Leslie's, Inc. ("Leslie's", "we”, "our” or "its”; NASDAQ: LESL),
the largest and most trusted direct-to-consumer brand in the U.S.
pool and spa care industry, today announced its financial results
for the second quarter of Fiscal 2022.
Mike Egeck, Chief Executive Officer, commented, "We are very
pleased to report fiscal second quarter results that exceeded our
expectations on the top and bottom line despite the comparison
against the unprecedented 'Texas Freeze' weather driven spike in Q2
demand last year. The non-discretionary, recurring nature of
after-market pool industry demand, our team’s strong execution
against our strategic growth initiatives, and an advantaged
inventory position were all key drivers of our performance."
“We enter pool season ready to meet the needs of our customers
with our Leslie’s Connect capabilities, AccuBlue water testing
solution and strong in-stock positions. We are raising our outlook
for Fiscal 2022 to reflect our outperformance in the second quarter
as well as an updated view of inflation and the contribution of
M&A activity this year,” Mr. Egeck concluded.
For the Thirteen-Weeks Ended April 2, 2022
Highlights
- Sales increased $35.7 million, or 18.5%, to $228.1 million
compared to $192.4 million in the prior year period. Comparable
sales increased 13.3% in the current year period. Comparable sales
increased 35.5% in the prior year period, on a shifted based, which
uses a realigned period in 2020 for comparability given the 53rd
week in Fiscal 2020.
- Gross profit increased $13.9 million, or 19.5%, to $85.6
million compared to $71.7 million in the prior year period and
gross margin increased 30 basis points to 37.5% compared to 37.2%
in the prior year period.
- Selling, general and administrative expenses ("SG&A")
increased $19.2 million, or 27.3%, to $89.6 million compared to
$70.4 million in the prior year period, primarily driven by the
sales increase, continued investments to support our growth, and
expenses associated with acquisitions completed after the end of
the second quarter of Fiscal 2021.
- Operating loss was $(4.0) million compared to operating income
of $1.3 million in the prior year period.
- Net loss was $(7.4) million compared to $(6.5) million in the
prior year period.
- Adjusted net loss was $(2.7) million compared to $(2.8) million
in the prior year period.
- Diluted earnings per share of $(0.04) compared to $(0.03) in
the prior year period. Adjusted diluted earnings per share also
remained consistent with the prior year period at $(0.01).
- Adjusted EBITDA was $8.7 million compared to $9.5 million in
the prior year period.
For the Twenty-Six Weeks Ended April 2, 2022
Highlights
- Sales increased $75.5 million, or 22.4%, to $412.9 million
compared to $337.4 million in the prior year period. Comparable
sales increased 16.4% in the current year period. Comparable sales
increased 31.1% in the prior year period, on a shifted basis, which
uses a realigned period in 2020 for comparability given the 53rd
week in Fiscal 2020.
- Gross profit increased $29.5 million, or 23.9%, to $152.9
million compared to $123.4 million in the prior year period and
gross margin increased 40 basis points to 37.0% compared to 36.6%
in the prior year period.
- SG&A increased $21.5 million, or 14.6%, to $169.4 million
compared to $147.9 million in the prior year period, primarily
driven by the sales increase, continued investments to support our
growth, and expenses associated with acquisitions completed after
the end of the second quarter of Fiscal 2021. During the second
quarter of Fiscal 2022, we also incurred lower non-cash
equity-based compensation costs of $8.4 million and did not incur
certain one-time payments of contractual amounts of $8.2 million,
as compared to the prior year period. The elevated costs in Fiscal
2021 were primarily incurred in connection with our initial public
offering ("IPO").
- Operating loss improved by $8.0 million to $(16.5) million
compared to $(24.5) million in the prior year period.
- Net loss improved by $14.8 million to $(21.9) million compared
to $(36.7) million in the prior year period.
- Adjusted net loss was $(13.7) million compared to $(13.4)
million in the prior year period.
- Diluted earnings per share of $(0.12) compared to $(0.20) in
the prior year period. Adjusted diluted earnings per share also
remained consistent with the prior year period at $(0.07).
- Adjusted EBITDA improved by $0.5 million to $9.8 million
compared to $9.3 million in the prior year period.
Balance Sheet and Cash Flow Highlights
- Cash and cash equivalents totaled $52.0 million as of April 2,
2022 compared to $88.7 million as of April 3, 2021, a decrease of
$36.7 million.
