Dave & Buster’s Entertainment Inc (NASDAQ:PLAY) stock fell 0.69% (As on March 29, 11:19:58 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the fourth quarter of FY 22. Net income totaled $39.1 million, compared with net income of $25.7 million in the fourth quarter of 2021. Adjusted EBITDA (as newly defined to not add back pre-opening expense) of $138.4 million in the quarter increased 62.9% from the fourth quarter of 2021 and increased 85.1% from the fourth quarter of 2019. Including the pro forma contribution of Main Event in the fourth quarter of 2021 and 2019, this quarter’s Adjusted EBITDA grew 30.7% and 48.4%, respectively. The Company opened a new Main Event store in Beaumont, TX. The Company ended the quarter with $672.7 million of liquidity, which included $181.6 million in cash and $491.1 million available under its $500 million revolving credit facility. The Company ended the year with a Net Total Leverage Ratio of 1.9x.

Moreover, Pro forma combined comparable store sales (including Main Event branded stores) increased 19.0% compared with the fourth quarter of 2021 and increased 14.1% compared with the fourth quarter of 2019. Pro forma combined walk-in comparable store sales increased 12.1% while Special Event comparable store sales increased 89.5% compared with the same period in 2021. Pro forma combined walk-in comparable store sales increased 18.0% while consolidated Special Event comparable store sales declined 6.4% compared with the same period in 2019. Non-comparable store revenue totaled $131.5 million in the fourth quarter. Operating income had totaled $77.2 million, or 13.8% of revenue, compared with operating income of $46.5 million, or 13.6% of revenue in the fourth quarter of 2021. Store operating income before depreciation and amortization totaled $169.1 million, or 30.0% of revenue, compared with store operating income before depreciation and amortization of $101.1 million, or 29.5% of revenue in the fourth quarter of 2021.

PLAY in the fourth quarter of FY 22 has reported the adjusted earnings per share of 80 cents, beating the analysts’ estimates for the adjusted earnings per share of 68 cents. The company had reported the adjusted revenue growth of 64.3 percent to $563.7 million in the fourth quarter of FY 22, beating the analysts’ estimates for revenue of $530.09 million.

Additionally, the company has approved a share repurchase program authorizing the Company to repurchase up to $100 million of its common stock through the end of fiscal 2023.