Sportsman's Warehouse Holdings, Inc. (“Sportsman's Warehouse” or
the “Company”) (Nasdaq: SPWH) today announced financial results for
the thirteen weeks ended April 29, 2023.
“Our results for the first quarter were impacted
by tough macroeconomic conditions, extreme snow levels and
unusually wet weather in the Western United States,” said Joseph
Schneider, interim CEO and Chair of the Board. “Despite these
challenges, the investments we made in our strategic initiatives,
specifically e-commerce and customer engagement, have strengthened
the business and we remain positive about our medium-to-long term
outlook and our ability to capture additional share of the outdoor
sporting goods market.”
“A primary focus of the Board continues to be
finding a permanent, long-term CEO to lead Sportsman’s Warehouse.
We are working expeditiously to find the right person to lead this
company and create value for our stockholders. That search process
is moving forward and I’m optimistic that we will find a strong
leader to take Sportsman’s Warehouse to the next level of
growth.”
For the thirteen weeks ended April 29,
2023:
- Net sales were
$267.5 million, compared to $309.5 million in the first quarter of
fiscal year 2022. The net sales decrease was primarily due to lower
sales demand from weather-related headwinds in the Western United
States leading to decreased outdoor participation, consumer
inflationary pressures and recession concerns, partially offset by
the opening of 11 new stores since April 30, 2022.
- Same store sales
decreased 17.8% during the first quarter of fiscal year 2023,
compared to the first quarter of fiscal year 2022.
- Gross profit was
$80.0 million, or 29.9% of net sales, compared to $99.1 million, or
32.0% of net sales, in the corresponding period of fiscal year
2022. This decrease as a percentage of net sales was primarily
driven by changes in product mix and reduced product margins in our
ammunition category.
- Selling, general,
and administrative (SG&A) expenses were $99.0 million, or 37.0%
of net sales, compared to $96.1 million, or 31.0% of net sales, in
the first quarter of fiscal year 2022. The increase, as a
percentage of net sales, was largely due to increases in rent,
depreciation and new store pre-opening expenses, primarily related
to the opening of 11 new stores since April 30, 2022. These
increases were partially offset by a decrease in other operating,
and payroll expenses, driven by lower marketing expenses and
increased operational efficiencies across our retail
stores.
- Net loss was
$(15.6) million, compared to net income of $2.0 million in the
first quarter of fiscal year 2022. Adjusted net loss was $(14.8)
million compared to adjusted net income of $2.2 million in the
first quarter of fiscal year 2022 (see “GAAP and Non-GAAP Financial
Measures”).
- Adjusted EBITDA was
$(5.6) million, compared to $12.9 million in the corresponding
prior-year period (see “GAAP and Non-GAAP Financial
Measures”).
- Diluted loss per
share was $(0.42) compared to a diluted earnings per share of $0.05
in the corresponding prior-year period. Adjusted diluted loss per
share was $(0.39) compared to adjusted diluted earnings per share
of $0.05 in the first quarter of fiscal year 2022 (see “GAAP and
Non-GAAP Financial Measures”).
Balance sheet and capital allocation
highlights as of April 29,
2023:
- The Company ended
the quarter with net debt of $147.3 million, comprised of $3.0
million of cash and cash equivalents and $150.3 million of
borrowings outstanding under the Company’s revolving credit
facility. Inventory at the end of the first quarter was $469.5
million.
- Total liquidity was
$153.5 million as of the end of the first quarter of fiscal year
2023, comprised of $150.5 million of availability on the revolving
credit facility and $3.0 million of cash and cash equivalents.
- During the first
quarter of fiscal year 2023, the Company repurchased approximately
one hundred thousand shares of its common stock in the open market,
returning $0.7 million to stockholders. As of the end of the first
quarter of fiscal year 2023, the Company had approximately $9.6
million of remaining capacity under its authorized repurchase
program.
Second Quarter Fiscal Year
2023 Outlook:
For the second quarter of fiscal year 2023, net
sales are expected to be in the range of $310 million to $340
million, anticipating that same store sales will be down 17% to 9%
year-over-year. Adjusted diluted earnings per share for the second
quarter are expected to be in the range of $0.02 to $0.15.
