Sportsman's Warehouse Holdings, Inc. (“Sportsman's Warehouse” or
the “Company”) (Nasdaq: SPWH) today announced financial results for
the thirteen weeks ended July 29, 2023.
“We were disappointed with our second quarter
results and the slow-down in store traffic, as the challenging
macroeconomic conditions continue to pressure consumer
discretionary spending,” said Joseph Schneider, interim CEO and
Chair of the Board. “Given results came in below our expectations,
we are taking additional actions to reduce our overall expense
structure to closer align with current sales trends. Additionally,
we will be more aggressive and strategic with our promotional
activity to drive foot traffic to our stores and leverage our
omni-channel platform to provide consumers with an industry leading
product assortment.”
“The Board continues to search for a permanent,
long-term CEO to lead Sportsman’s Warehouse,” continued Schneider.
“This is our number one priority. The search is progressing well
and we are pleased with the quality and experience we are seeing in
the candidates and expect to fill the position soon.”
For the thirteen weeks ended July 29,
2023:
- Net sales were
$309.5 million, compared to $351.0 million in the second quarter of
fiscal year 2022, a decrease of 11.8%. This net sales decrease was
primarily due to lower demand across all product categories and a
decline in store traffic resulting from the continued impact of
consumer inflationary pressures on discretionary spending,
partially offset by the opening of 14 new stores since July 30,
2022.
- Same store sales
decreased 16.1% during the second quarter of fiscal year 2023,
compared to the second quarter of fiscal year 2022, primarily as a
result of the same factors noted above that impacted net
sales.
- Gross profit was
$100.8 million, or 32.6% of net sales, compared to $117.5 million,
or 33.5% of net sales, in the corresponding period of fiscal year
2022. This decrease as a percentage of net sales was primarily
driven by a greater portion of our sales from promotional
activities and reduced product margins in our ammunition
category.
- Selling, general,
and administrative (SG&A) expenses were $102.3 million, or
33.1% of net sales, compared to $97.0 million, or 27.6% of net
sales, in the second 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 14 new stores since July 30, 2022. These
increases were partially offset by a decrease in payroll expenses,
driven by increased operational efficiencies across our retail
stores.
- Net loss was $(3.3)
million, compared to net income of $14.6 million in the second
quarter of fiscal year 2022. Adjusted net loss was $(1.6) million
compared to adjusted net income of $15.1 million in the second
quarter of fiscal year 2022 (see “GAAP and Non-GAAP Financial
Measures”).
- Adjusted EBITDA was
$13.1 million, compared to $30.6 million in the corresponding
prior-year period (see “GAAP and Non-GAAP Financial
Measures”).
- Diluted loss per
share was $(0.09) compared to a diluted earnings per share of $0.35
in the corresponding prior-year period. Adjusted diluted loss per
share was $(0.04) compared to adjusted diluted earnings per share
of $0.36 in the second quarter of fiscal year 2022 (see “GAAP and
Non-GAAP Financial Measures”).
For the twenty-six weeks ended July 29,
2023:
- Net sales were $577.0 million, a
decrease of 12.6%, compared to the first six months of fiscal year
2022. This net sales decrease was primarily driven by lower demand
across all product categories and a decline in store traffic due to
the continued consumer inflationary pressures on discretionary
spending and extended winter weather conditions in the Western
United States, partially offset by the opening of 14 new stores
since July 30, 2022.
- Same store sales decreased 16.9%
compared to the first six months of fiscal 2022, primarily as a
result of the same factors noted above that impacted net
sales.
- Gross profit was $180.9 million or
31.3% of net sales, compared to $216.6 million or 32.8% of net
sales for the first six months of fiscal 2022. This decrease as a
percentage of net sales was primarily due to a mix shift to product
categories with lower margins, reduced overall product margins from
increased promotional activities and a decline in ammunition
margins.
- SG&A expenses increased to
$201.3 million or 34.9% of net sales, compared with $193.1 million
or 29.2% of net sales for the first six months of fiscal 2022. This
increase was primarily the result of increases in rent,
depreciation, new store pre-opening expenses and professional
services expenses. These expenses were partially offset by
increased store operating efficiencies.
