Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ:OLLI) today announced
financial results for the third quarter ended October 28, 2017.
Third Quarter Summary:
- Total net sales increased 17.9% to $238.1 million;
- Comparable store sales increased 2.1%;
- The Company opened 15 new stores during the quarter, ending the
quarter with a total of 265 stores in 20 states, an increase in
store count of 14.2% year over year;
- Operating income increased 29.8% to $24.2 million;
- Net income increased 80.3% to $18.9 million and Net income per
diluted share increased 70.6% to $0.29;
- Adjusted net income(1) increased 31.3% to $14.2 million and
Adjusted net income per diluted share(1) increased 29.4% to
$0.22; and
- Adjusted EBITDA(1) increased 23.8% to $29.2 million.
Mark Butler, Chairman, President and Chief
Executive Officer, stated, “We are very pleased with our third
quarter performance and the continuing momentum in our business.
Strong deal flow, great new store performance, and tight
expense control drove our record results. In the third
quarter, we once again exceeded our sales and earnings
expectations, delivering a sales increase of 18% and a 31% increase
in adjusted net income. We believe we are well-positioned for
the remainder of the holiday season, including Ollie’s Army Night
on December 10, 2017. As we look ahead, we will maintain our
focus on consistent execution, just as we have for 35 years.
We know that Everyone Loves a Bargain! and this will never go out
of style.”
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(1) |
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Adjusted operating
income, Adjusted net income, Adjusted net income per diluted share,
EBITDA, and Adjusted EBITDA are not measures recognized under
generally accepted accounting principles (“GAAP”). Please see the
reconciliation of GAAP to non-GAAP tables included later in this
release. |
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Third Quarter Results
Net sales increased 17.9% to $238.1 million in
the third quarter of fiscal 2017 from $202.0 million in the third
quarter of fiscal 2016. The increase in net sales was driven by a
2.1% increase in comparable store sales and increased store count
compared to the third quarter of fiscal 2016. The Company opened 15
stores in the third quarter of fiscal 2017 and ended the quarter
with 265 stores, compared to 232 stores at the end of the third
quarter of fiscal 2016.
Gross profit increased 16.4% to $98.0 million in
the third quarter of fiscal 2017 from $84.2 million in the third
quarter of fiscal 2016. Gross margin decreased 50 basis points to
41.2% in the third quarter of fiscal 2017 from 41.7% in the third
quarter of fiscal 2016. The decrease in gross margin is due to
decreased merchandise margins partially offset by favorable supply
chain costs as a percentage of net sales.
Operating income increased 29.8% to $24.2
million in the third quarter of fiscal 2017 from $18.6 million in
the third quarter of fiscal 2016. As a percentage of net sales,
operating income increased 100 basis points to 10.2% in the third
quarter of fiscal 2017. Excluding $0.6 million of transaction
related expenses incurred in the third quarter of last year,
Adjusted operating income increased 25.9% and 70 basis points as a
percentage of net sales.
Net income increased 80.3% to $18.9 million, or
$0.29 per diluted share, in the third quarter of fiscal 2017 from
$10.5 million, or $0.17 per diluted share, in the third quarter of
fiscal 2016. Adjusted net income (1), which excludes income
tax benefits due to the accounting change for stock-based
compensation in the current year and transaction related expenses
net of taxes in the prior year, increased 31.3% to $14.2 million,
or $0.22 per diluted share, in the third quarter of fiscal 2017
from $10.8 million, or $0.17 per diluted share, in the third
quarter of fiscal 2016.
Adjusted EBITDA(1) increased 23.8% to $29.2
million, or 12.3% of net sales, in the third quarter of fiscal 2017
from $23.6 million, or 11.7% of net sales, in the third quarter of
fiscal 2016. Adjusted EBITDA excludes non-cash stock-based
compensation expense, non-cash purchase accounting items and
transaction related expenses.
