Lucky Strike Entertainment (LUCK) 4 Nov 242025 Q1 Earnings call transcript

Company Profile

Participants

Robert Lavan	executive
Thomas Shannon	executive
Lev Ekster	executive
Matthew Boss	analyst
Steven Wieczynski	analyst
Randal Konik	analyst
Ian Zaffino	analyst
Jeremy Hamblin	analyst
Jason Tilchen	analyst
Eric Wold	analyst
Eric Handler	analyst
Michael Kupinski	analyst

Call transcript

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Operator

Thank you for standing by. My name is John, and I'll be your conference operator for today. At this time, I would like to welcome everyone to the Bowlero First Quarter 2025 Earnings Conference Call.[Operator Instructions]Â I would now like to turn the call over to Bobby Lavan, Chief Financial Officer.

Robert Lavan

Good afternoon to everyone on the call. This is Bobby Lavan, Bowlero's Chief Financial Officer. call Bowlero's conference earnings. quarter our to to first discuss XXXX Welcome we announcing September period release a XX, financial Today, press the our issued results for XXXX. ended Relations is copy in A press our release the the of Investor section of website. available

performance. are you call Chief and conference forward-looking make future we that Such our during Joining Ekster, our would I certain Officer; Shannon, about may today undue today's on one not Founder Thomas forward-looking reliance the are me like guarantees Lev and President. them. performance, the and should Executive to company's place statements statements not remind on call, of therefore,

subject results Forward-looking also to statements actual risks could to and are from uncertainties materially cause that differ inherent expressed. those

call, non-GAAP and to the comparable the over each measure as GAAP can during directly G. financial the the differences that from I website. discuss to Also contained factors as as statements, financial company's each on Commission. Â Bowlero today's may actual to For factors between statements the non-GAAP forward-looking or risk measures to comparable our today's release forward-looking additional in will those call. in statements should in GAAP could be measure differ that refer the reflect filings reconciliation found financial you non-GAAP and no of discussed to well with or any contained now revise defined the certain after the Regulation SEC cautionary Tom. most concerning by results occur undertakes cause the to press company The discussed circumstances Corporation our measures and call update financial financial measure turn company's Exchange events the Securities information obligation

Thomas Shannon

Total I revenue you Thank us quarter. joining Corp. XX.X% and Founder afternoon. Good CEO grew year-over-year of Bowlero the am Thomas in location today. Shannon, for

wallets increase. continues share Our to customer company's of

ago, strong relative quarter growth XX-plus locations Our investments. percent returns the the on After impact on day for superb and highest and business. focusing through to accountable the financial secret significant team inception, on cash company the let underwrite held generates From pricing sauce. We on on using decisions, founded me returns. what and flow. better excellence elaborate flow XX our cash this with our steadily every labour I years returns. get capital I have is most team decisions superior M&A data the all conversion, focused to EBITDA operational and focus and to drive investments results for supplier decisions Since Almost

results capital Raging choose Boomers, acquired beyond which business water and parks. to revenue million, our have $X for the the we and we opportunities our acres so, EBITDA have land. business a we processes had environment to Waves, water has Through macro $XX increasing in early largest efforts, deploy the and Illinois grow, themselves ability data-driven for provided park deploy Bowling. Â This XX of spring, is capital speak The As land. and included accelerating. and utilize current we already monetize Xx double-digit EBITDA, At with deal first run, an opportunities home is locations will year in and entertainment park under month, growth ownership. its we Last underappreciated expand six our to this the two family million acquired if of the

open location $X will our once and The EBITDA and drive as labour our M&A with for scale. centre we Denver. average continuing be Beverly closed acquisition locations Hills parts locations first business our in model. with the capital. We million in Within X-wall longer to of the to bringing of significantly very upside of in expect sixth in weeks, deploy in Grand in will Complex Spectrum and to Today, Ranch is asset we bowling on coming has XX months, capital portfolio. Â In attractive Strike into revenue Orange meaningful deploy have the In the Entertainment in California, upside seen, Rapids, short opportunistic bought we by the This market term century, and Hills Strike attractive accretively, had will forward Michigan Lucky that we nearly portfolio Strike introducing followed shuttering Michigan. Beverly the few will continue two above term and unprofitable ever from first significant County, in Lucky look begun alley which the we operations our Lucky Ladero have we October, and as it a a be demographic. lanes most we opened

robust new is years. pipeline Our very few build for next the

focus a internal our discuss Lev and the internal it hand and recent organic of company's capital balance optimization initiatives, performance President, To Exter. high-return to Our is me over let deployment.

