Antonio Bautista
Dave & Buster's EntertainmentAbout Antonio Bautista
Antonio Bautista, age 60, is Chief International Development Officer at Dave & Buster’s (since July 2022) with 32 years of food & beverage experience and 27 years in retail/late-night entertainment; he joined Dave & Buster’s in January 2022 as SVP and Head of International Development before his current role . In fiscal 2024, company performance declined: revenue fell 3.3% to $2.133B, net income was $58.3M, and Adjusted EBITDA was $506.2M; the Company opened 14 new venues and its first franchise in India (Dec 2024) . For pay-versus-performance context, the value of a $100 investment in PLAY fell to $62.22 in 2024 versus $118.90 for the S&P 600 Hotels, Restaurants & Leisure peer index; Adjusted EBITDA was $506.2M and net income was $58.3M in 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Dave & Buster’s Entertainment, Inc. | SVP & Head of International Development | Jan 2022–Jul 2022 | Led international development prior to promotion |
| ALBP Global Hospitality Solutions | CEO | Sep 2020–Dec 2021 | Led consulting for global hospitality companies |
| Fogo de Chão, Inc. | Chief Operating Officer | Jul 2019–Jul 2020 | Senior operations leadership at international restaurant chain |
| Hard Rock International | SVP Cafe & Retail Ops; SVP Franchise Dev & Ops | Dec 2010–Jun 2019 | Senior operating and franchise development leadership |
| Gourmet Gulf LLC (UAE) | President & COO | 2007–2010 | Regional leadership in F&B |
| Hard Rock International | Director Franchise Dev & Ops; General Manager | 1994–2007 | Franchise development and operations leadership |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| ALBP Global Hospitality Solutions | CEO | 2020–2021 | Consulting company supporting global hospitality companies |
Fixed Compensation
| Metric (USD) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary | $420,350 | $435,212 | $438,496 |
| Bonus | $0 | $0 | $0 |
| Stock Awards (Grant-date FV) | $1,998,409 | $160,125 | $142,327 |
| Option Awards (Grant-date FV) | $569,392 | $160,125 | $56,655 |
| Non-Equity Incentive Plan Comp | $540,126 | $0 | $128,100 |
| All Other Compensation | $6,250 | $0 | $12,157 |
| Total Compensation | $3,534,527 | $755,462 | $777,735 |
Additional fixed comp notes:
- 2022 base salary set to $427,000 as part of program changes following elimination of cash perquisite allowance (effective May 2, 2022) .
Performance Compensation
Annual Incentive Plan (AIP) – FY2024
| Item | Detail |
|---|---|
| Target bonus (% of salary) | 60% (Threshold 30%; Max 120%) |
| Metrics & Weights | Incentive Adjusted EBITDA 60%; Total Revenue 15%; Comparable Store Sales Growth 25% |
| FY2024 Targets | Incentive Adj. EBITDA $609.0M; Total Revenue $2,330.0M; Comp Store Sales +3.3% |
| FY2024 Actuals | Incentive Adj. EBITDA $524.9M; Total Revenue $2,132.7M; Comp Store Sales −7.2% |
| Payout | 0% of target (no bonus paid) |
| Metric | Threshold | Target | Maximum | Actual | Payout % |
|---|---|---|---|---|---|
| Incentive Adj. EBITDA (USD mm) | $577.0 | $609.0 | $625.0 | $524.9 | 0.0% |
| Total Revenue (USD mm) | $2,210.0 | $2,330.0 | $2,450.0 | $2,132.7 | 0.0% |
| Comp Store Sales Growth | 1.1% | 3.3% | 4.8% | −7.2% | 0.0% |
Long-Term Incentive Program (LTIP) – 2024 Grants
| Award | Grant Date | Quantity | Terms | Grant FV/Exercise |
|---|---|---|---|---|
| PSUs | 4/24/2024 | 1,292 target | 3-year performance period; Adjusted EBITDA 3-yr CAGR: 4.5% (50%), 9.0% (100%), 13.5% (200%) | — |
| RSUs | 4/24/2024 | 1,292 | Time-based; vests in equal annual installments over 3 years | — |
| Stock Options | 4/24/2024 | 2,000 | Service-based; vests in equal annual installments over 3 years; 10-year term | $53.33 strike |
Program design: mix of time-based RSUs (25%), PSUs (50%), stock options (25%) to balance retention and performance; PSUs subject to 3-year performance as above .
