National Vision Holdings, Inc. Reports Third Quarter 2021 Financial Results; Updates Fiscal 2021 Outlook
National Vision Holdings reported a strong third quarter for fiscal 2021, with net revenue increasing by 19.9% to $518 million compared to Q3 2019, driven by a 15.7% growth in comparable store sales. The company achieved a net income of $41 million and diluted EPS of $0.45, marking substantial increases from previous years. With a new $50 million share repurchase program and a $50 million prepayment on loans, the company is strengthening its financial position amid ongoing market challenges.
- Net revenue increased 19.9% to $518.0 million compared to Q3 2019.
- Net income surged 3,339% to $41.0 million compared to Q3 2019.
- Diluted EPS rose 2,976% to $0.45 compared to Q3 2019.
- Adjusted Operating Income grew 110% to $54.7 million versus Q3 2019.
- Board authorized a $50 million share repurchase program.
- Costs applicable to revenue increased 10.7% to $226.5 million compared to Q3 2019.
- SG&A expenses rose 14.7% to $218.2 million compared to Q3 2019.
Quarterly highlights compared to third quarter 2019:
-
Net revenue increased
19.9% to$518.0 million -
Comparable store sales growth of
15.7% ; Adjusted Comparable Store Sales Growth of13.3% -
Net income of
$41.0 million $0.45 -
Adjusted Operating Income of
$54.7 million -
Adjusted Diluted EPS of
$0.38 -
Board authorizes
$50 million -
Company makes
$50 million
Given the impact of COVID-related store closures last year, consistent with our second quarter earnings release, this release includes a comparison of fiscal 2021 results to fiscal 2019 pre-COVID results, in addition to a condensed comparison to fiscal 2020. For a complete discussion of fiscal 2021 results as compared to fiscal 2020, please see our Quarterly Report on Form 10-Q for the quarter ended
“We are pleased with our third quarter results, as sales remained healthy with total sales up nearly
Adjusted Comparable Store Sales Growth, Adjusted Operating Income, Adjusted EBITDA, Adjusted Diluted EPS, Adjusted Operating Margin, Adjusted EBITDA Margin, and EBITDA are not measures recognized under generally accepted accounting principles (“GAAP”). Please see “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP to GAAP Financial Measures” below for more information.
Third Quarter 2021 Summary compared to Third Quarter 2019
-
Net revenue increased
19.9% to$518.0 million -
Net revenue was positively impacted by
1.5% due to the timing of unearned revenue. -
Comparable store sales growth was
15.7% and Adjusted Comparable Store Sales Growth was13.3% . -
During the third quarter of 2021, the Company opened 14 new stores, closed one store, and ended the quarter with 1,262 stores. Overall, store count grew
10.2% fromSeptember 28, 2019 toOctober 2, 2021 . -
Costs applicable to revenue increased
10.7% to$226.5 million 43.7% compared to the third quarter of 2019. This decrease as a percentage of net revenue was primarily driven by lower growth in optometrist-related costs, increased eyeglass mix and higher eyeglass margin. -
SG&A increased
14.7% to$218.2 million 42.1% compared to the third quarter of 2019. This decrease as a percentage of net revenue was primarily driven by the leverage of corporate overhead and payroll expenses, lower stock compensation expense, and lower performance-based incentive compensation, partially offset by higher advertising investment. -
Net income increased 3,
339% to$41.0 million $0.04 -
Diluted earnings per share increased 2,
976% to$0.45 134% to$0.38 -
Adjusted Operating Income increased
110% to$54.7 million 10.6% compared to the third quarter of 2019. The net change in margin on unearned revenue benefited Adjusted Operating Income by$5.1 million
Third Quarter 2021 Summary compared to Third Quarter 2020 (condensed)
-
Net revenue increased
6.7% to$518.0 million -
Net revenue was positively impacted by
1.3% due to the timing of unearned revenue. -
Comparable store sales growth was
3.4% and Adjusted Comparable Store Sales Growth was0.2% . -
The Company opened 14 new stores, closed one store, and ended the quarter with 1,262 stores. Overall, store count grew
5.1% fromSeptember 26, 2020 toOctober 2, 2021 . -
Net income increased
16.2% to$41.0 million -
Diluted earnings per share increased
6.7% to$0.45 28.5% to$0.38 $0.04 -
Adjusted Operating Income decreased
19.2% to$54.7 million 10.6% compared to the third quarter of 2020. The net change in margin on unearned revenue benefited Adjusted Operating Income by$4.9 million
Nine-Month Period 2021 Summary compared to Nine-Month Period 2019
-
Net revenue increased
21.1% to$1.6 billion - The impact from the timing of unearned revenue on net revenue and profitability was immaterial.
-
Comparable store sales growth was
15.5% and Adjusted Comparable Store Sales Growth was15.6% . - The Company opened 59 new stores, closed two stores, and ended the period with 1,262 stores.
-
Costs applicable to revenue increased
11.0% to$687.1 million 42.9% compared to the same period of 2019. This decrease as a percentage of net revenue was primarily driven by higher eyeglass margin, a higher mix of exam sales, and a lower growth in optometrist-related costs. -
SG&A increased
19.3% to$676.0 million 42.2% compared to the same period of 2019. The decrease as a percentage of net revenue was primarily driven by the leverage of corporate overhead and occupancy expenses, partially offset by higher performance-based incentive compensation. -
Net income increased
323% to$122.0 million -
Diluted earnings per share increased
279% to$1.34 106% to$1.35 -
Adjusted Operating Income increased
92.2% to$188.0 million 11.7% compared to the same period of 2019.
