Lucky Strike Entertainment Corp (LUCK) 2024 Q3 法說會逐字稿

Good morning, and welcome to Bowlero's Third Quarter 2024 Conference Call.

早上好，歡迎參加 Bowlero 的 2024 年第三季電話會議。

(Operator Instructions)

（操作員說明）

I would now like to turn the call over to Bobby Lavan, Bowlero's Chief Financial Officer.

我現在想將電話轉給 Bowlero 的財務長 Bobby Lavan。

Please go ahead.

請繼續。

Good morning to everyone on the call.

各位來電的人早安。

This is Bobby Lavan, Bowlero's Chief Financial Officer.

我是 Bobby Lavan，Bowlero 的財務長。

Welcome to our conference call to discuss Bowlero's third quarter 2024 earnings.

歡迎參加我們的電話會議，討論 Bowlero 2024 年第三季的收益。

This morning, we issued a press release announcing our financial results for the period ended March 31, 2024.

今天上午，我們發布了新聞稿，宣布截至 2024 年 3 月 31 日的財務表現。

A copy of the press release is available in the Investor Relations section of our website.

我們網站的投資者關係部分提供了新聞稿的副本。

Joining me on the call today are Thomas Shannon, our Founder, Chairman and Chief Executive; and Lev Ekster, our President.

今天和我一起參加電話會議的還有我們的創辦人、董事長兼執行長 Thomas Shannon；還有我們的總統列夫·埃克斯特（Lev Ekster）。

I'd like to remind you that during today's conference call we may make certain forward-looking statements about the company's performance.

我想提醒您，在今天的電話會議上，我們可能會對公司的業績做出某些前瞻性陳述。

Such forward-looking statements are not guarantees of future performance, and therefore, one should not place undue reliance on them.

此類前瞻性陳述並不能保證未來業績，因此，不應過度依賴它們。

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

前瞻性陳述也受到固有風險和不確定性的影響，可能導致實際結果與所表達的結果有重大差異。

For additional information concerning factors that could cause actual results to differ from those discussed in our forward-looking statements, 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 Securities and Exchange Commission.

有關可能導致實際結果與我們的前瞻性聲明中討論的結果不同的因素的更多信息，您應該參閱我們新聞稿中包含的警告聲明以及公司向證券交易委員會提交的文件中包含的風險因素委員會。

Bowlero Corporation undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances that occur after today's call.

Bowlero Corporation 不承擔修改或更新任何前瞻性陳述以反映今天電話會議後發生的事件或情況的義務。

Also during today's call, the company may discuss certain non-GAAP financial measures as defined by SEC Regulation G. The GAAP financial measures most directly comparable to each non-GAAP financial measure discussed in the reconciliation of the differences between each non-GAAP financial measure and a comparable GAAP financial measure can be found on the company's website.

此外，在今天的電話會議中，公司可能會討論SEC G 條例所定義的某些非GAAP 財務指標。最直接可比較。

I'll now turn the call over to Tom.

我現在會把電話轉給湯姆。

Good morning.

早安.

Thank you for joining us today.

感謝您今天加入我們。

I am Thomas Shannon, Founder, Chairman and CEO of Bowlero Corporation.

我是托馬斯·香農 (Thomas Shannon)，鮑萊羅公司 (Bowlero Corporation) 創辦人、董事長兼執行長。

Bowlero had a solid third quarter with total revenue growth of 8.8%.

Bowlero 第三季表現強勁，總營收成長 8.8%。

January was a challenging month because of blizzards and flooding across the country.

由於全國各地遭遇暴風雪和洪水，一月是充滿挑戰的一個月。

Following this weather-impacted result, our same-store comp was positive in both February and March, and our total growth was double digits.

受天氣影響，我們的同店業績在 2 月和 3 月均呈正值，總增長率為兩位數。

This follows the company's second quarter in which we produced same-store sales growth of 0.2% and total company growth of 13.4%.

在此之前，該公司第二季的同店銷售額成長了 0.2%，公司總銷售額成長了 13.4%。

Our results in the second and third quarters are better than most or all of our competitors in the location-based entertainment space.

我們第二季和第三季的業績優於基於位置的娛樂領域的大多數或所有競爭對手。

When we acquired Lucky Strike, we were impressed by how much food and beverage they sold to each customer.

當我們收購 Lucky Strike 時，他們向每位顧客銷售的食品和飲料數量給我們留下了深刻的印象。

We have taken some of the learnings from Lucky Strike and begun to implement that into our F&B business.

我們從 Lucky Strike 中吸取了一些經驗，並開始將其應用到我們的餐飲業務中。

We are revamping our menus, increasing food and beverage training, and improving our hiring processes to make a strong organic impact on our business.

我們正在改進我們的菜單，增加食品和飲料培訓，並改善我們的招募流程，以對我們的業務產生強大的有機影響。

Our new premium menu, which launched in recently opened Lucky Strike Miami, includes salads, gluten-free options, bao buns, honey chicken sandwiches, and more variations of our excellent pizza.

我們在最近開業的邁阿密 Lucky Strike 餐廳推出的新高級菜單包括沙拉、無麩質食品、包子、蜂蜜雞肉三明治以及我們優質披薩的更多變化。

Additionally, we continue to instill a selling culture that began last summer with the implementation of the bowling special.

此外，我們繼續灌輸去年夏天推出保齡球特別活動時開始的銷售文化。

I'm excited about the opportunities in front of us as we train and incentivize our employees to sell more.

當我們培訓和激勵我們的員工銷售更多產品時，我對我們面前的機會感到興奮。

The quarter was marked by substantial investments in traffic-driving initiatives.

本季度的特點是對交通驅動計劃進行了大量投資。

These initiatives, though with some added cost, have proven their worth as evidenced by our industry-leading same-store comp growth.

這些舉措雖然增加了一些成本，但已經證明了它們的價值，我們行業領先的同店比較增長就證明了這一點。

Lev Ekster will discuss these initiatives in a few minutes.

Lev Ekster 將在幾分鐘內討論這些舉措。

Our best-in-class events platform continues to outperform.

我們一流的活動平台持續表現出色。

Event revenue increased 27% year-over-year in the third quarter and leagues were up 9% year-over-year as we expanded social league opportunities combined with growing brand recognition from our PBA ownership.

隨著我們擴大社交聯賽機會以及 PBA 所有權不斷提高的品牌認知度，第三季賽事營收年增 27%，聯賽年增 9%。

We continue to deploy capital in acquisitions and new builds.

我們繼續在收購和新建項目中部署資本。

We opened Lucky Strike Miami in the third quarter with results moving higher weekly and above our expectations.

我們在第三季開設了 Lucky Strike 邁阿密，結果每週都走高，超出了我們的預期。

We have four new builds coming online in the next nine months with two openings in Denver this summer, one opening in Beverly Hills in early fall, and another opening in Orange County, California in the late fall, and we are actively engaged on a pipeline of approximately a dozen more new build locations following these.

我們將在未來九個月內推出四棟新建築，其中兩棟將於今年夏天在丹佛開業，一棟將於初秋在比佛利山莊開業，另一棟將於秋末在加利福尼亞州奧蘭治縣開業，我們正積極參與籌備工作接下來還有大約十幾個新建地點。

Last week, we acquired Raging Waves, the largest water park in Illinois, and a transaction that came with approximately 53.5 acres of land.

上週，我們收購了伊利諾州最大的水上樂園 Raging Waves，這筆交易涉及約 53.5 英畝的土地。

With this acquisition, we acquired a superb, very profitable property and partnered with a strong operator in the regional waterpark space at an attractive valuation.

透過此次收購，我們獲得了一處優質且利潤豐厚的地產，並以極具吸引力的估值與區域水上樂園領域的一家實力雄厚的運營商合作。

We think there is a significant upside in this property.

我們認為該房產有顯著的優勢。

I'm also happy to provide a positive update on the status of the EEOC matter.

我也很高興提供有關 EEOC 問題的最新進展。

On April 12 of this year, the EEOC issued closure notices for the approximately 73 individual age discrimination charges that have been filed, in most cases, many years ago.

今年 4 月 12 日，平等就業機會委員會針對約 73 項個人年齡歧視指控發布了結案通知，這些指控大多是多年前提出的。

The notices communicate that the EEOC has dismissed the charges and will not bring suit against the company in the individual cases.

該通知表明，平等就業機會委員會已駁回指控，並且不會就個別案件對該公司提起訴訟。

Additionally, on this most recent Friday, May 3, the EEOC issued an additional closure notice for the pattern and practice directed investigation.

此外，在最近的 5 月 3 日星期五，平等就業機會委員會針對模式和實踐定向調查發布了額外的結束通知。

In that notice, the EEOC wrote, The commission has determined that it will not bring a civil action against Bowlero under the Age Discrimination Employment Act.

平等就業機會委員會在通知中寫道，該委員會已決定不會根據《年齡歧視就業法》對鮑萊羅提起民事訴訟。

And also on Friday, we received a positive court ruling in Richmond, Virginia that the case CNBC had breathlessly reported related to a former employee's attempt to countersue Bowlero had been denied.

同樣在周五，我們在弗吉尼亞州里士滿收到了一項積極的法院裁決，即 CNBC 氣喘吁籲地報道的與一名前僱員試圖反訴鮑萊羅有關的案件已被駁回。

Over 8.5 years, the company has vigorously denied and contested the false allegations made against it and is pleased to see that the EEOC has closed its files.

8.5 年來，該公司一直強烈否認並反駁針對其的虛假指控，並很高興看到 EEOC 已關閉其檔案。

We are disappointed that media outlets, mainly CNBC, have told only one side of the story, no matter how preposterous, acting as a shill for attempts to damage our reputation and leverage an unwarranted settlement.

我們感到失望的是，媒體（主要是 CNBC）只講述了故事的一方面，無論多麼荒謬，都充當了試圖損害我們聲譽並利用無理和解手段的托兒。

We are pleased to report these very positive developments on behalf of our shareholders.

我們很高興代表我們的股東報告這些非常積極的進展。

Let me hand it over to Lev Ekster to talk about our internal initiatives and then Bobby will review the financial details.

讓我將其交給 Lev Ekster 討論我們的內部舉措，然後 Bobby 將審查財務細節。

Thanks, Tom.

謝謝，湯姆。

As I discussed last quarter, there is material white space to provide the consumer a better experience and increase wallet share in our locations.

正如我上季度所討論的，我們的門市存在大量的空白空間，可以為消費者提供更好的體驗並增加錢包份額。

This quarter, we saw the benefit in traffic coming from two internal initiatives.

本季度，我們看到兩項內部舉措帶來了流量收益。

First, with amusements, we have improved guest satisfaction through increased gameplay.

