Academy Sports and Outdoors, Inc. (Nasdaq: ASO) ("Academy" or the
"Company") today announced its financial results for the second
quarter ended July 29, 2023.
"As we continue to move through a challenging
economic environment, our priority remains to deliver great value
to our customers with our broad and complete assortment and our
engaging shopping experience. While sales in the second quarter
were down versus last year, they steadily improved each month
during the quarter, while also delivering a solid earnings
performance," said Chief Executive Officer, Steve Lawrence. "The
team is working hard on thoughtfully managing through our
short-term challenges and remains focused on delivering against our
long range plan objectives. Moving forward, we believe that Academy
is well positioned to continue to capture market share as a leader
in the sports and outdoors space. We are planting the seeds for
future growth by opening 11-12 new stores this Fall, building out
our omnichannel capabilities and expanding our portfolio of new and
exciting brands that resonate with our core customer.”
Second Quarter Operating Results |
13 Weeks Ended |
Change |
($ in millions, except per share data) |
July 29, 2023 |
July 30, 2022 |
% |
Net Sales |
$ |
1,583.1 |
|
|
$ |
1,686.9 |
|
|
(6.2 |
) |
% |
Comparable Sales |
|
(7.5 |
) |
% |
|
(6.0 |
) |
% |
|
Income before income tax |
$ |
203.3 |
|
|
$ |
247.0 |
|
|
(17.7 |
) |
% |
Net Income |
$ |
157.1 |
|
|
$ |
188.8 |
|
|
(16.8 |
) |
% |
Adjusted net income (1) |
$ |
163.6 |
|
|
$ |
193.5 |
|
|
(15.5 |
) |
% |
Earnings per common share, diluted |
$ |
2.01 |
|
|
$ |
2.22 |
|
|
(9.5 |
) |
% |
Adjusted earnings per common share, diluted (1) |
$ |
2.09 |
|
|
$ |
2.28 |
|
|
(8.3 |
) |
% |
Year-to-Date Operating Results |
26 Weeks Ended |
Change |
($ in millions, except per share data) |
July 29, 2023 |
July 30, 2022 |
% |
Net Sales |
$ |
2,966.7 |
|
|
$ |
3,154.6 |
|
|
(6.0 |
) |
% |
Comparable Sales |
|
(7.4 |
) |
% |
|
(6.7 |
) |
% |
|
Income before income tax |
$ |
322.0 |
|
|
$ |
442.3 |
|
|
(27.2 |
) |
% |
Net Income |
$ |
251.0 |
|
|
$ |
338.6 |
|
|
(25.9 |
) |
% |
Adjusted net income (1) |
$ |
266.6 |
|
|
$ |
346.0 |
|
|
(22.9 |
) |
% |
Earnings per common share, diluted |
$ |
3.19 |
|
|
$ |
3.90 |
|
|
(18.2 |
) |
% |
Adjusted earnings per common share, diluted (1) |
$ |
3.39 |
|
|
$ |
3.99 |
|
|
(15.0 |
) |
% |
(1) Adjusted net income and Adjusted earnings per common share,
diluted, are non-GAAP measures. See "Non-GAAP Measures" and
"Reconciliations of GAAP to Non-GAAP Financial Measures" below for
reconciliations of non-GAAP financial measures to their most
directly comparable GAAP financial measures.
|
|
As of |
Change |
Balance Sheet ($ in
millions) |
July 29, 2023 |
July 30, 2022 |
% |
Cash and cash equivalents |
$ |
311.3 |
|
|
$ |
399.9 |
|
|
(22.2 |
) |
% |
Merchandise inventories, net |
$ |
1,309.0 |
|
|
$ |
1,304.6 |
|
|
0.3 |
|
% |
Long-term debt, net |
$ |
583.7 |
|
|
$ |
683.1 |
|
|
(14.6 |
) |
% |
|
|
26 Weeks Ended |
Change |
Capital Allocation ($ in
millions) |
July 29, 2023 |
July 30, 2022 |
% |
Share repurchases |
$ |
157.6 |
|
|
$ |
288.6 |
|
|
(45.4 |
) |
% |
Dividends paid |
$ |
13.8 |
|
|
$ |
12.8 |
|
|
7.8 |
|
% |
Subsequent to the end of the second quarter, on
August 30, 2023, Academy announced that its Board of Directors
("Board") declared a quarterly cash dividend of $0.09 per share of
common stock. The dividend is payable on October 11, 2023, to
stockholders of record as of the close of business on September 13,
2023.
