0001628280-23-009540 | 10-K | XBRL Viewer | Dave Busters Entertainment INC

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Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Jan. 29, 2023	Mar. 17, 2023	Jul. 31, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jan. 29, 2023
Current Fiscal Year End Date	--01-29
Document Transition Report	false
Entity File Number	001-35664
Entity Registrant Name	Dave & Buster’s Entertainment, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	35-2382255
Entity Address, Address Line One	1221 Beltline Rd
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Coppell
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75019
City Area Code	214
Local Phone Number	357-9588
Security12bTitle	Common Stock $0.01 par value
Trading Symbol	PLAY
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1.8
Entity Common Stock, Shares Outstanding		48,412,664
Documents Incorporated by Reference	Portions of the definitive Proxy Statement for the registrant’s 2023 Annual Meeting of Shareholders have been incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0001525769
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information	12 Months Ended
Audit Information	Jan. 29, 2023
Audit Information [Abstract]
Auditor Firm ID	185
Auditor Location	Dallas, Texas
Auditor Name	KPMG LLP

Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 29, 2023	Jan. 30, 2022
Current assets:
Cash and cash equivalents	$ 181,591	$ 25,910
Inventories	45,421	40,319
Prepaid expenses	19,469	11,316
Income taxes receivable	25,526	64,921
Other current assets	21,700	3,105
Total current assets	293,707	145,571
Property and equipment (net of $1,043,732 and $908,536 accumulated depreciation as of January 29, 2023 and January 30, 2022, respectively)	1,180,231	778,597
Operating lease right of use assets, net	1,333,596	1,037,197
Deferred tax assets	526	9,961
Tradenames	178,200	79,000
Goodwill	744,480	272,597
Other assets and deferred charges	30,253	22,867
Total assets	3,760,993	2,345,790
Current liabilities:
Current installments of long-term debt	8,500	0
Accounts payable	84,696	62,493
Accrued liabilities	342,892	248,493
Income taxes payable	1,949	529
Total current liabilities	438,037	311,515
Deferred income taxes	66,246	12,012
Operating lease liabilities	1,567,794	1,277,539
Other liabilities	55,670	37,869
Long-term debt, net	1,222,711	431,395
Commitments and contingencies (Note 12)
Stockholders’ equity:
Common stock, par value $0.01; authorized: 400,000,000 shares; issued: 62,422,441 shares at January 29, 2023 and 61,563,613 shares at January 30, 2022; outstanding: 48,410,234 shares at January 29, 2023 and 48,489,935 shares at January 30, 2022	624	616
Preferred stock, 50,000,000 authorized; none issued	0	0
Paid-in capital	577,481	548,776
Treasury stock, 14,012,207 and 13,073,678 shares as of January 29, 2023 and January 30, 2022, respectively	(638,976)	(605,435)
Accumulated other comprehensive loss	(860)	(3,628)
Retained earnings	472,266	335,131
Total stockholders’ equity	410,535	275,460
Total liabilities and stockholders’ equity	$ 3,760,993	$ 2,345,790

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jan. 29, 2023	Jan. 30, 2022
Statement of Financial Position [Abstract]
Property and equipment, accumulated depreciation	$ 1,043,732	$ 908,536
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	62,422,441	61,563,613
Common stock, shares outstanding (in shares)	48,410,234	48,489,935
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Treasury stock, common, shares (in shares)	14,012,207	13,073,678

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Jan. 29, 2023	Jan. 30, 2022	Jan. 31, 2021
Total revenues	$ 1,964,427	$ 1,304,056	$ 436,512
Total cost of products	308,864	204,971	74,905
Operating payroll and benefits	470,729	287,263	117,475
Other store operating expenses	600,568	402,661	299,464
General and administrative expenses	137,837	75,501	47,215
Depreciation and amortization expense	169,302	138,329	138,789
Pre-opening costs	14,619	8,150	11,276
Total operating costs	1,701,919	1,116,875	689,124
Operating income (loss)	262,508	187,181	(252,612)
Interest expense, net	87,363	53,910	36,890
Loss on debt extinguishment / refinance	1,479	5,617	904
Income (loss) before provision (benefit) for income taxes	173,666	127,654	(290,406)
Provision (benefit) for income taxes	36,531	19,014	(83,432)
Net income (loss)	137,135	108,640	(206,974)
Unrealized foreign currency translation gain (loss)	(251)	(28)	119
Unrealized gain (loss) on derivatives, net of tax	3,019	5,485	(835)
Total other comprehensive gain (loss)	2,768	5,457	(716)
Total comprehensive income (loss)	$ 139,903	$ 114,097	$ (207,690)
Net income (loss) per share:
Net income (loss) per share, basic (in shares)	$ 2.83	$ 2.26	$ (4.75)
Net income (loss) per share, diluted (in shares)	$ 2.79	$ 2.21	$ (4.75)
Weighted average shares used in per share calculations:
Weighted average shares used in per share calculations, basic (in shares)	48,498,053	48,142,090	43,549,887
Weighted average shares used in per share calculations, diluted (in shares)	49,176,977	49,263,720	43,549,887
Amusement and Other Revenues
Total revenues	$ 1,286,094	$ 867,419	$ 277,011
Cost of amusement and other	115,122	85,848	29,698
Food and Beverage
Total revenues	678,333	436,637	159,501
Cost of food and beverage	$ 193,742	$ 119,123	$ 45,207

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Paid-In Capital	Treasury Stock At Cost	Accumulated Other Comprehensive Income (loss)	Retained Earnings
Beginning balance (in shares) at Feb. 02, 2020		43,386,852		12,783,512
Beginning balance at Feb. 02, 2020	$ 169,650	$ 434	$ 339,161	$ (595,041)	$ (8,369)	$ 433,465
Net income (loss)	(206,974)					(206,974)
Unrealized foreign currency translation loss	119				119
Unrealized loss on derivatives, net of tax	(835)				(835)
Share-based compensation	6,985		6,985
Issuance of common stock ( in shares)		17,101,981
Issuance of common stock	185,216	$ 171	185,045
Repurchase of common stock (in shares)				58,715
Repurchase of common stock	(929)			$ (929)
Ending balance (in shares) at Jan. 31, 2021		60,488,833		12,842,227
Ending balance at Jan. 31, 2021	153,232	$ 605	531,191	$ (595,970)	(9,085)	226,491
Net income (loss)	108,640					108,640
Unrealized foreign currency translation loss	(28)				(28)
Unrealized loss on derivatives, net of tax	5,485				5,485
Share-based compensation	12,472		12,472
Issuance of common stock ( in shares)		1,074,780
Issuance of common stock	5,124	$ 11	5,113
Repurchase of common stock (in shares)				231,451
Repurchase of common stock	(9,465)			$ (9,465)
Ending balance (in shares) at Jan. 30, 2022		61,563,613		13,073,678
Ending balance at Jan. 30, 2022	275,460	$ 616	548,776	$ (605,435)	(3,628)	335,131
Net income (loss)	137,135					137,135
Unrealized foreign currency translation loss	(251)				(251)
Unrealized loss on derivatives, net of tax	3,019				3,019
Share-based compensation	19,994		19,994
Issuance of common stock ( in shares)		858,828
Issuance of common stock	8,719	$ 8	8,711
Repurchase of common stock (in shares)				938,529
Repurchase of common stock	(33,541)			$ (33,541)
Ending balance (in shares) at Jan. 29, 2023		62,422,441		14,012,207
Ending balance at Jan. 29, 2023	$ 410,535	$ 624	$ 577,481	$ (638,976)	$ (860)	$ 472,266

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jan. 29, 2023	Jan. 30, 2022	Jan. 31, 2021
Operating activities:
Net income (loss)	$ 137,135	$ 108,640	$ (206,974)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization expense	169,302	138,329	138,789
Non-cash interest expense	8,456	7,547	5,974
Impairment of long-lived assets	1,841	912	12,248
Deferred income taxes	27,630	(7,795)	(3,365)
Loss on debt extinguishment / refinance	1,479	5,617	904
Loss on disposal of fixed assets	769	1,392	577
Share-based compensation	19,994	12,472	6,985
Other, net	4,703	4,201	2,033
Changes in assets and liabilities, net of assets and liabilities acquired:
Inventories	(176)	(16,512)	10,670
Prepaid expenses	(5,523)	562	2,993
Income tax receivable	39,395	5,143	(67,733)
Other current assets	(9,331)	(1,874)	2,014
Other assets and deferred charges	259	(63)	484
Accounts payable	1,203	14,286	(9,576)
Accrued liabilities	42,190	20,223	56,757
Income taxes payable	782	83	(2,608)
Other liabilities	4,360	(10,035)	604
Net cash provided by (used in) operating activities	444,468	283,128	(49,224)
Investing activities:
Capital expenditures	(234,224)	(92,197)	(83,016)
Acquisition of a business, net of cash acquired	(818,666)	0	0
Proceeds from insurance	0	0	595
Proceeds from sales of property and equipment	1,297	729	461
Financing activities:	(1,051,593)	(91,468)	(81,960)
Financing activities:
Proceeds from debt	821,500	83,000	732,000
Payments of debt	(16,125)	(253,000)	(770,250)
Debt issuance costs and prepayment premiums	(17,748)	(3,300)	(20,209)
Net proceeds from the issuance of common stock	0	0	182,207
Repurchase of common stock under share repurchase program	(25,015)	0	0
Repurchases of common stock to satisfy employee withholding tax obligations	(8,525)	(9,465)	(929)
Dividends paid	0	0	(4,891)
Proceeds from the exercise of stock options	8,719	5,124	492
Net cash provided by (used in) financing activities	762,806	(177,641)	118,420
Increase (decrease) in cash and cash equivalents	155,681	14,019	(12,764)
Beginning cash and cash equivalents	25,910	11,891	24,655
Ending cash and cash equivalents	181,591	25,910	11,891
Supplemental disclosures of cash flow information:
Increase (decrease) for capital expenditures in accounts payable	882	11,807	(19,383)
Cash paid (received) for income taxes, net	(30,442)	21,549	(9,352)
Cash paid for interest, net	$ 68,656	$ 44,545	$ 17,916

Description of the Business and Summary of Significant Accounting Policies

12 Months Ended

Jan. 29, 2023

Accounting Policies [Abstract]

Description of the Business and Summary of Significant Accounting Policies

Description of the business — Dave & Buster’s Entertainment, Inc. (“D&B Entertainment”) is a Delaware corporation formed in June 2010. References to the “Company”, “we”, “us”, and “our” refers to D&B Entertainment, any predecessor companies, and its wholly-owned subsidiaries, Dave & Buster’s Holdings, Inc. (“D&B Holdings”), a holding company which owns 100% of the outstanding common stock of Dave & Buster’s, Inc. (“D&B Inc”), the operating company. The Company, headquartered in Coppell, Texas, is a leading operator of high-volume entertainment and dining venues (“stores”) in North America for adults and families.

The Company operates its business as two operating segments based on its major brands, Dave & Buster's and Main Event. The Company has one reportable segment as both brands provide similar products and services to a similar customer base, are managed together by a single management team and share similar economic characteristics.

On June 29, 2022 (the “Closing Date”), the Company completed its previously announced acquisition of 100% of the equity interests of Ardent Leisure US Holding Inc. (“Ardent US”), pursuant to that certain Agreement and Plan of Merger (the “Merger Agreement”), dated April 6, 2022, by and among the Company, Ardent US, Delta Bravo Merger Sub, Inc, the Company’s wholly-owned subsidiary formed for the purpose of completing the transactions set forth in the Merger Agreement, for the limited purposes set forth therein, Ardent Leisure Group Limited (“Ardent”), and, for the limited purposes set forth therein, RB ME LP (“RedBird”) and RB ME Blocker, LLC, REB ME Series 2019 Investor Aggregator LP and RedBird Series 2019 GP Co-Invest, LP. Refer to Note 2, Business Combinations, for further discussion of the Main Event Acquisition.

During fiscal 2022, we acquired 52 stores as a result of the Main Event Acquisition and opened eight additional stores. During fiscal 2021, we opened five new stores, including one store in Cary, North Carolina that was closed and relocated during the fourth quarter. At January 29, 2023, we owned and operated 204 stores located in 42 states, Puerto Rico and one Canadian province.

The Company’s two stores located in the Canadian province of Ontario generated revenues of approximately $24,122, $6,858, and $2,896 in fiscal 2022, 2021 and 2020, respectively. At January 29, 2023, less than 1% of our long-lived assets were located outside of the United States.

Principles of consolidation — The accompanying consolidated financial statements include the accounts of D&B Entertainment and its wholly owned subsidiaries and have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). The results of acquired subsidiaries are included in the consolidated financial statements from their dates of acquisition. All intercompany accounts and transactions have been eliminated in consolidation.

Fiscal year — The Company’s fiscal year consists of 52 or 53 weeks ending on the Sunday after the Saturday closest to January 30. Fiscal years 2022, 2021 and 2020, which ended on January 29, 2023, January 30, 2022, and January 31, 2021, respectively, each contained 52 weeks. Each quarterly period has 13 weeks, except in a 53-week year when the fourth quarter has 14 weeks.

Use of estimates — The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosure of contingent assets and liabilities at the date of the consolidated financial statements and for the period then ended. Actual results could differ from those estimates.

