UNION, N.J., July 8, 2020 /PRNewswire/ -- Bed Bath &
Beyond Inc. (Nasdaq: BBBY) today reported financial results for the
first quarter of fiscal 2020 ended May 30, 2020.
|
|
Three Months
Ended
|
(in millions,
except per share data)
|
|
June 1,
2019
|
|
May 30,
2020
|
|
|
|
June 1,
2019
|
|
May 30,
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported
GAAP
|
|
Diff.
|
|
Adjusted(2)
(Non-GAAP)
|
|
Diff.
|
Total Net
Sales(1)
|
|
$2,573
|
|
$1,307
|
|
-49%
|
|
$2,573
|
|
$1,307
|
|
-49%
|
Gross
Margin
|
|
34.5%
|
|
26.7%
|
|
-780 bps
|
|
34.5%
|
|
26.7%
|
|
-780 bps
|
SG&A
|
|
$893
|
|
$724
|
|
-19%
|
|
$846
|
|
$723
|
|
-15%
|
Adjusted
EBITDA
|
|
--
|
|
--
|
|
--
|
|
$125
|
|
($291)
|
|
n/m
|
EPS -
Diluted
|
|
($2.91)
|
|
($2.44)
|
|
-16%
|
|
$0.12
|
|
($1.96)
|
|
n/m
|
|
|
(1)
|
Not reporting
comparable sales due to temporary store closures.
|
(2)
|
Adjusted items refer
to financial measures that are derived from measures calculated in
accordance with GAAP, but which
have been adjusted to exclude certain items. All of these
adjusted items are Non-GAAP
financial measures as described under "Non-GAAP Financial
Measures."
|
Fiscal 2020 First Quarter Highlights
- The Company's fiscal first quarter spanned the most critical
months to date of the COVID-19 pandemic – March, April and May. Net
sales were approximately $1.3
billion, a decrease of 49% compared to the prior year period
due to temporary store closures.
-
- Net sales from digital channels grew 82%, including sales
growth in excess of 100% during April and May 2020, while net sales from stores, of which
90% of the Company's total fleet were closed during the majority of
the quarter, declined approximately 77%.
- Net sales from digital channels represented nearly two-thirds
of the Company's fiscal 2020 first quarter total net sales.
- Gross margin decreased 780 basis points to 26.7%, unfavorably
impacted by channel and product mix related to the substantial
shift in sales to digital channels, including higher fulfillment
costs, lower margin, COVID-essential products sold during the
quarter, and the deleverage of fixed expenses.
- SG&A expenses decreased $169
million or 19% compared to the prior year period, driven by
cost reduction interventions and COVID-19 impacts. Excluding
charges related to severance costs, adjusted SG&A expenses
decreased $123 million or 15%
compared to adjusted SG&A in the prior year period.
- Net loss per diluted share of $(2.44) included an unfavorable impact of
approximately $0.48 from special
items including non-cash charges related to impairments of certain
store-level assets and tradenames and severance costs. This
compares with a net loss of $(2.91)
per diluted share for the fiscal 2019 first quarter. Excluding
special items from both quarters, the Company reported an adjusted
net loss of $(1.96) per diluted share
for the fiscal 2020 first quarter, and adjusted net earnings of
$0.12 per diluted share for the
fiscal 2019 first quarter.
Mark Tritton, Bed Bath &
Beyond's President and CEO said, "The impact of the COVID-19
situation was felt across our business during our fiscal first
quarter, including loss of sales due to temporary store closures
and margin pressure from the substantial channel shift to
digital. From the beginning of this crisis, we have taken
measured, purposeful steps to help keep our people safe and our
customers serviced, and we are proud of the way our teams have
navigated this unprecedented challenge with speed and
agility. At the same time, our actions to strengthen our
financial position and liquidity are enhancing our flexibility and
capacity to invest and rebuild our business for long-term
success.
