Grocery Outlet Holding Corp. (NASDAQ: GO) ("Grocery Outlet" or the
"Company") today announced financial results for the second quarter
of fiscal 2023 ended July 1, 2023.
Highlights for Second Quarter Fiscal
2023 as compared to Second Quarter Fiscal 2022:
- Net sales
increased by 12.5% to $1.01 billion.
- Comparable store
sales increased by 9.2%, driven by a 9.1% increase in the number of
transactions while average transaction size was flat.
- The Company opened
four new stores and closed one, ending the quarter with 447 stores
in eight states.
- Net income
increased 21.8% to $24.5 million, or $0.24 per diluted share.
- Adjusted EBITDA(1)
increased by 22.7% to $70.5 million, or 7.0% of net sales.
- Adjusted net
income(1) increased by 18.5% to $31.9 million, or $0.32 per
adjusted diluted share(1).
"Our second quarter results came in ahead of our expectations
and were driven by strong same store sales growth and gross margin
expansion. Our differentiated model and compelling value
proposition are resonating with both new and existing customers,
and our performance is being driven by strong transaction growth,"
said RJ Sheedy, CEO of Grocery Outlet. "Looking forward, we are
pleased to be raising guidance for the year and we are well
positioned for future growth."
__________________________________
(1) Adjusted EBITDA, adjusted net income and
adjusted diluted earnings per share are non-GAAP financial
measures, which exclude the impact of certain special items. Please
note that our non-GAAP financial measures should be considered as a
supplement to, and not as a substitute for, or superior to,
financial measures calculated in accordance with GAAP. See the
"Non-GAAP Financial Information" section of this release as well as
the respective reconciliations of our non-GAAP financial measures
below for additional information about these items.
Highlights for the 26 Weeks Ended July
1, 2023 as compared to the 26 Weeks Ended July 2,
2022:
- Net sales
increased by 14.3% to $1.98 billion.
- Comparable store
sales increased by 10.6%, driven by a 8.6% increase in the number
of transactions and a 1.9% increase in average transaction
size.
- Net income
increased 20.6% to $38.2 million, or $0.38 per diluted share.
- Adjusted EBITDA(1)
increased by 29.0% to $133.6 million.
- Adjusted net
income(1) increased by 27.8% to $58.9 million, or $0.59 per
adjusted diluted share(1).
Balance Sheet and Cash
Flow:
- Cash and cash
equivalents totaled $87.6 million at the end of the second quarter
of fiscal 2023.
- As previously
reported, on April 21, 2023, the Company repaid the
$25.0 million of principal on its revolving credit facility.
Total debt was $296.3 million at the end of the second quarter of
fiscal 2023, net of unamortized debt issuance costs.
- Net cash provided
by operating activities during the second quarter of fiscal 2023
was $69.5 million.
- Capital
expenditures for the second quarter of fiscal 2023, before the
impact of tenant improvement allowances, were $37.5 million,
and, net of tenant improvement allowances, were
$35.4 million.
Outlook:
The Company is raising key guidance figures for
fiscal 2023 as follows:
|
Current |
Previous |
New store openings, net |
25 to 28 |
25 to 28 |
Net sales |
~$3.95 billion |
~$3.90 billion |
Comparable store sales
increase |
7.0% to 8.0% |
5.0% to 6.0% |
Gross margin |
~31.3% |
~30.7% |
Adjusted EBITDA(1) |
$254 million to $260 million |
$240 million to $246 million |
Adjusted earnings per share —
diluted(1) |
$1.04 to $1.08 |
$0.96 to $1.00 |
Capital expenditures (net of
tenant improvement allowances) |
~$155 million |
~$155 million |
Conference Call Information:
A conference call to discuss the second quarter
fiscal 2023 financial results is scheduled for today,
August 8, 2023 at 4:30 p.m. Eastern Time. Investors and
analysts interested in participating in the call are invited to
dial (877) 407-9208 approximately 10 minutes prior to the start of
the call, using conference ID #13739038. A live audio webcast of
the conference call will be available online at
https://investors.groceryoutlet.com.