Michael Mullican, President, said, "In the
second quarter we made significant progress in aligning our
expenses with our current sales trends. Our operating margin
improved 420 basis points from the first quarter, driven by higher
gross margin, sequential improvement in shrink as a rate to sales
and disciplined expense management. We also continued to execute
our capital allocation plan in the quarter, while self-funding our
long-term growth initiatives."
New Store OpeningsDuring the
second quarter, Academy opened one new store, bringing the total
quarter-end number of stores to 270 stores. The Company expects to
open six stores in the third quarter and five to six in the fourth
quarter and a total of 120 to 140 stores over the five fiscal year
period ending with fiscal 2027.
2023 OutlookAcademy is
reiterating its previous sales and net income guidance for fiscal
2023, while updating its EPS forecast to reflect the share
repurchase activity completed in the second quarter.
|
Previous Guidance |
Updated Guidance |
(in millions, except per share data) |
Low end |
High end |
Low end |
High end |
Net Sales |
$ |
6,175.0 |
|
|
$ |
6,365.0 |
|
|
|
no change |
|
|
|
no change |
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable Sales |
|
(7.5 |
) |
% |
|
(4.5 |
) |
% |
|
no change |
|
|
|
no change |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Margin Rate |
|
34.0 |
|
% |
|
34.4 |
|
% |
|
no change |
|
|
|
no change |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes |
$ |
675 |
|
|
$ |
750 |
|
|
|
no change |
|
|
|
no change |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
520 |
|
|
$ |
575 |
|
|
|
no change |
|
|
|
no change |
|
|
|
|
|
|
|
Earnings per Common Share, Diluted |
$ |
6.50 |
|
|
$ |
7.20 |
|
|
$ |
6.65 |
|
|
$ |
7.35 |
|
|
|
|
|
|
|
Adjusted Earnings per Common Share, Diluted (1) |
$ |
6.80 |
|
|
$ |
7.50 |
|
|
$ |
6.95 |
|
|
$ |
7.65 |
|
|
|
|
|
|
|
Diluted Weighted Average Common Shares |
|
79.7 |
|
|
|
79.7 |
|
|
|
78.1 |
|
|
|
78.1 |
|
|
|
|
|
|
|
Capital Expenditures |
$ |
200 |
|
|
$ |
250 |
|
|
|
no change |
|
|
|
no change |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Free Cash Flow (1) |
$ |
400 |
|
|
$ |
450 |
|
|
|
no change |
|
|
|
no change |
|
|
(1) Adjusted earnings per common share, diluted, and adjusted
free cash flow are non-GAAP measures. See "Non-GAAP Measures" and
"Reconciliations of GAAP to Non-GAAP Financial Measures" below for
reconciliations of non-GAAP financial measures to their most
directly comparable GAAP financial measures.
The earnings per common share guidance reflects
a tax rate of approximately 23.0% and does not include any
potential future share repurchases.
Conference Call InfoAcademy
will host a conference call today at 10:00 a.m. Eastern Time to
discuss its financial results. Listeners may access the call by
dialing 1-877-407-3982 (U.S.) or 1-201-493-6780 (International).
The passcode is 13740446. A webcast of the call can be accessed at
investors.academy.com. A telephonic replay of the conference call
will be available for approximately 30 days, by dialing
1-844-512-2921 (U.S.) or 1-412-317-6671 (International) and
entering passcode 13738834. An archive of the webcast will be
available at investors.academy.com for 30 days.
About Academy Sports +
OutdoorsAcademy is a leading full-line sporting goods and
outdoor recreation retailer in the United States. Originally
founded in 1938 as a family business in Texas, Academy has grown to
270 stores across 18 states as of quarter end. Academy’s mission is
to provide “Fun for All” and Academy fulfills this mission with a
localized merchandising strategy and value proposition that
strongly connects with a broad range of consumers. Academy’s
product assortment focuses on key categories of outdoor, apparel,
footwear and sports & recreation through both leading national
brands and a portfolio of private label brands.
