Transformational Year Capped by Robust
Financial Performance
Fourth Quarter of Fiscal 2021 Highlights
- Total comparable club sales increased by 8.8%, reflecting
two-year stacked comp of 21.8%.
- Comparable club sales, excluding gasoline sales, increased by
0.9%, reflecting two-year stacked comp of 16.8%.
- Digitally-enabled sales growth was 19%, reflecting two-year
stacked comp growth of 187%.
- Earnings per diluted share of $0.78 reflects a 13.0%
year-over-year increase.
- Adjusted earnings per diluted share of $0.80 reflects a 14.3%
year-over-year increase.
- Net cash provided by operating activities was
$98.5 million.
- Announced agreement to acquire four distribution centers and
related private transportation fleet from Burris Logistics, which
is expected to bring end-to-end perishable supply chain
in-house.
BJ’s Wholesale Club Holdings, Inc. (NYSE: BJ) (the "Company")
today announced its financial results for the thirteen and
fifty-two weeks ended January 29, 2022.
"2021 was the best year in the company’s history. Our strong
financial results were underpinned by continued membership base
expansion, a growing digital business and significant progress on
key initiatives such as our real estate pipeline,” said Bob Eddy,
President and Chief Executive Officer, BJ’s Wholesale Club. “We
remain focused on our strategic priorities to drive long-term
growth: attracting and retaining high-quality members, delivering
value, improving convenience through our digital offerings and
expanding our footprint. The future of our company is bright.”
Key Measures for the Thirteen Weeks Ended January 29, 2022
(Fourth Quarter of Fiscal 2021) and for the Fifty-Two Weeks Ended
January 29, 2022 (Fiscal 2021): BJ'S WHOLESALE CLUB HOLDINGS, INC.
(Amounts in thousands, except per share amounts)
13 Weeks Ended January 29,
2022
13 Weeks Ended January 30,
2021
% Growth
52 Weeks Ended January 29,
2022
52 Weeks Ended January 30,
2021
%
Growth
Net sales
$
4,263,535
$
3,860,510
10.4 %
$
16,306,365
$
15,096,913
8.0 %
Membership fee income
94,303
86,103
9.5 %
360,937
333,104
8.4 %
Total revenues
4,357,838
3,946,613
10.4 %
16,667,302
15,430,017
8.0 %
Operating income
157,129
144,692
8.6 %
617,323
642,392
(3.9)%
Income from continuing operations
107,575
95,889
12.2 %
426,760
421,182
1.3 %
Adjusted EBITDA (a)
228,601
204,518
11.8 %
879,550
857,492
2.6 %
Net income
107,568
95,882
12.2 %
426,652
421,030
1.3 %
EPS (b)
0.78
0.69
13.0 %
3.09
3.03
2.0 %
Adjusted net income (a)
109,905
97,199
13.1 %
448,859
428,952
4.6 %
Adjusted EPS (a)
0.80
0.70
14.3 %
3.25
3.09
5.2 %
Basic weighted average shares
outstanding
134,731
135,636
(0.7)%
135,386
136,111
(0.5)%
Diluted weighted average shares
outstanding
137,314
138,496
(0.9)%
138,045
138,876
(0.6)%
(a)
See “Note Regarding Non-GAAP Financial
Information.”
(b)
EPS represents earnings per diluted
share.
Additional Highlights:
- Total comparable club sales increased by 8.8% in the fourth
quarter of fiscal 2021 compared to the fourth quarter of fiscal
2020. Excluding the impact of gasoline sales, comparable club sales
increased by 0.9% in the fourth quarter of fiscal 2021 compared to
the fourth quarter of fiscal 2020. Comparable club sales increased
by 6.5% in fiscal 2021 compared to fiscal 2020, reflecting a
two-year stacked comp increase of 22.4%. Excluding the impact of
gasoline sales, comparable club sales decreased by 0.5% in fiscal
2021 compared to fiscal 2020, reflecting a two-year stacked comp
increase of 20.8%.
