Company reports record MFI and surpasses 6.5 million members
First Quarter Fiscal 2022 Highlights
Total comparable club sales increased by 14.4% year-over-year.
Comparable club sales, excluding gasoline sales, increased by 4.1% year-over-year.
Membership fee income increased by 11.9% to $96.6 million year-over-year.
Digitally enabled sales growth was 26.0%.
Earnings per diluted share of $0.82 reflects a 39.0% year-over-year increase.
Adjusted earnings per diluted share of $0.87 reflects a 20.8% year-over-year increase.
Maintained strong balance sheet with quarter ended funded leverage of 0.9x.
WESTBOROUGH, Mass.--(BUSINESS WIRE)--BJ’s Wholesale Club Holdings, Inc. (NYSE: BJ) (the "Company") today announced its financial results for the thirteen weeks ended April 30, 2022.
“Our performance in the first quarter was strong, as gains in member traffic underscored the value we provide. Our business model remains more relevant than ever in the current inflationary environment,” said Bob Eddy, President and Chief Executive Officer, BJ’s Wholesale Club.
“We also continued to build on the transformational gains we have driven over the last two years,” continued Mr. Eddy. “Our membership has never been stronger. We reached 6.5 million members in the first quarter, which serves as a testament to the value that we consistently deliver to our members. Our digital business remains a key competitive advantage. We’re quickly expanding our footprint and we recently closed the acquisition of our perishable distribution network, which will support our future growth efforts and drive long-term shareholder value.”
Key Measures for the Thirteen Weeks Ended April 30, 2022 (First Quarter of Fiscal 2022): |
||||||||
BJ'S WHOLESALE CLUB HOLDINGS, INC. |
||||||||
(Amounts in thousands, except per share amounts) |
||||||||
|
13 Weeks Ended
|
|
13 Weeks Ended
|
|
%
|
|||
Net sales |
$ |
4,399,810 |
|
$ |
3,781,834 |
|
16.3 |
% |
Membership fee income |
|
96,625 |
|
|
86,388 |
|
11.9 |
% |
Total revenues |
|
4,496,435 |
|
|
3,868,222 |
|
16.2 |
% |
|
|
|
|
|
|
|||
Operating income |
|
150,317 |
|
|
126,254 |
|
19.1 |
% |
Income from continuing operations |
|
112,457 |
|
|
81,586 |
|
37.8 |
% |
Adjusted EBITDA (a) |
|
220,801 |
|
|
202,410 |
|
9.1 |
% |
Net income |
|
112,450 |
|
|
81,579 |
|
37.8 |
% |
EPS (b) |
|
0.82 |
|
|
0.59 |
|
39.0 |
% |
Adjusted net income (a) |
|
118,426 |
|
|
99,694 |
|
18.8 |
% |
Adjusted EPS (a) |
|
0.87 |
|
|
0.72 |
|
20.8 |
% |
Basic weighted average shares outstanding |
|
134,244 |
|
|
135,709 |
|
(1.1 |
)% |
Diluted weighted average shares outstanding |
|
136,702 |
|
|
138,662 |
|
(1.4 |
)% |
(a) See “Note Regarding Non-GAAP Financial Information.” |
||||||||
(b) EPS represents earnings per diluted share. |
Additional Highlights:
Fiscal 2022 Ending January 28, 2023 Outlook
“We are pleased with our performance in the first quarter and remain optimistic that the strength of our core business will continue to drive long-term growth,” said Laura Felice, Executive Vice President, Chief Financial Officer, BJ's Wholesale. “Our fiscal year 2022 EPS outlook of flat year-over-year remains unchanged.”
Conference Call Details
A conference call to discuss the first quarter of fiscal 2022 financial results is scheduled for today, May 19, 2022, at 8:30 A.M. Eastern Time. Investors and analysts interested in participating in the call are invited to dial 844-200-6205 (international callers please dial 929-526-1599) approximately 10 minutes prior to the start of the call and reference conference ID 068574. 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 929-458-6194 or 866-813-9403 and referencing conference ID 857294. The recorded replay will be available for one week 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 229 clubs and 159 BJ's Gas® locations in 17 states.