Non-GAAP MeasuresAdjusted
EBITDA, Adjusted EBIT, Adjusted Net Income, Adjusted Earnings per
Common Share, and Adjusted Free Cash Flow have been presented in
this press release as supplemental measures of financial
performance that are not required by, or presented in accordance
with, generally accepted accounting principles (“GAAP”). The
Company believes that the presentation of these non-GAAP measures
is useful to investors as it provides additional information on
comparisons between periods by excluding certain items that affect
overall comparability. The Company uses these non-GAAP financial
measures for business planning purposes, to consider underlying
trends of its business, and in measuring its performance relative
to others in the market, and believes presenting these measures
also provides information to investors and others for understanding
and evaluating trends in the Company’s operating results or
measuring performance in the same manner as the Company’s
management. Non-GAAP financial measures should be considered in
addition to, and not as an alternative for, the Company’s reported
results prepared in accordance with GAAP. The calculation of these
non-GAAP financial measures may differ from similar measures
reported by other companies and may not be comparable to other
similarly titled measures. For additional information on these
non-GAAP financial measures, please see our Annual Report for the
fiscal year ended January 28, 2023 (the "Annual Report"), which may
be updated from time to time in our periodic filings with the
Securities and Exchange Commission (the "SEC"), which are
accessible on the SEC's website at www.sec.gov.
See “Reconciliations of GAAP to Non-GAAP
Financial Measures” below for reconciliations of non-GAAP financial
measures used in this press release to their most directly
comparable GAAP financial measures.
Forward Looking StatementsThis
press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
These forward-looking statements are based on Academy’s current
expectations and are not guarantees of future performance.
forward-looking statements may incorporate words such as “believe,”
“expect,” “forward,” “ahead,” “opportunities,” “plans,”
“priorities,” “goals,” “future,” “short/long term,” “will,”
“should,” or the negative version of these words or other
comparable words. The forward-looking statements include, among
other things, statements regarding the Company’s fiscal 2023
outlook, the Company’s strategic plans and financial objectives,
growth of the Company’s business and operations, the Company’s
payment of dividends and declaration of future dividends, including
the timing and amount thereof, share repurchases by the Company,
the Company's expectations regarding its future performance, and
future financial condition, and other such matters, and are subject
to various risks, uncertainties, assumptions, or changes in
circumstances that are difficult to predict or quantify. Actual
results may differ materially from these expectations due to
changes in global, regional, or local economic, business,
competitive, market, regulatory and other factors that could affect
overall consumer spending or our industry, including the possible
effects of ongoing macroeconomic challenges, inflation and
increases in interest rates, or changes to the financial health of
our customers, many of which are beyond Academy's control. These
and other important factors that could cause actual results to
differ materially from those in the forward-looking statements are
set forth in Academy's filings with the SEC, including the Annual
Report and the Company’s Quarterly Report for the thirteen and
twenty-six weeks ended July 29, 2023, under the caption "Risk
Factors," as may be updated from time to time in our periodic
filings with the SEC. Any forward-looking statement in this press
release speaks only as of the date of this release. Academy
undertakes no obligation to publicly update or review any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except as may be required by any
applicable securities laws.
