Lucky Strike Entertainment Corp (LUCK) 2026 Q1 法說會逐字稿

Thank you for standing by. My name is Liz, and I'll be your conference operator today. (Operator Instructions)

感謝您的耐心等待。我叫莉茲，今天我將擔任你們的會議接線生。（操作說明）

Thank you. I would now like to turn the call over to Bobby Lavan, Chief Financial Officer. Please go ahead.

謝謝。現在我將把電話交給財務長鮑比·拉萬。請繼續。

Good afternoon to everyone on the call. This is Bobby Lavan, Lucky Strike's Chief Financial Officer. Welcome to our conference call to discuss Lucky Strike's first-quarter of 2026 earnings.

各位下午好。這位是博比·拉萬，好彩香菸的財務長。歡迎參加我們的電話會議，我們將討論 Lucky Strike 2026 年第一季的收益。

Today we issued a press release announcing our financial results for the period ending September 28, 2025. A copy of the press release is available in the investor relations section of our website.

今天，我們發布新聞稿，公佈了截至 2025 年 9 月 28 日的財務業績。新聞稿全文可在我們網站的投資人關係欄位查閱。

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

今天和我一起參加電話會議的有我們的創辦人兼執行長托馬斯·香農，以及我們的總裁列夫。

I'd like to remind you that during today's conference call we may make certain forward-looking statements about the company's performance. 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 risk and uncertainties that could cause actual results to differ materially from those expressed.

我想提醒各位，在今天的電話會議中，我們可能會對公司的業績做出一些前瞻性陳述。此類前瞻性陳述並非對未來績效的保證，因此不應過度依賴這些陳述。前瞻性陳述也存在固有的風險和不確定性，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 SCC.

有關可能導致實際結果與前瞻性聲明中所討論的結果存在差異的因素的更多資​​訊。您應參考我們新聞稿中包含的警示性聲明，以及本公司向加拿大證券監理機構提交的文件中包含的風險因素。

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

Lucky Strikes Entertainment 不承擔任何義務修改或更新任何前瞻性聲明，以反映今天電話會議之後發生的事件或情況。

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 the comparable GAAP financial measure will be found on the company's website.

此外，在今天的電話會議中，公司可能會討論一些根據美國證券交易委員會G條例定義的非GAAP財務指標。與每項非GAAP財務指標最直接可比較的GAAP財務指標（用於分析每項非GAAP財務指標與可比較GAAP財務指標之間的差異）將在公司網站上公佈。

I'll now turn the call over to Tom.

現在我將把電話交給湯姆。

Thanks, everyone, for joining today's call. I am Thomas Shannon, Lucky Strike's Founder and CEO.

感謝各位參加今天的電話會議。我是湯瑪斯‧香農，好彩香菸的創辦人兼執行長。

Starting with performance, total revenue in the quarter grew 12% and adjusted EBITDA was up 15%. Same store sales were close to flat at negative 0.1%, with retail revenue up 1.4% and league revenue up 2.1%, which shows healthy customer engagement across our core bowling and entertainment venues.

首先來看業績，本季總營收成長了 12%，調整後 EBITDA 成長了 15%。同店銷售額基本持平，為-0.1%，零售收入增長1.4%，聯賽收入增長2.1%，這表明我們核心的保齡球和娛樂場所的客戶參與度良好。

We continue to see encouraging momentum in our online booking funnel, which grew double-digits in the quarter. Our offline events business, which on a dollar weighted basis is mostly corporate event bookings, was down 11%, creating roughly a 160 basis points drag on total comps. That said, trends have clearly turned the corner. October was our strongest month of the year for both offline and total events, which gives us confidence heading into the holiday season.

我們的線上預訂管道繼續保持令人鼓舞的成長勢頭，本季實現了兩位數的成長。我們的線下活動業務（以美元加權計算主要為企業活動預訂）下降了 11%，對總同店銷售額造成了約 160 個基點的拖累。也就是說，趨勢顯然已經發生了轉變。10 月是我們全年線下和線下活動最強勁的月份，這讓我們對即將到來的假期充滿信心。

Our primary focus remains on improving free cash flow through discipline, cost management, and capital efficiency. CapEx for the quarter came in at $26 million down from $42 million a year ago, reflecting tighter capital allocation and benefits for our procurement function.

我們的主要目標仍然是透過嚴格的紀律、成本管理和資本效率來改善自由現金流。本季資本支出為 2,600 萬美元，低於去年同期的 4,200 萬美元，反映出資本配置更加嚴格，並有利於我們的採購職能。

In July, we made a strategic real estate investment, acquiring the land and buildings for 58 of our existing locations for $306 million. This enhances flexibility, lowers exposure to future rent increases, and sets us up for future accretive sale lease back or refinancing opportunities should we choose to pursue those. In September, we closed a $1.7 billion dollar refinancing that extends debt maturities to 2032. At an average weighted cost of capital of 7%.