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 anticipated 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, 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
|
|
Thirteen Weeks Ended
|
||||
Net sales |
$ |
4,399,810 |
|
|
$ |
3,781,834 |
|
Membership fee income |
|
96,625 |
|
|
|
86,388 |
|
Total revenues |
|
4,496,435 |
|
|
|
3,868,222 |
|
Cost of sales |
|
3,705,838 |
|
|
|
3,141,497 |
|
Selling, general and administrative expenses |
|
635,380 |
|
|
|
599,910 |
|
Pre-opening expense |
|
4,900 |
|
|
|
561 |
|
Operating income |
|
150,317 |
|
|
|
126,254 |
|
Interest expense, net |
|
7,841 |
|
|
|
19,285 |
|
Income from continuing operations before income taxes |
|
142,476 |
|
|
|
106,969 |
|
Provision for income taxes |
|
30,019 |
|
|
|
25,383 |
|
Income from continuing operations |
|
112,457 |
|
|
|
81,586 |
|
Loss from discontinued operations, net of income taxes |
|
(7 |
) |
|
|
(7 |
) |
Net income |
$ |
112,450 |
|
|
$ |
81,579 |
|
Income per share attributable to common stockholders - basic: |
|
|
|
||||
Income from continuing operations |
$ |
0.84 |
|
|
$ |
0.60 |
|
Loss from discontinued operations |
|
— |
|
|
|
— |
|
Net income |
$ |
0.84 |
|
|
$ |
0.60 |
|
Income per share attributable to common stockholders - diluted: |
|
|
|
||||
Income from continuing operations |
$ |
0.82 |
|
|
$ |
0.59 |
|
Loss from discontinued operations |
|
— |
|
|
|
— |
|
Net income |
$ |
0.82 |
|
|
$ |
0.59 |
|
Weighted average number of shares outstanding: |
|
|
|
||||
Basic |
|
134,244 |
|
|
|
135,709 |
|
Diluted |
|
136,702 |
|
|
|
138,662 |
|
BJ'S WHOLESALE CLUB HOLDINGS, INC. |
|||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||
(Amounts in thousands, except per share amounts) |
|||||
(Unaudited) |
|||||
|
April 30, 2022 |
|
May 1, 2021 |
||
ASSETS |
|
|
|
||
Current assets: |
|
|
|
||
Cash and cash equivalents |
$ |
37,952 |
|
$ |
62,954 |
Accounts receivable, net |
|
210,405 |
|
|
197,991 |
Merchandise inventories |
|
1,462,098 |
|
|
1,120,334 |
Prepaid expense and other current assets |
|
58,814 |
|
|
54,258 |
Total current assets |
|
1,769,269 |
|
|
1,435,537 |
|
|
|
|
||
Operating lease right-of-use assets, net |
|
2,177,777 |
|
|
2,119,629 |
Property and equipment, net |
|
989,658 |
|
|
815,303 |
Goodwill |
|
924,134 |
|
|
924,134 |
Intangibles, net |
|
122,332 |
|
|
132,502 |
Deferred taxes |
|
4,595 |
|
|
3,349 |
Other assets |
|
22,240 |
|
|
18,752 |
Total assets |
$ |
6,010,005 |
|
$ |
5,449,206 |
|
|
|
|
||
LIABILITIES |
|
|
|
||
Current liabilities: |
|
|
|
||
Current portion of long-term debt |
$ |
80,000 |
|
$ |
210,000 |
Current portion of operating lease liabilities |
|
169,423 |
|
|
132,869 |
Accounts payable |
|
1,267,102 |
|
|
1,023,140 |
Accrued expenses and other current liabilities |
|
692,530 |
|
|
669,924 |
Total current liabilities |
|
2,209,055 |
|
|
2,035,933 |
|
|
|
|
||
Long-term lease liabilities |
|
2,107,532 |
|
|
2,050,950 |
Long-term debt |
|
748,987 |
|
|
747,311 |
Deferred income taxes |
|
58,511 |
|
|
45,529 |
Other noncurrent liabilities |
|
164,578 |
|
|
155,959 |
|
|
|
|
||
STOCKHOLDERS' EQUITY |
|
721,342 |
|
|
413,524 |
Total liabilities and stockholders' equity |
$ |
6,010,005 |
|
$ |
5,449,206 |
BJ'S WHOLESALE CLUB HOLDINGS, INC. |
|||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
(Amounts in thousands, except per share amounts) |
|||||||
(Unaudited) |
|||||||
|
Thirteen Weeks Ended
|
|
Thirteen Weeks Ended
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
||||
Net income |
$ |
112,450 |
|
|
$ |
81,579 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
47,109 |
|
|
|
44,386 |
|
Amortization of debt issuance costs and accretion of original issue discount |
|
832 |
|
|
|
891 |
|
Debt extinguishment charges |
|
— |
|
|
|
657 |
|
Stock-based compensation expense |
|
9,115 |
|
|
|
27,300 |
|
Deferred income tax provision (benefit) |
|
6,299 |
|
|
|
(233 |
) |
Changes in operating leases and other non-cash items |
|
29,892 |
|
|
|
1,200 |
|
Increase (decrease) in cash due to changes in: |
|
|
|
||||
Accounts receivable |
|
(36,454 |
) |
|
|
(25,272 |
) |
Merchandise inventories |
|
(219,163 |
) |
|
|
85,361 |
|
Accounts payable |
|
154,319 |
|
|
|
35,066 |
|
Accrued expenses |
|
(58,780 |
) |
|
|
13,127 |
|
Other operating assets and liabilities, net |
|
(1,311 |
) |
|
|
(15,097 |
) |
Net cash provided by operating activities |
|
44,308 |
|
|
|
248,965 |
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
||||
Additions to property and equipment, net of disposals and proceeds from sale leaseback transactions |
|
(90,533 |
) |
|
|
(58,060 |
) |
Net cash used in investing activities |
|
(90,533 |
) |
|
|
(58,060 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
||||
Payments on First Lien Term Loan |
|
— |
|
|
|
(100,000 |
) |
Net proceeds from (payments on) ABL Facility |
|
80,000 |
|
|
|
(50,000 |
) |
Net cash received from stock option exercises |
|
2,306 |
|
|
|
1,497 |
|
Acquisition of treasury stock |
|
(51,342 |
) |
|
|
