- Generates $95.1 million in total revenues, an increase of
27.4% compared to the fiscal 2020 third quarter and 35.2% compared
to the fiscal 2019 third quarter
- Declares special dividend and authorizes stock repurchase
program
- Gross profit margin is 52.1% compared to 46.6% in the fiscal
2020 third quarter and 39.4% in the fiscal 2019 third
quarter
- Delivers pre-tax income of $7.9 million, reaching the
highest in the Company’s history for its third quarter, an
improvement of $6.2 million compared to the fiscal 2020 third
quarter and $15.6 million compared to the fiscal 2019 third
quarter
- Increases fiscal 2021 annual guidance for total revenues and
EBITDA
Build-A-Bear Workshop, Inc. (NYSE: BBW) today reported results
for the third quarter and nine months ended October 30, 2021. The
Company noted that its historically best third quarter profit
results under its current fiscal calendar followed a record
performance in the fiscal 2021 first half leading to the Company’s
strongest first nine-month performance on the precipice of the
celebration of the Company’s 25th year.
Sharon Price John, Build-A-Bear Workshop President and Chief
Executive Officer, commented, “We are pleased to report our third
consecutive quarter of record-setting profit for Build-A-Bear
Workshop along with strong growth in total revenues compared to
both the fiscal 2020 and 2019 periods with the positive business
momentum continuing into the start of the current fourth quarter.
It is our belief that this trend is largely reflective of the
successful execution of our strategy along with our ability to
adapt to ongoing external volatility. We firmly believe our results
reflect the progress we have made in our key initiatives allowing
us to capitalize on increased demand with enhanced marketing
programs and omnichannel capabilities while also having
acknowledged the potential positive impact from pandemic related
factors such as pent-up consumer activity and government
stimulus.
“The combination of our strong year-to-date results and current
business performance gives us confidence to once again increase our
guidance regarding total revenues and EBITDA for fiscal 2021. We
believe that our strategic actions have enabled us to fundamentally
evolve our company to deliver continued profitability while
recognizing that the external environment remains volatile due to
ongoing pandemic concerns, higher costs and supply chain
disruptions,” concluded Ms. John.
Third Quarter Fiscal 2021 Results: (13 weeks ended
October 30, 2021, compared to the 13 weeks ended October 31,
2020):
- Total revenues were $95.1 million, an increase of 27.4% from
$74.7 million in the fiscal 2020 third quarter, and a 35.2%
increase from $70.4 million in the fiscal 2019 third quarter;
- Net retail sales were $91.6 million, a 26.5% increase compared
to $72.4 million in the fiscal 2020 third quarter and a 37.5%
increase compared to $66.6 million in the fiscal 2019 third
quarter;
- Consolidated e-commerce demand (orders generated online to be
fulfilled from either the Company’s warehouse or its stores)
increased 5.7% compared to the fiscal 2020 third quarter
representing a penetration of nearly 20% of net retail sales.
E-commerce demand increased 187.1% compared to the fiscal 2019
third quarter; and
- Commercial and international franchise revenues were $3.6
million compared to $2.3 million in the fiscal 2020 third quarter
and $3.8 million in the fiscal 2019 third quarter;
- Gross profit margin was 52.1%, compared to 46.6% in the fiscal
2020 third quarter and 39.4% in the fiscal 2019 third quarter.