One-Time Grants (October 21, 2025)
| Award | Quantity (Bautista) | Vesting/Conditions | Key Terms |
|---|---|---|---|
| RSUs | 11,013 | Time-based; vest 1/3 on 7/14/2026, 7/14/2027, 7/14/2028 (continued employment) | Issued under 2025 Plan; prior PSUs at appointment canceled as condition |
| Stock Options | 11,013 | Time-based; vest 1/3 on 7/14/2026, 7/14/2027, 7/14/2028 (continued employment) | Exercise price $22.70 |
| PSUs – Single Goal | 11,013 | Earn 100% upon achieving ≥3% positive same-store sales growth for four consecutive quarters by 2/1/2028; earned PSUs then vest in equal annual installments over two years | Performance then time vest |
| PSUs – Multiple Goal | 11,013 | Earned based on 2027 Adjusted EBITDA ($600–$675M) and average SSS growth (3%–5%); result adjusted by relative TSR vs S&P 1500 Hotels, Restaurants & Leisure | Relative TSR modifier |
Equity Ownership & Alignment
Beneficial Ownership (as of April 21, 2025)
| Holder | Shares Beneficially Owned | % Outstanding |
|---|---|---|
| Antonio Bautista | 37,802 | <1% |
| Shares Outstanding (denominator) | 34,528,522 | — |
- Options exercisable within 60 days of April 21, 2025: 12,156 shares for Bautista .
- Stock ownership guidelines: CEO 6x salary; CFO/COO 3x; Other Senior Vice Presidents 2x; 5-year compliance window; if not compliant, must retain 50% of net shares from new awards until compliant .
- Hedging/pledging: prohibited for executives and directors .
- Clawback: SEC/Nasdaq-compliant policy adopted Oct 2023, 3-year lookback for erroneously awarded incentive compensation .
Outstanding Equity Awards at FY2024 Year-End (2/4/2025)
| Grant Date | Instrument | Exercisable (#) | Unexercisable (#) | Strike | Expiration | Unvested RSUs (#) | RSU MV ($) | Unearned PSUs (#) | PSU MV ($) |
|---|---|---|---|---|---|---|---|---|---|
| 4/24/2024 | Options | — | 2,000 | $53.33 | 4/24/2034 | — | — | — | — |
| 4/24/2024 | RSUs | — | — | — | — | 1,292 | $35,375 | — | — |
| 4/24/2024 | PSUs | — | — | — | — | — | — | 1,292 | $35,375 |
| 4/24/2023 | Options | 798 | 1,598 | $34.25 | 4/24/2033 | — | — | — | — |
| 4/24/2023 | RSUs | — | — | — | — | 1,024 | $28,037 | — | — |
| 4/24/2023 | PSUs | — | — | — | — | — | — | 3,071 | $84,084 |
| 10/07/2022 | Options | 1,080 | 4,319 | $37.04 | 10/07/2032 | — | — | — | — |
| 10/07/2022 | RSUs | — | — | — | — | 8,990 | $246,146 | — | — |
| 10/07/2022 | PSUs | — | — | — | — | — | — | 26,998 | $739,205 |
| 10/07/2022 | Options | 4,536 | 6,803 | $37.04 | 10/07/2032 | — | — | 21,598 | $591,353 |
| 4/18/2022 | Options | 2,132 | 1,065 | $47.71 | 4/18/2032 | 752 | $20,590 | 4,514 | $123,593 |
Note: Market values use $27.38 closing price on 2/4/2025 per proxy methodology .
