– Delivers 5.3% Growth in First Quarter Net
Sales –
– Delivers Strong Double-Digit EBT Margin of
11.6% –
- Delivered 3.4% growth in first quarter comparable store sales,
driven by a 2.7% increase in transactions as well as higher average
ticket
- Delivered earnings per diluted share of $3.40 compared to $2.47 or $2.85 on a
non-GAAP basis during the prior year
- Retired remaining $59 million
aggregate principal and fully settled all outstanding amounts under
the Convertible Senior Notes
- Reaffirms 2023 outlook (53 week year) and continues to expect
full year earnings per diluted share to be in the range of
$12.90 to 13.80, including
approximately $0.20 for the
53rd week, and comparable store sales to be in the range
of flat to positive 2.0%
"Our strong start to
2023 demonstrates the sustained strength of our business. We are
very enthusiastic about our strategies and continue to invest in
our future to fuel long-term growth opportunities, including a
return to square footage growth. I'd like to thank all our
teammates for how they delivered in Q1 and for their dedication to
DICK'S Sporting Goods."
|
Ed Stack, Executive
Chairman
|
|
"We are very pleased
with our first quarter results. Even as consumers face
macroeconomic uncertainties, our athletes have continued to
prioritize sport and rely on DICK'S to meet their needs, and we
continue to gain market share. Our Q1 sales grew 5.3%, driven by
strong comps and healthy transaction growth, and we delivered
another strong double-digit EBT margin. We remain confident in our
ability to drive sales and profitability growth in 2023 and over
the long term."
|
Lauren Hobart, President and Chief Executive
Officer
|
PITTSBURGH, May 23, 2023
/PRNewswire/ -- DICK'S Sporting Goods, Inc. (NYSE: DKS), the
largest U.S. based full-line omni-channel sporting goods retailer,
today reported sales and earnings results for the first quarter
ended April 29, 2023.
First Quarter Operating
Results
(dollars in
millions, except per share data)
|
13 Weeks
Ended
|
Change
(1)
|
April 29,
2023
|
April 30,
2022
|
Net sales
|
$
2,842
|
$
2,700
|
$
142
|
5.3 %
|
Comparable store
sales
|
3.4 %
|
(8.4) %
|
|
Income before income
taxes (% of net sales) (2)
|
11.6 %
|
12.3 %
|
(74) bps
|
Net income
|
$
305
|
$
261
|
$
44
|
17 %
|
Earnings per diluted
share
|
$
3.40
|
$
2.47
|
$
0.93
|
38 %
|
Non-GAAP earnings per
diluted share (3)
|
$
3.40
|
$
2.85
|
$
0.55
|
19 %
|
Balance
Sheet
(in
millions)
|
As of
April 29,
2023
|
As of
April 30,
2022
|
$
Change
(1)
|
% Change
(1)
|
Cash and cash
equivalents
|
$
1,643
|
$
2,251
|
$
(609)
|
(27) %
|
Inventories,
net
|
$
3,034
|
$
2,825
|
$
209
|
7 %
|
Total debt
(4)
|
$
1,483
|
$
1,948
|
$
(465)
|
(24) %
|
Capital
Allocation
(in
millions)
|
13 Weeks
Ended
|
$
Change
(1)
|
% Change
(1)
|
April 29,
2023
|
April 30,
2022
|
Share repurchases
(5)
|
$
58
|
$
42
|
$
16
|
37 %
|
Dividends paid
(6)
|
$
105
|
$
46
|
$
59
|
127 %
|
Gross capital
expenditures
|
$
85
|
$
74
|
$
11
|
15 %
|
Net capital
expenditures (3)
|
$
61
|
$
54
|
$
7
|
13 %
|
Principal paid in
connection with exchange of Convertible
Senior Notes (7)
|
$
—
|
$
100
|
$
(100)
|
|
Notes
|
|
|
|
1.
|
Column may not
recalculate due to rounding.