7 月，我們進行了一項策略性房地產投資，斥資 3.06 億美元收購了我們現有 58 個地點的土地和建築物。這增強了靈活性，降低了未來租金上漲的風險，並為我們日後進行增值售後回租或再融資機會做好了準備（如果我們選擇這樣做的話）。9 月份，我們完成了 17 億美元的再融資，將債務到期日延長至 2032 年。平均加權資本成本為 7%。

We also expanded our roughly 370 location platform to the acquisition of two large and very profitable water parks, Raging Waters Los Angeles and Wet n Wild Emerald Point in Greensboro, North Carolina, along with three high performing family entertainment centers in Southern California, the 24-acre Castle Park in Riverside, California, Boomers Vista and Boomers, Palm Springs. Together these destinations welcome more than a million annual guests and broaden our leadership across water parks, amusement, and family entertainment.

我們還擴大了我們約 370 個地點的平台，收購了兩個大型且盈利能力很強的水上樂園，即洛杉磯的 Raging Waters 水上樂園和北卡羅來納州格林斯伯勒的 Wet n Wild Emerald Point 水上樂園，以及南加州三個業績優異的家庭娛樂中心，分別是加州河濱市佔地 24 英畝的 Castle 水上樂園、Boomers Vistaers 水上樂園市佔地 24 英畝的水上樂園。這些目的地每年接待超過一百萬名遊客，進一步鞏固了我們在水上樂園、遊樂園和家庭娛樂領域的領先地位。

The $90 million transaction is expected to generate returns above our historical average, with most of the financial contribution coming next summer.

預計這筆 9000 萬美元的交易將產生高於我們歷史平均水平的回報，其中大部分資金貢獻將在明年夏天到來。

We also continue to invest in our people. This quarter we welcomed Brandon Briggs as Chief Revenue Officer, bringing global experience from major cruise lines, and Laura Cobos as Vice President of field training following her three-decade career at Texas Roadhouse. Both are already having a measurable impact on our service and culture.

我們也會持續投資員工。本季度，我們迎來了 Brandon Briggs 擔任首席營收官，他擁有來自大型郵輪公司的全球經驗；以及 Laura Cobos 擔任現場培訓副總裁，她在 Texas Roadhouse 工作了三十年。兩者都已對我們的服務和文化產生了可衡量的影響。

Our teams are energized, engaged, and executing with precision. We're selling with confidence, serving with heart, and continuing to raise the bar for hospitality and out of home entertainment. Keeping it short and sweet.

我們的團隊充滿活力，積極投入，並且執行精準。我們充滿信心地銷售，用心服務，並不斷提高酒店服務和戶外娛樂的標準。言簡意賅。

With that, let's turn it over to Q&A.

接下來，讓我們進入問答環節。

(Operator Instructions) Matthew Boss, JP Morgan.

（操作說明）Matthew Boss，摩根大通。

It's Amanda Douglas on for Matt. So Tom, to start, could you break down the drivers of one queue's roughly flat comp as you look across your walk in retail business relative to events and specifically on events, could you elaborate on the clear signs of recovery that you cited heading into the holiday?

替馬特上場的是阿曼達·道格拉斯。湯姆，首先，你能否分析一下，在你審視整個零售業務時，某個排隊區域業績大致持平的原因，特別是與活動相關的因素，以及在活動期間，你能否詳細說明一下你在假期前提到的明顯復甦跡象？

Hey, this is Lev speaking. So I just quickly touch on retail and le, which I think were major drivers, and we actually saw continued strength in both categories in this most recent period, and then I'll turn it over to Bobby to talk more specifically about events. But we saw obviously very healthy retail foot traffic. The numbers indicate that finishing, nearly 1.5% off, but I think even more encouraging is what we're seeing in terms of a response from our lead customer, which I would argue is maybe our most price conscious customer.

大家好，我是列夫。所以我簡單提一下零售和LE，我認為這是主要驅動因素，而且在最近的這段時間裡，我們確實看到這兩個類別都持續強勁增長，然後我會把麥克風交給Bobby，讓他更具體地談談活動。但我們看到零售業的客流量顯然非常健康。數據顯示，最終成交價下降了近 1.5%，但我認為更令人鼓舞的是我們從主要客戶那裡看到的回饋，我認為這位客戶可能是我們最注重價格的客戶。

And yet we were up in leagues over 2%. I want to point out this most recent period of October we closed up over 5% of leagues, and that was driven by a combination of an increase in headcount of boulders for our fall flooring, but also we were. Seeing an increase in the average price per game, so we saw an increase in lineage revenue as well.

然而，我們卻領先了2%以上。我想指出，在最近的十月份，我們關閉了超過 5% 的聯賽，這主要是由於秋季攀岩場地的人數增加，但也因為我們自身的原因。由於每款遊戲的平均價格上漲，因此我們也看到了遊戲收入的成長。

And fortunately with the increased headcount, we're also seeing that driver food and beverage attachment from the league bowler. In fact, we've had five consecutive weeks of all-time high food and beverage revenue coming from our elite bowlers, so we found that to be super encouraging and Bobby's been a lot closer with the event business.

幸運的是，隨著人數的增加，我們也看到了聯賽保齡球手提供的司機餐飲附加服務。事實上，我們的精英保齡球手連續五週創造了食品和飲料收入的歷史新高，這讓我們倍感鼓舞，而且鮑比與賽事業務的聯繫也更加緊密了。

I'll turn it over to him.

