Dave & Buster's Entertainment, Inc. (NASDAQ:PLAY) Q2 2017 Earnings Conference Call - Preliminary Transcript
Sep 05, 2017 • 05:00 pm ET
Good day ladies and gentlemen and welcome to today's Dave & Buster's Inc. Second Quarter 2017 Earnings Call. Today's conference is being recorded. At this time, I'd like to turn the floor over to Jay Tobin, Senior Vice President and General Counsel. Please go ahead.
Thank you, Gregg. Thank you all for joining us. On the call today are Steve King, Chief Executive Officer; and Brian Jenkins, Chief Financial Officer. After comments from Mr. King and Mr. Jenkins, we will be happy to take your questions. This call is being recorded on behalf of Dave & Buster's Entertainment, Inc. and is copyrighted.
Before we begin our discussion of the Company's results, I'd like to call your attention to the fact that in our remarks and our responses to your questions, certain items may be discussed, which are not based entirely on historical facts. Any such items should be considered forward-looking statements and relating to future events within the meaning of the Private Securities Litigation Reform Act of 1995. All such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from those anticipated. Information on the various risk factors and uncertainties has been published in our filings with the SEC, which are available on our website at daveandbusters.com under the Investor Relations section.
In addition, our remarks today will include references to EBITDA, adjusted EBITDA and store operating income before depreciation and amortization, which are financial measures that are not defined under Generally Accepted Accounting Principles. Investors should review the reconciliation of these non-GAAP measures to the comparable GAAP results contained in our earnings announcement released this afternoon, which is also available on our website
Now, I'll turn the call over to Steve.
Thank you, Jay. Good afternoon, everyone. We appreciate your participation in our second quarter call. First, on behalf of everyone at Dave & Buster's, I would like to express our deepest sympathy and concern for those affected by Hurricane Harvey. We want you to know that you are in our thoughts and prayers. We're fortunate to have reopened our three stores in Houston last Friday and most of our employees are back at work.
Today, I'll review our second quarter performance, highlight our strong new store pipeline and significant white space opportunity, and then provide an update on our ongoing initiatives. Brian will walk through the key financial highlights, our new $800 million credit facility and our ongoing share repurchase program. And then, I'll conclude by talking about our development and remodeling efforts before we open it up for your questions.
We're pleased to report another strong quarter including revenue growth of approximately 15% and EBITDA growth of 11.5%. Excluding a $2.6 million litigation settlement expense in the quarter, we grew EBITDA by nearly 16%. As we've previously said, our long-term target is for low-double-digit growth in annual revenue and EBITDA. Strong new store performance and an impressive growth in our high margin Amusement segment were some of the key underlying drivers of