"With nearly all stores now open, we are delighted to welcome
back our customers and drive an enhanced omni-always shopping
experience. We are encouraged by early customer response,
including continued strong demand, in excess of 80%, across our
digital channels during the month of June, bolstered by the
expansion of our Buy-Online-Pick-Up-In-Store (BOPIS) and Curbside
Pickup services. We believe Bed Bath & Beyond will emerge
from this crisis even stronger, given the strength of our brand,
our people and our balance sheet," Tritton added.
Financial Position Update
An important focus of the Company during the fiscal 2020 first
quarter was to increase liquidity and optimize costs. The
Company had a fiscal 2019 year-end cash and investments balance of
approximately $1.4 billion, and
through well-controlled cash management strategies and other cost
reduction interventions, ended the first quarter with approximately
$1.2 billion in cash and
investments. Subsequent to the end of the fiscal 2020 first
quarter, on June 22, 2020, the
Company announced a new $850 million
three-year secured asset-based revolving credit facility (ABL
Facility), which provides substantial additional liquidity if
needed. The ABL Facility expires in June 2023 and replaces the Company's unsecured
revolving credit facility (Revolver) that allowed for borrowings up
to $250 million. In connection with
entering into the ABL Facility, the Company refinanced the
outstanding balance on the Revolver with proceeds of $236 million borrowed under the ABL Facility.
Outlook
The Company is not providing financial guidance for 2020 due to
the continued uncertainty related to the impact of the COVID-19
pandemic. The COVID-19 pandemic remains volatile and the
impact continues to evolve, and it could adversely affect the
Company's store re-opening plans and other measures intended to
address its impact and/or the current expectations of its future
business performance.
During the fiscal 2020 first quarter, the Company took decisive
action to proactively manage the unprecedented financial and
operational impacts of COVID-19, while prioritizing the investments
designed to rebuild and grow the business. In prioritizing
investments such as the accelerated launch of BOPIS and Curbside
Pickup services, the Company rapidly evolved to meet the changing
needs of its customers during this time. The Company is
taking measured steps to re-open stores to the public, including
the launch of its Store Safety Plan to help ensure customers can
shop confidently. The Company believes it has a strong
financial position to manage through these uncertain times.
In addition, as part of the extensive business transformation
underway, the Company continues to drive strong actions as part of
its ongoing restructuring program. These include, among other
things, efforts to reduce cost of goods and drive supply chain
transformation to address gross margin pressures related to the
substantial shift of sales to digital channels. Furthermore,
the Company plans to right-size its real estate portfolio by
closing approximately 200 mostly Bed Bath & Beyond stores over
the next two years and focus on other SG&A expense
reductions.
The Company expects the aggregate benefit from these actions
will generate future annualized savings of between $250 and $350
million, excluding related one-time costs.
Fiscal 2020 First Quarter Conference Call and Investor
Presentation
Bed Bath & Beyond Inc.'s fiscal 2020 first quarter
conference call with analysts and investors will be held today at
5:00 pm EDT and may be accessed by
dialing 1-888-424-8151, or if international, 1-847-585-4422, using
conference ID number 9348989#. A live audio webcast of the
conference call, along with the sales and earnings press release
and supplemental financial disclosures, will also be available on
the investor relations section of the Company's website at
www.bedbathandbeyond.com. The webcast will be available for
replay after the call.
The Company has also made available an Investor Presentation on
the investor relations section of the Company's website at
www.bedbathandbeyond.com.
About the Company
Bed Bath & Beyond Inc. and subsidiaries (the "Company") is
an omnichannel retailer that makes it easy for its customers to
feel at home. The Company sells a wide assortment of
domestics merchandise and home furnishings. The Company also
provides a variety of textile products, amenities and other goods
to institutional customers in the hospitality, cruise line,
healthcare and other industries. Additionally, the Company is
a partner in a joint venture which operates retail stores in
Mexico under the name Bed Bath
& Beyond.
