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Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended |
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Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from _______ to ________. |
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(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) | |
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(Address of principal executive offices) |
(Zip Code) |
Title of Each Class |
Trading Symbol(s) |
Name of Each Exchange on which Registered | ||
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Large accelerated filer ☒ |
Accelerated filer ☐ | |
Non-accelerated filer ☐ Emerging growth company |
Smaller reporting company |
PART I. |
3 |
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Item 1. |
3 |
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3 |
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4 |
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4 |
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5 |
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6 |
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7 |
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17 |
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Item 2. |
18 |
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Item 3. |
24 |
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Item 4. |
24 |
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PART II. |
25 |
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Item 1. |
25 |
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Item 1A. |
25 |
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Item 2. |
25 |
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Item 3. |
26 |
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Item 4. |
26 |
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Item 5. |
26 |
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Item 6. |
27 |
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28 |
Item 1. |
Financial Statements. |
(in thousands) |
November 23 , 2019 |
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August 31 , 2019 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
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$ |
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Accounts receivable |
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Merchandise inventories |
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Other current assets |
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Total current assets |
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Property and equipment: |
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Property and equipment |
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Less: Accumulated depreciation and amortization |
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( |
) |
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( |
) |
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Operating lease right-of-use assets |
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Goodwill |
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Deferred income taxes |
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Other long-term assets |
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$ |
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$ |
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Liabilities and Stockholders’ Deficit |
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Current liabilities: |
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Accounts payable |
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$ |
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$ |
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Current portion of operating lease liabilities |
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Accrued expenses and other |
