolidated financial statements. We also reviewed the recently issued accounting pronouncements to be adopted in future periods and determined that they are not expected to have a material impact on the consolidated financial statements.

Revenue

Revenue	3 Months Ended
	Oct. 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 October 1, % of revenues October 2, % of revenues Major revenue categories: Bowling $ 116,430 51.2 % $ 115,327 50.1 % Food and beverage 74,913 32.9 % 79,023 34.3 % Amusement and other 30,369 13.4 % 30,809 13.4 % Media 5,693 2.5 % 5,101 2.2 % Total revenues $ 227,405 100.0 % $ 230,260 100.0 %

Business Acquisitions

Business Acquisitions	3 Months Ended
	Oct. 01, 2023
Business Combination and Asset Acquisition [Abstract]
Business Acquisitions	Business Acquisitions Acquisitions: The Company continually evaluates potential acquisitions, 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. 2024 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 three months ended October 1, 2023, the Company acquired substantially all of the assets of Lucky Strike Entertainment, LLC (“Lucky Strike”) which includes 14 bowling entertainment centers for a total consideration of $90,475. The Company also had two other acquisitions in which we acquired three bowling entertainment centers for a total consideration of $35,380. The Company is still in the process of finalizing its valuation analysis. The remaining fair value estimates include working capital, intangibles, property and equipment, and operating and finance lease assets and liabilities. If necessary, 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. Acquisitions that were considered preliminary at July 2, 2023 were finalized during the three months ended October 1, 2023. 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 Lucky Strike Other Acquisitions Total Current assets $ 586 $ 89 $ 675 Property and equipment 43,114 10,814 53,928 Operating lease ROU 95,232 12,923 108,155 Finance lease ROU 25,132 — 25,132 Identifiable intangible assets (1) 9,015 1,755 10,770 Goodwill 48,268 23,716 71,984 Deferred income tax asset 2,615 — 2,615 Total assets acquired $ 223,962 $ 49,297 $ 273,259 Current liabilities $ (3,350) $ (994) $ (4,344) Operating lease liabilities (106,910) (12,923) (119,833) Finance lease liabilities (22,996) — (22,996) Other liabilities (231) — (231) Total liabilities assumed (133,487) (13,917) (147,404) Total fair value, net of cash acquired of $127 $ 90,475 $ 35,380 $ 125,855 Components of consideration transferred Cash $ 90,475 $ 34,690 $ 125,165 Holdback (2) — 690 690 Total consideration transferred $ 90,475 $ 35,380 $ 125,855 (1) Of the identifiable intangible assets acquired, $6,740 relates to the indefinite-lived Lucky Strike trade name. The remaining identifiable intangible assets acquired consist of definite-lived trade names, customer relationships, and non-compete agreements and indefinite-lived liquor licenses. See Note 4 - Goodwill and Other Intangible Assets for more information. (2) The holdback represents a portion of the consideration transferred that is retained to indemnify the Company for general claims during a certain period subsequent to the acquisition date (the “holdback period”). Holdback funds, to the extent any funds remain, are released to the seller upon expiration of the holdback period.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Oct. 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 October 1, 2023: Balance as of July 2, 2023 $ 753,538 Goodwill resulting from acquisitions during the period 71,984 Balance as of October 1, 2023 $ 825,522 Intangible Assets: October 1, 2023 July 2, 2023 Gross Accumulated Net Gross Accumulated Net Finite-lived intangible assets: AMF trade name $ 9,900 $ (9,418) $ 482 $ 9,900 $ (9,253) $ 647 Other acquisition trade names 4,460 (1,635) 2,825 2,630 (1,423) 1,207 Customer relationships 23,852 (19,855) 3,997 23,712 (18,755) 4,957 Management contracts 1,800 (1,735) 65 1,800 (1,726) 74 Non-compete agreements 4,131 (1,733) 2,398 3,211 (1,572) 1,639 PBA member, sponsor & media relationships 1,400 (655) 745 1,400 (627) 773 Other intangible assets 921 (418) 503 921 (377) 544 46,464 (35,449) 11,015 43,574 (33,733) 9,841 Indefinite-lived intangible assets: Liquor licenses 12,332 — 12,332 11,145 — 11,145 PBA trade name 3,100 — 3,100 3,100 — 3,100 Lucky Strike trade name 6,740 — 6,740 — — — Bowlero trade name 66,900 — 66,900 66,900 — 66,900 89,072 — 89,072 81,145 — 81,145 $ 135,536 $ (35,449) $ 100,087 $ 124,719 $ (33,733) $ 90,986 The following table shows amortization expense for finite-lived intangible assets for each reporting period: Three Months Ended October 1, 2023 October 2, 2022 Amortization expense $ 1,781 $ 1,582

Property and Equipment

Property and Equipment	3 Months Ended
	Oct. 01, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment As of October 1, 2023 and July 2, 2023, property and equipment consists of: October 1, 2023 July 2, 2023 Land $ 99,281 $ 98,896 Buildings and improvements 144,585 139,402 Leasehold improvements 436,000 383,444 Equipment, furniture, and fixtures 509,580 472,146 Construction in progress 46,998 43,271 1,236,444 1,137,159 Accumulated depreciation (463,387) (439,309) Property and equipment, net of accumulated depreciation $ 773,057 $ 697,850 The following table shows depreciation expense related to property and equipment for each reporting period: Three Months Ended October 1, 2023 October 2, 2022 Depreciation expense $ 24,178 $ 20,339

Leases

Leases	3 Months Ended
	Oct. 01, 2023
Leases [Abstract]
Leases	Leases The Company leases various assets under non-cancellable operating and finance 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. The following table summarizes the components of the net lease cost for the three months ended October 1, 2023: Lease Costs: Location on Consolidated Statements of Operations October 1, 2023 Operating Lease Costs: (1) Operating lease costs associated with master leases Primarily cost of revenues $ 4,428 Operating lease costs associated with non-master leases Primarily cost of revenues 11,577 Gains from modifications to operating leases Other operating expense (499) Finance Lease Costs: Amortization of right-of-use assets Primarily cost of revenues 4,111 Interest on lease liabilities Interest expense, net 12,021 Financing Obligation Costs: Interest expense Interest expense, net 106 Variable lease cost (2) Primarily cost of revenues 18,003 Short-term lease cost (3) Cost of revenues; SG&A 250 Sublease income Revenues (1,304) Total net lease costs $ 48,693 (1) This represents cash and non-cash lease costs for operating leases. Operating lease costs are recognized evenly over the remaining lease term and differ from the actual cash payments made for our leases. Cash payments and lease costs can differ due to the timing of cash payments relative to straight-line rent expense, non-cash adjustments as a result of purchase accounting, and various other non-cash adjustments to lease costs. Please see the table below for cash paid for our leases. (2) This includes variable leases costs such as utilities, common area maintenance, property insurance, real estate taxes, and percentage rent (3) Sublease income primarily represents short-term leases with pro-shops and various retail tenants Supplemental cash flow information related to leases for the three months ended October 1, 2023: October 1, 2023 Cash paid for amounts included in the measurement of lease liabilities (1) Operating cash flows paid for operating leases 15,393 Operating cash flows paid for interest portion of finance leases 11,062 Financing cash flows paid for principal portion of finance leases 1,576 Operating cash flows paid for interest portion of financing obligations 113

