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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

Current Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):  March 31, 2021 (March 26, 2021)

 

DAVE & BUSTER’S ENTERTAINMENT, INC.

(Exact name of registrant as specified in its charter)

 

Delaware   001-35664   35-2382255

(State of

incorporation)

 

(Commission File
Number)

 

(IRS Employer

Identification Number)

  

2481 Manana Drive

Dallas TX 75220

(Address of principal executive offices)

  

Registrant’s telephone number, including area code: (214) 357-9588

 

Check the appropriate box if the Form 8-K filing is intended to simultaneously satisfy the reporting obligation of the registrant under any of the following provisions:

 

¨

Written communications pursuant to Rule 425 under the Securities Act

¨

Soliciting material pursuant to Rule 14a-12 of the Exchange Act

¨

Pre-commencement communications pursuant to Rule 14d-2(b) Exchange Act

¨

Pre-commencement communications pursuant to Rule 13e-4(c) Exchange Act

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock $0.01 par value   PLAY   NASDAQ Stock Market LLC
Preferred Stock Purchase Rights   PLAY   NASDAQ Stock Market LLC

 

Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

 

Section 2 – Financial Information

 

Item 2.02.Results of Operations and Financial Condition.

 

The information contained in Item 2.02 of this Current Report on Form 8-K, including the Exhibit attached hereto, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. Furthermore, the information contained in Item 2.02 of this Current Report on Form 8-K shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended.

 

On March 31, 2021, Dave & Buster’s Entertainment, Inc. (the “Company”) issued a press release announcing results for the fourth quarter and the year ended January 31, 2021. A copy of this Press Release is attached hereto as Exhibit 99.1.

 

Section 5 – Corporate Governance and Management

 

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

On March 26, 2021, Mr. Stephen M. King notified the Board that he is retiring from the Board at the end of his current term. In connection with his retirement Mr. King will step down as Chair of the Board after the Board’s scheduled meeting on April 15, 2021 and will not be stand for re-election at the 2021 Annual Shareholder Meeting. His decision is not as a result of any disagreement with the Company.

 

On March 29, 2021, Mr. Kevin M. Sheehan, a current, independent director, was elected Chair of the Board by the Board of Directors to succeed Mr. King, beginning April 16, 2021.

 

Item 9.01.Financial Statements and Exhibits

 

(d)       Exhibits.

 

99.1       Press release dated March 31, 2021.

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

  

  DAVE & BUSTER’S ENTERTAINMENT, INC.
     
Date: March 31, 2021 By: /s/ Robert W. Edmund
    Robert W. Edmund
    General Counsel, Secretary and
    Senior Vice President of Human Resources

 

2

 

 

Exhibit 99.1

 

 

 

Dave & Buster’s Reports Fourth Quarter and Full-Year Financial Results;

First Quarter Outlook Highlights Encouraging Business Recovery Trends

 

DALLAS, March 31, 2021 (GLOBE NEWSWIRE) – Dave & Buster's Entertainment, Inc., (NASDAQ:PLAY), ("Dave & Buster's" or "the Company"), an owner and operator of entertainment and dining venues, today announced financial results for its fourth quarter and fiscal year ended January 31, 2021.

 

The Company’s financial results for the reported periods were severely impacted by the effects of the COVID-19 pandemic when compared against results of the comparable periods in 2019. The Company began the fourth quarter with 104 open stores, or approximately 74 percent of its total store base. As of January 31, the Company had 107 open stores. All stores open during the quarter operated under reduced hours and capacity limitations as dictated by each jurisdiction.

