Dave & Buster's (NASDAQ: PLAY) did not meet the revenue expectations of the market in the fourth quarter of CY2024, with a 10.8% year-on-year decline in sales to $534.5 million. The adjusted earnings per share of $0.69 matched analysts' estimates. The company's financial highlights for the quarter include revenue of $534.5 million, missing the analyst estimate by 2%, adjusted EPS of $0.69 in line with expectations, adjusted EBITDA of $127.2 million with a margin of 23.8%, down from 15% in the same quarter last year, operating margin of 8.3%, an improvement in free cash flow to $108.9 million from -$25.4 million in the previous year, and a 9.4% decline in same-store sales year on year. The company is valued at $648.2 million in the market. Despite the disappointment in Q4 results, there are clear opportunities ahead due to strategic adjustments made by the current leadership. Dave & Buster’s offers immersive entertainment experiences as a chain of arcades. As a leisure facilities company, it faces competition and capital intensity but can benefit from the consumer trend towards spending on experiences rather than tangible products. The company's annualized revenue growth of 9.5% over the last five years falls below sector standards and raises concerns about its long-term performance.