Bowlero reported strong sequential improvements in Q4 2024, delivering total revenue ex-service fee of $283.0 million and adjusted EBITDA of $83.4 million, up 20.2% and 29% respectively year over year. Same-store sales (SSS) rose 6.9% in the quarter, with April-June all posting positive SSS, underscoring the durability of Bowlero’s location-based entertainment model. Management attributes part of the gain to targeted initiatives in operations, product mix, and guest value propositions, including the Summer Season Pass, upgraded amusements, and enhanced food & beverage (F&B) offerings. The acquisition of Raging Waves (May 2024) demonstrated the potential for non-bowling assets to contribute meaningfully to revenue and EBITDA in a seasonal park format, although weather in Chicago moderated near-term results. Bowlero signaled a disciplined capital allocation stance for FY2025, guiding mid-single digits to 10% total revenue growth with 32-34% EBITDA margins, and a reduced CapEx plan of approximately $154 million. The company remains active on the M&A front, having increased revolver capacity to $335 million to support a broader deal environment, while acknowledging that the FY25 outlook excludes announced or unannounced M&A. Management guided to roughly 50% operating leverage in FY2025, aided by comped wage provisions and COVID-related costs, and reiterated a focus on growing EBITDA through center-level efficiency, tighter procurement, and higher attachment from F&B and amusements. The strategic takeaway is Bowlero’s pivot toward a diversified, higher-attach location-based entertainment platform with substantial upside from new builds, brand evolution (Lucky Strike rebranding), and expansion of non-bowling assets, while maintaining a conservative stance on pricing and a measured approach to financing activity.