Accrued Expenses

Accrued Expenses	3 Months Ended
	Oct. 01, 2023
Payables and Accruals [Abstract]
Accrued Expenses	Accounts Payable and Accrued Expenses As of October 1, 2023 and July 2, 2023, accounts payable and accrued expenses consist of: October 1, 2023 July 2, 2023 Accounts Payable $ 57,304 $ 53,513 Customer deposits 20,855 12,703 Taxes and licenses 15,398 13,076 Deferred revenue 10,700 7,144 Compensation 10,998 14,670 Professional fees 8,136 4,307 Insurance 6,633 6,168 Utilities 5,248 4,607 Interest 1,497 904 Other 4,395 4,134 Total accrued expenses $ 141,164 $ 121,226

Debt

Debt	3 Months Ended
	Oct. 01, 2023
Debt Disclosure [Abstract]
Debt	Debt The following table summarizes the Company’s debt structure as of October 1, 2023 and July 2, 2023: October 1, 2023 July 2, 2023 Term Loan (Maturing February 8, 2028 and bearing variable rate interest; 8.82% and 8.65% at October 1, 2023 and July 2, 2023, respectively) $ 1,147,125 $ 1,150,000 Revolver (Maturing December 15, 2026 and bearing variable rate interest; 7.92% at October 1, 2023) 140,000 — Other Equipment Loan (Maturing August 19, 2029 and bearing a fixed interest rate; 6.24%) 14,728 14,662 1,301,853 1,164,662 Less: Unamortized financing costs (15,887) (16,637) Current portion of unamortized financing costs 3,182 3,123 Current maturities of long-term debt (12,777) (12,461) Total long-term debt $ 1,276,371 $ 1,138,687 Term Loan: The Term Loan matures on February 8, 2028 and is repaid on a quarterly basis in principal payments of $2,875, which began on September 29, 2023. The Term Loan bears interest at a rate per annum equal to the Adjusted Term SOFR plus 3.50%. Interest is due on the last day of the interest period. The interest period, as agreed upon between the Company and its lender, can be either one three Revolver: Under the First Lien Credit Agreement, the Company has access to a senior secured revolving credit facility (the “Revolver”). As of October 1, 2023, the Revolver commitment is $235,000. The outstanding balance on the Revolver is due on December 15, 2026. Interest on borrowings under the Revolver is based on the Adjusted Term SOFR. First Lien Credit Agreement Covenants: Obligations owed under the First Lien Credit Agreement 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. The Company 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 amounts outstanding on the Revolver exceed an amount equal to 35% of the aggregate Revolver commitment (subject to certain exclusions) at the end of such fiscal quarter. In addition, 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. Letters of Credit: Outstanding standby letters of credit as of October 1, 2023 and July 2, 2023 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 Loan: 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. Covenant Compliance: The Company was in compliance with all debt covenants as of October 1, 2023. Interest rate collars: The Company entered into two interest rate collars effective as of March 31, 2023 for an aggregate notional amount of our Term Loan of $800,000. The collar hedging strategy stabilizes interest rate fluctuations by setting both a floor and a cap. The hedge transactions have a trade and hedge designation date of April 4, 2023. The hedge transactions, each for a notional amount of $400,000, provide for interest rate collars. The interest rate collars establish a floor on SOFR of 0.9429% and 0.9355%, respectively, and a cap on SOFR of 5.50%. The interest rate collars have a maturity date of March 31, 2026. The fair value of the collar agreements as of October 1, 2023 and July 2, 2023 was an asset of $4,145 and $4,608, respectively, and is included within other current assets and other assets in the consolidated balance sheet. Since SOFR was within the collar cap and floor rates, there was no interest impact on the statement of income.

Income Taxes

Income Taxes	3 Months Ended
	Oct. 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 three months ended October 1, 2023 was (113.4)%, which differs from the US federal statutory rate of 21% primarily due to income recognized in the period for book purposes associated with the change in fair value of the earnout liability which is treated as a discrete tax item and not included as taxable income. The Company’s effective tax rate for the three months ended October 2, 2022 was (1.3)% and differs from the US federal statutory rate of 21% due to certain non-deductible expenses, changes in the valuation allowance, and state and local taxes.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Oct. 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 included a demand for monetary and non-monetary remedies. On April 11, 2023, the EEOC provided notice to the Company that its conciliation efforts were unsuccessful; moreover, the Company continues to contest the determinations issued by the EEOC with respect to all charges and intends to defend vigorously. The Company cannot estimate reasonably possible range of loss, if any, associated with these EEOC matters.