我會把它交給他。

So the event business Which we talked about sort of the main sort of headwind the business had as in the corporate events business that business was down in the September quarter of mid-single-digits October we had. Sort of the best month we've had in more than a year and a half, so you know we've changed the way we're operating that business.

所以，我們之前討論過的會展業務，其主要不利因素是企業活動業務，該業務在9月份季度下降了個位數中段，10月份我們又下降了。這算是我們一年半以來業績最好的一個月了，所以你知道，我們已經改變了經營這項業務的方式。

Additionally we're leaning into online more and online is growing strong double-digits to sort of make up for some of the, headwinds we're seeing mostly from a macro perspective on the corporate events side.

此外，我們正在更加重視線上業務，線上業務正以兩位數的強勁成長勢頭，以彌補我們在企業活動方面主要從宏觀角度看到的一些不利因素。

That's helpful. And Bobby, just to follow-up on the adjusted EBITDA margin expansion in in the first quarter, could you expand on the drivers of the 70 basis points of expansion and then just any puts and takes to consider on the progression of EBITDA margins over the balance of the year?

那很有幫助。Bobby，關於第一季調整後 EBITDA 利潤率的擴張，你能詳細解釋一下這 70 個基點擴張的驅動因素嗎？然後，對於今年剩餘時間 EBITDA 利潤率的發展，你有什麼需要考慮的因素嗎？

Yeah, so I mean, revenue is going to drive the most amount of operating leverage on the margin perspective that's offset by we did invest an incremental $2.5 million in marketing, and we have a million dollars of higher sort of insurance costs as we bring other businesses into the system from an event margin cadence. The first quarter of 2026 is the lowest margin quarter.

是的，我的意思是，從利潤率的角度來看，收入將帶來最大的營運槓桿效應，但這被我們在行銷方面額外投入的 250 萬美元所抵消，而且隨著我們透過活動利潤節奏將其他業務引入系統，我們還有 100 萬美元的更高保險成本。2026年第一季是利潤率最低的季度。

I'd say you should expect for 600-800 basis points margin improvement as we go into the higher winter quarters and coming back down to where we are now when we get into the June quarter.

我認為，隨著冬季季度的到來，利潤率應該會提高 600-800 個基點，而到了六月的季度，利潤率又會回落到目前的水平。

Steve Wieczynski, Stifel.

史蒂夫·維欽斯基，斯蒂費爾。

So Bobby, wondering, maybe how we should think about the cadence for the rest of the year in terms of same store sales and then maybe if there's anything we should be thinking about in terms of, whether it's headwinds, whether it's tailwinds over the last three quarters of the year. So just, kind of we can kind of get our models in the right spot moving forward.

所以鮑比在想，我們是否應該考慮今年剩餘時間同店銷售的節奏，以及今年最後三個季度是否存在順風或逆風等因素。這樣，我們就能更好地調整模型，使其朝著正確的方向發展。

Yeah, so, the next few quarters are pretty clean on an apple-to-apple basis. You have for New Year's is falling in the third quarter that happened last year, we -- you have some of the growth, inorganic growth came in the first quarter of 206 is from the acquisition of a water park in North Carolina, of another water park in LA coming in in sort of the June quarter.

是的，所以，接下來的幾季情況相當不錯，與之前的業績相比應該沒什麼問題。你們的新年慶祝活動落在了去年第三季度，我們——你們的一些增長，非內生增長來自206年第一季度收購北卡羅來納州的一個水上樂園，以及在6月份季度收購洛杉磯的另一個水上樂園。

So you're going to have the strongest inorganic growth periods or quarters in the first and the fourth quarter from the same store sales perspective. We guided the year to 1% to 5% and that holds, you can kind of see how that should flow through, but ultimately, we expect for the same sort of sales to be in that range for the second and third quarter and then the fourth quarter being a little bit better.

因此，從同店銷售的角度來看，第一季和第四季將是非內生成長最強勁的時期或季度。我們先前預測全年成長率為 1% 至 5%，目前仍維持這一預測，大家可以大致看出成長趨勢，但最終，我們預計第二季和第三季的銷售額將維持在這一範圍內，而第四季的情況會略好一些。

Okay, gotcha. That's great. And then the second question is probably for for Levv, but maybe a little bit of color around attachment rates in terms of retail customers wondering, what you've seen recently in terms of whether it's FNB or amusement spend, any material changes, in their spending patterns once they're inside your properties?

好的，明白了。那太棒了。第二個問題可能更適合 Levv，但或許可以稍微談談零售客戶的消費情況，例如他們最近在您的物業中消費的 FNB 或娛樂支出方面，他們的消費模式是否有任何實質性變化？

I think we're more and more encouraged by our food attachment, and I think it was actually your question maybe a year ago in a similar call where we talked about us leaning into food and seeing just a lot of organic upside within our business, improving the food quality, the food selection, the innovation in our food program. I'm happy to report that in Q1.

我認為我們對食品的熱愛越來越令人鼓舞，我想你大約在一年前的一次類似電話會議上也問過這個問題，當時我們談到了我們如何重視食品，以及我們業務中大量的自然增長潛力，包括提高食品質量、食品選擇和食品項目的創新。我很高興地報告，在第一季。

Food is actually up to 10%, way outpace our overall retail, which is up 1.4%, and we're going to continue doing that and we have now an ecosystem focused about around food attachment, and I don't think we could even scratch the surface of what our opportunity here is. We're now focused on selling value to our customers right at the point of entry from the front desk.