 

Key Fourth Quarter 2020 Highlights (all comparisons to fourth quarter 2019)

§Revenues totaled $116.8 million compared with $347.2 million
§Overall comparable store sales declined 70%
§Sales at fully operational comparable stores were 52% of 2019 sales
§Net loss totaled $56.8 million, or $1.19 per share (47.6 million shares), compared with net income of $25.0 million, or $0.80 per diluted share (31.2 million diluted shares)
§EBITDA loss totaled $20.1 million compared with EBITDA of $72.9 million
§Adjusted EBITDA loss totaled $16.0 million compared with adjusted EBITDA of $77.8 million
§Store-level operating income before depreciation and amortization was positive in 71 stores during the quarter and in 85 stores for the month of January
§EBITDA totaled $1.8 million in January 2021
§Ended the quarter with approximately $280 million of liquidity available under the Company’s revolving credit facility, net of a $150 million minimum liquidity covenant and $10 million in letters of credit

 

Key Fiscal Year 2020 Highlights (all comparisons to fiscal year 2019)

§Revenues totaled $436.5 million compared with $1,354.7 million
§Overall comparable store sales declined 70%
§Number of stores increased 2.9% to 140 from 136 (six openings and two closures)
§Net loss totaled $207.0 million, or $4.75 per share (43.5 million shares), vs. net income of $100.3 million, or $2.94 per diluted share (34.1 million diluted shares)
§EBITDA loss totaled $113.8 million compared with EBITDA of $280.5 million
§Adjusted EBITDA loss totaled $81.3 million compared with adjusted EBITDA of $308.2 million

 

Brian Jenkins, Dave & Buster’s Chief Executive Officer, said, “Following a temporary setback due to the COVID resurgence over the holidays, our business recovery regained momentum and, coupled with our disciplined expense management, we achieved enterprise-level EBITDA profitability in January.

 

“During the first eight weeks of the first quarter, sales at our fully operational comp stores achieved 74% of 2019 levels with total sales of approximately $150 million, representing our strongest performance since COVID started. We achieved our second consecutive month of positive enterprise level EBITDA in the month of February, the first full month of fiscal 2021, and expect to generate enterprise-level EBITDA profitability for the first quarter, a significant milestone in our ongoing business recovery.”

 

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Mr. Jenkins concluded, “Our accelerating recovery continues to illustrate the resilience of the Dave & Buster’s brand and validates the plan we implemented to navigate through the challenges of the past year. When our revenues return to 2019 levels, we estimate the operational improvements we've implemented will drive approximately 200 basis points of incremental EBITDA margin over the rate achieved in 2019 -- equating to approximately $30 million in EBITDA improvement -- excluding the impact of cost pressures that may emerge over time.

 

Fourth Quarter 2020 Results

(All comparisons between fourth quarter 2020 and fourth quarter 2019, unless otherwise noted)

 

Total revenues of $116.8 million declined 66.3% from $347.2 million, reflecting a 70% decline in comparable store sales. By month, comparable store sales declined 69% in November, 78% percent in December and 59% in January. Non-comparable store revenue totaled $26.5 million compared with $52.2 million.

 

Operating loss totaled $54.0 million, or (46.3)% of revenues, compared with operating income of $37.6 million, or 10.8% of revenues.

 

Net loss totaled $56.8 million, or $1.19 per share (47.6 million shares) compared with net income of $25.0 million, or $0.80 per diluted share (31.2 million diluted shares).

 

EBITDA loss totaled $20.1 million, or (17.2)% of revenues, compared with EBITDA of $72.9 million, or 21.0% of revenues.

 

Adjusted EBITDA loss totaled $16.0 million, or (13.7)% of revenues, compared with adjusted EBITDA of $77.8 million, or 22.4% of revenues.

 

Store operating loss before depreciation and amortization totaled $6.0 million, or (5.2)% of revenues, compared with store operating income before depreciation and amortization of $96.3 million, or 27.7% of revenues.

 

Fiscal Year 2020 Results

(All comparisons are between fiscal year 2020, which ended January 31, 2021 and fiscal year 2019, which ended February 2, 2020, unless otherwise noted)

 

Total revenues of $436.5 million declined 67.8% from $1,354.7 million, reflecting a 70% decline in comparable store sales. Non-comparable store revenue totaled $81.3 million, compared with $162.5 million.

 

Operating loss totaled $252.6 million, or (57.9)% of revenues, compared with operating income of $148.1 million, or 10.9% of revenues.

 

Net loss totaled $207.0 million, or $4.75 per share (43.5 million shares) compared with net income of $100.3 million, or $2.94 per diluted share (34.1 million diluted shares).