Earnouts

Earnouts	3 Months Ended
	Oct. 01, 2023
Earnouts [Abstract]
Earnouts	Earnouts There were 11,418,357 unvested earnout shares outstanding as of October 1, 2023 and July 2, 2023. The outstanding unvested earnout shares will vest if the closing share price of Bowlero’s Class A common stock equals or exceeds $17.50 per share for any 10 trading days within any consecutive 20 trading day period that occurs from December 15, 2021 through December 15, 2026.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Oct. 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 October 1, 2023 and July 2, 2023 are as follows: October 1, 2023 July 2, 2023 Carrying value $ 1,301,853 $ 1,164,662 Fair value 1,293,808 1,158,912 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 three months ended October 1, 2023 and the fiscal year ended July 2, 2023. 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 October 1, 2023 and July 2, 2023: October 1, 2023 Level 1 Level 2 Level 3 Total Interest rate collars $ — $ 4,145 $ — $ 4,145 Total assets $ — $ 4,145 $ — $ 4,145 Earnout shares $ — $ — $ 71,364 $ 71,364 Total liabilities $ — $ — $ 71,364 $ 71,364 July 2, 2023 Level 1 Level 2 Level 3 Total Interest rate collars — 4,608 — 4,608 Total assets $ — $ 4,608 $ — $ 4,608 Earnout shares $ — $ — $ 112,041 $ 112,041 Total liabilities $ — $ — $ 112,041 $ 112,041 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 October 1, 2023 were as follows: October 1, Expected term in years 3.21 Expected volatility 50% Risk-free interest rate 4.78% Stock price $9.62 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 periods ended October 1, 2023 and October 2, 2022: Three Months Ended October 1, October 2, Balance as of beginning of period $ 112,041 $ 210,952 Issuances 5 67 Changes in fair value (40,682) 40,760 Balance as of end of period $ 71,364 $ 251,779 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	3 Months Ended
	Oct. 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 October 1, 2023 and July 2, 2023. • Issued and Outstanding: 97,850,605 shares (inclusive of 1,595,485 shares contingent on certain stock price thresholds but excluding 23,443,487 shares held in treasury) as of October 1, 2023 and 107,666,301 shares (inclusive of 1,595,930 shares contingent on certain stock price thresholds but excluding 11,312,302 shares held in treasury) as of July 2, 2023. Class B common stock: • Authorized: 200,000,000 shares, with a par value of $0.0001 per share as of October 1, 2023 and July 2, 2023. • Issued and Outstanding: 58,519,437 and 60,819,437 shares as of October 1, 2023 and July 2, 2023, respectively. Preferred Stock: • Authorized: 200,000,000 shares, with a par value of $0.0001 per share as of October 1, 2023 and July 2, 2023. • Issued and Outstanding: 136,373 shares as of October 1, 2023 and July 2, 2023. 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. For the period ended October 1, 2023, there were no dividends declared or paid in cash on the Preferred Stock. For the period ended October 1, 2023, no accumulated dividends were added to the liquidation preference and deemed to be declared and paid in-kind. For the period ended October 1, 2023, dividends in the amount of $1,962 were accumulated on the Preferred Stock. Shares Repurchase Program On February 7, 2022, the Company announced that its Board of Directors authorized a share repurchase program providing for repurchases of up to $200,000 of the Company’s outstanding Class A common stock through February 3, 2024. On September 6, 2023, the Board of Directors authorized a second replenishment of the share repurchase program to $200,000. Treasury stock purchases are stated at cost and presented as a reduction of equity on the condensed consolidated balance sheets. Repurchases of shares 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. As of October 1, 2023, the remaining balance of the repurchase plan was $134,369. For the quarter ended October 1, 2023, 12,131,185 shares of Class A common stock were repurchased for a total of $131,350, for an average purchase price per share of $10.83.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Oct. 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 equity interest in the Company and align the interest of key personnel with those of the Company’s stockholders. As of October 1, 2023 and July 2, 2023, the total compensation cost not yet recognized is as follows: Award Plan October 1, 2023 July 2, 2023 Stock options 2021 Plan $ 23,901 $ 31,032 Service based RSUs 2021 Plan 4,615 5,743 Market and service based RSUs 2021 Plan 1,120 1,351 Earnout RSUs 2021 Plan 276 300 ESPP 240 378 Total unrecognized compensation cost $ 30,152 $ 38,804 Share-based compensation recognized in the consolidated statement of operations for the three months ended October 1, 2023 and October 2, 2022 is as follows: Three Months Ended Award Plan October 1, October 2, Stock options 2021 Plan $ 669 $ 2,358 Service based RSUs 2021 Plan 914 982 Market and service based RSUs 2021 Plan 170 141 Earnout RSUs 2021 Plan 20 45 ESPP 138 122 Total share-based compensation expense $ 1,911 $ 3,648

Net Income (Loss) Per Share

Net Income (Loss) Per Share	3 Months Ended
	Oct. 01, 2023
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	Net Income (Loss) Per Share The computation of basic and diluted net income (loss) per share of Class A common stock and Class B common stock is as follows: Three Months Ended October 1, 2023 October 2, 2022 Class A Class B Total Class A Class B Total Numerator Net income (loss) allocated to common stockholders $ 9,465 $ 5,743 $ 15,208 $ (23,860) $ (12,475) $ (36,335) Denominator Weighted-average common shares outstanding 100,160,503 60,768,888 160,929,391 106,943,394 55,911,203 162,854,597 Net income (loss) per share, basic $ 0.09 $ 0.09 $ 0.09 $ (0.22) $ (0.22) $ (0.22) Three Months Ended October 1, 2023 October 2, 2022 Class A Class B Total Class A Class B Total Numerator Net income (loss) allocated to stockholders $ 9,465 $ 5,743 $ 15,208 $ (23,860) $ (12,475) $ (36,335) Denominator Weighted-average common shares outstanding 100,160,503 60,768,888 160,929,391 106,943,394 55,911,203 162,854,597 Impact of incremental shares 2,517,655 5,456,462 7,974,117 * * * Total 102,678,158 66,225,350 168,903,508 106,943,394 55,911,203 162,854,597 Net income (loss) per share, diluted $ 0.09 $ 0.09 $ 0.09 $ (0.22) $ (0.22) $ (0.22) *The impact of 25,124,943 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	3 Months Ended
	Oct. 01, 2023
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information October 1, October 2, Cash paid during the period for: Interest (1) $ 36,651 $ 18,517 Income taxes, net of refunds 28 2,519 Noncash investing and financing transactions: Capital expenditures in accounts payable 24,313 10,695 Change in fair value of interest rate collars (463) — Unsettled trade payable 8,329 1,999 Excise tax 1,312 — (1) Includes cash paid for the interest portion on finance leases. See Note 6 - Leases for more information

Subsequent Events

Subsequent Events	3 Months Ended
	Oct. 01, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn October 19, 2023, the Company entered into a transaction with VICI Properties Inc. (“VICI”) relating to the transfer of land and real estate assets of 38 bowling entertainment centers for an aggregate value of $432,900, in which we received cash proceeds of $404,800. The Company then entered into a triple-net master lease agreement with VICI for an initial term of 25 years, with six 5-year tenant renewal options.