Nine-Month Period 2021 Summary compared to Nine-Month Period 2020 (condensed)
-
Net revenue increased
31.8% to$1.6 billion -
Net revenue was positively impacted by
1.2% due to the timing of unearned revenue. -
Comparable store sales growth was
30.3% and Adjusted Comparable Store Sales Growth was31.1% . -
Net income increased 10,
086% to$122.0 million -
Diluted earnings per share increased 9,
168% to$1.34 221% to$1.35 $0.10 -
Adjusted Operating Income increased
163% to$188.0 11.7% compared to the same period of 2020. The net change in margin on unearned revenue benefited Adjusted Operating Income by$11.0 million
Balance Sheet and Cash Flow Highlights as of
-
The Company’s cash balance was
$439.1 million October 2, 2021 . The Company had no borrowings under its$300 million $6.4 million -
Total debt was
$620.0 million October 2, 2021 , consisting of outstanding first lien term loans, convertible senior notes (“2025 Notes”) and finance lease obligations, net of unamortized discounts. -
Cash flows from operating activities for the first nine months of 2021 were
$233.8 $203.7 million $170.9 million -
Capital expenditures for the first nine months of 2021 totaled
$58.9 $40.8 million $76.5 million
Recent Developments
-
Effective
November 8, 2021 , the Company's board of directors authorized the Company to repurchase up to$50 million December 30, 2023 using a variety of methods. -
On
November 9, 2021 , the Company voluntarily prepaid$50 million
Fiscal 2021 Outlook
The Company’s updated fiscal 2021 outlook reflects the currently expected impacts related to COVID-19, however, the ultimate impacts of COVID-19 on the Company’s financial outlook remain uncertain. The outlook shown below assumes no material deterioration to the Company’s current business operations as a result of COVID-19 and its variants, governmental actions and regulations, including risks stemming from vaccination and testing programs and mandates. Given the uncertainties, dynamic nature, variants, and unknown duration of the pandemic, the Company is continuing to evaluate the potential impacts of COVID-19 on its business and additional measures that may be taken in response thereto.
The Company is providing the following updated outlook for the 52 weeks ending
|
Updated Fiscal 2021 Outlook |
Prior Fiscal 2021 Outlook |
New Stores |
~75 |
~75 |
Adjusted Comparable Store Sales Growth1 |
|
|
Net Revenue |
|
|
Adjusted Operating Income |
|
|
Adjusted Diluted EPS2 |
|
|
Depreciation and Amortization3 |
|
|
Interest4 |
|
|
Tax Rate5 |
~ |
~ |
Capital Expenditures |
|
|
|
|
|
1 - For the 52 weeks ending 2 - Assumes 96.3 million shares, including 12.9 million shares for the convertible notes calculated using the if-converted method
3 - Includes amortization of acquisition intangibles of approximately 4 - Before the impact of gains or losses related to hedge ineffectiveness and charges related to amortization of debt discounts and deferred financing costs 5 - Excluding the impact of stock option exercises |
||
The fiscal 2021 outlook information provided above includes Adjusted Operating Income and Adjusted Diluted EPS guidance, which are non-GAAP financial measures management uses in measuring performance. The Company is not able to reconcile these forward-looking non-GAAP measures to GAAP without unreasonable efforts because it is not possible to predict with a reasonable degree of certainty the actual impact of certain items and unanticipated events, including taxes and non-recurring items, which would be included in GAAP results. The impact of such items and unanticipated events could be potentially significant.
The fiscal 2021 outlook is forward-looking, subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and based upon assumptions with respect to future decisions, which are subject to change. Actual results may vary and those variations may be material. As such, the Company’s results may not fall within the ranges contained in its fiscal 2021 outlook. The Company uses these forward looking measures internally to assess and benchmark its results and strategic plans.
Conference Call Details
A conference call to discuss the third quarter 2021 financial results is scheduled for today,
A telephone replay will be available shortly after the broadcast through
About
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements contained under “Fiscal 2021 Outlook” as well as other statements related to our current beliefs and expectations regarding the performance of our industry, the Company’s strategic direction, market position, prospects and future results. You can identify these forward-looking statements by the use of words such as “outlook,” “guidance,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Caution should be taken not to place undue reliance on any forward-looking statement as such statements speak only as of the date when made. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. Forward-looking statements are not guarantees and are subject to various risks and uncertainties, which may cause actual results to differ materially from those implied in forward-looking statements. Such factors include, but are not limited to, the COVID-19 pandemic and its resurgence and variants, and the impact of evolving federal, state, and local governmental actions in response thereto, including risks stemming from vaccination and testing programs and mandates; customer behavior in response to the continuing pandemic and its more recent outbreaks of variants; our ability to keep our reopened stores open in a safe and cost-effective manner, or at all, in light of the continuing COVID-19 pandemic and its resurgence and variants; our ability to recruit and retain vision care professionals for our stores in general and in light of the pandemic; our ability to develop, maintain and extend relationships with managed vision care companies, vision insurance providers and other third-party payors; our ability to maintain the performance of our host and legacy brands and our current operating relationships with our host and legacy partners; our ability to adhere to extensive state, local and federal vision care and healthcare laws and regulations; our compliance with managed vision care laws and regulations; our ability to maintain sufficient levels of cash flow from our operations to execute or sustain our growth strategy or obtain additional financing at satisfactory terms or at all; the loss of, or disruption in the operations of, one or more of our distribution centers and/or optical laboratories, resulting in the inability to fulfill customer orders and deliver our products in a timely manner; risks associated with vendors from whom our products are sourced, including our dependence on a limited number of suppliers; our ability to compete successfully; our ability to effectively operate our information technology systems and prevent interruption or security breach; our growth strategy straining our existing resources and causing the performance of our existing stores to suffer; the impact of wage rate increases, inflation, cost increases and increases in raw material prices and energy prices; our ability to successfully implement our marketing, advertising and promotional efforts; risks associated with leasing substantial amounts of space, including future increases in occupancy costs; the impact of certain technological advances, and the greater availability of, or increased consumer preferences for, vision correction alternatives to prescription eyeglasses or contact lenses, and future drug development for the correction of vision-related problems; our ability to retain our existing senior management team and attract qualified new personnel; overall decline in the health of the economy and other factors impacting consumer spending; our ability to manage