- Inventories totaled $345.0 million as of April 2, 2022,
compared to $277.9 million as of April 3, 2021, an increase of
$67.1 million, or 24.2%, reflecting a continued investment to meet
heightened consumer demand.
- Funded debt totaled $846.9 million as of April 2, 2022,
compared to $810.0 million as of April 3, 2021. The total as of
April 2, 2022, included $45.0 million borrowed on the revolver and
these borrowings were repaid in full subsequent to quarter end.
There were no borrowings on the revolver as of April 3, 2021.
- Net cash used in operating activities totaled $136.8 million
during the first six months of Fiscal 2022 compared to $111.8
million during the first six months of Fiscal 2021.
- Capital expenditures totaled $14.3 million during the first six
months of Fiscal 2022 compared to $9.5 million during the first six
months of Fiscal 2021.
- Net cash used for acquisition of businesses totaled $30.0
million during the first six months of Fiscal 2022 compared to $6.0
million during the first six months of Fiscal 2021.
- During the first six months of Fiscal 2022, we repurchased 7.5
million shares of common stock totaling $151.9 million, excluding
offering costs. As of April 2, 2022, $148.1 million remained
available under our existing share repurchase authorization.
Fiscal 2022 Outlook
The Company raised its outlook for the full year of Fiscal
2022:
|
|
Current Outlook |
|
Prior Outlook |
Sales |
|
$1,575 to $1,610 million |
|
$1,495 to $1,520 million |
Gross profit |
|
$700 to $715 million |
|
$665 to $675 million |
Net income |
|
$178 to $190 million |
|
$170 to $180 million |
Adjusted net income |
|
$193 to $205 million |
|
$183 to $193 million |
Adjusted EBITDA |
|
$315 to $330 million |
|
$300 to $310 million |
Adjusted diluted earnings per
share |
|
$1.02 to $1.10 |
|
$0.97 to $1.03 |
Diluted weighted average shares
outstanding |
|
187 to 189 million |
|
187 to 189 million |
Conference Call Details
A conference call to discuss the Company's financial results for
the second quarter of Fiscal 2022 is scheduled for today, Thursday,
May 5, 2022, at 4:30 p.m. Eastern Time. Investors and analysts
interested in participating in the call are invited to dial
877-407-0784 (international callers please dial 1-201-689-8560)
approximately 10 minutes prior to the start of the call. A live
audio webcast of the conference call will be available online at
https://ir.lesliespool.com/.
A recorded replay of the conference call will be available
within approximately three hours of the conclusion of the call and
can be accessed, along with the associated slides, online at
https://ir.lesliespool.com/ for 90 days.
About Leslie's
Founded in 1963, Leslie’s is the largest and most trusted
direct-to-consumer brand in the U.S. pool and spa care industry.
The Company serves the aftermarket needs of residential and
professional consumers with an extensive and largely exclusive
assortment of essential pool and spa care products. The Company
operates an integrated ecosystem of over 950 physical locations,
and a robust digital platform, enabling consumers to engage with
Leslie’s whenever, wherever, and however they prefer to shop. Its
dedicated team of associates, pool and spa care experts, and
experienced service technicians are passionate about empowering
Leslie’s consumers with the knowledge, products, and solutions
necessary to confidently maintain and enjoy their pools and
spas.
Use of Non-GAAP Financial Measures and Other Operating
Measures
In addition to reporting financial results in accordance with
accounting principles generally accepted in the United States
(“GAAP”), we use certain non-GAAP financial measures and other
operating measures, including comparable sales growth and Adjusted
EBITDA, Adjusted net income (loss), and Adjusted earnings per
share, to evaluate the effectiveness of its business strategies, to
make budgeting decisions, and to compare its performance against
that of other peer companies using similar measures. These non-GAAP
financial measures and other operating measures should not be
considered in isolation or as substitutes for our results as
reported under GAAP. In addition, these non-GAAP financial measures
and other operating measures are not calculated in the same manner
by all companies, and accordingly, are not necessarily comparable
to similarly titled measures of other companies and may not be
appropriate measures for performance relative to other
companies.
Comparable Sales GrowthWe measure comparable sales growth as the
increase or decrease in sales recorded by the comparable base in
any reporting period, compared to sales recorded by the comparable
base in the prior reporting period. The comparable base includes
sales through our locations and through our e-commerce websites and
third-party marketplaces. Comparable sales growth is a key measure
used by management and our board of directors to assess our
financial performance.