The Company operates websites at bedbathandbeyond.com,
bedbathandbeyond.ca, worldmarket.com, buybuybaby.com,
buybuybaby.ca, christmastreeshops.com, andthat.com,
harmondiscount.com, facevalues.com, personalizationmall.com,
decorist.com, harborlinen.com, and t-ygroup.com. As of
May 30, 2020, the Company had a total of 1,478 stores,
including 955 Bed Bath & Beyond stores in all 50 states, the
District of Columbia, Puerto Rico and Canada, 262 stores under the names of World
Market, Cost Plus World Market or Cost Plus, 127 buybuy BABY
stores, 81 stores under the names Christmas Tree Shops, Christmas
Tree Shops andThat! or andThat!, and 53 stores under the names
Harmon, Harmon Face Values or Face Values. During the
fiscal 2020 first quarter, the Company opened one buybuy
BABY store and one Cost Plus World Market Store. Also, during
the fiscal first quarter, the Company closed 21 Bed Bath
& Beyond stores. The joint venture to which the Company
is a partner operates ten stores in Mexico under the name Bed Bath &
Beyond.
Non-GAAP Information
This press release contains certain non-GAAP information,
including adjusted earnings (loss) before interest, income taxes,
depreciation and amortization ("EBITDA"), adjusted SG&A and
adjusted net loss per diluted share, which is intended to provide
visibility into the Company's core operations by excluding the
effects of the goodwill, tradename and other impairments, including
impairments of certain store-level assets, severance costs and
shareholder activity costs. The Company's definition and
calculation of non-GAAP measures may differ from that of other
companies. Non-GAAP financial measures should be viewed in
addition to, and not as an alternative for, the Company's reported
GAAP financial results.
Forward-Looking Statements
This press release contains forward-looking statements,
including, but not limited to, the Company's progress and
anticipated progress towards its long-term objectives and the
success of its plans in response to the novel coronavirus
(COVID-19), as well as the status of its future liquidity and
financial condition and potential impact and success of its
strategic restructuring program. Many of these
forward-looking statements can be identified by use of words such
as may, will, expect, anticipate, approximate, estimate, assume,
continue, model, project, plan, goal, and similar words and
phrases, although the absence of those words does not necessarily
mean that statements are not forward-looking. The Company's
actual results and future financial condition may differ materially
from those expressed in any such forward-looking statements as a
result of many factors. Such factors include, without
limitation: general economic conditions including the housing
market, a challenging overall macroeconomic environment and related
changes in the retailing environment; risks associated with
COVID-19 and the governmental responses to it, including its
impacts across the Company's businesses on demand and operations,
as well as on the operations of the Company's suppliers and other
business partners, and the effectiveness of the Company's actions
taken in response to these risks; consumer preferences, spending
habits and adoption of new technologies; demographics and other
macroeconomic factors that may impact the level of spending for the
types of merchandise sold by the Company; civil disturbances and
terrorist acts; unusual weather patterns and natural disasters;
competition from existing and potential competitors across all
channels; pricing pressures; liquidity; the ability to achieve
anticipated cost savings, and to not exceed anticipated costs,
associated with organizational changes and investments, including
the Company's strategic restructuring program; the ability to
attract and retain qualified employees in all areas of the
organization; the cost of labor, merchandise and other costs and
expenses; potential supply chain disruption due to trade
restrictions, and other factors such as natural disasters, such as
pandemics, including the COVID-19 pandemic, political instability,
labor disturbances, product recalls, financial or operational
instability of suppliers or carriers, and other items; the ability
to find suitable locations at acceptable occupancy costs and other
terms to support the Company's plans for new stores; the ability to