|
|
|
2.
|
Also referred to by
management as earnings before income taxes margin ("EBT
margin").
|
|
|
3.
|
In the fiscal 2023
period, there were no non-GAAP adjustments to reported earnings per
diluted share. For additional information for 2022, see GAAP to
non-GAAP reconciliations included in a table later in the release
under the heading "GAAP to Non-GAAP Reconciliations."
|
|
|
4.
|
Fiscal 2022 included
debt with a carrying value of $466 million related to the Company's
Convertible Senior Notes, which were fully retired as of
April 29, 2023. The Company had no outstanding borrowings
under its revolving credit facility in 2023 and 2022.
|
|
|
5.
|
During the 13 weeks
ended April 29, 2023, the Company repurchased 0.4 million shares of
its common stock at an average price of $137.95 per share, for a
total cost of $57.7 million under its share repurchase program. The
Company has $1.4 billion remaining under its authorization as of
April 29, 2023.
|
|
|
6.
|
In the 2023 and 2022
periods, declared and paid quarterly dividends of $1.00 per share
and $0.4875 per share, respectively.
|
|
|
7.
|
During the first
quarter of 2023, the Company retired the remaining $59.1 million of
aggregate principal amount outstanding of the Convertible Senior
Notes and related bond hedge and warrant transactions for 1.7
million shares of the Company's common stock. Refer to the
Company's Form 8-K filed with the SEC on April 24, 2023 for
additional information. During the first quarter of 2022, the
Company exchanged $100 million aggregate principal amount of
Convertible Senior Notes and unwound the corresponding portion of
the convertible bond hedge and warrants for $100 million of cash
and 1.8 million shares of the Company's common
stock.
|
Quarterly Dividend
On May 22, 2023, the Company's
Board of Directors authorized and declared a quarterly dividend in
the amount of $1.00 per share on the
Company's common stock and Class B common stock. The dividend is
payable in cash on June 30, 2023 to
stockholders of record at the close of business on June 16, 2023.
Full Year 2023 Outlook (53 week year)
Coming off two consecutive record years in 2020 and 2021, the
Company's 2022 results provide a strong foundation upon which it
will build in 2023 and in the years ahead. The Company's Full Year
Outlook for 2023 is presented below:
Metric
|
2023 Outlook
|
Earnings per diluted
share
|
●
$12.90 to 13.80
○
Includes approximately $0.20 per diluted
share for the 53rd week
○
Based on approximately 88 million diluted
shares outstanding
○
Based on an effective tax rate of
approximately 21%
○
Includes the impact of the Moosejaw
acquisition
|
Comparable store
sales
|
●
Flat to positive 2.0% on a 52-week
basis
|
Capital
expenditures
|
●
$670 to 720 million on a gross
basis
●
$550 to 600 million on a net
basis
|
Store Count and Square Footage
The following tables summarize store activity for the periods
indicated:
|
13 Weeks Ended April
29, 2023
|
13 Weeks Ended April
30, 2022
|
DICK'S
Sporting
Goods (1)
|
Specialty
Concept Stores
(2)
|
Total
(3)
|
DICK'S
Sporting
Goods
|
Specialty
Concept Stores
(2)
|
Total
(3)
|
Beginning
stores
|
728
|
125
|
853
|
730
|
131
|
861
|
Q1 New
stores
|
—
|
—
|
—
|
—
|
1
|
1
|
Stores acquired
(4)
|
—
|
12
|
12
|
—
|
—
|
—
|
Closed
stores
|
—
|
2
|
2
|
1
|
3
|
4
|
Ending
stores
|
728
|
135
|
863
|
729
|
129
|
858
|
Relocated
stores
|
1
|
—
|
1
|
1
|
—
|
1
|
Square
Footage:
(in
millions)
|
DICK'S Sporting
Goods
(1)
|
Specialty Concept
Stores (2)
|
Total (3)
(6)
|
Q1 2022
|
38.7
|
3.6
|
42.3
|
Q2 2022
|
38.8
|
3.6
|
42.4
|
Q3 2022
|
38.8
|
3.9
|
42.7
|
Q4 2022
|
39.2
|
3.4
|
42.6
|
Q1 2023
(5)
|
39.2
|
3.4
|
42.6
|
|
|
(1)
|
As of April 29,
2023, includes three DICK'S House of Sport stores.
