2016 Q1 Form 10-Q Financial Statement
#000163411717000026 Filed on February 28, 2017
Income Statement
Concept | 2016 Q1 | 2015 Q2 |
---|---|---|
Revenue | $518.4M | $274.0M |
YoY Change | -0.6% | -9.06% |
Cost Of Revenue | $397.8M | $172.9M |
YoY Change | -0.54% | -12.85% |
Gross Profit | $120.6M | $101.1M |
YoY Change | -0.81% | -1.72% |
Gross Profit Margin | 23.27% | 36.91% |
Selling, General & Admin | $96.45M | $88.00M |
YoY Change | 1.86% | -1.68% |
% of Gross Profit | 79.95% | 87.02% |
Research & Development | ||
YoY Change | ||
% of Gross Profit | ||
Depreciation & Amortization | $13.10M | $12.90M |
YoY Change | 4.8% | 1.57% |
% of Gross Profit | 10.86% | 12.76% |
Operating Expenses | $96.45M | $100.8M |
YoY Change | 1.86% | -1.37% |
Operating Profit | -$2.438M | $330.0K |
YoY Change | -117.0% | -52.86% |
Interest Expense | -$700.0K | -$200.0K |
YoY Change | -33.33% | |
% of Operating Profit | -60.61% | |
Other Income/Expense, Net | ||
YoY Change | ||
Pretax Income | -$3.149M | $100.0K |
YoY Change | -122.0% | -75.0% |
Income Tax | $454.0K | $400.0K |
% Of Pretax Income | 400.0% | |
Net Earnings | -$3.603M | -$256.0K |
YoY Change | -141.65% | -142.67% |
Net Earnings / Revenue | -0.69% | -0.09% |
Basic Earnings Per Share | -$0.07 | -$0.01 |
Diluted Earnings Per Share | -$0.07 | -$0.01 |
COMMON SHARES | ||
Basic Shares Outstanding | 48.09M shares | |
Diluted Shares Outstanding | 48.09M shares |
Balance Sheet
Concept | 2016 Q1 | 2015 Q2 |
---|---|---|
SHORT-TERM ASSETS | ||
Cash & Short-Term Investments | $108.2M | $44.80M |
YoY Change | -38.03% | -68.95% |
Cash & Equivalents | $108.2M | $44.82M |
Short-Term Investments | ||
Other Short-Term Assets | $5.800M | $4.600M |
YoY Change | -80.86% | -82.17% |
Inventory | $542.5M | $297.4M |
Prepaid Expenses | ||
Receivables | $183.1M | $26.40M |
Other Receivables | $0.00 | $50.20M |
Total Short-Term Assets | $905.3M | $471.0M |
YoY Change | -2.15% | -11.39% |
LONG-TERM ASSETS | ||
Property, Plant & Equipment | $113.5M | $107.6M |
YoY Change | 8.37% | 7.99% |
Goodwill | $274.1M | $274.1M |
YoY Change | 0.0% | 0.0% |
Intangibles | $190.5M | $198.2M |
YoY Change | -5.08% | |
Long-Term Investments | ||
YoY Change | ||
Other Assets | $33.64M | $39.89M |
YoY Change | -2.64% | 32.07% |
Total Long-Term Assets | $611.8M | $619.7M |
YoY Change | -0.38% | 1.21% |
TOTAL ASSETS | ||
Total Short-Term Assets | $905.3M | $471.0M |
Total Long-Term Assets | $611.8M | $619.7M |
Total Assets | $1.517B | $1.091B |
YoY Change | -1.45% | -4.65% |
SHORT-TERM LIABILITIES | ||
YoY Change | ||
Accounts Payable | $489.0M | $155.2M |
YoY Change | -0.65% | -6.28% |
Accrued Expenses | $199.7M | $97.58M |
YoY Change | 4.64% | 5.37% |
Deferred Revenue | ||
YoY Change | ||
Short-Term Debt | $0.00 | $0.00 |
YoY Change | ||
Long-Term Debt Due | ||
YoY Change | ||
Total Short-Term Liabilities | $688.6M | $252.8M |
YoY Change | 0.83% | -2.1% |
LONG-TERM LIABILITIES | ||
Long-Term Debt | $0.00 | $0.00 |
YoY Change | ||
Other Long-Term Liabilities | $69.94M | $69.49M |
YoY Change | 11.6% | 2473.63% |
Total Long-Term Liabilities | $69.94M | $69.49M |
YoY Change | 11.6% | 2473.63% |
TOTAL LIABILITIES | ||
Total Short-Term Liabilities | $688.6M | $252.8M |
Total Long-Term Liabilities | $69.94M | $69.49M |
Total Liabilities | $798.4M | $364.0M |
YoY Change | -2.29% | -49.39% |
SHAREHOLDERS EQUITY | ||
Retained Earnings | ||
YoY Change | ||
Common Stock | $698.1M | $0.00 |
YoY Change | ||
Preferred Stock | ||
YoY Change | ||
Treasury Stock (at cost) | $9.297M | $0.00 |
YoY Change | ||
Treasury Stock Shares | 948.0K shares | 0.000 shares |
Shareholders Equity | $718.6M | $726.7M |
YoY Change | ||
Total Liabilities & Shareholders Equity | $1.517B | $1.091B |
YoY Change | -1.45% | -4.65% |
Cashflow Statement
Concept | 2016 Q1 | 2015 Q2 |
---|---|---|
OPERATING ACTIVITIES | ||
Net Income | -$3.603M | -$256.0K |
YoY Change | -141.65% | -142.67% |
Depreciation, Depletion And Amortization | $13.10M | $12.90M |
YoY Change | 4.8% | 1.57% |
Cash From Operating Activities | $40.60M | -$102.8M |
YoY Change | -160.51% | 201.47% |
INVESTING ACTIVITIES | ||
Capital Expenditures | -$13.20M | -$13.40M |
YoY Change | 25.71% | 35.35% |
Acquisitions | ||
YoY Change | ||
Other Investing Activities | $1.300M | -$5.300M |
YoY Change | -13.33% | -581.82% |
Cash From Investing Activities | -$11.80M | -$18.70M |
YoY Change | 31.11% | 114.94% |
FINANCING ACTIVITIES | ||
Cash Dividend Paid | ||
YoY Change | ||
Common Stock Issuance & Retirement, Net | ||
YoY Change | ||
Debt Paid & Issued, Net | ||
YoY Change | ||
Cash From Financing Activities | -9.300M | 3.900M |
YoY Change | 304.35% | 30.0% |
NET CHANGE | ||
Cash From Operating Activities | 40.60M | -102.8M |
Cash From Investing Activities | -11.80M | -18.70M |
Cash From Financing Activities | -9.300M | 3.900M |
Net Change In Cash | 19.50M | -117.6M |
YoY Change | -124.87% | 195.48% |
FREE CASH FLOW | ||
Cash From Operating Activities | $40.60M | -$102.8M |
Capital Expenditures | -$13.20M | -$13.40M |
Free Cash Flow | $53.80M | -$89.40M |
YoY Change | -195.05% | 269.42% |
Facts In Submission
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---|---|---|---|---|
