BJ’s Wholesale Club Holdings, Inc. Announces Record Third Quarter Fiscal 2020 Results

Nachrichtenquelle: Business Wire (engl.)
19.11.2020, 12:45  |  108   |   |   

BJ’s Wholesale Club Holdings, Inc. (NYSE: BJ) (the "Company") today announced its financial results for the thirteen and thirty-nine weeks ended October 31, 2020.

"The third quarter was another remarkable quarter with robust comp growth, significant market share gains and record profitability. As we look ahead, we are confident our business will continue to thrive given the structural shift in consumer behavior, our market share gains and our strategic investments in digital capabilities, membership, assortment, marketing and geographic expansion,” said Lee Delaney, President and Chief Executive Officer, BJ’s Wholesale Club. “Our team members across our business are working hard to execute at the highest standards and meet our members’ increased demand for our products and services. We remain grateful for their continued dedication and hard work in helping us drive industry-leading results.”

Key Measures for the Thirteen Weeks Ended October 31, 2020 (Third Quarter of Fiscal 2020) and for the Thirty-Nine Weeks Ended October 31, 2020 (First Nine Months of Fiscal 2020):

BJ'S WHOLESALE CLUB HOLDINGS, INC.

 

 

 

 

 

 

 

 

(Amounts in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13 Weeks Ended

 

13 Weeks Ended

 

 

 

39 Weeks Ended

 

39 Weeks Ended

 

 

 

 

October 31, 2020

 

November 2, 2019

 

% Growth

 

October 31, 2020

 

November 2, 2019

 

% Growth

Net sales

 

$

3,646,723

 

 

$

3,152,887

 

 

15.7

%

 

$

11,236,403

 

 

$

9,493,795

 

 

18.4

%

Membership fee income

 

84,946

 

 

76,517

 

 

11.0

%

 

247,001

 

 

224,587

 

 

10.0

%

Total revenues

 

3,731,669

 

 

3,229,404

 

 

15.6

%

 

11,483,404

 

 

9,718,382

 

 

18.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

190,355

 

 

100,932

 

 

88.6

%

 

497,700

 

 

270,355

 

 

84.1

%

Income from continuing operations

 

122,883

 

 

55,196

 

 

122.6

%

 

325,293

 

 

145,574

 

 

123.5

%

Adjusted EBITDA (a)

 

242,209

 

 

154,144

 

 

57.1

%

 

652,974

 

 

431,407

 

 

51.4

%

Net income

 

122,796

 

 

55,092

 

 

122.9

%

 

325,148

 

 

145,413

 

 

123.6

%

EPS (b)

 

0.88

 

 

0.40

 

 

120.0

%

 

2.34

 

 

1.04

 

 

125.0

%

Adjusted net income(a)

 

128,477

 

 

56,575

 

 

127.1

%

 

331,753

 

 

148,304

 

 

123.7

%

Adjusted EPS (a)

 

0.92

 

 

0.41

 

 

124.4

%

 

2.39

 

 

1.06

 

 

125.5

%

Basic weighted average shares outstanding

 

136,011

 

 

135,521

 

 

0.4

%

 

136,269

 

 

136,301

 

 

%

Diluted weighted average shares outstanding

 

139,060

 

 

138,192

 

 

0.6

%

 

139,003

 

 

139,390

 

 

(0.3)

%

  1. See “Note Regarding Non-GAAP Financial Information”
  2. EPS represents earnings per diluted share

Additional Highlights:

