Bowlero Corp.

thank you for standing by my name is Abby and I will be your conference operator today at this time I would like to welcome everyone to the bolero fourth quarter and fiscal year 2024 earnings conference call all lines have been placed on mute to prevent any background noise and after the speaker's remarks there will be a question and answer session if you would like to ask a question during that time simply press the star key followed by the number one on your telephone keypad If you would like to withdraw your question, press star 1 a second time. Thank you. And I would now like to turn the conference over to Bobby Lavin, Chief Financial Officer. You may begin.

Good afternoon to everyone on the call. This is Bobby Lavin, Bolero's Chief Financial Officer. Welcome to our conference call to discuss Bolero's fourth quarter 2024 earnings. We issued a press release announcing our financial results. The period ended June 30th, 2024. A copy of the press release is available in the investor relations section of our website. Joining me today are Thomas Shannon, our founder and chief executive officer, and Lev Ekster, our president. I would like to remind you that during today's conference call, we may make certain forward-looking statements. Such forward-looking statements are not guarantees of future performance, and therefore one should not place undue reliance on them. Forward-looking statements are also subject to the inherent risks and certainties that could cause actual results to differ materially from those expressed. For additional information concerning factors that could cause actual results to differ from those discussed in a forward-looking statement, you should refer to the cautionary statements contained in our press release, as well as the risk factors contained in the company's filings with the SEC. A literal corporation undertakes no obligation to revise or update any forward-looking statement to reflect events or circumstances that occur after today's call. Also, during today's call, the company may discuss certain non-GAAP financial measures as defined by SEC Regulation G. GAAP financial measures most directly comparable to each non-GAAP financial measure discussed and the reconciliation of the differences between each non-GAAP financial measure and the comparable GAAP financial measure can be found on the company's website. I'll now turn the call over to Tom.

Good afternoon. Thank you for joining us today. I am Thomas Shannon, founder and CEO of Bolero Corporation. When I founded our company 27 and a half years ago, I was driven to provide customers with a world-class experience. With a positive 6.9% same-store comp and near 20% revenue growth this most recent quarter, our results speak for themselves. and we have become a premier location-based entertainment platform. In 2013, we acquired 266 centers from AMF out of bankruptcy for $270 million. We spent the past 10 years investing deliberately in rebranding the centers, upgrades across the kitchen, audiovisual, seating, technology, and overall experience. These legacy bowling centers became the best-in-class entertainment location in their communities for children's birthday parties, corporate gatherings, leagues, date nights, and group outings. At the same time, they run efficiently and operate at near 50% EBITDA margins compared with an industry average less than half that. This playbook was repeated with our acquisition of the 85 bowling centers from Brunswick Corporation in 2014, 17 centers from Bowl America in 2022, the 14 centers of Lucky Strike in 2023, and almost 50 from sole proprietors along with building around 20 new centers in superb locations during this time period. We have spent over $2 billion on acquisitions and capital expenditures over the past 27 years. And in fiscal year 25, we project $520 million of four-wall EBITDA and more than $400 million of consolidated EBITDA. We target strong double-digit returns on invested capital and we have the expertise to continue achieving that. We continue to drive forward with the majority of our focus on deploying capital into bowling through new builds, acquisitions, and upgrading our centers. We are currently under construction on four new centers in Beverly Hills, California, Ladera Ranch, California, Northfield in Denver, and Southlands, also in Denver. These powerhouse locations will open between September and November of this year. In May 2024, we acquired a large water park in Yorkville, Illinois, named Raging Waves. We acquired this asset along with 60 acres of real estate at an attractive valuation and underwrote synergies from implementing our operating philosophies and having efficiencies at scale. Throughout our first summer, we implemented our tried and true practices of focusing on the consumer while also executing efficient operating standards. I am happy to say that revenue is up double digits year over year, and we have identified significant capital deployment opportunities at the property to deliver powerful long-term growth. This experience with Raging Waves confirms that the Bolero operating philosophy can expand outside of bowling as we look more broadly at the location-based entertainment industry. We will continue to seek opportunities to deploy capital for double-digit returns. while implementing best-in-class operating standards that drive efficiencies at scale and grow earnings well in excess of our cost of capital. We will deliver outsized returns to our investors that will continue to scale and accelerate in the coming years. Let me hand it over to Lev to talk about our internal initiatives, and then Bobby will review the financial details. Thank you.