首先，在娛樂方面，我們透過增加遊戲玩法來提高賓客滿意度。

We have seen benefits to traffic as exhibited in our February, March, and April comparatives.

我們在二月、三月和四月的比較中看到了流量的好處。

This should help continue to drive traffic in the slower months.

這應該有助於在流量較慢的月份繼續增加流量。

Second, we have invested materially in our PBA programming.

其次，我們對 PBA 計劃進行了大量投資。

Since the start of the year, 18.5 million viewers have watched the PBA on Fox, FS1 or FS2, which is 16% more than at the same point last year.

自今年年初以來，共有 1850 萬觀眾在 Fox、FS1 或 FS2 上觀看了 PBA，比去年同期增加了 16%。

The increase is even higher among younger viewers with the male 18 to 34 demo reach up 22% year over year.

年輕觀眾的增幅甚至更高，18 歲至 34 歲的男性觀看人數較去年同期成長 22%。

Viewers are watching more PBA than ever before as average minutes viewed per viewer have steadily increased each year, and so far in 2024, that is already 15% higher than it was in 2019, the first year the PBA aired on Fox Sports.

觀眾觀看PBA 的時間比以往任何時候都多，每位觀眾的平均觀看時間每年都在穩步增長，到2024 年為止，這一數字已經比2019 年（PBA 在福克斯體育頻道播出的第一年）高出15%。

We have more stops than televised shows, which means more awareness and ultimately supports the value proposition of the PBA to Bowlero and the industry overall.

我們的停留次數比電視節目還要多，這意味著更多的認知度，並最終支持 PBA 對 Bowlero 和整個行業的價值主張。

Lastly, as Tom mentioned, we are leaning heavily into increasing food and beverage sales.

最後，正如湯姆所提到的，我們非常傾向於增加食品和飲料的銷售。

This has become my primary focus.

這已成為我的首要關注。

New menus and updated pricing roll out over the next few months.

新菜單和更新的定價將在接下來的幾個月內推出。

Additionally, in-kitchen training and the continued development of the sales culture will lead to improved F&B uptake, benefiting from the foot traffic generated by initiatives like our new Summer Season Pass.

此外，廚房培訓和銷售文化的持續發展將提高餐飲的吸收率，並受益於我們新的夏季季票等措施所產生的人流。

And then, leading into the critical holiday period, we will continue to optimize our offerings to improve customer satisfaction, traffic and increase spend as we look to be the out-of-home entertainment destination of choice.

然後，在關鍵的假期期間，我們將繼續優化我們的產品，以提高客戶滿意度、流量並增加支出，因為我們希望成為首選的戶外娛樂目的地。

That is how we will continue to outperform our peers.

這就是我們將繼續超越同行的方式。

Now, let me turn it over to Bobby.

現在，讓我把它交給鮑比。

Thanks, Lev. In the third quarter of 2024, we generated total revenue ex-service fee of $336.4 million and adjusted EBITDA of $122.8 million compared to the last year of $309.1 million and adjusted EBITDA of $127.6 million.

謝謝，列夫。 2024 年第三季度，我們的除服務費總收入為 3.364 億美元，調整後 EBITDA 為 1.228 億美元，而去年同期為 3.091 億美元，調整後 EBITDA 為 1.276 億美元。

As a reminder, service fee revenue is a pass through, a non-contributor earnings, and is being phased out.

提醒一下，服務費收入是一種轉嫁收入，一種非貢獻者收入，並且正在被淘汰。

Our total growth was positive 8.8% and same-store comp was negative 2.1%.

我們的總成長率為正 8.8%，同店比較為負 2.1%。

January was the full contributor to the negative comp for the quarter.

一月份是該季度負補償的全部貢獻者。

Adjusted EBITDA was $122.8 million compared to $127.6 million in the prior year.

調整後 EBITDA 為 1.228 億美元，上一年為 1.276 億美元。

While worse than we expected, we're excited about the top-line contribution and customer satisfaction from two meaningful traffic driving initiatives.

雖然情況比我們預期的要糟糕，但我們對兩項有意義的流量推動措施所帶來的營收貢獻和客戶滿意度感到興奮。

Amusement's comp gross profit year-over-year in the quarter was minus $5 million as we invested in better experiences for the consumer.

由於我們投資於為消費者提供更好的體驗，本季 Amusement 的綜合毛利年減 500 萬美元。

As Lev discussed, the PBA has seen significant growth this year as we increased stocks and TV coverage throughout the quarter.

正如 Lev 所討論的，隨著我們在整個季度增加股票和電視報道，PBA 今年出現了顯著增長。

This swung PBA to a $2 million loss in the quarter.

這使得 PBA 本季虧損 200 萬美元。

This will continue into 4Q '24 as we ramp up incremental sponsorship on the better results.

隨著我們加強贊助以獲得更好的結果，這種情況將持續到 24 年第四季。

We continue to invest in our people, with our same-store comp payroll up $4 million year-over-year, which is better than last quarter at $6 million.

我們持續對員工進行投資，同店薪酬年增 400 萬美元，優於上季的 600 萬美元。

Our cost structure, primarily employee payroll, normalizes after double-digit bump to payroll in March 2023.

我們的成本結構（主要是員工薪資）在 2023 年 3 月薪資出現兩位數成長後已趨於正常化。

Corporate expenses are down while we continue to invest in our event sales team.

在我們繼續投資於我們的活動銷售團隊的同時，公司開支有所下降。

Non-comp centers contribute $11 million of EBITDA on approximately $35 million of revenue.

非補償中心在約 3500 萬美元的收入中貢獻了 1100 萬美元的 EBITDA。

Lucky Strike outperformed our expectations with the $6 million contribution to EBITDA in the quarter compared to $5 million in the previous year.

Lucky Strike 的表現超出了我們的預期，本季對 EBITDA 的貢獻為 600 萬美元，而前一年為 500 萬美元。

The first four weeks of April 2024 have been strong, but due to the investments we made in the third quarter, we're taking our full year guidance to the low end of the range previously disclosed.

2024 年 4 月的前四週表現強勁，但由於我們在第三季進行的投資，我們將全年指引調整至先前揭露的範圍的低端。

This still implies double-digit revenue growth for the year and significant revenue and EBITDA growth in the fourth quarter.

這仍然意味著全年營收將實現兩位數成長，第四季度營收和 EBITDA 將大幅成長。

Please note that in the quarter, we closed one center, which was reflected in the end center count of 352.

請注意，本季度我們關閉了一個中心，這反映在最終中心數量為 352 個中心。

In the quarter, we spent $13 million on growth CapEx, $9 million on new builds, and $7 million on maintenance.

本季度，我們在成長資本支出上花費了 1,300 萬美元，在新建上花費了 900 萬美元，在維護上花費了 700 萬美元。

We spent $12 million on acquisitions.

我們花了 1200 萬美元進行收購。

We also updated our capital guidance for the year.

我們也更新了今年的資本指引。

We are increasing our M&A spend to $220 million from $190 million.

我們將併購支出從 1.9 億美元增加到 2.2 億美元。

We are lowering conversions from $80 million to $70 million as we focus on internal organic opportunity to drive returns.

我們將轉換次數從 8000 萬美元降低到 7000 萬美元，因為我們專注於內部有機機會來推動回報。

New builds will be higher as we continue to ramp up well, adjusting new builds CapEx this year to $45 million from $40 million.

隨著我們繼續良好發展，新建築的資本支出將會更高，今年新建築的資本支出將從 4000 萬美元調整至 4500 萬美元。

We plan to continue to balance investing in our growth and rewarding our shareholders.

我們計劃繼續平衡投資於我們的成長和回報我們的股東。

Our liquidity at the end of the quarter was $437 million, with nothing drawn on a revolver, and $212 million of cash.

截至本季末，我們的流動資金為 4.37 億美元，沒有任何左輪手槍動用，現金為 2.12 億美元。

Net debt was $943 million, and the bank credit facility net leverage ratio was 2.4 times.

淨債務為9.43億美元，銀行信貸額度淨槓桿比率為2.4倍。

Thank you for your time, and we look forward to taking your questions.

感謝您抽出寶貴的時間，我們期待回答您的問題。

Operator?

操作員？

(Operator Instructions) Steven Wieczynski, Stifel.

（操作員說明）Steven Wieczynski，Stifel。

So I want to start with going back to the third quarter, and I guess if we go back and think about when you guided, I think it was early February, you pretty much had an idea what the weather headwinds were going to be.

所以我想從第三季開始，我想如果我們回去想想你指導的時候，我想那是二月初，你幾乎知道天氣逆風會是什麼。

So I guess, what we're trying to figure out is what then drove the underperformance relative to the third quarter guidance.

所以我想，我們試著弄清楚是什麼導致了相對於第三季指引的表現不佳。

Was it really just driven by some of the investments that you guys talked about in your prepared remarks in terms of trying to drive more foot traffic?

這真的只是你們在準備好的發言中談到的一些投資推動的，旨在增加人流嗎？

I'm just trying to tie the guidance to versus where the quarter came in.

我只是想將指導意見與本季的情況聯繫起來。

Thanks.

謝謝。

Yeah, it was entirely cost, Steve.

是的，這完全是成本，史蒂夫。

So we're pretty aware of where our revenue is going, but at the time of the February report, we weren't completely clear of both payroll costs and the cost from investing in amusements and PBA.

因此，我們非常清楚我們的收入去向，但在 2 月報告發佈時，我們並不完全清楚工資成本以及娛樂和 PBA 投資成本。

If you go back to January, is our highest profit quarter -- or month.

如果你回到一月份，那是我們利潤最高的季度或月份。

And so when that month just has a massive drawdown, it creates a little bit of uncertainty on the cost.

因此，當該月大幅回撤時，就會為成本帶來一些不確定性。

We've gotten a handle of that in February, March, and so if it were just for February, March, we would have handily beat our numbers.

我們在二月、三月就已經掌握了這個問題，所以如果只是在二月、三月，我們就能輕鬆地超過我們的數字。

But it's a myth and we're moving forward.

但這只是一個神話，我們正在向前邁進。

Sure.

當然。

Okay.

好的。

And then second question is, we've gotten a lot of questions this morning about the acquisition outside of the bowling space.

第二個問題是，今天早上我們收到了很多關於保齡球空間以外的收購的問題。

And I guess, first, can you help us think about what you paid for that acquisition and then maybe what that waterpark is doing in EBITDA?

我想，首先，您能否幫助我們考慮一下您為此次收購支付的費用，然後考慮一下該水上樂園的 EBITDA 收益如何？

And then the second part of that question is, one of the questions we've gotten is why go outside the bowling, let's call it, arena, and look at other entertainment options, given in your presentation, you guys still believe there's a huge opportunity in terms of driving your bowling store count?

