BJ’s Wholesale Club Holdings, Inc. Announces Third Quarter Fiscal 2021 Results

Third Quarter Fiscal 2021 and Recent Highlights

Third Quarter Fiscal 2021 Highlights

  • Board authorizes share repurchase program of up to $500 million
  • Membership size and quality continues to improve; first-year renewal rates remain at historic levels.
  • Total comparable sales increased by 13.1%, reflecting two-year stacked comp of 27.2%.
  • Comparable club sales, excluding gasoline sales, increased by 5.7%, reflecting two-year stacked comp of 24.2%.
  • Digitally-enabled sales growth was 44%, reflecting two-year stacked comp growth of 244%.
  • Earnings per diluted share of $0.92 reflects a 4.5% year-over-year increase.
  • Net cash provided by operating activities was $173.9 million and free cash flow was $99.2 million.

BJ’s Wholesale Club Holdings, Inc. (NYSE: BJ) (the "Company") today announced its financial results for the thirteen and thirty-nine weeks ended October 30, 2021.

"We are proud of delivering another strong quarter," said Bob Eddy, President and Chief Executive Officer, BJ’s Wholesale Club. "Our business accelerated during Q3 on broad based strength, and we saw growth in all of our divisions, with acceleration in traffic and ticket, growth in digitally-enabled sales and conventional sales, all underpinned by strong membership statistics in both new and tenured members. Our growth flywheel is spinning faster than it has in a long time, and we look forward to continue building on that momentum."

Key Measures for the Thirteen Weeks Ended October 30, 2021 (Third Quarter of Fiscal 2021) and for the Thirty-Nine Weeks Ended October 30, 2021 (First Nine Months of Fiscal 2021):

BJ'S WHOLESALE CLUB HOLDINGS, INC.

(Amounts in thousands, except per share amounts)

 

 

13 Weeks Ended

October 30, 2021

 

13 Weeks Ended

October 31, 2020

 

%

Growth

 

39 Weeks Ended

October 30, 2021

 

39 Weeks Ended

October 31, 2020

 

%

Growth

Net sales

$

4,172,594

 

 

$

3,646,723

 

 

14.4

%

 

$

12,042,830

 

 

$

11,236,403

 

 

7.2

%

Membership fee income

91,493

 

 

84,946

 

 

7.7

%

 

266,634

 

 

247,001

 

 

7.9

%

Total revenues

4,264,087

 

 

3,731,669

 

 

14.3

%

 

12,309,464

 

 

11,483,404

 

 

7.2

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

170,156

 

 

190,355

 

 

(10.6

)%

 

460,194

 

 

497,700

 

 

(7.5

)%

Income from continuing operations

126,602

 

 

122,883

 

 

3.0

%

 

319,185

 

 

325,293

 

 

(1.9

)%

Adjusted EBITDA (a)

228,399

 

 

242,209

 

 

(5.7

)%

 

650,949

 

 

652,974

 

 

(0.3

)%

Net income

126,517

 

 

122,796

 

 

3.0

%

 

319,084

 

 

325,148

 

 

(1.9

)%

EPS (b)

0.92

 

 

0.88

 

 

4.5

%

 

2.31

 

 

2.34

 

 

(1.3

)%

Adjusted net income (a)

125,935

 

 

128,477

 

 

(2.0

)%

 

338,954

 

 

331,753

 

 

2.2

%

Adjusted EPS (a)

0.91

 

 

0.92

 

 

(1.1

)%

 

2.45

 

 

2.39

 

 

2.5

%

Basic weighted average shares outstanding

135,582

 

 

136,011

 

 

(0.3

)%

 

135,604

 

 

136,269

 

 

(0.5

)%

Diluted weighted average shares outstanding

138,005

 

 

139,060

 

 

(0.8

)%

 

138,288

 

 

139,003

 

 

(0.5

)%

(a)

See “Note Regarding Non-GAAP Financial Information.”

(b)

EPS represents earnings per diluted share.