Adjusted EBITDAAdjusted EBITDA is a key measure used by
management and our board of directors to assess our financial
performance. Adjusted EBITDA is also frequently used by analysts,
investors, and other interested parties to evaluate companies in
our industry, when considered alongside other GAAP measures.
Adjusted EBITDA is defined as earnings before interest
(including amortization of debt costs), taxes, depreciation and
amortization, management fees, equity-based compensation expense,
loss on debt extinguishment, costs related to equity offerings,
strategic project costs, executive transition costs, loss (gain) on
disposition of assets, mark-to-market on interest rate cap, and
other non-recurring, non-cash or discrete items. Adjusted EBITDA is
not a recognized measure of financial performance under GAAP but is
used by some investors to determine a company’s ability to service
or incur indebtedness. Adjusted EBITDA should not be construed as
an indicator of a company’s operating performance in isolation
from, or as a substitute for, net income, cash flows from
operations or cash flow data, all of which are prepared in
accordance with GAAP. We have presented Adjusted EBITDA solely as
supplemental disclosure because we believe it allows for a more
complete analysis of results of operations. Adjusted EBITDA is not
intended to represent, and should not be considered more meaningful
than, or as an alternative to, measures of operating performance as
determined in accordance with GAAP. In the future, we may incur
expenses or charges such as those included in the calculation of
Adjusted EBITDA. Our presentation of Adjusted EBITDA should not be
construed as an inference that our future results will be
unaffected by these items.
Adjusted Net Income (Loss) and Adjusted Earnings per
ShareAdjusted net income (loss) and Adjusted earnings per share are
additional key measures used by management and our board of
directors to assess our financial performance. Adjusted net income
(loss) and Adjusted earnings per share are also frequently used by
analysts, investors, and other interested parties to evaluate
companies in our industry, when considered alongside other GAAP
measures.
Adjusted net income (loss) is defined as net income (loss)
adjusted to exclude management fees, equity-based compensation
expense, loss on debt extinguishment, costs related to equity
offerings, strategic project costs, executive transition costs,
loss (gain) on disposition of assets, mark-to-market on interest
rate cap, and other non-recurring, non-cash or discrete items.
Adjusted diluted earnings per share is defined as Adjusted net
income (loss) divided by the diluted weighted average number of
common shares outstanding.
Forward Looking Statements
This press release contains forward-looking statements about us
and our industry that involve substantial risks and uncertainties.
All statements other than statements of historical facts contained
in this press release, including statements regarding our future
results of operations or financial condition, business strategy and
plans and objectives of management for future operations, are
forward-looking statements. In some cases, you can identify
forward-looking statements because they contain words such as
“anticipate,” “believe,” “contemplate,” “continue,” “could,”
“estimate,” “expect,” “intend,” “may,” “plan,” “potential,”
“predict,” “project,” “should,” “target,” “will,” or “would” or the
negative of these words or other similar terms or expressions.
Actual results or outcomes could differ materially from those
indicated in these forward-looking statements for a variety of
reasons, including, among others:
- our ability to execute on our growth
strategies;
- our ability to maintain favorable
relationships with suppliers and manufacturers;
- competition from mass merchants and
specialty retailers;
- impacts on our business from the
sensitivity of our business to weather conditions, changes in the
economy, and the housing market;
- our ability to implement technology
initiatives that deliver the anticipated benefits, without
disrupting our operations;
- our ability to attract and retain
senior management and other qualified personnel;
- regulatory changes and development
affecting our current and future products;
- our ability to obtain additional
capital to finance operations;
- commodity price inflation and
deflation;
- impacts on our business from the
COVID-19 pandemic;
- impacts on our business from cyber
incidents and other security threats or disruptions; and
- other risks and uncertainties,
including those listed in the section titled “Risk Factors” in our
filings with the U.S. Securities and Exchange Commission.
You should not rely on forward-looking statements as predictions
of future events. We have based the forward-looking statements
contained in this press release primarily on our current
expectations and projections about future events and trends that we
believe may affect our business, financial condition, and operating
results. The outcome of the events described in these
forward-looking statements is subject to risks, uncertainties, and
other factors described above. Moreover, we operate in a very
competitive and rapidly changing environment. New risks and
uncertainties emerge from time to time, and it is not possible for
us to predict all risks and uncertainties that could have an impact
on the forward-looking statements contained in this press release.
