IRVINE, Calif.--(BUSINESS WIRE)--
Boot Barn Holdings, Inc. (NYSE:BOOT) today announced its financial
results for the third fiscal quarter ended December 30, 2017.
Highlights for the quarter ended December 30, 2017, were as follows:
-
Net sales increased 12.7% to $224.7 million.
-
Same store sales increased 5.2%, with stores outperforming e-commerce
sales.
-
Net income per diluted share was $0.73 based on 27.6 million weighted
average diluted shares outstanding. Excluding the impact of the change
in federal tax law, net income per diluted share was $0.46 compared to
guidance of $0.40 to $0.43, which was based on 27.2 million weighted
average diluted shares outstanding.
-
The Company opened four new stores during the quarter.
Jim Conroy, Chief Executive Officer, commented, “We experienced solid
sales growth during the third quarter and through January driven by the
combination of a healthier consumer environment and solid execution
across the company. Our retail stores led our growth with improvements
in our marketing, merchandising, and in-store initiatives. I am very
pleased with our holiday performance as we drove sales growth without
relying on outsized sales promotion, resulting in an increase to
merchandise margin. At the same time, we continue to build out our
multi-brand e-commerce strategy, having advanced some important capital
projects in our fulfillment center. While these investments resulted in
some temporary disruption to e-commerce revenue and unanticipated labor
and freight costs during the peak holiday season, I believe we are well
positioned to build our market share on this platform going forward. I
am pleased with the current tone of business and believe we can continue
to further expand our market share as we reaccelerate new store openings
and capitalize on our advanced omni-channel capabilities.”
Operating Results for the Third Quarter Ended December 30, 2017
-
Net sales increased 12.7% to $224.7 million from $199.4 million in the
prior-year period. Net sales increased due to an increase of 5.2% in
same store sales, the sales contribution from seven new stores opened
over the past twelve months and the four stores acquired from Wood’s
Boots, and sales from the Country Outfitter site that was acquired in
February 2017.
-
Gross profit was $71.9 million, or 32.0% of net sales, compared to
$63.4 million, or 31.8% of net sales, in the prior-year period. Gross
profit increased primarily due to increased sales. As a percentage of
net sales, consolidated gross profit increased primarily as a result
of a 10 basis point increase in merchandise margin rate and a 10 basis
point decrease in buying and occupancy costs. The higher merchandise
margin rate was driven by more full-price selling, less clearance and
increased exclusive brand penetration, partially offset by higher
freight due to the temporary challenges in our e-commerce fulfillment
center. The improvement in buying and occupancy costs as a percentage
of sales resulted from leveraging fixed occupancy costs on increased
sales, partially offset by increased labor costs in the Company’s
fulfillment center to meet holiday e-commerce demand.
-
Selling, general and administrative expense was $47.5 million, or
21.2% of net sales, compared to $42.5 million, or 21.3% of net sales,
in the prior-year period. Selling, general and administrative expenses
increased primarily as a result of increased sales and additional
costs for both new and acquired stores. Selling, general and
administrative expenses as a percentage of sales decreased as a result
of expense leverage on higher sales. A net pre-tax gain from insurance
and other settlements related primarily to losses suffered in the
second quarter from Hurricane Harvey was offset by incentive
compensation expense in the third quarter.
-
Income from operations increased 16.9%, to $24.4 million, or 10.9% of
net sales, compared to $20.9 million, or 10.5% of net sales, in the
prior-year period.
-
The Company opened four new stores, ending the quarter with 226 stores
in 31 states.
-
Net income was $20.1 million, or $0.73 per diluted share. Excluding
the impact of the change in federal tax law that generated
approximately $0.24 per share of tax benefit from the revaluation of
deferred tax liabilities and $0.03 of tax benefit from a lower
effective tax rate, net income per diluted share was $0.46, compared
to $0.39 per diluted share, in the prior-year period.
Operating Results for the Nine Months Ended December 30, 2017
-
Net sales increased 8.6% to $507.2 million from $466.8 million in the
prior-year period. Net sales increased due to the sales contribution
from seven new stores opened over the past twelve months and the four
stores acquired from Wood’s Boots, a 3.1% increase in same store
sales, and sales from the Country Outfitter site that was acquired in
February 2017.