Investor Contact |
|
Media Contact |
Matt Hodges |
|
Elise Hasbrook |
VP, Investor Relations |
|
VP, Communications |
281-646-5362 |
|
281-944-6041 |
matt.hodges@academy.com |
|
elise.hasbrook@academy.com |
ACADEMY SPORTS AND OUTDOORS, INC. |
CONSOLIDATED STATEMENTS OF INCOME |
(Unaudited) |
(Amounts in thousands, except per share data) |
|
|
|
Thirteen Weeks Ended |
|
July 29, 2023 |
|
Percentage ofSales (1) |
|
July 30, 2022 |
|
Percentage ofSales (1) |
Net sales |
$ |
1,583,077 |
|
|
100.0 |
|
% |
|
$ |
1,686,915 |
|
|
100.0 |
|
% |
Cost of goods sold |
|
1,019,631 |
|
|
64.4 |
|
% |
|
|
1,090,852 |
|
|
64.7 |
|
% |
Gross margin |
|
563,446 |
|
|
35.6 |
|
% |
|
|
596,063 |
|
|
35.3 |
|
% |
Selling, general and
administrative expenses |
|
352,483 |
|
|
22.3 |
|
% |
|
|
339,329 |
|
|
20.1 |
|
% |
Operating income |
|
210,963 |
|
|
13.3 |
|
% |
|
|
256,734 |
|
|
15.2 |
|
% |
Interest expense, net |
|
11,313 |
|
|
0.7 |
|
% |
|
|
11,157 |
|
|
0.7 |
|
% |
Other (income), net |
|
(3,623 |
) |
|
(0.2 |
) |
% |
|
|
(1,441 |
) |
|
(0.1 |
) |
% |
Income before income taxes |
|
203,273 |
|
|
12.8 |
|
% |
|
|
247,018 |
|
|
14.6 |
|
% |
Income tax expense |
|
46,198 |
|
|
2.9 |
|
% |
|
|
58,217 |
|
|
3.5 |
|
% |
Net income |
$ |
157,075 |
|
|
9.9 |
|
% |
|
$ |
188,801 |
|
|
11.2 |
|
% |
|
|
|
|
|
|
|
|
Earnings Per Common
Share: |
|
|
|
|
|
|
|
Basic |
$ |
2.06 |
|
|
|
|
$ |
2.28 |
|
|
|
Diluted |
$ |
2.01 |
|
|
|
|
$ |
2.22 |
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Common Shares
Outstanding: |
|
|
|
|
|
|
|
Basic |
|
76,104 |
|
|
|
|
|
82,960 |
|
|
|
Diluted |
|
78,091 |
|
|
|
|
|
84,906 |
|
|
|
(1) Column may not add due to rounding
ACADEMY SPORTS AND OUTDOORS, INC. |
CONSOLIDATED STATEMENTS OF INCOME |
(Unaudited) |
(Amounts in thousands, except per share data) |
|
|
Twenty-Six Weeks Ended |
|
July 29, 2023 |
|
Percentage ofSales (1) |
|
July 30, 2022 |
|
Percentage ofSales (1) |
Net sales |
$ |
2,966,686 |
|
|
100.0 |
|
% |
|
$ |
3,154,645 |
|
|
100.0 |
|
% |
Cost of goods sold |
|
1,936,125 |
|
|
65.3 |
|
% |
|
|
2,037,158 |
|
|
64.6 |
|
% |
Gross margin |
|
1,030,561 |
|
|
34.7 |
|
% |
|
|
1,117,487 |
|
|
35.4 |
|
% |
Selling, general and
administrative expenses |
|
693,402 |
|
|
23.4 |
|
% |
|
|
655,260 |
|
|
20.8 |
|
% |
Operating income |
|
337,159 |
|
|
11.4 |
|
% |
|
|
462,227 |
|
|
14.7 |
|
% |
Interest expense, net |
|
22,543 |
|
|
0.8 |
|
% |
|
|
22,077 |
|
|
0.7 |
|
% |
Other (income), net |
|
(7,336 |
) |
|
(0.2 |
) |
% |
|
|
(2,138 |
) |
|
(0.1 |
) |
% |
Income before income taxes |
|
321,952 |
|
|
10.9 |
|
% |
|
|
442,288 |
|
|
14.0 |
|
% |
Income tax expense |
|
70,907 |
|
|
2.4 |
|
% |
|
|
103,681 |
|
|
3.3 |
|
% |
Net income |
$ |
251,045 |
|
|
8.5 |
|
% |
|
$ |
338,607 |
|
|
10.7 |
|
% |
|
|
|
|
|
|
|
|
Earnings Per Common
Share: |
|
|
|
|
|
|
|
Basic |
$ |
3.28 |
|
|
|
|
$ |
3.99 |
|
|
|
Diluted |
$ |
3.19 |
|
|
|
|
$ |
3.90 |
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Common Shares
Outstanding: |
|
|
|
|
|
|
|
Basic |
|
76,483 |
|
|
|
|
|
84,809 |
|
|
|
Diluted |
|
78,735 |
|
|
|
|
|
86,792 |
|
|
|
(1) Column may not add due to rounding
ACADEMY SPORTS AND OUTDOORS, INC. |
CONSOLIDATED BALANCE SHEETS |
(Unaudited) |
(Amounts in thousands) |