Gross profit margin expanded by 550 basis points compared to the
fiscal 2020 third quarter and 1,270 basis points versus the fiscal
2019 third quarter. Gross profit margin expansion in the 2021 third
quarter reflected increased leverage on fixed occupancy expense,
and to a lesser extent, expansion in merchandise margin;
- Selling, general and administrative (“SG&A”) expenses were
$41.7 million, or 43.8% of total revenues, compared to $33.1
million, or 44.3% of total revenues in the fiscal 2020 third
quarter and $35.4 million, or 50.3% of total revenues in the fiscal
2019 third quarter. The increase in SG&A expenses as compared
to the fiscal 2020 third quarter was driven by higher labor costs
given the lifting of capacity restrictions and expanded operating
hours in stores. In addition, the Company recorded full corporate
salaries in 2021 while the prior year included temporary wage
reductions as part of its pandemic-related cost containment
initiatives. In addition, the change in SG&A reflects an
increase in variable costs driven by sales growth initiatives
inclusive of higher marketing spend and performance incentive
programs;
- Pre-tax income was $7.9 million, an improvement of $6.2 million
compared to pre-tax income of $1.7 million in the fiscal 2020 third
quarter, and an improvement of $15.6 million compared to pre-tax
loss of ($7.7) million in the fiscal 2019 third quarter;
- Adjusted pre-tax income was $8.1 million compared to adjusted
pre-tax income of $1.7 million in the fiscal 2020 third quarter and
adjusted pre-tax loss of ($8.5) million in the fiscal 2019 third
quarter;
- Income tax expense was $2.0 million in the fiscal 2021 third
quarter compared to less than $100,000 of income tax expense in the
fiscal 2020 third quarter and an income tax benefit of $1.8 million
in the fiscal 2019 third quarter;
- Net income was $5.9 million, or $0.36 per diluted share,
compared to net income of $1.7 million, or $0.11 per diluted share,
in the fiscal 2020 third quarter and net loss of ($5.9) million, or
($0.40) per diluted share, in the fiscal 2019 third quarter;
- Adjusted net income was $6.1 million, or $0.38 per diluted
share, compared to adjusted net income of $1.7 million, or $0.11
per diluted share in the fiscal 2020 third quarter and adjusted net
loss of ($6.5) million, or ($0.44) per diluted share in the fiscal
2019 third quarter; and
- Adjusted earnings before interest, taxes, depreciation and
amortization (“EBITDA”) was $11.1 million, an increase of $6.2
million from the fiscal 2020 third quarter and an increase of $16.0
million from the fiscal 2019 third quarter.
Nine-Month Highlights (39 weeks ended October 30, 2021,
compared to the 39 weeks ended October 31, 2020):
- Total revenues were $281.6 million, an increase of 74.2%
compared to $161.7 million in the first nine months of fiscal 2020
and an increase of 20.3% from $234.0 million in the first nine
months of 2019;
- Consolidated net retail sales were $272.1 million, an increase
of 72.9% compared to $157.4 million in the first nine months of
fiscal 2020 and an increase of 22.1% compared to $222.8 million in
the first nine months of fiscal 2019;
- Consolidated e-commerce demand (orders generated online to be
fulfilled from either the Company’s warehouse or its stores)
increased 11.5% compared to the first nine months of fiscal 2020,
representing a penetration of nearly 20% of net retail sales.
E-commerce demand increased 186.7% compared to the first nine
months of fiscal 2019;
- Pre-tax income was $30.6 million compared to pre-tax loss of
($31.0) million in the first nine months of fiscal 2020 and pre-tax
loss of ($6.0) million in the first nine months of fiscal
2019;
- Income tax expense was $7.4 million compared to $2.5 million of
income tax expense in the first nine months of fiscal 2020 and an
income tax benefit of $0.1 million in the first nine months of
2019;
- Net income was $23.1 million, or $1.44 per diluted share
compared to net loss of ($33.5) million, or ($2.24) per diluted
share in the first nine months of fiscal 2020 and net loss of
($5.9) million, or ($0.40) per diluted share, in the first nine
months of fiscal 2019;
- Adjusted net income was $22.5 million, or $1.40 per diluted
share, compared to adjusted net loss of ($23.0) million or ($1.54)
per diluted share in the first nine months of fiscal 2020, and
compared to adjusted net loss of ($6.0) million or ($0.41) per
diluted share for the first nine months of fiscal 2019; and
- Adjusted EBITDA was $39.1 million, an increase of $52.2 million
from adjusted EBITDA of ($13.1) million in the first nine months of
fiscal 2020 and an increase of $34.8 million from adjusted EBITDA
of $4.3 million in the first nine months of 2019.
Store Activity:
As of October 30, 2021, the Company had 349 corporately-managed
stores. The Company maintains a high level of lease optionality
with over 75% of its corporately-managed stores having a lease
event within the next three years.
