IRVINE, Calif.--(BUSINESS WIRE)--
Boot Barn Holdings, Inc. (NYSE:BOOT) today announced financial results
for the second quarter of fiscal year 2015 ended September 27, 2014.
Highlights for the second quarter ended September 27, 2014, compared to
the second quarter ended September 28, 2013 were as follows:
-
Net sales increased 11.7% to $86.4 million;
-
Same store sales, which include e-commerce sales, increased 7.3%;
-
Net income was $0.9 million, or $0.05 per diluted share, compared to a
net loss of ($1.4) million or ($0.07) per share; and,
-
Pro forma adjusted net income(1) was $2.4 million, or $0.09
per diluted share compared to $0.9 million, or $0.04 per diluted share.
(1) Pro forma adjusted net income is a non-GAAP measure. A
reconciliation of GAAP net income to this measure is included in the
accompanying financial data. See also "Non-GAAP Financial Measures."
Jim Conroy
, Chief Executive Officer, commented, “We are pleased to have
delivered another quarter of strong operating results. This quarter
marks our 20th consecutive quarter of same store sales
increases, demonstrating that our offering continues to resonate with a
broad and loyal audience of passionate western and country enthusiasts
as well as workers seeking dependable products for their everyday needs.”
Conroy continued, “Shortly after the end of the quarter, we reached a
significant milestone by completing our initial public offering (“IPO”).
As a result of our successful IPO, we have strengthened our capital
structure to provide the financial flexibility to accelerate the growth
of our business. We believe there are significant opportunities to
expand our business, store base and customer reach, and we are excited
about what the future holds for Boot Barn and our shareholders.”
Operating Results for the Second Quarter Ended September 27, 2014
-
Net sales increased 11.7% to $86.4 million from $77.4 million in the
second quarter of fiscal 2014; same store sales, which include
e-commerce sales, increased 7.3%. Net sales also increased due to
contributions from 11 new stores opened between the third quarter of
fiscal 2014 and the second quarter of fiscal 2015.
-
Gross profit was $27.8 million or 32.1% of net sales, compared to
adjusted gross profit of $24.3 million or 31.5% of net sales in the
prior year period, which excludes $0.6 million of one-time costs
associated with the Baskins Acquisition. Gross profit, as a percentage
of net sales, increased 60 basis points on an adjusted basis driven by
an improvement in net merchandise margin, offset by increases in store
occupancy and depreciation, and procurement and distribution costs.
-
Income from operations was $4.4 million, which included $0.9 million
in non-recurring expenses related to a potential acquisition that the
Company chose not to pursue. This compares to a loss from operations
of ($0.1) million in the prior year period, which included $2.5
million of expenses related to the Baskins Acquisition and a $0.3
million loss on disposal of assets. Excluding the above noted items,
adjusted income from operations was $5.3 million or 6.1% of net sales,
compared to $2.6 million or 3.4% of net sales in the prior year period.
-
The Company opened three new stores and ended the quarter with 158
stores in 24 states.
-
Net income for the second quarter of fiscal 2015 was $0.9 million, or
$0.05 per diluted share, compared to a net loss of ($1.4) million or
($0.07) per share in the prior year period. Pro forma adjusted net
income was $2.4 million, or $0.09 per diluted share compared to $0.9
million, or $0.04 per diluted share in the prior year period.
A
reconciliation of the above non-GAAP financial measures to their
nearest GAAP financial measures is included in the accompanying
financial data. See also "Non-GAAP Financial Measures."
Operating Results for the Six Months Ended September 27, 2014
-
Net sales increased 19.0% to $168.9 million from $141.9 million in the
prior year period; same store sales, which include e-commerce sales,
increased 7.4%. Net sales for the six months ended September 27, 2014
also included a six month sales contribution from the Baskins stores,
which the Company acquired in May 2013, compared to a four month sales
contribution in the prior year period.
-
Gross profit was $54.6 million or 32.4% of net sales, compared to
adjusted gross profit of $46.8 million or 33.0% of net sales in the
prior year period, which excludes $0.8 million of one-time costs
associated with the Baskins Acquisition. Gross profit, as a percentage
of net sales, decreased 60 basis points on an adjusted basis driven by
increases in store occupancy and depreciation, procurement and
distribution costs offset by an improvement in net merchandise margin.
