Lucky Strike Entertainment (LUCK) Q4 2024 earnings summary

Executive summary

• Q4 same-store sales grew 6.9% year-over-year, with total revenue up 20.2% to $283.9M and positive comps each month; Adjusted EBITDA rose 29% to $83.4M.

• Season pass sales reached $11M, driving increased traffic and guest spend; Raging Waves waterpark acquisition contributed $4M in June and saw double-digit revenue and attendance growth.

• Added 25 locations in FY24, including 22 acquisitions and 3 new builds; total locations now 352 plus Raging Waves.

• Record season with double-digit revenue growth over last summer.

Financial highlights

• FY24 total reported revenue was $1,149M, up 9.1% from $1,059M in FY23; Q4 revenue (ex service fee) was $283M.

• Adjusted EBITDA for FY24 was $361.5M (31.3% margin); Q4 Adjusted EBITDA margin was 29.4%.

• Q4 same-store revenue increased 6.9% to $242.5M.

• Cash and cash equivalents at year-end were $67M; net debt at $1.09B; liquidity at $386M.

• Operating cash flow for FY24 was $154.8M.

Outlook and guidance

• FY25 guidance: total revenue growth of mid-single digits to 10%+, reaching $1.22B–$1.28B; low to mid single-digit positive same-store sales comp.

• Adjusted EBITDA margin projected at 32%-34%, or $390M–$430M.

• No pricing increases assumed; growth to be driven by traffic and higher per-guest spend.

• FY25 CapEx planned at $154M, down from $193M in FY24.