Description of Business and S_2

Description of Business and Significant Accounting Policies (Policies)	3 Months Ended
	Oct. 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 2, 2023.
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 and Cash Equivalents	Cash and Cash Equivalents: 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 highly liquid investments classified as cash equivalents of $8,997 and $166,510 at October 1, 2023 and July 2, 2023, 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
Derivatives	Derivatives: We are exposed to interest rate risk. To manage this risk, we entered into interest rate collar derivative transactions associated with a portion of our outstanding debt. The interest rate collars, which are designated for accounting purposes as cash flow hedges, establish a cap and floor on the Secured Overnight Financing Rate (SOFR). The Company's interest rate collars expire on March 31, 2026. For financial derivative instruments that are designated as a cash flow hedge for accounting purposes, the effective portion of the gain or loss on the financial derivative instrument is reported as a component of other comprehensive income and reclassified into earnings in the same line item associated with the forecasted transaction, and in the same period or periods during which the forecasted transaction affects earnings. Gains and losses on the financial derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings.
Net Income (Loss) Per Share Attributable to Common Stockholders	Net Income (Loss) Per Share Attributable to Common Stockholders:    We compute net income (loss) 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. In periods where the Company reports a net loss, all potentially dilutive securities are 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 will be the same. 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 of 1933, as modified by the Jumpstart Our Business Startups Act of 2012 (“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 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 fiscal year 2024 and determined that either they were not applicable, or they did not have a material impact on the consolidated financial statements. We also reviewed the recently issued accounting pronouncements to be adopted in future periods and determined that they are not expected to have a material impact on the consolidated financial statements.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Oct. 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 October 1, % of revenues October 2, % of revenues Major revenue categories: Bowling $ 116,430 51.2 % $ 115,327 50.1 % Food and beverage 74,913 32.9 % 79,023 34.3 % Amusement and other 30,369 13.4 % 30,809 13.4 % Media 5,693 2.5 % 5,101 2.2 % Total revenues $ 227,405 100.0 % $ 230,260 100.0 %

Business Acquisitions (Tables)

Business Acquisitions (Tables)	3 Months Ended
	Oct. 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 Lucky Strike Other Acquisitions Total Current assets $ 586 $ 89 $ 675 Property and equipment 43,114 10,814 53,928 Operating lease ROU 95,232 12,923 108,155 Finance lease ROU 25,132 — 25,132 Identifiable intangible assets (1) 9,015 1,755 10,770 Goodwill 48,268 23,716 71,984 Deferred income tax asset 2,615 — 2,615 Total assets acquired $ 223,962 $ 49,297 $ 273,259 Current liabilities $ (3,350) $ (994) $ (4,344) Operating lease liabilities (106,910) (12,923) (119,833) Finance lease liabilities (22,996) — (22,996) Other liabilities (231) — (231) Total liabilities assumed (133,487) (13,917) (147,404) Total fair value, net of cash acquired of $127 $ 90,475 $ 35,380 $ 125,855 Components of consideration transferred Cash $ 90,475 $ 34,690 $ 125,165 Holdback (2) — 690 690 Total consideration transferred $ 90,475 $ 35,380 $ 125,855 (1) Of the identifiable intangible assets acquired, $6,740 relates to the indefinite-lived Lucky Strike trade name. The remaining identifiable intangible assets acquired consist of definite-lived trade names, customer relationships, and non-compete agreements and indefinite-lived liquor licenses. See Note 4 - Goodwill and Other Intangible Assets for more information. (2) The holdback represents a portion of the consideration transferred that is retained to indemnify the Company for general claims during a certain period subsequent to the acquisition date (the “holdback period”). Holdback funds, to the extent any funds remain, are released to the seller upon expiration of the holdback period.

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Oct. 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 October 1, 2023: Balance as of July 2, 2023 $ 753,538 Goodwill resulting from acquisitions during the period 71,984 Balance as of October 1, 2023 $ 825,522
Schedule of intangible assets	October 1, 2023 July 2, 2023 Gross Accumulated Net Gross Accumulated Net Finite-lived intangible assets: AMF trade name $ 9,900 $ (9,418) $ 482 $ 9,900 $ (9,253) $ 647 Other acquisition trade names 4,460 (1,635) 2,825 2,630 (1,423) 1,207 Customer relationships 23,852 (19,855) 3,997 23,712 (18,755) 4,957 Management contracts 1,800 (1,735) 65 1,800 (1,726) 74 Non-compete agreements 4,131 (1,733) 2,398 3,211 (1,572) 1,639 PBA member, sponsor & media relationships 1,400 (655) 745 1,400 (627) 773 Other intangible assets 921 (418) 503 921 (377) 544 46,464 (35,449) 11,015 43,574 (33,733) 9,841 Indefinite-lived intangible assets: Liquor licenses 12,332 — 12,332 11,145 — 11,145 PBA trade name 3,100 — 3,100 3,100 — 3,100 Lucky Strike trade name 6,740 — 6,740 — — — Bowlero trade name 66,900 — 66,900 66,900 — 66,900 89,072 — 89,072 81,145 — 81,145 $ 135,536 $ (35,449) $ 100,087 $ 124,719 $ (33,733) $ 90,986
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 October 1, 2023 October 2, 2022 Amortization expense $ 1,781 $ 1,582

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Oct. 01, 2023
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	As of October 1, 2023 and July 2, 2023, property and equipment consists of: October 1, 2023 July 2, 2023 Land $ 99,281 $ 98,896 Buildings and improvements 144,585 139,402 Leasehold improvements 436,000 383,444 Equipment, furniture, and fixtures 509,580 472,146 Construction in progress 46,998 43,271 1,236,444 1,137,159 Accumulated depreciation (463,387) (439,309) Property and equipment, net of accumulated depreciation $ 773,057 $ 697,850
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 October 1, 2023 October 2, 2022 Depreciation expense $ 24,178 $ 20,339

Leases (Tables)

Leases (Tables)	3 Months Ended
	Oct. 01, 2023
Leases [Abstract]
Schedule of lease cost and cash flow information	The following table summarizes the components of the net lease cost for the three months ended October 1, 2023: Lease Costs: Location on Consolidated Statements of Operations October 1, 2023 Operating Lease Costs: (1) Operating lease costs associated with master leases Primarily cost of revenues $ 4,428 Operating lease costs associated with non-master leases Primarily cost of revenues 11,577 Gains from modifications to operating leases Other operating expense (499) Finance Lease Costs: Amortization of right-of-use assets Primarily cost of revenues 4,111 Interest on lease liabilities Interest expense, net 12,021 Financing Obligation Costs: Interest expense Interest expense, net 106 Variable lease cost (2) Primarily cost of revenues 18,003 Short-term lease cost (3) Cost of revenues; SG&A 250 Sublease income Revenues (1,304) Total net lease costs $ 48,693 (1) This represents cash and non-cash lease costs for operating leases. Operating lease costs are recognized evenly over the remaining lease term and differ from the actual cash payments made for our leases. Cash payments and lease costs can differ due to the timing of cash payments relative to straight-line rent expense, non-cash adjustments as a result of purchase accounting, and various other non-cash adjustments to lease costs. Please see the table below for cash paid for our leases. (2) This includes variable leases costs such as utilities, common area maintenance, property insurance, real estate taxes, and percentage rent (3) Sublease income primarily represents short-term leases with pro-shops and various retail tenants Supplemental cash flow information related to leases for the three months ended October 1, 2023: October 1, 2023 Cash paid for amounts included in the measurement of lease liabilities (1) Operating cash flows paid for operating leases 15,393 Operating cash flows paid for interest portion of finance leases 11,062 Financing cash flows paid for principal portion of finance leases 1,576 Operating cash flows paid for interest portion of financing obligations 113