-
Income from operations was $9.8 million, which included $0.9 million
in non-recurring expenses related to a potential acquisition that the
Company chose not to pursue and a $0.1 million loss on disposal of
assets. This compares to income from operations of $2.6 million in the
prior year period, which included $3.6 million of expenses related to
the Baskins acquisition and a $0.3 million loss on disposal of assets.
Excluding the above noted items, adjusted income from operations was
$10.7 million or 6.4% of net sales, compared to $6.5 million or 4.6%
of net sales in the prior year period.
-
The Company opened six new stores in the twenty-six week period.
-
Net income was $2.4 million, or $0.05 per diluted share compared to a
net loss of ($2.8) million or ($0.15) per share for the prior year
period. Pro forma adjusted net income was $4.6 million, or $0.18 per
diluted share compared to $2.7 million or $0.11 per diluted share in
the prior year period. Pro forma adjusted net income per share
excludes the effect of a cash payment of $1.4 million, or $0.06 per
diluted share, to holders of vested stock options in the first quarter
of fiscal 2015.
A reconciliation of the above non-GAAP
financial measures to their nearest GAAP financial measures is
included in the accompanying financial data. See also "Non-GAAP
Financial Measures."
Balance Sheet Highlights as of September 27, 2014
-
Cash: $1.4 million
-
Total debt (pre-IPO): $181.5 million
-
Total liquidity (cash plus availability on $70 million revolving
credit facility ): $19.5 million
Subsequent Events
On November 4, 2014, Boot Barn successfully completed its initial public
offering (“IPO”) at $16.00 per share. The Company sold 5,750,000 shares
of common stock, including 750,000 shares sold pursuant to the full
exercise of the underwriters’ option to purchase additional shares.
Total net proceeds received by the Company, after deducting underwriter
discounts and commissions and estimated offering expenses, were
approximately $82.5 million. Following the completion of its IPO, the
Company repaid approximately $81.9 million of its existing term loan and
paid approximately $0.6 million in pre-payment fees. After this loan
repayment, cash and cash equivalents were $1.4 million, and there was
$47.5 million outstanding on the Company’s term loan facility.
In connection with the term loan repayment, the Company amended its
revolving credit facility with PNC Bank, NA and term loan facility with
Golub Capital LLC. Among other things, the term loan amendment lowered
the LIBOR floor from 1.25% to 1.0%. For additional detail, please see
the Company’s filing on Form 8-K dated November 6, 2014.
Fiscal Year 2015 Outlook
The Company currently anticipates the following for its fiscal year 2015
(ended March 28, 2015):
-
Same store sales growth, including e-commerce sales, of mid-single
digits;
-
The opening of 17 new stores;
-
Income from operations between $31 million and $33 million;
-
Net income of $11.9 million to $13.1 million, or $0.52 to $0.57 per
diluted share based on an estimated 22.9 million weighted average
diluted shares outstanding; and
-
Pro forma adjusted net income of $16.3 million to $17.5 million, or
$0.62 to $0.66 per diluted share based on an estimated 26.3 million
weighted average diluted shares outstanding. Pro forma adjusted net
income has been adjusted to include the full year impact of the
initial public offering and subsequent repayment of a portion of the
existing term loan.
Conference Call Information
A conference call to discuss the financial results for the second
quarter of fiscal 2015 is scheduled for today, December 2, 2014, at 4:30
p.m. ET (1:30 p.m. PT). Investors and analysts interested in
participating in the call are invited to dial (877) 407-4018. The
conference call will also be available to interested parties through a
live webcast at www.bootbarn.com.
Please visit the Web site and select the “Investor Relations” link at
least 15 minutes prior to the start of the call to register and download
any necessary software. A telephone replay of the call will be available
until December 16, 2014, by dialing (877) 870-5176 (domestic) or (858)
384-5517 (international) and entering the conference identification
number: 13596238. Please note participants must enter the conference
identification number in order to access the replay.
About Boot Barn
Boot Barn is the nation’s leading lifestyle retailer of western and
work-related footwear, apparel and accessories for men, women and
children. With 165 stores in 25 states today, the Company offers its
loyal customer base a wide selection of more than 200 work and lifestyle
brands. For more information, visit www.bootbarn.com.