  • Comparable club sales for the third quarter of fiscal 2020 increased 14.1% compared to the third quarter of fiscal 2019. Comparable club sales, excluding the impact of gasoline sales, for the third quarter of fiscal 2020 increased 18.5% compared to the third quarter of fiscal 2019. Comparable club sales for the first nine months of fiscal 2020 increased 17.0% compared to the first nine months of fiscal 2019. Comparable club sales, excluding the impact of gasoline sales, for the first nine months of fiscal 2020 increased 23.2% compared to the first nine months of fiscal 2019.
  • Gross profit increased to $743.3 million in the third quarter of fiscal 2020 from $617.6 million in the third quarter of fiscal 2019. Merchandise gross margin rate, which excludes gasoline sales and membership fee income, increased by 10 basis points over the third quarter of fiscal 2019. Continued execution of our category profitability improvement was offset by distribution costs associated with the coronavirus pandemic. Gross profit increased to $2,236.4 million in the first nine months of fiscal 2020 from $1,804.6 million in the first nine months of fiscal 2019. Merchandise gross margin rate, which excludes gasoline sales and membership fee income, decreased by approximately 10 basis points over the first nine months of fiscal 2019. While merchandise margins benefited from strong sales performance and continued execution of our category profitability improvement initiatives, these drivers were offset by distribution costs associated with the coronavirus pandemic, the decline in our higher-margin apparel business and temporary shut-down of our higher-margin services business in the first quarter of fiscal 2020.
  • Selling, general and administrative expenses ("SG&A") increased to $552.3 million in the third quarter of fiscal 2020 compared to $510.4 million in the third quarter of fiscal 2019. The year-over-year increase in SG&A expense was primarily driven by costs associated with the coronavirus pandemic, including wage increases, bonuses, safety and protective equipment and other operational costs, such as security. SG&A increased to $1,733.5 million in the first nine months of fiscal 2020 compared to $1,523.5 million in the first nine months of fiscal 2019. SG&A in the first nine months of fiscal 2019 included charges related to registered offerings by selling stockholders ("offering costs") of $1.9 million.
  • Operating income increased to $190.4 million, or 5.1% of total revenues in the third quarter of fiscal 2020 compared to $100.9 million, or 3.1% of total revenues in the third quarter of fiscal 2019. Operating income increased to $497.7 million, or 4.3% of total revenues in the first nine months of fiscal 2020 compared to $270.4 million, or 2.8% of total revenues in the first nine months of fiscal 2019. Operating income in the first nine months of fiscal 2019 included charges related to offering costs of $1.9 million.
  • Interest expense, net, decreased to $25.9 million in the third quarter of fiscal 2020, compared to $27.7 million in the third quarter of fiscal 2019. Interest expense in the third quarter of fiscal 2020 included a $2.8 million write-off of deferred fees and the original issue discount associated with the October 2020 partial payoff of our first lien term loan facility (the "First Lien Term Loan") and $5.1 million write-off of accumulated other comprehensive income associated with the de-designation of one of our swap agreements. Interest expense, net, decreased to $68.5 million in the first nine months of fiscal 2020, compared to $82.3 million in the first nine months of fiscal 2019. Interest expense in the first nine months of fiscal 2020 included $4.1 million of deferred fees and original issues discount associated with the partial pay offs of our First Lien Term Loan in July and October 2020. The decrease in interest expense was driven by continued de-levering. The partial debt pay down and the de-designation of one of our swap agreements will result in interest expense savings of approximately $10 million on an annualized basis.
  • Income tax expense was $41.6 million in the third quarter of fiscal 2020 compared to income tax expense of $18.0 million in the third quarter of fiscal 2019. The third quarter of fiscal 2020 included a benefit of $3.3 million from excess tax benefits related to stock-based compensation compared to $1.8 million in the third quarter of fiscal 2019. Income tax expense was $103.9 million in the first nine months of fiscal 2020 compared to income tax expense of $42.5 million in the first nine months of fiscal 2019. The first nine months of fiscal 2020 included a benefit of $10.4 million from excess tax benefits related to stock-based compensation compared to $8.4 million in the first nine months of fiscal 2019.
  • Under our share repurchase program, we repurchased 1.2 million shares of common stock, totaling $50.0 million in the third quarter of fiscal 2020. In the first nine months of fiscal 2020, we repurchased 2.3 million shares of common stock, totaling $88.1 million, under such program.

Conference Call Details

A conference call to discuss the third quarter fiscal 2020 financial results is scheduled for today, November 19, 2020, at 8:30 a.m. Eastern Time. Investors and analysts interested in participating in the call are invited to dial 877-274-0290 (international callers please dial 647-689-5405) approximately 10 minutes prior to the start of the call and reference conference ID 1057008. A live audio webcast of the conference call will be available online at https://investors.bjs.com.

A recorded replay of the conference call will be available within two hours of the conclusion of the call and can be accessed both online at https://investors.bjs.com and by dialing 416-621-4642 and entering the access code 1057008. The recorded replay will be available until November 26, 2020 and an online archive of the webcast will be available for one year.

About BJ’s Wholesale Club Holdings, Inc.

Headquartered in Westborough, Massachusetts, BJ's Wholesale Club Holdings, Inc. is a leading operator of membership warehouse clubs in the Eastern United States. The company currently operates 219 clubs and 149 BJ's Gas locations in 17 states.

