Sportsman's Warehouse Holdings, Inc. (“Sportsman's Warehouse” or
the “Company”) (Nasdaq: SPWH) today announced financial results for
the fourteen and fifty-three weeks ended February 3, 2024, which
includes an extra week compared with the prior year period.
“Despite lower than expected fourth quarter
sales, we were successful in reducing our excess inventory and
ended the fiscal year in a significantly healthier inventory
position,” said Paul Stone, President and Chief Executive Officer
of Sportsman’s Warehouse. “Our efforts to control costs and reduce
excess inventory allowed us to generate free cash flow and exceed
our internal debt reduction targets. These efforts, combined with
more efficient inventory purchasing, will allow us to deliver the
merchandise our customers need and expect for their outdoor
adventures.”
Mr. Stone continued, “Our initial efforts in
2024 have been focused on resetting the organization to provide our
passionate customers a positive in-store experience. This
fundamental strategy includes great merchandising, exceptional
service, and investing in the necessary tools, people and processes
to regain our edge as the local outdoor retailer of choice. Our
team is energized around these key initiatives and the direction we
are headed. We are confident that centering our efforts on
providing our passionate customers with great gear and exceptional
service in our stores is the foundation that will ultimately allow
us to achieve our primary goal: returning the business to
profitability and growth.”
For the fourteen weeks ended February 3,
2024:
- Net sales were $370.4 million, a decrease of 2.3%, compared to
$379.3 million in the fourth quarter of fiscal year 2022. The net
sales decrease was primarily due to lower sales demand from
consumer inflationary pressures and recession concerns, partially
offset by the opening of 15 new stores over the last year and $15.4
million from the additional week of sales.
- Same store sales decreased 12.8% on a 13-week comparable basis,
compared with the prior year fourth quarter.
- Gross profit was $99.4 million or 26.8% of net sales, compared
to $122.8 million or 32.4% of net sales in the comparable prior
year period. This decrease as a percentage of net sales can be
attributed to lower overall product margins due to aggressive
promotional activity to reduce distressed inventory, primarily in
our clothing and footwear categories.
- Selling, general and administrative (SG&A) expenses were
$107.3 million or 29.0% of net sales, compared to $106.7 million or
28.1% of net sales in the fourth quarter of fiscal year 2022. The
increase in absolute dollars is primarily due to higher
depreciation and rent expenses from the opening of 15 new stores in
2023, mainly offset by a decrease in overall payroll expenses and
reduced marketing spend.
- Net loss was $(8.7) million, compared to net income of $11.0
million in the fourth quarter of fiscal year 2022. Adjusted net
loss was $(7.5) million compared to adjusted net income of $12.7
million in the fourth quarter of fiscal year 2022 (see “GAAP and
Non-GAAP Measures”).
- Adjusted EBITDA was $5.3 million, compared to $28.2 million in
the comparable prior year period (see “GAAP and Non-GAAP
Measures”).
- Diluted loss per share was $(0.23) compared to diluted earnings
per share of $0.29 in the comparable prior year period. Adjusted
diluted loss per share was $(0.20) compared to adjusted diluted
earnings per share of $0.33 for the comparable prior year period
(see “GAAP and Non-GAAP Measures”).
For the fifty-three weeks ended February
3, 2024:
- Net sales were $1,288.0 million, compared with $1,399.5 million
or a decrease of 8.0% compared to fiscal year 2022. Excluding the
extra week, net sales in fiscal 2023 were $1,272.6 million. The
Company’s net sales decreased primarily from the continued impact
of consumer inflationary pressures and recessionary concerns on
discretionary spending, resulting in a decline in store traffic and
lower sales demand across all product categories. These
headwinds were partially offset by the Company’s opening of 15 new
stores during fiscal year 2023.
- Same store sales decreased 14.4% during fiscal year 2023
compared to fiscal year 2022, excluding the extra week of sales in
fiscal 2023. This decrease was due to lower sales in all product
categories.
- Gross profit was $383.4 million or 29.8% of net sales, as
compared to $460.2 million or 32.9% of net sales for fiscal year
2022. These decreases were primarily driven by reduced product
margins in our ammunition category within our Hunting and Shooting
department, lower margins in our Apparel and Footwear departments,
resulting from our increased promotional efforts to reduce
inventory and decreases in net and same store sales.
- SG&A expenses increased to $408.8 million or 31.7% of net
sales, compared with $402.2 million or 28.7% of net sales for
fiscal year 2022. This increase was primarily due to higher
depreciation and rent expenses due to the addition of 15 new
stores, partially offset by lower total payroll and other operating
expenses.
