checkAd

     101  0 Kommentare BJ’s Wholesale Club Holdings, Inc. Announces Third Quarter Fiscal 2022 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 29, 2022.

    “We reported another quarter of strong results, demonstrating the power of our business model,” said Bob Eddy, President and Chief Executive Officer, BJ’s Wholesale Club. “Our consistent focus on delivering value to our members at a time when they need it most will bolster our business for the future. Our member base is growing in both size and quality. We are improving our merchandising to deliver amazing value. We are offering more convenience for our members through a great digital experience. We are expanding our footprint into new and existing markets. We have a great team and a competitive strategy, and the investments we continue to make in our Company position us well for long-term growth and sustainable value creation.”

    Key Measures for the Thirteen Weeks Ended October 29, 2022 (Third Quarter Fiscal 2022) and for the Thirty-Nine Weeks Ended October 29, 2022 (Year-to-date Fiscal 2022):

     

    BJ'S WHOLESALE CLUB HOLDINGS, INC. 

    (Amounts in thousands, except per share amounts)

     

     

    13 Weeks Ended
    October 29, 2022

     

    13 Weeks Ended
    October 30, 2021

     

    %
    Growth

     

    39 Weeks Ended
    October 29, 2022

     

    39 Weeks Ended
    October 30, 2021

     

    %
    Growth

    Net sales

    $

    4,685,834

     

    $

    4,172,594

     

    12.3

    %

     

    $

    14,090,673

     

    $

    12,042,830

     

    17.0

    %

    Membership fee income

     

    99,485

     

     

    91,493

     

    8.7

    %

     

     

    294,897

     

     

    266,634

     

    10.6

    %

    Total revenues

     

    4,785,319

     

     

    4,264,087

     

    12.2

    %

     

     

    14,385,570

     

     

    12,309,464

     

    16.9

    %

     

     

     

     

     

     

     

     

     

     

     

     

    Operating income

     

    191,968

     

     

    170,156

     

    12.8

    %

     

     

    545,193

     

     

    460,194

     

    18.5

    %

    Income from continuing operations

     

    131,394

     

     

    126,602

     

    3.8

    %

     

     

    384,862

     

     

    319,185

     

    20.6

    %

    Adjusted EBITDA (a)

     

    272,305

     

     

    228,399

     

    19.2

    %

     

     

    766,804

     

     

    650,949

     

    17.8

    %

    Net income

     

    129,942

     

     

    126,517

     

    2.7

    %

     

     

    383,396

     

     

    319,084

     

    20.2

    %

    EPS (b)

     

    0.95

     

     

    0.92

     

    3.3

    %

     

     

    2.81

     

     

    2.31

     

    21.6

    %

    Adjusted net income (a)

     

    135,830

     

     

    125,935

     

    7.9

    %

     

     

    398,550

     

     

    338,954

     

    17.6

    %

    Adjusted EPS (a)

     

    0.99

     

     

    0.91

     

    8.8

    %

     

     

    2.92

     

     

    2.45

     

    19.2

    %

    Basic weighted average shares outstanding

     

    134,091

     

     

    135,582

     

    (1.1

    ) %

     

     

    134,225

     

     

    135,604

     

    (1.0

    ) %

    Diluted weighted average shares outstanding

     

    136,621

     

     

    138,005

     

    (1.0

    ) %

     

     

    136,630

     

     

    138,288

     

    (1.2

    ) %

     (a)  

    See “Note Regarding Non-GAAP Financial Information.”

     (b)  

    EPS represents earnings per diluted share. 