- Gross profit increased to $797.2 million in the fourth quarter
of fiscal 2021 from $742.6 million in the fourth quarter of fiscal
2020. Merchandise gross margin rate, which excludes gasoline sales
and membership fee income, increased 10 basis points over the
fourth quarter of fiscal 2020. Gross profit increased to $3,078.7
million in fiscal 2021 from $2,979.0 million in fiscal 2020.
Merchandise gross margin rate, which excludes gasoline sales and
membership fee income, increased by approximately 20 basis points
over fiscal 2020. Merchandise margins benefited from the mix of our
general merchandise sales, improved private label penetration and
continued execution of our category profitability improvement
initiatives, partially offset by increased freight costs and price
investments in inflationary categories.
- Selling, general and administrative expenses ("SG&A")
increased to $630.5 million in the fourth quarter of fiscal 2021
compared to $593.3 million in the fourth quarter of fiscal 2020.
The increase was primarily driven by $13.6 million in investments
in club team member wages, depreciation and amortization expense
and other expenses related to volume and continued investments to
drive strategic priorities. SG&A increased to $2,446.5 million
in fiscal 2021 compared to $2,326.8 million in fiscal 2020. The
increase was primarily driven by $43.1 million in investments in
club team member wages, in addition to $19.3 million in occupancy
costs, $17.5 million of accelerated stock-based compensation
expense related to a former executive, increased depreciation and
amortization and other operating costs related to volume and
continued investments to drive strategic priorities.
- Operating income increased to $157.1 million, or 3.6% of total
revenues, in the fourth quarter of fiscal 2021 compared to $144.7
million, or 3.7% of total revenues, in the fourth quarter of fiscal
2020. Operating income decreased to $617.3 million, or 3.7% of
total revenues, in fiscal 2021 compared to $642.4 million, or 4.2%
of total revenues, in fiscal 2020.
- Adjusted EBITDA increased 11.8% to $228.6 million in the fourth
quarter of fiscal 2021, compared to $204.5 million in the fourth
quarter of fiscal 2020. Adjusted EBITDA increased 2.6% to $879.6
million in fiscal 2021 compared to $857.5 million in fiscal
2020.
- Income tax expense increased to $37.7 million in the fourth
quarter of fiscal 2021 compared to $32.9 million in the fourth
quarter of fiscal 2020, primarily due to higher pre-tax book income
in the fourth quarter of fiscal 2021. Income tax expense decreased
to $131.1 million in fiscal 2021 compared to $136.8 million in
fiscal 2020, primarily due to higher excess tax benefits from stock
based compensation in fiscal 2021. The increase in excess tax
benefits resulted from increased share price and one-time exercises
related to a former executive.
- On November 16, 2021, the Company’s Board of Directors approved
a new share repurchase program. The authorization allows the
Company to repurchase up to $500.0 million of its outstanding
common stock. The Company repurchased 700,967 shares of common
stock, totaling $44.2 million, in the fourth quarter of fiscal
2021, including 249,625 shares totaling $15.3 million under the
previously approved repurchase program which expired in the fourth
quarter of fiscal 2021. In fiscal 2021, the Company repurchased
3,331,956 shares of common stock, totaling $179.2 million,
including 2,880,614 shares totaling $150.4 million under the
previously approved repurchase program which expired in the fourth
quarter of fiscal 2021.
Fiscal 2022 Ending January 28, 2023 Outlook
“There continue to be several unknowns that make for significant
variability as we look to frame guidance for the coming year. Among
the most significant are headwinds that could materialize as we
anniversary unprecedented levels of government aid and stimulus
efforts. As an offset on the top line, we’re experiencing some of
the highest levels of inflation that we’ve seen in several
decades,” said Laura Felice, Executive Vice President, Chief
Financial Officer, BJ’s Wholesale Club.