- Net loss was $(29.0) million compared to net income of $40.5
million in fiscal year 2022. Adjusted net loss was $(24.1) million
compared to adjusted net income of $43.0 million in fiscal year
2022 (see “GAAP and Non-GAAP Measures”).
- Adjusted EBITDA was $24.6 million compared to $97.9 million in
fiscal year 2022 (see “GAAP and Non-GAAP Measures”).
- Diluted loss per share was $(0.77) for fiscal year 2023,
compared to diluted earnings per share of $1.00 in fiscal year
2022. Adjusted diluted loss per share was $(0.64) for fiscal year
2023 compared to adjusted diluted earnings per share of $1.06 in
fiscal year 2022 (see “GAAP and Non-GAAP Measures”).
Balance sheet and capital allocation
highlights as of February 3,
2024:
- The Company ended the year with net debt of $122.9 million,
comprised of $3.1 million of cash on hand and $126.0 million of
borrowings outstanding under the Company’s revolving credit
facility. Inventory at the end of the year was $354.7 million.
- Total liquidity was $91.4 million as of the end of fiscal year
2023, comprised of $88.3 million of availability on the revolving
credit facility and $3.1 million of cash on hand.
2024 Outlook:
During 2024, the Company will be providing
guidance on an annual basis, versus its past cadence of quarterly
guidance, as it focuses its efforts on returning to profitability.
For fiscal year 2024, the Company expects net sales to be in the
range of $1.15 billion to $1.23 billion and adjusted EBITDA to be
in the range of $45 million to $65 million. The Company also
expects capital expenditures for 2024 to be in the range of $20
million to $25 million, primarily consisting of technology
investments relating to merchandising and store productivity. No
new store openings are currently anticipated.
The Company has not reconciled expected adjusted
EBITDA for fiscal year 2024 to GAAP net income because the Company
does not provide guidance for net (loss) income and is not able to
provide a reconciliation to net (loss) income without unreasonable
effort. The Company is not able to estimate net (loss) income
on a forward-looking basis without unreasonable efforts due to the
variability and complexity with respect to the charges excluded
from Adjusted EBITDA.
Jeff White, Chief Financial Officer of
Sportsman’s Warehouse said, “Despite the challenging macroeconomic
environment, we expect to generate significant EBITDA and excess
free cash flow in 2024 while at the same time investing in our
business. During the fourth quarter we used our excess cash flow to
reduce our line of credit by $59.4 million. Our continued focus on
tightly managing our inventory, as well as costs throughout the
organization, will allow us to further reduce our bank borrowings,
and in doing so, reduce our interest expense.”
Conference Call
Information:
A conference call to discuss fourth quarter and
fiscal year 2023 financial results is scheduled for April 3, 2024,
at 5:00 PM Eastern Time. The conference call will be webcast and
may be accessed via the Investor Relations section of the Company’s
website at www.sportsmans.com.
Non-GAAP Information
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 executive transition costs, costs related to
the implementation of our cost reduction plan and a one-time legal
settlement and related fees and expenses. The Company defines
adjusted diluted (loss) earnings per share as adjusted net income
divided by diluted weighted average shares outstanding. The Company
defines Adjusted EBITDA as net income plus interest expense, income
tax (benefit) expense, depreciation and amortization, stock-based
compensation expense, a one-time legal settlement and related fees
and expenses, costs related to the implementation of our cost
reduction plan and executive transition costs. Beginning with the
three months ended October 28, 2023, the Company no longer adds
back new store pre-opening expenses to net (loss) income to
determine Adjusted EBITDA. The presentation of past periods has
been conformed to the current presentation. Net (loss) income
is the most comparable GAAP financial measure to adjusted EBITDA.
The Company has reconciled these non-GAAP financial measures with
the most directly comparable GAAP financial measures under “GAAP
and Non-GAAP Measures” in this release. As noted above, the Company
has not provided a reconciliation of fiscal year 2024 guidance for
Adjusted EBITDA, in reliance on the unreasonable efforts, exception
provided under Item 10I(1)(i)(B) of Regulation S-K.
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 uses these 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 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 ability to deliver merchandise our
customers need and expect for their outdoor adventures; our ability
to achieve our goal to return the business to profitability and
growth; our ability to reduce our bank borrowing; and our guidance
for adjusted EBITDA and capital expenditure for fiscal year 2024.