     Additional Highlights:

    • Total comparable club sales increased by 9.7% in the third quarter of fiscal 2022 compared to the third quarter of fiscal 2021. Excluding the impact of gasoline sales, comparable club sales increased by 5.3% in the third quarter of fiscal 2022 compared to the same period in fiscal 2021. Total year-to-date comparable club sales increased by 14.6% in fiscal 2022 compared to fiscal 2021. Excluding the impact of gasoline sales, year-to-date comparable club sales increased by 5.7% in fiscal 2022 compared to fiscal 2021.
    • Gross profit increased to $877.1 million in the third quarter of fiscal 2022 from $791.2 million in the third quarter of fiscal 2021. Merchandise gross margin rate, which excludes gasoline sales and membership fee income, decreased 30 basis points over the same quarter of fiscal 2021. Gross profit increased to $2,528.3 million year-to-date in fiscal 2022 from $2,281.5 million in fiscal 2021. Merchandise gross margin rate decreased 40 basis points year-to-date in fiscal 2022 compared to fiscal 2021. The quarter-to-date merchandise margins were impacted by increased supply chain costs and investments in inflationary categories. On a year-to-date basis, merchandise margins were impacted by increased supply chain costs as well as investments in inflationary categories and markdowns in general merchandise inventory.
    • Selling, general and administrative expenses ("SG&A") increased to $674.4 million in the third quarter of fiscal 2022 compared to $618.0 million in the third quarter of fiscal 2021. SG&A increased to $1,961.6 million year-to-date in fiscal 2022 compared to $1,816.0 million in fiscal 2021. The quarter-to-date increase was primarily driven by increased labor and occupancy costs as a result of new club and gas station openings, as well as incremental costs related to the transition of the Company’s new home office. The year-to-date increase was driven by increased labor costs as a result of last year’s wage investments as well as the acquisition and integration expenses related to the acquisition of assets from Burris Logistics.
    • Operating income increased to $192.0 million, or 4.0% of total revenues, in the third quarter of fiscal 2022 compared to $170.2 million, or 4.0% of total revenues, in the third quarter of fiscal 2021. Operating income increased to $545.2 million, or 3.8% of total revenues, year-to-date in fiscal 2022 compared to $460.2 million, or 3.7% of total revenues, year-to-date in fiscal 2021.
    • Adjusted EBITDA increased 19.2% to $272.3 million in the third quarter of fiscal 2022 compared to $228.4 million in the third quarter of fiscal 2021. Adjusted EBITDA increased 17.8% to $766.8 million year-to-date in fiscal 2022 compared to $650.9 million year-to-date in fiscal 2021.
    • Income tax expense increased to $48.1 million in the third quarter of fiscal 2022 compared to $31.7 million in the third quarter of fiscal 2021. Income tax expense increased to $129.2 million year-to-date in fiscal 2022 compared to $93.4 million year-to-date in fiscal 2021. For both periods, this increase was primarily due to higher operating income year-over-year and lower excess tax benefits.
    • Inventory increased to $1.50 billion at the end of the third quarter of fiscal 2022 from $1.26 billion in the same quarter in fiscal 2021. Inventory balances at the end of the third quarter of fiscal 2022 include $96.3 million of perishable inventory related to the acquisition of four distribution centers and related private transportation fleet from Burris Logistics earlier in the year.
    • The Company reduced outstanding debt in the third quarter of fiscal 2022 by $154.3 million from the second quarter of fiscal 2022, maintaining a net debt to last twelve month adjusted EBITDA ratio of 0.9x.
    • Under its existing share repurchase program, the Company repurchased 684,819 shares of common stock, totaling $50.1 million in the third quarter of fiscal 2022. Year-to-date in fiscal 2022, the Company repurchased 1,608,325 shares of common stock, totaling $108.7 million, under such program.

    Fiscal 2022 Ending January 28, 2023 Outlook

    “We are optimistic about the outlook on our business given the sustained strength in our grocery business and our gains in market share,” said Laura Felice, Executive Vice President, Chief Financial Officer, BJ's Wholesale Club. “We now expect fiscal year 2022 comparable club sales growth, excluding the impact of gasoline sales, to be in the 5.0% to 5.5% range. While we expect continued merchandise margin rate pressure, we also now expect fiscal year 2022 EPS to be in the $3.70 to $3.80 range. We remain confident that the strength of our core business and our intense focus on delivering value will continue to drive long-term growth.”

