Sportsman's Warehouse Holdings, Inc. ("Sportsman's" or the
“Company”) (Nasdaq:SPWH) today announced financial results for the
thirteen and thirty-nine weeks ended October 28, 2017.
For the thirteen weeks ended October 28,
2017:
- Net sales increased by 0.4% to $218.1 million from $217.2
million in the third quarter of fiscal year 2016. Same store sales
decreased by 7.0% over the same period.
- Income from operations was $19.5 million compared to $20.5
million in the third quarter of fiscal year 2016.
- The Company opened three new stores in the third quarter of
fiscal 2017 and ended the quarter with 86 stores in 22 states, or
square footage growth of 10.8% from the end of the third quarter of
fiscal year 2016.
- Interest expense increased to $3.5 million from $3.4 million in
the third quarter of fiscal year 2016.
- Net income was $9.8 million compared to $10.5 million in the
third quarter of fiscal year 2016.
- Diluted earnings per share were $0.23 compared to $0.25 in the
third quarter of fiscal year 2016.
- Adjusted EBITDA was $25.1 million compared to $26.1 million in
the third quarter of fiscal year 2016 (see "GAAP and Non-GAAP
Measures").
John Schaefer, Chief Executive Officer, stated, “Our third
quarter results were largely in line with our expectations and
reflected continued softness in firearms and ammunition as well as
a shift in the timing of a planned third quarter new store opening
into the fourth quarter. We again navigated a difficult operating
environment but were pleased to deliver gross margin expansion of
110 basis points, pay down debt for a quarter-ending leverage ratio
of 2.78x, reduce inventory by 8.7% on a per store basis and make
continued progress against our key strategic priorities as we focus
on driving further market share gains.”
Mr. Schaefer added, “As we look to the remainder
of the year, we are modifying our fourth quarter outlook. While the
difficult firearm comparisons that we anniversaried through the
first three quarters of fiscal year 2017 will be behind us, we
expect a heightened promotional environment which we are reflecting
in our sales and margin outlook. Our differentiating attributes of
everyday low pricing, unparalleled breadth of product offering and
knowledgeable customer service position us well as we continue to
navigate these headwinds and remain focused on delivering
sustainable long-term growth.”
For the thirty-nine weeks ended October
28, 2017:
- Net sales increased by 1.4% to $566.5 million from $558.6
million in the first three quarters of fiscal year 2016. Same store
sales decreased by 7.6% over the same period.
- Income from operations was $30.0 million compared to $39.6
million in the first three quarters of fiscal year 2016. Adjusted
income from operations, which excludes professional and other fees
incurred in connection with the evaluation of a strategic
acquisition, was $31.7 million, compared to adjusted income from
operations of $39.7 million for the first three quarters of fiscal
year 2016, which excludes secondary offering expenses (see “GAAP
and Non-GAAP Measures).
- The Company opened eleven new stores in the first three
quarters of fiscal year 2017.
- Interest expense was flat at $10.1 million in the first three
quarters of fiscal year 2017 and 2016.
- Net income was $11.9 million compared to $19.1 million in the
first three quarters of fiscal year 2016. Adjusted net income,
which excludes professional and other fees incurred in connection
with the evaluation of a strategic acquisition, was $12.9 million
compared to an adjusted net income, which excludes secondary
offering expenses and prior-year tax credits, of $18.7 million for
the first three quarters of fiscal year 2016 (see “GAAP and
Non-GAAP Measures”).
- Diluted earnings per share were $0.28 compared to $0.45 in the
first three quarters of fiscal year 2016. Adjusted diluted earnings
per share were $0.30 compared to $0.44 in the first three quarters
of fiscal year 2016. (See “GAAP and Non-GAAP Measures”)
- Adjusted EBITDA was $49.8 million compared to $55.9 million in
the first three quarters of fiscal year 2016 (see "GAAP and
Non-GAAP Measures").
Balance sheet highlights as of October
28, 2017:
- Total debt: $214.0 million consisting of $78.5 million
outstanding under the Company’s revolving credit facility and
$135.5 million outstanding under the term loan, net of unamortized
discount and debt issuance costs.
