Financial Analysis

Commitments and Contingencies Other Matters The Company is subject to certain legal proceedings and claims that arise in the ordinary course of our business, including claims alleging violations of federal and state law regarding workplace and employment matters, discrimination, slip-and-fall and other customer-related incidents and similar matters. In the opinion of management, based upon consultation with legal counsel, the amount of ultimate liability with respect to such legal proceedings and claims will not materially affect the consolidated results of our operations or our financial condition. Legal costs related to such claims are expensed as incurred. The Company is subject to the terms of a settlement agreement with the Federal Trade Commission that requires us, on an ongoing basis, to establish, implement, and maintain a comprehensive information security program that is reasonably designed to protect the security, confidentiality, and integrity of personal information collected from or about consumers. The agreement does not require us to pay any fines or other monetary assessments, and we do not believe that the terms of the agreement will have a material adverse effect on our business, operations, or financial performance.

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Income Taxes The Companys effective tax rate for the three months ended May 5, 2026, was 43.0%, compared to 17.8% for the three months ended May 6, 2025. The increase in the effective tax rate for the current-year period was primarily due to the estimated annual effective tax rate applied in the interim provision calculation, which increased the relative impact of state income taxes, tax credits, permanent items and discrete tax items on the quarters tax rate. In the prior-year period, these items had a lesser relative impact due to a larger pretax income base. …

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Leases We currently lease the vast majority of the buildings or sites for our stores, store support center, and warehouse space under facility operating leases. These leases typically have initial terms ranging from ten to twenty-five years and include one or more options to renew. When determining the lease term, we include option periods for which renewal is reasonably certain. Most of the leases require us to pay property taxes, insurance, and maintenance of the leased assets. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Operating leases also include certain equipment leases that have a term in excess of one year. Certain facility leases also have provisions for additional variable contingent rentals based on revenues. Finance leases are included within Property and equipment, Accrued liabilities and Other long-term liabilities in the Consolidated Balance Sheets. Finance lease payments are classified as a reduction of cash flows in financing activities related to principal and operating activities related to interest with corresponding asset amortization included in operating activities in the Consolidated Statements of Cash Flows. Operating lease cost, variable lease cost and short-term lease cost related primarily to our facilities is included in Other store operating expenses for our operating stores, Pre-opening costs for our stores not yet operating, or General and administrative expenses for our store s …

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Debt Long-term debt consisted of the following as of the dates presented: May 5, 2026 February 3, 2026 Credit facilityrevolver $ 150.0 $ 170.0 Credit facilityterm loans 1,380.5 1,382.3 Total debt outstanding 1,530.5 1,552.3 Less current installments of long-term debt (7.0) (7.0) Less debt issue discounts and debt issuance costs (28.2) (30.3) Long-term debt, net $ 1,495.3 $ 1,515.0 Credit Facility In fiscal 2022, the Company entered into a senior secured credit agreement (as amended periodically, the Credit Agreement) including a revolving credit facility (the Revolving Credit Facility) and a term loan facility (together with the Revolving Credit Facility, the Credit Facility). On November 1, 2024, D&B Inc. entered into an amendment with its banking syndicate that amended the Credit Facility (the Fourth Amendment). The Fourth Amendment, among other things, increased term loans to an aggregate principal amount of $700.0 (the Incremental Term B Loans) with a maturity date of November 1, 2031, and increased the Revolving Credit Facility by $150.0 to a total of $650.0 and extended the maturity date of November 1, 2029. The proceeds from the Incremental Term B Loans were primarily used to redeem $440.0 of outstanding senior secured notes, and to pay down $200.0 of the principal on term loans outstanding under the Credit Facility (the Existing Term B Loans). In December 2025, D&B Inc., D&B Holdings, the lenders party thereto and Deutsche Bank AG New York Branch, as admin …

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Recent Accounting Pronouncements We reviewed the accounting pronouncements that were issued during fiscal 2026 to determine whether they would have a material impact on the consolidated financial statements. See the discussion at Note 1 to the consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended February 3, 2026 for previously issued accounting pronouncements that may impact the Company in the future. …

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Segment Information The Company provides premier entertainment and dining experiences for adults and families under the Dave & Busters and Main Event brands and offers guests the opportunity to Eat Drink Play and Watch, all in one location. The Company's Chief Executive Officer, the Companys chief operating decision maker (CODM), reviews the financial information presented on a consolidated basis. The CODM assesses performance and allocates resources based on the Companys Consolidated Statements of Comprehensive Income, since the Company provides its offerings and key metrics, costs and margins similarly to both business units. The CODM manages and evaluates the results of the business in a consolidated manner to drive synergies and develop uniform strategies. Accordingly, key components and processes of the Companys operations are centrally managed, including site acquisition and development, customer service, marketing, human resources, finance and accounting, legal, risk management, and government affairs. Segment asset information is not used by the CODM to allocate resources. Under the described organizational and reporting structure, the Company has one reportable segment. As a single reportable segment entity, the Companys segment performance measure was net income attributable to its shareholders. See Note 1 for a description of the Company's disaggregated revenues by offering (entertainment and other revenues and food and beverage revenues). Significant segment e …

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Stockholders' Equity and Share-Based Compensation Share issuances and repurchases The Company treats shares withheld for tax purposes on behalf of its employees in connection with the vesting of time-based and performance-based restricted stock units as common stock repurchases because they reduce the number of shares that would have been issued upon vesting. These were immaterial for all periods presented. In March 2023, our Board of Directors approved a share repurchase program with an initial authorized limit of $100.0. Subsequently, our Board of Directors approved additional repurchases for a total authorized limit of $600.0 under the plan as of May 5, 2026. The remaining dollar value of shares that may be repurchased under the program was $104.0 as of May 5, 2026. Future decisions to repurchase shares continue to be at the discretion of the Board of Directors and will be dependent on our operating performance, financial condition, capital expenditure requirements and other factors that the Board of Directors considers relevant. Share-based compensation Our share-based compensation expense, which is included in General and administrative expenses on the consolidated statements of income, was as follows for the periods presented: Three Months Ended May 5, 2026 May 6, 2025 Share-based compensation expense $ 2.5 $ 3.0 Share-based awards The Companys long-term incentive compensation plan provides awards to executive and management personnel, as well as directors, and issues s …

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