|
|
|
July 29, 2023 |
|
January 28, 2023 |
|
July 30, 2022 |
ASSETS |
|
|
|
|
|
|
CURRENT
ASSETS: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
311,336 |
|
|
$ |
337,145 |
|
|
$ |
399,857 |
|
Accounts receivable - less allowance for doubtful accounts of
$2,534, $2,004 and $1,143, respectively |
|
|
14,625 |
|
|
|
16,503 |
|
|
|
14,521 |
|
Merchandise inventories, net |
|
|
1,309,033 |
|
|
|
1,283,517 |
|
|
|
1,304,556 |
|
Prepaid expenses and other current assets |
|
|
80,490 |
|
|
|
47,747 |
|
|
|
46,448 |
|
Assets held for sale |
|
|
— |
|
|
|
1,763 |
|
|
|
1,763 |
|
Total current assets |
|
|
1,715,484 |
|
|
|
1,686,675 |
|
|
|
1,767,145 |
|
|
|
|
|
|
|
|
PROPERTY AND
EQUIPMENT, NET |
|
|
404,967 |
|
|
|
351,424 |
|
|
|
350,628 |
|
RIGHT-OF-USE
ASSETS |
|
|
1,091,145 |
|
|
|
1,100,085 |
|
|
|
1,087,085 |
|
TRADE
NAME |
|
|
577,929 |
|
|
|
577,716 |
|
|
|
577,299 |
|
GOODWILL |
|
|
861,920 |
|
|
|
861,920 |
|
|
|
861,920 |
|
OTHER NONCURRENT
ASSETS |
|
|
23,971 |
|
|
|
17,619 |
|
|
|
9,892 |
|
Total assets |
|
$ |
4,675,416 |
|
|
$ |
4,595,439 |
|
|
$ |
4,653,969 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
|
|
Accounts payable |
|
$ |
669,832 |
|
|
$ |
686,472 |
|
|
$ |
778,016 |
|
Accrued expenses and other current liabilities |
|
|
234,011 |
|
|
|
240,169 |
|
|
|
251,569 |
|
Current lease liabilities |
|
|
112,936 |
|
|
|
109,075 |
|
|
|
87,042 |
|
Current maturities of long-term debt |
|
|
3,000 |
|
|
|
3,000 |
|
|
|
3,000 |
|
Total current liabilities |
|
|
1,019,779 |
|
|
|
1,038,716 |
|
|
|
1,119,627 |
|
|
|
|
|
|
|
|
LONG-TERM DEBT,
NET |
|
|
583,729 |
|
|
|
584,456 |
|
|
|
683,065 |
|
LONG-TERM LEASE
LIABILITIES |
|
|
1,060,996 |
|
|
|
1,072,192 |
|
|
|
1,081,790 |
|
DEFERRED TAX
LIABILITIES, NET |
|
|
260,909 |
|
|
|
259,043 |
|
|
|
235,187 |
|
OTHER LONG-TERM
LIABILITIES |
|
|
11,964 |
|
|
|
12,726 |
|
|
|
13,029 |
|
Total liabilities |
|
|
2,937,377 |
|
|
|
2,967,133 |
|
|
|
3,132,698 |
|
|
|
|
|
|
|
|
COMMITMENTS AND
CONTINGENCIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY : |
|
|
|
|
|
|
Preferred stock, $0.01 par value, authorized 50,000,000 shares;
none issued and outstanding |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Common stock, $0.01 par value, authorized 300,000,000 shares;
74,845,563; 76,711,720 and 79,725,034 issued and outstanding as of
July 29, 2023, January 28, 2023, and July 30, 2022,
respectively. |
|
|
748 |
|
|
|
767 |
|
|
|
797 |
|
Additional paid-in capital |
|
|
236,789 |
|
|
|
216,209 |
|
|
|
196,510 |
|
Retained earnings |
|
|
1,500,502 |
|
|
|
1,411,330 |
|
|
|
1,323,964 |
|
Stockholders' equity |
|
|
1,738,039 |
|
|
|
1,628,306 |
|
|
|
1,521,271 |
|
Total liabilities and stockholders' equity |
|
$ |
4,675,416 |
|
|
$ |
4,595,439 |
|
|
$ |
4,653,969 |
|
ACADEMY SPORTS AND OUTDOORS, INC. |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(Unaudited) |
(Amounts in thousands) |
|
|
|
Twenty-Six Weeks Ended |
|
|
July 29, 2023 |
|
July 30, 2022 |
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
Net income |
|
$ |
251,045 |
|
|
$ |
338,607 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
Depreciation and amortization |
|
|
52,021 |
|
|
|
51,852 |
|
Non-cash lease expense |
|