The results, events, and circumstances reflected in the
forward-looking statements may not be achieved or occur, and actual
results or outcomes could differ materially from those described in
the forward-looking statements.
In addition, statements that “we believe” and similar statements
reflect our beliefs and opinions on the relevant subject. These
statements are based on information available to us as of the date
of this press release. And while we believe that information
provides a reasonable basis for these statements, that information
may be limited or incomplete. Our statements should not be read to
indicate that we have conducted an exhaustive inquiry into, or
review of, all relevant information. These statements are
inherently uncertain, and investors are cautioned not to unduly
rely on these statements.
The forward-looking statements made in this press release are
based on events or circumstances as of the date on which the
statements are made. We undertake no obligation to update any
forward-looking statements made in this press release to reflect
events or circumstances after the date of this press release or to
reflect new information or the occurrence of unanticipated events,
except as required by law. We may not actually achieve the plans,
intentions, or expectations disclosed in our forward-looking
statements, and you should not place undue reliance on our
forward-looking statements. Our forward-looking statements do not
reflect the potential impact of any future acquisitions, mergers,
dispositions, joint ventures, or investments.
ContactInvestorsFarah Soi/Caitlin
ChurchillICRinvestorrelations@lesl.com
|
Condensed Consolidated Statements of
Operations(amounts in thousands, except per share
amounts)(unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
April 2, 2022 |
|
|
April 3, 2021 |
|
|
April 2, 2022 |
|
|
April 3, 2021 |
|
Sales |
|
$ |
228,072 |
|
|
$ |
192,441 |
|
|
$ |
412,896 |
|
|
$ |
337,447 |
|
Cost of merchandise and services
sold |
|
|
142,443 |
|
|
|
120,758 |
|
|
|
259,951 |
|
|
|
214,049 |
|
Gross profit |
|
|
85,629 |
|
|
|
71,683 |
|
|
|
152,945 |
|
|
|
123,398 |
|
Selling, general and
administrative expenses |
|
|
89,618 |
|
|
|
70,374 |
|
|
|
169,403 |
|
|
|
147,863 |
|
Operating (loss) income |
|
|
(3,989 |
) |
|
|
1,309 |
|
|
|
(16,458 |
) |
|
|
(24,465 |
) |
Other expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
6,949 |
|
|
|
8,126 |
|
|
|
13,812 |
|
|
|
19,642 |
|
Loss on debt extinguishment |
|
|
— |
|
|
|
1,888 |
|
|
|
— |
|
|
|
9,169 |
|
Other expenses, net |
|
|
161 |
|
|
|
1,057 |
|
|
|
550 |
|
|
|
1,057 |
|
Total other expense |
|
|
7,110 |
|
|
|
11,071 |
|
|
|
14,362 |
|
|
|
29,868 |
|
Loss before taxes |
|
|
(11,099 |
) |
|
|
(9,762 |
) |
|
|
(30,820 |
) |
|
|
(54,333 |
) |
Income tax benefit |
|
|
(3,659 |
) |
|
|
(3,310 |
) |
|
|
(8,929 |
) |
|
|
(17,624 |
) |
Net loss |
|
$ |
(7,440 |
) |
|
$ |
(6,452 |
) |
|
$ |
(21,891 |
) |
|
$ |
(36,709 |
) |
Earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.04 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.20 |
) |
Diluted |
|
$ |
(0.04 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.20 |
) |
Weighted average shares
outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
182,678 |
|
|
|
186,810 |
|
|
|
185,592 |
|
|
|
181,900 |
|
Diluted |
|
|
182,678 |
|
|
|
186,810 |
|
|
|
185,592 |
|
|
|
181,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial
Data(1)(amounts in thousands,
except per share amounts)(unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
April 2, 2022 |
|
|
April 3, 2021 |
|
|
April 2, 2022 |
|
|
April 3, 2021 |
|
Adjusted EBITDA |
|
$ |
8,696 |
|
|
$ |
9,528 |
|
|
$ |
9,792 |
|
|
$ |
9,285 |
|
Adjusted net loss |
|
$ |
(2,738 |
) |
|
$ |
(2,781 |
) |
|
$ |
(13,654 |
) |
|
$ |
(13,400 |
) |
Adjusted diluted earnings per
share |
|
$ |
(0.01 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.07 |
) |
(1) See section titled “GAAP to Non-GAAP
Reconciliation”.