- Total liquidity (cash plus $46.5 million of availability on
revolving credit facility): $48.7 million
Fourth Quarter and Fiscal Year 2017
Outlook:
For the fourth quarter of fiscal year 2017, net
sales are expected to be in the range of $240.0 million to $245.0
million based on a same store sales decline in the range of 4.0% to
6.0% compared to the corresponding period of fiscal year 2016. Net
income is expected to be in the range of $11.0 million to $12.4
million with diluted earnings per share of $0.26 to $0.29 on a
weighted average of approximately 42.6 million estimated common
shares outstanding.
For fiscal year 2017, net sales are expected to
be in the range of $807.0 million to $812.0 million based on a same
store sales decline in the range of 6.0% to 7.0% compared to fiscal
year 2016. Adjusted net income is expected to be in the range of
$23.9 million to $25.3 million with adjusted earnings per diluted
share of $0.56 to $0.59 on a weighted average of approximately 42.6
million estimated common shares outstanding, when adjusted for the
professional fees and other fees incurred in connection with the
evaluation of a strategic acquisition in the first quarter of
fiscal year 2017 (see “GAAP and Non-GAAP Measures”).
The Company's fiscal year 2017 will include 53
weeks, while fiscal year 2016 included 52 weeks. The estimated
fiscal year 2017 impact of the additional week is roughly $9.0 to
$11.0 million in revenue and approximately $0.01 on earnings per
share. There is no impact on expected same store sales as those are
presented on a 52 week comparative basis.
Conference Call
Information:
A conference call to discuss third quarter 2017
financial results is scheduled for today, November 16, 2017, at
4:30 PM Eastern Time. The conference call will be webcast and may
be accessed via the Investor Relations section of the Company’s
website at www.sportsmanswarehouse.com.
Non-GAAP Information
This press release includes the following
financial measures defined as non-GAAP financial measures by the
Securities and Exchange Commission (the “SEC”): adjusted income
from operations, adjusted net income, adjusted diluted earnings per
share and adjusted EBITDA. We defined adjusted income from
operations and adjusted net income as income from operations and
net income, respectively, in each case, plus professional and other
fees incurred in connection with the evaluation of a strategic
acquisition, secondary offering expenses, and prior year tax
credits. Adjusted diluted earnings per share is diluted
earnings per share excluding the impact of professional and other
fees incurred in connection with the evaluation of a strategic
acquisition, secondary offering expenses and prior year tax
credits. We define Adjusted EBITDA as net income plus interest
expense, income tax expense, depreciation and amortization,
stock-based compensation expense, pre-opening expenses, secondary
offering expenses, professional fees, and other gains, losses and
expenses that we do not believe are indicative of our ongoing
expenses. The Company has reconciled these non-GAAP financial
measures with the most directly comparable GAAP financial measures
under “GAAP and Non-GAAP Measures” in this release. 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. 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 income 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. 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.
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, our outlook for the fourth quarter and full
fiscal year 2017. Investors can identify these statements by
the fact that they use words such as "continue", "expect", "may",
“opportunity”, "plan", "future", “ahead” and similar terms and
phrases. 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 risks relating to the Company’s retail-based
business model, general economic conditions and consumer spending,
the Company’s concentration of stores in the Western United States,
competition in the outdoor activities and sporting goods market,
changes in consumer demands, the Company’s expansion into new
markets and planned growth, current and future government
regulations, risks related to the Company’s continued
retention of its key management, the Company’s distribution center,
quality or safety concerns about the Company’s merchandise, events
that may affect the Company’s vendors, trade restrictions, 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, 2017 which was
filed with the SEC on March 24, 2017 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 is a high-growth outdoor
sporting goods retailer focused on meeting the everyday needs of
the seasoned outdoor veteran, the first-time participant and every
enthusiast in between. Our mission is to provide a one-stop
shopping experience that equips our customers with the right
quality, brand name hunting, shooting, fishing and camping gear to
maximize their enjoyment of the outdoors.
