- Retail Comparable Store Prescriptions Increased 0.9 Percent
– Comparable Store Non-COVID Acute Prescriptions Increased 11.9
Percent
- Revenues of $6.01 billion, Compared to Prior Year Revenues
of $6.16 billion
- Net Loss per Share of $2.03, Compared to Prior Year Net Loss
per Share of $0.24
- Adjusted Net Loss per Share of $0.60, Compared to Prior Year
Adjusted Net Income per Share of $0.38, Driven by Non-Cash
Impairment Charges and Cycling Prior Year COVID Vaccination
Benefit
- Adjusted EBITDA of $100.1 million, Compared to the Prior
Year Adjusted EBITDA of $138.9 million
- Increases Fiscal 2023 Revenue and Maintains Fiscal 2023
Adjusted EBITDA Guidance
Rite Aid Corporation (NYSE: RAD) today reported operating
results for its first fiscal quarter ended May 28, 2022.
“We continue to make strides on our journey to transform Rite
Aid and define the modern pharmacy. In the first quarter we
increased our non-COVID prescriptions, reduced SG&A, built
momentum at Elixir and delivered solid results across the business.
The entire Rite Aid team looks forward to advancing our
pharmacists’ role in improving health outcomes,” said Heyward
Donigan, president and CEO.
Consolidated First Quarter Summary
(dollars in thousands)
Thirteen
Week Period Ended
May 28,
2022
May 29,
2021
Revenues
$
6,014,583
$
6,160,985
Net loss
(110,191)
(13,057)
Adjusted EBITDA
100,130
138,877
For the first quarter the company reported a net loss of $110.2
million, or $2.03 loss per share, Adjusted Net Loss of $32.8
million, or $0.60 loss per share, and Adjusted EBITDA of $100.1
million, or 1.7 percent of revenues.
Revenues for the quarter were $6.01 billion compared to revenues
of $6.16 billion in the prior year’s quarter.
First quarter net loss was $110.2 million, or $2.03 per share,
compared to last year’s first quarter net loss of $13.1 million, or
$0.24 per share. First quarter adjusted net loss was $32.8 million,
or $0.60 per share, compared to last year’s first quarter adjusted
net income of $20.9 million or $0.38 per share. The increase in
adjusted net loss is due primarily to higher facility exit and
impairment charges driven by the Company’s previously announced
store closure decisions and a decrease in Adjusted EBITDA. These
items were partially offset by an increase in gain on sale of
assets resulting from script file sales of certain of the store
closures.
Retail Pharmacy Segment
(dollars in thousands)
Thirteen
Week Period Ended
May 28,
2022
May 29,
2021
Revenues
$
4,345,356
$
4,351,682
Adjusted EBITDA
73,682
94,914
Retail Pharmacy Segment revenues decreased 0.1 percent over the
prior year quarter, driven by a reduction in COVID vaccine and
testing revenue as well as store closures, offset by an increase in
non-COVID prescriptions. Same store sales for the first quarter
increased 4.6 percent over the prior year period, consisting of a
6.6 percent increase in pharmacy sales, partially offset by a 0.5
percent decrease in front-end sales. Front-end same store sales,
excluding cigarettes and tobacco products, were flat. The number of
prescriptions filled in same stores, adjusted to 30-day
equivalents, increased 0.9 percent over the prior year period.
Total non-COVID same store prescriptions increased 3.7 percent,
with same store maintenance prescriptions increasing 1.4 percent
and other same store acute prescriptions increasing 11.9 percent.
Prescription sales accounted for 70.8 percent of total drugstore
sales. Total store count at the end of the first quarter was
2,361.
Retail Pharmacy Segment Adjusted EBITDA was $73.7 million, or
1.7 percent of revenues, for the first quarter compared to last
year’s first quarter Adjusted EBITDA of $94.9 million, or 2.2
percent of revenues. The decline in Adjusted EBITDA was due to
decreased gross profit, partially offset by a decrease in Adjusted
EBITDA selling, general and administrative (SG&A) expenses of
$40.5 million. Gross profit was negatively impacted by the decline
in COVID-19 vaccinations and testing. The gross profit headwind
from reduced COVID related services was partially offset by an
increase in prescriptions filled and improved front end gross
margin. SG&A expenses benefited from lower payroll, occupancy
and other operating costs due to store closures and cost control
initiatives.