(24,031 |
) |
Proceeds from financing obligations |
|
8,072 |
|
|
|
1,333 |
|
Changes in finance leases and other financing activities |
|
(295 |
) |
|
|
(268 |
) |
Net cash provided by (used in) financing activities |
|
38,741 |
|
|
|
(171,469 |
) |
Net increase (decrease) in cash and cash equivalents |
|
(7,484 |
) |
|
|
19,436 |
|
Cash and cash equivalents at beginning of period |
|
45,436 |
|
|
|
43,518 |
|
Cash and cash equivalents at end of period |
$ |
37,952 |
|
|
$ |
62,954 |
|
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; expenses related to debt payments; 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
|
|
13 Weeks Ended
|
||||
Net income as reported |
$ |
112,450 |
|
|
$ |
81,579 |
|
Adjustments: |
|
|
|
||||
Stock-based compensation related to acceleration of stock awards (a) |
|
— |
|
|
|
17,494 |
|
Acquisition and integration costs (b) |
|
7,879 |
|
|
|
— |
|
Incremental home office expense (c) |
|
599 |
|
|
|
— |
|
(Gain) loss on cash flow hedge (d) |
|
(165 |
) |
|
|
4,709 |
|
Charges related to debt payments (e) |
|
— |
|
|
|
657 |
|
Severance (f) |
|
— |
|
|
|
2,300 |
|
Tax impact of adjustments to net income (g) |
|
(2,337 |
) |
|
|
(7,045 |
) |
Adjusted net income |
$ |
118,426 |
|
|
$ |
99,694 |
|
|
|
|
|
||||
Weighted-average diluted shares outstanding |
|
136,702 |
|
|
|
138,662 |
|
Adjusted net income per diluted share (h) |
$ |
0.87 |
|
|
$ |
0.72 |
|
(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 as the Company transitions from the current home office to a new home office building 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. |
|
(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
|
|
13 Weeks Ended
|
||
Income from continuing operations |
$ |
112,457 |
|
$ |
81,586 |
Interest expense, net |
|
7,841 |
|
|
19,285 |
Provision for income taxes |
|
30,019 |
|
|
25,383 |
Depreciation and amortization |
|
47,109 |
|
|
44,386 |
Stock-based compensation expense |
|
9,115 |
|
|
27,300 |
Pre-opening expenses (a) |
|
4,900 |
|
|
561 |
Non-cash rent (b) |
|
846 |
|
|
1,417 |
Acquisition and integration costs (c) |
|
7,879 |
|
|
— |
Severance (d) |
|
— |
|
|
2,300 |
Other adjustments (e) |
|
635 |
|
|
192 |
Adjusted EBITDA |
$ |
220,801 |
|
$ |
202,410 |
(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 severance charges associated with labor reductions that resulted from the realignment of our field operations. |
|
(e) | Other non-cash items, including non-cash accretion on asset retirement obligations, obligations associated with our post-retirement medical plan and incremental rent expense as the Company transitions from the current home office to a new home office building in fiscal 2022. |
BJ'S WHOLESALE CLUB HOLDINGS, INC. | ||||||
Reconciliation to Free Cash Flow |
||||||
(Amounts in thousands) |
||||||
(Unaudited) |
||||||
|
13 Weeks Ended
|
|
13 Weeks Ended
|
|||
Net cash provided by operating activities |
$ |
44,308 |
|
|
$ |
248,965 |
Less: Additions to property and equipment, net of disposals |
|
90,533 |
|
|
|
74,690 |
Plus: Proceeds from sale leaseback transactions |
|
— |
|
|
|
16,630 |
Free cash flow |
$ |
(46,225 |
) |
|
$ |
190,905 |
BJ'S WHOLESALE CLUB HOLDINGS, INC. |
||
Reconciliation of Net Debt and Net Debt to LTM adjusted EBITDA |
||
(Amounts in thousands) |
||
(Unaudited) |
||
|
April 30, 2022 |
|
Total debt |
$ |
828,987 |
Less: Cash and cash equivalents |
|
37,952 |
Net Debt |
$ |
791,035 |
|
|
|
Income from continuing operations |
$ |
457,631 |
Interest expense, net |
|
48,000 |
Provision for income taxes |
|
135,755 |
Depreciation and amortization |
|
183,270 |
Stock-based compensation expense |
|
35,652 |
Pre-opening expenses |
|
19,241 |
Non-cash rent |
|
5,575 |
Acquisition and integration costs |
|
11,383 |
Other adjustments |
|
1,434 |
Adjusted EBITDA |
$ |
897,941 |
|
|
|
Net debt to LTM adjusted EBITDA |
0.9x |
|
See descriptions of adjustments in the “Reconciliation to Adjusted EBITDA (unaudited)” table above. |
Компания сообщает о рекордных МФО и насчитывает более 6,5 миллионов членов
Основные моменты первого квартала 2022 финансового года
Общий объем сопоставимых клубных продаж увеличился на 14,4% в годовом исчислении.
Сопоставимые клубные продажи, за исключением продаж бензина, выросли на 4,1% в годовом исчислении.
Доход от членских взносов увеличился на 11,9% до 96,6 млн долларов в годовом исчислении.
Рост продаж с использованием цифровых технологий составил 26,0%.
Прибыль на разводненную акцию в размере 0,82 доллара отражает рост на 39,0% по сравнению с аналогичным периодом прошлого года.
Скорректированная прибыль на разводненную акцию в размере 0,87 доллара отражает рост на 20,8% в годовом исчислении.
Поддерживал сильный баланс с профинансированным кредитным плечом на конец квартала в размере 0,9x.
УЭСТБОРО, Массачусетс - (BUSINESS WIRE) - BJ's Wholesale Club Holdings, Inc. (NYSE: BJ) ("Компания") сегодня объявила о своих финансовых результатах за тринадцать недель, закончившихся 30 апреля 2022 года.
