Second quarter demonstrates strong momentum in
membership, traffic, and unit volumes
Second Quarter Fiscal 2024 Highlights
- Comparable club sales increased by 3.1% year-over-year
- Comparable club sales, excluding gasoline sales, increased by
2.4% year-over-year
- Digitally enabled comparable sales growth was 22.0%
year-over-year
- Membership fee income increased by 9.1% year-over-year to
$113.1 million
- Earnings per diluted share of $1.08 and adjusted earnings per
diluted share of $1.09
BJ’s Wholesale Club Holdings, Inc. (NYSE: BJ) (the "Company")
today announced its financial results for the thirteen weeks and
twenty-six weeks ended August 3, 2024.
“Our second quarter was marked by robust membership,
accelerating traffic and unit growth, and a fast-tracking digital
business, which led to strong performance in the quarter. This was
our tenth consecutive quarter of traffic growth. We are driving
healthy membership expansion across both existing and new clubs.
Our compelling value proposition is resonating with our members and
we believe our results demonstrate the meaningful progress we are
making on our long term strategic initiatives,” said Bob Eddy,
Chairman and Chief Executive Officer, BJ’s Wholesale Club. “I am
proud of our team members for their continued dedication to our
purpose of ‘taking care of the families who depend on us’. We will
continue to invest in the long term success of our Company and we
remain excited about our future.”
Key Measures for the Thirteen Weeks Ended August 3, 2024
(Second Quarter of Fiscal 2024) and for the Twenty-six Weeks Ended
August 3, 2024 (First Six Months of Fiscal 2024):
BJ'S WHOLESALE CLUB HOLDINGS,
INC.
(Amounts in thousands, except per share
amounts)
Thirteen Weeks Ended August 3,
2024
Thirteen Weeks Ended July 29,
2023
%
Growth (Decline)
Twenty-six Weeks Ended August
3, 2024
Twenty-six Weeks Ended July
29, 2023
%
Growth (Decline)
Net sales
$
5,092,279
$
4,859,842
4.8
%
$
9,899,408
$
9,480,462
4.4
%
Membership fee income
113,116
103,698
9.1
%
224,506
206,220
8.9
%
Total revenues
5,205,395
4,963,540
4.9
%
10,123,914
9,686,682
4.5
%
Operating income
203,675
200,269
1.7
%
364,430
387,039
(5.8
)%
Income from continuing operations
144,988
131,325
10.4
%
256,007
247,313
3.5
%
Adjusted EBITDA (a) (b)
281,349
268,109
4.9
%
517,735
519,647
(0.4
)%
Net income
144,988
131,325
10.4
%
256,007
247,402
3.5
%
EPS (c)
1.08
0.97
11.3
%
1.91
1.83
4.4
%
Adjusted net income (a) (d)
146,332
133,504
9.6
%
259,740
249,150
4.3
%
Adjusted EPS (a) (d)
1.09
0.99
10.1
%
1.94
1.84
5.4
%
Basic weighted-average shares
outstanding
132,431
133,317
132,414
133,314
Diluted weighted-average shares
outstanding
133,849
135,129
133,980
135,515
(a) See “Note Regarding Non-GAAP Financial Information.” (b)
Adjusted EBITDA for the thirteen and twenty-six weeks ended July
29, 2023 has been recast to exclude adjustments for pre-opening
expenses and non-cash rent expense to conform to the current period
definition, and include adjustments for restructuring charges to
conform to the current period presentation. (c) EPS represents net
income per diluted share. (d) Adjusted net income for the thirteen
and twenty-six weeks ended July 29, 2023 has been recast to include
adjustments for restructuring charges, and the corresponding tax
impact, to conform to the current period presentation.
Additional Highlights:
- Total comparable club sales increased by 3.1% and 2.4% in the
second quarter and first six months of fiscal 2024, respectively,
compared to the same periods in fiscal 2023. Excluding the impact
of gasoline sales, comparable club sales increased by 2.4% and 1.5%
in the second quarter and first six months of fiscal 2024,
respectively, compared to the same periods in fiscal 2023.