establish and profitably maintain the appropriate mix of digital
and physical presence in the markets it serves; the ability to
assess and implement technologies in support of the Company's
development of its omnichannel capabilities; the ability to
effectively and timely adjust the Company's plans in the face of
the rapidly changing retail and economic environment, including in
response to the COVID-19 pandemic; uncertainty in financial
markets; volatility in the price of the Company's common stock and
its effect, and the effect of other factors, including the COVID-19
pandemic, on the Company's capital allocation strategy; risks
associated with the ability to achieve a successful outcome for its
business concepts and to otherwise achieve its business strategies;
the impact of intangible asset and other impairments; disruptions
to the Company's information technology systems including but not
limited to security breaches of systems protecting consumer and
employee information or other types of cybercrimes or cybersecurity
attacks; reputational risk arising from challenges to the Company's
or a third party product or service supplier's compliance with
various laws, regulations or standards, including those related to
labor, health, safety, privacy or the environment; reputational
risk arising from third-party merchandise or service vendor
performance in direct home delivery or assembly of product for
customers; changes to statutory, regulatory and legal requirements,
including without limitation proposed changes affecting
international trade; changes to, or new, tax laws or interpretation
of existing tax laws; new, or developments in existing, litigation,
claims or assessments; changes to, or new, accounting standards;
and foreign currency exchange rate fluctuations. The Company
does not undertake any obligation to update its forward-looking
statements.
BED BATH &
BEYOND INC. AND SUBSIDIARIES
|
Consolidated
Statements of Operations
|
(in thousands,
except per share data)
|
(unaudited)
|
|
|
Three Months
Ended
|
|
May 30,
2020
|
|
June 1,
2019
|
|
|
|
|
Net sales
|
$
|
1,307,447
|
|
|
$
|
2,572,989
|
|
|
|
|
|
Cost of
sales
|
958,958
|
|
|
1,685,810
|
|
|
|
|
|
Gross profit
|
348,489
|
|
|
887,179
|
|
|
|
|
|
Selling, general and
administrative expenses
|
724,157
|
|
|
892,754
|
|
|
|
|
|
Goodwill and other
impairments
|
85,261
|
|
|
401,267
|
|
|
|
|
|
Operating loss
|
(460,929)
|
|
|
(406,842)
|
|
|
|
|
|
Interest expense,
net
|
17,171
|
|
|
15,898
|
|
|
|
|
|
Loss before provision for income taxes
|
(478,100)
|
|
|
(422,740)
|
|
|
|
|
|
Benefit for income
taxes
|
(175,809)
|
|
|
(51,655)
|
|
|
|
|
|
Net loss
|
$
|
(302,291)
|
|
|
$
|
(371,085)
|
|
|
|
|
|
Net loss per share -
Basic
|
$
|
(2.44)
|
|
|
$
|
(2.91)
|
|
Net loss per share -
Diluted
|
$
|
(2.44)
|
|
|
$
|
(2.91)
|
|
|
|
|
|
Weighted average
shares outstanding - Basic
|
123,697
|
|
|
127,614
|
|
Weighted average
shares outstanding - Diluted
|
123,697
|
|
|
127,614
|
|
|
|
|
|
Dividends declared
per share
|
$
|
—
|
|
|
$
|
0.17
|
|
Non-GAAP Financial Measures
The following table reconciles non-GAAP financial measures
presented in this press release or that may be presented on the
Company's first quarter conference call with analysts and
investors. The Company believes that these non-GAAP financial
measures provide management, analysts, investors and other users of
the Company's financial information with meaningful supplemental
information regarding the performance of the Company's
business. These non-GAAP financial measures should not be
considered superior to, but in addition to other financial measures
prepared by the Company in accordance with GAAP, including the
year-to-year results. The Company's method of determining
these non-GAAP financial measures may be different from other
companies' methods and, therefore, may not be comparable to those
used by other companies and the Company does not recommend the sole
use of this non-GAAP measure to assess its financial and earnings
performance. For reasons noted above, the Company is
presenting certain non-GAAP financial measures for its fiscal 2020
first quarter. In order for investors to be able to more
easily compare the Company's performance across periods, the
Company has included comparable reconciliations for the 2019 period
in the reconciliation tables below.