然後這個問題的第二部分是，我們得到的問題之一是為什麼要走出保齡球，讓我們稱之為競技場，看看其他娛樂選擇，在你們的演講中給出，你們仍然相信有一個巨大的提高保齡球店數量的機會？

Hey, this is Tom Shannon.

嘿，這是湯姆·香農。

Good morning.

早安.

Yeah, there's still a remaining market for bowling, that's quite large, but bowling in the US is only a $4 billion TAM.

是的，保齡球仍然有一個剩餘的市場，這個市場相當大，但美國的保齡球市場只有 40 億美元。

And when you look at location-based entertainment, it's more like $100 billion TAM.

當你看看基於位置的娛樂時，它更像是 1000 億美元的 TAM。

So we were presented an opportunity to buy a really beautiful asset, very well maintained, well located 53 acres, right, sort of on the edge of the western suburbs of Chicago, and to partner with a really good operator with decades of experience running these at an attractive valuation, and we thought it was a great foray into looking at this sort of asset that goes beyond bowling but shares many of the fundamental similarities with bowling.

因此，我們有機會購買一處非常漂亮的資產，維護得很好，位置優越，佔地53 英畝，位於芝加哥西郊的邊緣，並與一位擁有數十年運營這些資產經驗的優秀運營商合作。

Very low variable cost.

變動成本非常低。

We understand, I think, the consumer in this segment very well.

我認為我們非常了解這一細分市場的消費者。

And I'll say this, about a year ago, or maybe nine months ago, we purchased an asset called Mavrix and Octane in Scottsdale, Arizona, and half of that business was an indoor go-kart track.

我想說的是，大約一年前，或者九個月前，我們在亞利桑那州斯科茨代爾購買了一項名為 Mavrix 和 Octane 的資產，其中一半業務是室內卡丁車賽道。

And there was a lot of negative sentiment about buying the go-kart track, and had we sort of lost faith in the bowling business.

對於購買卡丁車賽道有很多負面情緒，我們對保齡球行業失去了信心。

And we're about seven months into that acquisition, on the run rate it's on, it's going to do $8 million of EBITDA against a purchase price of $33.5 million, and really no subsequent investment after that.

我們的收購已經進行了大約 7 個月，按照其運行速度，它將產生 800 萬美元的 EBITDA，而收購價格為 3350 萬美元，此後實際上沒有後續投資。

So there are a lot of really, really good businesses in location-based entertainment that share fundamental similarities with bowling but aren't bowling.

因此，在基於地點的娛樂領域有很多非常非常好的業務，它們與保齡球有基本相似之處，但不是保齡球。

And we're availing ourselves of that, rather not get into what we paid for it, but on a multiple basis, commensurate with what we paid for the majority of our bowling acquisitions over the last couple of years.

我們正在利用這一點，而不是考慮我們為此付出的代價，而是在多重基礎上，與我們過去幾年為大部分保齡球收購所支付的費用相稱。

Okay.

好的。

Great.

偉大的。

Thanks for the color, Tom.

謝謝你的顏色，湯姆。

Appreciate it.

欣賞它。

Sure thing.

當然可以。

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

So Tom, could you elaborate on trends that you've seen with walk-in retail traffic as the third quarter progressed?

湯姆，您能否詳細說明第三季的零售零售流量趨勢？

Maybe what exactly have you seen from same-center comps in April?

也許你從四月的同中心比賽中到底看到了什麼？

And how best to think about expectations for comps in the fourth quarter?

如何最好地考慮第四季的業績預期？

So Matt, the problem with our business in terms of making predictions is it's a very short cycle, right?

所以馬特，我們的業務在做出預測方面的問題在於它的周期非常短，對吧？

So we were positive in December, we fully anticipated a positive January.

所以我們在 12 月是積極的，我們完全期待著積極的 1 月。

And we were surprised by the weather, unfortunately, but we had a positive comp in February, we had a positive comp in March.

不幸的是，我們對天氣感到驚訝，但我們在二月有一個積極的補償，我們在三月有一個積極的補償。

And in the period that just ended yesterday, in fact, our preliminary numbers are that on a same-store basis, we're up over 6%.

事實上，在昨天剛結束的這段時間內，我們的初步數據是，以同店計算，我們上漲了 6% 以上。

And on a total company basis, revenue is up 20%.

就公司整體而言，營收成長了 20%。

So on a same-store basis, we're up four out of the last five periods.

因此，在同店基礎上，我們在過去五個時期中上漲了四個時期。

I think we would have been up in January except for the weather.

我想如果不是天氣的話我們本來會在一月起床。

But regardless, the trend is very positive.

但無論如何，趨勢是非常正面的。

It's a tough environment.

這是一個艱難的環境。

We see that the consumer is spending, but the consumer is being more discerning.

我們看到消費者在消費，但消費者的眼光更挑剔。

The good news is that I think we're winning the market share battle.

好消息是我認為我們正在贏得市場份額之戰。

You can't be up 6% when everyone else is down, in some cases, meaningfully down, and not be picking up market share.

當其他人都在下跌（在某些情況下，大幅下跌）時，你不可能上漲 6%，而市佔率卻得不到提升。

So I think the company is executing extremely well.

所以我認為該公司的執行情況非常好。

We were cycling a lot of legacy costs.

我們循環了很多遺留成本。

As you recall, around March of last year, we gave sizable increases in compensation to all of our managers in the field, between 12% and 17.5% increases, and we're just cycling that now.

您還記得，去年 3 月左右，我們大幅提高了該領域所有經理的薪酬，增幅在 12% 到 17.5% 之間，現在我們只是循環執行。

So you had a combination of two factors over the last year.

所以去年有兩個因素的結合。

We were comping against very, very, very high post-COVID same-store comps year-over-year, up double digits, up wildly.

我們的競爭對手是非常非常非常高的新冠疫情後同店比較，同比增長兩位數，大幅增長。

So we're comping against that.

所以我們正在反對這一點。

And at the same time, we instituted a massive wage increase to create more stability and tenure among our managers, which has been successful in achieving its goal.

同時，我們大幅提高了薪資，以提高管理人員的穩定性和任期，這已成功實現了目標。

So you had the combination a year ago of a very tough comp on the revenue side, and we created a very tough comp on the cost side.

因此，一年前，您在收入方面進行了非常艱難的比較，而我們在成本方面創建了一個非常艱難的比較。

Those trends have now reversed themselves.

這些趨勢現在已經逆轉。

We now have relatively easy same-store sales comps, and we've cycled that enormous wage increase that we put through.

我們現在的同店銷售比較相對容易，而且我們已經實現了大幅工資成長。

And that's partially why on a comp basis, in February, we're up 6%, which is, I mean, it's orders of magnitude versus what everyone else is doing.

這就是為什麼在 2 月的比較基礎上，我們成長了 6%，我的意思是，與其他人所做的相比，這是幾個數量級。

I take no joy in saying that, other than to illustrate the point that it's a very tough environment for everyone in this space.

我這麼說並不高興，只是為了說明這一點：對於這個領域的每個人來說，這都是一個非常艱難的環境。

And 6% is a massive outperform.

6% 是一個巨大的跑贏大盤。

It didn't happen by accident, though.

不過，這並不是偶然發生的。

It's happened by a very, very focused effort by Bobby and Lev to drive traffic in a variety of ways, optimizing our online booking process, streamlining that, driving more traffic to the website economically, we've driven down our customer acquisition cost by half on a year-over-year basis.

Bobby 和 Lev 非常非常專注地努力以各種方式增加流量，優化我們的線上預訂流程，簡化流程，經濟地增加網站流量，我們將客戶獲取成本降低了一半同比。

And now we have the summer pass, which is our season pass for the summer, where you can come in and bowl.

現在我們有了夏季通行證，這是我們夏季的季票，您可以進來打球。

There are various packages, but the standard packages, you get two games every day for one low cost up front, akin to what the ski areas do for their winter season passes.

有各種各樣的套餐，但標準套餐是，您每天只需支付一場低廉的預付費用即可獲得兩場比賽，類似於滑雪場的冬季通行證。

And the pass doesn't become eligible for use until around Memorial Day.

而且該通行證要到陣亡將士紀念日前後才可以使用。

Through yesterday, we'd already sold $1.5 million against our goal in the $10 million to $15 million range.

截至昨天，我們已經售出了 150 萬美元，而目標是 1,000 萬至 1,500 萬美元。

You may recall that last year we eliminated that.

您可能還記得去年我們消除了這一點。

So again, this summer, we have a lot of tailwinds.

今年夏天，我們再次迎來了許多順風車。

We're doing all the right things.

我們正在做所有正確的事情。

We are driving traffic, and we're coming up against a relatively easy comp.

我們正在推動流量成長，並且面臨相對簡單的競爭。

Four out of five of the last periods, positive same-store sales on a consolidated basis, we're seeing the impact of the Lucky Strike acquisition, a handful of other individual center acquisitions, and also, year-to-date, we've opened three new builds in San Jose, Moorpark, California and in Miami.

過去五個時期中有四個時期，在綜合基礎上同店銷售呈正增長，我們看到了 Lucky Strike 收購和其他一些個別中心收購的影響，而且，今年迄今為止，我們“我們在加利福尼亞州聖何塞、穆爾帕克和邁阿密開設了三座新建築。

And they're all outperforming.

而且他們都表現出色。

So from where I sit, the news is very, very good.

所以從我的角度來看，這個消息非常非常好。

Yeah, Tom, that's encouraging, particularly the 6% comp in April.

是的，湯姆，這令人鼓舞，尤其是 4 月的 6% 補償。

I guess, what's your confidence in sustaining positive low- to mid-singles from here?

我想，你對從這裡維持積極的中低單打有什麼信心？

And historically, how has bowling held up in more recessionary backdrops?

從歷史上看，保齡球運動在經濟衰退的背景下表現如何？

And then, Bobby, I just had one for you.

然後，鮑比，我剛剛為你準備了一份。

If you could just help walk through the drivers in the fourth quarter of the EBITDA margin expansion, just relative to the third quarter contraction, I think that would be really helpful.

如果您能幫助了解第四季度 EBITDA 利潤率擴張（相對於第三季度收縮）的驅動因素，我認為這將非常有幫助。

Like I said, Matt, it's really hard for us to make predictions, because it's such a short cycle business.

就像我說的，馬特，我們真的很難做出預測，因為這是一個週期很短的業務。

From where we are now, I would expect that the trend that we have of low to middle single digit same-store sales comps will sustain itself through the rest of the year.

從我們現在的情況來看，我預計同店銷售中低至中個位數的趨勢將在今年剩餘時間內持續下去。

I mean, we're seeing strength really in all parts of the business.