Balance Sheet and Cash Flow
Highlights
The Company's cash balance as of the end of the
third quarter of fiscal 2017 was $42.2 million compared to $36.0
million at the end of the third quarter of fiscal 2016. The
Company had no borrowings under its $100.0 million revolving credit
facility and $98.5 million of availability under the facility at
the end of the third quarter of fiscal 2017. The Company ended the
third quarter of fiscal 2017 with total borrowings of $126.7
million compared to $196.5 million at the end of the third quarter
of fiscal 2016. Subsequent to quarter-end, on November 21,
2017 the Company paid down $30 million in term loan debt, resulting
in a term loan debt balance of $96.3 million.
Inventory at the end of the third quarter of
fiscal 2017 increased 18.1% to $284.3 million compared to $240.8
million at the end of the third quarter of fiscal 2016, primarily
due to new store growth and timing of deal flow.
Capital expenditures in the third quarter of
fiscal 2017 totaled $6.5 million compared to $4.3 million in the
third quarter of fiscal 2016.
Outlook
Based on actual year-to-date results and
expectations for the fourth quarter, Ollie’s currently estimates
the following results for the fiscal year ending February 3,
2018:
- Total net sales of $1.062 billion to $1.065 billion;
- Comparable store sales growth of 2.0% to 2.5%;
- The opening of 34 new stores and no planned closures;
- Operating income of $131.0 million to $132.0 million;
- Net income per diluted share of $1.36 to $1.37;
- Excluding the loss on extinguishment of debt and income tax
benefits due to the accounting change for stock-based compensation,
Adjusted net income per diluted share(2) of $1.21 to $1.22;
- Estimated weighted diluted average shares outstanding of 65.0
million; and
- Capital expenditures of $18.5 million to $20.0 million.
Conference Call Information
A conference call to discuss the fiscal 2017
third quarter financial results is scheduled for today, December 6,
2017 at 4:30 p.m. Eastern Time. Investors and analysts can
participate on the conference call by dialing (800) 219-7052 or
(574) 990-1029 and using conference ID #5199749. Interested parties
can also listen to a live webcast or replay of the conference call
by logging on to the Investor Relations section on the Company’s
website at http://investors.ollies.us/. The replay of the
conference call webcast will be available at the investor relations
Web site for one year.
About
Ollie’s
We are a highly differentiated and fast growing,
extreme value retailer of brand name merchandise at drastically
reduced prices. We are known for our assortment of merchandise
offered as Good Stuff Cheap®. We offer name brand products,
Real Brands! Real Bargains!®, in every department, including
housewares, food, books and stationery, bed and bath, floor
coverings, toys, hardware and other categories. We currently
operate 268 store locations in 20 states across the Eastern portion
of the United States. For more information, visit
www.ollies.us.
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(2) |
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Adjusted net income per
diluted share is not a measure recognized under GAAP. For a
definition of Adjusted net income per diluted share, please see the
disclosures related to the reconciliation of GAAP to non-GAAP
tables elsewhere in this release. The $0.15 per diluted share
difference between the guidance ranges for Net income per diluted
share and Adjusted net income per diluted share reflects exclusion
of the loss on extinguishment of debt and income tax benefits due
to the change in accounting for stock-based compensation incurred
and reported for the thirty-nine weeks ended October 28,
2017. The Company cannot predict future transaction related
estimates without unreasonable effort and therefore excludes any
such estimates from its outlook. |
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Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995. Forward-looking statements can
be identified by words such as “could,” “may,” “might,” “will,”
“likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,”
“estimates,” “expects,” “continues,” “projects” and similar
references to future periods, or by the inclusion of forecasts or
projections, the outlook for the Company’s future business,
prospects, financial performance and industry outlook.
