Sportsman's Warehouse Holdings, Inc. ("Sportsman's" or the
“Company”) (Nasdaq:SPWH) today announced financial results for the
thirteen and twenty-six weeks ended July 29, 2017.
For the thirteen weeks ended July 29,
2017:
- Net sales increased by 0.9% to $191.5 million from $189.8
million in the second quarter of fiscal year 2016. Same store sales
decreased by 9.0% over the same period.
- Income from operations was $14.2 million compared to $16.7
million in the second quarter of fiscal year 2016.
- The Company opened four new stores in the second quarter of
fiscal 2017 and ended the quarter with 83 stores in 22 states, or
square footage growth of 12.2% from the end of the second quarter
of fiscal year 2016.
- Interest expense increased to $3.4 million from $3.1 million in
the second quarter of fiscal year 2016.
- Net income was $6.6 million compared to $8.3 million in the
second quarter of fiscal year 2016.
- Diluted earnings per share were $0.15 compared to $0.20 in the
second quarter of fiscal year 2016.
- Adjusted EBITDA decreased to $20.4 million from $22.3 million
in the second quarter of fiscal year 2016 (see "GAAP and Non-GAAP
Measures").
John Schaefer, Chief Executive Officer, stated, "Our second
quarter topline results were in line with our expectations given
the anticipated continued softness in firearm demand as we
anniversaried difficult comparisons from the Orlando tragedy in
June 2016. Our better than expected bottom line results were driven
by stronger gross margins resulting primarily from the higher
margin product mix shift that we experienced in the second quarter.
We remained focused on continuing to capture market share during
the quarter and are encouraged by the progress we made against our
strategic priorities of expanding our private label segment,
maximizing our loyalty program, investing in our best-in-class
customer service and enhancing our e-commerce platform.”
Mr. Schaefer continued, “For the remainder of
the year, we continue to expect softness in firearm demand until we
anniversary the pre-election run up that drove increased demand in
our firearm and ammunition categories last year. Despite the still
challenging operating environment, we will continue to execute our
key growth priorities that will be centered around driving same
store sales, elevating our omni-channel experience and paying down
debt as we focus on delivering long-term sustainable growth.”
For the twenty-six weeks ended July 29,
2017:
- Net sales increased by 2.0% to $348.4 million from $341.4
million in the first half of fiscal year 2016. Same store sales
decreased by 8.0% over the same period.
- Income from operations was $10.5 million compared to $19.0
million in the first half 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
$12.2 million, compared to adjusted income from operations of $19.2
million for the first half of fiscal year 2016, which excludes
secondary offering expenses (see “GAAP and Non-GAAP
Measures").
- The Company opened eight new stores in the first half of fiscal
year 2017.
- Interest expense decreased to $6.6 million from $6.7 million in
the first half of fiscal year 2016.
- Net income was $2.0 million compared to $8.6 million in the
first half of fiscal year 2016. Adjusted net income, which excludes
professional and other fees incurred in connection with the
evaluation of a strategic acquisition was $3.1 million compared to
an adjusted net income, which excludes secondary offering expenses
as well as prior-year tax credits of $8.2 million for the first
half of fiscal year 2016 (see “GAAP and Non-GAAP
Measures”).
- Diluted earnings per share were $0.05 compared to $0.20 in the
first half of fiscal year 2016. Adjusted diluted earnings per share
were $0.07 compared to $0.19 in the first half of fiscal year 2016.
(See “GAAP and Non-GAAP Measures”)
- Adjusted EBITDA decreased to $24.6 million from $29.7 million
in the first half of fiscal year 2016 (see "GAAP and Non-GAAP
Measures").
Balance sheet highlights as of July 29,
2017:
- Total debt: $235.6 million consisting of $101.7 million
outstanding under the Company’s revolving credit facility and
$133.8 million outstanding under the term loan, net of unamortized
discount and debt issuance costs.