食品產業的成長率實際上達到了 10%，遠遠超過了我們整體零售業 1.4% 的成長率，我們將繼續保持這一成長勢頭，我們現在已經建立了一個以食品消費為中心的生態系統，我認為我們甚至還無法充分挖掘我們在這裡所擁有的機會。我們現在專注於在顧客進入酒店的第一站——前台——就向他們推銷價值。

We're offering a product called the Pizza and Pitcher combo. You get a large cheese pizza and either a pitcher of soda, beer, margarita right at the front desk. It's a huge win for us in the first five months of selling this product, we sold over $8.5 million worth of pizza and pitcher combos.

我們正在推出一款名為「披薩和飲料組合」的產品。您可以在前台直接領取一份大號起司披薩，以及一壺汽水、啤酒或瑪格麗特酒。在銷售該產品的前五個月裡，我們取得了巨大的成功，披薩和飲料組合的銷售額超過了 850 萬美元。

First of all, it's a great product that offers a lot of value to the consumer. I think it's helping drive our MPS score higher, which is up year over year, but also it gets the food out to ing faster when they order from the front desk, which means we get a chance to sell more food and beverage products during their experience with us.

首先，這是一款很棒的產品，能為消費者提供許多價值。我認為這有助於提高我們的 MPS 分數（逐年提高），當顧客在前台點餐時，食物也能更快地送到他們手中，這意味著我們有機會在他們用餐期間銷售更多的食品和飲料產品。

We've introduced platters for larger groups. Three months ago we launched two platters. It's a combination of some of our more popular products, feeds a group of 8 to 10 individuals, 3 months' worth of selling platters, $1.3 million. We launched our raft lemonade program.

我們推出了適合多人聚餐的拼盤。三個月前我們推出了兩款餐盤。它融合了我們一些更受歡迎的產品，可供 8 至 10 人食用，相當於 3 個月的餐盤銷售收入，價值 130 萬美元。我們啟動了水上檸檬水計畫。

This goes on and on and on, and we're going to continue to launch innovative products, so we've seen great success with Kraft lemonade. We're now testing boba iced teas and dirty sodas, which are really popular industry-wide.

這種情況會一直持續下去，我們將繼續推出創新產品，卡夫檸檬水就取得了巨大的成功。我們目前正在測試珍珠奶茶和髒蘇打水，這兩種飲品在業界都非常受歡迎。

We're leaning into training, as you heard, we introduced a new VP of field training and Laura Cobos. We're going to empower our associates and our centers to become even better at sales, and fortunately for them, they have a better product to sell. So super encouraged. The numbers speak for themselves. We're not done.

正如你所聽到的，我們正在加大培訓力度，我們引入了新的現場培訓副總裁勞拉·科博斯。我們將賦能我們的員工和銷售中心，讓他們在銷售方面做得更好，幸運的是，他們還有更好的產品可以銷售。太受鼓舞了。數字本身就能說明一切。我們還沒完。

You're going to continue to see innovation and value offered to our customers with better sales tactics. I think that combination is going to really power this business.

您將繼續看到我們透過更好的銷售策略，為客戶提供創新和價值。我認為這種組合將會真正推動這家企業的發展。

Randy Konik, Jefferies.

Randy Konik，傑富瑞集團。

Yeah, thanks guys. Good evening. Maybe give us some updates on the progress on the Lucky Strike rebrand. You never mentioned in the press release. I think you're up to 74.

是啊，謝謝大家。晚安.或許可以跟我們介紹一下Lucky Strike品牌重塑的進展。你在新聞稿中從未提及此事。我想你已經達到74了。

Maybe give us some perspective on how much more you have to go in the timing and framing up of that, how the economics are looking or the metrics are looking of the Lucky Strikes rebrands versus the balance in the chain, and just that'd be super helpful to get some more color there. Thanks.

或許您可以給我們一些關於時機和框架方面還需要做多少準備工作的觀點，Lucky Strikes 品牌重塑的經濟效益或指標與整個連鎖店的平衡情況相比如何，這些資訊對於了解更多細節將非常有幫助。謝謝。

Thanks for the question. This is Lev. So you're right, we're up to 74. We set a goal to be at 100 by the end of this calendar year. We're still on track for that. We anticipate being at 200 by the end of 2026. Again, really important that for us because as we've significantly increased our marketing spend and having the ability to focus our marketing spend across two brands, that being AMS and Lucky Strike versus trying to execute across three brands when you consider it Valero is going to give us a lot of, I think, more value for our dollars in marketing spend.

