Dave & Buster's Entertainment, Inc. (NASDAQ:PLAY) Q3 2023 Earnings Conference Call December 5, 2023 5:00 PM ET

Company Participants

Cory Hatton - Vice President, Investor Relations and Treasurer

Chris Morris - Chief Executive Officer

Michael Quartieri - Chief Financial Officer

Conference Call Participants

Andy Barish - Jefferies

Jeff Farmer - Gordon Haskett

Brian Mullan - Piper Sandler

Brian Vaccaro - Raymond James

Sharon Zackfia - William Blair

Operator

Good day, and welcome to the Dave & Buster's Third Quarter 2023 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Cory Hatton, Vice President of Investor Relations and Treasurer. Please go ahead, sir.

Cory Hatton

Thank you, operator, and welcome to everyone on the line. Leading today's call will be Chris Morris, our Chief Executive Officer; and Mike Quartieri, our Chief Financial Officer. After our prepared remarks, 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 the discussion on our company's third quarter 2023 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 fact. Any of these items should be considered forward-looking statements 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 have been published in our filings with the SEC, which are available on our website.

In addition, our remarks today will include references to 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 measure contained in our earnings announcement released this afternoon.

With that, it is my pleasure to turn the call over to Chris.

Chris Morris

All right. Thank you, Cory. Good afternoon, everyone, and thank you for joining our call today.

In our third quarter of fiscal 2023, we generated revenue of $467 million and adjusted EBITDA of $82 million, both of which are slightly below the third quarter of fiscal '22 and but meaningfully above the third quarter of 2019 even after adjusting for the acquisition of Main Event. We are operating in a unique and complex macroeconomic environment as we lap challenging comparisons to the prior year, driven by robust post-COVID demand.