Non-GAAP Financial Measures
The Company presents adjusted gross profit, adjusted income from
operations, pro forma adjusted net income, and pro forma adjusted
diluted earnings per share to help the Company describe its operating
and financial performance. These financial measures are non-GAAP
financial measures and should not be construed in isolation or as an
alternative to actual gross profit, , actual income from operations,
actual net income (loss), and actual basic and diluted earnings per
share and other income or cash flow statement data (as presented in the
Company’s consolidated financial statements in accordance with generally
accepted accounting principles in the United States, or GAAP), as a
better indicator of operating performance or as a measure of liquidity.
These non-GAAP financial measures, as defined by the Company, may not be
comparable to similar non-GAAP financial measures presented by other
issuers. The Company’s management believes that these non-GAAP financial
measures provide investors with transparency by helping illustrate the
financial results to exclude items that may not be indicative of, or are
unrelated to, the Company’s core operating results, providing a better
baseline for analyzing trends in the underlying business. See the tables
at the end of this press release for a reconciliation of adjusted gross
profit, adjusted income from operations, pro forma adjusted net income,
and pro forma adjusted diluted earnings per share to net income to their
nearest GAAP financial measure.
Forward Looking Statements
This press release contains forward-looking statements that are subject
to risks and uncertainties. All statements other than statements of
historical fact included in this press release are forward-looking
statements. You can identify forward-looking statements by the fact that
they generally include words such as "anticipate," "estimate," "expect,"
"project," "plan,“ "intend," "believe" and other words and terms of
similar meaning in connection with any discussion of the timing or
nature of future operating or financial performance or other events but
not all forward-looking statements contain these identifying words.
These forward-looking statements are based on assumptions that the
Company’s management has made in light of their industry experience and
on their perceptions of historical trends, current conditions, expected
future developments and other factors they believe are appropriate under
the circumstances. As you consider this press release, you should
understand that these statements are not guarantees of performance or
results. They involve risks, uncertainties (some of which are beyond the
Company’s control) and assumptions. These risks, uncertainties and
assumptions include, but are not limited to, the following: declines in
consumer spending or changes in consumer preferences and the Company’s
ability; to effectively execute on its growth strategy; to maintain and
enhance its strong brand image; to compete effectively; to maintain good
relationships with its key suppliers; and to improve and expand its
exclusive product offerings. The Company discusses the foregoing risks
and other risks in greater detail under the heading “Risk factors” in
the registration statement filed by the Company with the SEC in
connection with the Company’s IPO. Although the Company believes that
these forward-looking statements are based on reasonable assumptions,
you should be aware that many factors could affect the Company’s actual
financial results and cause them to differ materially from those
anticipated in the forward-looking statements. Because of these factors,
the Company cautions that you should not place undue reliance on any of
these forward-looking statements. New risks and uncertainties arise from
time to time, and it is impossible for the Company to predict those