|
|
|
(2)
|
Includes our Golf
Galaxy, Public Lands, Going Going Gone! and other specialty concept
stores. As of April 29, 2023, we operated 97 Golf Galaxy
stores, 7 Public Lands stores, 15 Going Going Gone! stores, and
other specialty concept stores. In some markets, we operate DICK'S
Sporting Goods stores adjacent to our specialty concept stores on
the same property with a pass-through for our athletes. We refer to
this format as a "combo store" and include combo store openings
within both the DICK'S Sporting Goods and specialty concept store
reconciliations, as applicable. As of April 29, 2023, the
Company operated 16 combo stores.
|
|
|
(3)
|
Excludes temporary
Warehouse Sale store locations, of which the Company operated 39
and 17 as of April 29, 2023 and April 30, 2022,
respectively.
|
|
|
(4)
|
Represents Moosejaw
store locations acquired by the Company during the first quarter of
fiscal 2023, which average approximately 4,000 square feet per
store.
|
|
|
(5)
|
Includes square footage
from 13 Field & Stream store closures as we plan in the
near-term to convert them into DICK'S House of Sport stores,
expanded DICK'S Sporting Goods stores, or other specialty concept
stores.
|
|
|
(6)
|
Column may not add due
to rounding.
|
Non-GAAP Financial Measures
In addition to reporting the Company's financial results in
accordance with generally accepted accounting principles ("GAAP"),
the Company reports certain financial results that differ from what
is reported under GAAP. These non-GAAP financial measures include
non-GAAP earnings per diluted share, non-GAAP diluted shares
outstanding, and net capital expenditures, which management
believes provides investors with useful supplemental information to
evaluate the Company's ongoing operations and to compare with past
and future periods. Furthermore, management believes that
adjustments related to the Convertible Senior Notes and convertible
bond hedge provided a more complete view of the economics of the
instruments upon conversion. Management also uses these non-GAAP
measures internally for forecasting, budgeting, and measuring its
operating performance. These measures should be viewed as
supplementing, and not as an alternative or substitute for, the
Company's financial results prepared in accordance with GAAP. 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. A reconciliation of
the Company's non-GAAP measures to the most directly comparable
GAAP financial measures are provided below and on the Company's
website at investors.DICKS.com.
Forward-Looking Statements Involving Known and Unknown Risks
and Uncertainties
This release contains forward-looking statements made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements can be identified as
those that may predict, forecast, indicate or imply future results
or performance and by forward-looking words such as "believe",
"anticipate", "expect", "estimate", "predict", "intend", "plan",
"project", "goal", "will", "will be", "will continue", "will
result", "could", "may", "might" or any variations of such words or
other words with similar meanings. These statements are subject to
risks and uncertainties and change based on various important
factors, many of which may be beyond the Company's control. The
Company's future performance and actual results may differ
materially from those expressed or implied in such forward-looking
statements. Forward-looking statements should not be relied upon by
investors as a prediction of actual results. Forward-looking
statements include statements regarding, among other things, the
Company's future performance, including 2023 outlook for earnings,
sales, and capital expenditures; the belief that we will continue
to build off of a strong foundation; share repurchases and
dividends.
