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As Of Filer Filing For·On·As Docs:Size 8/22/19 BJ’s Wholesale Club Holdings, Inc 8-K:2,9 8/22/19 2:548K |
Document/Exhibit Description Pages Size 1: 8-K Current Report HTML 23K 2: EX-99.1 Miscellaneous Exhibit HTML 198K
Exhibit |
• | Net sales for the second quarter of fiscal 2019 increased 1.1% to $3.3 billion, compared to the second quarter of fiscal 2018. |
• | Comparable
club sales excluding gasoline sales increased 1.6% for the second quarter of fiscal 2019, compared to the second quarter of fiscal 2018. |
• | Income from continuing operations of $54.3 million for the second fiscal quarter of 2019, compared to a loss from continuing operations of $5.5 million in the second quarter of fiscal 2018. |
• | Second quarter of fiscal 2019 adjusted EBITDA of $153.2
million reflecting a 7.1% increase over the second quarter of fiscal 2018. |
• | Net income of $54.5 million, or $0.39 per diluted share, and adjusted net income of $55.1 million, or $0.39 per diluted share for the second quarter of fiscal 2019. |
• | Net cash provided by operating activities
was $215.1 million for the first half of fiscal 2019. Free cash flow was $126.8 million for the first half of fiscal 2019 and supported a return of capital to stockholders in the form of $63.5 million of share repurchases and $66.7 million in debt paydown. |
• | Maintains outlook for fiscal 2019. |
BJ'S
WHOLESALE CLUB HOLDINGS, INC. | ||||||||||||||||||||||
(Amounts in thousands, except per share amounts) | ||||||||||||||||||||||
13
Weeks Ended | 13 Weeks Ended | 26 Weeks Ended | 26 Weeks Ended | |||||||||||||||||||
% Growth | % Growth | |||||||||||||||||||||
Net sales | $ | 3,271,145 | $ | 3,236,664 | 1.1 | % | $ | 6,340,908 | $ | 6,230,406 | 1.8 | % | ||||||||||
Membership
fee income | 74,697 | 70,441 | 6.0 | % | 148,070 | 138,396 | 7.0 | % | ||||||||||||||
Total
revenues | 3,345,842 | 3,307,105 | 1.2 | % | 6,488,978 | 6,368,802 | 1.9 | % | ||||||||||||||
Operating
income | 98,741 | 38,674 | 155.3 | % | 169,423 | 103,244 | 64.1 | % | ||||||||||||||
Income
(loss) from continuing operations | 54,293 | (5,490 | ) | N/A | 90,378 | 8,811 | N/A | |||||||||||||||
Adjusted
EBITDA (a) | 153,187 | 143,036 | 7.1 | % | 277,263 | 264,593 | 4.8 | % | ||||||||||||||
Net
income (loss) | 54,523 | (5,614 | ) | N/A | 90,321 | 8,523 | N/A | |||||||||||||||
EPS
(b) | 0.39 | (0.05 | ) | N/A | 0.65 | 0.09 | N/A | |||||||||||||||
Adjusted
net income(a) | 55,050 | 43,302 | 27.1 | % | 91,728 | 71,415 | 28.4 | % | ||||||||||||||
Adjusted
EPS (a) | 0.39 | 0.31 | 25.8 | % | 0.66 | 0.51 | 29.4 | % | ||||||||||||||
Basic
weighted average shares outstanding | 136,571 | 106,915 | 27.7 | % | 136,690 | 97,734 | 39.9 | % | ||||||||||||||
Diluted
weighted average shares outstanding | 139,516 | 106,915 | 30.5 | % | 139,989 | 102,732 | 36.3 | % |
a) | See
“Note Regarding Non-GAAP Financial Information” |
b) | EPS represents earnings per diluted share |
• | Comparable club sales for the second quarter of fiscal 2019 increased 0.6%, compared to the second quarter of fiscal 2018. Excluding
the impact of gasoline sales, merchandise comparable sales increased 1.6%. Comparable club sales for the first half of fiscal 2019 increased 1.3%, compared to the first half of fiscal 2018. Excluding the impact of gasoline sales, merchandise comparable sales increased 1.7%. |
• | Gross profit increased to $612.8 million in the second quarter of fiscal 2019 from $588.5 million in the second quarter of fiscal 2018. Gross profit increased to $1,186.9 million
in the first half of fiscal 2019 from $1,139.9 million in the first half of fiscal 2018. Excluding the impact of gasoline sales and membership fee income, merchandise gross margin rate increased by approximately 30 basis points over the second quarter of fiscal 2018 and by approximately 30 basis points over the first half of fiscal 2018. The improvement was primarily driven by continued progress in our category profitability improvement program. |
• | Selling, general and administrative expenses ("SG&A") decreased to $511.9 million