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Oct. 01, 2023
Payables and Accruals [Abstract]
Schedule of accrued expenses	As of October 1, 2023 and July 2, 2023, accounts payable and accrued expenses consist of: October 1, 2023 July 2, 2023 Accounts Payable $ 57,304 $ 53,513 Customer deposits 20,855 12,703 Taxes and licenses 15,398 13,076 Deferred revenue 10,700 7,144 Compensation 10,998 14,670 Professional fees 8,136 4,307 Insurance 6,633 6,168 Utilities 5,248 4,607 Interest 1,497 904 Other 4,395 4,134 Total accrued expenses $ 141,164 $ 121,226

Debt (Tables)

Debt (Tables)	3 Months Ended
	Oct. 01, 2023
Debt Disclosure [Abstract]
Schedule of debt structure	The following table summarizes the Company’s debt structure as of October 1, 2023 and July 2, 2023: October 1, 2023 July 2, 2023 Term Loan (Maturing February 8, 2028 and bearing variable rate interest; 8.82% and 8.65% at October 1, 2023 and July 2, 2023, respectively) $ 1,147,125 $ 1,150,000 Revolver (Maturing December 15, 2026 and bearing variable rate interest; 7.92% at October 1, 2023) 140,000 — Other Equipment Loan (Maturing August 19, 2029 and bearing a fixed interest rate; 6.24%) 14,728 14,662 1,301,853 1,164,662 Less: Unamortized financing costs (15,887) (16,637) Current portion of unamortized financing costs 3,182 3,123 Current maturities of long-term debt (12,777) (12,461) Total long-term debt $ 1,276,371 $ 1,138,687

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Oct. 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 October 1, 2023 and July 2, 2023 are as follows: October 1, 2023 July 2, 2023 Carrying value $ 1,301,853 $ 1,164,662 Fair value 1,293,808 1,158,912
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 October 1, 2023 and July 2, 2023: October 1, 2023 Level 1 Level 2 Level 3 Total Interest rate collars $ — $ 4,145 $ — $ 4,145 Total assets $ — $ 4,145 $ — $ 4,145 Earnout shares $ — $ — $ 71,364 $ 71,364 Total liabilities $ — $ — $ 71,364 $ 71,364 July 2, 2023 Level 1 Level 2 Level 3 Total Interest rate collars — 4,608 — 4,608 Total assets $ — $ 4,608 $ — $ 4,608 Earnout shares $ — $ — $ 112,041 $ 112,041 Total liabilities $ — $ — $ 112,041 $ 112,041
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 October 1, 2023 were as follows: October 1, Expected term in years 3.21 Expected volatility 50% Risk-free interest rate 4.78% Stock price $9.62 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 periods ended October 1, 2023 and October 2, 2022: Three Months Ended October 1, October 2, Balance as of beginning of period $ 112,041 $ 210,952 Issuances 5 67 Changes in fair value (40,682) 40,760 Balance as of end of period $ 71,364 $ 251,779

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Oct. 01, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of total compensation cost by plan	As of October 1, 2023 and July 2, 2023, the total compensation cost not yet recognized is as follows: Award Plan October 1, 2023 July 2, 2023 Stock options 2021 Plan $ 23,901 $ 31,032 Service based RSUs 2021 Plan 4,615 5,743 Market and service based RSUs 2021 Plan 1,120 1,351 Earnout RSUs 2021 Plan 276 300 ESPP 240 378 Total unrecognized compensation cost $ 30,152 $ 38,804 Share-based compensation recognized in the consolidated statement of operations for the three months ended October 1, 2023 and October 2, 2022 is as follows: Three Months Ended Award Plan October 1, October 2, Stock options 2021 Plan $ 669 $ 2,358 Service based RSUs 2021 Plan 914 982 Market and service based RSUs 2021 Plan 170 141 Earnout RSUs 2021 Plan 20 45 ESPP 138 122 Total share-based compensation expense $ 1,911 $ 3,648

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	3 Months Ended
	Oct. 01, 2023
Earnings Per Share [Abstract]
Schedule of basic and diluted net loss per share	The computation of basic and diluted net income (loss) per share of Class A common stock and Class B common stock is as follows: Three Months Ended October 1, 2023 October 2, 2022 Class A Class B Total Class A Class B Total Numerator Net income (loss) allocated to common stockholders $ 9,465 $ 5,743 $ 15,208 $ (23,860) $ (12,475) $ (36,335) Denominator Weighted-average common shares outstanding 100,160,503 60,768,888 160,929,391 106,943,394 55,911,203 162,854,597 Net income (loss) per share, basic $ 0.09 $ 0.09 $ 0.09 $ (0.22) $ (0.22) $ (0.22) Three Months Ended October 1, 2023 October 2, 2022 Class A Class B Total Class A Class B Total Numerator Net income (loss) allocated to stockholders $ 9,465 $ 5,743 $ 15,208 $ (23,860) $ (12,475) $ (36,335) Denominator Weighted-average common shares outstanding 100,160,503 60,768,888 160,929,391 106,943,394 55,911,203 162,854,597 Impact of incremental shares 2,517,655 5,456,462 7,974,117 * * * Total 102,678,158 66,225,350 168,903,508 106,943,394 55,911,203 162,854,597 Net income (loss) per share, diluted $ 0.09 $ 0.09 $ 0.09 $ (0.22) $ (0.22) $ (0.22) *The impact of 25,124,943 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)	3 Months Ended
	Oct. 01, 2023
Supplemental Cash Flow Elements [Abstract]
Schedule of table below presents supplemental cash flow	October 1, October 2, Cash paid during the period for: Interest (1) $ 36,651 $ 18,517 Income taxes, net of refunds 28 2,519 Noncash investing and financing transactions: Capital expenditures in accounts payable 24,313 10,695 Change in fair value of interest rate collars (463) — Unsettled trade payable 8,329 1,999 Excise tax 1,312 — (1) Includes cash paid for the interest portion on finance leases. See Note 6 - Leases for more information

Description of Business and S_3

Description of Business and Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	Oct. 01, 2023	Jul. 02, 2023
Significant Accounting Policies (Details) [Line Items]
Cash equivalents	$ 8,997	$ 166,510
Cash and cash equivalents
Significant Accounting Policies (Details) [Line Items]
Cash equivalents total	$ 10,439	$ 9,066
Minimum
Significant Accounting Policies (Details) [Line Items]
Interest rate	20%
Maximum
Significant Accounting Policies (Details) [Line Items]
Interest rate	50%