    Conference Call Details

    A conference call to discuss the third quarter of fiscal 2022 financial results is scheduled for today, November 17, 2022, at 8:30 A.M. Eastern Time. The live audio webcast of the call can be accessed under the “Events & Presentations” section of the Company’s investor relations website at https://investors.bjs.com and will remain available for one year. Participants may also dial (844) 200-6205 within the U.S. or (929) 526-1599 outside the U.S. and reference conference ID 239834. A telephonic replay will be available two hours after the conclusion of the call for one week and can be accessed by dialing (929) 458-6194 or (866) 813-9403 and referencing conference ID 614801.

    About BJ’s Wholesale Club Holdings, Inc.

    Headquartered in Marlborough, Massachusetts, BJ’s Wholesale Club Holdings, Inc. (NYSE: BJ) is a leading operator of membership warehouse clubs in the Eastern United States focused on delivering significant value to its members. The Company provides a curated assortment of grocery, general merchandise, gasoline and other ancillary services to offer a differentiated shopping experience that is further enhanced by its omnichannel capabilities. Since pioneering the warehouse club model in New England in 1984, the Company currently operates 233 clubs and 163 BJ's Gas locations in 18 states. For more information, please visit us at www.bjs.com or on Facebook, Twitter or Instagram.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our strategic priorities; our anticipated fiscal 2022 outlook; and our future progress, as well as statements that include the words “expect,” “intend,” “plan,” “believe,” “project,” “forecast,” “estimate,” “may,” “should,” “anticipate” and similar statements of a future or forward-looking nature. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: uncertainties in the financial markets, consumer and small business spending patterns and debt levels; our dependence on having a large and loyal membership; domestic and international economic conditions, including inflation and exchange rates; our ability to procure the merchandise we sell at the best possible prices; the effects of competition and regulation; our dependence on vendors to supply us with quality merchandise at the right time and at the right price; breaches of security or privacy of member or business information; conditions affecting the acquisition, development, ownership or use of real estate; our capital spending; actions of vendors; our ability to attract and retain a qualified management team and other team members; costs associated with employees (generally including health care costs), energy and certain commodities, geopolitical conditions (including tariffs); the risks and uncertainties related to the impact of the COVID-19 pandemic, including the duration, scope and severity of the pandemic, federal, state and local government actions or restrictive measures implemented in response to COVID-19, the effectiveness of such measures, as well as the effect of any relaxation or revocation of current restrictions, and the direct and indirect impact of such measures; changes in our product mix or in our revenues from gasoline sales; our failure to successfully maintain a relevant omnichannel experience for our members; risks related to our growth strategy to open new clubs; risks related to our e-commerce business; our ability to realize the benefits of the Burris acquisition; and other important factors discussed under the caption “Risk Factors” in our Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on March 17, 2022 and our Form 10-Q filed with the SEC on August 26, 2022, which is accessible on the SEC’s website at www.sec.gov. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, unless required by law, we disclaim any obligation to do so, even if subsequent events cause our views to change. Thus, one should not assume that our silence over time means that actual events are bearing out as expressed or implied in such forward-looking statements. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

    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)

     

     

    Thirteen Weeks
    Ended October 29,
    2022

     

    Thirteen Weeks
    Ended October 30,
    2021

     

    Thirty-Nine Weeks
    Ended October 29,
    2022

     

    Thirty-Nine Weeks
    Ended October 30,
    2021

    Net sales

    $

    4,685,834

     

     

    $

    4,172,594

     

     

    $

    14,090,673

     

     

    $

    12,042,830

     

    Membership fee income

     

    99,485

     

     

     

    91,493

     

     

     

    294,897

     

     

     

    266,634

     

    Total revenues

     

    4,785,319

     

     