我的意思是，我們在業務的各個方面都看到了真正的實力。

For example, in the April period that just ended yesterday, the same-store event comp was up over 15%.

例如，在昨天剛結束的 4 月期間，同店活動比較上漲了 15% 以上。

I expect when all those numbers are fully baked, it'll end up being up more like 16% or 17%.

我預計當所有這些數字都完全出來後，最終會增加到 16% 或 17% 左右。

The league business is performing extremely well.

聯賽業務表現非常出色。

We're doing well in the retail walk-in business.

我們在零售上門業務方面做得很好。

We have a lot of initiatives to drive organic food and beverage sales in center, which is something we've always underperformed on, but we're no longer going to accept that as the status quo.

我們有許多措施來推動中心有機食品和飲料的銷售，這是我們一直表現不佳的事情，但我們不會再接受現狀。

And that's a comprehensive redo from training to menus to presentation and center and all that.

這是從培訓到菜單到演示和中心等等的全面重做。

So all the things that we can control, I think are driving this result.

因此，我認為我們可以控制的所有事情都在推動這一結果。

Now, if you have some exogenous shock to the economy or other things that we can't predict, again, all of this goes out the window.

現在，如果經濟受到一些外來衝擊或其他我們無法預測的事情，那麼所有這些都會消失。

But based on where we are now and based on the trend, I feel very confident that low- to mid-single digit same-store sales comp is readily achievable through the end of the calendar year.

但根據我們現在的情況和趨勢，我非常有信心在今年年底可以輕鬆實現低至中個位數的同店銷售收入。

Matt, so if you go to just the EBITDA expansion you would expect, or EBITDA margin and EBITDA dollars expansion we expect in the fourth quarter, it really comes down to, we need to have a few points of positive comp, yet EBITDA up.

馬特，所以如果你只考慮你所期望的 EBITDA 擴張，或者我們預計第四季度的 EBITDA 利潤率和 EBITDA 美元擴張，那麼實際上可以歸結為，我們需要有一些積極的補償，但 EBITDA 上升。

But the second that you're above a 2% comp, the dollars flow through at anywhere between 75% and 90%.

但當你的薪水高於 2% 時，資金流向就會在 75% 到 90% 之間。

In this circumstance, we've taken costs out over the past year.

在這種情況下，我們在過去一年中扣除了成本。

There are some legacy costs.

有一些遺留成本。

We've been very clear about this litigation we've had going on for the past year, and all those are going away.

我們對去年發生的訴訟非常清楚，所有這些都將消失。

So we feel very strong going into the fourth quarter.

因此，進入第四季度我們感覺非常強勁。

We sort of have lapped a year of frothiness plus wage increases.

我們已經度過了泡沫加工資上漲的一年。

We can see those real-time and those are flat now, but the end of the day and we are taking costs out of our centers as well as you've seen the cost coming out of corporate.

我們可以即時看到這些，現在這些成本是持平的，但最終我們正在從我們的中心中扣除成本，就像你看到的成本來自公司一樣。

It's great color.

顏色很棒。

Best of luck.

祝你好運。

Jason Tilchen, Canaccord Genuity.

Jason Tilchen，Canaccord Genuity。

I'm just curious on the events business, revenue remained really strong, up about 30% year-over-year for the second consecutive quarter.

我只是對活動業務感到好奇，收入仍然非常強勁，連續第二個季度同比增長約 30%。

I was wondering if you could call out anything in terms of the mix between corporate, non-corporate, anything to comment on there would be really helpful.

我想知道您是否可以就企業和非企業之間的混合提出任何意見，對此發表評論將會非常有幫助。

Yeah.

是的。

We've seen a pickup in corporates, birthday parties and online.

我們看到企業、生日派對和線上活動有所回升。

So really the mix has been strong across the board as we continue to upgrade systems, processes, and we've simplified pricing on our events platform.

因此，隨著我們不斷升級系統、流程，並且我們簡化了活動平台的定價，實際上這種組合已經全面加強。

So we've talked about pretty openly about having a pricing consultant in here.

因此，我們非常公開地討論過在這裡聘請定價顧問的問題。

We used to have sort of 12,000 different SKUs and 100 different open bar packages.

我們曾經有 12,000 種不同的 SKU 和 100 種不同的開放式酒吧套餐。

We simplified that significantly.

我們大大簡化了這一點。

And the team also continues to just punch above its weight.

該團隊也繼續超越其實力。

Great.

偉大的。

That's helpful.

這很有幫助。

And just to follow-up, you mentioned the pricing consultant.

作為後續行動，您提到了定價顧問。

I think you talked about that sort of contract running up soon, and you just recently instituted some other price changes across the board.

我認為您談到了此類合約即將到期，並且您最近剛剛全面實施了其他一些價格變化。

I was curious what the customer response was to those over the past few months, and any update on where any remaining pricing changes that we would expect throughout the balance of this year?

我很好奇過去幾個月客戶對這些的反應如何，以及我們預計今年餘下的剩餘價格變化的最新情況？

Yeah.

是的。

We took shoe pricing down at the beginning of April, which we feel like shoe is one of these things that the customer feels is overpriced.

我們在四月初降低了鞋子的價格，我們認為鞋子是顧客認為價格過高的商品之一。

We've seen only positive reaction to it based on our traffic data.

根據我們的流量數據，我們只看到了正面的反應。

I mean, I just look at some of the centers we took shoes down the most, they were up the most last week.

我的意思是，我只看了一些我們鞋子跌幅最大的中心，它們上週漲幅最大。

We will take pricing up on food in the coming months as we roll out the new menu, and we're excited about both the pricing and the uptake there.

隨著新菜單的推出，我們將在未來幾個月內提高食品價格，我們對價格和接受度感到興奮。

Great.

偉大的。

Thank you very much.

非常感謝。

Jeremy Hamblin, Craig-Hallum Capital Group.

傑里米·漢布林 (Jeremy Hamblin)，克雷格·哈勒姆資本集團。

I wanted to just come back to cost for a second here and just understand a little bit about the seasonality that we should expect here in the fourth quarter.

我想在這裡稍微回顧一下成本，並了解我們在第四季應該預期的季節性。

So as you noted, Q3, typically your strongest quarter in terms of revenue, also your highest in terms of embedded cost to operate.

正如您所指出的，第三季度通常是營收最強的季度，也是嵌入式營運成本最高的季度。

I imagine you get a downtick in terms of that cost to operate in Q4, but also wanted to understand in terms of some of the investments that you noted in PBA.

我想您在第四季度的營運成本有所下降，但也想了解您在 PBA 中提到的一些投資。

How should we be thinking about that here as we look forward to Q4?

當我們期待第四季時，我們應該如何思考這一點？

Presumably may be some sequential declines in SG&A spend, and then also in terms of the cost to operate in Q4?

據推測，SG&A 支出可能會出現一些連續下降，然後第四季的營運成本也會下降？

So you'll continue to see SG&A spend coming down.

因此，您將繼續看到 SG&A 支出下降。

So that has been the tip of the spear for us on how to manage inflationary dynamics.

因此，這就是我們如何管理通膨動態的矛尖。

From a payroll perspective, payroll in the comp centers in 3Q '24 was $68 million.

從薪資角度來看，24 年第三季薪資中心的薪資為 6,800 萬美元。

That comes down by about 15% sequentially into the fourth quarter.

到第四季度，這一數字比上一季下降了約 15%。

And that's just a seasonality dynamic.

這只是季節性動態。

We are looking at other opportunities there.

我們正在那裡尋找其他機會。

From a center fixed cost perspective, that holds, because while some of the winter seasonal issues go down, the summer utilities go up.

從中心固定成本的角度來看，這是成立的，因為雖然一些冬季季節性問題下降，但夏季公用事業卻上升了。

So really, the cost flex is going to be on center payroll and any cost reductions we do.

所以實際上，成本彈性將體現在中心工資和我們所做的任何成本削減上。

And that's how you should think about the system is that SG&A sequentially down, corporate sequentially down, and payroll meaningfully steps down.

這就是你應該如何看待這個系統，SG&A 連續下降，公司連續下降，薪資也有意義地下降。

And that's why in a world where we have a good mid-single digit comp, there's just a lot of operating leverage going into the fourth quarter.

這就是為什麼在我們擁有良好的中個位數比較的世界中，第四季只有大量的營運槓桿。

Great.

偉大的。

Helpful color.

有用的顏色。

And then just as a follow-up, with the nice update here on EEOC, is there any -- do you have a specific call out in terms of whether or not that's had additional costs from a litigation or legal perspective, with that kind of in the rearview mirror on an annualized basis, what you think the benefit might be to the company?

然後，作為後續行動，關於 EEOC 的良好更新，您是否有具體要求，從訴訟或法律角度來看，這是否會產生額外成本？

Yeah.

是的。

I would say there's been a few million dollars that flows through the income statement, but more importantly, it's been a distraction.

我想說的是，損益表中流淌了幾百萬美元，但更重要的是，這分散了人們的注意力。

And so we're happy to focus 100% now on our business and get this behind us.

因此，我們很高興現在能夠 100% 專注於我們的業務，並將這一切拋在腦後。

Great.

偉大的。

Last one for me.

最後一張給我。

In terms of your repurchase plan, I believe that you guys still have over $180 million remaining on that.

就你們的回購計畫而言，我相信你們還有超過1.8億美元的剩餘資金。

You removed the expiration date.

您刪除了到期日。

In prior quarters, with the stock below $11, you've been pretty aggressive on buying back.

在前幾個季度，當股價低於 11 美元時，您就非常積極地回購。

The stock, of course, has generally been above that level in recent months.

當然，該股最近幾個月普遍高於該水平。

But wanted to get a sense if that's still a range where you guys see tremendous value?

但想知道這是否仍然是你們認為具有巨大價值的範圍？

And how -- when your window opens up on potentially doing something there?

當你有機會在那裡做某事時，你會如何做？

Yeah.

是的。

We look at our performance and we evaluate where we want to buy a stock, we would aggressively buy our stock here.

我們查看我們的業績並評估我們想要在哪裡購買股票，我們會在這裡積極購買我們的股票。

And in terms of the window of when it reopens?

至於何時重新開放？

We don't comment on those kinds of mechanics.

我們不對此類機制發表評論。

Got it.

知道了。

Thanks for the updates and color.

感謝您的更新和顏色。

Best wishes.

最好的祝愿。

Ian Zaffino, Oppenheimer.

伊恩·扎菲諾，奧本海默。

Wanted to ask you a couple of questions here.

想在這裡問你幾個問題。

First one would be, Bobby, I think you mentioned that Internet, which I guess is pre-bookings I believe, were very strong.

第一個是，鮑比，我想你提到過互聯網，我認為是提前預訂，非常強大。

So how does that foot with how walk-in retail moves?

