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Modifies credit agreement to supply up to $350 million in borrowing capacity
WEST JORDAN, Utah, May 31, 2022 (GLOBE NEWSWIRE) — Sportsman’s Warehouse Holdings, Inc. (“Sportsman’s Warehouse” or the “Company”) (Nasdaq: SPWH) announced its monetary effects for the 13 weeks ending April 30, 2022.
“Our first quarter effects were highlighted through strong functionality in our footwear, apparel and hunting and shooting sports categories,” said Jon Barker, lead executive director of Sportsman’s Warehouse. points of sale. We added 3 new outlets to our fleet in the quarter and last week celebrated the opening of our new Spike Camp store in Riverton, Wyoming. This now brings the total number of outlets in our fleet to 126 across the United States.
Mr. Barker continued, “We continue to closely monitor the effect of the existing macroeconomic environment on customer behavior. Our extensive collection in various product categories allows us to satisfy the customer’s conversion desires. Thanks to our leading cash pricing position in our industry and our growing omnichannel presence, we remain confident in our ability to serve visitors looking for the brands and equipment needed to enjoy the outdoors.
For the weeks ending April 30, 2022:
Net sales were $309. 5 million, down 5. 3% from $327. 0 million in the first quarter of fiscal 2021. The decrease in net sales is basically due to declining sales demand across all product categories as we celebrate the anniversary of improving demand creation in the first quarter of fiscal 2021. quarter of 2021 driven by the COVID-19 economic recovery plan (the U. S. rescue plan). USA) and social unrest. This buildup was partially offset by the addition of thirteen new outlets since May 1, 2021, which contributed $20. 0 million in revenue in the current quarter.
Same-store sales were down 11. 6% in the first quarter of 2022, compared to the first quarter of 2021. This is basically due to minimal demand across all product categories due to the complicated year-on-year comparison described above.
Gross revenue source $99. 1 million or 32. 0% of net sales, compared to $104. 0 million or 31. 8% of net sales in the prior fiscal year. The improvement of 20 basis points as a percentage of net sales can be attributed to a favorable product sales are combined and higher product margins, partially offset by higher overall transportation costs.
Selling and administrative expenses (SG
Net revenue stream of $2. 0 million, compared to net revenue stream of $10. 5 million in the first quarter of 2021. Adjusted net income was $2. 2 million, compared to adjusted net income of $12. 5 million in the first quarter of 2021 (see “GAAP and Non-GAAP Measures”). ).
Adjusted EBITDA $12. 9 million, compared to $23. 5 million in the prior-year era (see “GAAP and Non-GAAP Measures”).
Diluted earnings consistent with the consistent percentage were $0. 05, diluted earnings consistent with the consistent percentage of $0. 23 for the same consistent period last year. Adjusted diluted earnings consistent with consistent percentage were $0. 05, adjusted diluted earnings consistent with consistent percentage of $0. 28 within the past year (see “GAAP and Non-GAAP Measures”).
Highlights of the file as of April 30, 2022:
The Company ended the first quarter with debt of $40. 8 million, consisting of $98. 5 million of extraordinary loans under the Company’s revolving credit facility and $57. 7 million in cash.
Total liquidity $168. 2 million at the end of the first quarter, consisting of $110. 5 million of availability of the revolving credit facility, which does not give effect to the terminated credit agreement entered into after the close of the first quarter, and $57. 7 million of cash.
Amended and updated credit agreement:
On May 27, 2022, the Company and the Company’s subsidiaries, each as borrowers or guarantors, modified and updated the credit agreement governing the revolving credit facility with a consortium of banks led through Wells Fargo (the “Amended Credit Agreement”) the amended credit agreement, among other things, increased the maximum borrowing capacity under the revolving credit facility from $250. 0 million to $350. 0 million, subject to a debt base calculation, extended the maturity date from May 23, 2023 to May 27, 2027, and replaced LIBOR with SOFR Term as the benchmark interest rate and ensured similar compliance changes.
