Dave & Buster’s Entertainment Inc. (NASDAQ: PLAY) has filed with the U.S. Securities and Exchange Commission (SEC) for a secondary offering. The offering is for 6 million shares with an overallotment option for an additional 900,000 shares. At Friday’s closing price of $41.85, the total offering is valued up to $288.76 million.
The underwriters for the offering are Jefferies, Piper Jaffray, William Blair, Raymond James, Stifel and BMO Capital Markets.
This is a leading owner and operator of high-volume venues in North America that combine dining and entertainment for both adults and families. The core concept of the business is to offer customers the opportunity to “Eat Drink Play and Watch” all in one location. Eat and drink are offered through a full menu of “Fun American New Gourmet” entrées and appetizers and a full selection of non-alcoholic and alcoholic beverages. The play and watch offerings provide an extensive assortment of entertainment attractions centered around playing games and watching live sports and other televised events.
In the filing, the company detailed its financial position:
As of September 15, 2015, we owned and operated 77 stores in 30 states and Canada. For the fiscal year ended February 1, 2015, we generated total revenues of $746.8 million, Adjusted EBITDA of $165.1 million (representing an Adjusted EBITDA margin of 22.1%) and net income of $7.6 million. For the twenty-six weeks ended August 2, 2015 and August 3, 2014, we generated total revenues of $440.0 million and $376.2 million, respectively, Adjusted EBITDA of $114.6 million and $89.1 million, respectively, and net income of $32.1 million and net loss of $2.4 million, respectively. For fiscal 2013 and fiscal 2012, we generated total revenues of $635.6 million and $608.1 million, respectively, Adjusted EBITDA of $134.8 million and $120.5 million, respectively, and net income of $2.2 million and $8.8 million, respectively. From fiscal 2012 to fiscal 2014, total revenues and Adjusted EBITDA grew at a compound annual growth rate (CAGR) of 10.8% and 17.1%, respectively. We generated comparable store sales increases of 10.4%, 7.3%, 1.0% and 3.0% in the twenty-six weeks ended August 2, 2015 and in fiscal 2014, 2013 and 2012, respectively.
Shares of Dave & Buster’s were up 1.7% at $42.57 early Monday, in a 52-week trading range of $15.89 to $43.35. The stock has a consensus analyst price target of $49.00.
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