Jeff White, Chief Financial Officer of
Sportsman’s Warehouse, said, “Sales from our typical spring
fishing, camping and shooting seasons were significantly impacted
in the quarter due to the persistent consumer inflationary
pressures and the excessively wet and cold weather in the Western
United States, where a large portion of our stores are located.
These pressures on the business have continued into the second
quarter. In response, we are currently implementing a company-wide
plan to reduce expenses, with increased focus on financial
discipline and rigor throughout the organization. We remain on
track to open 15 new stores during fiscal year 2023 and further
penetrate our e-commerce business, which continues to achieve
positive year-over-year results. While we believe we are well
positioned to meet the needs of our customers, it’s critical that
we carefully navigate the current macroeconomic headwinds.”
Conference Call
Information:
A conference call to discuss first quarter 2023
financial results is scheduled for May 30, 2023, at 5:00PM Eastern
Time. The conference call will be held via webcast and may be
accessed via the Investor Relations section of the Company’s
website at www.sportsmans.com.
Non-GAAP Financial Measures
This press release includes the following
financial measures defined as non-GAAP financial measures by the
Securities and Exchange Commission (the “SEC”) and that are not
calculated in accordance with U.S. generally accepted accounting
principles (“GAAP”): adjusted net (loss) income, adjusted diluted
(loss) earnings per share and Adjusted EBITDA. The Company defines
adjusted net (loss) income as net (loss) income plus expenses
incurred relating to director and officer transition costs and
recognized tax benefits, as applicable. Net (loss) income is the
most comparable GAAP financial measure to adjusted net (loss)
income. The Company defines adjusted diluted (loss) earnings per
share as adjusted net (loss) income divided by diluted weighted
average shares outstanding. Diluted (loss) earnings per share is
the most comparable GAAP financial measure to adjusted diluted
(loss) earnings per share. The Company defines Adjusted EBITDA as
net (loss) income plus interest expense, income tax (benefit)
expense, depreciation and amortization, stock-based compensation
expense, pre-opening expenses and director and officer transition
costs. Net (loss) income is the most comparable GAAP financial
measure to adjusted EBITDA. Adjusted EBITDA excludes pre-opening
expenses because the Company does not believe these expenses are
indicative of the underlying operating performance of its stores.
The amount and timing of pre-opening expenses are dependent on,
among other things, the size of new stores opened and the number of
new stores opened during any given period. The Company has
reconciled these non-GAAP financial measures to the most directly
comparable GAAP financial measures under “GAAP and Non-GAAP
Financial Measures” in this release. The Company believes that
these non-GAAP financial measures not only provide its management
with comparable financial data for internal financial analysis but
also provide meaningful supplemental information to investors and
are frequently used by analysts, investors and other interested
parties in the evaluation of companies in the Company’s industry.
Specifically, these non-GAAP financial measures allow investors to
better understand the performance of the Company’s business and
facilitate a more meaningful comparison of its diluted (loss)
earnings per share and actual results on a period-over-period
basis. The Company has provided this information as a means to
evaluate the results of its ongoing operations, and as additional
measurement tools for purposes of business decision-making,
including evaluating store performance, developing budgets and
managing expenditures. Other companies in the Company’s industry
may calculate these items differently than the Company does. Each
of these measures is not a measure of performance under GAAP and
should not be considered as a substitute for the most directly
comparable financial measures prepared in accordance with GAAP.
Non-GAAP financial measures have limitations as analytical tools,
and investors should not consider them in isolation or as a
substitute for analysis of the Company’s results as reported under
GAAP. The Company’s management believes that these non-GAAP
financial measures allow investors to evaluate the Company’s
operating performance and compare its results of operations from
period to period on a consistent basis by excluding items that
management does not believe are indicative of the Company’s core
operating performance. The presentation of such measures, which may
include adjustments to exclude unusual or non-recurring items,
should not be construed as an inference that the Company’s future
results, cash flows or leverage will be unaffected by other unusual
or non-recurring items.
Forward-Looking Statements
This press release includes forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
as contained in Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Forward-looking
statements in this release include, but are not limited to,
statements regarding: our plans to reduce expenses; open ten
additional stores during fiscal year 2023 and further penetrate our
ecommerce business; our ability to capture additional share of the
outdoor sporting goods market; our belief that we will find a
strong leader to take Sportsman’s Warehouse to the next level of
growth and our guidance for the second quarter of fiscal year 2023.