“Наши показатели в первом квартале были высокими, так как увеличение трафика участников подчеркнуло ценность, которую мы предоставляем. Наша бизнес-модель остается более актуальной, чем когда-либо, в нынешних инфляционных условиях”, - сказал Боб Эдди, президент и главный исполнительный директор BJ's Wholesale Club.
“Мы также продолжали развивать достижения в области преобразований, которых добились за последние два года”, - продолжил г-н Эдди. “Наше членство никогда не было таким сильным. В первом квартале мы охватили 6,5 миллионов пользователей, что служит свидетельством ценности, которую мы постоянно предоставляем нашим пользователям. Наш цифровой бизнес остается ключевым конкурентным преимуществом. Мы быстро расширяем свое присутствие и недавно завершили сделку по приобретению нашей сети дистрибуции скоропортящихся продуктов, что поддержит наши будущие усилия по росту и повысит долгосрочную акционерную стоимость”.
Key Measures for the Thirteen Weeks Ended April 30, 2022 (First Quarter of Fiscal 2022): |
||||||||
BJ's Wholesale Club Holdings, INC. |
||||||||
(Amounts in thousands, except per share amounts) |
||||||||
|
13 Weeks Ended
|
|
13 Weeks Ended
|
|
%
|
|||
Net sales |
$ |
4,399,810 |
|
$ |
3,781,834 |
|
16.3 |
% |
Membership fee income |
|
96,625 |
|
|
86,388 |
|
11.9 |
% |
Total revenues |
|
4,496,435 |
|
|
3,868,222 |
|
16.2 |
% |
|
|
|
|
|
|
|||
Operating income |
|
150,317 |
|
|
126,254 |
|
19.1 |
% |
Income from continuing operations |
|
112,457 |
|
|
81,586 |
|
37.8 |
% |
Adjusted EBITDA (a) |
|
220,801 |
|
|
202,410 |
|
9.1 |
% |
Net income |
|
112,450 |
|
|
81,579 |
|
37.8 |
% |
EPS (b) |
|
0.82 |
|
|
0.59 |
|
39.0 |
% |
Adjusted net income (a) |
|
118,426 |
|
|
99,694 |
|
18.8 |
% |
Adjusted EPS (a) |
|
0.87 |
|
|
0.72 |
|
20.8 |
% |
Basic weighted average shares outstanding |
|
134,244 |
|
|
135,709 |
|
(1.1 |
)% |
Diluted weighted average shares outstanding |
|
136,702 |
|
|
138,662 |
|
(1.4 |
)% |
(a) See “Note Regarding Non-GAAP Financial Information.” |
||||||||
(b) EPS represents earnings per diluted share. |
Дополнительные основные моменты:
Прогноз на 2022 Финансовый год, Заканчивающийся 28 января 2023 года
“Мы довольны нашими результатами в первом квартале и сохраняем оптимизм в отношении того, что сила нашего основного бизнеса продолжит стимулировать долгосрочный рост”, - сказала Лаура Феличе, исполнительный вице-президент, финансовый директор BJ's Wholesale. “Наш прогноз по прибыли на акцию на 2022 финансовый год остается неизменным в годовом исчислении”.
Подробности конференц-звонка
Селекторное совещание для обсуждения финансовых результатов за первый квартал 2022 финансового года запланировано на сегодня, 19 мая 2022 года, в 8:30 утра по восточному времени. Инвесторам и аналитикам, заинтересованным в участии в звонке, предлагается набрать 844-200-6205 (международные абоненты, пожалуйста, наберите 929-526-1599) примерно за 10 минут до начала звонка и указать идентификатор конференции 068574. Прямая аудиотрансляция телефонной конференции будет доступна онлайн по адресу https://investors.bjs.com .
Записанный повтор конференц-звонка будет доступен в течение двух часов после завершения разговора, и к нему можно получить доступ как онлайн, так и по адресу https://investors.bjs.com и набрав 929-458-6194 или 866-813-9403 и указав идентификатор конференции 857294. Записанный повтор будет доступен в течение одной недели, а онлайн-архив веб-трансляции будет доступен в течение одного года.
О компании BJ's Wholesale Club Holdings, Inc.
Компания BJ's Wholesale Club Holdings, Inc. со штаб-квартирой в Уэстборо, штат Массачусетс, является ведущим оператором членских складских клубов на востоке Соединенных Штатов. В настоящее время компания управляет 229 клубами и 159 филиалами BJ's Gas® в 17 штатах.