Forward-looking statements are based on our current expectations
and assumptions regarding our business, the economy and other
future conditions. Because forward-looking statements relate to the
future, by their nature, they are subject to inherent
uncertainties, risks and changes in circumstances that are
difficult to predict. As a result, our actual results may differ
materially from those contemplated by the forward-looking
statements. Important factors that could cause actual results to
differ materially from those in the forward-looking statements
include regional, national or global political, economic, business,
competitive, market and regulatory conditions including pending tax
legislation and the following: our failure to adequately procure
and manage our inventory or anticipate consumer demand; changes in
consumer confidence and spending; risks associated with intense
competition; our failure to open new profitable stores, or
successfully enter new markets, on a timely basis or at all; our
failure to hire and retain key personnel and other qualified
personnel; our inability to obtain favorable lease terms for our
properties; the loss of, or disruption in the operations of, our
centralized distribution centers; fluctuations in comparable store
sales and results of operations, including on a quarterly basis;
risks associated with our lack of operations in the growing online
retail marketplace; our inability to successfully implement our
marketing, advertising and promotional efforts; the seasonal nature
of our business; the risks associated with doing business with
international manufacturers; risks associated with the timely and
effective deployment and protection of computer and electronic
systems; changes in government regulations, procedures and
requirements; and our ability to service our indebtedness and to
comply with our financial covenants together with the other factors
set forth under “Risk Factors” in our filings with the United
States Securities and Exchange Commission (“SEC”). Any
forward-looking statement made by us in this press release speaks
only as of the date on which it is made. Factors or events that
could cause our actual results to differ may emerge from time to
time, and it is not possible for us to predict all of them. Ollie’s
undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except as may be required by
law. You are advised, however, to consult any further
disclosures we make on related subjects in our public announcements
and SEC filings.
Investor Contact: John
RouleauICR203-682-8200John.Rouleau@icrinc.com
Media Contact:Dan HainesVice President –
Marketing & Advertising717-657-2300dhaines@ollies.us
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Ollie’s Bargain Outlet Holdings,
Inc. |
Condensed Consolidated Statements of
Income |
(In thousands except for per share
amounts) |
(Unaudited) |
|
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|
Thirteen weeks ended |
|
Thirty-nine weeks ended |
|
|
October
28, |
|
October 29, |
|
October
28, |
|
October 29, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Condensed
consolidated statements of income data: |
|
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|
|
|
|
|
|
Net sales |
|
$ |
238,116 |
|
|
$ |
201,985 |
|
|
$ |
720,363 |
|
|
$ |
606,960 |
|
Cost of sales |
|
|
140,127 |
|
|
|
117,795 |
|
|
|
429,213 |
|
|
|
359,941 |
|
Gross
profit |
|
|
97,989 |
|
|
|
84,190 |
|
|
|
291,150 |
|
|
|
247,019 |
|
Selling, general and
administrative expenses |
|
|
68,124 |
|
|
|
60,522 |
|
|
|
195,633 |
|
|
|
173,068 |
|
Depreciation and
amortization expenses |
|
|
2,503 |
|
|
|
2,142 |