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Cost Of Repurchased Shares For Tax Wittholding For Share Based Compensation
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|
596000 | USD | |
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|
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Parent Company Investment
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|
0.26 | |
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|
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|
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EffectiveIncomeTaxRateContinuingOperations
|
0.168 | |
us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.289 | ||
CY2017Q1 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
|
17073000 | USD |
us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
|
P2Y3M24D | ||
CY2016Q1 | us-gaap |
Goodwill
Goodwill
|
274070000 | USD |
CY2016Q2 | us-gaap |
Goodwill
Goodwill
|
280911000 | USD |
CY2017Q1 | us-gaap |
Goodwill
Goodwill
|
281346000 | USD |
CY2016Q1 | us-gaap |
Gross Profit
GrossProfit
|
120640000 | USD |
us-gaap |
Gross Profit
GrossProfit
|
347305000 | USD | |
CY2017Q1 | us-gaap |
Gross Profit
GrossProfit
|
115925000 | USD |
us-gaap |
Gross Profit
GrossProfit
|
334852000 | USD | |
CY2016Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
-3149000 | USD |
us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
7567000 | USD | |
CY2017Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
4519000 | USD |
us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
7221000 | USD | |
CY2016Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
454000 | USD |
us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
4687000 | USD | |
CY2017Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
758000 | USD |
us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
2087000 | USD | |
us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
435917000 | USD | |
us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
429286000 | USD | |
us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
245064000 | USD | |
us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
181285000 | USD | |
us-gaap |
Increase Decrease In Other Current Assets And Liabilities Net
IncreaseDecreaseInOtherCurrentAssetsAndLiabilitiesNet
|
-64189000 | USD | |
us-gaap |
Increase Decrease In Other Current Assets And Liabilities Net
IncreaseDecreaseInOtherCurrentAssetsAndLiabilitiesNet
|
-99437000 | USD | |
us-gaap |
Increase Decrease In Other Noncurrent Assets And Liabilities Net
IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet
|
-449000 | USD | |
CY2016Q1 | us-gaap |
Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
|
190549000 | USD |
CY2016Q2 | us-gaap |
Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
|
199663000 | USD |
CY2017Q1 | us-gaap |
Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
|
191628000 | USD |
us-gaap |
Increase Decrease In Receivables
IncreaseDecreaseInReceivables
|
106582000 | USD | |
us-gaap |
Increase Decrease In Receivables
IncreaseDecreaseInReceivables
|
127369000 | USD | |
CY2016Q1 | us-gaap |
Interest Income Expense Net
InterestIncomeExpenseNet
|
-711000 | USD |
us-gaap |
Interest Income Expense Net
InterestIncomeExpenseNet
|
-1268000 | USD | |
CY2017Q1 | us-gaap |
Interest Income Expense Net
InterestIncomeExpenseNet
|
-679000 | USD |
us-gaap |
Interest Income Expense Net
InterestIncomeExpenseNet
|
-1975000 | USD | |
CY2016Q1 | us-gaap |
Inventory Net
InventoryNet
|
542489000 | USD |
CY2016Q2 | us-gaap |
Inventory Net
InventoryNet
|
312747000 | USD |
CY2017Q1 | us-gaap |
Inventory Net
InventoryNet
|
494032000 | USD |
CY2017Q1 | us-gaap |
Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
|
4298000 | USD |
CY2016Q1 | us-gaap |
Liabilities
Liabilities
|
798407000 | USD |
CY2016Q2 | us-gaap |
Liabilities
Liabilities
|
363297000 | USD |
CY2017Q1 | us-gaap |
Liabilities
Liabilities
|
787014000 | USD |
CY2016Q1 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
1517053000 | USD |
CY2016Q2 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
1071683000 | USD |
CY2017Q1 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
1499903000 | USD |
CY2016Q1 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
688639000 | USD |
CY2016Q2 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
258052000 | USD |
CY2017Q1 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
688109000 | USD |
CY2016Q1 | us-gaap |
Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
|
63459000 | USD |
CY2016Q2 | us-gaap |
Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
|
69345000 | USD |
CY2017Q1 | us-gaap |
Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
|
69371000 | USD |
CY2017Q1 | us-gaap |
Line Of Credit
LineOfCredit
|
0 | USD |
CY2015Q3 | us-gaap |
Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
|
400000000 | USD |
us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
-18971000 | USD | |
us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
-7858000 | USD | |
us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-39778000 | USD | |
us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-33651000 | USD | |