     

    4,264,087

     

     

     

    14,385,570

     

     

     

    12,309,464

     

    Cost of sales

     

    3,908,219

     

     

     

    3,472,869

     

     

     

    11,857,263

     

     

     

    10,027,991

     

    Selling, general and administrative expenses

     

    674,426

     

     

     

    617,991

     

     

     

    1,961,606

     

     

     

    1,816,014

     

    Pre-opening expense

     

    10,706

     

     

     

    3,071

     

     

     

    21,508

     

     

     

    5,265

     

    Operating income

     

    191,968

     

     

     

    170,156

     

     

     

    545,193

     

     

     

    460,194

     

    Interest expense, net

     

    12,450

     

     

     

    11,854

     

     

     

    31,166

     

     

     

    47,567

     

    Income from continuing operations before income taxes

     

    179,518

     

     

     

    158,302

     

     

     

    514,027

     

     

     

    412,627

     

    Provision for income taxes

     

    48,124

     

     

     

    31,700

     

     

     

    129,165

     

     

     

    93,442

     

    Income from continuing operations

     

    131,394

     

     

     

    126,602

     

     

     

    384,862

     

     

     

    319,185

     

    Loss from discontinued operations, net of income taxes

     

    (1,452

    )

     

     

    (85

    )

     

     

    (1,466

    )

     

     

    (101

    )

    Net income

    $

    129,942

     

     

    $

    126,517

     

     

    $

    383,396

     

     

    $

    319,084

     

    Income per share attributable to common stockholders - basic:

     

     

     

     

     

     

     

    Income from continuing operations

    $

    0.98

     

     

    $

    0.93

     

     

    $

    2.87

     

     

    $

    2.35

     

    Loss from discontinued operations

     

    (0.01

    )

     

     

     

     

     

    (0.01

    )

     

     

     

    Net income

    $

    0.97

     

     

    $

    0.93

     

     

    $

    2.86

     

     

    $

    2.35

     

    Income per share attributable to common stockholders - diluted:

     

     

     

     

     

     

     

    Income from continuing operations

    $

    0.96

     

     

    $

    0.92

     

     

    $

    2.82

     

     

    $

    2.31

     

    Loss from discontinued operations

     

    (0.01

    )

     

     

     

     

     

    (0.01

    )

     

     

     

    Net income

    $

    0.95

     

     

    $

    0.92

     

     

    $

    2.81

     

     

    $

    2.31

     

    Weighted average number of shares outstanding:

     

     

     

     

     

     

     

    Basic

     

    134,091

     

     

     

    135,582

     

     

     

    134,225

     

     

     

    135,604

     

    Diluted

     

    136,621

     

     

     

    138,005

     

     

     

    136,630

     

     

     

    138,288

     

    BJ'S WHOLESALE CLUB HOLDINGS, INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (Amounts in thousands, except per share amounts)

    (Unaudited)

     

     

    October 29, 2022

     

    October 30, 2021

    ASSETS

     

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    34,644

     

    $

    84,691

    Accounts receivable, net

     

    251,978

     

     

    200,315

    Merchandise inventories

     

    1,504,368

     

     

    1,255,659

    Prepaid expense and other current assets

     

    72,285

     

     

    58,622

    Total current assets

     

    1,863,275

     

     

    1,599,287

     

     

     

     

    Operating lease right-of-use assets, net

     

    2,163,504

     

     

    2,151,255

    Property and equipment, net

     

    1,296,151

     

     

    880,904

    Goodwill

     

    1,008,816

     

     

    924,134

    Intangibles, net

     

    117,814

     

     

    127,260

    Deferred taxes

     

    4,341

     

     

    5,167

    Other assets

     

    25,002

     

     

    22,233

    Total assets

    $

    6,478,903

     

    $

    5,710,240

     

     

     

     

    LIABILITIES

     

     

     

    Current liabilities:

     

     

     