events or how they may affect the Company. Further, any forward-looking
statement speaks only as of the date on which it is made. Except as
required by law, the Company does not intend to update or revise the
forward-looking statements in this press release after the date of this
press release.
|
Boot Barn Holdings, Inc.
Consolidated Balance Sheets
(In thousands, except per share data)
(Unaudited)
|
|
|
|
|
|
|
|
September 27,
2014
|
|
March 29,
2014
|
|
|
|
|
|
Assets
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
1,381
|
|
$
|
1,118
|
Accounts receivable
|
|
|
1,839
|
|
|
2,191
|
Inventories
|
|
|
119,447
|
|
|
102,702
|
Prepaid expenses and other current assets
|
|
|
13,654
|
|
|
8,685
|
Total current assets
|
|
|
136,321
|
|
|
114,696
|
Property and equipment, net
|
|
|
23,485
|
|
|
21,450
|
Goodwill
|
|
|
93,097
|
|
|
93,097
|
Intangible assets, net
|
|
|
58,410
|
|
|
59,723
|
Other assets
|
|
|
3,078
|
|
|
2,897
|
Total assets
|
|
$
|
314,391
|
|
$
|
291,863
|
|
|
|
|
|
Liabilities and stockholders' equity
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Line of credit
|
|
$
|
51,856
|
|
$
|
28,624
|
Accounts payable
|
|
|
42,328
|
|
|
36,029
|
Accrued expenses and other current liabilities
|
|
|
21,234
|
|
|
20,763
|
Current portion of notes payable
|
|
|
1,308
|
|
|
1,000
|
Total current liabilities
|
|
|
116,726
|
|
|
86,416
|
Deferred taxes
|
|
|
20,341
|
|
|
19,960
|
Long-term portion of notes payable
|
|
|
128,365
|
|
|
98,500
|
Other liabilities
|
|
|
2,407
|
|
|
2,412
|
Total liabilities
|
|
|
267,839
|
|
|
207,288
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
Common stock, $0.0001 par value; September 27, 2014 - 100,000
shares authorized, 19,929 shares issued and outstanding; March 29,
2014 and September 28, 2013 - 100,000 shares authorized, 18,929
shares issued and outstanding
|
|
|
2
|
|
|
2
|
Preferred stock, $0.0001 par value; 10,000 shares authorized, no
shares issued or outstanding
|
|
|
-
|
|
|
-
|
Additional paid-in capital
|
|
|
44,197
|
|
|
78,834
|
Retained earnings
|
|
|
2,353
|
|
|
1,652
|
Total Boot Barn Holdings, Inc. stockholders' equity
|
|
|
46,552
|
|
|
80,488
|
Non-controlling interest
|
|
|
-
|
|
|
4,087
|
Total stockholders' equity
|
|
|
46,552
|
|
|
84,575
|
Total liabilities and stockholders' equity
|
|
$
|
314,391
|
|
$
|
291,863
|
|
|
|
|
|
|
|
|
Boot Barn Holdings, Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
|
|
|
|
|
|
|
|
Thirteen Weeks Ended
|
|
Twenty-Six Weeks Ended
|
|
|
September 27,
2014
|
|
September 28,
2013
|
|
September 27,
2014
|
|
September 28,
2013
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
86,384
|
|
$
|
77,370
|
|
|
$
|
168,881
|
|
$
|
141,944
|
|
Cost of goods sold
|
|
|
58,631
|
|
|
53,207
|
|
|
|
114,238
|
|
|
95,353
|
|
Amortization of inventory fair value adjustment
|
|
|
-
|
|
|
434
|
|
|
|
-
|
|
|
579
|
|
Total cost of goods sold
|
|
|
58,631
|
|
|
53,641
|
|
|
|
114,238
|
|
|
95,932
|
|
Gross profit
|
|
|
27,753
|
|
|
23,729
|
|
|
|
54,643
|
|
|
46,012
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses
|
|
|
23,371
|
|
|
23,857
|
|
|
|
44,868
|
|
|
42,705
|
|
Acquisition-related expenses
|
|
|
-
|
|
|
4
|
|
|
|
-
|
|
|
671
|
|
Total operating expenses
|
|
|
23,371
|
|
|
23,861
|
|
|
|
44,868
|
|
|
43,376
|
|
Income (loss) from operations
|
|
|
4,382
|
|
|
(132
|
)
|
|
|
9,775
|
|
|
2,636
|
|
Interest expense, net
|
|
|
2,821
|
|
|
2,206
|
|
|
|
5,578
|
|
|
7,284
|
|
Other income, net
|
|
|
7
|
|
|
3
|
|
|
|
25
|
|
|
11
|
|
Income (loss) before income taxes
|
|
|
1,568
|
|
|
(2,335
|
)
|
|
|
4,222
|
|
|
(4,637
|
)
|
Income tax expense (benefit)
|
|
|
624
|
|
|
(875
|
)
|
|
|
1,865
|
|
|
(1,733
|
)
|
Net income (loss)
|
|
|
944
|
|
|
(1,460
|
)
|
|
|
2,357
|
|
|
(2,904
|
)
|
Net income (loss) attributed to non-controlling interest
|
|
|
-
|
|
|
(73
|
)
|
|
|
4
|
|
|
(145
|
)
|
Net income (loss) attributed to Boot Barn Holdings, Inc.
