2021 Q2 Form 10-K Financial Statement

#000163411721000041 Filed on June 30, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2021 2020 Q2
Revenue $222.8M $1.434B $256.9M
YoY Change -13.28% -22.54% -23.17%
Cost Of Revenue $186.9M $1.181B $191.5M
YoY Change -2.41% -16.14% -10.81%
Gross Profit $35.90M $252.7M $65.40M
YoY Change -45.1% -42.91% -44.29%
Gross Profit Margin 16.12% 17.62% 25.46%
Selling, General & Admin $83.56M $338.3M $87.20M
YoY Change -4.18% -16.37% -11.47%
% of Gross Profit 232.74% 133.89% 133.33%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $13.70M $35.02M $16.40M
YoY Change -16.46% -17.69% -7.34%
% of Gross Profit 38.16% 13.86% 25.08%
Operating Expenses $95.96M $338.3M $102.5M
YoY Change -6.38% -16.37% -10.79%
Operating Profit -$60.06M -$176.9M -$37.10M
YoY Change 61.88% 313.47% -1582.22%
Interest Expense -$2.211M -$8.087M -$1.600M
YoY Change 38.19% 9.28% -15.79%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$62.22M -$185.0M -$54.00M
YoY Change 15.22% 268.28% -12.9%
Income Tax -$9.837M -$45.17M -$13.70M
% Of Pretax Income
Net Earnings -$52.38M -$139.8M -$40.30M
YoY Change 29.99% 265.52% -12.8%
Net Earnings / Revenue -23.51% -9.75% -15.69%
Basic Earnings Per Share -$2.81
Diluted Earnings Per Share -$1.020M -$2.81 -$879.9K
COMMON SHARES
Basic Shares Outstanding 51.38M shares 49.67M shares 48.49M shares
Diluted Shares Outstanding 49.67M shares

Balance Sheet

Concept 2021 Q2 2021 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.024M $8.024M $8.200M
YoY Change -2.15% -2.15% -41.43%
Cash & Equivalents $8.024M $8.024M $8.242M
Short-Term Investments
Other Short-Term Assets $61.93M $61.93M $16.20M
YoY Change 282.3% 282.3% 37.29%
Inventory $281.1M $309.8M $428.9M
Prepaid Expenses
Receivables $121.1M $99.58M $90.90M
Other Receivables $0.00 $21.49M $0.00
Total Short-Term Assets $500.8M $500.8M $584.9M
YoY Change -14.38% -14.37% -1.09%
LONG-TERM ASSETS
Property, Plant & Equipment $89.17M $329.6M $97.74M
YoY Change -8.77% -5.44% -10.97%
Goodwill $4.700M $4.700M
YoY Change 0.0% 0.0%
Intangibles $150.9M $175.1M
YoY Change -13.83% -10.18%
Long-Term Investments
YoY Change
Other Assets $29.11M $45.05M $35.31M
YoY Change -17.57% 4.52% -17.78%
Total Long-Term Assets $530.3M $530.3M $571.5M
YoY Change -7.21% -7.21% 61.07%
TOTAL ASSETS
Total Short-Term Assets $500.8M $500.8M $584.9M
Total Long-Term Assets $530.3M $530.3M $571.5M
Total Assets $1.031B $1.031B $1.156B
YoY Change -10.84% -10.83% 22.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $137.6M $137.6M $143.7M
YoY Change -4.25% -4.26% -23.09%
Accrued Expenses $93.59M $172.6M $95.42M
YoY Change -1.92% -1.13% -21.61%
Deferred Revenue $202.0K $13.37M
YoY Change -98.49% -34.5%
Short-Term Debt $50.00M $0.00 $75.00M
YoY Change -33.33% -25.0%
Long-Term Debt Due $50.00M $50.00M $75.00M
YoY Change -33.33% -33.33% -25.0%
Total Short-Term Liabilities $373.7M $373.7M $406.7M
YoY Change -8.11% -8.12% -0.46%
LONG-TERM LIABILITIES
Long-Term Debt $127.6M $127.6M $99.70M
YoY Change 27.98% 27.98% 197.61%
Other Long-Term Liabilities $52.04M $236.8M $46.17M
YoY Change 12.72% 14.63% -13.72%
Total Long-Term Liabilities $52.04M $364.4M $46.17M
YoY Change 12.72% 18.98% -13.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $373.7M $373.7M $406.7M
Total Long-Term Liabilities $52.04M $364.4M $46.17M
Total Liabilities $738.1M $738.1M $738.7M
YoY Change -0.08% -0.08% 49.06%
SHAREHOLDERS EQUITY
Retained Earnings -$422.6M -$282.8M
YoY Change 49.43% 15.64%
Common Stock $734.3M $733.5M
YoY Change 0.11% 0.91%
Preferred Stock
YoY Change
Treasury Stock (at cost) $19.14M $32.90M
YoY Change -41.82% 4.0%
Treasury Stock Shares 3.842M shares
Shareholders Equity $293.0M $293.0M $417.8M
YoY Change
Total Liabilities & Shareholders Equity $1.031B $1.031B $1.156B
YoY Change -10.84% -10.83% 22.22%

