Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) today reported
financial results for the third quarter ended November 3, 2018 and
raised sales and earnings guidance for the full-year fiscal 2018.
Third Quarter Summary:
- Total net sales increased 19.1% to
$283.6 million.
- Comparable store sales increased
4.6% on top of a 2.1% increase in the third quarter last year.
- Store count increased 12.1%
year-over-year with the opening of 17 stores, including one
relocation, totaling 297 stores in 23 states at period-end.
- Operating income increased 21.0% to
$29.3 million and operating margin increased 10 basis points to
10.3%.
- Net income increased 31.6% to $24.8
million and net income per diluted share increased 31.0% to
$0.38.
- Adjusted net income(1) increased
47.1% to $20.9 million and adjusted net income per diluted share(1)
increased 45.5% to $0.32.
- Adjusted EBITDA(1) increased 18.9%
to $34.7 million.
Mark Butler, Chairman, President and Chief
Executive Officer, stated, “We are very pleased with our third
quarter results, as we once again exceeded both our sales and
earnings expectations. Strong deal flow and new store
performance drove total sales growth of 19% and tight expense
control contributed to adjusted net income growth of 47%. The third
quarter was our 18th consecutive quarter of positive comparable
store sales with broad-based strength across our merchandise
categories. We are very excited for our busiest night of the
year—Ollie’s Army Night—on December 9th and we are well-positioned
for the remainder of the holiday season. Based on our strong
third quarter results and the continued momentum in our business,
we are raising our full-year outlook for sales and earnings.”
Mr. Butler added, “We recently celebrated the
opening of our 300th store. We are proud of this milestone
and we’re very pleased that our founding principle of selling Good
Stuff Cheap continues to resonate. We are also very excited
that we’re underway with the construction of our third distribution
center as this new facility is central to our growth
strategy. Our business has never been stronger and we remain
committed to delivering great bargains to our customers and
long-term growth to our shareholders.”
(1) As used throughout this release,
adjusted net income, adjusted net income per diluted share, EBITDA
and adjusted EBITDA are not measures recognized under U.S.
generally accepted accounting principles (“GAAP”). Please see the
accompanying financial tables which reconcile these non-GAAP
measures to GAAP.
Recent Developments
On November 29, 2018, the Company acquired a
58-acre parcel of land in Lancaster, Texas for the construction of
its third distribution center. Construction of the
615,000 square foot state-of-the-art facility has commenced and the
building is expected to be operational during the first quarter of
fiscal 2020. The distribution center is a key component
supporting the Company’s continued growth and when fully built out
will have the capacity to service 150 to 200 stores.
Third Quarter Results
Net sales increased 19.1% to $283.6 million in
the third quarter of fiscal 2018 from $238.1 million in the third
quarter of fiscal 2017. The increase in net sales was driven by a
12.1% net increase in the number of stores and a 4.6% increase in
comparable store sales. The Company opened 17 new stores, including
the relocation of one store, and closed two stores in the third
quarter of fiscal 2018, ending the period with 297 locations,
compared to 265 stores at the end of the comparable prior year
period.
Gross profit increased 17.8% to $115.4 million
in the third quarter of fiscal 2018 from $98.0 million in the third
quarter of fiscal 2017. Gross margin decreased 50 basis points to
40.7% in the third quarter of fiscal 2018 from 41.2% in the third
quarter of fiscal 2017. The decrease in gross margin is due to
higher supply chain costs as a percentage of net sales, partially
offset by an increased merchandise margin.
Operating income increased 21.0% to $29.3
million in the third quarter of fiscal 2018 from $24.2 million in
the third quarter of fiscal 2017. Operating margin increased 10
basis points to 10.3% in the third quarter of fiscal 2018 from
10.2% in the third quarter of fiscal 2017.
Net income increased 31.6% to $24.8 million, or
$0.38 per diluted share, in the third quarter of fiscal 2018 from
$18.9 million, or $0.29 per diluted share, in the third quarter of
fiscal 2017. Diluted earnings per share in the third quarter
of fiscal 2018 and fiscal 2017 included a benefit of $0.06 and
$0.07, respectively, due to excess tax benefits related to
stock-based compensation. Adjusted net income (1), which
excludes these benefits, increased 47.1% to $20.9 million, or $0.32
per diluted share, in the third quarter of fiscal 2018 from $14.2
million, or $0.22 per diluted share, in the third quarter of fiscal
2017.