|
|
$
|
944
|
|
$
|
(1,387
|
)
|
|
$
|
2,353
|
|
$
|
(2,759
|
)
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share:
|
|
|
|
|
|
|
|
|
Basic shares
|
|
$
|
0.05
|
|
$
|
(0.07
|
)
|
|
$
|
0.05
|
|
$
|
(0.15
|
)
|
Diluted shares
|
|
$
|
0.05
|
|
$
|
(0.07
|
)
|
|
$
|
0.05
|
|
$
|
(0.15
|
)
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
Basic shares
|
|
|
19,929
|
|
|
18,929
|
|
|
|
19,539
|
|
|
18,929
|
|
Diluted shares
|
|
|
20,552
|
|
|
18,929
|
|
|
|
20,121
|
|
|
18,929
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boot Barn Holdings, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
|
|
|
Twenty-Six Weeks Ended
|
|
September 27,
2014
|
|
September 28,
2013
|
|
|
|
|
Cash flows from operating activities
|
|
|
|
Net income (loss)
|
$
|
2,357
|
|
|
$
|
(2,904
|
)
|
Adjustments to reconcile net income (loss) to net cash used in
operating activities:
|
|
|
|
Depreciation
|
|
2,819
|
|
|
|
1,794
|
|
Stock-based compensation
|
|
920
|
|
|
|
593
|
|
Amortization of intangible assets
|
|
1,313
|
|
|
|
1,926
|
|
Amortization of deferred loan fees
|
|
371
|
|
|
|
2,227
|
|
Loss on disposal of property and equipment
|
|
86
|
|
|
|
291
|
|
Accretion of above market leases
|
|
(90
|
)
|
|
|
(119
|
)
|
Deferred taxes
|
|
381
|
|
|
|
338
|
|
Amortization of inventory fair value adjustment
|
|
-
|
|
|
|
579
|
|
Changes in operating assets and liabilities:
|
|
|
|
Accounts receivable
|
|
352
|
|
|
|
402
|
|
Inventories
|
|
(16,745
|
)
|
|
|
(13,984
|
)
|
Prepaid expenses and other current assets
|
|
(4,969
|
)
|
|
|
(4,021
|
)
|
Other assets
|
|
168
|
|
|
|
(144
|
)
|
Accounts payable
|
|
5,992
|
|
|
|
1,207
|
|
Accrued expenses and other current liabilities
|
|
471
|
|
|
|
3,532
|
|
Other liabilities
|
|
49
|
|
|
|
291
|
|
Net cash used in operating activities
|
|
(6,525
|
)
|
|
|
(7,992
|
)
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
Purchases of property and equipment
|
|
(4,597
|
)
|
|
|
(5,041
|
)
|
Purchase of trademark rights
|
|
-
|
|
|
|
(100
|
)
|
Acquisition of business, net of cash acquired
|
|
-
|
|
|
|
(13,980
|
)
|
Net cash used in investing activities
|
|
(4,597
|
)
|
|
|
(19,121
|
)
|
|
|
|
|
Cash flows from financing activities
|
|
|
|
Line of credit - net
|
|
23,232
|
|
|
|
20,361
|
|
Proceeds from loan borrowings
|
|
30,750
|
|
|
|
100,000
|
|
Repayments on debt and capital lease obligations
|
|
(615
|
)
|
|
|
(69,531
|
)
|
Debt issuance fees
|
|
(682
|
)
|
|
|
(3,185
|
)
|
Dividends paid
|
|
(41,300
|
)
|
|
|
-
|
|
Repayment of debt in connection with acquisition
|
|
-
|
|
|
|
(20,078
|
)
|
Net cash provided by financing activities
|
|
11,385
|
|
|
|
27,567
|
|
|
|
|
|
Net increase in cash and cash equivalents
|
|
263
|
|
|
|
454
|
|
Cash and cash equivalents, beginning of period
|
|
1,118
|
|
|
|
1,190
|
|
Cash and cash equivalents, end of period
|
$
|
1,381
|
|
|
$
|
1,644
|
|
|
|
|
|
|
|
|
|
|
Boot Barn Holdings, Inc.
Supplemental Information - Consolidated Statements of Operations
Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands, except per share amounts)
(Unaudited)
|
The tables below reconcile the non-GAAP financial measures of adjusted
gross profit, adjusted income from operations, pro forma adjusted net
income, and pro forma adjusted diluted earnings per share, with the most
directly comparable GAAP financial measures of actual gross profit,
actual income from operations, actual net income (loss), and diluted
earnings per share.