|
|
|
7,150 |
|
|
|
6,188 |
|
Pre-opening
expenses |
|
|
3,152 |
|
|
|
2,879 |
|
|
|
7,005 |
|
|
|
6,152 |
|
Operating
income |
|
|
24,210 |
|
|
|
18,647 |
|
|
|
81,362 |
|
|
|
61,611 |
|
Interest expense,
net |
|
|
1,143 |
|
|
|
1,405 |
|
|
|
3,601 |
|
|
|
4,540 |
|
Loss on extinguishment
of debt |
|
|
- |
|
|
|
- |
|
|
|
397 |
|
|
|
- |
|
Income
before income taxes |
|
|
23,067 |
|
|
|
17,242 |
|
|
|
77,364 |
|
|
|
57,071 |
|
Income tax expense |
|
|
4,205 |
|
|
|
6,781 |
|
|
|
19,824 |
|
|
|
21,727 |
|
Net
income |
|
$ |
18,862 |
|
|
$ |
10,461 |
|
|
$ |
57,540 |
|
|
$ |
35,344 |
|
Earnings
per common share: |
|
|
|
|
|
|
|
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Basic |
|
$ |
0.31 |
|
|
$ |
0.17 |
|
|
$ |
0.94 |
|
|
$ |
0.59 |
|
Diluted |
|
$ |
0.29 |
|
|
$ |
0.17 |
|
|
$ |
0.89 |
|
|
$ |
0.57 |
|
Weighted
average common shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
61,488 |
|
|
|
60,301 |
|
|
|
61,187 |
|
|
|
60,005 |
|
Diluted |
|
|
65,102 |
|
|
|
62,515 |
|
|
|
64,794 |
|
|
|
62,247 |
|
|
|
|
|
|
|
|
|
|
Percentage of
net sales (1): |
|
|
|
|
|
|
|
|
Net sales |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
Cost of sales |
|
|
58.8 |
|
|
|
58.3 |
|
|
|
59.6 |
|
|
|
59.3 |
|
Gross
profit |
|
|
41.2 |
|
|
|
41.7 |
|
|
|
40.4 |
|
|
|
40.7 |
|
Selling, general and
administrative expenses |
|
|
28.6 |
|
|
|
30.0 |
|
|
|
27.2 |
|
|
|
28.5 |
|
Depreciation and
amortization expenses |
|
|
1.1 |
|
|
|
1.1 |
|
|
|
1.0 |
|
|
|
1.0 |
|
Pre-opening
expenses |
|
|
1.3 |
|
|
|
1.4 |
|
|
|
1.0 |
|
|
|
1.0 |
|
Operating income |
|
|
10.2 |
|
|
|
9.2 |
|
|
|
11.3 |
|
|
|
10.2 |
|
Interest expense,
net |
|
|
0.5 |
|
|
|
0.7 |
|
|
|
0.5 |
|
|
|
0.7 |
|
Loss on extinguishment
of debt |
|
|
— |
|
|
|
— |
|
|
|
0.1 |
|
|
|
— |
|
Income
before income taxes |
|
|
9.7 |
|
|
|
8.5 |
|
|
|
10.7 |
|
|
|
9.4 |
|
Income tax expense |
|
|
1.8 |
|
|
|
3.4 |
|
|
|
2.8 |
|
|
|
3.6 |
|
Net
income |
|
|
7.9 |
% |
|
|
5.2 |
% |
|
|
8.0 |
% |
|
|
5.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Components
may not add to totals due to rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ollie’s Bargain Outlet Holdings,
Inc. |
Condensed Consolidated Balance
Sheets |
(In thousands) |
(Unaudited) |
|
|
|
October
28, |
|
October 29, |
Assets |
|
2017 |
|
2016 |
Current
assets: |
|
|
|
|
Cash and
cash equivalents |
|
$ |
42,164 |
|
|
$ |
35,961 |
|
Inventories |
|
|
284,331 |
|
|
|
240,767 |
|
Accounts
receivable |
|
|
990 |
|
|
|
283 |
|
Prepaid
expenses and other assets |
|
|
3,882 |
|
|
|
5,363 |
|
Total current assets |
|
|
331,367 |
|
|
|
282,374 |
|
Property
and equipment, net |
|
|
53,632 |
|
|
|
46,890 |
|
Goodwill |
|
|
444,850 |
|
|
|
444,850 |
|
Trade
name and other intangible assets, net |
|
|
232,723 |
|
|
|
233,070 |
|
Other
assets |
|
|
2,256 |
|
|
|
2,400 |
|
Total assets |
|
$ |
1,064,828 |
|
|
$ |
1,009,584 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
Current
liabilities: |
|
|
|
|
Current
portion of long-term debt |
|
$ |
8,882 |
|
|
$ |
5,091 |
|
Accounts
payable |
|
|
70,618 |
|
|
|
58,011 |
|
Income
taxes payable |
|
|
5,731 |
|
|
|
- |
|
Accrued
expenses |
|
|
45,691 |
|
|
|
43,211 |
|
Total current liabilities |
|
|
130,922 |
|
|
|
106,313 |
|
Revolving credit facility |
|
|
- |
|
|
|
- |
|
Long-term debt |
|
|
117,120 |
|
|
|
190,105 |
|
Deferred
income taxes |
|
|
88,011 |
|
|
|
85,982 |
|
Other
long-term liabilities |
|
|
6,943 |
|
|
|
5,332 |
|
Total liabilities |
|
|
342,996 |
|
|
|
387,732 |
|
Stockholders’ equity: |
|
|
|
|
Common
stock |
|
|
62 |
|
|
|
61 |
|
Additional paid-in capital |
|
|
578,891 |
|
|
|
560,872 |
|
Retained
earnings |
|
|