our inventory; seasonal fluctuations in our operating results and inventory levels; our reliance on third-party coverage and reimbursement, including government programs, for an increasing portion of our revenues; risks associated with our e-commerce and omni-channel business; product liability, product recall or personal injury issues; our failure to comply with, or changes in, laws, regulations, enforcement activities and other requirements; the impact of any adverse litigation judgments or settlements resulting from legal proceedings relating to our business operations; risk of losses arising from our investments in technological innovators in the optical retail industry; our ability to adequately protect our intellectual property; our significant amount of indebtedness and our ability to generate sufficient cash flow to satisfy our debt obligations; a change in interest rates as well as changes in benchmark rates and uncertainty related to the foregoing; restrictions in our credit agreement that limits our flexibility in operating our business; potential dilution to existing stockholders upon the conversion of our convertible notes; and risks related to owning our common stock, including our ability to comply with requirements to design and implement and maintain effective internal controls. Additional information about these and other factors that could cause National Vision’s results to differ materially from those described in the forward-looking statements can be found in filings by National Vision with the
Non-GAAP Financial Measures
To supplement the Company’s financial information presented in accordance with GAAP and aid understanding of the Company’s business performance, the Company uses certain non-GAAP financial measures, namely “EBITDA,” “Adjusted Operating Income,” “Adjusted Operating Margin,” “Adjusted EBITDA,” “Adjusted EBITDA Margin,” “Adjusted Diluted EPS,” “Adjusted Comparable Stores Sales Growth,” “Adjusted SG&A,” and “Adjusted SG&A Percent of Net Revenue.” We believe EBITDA, Adjusted Operating Income, Adjusted Operating Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Diluted EPS, Adjusted SG&A and Adjusted SG&A Percent of Net Revenue 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. Management believes these non-GAAP financial measures are useful to investors in highlighting trends in our operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate and capital investments. Management uses these non-GAAP financial measures to supplement GAAP measures of performance in the evaluation of the effectiveness of our business strategies, to make budgeting decisions, to establish discretionary annual incentive compensation and to compare our performance against that of other peer companies using similar measures. Management supplements GAAP results with non-GAAP financial measures to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone.
To supplement the Company’s comparable store sales growth presented in accordance with GAAP, the Company provides “Adjusted Comparable Store Sales Growth,” which is a non-GAAP financial measure we believe is useful because it provides timely and accurate information relating to the two core metrics of retail sales: number of transactions and value of transactions. Management uses Adjusted Comparable Store Sales Growth as the basis for key operating decisions, such as allocation of advertising to particular markets and implementation of special marketing programs. Accordingly, we believe that Adjusted Comparable Store Sales Growth provides timely and accurate information relating to the operational health and overall performance of each brand. We also believe that, for the same reasons, investors find our calculation of Adjusted Comparable Store Sales Growth to be meaningful.
EBITDA: We define EBITDA as net income, plus interest expense, income tax provision (benefit) and depreciation and amortization.
Adjusted Operating Income: We define Adjusted Operating Income as net income, plus interest expense and income tax provision (benefit), further adjusted to exclude stock compensation expense, loss on extinguishment of debt, asset impairment, litigation settlement, secondary offering expenses, management realignment expenses, long-term incentive plan expense, amortization of acquisition intangibles, and other expenses.
Adjusted Operating Margin: We define Adjusted Operating Margin as Adjusted Operating Income as a percentage of net revenue.
Adjusted EBITDA: We define Adjusted EBITDA as net income, plus interest expense, income tax provision (benefit) and depreciation and amortization, further adjusted to exclude stock compensation expense, loss on extinguishment of debt, asset impairment, litigation settlement, secondary offering expenses, management realignment expenses, long-term incentive plan expense, and other expenses.
Adjusted EBITDA Margin: We define Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of net revenue.
Adjusted Diluted EPS: We define Adjusted Diluted EPS as diluted earnings per share, adjusted for the per share impact of stock compensation expense, loss on extinguishment of debt, asset impairment, litigation settlement, secondary offering expenses, management realignment expenses, long-term incentive plan expense, amortization of acquisition intangibles, amortization of debt discount and deferred financing costs of our term loan borrowings, amortization of costs related to our 2025 Notes, losses (gains) on change in fair value of derivatives, other expenses, and tax benefit of stock option exercises, less the tax effect of these adjustments. We adjust for amortization of costs related to the 2025 Notes only when adjustment for these costs is not required in the calculation of diluted earnings per share according to
Adjusted SG&A: We define Adjusted SG&A as SG&A, adjusted to exclude stock compensation expense, secondary offering expenses, management realignment expenses, long-term incentive plan expense, and other expenses.
Adjusted SG&A Percent of Net Revenue: We define Adjusted SG&A Percent of Net Revenue as Adjusted SG&A as a percentage of net revenue.
Adjusted Comparable Store Sales Growth: We measure Adjusted Comparable Store Sales Growth as the increase or decrease in sales recorded by the comparable store base in any reporting period, compared to sales recorded by the comparable store base in the prior reporting period, which we calculate as follows: (i) sales are recorded on a cash basis (i.e., when the order is placed and paid for or submitted to a managed care payor, compared to when the order is delivered), utilizing cash basis point of sale information from stores; (ii) stores are added to the calculation during the 13th full fiscal month following the store’s opening; (iii) closed stores are removed from the calculation for time periods that are not comparable; (iv) sales from partial months of operation are excluded when stores do not open or close on the first day of the month; and (v) when applicable, we adjust for the effect of the 53rd week. Quarterly, year-to-date and annual adjusted comparable store sales are aggregated using only sales from all whole months of operation included in both the current reporting period and the prior reporting period. When a partial month is excluded from the calculation, the corresponding month in the subsequent period is also excluded from the calculation. There may be variations in the way in which some of our competitors and other retailers calculate comparable store sales. As a result, our adjusted comparable store sales may not be comparable to similar data made available by other retailers. We did not adjust our calculation of Adjusted Comparable Store Sales Growth for the temporary closure of our stores to the public in 2020 as a result of the COVID-19 pandemic.