in the second quarter of fiscal 2019, compared to $549.2 million in the second quarter of fiscal 2018. In the first half of fiscal 2019, SG&A decreased to $1,013.1 million, compared to $1,034.8 million in the first half of fiscal 2018. Excluding charges associated with stock-based compensation related to the Company’s initial public offering (“IPO”), costs related to our IPO and the registered offerings by selling stockholders (such offering costs, collectively, "offering costs"), club asset impairment and management fees(1), SG&A was $511.2 million in the second quarter of fiscal 2019 compared to $498.2
million in the prior year period and $1,011.1 million in the first half of fiscal 2019 compared to $978.7 million in the prior year period. The increase in SG&A reflects continued investments to drive the Company’s strategic priorities. |
• | Operating income increased to $98.7 million, or 3.0% of total revenues in the second quarter of fiscal 2019, compared to $38.7 million,
or 1.2% of total revenues in the second quarter of fiscal 2018. Operating income increased to $169.4 million, or 2.6% of total revenues, in the first half of fiscal 2019, compared to $103.2 million, or 1.6% of total revenues in the first half of fiscal 2018. Excluding charges associated with stock-based compensation related to the IPO, offering costs, club asset impairment and management fees(1), operating income was $99.4 million, or 3.0% of total revenues in the second quarter of fiscal 2019, compared to $89.7 million, or 2.7%
of total revenues in the prior year period and $171.4 million, or 2.6% of total revenues, in the first half of fiscal 2019, compared to $159.3 million, or 2.5% of total revenues in the prior year period. |
• | Interest expense, net, decreased to $26.8 million in the second quarter of fiscal 2019, compared to $59.6 million in the second quarter of fiscal 2018. In the first half of fiscal 2019, interest expense, net, decreased to $54.6
million, compared to $104.8 million in the first half of fiscal 2018. Excluding $9.5 million in interest and amortization expense associated with our Second Lien Term Loan prior to its extinguishment, $6.2 million in a prepayment penalty and $13.0 million in a write-off of deferred financing costs related to the Second Lien Term Loan that occurred during the second quarter of fiscal 2018, interest expense in the second quarter of fiscal 2018 would have been $30.9 million. Excluding $24.3 million in interest expense, $6.2 million in a prepayment penalty and $13.0 million
in a write-off of deferred financing costs related to the Second Lien Term Loan that occurred during the first half of fiscal 2018, interest expense for the first half of fiscal 2018 would have been $61.3 million. |
• | Income tax expense was $17.7 million in the second quarter of fiscal 2019, compared to an income tax benefit of $15.4 million in the second quarter of fiscal 2018. The second quarter of fiscal 2019 included a benefit of $1.7 million from windfall tax benefits related to stock compensation awards compared
to $9.3 million in the second quarter of fiscal 2018. Income tax expense was $24.5 million in the first half of fiscal 2019, compared to an income tax benefit of $10.3 million in the first half of fiscal 2018. The first half of fiscal 2019 included a benefit of $6.6 million from windfall tax benefits related to stock compensation awards, compared to $9.8 million in the second half of fiscal 2018. |
• | On
June 27, 2019, CVC Beacon LP completed the registered sale of 9,977,024 shares of the Company's common stock at a public offering price of $25.41 per share, exiting its position in BJ's. The Company repurchased 2,500,000 shares at a public offering price of $25.41 per share. The Company did not receive any proceeds from the offering or incur underwriters’ discounts or commissions on the sale. |
Outlook | Outlook | ||||||
FY
Ending February 1, 2020(a) | FY 2019 | ||||||
Net sales | $12.9
- $13.2 | ||||||
Merchandise Comparable Store Sales (b) | 1.5% - 2.5% | ||||||
Income from Continuing Operations | $200 - $212 | ||||||
Adjusted
EBITDA | $590 - $600 | ||||||
Interest expense | $105- $110 | ||||||
Tax Rate(c) | Approx.