-
Gross profit was $155.0 million, or 30.6% of net sales, compared to
$140.6 million, or 30.1% of net sales, in the prior-year period. Gross
profit increased primarily due to increased sales. As a percentage of
sales, consolidated gross profit increased as a result of a 40 basis
point increase in merchandise margin rate and 10 basis points of
occupancy leverage.
-
Selling, general and administrative expense was $120.0 million, or
23.7% of net sales, compared to $110.8 million, or 23.7% of net sales,
in the prior-year period. Selling, general and administrative expenses
increased as a result of additional costs associated with the opening
of new and acquired stores over the last twelve months and incremental
operational costs associated with the growth in the business.
-
Income from operations increased 17.5%, to $35.0 million, or 6.9% of
net sales, compared to $29.8 million, or 6.4% of net sales, in the
prior-year period.
-
The Company opened five new stores, acquired four stores from Wood’s
Boots and closed two Boot Barn stores, ending the period with 226
stores in 31 states.
-
Net income was $22.0 million, or $0.81 per diluted share. Excluding
the impact of the change in federal tax law, net income per diluted
share was $0.54, compared to $0.43 per diluted share, in the
prior-year period.
Balance Sheet Highlights as of December 30, 2017
-
Cash of $19.1 million.
-
Average inventory per store was flat on a comp store basis compared to
December 24, 2016.
-
Total net debt of $182.9 million, including a zero balance under the
revolving credit facility.
Fiscal Year 2018 Outlook
For the fiscal fourth quarter ending March 31, 2018 the Company expects:
-
Same store sales growth of 4.0% to 5.0%.
-
Income from operations between $8.3 million and $8.6 million, which
includes an estimated $0.3 million of secondary offering costs.
-
Net income of $4.2 million to $4.5 million, which is based on a
blended tax rate of 5.8% for the quarter. The Company’s effective tax
rate of 36.2% is expected to be further reduced by an estimated tax
benefit of $1.4 million, or $0.05 per share, related to stock option
exercises made primarily in conjunction with the secondary offering
that closed on January 22, 2018. Net income also includes the
estimated pre-tax secondary offering costs of $0.3 million, or
approximately $0.01 per share.
-
Net income per diluted share of $0.15 to $0.16 based on 28.4 million
weighted average diluted shares outstanding.
For the fiscal year ending March 31, 2018, the Company now expects:
-
To open 10 new stores, including the acquisition of the four Wood’s
Boots stores.
-
Income from operations between $43.2 million and $43.5 million, which
includes an estimated $0.3 million of secondary offering costs.
-
Net income between $26.2 million and $26.5 million, which includes a
$6.8 million tax benefit from the revaluation of deferred tax
liabilities and an updated annual tax rate pursuant to tax reform.
-
Net income per diluted share of $0.95 to $0.96 based on 27.7 million
weighted average diluted shares outstanding compared to the Company’s
November 2, 2017 outlook of $0.57 to $0.61 which assumed 27.2 million
weighted average diluted shares outstanding.
Conference Call Information
A conference call to discuss the financial results for the third quarter
of fiscal year 2018 is scheduled for today, January 31, 2018, at 4:30
p.m. ET (1:30 p.m. PT). Investors and analysts interested in
participating in the call are invited to dial (800) 263-0877. The
conference call will also be available to interested parties through a
live webcast at investor.bootbarn.com. Please visit the website and
select the “Events and Presentations” 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 February 28, 2018,
by dialing (844) 512-2921 (domestic) or (412) 317-6671 (international)
and entering the conference identification number: 3460704. 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. The Company offers its loyal customer base a wide selection of
work and lifestyle brands. As of the date of this release, Boot Barn
operates 226 stores in 31 states, in addition to an e-commerce channel www.bootbarn.com.
The Company also operates www.sheplers.com,
the nation’s leading pure play online western and work retailer.
Sheplers has been part of the western, outdoor, and work lifestyle for
over 100 years. Beginning in February 2017, the Company has operated www.countryoutfitter.com,
an e-commerce site selling to customers who live a country lifestyle.