Non-GAAP Financial Measures

We refer to certain financial measures that are not recognized under United States generally accepted accounting principles (“GAAP”). Please see “Note Regarding Non-GAAP Financial Information" and “Reconciliation of GAAP to Non-GAAP Financial Information” below for additional information and a reconciliation of the non-GAAP financial measures to the most comparable GAAP financial measures.

BJ'S WHOLESALE CLUB HOLDINGS, INC.

 

 

 

 

 

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 

 

 

 

(Amounts in thousands, except per share amounts)

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

13 Weeks Ended

 

13 Weeks Ended

 

39 Weeks Ended

 

39 Weeks Ended

 

 

October 31, 2020

 

November 2, 2019

 

October 31, 2020

 

November 2, 2019

Net sales

 

$

3,646,723

 

 

$

3,152,887

 

 

$

11,236,403

 

 

$

9,493,795

 

Membership fee income

 

84,946

 

 

76,517

 

 

247,001

 

 

224,587

 

Total revenues

 

3,731,669

 

 

3,229,404

 

 

11,483,404

 

 

9,718,382

 

Cost of sales

 

2,988,397

 

 

2,611,758

 

 

9,247,042

 

 

7,913,820

 

Selling, general and administrative expenses

 

552,307

 

 

510,410

 

 

1,733,482

 

 

1,523,480

 

Pre-opening expense

 

610

 

 

6,304

 

 

5,180

 

 

10,727

 

Operating income

 

190,355

 

 

100,932

 

 

497,700

 

 

270,355

 

Interest expense, net

 

25,882

 

 

27,702

 

 

68,467

 

 

82,274

 

Income from continuing operations before income taxes

 

164,473

 

 

73,230

 

 

429,233

 

 

188,081

 

Provision for income taxes

 

41,590

 

 

18,034

 

 

103,940

 

 

42,507

 

Income from continuing operations

 

122,883

 

 

55,196

 

 

325,293

 

 

145,574

 

Loss from discontinued operations, net of income taxes

 

(87)

 

 

(104)

 

 

(145)

 

 

(161)

 

Net income

 

$

122,796

 

 

$

55,092

 

 

$

325,148

 

 

$

145,413

 

Income per share attributable to common stockholders - basic:

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.90

 

 

$

0.41

 

 

$

2.39

 

 

$

1.07

 

Loss from discontinued operations

 

 

 

 

 

 

 

 

Net income

 

$

0.90

 

 

$

0.41

 

 

$

2.39

 

 

$

1.07

 

Income per share attributable to common stockholders - diluted:

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.88

 

 

$

0.40

 

 

$

2.34

 

 

$

1.04

 

Loss from discontinued operations

 

 

 

 

 

 

 

 

Net income

 

$

0.88

 

 

$

0.40

 

 

$

2.34

 

 

$

1.04

 

Weighted average number of shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

136,011

 

 

135,521

 

 

136,269

 

 

136,301

 

Diluted

 

139,060

 

 

138,192

 

 

139,003

 

 

139,390

 

BJ'S WHOLESALE CLUB HOLDINGS, INC.

 

 

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

(Amounts in thousands)

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2020

 

November 2, 2019

ASSETS

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

46,116

 

 

$

29,968

 

 

Accounts receivable, net

 

188,413

 

 

185,983

 

 

Merchandise inventories

 

1,264,323

 

 

1,271,172

 

 

Prepaid expense and other current assets

 

97,116

 

 

55,285

 

 

 

Total current assets

 

1,595,968

 

 

1,542,408

 

 

 

 

 

 

 

 

Operating lease right-of-use assets, net

 

2,034,742

 

 

2,067,626

 

Property and equipment, net

 

769,258

 

 

775,659

 

Goodwill

 

924,134

 

 

924,134

 

Intangibles, net

 

138,088

 

 

150,357

 

Other assets

 

20,094

 

 

17,897

 

 

 

Total assets

 

$

5,482,284

 

 

$

5,478,081

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

Current liabilities:

 

 

 

 

 

Current portion of long-term debt

 

$

260,000

 

 

$

449,377

 

 

Current portion of operating lease liabilities

 

131,025

 

 

121,961

 

 

Accounts payable

 

1,176,104

 

 

973,328

 

 

Accrued expenses and other current liabilities

 

643,309

 

 

507,141

 

 

 

Total current liabilities

 

2,210,438

 

 

2,051,807

 

 

 

 

 

 

 

 

Long-term lease liabilities

 

1,961,321

 

 

1,980,447

 

Long-term debt

 

845,696

 

 

1,339,700

 

Deferred income taxes

 

47,241

 

 

50,486

 

Other noncurrent liabilities

 