謝謝你的提問。這是列夫。所以你說得對，我們已經到74了。我們的目標是到今年年底達到 100 人。我們仍在按計劃進行。我們預計到 2026 年底將達到 200 人。再次強調，這對我們來說非常重要，因為我們已經大幅增加了行銷支出，而能夠將行銷支出集中在兩個品牌（即 AMS 和 Lucky Strike）上，而不是試圖同時執行三個品牌的行銷，考慮到這一點，我認為 Valero 將為我們的行銷支出帶來更大的價值。

It allow us to do more national campaigns. Obviously the economics bode well for that when you talk about pushing marketing across 200 Lucky Strike locations. I think we're also seeing a lot stronger F&B attachment at the Lucky Strikes, and in terms of the value of these rebrands, two of our strongest properties in the portfolio, that being Times Square and Chelsea Piers, they have both been rebranded to Lucky Strike, and they have very strong results.

它使我們能夠開展更多全國性活動。顯然，從經濟角度來看，在 200 家 Lucky Strike 門市推廣行銷是明智之舉。我認為我們也看到 Lucky Strike 的餐飲業務更加強勁，就這些品牌重塑的價值而言，我們投資組合中最強大的兩家門店，即時代廣場店和切爾西碼頭店，都已更名為 Lucky Strike，並且取得了非常強勁的業績。

Times Square was up. In retail revenue 36% last period. So it's resonating and I don't think it's a mystery why when you visit these properties they're stunning. Obviously the menus are better, the level of hospitality, the experience is topnotch, and so the more of these we do, I think the stronger our results are going to become.

時代廣場已經亮了起來。零售收入較上期成長36%。所以它引起了共鳴，我想當你參觀這些房產時，它們令人驚豔的原因並不難理解。顯然，菜單更好了，服務水準更高了，體驗也是一流的，所以我們做的越多，我認為我們的業績就會越好。

That's very helpful. Back on the event side of the of the business, I believe you talked about starting to turn. Was there also a geographic component? I think in the past California might have been weighing a little bit on on the events business as well. Just give us some perspective on just any geographic disparity in that area, in that part of the business, and where do we see that kind of trending going forward.

那很有幫助。回到活動策劃方面，我相信你之前談過開始轉型。是否也存在地理因素？我認為過去加州可能也對活動產業施加了一些影響。請您就該地區、該業務領域的任何地域差異提供一些見解，並說明我們預計這種趨勢未來會如何發展。

So if we were not in California or Washington, we would comp up low single-digits for the quarter, California and Washington continue to see significant amount of Silicon Valley layoffs, we are leaning in, we are accelerating sort of marketing spend, we're accelerating sort of a go out and get the business mentality on the event side, but some of it's just that you know we have to kind of deal with this storm and whether the storm on, massive layoffs, corporates are not going to have, celebratory parties we're leaning in.

所以，如果我們不在加州或華盛頓州，我們本季的業績可能會達到個位數百分比。加州和華盛頓州的矽谷裁員仍在持續，我們正在加大投入，加快行銷支出，加快在活動方面拓展業務的步伐。但有些原因在於，我們必須應對這場風暴，無論風暴是否持續，大規模裁員、企業是否能夠舉辦慶祝派對，我們都會全力以赴。

We're ultimately seeing the turn, the events business in New York, strong events business in Texas, Florida, strong. Really is, California, we would the business would have better results and already very outstanding results.

我們最終看到了轉機，紐約的活動業務強勁，德克薩斯州和佛羅裡達州的活動業務也很強勁。確實如此，在加州，我們希望企業能取得更好的業績，而目前已經取得了非常出色的業績。

Jason Tilchen, Cannacord Genuity.

Jason Tilchen，Cannacord Genuity。

Good evening and thanks for taking my questions. I wanted to start with, maybe some clarification on walk-in retail trends, that you've seen, obviously the comp how it trended through Q1 and then what you've seen, so far in October as well.

晚上好，感謝您回答我的問題。我想先澄清一下實體零售的趨勢，你們顯然已經看到了，第一季的趨勢以及到目前為止10月份的情況。

Yeah it's been positive. I mean we had in the summer we had season pass, in October we've seen mid single-digits on retail. So again, very powerful trends on the retail side. It really comes down to, we are winning on retail, we are winning on weed, winning on food, we're winning on alcohol, we're winning on amusements, the acquisitions we've done are extremely accretive to the business on an inorganic basis, we just have to get through.

是的，結果很正面。我的意思是，夏天的時候我們有季票，但到了十月份，零售額卻只有個位數。所以，零售業再次呈現非常強勁的趨勢。歸根結底，我們在零售業、大麻業、食品業、酒類業、娛樂業都取得了成功，我們所做的收購從非有機增長的角度極大地提升了業務，我們只需要堅持下去。

The comps on the corporate events business, which, again, is an important part of the business this quarter, but it becomes much less important of a business when we go into the third and fourth quarter.

企業活動業務的同店銷售額在本季度仍然是業務的重要組成部分，但到了第三季度和第四季度，它的重要性就會大大降低。

It's very helpful and you mentioned the inorganic piece. I wonder if you could just go down a little bit more about some of the performance of the water parks sort of the first full season with you guys and maybe what are some of the operational learnings after going through that full summer period.

這很有幫助，你也提到了無機物部分。我想請您詳細介紹一下水上樂園在第一個完整運營季的運營情況，以及在經歷了整個夏季之後，您在運營方面有哪些經驗教訓。

Yeah, so we have two water parks that we owned through sort of the full, three water parks that we're going through the full season, raging waves, Biggauna Destin, and Shipwreck. It's a very interesting business because you make all of your revenue in 100 days. Our procurement FNB synergies are. massive. We are learning to have more of the hourly workers so it's a little bit of a different business model, but the thing that's been paramount is the consumer is responding to.