us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
122095000 | USD | |
us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
145002000 | USD | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
29798000 | USD | |
CY2015Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-26918000 | USD |
CY2016Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-3603000 | USD |
us-gaap |
Net Income Loss
NetIncomeLoss
|
2880000 | USD | |
CY2017Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
3761000 | USD |
us-gaap |
Net Income Loss
NetIncomeLoss
|
5134000 | USD | |
CY2016Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-3603000 | USD |
us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
2871000 | USD | |
CY2017Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
3760000 | USD |
us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
5131000 | USD | |
CY2016Q2 | us-gaap |
Number Of Stores
NumberOfStores
|
751 | Store |
CY2017Q1 | us-gaap |
Number Of Stores
NumberOfStores
|
770 | Store |
CY2016Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-2438000 | USD |
us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
8835000 | USD | |
CY2017Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
5198000 | USD |
us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
9196000 | USD | |
CY2016Q1 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
33635000 | USD |
CY2016Q2 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
33472000 | USD |
CY2017Q1 | us-gaap |
Retained Earnings Unappropriated
RetainedEarningsUnappropriated
|
32136000 | USD |
CY2015Q3 | us-gaap |
Retained Earnings Unappropriated
RetainedEarningsUnappropriated
|
0 | USD |
CY2017Q1 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
39233000 | USD |
CY2016Q1 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
69937000 | USD |
CY2017Q1 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
76196000 | USD |
CY2016Q2 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
75380000 | USD |
CY2016Q1 | us-gaap |
Other Nonrecurring Expense
OtherNonrecurringExpense
|
11987000 | USD |
us-gaap |
Other Nonrecurring Expense
OtherNonrecurringExpense
|
11987000 | USD | |
CY2017Q1 | us-gaap |
Other Nonrecurring Expense
OtherNonrecurringExpense
|
0 | USD |
us-gaap |
Other Nonrecurring Expense
OtherNonrecurringExpense
|
0 | USD | |
CY2016Q1 | us-gaap |
Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
|
1816000 | USD |
CY2016Q2 | us-gaap |
Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
|
1871000 | USD |
CY2017Q1 | us-gaap |
Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
|
2631000 | USD |
us-gaap |
Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
|
2115000 | USD | |
us-gaap |
Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
|
6246000 | USD | |
us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
9297000 | USD | |
us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
7858000 | USD | |
us-gaap |
Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
|
3251000 | USD | |
us-gaap |
Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
|
0 | USD | |
us-gaap |
Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
|
6423000 | USD | |
us-gaap |
Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
|
0 | USD | |
us-gaap |
Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
|
0 | USD | |
us-gaap |
Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
|
917000 | USD | |
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
37663000 | USD | |
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
26488000 | USD | |
CY2016Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.01 | |
CY2016Q2 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.01 | |
CY2017Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.01 | |
CY2016Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
5000000 | shares |
CY2016Q2 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
5000000 | shares |
CY2017Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
5000000 | shares |
CY2016Q1 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
CY2016Q2 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
CY2017Q1 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
CY2016Q1 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
CY2016Q2 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
CY2017Q1 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
CY2016Q1 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
0 | USD |
CY2016Q2 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
0 | USD |
CY2017Q1 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
0 | USD |
CY2016Q1 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
5754000 | USD |
CY2016Q2 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
6453000 | USD |
CY2017Q1 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
8134000 | USD |
us-gaap |
Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
|
60600000 | USD | |
us-gaap |
Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
|
116100000 | USD | |
CY2016Q1 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
113504000 | USD |
CY2016Q2 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
111185000 | USD |