|
1,604 |
|
|
|
548 |
|
Equity compensation |
|
|
19,883 |
|
|
|
9,657 |
|
Amortization of deferred loan and other costs |
|
|
1,348 |
|
|
|
1,552 |
|
Deferred income taxes |
|
|
1,866 |
|
|
|
17,976 |
|
Gain on disposal of property and equipment |
|
|
(361 |
) |
|
|
— |
|
Changes in assets and liabilities: |
|
|
|
|
Accounts receivable, net |
|
|
1,878 |
|
|
|
5,197 |
|
Merchandise inventories, net |
|
|
(25,516 |
) |
|
|
(132,748 |
) |
Prepaid expenses and other current assets |
|
|
(37,559 |
) |
|
|
(9,987 |
) |
Other noncurrent assets |
|
|
(6,924 |
) |
|
|
(5,788 |
) |
Accounts payable |
|
|
(12,446 |
) |
|
|
31,596 |
|
Accrued expenses and other current liabilities |
|
|
(3,316 |
) |
|
|
(47,447 |
) |
Income taxes payable |
|
|
805 |
|
|
|
(3,219 |
) |
Other long-term liabilities |
|
|
(762 |
) |
|
|
610 |
|
Net cash provided by operating activities |
|
|
243,566 |
|
|
|
258,406 |
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
Capital expenditures |
|
|
(109,759 |
) |
|
|
(48,050 |
) |
Purchases of intangible assets |
|
|
(213 |
) |
|
|
(84 |
) |
Proceeds from the sale of property and equipment |
|
|
2,126 |
|
|
|
— |
|
Net cash used in investing activities |
|
|
(107,846 |
) |
|
|
(48,134 |
) |
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
Repayment of Term Loan |
|
|
(1,500 |
) |
|
|
(1,500 |
) |
Proceeds from exercise of stock options |
|
|
11,639 |
|
|
|
4,683 |
|
Proceeds from issuance of common stock under employee stock
purchase program |
|
|
2,887 |
|
|
|
2,797 |
|
Taxes paid related to net share settlement of equity awards |
|
|
(4,283 |
) |
|
|
(974 |
) |
Repurchase of common stock for retirement |
|
|
(156,447 |
) |
|
|
(288,612 |
) |
Dividends paid |
|
|
(13,825 |
) |
|
|
(12,807 |
) |
Net cash used in financing activities |
|
|
(161,529 |
) |
|
|
(296,413 |
) |
|
|
|
|
|
NET DECREASE IN CASH
AND CASH EQUIVALENTS |
|
|
(25,809 |
) |
|
|
(86,141 |
) |
CASH AND CASH
EQUIVALENTS AT BEGINNING OF PERIOD |
|
|
337,145 |
|
|
|
485,998 |
|
CASH AND CASH
EQUIVALENTS AT END OF PERIOD |
|
$ |
311,336 |
|
|
$ |
399,857 |
|
ACADEMY SPORTS AND OUTDOORS,
INC.RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL
MEASURES(Unaudited)
Adjusted EBITDA and Adjusted
EBITWe define “Adjusted EBITDA” as net income (loss)
before interest expense, net, income tax expense and depreciation,
amortization, and impairment, further adjusted to exclude costs
such as equity compensation expense, (gain) loss on early
retirement of debt, net, payroll taxes associated with a vesting
event, as a result of a secondary offering, of certain time and
performance-based equity awards, which occurred in May 2021 (the
“2021 Vesting Event”) and other adjustments. We define “Adjusted
EBIT” as net income (loss) before interest expense, net, and income
tax expense, further adjusted to exclude costs such as equity
compensation expense, (gain) loss on early retirement of debt, net,
payroll taxes associated with the 2021 Vesting Event and other
adjustments. We describe these adjustments reconciling net income
(loss) to Adjusted EBITDA and Adjusted EBIT in the following table
(amounts in thousands):
|
|
Thirteen Weeks Ended |
|
Twenty-Six Weeks Ended |
|
|
July 29, 2023 |
|
July 30, 2022 |