- Gross profit increased to $956.6 million in the second quarter
of fiscal 2024 from $896.8 million in the second quarter of fiscal
2023. Merchandise gross margin rate, which excludes gasoline sales
and membership fee income, increased by 10 basis points over the
same quarter of fiscal 2023, primarily driven by improved inventory
cost management. Gross profit increased to $1,840.0 million in the
first six months of fiscal 2024 from $1,776.8 million in the first
six months of fiscal 2023. Merchandise gross margin rate decreased
by 20 basis points in the first six months of fiscal 2024,
primarily driven by lower ancillary income.
- Selling, general and administrative expenses ("SG&A")
increased to $750.3 million in the second quarter of fiscal 2024
compared to $695.0 million in the second quarter of fiscal 2023.
SG&A increased to $1,472.1 million in the first six months of
fiscal 2024 compared to $1,384.3 million in the first six months of
fiscal 2023. The increase in both comparative periods was primarily
driven by increased labor and occupancy costs as a result of new
club and gas station openings in addition to other investments to
drive strategic priorities, such as the restructuring of certain
corporate functions.
- Income from continuing operations before income taxes increased
to $190.9 million in the second quarter of fiscal 2024 compared to
$184.0 million in the second quarter of fiscal 2023. Income from
continuing operations before income taxes decreased to $337.7
million in the first six months of fiscal 2024 compared to $356.1
million in the first six months of fiscal 2023.
- Income tax expense decreased to $45.9 million in the second
quarter of fiscal 2024 compared to $52.7 million in the second
quarter of fiscal 2023. Income tax expense decreased to $81.7
million in the first six months of fiscal 2024 compared to $108.8
million in the first six months of fiscal 2023. The decrease in
income tax expense for both comparative periods is primarily driven
by higher tax benefits from stock-based compensation.
- Net income increased to $145.0 million in the second quarter of
fiscal 2024 compared to $131.3 million in the second quarter of
fiscal 2023. Net income increased to $256.0 million in the first
six months of fiscal 2024 compared to $247.4 million in the first
six months of fiscal 2023.
- Adjusted EBITDA increased by 4.9% to $281.3 million in the
second quarter of fiscal 2024 compared to $268.1 million in the
second quarter of fiscal 2023. Adjusted EBITDA decreased by 0.4% to
$517.7 million in the first six months of fiscal 2024 compared to
$519.6 million in the first six months of fiscal 2023.
- Under its existing share repurchase program, the Company
repurchased 451,982 shares of common stock, totaling $40.4 million,
inclusive of associated costs, in the second quarter of fiscal
2024. In the first six months of fiscal 2024, the Company
repurchased 857,092 shares of common stock, totaling $70.6 million,
inclusive of associated costs, under such program, and $118.7
million remained available to purchase.
Fiscal 2024 Ending February 1, 2025 Outlook
“As we look ahead, we remain confident in our ability to drive
long-term growth and shareholder value led by our continued focus
on executing our strategic priorities and delivering significant
value to our members,” said Laura Felice, Executive Vice President,
Chief Financial Officer, BJ's Wholesale Club. “With respect to our
outlook, we continue to expect fiscal 2024 comparable club sales,
excluding the impact of gasoline sales, to increase 1% to 2%
year-over-year, with traffic and unit growth as well as a strong
perishables business likely driving us to the higher end of the
range. Our business model and long-term strategies have allowed us
to invest in our value proposition to help our members stretch
their dollar. As we do what’s right for our members, we expect our
fiscal 2024 merchandise gross margins to remain approximately flat
year-over-year. Finally, we continue to expect our fiscal 2024
adjusted EPS to range from $3.75 to $4.00, with our investments for
the long term potentially driving us toward the low end of the
range.”
Conference Call Details
A conference call to discuss the second quarter of fiscal 2024
financial results is scheduled for today, August 22, 2024, at 8:30
A.M. Eastern Time. The live audio webcast of the call can be
accessed under the “Events & Presentations” section of the
Company’s investor relations website at https://investors.bjs.com
and will remain available for one year. Participants may also dial
(833) 470-1428 within the U.S. or +1 (929) 526-1599 outside the
U.S. and reference conference ID 760119.