“The increased capacity of our revolving credit facility reflects the expansion and fitness of our business and gives us additional flexibility to execute our expansion initiatives,” said Jeff White, chief financial officer of Sportsman’s Warehouse. “We appreciate the continuity of our lending partners as we grow our business and expand our presence in the store. “
More data can be discovered in disclosure documents filed with the SEC and available in www. sportsmans. com.
Outlook for the 2022 quarter:
For the current quarter of fiscal 2022, sales are expected to be between $330 million and $350 million, and same-store sales are expected to decline between 16% and 10% year-over-year. Adjusted diluted earnings consistent with the consistent percentage for the quarter to be between $0. 22 and $0. 30 are expected.
Conference call information:
A conference call to discuss the monetary effects of the first quarter of 2022 is scheduled for May 31, 2022 at 5:00 p. m. m. Eastern Time. The convention call will be webcast and available through the Company’s Investor Relations segment in www. sportsmans. com.
Non-GAAP Information:
This press release includes the following monetary measures described as non-GAAP monetary measures through the Securities and Exchange Commission (the “SEC”): Adjusted Net Earnings, Adjusted Diluted Earnings Consistent with Shares, and Adjusted EBITDA. We describe adjusted net source of income as net source of income plus expenses incurred similar to prices incurred in recruiting and hiring key control, expenses incurred similar to capping of merger with Great Outdoors Group, LLC and identified tax advantages, if any. corresponds. We describe the adjusted diluted earnings consistent with the consistent percentage as adjusted net earnings divided by the diluted weighted average number of consistent percentages outstanding. We describe Adjusted EBITDA as net source of income plus interest expense, source of income tax expense (benefits), depreciation and amortization, stock-based redemption expense, similar expenses incurred upon completion of the merger with Great Outdoors Group , LLC, before Opening expenses and prices incurred in the recruitment and hiring of key control personnel in accordance with the staff. The Company has reconciled those non-GAAP monetary measures to the directly comparable maximum GAAP monetary measures under “GAAP and Non-GAAP Measures” in this release. The Company believes that such non-GAAP monetary measures not only provide its control with comparable monetary knowledge for internal monetary analysis, but also provide additional information useful to investors. Specifically, those non-GAAP monetary measures provide investors with a greater understanding of the Company’s business functionality and facilitate a more meaningful comparison of its consistent diluted earnings with consistent percentage and actual effects from consistent period to consistent period. . The Company has provided this data to assess the effects of its ongoing activities. Other corporations in the Company’s industry would possibly calculate those parts differently than the Company. Each of those measures is not a measure of functionality under GAAP and is not worthy of being superseded by the directly comparable maximum monetary measures listed in accordance with GAAP. Non-GAAP monetary measures have limitations as analytical tools, and investors deserve not to use them in isolation or as a replacement for analyzing the Company’s effects as reported in accordance with GAAP.
Forward-looking statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as included in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1933. 1934. Forward-looking statements contained in this release include, but are not limited to, statements regarding our ability to maintain sufficient stock of products requested by our customers and our direction for the current quarter of fiscal 2022. Investors would likely identify those statements. by the fact that they use words such as “continue”, “expect”, “possibly”, “opportunity”, “plan”, “long term”, “go ahead” and similar terms and expressions. The Company cannot assure investors that long-term developments affecting the Company will be as expected. Actual effects could differ greatly from those expectations due to many issues, including but not limited to: existing and long-term government regulations related to the sale of firearms and ammunition, which could affect the supply and demand for firearms and ammunition products; the company. and your ability to conduct your business; the Company’s retail business model; general economic, market and other conditions and adjustments in customer spending; the concentration of the Company’s retail outlets in the western United States; festival in outdoor and specialty retail market; adjustments in customer call fors; the Company’s expansion into new markets and expected growth; the effect of COVID-19 on the Company’s operations; and other items as set forth in the Company’s filings with the SEC, adding under the heading “Risk Factors” on the Company’s Form 10-K for the fiscal year ended January 29, 2022 filed with the SEC on March 30, 2022, and other public documents filed through the Company with the SEC and available at www. sec. gov. In the event that one or more of those hazards or uncertainties cover, or cause any of the Company’s assumptions to prove incorrect, the Company’s actual effects may differ in draping respects from those projected in those forward-looking statements. Any forecast made through the Company in this release speaks only as of the date the Company makes it. Factors or occasions that may also cause the actual effects of the Company to differ may arise from time to time, and the Company may not be expecting all of them. The Company assumes no legal responsibility to publicly update any Prospective Array, whether as a result of new information, long-term developments or otherwise, except as required by applicable securities laws.