25% | ||||||
Net income | $200 - $212 | ||||||
EPS (d) | $1.42 - $1.50 | ||||||
Capital
Expenditures | Approx. $200 |
a) | Amounts in millions, except for per share amounts. Net sales is in billions. Outlook reflects the immaterial impact of adopting the new lease accounting standard. |
b) | Merchandise
comparable store sales excludes gasoline. |
c) | Tax rate reflects statutory rate of 28.0%, offset by future windfall stock benefits. |
d) | Based on estimated diluted weighted average shares outstanding of approximately 140 million. |
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 | 26 Weeks Ended | 26 Weeks Ended | |||||||||||||
Net sales | $ | 3,271,145 | $ | 3,236,664 | $ | 6,340,908 | $ | 6,230,406 | ||||||||
Membership
fee income | 74,697 | 70,441 | 148,070 | 138,396 | ||||||||||||
Total revenues | 3,345,842 | 3,307,105 | 6,488,978 | 6,368,802 | ||||||||||||
Cost
of sales | 2,733,085 | 2,718,602 | 5,302,062 | 5,228,940 | ||||||||||||
Selling, general and administrative
expenses | 511,889 | 549,188 | 1,013,070 | 1,034,760 | ||||||||||||
Preopening expense | 2,127 | 641 | 4,423 | 1,858 | ||||||||||||
Operating
income | 98,741 | 38,674 | 169,423 | 103,244 | ||||||||||||
Interest expense, net | 26,783 | 59,555 | 54,572 | 104,758 | ||||||||||||
Income
(loss) from continuing operations before income taxes | 71,958 | (20,881 | ) | 114,851 | (1,514 | ) | ||||||||||
Provision
(benefit) for income taxes | 17,665 | (15,391 | ) | 24,473 | (10,325 | ) | ||||||||||
Income (loss) from
continuing operations | 54,293 | (5,490 | ) | 90,378 | 8,811 | |||||||||||
Income (loss) from discontinued
operations, net of income taxes | 230 | (124 | ) | (57 | ) | (288 | ) | |||||||||
Net income (loss) | $ | 54,523 | $ | (5,614 | ) | $ | 90,321 | $ | 8,523 | |||||||
Income
(loss) per share attributable to common stockholders - basic: | ||||||||||||||||
Income (loss) from continuing operations | $ | 0.40 | $ | (0.05 | ) | $ | 0.66 | $ | 0.09 | |||||||
Income
(loss) from discontinued operations | — | — | — | — | ||||||||||||
Net income (loss) | $ | 0.40 | $ | (0.05 | ) | $ | 0.66 | $ | 0.09 | |||||||
Income
(loss) per share attributable to common stockholders - diluted: | ||||||||||||||||
Income (loss) from continuing operations | $ | 0.39 | $ | (0.05 | ) | $ | 0.65 | $ | 0.09 | |||||||
Income
(loss) from discontinued operations | — | — | — | — | ||||||||||||
Net income (loss) | $ | 0.39 | $ | (0.05 | ) | $ | 0.65 | $ | 0.09 | |||||||
Weighted
average number of shares outstanding: | ||||||||||||||||
Basic | 136,571 | 106,915 | 136,690 | 97,734 | ||||||||||||
Diluted | 139,516 | 106,915 | 139,989 | 102,732 |
BJ'S
WHOLESALE CLUB HOLDINGS, INC. | ||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
(Amounts in thousands) | ||||||||||
(Unaudited) | ||||||||||
ASSETS | ||||||||||
Current assets: | ||||||||||
Cash
and cash equivalents | $ | 29,092 | $ | 31,305 | ||||||
Accounts receivable, net | 162,278 | 165,347 | ||||||||
Merchandise
inventories | 1,026,541 | 1,005,045 | ||||||||
Prepaid expense and other current assets | 47,353 | 107,345 | ||||||||
Total
current assets | 1,265,264 | 1,309,042 | ||||||||
Operating
lease right-of-use assets, net | 2,040,834 | — | ||||||||
Property and equipment, net | 750,716 | 747,681 | ||||||||
Goodwill | 924,134 | 924,134 | ||||||||
Intangibles,
net | 153,730 | 212,561 | ||||||||
Other assets | 17,409 | 27,438 | ||||||||
Total
assets | $ | 5,152,087 | $ | 3,220,856 | ||||||
LIABILITIES | ||||||||||
Current
liabilities: | ||||||||||
Current portion of long-term debt | $ | 195,377 | $ | 62,250 | ||||||
Current
portion of operating lease liabilities | 118,035 | — | ||||||||
Accounts payable | 798,504 | 783,108 | ||||||||
Accrued
expenses and other current liabilities | 499,149 | 475,622 | ||||||||