Factors that could cause actual results to differ materially
from those expressed or implied in any forward-looking statements
include, but are not limited to: macroeconomic conditions,
including inflationary pressures, rising interest rates, and
disruption of supply chains, whether due to COVID-19, the conflict
in Ukraine or otherwise, and the
effectiveness of measures to mitigate such impact on our business;
changes in consumer discretionary spending; changes in consumer
demand or shopping patterns and the ability to identify new trends
and have the right trending products in stores and online; changes
in the competitive market and competition amongst retailers,
including competition for talent and the level of competitive
promotional activity; investments in omni-channel growth or other
business transformation initiatives not producing the anticipated
benefits within the expected time-frame or at all; risks relating
to vertical brands and new retail concepts; the size of strategic
investments and the timing and success of those investments;
inventory turnover and supply chain disruptions; weather-related
disruptions and seasonality of the Company's business; changes in
existing tax, labor, foreign trade and other laws and regulations,
including those imposing new taxes, surcharges, and tariffs, and
compliance with such laws and regulations; increasing labor and
wage costs; limitations on the availability of attractive retail
store sites; unauthorized disclosure of sensitive or confidential
customer information; website downtime, disruptions or other
problems with the eCommerce platform, including interruptions,
delays or downtime caused by high volumes of users or transactions,
deficiencies in design or implementation, or platform enhancements;
disruptions or other problems with information systems; increasing
direct competition from vendors (including shipping directly or
through broadened distribution channels) and increasing product
costs due to various reasons, including foreign trade issues,
currency exchange rate fluctuations, and increasing prices for raw
materials due to inflation; changes to the corporate tax rates or
an imposition of excise tax with respect to share repurchase
activity; risks associated with brick and mortar retail store
model, including the ability to optimize our store lease portfolio
and our distribution and fulfillment network; litigation risks and
our ability to protect our trademarks and other intellectual
property; our ability to hire and retain quality teammates,
including store managers and sales associates; negative reactions
from customers, vendors and shareholders regarding Company policy
changes and advocacy efforts related to social and political
issues; the loss of key personnel; risks related to our
indebtedness; and the issuance of dividends.
For additional information on these and other factors that could
affect the Company's actual results, see the risk factors set forth
in the Company's filings with the Securities and Exchange
Commission ("SEC"), including the most recent Annual Report filed
with the SEC on March 23, 2023. The Company disclaims and
does not undertake any obligation to update or revise any
forward-looking statement in this press release, except as required
by applicable law or regulation. Forward-looking statements
included in this release are made as of the date of this
release.
Conference Call Info
The Company will host a conference call today at 10:00 a.m. Eastern Time to discuss the first
quarter results. Investors will have the opportunity to listen to
the earnings conference call over the internet through the
Company's website located at investors.DICKS.com. To listen to the
live call, please go to the website at least fifteen minutes early
to register, download, and install any necessary audio software.
For those who cannot listen to the live webcast, it will be
archived on the Company's website for approximately twelve
months.
About DICK'S Sporting Goods, Inc.
DICK'S Sporting Goods (NYSE: DKS) creates confidence and
excitement by inspiring, supporting and personally equipping all
athletes to achieve their dreams. Founded in 1948 and headquartered
in Pittsburgh, the leading
omnichannel retailer serves athletes and outdoor enthusiasts in
more than 850 DICK'S Sporting Goods, Golf Galaxy, Public Lands,
Moosejaw, Going Going Gone! and Warehouse Sale stores, online, and
through the DICK'S mobile app. DICK'S also owns and operates DICK'S
House of Sport and Golf Galaxy Performance Center, as well as
GameChanger, a youth sports mobile platform for live streaming,
scheduling, communications and scorekeeping.
Driven by its belief that sports have the power to change lives,
DICK'S has been a longtime champion for youth sports and, together
with its Foundation, has donated millions of dollars to support
under-resourced teams and athletes through the Sports Matter
program and other community-based initiatives. Additional
information about DICK'S business, corporate giving, sustainability
efforts and employment opportunities can be found on dicks.com,
investors.dicks.com, sportsmatter.org,
dickssportinggoods.jobs and on Facebook, Twitter and
Instagram.