EBITDA, Adjusted Operating Income, Adjusted Operating Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Diluted EPS, Adjusted SG&A, Adjusted SG&A Percent of Net Revenue, and Adjusted Comparable Store Sales Growth are not recognized terms under GAAP and should not be considered as an alternative to net income or the ratio of net income to net revenue as a measure of financial performance, SG&A, the ratio of SG&A to net revenue as a measure of financial performance, cash flows provided by operating activities as a measure of liquidity, comparable store sales growth as a measure of operating performance, or any other performance measure derived in accordance with GAAP. Additionally, these measures are not intended to be a measure of free cash flow available for management’s discretionary use as they do not consider certain cash requirements such as interest payments, tax payments and debt service requirements. The presentations of these measures have limitations as analytical tools and should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP. Because not all companies use identical calculations, the presentations of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company.
Please see “Reconciliation of Non-GAAP to GAAP Financial Measures” below for reconciliations of non-GAAP financial measures used in this release to their most directly comparable GAAP financial measures.
|
|||||||
Condensed Consolidated Balance Sheets |
|||||||
As of |
|||||||
In Thousands, Except Par Value |
|||||||
(Unaudited) |
|||||||
ASSETS |
As of
|
|
As of
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
439,117 |
|
|
$ |
373,903 |
|
Accounts receivable, net |
54,080 |
|
|
57,989 |
|
||
Inventories |
124,637 |
|
|
111,274 |
|
||
Prepaid expenses and other current assets |
28,553 |
|
|
23,484 |
|
||
Total current assets |
646,387 |
|
|
566,650 |
|
||
|
|
|
|
||||
Property and equipment, net |
333,820 |
|
|
341,293 |
|
||
Other assets: |
|
|
|
||||
|
777,613 |
|
|
777,613 |
|
||
Trademarks and trade names |
240,547 |
|
|
240,547 |
|
||
Other intangible assets, net |
43,893 |
|
|
49,511 |
|
||
Right of use assets |
344,341 |
|
|
340,141 |
|
||
Other assets |
18,870 |
|
|
17,743 |
|
||
Total non-current assets |
1,759,084 |
|
|
1,766,848 |
|
||
Total assets |
$ |
2,405,471 |
|
|
$ |
2,333,498 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
76,124 |
|
|
$ |
64,861 |
|
Other payables and accrued expenses |
98,749 |
|
|
110,309 |
|
||
Unearned revenue |
35,328 |
|
|
32,657 |
|
||
Deferred revenue |
68,763 |
|
|
58,899 |
|
||
Current maturities of long-term debt and finance lease obligations |
4,418 |
|
|
3,598 |
|
||
Current operating lease obligations |
65,454 |
|
|
58,356 |
|
||
Total current liabilities |
348,836 |
|
|
328,680 |
|
||
|
|
|
|
||||
Long-term debt and finance lease obligations, less current portion and debt discount |
615,620 |
|
|
651,763 |
|
||
Non-current operating lease obligations |
325,786 |
|
|
327,371 |
|
||
Other non-current liabilities: |
|
|
|
||||
Deferred revenue |
23,992 |
|
|
20,828 |
|
||
Other liabilities |
13,586 |
|
|
17,415 |
|
||
Deferred income taxes, net |
89,094 |
|
|
80,939 |
|
||
Total other non-current liabilities |
126,672 |
|
|
119,182 |
|
||
Commitments and contingencies |
|
|
|
||||
Stockholders’ equity: |
|
|
|
||||
Common stock, |
836 |
|
|
821 |
|
||
Additional paid-in capital |
748,422 |
|
|
795,697 |
|
||
Accumulated other comprehensive loss |
(2,840) |
|
|
(4,400) |
|
||
Retained earnings |
272,176 |
|
|
142,880 |
|
||
|
(30,037) |
|
|
(28,496) |
|
||
Total stockholders’ equity |
988,557 |
|
|
906,502 |
|
||
Total liabilities and stockholders’ equity |
$ |
2,405,471 |
|
|
$ |
2,333,498 |
|
|
|||||||||||||||||||||||
Condensed Consolidated Statements of Operations and Comprehensive Income |
|||||||||||||||||||||||
For the Three and Nine Months Ended |
|||||||||||||||||||||||
In Thousands, Except Earnings Per Share |
|||||||||||||||||||||||
(Unaudited) |
|||||||||||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net product sales |
$ |
425,594 |
|
|
$ |
403,336 |
|
|
$ |
355,789 |
|
|
$ |
1,326,867 |
|
|
$ |
1,005,884 |
|
|
$ |
1,096,482 |
|
Net sales of services and plans |
92,411 |
|
|
82,017 |
|
|
76,113 |
|
|
274,807 |
|
|
209,180 |
|
|
226,086 |
|
||||||
Total net revenue |
518,005 |
|
|
485,353 |
|
|
431,902 |
|
|
1,601,674 |
|
|
1,215,064 |
|
|
1,322,568 |
|
||||||
Costs applicable to revenue (exclusive
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Products |
158,371 |
|
|
148,274 |
|
|
144,518 |
|
|
485,090 |
|
|
402,279 |
|
|