Total current liabilities | 1,611,065 | 1,320,980 | ||||||||
Long-term
lease liabilities | 1,957,934 | — | ||||||||
Long-term debt | 1,540,602 | 1,894,071 | ||||||||
Deferred
income taxes | 46,508 | 52,988 | ||||||||
Other noncurrent liabilities | 160,564 | 270,690 | ||||||||
STOCKHOLDERS'
DEFICIT | (164,586 | ) | (317,873 | ) | ||||||
Total liabilities and stockholders' deficit | $ | 5,152,087 | $ | 3,220,856 |
BJ'S
WHOLESALE CLUB HOLDINGS, INC. | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Amounts in thousands) | ||||||||
(Unaudited) | ||||||||
26 Weeks Ended | 26 Weeks Ended | |||||||
CASH
FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net income | $ | 90,321 | $ | 8,523 | ||||
Adjustments
to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 77,671 | 82,498 | ||||||
Amortization of debt issuance
costs and accretion of original issue discount | 2,646 | 3,911 | ||||||
Debt extinguishment and refinancing charges | — | 19,159 | ||||||
Impairment
charges | — | 3,000 | ||||||
Other non-cash items, net | 2,733 | 10,560 | ||||||
Stock-based
compensation expense | 8,796 | 52,126 | ||||||
Deferred income tax provision (benefit) | 10,563 | (1,551 | ) | |||||
Increase
(decrease) in cash due to changes in: | ||||||||
Accounts receivable | 32,022 | 25,409 | ||||||
Merchandise inventories | 25,765 | 14,093 | ||||||
Accounts
payable | (20,911 | ) | 9,229 | |||||
Accrued expenses | (35,083 | ) | (35,267 | ) | ||||
Other
operating assets and liabilities, net | 20,601 | 11,529 | ||||||
Net cash provided by operating activities | 215,124 | 203,219 | ||||||
CASH
FLOWS FROM INVESTING ACTIVITIES | ||||||||
Additions to property and equipment, net of disposals | (88,298 | ) | (75,666 | ) | ||||
Net cash used in investing activities | (88,298 | ) | (75,666 | ) | ||||
CASH
FLOWS FROM FINANCING ACTIVITIES | ||||||||
Payments on long term debt | (7,689 | ) | (22,829 | ) | ||||
Extinguishment of Second Lien Term Loan | — | (631,283 | ) | |||||
Net
payments on ABL Facility | (59,000 | ) | (124,000 | ) | ||||
Net cash received (paid) from stock option exercises | 8,618 | (19,481 | ) | |||||
Net
cash received from Employee Stock Purchase Program (ESPP) | 726 | — | ||||||
Acquisition of treasury stock | (67,237 | ) | (19,149 | ) | ||||
Net
proceeds from stock issuance | — | 685,889 | ||||||
Other financing activities | (298 | ) | (349 | ) | ||||
Net
cash used in financing activities | (124,880 | ) | (131,202 | ) | ||||
Net increase (decrease) in cash and cash equivalents | 1,946 | (3,649 | ) | |||||
Cash
and cash equivalents at beginning of period | 27,146 | 34,954 | ||||||
Cash and cash equivalents at end of period | $ | 29,092 | $ | 31,305 |
BJ'S WHOLESALE CLUB HOLDINGS, INC. | |||||||||||||||
Reconciliation
of net income (loss) 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 | 26 Weeks Ended | 26 Weeks Ended | ||||||||||||
Net income (loss) as reported | $ | 54,523 | $ | (5,614 | ) | $ | 90,321 | $ | 8,523 | ||||||
Adjustments: | |||||||||||||||
Stock-based
compensation related to IPO (a) | — | 48,927 | — | 48,927 | |||||||||||
Offering costs (b) | 706 | 761 | 1,928 | 761 | |||||||||||
Management
fees (c) | — | 1,333 | — | 3,333 | |||||||||||
Club asset impairment (d) | — | — | — | 3,000 | |||||||||||
Charges
related to extinguishing Second Lien Term Loan (e) | — | 19,159 | — | 19,159 | |||||||||||
Interest and amortization
on Second Lien Term Loan (f) | — | 9,453 | — | 24,341 | |||||||||||
Windfall tax benefit from stock exercises (g) | — | (9,264 | ) | — | (9,767 | ) | |||||||||
Tax
impact of adjustments to net income (loss) (h) | (179 | ) | (21,453 | ) | (521 | ) | (26,862 | ) | |||||||
Adjusted net income | $ | 55,050 | $ | 43,302 | $ | 91,728 | $ | 71,415 | |||||||
Weighted