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Income taxes payable |
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Total current liabilities |
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Long-term debt |
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Operating lease liabilities, less current portion |
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Deferred income taxes |
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Other long-term liabilities |
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Commitments and contingencies |
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Stockholders’ deficit: |
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Preferred stock, authorized |
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Common stock, par value $ per share, authorized |
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Additional paid-in capital |
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Retained deficit |
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( |
) |
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( |
) |
| ||||
Accumulated other comprehensive loss |
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( |
) |
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( |
) |
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Treasury stock, at cost |
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( |
) |
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( |
) |
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Total stockholders’ deficit |
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( |
) |
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( |
) |
| ||||
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$ |
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$ |
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Twelve Weeks Ended |
||||||||||||
(in thousands, except per share data) |
November 23, 2019 |
November 17, 2018 |
||||||||||
$ |
$ |
|||||||||||
$ |
$ |
|||||||||||
$ |
$ |
|||||||||||
$ |
$ |
Twelve Weeks Ended |
||||||||||||
November 23, 2019 |
November 17, 2018 |
|||||||||||
$ |
$ |
|||||||||||
income ( loss) : |
||||||||||||
( |
) |
|||||||||||
(1) |
( |
) |
( |
) |
||||||||
(2) |
||||||||||||
income ( loss) |
( |
) |
||||||||||
$ |
$ |
|||||||||||
(1) |
Unrealized (losses) on marketable debt securities are presented net of tax benefit of $ |
(2) |
Net derivative activities are presented net of taxes of $ both fiscal 2020 and fiscal 2019. |
Twelve Weeks Ended |
| |||||||||||
(in thousands) |
November 23, 2019 |
|
November 17, 2018 |
| ||||||||
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| ||
Cash flows from operating activities: |
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|
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| ||||||||
Net income |
|
$ |
|
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$ |
|
| ||||
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
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| ||||||||
Depreciation and amortization of property and equipment and intangibles |
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|
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Amortization of debt origination fees |
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Deferred income taxes |
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| ||||||
Share-based compensation expense |
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| ||||||
Changes in operating assets and liabilities: |
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| ||||||||
Accounts receivable |
|
( |
) |
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( |
) |
| ||||
Merchandise inventories |
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( |
) |
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( |
) |
| ||||
Accounts payable and accrued expenses |