Revenue - Schedule of revenue d

Revenue - Schedule of revenue disaggregated by major revenue categories (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 01, 2023	Oct. 02, 2022
Disaggregation of Revenue [Line Items]
Total revenues amount	$ 227,405	$ 230,260
Revenue, Product and Service Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
Total revenues percentage	100%	100%
Bowling
Disaggregation of Revenue [Line Items]
Total revenues amount	$ 116,430	$ 115,327
Bowling | Revenue, Product and Service Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
Total revenues percentage	51.20%	50.10%
Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues amount	$ 74,913	$ 79,023
Food and beverage | Revenue, Product and Service Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
Total revenues percentage	32.90%	34.30%
Amusement and other
Disaggregation of Revenue [Line Items]
Total revenues amount	$ 30,369	$ 30,809
Amusement and other | Revenue, Product and Service Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
Total revenues percentage	13.40%	13.40%
Media
Disaggregation of Revenue [Line Items]
Total revenues amount	$ 5,693	$ 5,101
Media | Revenue, Product and Service Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
Total revenues percentage	2.50%	2.20%

Business Acquisitions - Narrati

Business Acquisitions - Narrative (Details) $ in Thousands	3 Months Ended
	Oct. 01, 2023 USD ($) center acquisition
Lucky Strike
Merger and Acquisitions (Details) [Line Items]
Number of bowling entertainment centers acquired (in centers) | center	14
Consideration transferred	$ 90,475
Other Acquisitions
Merger and Acquisitions (Details) [Line Items]
Number of acquisitions (in acquisitions) | acquisition	2
Consideration transferred	$ 35,380

Business Acquisitions - Schedul

Business Acquisitions - Schedule of business combinations (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 01, 2023	Oct. 02, 2022	Jul. 02, 2023
Merger and Acquisitions (Details) - Schedule of business combinations [Line Items]
Goodwill	$ 825,522		$ 753,538
Components of consideration transferred
Cash	125,855	$ 15,918
2024 Business Acquisitions
Merger and Acquisitions (Details) - Schedule of business combinations [Line Items]
Current assets	675
Property and equipment	53,928
Operating lease ROU	108,155
Finance lease ROU	25,132
Identifiable intangible asset	10,770
Goodwill	71,984
Deferred income tax asset	2,615
Total assets acquired	273,259
Current liabilities	(4,344)
Operating lease liabilities	(119,833)
Finance lease liabilities	(22,996)
Other liabilities	(231)
Total liabilities assumed	(147,404)
Total fair value, net of cash acquired of $127	125,855
Components of consideration transferred
Cash	125,165
Holdback	690
Total consideration transferred	125,855
Cash acquired	127
Lucky Strike
Merger and Acquisitions (Details) - Schedule of business combinations [Line Items]
Current assets	586
Property and equipment	43,114
Operating lease ROU	95,232
Finance lease ROU	25,132
Identifiable intangible asset	9,015
Goodwill	48,268
Deferred income tax asset	2,615
Total assets acquired			$ 223,962
Current liabilities	(3,350)
Operating lease liabilities	(106,910)
Finance lease liabilities	(22,996)
Other liabilities	(231)
Total liabilities assumed	(133,487)
Total fair value, net of cash acquired of $127	90,475
Components of consideration transferred
Cash	90,475
Holdback	0
Total consideration transferred	90,475
Lucky Strike | Trade Names
Components of consideration transferred
Indefinite lived intangibles	6,740
Other Acquisitions
Merger and Acquisitions (Details) - Schedule of business combinations [Line Items]
Current assets	89
Property and equipment	10,814
Operating lease ROU	12,923
Finance lease ROU	0
Identifiable intangible asset	1,755
Goodwill	23,716
Deferred income tax asset	0
Total assets acquired	49,297
Current liabilities	(994)
Operating lease liabilities	(12,923)
Finance lease liabilities	0
Other liabilities	0
Total liabilities assumed	(13,917)
Total fair value, net of cash acquired of $127	35,380
Components of consideration transferred
Cash	34,690
Holdback	690
Total consideration transferred	$ 35,380

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Schedule of changes in the carrying amount of goodwill (Details) $ in Thousands	3 Months Ended
	Oct. 01, 2023 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 753,538
Goodwill resulting from acquisitions during the period	71,984
Ending balance	$ 825,522

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Schedule of intangible assets (Details) - USD ($) $ in Thousands	Oct. 01, 2023	Jul. 02, 2023
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 46,464	$ 43,574
Accumulated amortization	(35,449)	(33,733)
Net carrying amount	11,015	9,841
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	89,072	81,145
Gross carrying amount	135,536	124,719
Net carrying amount	100,087	90,986
Liquor licenses
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	12,332	11,145
PBA trade name
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	3,100	3,100
Lucky Strike trade name
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	6,740	0
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	(9,418)	(9,253)
Net carrying amount	482	647
Other acquisition trade names
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	4,460	2,630
Accumulated amortization	(1,635)	(1,423)
Net carrying amount	2,825	1,207
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	23,852	23,712
Accumulated amortization	(19,855)	(18,755)
Net carrying amount	3,997	4,957
Management contracts
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	1,800	1,800
Accumulated amortization	(1,735)	(1,726)
Net carrying amount	65	74
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	4,131	3,211
Accumulated amortization	(1,733)	(1,572)
Net carrying amount	2,398	1,639
PBA member, sponsor & media relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	1,400	1,400
Accumulated amortization	(655)	(627)
Net carrying amount	745	773
Other intangible assets
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	921	921
Accumulated amortization	(418)	(377)
Net carrying amount	$ 503	$ 544

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Finite-lived intangible asset amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 01, 2023	Oct. 02, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 1,781	$ 1,582

Property and Equipment - Schedu

Property and Equipment - Schedule of property and equipment (Details) - USD ($) $ in Thousands	Oct. 01, 2023	Jul. 02, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 1,236,444	$ 1,137,159
Accumulated depreciation	(463,387)	(439,309)
Property and equipment, net of accumulated depreciation	773,057	697,850
Land
Property, Plant and Equipment [Line Items]
Total property and equipment	99,281	98,896
Buildings and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	144,585	139,402
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	436,000	383,444
Equipment, furniture, and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	509,580	472,146
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 46,998	$ 43,271

Property and Equipment - Sche_2

Property and Equipment - Schedule of depreciation expense related to property and equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 01, 2023	Oct. 02, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 24,178	$ 20,339

Leases - Lease costs (Details)