 

EBITDA loss totaled $113.8 million, or (26.1)% of revenues, compared with EBITDA of $280.5 million, or 20.7% of revenues.

 

Adjusted EBITDA loss totaled $81.3 million, or (18.6)% of revenues, compared with adjusted EBITDA of $308.2 million, or 22.8% of revenues.

 

Store operating loss before depreciation and amortization totaled $55.3 million, or (12.7)% of revenues, compared with store operating income before depreciation and amortization of $369.0 million, or 27.2% of revenues.

 

 2 

 

 

 

The Company opened 6 new locations and closed 2 existing locations in fiscal 2020, representing net unit growth of 2.9%.

 

Balance Sheet, Liquidity, Cash Flow and Capital Allocation

 

The Company ended the fourth quarter with approximately $12 million in cash and equivalents and $280 million in available capacity under its revolving credit facility, net of its $150 million minimum liquidity covenant and $10 million in letters of credit. Long-term debt totaled $610 million, consisting of $550 million in recently issued senior secured notes and $60 million outstanding under the revolving credit agreement. The Company believes it has sufficient liquidity to satisfy its obligations over the next twelve-month period.

 

First Quarter 2021 Business Update and Outlook

 

The Company’s business recovery has continued to accelerate during the first quarter. The recent moderation of COVID-19 cases has prompted many local jurisdictions to ease certain operating restrictions, resulting in improved results in open stores and enabling the Company to partially re-open additional stores.

 

Through the first eight weeks of the first quarter:

·Preliminary sales totaled approximately $150 million
·Overall comparable store sales were -47% compared to 2019 (comparable store sales for 2021 will continue to be calculated against 2019 results to provide a more meaningful comparison vs. the COVID-affected 2020 results)
·Sales at fully operational comparable stores achieved 74% of 2019 sales levels
·In February, 85 stores, or 80% of those reopened, generated positive store-level operating income before depreciation and amortization
·During March, the Company’s 11 New York stores resumed limited-capacity dine-in and arcade operations and 7 of its 16 California stores resumed limited-capacity dine-in operations, with 8 more expected to reopen by April 5
·As of March 28, 2021, the Company had approximately $309 million of availability under its revolving credit agreement, net of a $150 million minimum liquidity covenant and $10 million in letters of credit

 

Based on these preliminary results, historical seasonal patterns, and barring renewed operating restrictions or store reclosures during April due to a COVID resurgence, the Company currently expects the following:

·Revenues in the range of $210 million to $220 million in the first quarter;
·Positive enterprise-level EBITDA in the first quarter;
·Four new store openings and the relocation of one existing location during fiscal year 2021; and
·Capital additions of approximately $65 to $70 million in fiscal 2021

 

Board Leadership Transition

 

The Company also announced that Board Chair Stephen King has notified the Company’s Board of Directors that he is retiring from the Board after completing his current Board term. In connection with his retirement, Mr. King will step down as Chair following the Board’s scheduled meeting on April 15, 2021 and will not stand for re-election to the Board at the Annual Meeting of Shareholders on June 17, 2021. The Board has elected current board member Kevin Sheehan to serve as Chair beginning April 16, 2021.

 

Mr. King has served as Chair since June 2017. He served as the Company’s Chief Executive Officer from September 2006 until August 2018 after joining the Company as Senior Vice President and Chief Financial Officer in March 2006. During his total of 15 years of service to the Company, it grew from 48 stores in 20 states and just over $500 million in annual revenues to 141 stores in 40 states, Puerto Rico and Canada and $1.35 billion in annual revenues in 2019.

 

“With the Company’s stable financial footing and improving performance, this is an optimal time to transition leadership on our Board to Kevin,” said Mr. King, “I am proud of the Company’s many accomplishments over the past 15 years, and particularly proud of the teamwork, leadership and perseverance the Company has shown through the pandemic.”

 

3

 

 

“Steve’s vision and leadership have been instrumental in establishing Dave & Buster’s unique position in the North American dining and entertainment industry over the past 15 years,” said Brian Jenkins, Chief Executive Officer. “He built a culture of teamwork, innovation and fun that attracts guests of all ages and leaves a legacy that will continue to guide us for years to come.”