Additional Highlights:

  • Total comparable club sales increased by 13.1% in the third quarter of fiscal 2021 compared to the third quarter of fiscal 2020. Excluding the impact of gasoline sales, comparable club sales increased by 5.7% in the third quarter of fiscal 2021 compared to the third quarter of fiscal 2020. Comparable club sales increased by 5.7% in the first nine months of fiscal 2021 compared to the first nine months of fiscal 2020. Excluding the impact of gasoline sales, comparable club sales decreased by 1.0% in the first nine months of fiscal 2021 compared to the first nine months of fiscal 2020.
  • Gross profit increased to $791.2 million in the third quarter of fiscal 2021 from $743.3 million in the third quarter of fiscal 2020. Merchandise gross margin rate, which excludes gasoline sales and membership fee income, decreased 20 basis points over the third quarter of fiscal 2020. Merchandise margins were impacted by increased freight costs and price investments in inflationary categories. Gross profit increased to $2,281.5 million in the first nine months of fiscal 2021 from $2,236.4 million in the first nine months of fiscal 2020. Merchandise gross margin rate, which excludes gasoline sales and membership fee income, increased by approximately 30 basis points over the first nine months of fiscal 2020. Merchandise margins benefited from the mix of our general merchandise sales, improved private label penetration and continued execution of our category profitability improvement initiatives, partially offset by increased freight costs and price investments in inflationary categories.
  • Selling, general and administrative expenses ("SG&A") increased to $618.0 million in the third quarter of fiscal 2021, compared to $552.3 million in the third quarter of fiscal 2020. The increase was primarily driven by $24.3 million in investments in club team member wages, $13.7 million in management incentive compensation and other expenses related to volume and continued investments to drive the Company’s strategic priorities. SG&A increased to $1,816.0 million in the first nine months of fiscal 2021 compared to $1,733.5 million in the first nine months of fiscal 2020. The increase was primarily driven by $24.3 million in investments in club team member wages, $15.1 million in occupancy costs, $12.4 million in depreciation and amortization expense, $17.5 million of accelerated stock-based compensation expense related to a former executive, and $13.2 million of other operating costs.
  • Operating income decreased to $170.2 million, or 4.0% of total revenues, in the third quarter of fiscal 2021 compared to $190.4 million, or 5.1% of total revenues, in the third quarter of fiscal 2020. Operating income decreased to $460.2 million, or 3.7% of total revenues, in the first nine months of fiscal 2021 compared to $497.7 million, or 4.3% of total revenues, in the first nine months of fiscal 2020.
  • Interest expense, net, decreased to $11.9 million in the third quarter of fiscal 2021 compared to $25.9 million in the third quarter of fiscal 2020. Interest expense, net, decreased to $47.6 million in the first nine months of fiscal 2021 compared to $68.5 million in the first nine months of fiscal 2020. The decrease in interest expense was driven by continued de-levering.
  • Income tax expense decreased to $31.7 million in the third quarter of fiscal 2021 compared to $41.6 million in the third quarter of fiscal 2020, primarily due to higher excess tax benefits related to stock-based compensation. Income tax expense decreased to $93.4 million in the first nine months of fiscal 2021 compared to $103.9 million in the first nine months of fiscal 2020. The increase in excess tax benefits is a result of increased share price and one-time exercises related to a former executive.
  • Under our existing share repurchase program, we repurchased 1,261,873 shares of common stock, totaling $71.5 million in the third quarter of fiscal 2021. In the first nine months of fiscal 2021, we repurchased 2,630,989 shares of common stock, totaling $135.0 million, under such program. As of November 17, 2021, there was no capacity remaining under our existing share repurchase program.

Share Repurchase Program

On November 16, 2021, the Company's Board of Directors approved a new share repurchase program, effective immediately. The authorization allows the Company to repurchase up to $500.0 million of its outstanding common stock. The share repurchase program expires in January 2025 and gives management the flexibility to determine the terms and conditions under which shares may be purchased. The amount and timing of any repurchases made under the share repurchase program will depend on a variety of factors, including available liquidity, cash flow and market conditions. The share repurchase program does not obligate the Company to repurchase any dollar amount or number of shares of common stock, and the program may be suspended or discontinued at any time.

Fiscal 2021 Ending January 29, 2022 Outlook

"We are pleased with the performance of our business and optimistic that many of the trends contributing to this performance will be enduring in nature," said Laura Felice, Executive Vice President, Chief Financial Officer, BJ's Wholesale Club. "However, there continue to be external factors and uncertainties in the market, and as a result we will continue to refrain from offering formal detailed guidance."