Прогнозные заявления
Настоящий пресс-релиз содержит прогнозные заявления по смыслу Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года. Все заявления, содержащиеся в этом пресс-релизе, которые не имеют отношения к историческим фактам, следует рассматривать как заявления прогнозного характера, включая, помимо прочего, заявления относительно наших стратегических приоритетов; наших ожидаемых прогнозов на 2022 финансовый год; и нашего будущего прогресса, а также заявления, которые включают слова “ожидать”, “намереваться, ”планировать”, “верить”, “проектировать”, “прогнозировать”, “оценивать”, “возможно”, “следует”, “предвидеть” и аналогичные заявления будущего или прогнозного характера. Эти прогнозные заявления основаны на текущих ожиданиях руководства. Эти заявления не обещает и не гарантирует, но включают в себя известные и неизвестные риски, неопределенности и иные важные факторы, которые могут вызвать фактические результаты, показатели деятельности или достижения могут существенно отличаться от любых будущих результатов, показателей или достижений, выраженных или подразумеваемых в заявлениях прогнозного характера, включая, но не ограничиваясь: неопределенности на финансовых рынках, потребителей и малого бизнеса в области расходования средств, а уровень задолженности; нашу зависимость от наличия большой и верный членства; внутренние и международные экономические условия, с учетом инфляции и валютных курсов; наша способность доставлять товар мы продаем по лучшим ценам; влияние конкуренции и регулирования; зависимость от поставщиков поставляют нам качественный товар в нужное время и по правильной цене; нарушения безопасности или конфиденциальности-членов или коммерческой информации; условия, влияющие на приобретение, разработку, собственности или пользования недвижимым имуществом; наши капитальные расходы; действия поставщиков; нашу способность привлекать и удерживать квалифицированный управление командой и другими членами команды; затраты, связанные с работниками (как правило, в том числе расходов на здравоохранение), энергетические и иные товары, геополитические условия (включая тарифы); риски и неопределенности, связанные с воздействием COVID-19 пандемией, в том числе продолжительность, масштабы и масштабы пандемии, Федеральная, штата и местного самоуправления, действия или ограничительных мер, введенных в ответ на COVID-19, эффективность таких мер, а также влияние какого-либо ослабления или отмены действующих ограничений, а также прямые и косвенные последствия таких мер; внесение изменений в нашем продуктовом портфеле или в наших доходов от продажи бензина; наша неспособность обеспечить успешное ведение соответствующей омниканальность опыт для наших членов; риски, связанные с расширением нашей стратегии по открытию новых клубов; риски, связанные с электронной коммерцией; нам возможность реализовать ожидаемые выгоды от приобретения Баррис; и другие важные факторы, рассмотренные под заголовком “факторы риска” в нашей форме 10-K, поданном с США по ценным бумагам и биржам (“КЦБ”) 17 марта, 2022, до которого можно добраться на секунду сайте www.sec.gov. Эти и другие важные факторы могут привести к тому, что фактические результаты будут существенно отличаться от тех, которые указаны в прогнозных заявлениях, сделанных в этом пресс-релизе. Любые такие прогнозные заявления представляют собой оценки руководства на дату настоящего пресс-релиза. Хотя мы можем принять решение обновить такие прогнозные заявления в какой-то момент в будущем, если этого не требует закон, мы отказываемся от каких-либо обязательств делать это, даже если последующие события приведут к изменению наших взглядов. Таким образом, не следует предполагать, что наше молчание с течением времени означает, что фактические события происходят так, как выражено или подразумевается в таких прогнозных заявлениях. На эти прогнозные заявления не следует полагаться как на отражение наших взглядов на любую дату, последующую за датой настоящего пресс-релиза.
Финансовые показатели, Не относящиеся к ОПБУ
Мы ссылаемся на определенные финансовые показатели, которые не признаются в соответствии с общепринятыми принципами бухгалтерского учета Соединенных Штатов (“GAAP”). Пожалуйста, смотрите “Примечание относительно финансовой информации, не относящейся к GAAP" и “Сверка GAAP с финансовой информацией, не относящейся к GAAP” ниже для получения дополнительной информации и сверки финансовых показателей, не относящихся к GAAP, с наиболее сопоставимыми финансовыми показателями GAAP.
BJ's Wholesale Club Holdings, INC. |
|||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||
(Amounts in thousands, except per share amounts) |
|||||||
(Unaudited) |
|||||||
|
Thirteen Weeks Ended
|
|
Thirteen Weeks Ended
|
||||
Net sales |
$ |
4,399,810 |
|
|
$ |
3,781,834 |
|
Membership fee income |
|
96,625 |
|
|
|
86,388 |
|
Total revenues |
|
4,496,435 |
|
|
|
3,868,222 |
|
Cost of sales |
|
3,705,838 |
|
|
|
3,141,497 |
|
Selling, general and administrative expenses |
|
635,380 |
|
|
|
599,910 |
|
Pre-opening expense |
|
4,900 |
|
|
|
561 |
|
Operating income |
|
150,317 |
|
|
|
126,254 |
|
Interest expense, net |
|
7,841 |
|
|
|
19,285 |
|
Income from continuing operations before income taxes |