是的，我們擁有兩個水上樂園，它們在整個季度都處於運作狀態；還有三個水上樂園，分別是 Raging Waves、Biggauna Destin 和 Shipwreck。這是一個非常有趣的行業，因為你可以在 100 天內賺取所有收入。我們在採購方面與FNB的協同效應非常巨大。我們正在學習如何更多地僱用小時工，所以這是一種略有不同的商業模式，但最重要的是消費者對此做出了積極的回應。

Premium value, right? And what do we, what is premium value? Like we, we're improving the food at raging waves and so food sales at raging waves were up 10% year over year. We. Brough in alcohol to raging waves, right? And that's obviously been a massive tailwind, but we're also delivering these guys value by having, bring a friend day during the week and things like that.

物有所值，對吧？那麼，什麼是溢價？就像我們一樣，我們也不斷改進 Raging Waves 的食物，因此 Raging Waves 的食物銷售額比去年同期成長了 10%。我們。把酒帶到洶湧的波濤中，對吧？這顯然是一個巨大的順風，但我們也透過舉辦「帶朋友來日」之類的活動，為這些顧客創造了價值。

So ultimately, these businesses are great, we did market raising waves with our 20-plus property folding property. We have in Chicago that work and we're looking forward to next year where we're going to have a pass that you can use at raging waves and at our bowling centers in Chicago, a pass that you can use at Boomers, Boca Raton, and our bowling alleys in South Florida. And so ultimately that is, the next part of our business.

所以歸根結底，這些企業都很棒，我們憑藉 20 多個折疊式物業掀起了市場浪潮。我們在芝加哥已經開展了這項工作，我們期待明年推出一張通行證，您可以在芝加哥的 Raging Waves 和我們的保齡球中心使用，也可以在博卡拉頓的 Boomers 和我們在南佛羅裡達的保齡球館使用。所以，歸根結底，這就是我們業務的下一個部分。

When you look at the Cadence of improvements at these water parks. I think the best comp for you would be to consider our boomers locations which fell into our comp in October and we finished that month up good single-digits. So we've had those obviously for a bit longer, which gave us an opportunity to improve the facilities, improve the game selections and redemption, improve the menu. To improve the staffing and the training of the staff and the results are there.

當你觀察這些水上樂園的改進節奏。我認為對你來說最好的比較方法是考慮我們10月份納入比較範圍的嬰兒潮一代所在地，而我們當月實現了個位數的良好增長。所以，這些設施我們顯然已經運作了一段時間，這給了我們一個機會來改善設施、改善遊戲選擇和兌獎方式、改善菜單。改善人員配備和員工培訓，並且已經取得了成效。

So as an example, we just hosted a family fest event. It's sort of our grand reopening for the boomers' locations once we complete renovations, we hosted it at a Boomer Irvine location on this past Sunday, 4,000 attendees. The community couldn't believe the quality of the product, and we expect similar results of our other assets once we have a little time to improve them and run them the lucky trek entertainment way.

舉個例子，我們剛剛舉辦了一場家庭聚會活動。這算是我們完成翻新後，為 Boomer 門市舉辦的盛大重新開幕活動。上週日，我們在 Boomer Irvine 門市舉辦了這場活動，共有 4000 名參與者。社群對產品的品質感到難以置信，我們期待在花些時間改進其他資產並以 Lucky Trek Entertainment 的方式運作它們之後，也能取得類似的成果。

Jeremy Hamblin, Craig-Hallum.

傑里米·漢布林，克雷格-哈勒姆。

Hey, this is, [Will] on for Jeremy. Most of my questions were answered, but, just one on the debt refi, just how we should think of interest expense for the full year?

嘿，我是威爾，替傑瑞米上線。我的大部分問題都得到了解答，但是關於債務再融資，還有一個問題：我們應該如何考慮全年的利息支出？

Yeah, I mean, it's 41.7 million times 7%-plus, $60 million for the capitalized leases.

是的，我的意思是，4,170萬乘以7%以上，資本化租賃額為6,000萬美元。

Michael Kupinski, Noble Capital Markets.

Michael Kupinski，Noble Capital Markets。

Hi, it's [Jacob] for Michael Kapinski. My first question piggybacks off of a few other questions have already been asked, but just curious about the relationship between food and beverage revenue and bowling revenue and Lucky strike locations compared to Bolero locations and just curious how those how those ratios are trending qnd potential upside in food and beverage when all bolero locations have been converted to Lucky strike locations?

大家好，我是麥可‧卡平斯基的[雅各]。我的第一個問題與之前提出的幾個問題有關，我只是好奇餐飲收入和保齡球收入之間的關係，以及Lucky Strike保齡球館和Bolero保齡球館的門店數量對比，還有，當所有Bolero保齡球館都變成Lucky Strike保齡球館後，這些比例的趨勢如何，餐飲收入的潛在增長空間有多大？

Really interesting question and this is, by the way -- and it's really hard to give you an answer because I don't think that when we went down this journey of enhancing our food program, I couldn't have imagined that we'd be at 10% 1 of this fiscal year, and we're not done yet. The innovation continues. We just finished the board meeting yesterday where we talked about the next wave of products that we're going to be introducing a bit of tasting. They're incredible and what's important is their restaurant quality. They're not quality for a bowling alley.