 

Incoming Chair Kevin Sheehan has served on the Company’s Board of Directors since October 2011. He served as President and Chief Executive Officer of Scientific Games Corporation from August 2016 until June 2018 and in multiple senior management positions with Norwegian Cruise Lines, including President, Chief Executive Officer, and Chief Financial Officer, at various times between November 2007 until January 2015.

 

More complete biographical information on Mr. King and Mr. Sheehan can be found in the Investor Relations section of www.daveandbusters.com.

 

Annual Report on Form 10-K Available

 

The Company’s Annual Report on Form 10-K, available at www.sec.gov and at the Company’s investor relations website, contains a thorough review of its financial results for the fourth quarter and fiscal year ended January 31, 2021.

 

Investor Conference Call and Webcast

 

Management will hold a conference call today at 4:00 p.m. Central Time (5:00 p.m. Eastern Time). The conference call can be accessed over the phone by dialing (720) 543-0206 or toll-free (800) 458-4121. A replay will be available after the call for one year beginning at 7:00 p.m. Central Time (8:00 p.m. Eastern Time) and can be accessed by dialing (412) 317-6671 or toll-free (844) 512-2921; passcode 8581839.

 

Additionally, a live and archived webcast of the conference call will be available under the Investor Relations section at www.daveandbusters.com.

 

About Dave & Buster’s Entertainment, Inc.

 

Founded in 1982 and headquartered in Dallas, Texas, Dave & Buster's Entertainment, Inc., is the owner and operator of 141 venues in North America that combine entertainment and dining and offer customers the opportunity to "Eat Drink Play and Watch," all in one location. Dave & Buster's offers a full menu of entrées and appetizers, a complete selection of alcoholic and non-alcoholic beverages, and an extensive assortment of entertainment attractions centered around playing games and watching live sports and other televised events. Dave & Buster's currently has stores in 40 states, Puerto Rico, and Canada.

 

Forward-Looking Statements

 

The Company cautions that this release contains forward-looking statements, including, without limitation, statements relating to the impact on our business and operations of the global spread of the novel coronavirus outbreak. These forward-looking statements involve risks and uncertainties and, consequently, could be affected by the uncertain and unprecedented impact of the coronavirus on our business and operations and the related impact on our liquidity needs; our ability to satisfy covenant requirements under our revolving credit facility; the duration of government-mandated and voluntary shutdowns; the speed with which our stores safely can be reopened and the level of customer demand following reopening; the economic impact of the coronavirus and related disruptions on the communities we serve; our overall level of indebtedness; general business and economic conditions, including as a result of the coronavirus; the impact of competition; the seasonality of the Company's business; adverse weather conditions; future commodity prices; guest and employee complaints and litigation; fuel and utility costs; labor costs and availability; changes in consumer and corporate spending, including as a result of the coronavirus; changes in demographic trends; changes in governmental regulations; unfavorable publicity, our ability to open new stores, and acts of God. Accordingly, actual results may differ materially from the forward-looking statements, and the Company therefore cautions you against relying on such forward-looking statements. Dave & Buster's intends these forward-looking statements to speak only as of the time of this release and does not undertake to update or revise them as more appropriate information becomes available, except as required by law.

 

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*Non-GAAP Measures

 

To supplement its consolidated financial statements, which are prepared and presented in accordance with GAAP, the Company uses the following non-GAAP financial measures: EBITDA, EBITDA margin, Adjusted EBITDA, Adjusted EBITDA margin, Store operating income before depreciation and amortization, and store operating income before depreciation and amortization margin (collectively the "non-GAAP financial measures"). The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The Company uses these non-GAAP financial measures for financial and operational decision making and as a means to evaluate period-to-period comparisons. The Company believes that they provide useful information about operating results, enhance the overall understanding of our operating performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making. The non-GAAP measures used by the Company in this press release may be different from the measures used by other companies.

(Financial Tables Follow)

 

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DAVE & BUSTER'S ENTERTAINMENT, INC.