|
July 29, 2023 |
|
July 30, 2022 |
Net income |
|
$ |
157,075 |
|
|
$ |
188,801 |
|
|
$ |
251,045 |
|
|
$ |
338,607 |
|
Interest expense, net |
|
|
11,313 |
|
|
|
11,157 |
|
|
|
22,543 |
|
|
|
22,077 |
|
Income tax expense |
|
|
46,198 |
|
|
|
58,217 |
|
|
|
70,907 |
|
|
|
103,681 |
|
Depreciation and
amortization |
|
|
25,760 |
|
|
|
26,274 |
|
|
|
52,021 |
|
|
|
51,852 |
|
Equity compensation (a) |
|
|
8,501 |
|
|
|
6,158 |
|
|
|
19,883 |
|
|
|
9,657 |
|
Adjusted EBITDA (b) |
|
$ |
248,847 |
|
|
$ |
290,607 |
|
|
$ |
416,399 |
|
|
$ |
525,874 |
|
Less: Depreciation and
amortization |
|
|
(25,760 |
) |
|
|
(26,274 |
) |
|
|
(52,021 |
) |
|
|
(51,852 |
) |
Adjusted EBIT (b) |
|
$ |
223,087 |
|
|
$ |
264,333 |
|
|
$ |
364,378 |
|
|
$ |
474,022 |
|
|
|
|
|
|
|
|
|
|
(a) Represents
non-cash charges related to equity-based compensation, which vary
from period to period depending on certain factors such as timing
and valuation of awards, achievement of performance targets and
equity award forfeitures. |
(b) Effective
January 28, 2023, we no longer exclude pre-opening expenses from
our computations of Adjusted EBITDA and Adjusted EBIT. Adjusted
EBITDA and Adjusted EBIT for the thirteen and twenty-six weeks
ended July 30, 2022 have been revised to the current period
computation methodology. |
Adjusted Net Income and Adjusted
Earnings Per Common Share
We define “Adjusted Net Income” as net income
(loss), plus costs such as equity compensation expense, (gain) loss
on early retirement of debt, net, payroll taxes associated with the
2021 Vesting Event and other adjustments, less the tax effect of
these adjustments. We define “Adjusted Earnings per Common Share,
Basic” as Adjusted Net Income divided by the basic weighted average
common shares outstanding during the period and “Adjusted Earnings
per Common Share, Diluted” as Adjusted Net Income divided by the
diluted weighted average common shares outstanding during the
period. We describe these adjustments reconciling net income (loss)
to Adjusted Net Income, and Adjusted Earnings Per Common Share in
the following table (amounts in thousands, except per share
data):
|
|
Thirteen Weeks Ended |
|
Twenty-Six Weeks Ended |
|
|
July 29, 2023 |
|
July 30, 2022 |
|
July 29, 2023 |
|
July 30, 2022 |
Net income |
|
$ |
157,075 |
|
|
$ |
188,801 |
|
|
$ |
251,045 |
|
|
$ |
338,607 |
|
Equity compensation (a) |
|
|
8,501 |
|
|
|
6,158 |
|
|
|
19,883 |
|
|
|
9,657 |
|
Tax effects of these
adjustments (b) |
|
|
(2,008 |
) |
|
|
(1,449 |
) |
|
|
(4,378 |
) |
|
|
(2,265 |
) |
Adjusted Net Income (c) |
|
$ |
163,568 |
|
|
$ |
193,510 |
|
|
$ |
266,550 |
|
|
$ |
345,999 |
|
|
|
|
|
|
|
|
|
|
Earnings per common
share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
2.06 |
|
|
$ |
2.28 |
|
|
$ |
3.28 |
|
|
$ |
3.99 |
|
Diluted |
|
$ |
2.01 |
|
|
$ |
2.22 |
|
|
$ |
3.19 |
|
|
$ |
3.90 |
|
Adjusted Earnings per Common
Share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
2.15 |
|
|
$ |
2.33 |
|
|
$ |
3.49 |
|
|
$ |
4.08 |
|
Diluted |
|
$ |
2.09 |
|
|
$ |
2.28 |
|
|
$ |
3.39 |
|
|
$ |
3.99 |
|
Weighted average common shares
outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
76,104 |
|
|
|
82,960 |
|
|
|
76,483 |
|
|
|
84,809 |