|
|
Thirteen weeks ended
|
|
Twenty-six weeks ended
|
(Dollars in thousands)
|
|
September 27,
2014
|
|
September 28,
2013
|
|
September 27,
2014
|
|
September 28,
2013
|
Reconciliation of GAAP gross profit to adjusted gross profit
|
|
|
|
|
|
|
|
|
Gross profit, as reported
|
|
$
|
27,753
|
|
|
$
|
23,729
|
|
|
$
|
54,643
|
|
|
$
|
46,012
|
|
Amortization of inventory fair value adjustment (a)
|
|
|
-
|
|
|
|
434
|
|
|
|
-
|
|
|
|
579
|
|
Acquisition-related integration costs (b)
|
|
|
-
|
|
|
|
183
|
|
|
|
-
|
|
|
|
183
|
|
Adjusted gross profit
|
|
$
|
27,753
|
|
|
$
|
24,346
|
|
|
$
|
54,643
|
|
|
$
|
46,774
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP income (loss) from operations to adjusted
income from operations
|
|
|
|
|
|
|
Income (loss) from operations, as reported
|
|
$
|
4,382
|
|
|
$
|
(132
|
)
|
|
$
|
9,775
|
|
|
$
|
2,636
|
|
Amortization of inventory fair value adjustment (a)
|
|
|
-
|
|
|
|
434
|
|
|
|
-
|
|
|
|
579
|
|
Acquisition-related expenses (c)
|
|
|
-
|
|
|
|
4
|
|
|
|
-
|
|
|
|
671
|
|
Acquisition-related integration costs (b)
|
|
|
-
|
|
|
|
2,022
|
|
|
|
-
|
|
|
|
2,365
|
|
Loss on disposal of assets (d)
|
|
|
24
|
|
|
|
291
|
|
|
|
86
|
|
|
|
291
|
|
Other unusual or non-recurring expenses (e)
|
|
|
864
|
|
|
|
-
|
|
|
|
864
|
|
|
|
-
|
|
Adjusted income from operations
|
|
$
|
5,270
|
|
|
$
|
2,619
|
|
|
$
|
10,725
|
|
|
$
|
6,542
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP net income (loss) attributed to Boot Barn
Holdings, Inc. to pro forma adjusted net income (loss) attributed to
Boot Barn Holdings, Inc.
|
|
|
|
|
|
Net income (loss) attributed to Boot Barn Holdings, Inc., as reported
|
|
$
|
944
|
|
|
$
|
(1,387
|
)
|
|
$
|
2,353
|
|
|
$
|
(2,759
|
)
|
Amortization of inventory fair value adjustment (a)
|
|
|
-
|
|
|
|
434
|
|
|
|
-
|
|
|
|
579
|
|
Acquisition-related expenses (c)
|
|
|
-
|
|
|
|
4
|
|
|
|
-
|
|
|
|
671
|
|
Acquisition-related integration costs (b)
|
|
|
-
|
|
|
|
2,022
|
|
|
|
-
|
|
|
|
2,365
|
|
Loss on disposal of assets (d)
|
|
|
24
|
|
|
|
291
|
|
|
|
86
|
|
|
|
291
|
|
Other unusual or non-recurring expenses (e)
|
|
|
864
|
|
|
|
-
|
|
|
|
864
|
|
|
|
-
|
|
Interest expense, as reported
|
|
|
2,821
|
|
|
|
2,206
|
|
|
|
5,578
|
|
|
|
7,284
|
|
Pro forma interest expense (f)
|
|
|
(1,210
|
)
|
|
|
(1,210
|
)
|
|
|
(2,420
|
)
|
|
|
(2,420
|
)
|
Provision for income taxes, as reported
|
|
|
624
|
|
|
|
(875
|
)
|
|
|
1,865
|
|
|
|
(1,733
|
)
|
Pro forma adjusted provision for income taxes
|
|
|
(1,619
|
)
|
|
|
(556
|
)
|
|
|
(3,678
|
)
|
|
|
(1,599
|
)
|
Pro forma adjusted net income attributed to Boot Barn Holdings, Inc.