The Company noted that its third-party retail model was showing
a return to stability as locations associated with relationships
that include Carnival Cruise Lines, Great Wolf Lodge Resorts,
Landry’s and Beaches Family Resorts were mostly reopened.
Separately, international franchise locations continued to be
negatively impacted by COVID and experienced closures or operated
under restrictions for a portion of the 2021 third quarter.
Balance Sheet:
At the end of the fiscal 2021 third quarter, the Company had
cash, cash equivalents, and restricted cash totaling $48.5 million
compared to $25.8 million at the end of the fiscal 2020 third
quarter. Inventory at quarter end was $61.9 million, compared to
$51.5 million at the end of the fiscal 2020 third quarter.
In the fiscal 2021 third quarter, capital expenditures totaled
$3.1 million compared to $0.7 million in the fiscal 2020 third
quarter.
Subsequent Events:
As announced yesterday, the Company’s Board of Directors has
declared a special cash dividend of $1.25 per share and authorized
a share repurchase program of up to $25 million effective through
November 30, 2023. The dividend will be paid on December 27, 2021,
to all stockholders of record as of December 10, 2021.
Build-A-Bear Workshop President and Chief Executive Officer
Sharon Price John commented, “The action taken by our Board
reflects their confidence in our strategy to drive sustained
profitable growth as well as our demonstrated ability to generate
free cash flow. While we plan to support our business with
strategic investments designed to drive further expansion, we
believe it is an opportune time to return a portion of the value
that we have created directly to our shareholders especially given
our ongoing strong business trends.”
Outlook:
The Company believes its business performance has it positioned
to exceed the expectations it previously issued with its second
quarter earnings. The Company currently expects:
- Total revenues in fiscal 2021 to be in the range of $390 to
$400 million which represents an increase from its previous
guidance for fiscal 2021 of total revenues in the range of $375 to
$385 million;
- EBITDA in fiscal 2021 to be in the range of $55 million to $60
million, an increase from the Company’s previous expectation for
EBITDA in the range of $45 to $50 million; and
- The Company currently expects capital expenditures to be
approximately $8 to 10 million and depreciation and amortization to
be in the range of $12 to $13 million in fiscal 2021.
The Company notes that its updated guidance assumes no
additional material COVID impact either in its supply chain or
store operations.
Note Regarding Non-GAAP Financial Measures:
In this press release, the Company’s financial results are
provided both in accordance with generally accepted accounting
principles (GAAP) and using certain non-GAAP financial measures. In
particular, the Company provides historic EBIT, income and income
per diluted share adjusted to exclude certain costs and accounting
adjustments, which are non-GAAP financial measures. These results
are included as a complement to results provided in accordance with
GAAP because management believes these non-GAAP financial measures
help identify underlying trends in the Company’s business and
provide useful information to both management and investors by
excluding certain items that may not be indicative of the Company’s
core operating results. These measures should not be considered a
substitute for or superior to GAAP results. These non-GAAP
financial measures are defined and reconciled to the most
comparable GAAP measure later in this document.
Today’s Conference Call and Webcast:
Build-A-Bear will host a live conference call which can be
accessed at (201) 493-6780 with access code Build-A-Bear at 9 a.m.
ET today. The call will be broadcast simultaneously over the
internet through the Company’s investor relations website,
http://IR.buildabear.com. The call is expected to conclude by 10
a.m. ET.
A replay of the conference call webcast will be available in the
investor relations website for one year. A telephone replay will be
available beginning at approximately noon ET today until midnight
ET on December 8, 2021. The telephone replay is available by
calling (844) 512-2921. The access code is: 13724774.