那麼，步入式零售業的腳步如何改變呢？

Why would one be strong and then the other one lagging somewhat?

為什麼一個很強，另一個卻有些落後呢？

And then also, I know you restored a lot of these mid-week promotions.

另外，我知道你們恢復了很多週中促銷活動。

Have you seen the benefit of those?

你看到這些的好處了嗎？

Are they baked in, or have the consumer been responding the way you expected?

它們是否已經成型，或者消費者的反應是否符合您的預期？

Thanks.

謝謝。

Yeah.

是的。

So I mean, mid-week promotions coming back are great because we have an easy comp from June to October, right?

所以我的意思是，周中促銷回來很棒，因為我們從 6 月到 10 月有一個簡單的補償，對嗎？

On top of -- Tom talked about Summer Season Pass, where we're expecting -- we had nothing last year, and we expect to kind of double from where we were two years ago.

除此之外，湯姆談到了我們所期待的夏季季票，去年我們什麼都沒有，我們希望比兩年前的水平翻倍。

We're really focused on traffic.

我們確實非常關注流量。

Traffic doesn't have to be just walk-in retail.

客流量不一定只走進零售店。

Events are up.

活動已至。

Online is up 100%.

線上上漲100%。

So ultimately, events and online are going to cannibalize just the walk-in retail traffic generally, because there's just going to be some people who want to book ahead.

因此，最終，活動和線上活動將普遍蠶食步入式零售流量，因為總是會有一些人想要提前預訂。

But that's a better experience for the customer and ultimately allows us to upsell them.

但這對客戶來說是更好的體驗，並最終使我們能夠向他們追加銷售。

So it's a better transaction, it's higher ARPU, and ultimately it allows us to plan better and staff better.

因此，這是一筆更好的交易，更高的 ARPU，最終使我們能夠更好地進行規劃並配備更好的人員。

And what we're really excited about that dynamic as well is that if we have a center that's full this weekend, Times Square is full this weekend, we don't need to spend online marketing dollars driving traffic there.

我們對這種動態感到真正興奮的是，如果我們有一個中心在本週末爆滿，時代廣場在本週末爆滿，我們就不需要花費在線營銷資金來吸引那裡的流量。

But if we have a center that we know might have lower utilization in the summer, we can go shift the marketing dollars from high cost (inaudible) like New York to lower cost, and drive traffic into those centers.

但是，如果我們知道某個中心在夏季的利用率可能較低，我們可以將行銷資金從紐約等高成本（聽不清楚）轉移到成本較低的地方，並將流量引入這些中心。

So ultimately, the thing that if you take a step back, for years, our business was a pricing game.

所以歸根結底，如果你退後一步，多年來我們的業務就是一場定價遊戲。

Now, it's a traffic game.

現在，這是一場流量遊戲。

And ultimately, if we can get traffic into the centers, the incremental leverage on that is dramatic.

最終，如果我們能讓交通進入中心，其增量效應將是巨大的。

Okay.

好的。

And then, can you just maybe help us understand how the comps progressed throughout the quarter?

然後，您能否幫助我們了解整個季度的比較進展？

I know you had a tough January, but when you say tough, was that down mid-teens?

我知道你一月過得很艱難，但是當你說艱難時，是不是已經到了十幾歲了？

Because if you do the math or make some assumptions, that's what it seems like.

因為如果你進行數學計算或做一些假設，結果就是這樣的。

And then you were doing low singles in February and March.

然後你在二月和三月的單打成績很低。

Is that directionally right?

這樣的方向對嗎？

And if that's the case, I guess, you saw an acceleration of just 6% in April?

如果是這樣的話，我猜你看到 4 月的成長率只有 6%？

I'm just trying to get a sense of the cadence of the business by month.

我只是想了解每月的業務節奏。

Thanks.

謝謝。

Yeah.

是的。

The first three weeks of January were worse than minus 10%.

1 月前三週的情況低於負 10%。

We ended January minus 7%.

一月結束時，我們的股價下跌了 7%。

February was plus 1%, and March was plus 3%, and April, as Tom said, was plus 6%.

二月增加了 1%，三月增加了 3%，四月，正如湯姆所說，增加了 6%。

Okay.

好的。

Perfect.

完美的。

Thank you very much.

非常感謝。

Eric Handler, Roth MKM.

埃里克·漢德勒，羅斯·MKM。

Wonder if you could talk a little bit about all the various initiatives that are working in amusements to drive that business?

想知道您是否可以談談娛樂業為推動該業務而採取的所有各種舉措？

Hey.

嘿。

Good morning.

早安.

Lev Ekster here.

列夫·埃克斯特在這裡。

So when I started with the amusements department, we didn't have very many company-owned arcades.

因此，當我開始從事娛樂部門時，我們並沒有很多公司擁有的遊樂場。

Today, we have over 330 centers with company-owned arcades.

如今，我們擁有 330 多個帶有公司自營遊樂場的中心。

And we consider ourselves to be a real player in the amusement space.

我們認為自己是娛樂領域的真正參與者。

But I don't think the consumer has caught up fast enough considering us for that business.

但我認為消費者在考慮我們這項業務時趕上的速度還不夠快。

And so all of these initiatives were to expose our amusements business to more consumers and to drive repeat visits as a result.

因此，所有這些舉措都是為了向更多消費者展示我們的娛樂業務，並從而推動重複訪問。

So offering them more gameplay for a similar amount of cost to them, better prizes and redemption, winning more, and overall, just a better guest experience.

因此，以相似的成本為他們提供更多的遊戲玩法、更好的獎品和兌換、贏得更多，總的來說，只是更好的賓客體驗。

Because as Bobby mentioned, we're in the traffic.

因為正如鮑比所提到的，我們正處於交通堵塞之中。

We want to provide as good of an experience as possible to drive those repeat visits, because at the same time, we're getting better and really focused on increasing our F&B attachment when they come back, right?

我們希望提供盡可能好的體驗來吸引重複訪問，因為與此同時，我們正在變得更好，並且真正專注於在他們回來時增加我們的餐飲依戀，對吧？

So amusements has become a major pull for us for traffic.

所以娛樂活動就成為了我們交通的一大動力。

And to do so, we wanted to offer a better experience.

為此，我們希望提供更好的體驗。

But also put a bigger spotlight on our amusements business.

但也更加關注我們的娛樂業務。

So we've even recently been engaged with arcade influencers, visiting our centers, sharing content.

因此，我們最近甚至與街機影響者進行了接觸，參觀了我們的中心，分享了內容。

We never had that level of focus on marketing our amusements business like we have today.

我們從來沒有像今天這樣專注於行銷我們的娛樂業務。

Getting back to our redemption prizes, we want our guests to feel like they got a great value for their spend.

回到我們的兌換獎品，我們希望我們的客人覺得他們的花費物有所值。

So we're bringing in products that are market specific with fanatics, right?

所以我們推出了針對狂熱分子市場的產品，對嗎？

We want it to be a better experience.

我們希望這是一次更好的體驗。

And that's a 360-degree view.

這是一個 360 度的視角。

More gameplay, better game selection, better prizes, more value.

更多的玩法，更好的遊戲選擇，更好的獎品，更多的價值。

And as a result, repeat visits, and a better sentiment towards our amusements business and our locations as a whole.

因此，我們會重複訪問，並對我們的娛樂業務和整個場所產生更好的看法。

So as a follow-up then, I'm assuming the more time -- well, the more people spend on amusements, the more time they're spending in your centers, which I imagine then has a trickledown effect on food and beverage.

因此，作為後續行動，我假設人們在娛樂上花費的時間越多，他們在中心花費的時間就越多，我想這會對食品和飲料產生涓滴效應。

Can you talk about, like, what happens, like, if a person spends one incremental hour in your center, maybe what that translates to an incremental spending or margin?

您能否談談會發生什麼，例如，如果一個人在您的中心增加一小時，這可能會轉化為增量支出或利潤？

It's a good question.

這是一個好問題。

I would say the average dwell time in our centers right now is about 105, 110 minutes.

我想說，現在我們中心的平均停留時間約為 105、110 分鐘。

We have seen that creeping up.

我們已經看到這種情況正在蔓延。

It's still early days.

現在還為時過早。

But really, if somebody were to order another cocktail, I mean, that's $10, $12 increase with very little cost.

但實際上，如果有人再點一杯雞尾酒，我的意思是，只需花費很少的成本，就會增加 10 美元、12 美元。

And you multiply that by 40 million people, I mean, the numbers get meaningful very quick.

你將其乘以 4000 萬人，我的意思是，這些數字很快就會變得有意義。

And so we are just very focused on traffic into the summer.

因此，我們非常關注夏季的交通情況。

Because from our perspective, we crushed it in December.

因為從我們的角度來看，我們在 12 月就粉碎了它。

January, we got whipped around on the weather.

一月，我們受到天氣的影響。

We did fairly well in February, March.

我們二月、三月的表現還不錯。

But we have this fixed cost structure, we have this payroll structure.

但我們有這個固定的成本結構，我們有這個薪資結構。

And so ultimately, if we can add $50 million or $100 million of revenue in the summer, that's a meaningful change to our business.

因此，最終，如果我們能夠在夏季增加 5,000 萬美元或 1 億美元的收入，這對我們的業務來說是一個有意義的變化。

And if we give people a better experience, particularly with the season pass, then they're going to come back in November and December.

如果我們為人們提供更好的體驗，特別是季票，那麼他們就會在 11 月和 12 月回歸。

So the flywheel of getting people into the centers, giving them a premium experience, letting them engage with the new menu, the new arcade dynamic, really improves customer satisfaction.

因此，讓人們進入中心、為他們提供優質體驗、讓他們參與新菜單、新街機動態的飛輪確實提高了客戶滿意度。

And we've seen our NPS go up.

我們已經看到我們的 NPS 有所上升。

Our NPS is up.

我們的 NPS 上升了。

It has gone from 62 to 65 in the past six months, which is meaningful for us.

過去六個月從62上升到65，這對我們來說很有意義。

And ultimately, we think customers are choosing us, and that's really exhibiting the fact that our comp in April is strong and that's where we want to be.

最終，我們認為客戶選擇了我們，這確實證明了我們四月份的競爭很強勁，這就是我們想要達到的目標。

Great.

偉大的。

And just if I could, one quick follow-up.

如果可以的話，快速跟進一下。

In terms of the new menu, how many centers have the new menu?

就新菜單而言，有多少中心有新菜單？

How many center -- how long before it rolls out everywhere?

有多少個中心－需要多長時間才能推廣到各地？

Yeah.

是的。

So just to share a little bit more about how we're viewing our food and beverage attachment and the focus there.

