BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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Dave & Buster's Ends Fiscal 2023 on a High Note with Record Revenue and Strategic Expansion
DALLAS, April 2, 2024 – Dave & Buster's Entertainment, Inc. (NASDAQ: PLAY) today shared its financial achievements for the fourth quarter and the entire fiscal year ending February 4, 2024. The entertainment and dining giant reported a successful quarter and year despite a challenging macroeconomic environment, underscoring its commitment to growth and innovation.
Fourth Quarter Fiscal 2023 Highlights:
- Revenue Growth: The fourth quarter saw a revenue of $599.1 million, marking a 6.3% increase from the previous year, with the inclusion of a 14th week contributing significantly.
- Net Income: Reported at $36.2 million or $0.88 per diluted share, showcasing a robust profit margin.
- Adjusted EBITDA: Increased by 9.7% to $151.8 million or 25.3% of revenue, highlighting operational efficiency.
- Store Expansion: Six new Dave & Buster's venues were launched, expanding the brand's national footprint.
- Share Repurchase: The company bought back 8.5 million shares, totaling $300 million, underscoring its strong financial health and commitment to shareholder value.
Fiscal Year 2023 Overview:
- Annual Revenue: Achieved $2.2 billion, up by 12.3% from the previous year, fueled by strategic expansions and robust consumer demand.
- Net Income: The fiscal year netted $126.9 million in income or $2.88 per diluted share, illustrating sustained profitability.
- Store Operations: Opened a total of 16 new stores, including 11 Dave & Buster's and 5 Main Events, significantly enhancing its market presence.
- International Expansion: Entered into a franchise partnership to develop stores in the Dominican Republic, marking the brand's commitment to global growth.
Strategic Initiatives and Future Outlook:
Dave & Buster's CEO, Chris Morris, expressed optimism for fiscal 2024, emphasizing the brand's focus on cost efficiency, margin improvement, and organic revenue growth. With plans to open 15 new domestic stores and up to four international units, Dave & Buster's is poised for a transformative year ahead.
The company's strategic remodels have outperformed expectations, and the acceleration of portfolio-wide rollout is anticipated to bolster future revenue streams. Despite the uncertain economic backdrop, Dave & Buster's leadership is confident in achieving a $1 billion Adjusted EBITDA target in the coming years, supported by a solid liquidity position and strategic investments in new stores and organic growth initiatives.
Financial Strength and Capital Allocation:
CFO Michael Quartieri highlighted the company's financial resilience, with a notable reduction in interest costs and a favorable repricing of its Term Loan B. The strengthened financial position, characterized by strong liquidity and low leverage, allows for continued investment in growth and shareholder returns.
With a Net Total Leverage Ratio of 2.2x and a renewed $200 million share repurchase authorization, Dave & Buster's demonstrates its robust cash flow generation and operational strength. The company remains well-equipped to navigate future challenges and capitalize on growth opportunities, setting the stage for continued success in the entertainment and dining industry.
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