Contacts:
Investor Relations:
Nate Gilch, Senior Director of
Investor Relations
DICK'S Sporting Goods, Inc.
investors@dcsg.com
(724) 273-3400
Media Relations:
(724) 273-5552 or press@dcsg.com
Category: Earnings
DICK'S SPORTING
GOODS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF
INCOME - UNAUDITED (In thousands, except per share
data)
|
|
|
|
13 Weeks
Ended
|
|
|
April 29,
2023
|
|
% of
Sales
|
|
April 30,
2022
|
|
% of
Sales
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
2,842,181
|
|
100.00 %
|
|
$
2,700,205
|
|
100.00 %
|
Cost of goods sold,
including occupancy and
distribution costs
|
|
1,813,564
|
|
63.81
|
|
1,715,491
|
|
63.53
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT
|
|
1,028,617
|
|
36.19
|
|
984,714
|
|
36.47
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
693,904
|
|
24.41
|
|
615,293
|
|
22.79
|
Pre-opening
expenses
|
|
9,090
|
|
0.32
|
|
2,900
|
|
0.11
|
|
|
|
|
|
|
|
|
|
INCOME FROM
OPERATIONS
|
|
325,623
|
|
11.46
|
|
366,521
|
|
13.57
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
15,043
|
|
0.53
|
|
25,642
|
|
0.95
|
Other (income)
expense
|
|
(17,707)
|
|
(0.62)
|
|
9,022
|
|
0.33
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME
TAXES
|
|
328,287
|
|
11.55
|
|
331,857
|
|
12.29
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
|
23,638
|
|
0.83
|
|
71,298
|
|
2.64
|
|
|
|
|
|
|
|
|
|
NET INCOME
|
|
$
304,649
|
|
10.72 %
|
|
$
260,559
|
|
9.65 %
|
|
|
|
|
|
|
|
|
|
EARNINGS PER COMMON
SHARE:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
3.67
|
|
|
|
$
3.42
|
|
|
Diluted
|
|
$
3.40
|
|
|
|
$
2.47
|
|
|
|
|
|
|
|
|
|
|
|
NUMERATOR USED TO
COMPUTE EARNINGS PER
COMMON SHARE:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
304,649
|
|
|
|
$
260,559
|
|
|
Diluted
|
|
$
304,986
|
|
|
|
$
268,768
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE COMMON
SHARES
OUTSTANDING:
|
|
|
|
|
|
|
|
|
Basic
|
|
83,071
|
|
|
|
76,181
|
|
|
Diluted
|
|
89,664
|
|
|
|
108,629
|
|
|
DICK'S SPORTING
GOODS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE
SHEETS - UNAUDITED (In thousands)
|
|
|
|
April 29,
2023
|
|
April 30,
2022
|
|
January 28,
2023
|
ASSETS
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
1,642,680
|
|
$
2,251,338
|
|
$
1,924,386
|
Accounts receivable,
net
|
|
132,788
|
|
76,253
|
|
71,286
|
Income taxes
receivable
|
|
16,249
|
|
1,639
|
|
8,187
|
Inventories,
net
|
|
3,034,202
|
|
2,824,832
|
|
2,830,917
|
Prepaid expenses and
other current assets
|
|
117,070
|
|
102,603
|
|
128,410
|
Total current
assets
|
|
4,942,989
|
|
5,256,665
|
|
4,963,186
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
1,372,776
|
|
1,305,137
|
|
1,312,988
|
Operating lease
assets
|
|
2,207,631
|
|
2,048,151
|
|
2,138,366
|
Intangible assets,
net
|
|
63,600
|
|
86,160
|
|
60,364
|
Goodwill
|
|
250,398
|
|
245,857
|
|
245,857
|
Deferred income
taxes
|
|
31,282
|
|
66,080
|
|
41,189
|
Other
assets
|
|
239,136
|
|
211,750
|
|
230,246
|
TOTAL
ASSETS
|
|
$
9,107,812
|
|
$
9,219,800