- Net loss was $(18.9) million,
compared to net income of $16.6 million in the prior year period.
Adjusted net loss was $(16.4) million, compared to adjusted net
income of $17.3 million in the first six months of fiscal 2022 (see
“GAAP and Non-GAAP Financial Measures”).
- Adjusted EBITDA was $7.5 million
compared to $43.6 million in the prior year period (see "GAAP and
Non-GAAP Financial Measures").
- Diluted loss per share was $(0.50),
compared to diluted earnings per share of $0.38 in the first six
months of last year. Adjusted diluted loss per share was $(0.44),
compared to adjusted diluted earnings per share of $0.40 in the
prior year period (see "GAAP and Non-GAAP Financial
Measures").
Balance sheet and capital allocation
highlights as of July 29, 2023:
- The Company ended
the quarter with net debt of $200.2 million, comprised of $2.9
million of cash and cash equivalents and $203.1 million of
borrowings outstanding under the Company’s revolving credit
facility. Inventory at the end of the second quarter was $457.2
million.
- Total liquidity was
$98.6 million as of the end of the second quarter of fiscal year
2023, comprised of $95.7 million of availability on the revolving
credit facility and $2.9 million of cash and cash equivalents.
- During the second
quarter of fiscal year 2023, the Company repurchased approximately
431,000 shares of its common stock in the open market, returning
$2.1 million to stockholders. As of the end of the second quarter
of fiscal year 2023, the Company had approximately $7.5 million of
remaining capacity under its authorized repurchase program.
Third Quarter Fiscal Year
2023 Outlook:
For the third quarter of fiscal year 2023, net
sales are expected to be in the range of $310 million to $330
million, anticipating that same store sales will be down 19% to 14%
year-over-year. Adjusted diluted earnings per share for the third
quarter are expected to be in the range of negative $0.20 to
negative $0.05.
Jeff White, Chief Financial Officer of
Sportsman’s Warehouse, said, “During the second quarter we
successfully executed certain cost reductions and continue to find
ways to streamline our overall expense structure to be leaner and
more efficient. We believe these ongoing efforts will yield up to
$25 million in annualized cost savings. Given the persistent
macroeconomic pressures on the consumer, we are taking a very
cautious approach in the back half of this year. We plan to
implement aggressive promotions and markdowns to drive store
traffic to meet our customer where they are financially, putting
additional pressure on our gross margins.”
Conference Call
Information:
A conference call to discuss second quarter 2023
financial results is scheduled for September 6, 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, costs
related to the implementation of our cost reduction plan and a
one-time legal settlement and related fees and expenses. 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, director and officer
transition costs, costs related to the implementation of our cost
reduction plan and a one-time legal settlement and related fees and
expenses. 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: expected annual cost savings from
our cost reduction initiatives; our ability to leverage our
omni-channel platform to drive consumers to our stores and website;