|
|
$
|
2,448
|
|
|
$
|
929
|
|
|
$
|
4,648
|
|
|
$
|
2,679
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of adjusted net income (loss) per share
|
|
|
|
|
|
|
|
|
Net income (loss) per share, diluted:
|
|
|
|
|
|
|
|
|
Net Income (loss) per share, as reported
|
|
$
|
0.05
|
|
|
$
|
(0.07
|
)
|
|
$
|
0.05
|
|
|
$
|
(0.15
|
)
|
Adjustments
|
|
|
0.04
|
|
|
|
0.11
|
|
|
|
0.07
|
|
|
|
0.26
|
|
Net income per share paid to vested option holders (g)
|
|
|
-
|
|
|
|
-
|
|
|
|
0.06
|
|
|
|
-
|
|
Pro forma adjusted net income per share, diluted
|
|
$
|
0.09
|
|
|
$
|
0.04
|
|
|
$
|
0.18
|
|
|
$
|
0.11
|
|
|
|
|
|
|
|
|
|
|
Weighted average diluted shares outstanding, as reported
|
|
|
20,552
|
|
|
|
18,929
|
|
|
|
20,121
|
|
|
|
18,929
|
|
The effect of dilutive potential common shares due to reporting
adjusted net income
|
|
|
-
|
|
|
|
311
|
|
|
|
-
|
|
|
|
265
|
|
Pro forma effect of shares issuances in IPO (h)
|
|
|
5,750
|
|
|
|
5,750
|
|
|
|
5,750
|
|
|
|
5,750
|
|
Pro forma adjusted diluted weighted average shares
|
|
|
26,302
|
|
|
|
24,990
|
|
|
|
25,871
|
|
|
|
24,944
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY 2015 Outlook
|
(Dollars in millions)
|
|
Low
|
|
High
|
|
|
|
|
|
Reconciliation of forecasted GAAP net income attributed to Boot
Barn Holdings, Inc. to forecasted pro forma adjusted net income
attributed to Boot Barn Holdings, Inc.
|
|
|
Net income guidance
|
|
$
|
11.9
|
|
|
$
|
13.1
|
|
Loss on disposal of assets
|
|
|
0.1
|
|
|
|
0.1
|
|
Other unusual or non-recurring expenses (e)
|
|
|
0.9
|
|
|
|
0.9
|
|
Interest expense
|
|
|
11.2
|
|
|
|
11.2
|
|
Pro forma interest expense (f)
|
|
|
(4.8
|
)
|
|
|
(4.8
|
)
|
Provision for income taxes
|
|
|
7.9
|
|
|
|
8.7
|
|
Pro forma adjusted provision for income taxes
|
|
|
(10.9
|
)
|
|
|
(11.7
|
)
|
Forecasted pro forma adjusted net income attributed to Boot Barn
Holdings, Inc.
|
|
$
|
16.3
|
|
|
$
|
17.5
|
|
|
|
|
|
|
|
|
|
|
(a) Represents the amortization of purchase-accounting adjustments
that increased the value of inventory acquired to its fair value.
|
(b) Represents certain store integration, remerchandising and
corporate consolidation costs incurred in connection with the
integration of Baskins, which we acquired in May 2013.
|
(c) Acquisition costs include direct costs and fees related to the
acquisition of Baskins in May 2013.
|
(d) Loss on disposal of assets in the prior year period includes
assets written off as part of the rebranding of RCC stores.
|
(e) Represents professional fees and expenses incurred in connection
with other acquisition activity.
|
(f) The net decrease in interest expense resulting from a reduction
in our LIBOR floor and our pay down of principal balance on our term
loan agreement with Golub Capital from the IPO proceeds, as if it
had occurred on March 31, 2013.
|
(g) In April 2014, holders of vested stock options received a cash
payment of $1.4 million, which the Company deducted from net income
for purposes of the earnings per share calculation to determine the
net income available to common shareholders. The Company has added
this payment to the net income in order to calculate diluted
earnings per share.
|
(h) These shares represent shares issued at the time of the IPO and
are shown as if they had been issued on March 31, 2013.
|
|
|
Boot Barn Holdings, Inc.
Store Count
|
|
|
|
June 26, 2013
|
|
September 28,
2013
|
|
December 28,
2013
|
|
March 29,
2014
|
|
June 28,
2014
|
|
September 27,
2014
|
|
Through
December 2,
2014
|
Store Count (BOP)
|
|
117
|
|
149
|
|
151
|
|
|
155
|
|
|
152
|
|
155
|
|
158
|
Opened / Acquired
|
|
32
|
|
2
|
|
5
|
|
|
--
|
|
|
3
|
|
3
|
|
7
|
Closed
|
|
--
|
|
--
|
|
(1
|
)
|
|
(3
|
)
|
|
--
|
|
--
|
|
--
|
Store Count (EOP)
|
|
149
|
|
151
|
|
155
|
|
|
152
|
|
|
155
|
|
158
|
|
165
|
Source: Boot Barn Holdings, Inc.