Investors can identify these statements by the fact that they use
words such as “aim,” “anticipate,” “assume,” “believe,” “can have,”
“could,” “due,” “estimate,” “expect,” “goal,” “intend,” “likely,”
“may,” “objective,” “plan,” “positioned,” “potential,” “predict,”
“should,” “target,” “will,” “would” and similar terms and phrases.
These forward-looking statements are based on current expectations,
estimates, forecasts and projections about our business and the
industry in which we operate and our management’s beliefs and
assumptions. We derive many of our forward-looking statements from
our own operating budgets and forecasts, which are based upon many
detailed assumptions. While we believe that our assumptions are
reasonable, we caution that predicting the impact of known factors
is very difficult, and we cannot anticipate all factors that could
affect our actual results. The Company cannot assure investors that
future developments affecting the Company will be those that it has
anticipated. Actual results may differ materially from these
expectations due to many factors including, but not limited to:
current and future government regulations relating to the sale of
firearms and ammunition, which may impact the supply and demand for
the Company’s products and ability to conduct its business; the
Company’s retail-based business model; general economic, market and
other conditions and changes in consumer spending; macroeconomic
factors, such as political trends, social unrest, inflationary
pressures, and recessionary trends; the Company’s concentration of
stores in the Western United States and related weather conditions;
competition in the outdoor activities and specialty retail market;
changes in consumer demands; the Company’s expansion into new
markets and planned growth; the impact of COVID-19 on the Company’s
operations; and other factors that are set forth in the Company's
filings with the SEC, including under the caption “Risk Factors” in
the Company’s Form 10-K for the fiscal year ended January 28, 2023
which was filed with the SEC on April 13, 2023, and the Company’s
other public filings made with the SEC and available at
www.sec.gov. If one or more of these risks or uncertainties
materialize, or if any of the Company’s assumptions prove
incorrect, the Company’s actual results may vary in material
respects from those projected in these forward-looking statements.
Any forward-looking statement made by the Company in this release
speaks only as of the date on which the Company makes it. Factors
or events that could cause the Company’s actual results to differ
may emerge from time to time, and it is not possible for the
Company to predict all of them. The Company undertakes no
obligation to publicly update any forward-looking statement,
whether as a result of new information, future developments or
otherwise, except as may be required by any applicable securities
laws.
About Sportsman’s Warehouse Holdings,
Inc.
Sportsman’s Warehouse Holdings, Inc. is an
outdoor specialty retailer focused on meeting the needs of the
seasoned outdoor veteran, the first-time participant, and everyone
in between. We provide outstanding gear and exceptional service to
inspire outdoor memories.
For press releases and certain additional
information about the Company, visit the Investor Relations section
of the Company's website at
www.sportsmans.com. Investor Contact:
Riley TimmerVice President, Investor Relations Sportsman’s
Warehouse(801) 566-6681investors@sportsmans.com
SPORTSMAN’S WAREHOUSE HOLDINGS,