A taped replay of the conference call will be
available within two hours of the conclusion of the call and can be
accessed both online and by dialing (844) 512-2921 and entering
access code 13739038. The replay will be available for
approximately two weeks after the call.
Reclassification of Certain Statements
of Operations and Comprehensive Income Items:
In the first quarter of fiscal 2023, in order to
enhance the comparability of our results with our peers, we updated
our presentation of the condensed consolidated statements of
operations and comprehensive income to include depreciation and
amortization expenses and share-based compensation expenses within
selling, general and administrative expenses. Prior period amounts
have been reclassified to conform to current period presentation.
The reclassification of these items had no impact on net income,
earnings per share, or retained earnings in the current or prior
periods.
Non-GAAP Financial
Information:
In addition to reporting financial results in
accordance with accounting principles generally accepted in the
United States ("GAAP"), the Company uses EBITDA, adjusted EBITDA,
adjusted net income and adjusted earnings per share as supplemental
measures of performance. Management believes it is useful to
investors and analysts to evaluate these non-GAAP financial
measures on the same basis as management uses to evaluate the
Company's operating results. Management uses these non-GAAP
financial measures to evaluate the effectiveness of its business
strategies, to make budgeting decisions and to compare its
performance against that of other peer companies using similar
measures. In addition, the Company uses adjusted EBITDA to
supplement GAAP measures of performance to evaluate performance in
connection with compensation decisions. Management believes that
excluding items from operating income, net income and net income
per diluted share that may not be indicative of, or are unrelated
to, the Company's core operating results, and that may vary in
frequency or magnitude, enhances the comparability of the Company's
results and provides additional information for analyzing trends in
the business.
Adjusted EBITDA is defined as net income before
net interest expense, income taxes, depreciation and amortization
expenses ("EBITDA") and adjusted to exclude share-based
compensation expense, loss on debt extinguishment and modification,
asset impairment and gain or loss on disposition and certain other
expenses that may not be indicative of, or are unrelated to, the
Company's core operating results, and that may vary in frequency or
magnitude. Adjusted net income represents net income adjusted for
the previously mentioned adjusted EBITDA adjustments, further
adjusted for costs related to amortization of purchase accounting
assets and deferred financing costs, tax adjustment to normalize
the effective tax rate, and tax effect of total adjustments. Basic
adjusted earnings per share is calculated using adjusted net
income, as defined above, and basic weighted average shares
outstanding. Diluted adjusted earnings per share is calculated
using adjusted net income, as defined above, and diluted weighted
average shares outstanding.
EBITDA, adjusted EBITDA, adjusted net income and
adjusted earnings per share are non-GAAP measures and may not be
comparable to similar measures reported by other companies. EBITDA,
adjusted EBITDA, adjusted net income and adjusted earnings per
share have limitations as analytical tools, and you should not
consider them in isolation or as a substitute for analysis of the
Company's results as reported under GAAP. The Company addresses the
limitations of the non-GAAP measures through the use of various
GAAP measures. In the future the Company will incur expenses or
charges such as those added back to calculate adjusted EBITDA or
adjusted net income. The presentation of EBITDA, adjusted EBITDA,
adjusted net income and adjusted earnings per share should not be
construed as an inference that future results will be unaffected by
the adjustments used to derive these non-GAAP measures.
Beginning with the fourth quarter of fiscal
2022, we updated our definitions of adjusted EBITDA, adjusted net
income and adjusted earnings per share to no longer exclude the
impact of non-cash rent expense and the provision for accounts
receivable reserves. See the "Operating Metrics and Non-GAAP
Financial Measures" section of our Annual Report on Form 10-K for
the fiscal year ended December 31, 2022 for more
information.
The Company has not reconciled the non-GAAP
adjusted EBITDA and adjusted diluted earnings per share
forward-looking guidance included in this release to the most
directly comparable GAAP measures because this cannot be done
without unreasonable effort due to the variability and low
visibility with respect to taxes and non-recurring items, which are
potential adjustments to future earnings. We expect the variability
of these items to have a potentially unpredictable, and a
potentially significant, impact on our future GAAP financial
results.