About BJ’s Wholesale Club Holdings, Inc.
BJ’s Wholesale Club Holdings, Inc. (NYSE: BJ) is a leading
operator of membership warehouse clubs focused on delivering
significant value to its members and serving a shared purpose: “We
take care of the families who depend on us.” The Company provides a
wide assortment of fresh foods, produce, a full-service deli, fresh
bakery, household essentials and gas. In addition, BJ’s offers the
latest technology, home decor, apparel, seasonal items and more to
deliver unbeatable value to smart-saving families. Headquartered in
Marlborough, Massachusetts, the Company pioneered the warehouse
club model in New England in 1984 and currently operates 244 clubs
and 178 BJ's Gas® locations in 20 states. For more information,
please visit us at www.bjs.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements contained in this press release that do not
relate to matters of historical fact should be considered
forward-looking statements, including, without limitation,
statements regarding our future results of operations and financial
position; our anticipated fiscal 2024 outlook; and our strategic
priorities and future progress, as well as statements that include
the words “expect,” “intend,” “plan,” “confident,” “believe,”
“project,” “forecast,” “estimate,” “may,” “should,” “anticipate”
and similar statements of a future or forward-looking nature. These
forward-looking statements are based on management’s current
expectations. These statements are neither promises nor guarantees,
but involve known and unknown risks, uncertainties and other
important factors that may cause actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements, including, but not limited to:
uncertainties in the financial markets, including, without
limitation, as a result of disruptions and instability in the
banking and financial services industries or as a result of wars
and global political conflicts, consumer and small business
spending patterns and debt levels; our dependence on having a large
and loyal membership; domestic and international economic
conditions, including volatility in inflation or interest rates,
supply chain disruptions, construction delays and exchange rates;
our ability to procure the merchandise we sell at the best possible
prices; the effects of competition and regulation; our dependence
on vendors to supply us with quality merchandise at the right time
and at the right price; breaches of security or privacy of member
or business information; conditions affecting the acquisition,
development, ownership or use of real estate; our capital spending;
actions of vendors; our ability to attract and retain a qualified
management team and other team members; costs associated with
employees (generally including health care costs), energy and
certain commodities, geopolitical conditions (including tariffs);
changes in our product mix or in our revenues from gasoline sales;
our failure to successfully maintain a relevant omnichannel
experience for our members; risks related to our growth strategy to
open new clubs; risks related to our e-commerce business; our
ability to grow our BJ's One Mastercard® program; and other
important factors discussed under the caption “Risk Factors” in our
Form 10-K filed with the U.S. Securities and Exchange Commission
(“SEC”) on March 18, 2024, and subsequent filings with the SEC,
which are accessible on the SEC’s website at www.sec.gov. These and
other important factors could cause actual results to differ
materially from those indicated by the forward-looking statements
made in this press release. Any such forward-looking statements
represent management’s estimates as of the date of this press
release. While we may elect to update such forward-looking
statements at some point in the future, unless required by law, we
disclaim any obligation to do so, even if subsequent events cause
our views to change. Thus, one should not assume that our silence
over time means that actual events are bearing out as expressed or
implied in such forward-looking statements. These forward-looking
statements should not be relied upon as representing our views as
of any date subsequent to the date of this press release.
Non-GAAP Financial Measures
We refer to certain financial measures that are not recognized
under United States generally accepted accounting principles
(“GAAP”). Please see “Note Regarding Non-GAAP Financial
Information” and “Reconciliation of GAAP to Non-GAAP Financial
Information” below for additional information and a reconciliation
of the Non-GAAP financial measures to the most comparable GAAP
financial measures.
BJ'S WHOLESALE CLUB HOLDINGS,
INC.