Lev Ekster

Tom. Thanks,

our segment, new instituted $X.XX locations, is close in $X.XX the experiential trended recently portfolio. XX our across Bowlero food out top to seen up and our continue $X.XX and KPI from quarter up traditional to upgraded Four segments year-over-year over menu per versus and Our Bowl we prior F&B bear notable all initiatives ever up the to beverage key with retail F&B craft recent fruit menu. Premium that all month, the have the the this which in sales F&B rolled to Most new crossed XX% Bowling year. highest plus way menu properties across of

results the by that. in obviously viewership with We've also up sponsor. ordering Baseball levels just encouraged that So mobile Major efficiencies all for with across we rivalled to League of also losing A by like headline reach properties start a enabled time are brand-new we labour I'd launches satisfaction. even numbers and despite the to season events holiday menu November, provide and starting off guest the season, season. linear an update cumulative help year-over-year XX% the record on PBA. Â Last achieved highly in

newly utilization Thunderbowl season, Going and savings and will a the our thrilling with successful season tour, for as acquired Bobby televised on arena a our to ensure bringing we've an turn strategy, it in sponsors experiences XXXX in now I features will which production Lavan. of meaningful Michigan, with host that, fans. into schedule we new resulting the restructured Lanes coupled on the the centre over

Robert Lavan

Thanks, quarter first generated adjusted of to an XXXX, of of year million and revenue an of adjusted million fee the Lev. EBITDA million last and $XXX we of million. $XXX compared service In $XX.X total ex $XX.X EBITDA the

XX.X%, revenue year-over-year location was total positive XX% million, growth the a positive and basis expanding $XX.X was quarter margin comp XXX Our in X.X%. EBITDA points. up same-store was Adjusted with of XX.X%

better have We end turned have updated country.Â In of a hurricanes guidance. September the FY are across The investing managing quarter, and million $X a in comp in including of we our severely the recently. balance by was but weather, costs press release costs today, found same-store our payroll payroll 'XX by year-over-year.Â Food impacted good our with X headwind

September in we until peak season, continues, in million. million million, $X business the on which spent starts new was have $XX confidence was expenditures acquired revenue quarter. and maintenance million We by negative build Boomers, are CapEx will Our in Growth million. $XX $XX but capital we increasing and first the CapEx the range June. a EBITDA in which revenue add end bottom our XX, of was $XX

the to of optimize to $XX and with Chief drawn million our drive spend quarter nothing on of recently We was the Officer end million capital efficiencies.Â Â Our your Procurement leverage $XXX a revolver seeing was liquidity ratio at billion continue hired in today, was debt look X.Xx. the $X.X for and net credit forward months. on the the bank facility Net time you road and coming you Thank cash. we to and

Operator

Matthew with [Operator line the JPMorgan. Instructions] of Our first Boss question comes from

Matthew Boss

Great.

you've you seen elaborate between off, the start could Tom, same-center on to and October, So in maybe maybe in comps cadence and of quarter walk-in trends events? the first

Robert Lavan

it's Bobby. Matt,

is plus end first million weather not quarter. of the we PX, that EBITDA now, cost the that We'll of and in October. really events the for got So hurricanes, of the X tracking see hit bulk and is the September, a But about where our great. comp into make October, us revenue right $X has XX% quarter. on for with we which been equivalent

right So focused that we're more on now.