Adjusted EBITDA(1) increased 18.9% to $34.7
million, or 12.2% of net sales, in the third quarter of fiscal 2018
from $29.2 million, or 12.3% of net sales, in the third quarter of
fiscal 2017. Adjusted EBITDA excludes non-cash stock-based
compensation expense and non-cash purchase accounting items.
Balance Sheet and Cash Flow
Highlights
The Company's cash balance as of the end of the
third quarter of fiscal 2018 was $0.7 million compared to $42.2
million as of the end of the third quarter of fiscal 2017. As
previously reported, on August 29, 2018, the Company acquired 12
former Toys “R” Us store sites for approximately $42 million using
cash on hand. The Company had no borrowings outstanding under
its $100 million revolving credit facility and $89.9 million of
availability under the facility as of the end of the third quarter
of fiscal 2018. The Company ended the third quarter of fiscal 2018
with total borrowings of $19.3 million compared to $126.7 million
at the end of the third quarter of fiscal 2017.
Inventory as of the end of the third quarter of
fiscal 2018 increased 16.9% to $332.3 million compared to $284.3
million at the end of the third quarter of fiscal 2017, primarily
due to new store growth and timing of deal flow.
Capital expenditures in the third quarter of
fiscal 2018 increased to $52.5 million compared to $6.5 million in
the third quarter of fiscal 2017, primarily reflecting the
Company’s purchase of the former Toys “R” Us store sites and new
store growth.
Outlook
Based on year-to-date results and expectations
for the fourth quarter of fiscal 2018, Ollie’s is raising sales and
earnings guidance for the full-year fiscal 2018. The Company
now estimates the following:
- Total net sales of $1.226 billion to $1.231 billion;
- Comparable store sales growth of 3.0% to 3.5%;
- The opening of 37 new stores, including the relocation of
one store, and two closures;
- Operating income of $155.0 million to $157.0 million;
- Adjusted net income(2) of $115.0 million to $117.0 million and
adjusted net income per diluted share(2) of $1.74 to $1.77, both of
which exclude excess tax benefits related to stock-based
compensation and the after-tax loss on extinguishment of debt;
- An effective tax rate of 26.0%, which excludes excess tax
benefits related to stock-based compensation;
- Diluted weighted average shares outstanding of 66.0 million;
and
- Capital expenditures of $75.0 million to $80.0 million, largely
reflecting the purchase of the former Toys “R” Us properties and
land for the Company’s new distribution center.
(2) The guidance ranges as provided for
adjusted net income and adjusted net income per diluted share
exclude the after-tax loss on extinguishment of debt and excess tax
benefits related to stock-based compensation reported for the
39-weeks ended November 3, 2018 as well as any future related
estimates as the Company cannot predict such estimates without
unreasonable effort.
Conference Call Information
A conference call to discuss third quarter
fiscal 2018 financial results is scheduled for today, December 4,
2018, 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 #8588365. 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 website 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, health and beauty aids and other categories.
We currently operate 303 stores in 23 states throughout the Eastern
half of the United States. For more information, visit
www.ollies.us.
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, including our fiscal 2018