About Build-A-Bear
Build-A-Bear is a multi-generational global brand focused on its
mission to “add a little more heart to life” appealing to a wide
array of consumer groups who enjoy the personal expression in
making their own “furry friends” to celebrate and commemorate life
moments. Nearly 500 interactive brick-and-mortar retail locations
operated through a variety of formats provide guests of all ages a
hands-on entertaining experience, which often fosters a lasting and
emotional brand connection. The company also offers engaging
e-commerce/digital purchasing experiences on www.buildabear.com
including its online “Bear-Builder” as well as the new “Bear
Builder 3D Workshop”. In addition, extending its brand power beyond
retail, Build-A-Bear Entertainment, a subsidiary of Build-A-Bear
Workshop, Inc., is dedicated to creating engaging content for kids
and adults that fulfills the company’s mission, while the company
also offers products at wholesale and in non-plush consumer
categories via licensing agreements with leading manufacturers.
Build-A-Bear Workshop, Inc. (NYSE: BBW) posted total revenue of
$255.3 million in fiscal 2020. For more information, visit the
Investor Relations section of buildabear.com.
Forward-Looking Statements:
This press release contains certain statements that are, or may
be considered to be, “forward-looking statements” for the purpose
of federal securities laws, including, but not limited to,
statements that reflect our current views with respect to future
events and financial performance. We generally identify these
statements by words or phrases such as “may,” “might,” “should,”
“expect,” “plan,” “anticipate,” “believe,” “estimate,” “intend,”
“predict,” “future,” “potential” or “continue,” the negative or any
derivative of these terms and other comparable terminology. All of
the information concerning our future liquidity, future revenues,
margins and other future financial performance and results,
achievement of operating of financial plans or forecasts for future
periods, sources and availability of credit and liquidity, future
cash flows and cash needs, success and results of strategic
initiatives and other future financial performance or financial
position, as well as our assumptions underlying such information,
constitute forward-looking information.
These statements are based only on our current expectations and
projections about future events. Because these forward-looking
statements involve risks and uncertainties, there are important
factors that could cause our actual results, level of activity,
performance or achievements to differ materially from the results,
level of activity, performance or achievements expressed or implied
by these forward-looking statements, including those factors
discussed under the caption entitled “Risks Related to Our
Business” and “Forward-Looking Statements” in our Annual Report on
Form 10-K filed with the Securities and Exchange Commission (“SEC”)
on April 15, 2021 and other periodic reports filed with the SEC
which are incorporated herein.
All of our forward-looking statements are as of the date of this
Press Release only. In each case, actual results may differ
materially from such forward-looking information. We can give no
assurance that such expectations or forward-looking statements will
prove to be correct. An occurrence of or any material adverse
change in one or more of the risk factors or other risks and
uncertainties referred to in this Press Release or included in our
other public disclosures or our other periodic reports or other
documents or filings filed with or furnished to the SEC could
materially and adversely affect our continuing operations and our
future financial results, cash flows, available credit, prospects
and liquidity. Except as required by law, the Company does not
undertake to publicly update or revise its forward-looking
statements, whether as a result of new information, future events
or otherwise.
All other brand names, product names, or trademarks belong to
their respective holders.
BUILD-A-BEAR WORKSHOP, INC. AND SUBSIDIARIES Unaudited
Condensed Consolidated Statements of Operations (dollars in
thousands, except share and per share data)
13 Weeks
13 Weeks
Ended
Ended
October 30,
% of Total
October 31,
% of Total
2021
Revenues (1)
2020
Revenues (1)
Revenues:
Net retail sales
$
91,551
96.2
$
72,368
96.9
Commercial revenue
2,749
2.9
1,858
2.5
International franchising
839
0.9
447
0.6
Total revenues
95,139
100.0
74,673
100.0
Cost of merchandise sold:
Cost of merchandise sold - retail (1)
43,918
48.0
38,715
53.5
Store asset impairment
—
0.0
162
0.2
Cost of merchandise sold - commercial (1)
1,060
38.6
782
42.1
Cost of merchandise sold - international franchising (1)
547
65.2
251
56.2
Total cost of merchandise sold
45,525
47.9
39,910
53.4
Consolidated gross profit
49,614
52.1
34,763
46.6
Selling, general and administrative expense
41,709
43.8
33,091
44.3
Interest expense (income), net
(2
)
(0.0
)
2
0.0
Income before income taxes
7,907
8.3
1,670
2.2
Income tax expense
1,984
2.1
10
0.0
Net income
$
5,923
6.2
$
1,660
2.2
Income per common share:
Basic
$
0.38
$
0.11
Diluted
$
0.36
$
0.11
Shares used in computing common per share amounts:
Basic
15,578,389
14,999,786
Diluted
16,236,901
15,220,432
(1)
Selected statement of operations data expressed as a percentage of
total revenues, except cost of merchandise sold - retail, cost of
merchandise sold - commercial and cost of merchandise sold -
international franchising that are expressed as a percentage of net
retail sales, commercial revenue and international franchising,
respectively. Percentages will not total due to cost of
merchandise sold being expressed as a percentage of net retail
sales, commercial revenue or international franchising and
immaterial
rounding.