About Sportsman’s Warehouse Holdings, Inc.
Sportsman’s Warehouse Holdings, Inc. es a store that aims to satisfy the wishes of the experienced veteran, the first player and everyone else. We supply exceptional appliances and exceptional service to motivate memories.
For press releases and other secure information about the company, please refer to the investor relations segment of the company’s online page in www. sportsmans. com. Investor Contacts:
Riley TimmerVice President, Investor Relations
ATHLETE’S WAREHOUSE HOLDINGS, INC.
Consolidated statements summaries of effects (unaudited)
(in thousands, consistent with participation)
For the weeks completed
April 30, 2022
% of sales
May 1, 2021
% of sales
Annual variation
Net sales
Ps
309 505
100,0
%
Ps
326 992
100,0
%
Ps
17 487
)
cost of sale
210 414
68,0
%
222 945
68. 2
%
(12 531
)
Gross profit
99 091
32. 0
%
104 047
31,8
%
(4 956
)
Operating costs:
Selling and administrative expenses
96 085
31,0
%
90 419
27,7
%
5 666
Operating income
3 006
1. 0
%
13 628
4. 1
%
(10 622
)
Interest expense
567
0,2
%
226
0,1
%
341
Profit before source of income tax expense
2 439
0,8
%
13 402
4. 0
%
(10 963
)
Income tax burden
441
0,1
%
2 952
0,9
%
(2 511
)
Net losses
Ps
1 998
0,7
%
Ps
10 450
3. 1
%
Ps
8 452
)
Earnings consistent with participation
basics
Ps
0,05
Ps
0,24
Ps
0,19
)
Diluted
Ps
0,05
Ps
0,23
Ps
0,19
)
Weighted number of shares outstanding
basics
43 938
43 690
248
Diluted
44 221
44 514
(293
)
ATHLETE’S WAREHOUSE HOLDINGS, INC.
Condensed consolidated sheets (unaudited)
(thousands)
April 30, 2022
January 29, 2022
The advantages
Current assets:
In cash
Ps
57 705
Ps
57 018
Accounts receivable, net
1 254
1 937
Inventories of goods
436 438
386 560
Prepayment and expenses
20 878
21 955
Total assets
516 275
467 470
Operating lease asset
245 861
243 047
Ownership and equipment, net
133 871
128 304
Willingness
1 496
1,496
Fixed-term intangible assets, net
252
264
Total assets
Ps
897 755
Ps
840 581
Commitments and equity
Current liabilities:
Accounts payable
Ps
100 618
Ps
58 916
increased expenditure
93 038
109 012
Operating liabilities, ongoing
41 697
40 924
Income taxes payable
10 091
9 500
revolving credit line
98 505
66 054
Total liability
343 949
284 406
Long-term liabilities:
Deferred taxes
5 513
5 779
Operating liabilities, not current liabilities
232 613
236 227
Total long-term liabilities
238 126
242 006
Total Responsibilities
582 075
526 412
Equity:
Share
441
439
issue premium
90,362
90 851
Accumulated profits
224 877
222 879
Total equity for shareholders
315 680
314 169
Total liabilities and equity
Ps
897 755
Ps
840 581
ATHLETE’S WAREHOUSE HOLDINGS, INC.