|
|
$
8,992,196
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
|
Accounts
payable
|
|
$
1,220,003
|
|
$
1,491,931
|
|
$
1,206,066
|
Accrued
expenses
|
|
495,743
|
|
462,085
|
|
508,573
|
Operating lease
liabilities
|
|
466,911
|
|
476,343
|
|
546,755
|
Income taxes
payable
|
|
44,865
|
|
80,023
|
|
29,624
|
Deferred revenue and
other liabilities
|
|
297,633
|
|
292,457
|
|
350,428
|
Total current
liabilities
|
|
2,525,155
|
|
2,802,839
|
|
2,641,446
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
|
|
Revolving credit
borrowings
|
|
—
|
|
—
|
|
—
|
Senior
Notes
|
|
1,482,565
|
|
1,481,664
|
|
1,482,336
|
Convertible
Senior Notes
|
|
—
|
|
466,026
|
|
58,271
|
Long-term operating
lease liabilities
|
|
2,256,068
|
|
2,095,314
|
|
2,117,773
|
Other long-term
liabilities
|
|
169,854
|
|
179,351
|
|
167,747
|
Total long-term
liabilities
|
|
3,908,487
|
|
4,222,355
|
|
3,826,127
|
COMMITMENTS AND
CONTINGENCIES
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY:
|
|
|
|
|
|
|
Common
stock
|
|
617
|
|
544
|
|
585
|
Class B common
stock
|
|
236
|
|
236
|
|
236
|
Additional paid-in
capital
|
|
1,405,767
|
|
1,368,211
|
|
1,416,847
|
Retained
earnings
|
|
5,096,789
|
|
4,212,451
|
|
4,878,404
|
Accumulated other
comprehensive loss
|
|
(345)
|
|
(89)
|
|
(252)
|
Treasury stock, at
cost
|
|
(3,828,894)
|
|
(3,386,747)
|
|
(3,771,197)
|
Total stockholders'
equity
|
|
2,674,170
|
|
2,194,606
|
|
2,524,623
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
$
9,107,812
|
|
$
9,219,800
|
|
$
8,992,196
|
DICK'S SPORTING
GOODS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS
OF CASH FLOWS - UNAUDITED (In thousands)
|
|
|
|
13 Weeks
Ended
|
|
|
April 29,
2023
|
|
April 30,
2022
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
Net income
|
|
$
304,649
|
|
$
260,559
|
Adjustments to
reconcile net income to net cash used in operating
activities:
|
|
|
|
|
Depreciation and
amortization
|
|
82,348
|
|
79,673
|
Amortization of
deferred financing fees and debt discount
|
|
637
|
|
1,371
|
Deferred income
taxes
|
|
9,907
|
|
(1,791)
|
Stock-based
compensation
|
|
12,809
|
|
15,177
|
Other, net
|
|
(1,464)
|
|
264
|
Changes in assets and
liabilities:
|
|
|
|
|
Accounts
receivable
|
|
(25,991)
|
|
(17,435)
|
Inventories
|
|
(166,582)
|
|
(527,223)
|
Prepaid expenses and
other assets
|
|
(11,913)
|
|
(6,138)
|
Accounts
payable
|
|
(99,959)
|
|
237,076
|
Accrued
expenses
|
|
(70,362)
|
|
(132,185)
|
Income taxes payable /
receivable
|
|
7,383
|
|
66,898
|
Construction
allowances provided by landlords
|
|
23,684
|
|
19,891
|
Deferred revenue and
other liabilities
|
|
(42,183)
|
|
(35,047)
|
Operating lease assets
and liabilities
|
|
(71,343)
|
|
(21,391)
|
Net cash used in
operating activities
|
|
(48,380)
|
|
(60,301)
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
Capital
expenditures
|
|
(84,507)
|
|
(73,783)
|
Proceeds from sale of
other assets
|
|
27,500
|
|
14,261
|
Other investing
activities
|
|
(31,360)
|
|
(10,780)
|
Net cash used in