average diluted shares outstanding | 139,516 | 106,915 | 139,989 | 102,732 | |||||||||||
Weighted average diluted shares outstanding for the thirteen and twenty-six
weeks ended August 3, 2019 | 139,516 | 139,516 | 139,989 | 139,989 | |||||||||||
Adjusted net income per diluted
share (i) | $ | 0.39 | $ | 0.31 | $ | 0.66 | $ | 0.51 |
(a) | Represents
stock-based compensation expense for certain restricted stock and stock option awards issued in connection with our IPO. |
(b) | Represents costs related to our IPO, and the registered offerings by selling stockholders. |
(c) | Represents management fees paid to our sponsors (or advisory affiliates thereof) in accordance with our management services agreement, which terminated upon closing of the IPO. |
(d) | Represents
the impairment charges related to a club relocated in 2018. |
(e) | Represents the write-off of certain deferred financing charges and a prepayment penalty associated with the payoff of our Second Lien Term Loan. |
(f) | Represents the historical interest expense associated with the Second Lien Term Loan that was paid in full with proceeds from our IPO. |
(g) | Represents
the windfall tax benefit to the Company due to the exercise of stock options by former employees of the Company. |
(h) | Represents the tax effect of the above adjustments at an effective tax rate of approximately 27% for both periods ended August 3, 2019 and August 4, 2018. |
(i) | Adjusted
net income per diluted share is measured using the weighted average diluted shares outstanding of 139.5 million shares for the second quarter of fiscal 2019 and second quarter of fiscal 2018, and 140.0 million shares for the first half of fiscal 2019 and first half of fiscal 2018. |
BJ'S
WHOLESALE CLUB HOLDINGS, INC. | ||||||||||||||||
Reconciliation to Adjusted EBITDA | ||||||||||||||||
(Amounts in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
13 Weeks Ended | 13
Weeks Ended | 26 Weeks Ended | 26 Weeks Ended | |||||||||||||
Income (loss) from continuing operations | $ | 54,293 | $ | (5,490 | ) | $ | 90,378 | $ | 8,811 | |||||||
Interest
expense, net | 26,783 | 59,555 | 54,572 | 104,758 | ||||||||||||
Provision (benefit) for income taxes | 17,665 | (15,391 | ) | 24,473 | (10,325 | ) | ||||||||||
Depreciation
and amortization | 39,001 | 41,076 | 77,671 | 82,498 | ||||||||||||
Stock-based compensation expense
(a) | 4,952 | 52,395 | 8,796 | 53,365 | ||||||||||||
Preopening
expenses (b) | 2,127 | 641 | 4,423 | 1,858 | ||||||||||||
Management
fees (c) | — | 1,333 | — | 3,333 | ||||||||||||
Non-cash
rent (d) | 3,019 | 1,218 | 3,773 | 2,441 | ||||||||||||
Strategic
consulting (e) | 4,610 | 6,299 | 11,349 | 13,248 | ||||||||||||
Offering
costs(f) | 706 | 761 | 1,928 | 761 | ||||||||||||
Other
adjustments (g) | 31 | 639 | (100 | ) | 3,845 | |||||||||||
Adjusted
EBITDA | $ | 153,187 | $ | 143,036 | $ | 277,263 | $ | 264,593 |
(a) | Represents
total stock-based compensation expense and includes expense related to certain restricted stock and stock option awards issued in connection with our IPO. |
(b) | Represents direct incremental costs of opening or relocating a facility that are charged to operations as incurred. |
(c) | Represents management fees paid to our sponsors (or advisory affiliates thereof) in accordance with our management services agreement, which terminated upon closing of the IPO. |
(d) | Consists
of an adjustment to remove the non-cash portion of rent expense. |
(e) | Represents fees paid to external consultants for strategic initiatives of limited duration. |
(f) | Represents costs related to our IPO and the registered offerings by selling stockholders. |
(g) | Other non-cash items, including non-cash