|
142,476 |
|
|
|
106,969 |
|
Provision for income taxes |
|
30,019 |
|
|
|
25,383 |
|
Income from continuing operations |
|
112,457 |
|
|
|
81,586 |
|
Loss from discontinued operations, net of income taxes |
|
(7 |
) |
|
|
(7 |
) |
Net income |
$ |
112,450 |
|
|
$ |
81,579 |
|
Income per share attributable to common stockholders - basic: |
|
|
|
||||
Income from continuing operations |
$ |
0.84 |
|
|
$ |
0.60 |
|
Loss from discontinued operations |
|
— |
|
|
|
— |
|
Net income |
$ |
0.84 |
|
|
$ |
0.60 |
|
Income per share attributable to common stockholders - diluted: |
|
|
|
||||
Income from continuing operations |
$ |
0.82 |
|
|
$ |
0.59 |
|
Loss from discontinued operations |
|
— |
|
|
|
— |
|
Net income |
$ |
0.82 |
|
|
$ |
0.59 |
|
Weighted average number of shares outstanding: |
|
|
|
||||
Basic |
|
134,244 |
|
|
|
135,709 |
|
Diluted |
|
136,702 |
|
|
|
138,662 |
|
BJ's Wholesale Club Holdings, INC. |
|||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||
(Amounts in thousands, except per share amounts) |
|||||
(Unaudited) |
|||||
|
April 30, 2022 |
|
May 1, 2021 |
||
ASSETS |
|
|
|
||
Current assets: |
|
|
|
||
Cash and cash equivalents |
$ |
37,952 |
|
$ |
62,954 |
Accounts receivable, net |
|
210,405 |
|
|
197,991 |
Merchandise inventories |
|
1,462,098 |
|
|
1,120,334 |
Prepaid expense and other current assets |
|
58,814 |
|
|
54,258 |
Total current assets |
|
1,769,269 |
|
|
1,435,537 |
|
|
|
|
||
Operating lease right-of-use assets, net |
|
2,177,777 |
|
|
2,119,629 |
Property and equipment, net |
|
989,658 |
|
|
815,303 |
Goodwill |
|
924,134 |
|
|
924,134 |
Intangibles, net |
|
122,332 |
|
|
132,502 |
Deferred taxes |
|
4,595 |
|
|
3,349 |
Other assets |
|
22,240 |
|
|
18,752 |
Total assets |
$ |
6,010,005 |
|
$ |
5,449,206 |
|
|
|
|
||
LIABILITIES |
|
|
|
||
Current liabilities: |
|
|
|
||
Current portion of long-term debt |
$ |
80,000 |
|
$ |
210,000 |
Current portion of operating lease liabilities |
|
169,423 |
|
|
132,869 |
Accounts payable |
|
1,267,102 |
|
|
1,023,140 |
Accrued expenses and other current liabilities |
|
692,530 |
|
|
669,924 |
Total current liabilities |
|
2,209,055 |
|
|
2,035,933 |
|
|
|
|
||
Long-term lease liabilities |
|
2,107,532 |
|
|
2,050,950 |
Long-term debt |
|
748,987 |
|
|
747,311 |
Deferred income taxes |
|
58,511 |
|
|
45,529 |
Other noncurrent liabilities |
|
164,578 |
|
|
155,959 |
|
|
|
|
||
STOCKHOLDERS' EQUITY |
|
721,342 |
|
|
413,524 |
Total liabilities and stockholders' equity |
$ |
6,010,005 |
|
$ |
5,449,206 |
BJ's Wholesale Club Holdings, INC. |
|||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
(Amounts in thousands, except per share amounts) |
|||||||
(Unaudited) |
|||||||
|
Thirteen Weeks Ended
|
|
Thirteen Weeks Ended
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
||||
Net income |
$ |
112,450 |
|
|
$ |
81,579 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
47,109 |
|
|
|
44,386 |
|
Amortization of debt issuance costs and accretion of original issue discount |
|
832 |
|
|
|
891 |
|
Debt extinguishment charges |
|
— |
|
|
|
657 |
|
Stock-based compensation expense |
|
9,115 |
|
|
|
27,300 |
|
Deferred income tax provision (benefit) |
|
6,299 |
|
|
|
(233 |
) |
Changes in operating leases and other non-cash items |
|
29,892 |
|
|
|
1,200 |
|
Increase (decrease) in cash due to changes in: |
|
|
|
||||
Accounts receivable |
|
(36,454 |
) |
|
|
(25,272 |
) |
Merchandise inventories |
|
(219,163 |
) |
|
|
85,361 |
|
Accounts payable |
|
154,319 |
|
|
|
35,066 |
|
Accrued expenses |
|
(58,780 |
) |
|
|
13,127 |
|
Other operating assets and liabilities, net |
|
(1,311 |
) |
|
|
(15,097 |
) |
Net cash provided by operating activities |
|
44,308 |
|
|
|
248,965 |
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
||||
Additions to property and equipment, net of disposals and proceeds from sale leaseback transactions |
|
(90,533 |
) |
|
|
(58,060 |
) |
Net cash used in investing activities |
|
(90,533 |
) |
|
|
(58,060 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
||||
Payments on First Lien Term Loan |
|
— |
|
|
|
(100,000 |
) |
Net proceeds from (payments on) ABL Facility |
|
80,000 |
|
|
|
(50,000 |
) |
Net cash received from stock option exercises |
|
2,306 |
|
|
|
1,497 |
|
Acquisition of treasury stock |
|
(51,342 |
) |
|
|
(24,031 |
) |
Proceeds from financing obligations |
|
8,072 |
|
|
|
1,333 |
|
Changes in finance leases and other financing activities |
|
(295 |
) |
|
|
(268 |
) |
Net cash provided by (used in) financing activities |
|
38,741 |
|
|
|
(171,469 |
) |
Net increase (decrease) in cash and cash equivalents |
|
(7,484 |
) |
|
|
19,436 |
|
Cash and cash equivalents at beginning of period |
|
45,436 |
|
|
|
43,518 |
|
Cash and cash equivalents at end of period |
$ |
37,952 |
|
|
$ |
62,954 |
|
Примечание, Касающееся Финансовой Информации, Не относящейся К ОПБУ
Данный пресс-релиз включает финансовые показатели, которые не рассчитаны в соответствии с GAAP, включая скорректированную чистую прибыль, скорректированную чистую прибыль на разводненную акцию, скорректированную EBITDA, свободный денежный поток, чистый долг и скорректированную EBITDA чистого долга за последние двенадцать месяцев (“LTM”).