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 which is impacted by general
economic and market conditions and economic, market and financial
uncertainties that may cause a decline in consumer spending; the
Company’s concentration of stores in the Western United States
which makes the Company susceptible to adverse conditions in this
region, and could affect the Company’s sales and cause the
Company’s operating results to suffer; the highly fragmented and
competitive industry in which the Company operates and the
potential for increased competition; changes in consumer demands,
including regional preferences, which we may not be able to
identify and respond to in a timely manner; the Company’s entrance
into new markets or operations in existing markets, including the
Company’s plans to open additional stores in future periods, which
may not be successful; the Company’s implementation of a plan to
reduce expenses in response to adverse macroeconomic conditions;
impact of general macroeconomic conditions, such as labor
shortages, inflation, rising interest rates, economic slowdowns,
and recessions or market corrections ; 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 & Corp.
DevelopmentSportsman’s Warehouse(801)
566-6681investors@sportsmans.com
SPORTSMAN’S WAREHOUSE HOLDINGS,
INC.Condensed Consolidated Statements of
Operations (Unaudited)(amounts in thousands,
except per share data) |
|
|
For the Fiscal Quarters Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
February 3, 2024 |
|
|
% of net sales |
|
January 28, 2023 |
|
|
% of net sales |
|
YOY Variance |
|
Net sales |
$ |
370,394 |
|
|
100.0 |
% |
|
$ |
379,269 |
|
|
100.0 |
% |
|
$ |
(8,875 |
) |
Cost of goods sold |
|
271,027 |
|
|
73.2 |
% |
|
|
256,481 |
|
|
67.6 |
% |
|
|
14,546 |
|
Gross profit |
|
99,367 |
|
|
26.8 |
% |
|
|
122,788 |
|
|
32.4 |
% |
|
|
(23,421 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
|
107,300 |
|
|
29.0 |
% |
|
|
106,747 |
|
|
28.1 |
% |
|
|
553 |
|
Income from operations |
|
(7,933 |
) |
|
(2.2 |
%) |
|
|
16,041 |
|
|
4.3 |
% |
|
|
(23,974 |
) |
Interest expense |
|
3,351 |
|
|
0.9 |
% |
|
|
1,674 |
|
|
0.4 |
% |
|
|
1,677 |
|
Income before income tax
expense |
|
(11,284 |
) |
|
(3.1 |
%) |
|
|
14,367 |
|
|
3.8 |
% |
|
|
(25,651 |
) |
Income tax expense |
|
(2,545 |
) |
|
(0.7 |
%) |
|
|
3,338 |
|
|
0.9 |
% |
|
|
(5,883 |
) |
Net income |
$ |
(8,739 |
) |
|
(2.4 |
%) |
|
$ |
11,029 |
|
|
2.9 |
% |
|
$ |
(19,768 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.23 |
) |
|
|
|
$ |
0.29 |
|
|
|
|
$ |
(0.53 |
) |
Diluted |
$ |
(0.23 |
) |
|
|
|
$ |
0.29 |
|
|
|
|
$ |
(0.52 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
37,457 |
|
|
|
|
|
37,642 |
|
|
|
|
|
(185 |
) |
Diluted |
|
37,457 |
|
|
|
|
|
37,944 |
|
|
|
|
|
(487 |
) |
SPORTSMAN’S WAREHOUSE HOLDINGS,
INC.Condensed Consolidated Statements of
Operations (Unaudited)(amounts in thousands,
except per share data) |
|
|
For the Fiscal Years Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
February 3, 2024 |
|
|
% of net sales |
|
January 28, 2023 |
|
|
% of net sales |
|
YOY Variance |
|
Net sales |
$ |
1,287,987 |
|
|
100.0 |
% |
|
$ |
1,399,515 |
|
|
100.0 |
% |
|
$ |
(111,528 |
) |
Cost of goods sold |
|
904,574 |
|
|
70.2 |
% |
|
|
939,275 |
|
|
67.1 |
% |
|
|
(34,701 |
) |
Gross profit |
|
383,413 |
|
|
29.8 |
% |
|
|
460,240 |
|
|
32.9 |
% |
|
|
(76,827 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
|
408,750 |
|
|
31.7 |
% |
|
|
402,177 |
|
|
28.7 |
% |
|
|
6,573 |
|