For press releases and certain additional
information about the Company, visit the Investor Relations section
of the Company's website at www.sportsmanswarehouse.com.
Investor Contact:ICR, Inc. Farah Soi/Rachel
Schacter(203) 682-8200investors@sportsmanswarehouse.com
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SPORTSMAN’S WAREHOUSE HOLDINGS,
INC. |
|
Condensed Consolidated Statements of Income
(Unaudited) |
|
(in thousands, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Thirteen Weeks Ended |
|
|
|
For the Thirty Nine-Weeks Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 28, 2017 |
|
% of net sales |
|
October 29, 2016 |
|
% of net sales |
|
October 28, 2017 |
|
% of net sales |
|
October 29, 2016 |
|
% of net sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
sales |
$ |
218,115 |
|
|
100.0 |
% |
|
$ |
217,161 |
|
|
100.0 |
% |
|
$ |
566,506 |
|
|
100.0 |
% |
|
$ |
558,580 |
|
|
100.0 |
% |
|
Cost of
goods sold |
|
141,152 |
|
|
64.7 |
% |
|
|
142,896 |
|
|
65.8 |
% |
|
|
372,310 |
|
|
65.7 |
% |
|
|
369,658 |
|
|
66.2 |
% |
|
Gross
profit |
|
76,963 |
|
|
35.3 |
% |
|
|
74,265 |
|
|
34.2 |
% |
|
|
194,196 |
|
|
34.3 |
% |
|
|
188,922 |
|
|
33.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling,
general and administrative expenses |
|
57,443 |
|
|
26.3 |
% |
|
|
53,719 |
|
|
24.7 |
% |
|
|
164,207 |
|
|
29.0 |
% |
|
|
149,348 |
|
|
26.7 |
% |
|
Income
from operations |
|
19,520 |
|
|
9.0 |
% |
|
|
20,546 |
|
|
9.5 |
% |
|
|
29,989 |
|
|
5.3 |
% |
|
|
39,574 |
|
|
7.1 |
% |
|
Interest
expense |
|
(3,494) |
|
|
(1.5 |
%) |
|
|
(3,402) |
|
|
(1.5 |
%) |
|
|
(10,081) |
|
|
(1.8 |
%) |
|
|
(10,132) |
|
|
(1.8 |
%) |
|
Income
before income tax expense |
|
16,026 |
|
|
7.5 |
% |
|
|
17,144 |
|
|
8.0 |
% |
|
|
19,908 |
|
|
3.5 |
% |
|
|
29,442 |
|
|
5.3 |
% |
|
Income
tax expense |
|
(6,218) |
|
|
(2.9 |
%) |
|
|
(6,630) |
|
|
(3.1 |
%) |
|
|
(8,053) |
|
|
(1.4 |
%) |
|
|
(10,313) |
|
|
(1.8 |
%) |
|
Net
income |
$ |
9,808 |
|
|
4.6 |
% |
|
$ |
10,514 |
|
|
4.9 |
% |
|
$ |
11,855 |
|
|
2.1 |
% |
|
$ |
19,129 |
|
|
3.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.23 |
|
|
|
|
$ |
0.25 |
|
|
|
|
$ |
0.28 |
|
|
|
|
$ |
0.45 |
|
|
|
|
Diluted |
$ |
0.23 |
|
|
|
|
$ |
0.25 |
|
|
|
|
$ |
0.28 |
|
|
|
|
$ |
0.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
42,576 |
|
|
|
|
|
42,245 |
|
|
|
|
|
42,464 |
|
|
|
|
|
42,165 |
|
|
|
|
Diluted |
|
42,611 |
|
|
|
|
|
42,558 |
|
|
|
|
|
42,501 |
|
|
|
|
|
42,465 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SPORTSMAN’S WAREHOUSE HOLDINGS,
INC. |
|
Condensed Consolidated Balance Sheets
(Unaudited) |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
October 28, 2017 |
|
January 28, 2017 |
|
Current
assets: |
|
|
|
|
Cash and
cash equivalents |
$ |
2,155 |
|
|
$ |
1,911 |
|
|
Accounts
receivable, net |
|
404 |
|
|
|
411 |
|
|
Merchandise inventories |
|
318,323 |
|
|
|
246,289 |
|
|
Prepaid
expenses and other |
|
4,005 |
|
|
|
7,313 |