Matthew Boss

then EBITDA maybe on Great. a And just expansion. margin the follow-up

relative then notable And in just think So first margin second we terms quarter call-outs as the half? maybe of any expansion about to the cadence the of drivers for quarter? back

Robert Lavan

in we're third benefits. shifted third from comp of sort the One quarter the to in second X sort is which expansion quarter, has second Year's going quarter between swing and quarter, million New I have that's of third million and $X to $X incrementals. quarter quarter, is going to third right? a to has the have also Because Yes. greatest margin mean the highest

year, the X first You double sort January started really of digits minus with last also rough off weeks. remember

income statement than see waves see boomers But negative you'll margin margin the raising EBITDA. quarter. third expansion and well, quarter through expansion in the run the will as So other you'll in the second as greatest

Operator

line question next StevenÂ WieczynskiÂ with Stifel the Your of comes from

Steven Wieczynski

the be here of in hold quarters a low mid-single-digit obviously does outlook to so, year, out, thinking cadence was guidance. just that line So should of still about or the same-store store the guess, little guidance September in same-store maybe gave think you that terms do X took we about back Bobby, about you of as think same when I we over comparison next bit initial 'XX, your the how sales for that sales fiscal rest kind called to top that up But of your you if true? sales so? And

Robert Lavan

it haven't to relates expectation we the as Yes. I mean our changed comp. anything on

went of to earnings have last and the and stronger through be going you things happening be comps. call, sort XQ quarter. in much XQ are comps As low major will we XQ versus XQ third X

does that the important week That's last year XQ. of you're million to last where year a the atrocious the I Year's, in which was $X million that's third how comp this top mean us, the in So weather I of that in comp. to sales emphasize move got can't -- to on XQ we to have New a you've from quarter to double-digit $XXX-plus year very On going night a base quarter. $X January, had and being is happened move enough being on catch-up sort from big down million for in that, is cadence. this comp second

to the push and all miss of up So great that in that the versus retail we'll in to will you'll weather but element continue will third has but quarter. third been quarter, that the strong, be Year's quarter this October, quarter, second the December New really events catch in

Steven Wieczynski

you. talked how on of some versus your the of looking take at? meaning how to your time spending you is assets, Got And are time you, for assets remains just perspective, maybe Bowling kind about other you much Makes acquisition I you from a Bobby. guys extremely in the started seems look mean, assets Okay. environment potential core kind just at even -- guys today spent how terms a of But Tom high-level maybe And then or sense. robust. one wondering of that

Thomas Shannon

Well, his it's Tom of on labor. time most his Bobby my XXX% spends and of spends operations. of spend operations, time M&A. a on of our time division I existing existing is This speaking. on Lev most our

Operator

Jefferies. next Randy Your from line question of Konik comes the with

Randal Konik

utilization you a Chief Procurement think I -- the want you're and to of mentioned And things some there. about you the mentioned talked Officer. guess that the I I about ask increased data hired you doing of you

there's So opportunities like portfolio. or it to like through efficiencies organization, efficiencies sounds a continue more obviously -- well-run further you the to you drive some and more have sounds make see it

X, bit reduction unpack differently So more on terms hopes how that Officer, he more a business? us little Procurement can months on Chief basically some through perspective you're little maybe then she driving through efficiency the cost will bit and in of you give data utilizing ago? now what And versus or your and focused for guys a XX be that

Robert Lavan

Yes. we're I a mean organization. becoming data-driven

we're end at So subscriptions. started Power holding of with the we off the day, BI --

sales. So BI, out BI using have just pushed now subscriptions.Â So daily of we myself, kind Lev look GMs. and XXX we're Power Tom, just at Power We

We to department have accountable data. every holding day-to-day leader themselves

sole not Officer, to organization. keep was core a necessarily focus inflationary drive already relates Lev organization flat to Last Chief headwind. the like it focus is year, Procurement is things will but of and costs, of say in As inflation alone a least is $X chicken purchasing back we a prices core.Â Â Â Then at we've managing whose a supplies, use like into million normal organization to go our organization. sort Ultimately, environment, we We Officer responsibility into payroll, the Procurement Chief to when sort I things will their scale synergies.Â I a our on of costs kind how can efficiencies on do owned month. Boomers, procurement we of reduce drive that. purchasing Having on put

scale just that on in of we cost up there's growth the acquisitions. So without comes a because these underwrite can savings EBITDA even that acquisitions revenue