our search for a permanent, long-term CEO with the skills and drive
needed to lead our company through its next evolution of growth;
our guidance for net sales, same store sales and adjusted diluted
earnings per share for the third quarter of fiscal year 2023; our
plan to implement aggressive promotions to drive store traffic and
accommodate our customers; and our anticipated $25 million of
annualized expense reductions. 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: the
Company’s inability to find a new CEO on its anticipated
timeline; the impact of the announcement of a successor CEO on the
Company’s stock and its employees, suppliers and
customers; 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 impact of general macroeconomic conditions,
such as labor shortages, inflation, rising interest rates, economic
slowdowns, recessions or market corrections, liquidity concerns at,
and failures of, banks and other financial institutions, and
tightening credit markets on the Company’s operations; the
Company’s concentration of stores in the Western United States and
related weather conditions; competition in the outdoor activities
and specialty retail market and the potential for increased
competition; changes in consumer demands; the Company’s expansion
into new markets and planned growth, including its plans to open
additional stores in future periods, which may not be successful;
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) 304-2816investors@sportsmans.com
|
SPORTSMAN’S WAREHOUSE HOLDINGS,
INC.Condensed Consolidated Statements of
Operations (Unaudited)(amounts in thousands,
except per share data) |
|
|
|
|
For the Thirteen Weeks Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
July 29, 2023 |
|
|
% of net sales |
|
July 30, 2022 |
|
|
% of net sales |
|
YOY Variance |
|
Net sales |
$ |
309,495 |
|
|
100.0% |
|
$ |
351,021 |
|
|
100.0% |
|
$ |
(41,526 |
) |
Cost of goods sold |
|
208,678 |
|
|
67.4% |
|
|
233,482 |
|
|
66.5% |
|
|
(24,804 |
) |
Gross profit |
|
100,817 |
|
|
32.6% |
|
|
117,539 |
|
|
33.5% |
|
|
(16,722 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
|
102,334 |
|
|
33.1% |
|
|
97,023 |
|
|
27.6% |
|
|
5,311 |
|
(Loss) income from operations |
|
(1,517 |
) |
|
(0.5%) |
|
|
20,516 |
|
|
5.9% |
|
|
(22,033 |
) |
Interest expense |
|
3,527 |
|
|
1.1% |
|
|
767 |
|
|
0.2% |
|
|
2,760 |
|
(Loss) income before income taxes |
|
(5,044 |
) |
|
(1.6%) |
|
|
19,749 |
|
|
5.7% |
|
|
(24,793 |
) |
Income tax (benefit) expense |
|
(1,756 |
) |
|
(0.6%) |
|
|
5,135 |
|
|
1.5% |
|
|
(6,891 |
) |
Net (loss) income |
$ |
(3,288 |
) |
|
(1.0%) |
|
$ |
14,614 |
|
|
4.2% |
|
$ |
(17,902 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.09 |
) |
|
|
|
$ |
0.35 |
|
|
|
|
$ |
(0.44 |
) |
Diluted |
$ |
(0.09 |
) |
|
|
|
$ |
0.35 |
|
|
|
|
$ |
(0.44 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
37,498 |
|
|
|
|
|
41,962 |
|
|
|
|
|
(4,464 |
) |
Diluted |
|
37,498 |
|
|
|
|
|
42,194 |
|
|
|
|
|
(4,696 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SPORTSMAN’S WAREHOUSE HOLDINGS,
INC.Condensed Consolidated Statements of
Operations (Unaudited)(amounts in thousands,
except per share data) |
|
|
|
|
For the Twenty-Six Weeks Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
July 29, 2023 |
|
|
% of net sales |
|
July 30, 2022 |
|
|
% of net sales |
|
YOY Variance |
|
Net sales |
$ |
577,024 |
|
|
100.0% |
