Dave & Buster's Entertainment Investor Presentation — March 2022

Adjusted EBITDA increased 12.7% from the fourth quarter of 2019 to $87.7 million , or 25.5% of revenue, compared with

Adjusted EBITDA loss of $16.0 million in the fourth quarter of 2020 and Adjusted EBITDA of $77.8 million, or 22.4% of

revenue in the fourth quarter of 2019

During the fourth quarter, the Company redeemed $55 million of 7.625% senior secured notes at 103% of principal, saving

approximately $4.2 million in annualized interest. The Company’s net debt leverage ratio was approximately 1.2x as of

Key Fiscal Year 2021 Highlights

Revenue decreased by 3.7% from fiscal year 2019 to $1.30 billion compared with $436.5 million in fiscal year 2020

and $1.35 billion in fiscal year 2019

Overall comparable store sales decreased 10.6% compared with the same period in 2019

Net income totaled $108.6 million , or $2.21 per diluted share, compared with net loss of $207.0 million, or $(4.75) per

share in fiscal year 2020 and net income of $100.3 million, or $2.94 per diluted share in fiscal year 2019

Adjusted EBITDA increased by 14.1% from fiscal year 2019 to $351.7 million , or 27.0% of revenue, compared with

Adjusted EBITDA loss of $81.3 million in fiscal year 2020 and Adjusted EBITDA of $308.2 million, or 22.8% of revenue in

“We are pleased to report strong fourth quarter and fiscal year financial results,” said Kevin Sheehan , Dave & Buster’s Board Chair and Interim Chief

Executive Officer. “Fiscal 2021 was a demanding year but our store management teams – and all of our team members rose to the challenge working

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