Randal Konik

utilization, little pass how about think towards cetera? your driving different through programs and give we that do different think and program? the versus just to you us with next then fall Are about round Super thinking going backing annual we to on Any increased terms business benefits et more of share of more more how you some lastly, guys term, little out throughout guess few a out an I Just bit perspective about of of What's maybe long metrics to helpful. going pass bit forward in kind to years? it's and pass? it as And of think do And a kind little us just terms then bit the kind want a and the you pass. pass? of strategic look program maybe should in summer

Lev Ekster

Yes. Lev. is This

connect when October first ahead, ever to customers. question to an prior on us see of the season all, launch sales, cycle but to quickly gave to and the revenue of question we much opportunity for for, also gives first fall push pass it pass Just your us this our seeing pass. deploy September, shorter utilization the data, a softness

good perceived to So and a with and been calendar how don't consumer. consumer.Â Â In end with the weeks. year more and change number sure of by It's to terms sales, it But little to want get just by resonated window about need encouraged think we're in We also launch lean consumer passes, and we in future super coming focus in not a redemptions probably making revenue, earlier season into score by give the really but know on value pass, we've results, have I the the larger of the saw really summer to pass, to that NPS price an the was really season but our the sales. going to actually we favorable we of summer we still the that's consumer. X much. were maximum that might too the a successful in the I

pass going the relaunch is I fall think year. to again next

bigger the have now. think I that, from opportunity we is Aside Boomers

businesses We something we're right parks desirable and now. a and have bigger an to make even more the of Can give to pass it product we on water now. all consumer, that's connect these focused

Operator

Zaffino question Our withÂ Oppenheimer. comes from the of Ian next line

Ian Zaffino

or overall Question continue ability going on versus you saw kind volume. volumes? you gives price you in forward? that are really And what kind thinking of confidence of What going of forward, the to to quarter kind versus and push just in price last

Robert Lavan

food. Yes. We've been take to on price able

food. it a that and Ultimately, augment on been lean good So the price taken a quarter. that's has kind core years third past and we of with as been bowling second us few can positive opportunity we into is that augment where in for the surprise the

Ian Zaffino

on on of Are additional thinking about kind your of of versus meant scale a kind is we concepts, about more allocation, also front, buybacks you more like factor scale adding you kind the Is the that then I guess And I slowed kind acquisitions? but to what going you like of bit, how mentioned any little like-minded build, And capital maybe And you in are get? Okay. a water meaning as buybacks component. acquisition of a parks you're talking there? that the M&A? guess,

Robert Lavan

like Michigan. bowling SECs X closed on Boomer sizable September Yes. acquisitions with on We're water going entertainment Spectrum came is the which closed I today. on complex Spectrum and park. in mean X We XX, we superior a steady returns. and there's We But deploying to slow the and out and we where capital lot a approach. move at everything, can forward. of look kind there, we'll that's we get continue how

Ian Zaffino

just on then And Okay. quickly. buybacks

Robert Lavan

performance, using at to I and and drive continue Yes. our shareholder dynamic buy we'll on back look stock. and buybacks relative price to returns. how continue our dividends very we buybacks, sensitive, we We're we'll mean with be

Operator

line question with comes the of next Jeremy Our Craig-Hallum. from Hamblin

Jeremy Hamblin

you're seeing the and to mobile wanted how about strong you're customer respond your of centers? impacting to ordering on terms in operations, ask at Congrats how ordering that's what seeing results. mobile I

Lev Ekster

here. Lev

organization, ordering of up. seeing entire So last mobile the as the across month, and tick we've rolled utilization we're

data-driven now that, coupled the have really labor as think on as staffed and we efficiently with possible, mobile approach cause. I I ordering is right that being think helping

you're taking seeing think of I step in results that We're the beyond that. our efficiencies. a

we'll as efficiencies right faster, We orders satisfaction but at because rolled to the to could during that, faster, tablets going locations So, our across number the improve get more the consumer also kitchen think to we're that a organization customer think lanes faster, we get session. well, with their more early of food take now. currently piloting lanes in XXXX.Â Â I but have result that's turns the more hot get a fresh them items the into get as also of

approach expanding and have we right So food holistic attachment beverage sales now. this of on

organization revamped sales, rolled I results. this hand, hand our our improving think of in see of all enhanced training you're to the kitchen, for in that practices tablets, menus that we've across starting hiring ordering, goes I for and the associates the mobile think the