Cash and cash equivalents — We consider transaction settlements in process from credit card companies and all highly-liquid investments with original maturities of three months or less to be cash equivalents. Our cash management system provides for the daily funding of all major bank disbursement accounts as checks are presented for payment. Under this system, outstanding checks in excess of the cash balances at certain banks create book overdrafts. Book overdrafts of $16,673 were presented in “Accounts payable” in the Consolidated Balance Sheet as of January 30, 2022. There were no such overdrafts as of January 29, 2023. Changes in the book overdraft position are presented within “Net cash provided by operating activities” within the Consolidated Statements of Cash Flows. At the end of fiscal 2022 and fiscal 2021, the Company had no restricted cash.

Cash and cash equivalents are maintained with multiple financial institutions. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions with reputable credit and therefore bear minimal

credit risk. The Company maintains cash and cash equivalent balances that exceed federally insured limits with a number of financial institutions.

Inventories — Inventories consist of food, beverages, amusement merchandise and other supplies and are stated at the lower of cost (first-in, first-out method) or net realizable value. We record inventory reserves for obsolete and slow-moving inventory. See Note 3 for a summary of inventory balances.

Cloud-based computing arrangements — The Company defers application development stage costs for cloud-based computing arrangements and amortizes those costs over the related license subscription term. The unamortized cost is included in “Prepaid expenses” in the Consolidated Balance Sheets.

Long-lived assets — Property and equipment are carried at cost less accumulated depreciation. Depreciation is computed on the straight-line method. Estimated depreciable lives for the categories of property and equipment follows:


			Estimated Depreciable Lives (In Years)
Building and building improvements (1)			5-40
Leasehold improvements (1)			5-20
Furniture, fixtures and equipment			3-10
Games			3-20

(1) Buildings and building improvements and leasehold improvements related to leased properties are depreciated over the lesser of the lease term, inclusive of reasonably certain renewal periods, or the useful life of the asset.

Expenditures that extend the life, increase capacity of or improve the safety or the efficiency of the property and equipment are capitalized, whereas costs incurred to maintain the appearance and functionality of such assets are charged to repair and maintenance expense. Application development stage costs for internally developed software projects are capitalized and amortized as part of furniture, fixtures, and equipment. Interest cost on funds used during the acquisition period of significant capital assets are capitalized as part of the asset and depreciated. Gains and losses related to store property and equipment disposals are recorded in “Other store operating expenses” in the Consolidated Statements of Comprehensive Income (Loss).

We assess the potential impairment of our long-lived assets related to each store to be held and used in business, including property and equipment and right-of-use (“ROU”) assets, on an annual basis or whenever events or changes in circumstances indicate that the carrying values of these assets may not be recoverable. In determining the recoverability of the asset value, an analysis is performed at the individual store level, since this is the lowest level of identifiable cash flows and primarily includes an assessment of historical cash flows and other relevant factors and circumstances, including the maturity of the store, changes in the economic environment, unfavorable changes in legal factors or business climate and future operating plans. The more significant inputs used in determining our estimate of the projected undiscounted cash flows included future revenue growth and projected margins as well as the estimate of the remaining useful life of the assets. If the carrying amount is not recoverable, we record an impairment charge equal to the excess of the carrying amount over the fair value, which is estimated based on discounted projected future operating cash flows of the store over the remaining service life using a risk adjusted discount rate that is commensurate with the inherent risk.

During fiscal 2022, the Company recorded an impairment charge for its ROU assets of $1,841 related to the abandonment of Main Event's former corporate office lease subsequent to the Main Event Acquisition and prior to the end of the respective lease agreement. During fiscal 2021, the Company recorded an impairment charge for its long-lived assets, including ROU assets, of $912, related to the abandonment of its former corporate office and adjacent warehouse lease prior to the end of the respective lease agreement. During fiscal 2020, the Company recorded an impairment charge for its long-lived assets, including ROU assets, of $6,746, primarily driven by the expected impact of the COVID-19 pandemic on future cash flows of specific stores. The Company also recorded an impairment loss and related contract termination costs of $6,981 related to potential new store projects that were in the early stage of development at that same time.

When evaluating goodwill and tradenames for impairment, the Company first performs a qualitative assessment to determine whether it is more likely than not that its reporting unit or tradenames are impaired. For fiscal years 2022, 2021 and 2020, there was no impairment to our goodwill or tradenames.

Other assets and deferred charges, net — Other assets and deferred charges, net consist primarily of intangible assets related to transferable liquor licenses and intellectual property licenses associated with some of our proprietary amusement offerings, and assets related to various deposits, the employee deferred compensation plan, and unamortized debt issuance costs on the revolving portion of our credit facility.

The balance of transferable liquor licenses was $6,268 and $5,162 at the end of fiscal 2022 and fiscal 2021, respectively. The costs of purchasing transferable liquor licenses through open markets in jurisdictions with a limited number of authorized liquor licenses are capitalized as indefinite-lived intangible assets and are tested for impairment annually by comparing the estimated fair value of each asset with their carrying amount.

The Company capitalizes certain costs incurred in connection with borrowings or establishment of credit facilities, and these costs are amortized as interest expense over the life of the borrowing or life of the related debt facility. Debt issuance costs on the revolving portion of our credit facility were $6,224 and $3,971 at the end of fiscal 2022 and fiscal 2021, respectively, and are recorded in "Other assets and deferred charges" on the Consolidated Balance Sheets. Debt issuance costs on the term loan and senior secured notes are reported as a direct reduction from "Long-term debt, net" on the Consolidated Balance Sheets.

Fair value of financial instruments — Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. In determining fair value, the accounting standards establish a three-level hierarchy for inputs used in measuring fair value as follows: Level One inputs are quoted prices available for identical assets or liabilities in active markets; Level Two inputs are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; and Level Three inputs are unobservable and reflect management’s own assumptions.

The carrying amounts of cash and cash equivalents, accounts and notes receivable, accounts payable and other current liabilities approximate fair value because of their short-term nature. The fair value of the Company’s interest rate swap is determined based upon Level Two inputs which includes valuation models as reported by our counterparties and third-party valuation specialists.

The fair value of the Company’s debt is determined based on traded price data as of the measurement date, which we classify as a Level Two input within the fair value hierarchy. The fair value of the Company's debt was as follows as of the periods indicated:


	January 29, 2023		January 30, 2022
Revolving credit facility	$	—	—
Term loan	864,484		—
Senior secured notes	441,800		456,204
	$	1,306,284	$	456,204

Interest rate swaps — Effective February 28, 2019, the Company entered into three interest rate swap agreements to manage our exposure to interest rate movements on our variable rate credit facility. The agreements entitle the Company to receive at specified intervals, a variable rate of interest based on one-month LIBOR in exchange for the payment of a fixed rate of interest throughout the life of the agreements. Prior to April 14, 2020, changes in the fair values of the interest rate swaps were recorded as a component of other comprehensive loss until the interest payments being hedged were recorded as interest expense, at which time the amounts in accumulated other comprehensive loss were reclassified as an adjustment to interest expense. Cash flows related to the interest rate swaps were included as a component of interest expense and in operating activities.

Effective April 14, 2020, the Company amended its existing credit facility agreement to obtain relief from its financial covenants, and as a result, the variable interest rate terms were modified to create an interest rate floor of 1.00%. Accordingly, and as a result of the then current forward interest rate curve, the Company discontinued the hedging relationship as of April 14, 2020 (de-designation date). Given the continued existence of the hedged interest payments, the Company reclassified its accumulated other comprehensive loss of $17,609 as of the de-designation date into “Interest expense, net” using a straight-line approach over the remaining life of the originally designated hedging relationship. Effective with the de-designation, any gain or loss on the derivatives was recognized in earnings in the period in which the

change occurs. During fiscal 2022 and fiscal 2021, a gain of $843 and a loss of $550, respectively, was recognized, which is included in “Other store operating expenses” in the Consolidated Statements of Comprehensive Income (Loss).

The following derivative instruments were outstanding as of January 30, 2022 (none were outstanding as of January 29, 2023):


	Balance Sheet Location	January 30, 2022
Derivatives designated as hedging instruments
Interest rate swaps	Accrued liabilities	$	3,823
Total derivative liability		$	3,823

The following table presents the activity in accumulated other comprehensive loss resulting from our derivative instruments for the fiscal years ended:


	January 29, 2023		January 30, 2022		January 31, 2021
Loss recognized in accumulated other comprehensive income	$	—	$	—	$	(7,602)
Loss reclassified or amortized into interest expense	$	4,088	$	7,547	$	6,453
Income tax effect	$	(1,068)	$	(2,062)	$	314

Revenue recognition — Food and beverage revenues are recognized when payment is tendered at the point of sale as the performance obligation has been satisfied. Beginning in fiscal 2021, we began to offer our customers delivery services, which are fulfilled by third-party service providers. We recognize revenues at the gross amount, and delivery fees are included in “Other store operating expenses” in the Consolidated Statements of Comprehensive Income (Loss). Amusement revenues are primarily recognized upon utilization of game play credits on gaming cards purchased and used by customers to activate video and redemption games. Redemption games allow customers to earn tickets, which may be redeemed for prizes. We have deferred a portion of amusement revenues for the estimated unfulfilled performance obligations based on an estimated rate of future use by customers of unused game play credits and the material right provided to customers to redeem tickets in the future for prizes. We estimate the amount of deferred revenue based upon credits and tickets remaining on gaming cards, historic game play credit and ticket utilization patterns and estimates of the standalone selling prices of game play credits and the customer material right. The standalone selling price of the customer material right is estimated using an equivalent chip cost plus margin approach. For purposes of recognizing revenue, the total amount collected from each customer is then allocated between the two performance obligations based on the relative standalone selling price of each obligation.

Total deferred amusement revenue is included in “Accrued liabilities” in our Consolidated Balance Sheets. During the fiscal year ended January 29, 2023, we recognized revenue of approximately $42,800 related to the amount in deferred amusement revenue as of the end of fiscal 2021. During the fiscal year ended January 30, 2022, we recognized revenue of approximately $49,700 related to the amount in deferred amusement revenue as of the end of fiscal 2020.

We sell gift cards, which do not have expiration dates, and we do not deduct non-usage fees from outstanding gift card balances. The Company recognizes revenue from gift cards upon redemption by the customer. For unredeemed gift cards that the Company expects to be entitled to breakage and for which there is not a legal obligation to remit the unredeemed gift card balances to the relevant jurisdictions, the Company recognizes expected breakage as revenue in proportion to the pattern of redemption by the customers. The determination of the gift card breakage is based on the Company’s specific historical redemption patterns. Recognized gift card breakage revenue is included in “Amusements and other revenues” in the Consolidated Statements of Comprehensive Income (Loss). The contract liability related to our gift cards is included in “Accrued liabilities” in our Consolidated Balance Sheets. During the fiscal year ended January 29, 2023, we recognized revenue of approximately $6,300 related to the amount in deferred gift card revenue as of the end of fiscal 2021, of which approximately $2,410 was gift card breakage revenue. During the fiscal year ended January 30, 2022, we recognized revenue of approximately $3,900 related to the amount in deferred gift card revenue as of the end of fiscal 2020, of which approximately $1,390 was gift card breakage revenue.

Revenues are reported net of sales-related taxes collected from customers to be remitted to governmental taxing authorities. Sales tax collected is included in “Accrued liabilities” until the taxes are remitted to the appropriate taxing authorities. Historically, certain of our promotional programs include multiple performance obligations that are discounted from the standalone selling prices. We allocate the entire discount to the amusement performance obligation.

During fiscal 2021, the Company launched an enhanced loyalty program, wherein eligible customers who enroll in the program generally earn rewards based on the level of chips played. Earned rewards generally expire one to two months after they are issued. We defer revenue associated with the estimated selling prices of rewards earned, net of rewards we do not expect to be redeemed.

Advertising costs — Advertising production costs are expensed in the period when the advertising first takes place. Other advertising costs are expensed as incurred. Advertising costs expensed were $57,615, $32,184, and $21,107, in fiscal 2022, 2021 and 2020, respectively. Advertising costs are included in “Other store operating expenses” in the Consolidated Statements of Comprehensive Income (Loss).

Leases — Our operating leases consist of facility leases at our stores and our store support center and certain equipment leases that have a term in excess of one year. At contract inception, we determine whether a contract is, or contains, a lease by determining whether it conveys the right to control the use of the identified asset for a period of time. We recognize a lease liability representing the present value of lease payments not yet paid and a corresponding ROU asset as of the lease commencement date. Operating lease ROU assets are initially and subsequently measured throughout the lease term at the carrying amount of the lease liability adjusted for lease incentives, initial direct costs, prepayments or accrued lease payments and impairment of ROU assets, if any. We assess lease classification at commencement and reassess lease classification subsequent to commencement upon a change to the expected lease term or modification of the contract. Generally, the Company’s lease contracts do not provide a readily determinable implicit rate, and therefore, the Company uses an estimated incremental borrowing rate as of the commencement date in determining the present value of lease payments. The Company uses judgment in determining its incremental borrowing rate, which includes selecting a yield curve based on a hypothetical credit rating.