444,177 |
|
||||||
Services and plans |
68,087 |
|
|
62,535 |
|
|
59,984 |
|
|
202,004 |
|
|
167,864 |
|
|
174,801 |
|
||||||
Total costs applicable to revenue |
226,458 |
|
|
210,809 |
|
|
204,502 |
|
|
687,094 |
|
|
570,143 |
|
|
618,978 |
|
||||||
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Selling, general and administrative
|
218,214 |
|
|
190,518 |
|
|
190,290 |
|
|
676,042 |
|
|
520,841 |
|
|
566,444 |
|
||||||
Depreciation and amortization |
25,059 |
|
|
22,236 |
|
|
22,336 |
|
|
72,639 |
|
|
68,970 |
|
|
63,570 |
|
||||||
Asset impairment |
— |
|
|
7,150 |
|
|
3,516 |
|
|
1,478 |
|
|
20,916 |
|
|
7,387 |
|
||||||
Litigation settlement |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
4,395 |
|
|
— |
|
||||||
Other expense (income), net |
(2,437) |
|
|
(154) |
|
|
146 |
|
|
(2,567) |
|
|
(312) |
|
|
975 |
|
||||||
Total operating expenses |
240,836 |
|
|
219,750 |
|
|
216,288 |
|
|
747,592 |
|
|
614,810 |
|
|
638,376 |
|
||||||
Income from operations |
50,711 |
|
|
54,794 |
|
|
11,112 |
|
|
166,988 |
|
|
30,111 |
|
|
65,214 |
|
||||||
Interest expense, net |
5,743 |
|
|
12,475 |
|
|
7,873 |
|
|
22,169 |
|
|
35,432 |
|
|
25,902 |
|
||||||
Debt issuance costs |
— |
|
|
— |
|
|
— |
|
|
92 |
|
|
136 |
|
|
— |
|
||||||
Loss on extinguishment of debt |
— |
|
|
— |
|
|
9,786 |
|
|
— |
|
|
— |
|
|
9,786 |
|
||||||
Earnings (loss) before income taxes |
44,968 |
|
|
42,319 |
|
|
(6,547) |
|
|
144,727 |
|
|
(5,457) |
|
|
29,526 |
|
||||||
Income tax provision (benefit) |
3,976 |
|
|
7,030 |
|
|
(7,739) |
|
|
22,702 |
|
|
(6,655) |
|
|
647 |
|
||||||
Net income |
$ |
40,992 |
|
|
$ |
35,289 |
|
|
$ |
1,192 |
|
|
$ |
122,025 |
|
|
$ |
1,198 |
|
|
$ |
28,879 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic |
$ |
0.50 |
|
|
$ |
0.44 |
|
|
$ |
0.02 |
|
|
$ |
1.49 |
|
|
$ |
0.01 |
|
|
$ |
0.37 |
|
Diluted |
$ |
0.45 |
|
|
$ |
0.42 |
|
|
$ |
0.01 |
|
|
$ |
1.34 |
|
|
$ |
0.01 |
|
|
$ |
0.35 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic |
82,290 |
|
|
80,676 |
|
|
78,474 |
|
|
81,729 |
|
|
80,376 |
|
|
78,387 |
|
||||||
Diluted |
96,508 |
|
|
83,795 |
|
|
81,561 |
|
|
96,193 |
|
|
82,718 |
|
|
81,510 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income |
$ |
40,992 |
|
|
$ |
35,289 |
|
|
$ |
1,192 |
|
|
$ |
122,025 |
|
|
$ |
1,198 |
|
|
$ |
28,879 |
|
Unrealized gain (loss) on hedge
|
340 |
|
|
1,894 |
|
|
681 |
|
|
4,949 |
|
|
(2,853) |
|
|
(2,837) |
|
||||||
Tax provision (benefit) of unrealized
|
87 |
|
|
483 |
|
|
175 |
|
|
3,389 |
|
|
(723) |
|
|
(727) |
|
||||||
Comprehensive income (loss) |
$ |
41,245 |
|
|
$ |
36,700 |
|
|
$ |
1,698 |
|
|
$ |
123,585 |
|
|
$ |
(932) |
|
|
$ |
26,769 |
|
Note: The three and nine-months ended
|
|||||||||||
Condensed Consolidated Statements of Cash Flows |
|||||||||||
For the Nine Months Ended |
|||||||||||
In Thousands |
|||||||||||
(Unaudited) |
|||||||||||
|
Nine Months Ended |
||||||||||
|
|
|
|
|
|
||||||
Cash flows from operating activities: |
|
|
|
|
|
||||||
Net income |
$ |
122,025 |
|
|
$ |
1,198 |
|
|
$ |
28,879 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
||||||
Depreciation and amortization |
72,639 |
|
|
68,970 |
|
|
63,570 |
|
|||
Amortization of debt discount and deferred financing costs |
3,140 |
|
|
7,248 |
|
|
1,071 |
|
|||
Asset impairment |
1,478 |
|
|
20,916 |
|
|
7,387 |
|
|||
Deferred income tax expense (benefit) |
23,585 |
|
|
(6,735) |
|
|
651 |
|
|||
Stock based compensation expense |
13,866 |
|
|
8,335 |
|
|
10,840 |
|
|||
Losses (gains) on change in fair value of derivatives |
(421) |
|
|
4,596 |
|
|
— |
|
|||
Inventory adjustments |
1,546 |
|
|
3,502 |
|
|
3,065 |
|
|||
Loss on extinguishment of debt |
— |
|
|
— |
|
|
9,786 |
|
|||
Other |
(242) |
|
|
4,238 |
|
|
9,966 |
|
|||
Changes in operating assets and liabilities: |
|
|
|
|
|
||||||
Accounts receivable |
2,746 |
|
|
(5,685) |
|
|
(4,988) |
|
|||
Inventories |
(14,909) |
|
|
12,354 |
|
|
1,063 |
|
|||
Operating lease right of use assets and lease liabilities |
(456) |
|
|
(1,258) |
|
|
(1,146) |
|
|||
Other assets |
(6,813) |
|
|
1,044 |
|
|
9,748 |
|
|||
Accounts payable |
11,263 |
|
|
27,847 |
|
|
1,694 |
|
|||
Deferred and unearned revenue |
15,699 |
|
|
16,940 |
|
|
8,997 |
|
|||
Other liabilities |
(11,339) |
|
|
40,206 |
|
|
20,355 |
|
|||
Net cash provided by operating activities |
233,807 |
|
|
203,716 |
|
|
170,938 |
|
|||
Cash flows from investing activities: |
|
|
|
|
|
||||||
Purchase of property and equipment |
(58,920) |
|
|
(40,837) |
|
|
(76,472) |
|
|||
Other |
2,475 |
|
|
323 |
|
|
564 |
|
|||