Non-GAAP
Reconciliation
|
(in thousands,
except per share data)
|
(unaudited)
|
|
|
|
Three Months
Ended
|
|
|
May 30,
2020
|
|
June 1,
2019
|
Reconciliation of
Adjusted Net (Loss) Earnings per Diluted Share
|
|
|
|
Reported net loss per
diluted share
|
|
$
|
(2.44)
|
|
|
$
|
(2.91)
|
|
Goodwill and other
impairments, severance costs and shareholder activity
costs
|
|
0.48
|
|
|
3.03
|
|
Adjusted net (loss)
earnings per diluted share
|
|
$
|
(1.96)
|
|
|
$
|
0.12
|
|
|
|
|
|
|
Reconciliation of
Adjusted Selling, General and Administrative
Expenses
|
Reported selling,
general and administrative expenses
|
|
$
|
724,157
|
|
|
$
|
892,754
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
Severance
costs
|
|
(939)
|
|
|
(38,662)
|
|
Shareholder activity
costs
|
|
—
|
|
|
(8,000)
|
|
Total
adjustments
|
|
(939)
|
|
|
(46,662)
|
|
|
|
|
|
|
Adjusted selling,
general and administrative expenses
|
|
$
|
723,218
|
|
|
$
|
846,092
|
|
|
|
|
|
|
Reconciliation of
Adjusted Selling, General and Administrative Expenses as a
Percentage of Net Sales
|
Reported selling,
general and administrative expenses as a percentage of net
sales
|
|
55.4
|
%
|
|
34.7
|
%
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
Severance
costs
|
|
(0.1)
|
%
|
|
(1.5)
|
%
|
Shareholder activity
costs
|
|
—
|
%
|
|
(0.3)
|
%
|
Total
adjustments
|
|
(0.1)
|
%
|
|
(1.8)
|
%
|
|
|
|
|
|
Adjusted selling,
general and administrative expenses as a percentage of net
sales
|
|
55.3
|
%
|
|
32.9
|
%
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
May 30,
2020
|
|
June 1,
2019
|
Reconciliation of
Net Loss to EBITDA and Adjusted EBITDA
|
|
|
Reported net
loss
|
|
$
|
(302,291)
|
|
|
$
|
(371,085)
|
|
Depreciation and
amortization
|
|
83,601
|
|
|
83,542
|
|
Interest expense,
net
|
|
17,171
|
|
|
15,898
|
|
Benefit for income
taxes
|
|
(175,809)
|
|
|
(51,655)
|
|
EBITDA
|
|
$
|
(377,328)
|
|
|
$
|
(323,300)
|
|
Pre-tax
Adjustments:
|
|
|
|
|
Goodwill and other
impairments (a)
|
|
85,261
|
|
|
401,267
|
|
Severance
costs
|
|
939
|
|
|
38,662
|
|
Shareholder activity
costs
|
|
—
|
|
|
8,000
|
|
Total pre-tax
adjustments
|
|
86,200
|
|
|
447,929
|
|
Adjusted
EBITDA
|
|
$
|
(291,128)
|
|
|
$
|
124,629
|
|
|
|
|
|
|
Reconciliation of
Adjusted Effective Income Tax Rate
|
Reported effective
income tax rate
|
|
36.8
|
%
|
|
12.2
|
%
|
Impact on operating
loss and benefit for income taxes of goodwill and other
impairments, severance costs, and shareholder activity
costs
|
|
1.2
|
%
|
|
26.4
|
%
|
Adjusted effective
income tax rate
|
|
38.0
|
%
|
|
38.6
|
%
|
|
|
|
|
|
Reconciliation of
Adjusted Net (Loss) Earnings
|
Reported net
loss
|
|
$
|
(302,291)
|
|
|
$
|
(371,085)
|
|
|
|
|
|
|
Pre-tax
Adjustments:
|
|
|
|
|
Goodwill and other
impairments (a)
|
|
85,261
|
|
|
401,267
|
|
Severance
costs
|
|
939
|
|
|
38,662
|
|
Shareholder activity
costs
|
|
—
|
|
|
8,000
|
|
Total pre-tax
adjustments
|
|
86,200
|
|
|
447,929
|
|
Tax impact of
adjustments
|
|
(26,738)
|
|
|
(61,387)
|
|
Total adjustments,
after tax
|
|
59,462
|
|
|
386,542
|
|
Adjusted net (loss)
earnings
|
|
$
|
(242,829)
|
|
|
$
|
15,457
|
|
|
|
(a)
|
Goodwill and other
impairments include: (1) goodwill, tradename and store asset and
other impairments related to the North American Retail reporting
unit; and (2) tradename impairments related to the Institutional
Sales reporting unit.