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(Amounts in thousands, except per share
amounts)
(Unaudited)
Thirteen Weeks
Ended August 3, 2024
Thirteen Weeks
Ended July 29, 2023
Twenty-six Weeks
Ended August 3, 2024
Twenty-six Weeks
Ended July 29, 2023
Net sales
$
5,092,279
$
4,859,842
$
9,899,408
$
9,480,462
Membership fee income
113,116
103,698
224,506
206,220
Total revenues
5,205,395
4,963,540
10,123,914
9,686,682
Cost of sales
4,248,819
4,066,727
8,283,948
7,909,877
Selling, general and administrative
expenses
750,323
694,960
1,472,094
1,384,288
Pre-opening expenses
2,578
1,584
3,442
5,478
Operating income
203,675
200,269
364,430
387,039
Interest expense, net
12,755
16,274
26,706
30,964
Income from continuing operations before
income taxes
190,920
183,995
337,724
356,075
Provision for income taxes
45,932
52,670
81,717
108,762
Income from continuing operations
144,988
131,325
256,007
247,313
Income from discontinued operations, net
of income taxes
—
—
—
89
Net income
$
144,988
$
131,325
$
256,007
$
247,402
Income per share attributable to common
stockholders—basic:
Income from continuing operations
$
1.09
$
0.99
$
1.93
$
1.86
Income from discontinued operations
—
—
—
—
Net income
$
1.09
$
0.99
$
1.93
$
1.86
Income per share attributable to common
stockholders—diluted:
Income from continuing operations
$
1.08
$
0.97
$
1.91
$
1.82
Income from discontinued operations
—
—
—
0.01
Net income
$
1.08
$
0.97
$
1.91
$
1.83
Weighted-average number of shares
outstanding:
Basic
132,431
133,317
132,414
133,314
Diluted
133,849
135,129
133,980
135,515
BJ'S WHOLESALE CLUB HOLDINGS,
INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Amounts in thousands, except per share
amounts)
(Unaudited)
August 3, 2024
July 29, 2023
ASSETS
Current assets:
Cash and cash equivalents
$
38,058
$
26,210
Accounts receivable, net
248,491
200,279
Merchandise inventories
1,546,211
1,540,508
Prepaid expense and other current
assets
82,333
76,309
Total current assets
1,915,093
1,843,306
Operating lease right-of-use assets,
net
2,150,965
2,165,125
Property and equipment, net
1,697,139
1,428,576
Goodwill
1,008,816
1,008,816
Intangibles, net
104,370
111,568
Deferred income taxes
3,548
7,928
Other assets
49,971
38,577
Total assets
$
6,929,902
$
6,603,896
LIABILITIES
Current liabilities:
Short-term debt
$
217,000
$
411,000
Current portion of operating lease
liabilities
162,777
179,423
Accounts payable
1,285,733
1,226,490
Accrued expenses and other current
liabilities
858,240
774,235
Total current liabilities
2,523,750
2,591,148
Long-term operating lease liabilities
2,058,071
2,075,058
Long-term debt
398,586
448,135
Deferred income taxes
70,976
64,095
Other non-current liabilities
223,612
194,171
STOCKHOLDERS' EQUITY
1,654,907
1,231,289
Total liabilities and stockholders'
equity
$
6,929,902
$
6,603,896
BJ'S WHOLESALE CLUB HOLDINGS,
INC.
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(Amounts in thousands, except per share
amounts)
(Unaudited)
Twenty-six Weeks Ended August
3, 2024
Twenty-six Weeks Ended July
29, 2023
CASH FLOWS FROM OPERATING
ACTIVITIES
Net income
$
256,007
$
247,402
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
128,559
109,015
Amortization of debt issuance costs and
accretion of original issue discount
554
655
Stock-based compensation expense
18,926
19,631
Deferred income tax provision
(3,274
)
10,641
Changes in operating leases and other
non-cash items
6,479
762
Increase (decrease) in cash due to changes
in:
Accounts receivable, net
(20,006
)
39,797
Merchandise inventories
(91,389
)
(161,957
)
Accounts payable
102,452
30,793
Accrued expenses and other current
liabilities
34,312
(3,606
)
Other operating assets and liabilities,
net
(10,422
)
(23,633
)
Net cash provided by operating
activities
422,198
269,500
CASH FLOWS FROM INVESTING
ACTIVITIES
Additions to property and equipment, net
of disposals and proceeds from sale-leaseback transactions
(239,620
)
(208,252
)
Net cash used in investing activities
(239,620
)
(208,252
)
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from revolving lines of
credit
366,000
312,000
Payments on revolving lines of credit
(468,000
)
(306,000
)
Net cash received from stock option
exercises
15,463
1,571
Net cash received from Employee Stock
Purchase Program
3,411
3,255
Acquisition of treasury stock
(99,965
)
(87,271
)
Proceeds from financing obligations
6,008
9,058
Other financing activities
(3,486
)
(1,566
)
Net cash used in financing activities
(180,569
)
(68,953
)
Net increase (decrease) in cash and cash
equivalents
2,009
(7,705
)
Cash and cash equivalents at beginning of
period
36,049
33,915
Cash and cash equivalents at end of
period
$
38,058
$
26,210
Note Regarding Non-GAAP Financial Information
This press release includes financial measures that are not
calculated in accordance with GAAP, including adjusted net income,
adjusted net income per diluted share (“adjusted EPS”), adjusted
EBITDA, adjusted free cash flow, net debt, net debt to last twelve
months (“LTM”) adjusted EBITDA, and comparable club sales.