business outlook or financial guidance, 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 recently
enacted 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 failure to timely acquire and open,
the loss of, or disruption or interruption 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; risks associated with the timely and
effective deployment and protection of computer networks and other
electronic systems; the risks associated with doing business with
international manufacturers; 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: Jean
FontanaICR646-277-1214Jean.Fontana@icrinc.com
Media Contact:Dan HainesVice President –
Marketing & Advertising717-657-2300dhaines@ollies.us
|
Ollie’s Bargain Outlet Holdings,
Inc. |
Condensed Consolidated Statements of
Income |
(In thousands except for per share
amounts) |
(Unaudited) |
|
|
|
|
|
|
|
|
Thirteen weeks ended |
|
Thirty-nine weeks ended |
|
|
November 3, |
|
October 28, |
|
November 3, |
|
October 28, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Condensed
consolidated statements of income data: |
|
|
|
|
|
|
|
|
Net sales |
|
$ |
283,606 |
|
|
$ |
238,116 |
|
|
$ |
847,443 |
|
|
$ |
720,363 |
|
Cost of sales |
|
|
168,184 |
|
|
|
140,127 |
|
|
|
506,521 |
|
|
|
429,213 |
|
Gross
profit |
|
|
115,422 |
|
|
|
97,989 |
|
|
|
340,922 |
|
|
|
291,150 |
|
Selling, general and
administrative expenses |
|
|
78,440 |
|
|
|
68,124 |
|
|
|
223,794 |
|
|
|
195,633 |
|
Depreciation and
amortization expenses |
|
|
2,914 |
|
|
|
2,503 |
|
|
|
8,531 |
|
|
|
7,150 |
|
Pre-opening
expenses |
|
|
4,779 |
|
|
|
3,152 |
|
|
|
8,460 |
|
|
|
7,005 |
|
Operating
income |
|
|
29,289 |
|
|
|
24,210 |
|
|
|
100,137 |
|
|
|
81,362 |
|
Interest expense,
net |
|
|
372 |
|
|
|
1,143 |
|
|
|
1,188 |
|
|
|
3,601 |
|
Loss on extinguishment
of debt |
|
|
- |
|
|
|
- |
|
|
|
100 |
|
|
|
397 |
|
Income
before income taxes |
|
|
28,917 |
|
|
|
23,067 |
|
|
|
98,849 |
|
|
|
77,364 |
|
Income tax expense |
|
|
4,100 |
|
|
|
4,205 |
|
|
|
13,730 |
|
|
|
19,824 |
|
Net
income |
|
$ |
24,817 |
|
|
$ |
18,862 |
|
|
$ |
85,119 |
|
|
$ |
57,540 |
|
Earnings
per common share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.40 |
|
|
$ |
0.31 |
|
|
$ |
1.36 |
|
|
$ |
0.94 |
|
Diluted |
|
$ |
0.38 |
|
|
$ |
0.29 |
|
|
$ |
1.29 |
|
|
$ |
0.89 |
|
Weighted
average common shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
62,747 |
|
|
|
61,488 |
|
|
|
62,452 |
|
|
|
61,187 |
|
Diluted |
|
|
66,095 |
|
|
|
65,102 |
|
|
|
65,861 |
|
|
|
64,794 |
|
|
|
|
|
|
|
|
|
|
Percentage of
net sales (1): |
|
|
|
|
|
|
|
|
Net sales |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
Cost of sales |
|
|
59.3 |
|
|
|
58.8 |
|
|
|
59.8 |
|
|
|
59.6 |
|
Gross
profit |
|
|
40.7 |
|
|
|
41.2 |
|
|
|
40.2 |
|
|
|
40.4 |
|
Selling, general and
administrative expenses |
|
|
27.7 |
|
|
|
28.6 |
|
|
|
26.4 |
|
|
|
27.2 |
|
Depreciation and
amortization expenses |
|
|
1.0 |
|
|
|
1.1 |
|
|
|
1.0 |
|
|
|
1.0 |
|
Pre-opening
expenses |
|
|
1.7 |
|
|
|
1.3 |
|
|
|
1.0 |
|
|
|
1.0 |
|
Operating income |
|
|
10.3 |
|
|
|
10.2 |
|
|
|
11.8 |
|
|
|
11.3 |
|
Interest expense,
net |
|
|
0.1 |
|
|
|
0.5 |
|
|
|
0.1 |
|
|
|
0.5 |
|
Loss on extinguishment
of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.1 |
|
Income
before income taxes |
|
|
10.2 |
|
|
|
9.7 |
|
|
|
11.7 |
|
|
|
10.7 |
|
Income tax expense |
|
|
1.4 |
|
|
|
1.8 |
|
|
|
1.6 |
|
|
|
2.8 |
|
Net
income |
|
|
8.8 |
% |
|
|
7.9 |
% |
|
|
10.0 |
% |
|
|
8.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Components may not add to totals due to rounding. |
