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Lucky Strike Entertainment Corporation Class A (LUCK-2.17%) has submitted its 10-Q filing for the quarterly period ended December 29, 2024.
The filing reports total revenues of $300,074,000 for the quarter, a decrease of 2% from $305,671,000 in the same quarter of the previous year. This decline is attributed to a reduction in group events business and an unfavorable calendar shift.
Location operating costs increased by 5% to $82,694,000, driven by location count growth from acquisitions and lease agreements. However, location payroll and benefit costs decreased by 9% to $70,876,000 due to staffing optimization initiatives.
Net income for the quarter was $28,307,000, compared to a net loss of $63,469,000 in the previous year. The improvement is largely due to a decrease in the fair value of the earnout liability.
For the six months ended December 29, 2024, total revenues increased by 5% to $560,269,000. This growth was primarily driven by newly acquired or leased locations.
The company reported a net income of $51,402,000 for the six-month period, compared to a net loss of $45,250,000 in the same period of the previous year.
Lucky Strike Entertainment increased its term loan by $150,000 and completed acquisitions of Boomers Parks and Spectrum Entertainment Complex during the reporting period.
The filing also details the company's focus on expanding its location-based entertainment offerings and enhancing its financial position through acquisitions and strategic initiatives.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Lucky Strike Entertainment Corporation Class A quarterly 10-Q report dated February 5, 2025. To report an error, please email earnings@qz.com.