|
Condensed Consolidated Balance
Sheets(amounts in thousands, except share and per
share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
April 2, 2022 |
|
|
October 2, 2021 |
|
|
April 3, 2021 |
|
Assets |
|
(Unaudited) |
|
|
(Audited) |
|
|
(Unaudited) |
|
Current assets |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
51,971 |
|
|
$ |
343,498 |
|
|
$ |
88,732 |
|
Accounts and other receivables, net |
|
|
33,619 |
|
|
|
38,860 |
|
|
|
41,733 |
|
Inventories |
|
|
345,046 |
|
|
|
198,789 |
|
|
|
277,860 |
|
Prepaid expenses and other current assets |
|
|
41,240 |
|
|
|
20,564 |
|
|
|
40,001 |
|
Total current assets |
|
|
471,876 |
|
|
|
601,711 |
|
|
|
448,326 |
|
Property and equipment, net |
|
|
70,547 |
|
|
|
70,335 |
|
|
|
63,632 |
|
Operating lease right-of-use
assets |
|
|
208,531 |
|
|
|
212,284 |
|
|
|
181,581 |
|
Goodwill and other intangibles,
net |
|
|
146,865 |
|
|
|
129,020 |
|
|
|
127,851 |
|
Deferred tax assets |
|
|
2,429 |
|
|
|
3,734 |
|
|
|
15,293 |
|
Other assets |
|
|
29,947 |
|
|
|
25,148 |
|
|
|
20,632 |
|
Total assets |
|
$ |
930,195 |
|
|
$ |
1,042,232 |
|
|
$ |
857,315 |
|
Liabilities and
stockholders’ deficit |
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
268,475 |
|
|
$ |
233,597 |
|
|
$ |
262,266 |
|
Operating lease liabilities |
|
|
61,612 |
|
|
|
61,071 |
|
|
|
55,395 |
|
Income taxes payable |
|
|
— |
|
|
|
6,945 |
|
|
|
— |
|
Current portion of long-term debt |
|
|
8,100 |
|
|
|
8,100 |
|
|
|
8,100 |
|
Total current liabilities |
|
|
338,187 |
|
|
|
309,713 |
|
|
|
325,761 |
|
Operating lease liabilities,
noncurrent |
|
|
149,818 |
|
|
|
160,037 |
|
|
|
130,496 |
|
Revolving credit facility |
|
|
45,000 |
|
|
|
— |
|
|
|
— |
|
Long-term debt, net |
|
|
782,921 |
|
|
|
786,125 |
|
|
|
789,339 |
|
Other long-term liabilities |
|
|
— |
|
|
|
3,915 |
|
|
|
2,729 |
|
Total liabilities |
|
|
1,315,926 |
|
|
|
1,259,790 |
|
|
|
1,248,325 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
Stockholders’ deficit |
|
|
|
|
|
|
|
|
|
Common stock, $0.001 par value, 1,000,000,000 shares authorized and
182,784,211, 189,821,011, and 186,884,621 issued and outstanding as
of April 2, 2022, October 2, 2021, and April 3, 2021,
respectively. |
|
|
183 |
|
|
|
190 |
|
|
|
187 |
|
Additional paid in capital |
|
|
83,074 |
|
|
|
204,711 |
|
|
|
194,605 |
|
Retained deficit |
|
|
(468,988 |
) |
|
|
(422,459 |
) |
|
|
(585,802 |
) |
Total stockholders’ deficit |
|
|
(385,731 |
) |
|
|
(217,558 |
) |
|
|
(391,010 |
) |
Total liabilities and
stockholders’ deficit |
|
$ |
930,195 |
|
|
$ |
1,042,232 |
|
|
$ |
857,315 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Cash
Flows(amounts in
thousands)(unaudited) |
|
|
|
|
|
|
Six Months Ended |
|
|
|
April 2, 2022 |
|
|
April 3, 2021 |
|
Operating
Activities |
|
|
|
|
|
|
Net loss |
|
$ |
(21,891 |
) |
|
$ |
(36,709 |
) |
Adjustments to reconcile net income to net cash provided by (used
in) operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
15,817 |
|
|
|
12,858 |
|
Equity-based compensation |
|
|
5,535 |
|
|
|
14,111 |
|
Amortization of deferred financing costs and debt discounts |
|
|
986 |
|
|
|
1,134 |
|
Provision for doubtful accounts |
|
|
418 |
|
|
|
64 |
|
Deferred income taxes |
|
|
1,305 |
|
|
|
(8,711 |
) |
Gain on disposition of assets |
|
|
118 |
|
|
|
(1,753 |
) |
Loss on debt extinguishment |
|
|
— |
|
|
|