Forward-Looking Statements:
This news release includes forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. All statements contained in this release other
than statements of historical fact, including statements regarding
our future operating results and financial position, our business
strategy and plans, business and market trends, our objectives for
future operations, macroeconomic and geopolitical conditions, and
the sufficiency of our cash balances, working capital and cash
generated from operating, investing, and financing activities for
our future liquidity and capital resource needs may constitute
forward-looking statements. Words such as "anticipate," "believe,"
"estimate," "expect," "intend," "may," "outlook," "plan,"
"project," "seek," "will," and similar expressions, are intended to
identify such forward-looking statements. These forward-looking
statements are subject to a number of risks, uncertainties and
assumptions that may cause actual results to differ materially from
those expressed or implied by any forward-looking statements,
including the following: failure of suppliers to consistently
supply the Company with opportunistic products at attractive
pricing; inability to successfully identify trends and maintain a
consistent level of opportunistic products; failure to maintain or
increase comparable store sales; failure to open, relocate or
remodel stores on schedule and on budget (including due to
increased lead times to acquire materials, obtain permits and
licenses as well as higher construction related costs); inflation
(resulting in part from various supply disruptions, increased
shipping and transportation costs, increased commodity costs,
increased labor costs in the supply chain, increased selling,
general and administrative expenses and the uncertain economic
environment) and other changes affecting the market prices and
supply of the products the Company sells; risks associated with
newly opened stores; costs and successful implementation of
marketing, advertising and promotions; failure to maintain the
Company's reputation and the value of its brand, including
protecting intellectual property; any significant disruption to the
Company's distribution network, the operations of its distributions
centers and timely receipt of inventory; inability to maintain
sufficient levels of cash flow from operations; risks associated
with leasing substantial amounts of space; failure to participate
effectively in the growing online retail marketplace; natural or
man-made disasters, unusual weather conditions (which may become
more frequent due to climate change), power outages, pandemic
outbreaks, terrorist acts, global political events or other serious
catastrophic events and the concentration of the Company's business
operations; unexpected costs and negative effects if the Company
incurs losses not covered by insurance; inability to attract, train
and retain highly qualified employees; risks associated with
macroeconomic and geopolitical conditions; competition in the
retail food industry; movement of consumer trends toward private
labels and away from name-brand products; failure of the Company's
independent operators ("IOs") to successfully manage their
business; failure of the IOs to repay notes outstanding to us;
inability to attract and retain qualified IOs; inability of the IOs
to avoid excess inventory shrink; any loss or changeover of an IO;
legal proceedings initiated against the IOs; legal challenges to
the IO/independent contractor business model; failure to maintain
positive relationships with the IOs; risks associated with actions
the IOs could take that could harm the Company's business; failure
to maintain the security of information relating to personal
information or payment card data of customers, employees and
suppliers; material disruption to information technology systems;
risks associated with products the Company and its IOs sell; risks
associated with laws and regulations generally applicable to
retailers; legal proceedings from customers, suppliers, employees,
governments or competitors; the Company's substantial indebtedness
could affect its ability to operate its business, react to changes
in the economy or industry or pay debts and meet obligations;
restrictive covenants in the Company's debt agreements may restrict
its ability to pursue its business strategies, and failure to
comply with any of these restrictions could result in acceleration
of the Company's debt; risks associated with tax matters; changes
in accounting standards and subjective assumptions, estimates and
judgments by management related to complex accounting matters; and
the other factors discussed under "Risk Factors" in the Company's
most recent annual report on Form 10-K and in other subsequent
reports the Company files with the United States Securities and
Exchange Commission (the "SEC"). The Company's periodic filings are
accessible on the SEC's website at www.sec.gov.