- Total liquidity (cash plus $22.9 million of availability on
revolving credit facility): $24.7 million
During the second quarter, the Company exercised
the available $15.0 million accordion feature on its senior secured
revolving credit facility, increasing the line of credit to $150.0
million. As part of this amendment, the Company also extended
the maturity date, decreased the interest rate by 25 basis points
and lowered certain fees on the line of credit as described in the
8-K previously filed with the SEC on July 24, 2017.
Third Quarter and Fiscal Year 2017
Outlook:
For the third quarter of fiscal year 2017, net
sales are expected to be in the range of $220.0 million to $225.0
million based on a same store sales decline in the range of 6.0% to
8.0% compared to the corresponding period of fiscal year 2016. Net
income is expected to be in the range of $10.0 million to $11.2
million with diluted earnings per share of $0.23 to $0.26 on a
weighted average of approximately 42.8 million estimated common
shares outstanding.
For fiscal year 2017, net sales are expected to
be in the range of $825.0 million to $835.0 million based on a same
store sales decline in the range of 5.0% to 6.0% compared to fiscal
year 2016. Adjusted net income is expected to be in the range of
$25.7 million to $28.4 million with adjusted earnings per diluted
share of $0.60 to $0.66 on a weighted average of approximately 42.8
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 $10.0 to
$12.0 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 second quarter 2017
financial results is scheduled for today, August 17, 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 as income from operations plus professional and other
fees incurred in connection with the evaluation of a strategic
acquisition and secondary offering expenses. Adjusted net
income is net income 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 third 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.
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SPORTSMAN’S WAREHOUSE HOLDINGS,
INC. |
|
Condensed Consolidated Statements of Income
(Unaudited) |
|
(in thousands, except share and per share
data) |
|
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|
|
|
|
|
|
|
|
|
|
|
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|
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|
For the Thirteen Weeks Ended |
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|
For the Twenty Six-Weeks Ended |
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|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
July 29, 2017 |
|
% of netsales |
|
July 30, 2016 |
|
% of netsales |
|
July 29, 2017 |
|
% of netsales |
|
July 30, 2016 |
|
% of netsales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
sales |
|
$ |
191,493 |
|
|
100.0 |
% |
|
$ |
189,804 |
|
|
100.0 |
% |
|
$ |
348,391 |
|
|
100.0 |
% |
|
$ |
341,419 |
|
|
100.0 |
% |
|
Cost of
goods sold |
|
|
122,875 |
|
|
64.2 |
% |
|
|
123,619 |
|
|
65.1 |
% |
|
|
231,158 |
|
|
66.4 |
% |
|
|
226,762 |
|
|
66.4 |
% |
|
Gross
profit |
|
|
68,618 |
|
|
35.8 |
% |
|
|
66,185 |
|
|
34.9 |
% |
|
|
117,233 |
|
|
33.6 |
% |
|
|
114,657 |
|
|