Pharmacy Services Segment
(dollars in thousands)
Thirteen
Week Period Ended
May 28,
2022
May 29,
2021
Revenues
$
1,725,857
$
1,872,282
Adjusted EBITDA
26,448
43,963
Pharmacy Services Segment revenues were $1.7 billion for the
quarter, a decrease of 7.8 percent compared to the prior year
quarter. The decrease in revenues was primarily the result of a
planned decrease in Elixir Insurance membership and a previously
announced client loss due to industry consolidation, offset by
higher retained rebates from our new rebate aggregation arrangement
and increased utilization of higher cost drugs.
Pharmacy Services Segment Adjusted EBITDA was $26.4 million, or
1.5 percent of revenues, for the first quarter compared to last
year’s first quarter Adjusted EBITDA of $44.0 million, or 2.4
percent of revenues. The reduction in Adjusted EBITDA resulted from
the decline in revenues associated with lost clients, as discussed
above, and an increase in the medical loss ratio at Elixir
insurance, partially offset by higher retained rebates from our new
rebate aggregation arrangement.
Outlook for Fiscal 2023
The Company has increased its outlook for Fiscal 2023 revenues,
due to increased utilization of higher cost drugs at Elixir and is
maintaining its guidance for Adjusted EBITDA.
Total revenues are expected to be between $23.6 billion and
$24.0 billion in fiscal 2023. Retail Pharmacy Segment revenue is
expected to be between $17.35 billion and $17.65 billion and
Pharmacy Services Segment revenue is expected to be between $6.25
billion and $6.35 billion (net of any intercompany revenues to the
Retail Pharmacy Segment).
Net loss is expected to be between $246.3 million and $203.3
million. Our estimates for net loss have increased due to increased
impairment charges for closed stores and an increase in interest
expense due to recent and anticipated interest rate increases
throughout the year.
Adjusted EBITDA is expected to be between $460 million and $500
million. Retail Pharmacy Segment Adjusted EBITDA is expected to be
between $320 million and $350 million and Pharmacy Services Segment
Adjusted EBITDA is expected to be between $140 million and $150
million.
Adjusted net loss per share is expected to be between $(1.19)
and $(0.66).
Capital expenditures are expected to be approximately $250
million, with a focus on investments in digital capabilities,
technology, prescription file purchases, distribution center
automation and store remodels.
We expect to generate positive free cash flow in Fiscal
2023.
Conference Call Broadcast
Rite Aid will hold an analyst call at 8:30 a.m. Eastern Time
today with remarks by Rite Aid's management team. The call will be
broadcast via the Internet at https://investors.riteaid.com. The
telephone replay will be available beginning at 12:00 p.m. Eastern
Time on June 23, 2022 and ending at 11:59 p.m. Eastern Time on July
24, 2022. To access the replay of the call, telephone (800)
770-2030 or (647) 362-9199 and enter the seven-digit reservation
number 9029129. The webcast replay of the call will also be
available at https://investors.riteaid.com starting at 12 p.m.
Eastern Time today. The playback will be available until the
company’s next conference call.
About Rite Aid Corporation
Rite Aid Corporation is on the front lines of delivering
healthcare services and retail products to Americans 365 days a
year. Our pharmacists are uniquely positioned to engage with
customers and improve their health outcomes. We provide an array of
whole being health products and services for the entire family
through over 2,300 retail pharmacy locations across 17 states.
Through Elixir, we provide pharmacy benefits and services to
millions of members nationwide. For more information, visit
www.riteaid.com.