|
|
Total
current assets |
|
324,887 |
|
|
|
255,924 |
|
|
Property
and equipment, net |
|
98,890 |
|
|
|
83,109 |
|
|
Deferred
income taxes |
|
4,485 |
|
|
|
5,097 |
|
|
Definite
lived intangible assets, net |
|
763 |
|
|
|
2,118 |
|
|
Total
assets |
$ |
429,025 |
|
|
$ |
346,248 |
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts
payable |
$ |
69,453 |
|
|
$ |
31,549 |
|
|
Accrued
expenses |
|
54,641 |
|
|
|
49,586 |
|
|
Income
taxes payable |
|
3,210 |
|
|
|
979 |
|
|
Revolving
line of credit |
|
78,454 |
|
|
|
60,972 |
|
|
Current
portion of long-term debt, net of discount and debt issuance
costs |
|
935 |
|
|
|
983 |
|
|
Current
portion of deferred rent |
|
3,949 |
|
|
|
3,150 |
|
|
Total
current liabilities |
|
210,642 |
|
|
|
147,219 |
|
|
|
|
|
|
|
Long-term liabilities: |
|
|
|
|
Long-term
debt, net of discount, debt issuance costs, and current
portion |
|
132,656 |
|
|
|
133,721 |
|
|
Deferred
rent credit, net of current portion |
|
42,793 |
|
|
|
35,307 |
|
|
Total
long-term liabilities |
|
175,449 |
|
|
|
169,028 |
|
|
Total
liabilities |
|
386,091 |
|
|
|
316,247 |
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
Common
stock |
|
426 |
|
|
|
422 |
|
|
Additional paid-in capital |
|
81,224 |
|
|
|
80,146 |
|
|
Accumulated deficit |
|
(38,716) |
|
|
|
(50,567) |
|
|
Total
stockholders’ equity |
|
42,934 |
|
|
|
30,001 |
|
|
Total
liabilites and stockholders' equity |
$ |
429,025 |
|
|
$ |
346,248 |
|
|
|
|
|
|
|
|
|
|
|
|
SPORTSMAN’S WAREHOUSE HOLDINGS,
INC. |
Condensed Consolidated Statements of Cash Flows
(Unaudited) |
(in thousands) |
|
|
|
|
|
|
|
October 28, 2017 |
|
October 29, 2016 |
CASH FLOWS FROM
OPERATING ACTIVITIES |
|
|
|
|
Net
income |
|
$ |
11,855 |
|
|
$ |
19,129 |
|
Adjustments to reconcile net income to
net |
|
|
|
|
cash provided by (used in) operating
activities: |
|
|
|
|
Depreciation and amortization |
|
|
11,551 |
|
|
|
8,808 |
|
(Gain) on
asset disposition |
|
|
(14 |
) |
|
|
- |
|
Amortization of discount on debt and deferred financing fees |
|
|
534 |
|
|
|
932 |
|
Amortization of Intangible |
|
|
1,355 |
|
|
|
1,354 |
|
Change in
deferred rent |
|
|
8,284 |
|
|
|
5,015 |
|
Deferred
taxes |
|
|
612 |
|
|
|
362 |
|
Excess
tax benefits from stock-based compensation arrangements |
|
|
- |
|
|
|
(449 |
) |
Stock
based compensation |
|
|
1,437 |
|
|
|
2,463 |
|
Change in assets and
liabilities: |
|
|
|
|
Accounts
receivable, net |
|
|
7 |
|
|
|
- |
|
Merchandise inventory |
|
|
(72,037 |
) |
|
|
(86,250 |
) |
Prepaid
expenses and other |
|
|
3,202 |
|
|
|
4,492 |
|
Accounts
payable |
|
|
40,638 |
|
|
|
24,709 |
|
Accrued
expenses |
|
|
(2,078 |
) |
|
|
4,346 |
|
Income
taxes |
|
|
2,231 |
|
|
|
(54 |
) |
Net cash (used in) provided by operating
activities |
|
|
7,577 |
|
|
|
(15,143 |
) |
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
Purchase
of property and equipment |
|
|
(39,220 |
) |
|
|
(30,757 |
) |
Proceeds
from sale of property and equipment |
|
|
14 |