Income from operations |
|
(25,337 |
) |
|
(1.9 |
%) |
|
|
58,063 |
|
|
4.2 |
% |
|
|
(83,400 |
) |
Interest expense |
|
12,869 |
|
|
1.0 |
% |
|
|
4,195 |
|
|
0.3 |
% |
|
|
8,674 |
|
Income before income tax
expense |
|
(38,206 |
) |
|
(2.9 |
%) |
|
|
53,868 |
|
|
3.9 |
% |
|
|
(92,074 |
) |
Income tax expense |
|
(9,209 |
) |
|
(0.7 |
%) |
|
|
13,350 |
|
|
1.0 |
% |
|
|
(22,559 |
) |
Net income |
$ |
(28,997 |
) |
|
(2.2 |
%) |
|
$ |
40,518 |
|
|
2.9 |
% |
|
$ |
(69,515 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.77 |
) |
|
|
|
$ |
1.00 |
|
|
|
|
$ |
(1.77 |
) |
Diluted |
$ |
(0.77 |
) |
|
|
|
$ |
1.00 |
|
|
|
|
$ |
(1.77 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
37,489 |
|
|
|
|
|
40,489 |
|
|
|
|
|
(3,000 |
) |
Diluted |
|
37,489 |
|
|
|
|
|
40,719 |
|
|
|
|
|
(3,230 |
) |
SPORTSMAN’S WAREHOUSE HOLDINGS,
INC.Condensed Consolidated Balance Sheets
(Unaudited)(amounts in thousands, except par value
data) |
|
|
|
February 3, |
|
|
January 28, |
|
|
|
2024 |
|
|
2023 |
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
3,141 |
|
|
$ |
2,389 |
|
Accounts receivable, net |
|
|
2,119 |
|
|
|
2,053 |
|
Merchandise inventories |
|
|
354,710 |
|
|
|
399,128 |
|
Prepaid expenses and other |
|
|
20,078 |
|
|
|
22,326 |
|
Total current assets |
|
|
380,048 |
|
|
|
425,896 |
|
Operating lease right of use
asset |
|
|
309,377 |
|
|
|
268,593 |
|
Property and equipment, net |
|
|
194,452 |
|
|
|
162,586 |
|
Goodwill |
|
|
1,496 |
|
|
|
1,496 |
|
Deferred tax asset |
|
|
505 |
|
|
|
— |
|
Definite lived intangibles,
net |
|
|
327 |
|
|
|
389 |
|
Total assets |
|
$ |
886,205 |
|
|
$ |
858,960 |
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
56,122 |
|
|
$ |
61,948 |
|
Accrued expenses |
|
|
83,665 |
|
|
|
99,976 |
|
Income taxes payable |
|
|
126 |
|
|
|
932 |
|
Operating lease liability, current |
|
|
48,693 |
|
|
|
45,465 |
|
Revolving line of credit |
|
|
126,043 |
|
|
|
87,503 |
|
Total current liabilities |
|
|
314,649 |
|
|
|
295,824 |
|
Long-term liabilities: |
|
|
|
|
|
|
Deferred income taxes |
|
|
— |
|
|
|
9,544 |
|
Operating lease liability, noncurrent |
|
|
307,000 |
|
|
|
260,479 |
|
Total long-term liabilities |
|
|
307,000 |
|
|
|
270,023 |
|
Total liabilities |
|
|
621,649 |
|
|
|
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; 37,529 and
37,541 shares issued and outstanding, respectively |
|
|
375 |
|
|
|
375 |
|
Additional paid-in capital |
|
|
81,798 |
|
|
|
79,743 |
|
Retained earnings |
|
|
182,383 |
|
|
|
212,995 |
|
Total stockholders' equity |
|
|
264,556 |
|
|
|
293,113 |
|
Total liabilities and stockholders' equity |
|
$ |
886,205 |
|
|
$ |
858,960 |
|
SPORTSMAN’S WAREHOUSE HOLDINGS,
INC.Condensed Consolidated Statements Cash Flows
(Unaudited)(amounts in thousands) |
|
|
|
Fiscal Year Ended |
|
|
|
February 3, |
|
|
January 28, |
|
|
|
2024 |
|
|
2023 |
|
Cash flows from operating
activities: |
|
|
|
|
|
|
Net (loss) income |
|
$ |
(28,997 |
) |
|
$ |
40,518 |
|
Adjustments to reconcile net (loss) income to net cash provided by
(used in) operating activities: |
|
|
|
|
|
|
Depreciation of property and equipment |
|
|
38,947 |
|
|
|
31,710 |
|
Amortization of deferred financing fees |
|
|
154 |
|
|
|
184 |
|
Amortization of definite lived intangible |
|
|
62 |
|
|
|
66 |
|
Noncash lease expense |
|
|
17,099 |
|
|
|
28,582 |
|
Deferred income taxes |
|
|
(10,049 |
) |
|
|
3,765 |
|
Stock-based compensation |
|
|
4,237 |
|
|
|
4,673 |
|
Change in operating assets and liabilities, net of amounts
acquired: |
|
|
