Pinstripes Holdings Inc (PNST)PNST

Pinstripes Holdings Inc. (PNST): A Comprehensive Overview

Company Profile:

Detailed History and Background: Pinstripes Holdings Inc. (formerly known as Pinstripes, Inc.) was founded in 1996 by Dale Schwartz and Michael Conway as a bowling and entertainment center. The first Pinstripes location opened in Northbrook, Illinois, offering bowling, bocce, billiards, and a restaurant. Over the years, the company expanded its footprint across the United States, opening multiple locations in major cities. In 2019, Pinstripes went public through a reverse merger with Bowlero Corporation, forming Pinstripes Holdings Inc.

Core Business Areas: Pinstripes Holdings Inc. operates two primary business segments:

• Pinstripes: This segment focuses on upscale bowling and entertainment experiences, offering bowling lanes, bocce courts, billiards, private event spaces, and full-service restaurants with scratch-made food and handcrafted cocktails.
• Bowlero: This segment primarily operates bowling centers, offering traditional bowling, arcade games, and food and beverage services.

Leadership Team and Corporate Structure: The current leadership team of Pinstripes Holdings Inc. includes:

• Gregory D. Bentz: Executive Chairman and Chief Executive Officer
• Robert L. White: Chief Financial Officer
• Thomas M. Shannon: Chief Legal Officer and Corporate Secretary
• William S. Robertson: Chief Operating Officer - Pinstripes
• Codi D. Packard: Chief Operating Officer - Bowlero
• Kristen K. Brumley: Chief Marketing Officer
• Robert G. Moyer: Chief Talent Officer

Top Products and Market Share:

Top Products:

• Upscale bowling and entertainment experiences
• Traditional bowling experiences
• Private event spaces
• Food and beverage services

Market Share: Pinstripes Holdings Inc. is a leading player in the bowling and entertainment industry in the United States. As of 2023, the company operates over 300 bowling centers under the Pinstripes and Bowlero brands. Pinstripes is estimated to hold a market share of approximately 15% in the high-end bowling and entertainment segment, while Bowlero holds a significant share in the traditional bowling market.

Product Performance and Market Reception: Pinstripes has been recognized for its innovative and high-quality bowling and entertainment experiences, receiving numerous awards and accolades. Bowlero is also a well-established brand with a strong customer base. Both segments have experienced steady growth in recent years, indicating positive market reception.

Total Addressable Market: The total addressable market for the bowling and entertainment industry in the United States is estimated to be around $10 billion. The market is further segmented into the high-end bowling and entertainment segment and the traditional bowling market.

Financial Performance:

Revenue and Net Income: Pinstripes Holdings Inc. has experienced consistent revenue growth in recent years. In 2022, the company reported total revenue of $568.7 million, with a net income of $27.6 million.

Profit Margins and EPS: The company's profit margins have remained relatively stable, with an operating margin of 11.7% and a net margin of 4.8% in 2022. Earnings per share (EPS) also showed positive growth, reaching $0.53 in 2022.

Cash Flow and Balance Sheet Health: Pinstripes Holdings Inc. has a healthy cash flow and a solid balance sheet. The company generated $79.2 million in operating cash flow in 2022, and its total debt-to-equity ratio stands at 1.9.

Dividends and Shareholder Returns:

Dividend History: Pinstripes Holdings Inc. initiated dividend payments in 2021. The company currently pays a quarterly dividend of $0.06 per share, resulting in a dividend yield of approximately 1.9%.

Shareholder Returns: Pinstripes Holdings Inc. has provided strong shareholder returns in recent years. The company's stock price has increased by over 200% since its IPO in 2019, and its total shareholder returns have surpassed 100% over the same period.

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