Barnes & Noble Education, Inc. (NYSE: BNED), a leading
solutions provider for the education industry, today announced
preliminary, unaudited results for the second quarter ended October
26, 2024. These unaudited GAAP results are from continuing
operations on a consolidated basis, unless noted otherwise, with
Adjusted EBITDA presented as a non-GAAP measure.
As BNED’s most significant quarter from a revenue perspective,
the second quarter includes the majority of the Fall back-to-school
period. Preliminary, unaudited results suggest that second quarter
fiscal year 2025 revenue is expected to be approximately flat year
over year (YoY), while operating 109 fewer physical and virtual
stores. Net Income for the quarter is expected to be in the mid to
high $40 million range, an anticipated increase by mid-70% to
mid-90% YoY, driven by comparable store top-line growth and
continued improvements in cost management. Adjusted EBITDA is also
expected to increase in the mid to high $10 million range to the
mid to high $60 million range.
Jonathan Shar, CEO, commented, “We are pleased with the
preliminary second quarter results during the important Fall
back-to-school period and the progress we have made to date
executing against our key strategic initiatives. From strong growth
in our First Day® affordable access programs, to outstanding retail
execution supporting our client institutions, and a disciplined
approach to cost management, we are excited about the momentum we
are building in our business transformation.”
The company is expecting to share final, unaudited second
quarter fiscal year 2025 financial results in the beginning of
December 2024 and will provide more detail and commentary at that
time, inclusive of full financial tables and a reconciliation of
non-GAAP measures.
The table below reflects the reconciliation of Adjusted EBITDA
to the most comparable GAAP financial metric, Net Income from
Continuing Operations:
|
|
|
|
|
|
$ in
thousands |
13 weeks ended - Q2 |
|
|
Oct
26, |
|
Oct 28, |
|
|
2024 |
|
|
2023 |
|
|
Net income
from continuing operations |
$44,000-$49,000 |
|
$ |
24,854 |
|
|
Add: |
|
|
|
|
Depreciation
and amortization expense |
8,000 |
|
|
10,175 |
|
|
Interest
expense, net |
5,000 |
|
|
10,664 |
|
|
Income tax
expense |
1,000-2,000 |
|
|
314 |
|
|
Restructuring and other charges |
1,000 |
|
|
4,274 |
|
|
Stock-based
compensation expense (non-cash) |
2,000 |
|
|
799 |
|
|
Adjusted
EBITDA (Non-GAAP) - Continuing Operations |
$61,000-$69,000 |
|
$ |
51,080 |
|
|
|
|
|
|
ABOUT BARNES & NOBLE EDUCATION, INC.Barnes
& Noble Education, Inc. (NYSE: BNED) is a leading solutions
provider for the education industry, driving affordability, access
and achievement at hundreds of academic institutions nationwide and
ensuring millions of students are equipped for success in the
classroom and beyond. Through its family of brands, BNED offers
campus retail services and academic solutions, wholesale
capabilities and more. BNED is a company serving all who work to
elevate their lives through education, supporting students, faculty
and institutions as they make tomorrow a better and smarter world.
For more information, visit www.bned.com.
Use of Non-GAAP Financial Information - Adjusted
EBITDATo supplement the Company’s condensed consolidated
financial statements presented in accordance with generally
accepted accounting principles (“GAAP”) the Company has presented
the financial measure of Adjusted EBITDA, which is a non-GAAP
financial measure under Securities and Exchange Commission (the
"SEC") regulations. We define Adjusted EBITDA as net income (loss)
plus (1) depreciation and amortization; (2) interest expense and
(3) income taxes, (4) as adjusted for items that are subtracted
from or added to net income (loss).
This non-GAAP measure has been reconciled to the most comparable
financial measure presented in accordance with GAAP as follows: the
reconciliation of consolidated Adjusted EBITDA to consolidated net
income (loss). All of the items included in the reconciliation are
either (i) non-cash items or (ii) items that management does not
consider in assessing our on-going operating performance.
This non-GAAP financial measure is not intended as substitutes
for and should not be considered superior to measures of financial
performance prepared in accordance with GAAP. In addition, the
Company's use of this non-GAAP financial measure may be different
from similarly named measures used by other companies, limiting
their usefulness for comparison purposes.
We review this non-GAAP financial measure as an internal measure
to evaluate our performance at a consolidated level to manage our
operations. We believe that this measure is a useful performance
measure which is used by us to facilitate a comparison of our
on-going operating performance on a consistent basis from
period-to-period. We believe that this non-GAAP financial measure
provides for a more complete understanding of factors and trends
affecting our business than measures under GAAP can provide alone,
as they exclude certain items that management believes do not
reflect the ordinary performance of our operations in a particular
period. Our Board of Directors and management also use Adjusted
EBITDA at a consolidated level as one of the primary methods for
planning and forecasting expected performance, for evaluating on a
quarterly and annual basis actual results against such
expectations, and as a measure for performance incentive plans. We
believe that the inclusion of Adjusted EBITDA results provides
investors useful and important information regarding our operating
results, in a manner that is consistent with management’s
evaluation of business performance.
The Company urges investors to carefully review the GAAP
financial information included as part of the Company’s Form 10-K
dated April 27, 2024 filed with the SEC on July 1, 2024, which
includes consolidated financial statements for each of the three
years for the period ended April 27, 2024, April 29, 2023, and
April 30, 2022 (Fiscal 2024, Fiscal 2023, and Fiscal 2022,
respectively). The Company also urges investors to carefully review
the financial information included as part of the Company’s
Quarterly Report on Form 10-Q for the period ended July 27, 2024,
filed with the SEC on September 10, 2024.
Forward-Looking Statements This press release
contains certain “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act of 1995 and
information relating to us and our business that are based on the
beliefs of our management as well as assumptions made by and
information currently available to our management. When used in
this communication, the words “anticipate,” “believe,” “estimate,”
“expect,” “intend,” “plan,” “will,” “forecasts,” “projections,” and
similar expressions, as they relate to us or our management,
identify forward-looking statements. Actual results could differ
materially from those projected in the forward-looking statements,
which include but are not limited to the anticipated financial
results for second quarter fiscal 2025 and the timing of the
Company full release of financial results for second quarter fiscal
2025. We caution you not to place undue reliance on these
forward-looking statements. Such statements reflect our current
views with respect to future events, the outcome of which is
subject to certain risks, including, but not limited to: the
completion of our quarterly review process for our financial
results for the second fiscal quarter of 2025, which could cause
the preliminary results reflect in this press release to change;
the amount of our indebtedness and ability to comply with covenants
contained in our credit agreement; and our ability to maintain
adequate liquidity levels to support ongoing inventory purchases
and related vendor payments in a timely manner. It is not possible
for our management to predict all risks, nor can we assess the
impact of all factors on our business or the extent to which any
factor, or combination of factors, may cause actual results to
differ materially from those contained in any forward-looking
statements we may make. For a more detailed discussion of these
factors, and other factors that could cause actual results to vary
materially, interested parties should review the risk factors
listed in the Company’s Annual Report on Form 10-K for the year
ended April 27, 2024 as filed with the SEC. Any forward-looking
statements made by us in this press release speak only as of the
date of this press release, and we do not intend to update these
forward-looking statements after the date of this press release,
except as required by law.
Media & Investor Contact:Judith BuckinghamManager, Corporate
Communicationsjbuckingham@bned.com
Source: Barnes & Noble Education
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