KPI is release, is correlated. You the in to of our this press growing significantly F&B saw the organization.Â All Bowl across

Jeremy Hamblin

And on a part. that follow-up Got just it.

spend year? And you versus Strike had context in that in what that $X.XX understanding just quarter to Lucky the I was said Bowlero How bowl also compare think on of the of did banner? that got then there at per spend you Bowling. dollar last

Lev Ekster

a food put That Lucky Well, doing revenue food seeing our prior they to the strong is most effort our I top received menu But gave Strike really bowling to plus premium think I that in locations year. tier. $X.XX all and recently relative our what about properties. and really sales beverage XX encouraging across were and to the $X.XX of at behind program Bowlero what of think push purchase beverage us is our compares

X premium, luxury locations tiers, $X.XX menu, which premium we menu that than properties.Â But at got year. traditional refer internally their to more top and around the our top F&B October, Bowl have we $X.XX menu premium Bowlero was plus menu our So prior or to as this craft then plus in XX that

much focus So attachments. to sales, revamped higher. can and with food really we're needle these Lucky's beverage we starting on the drive this and are menus see on The

on their at you those over look If at but those just Bowl. own, -- $X are

We're at top mark. to at And us $X And see Bowlero. $X $X.XX year-over-year I'd in organization. we're get the from doable. based on $X.XX see that the think very So to starting to to it's over I closer increase. we're love I to us get those XX jump, continue going think

Jeremy Hamblin

Premium locations Strike? plus Are Lucky to be those rebannered candidates to

Lev Ekster

Yes.

Jeremy Hamblin

we Okay. be also, get expect you what you the into a seasonal that quarter? EBITDA on March just then Last me. would to wanted for clarify noted, with drag one quantify the that and for quarter Can just December you until the months. Bobby, I be boomers there drag to

Robert Lavan

Yes. and XQ raising Boomers dollars XQ. EBITDA few on is in million a plus waves drag

Jeremy Hamblin

quarter Each or...

Robert Lavan

Each Each quarter. quarter.

Operator

comes question line the from Genuity. next Our with of Jason Tilchen Canaccord

Jason Tilchen

I'm share holiday booking and into season. walk-in pipeline also, of for the obviously, between you we consumer and feeling head wondering health the expectations spending quarter just could and season rates the corporate as relative saw how growth groups and holiday higher the you're during level, the consumer if in the you the about

Robert Lavan

Yes.

of season the the walk-in So and quarter pass. than in events mainly because was higher

versus go seen to getting flip it in Recently, X season they we've we PX were last pass December or walk-in quarter. month. we disclosed -- quarter, quarter for we for in visited into the that but events, we kind expect So strength but as times more of holder, December every

Jason Tilchen

follow-up. And one helpful. That's Great. then just Okay.

opportunities about the there's a of wondering just more that beyond sort could anything guys terms sort Boomers of if entertainment of the asset deal the you how if water little In share in in outside family particular parks. that you're of of and you valuation viewing attracted acquisition, other bit to

Robert Lavan

-- it attractive. also Yes. deprived X of been I for the valuation mean But capital years. was at of extremely it's least sort

was our were ability at assets look and the go these assets to on Really, our ability Arcade put so in really do, them. buying. kind in into our day, irreplaceable above-market And we not our capital we just and procurement underwriting end the platform events locations of of what what are at there could the that put flagship we organization, what

Operator

Our next of the comes B. Wold with from Eric Riley. question line

Eric Wold

guess, a what would much $X.XX level? network getting of in been one, terms of top guess was increase of to the $X.XX your on over XX above the locations, months -- above that what have couple beverage A and questions, asked. XX moving price? questions of food goal I couple the follow-up I then how for be next the that that ratio, And total that

Robert Lavan

Yes.