200,210

 

 

160,127

 

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY (DEFICIT)

 

217,378

 

 

(104,486)

 

 

 

Total liabilities and stockholders' equity (deficit)

 

$

5,482,284

 

 

$

5,478,081

 

BJ'S WHOLESALE CLUB HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

(Unaudited)

 

 

39 Weeks Ended
October 31,
2020

 

39 Weeks Ended
November 2,
2019

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

Net income

 

$

325,148

 

 

$

145,413

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

Depreciation and amortization

 

124,331

 

 

116,920

 

Amortization of debt issuance costs and accretion of original issue discount

 

3,470

 

 

3,969

 

Debt extinguishment charges

 

4,077

 

 

2,032

 

Stock-based compensation expense

 

23,245

 

 

13,984

 

Deferred income tax provision

 

2,289

 

 

14,846

 

Other non cash items, net

 

5,441

 

 

2,539

 

Increase (decrease) in cash due to changes in:

 

 

 

 

Accounts receivable

 

17,940

 

 

8,317

 

Merchandise inventories

 

(182,821)

 

 

(218,866)

 

Accounts payable

 

389,692

 

 

156,448

 

Accrued expenses

 

61,829

 

 

(35,004)

 

Other operating assets and liabilities, net

 

27,331

 

 

10,924

 

Net cash provided by operating activities

 

801,972

 

 

221,522

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

Additions to property and equipment, net of disposals

 

(152,800)

 

 

(144,428)

 

Proceeds from sale leaseback transaction

 

25,893

 

 

 

Net cash used in investing activities

 

(126,907)

 

 

(144,428)

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

Payments on long term debt

 

(3,297)

 

 

(11,533)

 

Paydown of First Lien Term Loan

 

(510,000)

 

 

(200,000)

 

Net (payment) borrowings on ABL Facility

 

(68,000)

 

 

195,000

 

Net cash received from stock option exercises

 

16,431

 

 

9,293

 

Net cash received from Employee Stock Purchase Program (ESPP)

 

1,107

 

 

726

 

Acquisition of treasury stock

 

(94,671)

 

 

(67,305)

 

Other financing activities

 

(723)

 

 

(453)

 

Net cash used in financing activities

 

(659,153)

 

 

(74,272)

 

Net increase in cash and cash equivalents

 

15,912

 

 

2,822

 

Cash and cash equivalents at beginning of period

 

30,204

 

 

27,146

 

Cash and cash equivalents at end of period

 

$

46,116

 

 

$

29,968

 

Note Regarding Non-GAAP Financial Information

This press release includes financial measures that are not calculated in accordance with GAAP, including adjusted net income, adjusted net income per diluted share, adjusted EBITDA, free cash flow and net debt and net debt to LTM adjusted EBITDA.

We define adjusted net income as net income attributable to common stockholders adjusted for: stock-based compensation related to the IPO; offering costs; management fees; club closing and impairment charges; reduction in force severance; gain on sale leaseback transactions; charges related to debt restructurings and retirements; and the tax impact of the foregoing adjustments on net income.

We define adjusted net income per diluted share as adjusted net income divided by the weighted average diluted shares outstanding.

We define adjusted EBITDA as income from continuing operations before interest expense, net, provision for income taxes and depreciation and amortization, adjusted for the impact of certain other items, including: stock-based compensation expense; pre-opening expenses; non-cash rent; strategic consulting; offering costs; and other adjustments.

We define free cash flow as net cash provided by operating activities less additions to property and equipment, net of disposals plus proceeds from sale leaseback transaction.

We define net debt as total debt outstanding less cash and cash equivalents.

We define net debt to LTM adjusted EBITDA as net debt at the balance sheet date divided by adjusted EBITDA for the trailing twelve-month period.

We present adjusted net income, adjusted net income per diluted share and adjusted EBITDA, which are not recognized financial measures under GAAP, because we believe such measures assists investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. In addition, adjusted EBITDA excludes pre-opening expenses, because we do not believe these expenses are indicative of the underlying operating performance of our stores. The amount and timing of pre-opening expenses are dependent on, among other things, the size of new stores opened and the number of new stores opened during any given period.

Management believes that adjusted net income, adjusted net income per diluted share and adjusted EBITDA are helpful in highlighting trends in our core operating performance compared to other measures, which can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate and capital investments. We use adjusted net income, adjusted net income per diluted share and adjusted EBITDA to supplement GAAP measures of performance in the evaluation of the effectiveness of our business strategies; to make budgeting decisions; and to compare our performance against that of other peer companies using similar measures. We also use adjusted EBITDA in connection with establishing discretionary annual incentive compensation.