We define adjusted net income as net income as reported,
adjusted for non-recurring, infrequent, or unusual changes,
including restructuring charges, and other adjustments that the
Company believes appropriate, net of the tax impact of such
adjustments. Prior period adjusted net income presentations have
been or will be recast to include the impact of restructuring
charges.
We define adjusted EPS as adjusted net income divided by the
weighted-average diluted shares outstanding.
We define adjusted EBITDA as income from continuing operations
before interest expense, net, provision for income taxes and
depreciation and amortization, adjusted for the impact of certain
other items, including: stock-based compensation expense;
restructuring and other adjustments. Prior period adjusted EBITDA
presentations have been or will be recast to exclude pre-opening
expenses and non-cash rent expense, and include the impact of
restructuring charges.
We define adjusted free cash flow as net cash provided by
operating activities less additions to property and equipment, net
of disposals, plus proceeds from sale-leaseback transactions.
We define net debt as total debt outstanding less cash and cash
equivalents.
We define net debt to LTM adjusted EBITDA as net debt at the
balance sheet date divided by adjusted EBITDA for the trailing
twelve-month period.
We present adjusted net income, adjusted EPS and adjusted
EBITDA, which are not recognized financial measures under GAAP,
because we believe such measures assist investors and analysts in
comparing our operating performance across reporting periods on a
consistent basis by excluding items that we do not believe are
indicative of our core operating performance.
We believe that adjusted net income, adjusted EPS and adjusted
EBITDA are helpful in highlighting trends in our core operating
performance compared to other measures, which can differ
significantly depending on long-term strategic decisions regarding
capital structure, the tax jurisdictions in which companies operate
and capital investments. We use adjusted net income, adjusted EPS
and adjusted EBITDA to supplement GAAP measures of performance in
the evaluation of the effectiveness of our business strategies; to
make budgeting decisions; and to compare our performance against
that of other peer companies using similar measures. We also use
adjusted EBITDA in connection with establishing annual incentive
compensation.
We present adjusted free cash flow, which is not a recognized
financial measure under GAAP, because we use it to report to our
Board of Directors and we believe it assists investors and analysts
in evaluating our liquidity. Adjusted free cash flow should not be
considered as an alternative to cash flows from operations as a
liquidity measure. We present net debt and net debt to LTM adjusted
EBITDA, which are not recognized as financial measures under GAAP,
because we use them to report to our Board of Directors and we
believe they assist investors and analysts in evaluating our
borrowing capacity. Net debt to LTM adjusted EBITDA is a key
financial measure that is used by management to assess the
borrowing capacity of the Company.