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Income taxes payable |
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Other, net |
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Net cash provided by operating activities |
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|
Cash flows from investing activities: |
|
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| ||||||||
Capital expenditures |
|
( |
) |
|
|
( |
) |
| ||||
Purchase of marketable debt securities |
|
( |
) |
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|
( |
) |
| ||||
Proceeds from sale of marketable debt securities |
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| ||||||
Proceeds from disposal of capital assets and other, net |
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| ||||||
Net cash used in investing activities |
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( |
) |
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( |
) |
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Cash flows from financing activities: |
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| ||||||||
Net proceeds from commercial paper |
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| ||||||
Net proceeds from sale of common stock |
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| ||||||
Purchase of treasury stock |
|
( |
) |
|
|
( |
) |
| ||||
Re ayment of p principal porti lease on of financ e liabilities |
|
( |
) |
|
|
( |
) |
| ||||
Net cash used in financing activities |
|
( |
) |
|
|
( |
) |
| ||||
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|
Effect of exchange rate changes on cash |
|
|
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( |
) |
| |||||
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|
|
Net (decrease) increase in cash and cash equivalents |
|
( |
) |
|
|
|
| |||||
Cash and cash equivalents at beginning of period |
|
|
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| ||||||
Cash and cash equivalents at end of period |
|
$ |
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|
$ |
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| ||||
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|
|
|
Twelve Weeks Ended November 23, 2019 |
||||||||||||||||||||||||||||||||
(in thousa nds) |
Common Shares Issued |
Common Stock |
Additional Paid-in Capital |
Retained Deficit |
Accumulated Other Comprehensive Loss |
Treasury Stock |
Total |
|||||||||||||||||||||||||
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
|||||||||||||||||||
– |
||||||||||||||||||||||||||||||||
gain |
– |
|||||||||||||||||||||||||||||||
– |
( |
) |
( |
) |
||||||||||||||||||||||||||||
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
|||||||||||||||||||
Twelve Weeks Ended November 17 , 2018 |
||||||||||||||||||||||||||||||||
(in thousands) |
Common Shares Issued |
Common Stock |
Additional Paid-in Capital |
Retained Deficit |
Accumulated Other Comprehensive Loss |
Treasury Stock |
Total |
|||||||||||||||||||||||||
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
|||||||||||||||||||
2014-09 |
– |
( |
) |
( |
) |
|||||||||||||||||||||||||||
( |
) |
( |
) |
( |
) |
( |
) |
|||||||||||||||||||||||||
– |
||||||||||||||||||||||||||||||||
loss |
– |
( |
) |
( |
) |
|||||||||||||||||||||||||||
– |
( |
) |
( |
) |
||||||||||||||||||||||||||||
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
Twelve Weeks Ended |
|||||||||
November 23, 2019 |
November 17, 2018 |
||||||||
% |
% |
||||||||
% |
% |
||||||||
% |
% |
||||||||
% |
% |
Number of Shares |
Weighted - AverageGrant Date Fair Value |
|||||||||||
$ |
||||||||||||
( |
) |
|||||||||||
( |
) |
|||||||||||
$ |
November 23, 2019 |
||||||||||||||||||||||||
(in thousands) |
Level 1 |
L evel 2 |
Level 3 |
Fair Value |
||||||||||||||||||||
$ |
$ |
$ |
– |
$ |
||||||||||||||||||||
– |
||||||||||||||||||||||||
$ |
$ |
$ |
– |
$ |
||||||||||||||||||||