Consolidated (unaudited) consolidated statements of money
(thousands)
April 30, 2022
May 1, 2021
CASH FLOWS BY OPERATIONAL ACTIVITIES
Net losses
Ps
1 998
Ps
10 450
Adjustments to bring the net source of income closer to the net money from operating activities:
Depreciation and amortization
7 387
5 767
Debt amortization and deferred financing costs
63
66
Amortization of intangible assets
24
ten
Non-cash lease expenses
3 535
1 386
Deferred taxes
(266
)
(56
)
Stock-based compensation
1 358
1 016
Change in assets and liabilities, of amounts acquired:
Accounts receivable, net
683
Seven
Operating debts
(9 191
)
(7 235
)
Inventory
(49 878
)
(43 643
)
Prepayment and expenses
1 014
(910
)
Accounts payable
41 241
34 128
increased expenditure
(15 402
)
(7 951
)
Taxes payable and receivable
591
2 955
Net money used in operational activities
(16 843
)
(4 010
)
CASH FLOW FROM INVESTMENT ACTIVITIES:
Purchase of tangible capital goods, of quantities acquired
(12 001
)
(5 615
)
Net money used in investment activities
(12 001
)
(5 615
)
CASH FLOW FROM FINANCING ACTIVITIES:
Net loans (repayments) in line of credit
32 451
–
(Decrease) Increased accounting overdraft
(1 075
)
6 088
Payment of deductions on limited shares
(1 845
)
(2 269
)
Net money from funding activities
29 531
3 819
Net cash
687
(5 806
)
Effective at the beginning of the year
57 018
65 525
Effective at the end of the period
Ps
57 705
Ps
59 719
ATHLETE’S WAREHOUSE HOLDINGS, INC.
GAAP and non-GAAP measures (unaudited)
(in thousands, consistent with participation)
Reconciliation of GAAP earnings and GAAP dilutive earnings consistent with percentage consistent with adjusted earnings and adjusted diluted earnings consistent with consistent percentage:
For the weeks completed
April 30, 2022
May 1, 2021
Numerator:
Net losses
Ps
1 998
Ps
10 450
Purchase prices (3)
–
2 845
Transition Cost Management (4)
222
–
Less tax advantage
(57
)
(767
)
Adjusted income
Ps
2 163
Ps
12 528
Denominator:
Weighted diluted number of outstanding shares
44 221
44 514
Reconciliation of final results through action:
Dilutive earnings consistent with participation
Ps
0,05
Ps
0,23
Impact of numerator and denominator settings
–
0,05
Adjusted diluted earnings consistent with participation
Ps
0,05
Ps
0,28
Reconciliation of net revenue source to adjusted EBITDA:
For the weeks completed
April 30, 2022
May 1, 2021
Net losses
Ps
1 998
Ps
10 450
Interest expense
567
226
Income tax rate (profit)
441
2 952
Depreciation and amortization
7 411
5 777
Expenditure on share-based remuneration (1)
1 358
1 016
Pre-opening (2)
951
195
Purchase prices (3)
–
2 845
Transition Cost Management (4)
222
–
Adjusted EBITDA
Ps
12 948
Ps
23 461
(1) Share-based reimbursement expense represents non-cash expenses similar to equity tools allocated to workers under our 2019 functionality incentive plan and worker percentage buyout plan.
(2) Pre-opening expenses come with expenses incurred for the preparation and opening of a new store, such as payroll and supplies, but do not come with the initial stock charge or capital expenditures required to open a store.
(3) For the thirteen weeks ending May 1, 2021, includes $2. 8 million in expenses incurred in connection with the completed merger with Great Outdoors Group.
(4) Expenses incurred in connection with the recruitment and hiring of key members of our senior control team. These occasions deserve not to happen again.
ATHLETE’S WAREHOUSE HOLDINGS, INC.
GAAP and non-GAAP measures (unaudited)
(in thousands, consistent with participation)
Reconciliation of the 2022 quarter guide:
Dear Q2 22
Low
loud
Numerator:
Net profit (loss)
Ps
9 590
Ps
13 150
Transition Cost Management (1)
Ps
200
Ps
200
Adjusted profit (loss)
Ps
9 790
Ps
13 350
Denominator:
Weighted diluted number of outstanding shares
44 500
44 500
Reconciliation of final results through action:
Diluted profit (loss) consistent with participation
Ps
0,22
Ps
0,30
Impact of numerator and denominator settings
–
–
Adjusted diluted gains (losses) consistent with participation
Ps
0,22
Ps
0,30
(1) Expenses incurred in connection with the recruitment and hiring of key members of our control team. These occasions deserve not to be repeated.