142,965 |
|
|
|
61,005 |
|
Treasury
- common stock |
|
|
(86 |
) |
|
|
(86 |
) |
Total
stockholders’ equity |
|
|
721,832 |
|
|
|
621,852 |
|
Total
liabilities and stockholders’ equity |
|
$ |
1,064,828 |
|
|
$ |
1,009,584 |
|
|
|
|
|
|
|
Ollie’s Bargain Outlet Holdings,
Inc. |
Condensed Consolidated Statements of Cash
Flows |
(In thousands) |
(Unaudited) |
|
|
|
Thirteen weeks ended |
|
Thirty-nine weeks ended |
|
|
October
28, |
|
October 29, |
|
October
28, |
|
October 29, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Net cash provided by
operating activities |
|
$ |
23,068 |
|
|
$ |
5,847 |
|
|
$ |
20,384 |
|
|
$ |
4,161 |
|
Net cash used in
investing activities |
|
|
(6,469 |
) |
|
|
(4,236 |
) |
|
|
(15,119 |
) |
|
|
(14,218 |
) |
Net cash provided by
(used in) financing activities |
|
|
745 |
|
|
|
3,618 |
|
|
|
(61,784 |
) |
|
|
15,759 |
|
Net increase (decrease) during period in cash and cash
equivalents |
|
17,344 |
|
|
|
5,229 |
|
|
|
(56,519 |
) |
|
|
5,702 |
|
Cash and
cash equivalents at the beginning of the period |
|
|
24,820 |
|
|
|
30,732 |
|
|
|
98,683 |
|
|
|
30,259 |
|
Cash and
cash equivalents at the end of the period |
|
$ |
42,164 |
|
|
$ |
35,961 |
|
|
$ |
42,164 |
|
|
$ |
35,961 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ollie’s Bargain Outlet Holdings,
Inc.
Supplemental Information
Reconciliation of GAAP to Non-GAAP
Financial Measures
(Dollars in thousands)
(Unaudited)
The Company reports its financial results in
accordance with U.S. generally accepted accounting principles
("GAAP"). We have included the non-GAAP measures of Adjusted
operating income, EBITDA, Adjusted EBITDA, Adjusted net income and
Adjusted net income per diluted share in this press release as
these are key measures used by our management and our board of
directors to evaluate our operating performance and the
effectiveness of our business strategies, make budgeting decisions,
and evaluate compensation decisions. Management believes it
is useful to investors and analysts to evaluate these non-GAAP
measures on the same basis as management uses to evaluate the
Company’s operating results. We believe that excluding items that
may not be indicative of, or are unrelated to, our core operating
results, and that may vary in frequency or magnitude from operating
income, Net income and Net income per diluted share, enhances the
comparability of our results and provides a better baseline for
analyzing trends in our business.
The tables below reconcile the non-GAAP
financial measures of Adjusted operating income to operating
income, Adjusted net income to Net income, Adjusted net income per
diluted share to Net income per diluted share, and EBITDA and
Adjusted EBITDA to Net income, in each case the most directly
comparable GAAP measure.
Adjusted operating income, as defined by us, gives effect to
transaction related expenses, which we believe are unrelated to our
core operating results. Adjusted net income and Adjusted net
income per diluted share give effect, net of tax, to transaction
related expenses, loss on extinguishment of debt, and income tax
benefits due to the accounting change for stock-based compensation,
which may not occur with the same frequency or magnitude in future
periods. We define EBITDA as net income before net interest
expense, loss on extinguishment of debt, depreciation and
amortization expenses and income taxes. Adjusted EBITDA represents
EBITDA as further adjusted for non-cash stock-based compensation
expense, non-cash purchase accounting items, and transaction
related expenses, which we do not consider representative of our
ongoing operating performance.