Our leases typically have initial terms ranging from ten to twenty years and most include options to extend the leases for one or more 5-year periods. Generally, the lease term includes the non-cancelable period of the lease inclusive of reasonably certain renewal periods up to a term of twenty years. The Company’s lease agreements generally contain rent holidays and/or escalating rent clauses. Lease cost is recognized on a straight-line basis over the lease term. The Company is generally obligated for the cost of property taxes, insurance, and maintenance of the leased assets, which are often variable lease payments. Our leases typically provide for a fixed base rent plus contingent rent to be determined as a percentage of sales greater than certain specified target amounts. Contingent rental payments, when considered probable, are recognized as variable lease expenses. The Company accounts for the lease components and non-lease components, primarily fixed maintenance, for all leases, as a single lease component for new and modified leases. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Tenant incentives used to fund leasehold improvements are recognized when earned and reduce our ROU asset related to the lease. Tenant incentives are amortized through the ROU asset as reductions of expense over the lease term. The balance of leasehold improvement incentive receivables is reflected as a reduction of the current portion of operating lease liabilities. We consider the concentration of credit risk for tenant improvement allowance receivables from landlords to be minimal due to the payment histories and general financial condition of our landlords.

Operating leases are included within the “Operating lease right of use assets”, “Accrued liabilities” and “Operating lease liabilities” in the Consolidated Balance Sheets. Operating lease payments are classified as cash flows from operating activities with ROU asset amortization and the change in the lease liability combined within “Other liabilities” in the reconciliation of net income to cash flows provided by operating activities in the Consolidated Statements of Cash Flows.

Lease Deferrals — The Company entered into rent relief agreements during fiscal 2020 and fiscal 2021 generally seeking to delay contractual payment terms as a result of the COVID-19 pandemic. In April 2020, the FASB staff released guidance indicating that in response to the COVID-19 pandemic, an entity would not have to analyze each contract to determine whether enforceable rights and obligations for concessions exist in the contract and could elect to apply or not apply the lease modification guidance in ASC Topic 842, Leases to those contracts. The election is available for concessions related to the effects of the COVID-19 pandemic that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee.

The Company elected to adopt this practical expedient and accrued the amounts payable under the rent relief agreements. The short term balance of $6,820 and $19,164 as of January 29, 2023, and January 30, 2022, respectively, is included in “Accrued liabilities” in the Consolidated Balance Sheets (see Note 6). The long term balance of $3,831 and $8,434 as of January 29, 2023, and January 30, 2022, respectively, is included in “Other liabilities” in the Consolidated Balance Sheets.

accrued based on the Company’s historical claims experience and case losses, assisted by independent third-party actuaries. The estimated cost to settle reported claims and incurred but unreported claims is included in “Accrued liabilities” and “Other liabilities” in the Consolidated Balance Sheets.

Pre-opening costs — Pre-opening costs include costs associated with the opening and organizing of new stores, including the cost of pre-opening rent, training, relocation, recruiting and travel costs for team members engaged in such pre-opening activities. All pre-opening costs are expensed as incurred.

The calculation of tax liabilities involves judgment and evaluation of uncertainties in the interpretation of federal and state tax regulations. We evaluate our exposures associated with our various tax filing positions and recognize a tax benefit from an uncertain tax position only if it is more likely than not that the position will be sustained on examination by the taxing authorities based on the technical merits of the position. For uncertain tax positions that do not meet this threshold, we have established accruals for taxes that may become payable in future years as a result of audits by tax authorities. Tax accruals are adjusted as events occur that affect the potential liability for taxes such as the expiration of statutes of limitations, conclusion of tax audits, identification of additional exposure based on current calculations, identification of new issues, or the issuance of statutory or administrative guidance or rendering of a court decision affecting a certain issue.

Foreign currency — Foreign currency translation adjustments represent the unrealized impact of translating the financial statements of our Canadian stores from their respective functional currency (Canadian dollars) to U.S. dollars and are reported as a component of comprehensive income and recorded in “Accumulated other comprehensive loss” on our Consolidated Balance Sheets. Gains and losses from foreign currency transactions are recognized in “Other store operating expenses” in the Consolidated Statements of Comprehensive Income (Loss).

Earnings per share — Basic net income (loss) per share is computed by dividing net income (loss) available to common shareholders by the basic weighted average number of common shares outstanding for the reporting period. Diluted net income (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the calculation of diluted net income (loss) per share, the basic weighted average shares outstanding is increased by the dilutive effect of stock options and restricted share awards. Stock options and restricted share awards with an anti-dilutive effect are not included in the diluted net income (loss) per share calculation. For fiscal 2022, 2021 and fiscal 2020, we excluded approximately 210,000, 170,000, and 1,200,000 anti-dilutive awards from the calculation.

Basic weighted average shares outstanding are reconciled to diluted weighted average shares outstanding as follows:


	January 29, 2023	January 30, 2022	January 31, 2021
Basic weighted average shares outstanding	48,498,053	48,142,090	43,549,887
Weighted average dilutive impact of awards (1)	678,924	1,121,630	—
Diluted weighted average shares outstanding	49,176,977	49,263,720	43,549,887

(1)Amounts exclude all potential common and common equivalent shares for fiscal 2020, which had a net loss, as those shares would have been anti-dilutive.

Acquisitions — The Company accounts for acquisitions under the acquisition method of accounting, which requires the acquired assets and liabilities, including contingencies, be recorded at fair value determined on the acquisition date and changes thereafter reflected in income. For significant acquisitions, the Company obtains independent third-party valuation studies for certain of the assets acquired and liabilities assumed to assist the Company in determining fair value. The estimation of the fair values of the assets acquired and liabilities assumed involves a number of estimates and assumptions that could differ materially from the actual amounts realized. The Company provides assumptions, including both quantitative and qualitative information, about the specified asset or liability to the third-party valuation firms so they can assist in determining the fair value of assets and liabilities acquired. The Company then records acquired assets and liabilities at their estimated fair value based on the information provided. The third-party valuation firms are supervised by

Company personnel who are knowledgeable about valuations and fair value. The Company evaluates the appropriateness of the assumptions and valuation methodologies utilized by the third-party valuation firms.Recent accounting pronouncements — The Company reviewed the accounting pronouncements that were issued and/or that became effective for our fiscal year 2022. We determined that either they were not applicable, or they would not have a material impact on the consolidated financial statements.

Business Combination — Acquisition of Main Event

12 Months Ended

Jan. 29, 2023

Business Combination and Asset Acquisition [Abstract]

Business Combination — Acquisition of Main Event

On June 29, 2022, the Company acquired Main Event for approximately $832,472 in net cash and contingent consideration. Main Event, which debuted in 1998, is also focused on food, drinks, and amusements, including games, bowling and laser tag, largely for the demographic target of families with young children. The acquisition is expected to put the Company in a strategic position for accelerated, profitable growth in both brands as well as create cost synergies with our Dave & Buster’s brand.

The Main Event Acquisition was made at a price above the determined fair value of the acquired identifiable net assets, resulting in goodwill, primarily due to expectations of the synergies that will be realized by combining the businesses and the benefits that will be gained from the assembled workforce. These synergies include the elimination of redundant facilities, functions, and staffing. None of the goodwill recorded from this business combination is expected to be tax deductible.

The acquisition has been accounted for using the acquisition method of accounting (see Acquisitions in Note 1) with assets acquired and liabilities assumed recorded at fair value, and the results of Main Event have been included in the accompanying financial statements from June 29, 2022, the date of acquisition. Acquisition transaction costs totaling approximately $12,626 were recorded in general and administrative expenses as incurred.

The following summarizes the purchase consideration paid, which consisted of cash consideration of $835,000 (adjusted for cash on hand, payment of certain Ardent US liabilities and other normal closing adjustments), resulting in gross cash consideration paid of $853,219. The final cash consideration was subject to normal post-closing adjustments and was settled in the third quarter of 2022.

The preliminary allocation of the purchase price for the Acquisition was based on estimates of the fair value of the net assets acquired and are subject to adjustment for up to one year upon finalization, largely with respect to acquired property and equipment; lease assets and liabilities; deferred taxes; and contingent consideration. Measurements of these items inherently require significant estimates and assumptions considered to be Level Three fair value estimates.

The fair values of property and equipment were determined using a cost approach that utilized the Replacement Cost New and Reproduction Cost New methodologies. Key inputs and assumptions include current cost estimates, inflation rates, historical cost, normal useful life, and functional and economic obsolescence. The fair values of the real estate leases were determined using a market approach that utilized the Above-Below Regression methodology. Key inputs and assumptions include mean rental rates (based on metrics such as rent/revenue and operating cash flow/revenue) and discount rate. The fair value of the Main Event tradename was determined using an income approach that utilized the Relief from Royalty methodology. Key inputs and assumptions include the Company’s projected future revenues, earnings before income tax, royalty rates, discount rate, and long-term growth rate.

The components of the purchase price and net assets acquired in the Main Event Acquisition are as follows:


	January 29, 2023
Gross cash consideration	$	853,219
Contingent consideration (1)	13,794
Less: cash acquired	(34,541)
Total consideration	$	832,472

Assets:
Current assets	$	16,820
Property and equipment	338,275
Operating lease right of use assets	293,924
Tradenames	99,200
Other assets and deferred charges	5,841
Less Liabilities:
Accounts payable	20,118
Current portion of operating lease liabilities	11,651
Accrued liabilities	41,196
Operating lease liabilities	279,213
Deferred tax liabilities	34,975
Other liabilities	6,273
Net assets acquired, excluding goodwill	$	360,634
Goodwill	$	471,838

(1) The Company has an obligation to pay, in cash, an aggregate amount equal to any “Transaction Tax Benefits,” with respect to any taxable year of the Company after the Closing Date ending on or before December 31, 2028, including the current taxable year. Transaction Tax Benefits are generally defined as any reduction in the Company’s liabilities for U.S. federal and state income taxes due to the use of net operating losses generated prior to the Closing Date. The contingent consideration could range from $0 (if no Transaction Tax Benefits are achieved) to a cap, as defined in the Merger Agreement, of approximately $14,600 (undiscounted) and will be paid to the selling shareholders in cash. The contingent consideration was initially valued based on the present value of the maximum amount provided in the Merger Agreement pending completion of the valuation analysis.

Taxes – The preliminary allocation of the purchase price consideration is based on preliminary valuations performed to determine the fair value of the net assets as of the Closing Date. The Company has conducted a preliminary assessment of the valuations and has recognized provisional deferred income tax amounts in its preliminary allocation for the identified assets and liabilities. However, the Company is continuing its procedures to identify information pertaining to these matters during the measurement period. If new information is obtained about facts and circumstances that existed at the Closing Date, the Company will either adjust its measurement of provisional deferred income tax amounts or recognize and measure assets and liabilities not previously identified.

Unaudited Pro Forma Information – To reflect the Acquisition as if it had occurred on February 1, 2021, the unaudited pro forma results include adjustments to reflect, among other things, the interest expense from debt financings obtained to partially fund the cash consideration transferred. Pro forma adjustments were tax effected at the Company’s historical statutory rates in effect for the respective periods. The unaudited pro forma amounts are not necessarily indicative of the combined results of operations that would have been realized had the acquisitions and related financings occurred on the aforementioned dates, nor are they meant to be indicative of any anticipated combined results of operations that the Company will experience after the transaction. In addition, the amounts do not include any adjustments for actions that may be taken following the completion of the transaction, such as expected cost savings, operating synergies, or revenue enhancements that may be realized subsequent to the transaction.

The following unaudited pro forma information provides the effect of the Main Event Acquisition as if the acquisition had occurred on February 1, 2021:


	Fiscal Year Ended January 29, 2023		Fiscal Year Ended January 30, 2022
Total revenues	$	2,165,040	$	1,681,605
Net Income	$	88,173	$	75,744

The historical consolidated financial information of the Company and Main Event has been adjusted in the pro forma information to give effect to pro forma events that are directly attributable to the acquisition and related financing arrangements and are factually supportable.

Main Event’s total revenues and net income attributable to the Company for fiscal 2022, subsequent to the acquisition date, were $288,778 and $19,185, respectively, and are included in the consolidated statements of comprehensive income.

Inventories

12 Months Ended

Jan. 29, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following for the years presented:


	January 29, 2023		January 30, 2022
Operating store—food and beverage	$	10,858	$	7,281
Operating store—amusement	18,593		12,721
Corporate—amusement, supplies and other	15,970		20,317
	$	45,421	$	40,319

Amusement inventory includes electronics, plush toys and small novelty and other items used as redemption prizes for certain games, as well as supplies needed for amusement operations.

Property and Equipment

12 Months Ended

Jan. 29, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consist of the following:


	January 29, 2023		January 30, 2022
Land	$	26,798	$	12,302
Buildings and building improvements	49,947		42,312
Leasehold improvements	1,103,000		830,459
Furniture, fixtures and equipment	573,111		459,713
Games	372,665		298,327
Construction in progress	98,442		44,020
Total cost	2,223,963		1,687,133
Accumulated depreciation	(1,043,732)		(908,536)
Property and equipment, net	$	1,180,231	$	778,597

Depreciation expense totaled $168,852, $138,329, and $138,789 for fiscal 2022, fiscal 2021, and fiscal 2020, respectively

Goodwill and Tradename Assets

12 Months Ended

Jan. 29, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Tradename Assets

The changes in the carrying amount of goodwill and tradename assets during fiscal 2022 and fiscal 2021 are as follows:


	Goodwill		Tradename
As of January 31,2021	$	272,595	$	79,000
Foreign currency translation	2		—
As of January 30,2022	$	272,597	$	79,000
Acquisition of Main Event (1)	471,838		99,200
Foreign currency translation	45		—
As of January 29,2023	$	744,480	$	178,200

(1) See Note 2 for discussion of the Main Event Acquisition.