August 31, 2019 |
||||||||||||||||||||||||
(in thousands) |
Level 1 |
Level 2 |
Level 3 |
Fair Value |
||||||||||||||||||||
$ |
$ |
$ |
– |
$ |
||||||||||||||||||||
– |
||||||||||||||||||||||||
$ |
$ |
$ |
– |
$ |
||||||||||||||||||||
November 23, 2019 |
|||||||||||||||||||||||
(in thousands) |
Amortized Cost Basis |
Gross Unrealized Gains |
Gross Unrealized Losses |
Fair Value |
|||||||||||||||||||
$ |
$ |
$ |
( |
) |
$ |
||||||||||||||||||
( |
) |
||||||||||||||||||||||
( |
) |
||||||||||||||||||||||
( |
) |
||||||||||||||||||||||
$ |
$ |
$ |
) |
$ |
|||||||||||||||||||
August 31, 2019 |
|||||||||||||||||||||||
(in thousands) |
Amortized Cost Basis |
Gross Unrealized Gains |
Gross Unrealized Losses |
Fair Value |
|||||||||||||||||||
$ |
$ |
$ |
( |
) |
$ |
||||||||||||||||||
( |
) |
||||||||||||||||||||||
( |
) |
||||||||||||||||||||||
$ |
$ |
$ |
( |
) |
$ |
||||||||||||||||||
(in thousands) |
November 23, 2019 |
August 31, 2019 |
||||||||||
$ |
$ |
|||||||||||
$ |
$ |
|||||||||||
(in thousands) |
Foreign Currency and Other (2) |
Net Unrealized Gain (Loss) on Securities |
Derivatives |
Total |
||||||||||||||||||||
$ |
( |
) |
$ |
$ |
( |
) |
$ |
( |
) |
|||||||||||||||
(1) |
( |
) |
– |
|||||||||||||||||||||
(loss) (1) |
– |
(3) |
(4) |
|||||||||||||||||||||
$ |
( |
) |
$ |
$ |
( |
) |
$ |
( |
) |
|||||||||||||||
(in thousands) |
Foreign Currency and Other (2) |
Net Unrealized Gain (Loss) on Securities |
Derivatives |
Total |
||||||||||||||||||||
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
|||||||||||||
(1) |
( |
) |
( |
) |
– |
( |
) |
|||||||||||||||||
c omprehensive loss |
– |
(4) |
||||||||||||||||||||||
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
|||||||||||||
(1) |
Amounts in parentheses indicate debits to Accumulated other comprehensive loss. |
(2) |
Foreign currency is shown net of U.S. tax to account for foreign currency impacts of certain undistributed non-U.S. subsidiaries earnings. Other foreign currency is not shown net of additional U.S. tax as other basis differences of non-U.S. subsidiaries are intended to be permanently reinvested. |
(3) |
Represents realized losses on marketable debt securities, net of tax benefit of $ |
(4) |
Represents losses on derivatives, net of taxes of $ both fiscal 2020 and fiscal 2019, which is recorded in Interest expense, net, on the Condensed Consolidated Statements of Income. See “Note E – Derivative Financial Instruments” for further discussion. |
(in thousands) |
Estimated Useful Life |
Gross Carrying Amount |
Accumulated Amortization |
Net Carrying Amount |
||||||||||||||||||||
Amortizing intangible assets: |
||||||||||||||||||||||||
Technology |
$ |
$ |
( |
) |
$ |
– |
||||||||||||||||||
Customer relationships |
( |
) |
||||||||||||||||||||||
Total intangible assets other than goodwill |
$ |
$ |
( |
) |
$ |
(in thousands) |
Classification |
November 23, 2019 |
|||||
Operating lease right-of-use assets |
$ |
||||||
(1) |
Property and equipment, less accumulated depreciation and amortization |
||||||
$ |
|||||||
Current portion of operating lease liab i lities |
$ |
||||||
Accrued expenses and other |
|||||||
Operating lease liabilities, less current portion |
|||||||
Other long-term liabilities |
|||||||
$ |
(1) |
Finance lease assets are net of accumulated amortization of $ |
(in thousands) |
Statement of Income Location |
Twelve Weeks Ended November 23, 2019 |
||||||||||||
Finance lease cost: |
||||||||||||||
Amortization of lease assets |
Depreciation and amortization |
$ |
||||||||||||
Interest on lease liabilities |
Interest expense, net |
|||||||||||||
Operating lease cost (1) |
Selling, general and administrative expenses |
|||||||||||||
Total lease cost |
$ |
|||||||||||||
(1) |
Includes short-term leases, variable lease costs and sublease income, which are immaterial. |
(in thousands) |
Finance Leases |
Operating Leases |
Total |
|||||||||||||||||||||||||||||||||