33.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling,
general and administrative expenses |
|
|
54,383 |
|
|
28.4 |
% |
|
|
49,514 |
|
|
26.1 |
% |
|
|
106,766 |
|
|
30.6 |
% |
|
|
95,630 |
|
|
28.0 |
% |
|
Income
from operations |
|
|
14,235 |
|
|
7.4 |
% |
|
|
16,671 |
|
|
8.8 |
% |
|
|
10,467 |
|
|
3.0 |
% |
|
|
19,027 |
|
|
5.6 |
% |
|
Interest
expense |
|
|
(3,436 |
) |
|
(1.8 |
%) |
|
|
(3,141 |
) |
|
(1.7 |
%) |
|
|
(6,586 |
) |
|
(1.9 |
%) |
|
|
(6,729 |
) |
|
(2.0 |
%) |
|
Income
before income tax expense |
|
|
10,799 |
|
|
5.6 |
% |
|
|
13,530 |
|
|
7.1 |
% |
|
|
3,881 |
|
|
1.1 |
% |
|
|
12,298 |
|
|
3.6 |
% |
|
Income
tax expense |
|
|
(4,245 |
) |
|
(2.2 |
%) |
|
|
(5,226 |
) |
|
(2.8 |
%) |
|
|
(1,835 |
) |
|
(0.5 |
%) |
|
|
(3,683 |
) |
|
(1.1 |
%) |
|
Net
income |
|
$ |
6,554 |
|
|
3.4 |
% |
|
$ |
8,304 |
|
|
4.3 |
% |
|
$ |
2,046 |
|
|
0.6 |
% |
|
$ |
8,615 |
|
|
2.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.15 |
|
|
|
|
$ |
0.20 |
|
|
|
|
$ |
0.05 |
|
|
|
|
$ |
0.20 |
|
|
|
|
Diluted |
|
$ |
0.15 |
|
|
|
|
$ |
0.20 |
|
|
|
|
$ |
0.05 |
|
|
|
|
$ |
0.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
42,536 |
|
|
|
|
|
42,217 |
|
|
|
|
|
42,406 |
|
|
|
|
|
42,125 |
|
|
|
|
Diluted |
|
|
42,587 |
|
|
|
|
|
42,490 |
|
|
|
|
|
42,457 |
|
|
|
|
|
42,406 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
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SPORTSMAN’S WAREHOUSE HOLDINGS, INC. |
|
|
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|
|
Condensed Consolidated Balance Sheets
(Unaudited) |
|
|
|
|
|
(in thousands) |
|
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|
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|
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|
|
|
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|
|
|
|
Assets |
|
|
|
|
|
|
|
July 29, 2017 |
|
January 28, 2017 |
|
Current
assets: |
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
1,821 |
|
|
$ |
1,911 |
|
|
Accounts
receivable, net |
|
|
441 |
|
|
|
411 |
|
|
Merchandise inventories |
|
|
302,229 |
|
|
|
246,289 |
|
|
Prepaid
expenses and other |
|
|
7,101 |
|
|
|
7,313 |
|
|
Income
taxes receivable |
|
|
717 |
|
|
|
- |
|
|
Total
current assets |
|
|
312,309 |
|
|
|
255,924 |
|
|
Property and equipment, net |
|
|
103,848 |
|
|
|
83,109 |
|
|
Deferred income taxes |
|
|
4,350 |
|
|
|
5,097 |
|
|
Definite lived intangible assets, net |
|
|
1,215 |
|
|
|
2,118 |
|
|
Total
assets |
|
$ |
421,722 |
|
|
$ |
346,248 |
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts
payable |
|
$ |
60,761 |
|
|
$ |
31,549 |
|
|
Accrued
expenses |
|
|
52,653 |
|
|
|
49,586 |
|
|
Income
taxes payable |
|
|
- |
|
|
|
979 |
|
|
Revolving
line of credit |
|
|
101,744 |
|
|
|
60,972 |
|
|
Current
portion of long-term debt, net of discount and debt issuance
costs |
|
|
896 |
|
|
|
983 |
|
|
Current
portion of deferred rent |
|
|
3,864 |
|
|
|
3,150 |
|
|
Total
current liabilities |
|
|
219,918 |
|
|
|
147,219 |
|
|
|
|
|
|
|
|
Long-term
liabilities: |
|
|
|
|
|
Long-term
debt, net of discount, debt issuance costs, and current
portion |
|
|
132,931 |
|
|
|
133,721 |
|
|
Deferred
rent credit, net of current portion |
|
|
36,131 |
|
|
|
35,307 |
|
|
Total