Cautionary Statement Regarding Forward-Looking
Statements
Statements in this release that are not historical, are
forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Such statements include, but are not limited to, statements
regarding Rite Aid's outlook and guidance for fiscal 2023; the
continued impact of the global coronavirus (COVID-19) pandemic on
Rite Aid’s business; Rite Aid’s store closure program; and any
assumptions underlying any of the foregoing. Words such as
"anticipate," "believe," "continue," "could," "estimate," "expect,"
"intend," "may," "plan," "predict," "project," "should," and "will"
and variations of such words and similar expressions are intended
to identify such forward-looking statements.
These forward-looking statements are not guarantees of future
performance and involve risks, assumptions and uncertainties,
including, but not limited to: risks related to the prolonged
impact of the COVID-19 global pandemic and the emerging new
variants, including the government responses thereto; the impact of
COVID-19 on our workforce, operations, stores, expenses, and supply
chain, and the operations or behaviors of our customers, suppliers
and business partners; our ability to successfully implement our
store closure program and other strategies; the impact of our high
level of indebtedness, the ability to refinance such indebtedness
on acceptable terms and our ability to satisfy our obligations and
the other covenants contained in our debt agreements; outcome of
pending or new litigation, including related to Opioids, “usual and
customary” pricing or other matters; our ability to monetize the
CMS receivable created in our Part D business; general competitive,
economic, industry, market, political (including healthcare reform)
and regulatory conditions (including changes to laws or regulations
relating to labor or wages), as well as other factors that impact
the markets in which we operate; the impact of private and public
third-party payers continued reduction in prescription drug
reimbursements and efforts to encourage mail order; our ability to
manage expenses and our investments in working capital; our ability
to achieve the benefits of our efforts to reduce the costs of our
generic and other drugs; our ability to achieve cost savings and
other benefits of our restructuring efforts within our anticipated
timeframe, if at all; the outcome of our continuing efforts to
monitor and comply with applicable laws, regulations, policies and
procedures; and our ability to partner and have relationships with
health plans and health systems.
These and other risks, assumptions and uncertainties are more
fully described in Item 1A (Risk Factors) of our most recent Annual
Report on Form 10-K and in other documents that we file or furnish
with the Securities and Exchange Commission (the “SEC”), which you
are encouraged to read. To the extent that COVID-19 adversely
affects our business and financial results, it may also have the
effect of heightening many of such risk factors.
Should one or more of these risks or uncertainties materialize,
or should underlying assumptions prove incorrect, actual results
may vary materially from those indicated or anticipated by such
forward-looking statements. Accordingly, you are cautioned not to
rely on these forward-looking statements, which speak only as of
the date they are made.
The degree to which COVID-19 may adversely affect Rite Aid’s
results and operations, including its ability to achieve its
outlook for fiscal 2023 guidance, will depend on numerous evolving
factors and future developments, which are highly uncertain,
including, but not limited to, federal, state and local
governmental policies and initiatives designed to reduce the
transmission of COVID-19 and emerging new variants and how quickly
and to what extent normal economic and operating conditions can
resume. As a result, the impact on Rite Aid’s financial and
operating results cannot be reasonably estimated with specificity
at this time, but the impact could be material. Rite Aid expressly
disclaims any current intention, and assumes no duty, to update
publicly any forward-looking statement after the distribution of
this release, whether as a result of new information, future
events, changes in assumptions or otherwise.
All references to “Company” and “Rite Aid” as used throughout
this release refer to Rite Aid Corporation and its affiliates.
Reconciliation of Non-GAAP Financial Measures
Rite Aid separately reports financial results on the basis of
Adjusted Net Income (Loss), Adjusted Net Income (Loss) per Diluted
Share, Adjusted EBITDA, Adjusted EBITDA Gross Profit and Adjusted
EBITDA SG&A, which are non-GAAP financial measures. See the
attached tables for a reconciliation of Adjusted Net Income (Loss),
Adjusted Net Income (Loss) per Diluted Share and Adjusted EBITDA to
net income (loss), and net income (loss) per diluted share, which
are the most directly comparable GAAP financial measures. Adjusted
Net Income (Loss) and Adjusted Net Income (Loss) per Diluted Share
exclude amortization expense, merger and acquisition-related costs,
non-recurring litigation and other contractual settlements, gains
or losses on debt modifications and retirements, LIFO adjustments,
goodwill and intangible asset impairment charges,
restructuring-related costs, the gain or loss on Bartell
acquisition, and the change in estimate related to manufacturer
rebate receivables. Rite Aid believes Adjusted Net Income (Loss)
and Adjusted Net Income (Loss) per Diluted Share serve as
appropriate measures to be used in evaluating the performance of
its business and help its investors better compare its operating
performance over multiple periods.