Net cash used for investing activities |
(56,445) |
|
|
(40,514) |
|
|
(75,908) |
|
|||
Cash flows from financing activities: |
|
|
|
|
|
||||||
Borrowings on long-term debt, net of discounts |
— |
|
|
548,769 |
|
|
566,550 |
|
|||
Repayments on long-term debt |
(117,375) |
|
|
(369,269) |
|
|
(564,300) |
|
|||
Proceeds from exercise of stock options |
11,170 |
|
|
10,478 |
|
|
9,992 |
|
|||
Purchase of treasury stock |
(1,414) |
|
|
(93) |
|
|
(25,000) |
|
|||
Payments of debt issuance costs |
(900) |
|
|
(12,462) |
|
|
(2,930) |
|
|||
Payments on finance lease obligations |
(3,546) |
|
|
(2,517) |
|
|
(2,054) |
|
|||
Net cash provided by (used for) financing activities |
(112,065) |
|
|
174,906 |
|
|
(17,742) |
|
|||
Net change in cash, cash equivalents and restricted cash |
65,297 |
|
|
338,108 |
|
|
77,288 |
|
|||
Cash, cash equivalents and restricted cash, beginning of year |
375,159 |
|
|
40,307 |
|
|
17,998 |
|
|||
Cash, cash equivalents and restricted cash, end of period |
$ |
440,456 |
|
|
$ |
378,415 |
|
|
$ |
95,286 |
|
|
|
|
|
|
|
||||||
Supplemental cash flow disclosure information: |
|
|
|
|
|
||||||
Cash paid for interest |
$ |
17,316 |
|
|
$ |
19,508 |
|
|
$ |
25,182 |
|
Cash paid (received) for taxes |
$ |
9,293 |
|
|
$ |
(693) |
|
|
$ |
579 |
|
Capital expenditures accrued at the end of the period |
$ |
10,455 |
|
|
$ |
13,516 |
|
|
$ |
13,808 |
|
|
|||||||||||||||||||||||
Reconciliation of Non-GAAP to GAAP Financial Measures |
|||||||||||||||||||||||
For the Three and Nine Months Ended |
|||||||||||||||||||||||
In Thousands, Except Per Share Information |
|||||||||||||||||||||||
(Unaudited) |
|||||||||||||||||||||||
Reconciliation of Adjusted Operating Income to Net Income |
|||||||||||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||||
In thousands |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income |
$ |
40,992 |
|
|
$ |
35,289 |
|
|
$ |
1,192 |
|
|
$ |
122,025 |
|
|
$ |
1,198 |
|
|
$ |
28,879 |
|
Interest expense |
5,743 |
|
|
12,475 |
|
|
7,873 |
|
|
22,169 |
|
|
35,432 |
|
|
25,902 |
|
||||||
Income tax provision (benefit) |
3,976 |
|
|
7,030 |
|
|
(7,739) |
|
|
22,702 |
|
|
(6,655) |
|
|
647 |
|
||||||
Stock compensation expense (a) |
3,665 |
|
|
2,890 |
|
|
6,123 |
|
|
13,866 |
|
|
8,335 |
|
|
10,840 |
|
||||||
Loss on extinguishment of debt (b) |
— |
|
|
— |
|
|
9,786 |
|
|
— |
|
|
— |
|
|
9,786 |
|
||||||
Asset impairment (c) |
— |
|
|
7,150 |
|
|
3,516 |
|
|
1,478 |
|
|
20,916 |
|
|
7,387 |
|
||||||
Litigation settlement (d) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
4,395 |
|
|
— |
|
||||||
Secondary offering expenses (e) |
— |
|
|
— |
|
|
401 |
|
|
— |
|
|
— |
|
|
406 |
|
||||||
Management realignment expenses (f) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,155 |
|
||||||
Long-term incentive plan (g) |
— |
|
|
— |
|
|
1,108 |
|
|
— |
|
|
— |
|
|
1,830 |
|
||||||
Amortization of acquisition intangibles (h) |
1,872 |
|
|
1,851 |
|
|
1,851 |
|
|
5,616 |
|
|
5,554 |
|
|
5,553 |
|
||||||
Other (k) |
(1,512) |
|
|
1,057 |
|
|
1,956 |
|
|
129 |
|
|
2,206 |
|
|
4,423 |
|
||||||
Adjusted Operating Income |
$ |
54,736 |
|
|
$ |
67,742 |
|
|
$ |
26,067 |
|
|
$ |
187,985 |
|
|
$ |
71,381 |
|
|
$ |
97,808 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income margin |
7.9 |
% |
|
7.3 |
% |
|
0.3 |
% |
|
7.6 |
% |
|
0.1 |
% |
|
2.2 |
% |
||||||
Adjusted Operating Margin |
10.6 |
% |
|
14.0 |
% |
|
6.0 |
% |
|
11.7 |
% |
|
5.9 |
% |
|
7.4 |
% |
||||||
Note: Percentages reflect line item as a percentage of net revenue, adjusted for rounding |
|||||||||||||||||||||||
Reconciliation of EBITDA and Adjusted EBITDA to Net Income |
|||||||||||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||||
In thousands |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income |
$ |
40,992 |
|
|
$ |
35,289 |
|
|
$ |
1,192 |
|
|
$ |
122,025 |
|
|
$ |
1,198 |
|
|
$ |
28,879 |
|
Interest expense |
5,743 |
|
|
12,475 |
|
|
7,873 |
|
|
22,169 |
|
|
35,432 |
|
|
25,902 |
|
||||||
Income tax provision (benefit) |
3,976 |
|
|
7,030 |
|
|
(7,739) |
|
|
22,702 |
|
|
(6,655) |
|
|
647 |
|
||||||
Depreciation and amortization |
25,059 |
|
|
22,236 |
|
|
22,336 |
|
|
72,639 |
|
|
68,970 |
|
|
63,570 |
|
||||||
EBITDA |
75,770 |
|
|
77,030 |
|
|
23,662 |
|
|
239,535 |
|
|
98,945 |
|
|
118,998 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Stock compensation expense (a) |
3,665 |
|
|
2,890 |
|
|
6,123 |
|
|
13,866 |
|
|
8,335 |
|
|
10,840 |
|
||||||
Loss of extinguishment of debt (b) |
— |
|
|
— |
|
|
9,786 |
|
|
— |
|
|
— |
|
|
9,786 |
|
||||||
Asset impairment (c) |
— |