long-term liabilities |
|
|
169,062 |
|
|
|
169,028 |
|
|
Total
liabilities |
|
|
388,980 |
|
|
|
316,247 |
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
Common
stock |
|
|
426 |
|
|
|
422 |
|
|
Additional paid-in capital |
|
|
80,839 |
|
|
|
80,146 |
|
|
Accumulated deficit |
|
|
(48,523 |
) |
|
|
(50,567 |
) |
|
Total
stockholders’ equity |
|
|
32,742 |
|
|
|
30,001 |
|
|
Total
liabilities and stockholders' equity |
|
$ |
421,722 |
|
|
$ |
346,248 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SPORTSMAN’S WAREHOUSE HOLDINGS, INC. |
|
|
|
|
Condensed Consolidated Statements of Cash Flows
(Unaudited) |
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
July 29, 2017 |
|
July 30, 2016 |
CASH FLOWS FROM OPERATING
ACTIVITIES |
|
|
|
|
Net
income |
|
$ |
2,046 |
|
|
$ |
8,615 |
|
Adjustments to reconcile net income to
net |
|
|
|
|
cash (used in) provided by operating
activities: |
|
|
|
|
Depreciation and amortization |
|
|
7,431 |
|
|
|
5,565 |
|
(Gain) on asset disposition |
|
|
(14 |
) |
|
|
- |
|
Amortization of
discount on debt and deferred financing fees |
|
|
344 |
|
|
|
549 |
|
Amortization of
Intangible |
|
|
903 |
|
|
|
902 |
|
Change in deferred rent |
|
|
1,538 |
|
|
|
3,885 |
|
Deferred
taxes |
|
|
747 |
|
|
|
288 |
|
Excess tax
benefits from stock-based compensation arrangements |
|
|
- |
|
|
|
(449 |
) |
Stock based
compensation |
|
|
1,052 |
|
|
|
1,558 |
|
Change in assets and
liabilities: |
|
|
- |
|
|
|
Accounts receivable, net |
|
|
(30 |
) |
|
|
160 |
|
Merchandise inventory |
|
|
(55,940 |
) |
|
|
(47,924 |
) |
Prepaid expenses and other |
|
|
132 |
|
|
|
2,412 |
|
Accounts payable |
|
|
31,365 |
|
|
|
23,827 |
|
Accrued expenses |
|
|
(6,001 |
) |
|
|
174 |
|
Income taxes |
|
|
(1,696 |
) |
|
|
837 |
|
Net cash (used in) provided by
operating activities |
|
|
(18,123 |
) |
|
|
399 |
|
|
|
|
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES: |
|
|
|
|
Purchase of
property and equipment |
|
|
(31,864 |
) |
|
|
(23,395 |
) |
Proceeds from
sale of property and equipment |
|
|
14 |
|
|
|
Proceeds from
sale-leaseback transactions |
|
|
503 |
|
|
|
- |
|
Net cash used in investing
activities |
|
|
(31,347 |
) |
|
|
(23,395 |
) |
|
|
|
|
|
CASH FLOWS FROM FINANCING
ACTIVITIES: |
|
|
|
|
Net borrowings on line of credit |
|
|
40,772 |
|
|
|
40,808 |
|
Increase in book
overdraft |
|
|
10,105 |
|
|
|
4,101 |
|
Payments of
deferred financing fees |
|
|
(341 |
) |
|
|
Payment of
withholdings on restricted stock units |
|
|
(639 |
) |
|
|
(1,228 |
) |
Principal
payments on long-term debt |
|
|
(800 |
) |
|
|
(20,474 |
) |
Issuance of
common stock per employee stock purchase plan |
|
|
283 |
|
|
|
258 |
|
Net cash provided by financing
activities |
|
|
49,380 |
|
|
|
23,465 |
|
|
|
|
|
|
Net change in
cash and cash equivalents |
|
|
(90 |
) |
|
|
469 |
|
Cash and cash
equivalents at beginning of year |
|
|
1,911 |
|
|
|
2,109 |
|
Cash and cash
equivalents at end of period |
|
$ |
1,821 |
|
|
$ |
2,578 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Twenty Six-Weeks Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
July 29, 2017 |
|
July 30, 2016 |
|
July 29, 2017 |
|
July 30, 2016 |
|
Income from
operations |
$ |
14,235 |
|
$ |