With these uncertainties in mind, the Company offers the
following guidance details for fiscal 2022:
- Merchandise comparable club sales to increase in the low-single
digit range
- Net sales to increase in the mid-single digit range
- Membership fee income to grow in the mid-single digit
range
- Merchandise margins to remain flat year over year
- Excess gas margin of approximately $40 million due to market
conditions in 2021 to unwind
- EPS to remain flat year over year after giving effect to the
pending Burris acquisition of assets
Burris deal anticipated to close in the
second quarter and to yield approximately $0.07 in EPS
- Capital expenditures of approximately $350 million
Conference Call Details
A conference call to discuss the fourth quarter of fiscal 2021
financial results is scheduled for today, March 3, 2022, at 8:30
A.M. Eastern Time. Investors and analysts interested in
participating in the call are invited to dial 844-200-6205
(international callers please dial 929-526-1599) approximately 10
minutes prior to the start of the call and reference conference ID
442374. A live audio webcast of the conference call will be
available online at https://investors.bjs.com.
A recorded replay of the conference call will be available
within two hours of the conclusion of the call and can be accessed
both online at https://investors.bjs.com and by dialing
929-458-6194 or 866-813-9403 and referencing conference ID 075344.
The recorded replay will be available for one week and an online
archive of the webcast will be available for one year.
About BJ’s Wholesale Club Holdings, Inc.
Headquartered in Westborough, Massachusetts, BJ's Wholesale Club
Holdings, Inc. is a leading operator of membership warehouse clubs
in the Eastern United States. The company currently operates 226
clubs and 157 BJ's Gas® locations in 17 states.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements contained in this press release that do not
relate to matters of historical fact should be considered
forward-looking statements, including, without limitation,
statements regarding our strategic priorities; our anticipated
fiscal 2022 outlook; the expected acquisition of assets of Burris
Logistics, and our future progress, as well as statements that
include the words “expect,” “intend,” “plan,” “believe,” “project,”
“forecast,” “estimate,” “may,” “should,” “anticipate” and similar
statements of a future or forward-looking nature. These
forward-looking statements are based on management’s current
expectations. These statements are neither promises nor guarantees,
but involve known and unknown risks, uncertainties and other
important factors that may cause actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements, including, but not limited to:
uncertainties in the financial markets, consumer and small business
spending patterns and debt levels; our dependence on having a large
and loyal membership; domestic and international economic
conditions, including inflation and exchange rates; our ability to
procure the merchandise we sell at the best possible prices; the
effects of competition and regulation; our dependence on vendors to
supply us with quality merchandise at the right time and at the
right price; breaches of security or privacy of member or business
information; conditions affecting the acquisition, development,
ownership or use of real estate; our capital spending; actions of
vendors; our ability to attract and retain a qualified management
team and other team members; costs associated with employees
(generally including health care costs), energy and certain
commodities, geopolitical conditions (including tariffs); the risks
and uncertainties related to the impact of the COVID-19 pandemic,
including the duration, scope and severity of the pandemic,
federal, state and local government actions or restrictive measures
implemented in response to COVID-19, the effectiveness of such
measures, as well as the effect of any relaxation or revocation of
current restrictions, and the direct and indirect impact of such
measures; changes in our product mix or in our revenues from
gasoline sales; our failure to successfully maintain a relevant
omnichannel experience for our members; risks related to our growth
strategy to open new clubs; risks related to our e-commerce
business; our ability to close the Burris acquisition on the terms
negotiated, or at all; our ability to realize the anticipated
benefits of the Burris acquisition; and other important factors
discussed under the caption “Risk Factors” in our Form 10-K filed
with the U.S. Securities and Exchange Commission (“SEC”) on March
19, 2021, which is accessible on the SEC’s website at www.sec.gov.
These and other important factors could cause actual results to
differ materially from those indicated by the forward-looking
statements made in this press release. Any such forward-looking
statements represent management’s estimates as of the date of this
press release. While we may elect to update such forward-looking
statements at some point in the future, unless required by law, we
disclaim any obligation to do so, even if subsequent events cause
our views to change. Thus, one should not assume that our silence
over time means that actual events are bearing out as expressed or
implied in such forward-looking statements. These forward-looking
statements should not be relied upon as representing our views as
of any date subsequent to the date of this press release.