9,169 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts and other receivables |
|
|
4,823 |
|
|
|
(10,316 |
) |
Inventories |
|
|
(132,358 |
) |
|
|
(127,814 |
) |
Prepaid expenses and other current assets |
|
|
(20,306 |
) |
|
|
(17,095 |
) |
Other assets |
|
|
(4,922 |
) |
|
|
(6,150 |
) |
Accounts payable and accrued expenses |
|
|
26,588 |
|
|
|
64,007 |
|
Income taxes payable |
|
|
(6,945 |
) |
|
|
(1,857 |
) |
Operating lease assets and liabilities, net |
|
|
(5,925 |
) |
|
|
(2,728 |
) |
Net cash used in operating
activities |
|
|
(136,757 |
) |
|
|
(111,790 |
) |
Investing
Activities |
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(14,322 |
) |
|
|
(9,490 |
) |
Business acquisitions, net of cash acquired |
|
|
(29,988 |
) |
|
|
(6,040 |
) |
Proceeds from disposition of fixed assets |
|
|
407 |
|
|
|
2,404 |
|
Net cash used in investing
activities |
|
|
(43,903 |
) |
|
|
(13,126 |
) |
Financing
Activities |
|
|
|
|
|
|
Borrowings on revolving credit facility |
|
|
45,000 |
|
|
|
— |
|
Repayment of long-term debt |
|
|
(4,050 |
) |
|
|
(392,085 |
) |
Proceeds from options exercised |
|
|
329 |
|
|
|
907 |
|
Repurchase and retirement of common stock |
|
|
(152,146 |
) |
|
|
(9,562 |
) |
Proceeds from issuance of common stock upon initial public
offering, net |
|
|
— |
|
|
|
458,587 |
|
Net cash (used in) provided by
financing activities |
|
|
(110,867 |
) |
|
|
57,847 |
|
Net decrease in cash and cash
equivalents |
|
|
(291,527 |
) |
|
|
(67,069 |
) |
Cash and cash equivalents,
beginning of period |
|
|
343,498 |
|
|
|
155,801 |
|
Cash and cash equivalents, end of
period |
|
$ |
51,971 |
|
|
$ |
88,732 |
|
Supplemental
Information: |
|
|
|
|
|
|
Interest |
|
$ |
13,325 |
|
|
$ |
27,081 |
|
Income taxes, net of refunds received |
|
|
7,358 |
|
|
|
3,998 |
|
|
|
|
|
|
|
|
|
|
|
GAAP to Non-GAAP Reconciliation(amounts in
thousands except per share
amounts)(unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
April 2, 2022 |
|
|
April 3, 2021 |
|
|
April 2, 2022 |
|
|
April 3, 2021 |
|
Net loss |
|
$ |
(7,440 |
) |
|
$ |
(6,452 |
) |
|
$ |
(21,891 |
) |
|
$ |
(36,709 |
) |
Interest expense |
|
|
6,949 |
|
|
|
8,126 |
|
|
|
13,812 |
|
|
|
19,642 |
|
Income tax benefit |
|
|
(3,659 |
) |
|
|
(3,310 |
) |
|
|
(8,929 |
) |
|
|
(17,624 |
) |
Depreciation and amortization
expense(1) |
|
|
6,576 |
|
|
|
6,263 |
|
|
|
15,817 |
|
|
|
12,858 |
|
Management fees(2) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
382 |
|
Equity-based compensation
expense(3) |
|
|
2,918 |
|
|
|
1,951 |
|
|
|
5,712 |
|
|
|
14,111 |
|
Loss on debt
extinguishment(4) |
|
|
— |
|
|
|
1,888 |
|
|
|
— |
|
|
|
9,169 |
|
Costs related to equity
offerings(5) |
|
|
161 |
|
|
|
1,057 |
|
|
|
550 |
|
|
|
9,209 |
|
Strategic project costs(6) |
|
|
2,274 |
|
|
|
— |
|
|
|
3,787 |
|
|
|
— |
|
Executive transition costs and
other(7) |
|
|
917 |
|
|
|
5 |
|
|
|
934 |
|
|
|
(1,753 |
) |
Adjusted EBITDA |
|
$ |
8,696 |
|
|
$ |
9,528 |
|
|
$ |
9,792 |
|
|
$ |
9,285 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
April 2, 2022 |
|
|
April 3, 2021 |
|
|
April 2, 2022 |
|
|
April 3, 2021 |
|
Net loss |
|
$ |
(7,440 |
) |
|
$ |
(6,452 |
) |
|
$ |
(21,891 |
) |
|
$ |
(36,709 |
) |
Management fees(2) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
382 |
|
Equity-based compensation
expense(3) |
|
|
2,918 |
|
|
|
1,951 |
|
|
|
5,712 |
|
|
|
14,111 |
|
Loss on debt
extinguishment(4) |
|
|
— |
|
|
|
1,888 |
|
|