CY2017Q1 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
107272000 | USD |
CY2016Q1 | us-gaap |
Receivables Net Current
ReceivablesNetCurrent
|
183133000 | USD |
CY2016Q2 | us-gaap |
Receivables Net Current
ReceivablesNetCurrent
|
50924000 | USD |
CY2017Q1 | us-gaap |
Receivables Net Current
ReceivablesNetCurrent
|
178825000 | USD |
us-gaap |
Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
|
60600000 | USD | |
us-gaap |
Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
|
116100000 | USD | |
CY2016Q1 | us-gaap |
Restructuring Charges
RestructuringCharges
|
774000 | USD |
us-gaap |
Restructuring Charges
RestructuringCharges
|
774000 | USD | |
CY2016 | us-gaap |
Restructuring Charges
RestructuringCharges
|
8830000 | USD |
CY2017Q1 | us-gaap |
Restructuring Charges
RestructuringCharges
|
0 | USD |
us-gaap |
Restructuring Charges
RestructuringCharges
|
1790000 | USD | |
CY2016Q1 | us-gaap |
Sales Revenue Goods Net
SalesRevenueGoodsNet
|
457126000 | USD |
CY2015Q2 | us-gaap |
Retained Earnings Unappropriated
RetainedEarningsUnappropriated
|
0 | USD |
CY2016Q1 | us-gaap |
Retained Earnings Unappropriated
RetainedEarningsUnappropriated
|
29798000 | USD |
CY2016Q2 | us-gaap |
Retained Earnings Unappropriated
RetainedEarningsUnappropriated
|
27002000 | USD |
us-gaap |
Sales Revenue Goods Net
SalesRevenueGoodsNet
|
1359848000 | USD | |
CY2017Q1 | us-gaap |
Sales Revenue Goods Net
SalesRevenueGoodsNet
|
457147000 | USD |
us-gaap |
Sales Revenue Goods Net
SalesRevenueGoodsNet
|
1372810000 | USD | |
CY2016Q1 | us-gaap |
Sales Revenue Net
SalesRevenueNet
|
518423000 | USD |
us-gaap |
Sales Revenue Net
SalesRevenueNet
|
1513270000 | USD | |
CY2017Q1 | us-gaap |
Sales Revenue Net
SalesRevenueNet
|
521624000 | USD |
us-gaap |
Sales Revenue Net
SalesRevenueNet
|
1531532000 | USD | |
CY2016Q1 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
96453000 | USD |
us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
285557000 | USD | |
CY2017Q1 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
97111000 | USD |
us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
282171000 | USD | |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
4817000 | USD | |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
7227000 | USD | |
CY2015Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
|
2409345 | shares |
CY2016Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
|
4000000 | shares |
CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
|
6409345 | shares |
us-gaap |
Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
|
117029 | shares | |
us-gaap |
Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
|
0 | USD | |
us-gaap |
Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
|
0 | USD | |
CY2015Q4 | us-gaap |
Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
|
50000000 | USD |
CY2017Q1 | us-gaap |
Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
|
26669000 | USD |
us-gaap |
Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
|
688948 | shares | |
us-gaap |
Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
|
8701000 | USD | |
us-gaap |
Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
|
6718000 | USD | |
CY2015Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
726669000 | USD |
CY2016Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
718646000 | USD |
CY2016Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
708386000 | USD |
CY2017Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
712889000 | USD |
CY2015Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
671836000 | USD |
us-gaap |
Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
|
10.10 | ||
CY2015Q2 | us-gaap |
Treasury Stock Shares
TreasuryStockShares
|
0 | shares |
CY2016Q1 | us-gaap |
Treasury Stock Shares
TreasuryStockShares
|
948000 | shares |
CY2016Q2 | us-gaap |
Treasury Stock Shares
TreasuryStockShares
|
1890000 | shares |
CY2017Q1 | us-gaap |
Treasury Stock Shares
TreasuryStockShares
|
2696000 | shares |
CY2015Q3 | us-gaap |
Treasury Stock Shares
TreasuryStockShares
|
0 | shares |
CY2015Q2 | us-gaap |
Treasury Stock Value
TreasuryStockValue
|
0 | USD |
CY2016Q1 | us-gaap |
Treasury Stock Value
TreasuryStockValue
|
9297000 | USD |
CY2016Q2 | us-gaap |
Treasury Stock Value
TreasuryStockValue
|
18615000 | USD |
CY2017Q1 | us-gaap |
Treasury Stock Value
TreasuryStockValue
|
26473000 | USD |
CY2015Q3 | us-gaap |
Treasury Stock Value
TreasuryStockValue
|
0 | USD |
CY2016Q1 | us-gaap |
Undistributed Earnings
UndistributedEarnings
|
0 | USD |
us-gaap |
Undistributed Earnings
UndistributedEarnings
|
9000 | USD | |
CY2017Q1 | us-gaap |
Undistributed Earnings
UndistributedEarnings
|
1000 | USD |
us-gaap |
Undistributed Earnings
UndistributedEarnings
|
3000 | USD | |
CY2016Q1 | us-gaap |
Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
|
0 | USD |
us-gaap |
Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
|
-9000 | USD | |
CY2016Q1 | us-gaap |
Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
|
0 | USD |
us-gaap |
Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
|
-9000 | USD | |
CY2017Q1 | us-gaap |
Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
|
1000 | USD |
us-gaap |
Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
|
-3000 | USD | |
us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
46173000 | shares | |
CY2017Q1 | us-gaap |
Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
|
-1000 | USD |
us-gaap |
Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
|
-3000 | USD | |
CY2016Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
48088000 | shares |
us-gaap |
Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
|
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Note 3. </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Recent Accounting Pronouncements</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2017, the Financial Accounting Standards Board (“FASB”) issued</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> Accounting Standard Update (“ASU”) No. 2017-04, Intangibles - Goodwill and Other (Topic 350) </font><font style="font-family:inherit;font-size:10pt;">to simplify the test for Goodwill Impairment. The revised guidance eliminates the existing Step 2 of the goodwill impairment test which required an entity to compute the implied fair value of its goodwill at the testing date in order to measure the amount of the impairment charge when the fair value of the reporting unit failed Step 1 of the goodwill impairment test. Under the revised guidance, an entity would recognize an impairment charge for the amount by which the carrying amount of the reporting unit exceeds its fair value; however, the loss recognized would not exceed the total amount of goodwill allocated to the reporting unit. The guidance will be applied on a prospective basis. We are required to adopt this standard in the first quarter of Fiscal 2021 and early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We plan to early adopt this standard for our next goodwill testing date.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2017, the FASB issued </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">ASU No. 2017-01</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Business Combinations (Topic 805)</font><font style="font-family:inherit;font-size:10pt;"> to clarify the definition of a business. The revised guidance creates a more robust framework to use in determining whether a set of assets and activities is a business. The guidance will be applied on a prospective basis on or after the effective date. We are required to adopt this standard in the first quarter of Fiscal 2019 and early adoption is permitted. We have elected to early adopt this new guidance as of the third quarter of Fiscal 2017. There has been no impact on our condensed consolidated financial statements from adoption of this new guidance.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In November 2016, the FASB issued </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">ASU No. 2016-18, Statement of Cash Flows (Topic 230) </font><font style="font-family:inherit;font-size:10pt;">to reduce</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">diversity in practice related to the classification and presentation of changes in restricted cash on the statement of cash flows under Topic 230, Statement of Cash Flows. The revised guidance requires that amounts generally described as restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The guidance will be applied on a retrospective basis beginning with the earliest period presented. We are required to adopt this standard in the first quarter of Fiscal 2019 and early adoption is permitted. We do not anticipate a material change to our condensed consolidated financial statements as a result of adopting this guidance.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2016, the FASB issued</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> ASU No. 2016-15, Statement of Cash Flow (Topic 230) ("ASU 2016-15")</font><font style="font-family:inherit;font-size:10pt;"> to reduce diversity in practice over the presentation and classification of certain types of cash receipts and cash payments. The revised guidance seeks to achieve this objective by providing specific guidance over eight identified cash flow issues. We are required to adopt this standard in the first quarter of Fiscal 2019 and early adoption is permitted. The guidance will be applied on a retrospective basis beginning with the earliest period presented. We have evaluated the guidance of this new standard to determine the impact of adoption on our condensed consolidated financial statements and concluded that there is no impact. We elected to early adopt this guidance in the first quarter of Fiscal 2017.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> In February 2016, the FASB issued</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> ASU No. 2016-02, Leases (Topic 842) ("ASU 2016-02")</font><font style="font-family:inherit;font-size:10pt;"> to increase transparency and comparability by providing additional information to users of financial statements regarding an entity's leasing activities. The revised guidance seeks to achieve this objective by requiring reporting entities to recognize lease assets and lease liabilities on the balance sheet for substantially all lease arrangements. We are required to adopt this standard in the first quarter of Fiscal 2020 and early adoption is permitted. The guidance will be applied on a modified retrospective basis beginning with the earliest period presented. We are currently evaluating this standard to determine the impact of adoption on our condensed consolidated financial statements.