Condensed Consolidated Balance Sheets

(in thousands)

 

   January 31, 2021   February 2, 2020 
   (audited)   (audited) 
ASSETS          
Current assets:          
           
Cash and cash equivalents  $11,891   $24,655 
Other current assets   106,980    54,322 
           
Total current assets   118,871    78,977 
           
Property and equipment, net   815,027    900,637 
           
Operating lease right of use assets   1,037,569    1,011,568 
           
Intangible and other assets, net   381,357    378,957 
           
Total assets  $2,352,824   $2,370,139 
           
           
LIABILITIES AND STOCKHOLDERS' EQUITY          
           
Total current liabilities  $271,636   $290,865 
           
Operating lease liabilities   1,267,791    1,222,054 
           
Other long-term liabilities   63,777    54,881 
           
Long-term debt, net   596,388    632,689 
           
Stockholders' equity   153,232    169,650 
           
Total liabilities and stockholders' equity  $2,352,824   $2,370,139 

 

6

 

 

DAVE & BUSTER'S ENTERTAINMENT, INC.

Consolidated Statements of Operations (Unaudited)

(in thousands, except share and per share amounts)

 

   13 Weeks Ended   13 Weeks Ended 
   January 31, 2021   February 2, 2020 
Food and beverage revenues  $40,233    34.4%  $152,797    44.0%
Amusement and other revenues   76,588    65.6%   194,361    56.0%
Total revenues   116,821    100.0%   347,158    100.0%
                     
Cost of food and beverage (as a percentage of food and beverage revenues)   12,540    31.2%   39,124    25.6%
Cost of amusement and other (as a percentage of amusement and other revenues)   7,701    10.1%   20,659    10.6%
Total cost of products   20,241    17.3%   59,783    17.2%
Operating payroll and benefits   32,278    27.6%   83,005    23.9%
Other store operating expenses   70,327    60.3%   108,097    31.2%
General and administrative expenses   11,628    10.0%   20,422    5.9%
Depreciation and amortization expense   33,893    29.0%   35,234    10.1%
Pre-opening costs   2,495    2.1%   3,001    0.9%
Total operating costs   170,862    146.3%   309,542    89.2%
                     
Operating income (loss)   (54,041)   -46.3%   37,616    10.8%
                     
Interest expense, net   14,399    12.3%   6,166    1.7%
Loss on debt refinance   -    0.0%   -    0.0%
                     
Income (loss) before provision (benefit) for income taxes   (68,440)   -58.6%   31,450    9.1%
Provision (benefit) for income taxes   (11,655)   -10.0%   6,468    1.9%
Net income (loss)    $(56,785)   -48.6%  $24,982    7.2%
                     
Net income (loss) per share:                    
Basic  $(1.19)       $0.82      
Diluted  $(1.19)       $0.80      
Weighted average shares used in per share calculations:                    
Basic shares   47,644,062         30,584,360      
Diluted shares   47,644,062         31,158,919      
                     
Other information:                    
Company-owned stores open at end of period   140         136      
Store operating weeks in the period   1,240         1,757      

 

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The following table sets forth a reconciliation of net income to EBITDA and Adjusted EBITDA for the periods shown:

 

   13 Weeks Ended   13 Weeks Ended 
   January 31, 2021   February 2, 2020 
Net income (loss)    $(56,785)   -48.6%  $24,982    7.2%
Add back:  Interest expense, net   14,399         6,166      
Loss on debt refinance   -         -      
Provision (benefit) for income taxes   (11,655)        6,468      
Depreciation and amortization expense   33,893         35,234      
EBITDA   (20,148)   -17.2%   72,850    21.0%
Add back:  Loss on asset disposal   36         529      
Impairment of long-lived assets and lease termination costs   -         -      
Share-based compensation   1,641         1,378      
Pre-opening costs   2,495         3,001      
Other costs   (69)        8      
Adjusted EBITDA  $(16,045)   -13.7%  $77,766    22.4%

 

The following table sets forth a reconciliation of operating income to store operating income before depreciation and amortization for the periods shown:

 

   13 Weeks Ended   13 Weeks Ended 
   January 31, 2021   February 2, 2020 
Operating income (loss)  $(54,041)   -46.3%  $37,616    10.8%
Add back:  General and administrative expenses   11,628         20,422      
Depreciation and amortization expense   33,893         35,234      
Pre-opening costs   2,495         3,001      
Store operating income (loss) before depreciation and amortization  $(6,025)   -5.2%  $96,273    27.7%

 

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DAVE & BUSTER'S ENTERTAINMENT, INC.