Accrued Liabilities

12 Months Ended

Jan. 29, 2023

Accrued Liabilities, Current [Abstract]

Accrued Liabilities

Accrued liabilities consist of the following as of the fiscal years ended:


	January 29, 2023		January 30, 2022
Deferred amusement revenue	$	114,375	$	92,961
Current portion of operating lease liabilities, net (1)	64,123		45,445
Compensation and benefits	60,607		27,447
Current portion of deferred occupancy costs	6,820		19,164
Deferred gift card revenue	16,362		11,855
Accrued interest	15,802		8,629
Property taxes	13,076		6,450
Current portion of long-term insurance	6,700		5,700
Utilities	7,166		5,262
Sales and use taxes	9,922		4,465
Customer deposits	8,705		3,471
Other	19,234		17,644
Total accrued liabilities	$	342,892	$	248,493

(1) Leasehold incentive receivables from landlords of $5,967 and $10,064 as of January 29, 2023 and January 30, 2022, respectively, are reflected as a reduction of the current portion of operating lease liabilities.

Debt

12 Months Ended

Jan. 29, 2023

Debt Disclosure [Abstract]

Debt

Long-term debt consists of the following:


	January 29, 2023		January 30, 2022
Credit facility—revolver	$	—	$	—
Credit facility—term loan	847,875		—
Senior secured notes	440,000		440,000
Total debt outstanding	1,287,875		440,000
Less current installments of long-term debt	(8,500)		—
Less issue discount on term loan	(38,846)		—
Less debt issuance costs	(17,818)		(8,605)
Long-term debt, net	$	1,222,711	$	431,395

In connection with the closing of the Main Event Acquisition on June 29, 2022, the Company entered into a senior secured credit agreement, which refinanced the $500,000 existing revolving facility, extended the maturity date to June 29,

2027, and added a new term loan facility in the aggregate principal amount of $850,000, with a maturity date of June 29, 2029 (“Credit Facility”). The proceeds of the term loan, net of an original issue discount of $42,500, were used to pay the consideration for the Main Event Acquisition. The revolving credit facility can expire before the stated maturity date if the aggregate outstanding principal amount of the Notes exceeds $100,000 ninety-one days prior to November 1, 2025. A portion of the revolving facility not to exceed $35,000 is available for the issuance of letters of credit.

At the end of fiscal 2022, we had letters of credit outstanding of $8,905 and an unused commitment balance of $491,095 under the revolving facility. The Credit Facility may be increased through incremental facilities, by an amount equal to the greater of (i) $400,000 and (ii) 0.75 times trailing twelve-month Adjusted EBITDA, as defined, plus additional amounts subject to compliance with applicable leverage ratio and/or interest coverage ratio requirements. The Credit Facility is unconditionally guaranteed by D&B Holdings and certain of D&B Inc’s existing and future wholly owned material domestic subsidiaries.

During fiscal 2020, the Company issued $550,000 aggregate principal amount of 7.625% senior secured notes (the “Notes”). Interest on the Notes is payable in arrears on November 1 and May 1 of each year. The Notes mature on November 1, 2025, unless earlier redeemed, and are subject to the terms and conditions set forth in the related indenture. The Notes were issued by D&B Inc and are unconditionally guaranteed by D&B Holdings and certain of D&B Inc’s existing and future wholly owned material domestic subsidiaries. During fiscal 2021, the Company redeemed a total of $110,000 outstanding principal amount of the Notes, and paid prepayment premiums of $3,300, plus accrued and unpaid interest to the date of redemptions. The early redemptions of the Notes resulted in a loss on extinguishment of approximately $2,300 related to a proportional amount of unamortized issuance costs. Beginning October 27, 2022, the Company may elect to further redeem the Notes, in whole or in part, at certain specified redemption prices, plus accrued and unpaid interest, at the redemption date.

The interest rates per annum applicable to SOFR term loans are based on a defined SOFR rate (with a floor of 0.50%) plus an additional credit spread adjustment of 0.10%, plus a margin of 5.00%. The interest rates per annum applicable to SOFR revolving loans are based on the term loan SOFR rate, plus an additional credit spread adjustment of 0.10%, plus an initial margin of 4.75%. Unused commitments under the revolving facility incur initial commitment fees of 0.50%. After the Company’s third quarter of fiscal 2022, the margin for SOFR revolving loans are subject to a pricing grid based on net total leverage, ranging from 4.25% to 4.75%, and commitment fees are subject to a pricing grid based on net total leverage, ranging from 0.30% to 0.50%.

For fiscal 2022 and 2021, the Company’s weighted average effective interest rate on our total debt facilities (before capitalized interest amounts) was 9.61% and 10.34%, respectively. During fiscal 2022, the Company recognized a loss of $1,479, related to the write off of unamortized debt issuance costs associated with exiting creditors of the refinanced revolving facility.

Future debt obligations — Below is our future debt principal payment obligations as of January 29, 2023 by fiscal year:


2023	$	8,500
2024	8,500
2025	448,500
2026	8,500
2027	8,500
Thereafter	805,375
Total future payments	$	1,287,875

Interest expense, net — The following table sets forth our recorded interest expense, net for the periods presented:


	January 29, 2023		January 30, 2022		January 31, 2021
Interest expense on debt	$	77,707	$	43,463	$	29,124
Interest associated with swap agreements	4,088		7,547		6,453
Amortization of issuance cost	8,466		4,244		2,184
Interest income	(628)		—		(22)
Capitalized interest	(2,270)		(1,344)		(849)
Total interest expense, net	$	87,363	$	53,910	$	36,890

Income Taxes

12 Months Ended

Jan. 29, 2023

Income Tax Disclosure [Abstract]

Income Taxes

The effective tax rate for fiscal 2022 was 21.0%, compared to 14.9% for fiscal 2021. The previous year tax provision includes higher excess tax benefits associated with share-based compensation and credits associated with the reversal of certain tax valuation allowances.

On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) was signed into law. Intended to provide economic relief to those impacted by the COVID-19 pandemic, the CARES Act includes provisions, among others, allowing for the carryback of net operating losses generated in fiscal 2018, 2019 and 2020 and technical amendments regarding the expensing of qualified improvement property. The application of the technical amendments made by the CARES Act to qualified improvement property resulted in additional tax net operating losses which were carried back from fiscal 2020 and fiscal 2019 to years with a higher federal corporate income tax rate. During the second quarter of fiscal 2021, the Company filed the fiscal 2020 carryback claims for federal tax refunds of approximately $57,400, of which approximately $33,200 were received during fiscal 2022. Due to government delays in processing these claims, the remainder of these funds are expected to be received in fiscal 2023.

The following table sets forth our income tax provision:


	January 29, 2023		January 30, 2022		January 31, 2021
Current provision:
Federal	$	2,366	$	21,899	$	(78,629)
State and local	6,459		4,577		(1,360)
Foreign	76		333		(78)
Total current provision	8,901		26,809		(80,067)


	January 29, 2023		January 30, 2022		January 31, 2021
Deferred provision (benefit):
Federal	25,010		(2,354)		(5,415)
State and local	3,142		(5,441)		1,951
Foreign	(522)		—		99
Total deferred provision (benefit)	27,630		(7,795)		(3,365)
Provision for income taxes	$	36,531	$	19,014	$	(83,432)

The following table reconciles the effective tax rate to the federal income tax rate:


	January 29, 2023		January 30, 2022		January 31, 2021
Federal income tax rate	21.0	%	21.0	%	21.0	%
State and local income taxes, net of federal benefit	5.7	%	5.0	%	2.7	%
Permanent differences	2.9	%	2.0	%	(0.2)	%
Tax credits	(5.5)	%	(4.9)	%	0.7	%
Share-based compensation	(1.3)	%	(3.6)	%	(0.2)	%
Impact of net operating loss carryback	—	%	—	%	7.5	%
Other	(1.8)	%	(4.6)	%	(2.8)	%
Effective tax rate	21.0	%	14.9	%	28.7	%

Components of the deferred income tax liability, net consist of the following:


	January 29, 2023		January 30, 2022
Deferred tax assets:
Deferred revenue	$	18,148	$	27,577
Operating lease liability	434,877		380,145
Accrued liabilities	9,742		2,961
Workers compensation and general liability insurance	4,911		4,068
Share-based compensation	6,372		7,614
Hedging transactions	—		1,044
Net operating loss carryovers	27,241		8,028
Tax credit carryovers	4,623		943
Interest expense carryovers	524		—
Indirect benefit of unrecognized tax benefits	418		529
Other	5,274		4,173
Subtotal	512,130		437,082
Less: valuation allowance	(3,968)		(8,501)
Total deferred tax assets	$	508,162	$	428,581
Deferred tax liabilities:
Trademark/tradename	$	43,866	$	21,583
Property and equipment	179,549		121,516
Operating lease right of use asset	348,490		287,255
Other	1,977		278
Total deferred tax liabilities	$	573,882	$	430,632
Deferred tax liability, net	$	65,720	$	2,051

As of January 29, 2023, we had $110,343 of state net operating loss carryforwards, which will begin to expire in 2023, foreign operating loss carryforwards of $3,388, which will begin to expire in 2030, and foreign tax credit carryovers of $973, which will begin to expire in 2028.

During fiscal 2022, the decrease in the valuation allowance of $4,533 primarily relates to the use of available net operating loss carryforwards and the release of previously established allowance for certain net operating loss carryforwards due to improved operating performance. During fiscal 2021, the decrease in the valuation allowance of $5,246 primarily relates to the utilization of net operating loss carryovers.

A reconciliation of the beginning and ending amount of unrecognized tax benefits follows:


	January 29, 2023		January 30, 2022		January 31, 2021
Balance at beginning of year	$	3,086	$	2,564	$	2,080
Additions for tax positions of prior years	—		95		28
Reductions for tax positions of prior years	(757)		—		—
Additions for tax positions of current year	—		757		660
Lapse of statute of limitations	(381)		(330)		(204)
Balance at end of year	$	1,948	$	3,086	$	2,564

The January 29, 2023 balance of unrecognized tax benefits includes $1,948, that if recognized, would affect our effective tax rate. At January 29, 2023, and January 30, 2022, we had accrued interest and penalties of $499 and $446, respectively. The Company recorded accrued interest related to the unrecognized tax benefits and penalties as a component of the provision for income taxes recognized in the Consolidated Statements of Comprehensive Income (Loss).

In the next twelve months, it is reasonably possible that our unrecognized tax benefits could change due to the resolution of certain tax matters, including payments on those tax matters or due to lapse of the statute of limitations. These resolutions and payments could reduce our unrecognized tax benefits by up to $528.

We file consolidated income tax returns with all our domestic subsidiaries, which are periodically audited by various federal, state and foreign jurisdictions. We are generally no longer subject to federal, state, or foreign income tax examinations for years prior to 2014.

The Company recorded excess tax expense (benefits) of $(3,128), $(6,994), and $437, in fiscal 2022, fiscal 2021 and fiscal 2020, respectively, to the provision for income taxes in the Consolidated Statements of Comprehensive Income (Loss).

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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+ Details

Leases

12 Months Ended

Jan. 29, 2023

Leases [Abstract]

Leases

The components of lease expense, including variable lease costs primarily consisting of common area maintenance charges and property taxes, are as follows:


	January 29, 2023		January 30, 2022		January 31, 2021
Operating lease cost	$	168,184	$	134,910	$	132,658
Variable lease cost	38,417		30,122		25,360
Short-term lease cost (1)	2,060		549		457
Total lease cost	$	208,661	$	165,581	$	158,475

(1)We have elected the short-term lease recognition exemption for all applicable classes of underlying assets. We have not recorded ROU assets and liabilities for leases with an initial term of 12 months or less that do not include a purchase option that we are reasonably certain to exercise.

Operating lease cost, variable lease cost and short-term lease cost related primarily to our facilities is included in “Other store operating expenses” for our operating stores, “Pre-opening costs” for our stores not yet operating, or “General and administrative expenses” for our store support center, in the Consolidated Statements of Comprehensive Income (Loss).

Supplemental disclosures of cash flow information related to leases were as follows:


	January 29, 2023			January 30, 2022			January 31, 2021
Cash paid for operating lease liabilities	$	189,267		$	157,197		$	77,292
ROU assets obtained in exchange for new operating lease liabilities (1)	$	376,232		$	72,559		$	98,218
Weighted-average remaining lease term—operating leases (in years)	13.6			14.2			14.8
Weighted-average discount rate—operating leases	7.12		%	6.0		%	5.9		%

(1)Includes the leases acquired in the business combination discussed at Note 2.

Minimum future maturities of operating lease liabilities as of January 29, 2023 were as follows:


2023	$	178,048
2024	197,636
2025	198,892
2026	200,437
2027	197,109
Thereafter	1,661,463
Total future operating lease liability	$	2,633,585
Less: interest	(1,001,668)
Present value of operating lease liabilities	$	1,631,917

Operating lease payments in the table above includes minimum lease payments for five future sites for which the leases have commenced. Operating lease payments exclude approximately $293,938 of minimum lease payments related to twelve facility leases that have been executed but have not yet commenced.