BUILD-A-BEAR WORKSHOP, INC. AND SUBSIDIARIES Unaudited
Condensed Consolidated Statements of Operations (dollars in
thousands, except share and per share data)
39 Weeks
39 Weeks
Ended
Ended
October 30,
% of Total
October 31,
% of Total
2021
Revenues (1)
2020
Revenues (1)
Revenues: Net retail sales
$
272,052
96.6
$
157,354
97.3
Commercial revenue
7,804
2.8
3,056
1.9
International franchising
1,704
0.6
1,240
0.8
Total revenues
281,560
100.0
161,650
100.0
Costs and expenses:
Cost of merchandise sold - retail (1)
128,688
47.3
102,300
65.0
Store asset impairment (2)
—
0.0
7,044
4.5
Cost of merchandise sold - commercial (1)
3,250
41.6
1,309
42.8
Cost of merchandise sold - international franchising (1)
1,180
69.2
636
51.3
Total cost of merchandise sold
133,118
47.3
111,289
68.8
Consolidated gross profit
148,442
52.7
50,361
31.2
Selling, general and administrative expense
117,870
41.9
81,332
50.3
Interest expense, net
11
0.0
6
0.0
Income (loss) before income taxes
30,561
10.9
(30,977
)
(19.2
)
Income tax expense
7,423
2.6
2,476
1.5
Net income (loss)
$
23,138
8.2
$
(33,453
)
(20.7
)
Income (loss) per common share:
Basic
$
1.51
$
(2.24
)
Diluted
$
1.44
$
(2.24
)
Shares used in computing common per share amounts:
Basic
15,345,420
14,923,304
Diluted
16,042,947
14,923,304
(1)
Selected statement of operations data expressed as a percentage of
total revenues, except cost of merchandise sold - retail, cost of
merchandise sold - commercial and cost of merchandise sold -
international franchising that are expressed as a percentage of net
retail sales, commercial revenue and international franchising,
respectively. Percentages will not total due to cost of
merchandise sold being expressed as a percentage of net retail
sales, commercial revenue or international franchising and
immaterial rounding.
(2)
Due to the charges primarily in the 39 weeks ended October 31,
2020, a separate line item was disclosed and expressed as a
percentage of net retail sales.