|
|
7,150 |
|
|
3,516 |
|
|
1,478 |
|
|
20,916 |
|
|
7,387 |
|
||||||
Litigation settlement (d) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
4,395 |
|
|
— |
|
||||||
Secondary offering expenses (e) |
— |
|
|
— |
|
|
401 |
|
|
— |
|
|
— |
|
|
406 |
|
||||||
Management realignment expenses (f) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,155 |
|
||||||
Long-term incentive plan (g) |
— |
|
|
— |
|
|
1,108 |
|
|
— |
|
|
— |
|
|
1,830 |
|
||||||
Other (k) |
(1,512) |
|
|
1,057 |
|
|
1,956 |
|
|
129 |
|
|
2,206 |
|
|
4,423 |
|
||||||
Adjusted EBITDA |
$ |
77,923 |
|
|
$ |
88,127 |
|
|
$ |
46,552 |
|
|
$ |
255,008 |
|
|
$ |
134,797 |
|
|
$ |
155,825 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income margin |
7.9 |
% |
|
7.3 |
% |
|
0.3 |
% |
|
7.6 |
% |
|
0.1 |
% |
|
2.2 |
% |
||||||
Adjusted EBITDA Margin |
15.0 |
% |
|
18.2 |
% |
|
10.8 |
% |
|
15.9 |
% |
|
11.1 |
% |
|
11.8 |
% |
||||||
Note: Percentages reflect line item as a percentage of net revenue, adjusted for rounding |
|||||||||||||||||||||||
Reconciliation of Adjusted Diluted EPS to Diluted EPS |
|||||||||||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||||
In thousands, except per share amounts |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Diluted EPS |
$ |
0.45 |
|
|
$ |
0.42 |
|
|
$ |
0.01 |
|
|
$ |
1.34 |
|
|
$ |
0.01 |
|
|
$ |
0.35 |
|
Stock compensation expense (a) |
0.04 |
|
|
0.03 |
|
|
0.08 |
|
|
0.14 |
|
|
0.10 |
|
|
0.13 |
|
||||||
Loss on extinguishment of debt (b) |
— |
|
|
— |
|
|
0.12 |
|
|
— |
|
|
— |
|
|
0.12 |
|
||||||
Asset impairment (c) |
— |
|
|
0.09 |
|
|
0.04 |
|
|
0.02 |
|
|
0.25 |
|
|
0.09 |
|
||||||
Litigation settlement (d) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.05 |
|
|
— |
|
||||||
Secondary offering expenses (e) |
— |
|
|
— |
|
|
0.00 |
|
|
— |
|
|
— |
|
|
0.00 |
|
||||||
Management realignment expenses (f) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.03 |
|
||||||
Long-term incentive plan (g) |
— |
|
|
— |
|
|
0.01 |
|
|
— |
|
|
— |
|
|
0.02 |
|
||||||
Amortization of acquisition intangibles (h) |
0.02 |
|
|
0.02 |
|
|
0.02 |
|
|
0.06 |
|
|
0.07 |
|
|
0.07 |
|
||||||
Amortization of debt discount and
|
0.00 |
|
|
0.05 |
|
|
0.00 |
|
|
0.02 |
|
|
0.09 |
|
|
0.01 |
|
||||||
Losses (gains) on change in fair value of
|
(0.01) |
|
|
0.00 |
|
|
— |
|
|
0.00 |
|
|
0.06 |
|
|
— |
|
||||||
Other (o) |
(0.02) |
|
|
0.01 |
|
|
0.02 |
|
|
(0.02) |
|
|
0.03 |
|
|
0.05 |
|
||||||
Tax benefit of stock option exercises (l) |
(0.09) |
|
|
(0.04) |
|
|
(0.08) |
|
|
(0.14) |
|
|
(0.07) |
|
|
(0.09) |
|
||||||
Tax effect of total adjustments (m) |
(0.01) |
|
|
(0.05) |
|
|
(0.08) |
|
|
(0.06) |
|
|
(0.16) |
|
|
(0.14) |
|
||||||
Adjusted Diluted EPS |
$ |
0.38 |
|
|
$ |
0.54 |
|
|
$ |
0.16 |
|
|
$ |
1.35 |
|
|
$ |
0.42 |
|
|
$ |
0.66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Weighted average diluted shares
|
96,508 |
|
|
83,795 |
|
|
81,561 |
|
|
96,193 |
|
|
82,718 |
|
|
81,510 |
|
||||||
Note: Some of the totals in the table above do not foot due to rounding differences |
|||||||||||||||||||||||
Reconciliation of Adjusted SG&A and Adjusted SG&A Percent of Net Revenue to SG&A |
|||||||||||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||||
In thousands |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
SG&A |
$ |
218,214 |
|
|
$ |
190,518 |
|
|
$ |
190,290 |
|
|
$ |
676,042 |
|
|
$ |
520,841 |
|
|
$ |
566,444 |
|
Stock compensation expense (a) |
3,665 |
|
|
2,890 |
|
|
6,123 |
|
|
13,866 |
|
|
8,335 |
|
|
10,840 |
|
||||||
Secondary offering expenses (e) |
— |
|
|
— |
|
|
401 |
|
|
— |
|
|
— |
|
|
406 |
|
||||||
Management realignment expenses (f) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,155 |
|
||||||
Long-term incentive plan (g) |
— |
|
|
— |
|
|
1,108 |
|
|
— |
|
|
— |
|
|
1,830 |
|
||||||
Other (n) |
843 |
|
|
1,057 |
|
|
1,727 |
|
|
2,484 |
|
|
2,206 |
|
|
3,187 |
|
||||||
Adjusted SG&A |
$ |
213,706 |
|
|
$ |
186,571 |
|
|
$ |
180,931 |
|
|
$ |
659,692 |
|
|
$ |
510,300 |
|
|
$ |
548,026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
SG&A Percent of Net Revenue |
42.1 |
% |
|
39.3 |
% |
|
44.1 |
% |
|
42.2 |
% |
|
42.9 |
% |
|
42.8 |
% |
||||||
Adjusted SG&A Percent of Net
|
41.3 |
% |
|
38.4 |
% |
|
41.9 |
% |
|
41.2 |
% |
|
42.0 |
% |
|
41.4 |
% |
||||||
Note: Percentages reflect line item as a percentage of net revenue |
|||||||||||||||||||||||
(a) Non-cash charges related to stock-based compensation programs, which vary from period to period depending on the timing of awards and performance vesting conditions.