Conference Call Details

A conference call to discuss the third quarter of fiscal 2021 financial results is scheduled for today, November 18, 2021, at 8:30 A.M. Eastern Time. Investors and analysts interested in participating in the call are invited to dial 844-200-6205 (international callers please dial 929-526-1599 approximately 10 minutes prior to the start of the call and reference conference ID 891866. A live audio webcast of the conference call will be available online at https://investors.bjs.com.

A recorded replay of the conference call will be available within two hours of the conclusion of the call and can be accessed both online at https://investors.bjs.com and by dialing 929-458-6194 or 866-813-9403 and referencing conference ID 228263. The recorded replay will be available for one week and an online archive of the webcast will be available for one year.

About BJ’s Wholesale Club Holdings, Inc.

Headquartered in Westborough, Massachusetts, BJ's Wholesale Club Holdings, Inc. is a leading operator of membership warehouse clubs in the Eastern United States. The company currently operates 222 clubs and 152 BJ's Gas® locations in 17 states.

Non-GAAP Financial Measures

We refer to certain financial measures that are not recognized under United States generally accepted accounting principles (“GAAP”). Please see “Note Regarding Non-GAAP Financial Information" and “Reconciliation of GAAP to Non-GAAP Financial Information” below for additional information and a reconciliation of the Non-GAAP financial measures to the most comparable GAAP financial measures.

BJ'S WHOLESALE CLUB HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except per share amounts)

(Unaudited)

 

 

13 Weeks Ended

October 30, 2021

 

13 Weeks Ended

October 31, 2020

 

39 Weeks Ended

October 30, 2021

 

39 Weeks Ended

October 31, 2020

Net sales

$

4,172,594

 

 

$

3,646,723

 

 

$

12,042,830

 

 

$

11,236,403

 

Membership fee income

91,493

 

 

84,946

 

 

266,634

 

 

247,001

 

Total revenues

4,264,087

 

 

3,731,669

 

 

12,309,464

 

 

11,483,404

 

Cost of sales

3,472,869

 

 

2,988,397

 

 

10,027,991

 

 

9,247,042

 

Selling, general and administrative expenses

617,991

 

 

552,307

 

 

1,816,014

 

 

1,733,482

 

Pre-opening expense

3,071

 

 

610

 

 

5,265

 

 

5,180

 

Operating income

170,156

 

 

190,355

 

 

460,194

 

 

497,700

 

Interest expense, net

11,854

 

 

25,882

 

 

47,567

 

 

68,467

 

Income from continuing operations before income taxes

158,302

 

 

164,473

 

 

412,627

 

 

429,233

 

Provision for income taxes

31,700

 

 

41,590

 

 

93,442

 

 

103,940

 

Income from continuing operations

126,602

 

 

122,883

 

 

319,185

 

 

325,293

 

Loss from discontinued operations, net of income taxes

(85

)

 

(87

)

 

(101

)

 

(145

)

Net income

$

126,517

 

 

$

122,796

 

 

$

319,084

 

 

$

325,148

 

Income per share attributable to common stockholders - basic:

 

 

 

 

 

 

 

Income from continuing operations

$

0.93

 

 

$

0.90

 

 

$

2.35

 

 

$

2.39

 

Loss from discontinued operations

 

 

 

 

 

 

 

Net income

$

0.93

 

 

$

0.90

 

 

$

2.35

 

 

$

2.39

 

Income per share attributable to common stockholders - diluted:

 

 

 

 

 

 

 

Income from continuing operations

$

0.92

 

 

$

0.88

 

 

$

2.31

 

 

$

2.34

 

Loss from discontinued operations

 

 

 

 

 

 

 

Net income

$

0.92

 

 

$

0.88

 

 

$

2.31

 

 

$

2.34

 

Weighted average number of shares outstanding:

 

 

 

 

 

 

 

Basic

135,582

 

 

136,011

 

 

135,604

 

 

136,269

 

Diluted

138,005

 

 

139,060

 

 

138,288

 

 

139,003

 

BJ'S WHOLESALE CLUB HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except per share amounts)

(Unaudited)

 

 

October 30, 2021

 

October 31, 2020

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

84,691

 

 

$

46,116

 

Accounts receivable, net

194,315

 

 

188,413

 

Merchandise inventories

1,255,659

 

 

1,264,323

 

Prepaid expense and other current assets

58,622

 