2020 |
$ |
$ |
$ |
|||||||||||||||||||||||||||||||||
2021 |
||||||||||||||||||||||||||||||||||||
2022 |
||||||||||||||||||||||||||||||||||||
2023 |
||||||||||||||||||||||||||||||||||||
2024 |
||||||||||||||||||||||||||||||||||||
Thereafter |
||||||||||||||||||||||||||||||||||||
Total lease payments |
||||||||||||||||||||||||||||||||||||
Less: Interest |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||||||
Present value of lease liabilities |
$ |
$ |
$ |
|||||||||||||||||||||||||||||||||
(in thousands) |
Operating Leases |
Capital Leases |
||||||||||||||||||||||
2020 |
$ |
$ |
||||||||||||||||||||||
2021 |
||||||||||||||||||||||||
2022 |
||||||||||||||||||||||||
2023 |
||||||||||||||||||||||||
2024 |
||||||||||||||||||||||||
Thereafter |
||||||||||||||||||||||||
Total minimum payments required |
$ |
|||||||||||||||||||||||
Less: Interest |
( |
) |
||||||||||||||||||||||
Present value of minimum capital lease payments |
$ |
|||||||||||||||||||||||
ve Weeks E nded November 23, |
||||
vehicles |
||||
Weighted-average discount rate: |
||||
vehicles |
||||
(in thousands) |
Twelve Weeks Ended November 23, 2019 |
|||
Cash paid for amounts included in the measurement of lease liabilities – operating cash flows from operating leases |
$ |
|||
Leased assets obtained in exchange for new finance lease liabilities |
||||
Leased assets obtained in exchange for new operating lease liabilities |
Twelve Weeks Ended |
||||||||||||
November 23, 2019 |
November 17, 2018 |
|||||||||||
Stores |
$ |
$ |
||||||||||
$ |
$ |
|||||||||||
Stores |
$ |
$ |
||||||||||
( |
) |
( |
) |
|||||||||
( |
) |
( |
) |
|||||||||
$ |
$ |
|||||||||||
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
A |
B |
A-B=C |
D |
C+D |
||||||||||||||||||||||||
(in thousands, except percentage) |
Fiscal Year Ended August 31, 2019 |
Twelve Weeks Ended November 17, 2018 |
Forty-One Weeks Ended August 31, 2019 |
Twelve Weeks Ended November 23, 2019 |
Trailing Four Quarters Ended November 23, 2019 |
|||||||||||||||||||||||
Net income |
$ | 1,617,221 |
$ | 351,406 |
$ | 1,265,815 |
$ | 350,338 |
$ | 1,616,153 |
||||||||||||||||||
Adjustments: |
||||||||||||||||||||||||||||
Interest expense |
184,804 |
39,006 |
145,798 |
43,743 |
189,541 |
|||||||||||||||||||||||
Rent expense (1) |
332,726 |
71,216 |
261,510 |
75,592 |
337,102 |
|||||||||||||||||||||||
Tax effect (2) |
(107,129 |
) | (22,816 |
) | (84,313 |
) | (24,702 |
) | (109,015 |
) | ||||||||||||||||||
Deferred tax liabilities, net of repatriation tax |
(6,340 |
) | – |
(6,340 |
) | – |
(6,340 |
) | ||||||||||||||||||||
Adjusted after-tax return |
$ | 2,021,282 |
$ | 438,812 |
$ | 1,582,470 |
$ | 444,971 |
$ | 2,027,441 |
||||||||||||||||||
Average debt (3) |
$ | 5,182,565 |
||||||||||||||||||||||||||
Average stockholders’ deficit (3) |
(1,666,486 |
) | ||||||||||||||||||||||||||
Add: Rent x 6 (1) |
2,022,612 |
|||||||||||||||||||||||||||
Average finance lease liabilities (3) |
170,863 |
|||||||||||||||||||||||||||
Pre-tax invested capital |
$ | 5,709,554 |
||||||||||||||||||||||||||
Adjusted after-tax ROIC |
35.5% |
|||||||||||||||||||||||||||
A |
B |
A-B=C |
D |
C+D |
||||||||||||||||||||||||
(in thousands, except percentage) |
Fiscal Year Ended August 25, 2018 |
Twelve Weeks Ended November 18, 2017 |
Forty Weeks Ended August 25, 2018 |
Twelve Weeks Ended November 17, 2018 |
Trailing Four Quarters Ended November 17, 2018 |
|||||||||||||||||||||||
Net income |
$ | 1,337,536 |
$ | 281,003 |
$ | 1,056,533 |
$ | 351,406 |
$ | 1,407,939 |
||||||||||||||||||
Adjustments: |
||||||||||||||||||||||||||||
Impairment before tax |
193,162 |
– |
193,162 |
– |
193,162 |
|||||||||||||||||||||||
Pension termination charges before tax |
130,263 |
– |
130,263 |
– |
130,263 |
|||||||||||||||||||||||
Interest expense |
174,527 |
38,889 |
135,638 |
39,006 |
174,644 |
|||||||||||||||||||||||
Rent expense |
315,580 |
69,655 |
245,925 |
71,216 |
317,141 |