|
$ |
660,526 |
|
|
100.0% |
|
$ |
(83,502 |
) |
Cost of goods sold |
|
396,163 |
|
|
68.7% |
|
|
443,896 |
|
|
67.2% |
|
|
(47,733 |
) |
Gross profit |
|
180,861 |
|
|
31.3% |
|
|
216,630 |
|
|
32.8% |
|
|
(35,769 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
|
201,337 |
|
|
34.9% |
|
|
193,108 |
|
|
29.2% |
|
|
8,229 |
|
(Loss) income from operations |
|
(20,476 |
) |
|
(3.6%) |
|
|
23,522 |
|
|
3.6% |
|
|
(43,998 |
) |
Interest expense |
|
5,574 |
|
|
1.0% |
|
|
1,334 |
|
|
0.2% |
|
|
4,240 |
|
(Loss) income before income taxes |
|
(26,050 |
) |
|
(4.6%) |
|
|
22,188 |
|
|
3.4% |
|
|
(48,238 |
) |
Income tax (benefit) expense |
|
(7,123 |
) |
|
(1.3%) |
|
|
5,576 |
|
|
0.8% |
|
|
(12,699 |
) |
Net (loss) income |
$ |
(18,927 |
) |
|
(3.3%) |
|
$ |
16,612 |
|
|
2.5% |
|
$ |
(35,539 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.50 |
) |
|
|
|
$ |
0.39 |
|
|
|
|
$ |
(0.89 |
) |
Diluted |
$ |
(0.50 |
) |
|
|
|
$ |
0.38 |
|
|
|
|
$ |
(0.89 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
37,546 |
|
|
|
|
|
42,950 |
|
|
|
|
|
(5,404 |
) |
Diluted |
|
37,546 |
|
|
|
|
|
43,180 |
|
|
|
|
|
(5,634 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SPORTSMAN’S WAREHOUSE HOLDINGS,
INC.Condensed Consolidated Balance Sheets
(Unaudited)(amounts in thousands, except par value
data) |
|
|
|
|
|
|
|
|
|
July 29, |
|
|
January 28, |
|
|
|
2023 |
|
|
2023 |
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
2,893 |
|
|
$ |
2,389 |
|
Accounts receivable, net |
|
|
2,774 |
|
|
|
2,053 |
|
Income tax receivable |
|
|
5,246 |
|
|
|
— |
|
Merchandise inventories |
|
|
457,160 |
|
|
|
399,128 |
|
Prepaid expenses and other |
|
|
26,615 |
|
|
|
22,326 |
|
Total current assets |
|
|
494,688 |
|
|
|
425,896 |
|
Operating lease right of use
asset |
|
|
302,002 |
|
|
|
268,593 |
|
Property and equipment, net |
|
|
197,759 |
|
|
|
162,586 |
|
Goodwill |
|
|
1,496 |
|
|
|
1,496 |
|
Definite lived intangibles,
net |
|
|
359 |
|
|
|
389 |
|
Total assets |
|
$ |
996,304 |
|
|
$ |
858,960 |
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
75,435 |
|
|
$ |
61,948 |
|
Accrued expenses |
|
|
91,307 |
|
|
|
99,976 |
|
Income taxes payable |
|
|
— |
|
|
|
932 |
|
Operating lease liability, current |
|
|
47,864 |
|
|
|
45,465 |
|
Revolving line of credit |
|
|
203,059 |
|
|
|
87,503 |
|
Total current liabilities |
|
|
417,665 |
|
|
|
295,824 |
|
Long-term liabilities: |
|
|
|
|
|
|
Deferred income taxes |
|
|
7,151 |
|
|
|
9,544 |
|
Operating lease liability, noncurrent |
|
|
298,774 |
|
|
|
260,479 |
|
Total long-term liabilities |
|
|
305,925 |
|
|
|
270,023 |
|
Total liabilities |
|
|
723,590 |
|
|
|
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; 37,381 and
37,541 shares issued and outstanding, respectively |
|
|
374 |
|
|
|
375 |
|
Additional paid-in capital |
|
|
79,887 |
|
|
|
79,743 |
|
Accumulated earnings |
|
|
192,453 |
|
|
|
212,995 |
|
Total stockholders' equity |
|
|
272,714 |
|
|
|
293,113 |
|
Total liabilities and stockholders' equity |
|
$ |
996,304 |
|
|
$ |
858,960 |
|
|
|
|
|
|
|
|
|
|
|
SPORTSMAN’S WAREHOUSE HOLDINGS,
INC.Condensed Consolidated Statements Cash Flows
(Unaudited)(amounts in thousands) |
|
|
|
|
|
|
Twenty-Six Weeks Ended |
|
|
|
July 29, |
|
|
July 30, |
|
|
|
2023 |
|
|
2022 |
|
Cash flows from operating
activities: |
|
|
|
|
|
|
Net (loss) income |
|
$ |
(18,927 |
) |
|
$ |