|
|
|
|
Accounts receivable, net |
|
|
(67 |
) |
|
|
(116 |
) |
Operating lease liabilities |
|
|
(8,134 |
) |
|
|
(25,336 |
) |
Merchandise inventories |
|
|
44,418 |
|
|
|
(12,568 |
) |
Prepaid expenses and other |
|
|
2,093 |
|
|
|
(46 |
) |
Accounts payable |
|
|
1,786 |
|
|
|
(1,509 |
) |
Accrued expenses |
|
|
(8,477 |
) |
|
|
(14,561 |
) |
Income taxes payable and receivable |
|
|
(806 |
) |
|
|
(8,568 |
) |
Net cash provided by (used in) operating activities |
|
|
52,266 |
|
|
|
46,794 |
|
Cash flows from investing
activities: |
|
|
|
|
|
|
Purchase of property and equipment, net of amounts acquired |
|
|
(79,895 |
) |
|
|
(63,511 |
) |
Proceeds from sale-leaseback transactions |
|
|
— |
|
|
|
2,923 |
|
Net cash used in investing activities |
|
|
(79,895 |
) |
|
|
(60,588 |
) |
Cash flows from financing
activities: |
|
|
|
|
|
|
Net borrowings on line of credit |
|
|
38,540 |
|
|
|
21,449 |
|
Increase (Decrease) in book overdraft, net |
|
|
(6,362 |
) |
|
|
4,471 |
|
Proceeds from issuance of common stock per employee stock purchase
plan |
|
|
796 |
|
|
|
894 |
|
Payment of withholdings on restricted stock units |
|
|
(1,845 |
) |
|
|
(2,393 |
) |
Payments to acquire treasury stock |
|
|
(2,748 |
) |
|
|
(64,748 |
) |
Payment of deferred financing costs |
|
|
— |
|
|
|
(508 |
) |
Net cash provided by (used in) financing activities |
|
|
28,381 |
|
|
|
(40,835 |
) |
Net change in cash and cash
equivalents |
|
|
752 |
|
|
|
(54,629 |
) |
Cash and cash equivalents at
beginning of period |
|
|
2,389 |
|
|
|
57,018 |
|
Cash and cash equivalents at end
of period |
|
$ |
3,141 |
|
|
$ |
2,389 |
|
SPORTSMAN’S WAREHOUSE HOLDINGS, INC.GAAP
and Non-GAAP Financial Measures
(Unaudited)(amounts in thousands, except per share
data) |
|
Reconciliation of GAAP net (loss) income and GAAP dilutive
(loss) earnings per share to adjusted net (loss) income and
adjusted diluted (loss) earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Fiscal Quarters Ended |
|
|
For the Fiscal Years Ended |
|
|
|
February 3, 2024 |
|
|
January 28, 2023 |
|
|
February 3, 2024 |
|
|
January 28, 2023 |
|
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
|
|
|
(8,739 |
) |
|
|
|
11,029 |
|
|
|
|
(28,997 |
) |
|
|
|
40,518 |
|
Executive transition costs
(1) |
|
|
|
1,696 |
|
|
|
|
115 |
|
|
|
|
4,763 |
|
|
|
|
1,329 |
|
Cost reduction plan (2) |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
1,216 |
|
|
|
|
2,088 |
|
Legal expense (3) |
|
|
|
- |
|
|
|
|
2,088 |
|
|
|
|
687 |
|
|
|
|
- |
|
Less tax benefit |
|
|
|
(441 |
) |
|
|
|
(573 |
) |
|
|
|
(1,733 |
) |
|
|
|
(888 |
) |
Adjusted net (loss)
income |
|
|
|
(7,484 |
) |
|
|
|
12,659 |
|
|
|
|
(24,064 |
) |
|
|
|
43,047 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted average
shares outstanding |
|
|
|
37,457 |
|
|
|
|
37,944 |
|
|
|
|
37,489 |
|
|
|
|
40,719 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dilutive (loss) earnings per
share |
|
|
|
(0.23 |
) |
|
|
|
0.29 |
|
|
|
|
(0.77 |
) |
|
|
|
1.00 |
|
Impact of adjustments to
numerator and denominator |
|
|
|
0.03 |
|
|
|
|
0.04 |
|
|
|
|
0.13 |
|
|
|
|
0.06 |
|
Adjusted diluted (loss)
earnings per share |
|
|
|
(0.20 |
) |
|
|
|
0.33 |
|
|
|
|
(0.64 |
) |
|
|
|
1.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) For fiscal
year 2023, we incurred $4.8 million in expenses for employee
retention bonuses after the retirement of our Chief Executive
Officer in April 2023, professional fees for the engagement of a
search firm to identify director candidates and candidates for