Moreover, the Company operates in a very
competitive and rapidly changing environment, and new risks emerge
from time to time. Although the Company believes that the
expectations reflected in the forward-looking statements are
reasonable, and our expectations based on third-party information
and projections are from sources that management believes to be
reputable, the Company cannot guarantee that future results, levels
of activity, performance or achievements. These forward-looking
statements are made as of the date of this release or as of the
date specified herein and the Company has based these
forward-looking statements on current expectations and projections
about future events and trends. Except as required by law, the
Company does not undertake any duty to update any of these
forward-looking statements after the date of this news release or
to conform these statements to actual results or revised
expectations.
About Grocery Outlet:
Based in Emeryville, California, Grocery Outlet
is a high-growth, extreme value retailer of quality, name-brand
consumables and fresh products sold through a network of
independently operated stores. Grocery Outlet has more than 440
stores in California, Washington, Oregon, Pennsylvania, Idaho,
Nevada, Maryland and New Jersey.
GROCERY OUTLET HOLDING CORP.CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME |
|
(in thousands, except per share
data)(unaudited) |
|
|
13 Weeks Ended |
|
26 Weeks Ended |
|
July 1,2023 |
|
July 2,2022 |
|
July 1,2023 |
|
July 2,2022 |
Net sales |
$ |
1,010,255 |
|
$ |
897,659 |
|
$ |
1,975,722 |
|
$ |
1,729,086 |
Cost of sales |
|
683,685 |
|
|
618,248 |
|
|
1,348,609 |
|
|
1,198,786 |
Gross profit |
|
326,570 |
|
|
279,411 |
|
|
627,113 |
|
|
530,300 |
Selling, general and
administrative expenses |
|
290,089 |
|
|
252,500 |
|
|
557,814 |
|
|
483,961 |
Operating income |
|
36,481 |
|
|
26,911 |
|
|
69,299 |
|
|
46,339 |
Other expenses: |
|
|
|
|
|
|
|
Interest expense, net |
|
4,766 |
|
|
3,875 |
|
|
10,685 |
|
|
7,557 |
Loss on debt extinguishment and modification |
|
— |
|
|
1,274 |
|
|
5,340 |
|
|
1,274 |
Total other expenses |
|
4,766 |
|
|
5,149 |
|
|
16,025 |
|
|
8,831 |
Income before income
taxes |
|
31,715 |
|
|
21,762 |
|
|
53,274 |
|
|
37,508 |
Income tax expense |
|
7,244 |
|
|
1,668 |
|
|
15,083 |
|
|
5,840 |
Net income and comprehensive
income |
$ |
24,471 |
|
$ |
20,094 |
|
$ |
38,191 |
|
$ |
31,668 |
Basic earnings per share |
$ |
0.25 |
|
$ |
0.21 |
|
$ |
0.39 |
|
$ |
0.33 |
Diluted earnings per
share |
$ |
0.24 |
|
$ |
0.20 |
|
$ |
0.38 |
|
$ |
0.32 |
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
Basic |
|
98,515 |
|
|
96,578 |
|
|
98,218 |
|
|
96,358 |
Diluted |
|
100,639 |
|
|
100,140 |
|
|
100,604 |
|
|
99,788 |
GROCERY OUTLET HOLDING CORP.CONDENSED
CONSOLIDATED BALANCE SHEETS(in
thousands)(unaudited) |
|
|
July 1,2023 |
|
December 31,2022 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
87,570 |
|
$ |
102,728 |
Independent operator receivables and current portion of independent
operator notes, net of allowance |
|
9,300 |
|
|
10,805 |