Adjusted EBITDA is defined as net income (loss) excluding the
impact of income taxes, interest expense, depreciation and
amortization, LIFO adjustments, charges or credits for facility
exit and impairment, goodwill and intangible asset impairment
charges, inventory write-downs related to store closings, gains or
losses on debt modifications and retirements, and other items
(including stock-based compensation expense, merger and
acquisition-related costs, non-recurring litigation and other
contractual settlements, severance, restructuring-related costs,
costs related to facility closures, gain or loss on sale of assets,
the gain or loss on Bartell acquisition, and the change in estimate
related to manufacturer rebate receivables). The add back of LIFO
(credit) charge when calculating Adjusted EBITDA, Adjusted Net
Income (Loss) and Adjusted Net Income (Loss) per Diluted Share
removes the entire impact of LIFO (credits) charges, and
effectively reflects Rite Aid's results as if the company was on a
FIFO inventory basis. Rite Aid believes Adjusted EBITDA serves as
an appropriate measure in evaluating the performance of its
business and helps its investors better compare its operating
performance with its competitors.
Adjusted EBITDA Gross Profit includes LIFO adjustments,
depreciation and amortization (COGS portion only) and other items.
See the attached tables for a reconciliation of Adjusted EBITDA
Gross Profit to Revenue, which is the most directly comparable GAAP
financial measure. Adjusted EBITDA SG&A excludes depreciation
and amortization (SG&A portion only), stock-based compensation
expense, merger and acquisition-related costs, non-recurring
litigation and other contractual settlements, and other items. See
the attached tables for a reconciliation of Adjusted EBITDA
SG&A to Revenue, which is the most directly comparable GAAP
financial measure. The Company believes Adjusted EBITDA Gross
Profit and Adjusted EBITDA SG&A serve as appropriate measures
in evaluating the performance of its business and helps its
investors better compare its operating performance with its
competitors.
RITE AID CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE
SHEETS (Dollars in thousands) (unaudited) May
28, 2022 February 26, 2022 ASSETS Current assets: Cash and cash
equivalents
$
56,060
$
39,721
Accounts receivable, net
1,449,745
1,343,496
Inventories, net of LIFO reserve of $487,173 and $487,173
1,974,759
1,959,389
Prepaid expenses and other current assets
88,860
106,749
Total current assets
3,569,424
3,449,355
Property, plant and equipment, net
985,121
989,167
Operating lease right-of-use assets
2,723,405
2,813,535
Goodwill
879,136
879,136
Other intangibles, net
282,950
291,196
Deferred tax assets
20,071
20,071
Other assets
89,666
86,543
Total assets
$
8,549,773
$
8,529,003
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities:
Current maturities of long-term debt and lease financing
obligations
$
5,016
$
5,544
Accounts payable
1,461,238
1,571,261
Accrued salaries, wages and other current liabilities
787,591
780,632
Current portion of operating lease liabilities
574,392
575,651
Total current liabilities
2,828,237
2,933,088
Long-term debt, less current maturities
3,026,456
2,732,986
Long-term operating lease liabilities
2,526,607
2,597,090
Lease financing obligations, less current maturities
14,392
14,830
Other noncurrent liabilities
162,457
151,976
Total liabilities
8,558,149
8,429,970
Commitments and contingencies
-
-
Stockholders' equity: Common stock
55,623
55,752
Additional paid-in capital