16,612 |
|
Adjustments to reconcile net income to net cash (used in) provided
by operating activities: |
|
|
|
|
|
|
Depreciation of property and equipment |
|
|
17,719 |
|
|
|
15,137 |
|
Amortization of deferred financing fees |
|
|
76 |
|
|
|
108 |
|
Amortization of definite lived intangible |
|
|
30 |
|
|
|
36 |
|
Noncash lease expense |
|
|
12,615 |
|
|
|
16,027 |
|
Deferred income taxes |
|
|
(2,393 |
) |
|
|
(770 |
) |
Stock-based compensation |
|
|
2,376 |
|
|
|
2,449 |
|
Change in operating assets and liabilities, net of amounts
acquired: |
|
|
|
|
|
|
Accounts receivable, net |
|
|
(720 |
) |
|
|
26 |
|
Operating lease liabilities |
|
|
(5,330 |
) |
|
|
(15,276 |
) |
Merchandise inventories |
|
|
(58,032 |
) |
|
|
(50,822 |
) |
Prepaid expenses and other |
|
|
(4,368 |
) |
|
|
1,500 |
|
Accounts payable |
|
|
11,832 |
|
|
|
38,269 |
|
Accrued expenses |
|
|
(7,028 |
) |
|
|
(10,681 |
) |
Income taxes payable and receivable |
|
|
(6,178 |
) |
|
|
(4,648 |
) |
Net cash (used in) provided by operating activities |
|
|
(58,328 |
) |
|
|
7,967 |
|
Cash flows from investing
activities: |
|
|
|
|
|
|
Purchase of property and equipment, net of amounts acquired |
|
|
(51,971 |
) |
|
|
(22,588 |
) |
Net cash used in investing activities |
|
|
(51,971 |
) |
|
|
(22,588 |
) |
Cash flows from financing
activities: |
|
|
|
|
|
|
Net borrowings on line of credit |
|
|
115,556 |
|
|
|
24,726 |
|
Decrease in book overdraft |
|
|
(904 |
) |
|
|
(7,221 |
) |
Proceeds from issuance of common stock per employee stock purchase
plan |
|
|
456 |
|
|
|
525 |
|
Payments to acquire treasury stock |
|
|
(2,748 |
) |
|
|
(52,057 |
) |
Payment of withholdings on restricted stock units |
|
|
(1,557 |
) |
|
|
(1,844 |
) |
Payment of deferred financing costs |
|
|
— |
|
|
|
(508 |
) |
Net cash provided by (used in) financing activities |
|
|
110,803 |
|
|
|
(36,379 |
) |
Net change in cash and cash
equivalents |
|
|
504 |
|
|
|
(51,000 |
) |
Cash and cash equivalents at
beginning of period |
|
|
2,389 |
|
|
|
57,018 |
|
Cash and cash equivalents at end
of period |
|
$ |
2,893 |
|
|
$ |
6,018 |
|
|
|
|
|
|
|
|
Supplemental disclosures of cash
flow information: |
|
|
|
|
|
|
Cash paid during the period
for: |
|
|
|
|
|
|
Interest, net of amounts capitalized |
|
$ |
2,343 |
|
|
$ |
1,220 |
|
Income taxes, net of refunds |
|
|
1,448 |
|
|
|
10,993 |
|
|
|
|
|
|
|
|
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 |
|
$ |
46,081 |
|
|
$ |
23,972 |
|
Purchases of property and equipment included in accounts payable
and accrued expenses |
|
$ |
9,601 |
|
|
$ |
5,409 |
|
|
|
|
|
|
|
|
|
|
|
SPORTSMAN’S WAREHOUSE HOLDINGS, INC.GAAP
and Non-GAAP Financial Measures
(Unaudited)(amounts in thousands, except per share
data) |
|
The
following table presents the reconciliations of (i) GAAP net (loss)
income to adjusted net (loss) income and (ii) GAAP diluted (loss)
earnings per share to adjusted diluted (loss) earnings per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Thirteen Weeks Ended |
|
|
For the Twenty-Six Weeks Ended |
|
|
|
July 29, 2023 |
|
|
July 30, 2022 |
|
|
July 29, 2023 |
|
|
July 30, 2022 |
|
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
(3,288 |
) |
|
$ |
14,614 |
|
|
$ |
(18,927 |
) |
|
$ |
16,612 |
|
Director and officer
transition costs (1) |
|
|
773 |
|
|
|
704 |
|
|
|
1,887 |
|
|
|
925 |
|
Cost reduction plan (2) |
|
|