INC.Condensed Consolidated Statements of
Operations (Unaudited)(amounts in thousands,
except share and per share data)
|
For the Thirteen Weeks Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 29, 2023 |
|
|
% of net sales |
|
April 30, 2022 |
|
|
% of net sales |
|
YOY Variance |
|
Net sales |
$ |
267,529 |
|
|
100.0 |
% |
|
$ |
309,505 |
|
|
100.0 |
% |
|
$ |
(41,976 |
) |
Cost of goods sold |
|
187,485 |
|
|
70.1 |
% |
|
|
210,414 |
|
|
68.0 |
% |
|
|
(22,929 |
) |
Gross profit |
|
80,044 |
|
|
29.9 |
% |
|
|
99,091 |
|
|
32.0 |
% |
|
|
(19,047 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and
administrative expenses |
|
99,003 |
|
|
37.0 |
% |
|
|
96,085 |
|
|
31.0 |
% |
|
|
2,918 |
|
(Loss) income from operations |
|
(18,959 |
) |
|
(7.1 |
%) |
|
|
3,006 |
|
|
1.0 |
% |
|
|
(21,965 |
) |
Interest expense |
|
2,047 |
|
|
0.8 |
% |
|
|
567 |
|
|
0.2 |
% |
|
|
1,480 |
|
(Loss) income before income taxes |
|
(21,006 |
) |
|
(7.9 |
%) |
|
|
2,439 |
|
|
0.8 |
% |
|
|
(23,445 |
) |
Income tax (benefit) expense |
|
(5,367 |
) |
|
(2.0 |
%) |
|
|
441 |
|
|
0.1 |
% |
|
|
(5,808 |
) |
Net (loss) income |
$ |
(15,639 |
) |
|
(5.9 |
%) |
|
$ |
1,998 |
|
|
0.7 |
% |
|
$ |
(17,637 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.42 |
) |
|
|
|
$ |
0.05 |
|
|
|
|
$ |
(0.46 |
) |
Diluted |
$ |
(0.42 |
) |
|
|
|
$ |
0.05 |
|
|
|
|
$ |
(0.46 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
37,610 |
|
|
|
|
|
43,938 |
|
|
|
|
|
(6,328 |
) |
Diluted |
|
37,610 |
|
|
|
|
|
44,221 |
|
|
|
|
|
(6,611 |
) |
SPORTSMAN’S WAREHOUSE HOLDINGS,
INC.Condensed Consolidated Balance Sheets
(Unaudited)(amounts in thousands, except share and
par value data)
|
|
April 29, |
|
|
January 28, |
|
|
|
2023 |
|
|
2023 |
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
3,040 |
|
|
$ |
2,389 |
|
Accounts receivable, net |
|
|
2,415 |
|
|
|
2,053 |
|
Income tax receivable |
|
|
3,500 |
|
|
|
— |
|
Merchandise inventories |
|
|
469,489 |
|
|
|
399,128 |
|
Prepaid expenses and other |
|
|
21,501 |
|
|
|
22,326 |
|
Total current assets |
|
|
499,945 |
|
|
|
425,896 |
|
Operating lease right of use
asset |
|
|
302,912 |
|
|
|
268,593 |
|
Property and equipment, net |
|
|
176,970 |
|
|
|
162,586 |
|
Goodwill |
|
|
1,496 |
|
|
|
1,496 |
|
Definite lived intangibles,
net |
|
|
374 |
|
|
|
389 |
|
Total assets |
|
$ |
981,697 |
|
|
$ |
858,960 |
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
112,659 |
|
|
$ |
61,948 |
|
Accrued expenses |
|
|
90,440 |
|
|
|
99,976 |
|
Income taxes payable |
|
|
— |
|
|
|
932 |
|
Operating lease liability, current |
|
|
46,631 |
|
|
|
45,465 |
|
Revolving line of credit |
|
|
150,250 |
|
|
|
87,503 |
|
Total current liabilities |
|
|
399,980 |
|
|
|
295,824 |
|
Long-term liabilities: |
|
|
|
|
|
|
Deferred income taxes |
|
|
8,494 |
|
|
|
9,544 |
|
Operating lease liability, noncurrent |
|
|
296,640 |
|
|
|
260,479 |
|
Total long-term liabilities |
|
|
305,134 |
|
|
|
270,023 |
|
Total liabilities |
|
|
705,114 |
|
|
|
565,847 |
|
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
Preferred stock, $.01 par value; 20,000 shares authorized; 0 shares
issued and outstanding |
|
|
— |
|
|
|
— |
|
Common stock, $.01 par value; 100,000 shares authorized; 37,686 and
37,541 shares issued and outstanding, respectively |
|
|
377 |
|
|
|
375 |
|
Additional paid-in capital |
|
|
79,340 |
|
|
|
79,743 |
|
Accumulated earnings |
|
|
196,866 |
|
|
|
212,995 |
|
Total stockholders' equity |
|
|
276,583 |
|
|
|
293,113 |
|
Total liabilities and stockholders' equity |
|
$ |
981,697 |
|
|
$ |
858,960 |