Stockholders' Equity

12 Months Ended

Jan. 29, 2023

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Share issuances and repurchases

During fiscal 2020, the Company sold 16,743,352 shares of its common stock at an average price of $11.08 per share, for proceeds of $182,207, net of offering costs.

On December 6, 2021, our Board of Directors approved a share repurchase program, under which the Company could repurchase shares on the private market, through privately negotiated transactions and through trading plans. During fiscal 2022, the Company purchased 764,988 shares of stock for $25,015 under its share repurchase program. The share repurchase authorization limit of $100,000 expired at the end of fiscal 2022.

The Company treats shares withheld for tax purposes on behalf of our employees in connection with the vesting of restricted stock units as common stock repurchases because they reduce the number of shares that would have been issued upon vesting. These withheld shares of common stock were not considered common stock repurchases under the share repurchase plan. During the fiscal year ended 2022, 2021 and 2020, we withheld 173,541, 231,451, and 58,715 shares of common stock to satisfy $8,525, $9,465, and $929 of employees’ tax obligations, respectively. The share activity in fiscal 2021 includes the settlements of $2,517 cash obligations through the issuance of 160,540 shares of common stock.

Cash dividends

As a result of the impacts to our business arising from the COVID-19 pandemic, dividend payments were indefinitely suspended during fiscal 2021 and fiscal 2022.

Share-based compensation

The Company maintains an equity incentive plan under which it may grant awards denominated in the Company’s common stock or units of the Company’s common stock, as well as cash variable compensation awards. The Company’s long-term incentive compensation provides awards to executive and management personnel as well as directors. We issue share-based awards under our 2014 Stock Incentive Plan. We may grant stock options or restricted stock units to executive and management personnel as well as members of our Board of Directors. Options granted to employees generally become exercisable ratably over a three-year period from the grant date. Performance-based restricted stock units and market stock units (“MSU’s) awarded to employees generally either vest ratably over three years or fully vest after three years, subject to the achievement of specified performance or market conditions, as applicable. Time-based restricted stock units have various service periods not exceeding five years.

Options granted terminate on the ten-year anniversary of the grants. Stock option awards generally provide continued vesting, in the event of termination, for employees that either a) reach age 60 or greater and have at least ten years of service or b) reach age 65 (“retired employees”). Unvested stock options and restricted stock units are generally forfeited by employees who terminate prior to vesting and are prorated for retired employees.

Each share granted subject to a stock option award or time-based restricted stock unit award reduces the number of shares available under our stock incentive plans by one share. Each share granted subject to a performance restricted stock unit or market stock unit award reduces the number of shares available under our stock incentive plans by a range of one one share if the target performance or market condition is achieved, up to a maximum of two shares for performance or market condition achieved above target and a minimum of no shares if performance or market condition achieved is below a minimum threshold target. On June 23, 2020, shareholders approved a proposal to amend the 2014 Stock Incentive Plan to increase the number of shares available for awards to 6,100,000 shares. The number of unissued common shares reserved for future grants under the 2014 Stock Incentive Plan is approximately 3,800,000 as of January 29, 2023. The Company satisfies stock option exercises and vesting of restricted stock units with newly issued shares.

The grant date fair value of our stock option awards has been determined using the Black-Scholes option valuation model. The Black-Scholes option valuation model uses assumptions of expected volatility, the expected dividend yield of our stock, the expected term of the awards and the risk-free interest rate, as well as an estimated fair value of our common stock. Fair value valuation analyses were prepared by an independent third-party valuation firm, utilizing the market-determined share price.

During the second quarter of fiscal 2022, the Company granted certain options, time-based, performance-based, and market-based restricted stock units to the newly appointed chief executive officer. The majority of these grants vest over

five years, but the market-based restricted stock units can vest earlier if the targets are achieved prior to that time. As a result, the requisite service period for such grants was determined to be less than the explicit service period.

During the third quarter of fiscal 2022, the Company granted certain options, time-based, performance-based, and market-based restricted stock units to its executive officers and other senior executives. The fair value of these grants was approximately $27,500 and the majority of these awards will vest over five years, but the market-based restricted stock units can vest earlier if the targets are achieved prior to that time. As a result, the requisite service period for such grants was determined to be less than the explicit service period.

The significant assumptions used in determining the underlying fair value of the options granted in fiscal 2022 were as follows:


	Volatility	Risk-free Interest Rate	Expected Term (in years)	Weighted Average Grant Date Fair Value		Options Granted
April 2022 time-based grant	58.3%	2.8%	6.6	$	31.27	36,844
June 2022 time-based grant	64.8%	3.2%	6.6	$	22.81	23,631
June 2022 executive grant (1)	64.8%	3.2%	7.3	$	23.17	128,318
October 2022 time-based grant	67.6%	3.9%	7.3	$	21.97	129,576
October 2022 investment grant	67.2%	3.9%	7.4	$	16.32	195,051
Total granted						513,420

(1)Executive inducement grant consisted of 29,612 options under an investment grant and 98,706 under a time-based grant.

Transactions related to stock option awards during fiscal 2022 were as follows:


	Number of Options	Weighted Average Exercise Price
Outstanding at January 30, 2022	1,006,933	$	40.00
Exercised	(295,645)	25.88
Granted	513,420	33.63
Forfeited	(247,457)	41.12
Outstanding at January 29, 2023	977,251	40.64
Exercisable at January 29, 2023	572,426	$	45.11

The total intrinsic value of options exercised during fiscal 2022, fiscal 2021, and fiscal 2020 was $5,099, $10,358, and $963, respectively. The unrecognized expense related to our stock option plan totaled approximately $6,370 as of January 29, 2023 and will be expensed over a weighted average of 0.4 years. For options outstanding as of January 29, 2023, the weighted average remaining contractual life was 6.5 years and the aggregate intrinsic value was $4,744. For options exercisable as of January 29, 2023, the weighted average remaining contractual life was 4.4 years and the aggregate intrinsic value was $1,486.

Transactions related to restricted stock unit awards during fiscal 2022 were as follows:


	Shares	Weighted Avg Grant Date Fair Value
Outstanding at January 30, 2022	922,799	$	24.88
Granted	1,639,505	33.09
Vested	(492,527)	22.46
Forfeited	(176,666)	43.72
Outstanding at January 29, 2023	1,893,111	$	31.02

The weighted average grant-date fair values of restricted stock units granted during fiscal 2022, 2021 and 2020 were $33.09, $47.42, and $12.75, respectively. The total fair value of restricted stock units vested during fiscal 2022, 2021, and 2020 was approximately $20,607, $29,260, and $1,518, respectively. The unrecognized expense related to our restricted stock units was approximately $44,255 as of January 29, 2023, which will be expensed over a weighted average of 3.2 years.

Compensation expense related to stock options with only service conditions (time-based) is recognized on a straight-line basis over the requisite service period for each separately vesting portion of the award or to the date on which retirement eligibility is achieved, if shorter. Compensation expense for time-based restricted stock units is based on the market price of the shares underlying the awards on the grant date. Compensation expense for performance-based restricted stock units reflects the estimated probability that performance conditions at target or above will be met. Restricted stock units are expensed ratably over the service period. The effect of market conditions is considered in determining the grant date fair value of MSU awards, which is not subsequently revised based on actual performance.

Compensation expense related to stock option plans and time-based restricted stock units as follows for the fiscal years presented:


	2022		2021		2020
Stock options	$	2,482	$	431	$	1,318
Restricted stock units	17,512		12,041		5,667
Total compensation expense (1)	$	19,994	$	12,472	$	6,985

(1) Compensation expense related to stock options and restricted stock units is included in “General and administrative expenses” in the Consolidated Statements of Comprehensive Income (Loss). Forfeitures are recorded as they occur.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Jan. 29, 2023
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans We maintain voluntary defined contribution plans, both qualified and non-qualified, covering eligible employees as defined in the plan documents. Participating employees may elect to defer and contribute a portion of their eligible compensation to the plans up to limits stated in the plan documents, not to exceed the dollar amounts set by applicable laws. The Company may match a specified percentage of employee contributions, as approved, up to a maximum of 6% of eligible employee compensation, as defined. As a result of the impacts to our business arising from the COVID-19 pandemic, the Company suspended matching of employee contributions during fiscal 2020 and the first half of fiscal 2021. The Company’s match was $1,832, $714, and $—, for fiscal 2022, 2021, and 2020, respectively, which was expensed as incurred. The non-qualified deferred compensation plan assets are invested through a rabbi trust. Assets in the rabbi trust are invested in certain mutual funds that cover an investment spectrum ranging from equities to money market instruments and are available to satisfy the claims of our creditors in the event of bankruptcy or insolvency. These mutual funds have published market prices and are reported at fair value using quoted prices available on identical assets and liabilities in active markets, representing Level One assets as defined by GAAP. Deferred compensation plan assets of $9,812 and $10,587, as of January 29, 2023 and January 30, 2022, respectively, are included in “Other assets and deferred charges” and the offsetting deferred compensation plan liabilities are included in “Other liabilities” in the accompanying Consolidated Balance Sheets.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Jan. 29, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We are subject to certain legal proceedings and claims that arise in the ordinary course of our business, including claims alleging violations of federal and state law regarding workplace and employment matters, discrimination, slip-and-fall and other customer-related incidents and similar matters. In the opinion of management, based upon consultation with legal counsel, the amount of ultimate liability, with respect to such legal proceedings and claims will not materially affect the consolidated results of our operations or our financial condition. Legal costs related to such claims are expensed as incurred. The Company is a defendant in several lawsuits filed in courts in California alleging violations of California Business and Professions Code, industry wage orders, wage-and-hour laws and rules and regulations pertaining primarily to the failure to pay proper regular and overtime wages, failure to pay for missed meals and rest periods, pay stub violations, failure to pay all wages due at the time of termination and other employment related claims (the “California Cases”). Some of the California Cases purport or may be determined to be class actions or Private Attorneys General Act representative actions and seek substantial damages and penalties. The Company estimated and accrued for the most likely amount of loss during fiscal 2020 and fiscal 2021. During fiscal 2022, the Company settled a portion of the cases at the approximate amount estimated. For the remaining cases, the Company’s assessments are based on assumptions that have been deemed reasonable by management, but that may prove to be incomplete or inaccurate, and unanticipated events and circumstances may occur that might cause the Company to change those estimates and assumptions. Management’s assessment of these California Cases, as well as other lawsuits, could change because of future determinations or the discovery of facts that are not presently known. Accordingly, the ultimate costs of resolving these cases may be substantially higher or lower than estimated. The Company continues to aggressively defend the remaining cases.We are subject to the terms of a settlement agreement with the Federal Trade Commission that requires us, on an ongoing basis, to establish, implement, and maintain a comprehensive information security program that is reasonably designed to protect the security, confidentiality, and integrity of personal information collected from or about consumers. The agreement does not require us to pay any fines or other monetary assessments and we do not believe that the terms of the agreement will have a material adverse effect on our business, operations, or financial performance.

Subsequent Event	12 Months Ended
Subsequent Event	Jan. 29, 2023
Subsequent Events [Abstract]
Subsequent Event	Subsequent EventOn March 27, 2023, our Board of Directors approved a share repurchase program, under which the Company may repurchase shares on the open market, through privately negotiated transactions and through trading plans. The share repurchase program may be modified, suspended, or discontinued at any time. The share repurchase authorization limit is $100,000 and the authorization expires at the end of Fiscal 2023. Future decisions to repurchase shares continue to be at the discretion of the Board of Directors and will be dependent on our operating performance, financial condition, capital expenditure requirements and other factors that the Board of Directors considers relevant.

Description of the Business and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Jan. 29, 2023

Accounting Policies [Abstract]

Principles of consolidation

Fiscal year

Use of estimates

Cash and cash equivalents

credit risk. The Company maintains cash and cash equivalent balances that exceed federally insured limits with a number of financial institutions.

Inventories

Cloud-based computing arrangements

Long-lived assets


			Estimated Depreciable Lives (In Years)
Building and building improvements (1)			5-40
Leasehold improvements (1)			5-20
Furniture, fixtures and equipment			3-10
Games			3-20

Goodwill and tradenames

Goodwill and tradenames — Goodwill and tradenames which have an indefinite useful life, are not subject to amortization, and are evaluated for impairment annually or more frequently if an event occurs or circumstances change that would indicate that impairment may exist. We consider our Dave & Buster's and Main Event brands to be both our operating segments and reporting units. Goodwill and tradenames are evaluated at the level of these two operating segments. When evaluating goodwill and tradenames for impairment, the Company first performs a qualitative assessment to determine whether it is more likely than not that its reporting unit or tradenames are impaired. For fiscal years 2022, 2021 and 2020, there was no impairment to our goodwill or tradenames.

Other assets and deferred charges, net

Fair value of financial instruments

The fair value of the Company’s debt is determined based on traded price data as of the measurement date, which we classify as a Level Two input within the fair value hierarchy.

Self-insurance programs

Self-insurance programs — The Company utilizes a self-insurance plan for health, general liability and workers’ compensation coverage. To limit our exposure to losses, we maintain stop-loss coverage on our health coverage and excess liability policies on our general liability and workers' compensation coverage through third-party insurers. Losses are accrued based on the Company’s historical claims experience and case losses, assisted by independent third-party actuaries. The estimated cost to settle reported claims and incurred but unreported claims is included in “Accrued liabilities” and “Other liabilities” in the Consolidated Balance Sheets.