 

97,116

 

Total current assets

1,593,287

 

 

1,595,968

 

 

 

 

 

Operating lease right-of-use assets, net

2,151,255

 

 

2,034,742

 

Property and equipment, net

880,904

 

 

769,258

 

Goodwill

924,134

 

 

924,134

 

Intangibles, net

127,260

 

 

138,088

 

Deferred taxes

5,167

 

 

 

Other assets

22,233

 

 

20,094

 

Total assets

$

5,704,240

 

 

$

5,482,284

 

 

 

 

 

LIABILITIES

 

 

 

Current liabilities:

 

 

 

Current portion of long-term debt

$

 

 

$

260,000

 

Current portion of operating lease liabilities

137,036

 

 

131,025

 

Accounts payable

1,235,763

 

 

1,176,104

 

Accrued expenses and other current liabilities

730,547

 

 

643,309

 

Total current liabilities

2,103,346

 

 

2,210,438

 

 

 

 

 

Long-term lease liabilities

2,082,287

 

 

1,961,321

 

Long-term debt

748,149

 

 

845,696

 

Deferred income taxes

33,995

 

 

47,241

 

Other noncurrent liabilities

168,727

 

 

200,210

 

 

 

 

 

STOCKHOLDERS' EQUITY

567,736

 

 

217,378

 

Total liabilities and stockholders' equity

$

5,704,240

 

 

$

5,482,284

 

BJ'S WHOLESALE CLUB HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands, except per share amounts)

(Unaudited)

 

 

39 Weeks Ended

October 30, 2021

 

39 Weeks Ended

October 31, 2020

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

Net income

$

319,084

 

 

$

325,148

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Depreciation and amortization

135,664

 

 

124,331

 

Amortization of debt issuance costs and accretion of original issue discount

2,555

 

 

3,470

 

Debt extinguishment charges

657

 

 

4,077

 

Stock-based compensation expense

42,428

 

 

23,245

 

Deferred income tax provision (benefit)

(17,659

)

 

2,289

 

Changes in operating leases and other non-cash items

6,112

 

 

5,441

 

Increase (decrease) in cash due to changes in:

 

 

 

Accounts receivable

(21,596

)

 

17,940

 

Merchandise inventories

(49,964

)

 

(182,821

)

Accounts payable

247,689

 

 

389,692

 

Accrued expenses

71,775

 

 

61,829

 

Other operating assets and liabilities, net

(3,570

)

 

27,331

 

Net cash provided by operating activities

733,175

 

 

801,972

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

Additions to property and equipment, net of disposals and proceeds from sale leaseback transactions

(203,418

)

 

(126,907

)

Net cash used in investing activities

(203,418

)

 

(126,907

)

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

Payments on First Lien Term Loan

(100,000

)

 

(513,297

)

Payments on ABL Facility

(260,000

)

 

(68,000

)

Net cash received from stock option exercises

18,479

 

 

16,431

 

Net cash received from Employee Stock Purchase Program (ESPP)

1,877

 

 

1,107

 

Acquisition of treasury stock

(149,449

)

 

(94,671

)

Proceeds from financing obligations

1,333

 

 

 

Other financing activities

(824

)

 

(723

)

Net cash used in financing activities

(488,584

)

 

(659,153

)

Net increase in cash and cash equivalents

41,173

 

 

15,912

 

Cash and cash equivalents at beginning of period

43,518

 

 

30,204

 

Cash and cash equivalents at end of period

$

84,691

 

 

$

46,116

 

Note Regarding Non-GAAP Financial Information

This press release includes financial measures that are not calculated in accordance with GAAP, including adjusted net income, adjusted net income per diluted share, adjusted EBITDA, free cash flow, net debt and net debt to last twelve months (“LTM”) adjusted EBITDA.

We define adjusted net income as net income attributable to common stockholders adjusted for: stock-based compensation related to acceleration of stock awards; severance charges; expenses related to debt payments; loss on cash flow hedge; and the tax impact of the foregoing adjustments on net income.

We define adjusted net income per diluted share as adjusted net income divided by the weighted-average diluted shares outstanding.

We define adjusted EBITDA as income from continuing operations before interest expense, net, provision for income taxes and depreciation and amortization, adjusted for the impact of certain other items, including: stock-based compensation expense; pre-opening expenses; non-cash rent; severance and other adjustments.