|
SPORTSMAN’S WAREHOUSE HOLDINGS,
INC.Condensed Consolidated Statements Cash Flows
(Unaudited)(amounts in thousands)
|
|
Thirteen Weeks Ended |
|
|
|
April 29, |
|
|
April 30, |
|
|
|
2023 |
|
|
2022 |
|
Cash flows from operating
activities: |
|
|
|
|
|
|
Net (loss) income |
|
$ |
(15,639 |
) |
|
$ |
1,998 |
|
Adjustments to reconcile net income to net cash used in operating
activities: |
|
|
|
|
|
|
Depreciation of property and equipment |
|
|
8,767 |
|
|
|
7,387 |
|
Amortization of deferred financing fees |
|
|
38 |
|
|
|
63 |
|
Amortization of definite lived intangible |
|
|
15 |
|
|
|
24 |
|
Noncash lease expense |
|
|
3,548 |
|
|
|
3,535 |
|
Deferred income taxes |
|
|
(1,050 |
) |
|
|
(266 |
) |
Stock-based compensation |
|
|
1,250 |
|
|
|
1,358 |
|
Change in operating assets and liabilities, net of amounts
acquired: |
|
|
|
|
|
|
Accounts receivable, net |
|
|
(363 |
) |
|
|
683 |
|
Operating lease liabilities |
|
|
(540 |
) |
|
|
(9,191 |
) |
Merchandise inventories |
|
|
(70,361 |
) |
|
|
(49,878 |
) |
Prepaid expenses and other |
|
|
786 |
|
|
|
1,014 |
|
Accounts payable |
|
|
50,172 |
|
|
|
41,241 |
|
Accrued expenses |
|
|
(9,176 |
) |
|
|
(15,402 |
) |
Income taxes payable and receivable |
|
|
(4,432 |
) |
|
|
591 |
|
Net cash used in operating activities |
|
|
(36,985 |
) |
|
|
(16,843 |
) |
Cash flows from investing
activities: |
|
|
|
|
|
|
Purchase of property and equipment, net of amounts acquired |
|
|
(22,757 |
) |
|
|
(12,001 |
) |
Net cash used in investing activities |
|
|
(22,757 |
) |
|
|
(12,001 |
) |
Cash flows from financing
activities: |
|
|
|
|
|
|
Net borrowings on line of credit |
|
|
62,747 |
|
|
|
32,451 |
|
Decrease in book overdraft |
|
|
(213 |
) |
|
|
(1,075 |
) |
Payments to acquire treasury stock |
|
|
(696 |
) |
|
|
— |
|
Payment of withholdings on restricted stock units |
|
|
(1,445 |
) |
|
|
(1,845 |
) |
Net cash provided by financing activities |
|
|
60,393 |
|
|
|
29,531 |
|
Net change in cash and cash
equivalents |
|
|
651 |
|
|
|
687 |
|
Cash and cash equivalents at
beginning of period |
|
|
2,389 |
|
|
|
57,018 |
|
Cash and cash equivalents at end
of period |
|
$ |
3,040 |
|
|
$ |
57,705 |
|
|
|
|
|
|
|
|
Supplemental disclosures of cash
flow information: |
|
|
|
|
|
|
Cash paid during the period
for: |
|
|
|
|
|
|
Interest, net of amounts capitalized |
|
$ |
1,776 |
|
|
$ |
490 |
|
Income taxes, net of refunds |
|
|
115 |
|
|
|
116 |
|
|
|
|
|
|
|
|
Supplemental schedule of noncash
activities: |
|
|
|
|
|
|
Noncash change in operating lease right of use asset and operating
lease liabilities from remeasurement of existing leases and
addition of new leases |
|
$ |
37,888 |
|
|
$ |
6,378 |
|
Purchases of property and equipment included in accounts payable
and accrued expenses |
|
$ |
9,809 |
|
|
$ |
4,785 |
|
SPORTSMAN’S WAREHOUSE HOLDINGS,
INC.GAAP and Non-GAAP
Financial Measures
(Unaudited)(amounts in thousands, except share and
per share data)
The
following table presents the reconciliations of (i) GAAP net (loss)
income to adjusted net (loss) income,
(ii) GAAP diluted (loss) earnings per share
to adjusted diluted (loss) earnings per share and (iii) and GAAP
net (loss) income to adjusted EBITDA for the periods
presented: |
|
|
|
|
|
|
|
|
|
|
|
|
For the Thirteen Weeks Ended |
|
|
|
April 29, 2023 |
|
|
April 30, 2022 |
|
Numerator: |
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
|
(15,639 |
) |
|
$ |
|
1,998 |
|
Director and officer
transition costs (3) |
|
|
|
1,113 |
|
|
|
|
222 |
|
Less tax benefit |
|
|
|
(289 |
) |
|
|
|
(57 |