accretion on asset retirement obligations, termination costs to former executives and obligations associated with our post-retirement medical plan. Fiscal year 2018 also includes amortization of a deferred gain from sale leaseback transactions in 2013, and impairment charges related to a club that was relocated in 2018. |
BJ'S WHOLESALE CLUB HOLDINGS, INC. | ||||||||||||||||
Reconciliation
to Free Cash Flow | ||||||||||||||||
(Amounts in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
13
Weeks Ended | 13 Weeks Ended | 26 Weeks Ended | 26 Weeks Ended | |||||||||||||
Net Cash provided by operating activities | $ | 170,188 | $ | 137,862 | $ | 215,124 | $ | 203,219 | ||||||||
Less:
Capital Expenditures | 51,764 | 33,521 | 88,298 | 75,666 | ||||||||||||
Free cash flow | $ | 118,424 | $ | 104,341 | $ | 126,826 | $ | 127,553 |
BJ'S
WHOLESALE CLUB HOLDINGS, INC. | ||||
Reconciliation of Net Debt and Net Debt to LTM adjusted EBITDA | ||||
(Amounts in thousands) | ||||
(Unaudited) | ||||
Total debt | $ | 1,735,979 | ||
Less: Cash and cash equivalents | 29,092 | |||
Net Debt | 1,706,887 | |||
Income
from continuing operations | 208,659 | |||
Interest expense, net | 114,349 | |||
Provision for income taxes | 46,624 | |||
Depreciation and amortization | 157,396 | |||
Stock-based
compensation expense (a) | 14,348 | |||
Preopening expenses (b) | 8,683 | |||
Management fees (c) | — | |||
Noncash
rent (d) | 6,196 | |||
Strategic consulting (e) | 31,587 | |||
Offering costs (f) | 4,970 | |||
Other
adjustments (g) | (1,716 | ) | ||
Adjusted EBITDA | $ | 591,096 | ||
Net debt to LTM adjusted EBITDA | 2.9x |
(a) | Represents
total stock-based compensation expense and includes expense related to certain restricted stock and stock option awards issued in connection with our IPO. |
(b) | Represents direct incremental costs of opening or relocating a facility that are charged to operations as incurred. |
(c) | Represents management fees paid to our sponsors (or advisory affiliates thereof) in accordance with our management services agreement, which terminated upon closing of the IPO. |
(d) | Consists
of an adjustment to remove the non-cash portion of rent expense. |
(e) | Represents fees paid to external consultants for strategic initiatives of limited duration. |
(f) | Represents costs related to our IPO and the registered offerings by selling stockholders. |
(g) | Other non-cash items, including non-cash
accretion on asset retirement obligations, termination costs to former executives and obligations associated with our post-retirement medical plan, amortization of a deferred gain from sale leaseback transactions in 2013, impairment charges related to a club that was relocated in 2018 and a gain from a third party settlement. |
BJ'S
WHOLESALE CLUB HOLDINGS, INC. | ||||||||
Reconciliation of GAAP to Non-GAAP Financial Measures | ||||||||
Fiscal Year 2019 Outlook for Adjusted EBITDA | ||||||||
(Amounts in millions) | ||||||||
(Unaudited) | ||||||||
Fiscal Year 2019 Outlook | ||||||||
Low End | High
End | |||||||
Income from continuing operations | $ | 200 | $ | 212 | ||||
Interest expense, net | 110 | 105 | ||||||
Provision
for income taxes | 67 | 70 | ||||||
Depreciation and amortization | 165 | 165 | ||||||
Stock-based
compensation | 20 | 20 | ||||||
Preopening expenses (a) | 12 | 12 | ||||||
Non-cash
rent (b) | 4 | 4 | ||||||
Strategic consulting (c) | 12 | 12 | ||||||
Adjusted
EBITDA | $ | 590 | $ | 600 |
(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 fees paid to external consultants for strategic initiatives of limited duration. |
This ‘8-K’ Filing | Date | Other Filings | ||
---|---|---|---|---|
2/1/20 | ||||
9/5/19 | ||||
Filed on / For Period end: | 8/22/19 | |||
8/3/19 | ||||
6/27/19 | 4, 424B5 | |||
3/25/19 | 10-K, POS AM | |||
2/2/19 | 10-K | |||
8/4/18 | 10-Q | |||
List all Filings |