Мы определяем скорректированную чистую прибыль как чистую прибыль, приходящуюся на обыкновенных акционеров, скорректированную на: компенсацию на основе акций, связанную с ускорением выплаты дивидендов; затраты на приобретение и интеграцию; дополнительные расходы на домашний офис; выходные пособия; расходы, связанные с выплатами по долгам; убытки от хеджирования денежных потоков; и налоговое влияние вышеуказанных корректировок на чистый доход.
Мы определяем скорректированную чистую прибыль на разводненную акцию как скорректированную чистую прибыль, деленную на средневзвешенную разводненную стоимость акций, находящихся в обращении.
Мы определяем скорректированный показатель EBITDA как доход от продолжающейся деятельности до вычета процентных расходов, нетто, резерва по налогу на прибыль и амортизации, скорректированный с учетом влияния некоторых других статей, включая: расходы на компенсацию на основе акций; расходы до открытия; затраты на приобретение и интеграцию; неденежная арендная плата; выходное пособие и другие корректировки.
Мы определяем свободный денежный поток как чистые денежные средства, полученные от операционной деятельности, за вычетом приращения основных средств, за вычетом выбытия, плюс поступления от сделок по обратной аренде.
Мы определяем чистый долг как общую сумму непогашенной задолженности за вычетом денежных средств и их эквивалентов.
Мы определяем чистый долг к скорректированной EBITDA LTM как чистый долг на отчетную дату, деленный на скорректированную EBITDA за завершающий двенадцатимесячный период.
Мы представляем скорректированную чистую прибыль, скорректированную чистую прибыль на разводненную акцию и скорректированную EBITDA, которые не являются признанными финансовыми показателями в соответствии с GAAP, поскольку мы считаем, что такие показатели помогают инвесторам и аналитикам сравнивать наши операционные показатели за отчетные периоды на постоянной основе, исключая статьи, которые, по нашему мнению, не отражают нашу основную операционную деятельность. производительность. Кроме того, скорректированный показатель EBITDA исключает расходы до открытия, поскольку мы не считаем, что эти расходы отражают основные операционные показатели наших клубов. Сумма и сроки предварительных расходов зависят, среди прочего, от размера новых открытых клубов и количества новых клубов, открытых за любой данный период.
Руководство считает, что скорректированная чистая прибыль, скорректированная чистая прибыль на разводненную акцию и скорректированная EBITDA помогают выявить тенденции в наших основных операционных показателях по сравнению с другими показателями, которые могут существенно отличаться в зависимости от долгосрочных стратегических решений относительно структуры капитала, налоговых юрисдикций, в которых работают компании, и капитальных вложений. Мы используем скорректированную чистую прибыль, скорректированную чистую прибыль на разводненную акцию и скорректированную EBITDA в дополнение к показателям эффективности по GAAP при оценке эффективности наших бизнес-стратегий; для принятия бюджетных решений; и для сравнения наших показателей с показателями других аналогичных компаний, использующих аналогичные показатели. Мы также используем скорректированную EBITDA в связи с установлением дискреционной ежегодной поощрительной компенсации.
Мы представляем свободный денежный поток, который не является признанным финансовым показателем в соответствии с GAAP, потому что мы используем его для отчетности перед нашим Советом директоров, и мы считаем, что это помогает инвесторам и аналитикам оценить нашу ликвидность. Свободный денежный поток не следует рассматривать в качестве альтернативы денежным потокам от операций в качестве показателя ликвидности. Мы представляем чистый долг и чистый долг с поправкой на LTM EBITDA, которые не признаются в качестве финансовых показателей в соответствии с GAAP, поскольку мы используем их для отчетности перед нашим Советом директоров, и мы считаем, что они помогают инвесторам и аналитикам оценить нашу способность к заимствованию. Отношение чистого долга к скорректированной на LTM EBITDA является ключевым финансовым показателем, который используется руководством для оценки кредитоспособности Компании.
Вам рекомендуется оценить эти корректировки и причины, по которым мы считаем их подходящими для дополнительного анализа. При оценке скорректированной чистой прибыли, скорректированной чистой прибыли на разводненную акцию, скорректированной EBITDA и чистого долга к скорректированной EBITDA LTM вы должны знать, что в будущем мы можем понести расходы, которые совпадают или похожи на некоторые корректировки в нашем представлении этих показателей. Наше представление скорректированной чистой прибыли, скорректированной чистой прибыли на разводненную акцию, скорректированной EBITDA, свободного денежного потока, чистого долга и чистого долга к скорректированной EBITDA LTM не следует рассматривать в качестве альтернативы любому другому показателю, полученному в соответствии с GAAP, и они не должны быть истолкованы как вывод о том, что будущие результаты Компании не будут затронуты необычными или повторяющимися элементами. Нет никакой гарантии, что мы не изменим представление скорректированной чистой прибыли, скорректированной чистой прибыли на разводненную акцию, скорректированной EBITDA или чистого долга к скорректированной EBITDA LTM в будущем, и любое такое изменение может быть существенным. Кроме того, скорректированная чистая прибыль, скорректированная чистая прибыль на разводненную акцию, скорректированная EBITDA, свободный денежный поток, чистый долг и чистый долг к скорректированной EBITDA LTM могут быть несопоставимы с аналогичными показателями, используемыми другими компаниями в нашей отрасли или в разных отраслях. Кроме того, скорректированная чистая прибыль, скорректированная чистая прибыль на разводненную акцию, скорректированная EBITDA, свободный денежный поток, чистый долг и чистый долг к скорректированной EBITDA LTM имеют ограничения в качестве аналитических инструментов, и вы не должны рассматривать их изолированно или в качестве замены анализа наших результатов, представленных в соответствии с GAAP.