865 |
|
|
|
— |
|
|
|
865 |
|
|
|
— |
|
Legal settlement (3) |
|
|
687 |
|
|
|
— |
|
|
|
687 |
|
|
|
— |
|
Less tax benefit |
|
|
(605 |
) |
|
|
(183 |
) |
|
|
(894 |
) |
|
|
(241 |
) |
Adjusted net (loss)
income |
|
$ |
(1,568 |
) |
|
$ |
15,135 |
|
|
$ |
(16,382 |
) |
|
$ |
17,296 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted average
shares outstanding |
|
|
37,498 |
|
|
|
42,194 |
|
|
|
37,546 |
|
|
|
43,180 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
(loss) earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted (loss) earnings per
share |
|
$ |
(0.09 |
) |
|
$ |
0.35 |
|
|
$ |
(0.50 |
) |
|
$ |
0.38 |
|
Impact of adjustments to
numerator and denominator |
|
|
0.05 |
|
|
|
0.01 |
|
|
|
0.06 |
|
|
|
0.02 |
|
Adjusted diluted (loss)
earnings per share |
|
$ |
(0.04 |
) |
|
$ |
0.36 |
|
|
$ |
(0.44 |
) |
|
$ |
0.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Expenses
incurred relating to departure of directors and officers and the
recruitment of directors and key members of our senior management
team. For the 26 weeks ended July 29, 2023, we incurred $1.9
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 and
fees for a communications firm related to our recent board and
management changes. |
(2) Severance
expenses paid as part of our cost reduction plan implemented during
the 13 weeks ended July 29, 2023. |
(3) Represents a
one-time legal settlement and related fees and expenses. |
|
|
SPORTSMAN’S WAREHOUSE HOLDINGS, INC.GAAP
and Non-GAAP Financial Measures
(Unaudited)(amounts in thousands, except per share
data) |
|
The
following table presents the reconciliation of GAAP net (loss)
income to adjusted EBITDA for the periods presented: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Thirteen Weeks Ended |
|
|
For the Twenty-Six Weeks Ended |
|
|
|
July 29, 2023 |
|
|
July 30, 2022 |
|
|
July 29, 2023 |
|
|
July 30, 2022 |
|
Net (loss) income |
|
$ |
(3,288 |
) |
|
$ |
14,614 |
|
|
$ |
(18,927 |
) |
|
$ |
16,612 |
|
Interest expense |
|
|
3,527 |
|
|
|
767 |
|
|
|
5,574 |
|
|
|
1,334 |
|
Income tax (benefit)
expense |
|
|
(1,756 |
) |
|
|
5,135 |
|
|
|
(7,123 |
) |
|
|
5,576 |
|
Depreciation and
amortization |
|
|
8,967 |
|
|
|
7,762 |
|
|
|
17,749 |
|
|
|
15,173 |
|
Stock-based compensation
expense (1) |
|
|
1,126 |
|
|
|
1,091 |
|
|
|
2,376 |
|
|
|
2,449 |
|
Pre-opening expenses (2) |
|
|
2,188 |
|
|
|
553 |
|
|
|
4,444 |
|
|
|
1,504 |
|
Director and officer
transition costs (3) |
|
|
773 |
|
|
|
704 |
|
|
|
1,887 |
|
|
|
925 |
|
Cost reduction plan (4) |
|
|
865 |
|
|
|
— |
|
|
|
865 |
|
|
|
— |
|
Legal settlement (5) |
|
|
687 |
|
|
|
— |
|
|
|
687 |
|
|
|
— |
|
Adjusted EBITDA |
|
$ |
13,089 |
|
|
$ |
30,626 |
|
|
$ |
7,532 |
|
|
$ |
43,573 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 26 weeks ended July 29, 2023, we incurred $1.9
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 and
fees for a communications firm related to our recent board and
management changes. |
(4) Severance
expenses paid as part of our cost reduction plan implemented during
the 13 weeks ended July 29, 2023. |
(5) Represents a
one-time legal settlement and related fees and expenses. |
|
Sportsmans Warehouse (NASDAQ:SPWH)
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부터 4월(4) 2024 으로 5월(5) 2024
Sportsmans Warehouse (NASDAQ:SPWH)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024