    Short-term debt

    $

    295,000

     

    $

    Current portion of operating lease liabilities

     

    176,659

     

     

    137,036

    Accounts payable

     

    1,363,734

     

     

    1,235,763

    Accrued expenses and other current liabilities

     

    764,572

     

     

    731,297

    Total current liabilities

     

    2,599,965

     

     

    2,104,096

     

     

     

     

    Long-term lease liabilities

     

    2,085,625

     

     

    2,082,287

    Long-term debt

     

    600,123

     

     

    748,149

    Deferred income taxes

     

    70,432

     

     

    33,995

    Other noncurrent liabilities

     

    179,883

     

     

    173,977

     

     

     

     

    STOCKHOLDERS' EQUITY

     

    942,875

     

     

    567,736

    Total liabilities and stockholders' equity

    $

    6,478,903

     

    $

    5,710,240

    BJ'S WHOLESALE CLUB HOLDINGS, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (Amounts in thousands, except per share amounts)

    (Unaudited)

     

     

    Thirty-Nine Weeks
    Ended October 29, 2022

     

    Thirty-Nine Weeks
    Ended October 30, 2021

    CASH FLOWS FROM OPERATING ACTIVITIES

     

     

     

    Net income

    $

    383,396

     

     

    $

    319,084

     

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

     

     

     

    Depreciation and amortization

     

    149,259

     

     

     

    135,664

     

    Amortization of debt issuance costs and accretion of original issue discount

     

    2,282

     

     

     

    2,555

     

    Debt extinguishment charges

     

    687

     

     

     

    657

     

    Stock-based compensation expense

     

    27,965

     

     

     

    42,428

     

    Deferred income tax provision (benefit)

     

    18,474

     

     

     

    (17,659

    )

    Changes in leases and other non-cash items

     

    32,972

     

     

     

    6,112

     

    Increase (decrease) in cash due to changes in:

     

     

     

    Accounts receivable

     

    (76,649

    )

     

     

    (27,596

    )

    Merchandise inventories

     

    (173,361

    )

     

     

    (49,964

    )

    Accounts payable

     

    250,951

     

     

     

    247,689

     

    Accrued expenses

     

    (3,802

    )

     

     

    72,525

     

    Other operating assets and liabilities, net

     

    3,933

     

     

     

    1,680

     

    Net cash provided by operating activities

     

    616,107

     

     

     

    733,175

     

    CASH FLOWS FROM INVESTING ACTIVITIES

     

     

     

    Additions to property and equipment, net of disposals and proceeds from sale leaseback transactions

     

    (283,216

    )

     

     

    (203,418

    )

    Acquisition

     

    (376,521

    )

     

     

     

    Net cash used in investing activities

     

    (659,737

    )

     

     

    (203,418

    )

    CASH FLOWS FROM FINANCING ACTIVITIES

     

     

     

    Payments on long term debt

     

    (50,000

    )

     

     

     

    Payments on First Lien Term Loan

     

    (100,000

    )

     

     

    (100,000

    )

    Proceeds from revolving lines of credit

     

    1,110,000

     

     

     

     

    Payments on revolving lines of credit

     

    (815,000

    )

     

     

    (260,000

    )

    Debt issuance costs paid

     

    (2,733

    )

     

     

     

    Net cash received from stock option exercises

     

    6,545

     

     

     

    18,479

     

    Net cash received from Employee Stock Purchase Program (ESPP)

     

    2,331

     

     

     

    1,877

     

    Acquisition of treasury stock

     

    (127,458

    )

     

     

    (149,449

    )

    Proceeds from financing obligations

     

    13,699

     

     

     

    1,333

     

    Changes in finance leases and other financing activities

     

    (4,546

    )

     

     

    (824

    )

    Net cash provided by (used in) financing activities

     

    32,838

     

     

     

    (488,584

    )

    Net increase (decrease) in cash and cash equivalents

     

    (10,792

    )

     

     

    41,173

     

    Cash and cash equivalents at beginning of period

     

    45,436

     

     

     

    43,518

     

    Cash and cash equivalents at end of period

    $

    34,644

     

     

    $

    84,691

     

    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, net debt and net debt to last twelve months (“LTM”) adjusted EBITDA.