Сверка ОПБУ с финансовой информацией, не относящейся к ОПБУ
BJ's Wholesale Club Holdings, INC. |
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Reconciliation of net income to adjusted net income and adjusted net income per diluted share |
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(Amounts in thousands, except per share amounts) |
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(Unaudited) |
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|
13 Weeks Ended
|
|
13 Weeks Ended
|
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Net income as reported |
$ |
112,450 |
|
|
$ |
81,579 |
|
Adjustments: |
|
|
|
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Stock-based compensation related to acceleration of stock awards (a) |
|
— |
|
|
|
17,494 |
|
Acquisition and integration costs (b) |
|
7,879 |
|
|
|
— |
|
Incremental home office expense (c) |
|
599 |
|
|
|
— |
|
(Gain) loss on cash flow hedge (d) |
|
(165 |
) |
|
|
4,709 |
|
Charges related to debt payments (e) |
|
— |
|
|
|
657 |
|
Severance (f) |
|
— |
|
|
|
2,300 |
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Tax impact of adjustments to net income (g) |
|
(2,337 |
) |
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|
(7,045 |
) |
Adjusted net income |
$ |
118,426 |
|
|
$ |
99,694 |
|
|
|
|
|
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Weighted-average diluted shares outstanding |
|
136,702 |
|
|
|
138,662 |
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Adjusted net income per diluted share (h) |
$ |
0.87 |
|
|
$ |
0.72 |
|
(a) | Represents accelerated vesting of equity awards, which were related to the passing of a former executive. |
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(b) | Represents costs related to the acquisition and integration of assets from Burris Logistics, including due diligence, legal, and other consulting expenses. |
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(c) | Represents incremental rent expense as the Company transitions from the current home office to a new home office building in fiscal 2022. |
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(d) | Represents the reclassification into earnings of accumulated other comprehensive income associated with the de-designation of hedge accounting. |
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(e) | Represents the expensing of fees and deferred fees and original issue discount associated with the partial prepayment of debt. |
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(f) | Represents severance charges associated with labor reductions that resulted from the realignment of our field operations. |
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(g) | Represents the tax effect of the above adjustments at a statutory tax rate of approximately 28%. |
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(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 |
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(Amounts in thousands) |
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(Unaudited) |
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|
13 Weeks Ended
|
|
13 Weeks Ended
|
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Income from continuing operations |
$ |
112,457 |
|
$ |
81,586 |
Interest expense, net |
|
7,841 |
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|
19,285 |
Provision for income taxes |
|
30,019 |
|
|
25,383 |
Depreciation and amortization |
|
47,109 |
|
|
44,386 |
Stock-based compensation expense |
|
9,115 |
|
|
27,300 |
Pre-opening expenses (a) |
|
4,900 |
|
|
561 |
Non-cash rent (b) |
|
846 |
|
|
1,417 |
Acquisition and integration costs (c) |
|
7,879 |
|
|
— |
Severance (d) |
|
— |
|
|
2,300 |
Other adjustments (e) |
|
635 |
|
|
192 |
Adjusted EBITDA |
$ |
220,801 |
|
$ |
202,410 |
(a) | Represents direct incremental costs of opening or relocating a facility that are charged to operations as incurred. |
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(b) | Consists of an adjustment to remove the non-cash portion of rent expense. |
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(c) | Represents costs related to the acquisition and integration of assets from Burris Logistics, including due diligence, legal, and other consulting expenses. |
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(d) | Represents severance charges associated with labor reductions that resulted from the realignment of our field operations. |
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(e) | Other non-cash items, including non-cash accretion on asset retirement obligations, obligations associated with our post-retirement medical plan and incremental rent expense as the Company transitions from the current home office to a new home office building in fiscal 2022. |
BJ's Wholesale Club Holdings, INC. | ||||||
Reconciliation to Free Cash Flow |
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(Amounts in thousands) |
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(Unaudited) |
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|
13 Weeks Ended
|
|
13 Weeks Ended
|
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Net cash provided by operating activities |
$ |
44,308 |
|
|
$ |
248,965 |
Less: Additions to property and equipment, net of disposals |
|
90,533 |
|
|
|
74,690 |
Plus: Proceeds from sale leaseback transactions |
|
— |
|
|
|
16,630 |
Free cash flow |
$ |
(46,225 |
) |
|
$ |
190,905 |
BJ's Wholesale Club Holdings, INC. |
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Reconciliation of Net Debt and Net Debt to LTM adjusted EBITDA |
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(Amounts in thousands) |
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(Unaudited) |
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|
April 30, 2022 |
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Total debt |
$ |
828,987 |
Less: Cash and cash equivalents |
|
37,952 |
Net Debt |
$ |
791,035 |
|
|
|
Income from continuing operations |
$ |
457,631 |
Interest expense, net |
|
48,000 |
Provision for income taxes |
|
135,755 |
Depreciation and amortization |
|
183,270 |
Stock-based compensation expense |
|
35,652 |
Pre-opening expenses |
|
19,241 |
Non-cash rent |
|
5,575 |
Acquisition and integration costs |
|
11,383 |
Other adjustments |
|
1,434 |
Adjusted EBITDA |
$ |
897,941 |
|
|
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Net debt to LTM adjusted EBITDA |
0.9x |
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See descriptions of adjustments in the “Reconciliation to Adjusted EBITDA (unaudited)” table above. |