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB issued </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”)</font><font style="font-family:inherit;font-size:10pt;">. The standard provides companies with a single model for use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific revenue guidance. The core principle of the model is to recognize revenue when control of the goods or services transfers to the customer, as opposed to recognizing revenue when the risks and rewards transfer to the customer under the existing revenue guidance. In 2016, the FASB issued final amendments to clarify the implementation guidance for principal versus agent considerations, identifying performance obligations and the accounting for licenses of intellectual property. </font><font style="font-family:inherit;font-size:8pt;color:#3c3c3d;"> </font><font style="font-family:inherit;font-size:10pt;">In August 2015, FASB issued </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date</font><font style="font-family:inherit;font-size:10pt;">, which effectively delayed the adoption date by one year. We are required to adopt ASU 2014-09 in the first quarter of Fiscal 2019 and early adoption is permitted. The guidance permits companies to either apply the requirements retrospectively to all prior periods presented, or apply the requirements in the year of adoption, through a cumulative adjustment. We have not yet selected a transition method nor have we determined the impact of adoption on our condensed consolidated financial statements.</font></div></div> | ||
CY2017Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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46844000 | shares |
us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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46716000 | shares | |
CY2016Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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48088000 | shares |
us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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45907000 | shares | |
CY2017Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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46276000 | shares |
us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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46265000 | shares | |
us-gaap |
Basis Of Accounting
BasisOfAccounting
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Basis of Presentation</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our condensed consolidated financial statements reflect our consolidated financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States (“GAAP”). In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements of the Company contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly its consolidated financial position and the results of its operations and cash flows for the periods reported. These consolidated financial statements are condensed and therefore do not include all of the information and footnotes required by GAAP.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our fiscal year is comprised of 52 or 53 weeks, ending on the Saturday closest to the last day of April. Our business is highly seasonal, with the major portion of sales and operating profit realized during the second and third fiscal quarters, when college students generally purchase and rent textbooks for the upcoming semesters. Due to the seasonal nature of the business, the results of operations for the 13 and 39 weeks ended January 28, 2017 are not indicative of the results expected for the 52 weeks ending April 29, 2017 (Fiscal 2017). </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Stand-alone basis financial statements</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The results of operations for the 13 weeks ended August 1, 2015 (i.e., first quarter of Fiscal 2016, which is referred to as the "stand-alone period") reflected in our condensed consolidated financial statements are presented on a stand-alone basis since we were still part of Barnes & Noble, Inc. Our condensed consolidated financial statements were derived from the consolidated financial statements and accounting records of Barnes & Noble. Our condensed consolidated financial statements include certain assets and liabilities that have historically been held at the Barnes & Noble corporate level but are specifically identifiable or otherwise attributable to us. For additional information, see </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Note 10. Barnes & Noble, Inc. Transactions</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Consolidated basis financial statements</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Spin-Off from Barnes & Noble, Inc. occurred