The earnings call highlighted significant progress in strategic initiatives and financial performance improvements compared to 2019, despite some challenges with comparable store sales declines and a net loss in the third quarter. The positive momentum in remodels, share repurchases, and strategic initiatives outweigh the lowlights.

Company Guidance

During the Dave & Buster's Third Quarter 2023 Earnings Conference Call, the company provided guidance on their financial and strategic initiatives. They reported third-quarter revenue of $467 million and adjusted EBITDA of $82 million, which, although slightly below the previous year, showed significant growth compared to 2019 figures, even after accounting for the acquisition of Main Event. The company highlighted a 390 basis point improvement in adjusted EBITDA margins relative to 2019, almost doubling their previously targeted 200 basis point improvement. They emphasized progress in their six key organic growth initiatives, including marketing optimization, strategic game pricing, enhanced food and beverage offerings, remodels, special events, and technology enablement. Dave & Buster's also reported positive developments in their special events sector, with a 4.8% year-over-year increase in comparable sales and confidence in surpassing 2019 levels in the fourth quarter. They continue to focus on cost efficiency, expansion, and strategic investments, including the planned opening of 16 new stores in fiscal 2023, 15 new locations in 2024, and an accelerated remodel plan aiming for 40 to 45 stores by the end of 2024. Additionally, the company remains committed to achieving a $1 billion adjusted EBITDA target and is confident in the long-term growth and shareholder value creation through these initiatives.

Strong Revenue and EBITDA Growth

Generated revenue of $467 million and adjusted EBITDA of $82 million, both slightly below last year but significantly above 2019 levels.

Expansion of Adjusted EBITDA Margins

Adjusted EBITDA margins increased by 390 basis points compared to 2019, nearly double the previously communicated goal of 200 basis points.

Successful Strategic Initiatives

Key growth initiatives in marketing, pricing, food and beverage, remodels, and special events showing positive results, with plans for broader rollout.

Remodel Program Success

The remodel of the Friendswood store exceeded expectations with a double-digit sales uplift and over 30% sales uplift compared to 2019.

Significant Share Repurchases

Repurchased $100 million worth of shares in the third quarter, totaling 17.5% of shares outstanding year-to-date in 2023.

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Dave & Busters Entertainment (PLAY) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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PLAY Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Sep 14, 2018	2018 (Q2)	- / 0.84	0.71	18.31% (+0.13)	―	―
Dec 11, 2018	2018 (Q3)	- / 0.30	0.29	3.45% (+0.01)	―	―
Apr 02, 2019	2018 (Q4)	- / 0.75	0.61	22.95% (+0.14)	―	―
Jun 11, 2019	2019 (Q1)	- / 1.13	1.04	8.65% (+0.09)	―	―
Sep 10, 2019	2019 (Q2)	- / 0.90	0.84	7.14% (+0.06)	―	―
Dec 10, 2019	2019 (Q3)	- / 0.02	0.3	-93.33% (-0.28)	―	―
Apr 02, 2020	2019 (Q4)	- / 0.80	0.75	6.67% (+0.05)	―	―
Jun 11, 2020	2020 (Q1)	- / -1.37	1.13	-221.24% (-2.50)	―	―
Sep 10, 2020	2020 (Q2)	- / -1.24	0.9	-237.78% (-2.14)	―	―
Dec 10, 2020	2020 (Q3)	- / -1.01	0.02	-5150.00% (-1.03)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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PLAY Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Dec 10, 2024	$36.80	$29.41	-20.08%
Sep 10, 2024	$29.86	$31.25	+4.66%
Jun 12, 2024	$50.35	$44.84	-10.94%
Apr 02, 2024	$61.91	$68.29	+10.31%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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