BUILD-A-BEAR WORKSHOP, INC. AND
SUBSIDIARIES Unaudited Condensed Consolidated Balance
Sheets (dollars in thousands, except per share data)
October 30,
January 30,
October 31,
2021
2021
2020
ASSETS Current assets: Cash, cash equivalents
and restricted cash
$
48,501
$
34,840
$
25,809
Inventories, net
61,912
46,947
51,501
Receivables, net
12,788
8,295
7,950
Prepaid expenses and other current assets
11,186
10,111
5,427
Total current assets
134,387
100,193
90,687
Operating lease right-of-use asset
86,888
104,825
109,757
Property and equipment, net
48,221
52,973
55,421
Other assets, net
2,502
3,381
3,572
Total Assets
$
271,998
$
261,372
$
259,437
LIABILITIES AND STOCKHOLDERS' EQUITY Current
liabilities: Accounts payable
$
25,830
$
17,901
$
14,527
Accrued expenses
20,378
17,551
19,856
Operating lease liability short term
26,815
32,402
35,489
Gift cards and customer deposits
18,197
19,029
19,070
Deferred revenue and other
2,690
2,445
2,364
Total current liabilities
93,910
89,328
91,306
Operating lease liability long term
82,700
101,462
107,653
Deferred franchise revenue
791
920
866
Other liabilities
1,533
2,354
2,913
Stockholders' equity: Common stock, par
value $0.01 per share
163
159
160
Additional paid-in capital
75,316
72,822
72,344
Accumulated other comprehensive loss
(12,495
)
(12,615
)
(12,277
)
Retained earnings/(deficit)
30,080
6,942
(3,528
)
Total stockholders' equity
93,064
67,308
56,699
Total Liabilities and Stockholders' Equity
$
271,998
$
261,372
$
259,437
BUILD-A-BEAR WORKSHOP, INC. AND SUBSIDIARIES Unaudited
Selected Financial and Store Data (dollars in thousands)
13 Weeks
13 Weeks
39 Weeks
39 Weeks
Ended
Ended
Ended
Ended
October 30,
October 31,
October 30,
October 31,
2021
2020
2021
2020
Other financial data:
Retail gross margin ($) (1)
$
47,633
$
33,653
$
143,364
$
55,054
Retail gross margin (%) (1)
52.1
%
46.5
%
52.7
%
35.0
%
Capital expenditures (2)
$
3,091
$
651
$
4,644
$
4,029
Depreciation and amortization
$
3,033
$
3,194
$
9,152
$
9,905
Store data (3):
Number of corporately-managed retail locations at end of period
North America
305
306
Europe
44
51
Asia
—
1
Total corporately-managed retail locations
349
358
Number of franchised stores at end of period
73
77
Corporately-managed store square footage at end of period (4)
North America
713,959
712,387
Europe
65,387
76,173
Asia
—
1,750
Total square footage
779,346
790,310
(1)
Retail gross margin represents net retail sales less cost of
merchandise sold - retail. Retail gross margin percentage
represents retail gross margin divided by net retail sales. Store
impairment is excluded from retail gross margin.
(2)
Capital expenditures represents cash paid for property, equipment,
and other assets.
(3)
Excludes e-commerce. North American stores are located in the
United States and Canada. In Europe, stores are located in the
United Kingdom and Ireland. Seasonal locations not included in
store count.
(4)
Square footage for stores located in North America is leased square
footage. Square footage for stores located in Europe is estimated
selling square footage. Seasonal locations not included in the
store count.
* Non-GAAP Financial Measures
BUILD-A-BEAR WORKSHOP, INC. AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Results (dollars in
thousands, except per share data)
13 Weeks
13 Weeks
13 Weeks
39 Weeks
39 Weeks
39 Weeks
Ended
Ended
Ended
Ended
Ended
Ended
October 30,
October 31,
November 2,
October 30,
October 31,
November 2,
2021
2020
2019
2021
2020
2019
Income (loss) before income taxes (pre-tax)
$
7,907
$
1,670
$
(7,694
)
$
30,561
$
(30,977
)
$
(6,027
)
Income (loss) before income tax adjustments: United Kingdom
Lockdown Business & Restart Grants (1)
-
-
-
(852
)
-
-
COVID-19 activity (2)
37
54
-
83
112
-
Impairment and bad debt (3)
(23
)
78
-
89
7,628
(456
)
Foreign exchange (gains) losses (4)
171
(68
)
(785
)
23
197
332
Adjusted income (loss) before income taxes (adjusted pre-tax)
8,092
1,734
(8,479
)
29,904
(23,040
)
(6,151
)
Income tax (expense) benefit
(1,984
)
(10
)
1,821
(7,423
)
(2,476
)
126
Tax adjustments: Income tax impact: adjustments (5)
-
-
165
-
-
26
Income tax impact: CARES Act (6)
-
-
-
-
(773
)
-
Valuation allowance (7)
-
-
-
-
3,272
-
Adjusted income tax (expense) benefit
(1,984
)
(10
)
1,986
(7,423
)
23
152
Net income (loss)
5,923
1,660
(5,873
)
23,138
(33,453
)
(5,901
)
Adjustments
185
64
(620
)
(657
)
10,436
(98
)
Adjusted net income (loss)
$
6,108
$
1,724
$
(6,493
)
$
22,481
$
(23,017
)
$
(5,999
)
Net income (loss) per
diluted share (EPS)
$
0.36
$
0.11
$
(0.40
)
$
1.44
$
(2.24
)
$
(0.40
)
Adjusted net income (loss) per diluted share
(adjusted EPS)
$
0.38
$
0.11
$
(0.44
)
$
1.40
$
(1.54
)
$
(0.41
)
(1)
Represents the business and
restart grants received from the United Kingdom government for
business in the retail, hospitality and leisure sectors as a result
of government mandated lockdowns in early fiscal 2021. These grants
were provided on a per-property basis to support businesses through
the latest lockdown restrictions as a result of the COVID-19
pandemic and to resume business when restrictions were eased.