on August 2, 2015 and therefore, the results of operations are presented on a consolidated basis for the 13 and 39 weeks ended </font><font style="font-family:inherit;font-size:10pt;">January 28, 2017</font><font style="font-family:inherit;font-size:10pt;"> (i.e. first, second and third quarter of Fiscal 2017) and the 26 weeks ended January 30, 2016 (i.e., second and third quarter of Fiscal 2016) which includes direct costs incurred with Barnes & Noble under various agreements. Certain corporate and shared service functions historically provided by Barnes & Noble (as described above) will continue to be provided by Barnes & Noble under the Transition Services Agreement. For additional information, see </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Note 10. Barnes & Noble, Inc. Transactions</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;"></font></div></div> | ||
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Nature Of Operations
NatureOfOperations
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Note 1. </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Organization</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Description of Business</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Barnes & Noble Education, Inc., one of the largest contract operators of bookstores on college and university campuses across the United States and a leading provider of digital education services, enhances the academic and social purpose of educational institutions. As a strategic partner, we are committed to offering a complete support system and an unmatched retail and digital learning experience to foster student success in higher education. Through our wholly-owned subsidiary, Barnes & Noble College, we operate </font><font style="font-family:inherit;font-size:10pt;">770</font><font style="font-family:inherit;font-size:10pt;"> campus bookstores and the school-branded e-commerce sites for each store, serving more than </font><font style="font-family:inherit;font-size:10pt;">5 million</font><font style="font-family:inherit;font-size:10pt;"> college students and their faculty nationwide. On August 2, 2015, we completed the legal separation from Barnes & Noble, Inc., at which time we began to operate as an independent publicly-traded company. </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On February 27, 2017, we acquired MBS Textbook Exchange, LLC, the largest contract operator of virtual bookstores for the institutional client market and one of the largest used textbook wholesalers in the U.S. For additional information, refer to </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Note 15. Subsequent Event.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Overall educational spending in the United States continues to increase dramatically, and as tuition and other costs rise, colleges and universities face pressure to attract and retain students and provide them with innovative, affordable educational content and tools that support their educational development. While traditional print textbooks remain the first choice of students, demand for alternative forms of educational materials is growing. </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We offer a comprehensive set of products and services to help students, faculty and administrators achieve their shared educational and social goals on college and university campuses across the United States. As one of the largest contract operators of bookstores and a provider of digital education services, we operate as a focal point for college life and learning, advancing the educational mission of our institution partners, enlivening campus culture and delivering an important revenue stream to our partner schools. </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For over </font><font style="font-family:inherit;font-size:10pt;">5 million</font><font style="font-family:inherit;font-size:10pt;"> students and their faculty, our campus stores are a social and academic hub through which students can access affordable course materials and affinity products, including new and used print and digital textbooks, which are available for sale or rent; emblematic apparel and gifts; trade books; computer products; school and dorm supplies; café; convenience food and beverages; and graduation products. Through multi-year management service agreements with our schools, we typically have the exclusive right to operate the official school bookstore on college campuses. In turn, we pay the school a percentage of store sales and, in some cases, a minimum fixed guarantee. We create seamless retail experiences for our customers, both in our dynamic physical stores and on our official school-branded e-commerce sites for each school. </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of April 30, 2016, we operated </font><font style="font-family:inherit;font-size:10pt;">751</font><font style="font-family:inherit;font-size:10pt;"> stores nationwide, which reached </font><font style="font-family:inherit;font-size:10pt;">26%</font><font style="font-family:inherit;font-size:10pt;"> of the total number