Chief Executive Officer, an executive signing bonus and relocation
reimbursement and certain costs related to recruitment for our
senior management team. For fiscal year 2022, costs incurred for
the recruitment and hiring of various key members of other senior
management team members. |
|
(2) Severance
expenses paid as part of our cost reduction plan implemented during
fiscal year 2023. |
|
(3) For fiscal
year 2023 represents a one-time legal settlement and related fees
and expenses. For fiscal year 2022 an accrued settlement in
relation to the closure of one of our stores in 2019. |
|
SPORTSMAN’S WAREHOUSE HOLDINGS, INC.GAAP
and Non-GAAP Financial Measures
(Unaudited)(amounts in thousands, except per share
data) |
|
Reconciliation of net
(loss) income to adjusted EBITDA (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Fiscal Quarters Ended |
|
|
For the Fiscal Years Ended |
|
|
|
February 3, 2024 |
|
|
January 28, 2023 |
|
|
February 3, 2024 |
|
|
January 28, 2023 |
|
Net (loss) income |
|
|
|
(8,739 |
) |
|
|
|
11,029 |
|
|
|
|
(28,997 |
) |
|
|
|
40,518 |
|
Interest expense |
|
|
|
3,351 |
|
|
|
|
1,674 |
|
|
|
|
12,869 |
|
|
|
|
4,195 |
|
Income tax expense
(benefit) |
|
|
|
(2,545 |
) |
|
|
|
3,338 |
|
|
|
|
(9,209 |
) |
|
|
|
13,350 |
|
Depreciation and
amortization |
|
|
|
10,597 |
|
|
|
|
8,764 |
|
|
|
|
39,009 |
|
|
|
|
31,776 |
|
Stock-based compensation
expense (2) |
|
|
|
896 |
|
|
|
|
1,147 |
|
|
|
|
4,237 |
|
|
|
|
4,673 |
|
Legal expense (3) |
|
|
|
- |
|
|
|
|
2,088 |
|
|
|
|
687 |
|
|
|
|
2,088 |
|
Cost reduction plan (4) |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
1,216 |
|
|
|
|
- |
|
Executive transition costs
(5) |
|
|
|
1,696 |
|
|
|
|
115 |
|
|
|
|
4,763 |
|
|
|
|
1,329 |
|
Adjusted EBITDA |
|
|
|
5,256 |
|
|
|
|
28,155 |
|
|
|
|
24,575 |
|
|
|
|
97,929 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Beginning
with the three months ended October 28, 2023, we no longer add back
new store pre-opening expenses to our net (loss) income to
determine Adjusted EBITDA. The presentation of past periods has
been conformed to the current presentation. For the 14 and 53 weeks
ended February 3, 2024 we incurred $0.4 million and $5.8 million,
respectively, in new store pre-opening expenses. For the 13
and 52 weeks ended January 28, 2023 $0.7 million and $3.7 million,
respectively, in new store pre-opening expenses. |
|
(2) Stock-based
compensation expense represents non-cash expenses related to equity
instruments granted to employees under our 2019 Performance
Incentive Plan and Employee Stock Purchase Plan. |
|
(3) For fiscal
year 2023 represents a one-time legal settlement and related fees
and expenses. For fiscal year 2022 an accrued settlement in
relation to the closure of one of our stores in 2019. |
|
(4) Severance
expenses paid as part of our cost reduction plan implemented during
fiscal year 2023. |
|
(5) For fiscal
year 2023, we incurred $4.8 million in expenses for employee
retention bonuses after the retirement of our Chief Executive
Officer in April 2023, professional fees for the engagement of a
search firm to identify director candidates and candidates for
Chief Executive Officer, an executive signing bonus and relocation
reimbursement and certain costs related to recruitment for our
senior management team. For fiscal year 2022, costs incurred for
the recruitment and hiring of various key members of other senior
management team members. |
|
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