Leases - Lease costs (Details) $ in Thousands	3 Months Ended
	Oct. 01, 2023 USD ($)
Leases [Abstract]
Operating lease costs associated with master leases	$ 4,428
Operating lease costs associated with non-master leases	11,577
Gains from modifications to operating leases	(499)
Amortization of right-of-use assets	4,111
Interest on lease liabilities	12,021
Interest expense	106
Variable lease cost	18,003
Short-term lease cost	250
Sublease income	(1,304)
Total net lease costs	$ 48,693

Leases - Supplemental cash flow

Leases - Supplemental cash flow (Details) $ in Thousands	3 Months Ended
	Oct. 01, 2023 USD ($)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows paid for operating leases	$ 15,393
Operating cash flows paid for interest portion of finance leases	11,062
Financing cash flows paid for principal portion of finance leases	1,576
Operating cash flows paid for interest portion of financing obligations	$ 113

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of accrued expenses (Details) - USD ($) $ in Thousands	Oct. 01, 2023	Jul. 02, 2023
Payables and Accruals [Abstract]
Accounts Payable	$ 57,304	$ 53,513
Customer deposits	20,855	12,703
Taxes and licenses	15,398	13,076
Deferred revenue	10,700	7,144
Compensation	10,998	14,670
Professional fees	8,136	4,307
Insurance	6,633	6,168
Utilities	5,248	4,607
Interest	1,497	904
Other	4,395	4,134
Total accrued expenses	$ 141,164	$ 121,226

Debt - Schedule of debt structu

Debt - Schedule of debt structure (Details) - USD ($) $ in Thousands	Oct. 01, 2023	Jul. 02, 2023
Debt (Details) - Schedule of debt structure [Line Items]
Long-term debt, gross	$ 1,301,853	$ 1,164,662
Less:
Unamortized financing costs	(15,887)	(16,637)
Current portion of unamortized financing costs	3,182	3,123
Current maturities of long-term debt	(12,777)	(12,461)
Long-term debt, net	$ 1,276,371	$ 1,138,687
Term Loan
Debt (Details) - Schedule of debt structure [Line Items]
Interest rate	8.82%	8.65%
Long-term debt, gross	$ 1,147,125	$ 1,150,000
Line of Credit
Debt (Details) - Schedule of debt structure [Line Items]
Interest rate	7.92%
Line of Credit | Revolving Credit Facility
Debt (Details) - Schedule of debt structure [Line Items]
Long-term debt, gross	$ 140,000	0
Loans
Debt (Details) - Schedule of debt structure [Line Items]
Interest rate	6.24%
Long-term debt, gross	$ 14,728	$ 14,662

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Thousands			1 Months Ended	3 Months Ended
	Sep. 29, 2023 USD ($)	Aug. 19, 2022 USD ($)	Dec. 17, 2021	Oct. 01, 2023 USD ($)	Jul. 02, 2023 USD ($)	Apr. 04, 2023	Mar. 31, 2023 USD ($) derivative_instrument
Debt [Line Items]
Utilization percentage			0.35
Outstanding standby letters of credit				$ 10,386	$ 10,386
Interest Rate Collar
Debt [Line Items]
Number of instruments held | derivative_instrument							2
Notional amount							$ 800
Derivative asset				4,145	$ 4,608
Interest Rate Collar One
Debt [Line Items]
Notional amount							400
Interest Rate Collar Two
Debt [Line Items]
Notional amount							$ 400
Maximum
Debt [Line Items]
Leverage ratio			6
Revolving Credit Facility
Debt [Line Items]
Commitment amount				$ 235,000
SOFR | Interest Rate Collar
Debt [Line Items]
Interest rate						5.50%
SOFR | Interest Rate Collar One
Debt [Line Items]
Floor interest rate						0.9429%
SOFR | Interest Rate Collar Two
Debt [Line Items]
Floor interest rate						0.9355%
Term Loan
Debt [Line Items]
Principal payments	$ 2,875
Term Loan | Amendment No. 8 Term Loan
Debt [Line Items]
Interest period				1 month
Term Loan | Amendment No. 8 Term Loan | Debt Instrument, Interest Period One
Debt [Line Items]
Interest period	1 month
Term Loan | Amendment No. 8 Term Loan | Debt Instrument, Interest Period Two
Debt [Line Items]
Interest period	3 months
Term Loan | Amendment No. 8 Term Loan | Debt Instrument, Interest Period Three
Debt [Line Items]
Interest period	6 months
Term Loan | SOFR
Debt [Line Items]
Basis spread on variable rate (as a percent)	3.50%
Loans | Equipment loan agreement
Debt [Line Items]
Principal amount		$ 15,350
Monthly fixed payment		$ 153
Fixed interest rate				6.24%

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Oct. 01, 2023	Oct. 02, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	113.40%	(1.30%)

Commitment and Contingencies (D

Commitment and Contingencies (Details) - Age Discrimination Claims for 2016-2019 with EEOC	Oct. 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)	3 Months Ended
	Oct. 01, 2023 USD ($) tradingDay $ / shares shares	Jul. 02, 2023 shares
Earnouts [Line Items]
Fair value of earnout shares | $	$ 54,686
Class A common stock
Earnouts [Line Items]
Price per unit (in dollars per share) | $ / shares	$ 17.50
Earnout shares
Earnouts [Line Items]
Threshold trading days (in trading days)	10
Threshold consecutive trading days (in trading days)	20
Earnout shares
Earnouts [Line Items]
Number of shares outstanding | shares	11,418,357	11,418,357

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	Oct. 01, 2023	Jul. 02, 2023
Carrying value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt	$ 1,301,853	$ 1,164,662
Fair value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt	$ 1,293,808	$ 1,158,912

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Schedule of fair value measurements and hierarchy level (Details) - USD ($) $ in Thousands	Oct. 01, 2023	Jul. 02, 2023
Fair Value of Financial Instruments (Details) - Schedule of fair value measurements and hierarchy level [Line Items]
Interest rate collars	$ 4,145	$ 4,608
Total assets	4,145	4,608
Earnout shares	71,364	112,041
Total liabilities	71,364	112,041
Level 1
Fair Value of Financial Instruments (Details) - Schedule of fair value measurements and hierarchy level [Line Items]
Interest rate collars	0	0
Total assets	0	0
Earnout shares	0	0
Total liabilities	0	0
Level 2
Fair Value of Financial Instruments (Details) - Schedule of fair value measurements and hierarchy level [Line Items]
Interest rate collars	4,145	4,608
Total assets	4,145	4,608
Earnout shares	0	0
Total liabilities	0	0
Level 3
Fair Value of Financial Instruments (Details) - Schedule of fair value measurements and hierarchy level [Line Items]
Interest rate collars	0	0
Total assets	0	0
Earnout shares	71,364	112,041
Total liabilities	$ 71,364	$ 112,041