(2)
Represents COVID-19 related
expenses at our stores, warehouse, and headquarters.
(3)
Represents non-cash adjustments
including asset impairment charges related to store fixed assets
and right-of-use operating lease assets and bad debt expense or
recoveries in the 13 and 39 weeks ending October 30, 2021 and
October 31, 2020, and the 39 weeks ending November 2, 2019
(4)
Represents the consolidated
impact of foreign exchange rates on the re-measurement of balance
sheet items not denominated in functional currency recorded under
the provisions of U.S. GAAP. This does not include any impact on
margin associated with the translation of revenues or the foreign
subsidiaries' purchase of inventory in U.S. dollars.
(5)
As a result of the Company's
full, global valuation allowance, the Company cannot realize an
income tax benefit on these adjustments for the third quarter and
year-to-date periods ending October 30, 2021 and October 31,
2020.
(6)
Represents the impact of the
technical correction related to qualified leasehold improvements
resulting from the CARES Act occurring in the first quarter of
fiscal 2020
(7)
Represents the valuation
allowance recorded on its net deferred tax assets in North America
in the first quarter of fiscal 2020.
Reconciliation of GAAP to Non-GAAP figures (dollars in
thousands)
13 Weeks
13 Weeks
13 Weeks
Ended
Ended
Ended
October 30,
October 31,
November 2,
2021
2020
2019
Income (loss) before income taxes (pre-tax)
$
7,907
$
1,670
$
(7,694
)
Interest (income)/expense, net
(2
)
2
8
Depreciation and amortization expense
3,033
3,194
3,561
Earnings (loss) before interest, taxes, depreciation and
amortization (EBITDA)
$
10,938
$
4,866
$
(4,125
)
Adjustments
185
64
(785
)
Adjusted earnings (loss) before interest, taxes, depreciation and
amortization (adjusted EBITDA)
$
11,123
$
4,930
$
(4,910
)
39 Weeks
39 Weeks
39 Weeks
Ended
Ended
Ended
October 30,
October 31,
November 2,
2021
2020
2019
Income (loss) before income taxes (pre-tax)
$
30,561
$
(30,977
)
$
(6,027
)
Interest expense, net
11
6
21
Depreciation and amortization expense
9,152
9,905
10,359
Earnings (loss) before interest, taxes, depreciation and
amortization (EBITDA)
$
39,724
$
(21,066
)
$
4,353
Adjustments
(657
)
7,937
(124
)
Adjusted earnings (loss) before interest, taxes, depreciation and
amortization (adjusted EBITDA)
$
39,067
$
(13,129
)
$
4,229
Reconciliation of GAAP to Non-GAAP figures (dollars in
millions)
Forecasted
Actuals
2021
2019
Income before income taxes (pre-tax) $42 - $46
$1.6
Interest expense, net
-
-
Earnings before interest and taxes (EBIT) $42 - $46
$1.6
Depreciation and amortization expense
13 - 14
13.7
Earnings before interest, taxes, depreciation and amortization
(EBITDA) $55 - $60
$15.3
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211201005323/en/
Investors: Voin Todorovic Build-A-Bear Workshop 314.423.8000
x5221
Media: Public Relations PR@buildabear.com
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