因此，我想更多地分享我們如何看待我們對食品和飲料的依戀以及其中的重點。

So as Tom mentioned, it's a really big focus and we've kind of underperformed there historically.

正如湯姆所提到的，這是一個非常重要的焦點，而我們在歷史上一直表現不佳。

So TTM, if our centers are averaging $0.65 in food and beverage spend to every retail bowling dollar, I've seen firsthand being here in Miami, at our new location, Lucky Strike Miami, that number is closer to $2.25. So we can really see what's possible with this level of focus on food and beverage sales.

所以 TTM，如果我們的中心每零售保齡球 1 美元平均在食品和飲料上花費 0.65 美元，我在邁阿密的新地點 Lucky Strike 邁阿密親眼目睹，這個數字接近 2.25 美元。因此，我們確實可以看到對食品和飲料銷售的這種關注程度的可能性。

But that's a comprehensive effort, right?

但這是一項全面的努力，對嗎？

So as Tom mentioned, new menus, new menu items, new pricing, even the presentation of the menu going from multiple sheets to a trifold, or in Miami's case, on our luxury menu, a book.

正如湯姆所提到的，新菜單、新菜單項目、新定價，甚至菜單的展示方式也從多張變成三折，或者在邁阿密的情況下，在我們的豪華菜單上，一本書。

New hiring standards to get chefs and kitchen managers into our locations, where we're assessing them now on a skills-based approach versus doing Zoom interviews.

新的招募標準讓廚師和廚房經理進入我們的工作場所，我們現在採用基於技能的方法而不是 Zoom 面試來評估他們。

We're getting them into our kitchens to see how they perform.

我們正在讓它們進入我們的廚房，看看它們的表現如何。

And we're filtering a lot better.

我們的濾波效果好多了。

More training on the soft skills of selling food and beverages.

更多關於銷售食品和飲料的軟技能的培訓。

We're taking a look at our windows for food sales, right?

我們正在查看食品銷售窗口，對吧？

We've had like this food truck design where we're re-evaluating it.

我們已經有了這樣的食品卡車設計，我們正在重新評估它。

We're re-evaluating the bar displays to be more impactful and bigger focal points for our consumers.

我們正在重新評估吧台展示，使其對消費者更具影響力和更大的焦點。

So it's like a comprehensive approach on food and beverage sales on top of driving more traffic into our centers.

因此，這就像在吸引更多人流進入我們的中心之外，對食品和飲料銷售採取全面的方法。

And if we get that $0.65 closer to a $1, really, really meaningful stuff.

如果我們讓 0.65 美元更接近 1 美元，那就真的非常有意義了。

We're going to be rolling out our traditional -- to your question, our traditional premium menus in late May into June, and then the luxury menu I mentioned at Miami, through the Lucky Strike and the higher-end Bowleros, that'll be June into July.

對於你的問題，我們將在五月底到六月推出我們的傳統高級菜單，然後是我在邁阿密提到的豪華菜單，透過 Lucky Strike 和高端 Bowleros，這將在六月到七月。

So by the end of July, all of our centers will be on a new menu, new pricing.

因此，到七月底，我們所有的中心都將採用新菜單、新定價。

And we're also giving a real look to scaling our Cheeky Monkey concept.

我們也真正嘗試擴展我們的 Cheeky Monkey 概念。

So that came with our acquisition of Lucky Strike Fenway.

這就是我們收購 Lucky Strike Fenway 的結果。

It was like an adjoining space, but really cool concept.

它就像一個相鄰的空間，但概念非常酷。

We're revamping the brand identity right now in the menu there, but we've identified ten of our existing locations that have viable restaurant spaces already built in that are just looking for a great concept.

我們現在正在那裡的菜單中修改品牌標識，但我們已經確定了十個現有地點，這些地點已經建有可行的餐廳空間，只是在尋找一個偉大的概念。

And we think Cheeky Monkey is just that.

我們認為厚臉皮猴就是這樣。

Thanks.

謝謝。

You're welcome.

不客氣。

Eric Wold, B. Riley Securities.

沃爾德 (Eric Wold)，B. 萊利證券。

So two questions for me.

那我有兩個問題。

I guess one, just a quick follow-up on your earlier comments on the Summer Season Pass.

我想有一個，只是對您之前對夏季季票的評論的快速跟進。

You mentioned you've done $1.5 million against your goal of $10 million to $15 million.

您提到您已經完成了 150 萬美元的目標，而目標是 1000 萬至 1500 萬美元。

How does that $1.5 million compare from the start of selling to date to prior year that you sold the same or a similar offering?

從銷售開始至今，這 150 萬美元與您銷售相同或類似產品的去年相比如何？

Running ahead of back then or kind of in line?

那時跑在前面還是排隊？

Yeah.

是的。

So that's a really interesting question because it's not necessarily apples to apples.

所以這是一個非常有趣的問題，因為它不一定是同類的。

So at its peak, the Season Pass sold about a little over $6 million.

因此，在高峰期，季票的銷量約為 600 萬美元多一點。

This year, with the launch of the Summer Season Pass -- so we rebranded it from Summer Games and we really improved the value proposition, the pricing model to the consumer.

今年，隨著夏季季票的推出，我們將其從夏季奧運會重新命名，我們真正改善了價值主張，即面向消費者的定價模式。

There used to be a Kid Pass and Adult Pass option.

曾經有兒童通行證和成人通行證選項。

There's just one pass now, which is similar to our bowling pricing, right?

現在只有一張通行證，跟我們保齡球的定價類似吧？

There's no kids bowling, an adult bowling price.

沒有兒童保齡球，成人保齡球價格。

We have a Basic Pass and a Premium Pass now.

我們現在有基本通行證和高級通行證。

The Premium Pass gets you a slight discount on food and beverage sales, gets you some arcade credits.

高級通行證可為您提供食品和飲料銷售的小幅折扣，並為您提供一些街機積分。

So it's a better experience.

所以這是一個更好的體驗。

But through the first three weeks of selling this pass, where we've reached that $1.5 million in sales, that's pre-redemption.

但在銷售這張通行證的前三週，我們的銷售額就達到了 150 萬美元，這是預先兌換的。

So historically, when we sold the pass, those first three weeks, you were able to buy it and use it that visit and redeem it right away.

因此，從歷史上看，當我們出售通行證時，前三週，您可以購買並使用它來訪問並立即兌換。

Right now we're calling it a pre-sale and you can't redeem it until May 24.

目前我們將其稱為預售，您在 5 月 24 日之前無法兌換。

So obviously, it's increasingly harder to sell it right now, right?

顯然，現在出售它變得越來越難，對嗎？

Because you don't get the same instant gratification of using it at the time of purchase.

因為您在購買時並沒有獲得同樣即時的使用滿足感。

So the $1.5 million during this period, I think is really, really encouraging.

所以我認為這段時期的 150 萬美元真的非常非常令人鼓舞。

And I think May 24th, when redemption opens up and you can purchase it and use it in that same visit, you're going to see it explode in sales.

我認為 5 月 24 日，當兌換開放，您可以購買它並在同一次訪問中使用它時，您將看到它的銷量激增。

Got it.

知道了。

It's helpful.

這很有幫助。

And then last question, kind of a higher-level question.

最後一個問題，是更高層次的問題。

I guess there's been a lot of focus on investments over the past year plus to drive traffic, including the current quarter or the last quarter, you talked about the investment in the PBA, amusements, obviously, you continue to focus on payroll.

我想過去一年大家都非常關注投資以及推動流量，包括當前季度或上個季度，您談到了對 PBA、娛樂的投資，顯然，您繼續關注薪資。

Did we get to a point where you feel you can take the foot off the gas of these investments and still be able to sustain any traffic gains?

我們是否已經到了這樣的地步：您認為您可以停止這些投資，但仍能維持流量成長？

Or should we now think about maybe a longer-term need to spend at higher levels just to get to that normal traffic and expect maybe a longer-term lower margin as a result?

或者我們現在應該考慮可能需要更高水準的支出才能達到正常的流量，並預期可能會導致長期較低的利潤率？

Yeah.

是的。

You're going to see the investments come down.

你會看到投資下降。

I think we probably overshot a little bit this quarter.

我認為本季我們可能有點超出了預期。

The new website turns on June 2, the PBA renewal resets next year, and amusements, we continue to tinker, but we're finding the right answer.

新網站6月2日啟用，PBA續訂明年重置，娛樂方面，我們繼續修補，但我們正在找到正確的答案。

But what I think you're going to see is a meaningful step-up over the next 12 to 18 months of revenue from these other ancillary lines, whether it's F&B, whether it's PBA, whether it's amusements.

但我認為，在接下來的 12 到 18 個月裡，您將看到這些其他輔助產品線的收入將出現有意義的成長，無論是餐飲、PBA 還是娛樂。

And so you'll see a very strong comp in the near-term and then we'll get back to a run rate mid-single digit comp.

因此，您會在短期內看到非常強勁的競爭，然後我們將回到運行率中個位數的競爭。

And those investments that are driving that big step up will normalize and come down, particularly website.

那些推動這一巨大進步的投資將正常化並下降，特別是網站。

I mean, websites, we were spending $200 per acquisition six, nine months ago.

我的意思是，六、九個月前，我們每次收購網站都花了 200 美元。

Now we're spending significantly less than that.

現在我們的支出遠低於這個數字。

So you're just seeing things coming down.

所以你只是看到事情正在下降。

And really, I would call 3Q '24 as kind of the nadir of all that.

事實上，我認為 24 年第三季是這一切的最低點。

That's very helpful.

這非常有幫助。

Thanks, Bobby.

謝謝，鮑比。

Daniel Moore, CJS Securities.

丹尼爾·摩爾，CJS 證券。

A lot of the questions have been covered, but just clarifying guidance.

已經涵蓋了很多問題，但只是澄清了指導。

Near the low end of the range, I assume that means likely to come in a little above or a little below.

接近該範圍的低端，我認為這意味著可能會略高於或略低於。

Should we think of that as the new midpoint?

我們應該將其視為新的中點嗎？

I know it's semantics, but just trying to clarify.

我知道這是語義，但只是想澄清一下。

Yeah.

是的。

It should come in at the low end of the range.

它應該位於該範圍的低端。

Okay.

好的。

We're always going to have a little bit of a range, right, but we feel comfortable with where we're at.

我們總是會有一點範圍，對吧，但我們對自己所處的位置感到滿意。

Okay.

好的。

And then I think you talked about it and certainly, Tom talked about it, but just how the Raging Waves acquisition came about?

然後我想你談到了這一點，當然，湯姆也談到了這一點，但 Raging Waves 收購是如何發生的呢？

And then, given this is obviously (inaudible) and the new opportunity in a much bigger TAM or to expand the TAM, is it plan to operate it for a season or two before maybe expanding in that new vertical and see how things go?