We present free cash flow, which is not a recognized financial measure under GAAP, because we use it to report to our board of directors and we believe it assists investors and analysts in evaluating our liquidity. Free cash flow should not be considered as an alternative to cash flows from operations as a liquidity measure. We present net debt and net debt to LTM adjusted EBITDA, which are not recognized as financial measures under GAAP, because we use them to report to our board of directors and we believe they assist investors and analysts in evaluating our borrowing capacity. Net debt to LTM adjusted EBITDA is a key financial measure that is used by management to assess the borrowing capacity of the Company.

You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating adjusted net income, adjusted net income per diluted share, adjusted EBITDA and net debt to LTM adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same as or like some of the adjustments in our presentation of these metrics. Our presentation of adjusted net income, adjusted net income per diluted share, adjusted EBITDA, free cash flow, net debt and net debt to LTM adjusted EBITDA should not be considered as alternatives to any other measure derived in accordance with GAAP and they should not be construed as an inference that the Company’s future results will be unaffected by unusual or non-recurring items. There can be no assurance that we will not modify the presentation of adjusted net income, adjusted net income per diluted share, adjusted EBITDA or net debt to LTM adjusted EBITDA in the future, and any such modification may be material. In addition, adjusted net income, adjusted net income per diluted share, adjusted EBITDA, free cash flow, net debt and net debt to LTM adjusted EBITDA may not be comparable to similarly titled measures used by other companies in our industry or across different industries. Additionally, adjusted net income, adjusted net income per diluted share, adjusted EBITDA, free cash flow, net debt and net debt to LTM adjusted EBITDA have limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of our results as reported under GAAP.

Reconciliation of GAAP to Non-GAAP Financial Information

BJ'S WHOLESALE CLUB HOLDINGS, INC.

 

 

 

 

 

 

Reconciliation of net income to adjusted net income and adjusted net income per diluted share

(Amounts in thousands, except per share amounts)

(Unaudited)

 

13 Weeks Ended

 

13 Weeks Ended

 

39 Weeks Ended

 

39 Weeks Ended

 

October 31, 2020

 

November 2, 2019

 

October 31, 2020

 

November 2, 2019

Net income as reported

$

122,796

 

 

$

55,092

 

 

$

325,148

 

 

$

145,413

 

Adjustments:

 

 

 

 

 

 

 

Offering costs (a)

 

 

 

 

 

 

1,928

 

Charges and write-offs related to debt paydown (b)

2,794

 

 

2,032

 

 

4,077

 

 

2,032

 

Loss on cash flow hedge (c)

5,097

 

 

 

 

5,097

 

 

 

Tax impact of adjustments to net income (d)

(2,210)

 

 

(549)

 

 

(2,569)

 

 

(1,069)

 

Adjusted net income

$

128,477

 

 

$

56,575

 

 

$

331,753

 

 

$

148,304

 

 

 

 

 

 

 

 

 

Weighted average diluted shares outstanding

139,060

 

 

138,192

 

 

139,003

 

 

139,390

 

Adjusted net income per diluted share (e)

$

0.92

 

 

$

0.41

 

 

$

2.39

 

 

$

1.06

 

  1. Represents costs related to registered offerings by selling stockholders.
  2. Represents the write-off of deferred fees and original issue discount associated with the partial paydown of our First Lien Term Loan.
  3. Represents the reclassification into earnings of accumulated other comprehensive income associated with the de-designation of hedge accounting on one of our swap agreements due to the paydown of the First Lien Term Loan.
  4. Represents the tax effect of the above adjustments at a statutory tax rate of approximately 28%.
  5. Adjusted net income per diluted share is measured using weighted average diluted shares outstanding.

BJ'S WHOLESALE CLUB HOLDINGS, INC.

