2019 Q4 Form 10-Q Financial Statement

#000163411719000126 Filed on December 04, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2018 Q4
Revenue $772.2M $814.8M
YoY Change -5.22% -8.13%
Cost Of Revenue $585.3M $604.0M
YoY Change -3.1% -9.87%
Gross Profit $187.0M $210.8M
YoY Change -11.3% -2.74%
Gross Profit Margin 24.21% 25.87%
Selling, General & Admin $113.4M $115.3M
YoY Change -1.66% 0.03%
% of Gross Profit 60.66% 54.72%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $16.50M $16.60M
YoY Change -0.6% -0.6%
% of Gross Profit 8.83% 7.88%
Operating Expenses $113.4M $115.3M
YoY Change -1.66% 0.03%
Operating Profit $56.43M $78.48M
YoY Change -28.09% -5.74%
Interest Expense -$1.400M -$1.800M
YoY Change -22.22% 0.0%
% of Operating Profit -2.48% -2.29%
Other Income/Expense, Net
YoY Change
Pretax Income $54.99M $76.64M
YoY Change -28.26% -5.87%
Income Tax $19.05M $16.95M
% Of Pretax Income 34.65% 22.11%
Net Earnings $35.93M $59.70M
YoY Change -39.81% 23.35%
Net Earnings / Revenue 4.65% 7.33%
Basic Earnings Per Share $0.75 $1.26
Diluted Earnings Per Share $0.74 $1.25
COMMON SHARES
Basic Shares Outstanding 47.85M shares 47.18M shares
Diluted Shares Outstanding 48.76M shares 47.82M shares

Balance Sheet

Concept 2019 Q4 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $24.60M $20.00M
YoY Change 23.0% 14.29%
Cash & Equivalents $24.59M $20.05M
Short-Term Investments
Other Short-Term Assets $18.50M $16.60M
YoY Change 11.45% 23.88%
Inventory $475.4M $505.9M
Prepaid Expenses
Receivables $162.5M $138.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $749.2M $751.2M
YoY Change -0.26% -3.46%
LONG-TERM ASSETS
Property, Plant & Equipment $105.2M $112.0M
YoY Change -6.14% -3.2%
Goodwill $4.700M $53.98M
YoY Change -91.29% -85.1%
Intangibles $184.2M $213.9M
YoY Change -13.88% -6.8%
Long-Term Investments
YoY Change
Other Assets $39.24M $41.63M
YoY Change -5.76% 0.39%
Total Long-Term Assets $631.0M $421.5M
YoY Change 49.7% -43.73%
TOTAL ASSETS
Total Short-Term Assets $749.2M $751.2M
Total Long-Term Assets $631.0M $421.5M
Total Assets $1.380B $1.173B
YoY Change 17.7% -23.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $387.7M $443.3M
YoY Change -12.55% -3.38%
Accrued Expenses $197.2M $170.0M
YoY Change 15.99% -7.73%
Deferred Revenue $48.99M $50.89M
YoY Change -3.73%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change
Total Short-Term Liabilities $692.6M $613.4M
YoY Change 12.93% -4.63%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $50.68M $59.42M
YoY Change -14.71% -38.29%
Total Long-Term Liabilities $50.68M $59.42M
YoY Change -14.71% -38.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $692.6M $613.4M
Total Long-Term Liabilities $50.68M $59.42M
Total Liabilities $922.9M $680.7M
YoY Change 35.59% -14.64%
SHAREHOLDERS EQUITY
Retained Earnings -$240.8M -$199.1M
YoY Change 20.93% -533.12%
Common Stock $731.0M $722.8M
YoY Change 1.14% 1.3%
Preferred Stock
YoY Change
Treasury Stock (at cost) $32.90M $31.63M
YoY Change 4.02% 6.68%
Treasury Stock Shares 3.842M shares 3.465M shares
Shareholders Equity $457.3M $492.0M
YoY Change
Total Liabilities & Shareholders Equity $1.380B $1.173B
YoY Change 17.7% -23.21%

Cashflow Statement

Concept 2019 Q4 2018 Q4
OPERATING ACTIVITIES
Net Income $35.93M $59.70M
YoY Change -39.81% 23.35%
Depreciation, Depletion And Amortization $16.50M $16.60M
YoY Change -0.6% -0.6%
Cash From Operating Activities $201.6M $264.0M
YoY Change -23.64% 3.33%
INVESTING ACTIVITIES
Capital Expenditures -$11.00M -$15.00M
YoY Change -26.67% 3.45%
Acquisitions
YoY Change
Other Investing Activities $1.000M -$10.00M
YoY Change -110.0% -82.67%
Cash From Investing Activities -$10.00M -$25.00M
YoY Change -60.0% -65.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -175.4M -232.2M
YoY Change -24.46% 29.07%
NET CHANGE
Cash From Operating Activities 201.6M 264.0M
Cash From Investing Activities -10.00M -25.00M
Cash From Financing Activities -175.4M -232.2M
Net Change In Cash 16.20M 6.800M
YoY Change 138.24% 100.0%
FREE CASH FLOW
Cash From Operating Activities $201.6M $264.0M
Capital Expenditures -$11.00M -$15.00M
Free Cash Flow $212.6M $279.0M
YoY Change -23.8% 3.33%