Consolidated Statements of Operations (Audited)

(in thousands, except share and per share amounts)

 

   52 Weeks Ended   52 Weeks Ended 
   January 31, 2021   February 2, 2020 
Food and beverage revenues  $159,501    36.5%  $563,576    41.6%
Amusement and other revenues   277,011    63.5%   791,115    58.4%
Total revenues   436,512    100.0%   1,354,691    100.0%
                     
Cost of food and beverage (as a percentage of food and beverage revenues)   45,207    28.3%   148,196    26.3%
Cost of amusement and other (as a percentage of amusement and other revenues)   29,698    10.7%   85,115    10.8%
Total cost of products   74,905    17.2%   233,311    17.2%
Operating payroll and benefits   117,475    26.9%   322,970    23.8%
Other store operating expenses   299,464    68.6%   429,431    31.8%
General and administrative expenses   47,215    10.8%   69,469    5.1%
Depreciation and amortization expense   138,789    31.8%   132,460    9.8%
Pre-opening costs   11,276    2.6%   18,971    1.4%
Total operating costs   689,124    157.9%   1,206,612    89.1%
                     
Operating income (loss)   (252,612)   -57.9%   148,079    10.9%
                     
Interest expense, net   36,890    8.4%   20,937    1.5%
Loss on debt refinance   904    0.2%   -    0.0%
                     
Income (loss) before provision (benefit) for income taxes   (290,406)   -66.5%   127,142    9.4%
Provision (benefit) for income taxes   (83,432)   -19.1%   26,879    2.0%
Net income (loss)    $(206,974)   -47.4%  $100,263    7.4%
                     
Net income (loss) per share:                    
Basic  $(4.75)       $3.00      
Diluted  $(4.75)       $2.94      
Weighted average shares used in per share calculations:                    
Basic shares   43,549,887         33,450,217      
Diluted shares   43,549,887         34,099,378      
                     
Other information:                    
Company-owned stores open at end of period   140         136      
Store operating weeks in the period   3,922         6,769      

 

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The following table sets forth a reconciliation of net income to EBITDA and Adjusted EBITDA for the periods shown:

 

    52 Weeks Ended     52 Weeks Ended  
    January 31, 2021     February 2, 2020  
Net income (loss)     $ (206,974 )     -47.4 %   $ 100,263       7.4 %
Add back:  Interest expense, net     36,890               20,937          
Loss on debt refinance     904               -          
Provision (benefit) for income taxes     (83,432 )             26,879          
Depreciation and amortization expense     138,789               132,460          
EBITDA     (113,823 )     -26.1 %     280,539       20.7 %
Add back:  Loss on asset disposal     577               1,813          
Impairment of long-lived assets and lease termination costs     13,727               -          
Share-based compensation     6,985               6,857          
Pre-opening costs     11,276               18,971          
Other costs     (15 )             42          
Adjusted EBITDA   $ (81,273 )     -18.6 %   $ 308,222       22.8 %

 

The following table sets forth a reconciliation of operating income to store operating income before depreciation and amortization for the periods shown:

 

    52 Weeks Ended     52 Weeks Ended  
    January 31, 2021     February 2, 2020  
Operating income (loss)   $ (252,612 )     -57.9 %   $ 148,079       10.9 %
Add back:  General and administrative expenses     47,215               69,469          
Depreciation and amortization expense     138,789               132,460          
Pre-opening costs     11,276               18,971          
Store operating income (loss) before depreciation and amortization   $ (55,332 )     -12.7 %   $ 368,979       27.2 %

 

For Investor Relations Inquiries:

 

Scott Bowman, CFO

Dave & Buster’s Entertainment, Inc.

972.813.1151

scott.bowman@daveandbusters.com

 

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