    We define adjusted net income as net income attributable to common stockholders adjusted for: stock-based compensation related to acceleration of stock awards; acquisition and integration costs; incremental home office expense; severance; charges related to debt payments; gain or loss on cash flow hedge; 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; acquisition and integration costs; non-cash rent; severance 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 transactions.

    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 assist 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 clubs. The amount and timing of pre-opening expenses are dependent on, among other things, the size of new clubs opened and the number of new clubs 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
    October 29, 2022

     

    13 Weeks Ended
    October 30, 2021

     

    39 Weeks Ended
    October 29, 2022

     

    39 Weeks Ended
    October 30, 2021

    Net income as reported

    $

    129,942

     

     

    $

    126,517

     

     

    $

    383,396

     

     

    $

    319,084

     

    Adjustments:

     

     

     

     

     

     

     

    Stock-based compensation related to acceleration of stock awards (a)

     

     

     

     

     

     

     

     

     

     

    17,494

     

    Acquisition and integration costs (b)

     

    857

     

     

     

     

     

     

    12,324

     

     

     

     

    Home office transition costs (c)

     

    5,897

     

     

     

     

     

     

    7,096

     

     

     

     

    Impairment expense on discontinued operations club lease

     

    1,199

     

     

     

     

     

     

    1,199

     

     

     

     

    (Gain) loss on cash flow hedge (d)

     

     

     

     

    (808

    )

     

     

    (165

    )

     

     

    7,146

     

    Charges related to debt payments (e)

     

    298

     

     

     

     

     

     

    687

     

     

     

    657

     

    Severance (f)

     

     

     

     

     

     

     

     

     

     

    2,300

     

    Tax impact of adjustments to net income (g)

     

    (2,363

    )

     

     

    226

     

     

     

    (5,987

    )

     

     

    (7,727

    )

    Adjusted net income

    $

    135,830

     

     

    $

    125,935

     

     

    $

    398,550

     

     

    $

    338,954

     

     

     

     

     

     

     

     

     

    Weighted-average diluted shares outstanding

     

    136,621

     

     

     

    138,005

     

     

     

    136,630

     

     

     

    138,288

     

    Adjusted net income per diluted share (h)

    $

    0.99

     

     

    $

    0.91

     

     

    $

    2.92

     

     

    $

    2.45

     

    (a)  

    Represents accelerated vesting of equity awards, which were related to the passing of a former executive.

    (b)  

    Represents costs related to the acquisition and integration of assets from Burris Logistics, including due diligence, legal, and other consulting expenses.

    (c)

    Represents incremental rent expense, other non-recurring lease costs and write-off of impaired assets as the Company transitions home office locations in fiscal 2022.

    (d)

    Represents the reclassification into earnings of accumulated other comprehensive income associated with the de-designation of hedge accounting.

    (e)

    Represents the expensing of fees and deferred fees and original issue discount associated with the partial prepayment of debt in fiscal 2021 and extinguishment cost related to the ABL Facility in fiscal 2022.

    (f)

    Represents severance charges associated with labor reductions that resulted from the realignment of our field operations.

    (g)

    Represents the tax effect of the above adjustments at a statutory tax rate of approximately 28%.