5,913,210
5,910,299
Accumulated deficit
(5,961,772
)
(5,851,581
)
Accumulated other comprehensive loss
(15,437
)
(15,437
)
Total stockholders' equity
(8,376
)
99,033
Total liabilities and stockholders' equity
$
8,549,773
$
8,529,003
RITE AID CORPORATION AND SUBSIDIARIES CONSOLIDATED
STATEMENTS OF OPERATIONS (Dollars in thousands, except per share
amounts) (unaudited) Thirteen weeks endedMay
28, 2022 Thirteen weeks endedMay 29, 2021 Revenues
$
6,014,583
$
6,160,985
Costs and expenses: Cost of revenues
4,817,854
4,876,110
Selling, general and administrative expenses
1,217,929
1,245,362
Facility exit and impairment charges
66,571
8,831
Interest expense
48,119
49,121
Loss on debt retirements, net
-
396
Gain on sale of assets, net
(29,196
)
(6,558
)
6,121,277
6,173,262
Loss before income taxes
(106,694
)
(12,277
)
Income tax expense
3,497
780
Net loss
$
(110,191
)
$
(13,057
)
Basic and diluted loss per share:
Numerator for loss per share: Net loss attributable to common
stockholders - basic and diluted
$
(110,191
)
$
(13,057
)
Denominator: Basic and diluted weighted
average shares
54,348
53,852
Basic and diluted loss per share
$
(2.03
)
$
(0.24
)
RITE AID CORPORATION AND SUBSIDIARIES CONSOLIDATED
STATEMENTS OF CASH FLOWS (Dollars in thousands) (unaudited)
Thirteen weeks endedMay 28, 2022 Thirteen weeks
endedMay 29, 2021 OPERATING ACTIVITIES: Net loss
$
(110,191
)
$
(13,057
)
Adjustments to reconcile to net cash (used in) provided by
operating activities: Depreciation and amortization
70,073
75,859
Facility exit and impairment charges
66,571
8,831
LIFO credit
-
(3,993
)
Change in allowances for uncollectible accounts receivable
3,763
-
Gain on sale of assets, net
(29,196
)
(6,558
)
Stock-based compensation expense
3,334
2,811
Loss on debt retirements, net
-
396
Changes in operating assets and liabilities: Accounts receivable
(104,458
)
(149,487
)
Inventories
(15,827
)
11,918
Accounts payable
(137,572
)
50,527
Operating lease right-of-use assets and operating lease liabilities
(14,812
)
(5,909
)
Other assets
751
7,978
Other liabilities
15,327
34,559
Net cash (used in) provided by operating activities
(252,237
)
13,875
INVESTING ACTIVITIES: Payments for property, plant and equipment
(73,176
)
(59,164
)
Intangible assets acquired
(12,248
)
(5,436
)
Proceeds from dispositions of assets and investments
30,839
2,448
Proceeds from sale-leaseback transactions
-
7,456
Net cash used in investing activities
(54,585
)
(54,696
)
FINANCING ACTIVITIES: Net proceeds from revolver
291,000
39,000
Principal payments on long-term debt
(977
)
(91,941
)
Change in zero balance cash accounts
33,691
51,957
Financing fees paid for early debt redemption
-
(2
)
Payments for taxes related to net share settlement of equity awards
(553
)
(35
)
Deferred financing costs paid
-
(580
)
Net cash provided by (used in) financing activities
323,161
(1,601
)
Increase (decrease) in cash and cash equivalents
16,339
(42,422
)
Cash and cash equivalents, beginning of period
39,721
160,902
Cash and cash equivalents, end of period
$
56,060
$
118,480
RITE AID CORPORATION AND SUBSIDIARIES SUPPLEMENTAL
SEGMENT OPERATING INFORMATION (Dollars in thousands) (unaudited)
Thirteen weeks endedMay 28, 2022 Thirteen weeks
endedMay 29, 2021
Retail Pharmacy Segment Revenues
(a)
$
4,345,356
$
4,351,682
Cost of revenues (a)
3,247,999
3,181,748
Gross profit
1,097,357
1,169,934
LIFO credit
-
(3,993
)
FIFO gross profit
1,097,357
1,165,941
Adjusted EBITDA gross profit
1,106,652
1,168,338
Gross profit as a percentage of revenues
25.25
%
26.88
%
