Executive Summary

Q3 FY2025 revenue increased 0.7% year over year to $339.9M, while Same Store Revenue fell 5.6%; net income was $13.3M and Adjusted EBITDA was $117.3M .
Results missed Wall Street consensus: revenue $339.9M vs $358.3M consensus (Miss), EPS $0.051 vs $0.231 consensus (Miss), EBITDA $117.3M vs $137.2M consensus (Miss). Values with asterisks are from S&P Global consensus; see Estimates Context for details.*
Management suspended guidance amid macro uncertainty; capex down ~20% YTD, with continued share repurchases ($47M for 4.5M shares) and a $0.055 dividend declared .
CEO highlighted corporate events softness in tech-aligned markets (California/Seattle) but cited pockets of strength (Boston, New Jersey, Miami) and strong momentum into summer with the Summer Season Pass program ; the pass surpassed 200,000 members and $10.3M in sales by mid-June (waterparks: 32,000 passes; $3.2M) .

What Went Well and What Went Wrong

Food sales grew by high-single digits; Retail and Leagues remained stable, supporting total revenue growth despite event softness .
Regional resilience: management noted recent positive comps in Boston, New Jersey, and Miami, indicating localized demand strength .
Summer Season Pass momentum provides traffic and mix benefits into Q4; >200,000 members and >$10.3M sales to date, plus waterparks sold 32,000 passes for >$3.2M .

Corporate events headwinds drove Same Store Revenue down 5.6% YoY; the weakness was most pronounced in tech-aligned markets (California, Seattle) .
Profitability compressed: net income fell to $13.3M from $23.8M YoY; Adjusted EBITDA declined to $117.3M from $122.8M; Adjusted EBITDA margin fell to 34.5% from 36.4% .
Cost pressure and higher interest burden: location operating costs increased YoY to $92.6M; interest expense remained elevated at $49.4M in the quarter .

Metric	Q3 2024	Q2 2025	Q3 2025
Revenue ($USD Millions)	$337.670	$300.074	$339.882
Net Income ($USD Millions)	$23.846	$28.307	$13.292
Adjusted EBITDA ($USD Millions, Non-GAAP)	$122.806	$98.757	$117.260
Cash from Operations ($USD Millions)	$76.899	—	$86.620

Segment Revenue ($USD Thousands)	Q3 2024	Q3 2025
Bowling	$165,528	$159,756
Food & Beverage	$118,032	$120,452
Amusement & Other	$54,110	$59,674
Total Revenues	$337,670	$339,882

KPI	Q3 2025	Context/Notes
Same Store Revenue YoY %	(5.6)%	Corporate events softness; tech markets weakness
Adjusted EBITDA Margin %	34.5%	Down from 36.4% YoY
Net Income Margin %	3.9%	Down from 7.1% YoY
Total Locations (as of 5/8/25)	367	Includes one FEC and one waterpark acquired
Rebrand Progress	34 Lucky Strike locations	Rebrand initiative ongoing
Share Repurchases	4.5M shares; ~$47M	Remaining authorization ~$92M
Dividend Declared	$0.055 per share	Q4 FY2025 payable June 6, 2025
Net Debt ($USD Millions)	$1,216.220	Cash $79.088; Bank debt/loans $1,295.308
Cash + Revolver Capacity ($USD Millions)	$391.666	Revolver $335,000; LCs $(22,422)
Capex Trend	Down ~20% YTD	Discipline emphasized
Summer Season Pass (June Update)	>200,000 members; >$10.3M; Waterparks: 32,000 passes; >$3.2M	Momentum into summer

Metric	Period	Previous Guidance	Current Guidance	Change
Company Guidance (Revenue/EPS/EBITDA, etc.)	FY/Q4 FY2025 onward	Not specified	No guidance issued due to macro uncertainty	Suspended
Capex	FY2025	Not quantified	~20% YTD reduction trajectory	Lowered (discipline)
Dividend	Q4 FY2025	Regular quarterly	$0.055 per share declared	Maintained/Declared

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q3 FY2025)	Trend
Corporate Events Demand	Q2: Group events weaker vs prior year; unfavorable calendar shift	Softness continues; pronounced in tech-aligned markets (CA, Seattle)	Negative in tech markets; mixed elsewhere
Regional Trends	Q2: Seasonality/geography impacts; multi-region operations	Positive comps in Boston, New Jersey, Miami	Improving in select markets
Staffing Optimization	Q2: Payroll/benefit costs decreased via staffing optimization	Discipline sustained; expense focus continues	Ongoing efficiency
Cost Pressures (Location Costs)	Q2: Location operating costs up on acquisitions; utilities/taxes	Location operating costs up YoY to $92.6M	Elevated fixed/variable costs
Interest Expense/Leverage	Q2: Interest expense up; incremental term loan; collars cap/floor	Interest expense $49.4M in Q3 ; net debt $1.216B	Elevated burden persists
Brand/Rebrand Strategy	Q2: Name change; location upgrades	34 Lucky Strike locations; rebrand progress	Continuing execution
Summer Season Pass/Traffic	Q2: Heading into summer; program anticipated	>200k members; >$10.3M; waterparks 32k passes	Strong momentum

Note: We were unable to locate an earnings call transcript; the company hosted a webcast on May 8, 2025 .

CEO (Thomas Shannon): “Retail and Leagues businesses remained stable, Food sales grew by high single digits, while our Corporate Events business declined... Softness... most pronounced in tech-aligned markets... We have seen encouraging signs... Boston, New Jersey and Miami... positive comps.”
CFO (Bobby Lavan): “Maintaining a disciplined approach to expense management... prioritize only high-return capital investments. Capital expenditures are down 20% year-to-date... we anticipate this trend will continue into next year.”
Strategic posture: Strong focus on Summer Season Pass to drive traffic; entering season with three water parks including Shipwreck Island and contributions from seven family entertainment centers acquired this year .

No transcript was available in our document set; the company hosted a webcast on May 8, 2025, but the Q&A content is not accessible here .

Outcome: Revenue Miss; EPS Miss; EBITDA Miss (note: consensus EBITDA definitions may differ from company Adjusted EBITDA).
Values with asterisks are from S&P Global.

Corporate events weakness remains the principal headwind; tech-aligned markets are soft, pressuring comps and margins .
Despite event softness, Food & Beverage growth and stable Retail/Leagues helped lift total revenue slightly YoY, indicating resilient core demand .
Profitability compressed; watch location operating costs and elevated interest expense ($49.4M in Q3), which constrain earnings power near term .
Capital allocation remains active: $47M buybacks (4.5M shares) and a $0.055 dividend; authorization remaining ~$92M provides flexibility .
Guidance suspension introduces uncertainty; near-term estimate risk skewed downward after revenue/EPS/EBITDA misses vs consensus.*
Summer Season Pass traction (>200k members; >$10.3M) and waterpark pass sales (>32k; >$3.2M) are catalysts to drive traffic/mix into summer .
Balance sheet liquidity adequate (cash + revolver capacity ~$392M) despite net debt of ~$1.216B; monitor leverage and interest rate exposure .

Values marked with asterisks were retrieved from S&P Global.