|
|
|
- |
|
Proceeds
from sale-leaseback transactions |
|
|
6,130 |
|
|
|
2,741 |
|
Net cash used in investing
activities |
|
|
(33,076 |
) |
|
|
(28,016 |
) |
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
Net
borrowings on line of credit |
|
|
17,482 |
|
|
|
60,050 |
|
Increase
in book overdraft |
|
|
10,157 |
|
|
|
5,535 |
|
Payments
of deferred financing fees |
|
|
(341 |
) |
|
|
- |
|
Payment
of withholdings on restricted stock units |
|
|
(638 |
) |
|
|
(1,228 |
) |
Principal
payments on long-term debt |
|
|
(1,200 |
) |
|
|
(20,874 |
) |
Issuance
of common stock per employee stock purchase plan |
|
|
283 |
|
|
|
258 |
|
Net cash provided by financing
activities |
|
|
25,743 |
|
|
|
43,741 |
|
|
|
|
|
|
Net change in cash and
cash equivalents |
|
|
244 |
|
|
|
582 |
|
Cash and cash
equivalents at beginning of year |
|
|
1,911 |
|
|
|
2,109 |
|
Cash and cash
equivalents at end of period |
|
$ |
2,155 |
|
|
$ |
2,691 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SPORTSMAN’S WAREHOUSE HOLDINGS,
INC. |
|
GAAP and Non-GAAP Measures
(Unaudited) |
|
(in thousands, except per share
data) |
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP income from operations to adjusted
income from operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Thirteen Weeks Ended |
|
For the Thirty Nine-Weeks Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
October 28, 2017 |
|
October 29, 2016 |
|
October 28, 2017 |
|
October 29, 2016 |
|
Income from
operations |
$ |
19,520 |
|
$ |
20,546 |
|
$ |
29,989 |
|
|
$ |
39,574 |
|
|
Secondary
offering expenses (1) |
|
- |
|
|
- |
|
|
- |
|
|
|
143 |
|
|
Professional fees (2) |
|
- |
|
|
- |
|
|
1,744 |
|
|
|
- |
|
|
Adjusted
income from operations |
$ |
19,520 |
|
$ |
20,546 |
|
$ |
31,733 |
|
|
$ |
39,717 |
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP net income and GAAP diluted weighted
average shares outstanding |
|
|
|
|
|
to
adjusted net income and adjusted weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Numerator: |
|
|
|
|
|
|
|
|
|
Net
income |
$ |
9,808 |
|
$ |
10,514 |
|
$ |
11,855 |
|
|
$ |
19,129 |
|
|
|
Secondary
offering expenses (1) |
|
- |
|
|
- |
|
|
- |
|
|
|
143 |
|
|
|
Prior
year tax credits (3) |
|
- |
|
|
- |
|
|
- |
|
|
|
(602 |
) |
|
|
Professional fees (2) |
|
- |
|
|
- |
|
|
1,744 |
|
|
|
- |
|
|
|
Less tax
benefit related to professional fees |
|
- |
|
|
- |
|
|
(677 |
) |
|
|
- |
|
|
|
Adjusted
net income |
$ |
9,808 |
|
$ |
10,514 |
|
$ |
12,922 |
|
|
$ |
18,670 |
|
|
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
Diluted
weighted average shares outstanding |
|
42,611 |
|
|
42,558 |
|
|
42,501 |
|
|
|
42,465 |
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of earnings per share: |
|
|
|
|
|
|
|
|
Dilutive
earnings per share |
$ |
0.23 |
|
$ |
0.25 |
|
$ |
0.28 |
|
|
$ |
0.45 |
|
|
Impact of
adjustments to numerator and denominator |
|
- |
|
|
- |
|
|
0.02 |
|
|
|
(0.01 |
) |
|
Adjusted
diluted earnings per share |