Other accounts receivable, net of allowance |
|
5,148 |
|
|
4,368 |
Merchandise inventories |
|
320,344 |
|
|
334,319 |
Prepaid expenses and other current assets |
|
17,930 |
|
|
15,137 |
Total current assets |
|
440,292 |
|
|
467,357 |
Independent operator notes and
receivables, net of allowance |
|
24,858 |
|
|
22,535 |
Property and equipment,
net |
|
592,322 |
|
|
560,746 |
Operating lease right-of-use
assets |
|
933,614 |
|
|
902,163 |
Intangible assets, net |
|
73,084 |
|
|
63,993 |
Goodwill |
|
747,943 |
|
|
747,943 |
Other assets |
|
10,978 |
|
|
7,667 |
Total assets |
$ |
2,823,091 |
|
$ |
2,772,404 |
Liabilities and
Stockholders' Equity |
|
|
|
Current liabilities: |
|
|
|
Trade accounts payable |
$ |
147,220 |
|
$ |
137,631 |
Accrued and other current liabilities |
|
71,321 |
|
|
53,213 |
Accrued compensation |
|
24,412 |
|
|
27,194 |
Current portion of long-term debt |
|
5,625 |
|
|
— |
Current lease liabilities |
|
61,053 |
|
|
54,586 |
Income and other taxes payable |
|
11,376 |
|
|
7,890 |
Total current liabilities |
|
321,007 |
|
|
280,514 |
Long-term debt, net |
|
290,660 |
|
|
379,650 |
Deferred income tax
liabilities, net |
|
29,720 |
|
|
19,782 |
Long-term lease
liabilities |
|
1,015,222 |
|
|
980,759 |
Other long-term
liabilities |
|
1,668 |
|
|
1,485 |
Total liabilities |
|
1,658,277 |
|
|
1,662,190 |
Stockholders' equity: |
|
|
|
Common stock |
|
99 |
|
|
98 |
Series A preferred stock |
|
— |
|
|
— |
Additional paid-in capital |
|
863,997 |
|
|
847,589 |
Retained earnings |
|
300,718 |
|
|
262,527 |
Total stockholders' equity |
|
1,164,814 |
|
|
1,110,214 |
Total liabilities and stockholders' equity |
$ |
2,823,091 |
|
$ |
2,772,404 |
GROCERY OUTLET HOLDING CORP.CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (in thousands)
(unaudited) |
|
|
26 Weeks Ended |
|
July 1,2023 |
|
July 2,2022 |
Cash flows from
operating activities: |
|
|
|
Net income |
$ |
38,191 |
|
|
$ |
31,668 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
Depreciation of property and equipment |
|
36,969 |
|
|
|
34,813 |
|
Amortization of intangible and other assets |
|
4,826 |
|
|
|
3,731 |
|
Amortization of debt issuance costs and debt discounts |
|
628 |
|
|
|
1,190 |
|
Non-cash rent |
|
2,705 |
|
|
|
3,771 |
|
Loss on debt extinguishment and modification |
|
5,340 |
|
|
|
1,274 |
|
Share-based compensation |
|
17,981 |
|
|
|
15,279 |
|
Provision for accounts receivable reserves |
|
2,154 |
|
|
|
2,052 |
|
Deferred income taxes |
|
9,938 |
|
|
|
5,564 |
|
Other |
|
342 |
|
|
|
546 |
|
Changes in operating assets and liabilities: |
|
|
|
Independent operator and other accounts receivable |
|
(3,395 |
) |
|
|
(2,614 |
) |
Merchandise inventories |
|
13,975 |
|
|
|
(42,922 |
) |
Prepaid expenses and other assets |
|
(2,657 |
) |
|
|
2,248 |
|
Income and other taxes payable |
|
3,486 |
|
|
|
(920 |
) |
Trade accounts payable, accrued compensation and other
liabilities |
|
20,985 |
|
|
|
22,358 |
|
Operating lease liabilities |
|
5,652 |
|
|
|
6,689 |
|
Net cash provided by operating activities |
|
157,120 |
|
|
|
84,727 |
|
Cash flows from