然後，考慮到這顯然是（聽不清楚）以及更大的 TAM 或擴大 TAM 的新機會，是否計劃先運營一兩個賽季，然後再擴展到新的垂直領域，看看事情進展如何？

Just wondering about the cadence of how you're thinking about that.

只是想知道你思考這個問題的節奏。

Thank you, again.

再次感謝你。

We have a partner who has a number of these assets and manages them, some of them for the owners, some of whom are very prominent, well-known businessmen.

我們有一個合作夥伴，他擁有許多此類資產並進行管理，其中一些是為業主管理的，其中一些是非常傑出的知名商人。

These guys are the best in the waterpark business, certainly on the regional level.

這些人是水上樂園產業中最優秀的人，尤其是在區域層面。

So if you think about the market, right, it's everything below Six Flags, Cedar Fair, and SeaWorld, and there are a lot of them out there.

所以如果你考慮市場，對吧，六旗遊樂園、雪松博覽會和海洋世界以下的一切，而且還有很多。

And some of them are quite large and have a very wide moat, because as you can imagine, it's very hard to build these assets now, costs are very high, zoning prohibitive, et cetera.

其中一些規模很大，護城河很寬，因為你可以想像，現在建造這些資產非常困難，成本非常高，分區令人望而卻步，等等。

So these businesses we view as being very, very attractive businesses.

因此，我們認為這些業務是非常非常有吸引力的業務。

This particular deal was brought to us by this company who would have financed it themselves and bought it themselves, but they found that the cap rates they were being offered in the sale leaseback market were higher than they wanted to pay.

這筆特殊的交易是由這家公司為我們帶來的，他們本來可以自己融資並自己購買，但他們發現售後回租市場提供的上限利率高於他們想要支付的價格。

And so we made a great deal for both sides where they run it with an incentive structure, and we own it.

因此，我們為雙方做了一筆很大的交易，他們透過激勵結構來運作它，而我們擁有它。

I think that the EBITDA can double from where we purchased it in the next couple of years.

我認為 EBITDA 可以在未來幾年內比我們購買時翻倍。

The park is beautiful.

公園很漂亮。

The infrastructure is first class.

基礎設施是一流的。

It's well located.

它的位置很好。

But there were a lot of things they weren't doing that are sort of fundamental basics in the waterpark and amusement park business.

但他們沒有做很多水上樂園和遊樂園業務的基本工作。

I'll give you one example.

我給你舉一個例子。

They didn't sell alcohol.

他們不賣酒。

So it can be a 95-degree day, and the park is packed with 8,000 people, which is about its capacity, and you can't get a beer.

所以那天可能是華氏 95 度，公園裡擠滿了 8,000 人，這大約是它的容量，而且你喝不到啤酒。

So simply adding that not only enhances the experience for the adults but gives you meaningful revenue and EBITDA upside.

因此，簡單地添加這一點不僅可以增強成人的體驗，還可以為您帶來可觀的收入和 EBITDA 收益。

One of many examples.

許多例子之一。

So like the bowling business, largely mom-and-pop operated, older proprietors who are natural sellers at this point.

就像保齡球行業一樣，主要由夫妻經營，年長的業主在這一點上是自然的賣家。

And so the deal was brought to us.

所以這筆交易就交給我們了。

We jumped on it.

我們跳了上去。

We've already effectuated a lot of changes.

我們已經進行了很多改變。

For example, applying for a liquor license months in advance of closing the transaction, which occurred one week ago today.

例如，在一週前的今天完成交易前幾個月申請酒類許可證。

That location will open around Memorial Day, and we'll have basically the entire season to evaluate how we like that business before any other potential transactions would come down the pike.

該地點將在陣亡將士紀念日前後開業，在任何其他潛在交易出現之前，我們基本上將用整個季節來評估我們對該業務的喜好。

So that's a very long-winded way of saying, yes, we're going to know exactly how this thing is performing and really know how well we like this business in very short order.

所以這是一種非常冗長的說法，是的，我們將在很短的時間內確切地知道這件事的表現如何，並且真正知道我們對這項業務的喜歡程度。

That is helpful.

這很有幫助。

Thanks again.

再次感謝。

Randy Konik, Jefferies.

蘭迪·科尼克，傑弗里斯。

I guess first question, Bobby and Tom, just back on the bowling side of things, how should we be thinking about over the next few years, the split between buy versus build on the bowling center side?

我想第一個問題，鮑比和湯姆，回到保齡球方面，我們應該如何考慮未來幾年，保齡球中心方面購買與建造之間的分歧？

Just give us your updated thoughts on how you're thinking about that part of the world.

只需向我們提供您對世界該地區的看法的最新想法即可。

Well, the decision is in some ways made by the market.

嗯，這個決定在某些方面是由市場做出的。

So to the extent that you see more attractive deals on the buy side or the build side, you naturally allocate capital in those directions.

因此，如果您在買方或建設方面看到更具吸引力的交易，您自然會在這些方向上分配資本。

There was a very long period of time where we didn't see a lot of really good new build opportunities, either the location wasn't good, or the economics weren't attractive.

在很長一段時間裡，我們沒有看到很多真正好的新建機會，要嘛位置不好，要嘛經濟不吸引人。

And over the last two years, that has changed.

在過去的兩年裡，情況發生了變化。

And so we opened three new builds this fiscal year.

因此，我們在本財年開設了三座新建築。

We have four under construction currently in Beverly Hills, two in Denver, and one in Orange County, California, and about a dozen behind that working their way through the pipeline.

目前，我們在比佛利山莊有四個正在建設中，兩個在丹佛，一個在加利福尼亞州奧蘭治縣，還有大約十幾個正在通過管道進行施工。

So what we're seeing now is, on a relative basis, much more new build activity than acquisitions.

因此，我們現在看到的是，相對而言，新建活動比收購多得多。

That said, we'll acquire 21 or 22 existing bowling centers this fiscal year.

也就是說，我們將在本財政年度收購 21 或 22 個現有的保齡球中心。

So it's not like there was a dearth of that activity, but we're definitely seeing higher quality, more attractive new build opportunities now than we've seen historically.

因此，這並不是說缺乏這種活動，但我們現在確實看到了比歷史上任何時候都更高品質、更有吸引力的新建機會。

The good news is, is that the average unit volume of those new builds is significantly higher than the average unit volume of the typical acquisition.

好消息是，這些新建建築的平均單位體積明顯高於典型收購的平均單位體積。

I say the typical acquisition because this year we bought the Lucky Strike chain, which had much higher average unit volumes than the typical centers we've seen.

我之所以說這是典型的收購，是因為今年我們收購了 Lucky Strike 連鎖店，該連鎖店的平均單位數量比我們見過的典型中心高得多。

And by the way, is on pace, I think, to dramatically outperform our expectations and the market's expectations.

順便說一句，我認為，它的表現將大大超出我們的預期和市場的預期。

So just to ballpark, through about six real months of our ownership, those assets are doing, ballpark, $12 million of EBITDA.

因此，粗略估計一下，在我們擁有大約六個月的實際所有權期間，這些資產的 EBITDA 大約為 1200 萬美元。

And you can annualize that to a number that will be in excess of $20 million in the first year against a $90 million purchase price.

如果購買價格為 9000 萬美元，您可以將其年化為第一年超過 2000 萬美元的數字。

I think you could naturally extrapolate that out to eventually get to $25 million or $30 million of EBITDA against the $90 million purchase price with all of the CapEx that we used to enhance those properties generated out of the cash flow from those properties.

我認為你可以自然地推斷出，相對於 9000 萬美元的購買價格，最終獲得 2500 萬美元或 3000 萬美元的 EBITDA，以及我們用於增強這些房產現金流產生的所有資本支出。

So it was a really, really good acquisition year because the Lucky Strike assets are phenomenal, extremely well located in major markets.

因此，這是一個非常非常好的收購年，因為 Lucky Strike 的資產非常驚人，而且位於主要市場的位置非常好。

And then, we got the brand for free.

然後，我們免費獲得了這個品牌。

We love the brand.

我們喜歡這個品牌。

We've tested it, we had Nielsen test it, and the unaided awareness was 50% higher than it was for Bowlero.

我們已經測試過它，我們讓 Nielsen 對其進行了測試，結果發現其獨立意識比 Bowlero 的高出 50%。

That's why all the new centers we're building, we're building under the Lucky Strike brand.

這就是為什麼我們正在建造的所有新中心都是以 Lucky Strike 品牌建造的。

So it was a really, really good year for acquisitions, in large part because of Lucky Strike.

因此，對於收購來說，這是非常非常好的一年，很大程度上要歸功於 Lucky Strike。

But the aggregate number in the low 20s is a pretty good number for us historically.

但從歷史上看，20 多歲的總人數對我們來說是一個相當不錯的數字。

But over the near-term, you're going to see a lot of the new development be new builds.

但在短期內，您將看到許多新開發項目都是新建築。

But look, a year from now, we may find that there's a whole new crop of existing centers to buy.

但看，一年後，我們可能會發現有一批全新的現有中心可供購買。

So we're opportunistic.

所以我們是機會主義的。

We deploy capital in the highest IRR opportunities first, and we don't limit ourselves to, at this point, strictly bowling.

我們首先將資本配置在最高內部收益率的機會上，並且在這一點上我們並不局限於嚴格的保齡球。

That's why we were able to buy Mavrix and Octane in Scottsdale.

這就是我們能夠在斯科茨代爾購買 Mavrix 和 Octane 的原因。

That'll do on order of $8 million of EBITDA in its first year against a $33.5 million purchase price.

第一年的 EBITDA 為 800 萬美元，而購買價格為 3,350 萬美元。

There's a lot of really, really good stuff out there that I view as continuous to our business and very similar to our business in terms of how it operates and what the levers are.

我認為有很多非常非常好的東西對我們的業務來說是連續的，並且在運作方式和槓桿方面與我們的業務非常相似。

And they're all in our sweet spot.

他們都在我們的最佳位置。

It's super helpful.

這非常有幫助。

And shows you obviously know how to buy and build.

並表明您顯然知道如何購買和建造。

So I guess my last question would be more for Bobby.

所以我想我的最後一個問題更多是針對鮑比的。

Look, we had the quarter.

看，我們有這個季度。

It's printed.

列印出來了。

It's now behind us.

現在它已經在我們身後了。

I think it'll be very helpful to people listening to the call and trying to frame out more of a long-term focus here is, how do you think about long-term EBITDA margins and where they should sit over the medium to long-term, and why they should be at those types of levels?

我認為這對於那些聆聽電話會議並試圖制定更多長期關注點的人來說非常有幫助，你如何看待長期 EBITDA 利潤率以及他們應該在中長期處於什麼位置——術語，以及為什麼它們應該處於這些類型的水平？

That would be super helpful.