|
BED BATH &
BEYOND INC. AND SUBSIDIARIES
|
Consolidated
Balance Sheets
|
(in thousands,
except per share data)
|
(unaudited)
|
|
|
May 30,
2020
|
|
February 29,
2020
|
Assets
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash equivalents
|
$
|
1,120,974
|
|
|
$
|
1,000,340
|
|
Short term investment securities
|
29,485
|
|
|
385,642
|
|
Merchandise inventories
|
2,240,449
|
|
|
2,093,869
|
|
Prepaid expenses and other current assets
|
354,796
|
|
|
248,342
|
|
Assets held-for-sale
|
70,530
|
|
|
98,092
|
|
|
|
|
|
Total
current assets
|
3,816,234
|
|
|
3,826,285
|
|
|
|
|
|
Long term investment
securities
|
19,928
|
|
|
20,380
|
|
Property and
equipment, net
|
1,362,110
|
|
|
1,430,604
|
|
Operating lease
assets
|
1,903,380
|
|
|
2,006,966
|
|
Other
assets
|
592,695
|
|
|
506,280
|
|
|
|
|
|
Total
assets
|
$
|
7,694,347
|
|
|
$
|
7,790,515
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts payable
|
$
|
954,745
|
|
|
$
|
944,194
|
|
Accrued expenses and other current liabilities
|
609,930
|
|
|
675,776
|
|
Merchandise credit and gift card liabilities
|
327,512
|
|
|
340,407
|
|
Current operating lease liabilities
|
545,547
|
|
|
463,005
|
|
Liabilities related to assets held-for-sale
|
26,303
|
|
|
43,144
|
|
|
|
|
|
Total
current liabilities
|
2,464,037
|
|
|
2,466,526
|
|
|
|
|
|
Other
liabilities
|
203,998
|
|
|
204,926
|
|
Income taxes
payable
|
48,119
|
|
|
46,945
|
|
Operating lease
liabilities
|
1,792,187
|
|
|
1,818,783
|
|
Long term
debt
|
1,724,916
|
|
|
1,488,400
|
|
|
|
|
|
Total
liabilities
|
6,233,257
|
|
|
6,025,580
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
|
Preferred stock -
$0.01 par value; authorized - 1,000 shares; no shares issued or
outstanding
|
—
|
|
|
—
|
|
|
|
|
|
Common stock - $0.01
par value; authorized - 900,000 shares; issued 343,918 and
343,683 shares, respectively; outstanding 126,307 and 126,528
shares, respectively
|
3,439
|
|
|
3,436
|
|
Additional paid-in
capital
|
2,175,225
|
|
|
2,167,337
|
|
Retained
earnings
|
10,072,535
|
|
|
10,374,826
|
|
Treasury stock, at
cost; 217,611 and 217,155, respectively
|
(10,718,292)
|
|
|
(10,715,755)
|
|
Accumulated other
comprehensive loss
|
(71,817)
|
|
|
(64,909)
|
|
|
|
|
|
Total
shareholders' equity
|
1,461,090
|
|
|
1,764,935
|
|
|
|
|
|
Total
liabilities and shareholders' equity
|
$
|
7,694,347
|
|
|
$
|
7,790,515
|
|
BED BATH &
BEYOND INC. AND SUBSIDIARIES
|
Consolidated
Statements of Cash Flows
|
(in thousands,
unaudited)
|
|
|
Three Months
Ended
|
|
May 30,
2020
|
|
June 1,
2019