of students enrolled at colleges and universities in the United States. During the </font><font style="font-family:inherit;font-size:10pt;">39 weeks ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">January 28, 2017</font><font style="font-family:inherit;font-size:10pt;">, we opened </font><font style="font-family:inherit;font-size:10pt;">36</font><font style="font-family:inherit;font-size:10pt;"> stores and closed </font><font style="font-family:inherit;font-size:10pt;">17</font><font style="font-family:inherit;font-size:10pt;"> stores. As of </font><font style="font-family:inherit;font-size:10pt;">January 28, 2017</font><font style="font-family:inherit;font-size:10pt;">, we operated </font><font style="font-family:inherit;font-size:10pt;">770</font><font style="font-family:inherit;font-size:10pt;"> stores nationwide.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We are well positioned to benefit from the continuing trend towards outsourcing across the campus bookstore market given our brand, reputation with institutions, students and faculty for service and our full suite of products and services including: bookstore management, textbook rental and digital delivery. </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Growth Drivers </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The primary factors that we expect will enable us to grow our business are as follows:</font><font style="font-family:inherit;font-size:6pt;"> </font></div><table cellpadding="0" cellspacing="0" style="padding-top:4px;padding-bottom:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:60px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Increase Market Share with New Accounts</font><font style="font-family:inherit;font-size:10pt;">.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:60px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Adapting our Merchandising Strategy and Product and Service Offerings.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:60px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Scalable and Leading Digital Product and Solution Set</font><font style="font-family:inherit;font-size:10pt;">.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:60px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Expand Strategic Opportunities through Acquisitions and Partnerships</font><font style="font-family:inherit;font-size:10pt;">.</font></div></td></tr></table><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For additional information related to our</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">Strategies</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">and our recent acquisition of MBS Textbook Exchange, LLC</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">, </font><font style="font-family:inherit;font-size:10pt;">see</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> Part I - Item 2. Management Discussion and Analysis - Overview </font><font style="font-family:inherit;font-size:10pt;">and</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> Note 15. Subsequent Event.</font></div><div style="line-height:120%;padding-top:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Separation from Barnes & Noble, Inc.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On February 26, 2015, Barnes & Noble announced plans to spin-off its </font><font style="font-family:inherit;font-size:10pt;">100%</font><font style="font-family:inherit;font-size:10pt;"> equity interest in our Company ("Spin-Off"). At the time of the Spin-Off on August 2, 2015, Barnes & Noble distributed all of its equity interest in us, consisting of all of the outstanding shares of our Common Stock, to Barnes & Noble’s stockholders on a pro rata basis (the “Distribution”). Following the Spin-Off, Barnes & Noble does not own any equity interest in us. On August 2, 2015, we completed the legal separation from Barnes & Noble, at which time we began to operate as an independent publicly-traded company. For details related to the Distribution of our Common Stock, see </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Note 6. Equity and Earnings Per Share</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In connection with the separation from Barnes & Noble, we entered into several agreements that govern the relationship between the parties after the separation and allocate between the parties various assets, liabilities, rights and obligations following the separation and also describe Barnes & Noble’s future commitments to provide us with certain transition services following the Spin-Off. For additional information related to these agreements, see </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Note 10. Barnes & Noble, Inc. Transactions</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div> | ||
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Use Of Estimates
UseOfEstimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In preparing financial statements in conformity with GAAP, we are required to make estimates and assumptions that affect the reported amounts in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</font></div></div> |