Non-GAAP financial measures should be viewed as
supplementing, and not as an alternative to or substitute for, the
Company’s financial results prepared in accordance with GAAP.
Certain of the items that may be excluded or included in non-GAAP
financial measures may be significant items that could impact the
Company's financial position, results of operations and cash flows
and should therefore be considered in assessing the Company's
actual financial condition and performance. The methods used by the
Company to calculate its non-GAAP financial measures may differ
significantly from methods used by other companies to compute
similar measures. As a result, any non-GAAP financial measures
presented herein may not be comparable to similar measures provided
by other companies.
|
|
|
|
|
|
Reconciliation of GAAP operating income to Adjusted
operating income |
|
|
|
|
|
|
|
|
Thirteen weeks ended |
|
Thirty-nine weeks ended |
|
|
October
28, |
|
October 29, |
|
October
28, |
|
October 29, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Operating income |
|
$ |
24,210 |
|
$ |
18,647 |
|
$ |
81,362 |
|
$ |
61,611 |
Transaction related
expenses |
|
|
- |
|
|
586 |
|
|
- |
|
|
1,736 |
Adjusted operating
income |
|
$ |
24,210 |
|
$ |
19,233 |
|
$ |
81,362 |
|
$ |
63,347 |
|
|
|
|
|
|
|
|
Ollie’s Bargain Outlet Holdings,
Inc. |
|
Supplemental Information |
|
Reconciliation of GAAP to Non-GAAP Financial
Measures |
|
(In thousands except for per share
amounts) |
|
(Unaudited) |
|
|
|
Reconciliation of GAAP net income to Adjusted net
income |
|
|
|
|
|
Thirteen weeks ended |
|
Thirty-nine weeks ended |
|
|
|
October
28, |
|
October 29, |
|
October
28, |
|
October 29, |
|
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
Net income |
|
$ |
18,862 |
|
|
$ |
10,461 |
|
|
$ |
57,540 |
|
|
$ |
35,344 |
|
|
Transaction related
expenses |
|
|
- |
|
|
|
586 |
|
|
|
- |
|
|
|
1,736 |
|
|
Loss on extinguishment
of debt |
|
|
- |
|
|
|
- |
|
|
|
397 |
|
|
|
- |
|
|
Adjustment to provision
for income taxes (1) |
|
|
- |
|
|
|
(230 |
) |
|
|
(153 |
) |
|
|
(673 |
) |
|
Income tax benefits due
to accounting change for stock-based compensation (2) |
|
|
(4,659 |
) |
|
|
- |
|
|
|
(9,783 |
) |
|
|
- |
|
|
Adjusted net
income |
|
$ |
14,203 |
|
|
$ |
10,817 |
|
|
$ |
48,001 |
|
|
$ |
36,407 |
|
|
|
|
|
|
|
|
|
(1) |
|
|
The effective tax rate
used for the adjustment to the provision for income taxes was the
effective tax rate in the quarter in which the related costs were
incurred, which was 39.3% for the thirteen weeks ended October 29,
2016, 25.6% for the thirty-nine weeks ended October 28, 2017 and
38.1% for the thirty-nine weeks ended October 29, 2016. The
adjustment to the provision for income taxes includes the tax
effect for the transaction related expenses and loss on
extinguishment of debt. |
|
|
|
|
(2) |
|
|
Amount represents the
impact from the recognition of excess tax benefits pursuant to
Accounting Standards Update (“ASU”) 2016-09, Stock Compensation,
which was in effect for the thirteen and thirty-nine weeks ended