didn't So on none take price until the of price really it F&B. past was we month because

going So up elbow it a multifactor whole was get $X to ability old good be the to The grease. network to really purely is equation.

company-wide that. So That one, we that are helps. out the our into mobile be that or they January, upsell we is the tablets want server those by just a you two, things prompt But out And should to like burger server your do all fries reason server with ordering of February. important so centers. are double, rolled tablets or tablets rolling

sort technology you'd add it of that leaning into what's I And is upside. drive and the. Lev, to don't process really we're if so know,

Lev Ekster

Yes.

could bottom, of question hospitality experience alone, this I you -- our their alone keep food at we hiring, with we really and think all managers beverage on which for but resume. hour line and is this it an the require now the probably on starts

had never We assessment get hires We on kitchen brand-new training, added chef before. beverage manager focused sales and to there. talent which a better for food have some roles and our we've

top items. It's all mentioned a pizzas, the menu, a items, selection, it's new trending holistic just I not with craft price call, revamped the product. effort. at really taking like It's taco more of So the new same

technology. at get better So going people That's we're we're to giving a how $X. and through to product better selling our getting through we're it and consumer, to the

Eric Wold

working any in talk getting macro Maybe Obviously, last the about And it. seeing. this on coming beverage the menus. and then of in demographic would in terms look have average in terms of customer year number a customer looks of Got or ago? versus food spending the so But of anything maybe you played, that door, new like you're shift into in the higher that had what give games kind another you're can you kind general of just question. levels, what customer

Robert Lavan

Yes.

I it's The regular as be on an of on customer. only the this We're seeing you think uncertainty of generally, steady the election.Â But go that are way we're uptake front place F&B. on in would seeing moving of sort a generally, the corporates little things softness forward.

Operator

next comes Hander question the with Eric Our Capital. from ROTH line of

Eric Handler

talk anniversary lapped maybe now the You've about last and to kind happened X-year some you of Strike. you're maybe findings the returns what of just getting overall your Lucky assets what Lucky over for and what's Strike year your Can there?

Robert Lavan

Yes.

of assets the down. initiatives. CapEx. of about California putting the we were now in when with And falling of new there, got XX we We've pretty picked invested their XX sort in, excited that We're sort of arcades revamped So sort assets outperforming. are up in

like them million what from there significantly X, targeting then. X X is of bought it it. of sort wall exactly $XX. returns That's $XX first underwrote, $XX of are to So said Day the we overall, it EBITDA getting which had in million. we of for the we of sort owning years really up

Eric Handler

every about is We center Well, recent and openings of at than is in the a single build point? doing? one all you unprofitable. better the that better talk have don't our how profitable Every they centers can are secondly, this of new Great. is And builds cohort new last. fleet your profitable. And then are

pace million opened which that X first underwrote its we far on to deal. where ahead months in is $XX Miami, of year, about ago, do So

Let's see, Miami? open what did after we Northfield. South

Thomas Shannon

Yes.

the just in million. versus very opened $X-plus $X.X million to million doing mean we portfolio positive. opened, new our average $X.X on builds Denver. is I but a just But are of consistently X about average indication early they So

cherry you get only new to A of we location, beauty is the into pick So locations. builds go your

So Beverly Bowling ever. this X first maybe Hills, one Hills will Beverly Southlands, which memory, are in really soon.Â Â The the Northfield, latest in open in in cohort, alley which Denver, anyone's in

we behind in Ladero found open which really, but a if Orange to to never, pipeline bowling We in then year alley this a really was been long haven't I XX time that, plus don't it's then well. But say Hills there calendar one. in County, Beverly And have want Ranch that stages. the are in California, And in as various likely is before.

does very are signed LOIs, those I lease, well.Â So thing is one some exceptional locations some all at to Some that LOI, selection. think the are close and have as in are company very, well site

I think don't in, it's XXXX, We've that well. know, always done was And only chose. closed location XXXX. one we site selection that I

do to any that ones the been latest will built the expectations, yes, cohort fleet So we outperformed have there's next reason worse. no think the that wildly vastly outperformed average, and

Eric Handler

thing. Tom. last just one And helpful, That's

guys quarters of did better sort the restated view very to like a or you going so? to for give for where statement presentation Are of income a costs new You be trending. good historicals year last giving are

Robert Lavan

the release. press the Yes, on X-K with filed with filed it's the It's X-K.

