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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Mar. 27, 2022
Mar. 28, 2021
Operating activities    
Net loss $ (36,877) $ (113,000)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 78,487 67,979
Gain on sale or disposal of assets, net (1,755) (77)
Income from joint venture (285) (126)
Loss on refinance of debt 953 0
Loss on repurchase of warrants 161 0
Amortization of deferred financing costs 2,769 2,529
Amortization of deferred rent incentive (281) 1,338
Non-cash interest expense on capital lease obligation 4,514 4,603
Amortization of deferred sale lease-back gain (770) (770)
Deferred income taxes (6,587) 0
Stock based compensation 46,376 2,371
Distributions from joint venture 265 122
Change in fair value of earnout liability 23,236 0
Change in fair value of warrant liability 20,748 0
Changes in assets and liabilities, net of business acquisitions:    
Accounts receivable and notes receivable, net 23 2,563
Inventories (1,708) 460
Prepaids, other current assets and other assets (5,723) 594
Accounts payable and accrued expenses 10,777 23,608
Other current liabilities 4,265 5,101
Other long-term liabilities 4,273 19,828
Net cash provided by operating activities 142,861 17,123
Investing activities    
Purchases of property, equipment, and internal use software (135,548) (26,598)
Proceeds from sale of property and equipment 6,160 482
Proceeds from sale of intangibles 0 60
Purchases of intangible assets (2,602) 0
Acquisitions, net of cash acquired (46,754) (2,132)
Net cash used in investing activities (178,744) (28,188)
Financing activities    
Repurchase of Series A preferred stock - Old Bowlero (145,298) 0
Proceeds from issuance of Series A preferred stock 95,000 0
Proceeds from issuance of Class A common stock to Isos investors 94,413 0
Transaction costs related to Merger recapitalization (20,670) 0
Proceeds from PIPE Investment 150,604 0
Proceeds from Forward Investment 100,000 0
Payment to existing shareholders of Old Bowlero (226,000) 0
Consideration paid to existing option holders of Old Bowlero (15,467) 0
Repurchase of treasury stock (1,026) 0
Repurchase of warrants (5,382) 0
Payment of long-term debt (6,158) (6,158)
Payment of First Lien Credit Facility Revolver (39,853) 0
Proceeds from Incremental Liquidity Facility 0 45,000
Payment of Incremental Liquidity Facility (45,000) 0
Proceeds from New Revolver 86,434 0
Payment of deferred financing costs (977) (1,984)
Construction allowance receipts 1,132 0
Net cash provided by financing activities 21,752 36,858
Effect of exchange rates on cash 15 71
Net (decrease) increase in cash and equivalents (14,116) 25,864
Cash and cash equivalents at beginning of period 187,093 140,705
Cash and cash equivalents at end of period $ 172,977 $ 166,569