Non-GAAP Financial Measures
We refer to certain financial measures that are not recognized
under United States generally accepted accounting principles
(“GAAP”). Please see “Note Regarding Non-GAAP Financial
Information" and “Reconciliation of GAAP to Non-GAAP Financial
Information” below for additional information and a reconciliation
of the Non-GAAP financial measures to the most comparable GAAP
financial measures.
BJ'S WHOLESALE CLUB HOLDINGS, INC. CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (Amounts in thousands, except per share
amounts) (Unaudited)
13 Weeks Ended January 29,
2022
13 Weeks Ended January 30,
2021
52 Weeks Ended January 29,
2022
52 Weeks Ended January 30,
2021
Net sales
$
4,263,535
$
3,860,510
$
16,306,365
$
15,096,913
Membership fee income
94,303
86,103
360,937
333,104
Total revenues
4,357,838
3,946,613
16,667,302
15,430,017
Cost of sales
3,560,621
3,204,019
13,588,612
12,451,061
Selling, general and administrative
expenses
630,451
593,273
2,446,465
2,326,755
Pre-opening expense
9,637
4,629
14,902
9,809
Operating income
157,129
144,692
617,323
642,392
Interest expense, net
11,877
15,918
59,444
84,385
Income from continuing operations before
income taxes
145,252
128,774
557,879
558,007
Provision for income taxes
37,677
32,885
131,119
136,825
Income from continuing operations
107,575
95,889
426,760
421,182
Loss from discontinued operations, net of
income taxes
(7
)
(7
)
(108
)
(152
)
Net income
$
107,568
$
95,882
$
426,652
$
421,030
Income per share attributable to common
stockholders - basic:
Income from continuing operations
$
0.80
$
0.71
$
3.15
$
3.09
Loss from discontinued operations
—
—
—
—
Net income
$
0.80
$
0.71
$
3.15
$
3.09
Income per share attributable to common
stockholders - diluted:
Income from continuing operations
$
0.78
$
0.69
$
3.09
$
3.03
Loss from discontinued operations
—
—
—
—
Net income
$
0.78
$
0.69
$
3.09
$
3.03
Weighted average number of shares
outstanding:
Basic
134,731
135,636
135,386
136,111
Diluted
137,314
138,496
138,045
138,876
BJ'S WHOLESALE CLUB HOLDINGS, INC. CONDENSED CONSOLIDATED
BALANCE SHEETS (Amounts in thousands, except per share amounts)
(Unaudited)
January 29, 2022
January 30, 2021
ASSETS
Current assets:
Cash and cash equivalents
$
45,436
$
43,518
Accounts receivable, net
173,951
172,719
Merchandise inventories
1,242,935
1,205,695
Prepaid expense and other current
assets
54,734
48,649
Total current assets
1,517,056
1,470,581
Operating lease right-of-use assets,
net
2,159,571
2,058,763
Property and equipment, net
942,331
797,789
Goodwill
924,134
924,134
Intangibles, net
124,640
135,123
Deferred taxes
5,507
5,737
Other assets
23,240
19,403
Total assets
$
5,696,479
$
5,411,530
LIABILITIES
Current liabilities:
Current portion of long-term debt
$
—
$
260,000
Current portion of operating lease
liabilities
141,453
131,513
Accounts payable
1,112,783
988,074
Accrued expenses and other current
liabilities
748,245
651,625
Total current liabilities
2,002,481
2,031,212
Long-term lease liabilities
2,087,345
1,988,840
Long-term debt
748,568
846,175
Deferred income taxes
52,850
45,096
Other noncurrent liabilities
157,127
180,880
STOCKHOLDERS' EQUITY
648,108
319,327
Total liabilities and stockholders'
equity
$
5,696,479
$
5,411,530
BJ'S WHOLESALE CLUB HOLDINGS, INC. CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (Amounts in thousands, except per share
amounts) (Unaudited)
52 Weeks Ended January 29,
2022
52 Weeks Ended January 30,
2021
CASH FLOWS FROM OPERATING
ACTIVITIES
Net income
$
426,652
$
421,030
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
180,548
167,454
Amortization of debt issuance costs and
accretion of original issue discount
3,387
4,362