這是一個非常有趣的問題，順便說一句——而且真的很難回答，因為我認為，當我們開始改進食品計劃的旅程時，我根本無法想像我們會在本財年第一季就達到 10%，而且我們還沒有完成。創新仍在持續。我們昨天剛結束董事會會議，會上我們討論了即將推出的下一批產品，並進行了一些試吃活動。它們非常棒，最重要的是它們達到了餐廳的品質。它們不適合保齡球館使用。

So I don't think we've scratched the surface of our food and beverage program. I think you're going to see a lot less of our guests eating and drinking before they come and certainly a lot less after they leave. When you pair a quality product, value offering, enhanced marketing of that product, enhanced training of our staff to sell that product. I think the sky is the limit, and that's just on the lucky strike lucky strike side.

所以我覺得我們對餐飲業的了解還只是冰山一角。我認為你會看到我們的客人來之前吃喝的現像大大減少，離開之後吃喝的現像也肯定會大大減少。當您結合優質產品、超值優惠、加強產品行銷以及加強員工銷售培訓時。我認為未來發展潛力無限，而這只是幸運的一面。

I mentioned earlier our league bowler headcount is up, so going into this fall flooring, we were up nearly 3,000 bowlers for our traditional leagues. We're also introducing a league bowler menu with items exclusive to our league bowlers, and we're marketing that league bowler menu which we've never done before.

我之前提到過，我們聯賽的保齡球運動員人數增加了，所以到了今年秋季，我們傳統聯賽的保齡球運動員人數增加了近 3000 人。我們還將推出聯賽保齡球手專屬菜單，並對該聯賽保齡球手專屬菜單進行市場推廣，這是我們以前從未做過的事情。

And now we're adequately staffing our centers for the nights that the leagues are in. There was this legacy mindset that league bowlers were not big on purchasing food and beverage, so historically the centers weren't staffed the same way for league nights as they were staffed for retail nights. Well, we've ripped up that notion and now we're staffing the same way.

現在，我們已經為聯賽舉辦的夜晚配備了充足的人員。過去人們普遍認為，聯賽保齡球手不太喜歡購買食物和飲料，因此，保齡球館在聯賽之夜和零售之夜的員工配備方式並不相同。我們已經拋棄了那種想法，現在我們採取同樣的人員配置方式。

And we're seeing a response to that. So I mentioned earlier in their call, and this is a real stat 5 consecutive weeks where we've Then an all-time high in food and beverage sales for the league bowler menu. I don't think we scratched the surface there as yet as well. So the lead bowlers are responding.

我們已經看到了對此的回應。正如我之前在電話會議中提到的，這是一個真實的統計數據，連續 5 週，聯賽保齡球菜單的食品和飲料銷售額都創下了歷史新高。我認為我們在這方面也只是略知皮毛。所以領先的投手們正在做出回應。

They're cost conscious, but when you give them value, they gravitate towards it. So this leboer menu is performing really well. The staff on the floor are selling, they're making more money, they're happier.

他們注重成本，但當你給他們價值時，他們就會被吸引。所以這個 leboer 菜單表現非常出色。第一線員工的銷售表現更好了，他們賺的錢更多了，他們也更快樂了。

It's a win-win, and I think we're going to get it on both sides that are traditional centers with the league bowlers and that are more experiential lucky strikes.

這是雙贏，我認為我們會在傳統中心（有聯賽保齡球手）和更具體驗性的幸運全中兩方面都取得成功。

I'll give you some stats last quarter. Locations that are branded Lucky Strike had 50% higher F&B to bowl revenues than the bow arrows and AMS. If we are able to normalize that that that's a $125 million to $150 million pick-up.

我提供你一些上個季度的統計數據。以 Lucky Strike 為品牌的保齡球館的餐飲收入比以 Bow Arrows 和 AMS 為品牌的保齡球館高出 50%。如果我們能夠將這種情況正常化，將帶來 1.25 億美元到 1.5 億美元的收益。

Gotcha. Okay, that's great. And then my next question, I'm just curious if you could talk a little bit about the promotional activity outlook. I'm just curious if there are any large promotional offerings planned over the winter months, know the summer passed, generated strong results. So just curious if there's anything like that planned over the winter?

明白了。好的，太好了。接下來，我想問一下，能否談談促銷活動的展望？我只是好奇公司在冬季是否有任何大型促銷活動計劃，因為夏季促銷活動取得了不錯的成績。所以，我只是好奇冬季期間是否有類似的計劃？

Yeah, so we're seeing promotional environment slow down. I think it was, raised to the bottom last year with some of our competitors and they realized how much that's hurt their business so we're seeing the benefit of that pulling back. We continue to be very tactical, online you generally have to offer some sort of call to action promotion to drive purchase.