investing activities
|
|
(88,367)
|
|
(70,302)
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
Principal paid in
connection with exchange of Convertible Senior Notes
|
|
(137)
|
|
(100,000)
|
Payments
on finance lease obligations
|
|
(198)
|
|
(178)
|
Proceeds from exercise
of stock options
|
|
12,370
|
|
12,665
|
Minimum tax
withholding requirements
|
|
(94,695)
|
|
(33,287)
|
Cash paid for treasury
stock
|
|
(57,701)
|
|
(67,909)
|
Cash dividends paid to
stockholders
|
|
(104,783)
|
|
(46,081)
|
Increase (decrease) in
bank overdraft
|
|
100,278
|
|
(26,467)
|
Net cash used in
financing activities
|
|
(144,866)
|
|
(261,257)
|
EFFECT OF EXCHANGE
RATE CHANGES ON CASH AND CASH EQUIVALENTS
|
|
(93)
|
|
(7)
|
NET DECREASE IN CASH
AND CASH EQUIVALENTS
|
|
(281,706)
|
|
(391,867)
|
CASH AND CASH
EQUIVALENTS, BEGINNING OF PERIOD
|
|
1,924,386
|
|
2,643,205
|
CASH AND CASH
EQUIVALENTS, END OF PERIOD
|
|
$
1,642,680
|
|
$
2,251,338
|
DICK'S SPORTING GOODS, INC.
GAAP to
NON-GAAP RECONCILIATIONS - UNAUDITED
Non-GAAP Earnings Per Share Reconciliation
(in
thousands, except per share amounts)
|
13 Weeks Ended April
30, 2022
|
|
|
|
|
|
|
|
Net
income
|
After tax
interest from
Convertible
Senior Notes (2)
|
Numerator used
to compute
earnings per
diluted share
|
Weighted
average
diluted
shares
|
Earnings per
diluted
share
|
GAAP Basis
|
$
260,559
|
$
8,209
|
$
268,768
|
108,629
|
$
2.47
|
% of Net
Sales
|
9.65 %
|
0.30 %
|
9.95 %
|
|
|
Convertible Senior
Notes (1)
|
—
|
(8,209)
|
(8,209)
|
(17,080)
|
|
Non-GAAP
Basis
|
$
260,559
|
$
—
|
$
260,559
|
91,549
|
$
2.85
|
% of Net
Sales
|
9.65 %
|
— %
|
9.65 %
|
|
|
|
|
(1)
|
Adjustment eliminates
the impact of assumed share settlement of the Convertible Senior
Notes as required by "the if-converted method" under GAAP. The
Company retired its Convertible Senior Notes without dilutive
effect, due to cash payments for principal, shares received from
its convertible bond hedge and shares repurchased to offset share
settlement of remaining $59.1 million principal during the 13 weeks
ended April 29, 2023. Accordingly, the Company believes reflecting
the notes as debt more closely represents the economics of the
transaction.
|
|
|
(2)
|
The provision for
income taxes for non-GAAP adjustments was calculated at 26% which
approximated the Company's blended tax rate.
|
Reconciliation of Gross Capital Expenditures to Net Capital
Expenditures
(in thousands)
The following table represents a reconciliation of the Company's
gross capital expenditures to its capital expenditures, net of
tenant allowances.
|
|
13 Weeks
Ended
|
|
|
April 29,
2023
|
|
April 30,
2022
|
Gross capital
expenditures
|
|
$
(84,507)
|
|
$
(73,783)
|
Construction allowances
provided by landlords
|
|
23,684
|
|
19,891
|
Net capital
expenditures
|
|
$
(60,823)
|
|
$
(53,892)
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/dicks-sporting-goods-reports-first-quarter-results-reaffirms-2023-outlook-301831522.html
SOURCE DICK'S Sporting Goods, Inc.