You are encouraged to evaluate these adjustments and the reasons
we consider them appropriate for supplemental analysis. In
evaluating adjusted net income, adjusted EPS, adjusted EBITDA and
net debt to LTM adjusted EBITDA, you should be aware that in the
future we may incur expenses that are the same as or like some of
the adjustments in our presentation of these metrics. Our
presentation of adjusted net income, adjusted EPS, adjusted EBITDA,
adjusted free cash flow, net debt and net debt to LTM adjusted
EBITDA should not be considered as alternatives to any other
measure derived in accordance with GAAP and they should not be
construed as an inference that the Company’s future results will be
unaffected by unusual or non-recurring items. There can be no
assurance that we will not modify the presentation of adjusted net
income, adjusted EPS, adjusted EBITDA or net debt to LTM adjusted
EBITDA in the future, and any such modification may be material. In
addition, adjusted net income, adjusted EPS, adjusted EBITDA,
adjusted free cash flow, net debt and net debt to LTM adjusted
EBITDA may not be comparable to similarly titled measures used by
other companies in our industry or across different industries.
Additionally, adjusted net income, adjusted EPS, adjusted EBITDA,
adjusted free cash flow, net debt and net debt to LTM adjusted
EBITDA have limitations as analytical tools, and you should not
consider them in isolation or as a substitute for analysis of our
results as reported under GAAP.
We believe comparable club sales is an important driver of our
profitability. Comparable club sales, a key performance indicator,
also known as same-store sales in the retail industry, includes all
clubs that were open for at least 13 months at the beginning of the
period and were in operation during the entirety of both periods
being compared, including relocated clubs and expansions.
Comparable club sales allow us to evaluate how our club base is
performing by measuring the change in period-over-period net sales
in clubs that have been open for the applicable period.
Various factors affect comparable club sales, including customer
preferences and trends, product sourcing, promotional offerings and
pricing, shopping frequency from new and existing members and the
amount they spend on each visit, weather and holiday shopping
period timing and length. Sales comparisons can be influenced by
certain factors that are beyond our control such as changes in the
cost of gasoline and macro-economic factors such as inflation. The
higher comparable club sales, the more we can leverage certain of
our selling, general and administrative expenses, reducing them as
a percentage of sales and enhancing profitability.
In reliance on the unreasonable efforts exception provided under
Item 10(e)(1)(i)(B) of Regulation S-K, the Company does not provide
a reconciliation for non-GAAP estimates on a forward-looking basis,
including of its projected range for adjusted EPS for Fiscal 2024
to net income per diluted share, which is the most directly
comparable GAAP measure, under "Fiscal 2024 Ending February 1,
2025" above, where it is unable to provide a meaningful or accurate
calculation or estimation of reconciling items or there are no
meaningful adjustments to be presented in the reconciliation and
the information is not available without unreasonable effort. This
is due to the inherent difficulty of forecasting the timing and/or
amount of various items that would impact net income per diluted
share, if any. This includes items that have not yet occurred, are
out of the Company's control, cannot be reasonably predicted and/or
for which there would not be any meaningful adjustment or
difference. For the same reasons, the Company is unable to address
the probable significance of the unavailable information. The
information under "Fiscal 2024 Ending February 1, 2025" above,
including expectations about adjusted EPS reflects management’s
view of current and future market conditions. To the extent actual
results differ from our current expectations, the Company’s results
may differ materially from the expectations set forth above. Other
factors, as referenced elsewhere in this press release, may also
cause the Company’s results to differ materially from the
expectations set forth above.
Reconciliation of GAAP to Non-GAAP Financial
Information
BJ'S WHOLESALE CLUB HOLDINGS,
INC.
Reconciliation of net income to
adjusted net income and adjusted EPS
(Amounts in thousands, except per share
amounts)
(Unaudited)
Thirteen Weeks
Ended August 3, 2024
Thirteen Weeks
Ended July 29, 2023
Twenty-six Weeks
Ended August 3, 2024
Twenty-six Weeks
Ended July 29, 2023
Net income as reported
$
144,988
$
131,325
$
256,007
$
247,402
Adjustments:
Restructuring (a)
1,878
3,214
5,185
3,214
Other adjustments (b)
—
(185
)
—
(786
)
Tax impact of adjustments to net income
(c)
(534
)
(850
)
(1,452
)
(680
)
Adjusted net income (d)
$
146,332
$
133,504
$
259,740
$
249,150
Weighted-average diluted shares
outstanding
133,849
135,129
133,980
135,515
Adjusted EPS (d) (e)
$
1.09
$
0.99
$
1.94
$
1.84
(a) Represents charges related to the restructuring of certain
corporate functions including costs for severance, retention,
outplacement, consulting fees, and other third-party fees. (b)
Other non-cash items related to the reclassification into earnings
of accumulated other comprehensive income / loss associated with
the de-designation of hedge accounting and other adjustments. (c)
Represents the tax effect of the above adjustments at a statutory
tax rate of approximately 28%. (d) Adjusted net income for the
thirteen and twenty-six weeks ended July 29, 2023 has been recast
to include adjustments for restructuring charges, and the
corresponding tax impact, to conform to the current period
presentation. (e) Adjusted EPS is measured using weighted-average
diluted shares outstanding.