那會非常有幫助的。

Yeah.

是的。

I think that based on what we've seen, particularly what we've engaged on over the past six months, we have a long runway of acquiring traffic very accretively, right?

我認為，根據我們所看到的情況，特別是我們在過去六個月中所做的事情，我們有很長的路要走，可以非常增加地獲取流量，對嗎？

And so ultimately, I think that we'll start shifting into the higher end of the 32% to 34% range on an EBITDA margin going into 2025.

因此，最終，我認為到 2025 年，我們的 EBITDA 利潤率將開始轉向 32% 至 34% 範圍的高端。

But over the long-term, we should hold those levels as we find the optimal CAC to LTV transaction, or what really gets customers to keep coming and coming more.

但從長遠來看，當我們找到最佳的 CAC 到 LTV 交易時，或者真正讓客戶不斷光顧的因素時，我們應該保持這些水平。

And so ultimately, we will continue to invest.

因此最終我們將繼續投資。

I expect a material step-up in EBITDA over the next sort of 12 to 18 months, and then we'll grow from there as we continue to invest but invest where the EBITDA number is higher and the investments are lower as a percentage of EBITDA.

我預計 EBITDA 在接下來的 12 到 18 個月內將出現實質成長，然後我們將從那裡開始成長，因為我們繼續投資，但投資於 EBITDA 數字較高且投資佔 EBITDA 百分比較低的地方。

This is a very transitory time in that we had a bad quarter, but we had a bad quarter from an investment perspective, we had a bad quarter, and that January was just a massive, massive drawdown.

這是一個非常短暫的時期，我們經歷了一個糟糕的季度，但從投資的角度來看，我們經歷了一個糟糕的季度，我們經歷了一個糟糕的季度，而一月份只是一次大規模的縮編。

If it wasn't for weather the first three weeks, this would be a very different conversation where we would have hit our numbers and continue to invest in the business.

如果不是前三週的天氣，這將是一次非常不同的對話，我們將達到目標並繼續投資業務。

Now, we missed our numbers, but invested in the business.

現在，我們錯過了數字，但投資了這項業務。

We're not going to just stop investing in the business just because of some weather impact.

我們不會因為天氣影響就停止對該業務的投資。

But ultimately, I think that the next few quarters, you're going to see significant operating leverage because we've invested in that traffic, and that traffic is coming in accretively.

但最終，我認為在接下來的幾個季度，您將看到顯著的營運槓桿，因為我們已經投資了該流量，而該流量正在不斷增加。

Super helpful.

超有幫助。

Thanks, guys.

多謝你們。

Michael Kupinski, Noble Capital Markets.

邁克爾·庫平斯基（Michael Kupinski），諾布爾資本市場。

Just a couple of follow-ups.

只是幾個後續行動。

One, you make comments about the Lucky Strike brand.

第一，您對 Lucky Strike 品牌發表評論。

Is there a prospect for converting Bowlero locations into Lucky Strike?

是否有可能將 Bowlero 地點轉變為 Lucky Strike？

Oh, yeah.

哦耶。

The plan is to convert nearly all or all of the Bowleros to Lucky Strike.

該計劃是將幾乎所有或全部 Bowleros 轉換為 Lucky Strike。

We'll eventually consolidate down to two bowling brands; Lucky Strike, which will be the experiential, and AMF, which will be the traditionals.

我們最終將合併為兩個保齡球品牌； Lucky Strike 是體驗式的，AMF 是傳統式的。

Got you.

明白你了。

Thank you.

謝謝。

Yeah.

是的。

And we're building -- (multiple speakers) Sorry, go ahead.

我們正在建造——（多個發言者）抱歉，請繼續。

I'm sorry.

對不起。

Go ahead.

前進。

We're building an infrastructure for it.

我們正在為其建立基礎設施。

Right now, you'll start seeing the more prominent Bowleros converting that sits in cities that have a lot of investment community, but we're starting slow, but we are rolling it out.

現在，您將開始看到更著名的 Bowleros 轉換，這些轉換位於擁有大量投資社區的城市，但我們起步緩慢，但我們正在推廣它。

Perfect.

完美的。

And just one additional question.

還有一個問題。

If you can add a little bit of more color on Raging Waves?

能否為《狂暴的波浪》增添更多色彩？

I know there's a lot for you to learn about waterparks, but do you think that there's a better return on waterparks than possibly opening new bowling centers?

我知道您有很多關於水上樂園的知識需要了解，但您認為水上樂園的回報比開設新的保齡球中心更好嗎？

And then, can you add more color on the possible rollup opportunity in waterparks in general?

然後，您能否為水上樂園中可能出現的匯總機會添加更多色彩？

Well, I'm not new to the waterpark space.

嗯，我對水上樂園空間並不陌生。

I am as an owner, but I look to acquire a location in Florida that was very similar to the one that we acquired, similar dynamic, elderly seller had been around for a long time.

我是業主，但我希望在佛羅裡達州收購一處與我們收購的非常相似的地點，類似的充滿活力的老年賣家已經存在很長時間了。

And I wasn't able to buy that center because I didn't understand the concept of a sale leaseback, and I could never get to the seller's price.

我無法購買該中心，因為我不了解售後回租的概念，而且我永遠無法了解賣方的價格。

Our partner, the management partner on this asset, Raging Waves, that we bought, was actually the guy who bought it.

我們的合作夥伴，也就是我們購買的 Raging Waves 資產的管理合作夥伴，實際上就是購買它的人。

He had previously been the CEO of Six Flags, left Six Flags, and then started buying these regional assets.

他此前曾擔任六旗的首席執行官，離開六旗，然後開始購買這些區域資產。

He took that location from $11 million in revenue to $25 million, and EBITDA exploded.

他將該地點的收入從 1,100 萬美元增加到 2,500 萬美元，EBITDA 呈爆炸式增長。

So unfortunately, I sat on the sidelines.

不幸的是，我坐在一旁。

I tried to buy that asset for 11 years and couldn't quite get there.

我花了 11 年的時間試圖購買該資產，但始終無法實現。

And I got intellectually arbitrage because this other guy understood the sale leaseback market and I didn't.

我得到了智力套利，因為另一個人了解售後回租市場，而我卻不了解。

Well, now I understand the sale leaseback market.

好了，現在我了解了售後回租市場。

And so if you think about what the potential is or the likely outcome of this asset, once we optimize EBITDA, it would be a perfect asset to flip to the sale leaseback market.

因此，如果你考慮該資產的潛力或可能的結果，一旦我們優化 EBITDA，它將是轉向售後回租市場的完美資產。

And even at these current cap rates, which are not attractive, we would probably end up with proceeds in excess of the purchase price, and we'd still own on order of 50% of the cash flow.

即使按照當前的上限利率（不具吸引力），我們最終可能會獲得超過購買價格的收益，並且我們仍將擁有 50% 的現金流量。

So the return would be infinite.

所以回報將是無限的。

So I think from a return profile, the returns of doing an acquisition like this are far better actually than doing a bowling alley new build.

因此，我認為從回報情況來看，進行此類收購的回報實際上比新建保齡球館要好得多。

The other thing that's significant is it's more dollars.

另一件重要的事情是更多的美元。

So we're able to put more dollars to work with effectively the same effort.

因此，我們能夠以同樣的努力有效地投入更多的資金。

And I think that's important as we want to continue to scale.

我認為這很重要，因為我們希望繼續擴大規模。

Doing individual bowling acquisitions at this point doesn't really move the needle.

此時進行個人保齡球收購並不能真正發揮作用。

We have to do more and more of them to maintain the same percentage increase as the asset base grows in size.

隨著資產基礎規模的擴大，我們必須做得越來越多，才能維持相同的成長百分比。

So what are the advantages of doing these other things is you end up with assets that when optimized can be doing $12 million or $15 million of EBITDA versus $2 million or $3 million, or in some cases, $4 million.

那麼，做這些其他事情的好處是，您最終獲得的資產在優化後可以實現 1200 萬美元或 1500 萬美元的 EBITDA，而不是 200 萬或 300 萬美元，或者在某些情況下為 400 萬美元。

So I think that's an important way of looking at the business.

所以我認為這是看待業務的重要方式。

We are in no way abandoning or walking away from the bowling business.

我們絕不會放棄或放棄保齡球事業。

I want to make that perfectly clear.

我想把這一點說得非常清楚。

But we have the wherewithal from a management perspective and from a financial perspective of doing more than just bowling at this point.

但從管理角度和財務角度來看，我們目前擁有的資金不僅僅是打保齡球。

And there's a whole very interesting world where the mechanics of the business are very similar to those of the bowling business, where it's not a leap into the unknown, where we can avail ourselves of them on an opportunistic basis.

這是一個非常有趣的世界，其中的業務機制與保齡球業務非常相似，這並不是跳入未知世界，我們可以在機會主義的基礎上利用它們。

And I think you're going to find that this is going to be -- at the low end, this would be a unlevered 20%-plus performer, and with leverage or a sale leaseback would be infinite return.

我認為你會發現，在低端，這將是一個無槓桿的 20% 以上的表現，而如果有槓桿或售後回租，將獲得無限的回報。

So like I've said earlier, these are all good opportunities.

正如我之前所說，這些都是很好的機會。

We pick and choose from the best and work our way down.

我們從最好的中挑選，然後一路向下。

But this waterpark investment is in no way a trade down from a return perspective versus buying or building bowling alleys.

但從回報角度來看，與購買或建造保齡球館相比，水上樂園投資絕非一種折衷。

I want to make that perfectly clear.

我想把這一點說得非常清楚。

Perfect.

完美的。

Thank you for that color.

謝謝你的那個顏色。

That's all I have.

這就是我的全部。

Thank you.

謝謝。

And by the way, I would encourage all of you to look online, look at Google, look at what this waterpark looks like, where it's located, et cetera.

順便說一句，我鼓勵大家上網看看，看看谷歌，看看這個水上樂園是什麼樣子，它位於哪裡，等等。

It's a first-class, incredibly well-maintained, and beautiful asset.

這是一流的、維護得非常好的、美麗的資產。

This isn't just some regional collection of slides.

這不僅僅是一些區域性的幻燈片集合。

This is themed at a very high level.

這是一個非常高水準的主題。

And I think we were very, very fortunate to be able to get this asset.

我認為我們非常非常幸運能夠獲得這項資產。

I'd encourage you to diligence it yourselves and see just what we bought here.

我鼓勵你自己去仔細看看我們在這裡買了什麼。

Ladies and gentlemen, as there are no further questions at this time, this concludes today's conference call.

女士們、先生們，由於目前沒有其他問題，今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。