 

 

 

 

 

Reconciliation to Adjusted EBITDA

(Amounts in thousands)

(Unaudited)

 

 

13 Weeks Ended

 

13 Weeks Ended

 

39 Weeks Ended

 

39 Weeks Ended

 

 

October 31, 2020

 

November 2, 2019

 

October 31, 2020

 

November 2, 2019

Income from continuing operations

 

$

122,883

 

 

$

55,196

 

 

$

325,293

 

 

$

145,574

 

Interest expense, net

 

25,882

 

 

27,702

 

 

68,467

 

 

82,274

 

Provision for income taxes

 

41,590

 

 

18,034

 

 

103,940

 

 

42,507

 

Depreciation and amortization

 

42,160

 

 

39,249

 

 

124,331

 

 

116,920

 

Stock-based compensation expense (a)

 

8,667

 

 

5,188

 

 

23,245

 

 

13,984

 

Pre-opening expenses (b)

 

610

 

 

6,304

 

 

5,180

 

 

10,727

 

Non-cash rent (c)

 

274

 

 

2,558

 

 

2,289

 

 

6,331

 

Strategic consulting (d)

 

 

 

 

 

 

 

11,349

 

Offering costs (e)

 

 

 

 

 

 

 

1,928

 

Other adjustments (f)

 

143

 

 

(87)

 

 

229

 

 

(187)

 

Adjusted EBITDA

 

$

242,209

 

 

$

154,144

 

 

$

652,974

 

 

$

431,407

 

  1. Represents total stock-based compensation expense.
  2. Represents direct incremental costs of opening or relocating a facility that are charged to operations as incurred.
  3. Consists of an adjustment to remove the non-cash portion of rent expense.
  4. Represents fees paid to external consultants for strategic initiatives of limited duration.
  5. Represents costs related to registered offerings by selling stockholders.
  6. Other non-cash items, including non-cash accretion on asset retirement obligations and obligations associated with our post-retirement medical plan.

BJ'S WHOLESALE CLUB HOLDINGS, INC.

 

 

 

 

 

Reconciliation to Free Cash Flow

 

 

 

 

 

(Amounts in thousands)

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

13 Weeks Ended

 

13 Weeks Ended

 

39 Weeks Ended

 

39 Weeks Ended

 

 

October 31, 2020

 

November 2, 2019

 

October 31, 2020

 

November 2, 2019

Net cash provided by operating activities

 

$

68,280

 

 

$

6,398

 

 

$

801,972

 

 

$

221,522

 

Less: Additions to property and equipment, net of disposals

 

69,838

 

 

56,130

 

 

152,800

 

 

144,428

 

Plus: Proceeds from sale leaseback transaction

 

21,832

 

 

 

 

25,893

 

 

 

Free cash flow

 

$

20,274

 

 

$

(49,732)

 

 

$

675,065

 

 

$

77,094

 

BJ'S WHOLESALE CLUB HOLDINGS, INC.

 

 

Reconciliation of Net Debt and Net Debt to LTM adjusted EBITDA

 

 

(Amounts in thousands)

 

 

(Unaudited)

 

 

 

 

October 31, 2020

Total debt

 

$

1,105,696

 

Less: Cash and cash equivalents

 

46,116

 

Net Debt

 

$

1,059,580

 

 

 

 

Income from continuing operations

 

367,476

 

Interest expense, net

 

94,423

 

Provision for income taxes

 

117,645

 

Depreciation and amortization

 

164,411

 

Stock-based compensation expense (a)

 

28,057

 

Pre-opening expenses (b)

 

9,605

 

Non-cash rent (c)

 

4,332

 

Reduction in force severance (d)

 

3,994

 

Club closings and impairment charges (e)

 

15,383

 

Other adjustments (f)

 

(2,135)

 

Adjusted EBITDA

 

$

803,191

 

 

 

 

Net debt to LTM adjusted EBITDA

 

1.3x

  1. Represents total stock-based compensation expense.
  2. Represents direct incremental costs of opening or relocating a facility that are charged to operations as incurred.
  3. Consists of an adjustment to remove the non-cash portion of rent expense.
  4. Represents severance charges associated with a reduction in workforce announced in January 2020.
  5. Represents primarily closing costs associated with our clubs in Charlotte, N.C. and Geneva, N.Y., which closed in the fourth quarter of fiscal 2019 and other impairment charges.
  6. Other non-cash items, including a gain from the sale leaseback of one of our new Michigan locations, non-cash accretion on asset retirement obligations, termination costs to former executives and obligations associated with our post-retirement medical plan.

 

BJ's Wholesale Club Holdings Aktie jetzt über den Testsieger (Finanztest 11/2020) handeln, ab 0 € auf Smartbroker.de



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Disclaimer

BJ’s Wholesale Club Holdings, Inc. Announces Record Third Quarter Fiscal 2020 Results BJ’s Wholesale Club Holdings, Inc. (NYSE: BJ) (the "Company") today announced its financial results for the thirteen and thirty-nine weeks ended October 31, 2020. "The third quarter was another remarkable quarter with robust comp growth, significant …

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