For more information, call 888-Boot-Barn or visit www.bootbarn.com.
Non-GAAP Financial Measures
The Company presents adjusted income from operations, adjusted net
income, adjusted net income per diluted share and adjusted EBITDA 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 income from
operations, actual net income, and actual earnings per diluted 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), or 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
companies. The Company’s management believes that these non-GAAP
financial measures provide investors with transparency and help
illustrate financial results by excluding items that may not be
indicative of, or are unrelated to, the Company’s core operating
results, thereby providing a better baseline for analyzing trends in the
underlying business. See the table at the end of this press release for
a reconciliation of adjusted income from operations to income from
operations, adjusted net income to net income, and adjusted net income
per diluted share to net income per diluted share. Additionally, see the
table at the end of this press release for a reconciliation of adjusted
EBITDA, as well as Consolidated EBITDA as defined in the Company’s loan
agreements, to net income.
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. Forward-looking statements refer to our current expectations
and projections relating to, by way of example and without limitation,
our financial condition, liquidity, profitability, results of
operations, margins, plans, objectives, strategies, future performance,
business and industry. You can identify forward-looking statements by
the fact that they do not relate strictly to historical or current
facts. These statements may include words such as “anticipate”,
“estimate”, “expect”, “project”, “plan”, “intend”, “believe”, “may”,
“might”, “will”, “could”, “should”, “can have”, “likely”, “outlook” 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: decreases in consumer spending due to declines in
consumer confidence, local economic conditions or changes in consumer
preferences and the Company’s ability to effectively execute on its
growth strategy; the failure to maintain and enhance its strong brand
image; inability to compete effectively; failure to maintain good
relationships with its key suppliers; and inability 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 periodic reports filed by the Company with the
Securities and Exchange Commission. 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.
|
Condensed Consolidated Balance Sheets
|
(In thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
December 30,
|
|
April 1,
|
|
|
|
|
2017
|
|
2017
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
19,126
|
|
|
$
|
|
|
|
8,035
|
|
Accounts receivable, net
|
|
|
|
|
6,388
|
|
|
|
|
|
|
4,354
|
|
Inventories
|
|
|
|
|
207,538
|
|
|
|
|
|
|
189,096
|
|
Prepaid expenses and other current assets
|
|
|
|
|
12,277
|
|
|
|
|
|
|
22,818
|
|
Total current assets
|
|
|
|
|
245,329
|
|
|
|
|
|
|
224,303
|
|
Property and equipment, net
|
|
|
|
|
88,043
|
|
|
|
|
|
|
82,711
|
|
Goodwill
|
|
|
|
|
193,095
|
|
|
|
|
|
|
193,095
|
|
Intangible assets, net
|
|
|
|
|
63,612
|
|
|
|
|
|
|
64,511
|
|
Other assets
|
|
|
|
|
1,144
|
|
|
|
|
|
|
961
|
|
Total assets
|
|
|
|
$
|
591,223
|
|
|
$
|
|
|
|
565,581
|
|
Liabilities and stockholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Line of credit
|
|
|
|
$
|
—
|
|
|
$
|
|
|
|
33,274
|
|
Accounts payable
|
|
|
|
|
117,513
|
|
|
|
|
|
|
77,482
|
|
Accrued expenses and other current liabilities
|
|
|
|
|
50,456
|
|
|
|
|
|
|
35,983
|
|
Current portion of notes payable, net
|
|
|
|
|
—
|
|
|
|
|
|
|
1,062
|
|
Total current liabilities
|
|
|
|
|
167,969
|
|
|
|
|
|
|
147,801
|
|
Deferred taxes
|
|
|
|
|
10,102
|
|
|
|
|
|
|
20,961
|
|
Long-term portion of notes payable, net
|
|
|
|
|
182,939
|
|
|
|
|
|
|
191,517
|
|
Capital lease obligation
|
|
|
|
|
7,440
|
|
|
|
|
|
|
7,825
|
|
Other liabilities
|
|
|
|
|
18,440
|
|
|
|
|
|
|
17,568
|
|
Total liabilities
|
|
|
|
|
386,890
|
|
|
|
|
|
|
385,672
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity:
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, $0.0001 par value; December 30, 2017 - 100,000 shares
authorized, 26,753 shares issued; April 1, 2017 - 100,000 shares
authorized, 26,575 shares issued
|
|
|
|
|
3
|
|
|
|
|
|
|
3
|
|
Preferred stock, $0.0001 par value; 10,000 shares authorized, no
shares issued or outstanding
|
|
|
|
|
—
|
|
|
|
|
|
|
—
|
|
Additional paid-in capital
|
|
|
|
|
144,687
|
|
|
|
|
|
|
142,184
|
|
Retained earnings
|
|
|
|
|
59,815
|
|
|
|
|
|
|
37,791
|
|
Less: Common stock held in treasury, at cost, 30 and 14 shares at
December 30, 2017 and April 1, 2017, respectively
|
|
|
|
|
(172
|
)
|
|
|
|
|
|
(69
|
)
|
Total stockholders’ equity
|
|
|
|
|
204,333
|
|
|
|
|
|
|
179,909
|
|
Total liabilities and stockholders’ equity
|
|
|
|
$
|
591,223
|
|
|
$
|
|
|
|
565,581
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boot Barn Holdings, Inc.
