Dave & Buster Entertainment : June 2023 Investor Day Presentation

Investor Day Presentation

June 2023

Disclaimer

The information contained in this presentation (the "Information") does not purport to contain all of the information that may be required or desired by a recipient to evaluate Dave & Buster's Entertainment, Inc. and its affiliates (collectively, the "Company"). In all cases, interested parties should conduct their own independent investigation and analysis of the Company and its business, assets, financial condition and prospects. Neither the Company nor any of its affiliates, employees, representatives or advisors assumes any responsibility for, or makes any representation or warranty (express or implied) as to, the reasonableness, completeness, accuracy or reliability of the financial projections, estimates and other information contained herein, which speak only as of the date identified on the cover page of this presentation. The Company and its affiliates, employees, representatives and advisors expressly disclaim any and all liability based, in whole or in part, on such information, errors therein or omissions therefrom. Neither the Company nor any of its affiliates, employees, representatives or advisors intends to update or otherwise revise the financial projections, estimates and other information contained herein to reflect circumstances existing after the date identified on the cover page of this presentation to reflect the occurrence of future events even if any or all of the assumptions, judgments and estimates on which the information contained herein is based are shown to be in error.

Certain statements and information in this presentation may constitute forward-looking statements with respect to the Company and its affiliates as of the date identified on the cover page of this presentation within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "anticipate," "guidance," "plan," "potential," "expect," "should," "will," "forecast," "target" and similar expressions are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the Company's current expectations, assumptions and/or beliefs concerning future events.

As a result, these forward-looking statements rely on a number of assumptions, forecasts and estimates, and therefore, these forward-looking statements are subject to a number of risks and uncertainties that may cause the Company's actual performance to differ materially from that projected in such statements. Such forward-looking statements may include, but are not limited to, statements concerning our market commentary and performance expectations. Statements that are not historical in nature, including the words "anticipate," "may," "estimate," "should," "seek," "expect," "plan," "believe," "intend," and similar words, or negatives of those words, are intended to identify forward-looking statements.

Among the factors that could cause actual results to differ materially include, but are not limited to the effects of the acquisition of Main Event ("Acquisition"), including the combined company's future financial condition, results of operations, strategy and plans industry cyclicality and seasonality and adverse weather conditions; challenging economic conditions; an increase in the macroeconomic inflationary environment; our ability to successfully achieve price increases to offset cost increases; our ability to successfully implement operational efficiency initiatives; our ability to successfully integrate our acquired businesses; retention and replacement of key personnel; volatility in the U.S. and international economies and in the credit markets the impairment of goodwill and/or intangible assets; our ability to successfully develop new products or improve existing products; enforcement and obsolescence of our intellectual property rights; costs related to compliance with, violations of or liabilities under environmental, health and safety laws; competitive activity and pricing pressure in our industry; our ability to carry out restructuring plans and to fully realize the expected cost savings; global climate change, including legal, regulatory or market responses thereto; breaches of our information system security measures; damage to our computer infrastructure and software systems; maintenance or replacements to our enterprise resource planning technologies; potential personal injury, property damage or product liability claims or other types of litigation; compliance with certain laws related to our international business operations; increases in labor costs, potential labor disputes, union organizing activity and work stoppages at our facilities or the facilities of our suppliers; significant changes in factors and assumptions used to measure certain of our defined benefit plan obligations and the effect of actual investment returns on pension assets; our ability to compete effectively against competitors; additional costs from new regulations, including changes in building codes; volatility of the Company's stock price, our directors or executives, our substantial indebtedness and our ability to incur substantially more indebtedness; limitations that our debt agreements place on our ability to engage in certain business and financial transactions; our ability to obtain financing on acceptable terms; downgrades of our credit ratings and the effect of increased interest rates on our ability to service our debt. See also the "Risk Factors" in the Company's Annual Report for the year ended January 29, 2023 and other risks described in documents subsequently filed by the Company from time to time with the SEC, which identify other important factors, though not necessarily all such factors, that could cause future outcomes to differ materially from those set forth in these forward-looking statements. The Company expressly disclaims any obligation to release publicly any updates or revisions to these forward-looking statements, whether as a result of new information, future events or otherwise.

Forward-Looking Statements

This presentation includes certain "non-GAAP financial measures" (as defined under the Securities Exchange Act of 1934 and in accordance with Regulation G) including, but not limited to, Adjusted EBITDA, Pro Forma Adjusted EBITDA, Pro Forma Adjusted EBITDA Margin, Free Cash Flow, Free Cash Flow Conversion, Pro Forma Net Revenue, Pro Forma Net Sales and Net Leverage . The Company believes that the use of such non-GAAP financial measures assists investors in understanding the ongoing operating performance of the Company by presenting the financial results between periods on a more comparable basis. Such non-GAAP financial measures should not be construed as an alternative to, considered superior to or in isolation from reported results determined in accordance with U.S. GAAP. This presentation includes reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and provided in accordance with U.S. GAAP in the Appendix to this presentation. When analyzing the Company's performance or liquidity as applicable, you should independently evaluate each adjustment in these reconciliations and the explanatory footnotes regarding those adjustments.

1

	Agenda
1
Introduction to the new D&B management team
2
Company overview
3
Investment thesis
4	Case study of management playbook at Main
Event
5
Deep dive into Adj. EBITDA growth initiatives
6
Capital structure & allocation
7
Operational and valuation benchmarking

2

Section 1

Introduction to the new D&B management team

Dave & Buster's new management team

Name	Title	Years of experience	Years at D&B	Years of industry experience
Chris Morris	Chief Executive Officer	30+	<1	25+
Michael Quartieri	Chief Financial Officer	30+	1.5	15+
Tony Wehner	Chief Operating Officer	30+	<1	25+
Ashley Zickefoose	Chief Marketing Officer	25+	<1	20+
Steve Klohn	Chief Information Officer	30+	<1	20+
John Mulleady	Chief Development Officer	30+	11	25+
Antonio Bautista	Chief International	30+	1.5	25+
Development Officer
				4