|
Cash Flows from
Operating Activities:
|
|
|
|
|
|
|
|
Net loss
|
$
|
(302,291)
|
|
|
$
|
(371,085)
|
|
Adjustments to reconcile net loss to net cash (used in) provided by
operating activities:
|
|
|
|
Depreciation and amortization
|
83,601
|
|
|
83,542
|
|
Goodwill
and other impairments
|
85,261
|
|
|
401,267
|
|
Stock-based compensation
|
7,702
|
|
|
19,348
|
|
Deferred
income taxes
|
(82,357)
|
|
|
(54,514)
|
|
Other
|
(1,373)
|
|
|
(2,301)
|
|
(Increase)
decrease in assets:
|
|
|
|
Merchandise inventories
|
(138,503)
|
|
|
76,455
|
|
Trading investment securities
|
—
|
|
|
21
|
|
Other current assets
|
(105,193)
|
|
|
137
|
|
Other assets
|
828
|
|
|
88
|
|
Increase
(decrease) in liabilities:
|
|
|
|
Accounts payable
|
20,874
|
|
|
(10,996)
|
|
Accrued expenses and other current liabilities
|
(47,075)
|
|
|
(30,580)
|
|
Merchandise credit and gift card liabilities
|
(9,794)
|
|
|
3,896
|
|
Income taxes payable
|
1,145
|
|
|
(880)
|
|
Operating lease assets and liabilities, net
|
94,127
|
|
|
(23,922)
|
|
Other liabilities
|
(1,576)
|
|
|
(389)
|
|
|
|
|
|
Net cash (used in) provided by operating activities
|
(394,624)
|
|
|
90,087
|
|
|
|
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
|
|
Purchase of held-to-maturity investment securities
|
—
|
|
|
(57,000)
|
|
Redemption of held-to-maturity investment securities
|
357,000
|
|
|
343,000
|
|
Capital expenditures
|
(42,351)
|
|
|
(68,375)
|
|
|
|
|
|
Net cash provided by investing activities
|
314,649
|
|
|
217,625
|
|
|
|
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
|
|
Payment of dividends
|
(21,192)
|
|
|
(21,894)
|
|
Repurchase of common stock, including fees
|
(2,537)
|
|
|
(81,495)
|
|
Borrowing of long term debt
|
236,400
|
|
|
—
|
|
|
|
|
|
Net cash provided by (used in) financing activities
|
212,671
|
|
|
(103,389)
|
|
|
|
|
|
Effect of exchange rate changes on cash, cash equivalents and
restricted cash
|
(3,462)
|
|
|
(2,095)
|
|
|
|
|
|
Net increase in cash, cash equivalents and restricted cash,
including cash balances classified
as assets held-for-sale
|
129,234
|
|
|
202,228
|
|
|
|
|
|
Less: Change in cash balances classified as assets
held-for-sale
|
2,270
|
|
|
—
|
|
|
|
|
|
Net increase in cash, cash equivalents and restricted
cash
|
131,504
|
|
|
202,228
|
|
|
|
|
|
Cash, cash
equivalents and restricted cash:
|
|
|
|
Beginning of period
|
1,023,650
|
|
|
529,971
|
|
End of period
|
$
|
1,155,154
|
|
|
$
|
732,199
|
|
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SOURCE Bed Bath & Beyond Inc.