Debt extinguishment charges
657
4,077
Stock-based compensation expense
53,837
32,150
Deferred income tax benefit
(507
)
(9,197
)
Changes in operating leases and other
non-cash items
9,226
9,389
Increase (decrease) in cash due to changes
in:
Accounts receivable
(1,232
)
33,634
Merchandise inventories
(37,240
)
(124,193
)
Accounts payable
124,709
201,663
Accrued expenses
81,419
97,690
Other operating assets and liabilities,
net
(9,801
)
30,487
Net cash provided by operating
activities
831,655
868,546
CASH FLOWS FROM INVESTING
ACTIVITIES
Additions to property and equipment, net
of disposals and proceeds from sale leaseback transactions
(304,511
)
(192,440
)
Net cash used in investing activities
(304,511
)
(192,440
)
CASH FLOWS FROM FINANCING
ACTIVITIES
Payments on First Lien Term Loan
(100,000
)
(513,297
)
Payments on ABL Facility
(260,000
)
(68,000
)
Dividends paid
(25
)
(25
)
Net cash received from stock option
exercises
18,713
17,985
Net cash received from Employee Stock
Purchase Program (ESPP)
3,822
2,676
Acquisition of treasury stock
(194,316
)
(106,203
)
Net proceeds from financing
obligations
7,692
5,056
Other financing activities
(1,112
)
(984
)
Net cash used in financing activities
(525,226
)
(662,792
)
Net increase in cash and cash
equivalents
1,918
13,314
Cash and cash equivalents at beginning of
period
43,518
30,204
Cash and cash equivalents at end of
period
$
45,436
$
43,518
Note Regarding Non-GAAP Financial Information
This press release includes financial measures that are not
calculated in accordance with GAAP, including adjusted net income,
adjusted net income per diluted share, adjusted EBITDA, free cash
flow, net debt and net debt to last twelve months (“LTM”) adjusted
EBITDA.
We define adjusted net income as net income attributable to
common stockholders adjusted for: stock-based compensation related
to acceleration of stock awards; acquisition and integration costs;
incremental home office expense; severance charges; expenses
related to debt payments; loss on cash flow hedge; and the tax
impact of the foregoing adjustments on net income.
We define adjusted net income per diluted share as adjusted net
income divided by the weighted-average diluted shares
outstanding.
We define adjusted EBITDA as income from continuing operations
before interest expense, net, provision for income taxes and
depreciation and amortization, adjusted for the impact of certain
other items, including: stock-based compensation expense;
pre-opening expenses; acquisition and integration costs; non-cash
rent; severance and other adjustments.
We define free cash flow as net cash provided by operating
activities less additions to property and equipment, net of
disposals, plus proceeds from sale leaseback transactions.
We define net debt as total debt outstanding less cash and cash
equivalents.
We define net debt to LTM adjusted EBITDA as net debt at the
balance sheet date divided by adjusted EBITDA for the trailing
twelve-month period.
We present adjusted net income, adjusted net income per diluted
share and adjusted EBITDA, which are not recognized financial
measures under GAAP, because we believe such measures assist
investors and analysts in comparing our operating performance
across reporting periods on a consistent basis by excluding items
that we do not believe are indicative of our core operating
performance. In addition, adjusted EBITDA excludes pre-opening
expenses, because we do not believe these expenses are indicative
of the underlying operating performance of our clubs. The amount
and timing of pre-opening expenses are dependent on, among other
things, the size of new clubs opened and the number of new clubs
opened during any given period.