    (h)

    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
    October 29, 2022

     

    13 Weeks Ended
    October 30, 2021

     

    39 Weeks Ended
    October 29, 2022

     

    39 Weeks Ended
    October 30, 2021

    Income from continuing operations

    $

    131,394

     

    $

    126,602

     

    $

    384,862

     

    $

    319,185

    Interest expense, net

     

    12,450

     

     

    11,854

     

     

    31,166

     

     

    47,567

    Provision for income taxes

     

    48,124

     

     

    31,700

     

     

    129,165

     

     

    93,442

    Depreciation and amortization

     

    52,166

     

     

    45,830

     

     

    149,259

     

     

    135,664

    Stock-based compensation expense

     

    9,463

     

     

    7,794

     

     

    27,965

     

     

    42,428

    Pre-opening expenses (a)

     

    10,707

     

     

    3,071

     

     

    21,508

     

     

    5,265

    Non-cash rent (b)

     

    1,025

     

     

    1,387

     

     

    3,127

     

     

    4,569

    Acquisition and integration costs (c)

     

    857

     

     

     

     

    12,324

     

     

    Home office transition costs (d)

     

    5,897

     

     

     

     

    7,096

     

     

    Severance (e)

     

     

     

     

     

     

     

    2,300

    Other adjustments (f)

     

    222

     

     

    161

     

     

    332

     

     

    529

    Adjusted EBITDA

    $

    272,305

     

    $

    228,399

     

    $

    766,804

     

    $

    650,949

    (a)  

    Represents direct incremental costs of opening or relocating a facility that are charged to operations as incurred.

    (b)  

    Consists of an adjustment to remove the non-cash portion of rent expense.

    (c) Represents costs related to the acquisition and integration of assets from Burris Logistics, including due diligence, legal, and other consulting expenses.
    (d) Represents incremental rent expense, other non-recurring lease costs and write-off of impaired assets as the Company transitions home office locations in fiscal 2022.
    (e) Represents severance charges associated with labor reductions that resulted from the realignment of our field operations.
    (f) Other non-cash items, including non-cash accretion on asset retirement obligations, 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
    October 29, 2022

     

    13 Weeks Ended
    October 30, 2021

     

    39 Weeks Ended
    October 29, 2022

     

    39 Weeks Ended
    October 30, 2021

    Net cash provided by operating activities

    $

    173,055

     

    $

    173,862

     

    $

    616,107

     

    $

    733,175

    Less: Additions to property and equipment, net of disposals

     

    102,774

     

     

    74,690

     

     

    294,308

     

     

    222,498

    Plus: Proceeds from sale leaseback transactions

     

    8,418

     

     

     

     

    11,092

     

     

    19,080

    Free cash flow

    $

    78,699

     

    $

    99,172

     

    $

    332,891

     

    $

    529,757

    BJ'S WHOLESALE CLUB HOLDINGS, INC.

    Reconciliation of Net Debt and Net Debt to LTM adjusted EBITDA

    (Amounts in thousands)

    (Unaudited)

     

     

    October 29, 2022

    Total debt

    $

    895,123

    Less: Cash and cash equivalents

     

    34,644

    Net Debt

    $

    860,479

     

     

    Income from continuing operations

    $

    492,437

    Interest expense, net

     

    43,043

    Provision for income taxes

     

    166,842

    Depreciation and amortization

     

    194,142

    Stock-based compensation expense

     

    39,374

    Pre-opening expenses

     

    31,145

    Non-cash rent

     

    4,704

    Acquisition and integration costs

     

    15,828

    Home Office Transition Costs

     

    7,096

    Other adjustments

     

    794

    Adjusted EBITDA

    $

    995,405

     

     

    Net debt to LTM adjusted EBITDA

    0.9x

    See descriptions of adjustments in the “Reconciliation to Adjusted EBITDA (unaudited)” table above.


    The BJ's Wholesale Club Holdings Stock at the time of publication of the news with a fall of -0,66 % to 75,50EUR on Tradegate stock exchange (16. November 2022, 22:26 Uhr).

    Business Wire (engl.)
    0 Follower
    Autor folgen

    BJ’s Wholesale Club Holdings, Inc. Announces Third Quarter Fiscal 2022 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 29, 2022. “We reported another quarter of strong results, demonstrating the power of our …