Dave & Buster's Entertainment, Inc. (NASDAQ:PLAY) Q4 2019 Earnings Conference Call - Final Transcript

Apr 02, 2020 • 05:00 pm ET


Dave & Buster's Entertainment, Inc. (NASDAQ:PLAY) Q4 2019 Earnings Conference Call - Final Transcript


Loading Event

Loading Transcript


Good afternoon, everyone. Welcome to the Dave & Buster's Entertainment Incorporated Fourth Quarter 2019 Earnings Results Conference Call. First of all, I would like to apologize for any audio interference and distortion that you may experience on today's conference. Today's call is being hosted by Brian Jenkins, Chief Executive Officer.

I'd like to remind everyone that this call is also being recorded and will be available for replay beginning later today. I would now like to turn the conference over to Mr. Scott Bowman, Chief Financial Officer, for opening remarks. Please go ahead.

Scott J. Bowman

Thank you, Cody, and thank you for joining us today. Joining me on today's call is Brian Jenkins, Chief Executive Officer. This call is being recorded on behalf of Dave & Buster's Entertainment Incorporated and is copyrighted.

Before we begin our discussion of the Company's results, I would like to call your attention to the fact that in our remarks certain items may be discussed which are not entirely based on historical facts. Any of these items should be considered forward-looking statements related 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 www.daveandbusters.com under the Investor Relations section.

As set forth in its current report on Form 8-K filed today with the Securities and Exchange Commission, the Company is utilizing the temporary relief provided by the SEC to delay the filing of the Company's 2019 Annual Report in Form 10-K for up to 45 days. As noted in that current report, among other factors, the temporary shutdown of all the Company stores and the related disruption to the Company's business have necessitated a series of actions by management. This includes actions related to the Company's outlook for the next 12 months of liquidity, exploring financing opportunities and seeking further covenant relief from our lenders as well as completion of the audit of the Company's 2019 financial statement. As a result, our 2019 figures that we will reference today should be considered preliminary until such time as we file our 10-K.

In addition, our remarks today may 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 non-GAAP measures to the comparable GAAP results contained in our earnings announcement released this afternoon, which is also available on our website.

With that I will turn the call over to Brian.

Brian A. Jenkins

Good afternoon and thank you for joining our call today which is taking place under completely different circumstances than any of us could have foreseen just a few short weeks ago. As we are all aware, the global COVID-19 pandemic has created a challenge unlike anything our