|||||||||||||||||||||||
Tax effect (2) |
(211,806 |
) | (36,362 |
) | (175,444 |
) | (25,773 |
) | (201,217 |
) | ||||||||||||||||||
Deferred tax liabilities, net of repatriation tax |
(132,113 |
) | – |
(132,113 |
) | – |
(132,113 |
) | ||||||||||||||||||||
Adjusted after-tax return |
$ | 1,807,149 |
$ | 353,185 |
$ | 1,453,964 |
$ | 435,855 |
$ | 1,889,819 |
||||||||||||||||||
Average debt (3) |
$ | 5,028,638 |
||||||||||||||||||||||||||
Average stockholders’ deficit (3) |
(1,479,244 |
) | ||||||||||||||||||||||||||
Add: Rent x 6 |
1,902,846 |
|||||||||||||||||||||||||||
Average finance lease liabilities (3) |
157,763 |
|||||||||||||||||||||||||||
Pre-tax invested capital |
$ | 5,610,003 |
||||||||||||||||||||||||||
Adjusted after-tax ROIC |
33.7% |
|||||||||||||||||||||||||||
(1) |
Effective September 2016-02, Leases (Topic 842), the new lease accounting standard that required the Company to recognize operating lease assets and liabilities in the balance sheet. The table below outlines the calculation of rent expense and reconciles rent expense to total lease cost, per ASC 842, the most directly comparable GAAP financial measure, for the 12 weeks ended November 23, 2019. |
Total lease cost per ASC 842, for the 12 weeks ended November 23, 2019 |
$ | 95,840 |
||
Less: Finance lease interest and amortization |
(14,041 |
) | ||
Less: Variable operating lease components, related to insurance and common area maintenance for the 12 weeks ended November 23, 2019 |
(6,207 |
) | ||
Rent expense for the 12 weeks ended November 23, 2019 |
75,592 |
|||
Add: Rent expense for the 41 weeks ended August 31, 2019, as previously reported prior to the adoption of ASC 842 |
261,510 |
|||
Rent expense for the 53 weeks ended November 23, 2019 |
$ | 337,102 |
||
(2) | Effective tax rate over trailing four quarters ended November 23, 2019 is 20.7%. Effective tax rate over trailing four quarters ended November 17, 2018 is 24.2% for impairment, 28.1% for pension termination and 23.4% for interest and rent expense. |
(3) | All averages are computed based on trailing 5 quarter balances. |
A |
B |
A-B=C |
D |
C+D |
||||||||||||||||||||||||
(in thousands, except ratio) |
Fiscal Year Ended August 31, 2019 |
Twelve Weeks Ended November 17, 2018 |
Forty-One Weeks Ended August 31, 2019 |
Twelve Weeks Ended November 23, 2019 |
Trailing Four Quarters Ended November 23, 2019 |
|||||||||||||||||||||||
Net income |
$ | 1,617,221 |
$ | 351,406 |
$ | 1,265,815 |
$ | 350,338 |
$ | 1,616,153 |
||||||||||||||||||
Add: Interest expense |
184,804 |
39,006 |
145,798 |
43,743 |
189,541 |
|||||||||||||||||||||||
Income tax expense |
414,112 |
97,406 |
316,706 |
105,942 |
422,648 |
|||||||||||||||||||||||
Adjusted EBIT |
2,216,137 |
487,818 |
1,728,319 |
500,023 |
2,228,342 |
|||||||||||||||||||||||
Add: Depreciation expense |
369,957 |
82,452 |
287,505 |
89,750 |
377,255 |
|||||||||||||||||||||||
Rent expense |
332,726 |
71,216 |
261,510 |
75,592 |
337,102 |
|||||||||||||||||||||||
Share-based expense |
43,255 |
10,527 |
32,728 |
9,996 |
42,724 |
|||||||||||||||||||||||
Adjusted EBITDAR |
$ | 2,962,075 |
$ | 652,013 |
$ | 2,310,062 |
$ | 675,361 |
$ | 2,985,423 |
||||||||||||||||||
Debt |
$ | 5,287,324 |
||||||||||||||||||||||||||
Finance lease liabilities |
195,663 |
|||||||||||||||||||||||||||
Add : Rent x 6 (1) |
2,022,612 |
|||||||||||||||||||||||||||
Adjusted debt |
$ | 7,505,599 |
||||||||||||||||||||||||||
Adjusted debt to EBITDAR |
2.5 |
|||||||||||||||||||||||||||
A |
B |
A-B=C |
D |
C+D |
||||||||||||||||||||||||
(in thousands, except ratio) |
Fiscal Year Ended August 25, 2018 |
Twelve Weeks Ended November 18, 2017 |
Forty Weeks Ended August 25, 2018 |
Twelve Weeks Ended November 17, 2018 |
Trailing Four Quarters Ended November 17, 2018 |
|||||||||||||||||||||||
Net income |
$ | 1,337,536 |
$ | 281,003 |
$ | 1,056,533 |
$ | 351,406 |
$ | 1,407,939 |
||||||||||||||||||