|
— |
|
|
|
9,169 |
|
Costs related to equity
offerings(5) |
|
|
161 |
|
|
|
1,057 |
|
|
|
550 |
|
|
|
9,209 |
|
Strategic project costs(6) |
|
|
2,274 |
|
|
|
— |
|
|
|
3,787 |
|
|
|
— |
|
Executive transition costs and
other(7) |
|
|
917 |
|
|
|
5 |
|
|
|
934 |
|
|
|
(1,753 |
) |
Tax effects of these
adjustments(8) |
|
|
(1,568 |
) |
|
|
(1,230 |
) |
|
|
(2,746 |
) |
|
|
(7,809 |
) |
Adjusted net loss |
|
$ |
(2,738 |
) |
|
$ |
(2,781 |
) |
|
$ |
(13,654 |
) |
|
$ |
(13,400 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
|
$ |
(0.04 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.20 |
) |
Adjusted diluted earnings per
share |
|
$ |
(0.01 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.07 |
) |
Weighted average shares
outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
182,678 |
|
|
|
186,810 |
|
|
|
185,592 |
|
|
|
181,900 |
|
Diluted |
|
|
182,678 |
|
|
|
186,810 |
|
|
|
185,592 |
|
|
|
181,900 |
|
(1) Includes depreciation related to our
distribution centers and locations, which is reported in cost of
merchandise and services sold in our condensed consolidated
statements of operations.(2) Represents amounts paid or
accrued in connection with our management services agreement, which
was terminated upon the completion of our IPO in November 2020 and
are reported in SG&A in our condensed consolidated statements
of operations.(3) Represents equity-based compensation and
the related Company payroll tax expense which are reported in
SG&A in our condensed consolidated statements of
operations.(4) Represents non-cash expense due to the
write-off of deferred financing costs primarily related to the term
loan modification during the three months ended April 3, 2021 and
the repayment of our senior unsecured notes during the six months
ended April 3, 2021 which are reported in loss on debt
extinguishment in our condensed consolidated statements of
operations.(5) Includes one-time payments of contractual
amounts incurred in connection with our IPO that was completed in
November 2020 which are reported in SG&A, and costs incurred
for follow-on equity offerings in December 2021 which are reported
in other expenses, net in our condensed consolidated statements of
operations.(6) Represents non-recurring costs, such as
third-party consulting costs that are not part of our ongoing
operations and are incurred to execute differentiated, strategic
projects, and are reported in SG&A in our condensed
consolidated statements of operations. (7) Includes executive
transition costs, losses (gains) on disposition of fixed assets,
and other non-recurring, non-cash or discrete items as determined
by management. Amounts are reported in SG&A and other expenses,
net in our condensed consolidated statements of operations.
(8) Represents the tax effect of the total adjustments based
on our actual statutory tax rate. Amounts are reported in income
tax benefit in our condensed consolidated statements of
operations.
Note: A reconciliation of non-GAAP guidance
measures to corresponding GAAP measures is not available on a
forward-looking basis without unreasonable effort due to the
uncertainty of expenses that may be incurred in the future,
although it is important to note that these factors could be
material to our results computed in accordance with GAAP.
Leslies (NASDAQ:LESL)
過去 株価チャート
から 6 2024 まで 7 2024
Leslies (NASDAQ:LESL)
過去 株価チャート
から 7 2023 まで 7 2024