LIFO credit as a percentage of revenues
0.00
%
-0.09
%
FIFO gross profit as a percentage of revenues
25.25
%
26.79
%
Adjusted EBITDA gross profit as a percentage of revenues
25.47
%
26.85
%
Selling, general and administrative expenses
1,117,214
1,156,039
Adjusted EBITDA selling, general and administrative expenses
1,032,970
1,073,424
Selling, general and administrative expenses as a percentage of
revenues
25.71
%
26.57
%
Adjusted EBITDA selling, general and administrative expenses as a
percentage of revenues
23.77
%
24.67
%
Cash interest expense
45,244
46,024
Non-cash interest expense
2,875
3,097
Total interest expense
48,119
49,121
Adjusted EBITDA
73,682
94,914
Adjusted EBITDA as a percentage of revenues
1.70
%
2.18
%
Pharmacy Services Segment Revenues (a)
$
1,725,857
$
1,872,282
Cost of revenues (a)
1,626,485
1,757,341
Gross profit
99,372
114,941
Gross profit as a percentage of revenues
5.76
%
6.14
%
Adjusted EBITDA
26,448
43,963
Adjusted EBITDA as a percentage of revenues
1.53
%
2.35
%
(a) -
Revenues and cost of revenues include
$56,630 and $62,979 of inter-segment activity for the thirteen
weeks ended May 28, 2022 and May 29, 2021, respectively, that is
eliminated in consolidation.
RITE AID CORPORATION AND SUBSIDIARIES SUPPLEMENTAL INFORMATION
RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA (In thousands)
(unaudited) Thirteen weeks endedMay 28, 2022
Thirteen weeks endedMay 29, 2021 Reconciliation of
net loss to adjusted EBITDA: Net loss
$
(110,191
)
$
(13,057
)
Adjustments: Interest expense
48,119
49,121
Income tax expense
3,497
780
Depreciation and amortization
70,073
75,859
LIFO credit
-
(3,993
)
Facility exit and impairment charges
66,571
8,831
Loss on debt retirements, net
-
396
Merger and Acquisition-related costs
-
3,886
Stock-based compensation expense
3,334
2,811
Restructuring-related costs
22,646
5,932
Inventory write-downs related to store closings
7,955
472
Litigation and other contractual settlements
18,271
14,000
Gain on sale of assets, net
(29,196
)
(6,558
)
Other
(949
)
397
Adjusted EBITDA
$
100,130
$
138,877
Percent of revenues
1.66
%
2.25
%
RITE AID CORPORATION AND SUBSIDIARIES SUPPLEMENTAL
INFORMATION ADJUSTED NET (LOSS) INCOME (Dollars in thousands,
except per share amounts) (unaudited) Thirteen weeks
endedMay 28, 2022 Thirteen weeks endedMay 29, 2021 Net loss
$
(110,191
)
$
(13,057
)
Add back - Income tax expense
3,497
780
Loss before income taxes
(106,694
)
(12,277
)
Adjustments: Amortization expense
20,626
20,460
LIFO credit
-
(3,993
)
Loss on debt retirements, net
-
396
Merger and Acquisition-related costs
-
3,886
Restructuring-related costs
22,646
5,932
Litigation and other contractual settlements
18,271
14,000
Adjusted (loss) income before income taxes
(45,151
)
28,404
Adjusted income tax (benefit) expense (a)
(12,322
)
7,470
Adjusted net (loss) income
$
(32,829
)
$
20,934
Adjusted net (loss) income per diluted share:
Numerator for adjusted net (loss) income per diluted share:
Adjusted net (loss) income
$
(32,829
)
$
20,934
Denominator: Basic weighted average shares
54,348
53,852
Outstanding options and restricted shares, net
-
971
Diluted weighted average shares
54,348
54,823
Net loss per diluted share
$
(2.03
)
$
(0.24
)
Adjusted net (loss) income per diluted share
$
(0.60
)
$
0.38
(a)
The fiscal year 2023 and 2022 annual
effective tax rates, calculated using a federal rate plus a net
state rate that excluded the impact of state NOL's, state credits
and valuation allowance, was used for the thirteen weeks ended May
28, 2022 and May 29, 2021, respectively.