|
|
|
|
|
|
|
Ollie’s Bargain Outlet Holdings,
Inc. |
Condensed Consolidated Balance
Sheets |
(In thousands) |
(Unaudited) |
|
|
|
|
|
|
|
November 3, |
|
October 28, |
Assets |
|
2018 |
|
2017 |
Current
assets: |
|
|
|
|
Cash and cash
equivalents |
|
$ |
736 |
|
|
$ |
42,164 |
|
Inventories |
|
|
332,325 |
|
|
|
284,331 |
|
Accounts
receivable |
|
|
2,401 |
|
|
|
990 |
|
Prepaid
expenses and other assets |
|
|
9,063 |
|
|
|
3,882 |
|
Total
current assets |
|
|
344,525 |
|
|
|
331,367 |
|
Property
and equipment, net |
|
|
107,766 |
|
|
|
53,632 |
|
Goodwill |
|
|
444,850 |
|
|
|
444,850 |
|
Trade
name and other intangible assets, net |
|
|
232,388 |
|
|
|
232,723 |
|
Other
assets |
|
|
1,923 |
|
|
|
2,256 |
|
Total
assets |
|
$ |
1,131,452 |
|
|
$ |
1,064,828 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
Current
liabilities: |
|
|
|
|
Current
portion of long-term debt |
|
$ |
10,186 |
|
|
$ |
8,882 |
|
Accounts
payable |
|
|
101,281 |
|
|
|
70,618 |
|
Income
taxes payable |
|
|
- |
|
|
|
5,731 |
|
Accrued
expenses and other |
|
|
58,047 |
|
|
|
45,691 |
|
Total
current liabilities |
|
|
169,514 |
|
|
|
130,922 |
|
Revolving credit facility |
|
|
- |
|
|
|
- |
|
Long-term debt |
|
|
9,042 |
|
|
|
117,120 |
|
Deferred
income taxes |
|
|
56,551 |
|
|
|
88,011 |
|
Other
long-term liabilities |
|
|
7,535 |
|
|
|
6,943 |
|
Total
liabilities |
|
|
242,642 |
|
|
|
342,996 |
|
Stockholders’ equity: |
|
|
|
|
Common
stock |
|
|
63 |
|
|
|
62 |
|
Additional paid-in capital |
|
|
596,286 |
|
|
|
578,891 |
|
Retained
earnings |
|
|
292,547 |
|
|
|
142,965 |
|
Treasury
- common stock |
|
|
(86 |
) |
|
|
(86 |
) |
Total
stockholders’ equity |
|
|
888,810 |
|
|
|
721,832 |
|
Total
liabilities and stockholders’ equity |
|
$ |
1,131,452 |
|
|
$ |
1,064,828 |
|
|
|
|
|
|
|
Ollie’s Bargain Outlet Holdings,
Inc. |
Condensed Consolidated Statements of Cash
Flows |
(In thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Thirteen weeks ended |
|
Thirty-nine weeks ended |
|
|
November 3, |
|
October 28, |
|
November 3, |
|
October 28, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Net cash provided by
operating activities |
|
$ |
24,381 |
|
|
$ |
23,068 |
|
|
$ |
46,910 |
|
|
$ |
20,384 |
|
Net cash used in
investing activities |
|
|
(52,452 |
) |
|
|
(6,469 |
) |
|
|
(62,650 |
) |
|
|
(15,119 |
) |
Net cash provided by
(used in) financing activities |
|
|
(608 |
) |
|
|
745 |
|
|
|
(22,758 |
) |
|
|
(61,784 |
) |
Net
increase (decrease) in cash and cash equivalents |
|
|
(28,679 |
) |
|
|
17,344 |
|
|
|
(38,498 |
) |
|
|
(56,519 |
) |
Cash and
cash equivalents at the beginning of the period |
|
|
29,415 |
|
|
|
24,820 |
|
|
|
39,234 |
|
|
|
98,683 |
|
Cash and
cash equivalents at the end of the period |
|
$ |
736 |
|
|
$ |
42,164 |
|
|
$ |
736 |
|
|
$ |
42,164 |
|
|
|
|
|
|
|
|
|
|
Ollie’s Bargain Outlet Holdings,
Inc.Supplemental
InformationReconciliation of GAAP to Non-GAAP
Financial Measures(Dollars in
thousands)(Unaudited)
The Company reports its financial results in
accordance with GAAP. We have included the non-GAAP measures
of 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 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 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 net income and adjusted net income per
diluted share give effect to the after-tax loss on extinguishment
of debt and excess tax benefits related to 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 and non-cash purchase accounting items, 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.