We define free cash flow as net cash provided by operating activities less additions to property and equipment, net of disposals, plus proceeds from sale leaseback transactions.

We define net debt as total debt outstanding less cash and cash equivalents.

We define net debt to LTM adjusted EBITDA as net debt at the balance sheet date divided by adjusted EBITDA for the trailing twelve-month period.

We present adjusted net income, adjusted net income per diluted share and adjusted EBITDA, which are not recognized financial measures under GAAP, because we believe such measures assists investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. In addition, adjusted EBITDA excludes pre-opening expenses, because we do not believe these expenses are indicative of the underlying operating performance of our clubs. The amount and timing of pre-opening expenses are dependent on, among other things, the size of new clubs opened and the number of new clubs opened during any given period.

Management believes that adjusted net income, adjusted net income per diluted share and adjusted EBITDA are helpful in highlighting trends in our core operating performance compared to other measures, which can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate and capital investments. We use adjusted net income, adjusted net income per diluted share and adjusted EBITDA to supplement GAAP measures of performance in the evaluation of the effectiveness of our business strategies; to make budgeting decisions; and to compare our performance against that of other peer companies using similar measures. We also use adjusted EBITDA in connection with establishing discretionary annual incentive compensation.

We present free cash flow, which is not a recognized financial measure under GAAP, because we use it to report to our Board of Directors and we believe it assists investors and analysts in evaluating our liquidity. Free cash flow should not be considered as an alternative to cash flows from operations as a liquidity measure. We present net debt and net debt to LTM adjusted EBITDA, which are not recognized as financial measures under GAAP, because we use them to report to our Board of Directors and we believe they assist investors and analysts in evaluating our borrowing capacity. Net debt to LTM adjusted EBITDA is a key financial measure that is used by management to assess the borrowing capacity of the Company.

You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating adjusted net income, adjusted net income per diluted share, adjusted EBITDA and net debt to LTM adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same as or like some of the adjustments in our presentation of these metrics. Our presentation of adjusted net income, adjusted net income per diluted share, adjusted EBITDA, free cash flow, net debt and net debt to LTM adjusted EBITDA should not be considered as alternatives to any other measure derived in accordance with GAAP and they should not be construed as an inference that the Company’s future results will be unaffected by unusual or non-recurring items. There can be no assurance that we will not modify the presentation of adjusted net income, adjusted net income per diluted share, adjusted EBITDA or net debt to LTM adjusted EBITDA in the future, and any such modification may be material. In addition, adjusted net income, adjusted net income per diluted share, adjusted EBITDA, free cash flow, net debt and net debt to LTM adjusted EBITDA may not be comparable to similarly titled measures used by other companies in our industry or across different industries. Additionally, adjusted net income, adjusted net income per diluted share, adjusted EBITDA, free cash flow, net debt and net debt to LTM adjusted EBITDA have limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of our results as reported under GAAP.

Reconciliation of GAAP to Non-GAAP Financial Information

BJ'S WHOLESALE CLUB HOLDINGS, INC.

Reconciliation of net income to adjusted net income and adjusted net income per diluted share

(Amounts in thousands, except per share amounts)

(Unaudited)

 

 

13 Weeks Ended

October 30, 2021

 

13 Weeks Ended

October 31, 2020

 

39 Weeks Ended

October 30, 2021

 

39 Weeks Ended

October 31, 2020

Net income as reported

$

126,517

 

 

$

122,796

 

 

$

319,084

 

 

$

325,148

 

Adjustments:

 

 

 

 

 

 

 

Stock-based compensation related to acceleration of stock awards (a)

 

 

 

 

17,494

 

 

 

(Gain) loss on cash flow hedge (b)

(808

)

 

5,097

 

 

7,146

 

 

5,097

 

Charges related to debt payments (c)

 

 

2,794

 

 

657

 

 

4,077

 

Severance charges (d)

 

 

 

 

2,300

 

 

 

Tax impact of adjustments to net income (e)

226

 

 

(2,210

)

 

(7,727

)

 

(2,569

)

Adjusted net income

$

125,935

 

 

$

128,477

 

 

$

338,954

 

 

$

331,753

 

 

 

 

 

 

 

 

 

Weighted-average diluted shares outstanding

138,005

 

 

139,060

 

 

138,288

 

 

139,003

 

Adjusted net income per diluted share (f)

$

0.91

 

 

$

0.92

 

 

$

2.45

 

 

$

2.39

 

(a)

Represents accelerated vesting of equity awards, which were related to the passing of our former CEO, Lee Delaney.