investing activities: |
|
|
|
Advances to independent operators |
|
(3,540 |
) |
|
|
(4,788 |
) |
Repayments of advances from independent operators |
|
3,551 |
|
|
|
3,691 |
|
Purchases of property and equipment |
|
(66,025 |
) |
|
|
(58,318 |
) |
Proceeds from sales of assets |
|
24 |
|
|
|
29 |
|
Investments in intangible assets and licenses |
|
(12,309 |
) |
|
|
(5,992 |
) |
Proceeds from insurance recoveries - property and equipment |
|
215 |
|
|
|
— |
|
Net cash used in investing activities |
|
(78,084 |
) |
|
|
(65,378 |
) |
Cash flows from
financing activities: |
|
|
|
Proceeds from exercise of stock options |
|
1,578 |
|
|
|
3,956 |
|
Tax withholding related to net settlement of employee share-based
awards |
|
(449 |
) |
|
|
— |
|
Proceeds from senior term loan due 2028 |
|
300,000 |
|
|
|
— |
|
Proceeds from revolving credit facility |
|
25,000 |
|
|
|
— |
|
Principal payments on revolving credit facility |
|
(25,000 |
) |
|
|
— |
|
Principal payments on senior term loan due 2025 |
|
(385,000 |
) |
|
|
(75,000 |
) |
Principal payments on senior term loan due 2028 |
|
(1,875 |
) |
|
|
— |
|
Principal payments on finance leases |
|
(651 |
) |
|
|
(646 |
) |
Repurchase of common stock |
|
(3,275 |
) |
|
|
(3,451 |
) |
Dividends paid |
|
(9 |
) |
|
|
(33 |
) |
Debt issuance costs paid |
|
(4,513 |
) |
|
|
— |
|
Net cash used in financing activities |
|
(94,194 |
) |
|
|
(75,174 |
) |
Net decrease in cash and cash
equivalents |
|
(15,158 |
) |
|
|
(55,825 |
) |
Cash and cash equivalents at
beginning of period |
|
102,728 |
|
|
|
140,085 |
|
Cash and cash equivalents at
end of period |
$ |
87,570 |
|
|
$ |
84,260 |
|
GROCERY OUTLET HOLDING CORP.RECONCILIATION OF GAAP
NET INCOME TO ADJUSTED EBITDA(in thousands)
(unaudited) |
|
|
13 Weeks Ended |
|
26 Weeks Ended |
|
July 1,2023 |
|
July 2,2022 |
|
July 1,2023 |
|
July 2,2022 |
Net income |
$ |
24,471 |
|
$ |
20,094 |
|
$ |
38,191 |
|
$ |
31,668 |
Interest expense, net |
|
4,766 |
|
|
3,875 |
|
|
10,685 |
|
|
7,557 |
Income tax expense |
|
7,244 |
|
|
1,668 |
|
|
15,083 |
|
|
5,840 |
Depreciation and amortization
expenses |
|
21,120 |
|
|
19,554 |
|
|
41,795 |
|
|
38,544 |
EBITDA |
|
57,601 |
|
|
45,191 |
|
|
105,754 |
|
|
83,609 |
Share-based compensation
expenses(1) |
|
11,305 |
|
|
9,484 |
|
|
17,981 |
|
|
15,279 |
Loss on debt extinguishment
and modification(2) |
|
— |
|
|
1,274 |
|
|
5,340 |
|
|
1,274 |
Asset impairment and gain or
loss on disposition(3) |
|
236 |
|
|
182 |
|
|
343 |
|
|
545 |
Other(4) |
|
1,377 |
|
|
1,352 |
|
|
4,179 |
|
|
2,857 |
Adjusted EBITDA |
$ |
70,519 |
|
$ |
57,483 |
|
$ |
133,597 |
|
$ |
103,564 |
GROCERY OUTLET HOLDING CORP.RECONCILIATION OF GAAP
NET INCOME TO ADJUSTED NET INCOME(in thousands, except per
share data) (unaudited) |
|
|
13 Weeks Ended |
|
26 Weeks Ended |
|
July 1,2023 |
|
July 2,2022 |
|
July 1,2023 |
|
July 2,2022 |
Net income |
$ |
24,471 |
|
|
$ |
20,094 |
|
|
$ |
38,191 |
|
|
$ |
31,668 |
|
Share-based compensation
expenses(1) |
|
11,305 |
|
|
|
9,484 |
|
|
|
17,981 |
|
|
|
15,279 |
|
Loss on debt extinguishment
and modification(2) |
|