Facts In Submission

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us-gaap Basis Of Accounting
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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 and Consolidation</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 condensed consolidated financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States (&#8220;GAAP&#8221;). In the opinion of the Company&#8217;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 condensed consolidated financial statements are condensed and therefore do not include all of the information and footnotes required by GAAP. All material intercompany accounts and transactions have been eliminated in consolidation. </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 business is highly seasonal. Our quarterly results also may fluctuate depending on the timing of the start of the various schools' semesters, as well as shifts in our fiscal calendar dates. These shifts in timing may affect the comparability of our results across periods. Our fiscal year is comprised of 52 or 53 weeks, ending on the Saturday closest to the last day of April. Due to the seasonal nature of the business, the results of operations for the 13 and 26 weeks ended </font><font style="font-family:inherit;font-size:10pt;">October&#160;26, 2019</font><font style="font-family:inherit;font-size:10pt;"> are not indicative of the results expected for the 53 weeks ending May 2, 2020 (Fiscal 2020). </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 certain of our retail operations, sales are generally highest in the second and third fiscal quarters, when students purchase and rent textbooks and other course materials for the typical academic year, and lowest in the first and fourth fiscal quarters. Sales attributable to our wholesale business are generally highest in our first, second and third quarters, as it sells textbooks and other course materials for retail distribution. Our DSS sales and operating profit are realized relatively consistently throughout the year.</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>
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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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 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:16px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2018, the Financial Accounting Standards Board ("FASB") issued </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer&#8217;s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract ("ASU 2018-15"), </font><font style="font-family:inherit;font-size:10pt;">which requires an entity (customer) in a hosting arrangement that is a service contract to follow the guidance to determine which implementation costs to capitalize as an asset (as prepaid expense) related to the service contract and which costs to expense. The ASU requires upfront implementation costs incurred in a cloud computing arrangement (or hosting arrangement) that is a service contract to be amortized to hosting expense over the term of the arrangement, beginning when the module or component of the hosting arrangement is ready for its intended use. We have adopted this standard effective April 28, 2019 (first day of this fiscal quarter) prospectively for all implementation costs incurred in a cloud computing arrangement (or hosting arrangement) that is a service contract after the date of adoption. Under previous accounting guidance, we capitalized certain implementation costs, primarily related to digital and consumer data platforms, to property and equipment on the condensed consolidated balance sheets and depreciated these implementation costs to depreciation and amortization expense in the consolidated statement of operations over the term of the service contract once the asset was ready for its intended use. The adoption of this standard will impact our condensed consolidated financial statements to the extent that implementation costs which were previously capitalized and depreciated as described above, will be included in prepaid expenses and other assets in the condensed consolidated balance sheets and amortized to selling and administrative expense in the consolidated statement of operations under this adopted guidance. We expect to incur additional costs to implement cloud computing arrangements during the remainder of Fiscal 2020 and expect the implementation costs capitalized to prepaid expense in the condensed consolidated balance sheet will increase accordingly.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2016, the FASB issued </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">ASU 2016-13</font><font style="font-family:inherit;font-size:10pt;">,&#160;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments</font><font style="font-family:inherit;font-size:10pt;">. The ASU replaces the existing incurred loss impairment model for trade receivables with an expected loss model which requires the use of forward-looking information to calculate expected credit loss estimates. These changes may result in earlier recognition of credit losses. Early adoption is permitted and the guidance requires a modified retrospective method of adoption through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. This guidance is effective for annual periods beginning after December 15, 2019. We plan to adopt this guidance during the first quarter of Fiscal 2021 and we are currently in the process of evaluating the impact of this update. We believe the adoption of the guidance will not have a material impact on our condensed consolidated financial statements.</font></div></div>
us-gaap Nature Of Operations
NatureOfOperations
<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 &amp; Noble Education, Inc. (&#8220;BNED&#8221;) is one of the largest contract operators of physical and virtual bookstores for college and university campuses and K-12 institutions across the United States. We are also one of the largest textbook wholesalers, inventory management hardware and software providers, and a leading provider of digital education solutions. We operate </font><font style="font-family:inherit;font-size:10pt;">1,436</font><font style="font-family:inherit;font-size:10pt;"> physical, virtual, and custom bookstores and serve more than </font><font style="font-family:inherit;font-size:10pt;">6 million</font><font style="font-family:inherit;font-size:10pt;"> students, delivering essential educational content and tools within a dynamic omni channel retail environment. Additionally, we offer direct-to-student products and services to help students study more effectively and improve academic performance. </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 strengths of our business include our ability to compete by developing new products and solutions to meet market needs, our large operating footprint with direct access to students and faculty, our well-established, deep relationships with partners and stable, long-term contracts, and our well-recognized brands. We expect to continue to introduce scalable and advanced digital solutions focused largely on the student, increase market share with new accounts, and expand our strategic opportunities through acquisitions and partnerships. </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;">Prior to the fourth quarter of fiscal year 2019, we had </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> reportable segments: BNC, MBS, and Digital Student Solutions (&#8220;DSS&#8221;). During the fourth quarter of fiscal year 2019, in an effort to streamline our retail go-to-market strategy, reinforce our company branding, and more efficiently focus our product development efforts, we realigned our business and sales organization into the following </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> reportable segments: Retail, Wholesale and DSS. For additional information related to our strategies, operations and segments, see</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> Part I - Item 1. Business </font><font style="font-family:inherit;font-size:10pt;">and </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Part II - Item 8. Financial Statements and Supplementary Data - Note 6. Segment Reporting </font><font style="font-family:inherit;font-size:10pt;">in our Annual Report on Form 10-K for the year ended April 27, 2019</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<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>

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