Add: Impairment before tax |
193,162 |
– |
193,162 |
– |
193,162 |
|||||||||||||||||||||||
Pension termination charges before tax |
130,263 |
– |
130,263 |
– |
130,263 |
|||||||||||||||||||||||
Interest expense |
174,527 |
38,889 |
135,638 |
39,006 |
174,644 |
|||||||||||||||||||||||
Income tax expense |
298,793 |
148,862 |
149,931 |
97,406 |
247,337 |
|||||||||||||||||||||||
Adjusted EBIT |
2,134,281 |
468,754 |
1,665,527 |
487,818 |
2,153,345 |
|||||||||||||||||||||||
Add: Depreciation expense |
345,084 |
77,986 |
267,098 |
82,452 |
349,550 |
|||||||||||||||||||||||
Rent expense |
315,580 |
69,655 |
245,925 |
71,216 |
317,141 |
|||||||||||||||||||||||
Share-based expense |
43,674 |
11,086 |
32,588 |
10,527 |
43,115 |
|||||||||||||||||||||||
Adjusted EBITDAR |
$ | 2,838,619 |
$ | 627,481 |
$ | 2,211,138 |
$ | 652,013 |
$ | 2,863,151 |
||||||||||||||||||
Debt |
$ | 5,156,037 |
||||||||||||||||||||||||||
Finance lease liabilities |
158,284 |
|||||||||||||||||||||||||||
Add: Rent x 6 |
1,902,846 |
|||||||||||||||||||||||||||
Adjusted debt |
$ | 7,217,167 |
||||||||||||||||||||||||||
Adjusted debt to EBITDAR |
2.5 |
|||||||||||||||||||||||||||
(1) | Effective September 1, 2019, the Company adopted ASU 2016-02, Leases (Topic 842), the new lease accounting standard that required the Company to recognize operating lease assets and liabilities in the balance sheet. The table below outlines the calculation of rent expense and reconciles rent expense to total lease cost, per ASC 842, the most directly comparable GAAP financial measure, for the 12 weeks ended November 23, 2019. |
Total lease cost per ASC 842, for the 12 weeks ended November 23, 2019 |
$ | 95,840 |
||
Less: Finance lease interest and amortization |
(14,041 |
) | ||
Less: Variable operating lease components, related to insurance and common area maintenance for the 12 weeks ended November 23, 2019 |
(6,207 |
) | ||
Rent expense for the 12 weeks ended November 23, 2019 |
75,592 |
|||
Add: Rent expense for the 41 weeks ended August 31, 2019, as previously reported prior to the adoption of ASC 842 |
261,510 |
|||
Rent expense for the 53 weeks ended November 23, 2019 |
$ | 337,102 |
||
Item 3. |
Quantitative and Qualitative Disclosures about Market Risk |
Item 4. |
Controls and Procedures |
Item 1. |
Legal Proceedings |
Item 1A. |
Risk Factors |
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds |
Period |
Total Number of Shares Purchased |
Average Price Paid per Share |
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |
Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs |
||||||||||||
September 1, 2019 to September 28, 2019 |
97,846 |
$ | 1,124.20 |
97,846 |
$ | 1,616,794,844 |
||||||||||
September 29, 2019 to October 26, 2019 |
179,671 |
1,083.27 |
179,671 |
1,422,162,936 |
||||||||||||
October 27, 2019 to November 23, 2019 |
125,590 |
1,157.49 |
125,590 |
1,276,793,619 |
||||||||||||
Total |
403,107 |
$ | 1,116.33 |
403,107 |
$ | 1,276,793,619 |
||||||||||
Item 3. |
Defaults Upon Senior Securities |
Item 4. |
Mine Safety Disclosures |
Item 5. |
Other Information |
Item 6. |
Exhibits |
3.1 |
||
3.2 |
||
15.1 |
||
31.1 |
||
31.2 |
||
32.1* |
||
32.2* |
||
101. INS |
XBRL Instance Document | |
101.SCH |
XBRL Taxonomy Extension Schema Document | |
101.CAL |
XBRL Taxonomy Extension Calculation Document | |
101.LAB |
XBRL Taxonomy Extension Labels Document | |
101.PRE |
XBRL Taxonomy Extension Presentation Document | |
101.DEF |
XBRL Taxonomy Extension Definition Document | |
104. |
Cover Page formatted as Inline XBRL and contained in Exhibits 101 |
AUTOZONE, INC. | ||
By: |
/s/ WILLIAM T. GILES | |
William T. Giles | ||
Chief Financial Officer and Executive Vice President | ||
Finance, Information Technology and Store Development | ||
(Principal Financial Officer) | ||
By: |
/s/ CHARLIE PLEAS, III | |
Charlie Pleas, III | ||
Senior Vice President, Controller | ||
(Principal Accounting Officer) |