) |
Adjusted net (loss)
income |
|
$ |
|
(14,815 |
) |
|
$ |
|
2,163 |
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
Diluted weighted average
shares outstanding |
|
|
|
37,610 |
|
|
|
|
44,221 |
|
|
|
|
|
|
|
|
|
|
Reconciliation of
(loss) earnings per share: |
|
|
|
|
|
|
|
|
Diluted (loss) earnings per
share |
|
$ |
|
(0.42 |
) |
|
$ |
|
0.05 |
|
Impact of adjustments to
numerator and denominator |
|
|
|
0.03 |
|
|
|
|
— |
|
Adjusted diluted (loss)
earnings per share |
|
$ |
|
(0.39 |
) |
|
$ |
|
0.05 |
|
|
|
|
|
|
|
|
|
|
Reconciliation of net
(loss) income to adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
For the Thirteen Weeks Ended |
|
|
|
April 29, 2023 |
|
|
April 30, 2022 |
|
Net (loss) income |
|
$ |
|
(15,639 |
) |
|
$ |
|
1,998 |
|
Interest expense |
|
|
|
2,047 |
|
|
|
|
567 |
|
Income tax (benefit)
expense |
|
|
|
(5,367 |
) |
|
|
|
441 |
|
Depreciation and
amortization |
|
|
|
8,782 |
|
|
|
|
7,411 |
|
Stock-based compensation
expense (1) |
|
|
|
1,250 |
|
|
|
|
1,358 |
|
Pre-opening expenses (2) |
|
|
|
2,256 |
|
|
|
|
951 |
|
Director and officer
transition costs (3) |
|
|
|
1,113 |
|
|
|
|
222 |
|
Adjusted EBITDA |
|
$ |
|
(5,558 |
) |
|
$ |
|
12,948 |
|
|
|
|
|
|
|
|
|
|
(1) Stock-based
compensation expense represents non-cash expenses related to equity
instruments granted to employees under the Sportsman’s Warehouse
Holdings, Inc. 2019 Performance Incentive Plan and the Sportsman’s
Warehouse Holdings, Inc. Employee Stock Purchase Plan. |
|
(2) Pre-opening
expenses include expenses incurred in the preparation and opening
of a new store location, such as payroll, travel and supplies, but
do not include the cost of the initial inventory or capital
expenditures required to open a location. |
|
(3) Expenses
incurred relating to departure of directors and officers and the
recruitment of directors and key members of our senior management
team. For the 13 weeks ended April 29, 2023, we incurred $1.1
million in expenses for employee retention bonuses after the
retirement of our Chief Executive Officer, Jon Barker, in April
2023, the engagement of a search firm to identify director
candidates and candidates for Chief Executive Officer, and fees
paid to a communications firm related to our recent board and
management changes. |
|
SPORTSMAN’S WAREHOUSE HOLDINGS,
INC.GAAP and Non-GAAP Financial Measures
(Unaudited)(amounts in thousands, except share and
per share data)
Reconciliation of second quarter fiscal year 2023
guidance: |
|
|
|
|
|
|
|
|
|
|
Estimated Q2 '23 |
|
|
|
Low |
|
|
High |
|
Numerator: |
|
|
|
|
|
Net income |
$ |
200 |
|
|
$ |
4,500 |
|
Director and
officer transition costs (1) |
$ |
400 |
|
|
$ |
1,000 |
|
Adjusted net
income |
$ |
600 |
|
|
$ |
5,500 |
|
Denominator: |
|
|
|
|
|
Diluted weighted
average shares outstanding |
|
37,700 |
|
|
|
37,700 |
|
|
|
|
|
|
|
|
Reconciliation of
earnings per share: |
|
|
|
|
|
Diluted earnings
per share |
$ |
0.01 |
|
|
$ |
0.12 |
|
Impact of
adjustments to numerator and denominator |
$ |
0.01 |
|
|
|
0.03 |
|
Adjusted diluted
earnings per share |
$ |
0.02 |
|
|
$ |
0.15 |
|
|
|
|
|
|
|
|
(1) Expenses
incurred relating to departure of directors and officers and the
recruitment of directors and key members of our senior management
team, including the engagement of a search firm to identify
director candidates and candidates for Chief Executive Officer, and
fees paid to a communications firm related to our recent board and
management changes. |
|
|
|
|
|
|
|
|
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