$ |
0.23 |
|
$ |
0.25 |
|
$ |
0.30 |
|
|
$ |
0.44 |
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net income to adjusted
EBITDA: |
|
|
|
|
|
|
|
|
Net
income |
$ |
9,808 |
|
$ |
10,514 |
|
$ |
11,855 |
|
|
$ |
19,129 |
|
|
Interest
expense |
|
3,494 |
|
|
3,402 |
|
|
10,081 |
|
|
|
10,132 |
|
|
Income tax
expense |
|
6,218 |
|
|
6,630 |
|
|
8,053 |
|
|
|
10,313 |
|
|
Depreciation and amortization |
|
4,572 |
|
|
3,696 |
|
|
12,906 |
|
|
|
10,162 |
|
|
Stock-based
compensation expense (4) |
|
388 |
|
|
906 |
|
|
1,437 |
|
|
|
2,463 |
|
|
Pre-opening
expenses (5) |
|
667 |
|
|
985 |
|
|
3,691 |
|
|
|
3,509 |
|
|
Secondary
offering expenses (1) |
|
- |
|
|
- |
|
|
- |
|
|
|
143 |
|
|
Professional Fees (2) |
|
- |
|
|
- |
|
|
1,744 |
|
|
|
- |
|
|
Adjusted
EBITDA |
$ |
25,147 |
|
$ |
26,133 |
|
$ |
49,767 |
|
|
$ |
55,851 |
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Expenses paid by us in connection with a secondary offering of our
common stock by affiliates of Seidler Equity Partners III,
L.P. |
|
(2)
Professional and other fees incurred in connection with the
evaluation of a strategic acquisition. |
|
(3) Tax
credits recognized in the year that were not previously taken in
prior years. |
|
(4)
Stock-based compensation expense represents non-cash expenses
related to equity instruments granted to employees under our 2013
Performance |
Incentive
Plan and Employee Stock Purchase Plan. |
|
(5)
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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SPORTSMAN’S WAREHOUSE HOLDINGS,
INC. |
GAAP and Non-GAAP Measures
(Unaudited) |
(in thousands, except per share
data) |
|
|
|
|
|
|
|
|
|
Reconciliation of fourth quarter and 2017 full year
guidance: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated Q4 '17 |
|
Estimated FY '17 |
|
|
|
|
|
|
|
|
|
|
|
Low |
|
High |
|
Low |
|
High |
|
|
|
|
|
|
|
|
|
Numerator: |
|
|
|
|
|
|
|
|
Net
income |
$ |
11,000 |
|
$ |
12,400 |
|
$ |
22,850 |
|
$ |
24,250 |
|
Professional Fees (1) |
|
- |
|
|
- |
|
|
1,067 |
|
|
1,067 |
|
Adjusted
net income |
$ |
11,000 |
|
$ |
12,400 |
|
$ |
23,917 |
|
$ |
25,317 |
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
Diluted
weighted average shares outstanding |
|
42,600 |
|
|
42,600 |
|
|
42,600 |
|
|
42,600 |
|
|
|
|
|
|
|
|
|
Reconciliation of earnings per share: |
|
|
|
|
|
|
|
Diluted
earnings per share |
$ |
0.26 |
|
$ |
0.29 |
|
$ |
0.54 |
|
$ |
0.57 |
Impact of
adjustments to numerator and denominator |
|
- |
|
|
- |
|
|
0.03 |
|
|
0.03 |
Adjusted
diluted earnings per share |
$ |
0.26 |
|
$ |
0.29 |
|
$ |
0.56 |
|
$ |
0.59 |
|
|
|
|
|
|
|
|
|
(1)
Professional and other fees incurred in connection with the
evaluation of a strategic acquisition. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sportsmans Warehouse (NASDAQ:SPWH)
Historical Stock Chart
From Mar 2024 to Apr 2024
Sportsmans Warehouse (NASDAQ:SPWH)
Historical Stock Chart
From Apr 2023 to Apr 2024