Jeremy Hamblin: In terms of just some other kind of noise around the cost structure. So I think you had $8.4 million of transaction and advisory expenses in the quarter. I think that flows through your SG&A. You’ve had, obviously, the VICI deal. I’m sure some costs associated with that. But how should we be thinking about like your transactional advisory costs here in Q2?
Bobby Lavan: Yes. So, VICI will be capitalized because VICI is considered a financing from a deal perspective. Lucky Strike, just so you have a color, that deal was going on for two years. So massive legal bill in the first quarter to the tune of about $4 million, all in. So, Lucky Strike has passed. So I think that we don’t forecast advisory costs or add backs, but I would tell you that it’s going to be dramatically lower.
Jeremy Hamblin: Just in terms of your – the interest expense, right, with the sale leaseback here, so $37.5 million in Q1. What are we looking at here on a go-forward basis, all else being equal?
Bobby Lavan: Yes. You should annualize $31.6 million. And so, we paid in – we closed the deal on October 19. So you’ll have to do 2 months and 11 days in the second quarter. And then, going forward, it would just be 31.6% divided by 4. And we’ll be subject to fluctuations in SOFR, but I’m not going to speculate on interest rates, but the market right now is saying they’re going down.
Operator: The next question comes from Eric Wold with B. Riley.
Eric Wold: Just a couple of questions. I guess, first off, given what you learned with the testing around the pricing and kind of promotional cadence that turned comps positive in October. Should you expect what’s in place now to be in place through the busy season? Are you likely to test more options in the coming months? Do you have additional levers that could be pulled, but you haven’t launched yet, but are potentially confident that could be an added boost?
Bobby Lavan: Yes. I think there’s going to be two primary focuses. So, to give you some context, in the first quarter, bowling revenue was $117 million, right? F&B revenue was $72 million, round numbers. We’re not going to be happy until those numbers are equal to each other by F&B going up. So we want to attach there. So that is a multiyear journey, but we think the menu has dramatically changed to the positive in the centers. We think that people should be having dinner there, people should be buying more food. And some of that is going to be from our employees selling. So we’re going to keep going. Obviously, the holy grail of bowling is getting people to go from two games to three games, and we will continue pushing that, but it’s a multipronged approach.
Eric Wold: Second question on the events business, what are you seeing in terms of bookings in terms of the number of events versus average commitment? Or getting more events at similar pricing? Or is the average size of the commitments also increasing? Maybe break that down, if you could?
Bobby Lavan: Yes. I think that more events – sizes are coming down a little bit. But that’s why we flagged the top 50 because the top 50 for us up. But overall, we’ve seen – and we’ve always viewed ourselves as a better value for the event community relative to other upscale opportunities, and we are a premium brand. And so, we are seeing a lot of more events. So we’re sort of excited about that. But generally, the business continues to be strong.
Operator: The next question comes from Daniel Moore with CJS Securities.
Daniel Moore: Most have been answered, but just as it relates to the learnings from the promotional activity kind of experimented with during the quarter, it sounds like they’ve largely come back. Any of those midweek or family bowlers not fully come back yet that might create a little bit of a tailwind. And second, just how does that experience impact how you test your tweak promotions going forward?
Thomas Shannon: Yes, there’s more to come. So we only brought back – in the third week of September, we only brought back Monday and Friday late night. So we didn’t bring back the full special until mid-October, and those still take a few weeks to percolate through the system. So we definitely see a tailwind in the coming few weeks.
Daniel Moore: Has that kind of changed your mindset or tweaked how you would think about implementing promotions or pulling back on them going forward?
Thomas Shannon: Promotions have to be worth it, right? So we had a college night that we had in about, I don’t know, 50, 60 centers, and it was on Thursdays. And to be fair, it turned off another subset of the customer base. So we didn’t bring back college nights and Thursday is right now our best night of the week. So we will be very tactical on it. I think priorities are going to be analyzing when we have empty lanes and filling them.
Daniel Moore: Lastly, any update on just penetration in MoneyBowl, how that trended throughout the quarter.
Thomas Shannon: Yes. So MoneyBowl, we have it in 64 centers, still operating, but we’re turning it into an out-of-center experience. I’m sure all the guys who are on this call will probably get advertisements in the next few months to download MoneyBowl because that’s just how tracking works. We are updating our website significantly – huge change, huge projects will be done sort of in the first calendar quarter, and it’s going to be a game changer for the business. And it’s really everything that we’re trying to enact in center with upselling. We’re actually going to use technology to do as well. And MoneyBowl will become sort of the loyalty platform and the out-of-center platform to bring people into the center. And at that point, we’ll roll it out to a lot more centers.