BJ'S WHOLESALE CLUB HOLDINGS,
INC.
Reconciliation to Adjusted
EBITDA
(Amounts in thousands)
(Unaudited)
Thirteen Weeks
Ended August 3, 2024
Thirteen Weeks
Ended July 29, 2023
Twenty-six Weeks
Ended August 3, 2024
Twenty-six Weeks
Ended July 29, 2023
Income from continuing
operations
$
144,988
$
131,325
$
256,007
$
247,313
Interest expense, net
12,755
16,274
26,706
30,964
Provision for income taxes
45,932
52,670
81,717
108,762
Depreciation and amortization
65,137
54,825
128,559
109,015
Stock-based compensation expense
10,336
9,624
18,926
19,631
Restructuring (a)
1,878
3,214
5,185
3,214
Other adjustments (b)
323
177
635
748
Adjusted EBITDA (c)
$
281,349
$
268,109
$
517,735
$
519,647
(a) Represents charges related to the restructuring of certain
corporate functions including costs for severance, retention,
outplacement, consulting fees, and other third-party fees. Adjusted
EBITDA for the thirteen and twenty-six weeks ended July 29, 2023
has been recast to include adjustments for restructuring charges to
conform to the current period presentation. (b) Other non-cash
items, including non-cash accretion on asset retirement obligations
and obligations associated with our post-retirement medical plan.
(c) Adjusted EBITDA for the thirteen and twenty-six weeks ended
July 29, 2023 has been recast to exclude adjustments for
pre-opening expenses and non-cash rent expense to conform to the
current period definition.
BJ'S WHOLESALE CLUB HOLDINGS,
INC.
Reconciliation to Adjusted Free Cash
Flow
(Amounts in thousands)
(Unaudited)
Thirteen Weeks
Ended August 3, 2024
Thirteen Weeks
Ended July 29, 2023
Twenty-six Weeks
Ended August 3, 2024
Twenty-six Weeks
Ended July 29, 2023
Net cash provided by operating
activities
$
221,351
$
150,368
$
422,198
$
269,500
Less: Additions to property and equipment,
net of disposals
(133,879
)
(122,156
)
(239,620
)
(214,240
)
Plus: Proceeds from sale-leaseback
transactions
—
5,988
—
5,988
Adjusted free cash flow
$
87,472
$
34,200
$
182,578
$
61,248
BJ'S WHOLESALE CLUB HOLDINGS,
INC.
Reconciliation of Net Debt and Net Debt
to LTM adjusted EBITDA
(Amounts in thousands)
(Unaudited)
August 3, 2024
Total debt
$
615,586
Less: Cash and cash equivalents
38,058
Net debt
$
577,528
Income from continuing operations
$
532,346
Interest expense, net
60,269
Provision for income taxes
185,195
Depreciation and amortization
247,240
Stock-based compensation expense
38,316
Restructuring
15,911
Other adjustments
940
Adjusted EBITDA
$
1,080,217
Net debt to LTM adjusted EBITDA
0.5x
See descriptions of adjustments in the
“Reconciliation to Adjusted EBITDA (unaudited)” table above.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240822706058/en/
Investor Contact: Catherine Park Vice President, Investor
Relations cpark@bjs.com 774-512-6744 Media Contact: Kirk
Saville Head of Corporate Communications ksaville@bjs.com
774-512-5597
BJs Wholesale Club (NYSE:BJ)
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