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)	Oct. 01, 2023 yr $ / shares
Expected term in years
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout liability, measurement input | yr	3.21
Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout liability, measurement input	0.50
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout liability, measurement input	0.0478
Stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout liability, measurement input | $ / shares	9.62
Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout liability, measurement input	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
	Oct. 01, 2023	Oct. 02, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in fair value	$ 40,682	$ (40,760)
Earnouts
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance as of beginning of period	112,041	210,952
Issuances	5	67
Changes in fair value	(40,682)	40,760
Balance as of end of period	$ 71,364	$ 251,779

Common Stock, Preferred Stock_2

Common Stock, Preferred Stock and Stockholders' Equity (Details)	3 Months Ended		12 Months Ended
	Oct. 01, 2023 USD ($) class $ / shares shares	Oct. 02, 2022 USD ($)	Jul. 02, 2023 shares	Sep. 06, 2023 USD ($)	Feb. 07, 2022 USD ($)
Common Stock, Preferred Stock and Stockholders' Equity [Line Items]
Number of stock classes (in classes) | class	3
Total authorized shares (in shares)	2,400,000,000
Dividend rate percentage	5.50%
Liquidation preference per share (in dollars per share) | $ / shares	$ 1,000
Authorized amount | $				$ 200,000,000	$ 200,000,000
Remaining balance under repurchase plan | $	$ 134,369,000
Share repurchases | $	$ 132,663,000	$ 5,462,000
Class A common stock
Common Stock, Preferred Stock and Stockholders' Equity [Line Items]
Common stock, shares authorized (in shares)	2,000,000,000
Ordinary shares, par value (in dollars per share) | $ / shares	$ 0.0001
Common stock shares issued (in shares)	97,850,605		107,666,301
Common stock shares outstanding (in shares)	97,850,605		107,666,301
Shares subject to possible forfeiture (in shares)	1,595,485		1,595,930
Shares repurchased (in shares)	12,131,185
Share repurchases | $	$ 131,350,000
Average purchase price (in dollars per share) | $ / shares	$ 10.83
Class B common stock
Common Stock, Preferred Stock and Stockholders' Equity [Line Items]
Common stock, shares authorized (in shares)	200,000,000
Ordinary shares, par value (in dollars per share) | $ / shares	$ 0.0001
Common stock shares issued (in shares)	58,519,437
Common stock shares outstanding (in shares)	58,519,437
Series A preferred stock
Common Stock, Preferred Stock and Stockholders' Equity [Line Items]
Preferred stock shares authorized (in shares)	200,000,000
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.0001
Preferred stock, shares issued (in shares)	136,373		136,373
Preferred stock, shares outstanding (in shares)	136,373		136,373
Temporary equity, accumulated dividends | $	$ 1,962,000

Share-Based Compensation - Tota

Share-Based Compensation - Total compensation cost by plan (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 01, 2023	Oct. 02, 2022	Jul. 02, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost not yet recognized	$ 30,152		$ 38,804
Stock-based compensation expense	1,911	$ 3,648
Stock options | 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost not yet recognized	23,901		31,032
Stock-based compensation expense	669	2,358
Service based RSUs | 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost not yet recognized	4,615		5,743
Stock-based compensation expense	914	982
Market and service based RSUs | 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost not yet recognized	1,120		1,351
Stock-based compensation expense	170	141
Earnout RSUs | 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost not yet recognized	276		300
Stock-based compensation expense	20	45
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost not yet recognized	240		$ 378
Stock-based compensation expense	$ 138	$ 122

Net Income (Loss) Per Share - S

Net Income (Loss) Per Share - Schedule of basic and diluted net loss per common share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Oct. 01, 2023	Oct. 02, 2022
Numerator
Net (loss) income allocated to stockholders, basic	$ 15,208	$ (36,335)
Net (loss) income allocated to stockholders, diluted	$ 15,208	$ (36,335)
Denominator
Weighted-average shares outstanding, basic (in shares)	160,929,391	162,854,597
Impact of incremental shares (in shares)	7,974,117
Weighted-average shares outstanding, diluted (in shares)	168,903,508	162,854,597
Net loss per share
Net loss (income) per share, basic (in dollars per share)	$ 0.09	$ (0.22)
Net (loss) income per share, diluted (in dollars per share)	$ 0.09	$ (0.22)
Potentially dilutive securities excluded from diluted per share calculations (in shares)	25,124,943
Class A common stock
Numerator
Net (loss) income allocated to stockholders, basic	$ 9,465	$ (23,860)
Net (loss) income allocated to stockholders, diluted	$ 9,465	$ (23,860)
Denominator
Weighted-average shares outstanding, basic (in shares)	100,160,503	106,943,394
Impact of incremental shares (in shares)	2,517,655
Weighted-average shares outstanding, diluted (in shares)	102,678,158	106,943,394
Net loss per share
Net loss (income) per share, basic (in dollars per share)	$ 0.09	$ (0.22)
Net (loss) income per share, diluted (in dollars per share)	$ 0.09	$ (0.22)
Class B common stock
Numerator
Net (loss) income allocated to stockholders, basic	$ 5,743	$ (12,475)
Net (loss) income allocated to stockholders, diluted	$ 5,743	$ (12,475)
Denominator
Weighted-average shares outstanding, basic (in shares)	60,768,888	55,911,203
Impact of incremental shares (in shares)	5,456,462
Weighted-average shares outstanding, diluted (in shares)	66,225,350	55,911,203
Net loss per share
Net loss (income) per share, basic (in dollars per share)	$ 0.09	$ (0.22)
Net (loss) income per share, diluted (in dollars per share)	$ 0.09	$ (0.22)

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Schedule of supplemental cash flow (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 01, 2023	Oct. 02, 2022
Cash paid during the period for:
Interest	$ 36,651	$ 18,517
Income taxes, net of refunds	28	2,519
Noncash investing and financing transactions:
Capital expenditures in accounts payable	24,313	10,695
Change in fair value of interest rate collars	(463)	0
Unsettled trade payable	8,329	1,999
Excise tax	$ 1,312	$ 0

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event $ in Thousands	Oct. 19, 2023 USD ($) center renewal_option
Subsequent Event [Line Items]
Number of bowling centers sold | center	38
Sale consideration on transfer of bowling entertainment centers	$ 432,900
Proceeds from transfer of bowling entertainment centers	$ 404,800
Triple-Net Master Lease Agreement With VICI
Subsequent Event [Line Items]
Sale leaseback, term	25 years
Sale leaseback, renewal option, term	5 years
Sale leaseback, number of renewal options | renewal_option	6