Management believes that adjusted net income, adjusted net
income per diluted share and adjusted EBITDA are helpful in
highlighting trends in our core operating performance compared to
other measures, which can differ significantly depending on
long-term strategic decisions regarding capital structure, the tax
jurisdictions in which companies operate and capital investments.
We use adjusted net income, adjusted net income per diluted share
and adjusted EBITDA to supplement GAAP measures of performance in
the evaluation of the effectiveness of our business strategies; to
make budgeting decisions; and to compare our performance against
that of other peer companies using similar measures. We also use
adjusted EBITDA in connection with establishing discretionary
annual incentive compensation.
We present free cash flow, which is not a recognized financial
measure under GAAP, because we use it to report to our Board of
Directors and we believe it assists investors and analysts in
evaluating our liquidity. Free cash flow should not be considered
as an alternative to cash flows from operations as a liquidity
measure. We present net debt and net debt to LTM adjusted EBITDA,
which are not recognized as financial measures under GAAP, because
we use them to report to our Board of Directors and we believe they
assist investors and analysts in evaluating our borrowing capacity.
Net debt to LTM adjusted EBITDA is a key financial measure that is
used by management to assess the borrowing capacity of the
Company.
You are encouraged to evaluate these adjustments and the reasons
we consider them appropriate for supplemental analysis. In
evaluating adjusted net income, adjusted net income per diluted
share, adjusted EBITDA and net debt to LTM adjusted EBITDA, you
should be aware that in the future we may incur expenses that are
the same as or like some of the adjustments in our presentation of
these metrics. Our presentation of adjusted net income, adjusted
net income per diluted share, adjusted EBITDA, free cash flow, net
debt and net debt to LTM adjusted EBITDA should not be considered
as alternatives to any other measure derived in accordance with
GAAP and they should not be construed as an inference that the
Company’s future results will be unaffected by unusual or
non-recurring items. There can be no assurance that we will not
modify the presentation of adjusted net income, adjusted net income
per diluted share, adjusted EBITDA or net debt to LTM adjusted
EBITDA in the future, and any such modification may be material. In
addition, adjusted net income, adjusted net income per diluted
share, adjusted EBITDA, free cash flow, net debt and net debt to
LTM adjusted EBITDA may not be comparable to similarly titled
measures used by other companies in our industry or across
different industries. Additionally, adjusted net income, adjusted
net income per diluted share, adjusted EBITDA, free cash flow, net
debt and net debt to LTM adjusted EBITDA have limitations as
analytical tools, and you should not consider them in isolation or
as a substitute for analysis of our results as reported under
GAAP.
Reconciliation of GAAP to Non-GAAP Financial Information BJ'S
WHOLESALE CLUB HOLDINGS, INC. Reconciliation of net income to
adjusted net income and adjusted net income per diluted share
(Amounts in thousands, except per share amounts)
(Unaudited)
13 Weeks Ended January 29,
2022
13 Weeks Ended January 30,
2021
52 Weeks Ended January 29,
2022
52 Weeks Ended January 30,
2021
Net income as reported
$
107,568
$
95,882
$
426,652
$
421,030
Adjustments:
Stock-based compensation related to
acceleration of stock awards (a)
—
—
17,494
—
Acquisition and integration costs (b)
3,504
—
3,504
—
Incremental home office expense (c)
552
—
552
—
(Gain) loss on cash flow hedge (d)
(806
)
1,829
6,340
6,926
Charges related to debt payments (e)
—
—
657
4,077
Severance charges (f)
—
—
2,300
—
Tax impact of adjustments to net income
(g)
(914
)
(512
)
(8,641
)
(3,081
)
Adjusted net income
$
109,905
$
97,199
$
448,859
$
428,952
Weighted-average diluted shares
outstanding
137,314
138,496
138,045
138,876
Adjusted net income per diluted share
(h)
$
0.80
$
0.70
$
3.25
$
3.09
(a)
Represents accelerated vesting of equity
awards, which were related to the passing of a former
executive.