Pre-opening costs

Income taxes

Income taxes — Deferred tax assets and liabilities are recognized based upon anticipated future tax consequences attributable to differences between the financial statement carrying value of assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using current enacted tax rates expected to apply to taxable income in the years in which we expect the temporary differences to reverse. The effect of a change in tax rates on deferred taxes is recognized in income in the period that includes the enactment date. We routinely evaluate the likelihood of realizing the benefit of our deferred tax assets and may record a valuation allowance if, based on all available evidence, we determine that it is more likely than not that some portion of the tax benefit will not be realized. The calculation of tax liabilities involves judgment and evaluation of uncertainties in the interpretation of federal and state tax regulations. We evaluate our exposures associated with our various tax filing positions and recognize a tax benefit from an uncertain tax position only if it is more likely than not that the position will be sustained on examination by the taxing authorities based on the technical merits of the position. For uncertain tax positions that do not meet this threshold, we have established accruals for taxes that may become payable in future years as a result of audits by tax authorities. Tax accruals are adjusted as events occur that affect the potential liability for taxes such as the expiration of statutes of limitations, conclusion of tax audits, identification of additional exposure based on current calculations, identification of new issues, or the issuance of statutory or administrative guidance or rendering of a court decision affecting a certain issue.

Foreign currency

Earnings per share

Basic weighted average shares outstanding are reconciled to diluted weighted average shares outstanding as follows:


	January 29, 2023	January 30, 2022	January 31, 2021
Basic weighted average shares outstanding	48,498,053	48,142,090	43,549,887
Weighted average dilutive impact of awards (1)	678,924	1,121,630	—
Diluted weighted average shares outstanding	49,176,977	49,263,720	43,549,887

(1)Amounts exclude all potential common and common equivalent shares for fiscal 2020, which had a net loss, as those shares would have been anti-dilutive.

Acquisitions

Recently accounting pronouncements

Recent accounting pronouncements — The Company reviewed the accounting pronouncements that were issued and/or that became effective for our fiscal year 2022. We determined that either they were not applicable, or they would not have a material impact on the consolidated financial statements.

Description of the Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jan. 29, 2023

Accounting Policies [Abstract]

Schedule of Estimated Depreciable Lives for Property and Equipment

Estimated depreciable lives for the categories of property and equipment follows:


			Estimated Depreciable Lives (In Years)
Building and building improvements (1)			5-40
Leasehold improvements (1)			5-20
Furniture, fixtures and equipment			3-10
Games			3-20

Schedule of Fair Value of Debt

The fair value of the Company's debt was as follows as of the periods indicated:


	January 29, 2023		January 30, 2022
Revolving credit facility	$	—	—
Term loan	864,484		—
Senior secured notes	441,800		456,204
	$	1,306,284	$	456,204

Summary of Derivative Instruments Outstanding

The following derivative instruments were outstanding as of January 30, 2022 (none were outstanding as of January 29, 2023):


	Balance Sheet Location	January 30, 2022
Derivatives designated as hedging instruments
Interest rate swaps	Accrued liabilities	$	3,823
Total derivative liability		$	3,823

Summary of Accumulated Other Comprehensive Loss Resulting From Derivative Instruments

The following table presents the activity in accumulated other comprehensive loss resulting from our derivative instruments for the fiscal years ended:


	January 29, 2023		January 30, 2022		January 31, 2021
Loss recognized in accumulated other comprehensive income	$	—	$	—	$	(7,602)
Loss reclassified or amortized into interest expense	$	4,088	$	7,547	$	6,453
Income tax effect	$	(1,068)	$	(2,062)	$	314

Summary of Basic Weighted Average Shares Outstanding Reconciled to Diluted Weighted Average Shares Outstanding

Basic weighted average shares outstanding are reconciled to diluted weighted average shares outstanding as follows:


	January 29, 2023	January 30, 2022	January 31, 2021
Basic weighted average shares outstanding	48,498,053	48,142,090	43,549,887
Weighted average dilutive impact of awards (1)	678,924	1,121,630	—
Diluted weighted average shares outstanding	49,176,977	49,263,720	43,549,887

(1)Amounts exclude all potential common and common equivalent shares for fiscal 2020, which had a net loss, as those shares would have been anti-dilutive.

Business Combination — Acquisition of Main Event (Tables)

12 Months Ended

Jan. 29, 2023

Business Combination and Asset Acquisition [Abstract]

Summary of Purchase Price and Net Assets Acquired in the Acquisition

The components of the purchase price and net assets acquired in the Main Event Acquisition are as follows:


	January 29, 2023
Gross cash consideration	$	853,219
Contingent consideration (1)	13,794
Less: cash acquired	(34,541)
Total consideration	$	832,472

Assets:
Current assets	$	16,820
Property and equipment	338,275
Operating lease right of use assets	293,924
Tradenames	99,200
Other assets and deferred charges	5,841
Less Liabilities:
Accounts payable	20,118
Current portion of operating lease liabilities	11,651
Accrued liabilities	41,196
Operating lease liabilities	279,213
Deferred tax liabilities	34,975
Other liabilities	6,273
Net assets acquired, excluding goodwill	$	360,634
Goodwill	$	471,838

Summary of Unaudited Pro Forma Information Provides the Effect of the Main Event Acquisition

The following unaudited pro forma information provides the effect of the Main Event Acquisition as if the acquisition had occurred on February 1, 2021:


	Fiscal Year Ended January 29, 2023		Fiscal Year Ended January 30, 2022
Total revenues	$	2,165,040	$	1,681,605
Net Income	$	88,173	$	75,744

Inventories (Tables)

12 Months Ended

Jan. 29, 2023

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following for the years presented:


	January 29, 2023		January 30, 2022
Operating store—food and beverage	$	10,858	$	7,281
Operating store—amusement	18,593		12,721
Corporate—amusement, supplies and other	15,970		20,317
	$	45,421	$	40,319

Property and Equipment (Tables)

12 Months Ended

Jan. 29, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consist of the following:


	January 29, 2023		January 30, 2022
Land	$	26,798	$	12,302
Buildings and building improvements	49,947		42,312
Leasehold improvements	1,103,000		830,459
Furniture, fixtures and equipment	573,111		459,713
Games	372,665		298,327
Construction in progress	98,442		44,020
Total cost	2,223,963		1,687,133
Accumulated depreciation	(1,043,732)		(908,536)
Property and equipment, net	$	1,180,231	$	778,597

Goodwill and Tradename Assets (Tables)

12 Months Ended

Jan. 29, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill and Intangible Assets, Net

The changes in the carrying amount of goodwill and tradename assets during fiscal 2022 and fiscal 2021 are as follows:


	Goodwill		Tradename
As of January 31,2021	$	272,595	$	79,000
Foreign currency translation	2		—
As of January 30,2022	$	272,597	$	79,000
Acquisition of Main Event (1)	471,838		99,200
Foreign currency translation	45		—
As of January 29,2023	$	744,480	$	178,200

(1) See Note 2 for discussion of the Main Event Acquisition.

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Accrued Liabilities (Tables)

12 Months Ended

Jan. 29, 2023

Accrued Liabilities, Current [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consist of the following as of the fiscal years ended:


	January 29, 2023		January 30, 2022
Deferred amusement revenue	$	114,375	$	92,961
Current portion of operating lease liabilities, net (1)	64,123		45,445
Compensation and benefits	60,607		27,447
Current portion of deferred occupancy costs	6,820		19,164
Deferred gift card revenue	16,362		11,855
Accrued interest	15,802		8,629
Property taxes	13,076		6,450
Current portion of long-term insurance	6,700		5,700
Utilities	7,166		5,262
Sales and use taxes	9,922		4,465
Customer deposits	8,705		3,471
Other	19,234		17,644
Total accrued liabilities	$	342,892	$	248,493

Debt (Tables)

12 Months Ended

Jan. 29, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt consists of the following:


	January 29, 2023		January 30, 2022
Credit facility—revolver	$	—	$	—
Credit facility—term loan	847,875		—
Senior secured notes	440,000		440,000
Total debt outstanding	1,287,875		440,000
Less current installments of long-term debt	(8,500)		—
Less issue discount on term loan	(38,846)		—
Less debt issuance costs	(17,818)		(8,605)
Long-term debt, net	$	1,222,711	$	431,395

Schedule of Future Debt Payment Obligation

Future debt obligations — Below is our future debt principal payment obligations as of January 29, 2023 by fiscal year:


2023	$	8,500
2024	8,500
2025	448,500
2026	8,500
2027	8,500
Thereafter	805,375
Total future payments	$	1,287,875

Summary of Recorded Interest Expense

Interest expense, net — The following table sets forth our recorded interest expense, net for the periods presented:


	January 29, 2023		January 30, 2022		January 31, 2021
Interest expense on debt	$	77,707	$	43,463	$	29,124
Interest associated with swap agreements	4,088		7,547		6,453
Amortization of issuance cost	8,466		4,244		2,184
Interest income	(628)		—		(22)
Capitalized interest	(2,270)		(1,344)		(849)
Total interest expense, net	$	87,363	$	53,910	$	36,890

Income Taxes (Tables)

12 Months Ended

Jan. 29, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Tax Provision

The following table sets forth our income tax provision:


	January 29, 2023		January 30, 2022		January 31, 2021
Current provision:
Federal	$	2,366	$	21,899	$	(78,629)
State and local	6,459		4,577		(1,360)
Foreign	76		333		(78)
Total current provision	8,901		26,809		(80,067)


	January 29, 2023		January 30, 2022		January 31, 2021
Deferred provision (benefit):
Federal	25,010		(2,354)		(5,415)
State and local	3,142		(5,441)		1,951
Foreign	(522)		—		99
Total deferred provision (benefit)	27,630		(7,795)		(3,365)
Provision for income taxes	$	36,531	$	19,014	$	(83,432)

Summary of Reconciliation of Effective Tax Rate To The Federal Income Tax Rate

The following table reconciles the effective tax rate to the federal income tax rate:


	January 29, 2023		January 30, 2022		January 31, 2021
Federal income tax rate	21.0	%	21.0	%	21.0	%
State and local income taxes, net of federal benefit	5.7	%	5.0	%	2.7	%
Permanent differences	2.9	%	2.0	%	(0.2)	%
Tax credits	(5.5)	%	(4.9)	%	0.7	%
Share-based compensation	(1.3)	%	(3.6)	%	(0.2)	%
Impact of net operating loss carryback	—	%	—	%	7.5	%
Other	(1.8)	%	(4.6)	%	(2.8)	%
Effective tax rate	21.0	%	14.9	%	28.7	%

Summary of Components of Deferred Income Tax Liability

Components of the deferred income tax liability, net consist of the following:


	January 29, 2023		January 30, 2022
Deferred tax assets:
Deferred revenue	$	18,148	$	27,577
Operating lease liability	434,877		380,145
Accrued liabilities	9,742		2,961
Workers compensation and general liability insurance	4,911		4,068
Share-based compensation	6,372		7,614
Hedging transactions	—		1,044
Net operating loss carryovers	27,241		8,028
Tax credit carryovers	4,623		943
Interest expense carryovers	524		—
Indirect benefit of unrecognized tax benefits	418		529
Other	5,274		4,173
Subtotal	512,130		437,082
Less: valuation allowance	(3,968)		(8,501)
Total deferred tax assets	$	508,162	$	428,581
Deferred tax liabilities:
Trademark/tradename	$	43,866	$	21,583
Property and equipment	179,549		121,516
Operating lease right of use asset	348,490		287,255
Other	1,977		278
Total deferred tax liabilities	$	573,882	$	430,632
Deferred tax liability, net	$	65,720	$	2,051

Summary of Changes in Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits follows:


	January 29, 2023		January 30, 2022		January 31, 2021
Balance at beginning of year	$	3,086	$	2,564	$	2,080
Additions for tax positions of prior years	—		95		28
Reductions for tax positions of prior years	(757)		—		—
Additions for tax positions of current year	—		757		660
Lapse of statute of limitations	(381)		(330)		(204)
Balance at end of year	$	1,948	$	3,086	$	2,564

Leases (Tables)

12 Months Ended

Jan. 29, 2023

Leases [Abstract]

Schedule of Lease Expense

The components of lease expense, including variable lease costs primarily consisting of common area maintenance charges and property taxes, are as follows:


	January 29, 2023		January 30, 2022		January 31, 2021
Operating lease cost	$	168,184	$	134,910	$	132,658
Variable lease cost	38,417		30,122		25,360
Short-term lease cost (1)	2,060		549		457
Total lease cost	$	208,661	$	165,581	$	158,475

Summary of Other Information Related to Leases

Supplemental disclosures of cash flow information related to leases were as follows:


	January 29, 2023			January 30, 2022			January 31, 2021
Cash paid for operating lease liabilities	$	189,267		$	157,197		$	77,292
ROU assets obtained in exchange for new operating lease liabilities (1)	$	376,232		$	72,559		$	98,218
Weighted-average remaining lease term—operating leases (in years)	13.6			14.2			14.8
Weighted-average discount rate—operating leases	7.12		%	6.0		%	5.9		%

(1)Includes the leases acquired in the business combination discussed at Note 2.

