On this page of StockholderLetter.com we present the 5/3/2023 shareholder letter from Dave & Buster's Entertainment, Inc. — ticker symbol PLAY. Reading current and past PLAY letters to shareholders can bring important insights into the investment thesis.

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PLAY 5/3/2023 Shareholder/Stockholder Letter Transcript:

Dave & Buster   s Entertainment, Inc.
Annual Report 2022


Dear Fellow Shareholders:
It is my honor to serve as CEO of Dave & Buster   s. With the acquisition and integration of Main Event, we have
two brands that perfectly complement each other with important distinctions, and their joining puts our company
in a strategically unparalleled position for accelerated, profitable growth.
Fiscal year 2022 was an exciting year for our Company. As a result of the acquisition of Main Event, we are now
the largest operator of Family Entertainment Centers in the world, a category we feel will continue to benefit
from increasing consumer demand for out-of-home entertainment experiences. We are excited about the strong
momentum in our business, the numerous growth opportunities for us to pursue, and the talented team we have in
place to drive growth despite the challenging macro-economic environment. We remain focused on closely
managing costs and capital spending to ensure we strategically unlock the maximum value of these two great
brands and deliver the highest returns possible for our shareholders.
Fiscal Year 2022 Highlights

We reported revenue of $2.0 billion in fiscal year 2022, an increase of 50.6% from fiscal year 2021 and an
increase of 45.0% from fiscal year 2019.

Net income totaled $137.1 million, or $2.79 per diluted share in fiscal year 2022, compared with net income
of $108.6 million, or $2.21 per diluted share in fiscal year 2021 and net income of $100.3 million, or $2.94
per diluted share in fiscal 2019.

We reported Adjusted EBITDA of $480.4 million in fiscal year 2022, an increase of 42.8% from fiscal year
2021 and an increase of 58.3% from fiscal year 2019.

We completed the acquisition of Main Event on June 29, 2022. We successfully achieved implementation of
the activities for our forecasted $25 million annual synergy target and we continue to identify opportunities
in excess of that target.
Since the acquisition and subsequent integration, we have been focused on finalizing our long-term strategic plan
that will further cement our company as the undeniable leader in location-based entertainment and drive
meaningful shareholder value. Our strategic review and ongoing consumer research have reinforced our belief
that there is significant upside in this business through an improved focus in several key areas. Now, while we
allocate time to executing these long-term initiatives with a strict focus on ROI, we will never lose sight of
maintaining operational efficiencies in the near-term. Our team has already made meaningful progress on this
plan and is laser focused on continuing this progress in 2023.
Understanding that there is a close interrelationship between the enthusiasm of our team members, enjoyment
level of our guests, and the ultimate success of our business, we encourage our team members to give back to the
communities we serve. As a company, we invest significant time and efforts to support Make-A-Wish  , and have
done so since 2012. In 2022, we raised over $17 million to this worthy cause and helped grant more than 1,000
wishes to children with life-threatening medical conditions. In addition, Main Event has been a proud supporter
of the Special Olympics, raising over $500,000 since 2019. We also participate with local charities and
community efforts, such as serving food during national disasters such as hurricanes, sponsoring beach
clean-ups, and other community activities.
We also invest in helping our own team members in their times of greatest need. Our Buster   s Legacy Fund is an
independent nonprofit established to create an employee assistance fund for the benefit of our team members
who suffer catastrophic events, resulting in a need for immediate attention and severe economic hardship. The

Buster   s Legacy Fund is financed by contributions from our team members, guests, and business partners. Last
year, we contributed nearly $628,000 to help our team members struggling with adversity.
Let me conclude by saying we are extremely excited about the future of this organization. We have two industryleading brands in Dave & Buster   s and Main Event. These brands have exceptional business models, strong
assets and are led by a talented and passionate group of operators and associates. We have a clear line of sight on
the strategic opportunities ahead for the business and a world class management team with a proven track record
of superior execution. We continue to believe there is tremendous upside potential for this company and our
stakeholders, and we are working diligently to realize that potential.
Thank you for your continued support.
Sincerely,
Chris Morris
Chief Executive Officer



 5/3/2023 Letter Continued (Full PDF)