RITE AID CORPORATION AND SUBSIDIARIES SUPPLEMENTAL INFORMATION
RECONCILIATION OF ADJUSTED EBITDA GROSS PROFIT AND RECONCILIATION
OF ADJUSTED EBITDA SELLING, GENERAL AND ADMINISTRATIVE EXPENSES-
RETAIL PHARMACY SEGMENT (In thousands) (unaudited)
Thirteen weeks endedMay 28, 2022 Thirteen weeks endedMay 29,
2021 Reconciliation of adjusted EBITDA gross profit:
Revenues
$
4,345,356
$
4,351,682
Gross Profit
1,097,357
1,169,934
Addback: LIFO credit
-
(3,993
)
Depreciation and amortization (cost of goods sold portion only)
2,893
2,097
Other
6,402
300
Adjusted EBITDA gross profit
$
1,106,652
$
1,168,338
Percent of revenues
25.47
%
26.85
%
Reconciliation of adjusted EBITDA selling,
general and administrative expenses: Revenues
$
4,345,356
$
4,351,682
Selling, general and administrative expenses
1,117,214
1,156,039
Less: Depreciation and amortization (SG&A portion only)
53,215
59,768
Stock-based compensation expense
3,102
2,771
Merger and Acquisition-related costs
-
3,886
Restructuring-related costs
17,371
1,621
Litigation and other contractual settlements
9,952
14,000
Other
604
569
Adjusted EBITDA selling, general and administrative expenses
$
1,032,970
$
1,073,424
Percent of revenues
23.77
%
24.67
%
Adjusted EBITDA
$
73,682
$
94,914
RITE AID CORPORATION AND SUBSIDIARIES SUPPLEMENTAL
INFORMATION RECONCILIATION OF NET LOSS GUIDANCE TO ADJUSTED EBITDA
GUIDANCE YEAR ENDING MARCH 4, 2023 (In thousands) (unaudited)
Guidance Range Low High
Total Revenues
$
23,600,000
$
24,000,000
Pharmacy Services Segment Revenues
$
6,250,000
$
6,350,000
Gross Capital Expenditures
$
250,000
$
250,000
Reconciliation of net loss to adjusted EBITDA: Net
loss
$
(246,300
)
$
(203,300
)
Adjustments: Interest expense
210,000
210,000
Income tax benefit
(15,000
)
(18,000
)
Depreciation and amortization
290,000
290,000
LIFO charge
15,000
15,000
Facility exit and impairment charges
130,000
130,000
Restructuring-related costs
60,000
60,000
Litigation and other contractual settlements
18,300
18,300
Gain on sale of assets, net
(35,000
)
(35,000
)
Other
33,000
33,000
Adjusted EBITDA
$
460,000
$
500,000
RITE AID CORPORATION AND SUBSIDIARIES SUPPLEMENTAL
INFORMATION RECONCILIATION OF NET LOSS GUIDANCE TO ADJUSTED NET
LOSS GUIDANCE YEAR ENDING MARCH 4, 2023 (In thousands) (unaudited)
Guidance Range Low High
Net loss
$
(246,300
)
$
(203,300
)
Add back - income tax benefit
(15,000
)
(18,000
)
Loss before income taxes
(261,300
)
(221,300
)
Adjustments: Amortization expense
79,000
79,000
LIFO charge
15,000
15,000
Restructuring-related costs
60,000
60,000
Litigation and other contractual settlements
18,300
18,300
Adjusted loss before adjusted income taxes
(89,000
)
(49,000
)
Adjusted income tax benefit
(24,000
)
(13,000
)
Adjusted net loss
$
(65,000
)
$
(36,000
)
Diluted adjusted net loss per share
$
(1.19
)
$
(0.66
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220623005204/en/
INVESTORS: Byron Purcell (717) 975-3710 investor@riteaid.com
MEDIA: Joy Errico Seusing (203) 970-5559 press@riteaid.com
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