(b)
Represents costs related to the
anticipated acquisition of assets of Burris Logistics, including
due diligence, legal, and other consulting expenses.
(c)
Represents incremental rent expense as the
Company transitions from the current home office to a new home
office building in fiscal 2022.
(d)
Represents the reclassification into
earnings of accumulated other comprehensive income associated with
the de-designation of hedge accounting on one of our swap
agreements due to the payment of debt.
(e)
Represents the expensing of fees and
deferred fees and original issue discount associated with the
partial prepayment of debt.
(f)
Represents severance charges associated
with labor reductions that resulted from the realignment of our
field operations.
(g)
Represents the tax effect of the above
adjustments at a statutory tax rate of approximately 28%.
(h)
Adjusted net income per diluted share is
measured using weighted average diluted shares outstanding.
BJ'S WHOLESALE CLUB HOLDINGS, INC. Reconciliation to Adjusted
EBITDA (Amounts in thousands) (Unaudited)
13 Weeks Ended January 29,
2022
13 Weeks Ended January 30,
2021
52 Weeks Ended January 29,
2022
52 Weeks Ended January 30,
2021
Income from continuing operations
$
107,575
$
95,889
$
426,760
$
421,182
Interest expense, net
11,877
15,918
59,444
84,385
Provision for income taxes
37,677
32,885
131,119
136,825
Depreciation and amortization
44,883
43,123
180,547
167,454
Stock-based compensation expense
11,409
8,905
53,837
32,150
Pre-opening expenses (a)
9,637
4,629
14,902
9,809
Acquisition and integration costs (b)
3,504
—
3,504
—
Non-cash rent (c)
1,577
2,653
6,146
4,942
Severance (d)
—
—
2,300
—
Other adjustments (e)
462
516
991
745
Adjusted EBITDA
$
228,601
$
204,518
$
879,550
$
857,492
(a)
Represents direct incremental costs of
opening or relocating a facility that are charged to operations as
incurred.
(b)
Represents costs related to the
anticipated acquisition of assets of Burris Logistics, including
due diligence, legal, and other consulting expenses.
(c)
Consists of an adjustment to remove the
non-cash portion of rent expense, inclusive of incremental rent
expense as the Company transitions from the current home office to
a new home office building in fiscal 2022.
(d)
Represents severance charges associated
with labor reductions that resulted from the realignment of our
field operations.
(e)
Other non-cash items, including non-cash
accretion on asset retirement obligations and obligations
associated with our post-retirement medical plan.
BJ'S WHOLESALE CLUB HOLDINGS, INC. Reconciliation to Free
Cash Flow (Amounts in thousands) (Unaudited)
13 Weeks Ended January 29,
2022
13 Weeks Ended January 30,
2021
52 Weeks Ended January 29,
2022
52 Weeks Ended January 30,
2021
Net cash provided by operating
activities
$
98,480
$
66,574
$
831,655
$
868,546
Less: Additions to property and equipment,
net of disposals
101,093
65,533
323,591
218,333
Plus: Proceeds from sale leaseback
transactions
—
—
19,080
25,893
Free cash flow
$
(2,613
)
$
1,041
$
527,144
$
676,106
BJ'S WHOLESALE CLUB HOLDINGS, INC. Reconciliation of Net Debt
and Net Debt to LTM adjusted EBITDA (Amounts in thousands)
(Unaudited)
January 29, 2022
Total debt
$
748,568
Less: Cash and cash equivalents
45,436
Net Debt
$
703,132
Adjusted EBITDA(a)
$
879,550
Net debt to LTM adjusted EBITDA
0.8x
(a)
See “Reconciliation to Adjusted EBITDA
(unaudited)” table above.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220303005090/en/
Investors: Catherine Park Vice President, Investor
Relations cpark@bjs.com 774-512-6744 Media: Peter Frangie
Vice President, Corporate Communications pfrangie@bjs.com
774-512-6978
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