Operator

question next NOBLE with line the of Michael Capital from Our Markets. Kupinski comes

Michael Kupinski

questions. quarter. A Congratulations couple on your of

You were we optimistic know pacing color like? that's danced for about at kind of and looking on of point, impact bookings give event revenue color of catering some I and But the holidays this event us you revamped menu, the the the on can around maybe are event that. average what commentary the how some some about

Robert Lavan

December is a Super la pacing XX% year-over-year is December of and the a is adult sort right now for combination up pacing Bowl mean I and Yes. carte. of corporates

higher events more pickups. dollar both getting we're really, and So

far. that about but ultimately, event expect pretty the So we're happy be we average to XX% up, plus so

Michael Kupinski

my for That even you park advantage that additional opportunities off-season more indicated during just maybe then is, developed to And are are sounds question waves, off-season? Or maybe water of of I peaks events? consider raging the adding the take some or don't shave space off I and to gaming, wondering, other in expand there know, events. might thinking drag guess be you lights was terrific.Â And parks, Christmas opportunities? take shuttered the is I opportunities ice the as terms the of was of in to there park advantage like, I to And winter?

Thomas Shannon

are, and those them there fixed. drag it think mostly Well, some actually there But companies do of out I is things. do some the successfully. And

that handful property employees of and taxes full-time then of it's it's So and insurance and like things a things nature.

So labor. carrying is challenge of not a that the you're lot

but take not typical. year, waves by it's right?Â Â Your this typically, season let's it So Chicago, because Day Raging is although over cold, that's in got again October, in Labor warm

go, school everyone everyone a challenge. really or then staff back wherever. goes up let And you is So to again to

going to you're So it. really outsized revenue an have to do you to number do be confident

Now water bought park that as in Destin. second Boomers acquisition part the the we is of

Waves, unlike a season. to so which And to XX- has have can XXX- season, Destin XXX-day XX-day Raging

were We did also a weekend it you the we or So cold. rain. cold summer as a it rainy was lot a of well. waves.Â Â That more thing. in days we up did raging lot but last gives in it optionality, having a summer almost a to really we you dependent despite and actually makes less surprising was We because And lost XX% lost revenue, on that,

is I those And movers. not big drag a big off-season, to opportunities, season, assets compared these giving wouldn't ridiculously I back when cognizant We it's It the we're of profitable. EBITDA So bit in but in money there the back little are are we're amounts. are give drag. that so because think the looks minor. The those making don't of be not but needle relatively only

Michael Kupinski

right? where acquisitions, terms weather of because of you parks forth terms patterns of in in so look were of that, just And it would wouldn't really the you. then location and Got matter located

Thomas Shannon

of advantages the a weather of is it's Yes. hedge. raising I one mean waves

We Chicago. have XX in centers

it park weekend supposed our XXX% the up the So open, in didn't Chicago aggregate were actually, raining. XX to we And first open because in centers was year-over-year. comped

but you've natural we basis. us. found got So we look that's would I The right? in, could sort weather driving pretty by built insurance prohibitively not be on Bowling that's be parks yes, have at you a to case-by-case if thing had things mean then of decision, for have these you expensive centers, you on looked buying but we water a that It's think hedging far, good proven I the thus surprised. where this has hedge.Â Â So good, contracts. We've and

at water we're about specifically, assets about driven by sorts to not we in are widen that really, really well.Â Â So just of nowhere. I'm We middle seemingly surprised assets talking are the Bobby constantly talking do that parks earlier, And said all of But return. as that. cast

We years, over always almost tight far, a we generated thus as wildly screen XX have. returns. have outsized deal we've And very

XXx returns, can look If in the invested very at of these short presentation, of you some capital investor periods you time. see

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Operator

As our you today's there are time, that participation. this for no your concludes and call. Thank further session at conference questions Q&A

disconnect. now may You

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