|
Condensed Consolidated Statements of Operations
|
(In thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended
|
|
Thirty-Nine Weeks Ended
|
|
|
|
|
December 30,
|
|
December 24,
|
|
December 30,
|
|
December 24,
|
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Net sales
|
|
|
|
$
|
224,732
|
|
$
|
199,431
|
|
$
|
507,183
|
|
$
|
466,813
|
Cost of goods sold
|
|
|
|
|
152,795
|
|
|
136,068
|
|
|
352,164
|
|
|
326,255
|
Gross profit
|
|
|
|
|
71,937
|
|
|
63,363
|
|
|
155,019
|
|
|
140,558
|
Selling, general and administrative expenses
|
|
|
|
|
47,542
|
|
|
42,500
|
|
|
120,046
|
|
|
110,803
|
Income from operations
|
|
|
|
|
24,395
|
|
|
20,863
|
|
|
34,973
|
|
|
29,755
|
Interest expense, net
|
|
|
|
|
3,821
|
|
|
3,637
|
|
|
11,268
|
|
|
10,848
|
Income before income taxes
|
|
|
|
|
20,574
|
|
|
17,226
|
|
|
23,705
|
|
|
18,907
|
Income tax expense
|
|
|
|
|
425
|
|
|
6,719
|
|
|
1,681
|
|
|
7,298
|
Net income
|
|
|
|
$
|
20,149
|
|
$
|
10,507
|
|
$
|
22,024
|
|
$
|
11,609
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic shares
|
|
|
|
$
|
0.76
|
|
$
|
0.40
|
|
$
|
0.83
|
|
$
|
0.44
|
Diluted shares
|
|
|
|
$
|
0.73
|
|
$
|
0.39
|
|
$
|
0.81
|
|
$
|
0.43
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic shares
|
|
|
|
|
26,674
|
|
|
26,495
|
|
|
26,614
|
|
|
26,432
|
Diluted shares
|
|
|
|
|
27,596
|
|
|
27,165
|
|
|
27,146
|
|
|
26,891
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boot Barn Holdings, Inc.