Employment Terms
- Agreement: One-year initial term with automatic one-year renewals; includes one-year non-compete and two-year non-solicit/non-hire; provides severance and benefits continuation for terminations without cause, subject to release .
- Change in Control: Company states use of double-trigger change-of-control agreements and no single-trigger equity vesting; employment agreements do not specifically define change in control—terminations following a change in control are evaluated under other scenarios .
- Potential Payments (as if event occurred 2/4/2025):
| Scenario | Salary | Health & Welfare Benefits | Equity (per proxy methodology) |
|---|---|---|---|
| Involuntary Termination Without Cause | $427,000 | $18,594 | $842,636 |
| Termination for Good Reason (No CoC) | $427,000 | $18,594 | $842,636 |
| Death/Disability | $427,000 | $18,594 | $1,886,865 |
| Change in Control (treatment per plan/agreements) | — | — | $1,886,865 |
Compensation Structure Analysis
- Pay-for-performance: FY2024 AIP paid 0% amid misses on EBITDA, revenue, and comp sales targets; target bonus opportunity for Bautista was 60% of salary .
- Equity mix/retention: 2024 LTIP emphasized PSUs (50% of grant mix) with 3-year Adjusted EBITDA CAGR hurdles and service-vesting RSUs/options for balance; indicates high at-risk equity orientation .
- 2025 one-time re-alignment: In Oct 2025, Company canceled certain appointment PSUs and granted new time/performanced-based equity (with specific SSS, EBITDA, and relative TSR conditions) vesting through 2028, aligning incentives with multi-year operational turnaround and reducing near-term cash pressure .
- Governance controls: No hedging/pledging; clawback policy compliant with SEC/Nasdaq; no excise tax gross-ups (except relocation); no option repricing without shareholder approval .
Say‑on‑Pay & Committee Oversight
- Say-on-pay: 95% approval at 2024 annual meeting .
- Compensation Committee: Independent directors Chambers (Chair), Griffith, Storms; uses independent consultant; market benchmarking applied annually .
Equity Ownership & Guidelines Compliance
- Ownership guidelines: CEO 6x; CFO/COO 3x; Other SVPs 2x; 5-year window; if not compliant, must retain 50% of net shares from new awards until compliant .
- Compliance status: Individual compliance status not disclosed in proxy .
- Pledging: Prohibited; company enforces strict insider trading policy and blackout periods .
Performance & Track Record
- Company results during tenure (select FY2024 KPIs): revenue $2.133B, net income $58.3M, Adjusted EBITDA $506.2M; comparable store sales −7.2% vs FY2023; 14 new venues opened and first international franchise opened in India (Dec 2024) .
- Pay vs Performance indicators: Company TSR value of $62.22 vs peer $118.90 in 2024; Adjusted EBITDA $506.2M; net income $58.3M .
Investment Implications
- Alignment and retention: Zero AIP payout in FY2024 and significant unvested equity exposure indicate high performance linkage; 2025 one-time grants with multi-year vesting through 2028 (and explicit SSS/EBITDA/TSR hurdles) reinforce retention but also create known vesting supply around 7/14/2026–2028 and upon PSU certification windows .
- Ownership/skin-in-the-game: Bautista beneficially owns 37,802 shares (<1%); 12,156 options were exercisable within 60 days of April 21, 2025; robust stock ownership policy and no-pledging rules support alignment, though individual compliance status isn’t disclosed .
- Change-in-control economics: Employment terms provide salary/benefits continuation and equity treatment upon qualifying terminations; Company uses double-trigger change-in-control approach, reducing windfall risk while still offering protection .
- Signals to monitor: Progress toward SSS growth and 2027 Adjusted EBITDA targets embedded in 2025 PSUs; relative TSR performance vs sector; upcoming vest dates (July 14 in 2026–2028); any 10b5‑1 plans or Form 4 activity around vesting (not disclosed in proxy; monitor filings) .