Schedule of Disclosure of Minimum Future Maturities of Operating Lease Liabilities

Minimum future maturities of operating lease liabilities as of January 29, 2023 were as follows:


2023	$	178,048
2024	197,636
2025	198,892
2026	200,437
2027	197,109
Thereafter	1,661,463
Total future operating lease liability	$	2,633,585
Less: interest	(1,001,668)
Present value of operating lease liabilities	$	1,631,917

Stockholders' Equity (Tables)

12 Months Ended

Jan. 29, 2023

Equity [Abstract]

Summary of Significant Assumptions Used in Determining Underlying Fair Value of Weighted-Average Options Granted

The significant assumptions used in determining the underlying fair value of the options granted in fiscal 2022 were as follows:


	Volatility	Risk-free Interest Rate	Expected Term (in years)	Weighted Average Grant Date Fair Value		Options Granted
April 2022 time-based grant	58.3%	2.8%	6.6	$	31.27	36,844
June 2022 time-based grant	64.8%	3.2%	6.6	$	22.81	23,631
June 2022 executive grant (1)	64.8%	3.2%	7.3	$	23.17	128,318
October 2022 time-based grant	67.6%	3.9%	7.3	$	21.97	129,576
October 2022 investment grant	67.2%	3.9%	7.4	$	16.32	195,051
Total granted						513,420

(1)Executive inducement grant consisted of 29,612 options under an investment grant and 98,706 under a time-based grant.

Summary of Transactions Related to Stock Options Awards

Transactions related to stock option awards during fiscal 2022 were as follows:


	Number of Options	Weighted Average Exercise Price
Outstanding at January 30, 2022	1,006,933	$	40.00
Exercised	(295,645)	25.88
Granted	513,420	33.63
Forfeited	(247,457)	41.12
Outstanding at January 29, 2023	977,251	40.64
Exercisable at January 29, 2023	572,426	$	45.11

Summary of Transactions Related to Restricted Stock Units

Transactions related to restricted stock unit awards during fiscal 2022 were as follows:


	Shares	Weighted Avg Grant Date Fair Value
Outstanding at January 30, 2022	922,799	$	24.88
Granted	1,639,505	33.09
Vested	(492,527)	22.46
Forfeited	(176,666)	43.72
Outstanding at January 29, 2023	1,893,111	$	31.02

Schedule of Stock Options Roll Forward

Compensation expense related to stock option plans and time-based restricted stock units as follows for the fiscal years presented:


	2022		2021		2020
Stock options	$	2,482	$	431	$	1,318
Restricted stock units	17,512		12,041		5,667
Total compensation expense (1)	$	19,994	$	12,472	$	6,985

Description of the Business and Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands		12 Months Ended
	Apr. 14, 2020 USD ($)	Jan. 29, 2023 USD ($) Segment store state shares	Jan. 30, 2022 USD ($) store shares	Jan. 31, 2021 USD ($) shares	Jun. 29, 2022
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Number of operating segment \| Segment		2
Number of reportable segment \| Segment		1
Number of stores acquired \| store		52
Number of stored opened \| store		8	5
Number of stores \| store		204
Number of states store operates \| state		42
Stores generated revenues		$ 1,964,427	$ 1,304,056	$ 436,512
Book overdrafts reclassified to accounts payable			16,673
Impairment of long lived assets		1,841	912	6,746
Impairment loss and contract termination costs				$ 6,981
Balance of transferable liquor licenses		6,268	5,162
Debt issuance costs		6,224	3,971
Period of expiry of earned rewards				one to two
Advertising costs expensed		$ 57,615	32,184	$ 21,107
Extension period		5-year
Current portion of deferred occupancy costs		$ 6,820	19,164
Deferred occupancy costs		$ 3,831	$ 8,434
Weighted average anti-dilutive options excluded from calculation of common equivalent shares (in shares) \| shares		210,000	170,000	1,200,000
Ardent
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Percentage of voting interests acquired					100.00%
Minimum
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Lease term		10 years
Maximum
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Lease term		20 years
Interest Rate Swap
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Interest payments reclassified to interest expense	$ 17,609
Gain (loss) on derivatives		$ 843	$ (550)
Dave And Busters Holdings Inc
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Percentage of outstanding common stock owned		100.00%
Canada
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Number of Canadian province \| store		1
Stores generated revenues		$ 24,122	$ 6,858	$ 2,896
Long-lived assets		1.00%
NORTH CAROLINA
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Number of stored opened \| store			1
Amusement Revenue \| Other Comprehensive Income (Loss)
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Deferred amusement revenue		$ 42,800	$ 49,700
Gift Card Revenue
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Deferred amusement revenue		6,300	3,900
Gift card breakage revenue		$ 2,410	$ 1,390

Description of the Business and Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details)	12 Months Ended
	Jan. 29, 2023
Building and building improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Depreciable Lives (In Years)	5 years
Building and building improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Depreciable Lives (In Years)	40 years
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Depreciable Lives (In Years)	5 years
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Depreciable Lives (In Years)	20 years
Furniture, fixtures and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Depreciable Lives (In Years)	3 years
Furniture, fixtures and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Depreciable Lives (In Years)	10 years
Games \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Depreciable Lives (In Years)	3 years
Games \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Depreciable Lives (In Years)	20 years

Description of the Business and Summary of Significant Accounting Policies - Fair Value of Debt (Details) - USD ($) $ in Thousands	Jan. 29, 2023	Jan. 30, 2022
Debt Instrument [Line Items]
Debt, fair value	$ 1,306,284	$ 456,204
Revolving credit facility
Debt Instrument [Line Items]
Debt, fair value	0	0
Credit facility—term loan
Debt Instrument [Line Items]
Debt, fair value	864,484	0
Senior secured notes
Debt Instrument [Line Items]
Debt, fair value	$ 441,800	$ 456,204

Description of the Business and Summary of Significant Accounting Policies - Derivative Instruments Outstanding (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 29, 2023	Jan. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities
Current portion of derivatives		$ 3,823
Derivative Liability Statement Of Financial Position Extensible Enumeration Not Disclosed Flag	Total derivative liability
Total derivative liability		$ 3,823

Description of the Business and Summary of Significant Accounting Policies - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 29, 2023	Jan. 30, 2022	Jan. 31, 2021
Accounting Policies [Abstract]
Loss recognized in accumulated other comprehensive income	$ 0	$ 0	$ (7,602)
Loss reclassified or amortized into interest expense	4,088	7,547	6,453
Income tax effect	$ (1,068)	$ (2,062)	$ 314

Description of the Business and Summary of Significant Accounting Policies - Summary of Calculation of Basic and Diluted Earnings Per Share (Details) - shares	12 Months Ended
	Jan. 29, 2023	Jan. 30, 2022	Jan. 31, 2021
Earnings Per Share [Abstract]
Basic weighted average shares outstanding (in shares)	48,498,053	48,142,090	43,549,887
Weighted average dilutive impact of awards (in shares)	678,924	1,121,630	0
Diluted weighted average shares outstanding (in shares)	49,176,977	49,263,720	43,549,887

Business Combination — Acquisition of Main Event - Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 29, 2022	Jan. 29, 2023
Business combination transaction costs	$ 12,626
Payments to acquire business gross before adjustments	835,000
Business combination revenue		$ 288,778
Business combination net income		19,185
Main Event
Business combination aggregate consideration	$ 832,472	832,472
Gross cash consideration		$ 853,219

Business Combinations - Summary of Purchase Price and Net Assets Acquired in the Acquisition (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 29, 2022	Jan. 29, 2023	Jan. 30, 2022	Jan. 31, 2021
Less Liabilities:
Goodwill		$ 744,480	$ 272,597	$ 272,595
Main Event
Business Acquisition [Line Items]
Gross cash consideration		853,219
Contingent consideration		13,794
Less: cash acquired		(34,541)
Total consideration	$ 832,472	832,472
Assets:
Current assets		16,820
Property and equipment		338,275
Operating lease right of use assets		293,924
Tradenames		99,200
Other assets and deferred charges		5,841
Less Liabilities:
Accounts payable		20,118
Current portion of operating lease liabilities		11,651
Accrued liabilities		41,196
Operating lease liabilities		279,213
Deferred tax liabilities		34,975
Other liabilities		6,273
Net assets acquired, excluding goodwill		360,634
Goodwill		$ 471,838
Contingent consideration arrangements, range of outcomes, value, low	0
Contingent consideration condition no transaction tax benefits	0
Contingent consideration arrangements, range of outcomes, value, high	$ 14,600

Business Combination — Acquisition of Main Event - Summary of Unaudited Pro Forma Information Provides the Effect of the Acquisition of Main Event (Details) - Main Event - USD ($) $ in Thousands	12 Months Ended
	Jan. 29, 2023	Jan. 30, 2022
Business Acquisition Proforma Information [Line Items]
Total revenues	$ 2,165,040	$ 1,681,605
Net Income	$ 88,173	$ 75,744

Inventories - Inventories (Details) - USD ($) $ in Thousands	Jan. 29, 2023	Jan. 30, 2022
Inventory [Line Items]
Inventory	$ 45,421	$ 40,319
Operating store—food and beverage
Inventory [Line Items]
Inventory	10,858	7,281
Operating store—amusement
Inventory [Line Items]
Inventory	18,593	12,721
Corporate—amusement, supplies and other
Inventory [Line Items]
Inventory	$ 15,970	$ 20,317

Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands	Jan. 29, 2023	Jan. 30, 2022
Property, Plant and Equipment [Line Items]
Total cost	$ 2,223,963	$ 1,687,133
Accumulated depreciation	(1,043,732)	(908,536)
Property and equipment, net	1,180,231	778,597
Land
Property, Plant and Equipment [Line Items]
Total cost	26,798	12,302
Buildings and building improvements
Property, Plant and Equipment [Line Items]
Total cost	49,947	42,312
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total cost	1,103,000	830,459
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Total cost	573,111	459,713
Games
Property, Plant and Equipment [Line Items]
Total cost	372,665	298,327
Construction in progress
Property, Plant and Equipment [Line Items]
Total cost	$ 98,442	$ 44,020

Property and Equipment Capitalized and Depreciated - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 30, 2022	Jan. 31, 2021	Feb. 02, 2020
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 168,852	$ 138,329	$ 138,789

Goodwill and Tradename Assets - Schedule of Goodwill and Tradenames (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 29, 2023	Jan. 30, 2022
Goodwill [Roll Forward]
Beginning balance	$ 272,597	$ 272,595
Foreign currency translation	45	2
Acquisition of Main Event	471,838
Ending Balance	744,480	272,597
Intangible Assets [Roll Forward]
Beginning balance	79,000	79,000
Acquisition	99,200
Ending balance	$ 178,200	$ 79,000

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Accrued Liabilities - Accrued Liabilities (Details) - USD ($) $ in Thousands	Jan. 29, 2023	Jan. 30, 2022
Accrued Liabilities, Current [Abstract]
Deferred amusement revenue	$ 114,375	$ 92,961
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total accrued liabilities	Total accrued liabilities
Current portion of operating lease liabilities, net	$ 64,123	$ 45,445
Compensation and benefits	60,607	27,447
Current portion of deferred occupancy costs	6,820	19,164
Deferred gift card revenue	16,362	11,855
Accrued interest	15,802	8,629
Property taxes	13,076	6,450
Current portion of long-term insurance	6,700	5,700
Utilities	7,166	5,262
Sales and use taxes	9,922	4,465
Customer deposits	8,705	3,471
Other	19,234	17,644
Total accrued liabilities	342,892	248,493
Receivables for tenant improvement allowances	$ 5,967	$ 10,064

Debt - Additional Information (Details) $ in Thousands		12 Months Ended
Debt - Additional Information (Details) $ in Thousands	Jun. 29, 2022 USD ($)	Jan. 29, 2023 USD ($)	Jan. 30, 2022 USD ($)	Jan. 31, 2021 USD ($)	Oct. 27, 2020 USD ($)
Debt Instrument [Line Items]
Interest rate on debt facility		9.61%	10.34%
Debt instrument floor rate		0.50%
Credit spread adjustment		0.0010
Loss on debt extinguishment / refinance		$ 1,479	$ 5,617	$ 904
Credit Facility
Debt Instrument [Line Items]
Letter of credit facility outstanding		8,905
Borrowing available		491,095
Credit Facility \| Increase Of Revolving Credit Facility
Debt Instrument [Line Items]
Amount to increase revolving credit facility		$ 400,000
EBITDA multiplier to increase revolving credit facility 2		0.75
Term Loan Facility
Debt Instrument [Line Items]
Senior secured credit facility	$ 850,000
Original issue discount	42,500
Debt instrument interest rate		5.00%
Senior Notes
Debt Instrument [Line Items]
Write off of deferred debt issuance cost		$ 2,300
Revolving credit facility
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity	500,000
Maximum amount outstanding during period	35,000
Revolving credit facility \| Minimum
Debt Instrument [Line Items]
Debt instrument interest rate		4.25%
Commitment fee percentage		0.30%
Revolving credit facility \| Maximum
Debt Instrument [Line Items]
Debt instrument interest rate		4.75%
Commitment fee percentage		0.50%
Revolving credit facility \| Initial Rate
Debt Instrument [Line Items]
Debt instrument interest rate		4.75%
Commitment fee percentage		0.50%
Revolving credit facility \| Springing Maturity Date
Debt Instrument [Line Items]
Long-term debt, gross	$ 100,000
Date of outstanding debt prior to maturity date	91 days
Senior secured notes \| Senior Notes
Debt Instrument [Line Items]
Senior secured credit facility					$ 550,000
Interest rate on debt facility					7.625%
Repayment of senior secured notes		$ 110,000
Payment for debt extinguishment or debt prepayment cost		$ 3,300