|
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 |
|
|
November 3, |
|
October 28, |
|
November 3, |
|
October 28, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Net income |
|
$ |
24,817 |
|
|
$ |
18,862 |
|
|
$ |
85,119 |
|
|
$ |
57,540 |
|
Loss on extinguishment
of debt |
|
|
- |
|
|
|
- |
|
|
|
100 |
|
|
|
397 |
|
Adjustment to provision
for income taxes (1) |
|
|
- |
|
|
|
- |
|
|
|
(25 |
) |
|
|
(153 |
) |
Excess tax benefits
related to stock-based compensation (2) |
|
|
(3,924 |
) |
|
|
(4,659 |
) |
|
|
(11,652 |
) |
|
|
(9,783 |
) |
Adjusted net
income |
|
$ |
20,893 |
|
|
$ |
14,203 |
|
|
$ |
73,542 |
|
|
$ |
48,001 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
The effective tax rate used for the adjustment to the provision for
income taxes was the normalized effective tax rate in the quarter
in which the related costs (loss on extinguishment of debt) were
incurred. |
|
(2)
Amount represents the impact from the recognition of excess tax
benefits pursuant to Accounting Standards Update 2016-09, Stock
Compensation. |
|
|
Reconciliation of GAAP net income per diluted share to
adjusted net income per diluted share |
|
|
|
|
|
Thirteen weeks ended |
|
Thirty-nine weeks ended |
|
November 3, |
|
October 28, |
|
November 3, |
|
October 28, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Net income per diluted
share |
$ |
0.38 |
|
|
$ |
0.29 |
|
|
$ |
1.29 |
|
|
$ |
0.89 |
|
Adjustments as noted
above, per dilutive share: |
|
|
|
|
|
|
|
Loss on
extinguishment of debt, net of taxes |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Excess
tax benefits related to stock-based compensation |
|
(0.06 |
) |
|
|
(0.07 |
) |
|
|
(0.18 |
) |
|
|
(0.15 |
) |
Adjusted net income per
diluted share (1) |
$ |
0.32 |
|
|
$ |
0.22 |
|
|
$ |
1.12 |
|
|
$ |
0.74 |
|
|
|
|
|
|
|
|
|
Diluted
weighted-average common shares outstanding |
|
66,095 |
|
|
|
65,102 |
|
|
|
65,861 |
|
|
|
64,794 |
|
|
|
|
|
(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 |
|
|
November 3, |
|
October 28, |
|
November 3, |
|
October 28, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Net income |
|
$ |
24,817 |
|
$ |
18,862 |
|
|
$ |
85,119 |
|
|
$ |
57,540 |
|
Interest expense,
net |
|
|
372 |
|
|
1,143 |
|
|
|
1,188 |
|
|
|
3,601 |
|
Loss on extinguishment
of debt |
|
|
- |
|
|
- |
|
|
|
100 |
|
|
|
397 |
|
Depreciation and
amortization expenses |
|
|
3,568 |
|
|
3,123 |
|
|
|
10,458 |
|
|
|
8,961 |
|
Income tax expense |
|
|
4,100 |
|
|
4,205 |
|
|
|
13,730 |
|
|
|
19,824 |
|
EBITDA |
|
|
32,857 |
|
|
27,333 |
|
|
|
110,595 |
|
|
|
90,323 |
|
Non-cash stock-based
compensation expense |
|
|
1,882 |
|
|
1,893 |
|
|
|
5,392 |
|
|
|
5,932 |
|
Non-cash purchase
accounting items |
|
|
- |
|
|
(17 |
) |
|
|
(1 |
) |
|
|
(59 |
) |
Adjusted EBITDA |
|
$ |
34,739 |
|
$ |
29,209 |
|
|
$ |
115,986 |
|
|
$ |
96,196 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key
Statistics |
|
|
|
|
|
|
|
|
|
|
Thirteen weeks ended |
|
Thirty-nine weeks ended |
|
|
November 3, |
|
October 28, |
|
November 3, |
|
October 28, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
Number of stores open at
beginning of period |
|
|
282 |
|
|
|
250 |
|
|
|
268 |
|
|
|
234 |
|
Number of new
stores |
|
|
17 |
|
|
|
15 |
|
- |
|
31 |
|
|
|
31 |
|
Number of closed
stores |
|
|
(2 |
) |
|
|
- |
|
|
|
(2 |
) |
|
|
- |
|
Number of stores open
at end of period |
|
|
297 |
|
|
|
265 |
|
|
|
297 |
|
|
|
265 |
|
|
|
|
|
|
|
|
|
|
Average net sales per
store (1) |
|
$ |
984 |
|
|
$ |
923 |
|
|
$ |
3,027 |
|
|
$ |
2,917 |
|
Comparable stores sales
change |
|
|
4.6 |
% |
|
|
2.1 |
% |
|
|
3.6 |
% |
|
|
2.8 |
% |
Comparable store count
– end of period |
|
|
248 |
|
|
|
215 |
|
|
|
248 |
|
|
|
215 |
|
|
|
|
|
|
|
|
|
(1) Average net sales per store represents the weighted
average of total net weekly sales divided by the number of stores
open at the end of each week for the respective periods
presented. |
|
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