16,671 |
|
$ |
10,467 |
|
|
$ |
19,027 |
|
|
Secondary
offering expenses (1) |
|
- |
|
|
- |
|
|
- |
|
|
|
143 |
|
|
Professional fees (2) |
|
- |
|
|
- |
|
|
1,744 |
|
|
|
- |
|
|
Adjusted
income from operations |
$ |
14,235 |
|
$ |
16,671 |
|
$ |
12,211 |
|
|
$ |
19,170 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
$ |
6,554 |
|
$ |
8,304 |
|
$ |
2,046 |
|
|
$ |
8,615 |
|
|
|
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 |
$ |
6,554 |
|
$ |
8,304 |
|
$ |
3,113 |
|
|
$ |
8,156 |
|
|
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
Diluted weighted
average shares outstanding |
|
42,587 |
|
|
42,490 |
|
|
42,457 |
|
|
|
42,406 |
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of earnings per share: |
|
|
|
|
|
|
|
|
Dilutive
earnings per share |
$ |
0.15 |
|
$ |
0.20 |
|
$ |
0.05 |
|
|
$ |
0.20 |
|
|
Impact of
adjustments to numerator and denominator |
|
- |
|
|
- |
|
|
0.02 |
|
|
|
(0.01 |
) |
|
Adjusted
diluted earnings per share |
$ |
0.15 |
|
$ |
0.20 |
|
$ |
0.07 |
|
|
$ |
0.19 |
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net income to adjusted
EBITDA: |
|
|
|
|
|
|
|
|
Net
income |
$ |
6,554 |
|
$ |
8,304 |
|
$ |
2,046 |
|
|
$ |
8,615 |
|
|
Interest
expense |
|
3,436 |
|
|
3,141 |
|
|
6,586 |
|
|
|
6,729 |
|
|
Income tax
expense |
|
4,245 |
|
|
5,226 |
|
|
1,835 |
|
|
|
3,683 |
|
|
Depreciation and amortization |
|
4,393 |
|
|
3,334 |
|
|
8,334 |
|
|
|
6,466 |
|
|
Stock-based
compensation expense (4) |
|
399 |
|
|
933 |
|
|
1,052 |
|
|
|
1,558 |
|
|
Pre-opening
expenses (5) |
|
1,395 |
|
|
1,335 |
|
|
3,023 |
|
|
|
2,524 |
|
|
Secondary
offering expenses (1) |
|
- |
|
|
- |
|
|
- |
|
|
|
143 |
|
|
Professional Fees (2) |
|
- |
|
|
- |
|
|
1,744 |
|
|
|
- |
|
|
Adjusted
EBITDA |
$ |
20,422 |
|
$ |
22,273 |
|
$ |
24,620 |
|
|
$ |
29,718 |
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Expenses paid by us in connection with secondary offerings 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 third quarter and 2017 full year
guidance: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated Q3 '17 |
|
Estimated FY '17 |
|
|
|
|
|
|
|
|
|
|
|
Low |
|
High |
|
Low |
|
High |
|
|
|
|
|
|
|
|
|
Numerator: |
|
|
|
|
|
|
|
|
Net income |
$ |
10,000 |
|
$ |
11,200 |
|
$ |
24,650 |
|
$ |
27,350 |
|
Professional Fees
(1) |
|
- |
|
|
- |
|
|
1,067 |
|
|
1,067 |
|
Adjusted net
income |
$ |
10,000 |
|
$ |
11,200 |
|
$ |
25,717 |
|
$ |
28,417 |
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
Diluted weighted
average shares outstanding |
|
42,800 |
|
|
42,800 |
|
|
42,800 |
|
|
42,800 |
|
|
|
|
|
|
|
|
|
Reconciliation of earnings per share: |
|
|
|
|
|
|
|
Diluted
earnings per share |
$ |
0.23 |
|
$ |
0.26 |
|
$ |
0.58 |
|
$ |
0.64 |
Impact of
adjustments to numerator and denominator |
|
- |
|
|
- |
|
|
0.02 |
|
|
0.02 |
Adjusted
diluted earnings per share |
$ |
0.23 |
|
$ |
0.26 |
|
$ |
0.60 |
|
$ |
0.66 |
|
|
|
|
|
|
|
|
|
(1)
Professional and other fees incurred in connection with the
evaluation of a strategic acquisition. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Contact:
ICR, Inc.
Farah Soi/Rachel Schacter
(203) 682-8200
investors@sportsmanswarehouse.com
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