Debt - Long-Term Debt (Details) - USD ($) $ in Thousands	Jan. 29, 2023	Jan. 30, 2022
Debt Instrument [Line Items]
Long-term debt	$ 1,287,875	$ 440,000
Less current installments of long-term debt	(8,500)	0
Less issue discount on term loan	(38,846)	0
Less debt issuance costs	(17,818)	(8,605)
Long-term debt, net	1,222,711	431,395
Credit facility—revolver
Debt Instrument [Line Items]
Credit facility	0	0
Term Loan Faciity [Member]
Debt Instrument [Line Items]
Credit facility	847,875	0
Senior secured notes
Debt Instrument [Line Items]
Long-term debt	$ 440,000	$ 440,000

Debt - Future Debt Payment Obligation (Details) - USD ($) $ in Thousands	Jan. 29, 2023	Jan. 30, 2022
Debt Disclosure [Abstract]
2023	$ 8,500
2024	8,500
2025	448,500
2026	8,500
2027	8,500
Thereafter	805,375
Total future payments	$ 1,287,875	$ 440,000

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Debt - Recorded Interest Expense, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 29, 2023	Jan. 30, 2022	Jan. 31, 2021
Debt Disclosure [Abstract]
Interest expense on debt	$ 77,707	$ 43,463	$ 29,124
Interest associated with swap agreements	4,088	7,547	6,453
Amortization of issuance cost	8,466	4,244	2,184
Interest income	(628)	0	(22)
Capitalized interest	(2,270)	(1,344)	(849)
Total interest expense, net	$ 87,363	$ 53,910	$ 36,890

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Aug. 01, 2021	Jan. 29, 2023	Jan. 30, 2022	Jan. 31, 2021
Income Tax Disclosure [Abstract]
Effective tax rate		21.00%	14.90%	28.70%
Income tax receivable related to C A R E S Act	$ 57,400
Proceeds from income tax refunds	$ 33,200
Net operating loss carryforwards		$ 110,343
Foreign operating loss carryforwards		3,388
Foreign tax credit carryovers		973
Increase in Valuation Allowance		4,533	$ 5,246
Total unrecognized tax benefits that, if recognized, would affect our effective tax rate		1,948
Accrued interest on unrecognized tax benefits		499	446
Reduction in unrecognized tax benefits		528
Excess tax expense (benefit)		$ (3,128)	$ (6,994)	$ 437

Income Taxes - Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 29, 2023	Jan. 30, 2022	Jan. 31, 2021
Current provision:
Federal	$ 2,366	$ 21,899	$ (78,629)
State and local	6,459	4,577	(1,360)
Foreign	76	333	(78)
Total current provision	8,901	26,809	(80,067)
Deferred provision (benefit):
Federal	25,010	(2,354)	(5,415)
State and local	3,142	(5,441)	1,951
Foreign	(522)	0	99
Total deferred provision (benefit)	27,630	(7,795)	(3,365)
Provision for income taxes	$ 36,531	$ 19,014	$ (83,432)

Income Taxes - Reconciliation of Effective Tax Rate To The Federal Income Tax Rate (Details)	12 Months Ended
	Jan. 29, 2023	Jan. 30, 2022	Jan. 31, 2021
Income Tax Disclosure [Abstract]
Federal income tax rate	21.00%	21.00%	21.00%
State and local income taxes, net of federal benefit	5.70%	5.00%	2.70%
Permanent differences	2.90%	2.00%	(0.20%)
Tax credits	(5.50%)	(4.90%)	0.70%
Share-based compensation	(1.30%)	(3.60%)	(0.20%)
Impact of net operating loss carryback	0.00%	0.00%	7.50%
Other	(1.80%)	(4.60%)	(2.80%)
Effective tax rate	21.00%	14.90%	28.70%

Income Taxes - Components of Deferred Income Tax Liability (Details) - USD ($) $ in Thousands	Jan. 29, 2023	Jan. 30, 2022
Deferred tax assets:
Deferred revenue	$ 18,148	$ 27,577
Operating lease liability	434,877	380,145
Accrued liabilities	9,742	2,961
Workers compensation and general liability insurance	4,911	4,068
Share-based compensation	6,372	7,614
Hedging transactions	0	1,044
Net operating loss carryovers	27,241	8,028
Tax credit carryovers	4,623	943
Interest expense carryovers	524	0
Indirect benefit of unrecognized tax benefits	418	529
Other	5,274	4,173
Subtotal	512,130	437,082
Less: valuation allowance	(3,968)	(8,501)
Total deferred tax assets	508,162	428,581
Deferred tax liabilities:
Trademark/tradename	43,866	21,583
Property and equipment	179,549	121,516
Operating lease right of use asset	348,490	287,255
Other	1,977	278
Total deferred tax liabilities	573,882	430,632
Deferred tax liability, net	$ 65,720	$ 2,051

Income Taxes - Change in Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 29, 2023	Jan. 30, 2022	Jan. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of year	$ 3,086	$ 2,564	$ 2,080
Additions for tax positions of prior years	0	95	28
Reductions for tax positions of prior years	(757)	0	0
Additions for tax positions of current year	0	757	660
Lapse of statute of limitations	(381)	(330)	(204)
Balance at end of year	$ 1,948	$ 3,086	$ 2,564

Leases - Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Expense (Details) - USD ($) $ in Thousands	Jan. 29, 2023	Jan. 30, 2022	Jan. 31, 2021
Leases [Abstract]
Operating lease cost	$ 168,184	$ 134,910	$ 132,658
Variable lease cost	38,417	30,122	25,360
Short-term lease cost	2,060	549	457
Total lease cost	$ 208,661	$ 165,581	$ 158,475

Leases - Supplemental Disclosures of Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 29, 2023	Jan. 30, 2022	Jan. 31, 2021
Leases [Abstract]
Cash paid for operating lease liabilities	$ 189,267	$ 157,197	$ 77,292
ROU assets obtained in exchange for new operating lease liabilities	$ 376,232	$ 72,559	$ 98,218
Weighted-average remaining lease term—operating leases (in years)	13 years 7 months 6 days	14 years 2 months 12 days	14 years 9 months 18 days
Weighted-average discount rate—operating leases	7.12%	6.00%	5.90%

Leases - Maturities of Our Operating Lease Liabilities (Details) $ in Thousands	Jan. 29, 2023 USD ($)
Leases [Abstract]
44955	$ 178,048
2024	197,636
2025	198,892
2026	200,437
2027	197,109
Thereafter	1,661,463
Total future operating lease liability	2,633,585
Less: interest	(1,001,668)
Present value of operating lease liabilities	$ 1,631,917

Leases - Additional Information (Details) $ in Thousands	Jan. 29, 2023 USD ($)
Leases [Abstract]
Future minimum rent operating leases not yet commenced	$ 293,938

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		12 Months Ended
	Dec. 06, 2021	Oct. 30, 2022	Jul. 31, 2022	Jan. 29, 2023	Jan. 30, 2022	Jan. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of common stock (in shares)						16,743,352
Sale of Stock, Price Per Share						$ 11.08
Net proceeds from the issuance of common stock				$ 0	$ 0	$ 182,207
Purchased shares of stock				764,988
Payments for repurchase of common stock				$ 25,015	$ 0	$ 0
Stock repurchase authorized amount	$ 100,000
Stock repurchase expiration year	fiscal 2022
Withholding shares of common stock				173,541	231,451	58,715
Employees tax obligations				$ 8,525	$ 9,465	$ 929
Grants receivable		$ 27,500
Expected Term (in years)		5 years	5 years
2014 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Excess stock shares permitted to issue				6,100,000
Number of shares of common stock available for issuance				3,800,000
Settlement Of Cash Obligation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash obligation					$ 2,517
Stock issued during period, shares, issued for services					160,540
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				3 years
Recipient age to expense award on grant date				60 days
Expiration period of options				10 years
Recipient age to expense award on grant date				65 years
Total intrinsic value of stock options exercised				$ 5,099	$ 10,358	$ 963
Unrecognized expense related to stock option plan				$ 6,370
Unrecognized compensation expense, weighted average years				4 months 24 days
Weighted average remaining contractual life, options outstanding				6 years 6 months
Aggregate intrinsic value, options outstanding				$ 4,744
Weighted average remaining contractual life, options exercisable				4 years 4 months 24 days
Aggregate intrinsic value, options outstanding, options exercisable				$ 1,486
Restricted Stock Units (RSU's)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				5 years
Unrecognized compensation expense, weighted average years				3 years 2 months 12 days
Granted (in dollars per share)				$ 33.09	$ 47.42	$ 12.75
Shares vested, value				$ 20,607	$ 29,260	$ 1,518
Unrecognized expense related to unvested restricted stock and RSUs				$ 44,255
Performance Based RSU and MSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reduction in shares granted subject to above target performance				2
Reduction in available shares granted subject to target performance				1
Reduction in shares granted subject to below target performance				0

Stockholders' Equity - Significant Assumptions Used in Determining Underlying Fair Value of Weighted-Average Options Granted (Details) - $ / shares	1 Months Ended			3 Months Ended		12 Months Ended
	Oct. 31, 2022	Jun. 30, 2022	Apr. 30, 2022	Oct. 30, 2022	Jul. 31, 2022	Jan. 29, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected Term (in years)				5 years	5 years
Options granted (in shares)						513,420
2014 Stock Incentive Plan \| Time Based Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	67.60%	64.80%	58.30%
Risk-free Interest Rate	3.90%	3.20%	2.80%
Expected Term (in years)	7 years 3 months 18 days	6 years 7 months 6 days	6 years 7 months 6 days
Weighted average grant date fair value (in dollars per share)	$ 21.97	$ 22.81	$ 31.27
Options granted (in shares)	129,576	23,631	36,844
2014 Stock Incentive Plan \| Executive Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility		64.80%
Risk-free Interest Rate		3.20%
Expected Term (in years)		7 years 3 months 18 days
Weighted average grant date fair value (in dollars per share)		$ 23.17
Options granted (in shares)		128,318
2014 Stock Incentive Plan \| Investment Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	67.20%
Risk-free Interest Rate	3.90%
Expected Term (in years)	7 years 4 months 24 days
Weighted average grant date fair value (in dollars per share)	$ 16.32
Options granted (in shares)	195,051	29,612
2014 Stock Incentive Plan \| June Time-Based Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)		98,706

Stockholders' Equity - Transactions Related to Stock Option Awards (Details) - 2014 Stock Incentive Plan	12 Months Ended
	Jan. 29, 2023 $ / shares shares
Number of Options
Options outstanding at January 30, 2022 (in shares) \| shares	1,006,933
Exercised (in shares) \| shares	(295,645)
Granted (in shares) \| shares	513,420
Forfeited (in shares) \| shares	(247,457)
Options outstanding at January 29, 2023 (in shares) \| shares	977,251
Options exercisable at January 29, 2023 (in shares) \| shares	572,426
Weighted Average Exercise Price
Options outstanding at February 2, 2020 (in dollars per share) \| $ / shares	$ 40.00
Exercised (in dollars per share) \| $ / shares	25.88
Granted (in dollars per share) \| $ / shares	33.63
Forfeited (in dollars per share) \| $ / shares	41.12
Options outstanding at January 31, 2021 (in dollars per share) \| $ / shares	40.64
Options exercisable at January 31, 2021 (in dollars per share) \| $ / shares	$ 45.11

Stockholders' Equity - Transactions Related to Time-based and Performance-based RSU's and Restricted Stock (Details) - Restricted Stock Unit Awards	12 Months Ended
	Jan. 29, 2023 $ / shares shares
Shares
Outstanding at January 30, 2022 (in shares) \| shares	922,799
Granted (in shares) \| shares	1,639,505
Vested (in shares) \| shares	(492,527)
Forfeited (in shares) \| shares	(176,666)
Outstanding at January 29, 2023 (in shares) \| shares	1,893,111
Weighted Avg Grant Date Fair Value
Outstanding at January 30, 2022 (in dollars per share) \| $ / shares	$ 24.88
Granted (in dollars per share) \| $ / shares	33.09
Vested (in dollars per share) \| $ / shares	22.46
Forfeited (in dollars per share) \| $ / shares	43.72
Outstanding at January 29, 2023 (in dollars per share) \| $ / shares	$ 31.02

Stockholders' Equity - Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 29, 2023	Jan. 30, 2022	Jan. 31, 2021
Equity [Abstract]
Stock options	$ 2,482	$ 431	$ 1,318
Restricted stock units	17,512	12,041	5,667
Share-based compensation	$ 19,994	$ 12,472	$ 6,985

Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 29, 2023	Jan. 30, 2022	Jan. 31, 2021
Postemployment Benefits [Abstract]
Maximum eligibility of employee compensation	6.00%
Deferred compensation expense	$ 1,832	$ 714	$ 0
Deferred compensation plan assets	$ 9,812	$ 10,587

Subsequent Event (Details) - USD ($)	Mar. 27, 2023	Dec. 06, 2021
Subsequent Event [Line Items]
Stock repurchase authorized amount		$ 100,000,000
Subsequent Event
Subsequent Event [Line Items]
Stock repurchase authorized amount	$ 100,000,000