October 28, 2017. |
|
|
|
|
|
|
|
|
Reconciliation of GAAP net income per diluted share to
Adjusted net income per diluted share |
|
|
|
|
|
|
Thirteen weeks ended |
|
Thirty-nine weeks ended |
|
|
October
28, |
|
October 29, |
|
October
28, |
|
October 29, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Net income per share,
diluted |
|
$ |
0.29 |
|
|
$ |
0.17 |
|
$ |
0.89 |
|
|
$ |
0.57 |
Adjustments as noted
above per dilutive share |
|
|
(0.07 |
) |
|
|
0.01 |
|
|
(0.15 |
) |
|
|
0.02 |
Adjusted net income per
share, diluted (1) |
|
$ |
0.22 |
|
|
$ |
0.17 |
|
$ |
0.74 |
|
|
$ |
0.59 |
|
|
|
|
|
|
|
|
|
Weighted-average common
shares outstanding, diluted |
|
|
65,102 |
|
|
|
62,515 |
|
|
64,794 |
|
|
|
62,247 |
|
|
|
|
(1) Totals may not foot
due to rounding |
|
|
|
|
|
|
|
|
|
Ollie’s Bargain Outlet Holdings,
Inc. |
Supplemental Information |
Reconciliation of GAAP to Non-GAAP Financial
Measures |
(Dollars in thousands) |
(Unaudited) |
|
Reconciliation of GAAP net income to EBITDA and Adjusted
EBITDA |
|
|
Thirteen weeks ended |
|
Thirty-nine weeks ended |
|
|
October
28, |
|
October 29, |
|
October
28, |
|
October 29, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Net income |
|
$ |
18,862 |
|
|
$ |
10,461 |
|
|
$ |
57,540 |
|
|
$ |
35,344 |
|
Interest expense,
net |
|
|
1,143 |
|
|
|
1,405 |
|
|
|
3,601 |
|
|
|
4,540 |
|
Loss on extinguishment
of debt |
|
|
- |
|
|
|
- |
|
|
|
397 |
|
|
|
- |
|
Depreciation and
amortization expenses |
|
|
3,123 |
|
|
|
2,669 |
|
|
|
8,961 |
|
|
|
7,770 |
|
Income tax expense |
|
|
4,205 |
|
|
|
6,781 |
|
|
|
19,824 |
|
|
|
21,727 |
|
EBITDA |
|
|
27,333 |
|
|
|
21,316 |
|
|
|
90,323 |
|
|
|
69,381 |
|
Non-cash stock-based
compensation expense |
|
|
1,893 |
|
|
|
1,707 |
|
|
|
5,932 |
|
|
|
4,979 |
|
Non-cash purchase
accounting items |
|
|
(17 |
) |
|
|
(22 |
) |
|
|
(59 |
) |
|
|
(112 |
) |
Transaction related
expenses |
|
|
- |
|
|
|
586 |
|
|
|
- |
|
|
|
1,736 |
|
Adjusted EBITDA |
|
$ |
29,209 |
|
|
$ |
23,587 |
|
|
$ |
96,196 |
|
|
$ |
75,984 |
|
|
|
|
|
|
|
|
|
|
|
Key Statistics |
|
|
|
|
|
|
|
Thirteen weeks ended |
|
Thirty-nine weeks ended |
|
|
October
28, |
|
October 29, |
|
October
28, |
|
October 29, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
Number of stores open
at the beginning of period |
|
|
250 |
|
|
216 |
|
|
234 |
|
|
203 |
Number of new
stores |
|
|
15 |
|
|
16 |
|
|
31 |
|
|
29 |
Number of stores open
at end of period |
|
|
265 |
|
|
232 |
|
|
265 |
|
|
232 |
|
|
|
|
|
|
|
|
|
Average net sales per
store (1) |
|
$ |
923 |
|
$ |
903 |
|
$ |
2,917 |
|
$ |
2,839 |
Comparable stores sales
change |
|
|
2.1% |
|
|
1.8% |
|
|
2.8% |
|
|
3.7% |
Comparable store count
– end of period |
|
|
215 |
|
|
186 |
|
|
215 |
|
|
186 |
|
|
|
|
|
|
|
|
(1)
Average net sales per store represents the weighted average of
total net sales divided by the number of stores open, in each case
at the end of each week in a fiscal quarter. |
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