— |
|
|
|
1,274 |
|
|
|
5,340 |
|
|
|
1,274 |
|
Asset impairment and gain or
loss on disposition(3) |
|
236 |
|
|
|
182 |
|
|
|
343 |
|
|
|
545 |
|
Other(4) |
|
1,377 |
|
|
|
1,352 |
|
|
|
4,179 |
|
|
|
2,857 |
|
Amortization of purchase
accounting assets and deferred financing costs(5) |
|
1,424 |
|
|
|
3,055 |
|
|
|
2,991 |
|
|
|
6,167 |
|
Tax adjustment to normalize
effective tax rate(6) |
|
(2,448 |
) |
|
|
(4,295 |
) |
|
|
(856 |
) |
|
|
(4,471 |
) |
Tax effect of total
adjustments(7) |
|
(4,446 |
) |
|
|
(4,217 |
) |
|
|
(9,226 |
) |
|
|
(7,180 |
) |
Adjusted net income |
$ |
31,919 |
|
|
$ |
26,929 |
|
|
$ |
58,943 |
|
|
$ |
46,139 |
|
|
|
|
|
|
|
|
|
GAAP earnings per share |
|
|
|
|
|
|
|
Basic |
$ |
0.25 |
|
|
$ |
0.21 |
|
|
$ |
0.39 |
|
|
$ |
0.33 |
|
Diluted |
$ |
0.24 |
|
|
$ |
0.20 |
|
|
$ |
0.38 |
|
|
$ |
0.32 |
|
Adjusted earnings per
share |
|
|
|
|
|
|
|
Basic |
$ |
0.32 |
|
|
$ |
0.28 |
|
|
$ |
0.60 |
|
|
$ |
0.48 |
|
Diluted |
$ |
0.32 |
|
|
$ |
0.27 |
|
|
$ |
0.59 |
|
|
$ |
0.46 |
|
Weighted average shares
outstanding |
|
|
|
|
|
|
|
Basic |
|
98,515 |
|
|
|
96,578 |
|
|
|
98,218 |
|
|
|
96,358 |
|
Diluted |
|
100,639 |
|
|
|
100,140 |
|
|
|
100,604 |
|
|
|
99,788 |
|
__________________________
(1) Includes non-cash share-based compensation
expense and cash dividends paid on vested share-based awards as a
result of dividends declared in connection with a recapitalization
that occurred in fiscal 2018.
(2) Represents the write-off of debt issuance
costs and debt discounts as well as debt modification costs related
to refinancing and/or repayment of our credit facilities.
(3) Represents asset impairment charges and
gains or losses on dispositions of assets.
(4) Represents other non-recurring, non-cash or
non-operational items, such as technology upgrade implementation
costs, costs related to employer payroll taxes associated with
equity awards, legal settlements and other legal expenses, certain
personnel-related costs, store closing costs and miscellaneous
costs.
(5) Represents the amortization of debt issuance
costs as well as the incremental amortization of an asset step-up
resulting from purchase price accounting related to our acquisition
in 2014 by an investment fund affiliated with Hellman &
Friedman LLC, which included trademarks, customer lists, and
below-market leases.
(6) Represents adjustments to normalize the
effective tax rate for the impact of unusual or infrequent tax
items that we do not consider in our evaluation of ongoing
performance, including excess tax expenses or benefits related to
stock option exercises and vesting of restricted stock units that
are recorded in earnings as discrete items in the reporting period
in which they occur.
(7) Represents the tax effect of the total
adjustments. We calculate the tax effect of the total adjustments
on a discrete basis excluding any non-recurring and unusual tax
items.
INVESTOR RELATIONS CONTACTS:
John Rouleau
(203) 682-4810
John.Rouleau@icrinc.com
MEDIA CONTACT:
Layla Kasha
(510) 379-2176
lkasha@cfgo.com
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