|
Diluted |
|
|
78,091 |
|
|
|
84,906 |
|
|
|
78,735 |
|
|
|
86,792 |
|
|
|
|
|
|
|
|
|
|
|
(a) Represents
non-cash charges related to equity-based compensation, which vary
from period to period depending on certain factors such as timing
and valuation of awards, achievement of performance targets and
equity award forfeitures. |
(b) For the thirteen
and twenty-six weeks ended July 29, 2023 and July 30, 2022, this
represents the estimated tax effect (by using the projected full
year tax rates for the respective years) of the total adjustments
made to arrive at Adjusted Net Income. |
(c) Effective
January 28, 2023, we no longer exclude pre-opening expenses from
our computations of Adjusted Net Income. Adjusted Net Income for
the thirteen and twenty-six weeks ended July 30, 2022 has been
revised to the current period computation methodology. |
GAAP to Adjusted Earnings Per Common
Share, Diluted, Guidance Reconciliation (amounts in millions,
except per share data)
|
|
Low Range* |
|
High Range* |
|
|
Fiscal Year EndingFebruary 3,
2024 |
|
Fiscal Year EndingFebruary 3,
2024 |
Net Income |
|
$ |
520 |
|
|
$ |
575 |
|
Equity compensation (a) |
|
|
33 |
|
|
|
33 |
|
Tax effects of these
adjustments (a) |
|
|
(8 |
) |
|
|
(8 |
) |
Adjusted Net Income |
|
$ |
545 |
|
|
$ |
600 |
|
|
|
|
|
|
Earnings Per Common Share,
Diluted |
|
$ |
6.65 |
|
|
$ |
7.35 |
|
Equity compensation (a) |
|
|
0.41 |
|
|
|
0.41 |
|
Tax effects of these
adjustments (a) |
|
|
(0.11 |
) |
|
|
(0.11 |
) |
Adjusted Earnings per Common Share, Diluted |
|
$ |
6.95 |
|
|
$ |
7.65 |
|
|
|
|
|
|
|
|
|
|
|
* Amounts presented
have been rounded. |
(a) Adjustments
include non-cash charges related to equity-based compensation (as
defined above), which may vary from period to period. The tax
effect of these adjustments is determined by using the projected
full year tax rate for the fiscal year. |
Adjusted Free Cash Flow
We define “Adjusted Free Cash Flow” as net cash
provided by (used in) operating activities less net cash used in
investing activities. We describe these adjustments reconciling net
cash provided by operating activities to Adjusted Free Cash Flow in
the following table (amounts in thousands):
|
|
Thirteen Weeks Ended |
|
Twenty-Six Weeks Ended |
|
|
July 29, 2023 |
|
July 30, 2022 |
|
July 29, 2023 |
|
July 30, 2022 |
Net cash provided by operating activities |
|
$ |
191,431 |
|
|
$ |
161,309 |
|
|
$ |
243,566 |
|
|
$ |
258,406 |
|
Net cash used in investing
activities |
|
|
(67,299 |
) |
|
|
(30,822 |
) |
|
|
(107,846 |
) |
|
|
(48,134 |
) |
Adjusted Free Cash Flow |
|
$ |
124,132 |
|
|
$ |
130,487 |
|
|
$ |
135,720 |
|
|
$ |
210,272 |
|
Adjusted Free Cash Flow, Guidance
Reconciliation (amounts in millions)
|
|
Low Range* |
|
High Range* |
|
|
Fiscal Year EndingFebruary 3,
2024 |
|
Fiscal Year EndingFebruary 3,
2024 |
Net cash provided by operating activities |
|
$ |
600 |
|
|
$ |
700 |
|
Net cash used in investing
activities |
|
|
(200 |
) |
|
|
(250 |
) |
Adjusted Free Cash Flow |
|
$ |
400 |
|
|
$ |
450 |
|
|
|
|
|
|
* Amounts presented
have been rounded. |
Academy Sports and Outdo... (NASDAQ:ASO)
過去 株価チャート
から 4 2024 まで 5 2024
Academy Sports and Outdo... (NASDAQ:ASO)
過去 株価チャート
から 5 2023 まで 5 2024