|
Condensed Consolidated Statements of Cash Flows
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirty-Nine Weeks Ended
|
|
|
|
|
December 30,
|
|
December 24,
|
|
|
|
|
2017
|
|
2016
|
Cash flows from operating activities
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
22,024
|
|
|
$
|
11,609
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
11,619
|
|
|
|
10,688
|
|
Stock-based compensation
|
|
|
|
|
1,850
|
|
|
|
2,260
|
|
Excess tax benefit
|
|
|
|
|
—
|
|
|
|
(7
|
)
|
Amortization of intangible assets
|
|
|
|
|
899
|
|
|
|
1,615
|
|
Amortization and write-off of debt issuance fees and debt discount
|
|
|
|
|
895
|
|
|
|
843
|
|
Loss on disposal of property and equipment
|
|
|
|
|
73
|
|
|
|
163
|
|
Hurricane-related asset write-off
|
|
|
|
|
2,525
|
|
|
|
—
|
|
Insurance recovery receivable
|
|
|
|
|
(168
|
)
|
|
|
—
|
|
Accretion of above market leases
|
|
|
|
|
(1
|
)
|
|
|
(33
|
)
|
Deferred taxes
|
|
|
|
|
(1,069
|
)
|
|
|
3,256
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
Accounts receivable, net
|
|
|
|
|
(1,866
|
)
|
|
|
(2,422
|
)
|
Inventories
|
|
|
|
|
(17,912
|
)
|
|
|
(3,697
|
)
|
Inventories from purchase of Wood's Boots
|
|
|
|
|
(2,752
|
)
|
|
|
—
|
|
Prepaid expenses and other current assets
|
|
|
|
|
736
|
|
|
|
2,256
|
|
Other assets
|
|
|
|
|
(183
|
)
|
|
|
1,150
|
|
Accounts payable
|
|
|
|
|
40,683
|
|
|
|
23,513
|
|
Accrued expenses and other current liabilities
|
|
|
|
|
14,416
|
|
|
|
12,762
|
|
Other liabilities
|
|
|
|
|
873
|
|
|
|
4,207
|
|
Net cash provided by operating activities
|
|
|
|
$
|
72,642
|
|
|
$
|
68,163
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
Purchases of property and equipment
|
|
|
|
$
|
(18,676
|
)
|
|
$
|
(17,698
|
)
|
Hurricane-related insurance recoveries for property and equipment
|
|
|
|
|
697
|
|
|
|
—
|
|
Net cash used in investing activities
|
|
|
|
$
|
(17,979
|
)
|
|
$
|
(17,698
|
)
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
Payments on line of credit - net
|
|
|
|
$
|
(33,274
|
)
|
|
$
|
(25,795
|
)
|
Repayments on debt and capital lease obligations
|
|
|
|
|
(10,328
|
)
|
|
|
(1,788
|
)
|
Debt issuance fees paid
|
|
|
|
|
(520
|
)
|
|
|
—
|
|
Tax withholding payments for net share settlement
|
|
|
|
|
(103
|
)
|
|
|
(55
|
)
|
Excess tax benefit from stock options
|
|
|
|
|
—
|
|
|
|
7
|
|
Proceeds from the exercise of stock options
|
|
|
|
|
653
|
|
|
|
1,180
|
|
Net cash used in financing activities
|
|
|
|
$
|
(43,572
|
)
|
|
$
|
(26,451
|
)
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents
|
|
|
|
|
11,091
|
|
|
|
24,014
|
|
Cash and cash equivalents, beginning of period
|
|
|
|
|
8,035
|
|
|
|
7,195
|
|
Cash and cash equivalents, end of period
|
|
|
|
$
|
19,126
|
|
|
$
|
31,209
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
|
|
|
|
|
Cash paid for income taxes
|
|
|
|
$
|
470
|
|
|
$
|
1,389
|
|
Cash paid for interest
|
|
|
|
$
|
10,192
|
|
|
$
|
10,014
|
|
Supplemental disclosure of non-cash activities:
|
|
|
|
|
|
|
|
|
Unpaid purchases of property and equipment
|
|
|
|
$
|
1,249
|
|
|
$
|
1,422
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boot Barn Holdings, Inc.
