Dave & Buster's Entertainment, Inc. (NASDAQ:PLAY) Q2 2020 Earnings Conference Call - Final Transcript

Sep 10, 2020 • 05:00 pm ET


Dave & Buster's Entertainment, Inc. (NASDAQ:PLAY) Q2 2020 Earnings Conference Call - Final Transcript


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Good afternoon, everyone. Welcome to the Dave & Buster's Entertainment, Incorporated Second Quarter 2020 Earnings Results Conference. Today's call is being hosted by Brian Jenkins, Chief Executive Officer. I'd like to remind everyone that this call is being recorded, and will be available for replay beginning later today.

Now, I would like to turn things over to Scott Bowman, Chief Financial Officer. Please go ahead, sir.

Scott J. Bowman

Thank you. And thank you for all joining us today. Also on today's call, we have Brian Jenkins, Chief Executive Officer. After comments from Mr. Jenkins and myself, we'll be happy to take your questions. This call is being recorded on behalf of Dave & Buster's Entertainment, Incorporated and is copyrighted.

Before we begin our discussion on the Company's results, I'd like to call your attention to the fact that in our remarks and our responses to questions, certain items may be discussed, which are not entirely based on historical facts. Any of these items could 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 have been published in our filings with the SEC, which are available on our website, at www.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 all 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 we released this afternoon, which is also available on our website.

Now, I will turn the call over to Brian.

Brian A. Jenkins

Good afternoon, and thank you for joining our call today. On behalf of the entire Dave & Buster's team, we hope you and your families are remaining healthy and safe.

Since our last conference call in early June, the COVID pandemic has continued to present challenging business conditions for our Company, our industry and the entire US economy. I am proud of our team members for their tremendous agility, their resilient, and commitment to succeeding under extremely difficult circumstances.

During our June conference call, we detailed the temporary changes we've made to our operating model. We also covered the decisive steps we have taken to secure additional capital, and to reduce operating expenses and capital spending in order to extend our liquidity horizon, while preserving critical store re-opening capabilities.

Also in June, we detailed our focus on two near-term priorities. First, re-opening our stores safely and efficiently, as soon as possible, and two, investing and accelerating change in our service model, our menu, our programming, and our marketing. I'll speak to the first of those near-term priorities now and provide an update on the second, after Scott got a chance to review Q2 results.

During the