PLAY Price Correlated With Financials For Dave & Buster's Entertainment
Free historical financial statements for Dave & Buster's Entertainment Inc.. See how revenue, income, cash flow, and balance sheet financials have changed over 31 quarters since 2015. Compare with PLAY stock chart to see long term trends.
Note 1: 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 under the name “Dave & Buster’s”. The Company operates its business as one operating and one reportable segment.
During fiscal 2021, we opened five new stores, including one store in Cary, North Carolina that was closed and relocated during the fourth quarter. During fiscal 2020, we opened six new stores, and management made the decision to not re-open
two stores located in the Chicago, Illinois area and Houston, Texas area, which were at or near the end of their respective lease terms. At January 30, 2022, we owned and operated 144 stores located in 40 states, Puerto Rico and one Canadian province.
The Company’s two stores located in the Canadian province of Ontario generated revenues of approximately $6,858, $2,896, and $18,649 in fiscal 2021, 2020 and 2019, respectively. At January 30, 2022, less than 2.0% of our long-lived assets were located outside of the United States.
— In March 2020, a novel strain of coronavirus (“COVID-19”)
outbreak was declared a global pandemic and a National Public Health Emergency. Shortly after the national emergency declaration, state and local officials began placing restrictions on businesses, some of which allowed To-Go
or curbside service only while others limited capacity in the dining room or Midway
. By March 20, 2020, all our
137 operating stores were temporarily closed. On April 30, 2020, our first store
to the public, and by the end of fiscal 2020,
107 of our
140 stores were open and operating in limited capacity. The Company
33 stores that had been temporarily closed by August 1, 2021, the end of the second quarter of fiscal 2021. During the fourth quarter of fiscal 2021, our two Canadian stores temporarily closed due to the resurgence, and shortly after the end of our fiscal year, the
with limited operations.
During fiscal 2020, the Company negotiated with landlords and other vendors to negotiate relief from cash payments under existing lease and trade payable obligations, extending or reducing payment terms with several vendors. A total of 126 initial rent relief agreements related to our operating locations and former corporate headquarters were executed during fiscal 2020, and a second phase of negotiations, generally seeking to delay or extend the terms of deferral pay back periods and/or provide rent relief beyond the periods in the initial agreements, was substantially completed by the end of the Company’s second quarter of fiscal 2021 and resulted in 99 additional rent relief agreements.
The Company obtained additional liquidity during fiscal 2020 through the sale of common stock, which resulted in net proceeds of $182,207 and completed the private sale of $550,000 in aggregate principal amount of 7.625% senior secured notes due 2025. In that same year, the revolving credit commitments under our existing credit facility were extended through August 17, 2024, and the suspension of our financial ratio covenants was extended until the last day of the first quarter of fiscal year 2022. During fiscal 2021, the Company redeemed $110,000 outstanding principal amount of the senior secured notes and elected to end the financial covenant suspension period as of the last day of the third quarte