(b) Reflects write-off of deferred financing fees related to the extinguishment of debt.
(c) Reflects write-off of property, equipment and lease related assets on closed or underperforming stores.
(d) Expenses associated with settlement of significant litigation.
(e) Expenses related to our secondary public offerings for the three and nine months ended
(f) Expenses related to a non-recurring management realignment described in the Current Report on Form 8-K filed with the
(g) Expenses pursuant to a long-term incentive plan for non-executive employees who were not participants in the management equity plan for fiscal year 2019. This plan was effective in 2014 following the acquisition of the Company by affiliates of KKR & Co. Inc. (the “KKR Acquisition”).
(h) Amortization of the increase in carrying values of finite-lived intangible assets resulting from the application of purchase accounting to the KKR Acquisition.
(i) Amortization of deferred financing costs and other non-cash charges related to our long-term debt. We adjust for amortization of costs related to the 2025 Notes only when adjustment for these costs is not required in the calculation of diluted earnings per share according to
(j) Reflects losses (gains) recognized in interest expense on change in fair value of de-designated hedges.
(k) Other adjustments include amounts that management believes are not representative of our operating performance (amounts in brackets represent reductions in Adjusted Operating Income, Adjusted Diluted EPS and Adjusted EBITDA), including our share of (gains) losses on equity method investments of
(l) Tax benefit associated with accounting guidance requiring excess tax benefits related to stock option exercises to be recorded in earnings as discrete items in the reporting period in which they occur.
(m) Represents the income tax effect of the total adjustments at our combined statutory federal and state income tax rates.
(n) Reflects otherexpenses in (k) above, except for our share of (gains) losses on equity method investments of
(o) Reflects otherexpenses in (k) above, including the impact of stranded tax effect of
Reconciliation of Adjusted Comparable Store Sales Growth to Total Comparable Store Sales Growth |
|||||||||||||
|
Comparable store sales growth(a) |
||||||||||||
|
Third Quarter |
|
Year to Date |
|
|
||||||||
|
2021 vs.
|
|
2021 vs.
|
|
2021 vs.
|
|
2021 vs.
|
|
2021
|
||||
Owned & Host segment |
|
|
|
|
|
|
|
|
|
||||
America’s Best |
14.2 |
% |
|
0.0 |
% |
|
17.0 |
% |
|
31.8 |
% |
|
|
|
21.5 |
% |
|
1.7 |
% |
|
22.1 |
% |
|
33.9 |
% |
|
|
Military |
(3.8) |
% |
|
(0.6) |
% |
|
(2.3) |
% |
|
22.6 |
% |
|
|
Fred Meyer |
(8.2) |
% |
|
(1.6) |
% |
|
(9.6) |
% |
|
21.2 |
% |
|
|
Legacy segment |
4.0 |
% |
|
0.0 |
% |
|
5.4 |
% |
|
25.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total comparable store sales growth |
15.7 |
% |
|
3.4 |
% |
|
15.5 |
% |
|
30.3 |
% |
|
|
Adjusted Comparable Store Sales Growth (b) |
13.3 |
% |
|
0.2 |
% |
|
15.6 |
% |
|
31.1 |
% |
|
|
(a) Total comparable store sales based on consolidated net revenue excluding the impact of (i) Corporate/Other segment net revenue, (ii) sales from stores opened less than 13 months, (iii) stores closed in the periods presented, (iv) sales from partial months of operation when stores do not open or close on the first day of the month and (v) if applicable, the impact of a 53rd week in a fiscal year. Brand-level comparable store sales growth is calculated based on cash basis revenues consistent with what the CODM reviews, and consistent with reportable segment revenues presented in Note 10. “Segment Reporting” in our unaudited condensed consolidated financial statements included in Part I. Item 1. in our Quarterly Report on Form 10-Q, with the exception of the Legacy segment, which is adjusted as noted in clause (b) (ii) below.
(b) There are two differences between total comparable store sales growth based on consolidated net revenue and Adjusted Comparable Store Sales Growth: (i) Adjusted Comparable Store Sales Growth includes the effect of deferred and unearned revenue as if such revenues were earned at the point of sale, resulting in the following changes from total comparable store sales growth based on consolidated net revenue: a decrease of
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Investors:
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Source:
FAQ
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