是的，我們看到促銷環境正在放緩。我認為去年我們的一些競爭對手的股價跌到了谷底，他們意識到這對他們的業務造成了多大的損害，所以我們現在看到了股價回落帶來的好處。我們仍然非常注重策略，在網路上，你通常需要提供某種形式的行動號召促銷活動來促進購買。

But we're being a little bit more tactical about that. We'll have a Black Friday sale. Maybe we won't have a sale the first few weeks of December where, our liens are 100% utilized for them.

但我們在這方面採取了更具策略性的做法。我們將舉辦黑色星期五促銷活動。或許我們在 12 月的前幾週不會有促銷活動，因為我們的留置權無法 100% 用於這些促銷活動。

Eric Wold, Texas Capital.

埃里克·沃爾德，德克薩斯資本。

Good afternoon. I kind of want to follow-up again on the, two questions. One, first one kind of follow-up on the FNB side, with the speed of 10% in the quarter, I mentioned versus, 1.4% for overall retail, how much of that was price, versus general improvement and attachments across, the various cohorts and, how much room do you think you have to raise F&B prices from this point forward and remind us does, sorry, long question, but remind us the 1.5% comp guidance for this year, does that include any assumption of taking price on F&B?

午安.我想就這兩個問題再追問一下。首先，關於FNB方面，我之前提到過，本季FNB的成長速度為10%，而整體零售成長率為1.4%。請問其中有多少是價格上漲帶來的，又有多少是整體業績提升和各個客戶群的附加價值增加所帶來的？您認為從現在開始，FNB還有多少空間可以提高食品飲料的價格？另外，抱歉，問題有點長，請您提醒一下，今年1.5%的同店銷售成長預期是否包含了食品飲料價格上漲的假設？

So in the quarter we took no price on food and beverage, so that performance is purely attachment.

因此，本季我們沒有對食品和飲料進行定價，所以該項業績完全取決於附加價值。

Now as we roll out new products, I wouldn't call it taking price, but if the price will match the quality of the product we roll out. So naturally some items will raise the ticket averages for us, but those assumptions take, do not take price into consideration at all. So any price that we take, we just supplement the assumptions.

現在，當我們推出新產品時，我不會稱之為“接受價格”，而是說如果價格與我們推出的產品的品質相符的話。因此，某些商品自然會提高我們的平均客單價，但這些假設完全沒有考慮價格因素。因此，我們所採用的任何價格，都只是假設的補充。

(technical difficulty) Yeah, sorry, and the last question, kind of -- obviously, with the big start of the year, the major acquisition and then kind of being the real estate purchase as well, how would you frame kind of the focus for the remainder of this year? I mean, obviously, you, I assume you'd be opportunistic if something does come up, give me the run in, but is this still a year of an M&A focus? Is it shifting a bit more towards, organic given what you've done at the start of the year and then how much needs to be invested in those acquisitions that you did at the start of the year they kind of come on board?

（技術故障）是的，抱歉，最後一個問題，很明顯——鑑於今年開局良好，我們進行了重大收購，然後又進行了房地產收購，您會如何安排今年剩餘時間的工作重點？我的意思是，很顯然，我假設如果有什麼機會出現，你會抓住機會，給我一些提示，但今年仍然是併購的重點年份嗎？鑑於年初你們所做的工作，以及年初收購需要投入多少資金，情況是否會變得更加有機？這些收購最終會如何發展？

Yeah, so great question. We, we'll spend $95 million on acquisitions right now. I, you never say never, we'll always be opportunistic right now we're seeing the highest returns internally, whether it's marketing spend, whether it's FNB, whether it's a lot of these specials and bundles we're selling at the front desk, we.

是的，問得好。我們，我們現在將斥資 9,500 萬美元用於收購。我，你永遠不能說絕不，我們總是會抓住機會，現在我們看到了內部最高的回報，無論是行銷支出，還是 FNB，還是我們在前台銷售的許多特價商品和套餐，我們都。

We are very focused on driving free cash flow right now so unless the deal is a home run, I don't think we would do it this year. Also, as you can see we reported, $26 million of CapEx, I think we'll come in below our guidances here for $130 million of CapEx as we really focus on internally your question about acquisitions, the acquisitions we've done in the CapEx that's needed. There's a few million that's needed in North Carolina.

我們現在非常專注於提高自由現金流，所以除非這筆交易非常划算，否則我認為我們今年不會進行。另外，正如你所看到的，我們報告的資本支出為 2600 萬美元，我認為我們最終的資本支出將低於我們此前 1.3 億美元的預期，因為我們內部確實非常專注於你提出的關於收購的問題，以及我們在所需的資本支出中已經完成的收購。北卡羅來納州需要幾百萬美元。

There's a few million that's needed in LA. We have a commitment to spend a certain amount in LA every year. The rest of the acquisitions, we're digesting right now and we kind of want to see, what is the opportunity there. There is some op opportunity and amusement, but that's a few million here and there. So really right now the focus is organic.

洛杉磯需要幾百萬美元。我們承諾每年在洛杉磯消費一定金額。至於其他收購項目，我們目前正在消化，我們想看看其中的機會是什麼。這其中確實有一些機會和樂趣，但也就區區幾百萬美元而已。所以目前真正的重點是有機產品。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在斷開連線。