(b)

Represents the reclassification into earnings of accumulated other comprehensive income associated with the de-designation of hedge accounting on one of our swap agreements due to the payment of debt.

(c)

Represents the expensing of fees and deferred fees and original issue discount associated with the partial prepayment of debt.

(d)

Represents severance charges associated with labor reductions that resulted from the realignment of our field operations.

(e)

Represents the tax effect of the above adjustments at a statutory tax rate of approximately 28%.

(f)

Adjusted net income per diluted share is measured using weighted average diluted shares outstanding.

BJ'S WHOLESALE CLUB HOLDINGS, INC.

Reconciliation to Adjusted EBITDA

(Amounts in thousands)

(Unaudited)

 

 

13 Weeks Ended

October 30, 2021

 

13 Weeks Ended

October 31, 2020

 

39 Weeks Ended

October 30, 2021

 

39 Weeks Ended

October 31, 2020

Income from continuing operations

$

126,602

 

 

$

122,883

 

 

$

319,185

 

 

$

325,293

 

Interest expense, net

11,854

 

 

25,882

 

 

47,567

 

 

68,467

 

Provision for income taxes

31,700

 

 

41,590

 

 

93,442

 

 

103,940

 

Depreciation and amortization

45,830

 

 

42,160

 

 

135,664

 

 

124,331

 

Stock-based compensation expense

7,794

 

 

8,667

 

 

42,428

 

 

23,245

 

Pre-opening expenses (a)

3,071

 

 

610

 

 

5,265

 

 

5,180

 

Non-cash rent (b)

1,387

 

 

274

 

 

4,569

 

 

2,289

 

Severance (c)

 

 

 

 

2,300

 

 

 

Other adjustments (d)

161

 

 

143

 

 

529

 

 

229

 

Adjusted EBITDA

$

228,399

 

 

$

242,209

 

 

$

650,949

 

 

$

652,974

 

(a)

Represents direct incremental costs of opening or relocating a facility that are charged to operations as incurred.

(b)

Consists of an adjustment to remove the non-cash portion of rent expense.

(c)

Represents severance charges associated with labor reductions that resulted from the realignment of our field operations.

(d)

Other non-cash items, including non-cash accretion on asset retirement obligations and obligations associated with our post-retirement medical plan.

BJ'S WHOLESALE CLUB HOLDINGS, INC.

Reconciliation to Free Cash Flow

(Amounts in thousands)

(Unaudited)

 

 

13 Weeks Ended

October 30, 2021

 

13 Weeks Ended

October 31, 2020

 

39 Weeks Ended

October 30, 2021

 

39 Weeks Ended

October 31, 2020

Net cash provided by operating activities

$

173,862

 

 

$

68,280

 

 

$

733,175

 

 

$

801,972

 

Less: Additions to property and equipment, net of disposals

74,690

 

 

69,838

 

 

222,498

 

 

152,800

 

Plus: Proceeds from sale leaseback transactions

 

 

21,832

 

 

19,080

 

 

25,893

 

Free cash flow

$

99,172

 

 

$

20,274

 

 

$

529,757

 

 

$

675,065

 

BJ'S WHOLESALE CLUB HOLDINGS, INC.

Reconciliation of Net Debt and Net Debt to LTM adjusted EBITDA

(Amounts in thousands)

(Unaudited)

 

 

October 30, 2021

Total debt

$

748,149

 

Less: Cash and cash equivalents

84,691

 

Net Debt

$

663,458

 

 

 

Income from continuing operations

$

415,074

 

Interest expense, net

63,485

 

Provision for income taxes

126,327

 

Depreciation and amortization

178,787

 

Stock-based compensation expense

51,333

 

Pre-opening expenses

9,894

 

Non-cash rent

7,222

 

Severance

2,300

 

Other adjustments

1,045

 

Adjusted EBITDA

$

855,467

 

 

 

Net debt to LTM adjusted EBITDA

0.8

x

See descriptions of adjustments in the “Reconciliation to Adjusted EBITDA (unaudited)” table above.

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