|
Store Count
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year Ended
|
|
Fiscal Year Ended
|
|
Quarter Ended
|
|
Quarter Ended
|
|
Quarter Ended
|
|
Quarter Ended
|
|
Quarter Ended
|
|
Quarter Ended
|
|
Quarter Ended
|
|
|
|
|
March 28,
|
|
March 26,
|
|
June 25,
|
|
September 24,
|
|
December 24,
|
|
April 1,
|
|
July 1,
|
|
September 30,
|
|
December 30,
|
|
|
|
|
2015
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
Store Count (BOP)
|
|
|
|
152
|
|
|
169
|
|
|
208
|
|
210
|
|
212
|
|
219
|
|
|
219
|
|
220
|
|
|
222
|
Opened/Acquired
|
|
|
|
18
|
|
|
47
|
|
|
2
|
|
2
|
|
6
|
|
2
|
|
|
1
|
|
4
|
|
|
4
|
Relocated
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
1
|
|
(1
|
)
|
|
—
|
|
—
|
|
|
—
|
Closed Boot Barn Stores
|
|
|
|
(1
|
)
|
|
(2
|
)
|
|
—
|
|
—
|
|
—
|
|
(1
|
)
|
|
—
|
|
(2
|
)
|
|
—
|
Closed Sheplers Stores
|
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
Store Count (EOP)
|
|
|
|
169
|
|
|
208
|
|
|
210
|
|
212
|
|
219
|
|
219
|
|
|
220
|
|
222
|
|
|
226
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA Reconciliation
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended
|
|
Thirteen Weeks Ended
|
|
Fourteen Weeks Ended
|
|
Thirteen Weeks Ended
|
|
|
|
|
December 30, 2017
|
|
September 30, 2017
|
|
July 1, 2017
|
|
April 1, 2017
|
|
December 24, 2016
|
Boot Barn's Net income
|
|
|
|
$
|
20,149
|
|
$
|
1,098
|
|
|
$
|
777
|
|
$
|
2,588
|
|
|
$
|
10,507
|
|
Income tax expense
|
|
|
|
|
425
|
|
|
751
|
|
|
|
506
|
|
|
1,624
|
|
|
|
6,719
|
|
Interest expense, net
|
|
|
|
|
3,821
|
|
|
3,789
|
|
|
|
3,658
|
|
|
3,851
|
|
|
|
3,637
|
|
Depreciation and intangible asset amortization
|
|
|
|
|
4,263
|
|
|
4,142
|
|
|
|
4,113
|
|
|
4,407
|
|
|
|
4,207
|
|
Boot Barn's EBITDA
|
|
|
|
$
|
28,658
|
|
$
|
9,780
|
|
|
$
|
9,054
|
|
$
|
12,470
|
|
|
$
|
25,070
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash stock-based compensation (a)
|
|
|
|
$
|
597
|
|
$
|
678
|
|
|
$
|
575
|
|
$
|
763
|
|
|
$
|
754
|
|
Non-cash accrual for future award redemptions (b)
|
|
|
|
|
47
|
|
|
(162
|
)
|
|
|
5
|
|
|
(489
|
)
|
|
|
399
|
|
Loss/(gain) on disposal of assets (c)
|
|
|
|
|
12
|
|
|
47
|
|
|
|
14
|
|
|
204
|
|
|
|
(22
|
)
|
Store impairment charge (d)
|
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
1,164
|
|
|
|
-
|
|
Boot Barn's Adjusted EBITDA
|
|
|
|
$
|
29,314
|
|
$
|
10,343
|
|
|
$
|
9,648
|
|
$
|
14,112
|
|
|
$
|
26,201
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional adjustments (e)
|
|
|
|
|
862
|
|
|
418
|
|
|
|
628
|
|
|
156
|
|
|
|
778
|
|
Consolidated EBITDA per Loan Agreements
|
|
|
|
$
|
30,176
|
|
$
|
10,761
|
|
|
$
|
10,276
|
|
$
|
14,268
|
|
|
$
|
26,979
|
|
________________________________________________________
|
(a)
|
|
Represents non-cash compensation expenses related to stock
options, restricted stock awards and restricted stock units
granted to certain of our employees and directors.
|
(b)
|
|
Represents the non-cash accrual for future award redemptions in
connection with our customer loyalty program.
|
(c)
|
|
Represents loss/(gain) on disposal of assets from store closures.
|
(d)
|
|
Represents the store impairment charge recorded at three stores in
the fourteen weeks ended April 1, 2017 in order to reduce the
carrying amount of the assets to their estimated fair values.
|
(e)
|
|
Adjustments to Boot Barn's Adjusted EBITDA as provided in the 2015
Golub Term Loan and June 2015 Wells Fargo Revolver include
pre-opening costs, franchise and state taxes, and other
miscellaneous adjustments.
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20180131006105/en/
Source: Boot Barn Holdings, Inc.