Cashflow Statement

Concept 2021 Q2 2021 2020 Q2
OPERATING ACTIVITIES
Net Income -$52.38M -$139.8M -$40.30M
YoY Change 29.99% 265.52% -12.8%
Depreciation, Depletion And Amortization $13.70M $35.02M $16.40M
YoY Change -16.46% -17.69% -7.34%
Cash From Operating Activities -$8.705M $32.90M -$108.1M
YoY Change -91.95% -479.15% 96.19%
INVESTING ACTIVITIES
Capital Expenditures -$11.32M $37.22M -$9.400M
YoY Change 20.46% 2.85% -36.05%
Acquisitions $0.00
YoY Change
Other Investing Activities $435.0K $335.0K $7.100M
YoY Change -93.87% -94.92% 294.44%
Cash From Investing Activities -$10.89M -$36.89M -$2.300M
YoY Change 373.39% -0.35% -82.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$14.11M
YoY Change -1215.1%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 25.70M $11.80M 108.8M
YoY Change -76.38% -70.45% 81.33%
NET CHANGE
Cash From Operating Activities -8.705M $32.90M -108.1M
Cash From Investing Activities -10.89M -$36.89M -2.300M
Cash From Financing Activities 25.70M $11.80M 108.8M
Net Change In Cash 6.106M $7.806M -1.600M
YoY Change -481.62% -235.52% -80.0%
FREE CASH FLOW
Cash From Operating Activities -$8.705M $32.90M -$108.1M
Capital Expenditures -$11.32M $37.22M -$9.400M
Free Cash Flow $2.618M -$4.328M -$98.70M
YoY Change -102.65% -90.35% 144.31%

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<div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Note 1. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Organization</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Description of Business </span></div><div style="margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Barnes &amp; Noble Education, Inc. (“BNED”) 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 1,417 physical, virtual, and custom bookstores and serve more than 6 million 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. </span></div><div style="margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 academic 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, expand our e-commerce capabilities and accelerate such capabilities through our recent Fanatics Partnership, increase market share with new accounts, and expand our strategic opportunities through acquisitions and partnerships. We expect general merchandise sales to increase over the long term, as our product assortments continue to emphasize and reflect changing consumer trends, and we evolve our presentation concepts and merchandising of products in stores and online, which we expect to be further enhanced and accelerated through our partnership with Fanatics Retail Group Fulfillment, LLC, Inc. and Fanatics Lids College, Inc. (collectively referred to herein as the “FLC Partnership”). Through this partnership, we receive unparalleled product assortment, e-commerce capabilities and powerful digital marketing tools to drive increased value for customers and accelerate growth of our logo and emblematic general merchandise business.</span></div><div style="margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We believe the </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Barnes &amp; Noble</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> brand (licensed from our former parent) along with our subsidiary brands, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">BNC </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">and </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">MBS,</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> are synonymous with innovation in bookselling and campus retailing, and are widely recognized and respected brands in the United States. Our large college footprint, reputation, and credibility in the marketplace not only support our marketing efforts to universities, students, and faculty, but are also important to our relationship with leading publishers who rely on us as one of their primary distribution channels, and for being a trusted source for students in our direct-to-student digital solutions business. </span></div><div style="margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have three reportable segments: Retail, Wholesale and DSS. For additional information related to our strategies, operations and segments, see</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"> Part I - Item 1. Business </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">and </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Part II - Item 8. Financial Statements and Supplementary Data - Note 5. Segment Reporting.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Partnership with Fanatics and FLC </span></div><div style="margin-top:5pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">In December 2020, we entered into a new merchandising partnership with Fanatics Retail Group Fulfillment, LLC, Inc. (“Fanatics”) and Fanatics Lids College, Inc. (“FLC”). Through this partnership, we receive unparalleled product assortment, e-commerce capabilities and powerful digital marketing tools to drive increased value for customers and accelerate growth of our general merchandise business. Fanatics’ cutting-edge e-commerce and technology expertise offers our campus stores expanded product selection, a world-class online and mobile experience, and a progressive direct-to-consumer platform. Coupled with FLC, the leading standalone brick and mortar retailer focused exclusively on licensed fan and alumni products, our campus stores have improved access to trend and sales performance data on licensees, product styles, and design treatments. </span></div><div style="margin-top:5pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">We maintain our relationships with campus partners and remain responsible for staffing and managing the day-to-day operations of our campus bookstores. We also work closely with our campus partners to ensure that each campus store maintains unique aspects of in-store merchandising, including localized product assortments and specific styles and designs that reflect each campus’s brand. We leverage Fanatics’ e-commerce technology and expertise for the operational management of the emblematic merchandise and gift sections of our campus store websites. FLC manages in-store assortment planning and merchandising of emblematic apparel, headwear, and gift products for our partner campus stores. </span></div><div style="margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In December 2020, Fanatics, Inc. and Lids Holdings, Inc. jointly made a strategic equity investment in BNED. On April 4, 2021, as contemplated by the merchandising partnership agreement, we closed on the sale of our logo and emblematic general merchandise inventory to FLC. As the logo and emblematic general merchandise sales are fulfilled by FLC and Fanatics, we </span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">recognize commission revenue earned for these sales on a net basis. For additional information, see </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Part II - Item 8. Financial Statements and Supplementary Data - Note 2. Summary of Significant Accounting Policies - Merchandise Inventories </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"> Note 6. Equity and Earnings Per Share</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">.</span></div><div style="margin-bottom:5pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">COVID-19 Business Impact</span></div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> During Fiscal 2021 and the fourth quarter of Fiscal 2020, our business was significantly negatively impacted by the COVID-19 pandemic, resulting in an unprecedented material decline in revenue. Despite the introduction of COVID-19 vaccines, the pandemic remains highly volatile and continues to evolve. We cannot accurately predict the duration or extent of the impact of COVID-19 on enrollments, university budgets, athletics and other areas that directly affect our business operations</span><span style="color:#212529;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Although most schools expect to return to a traditional on-campus environment for learning in the upcoming Fall semester, as well as host traditional on campus sporting activities, there is still uncertainty about the duration and extent of the impact of the COVID-19 pandemic. We will continue to assess our operations and will continue to consider the guidance of local governments to determine when our operations can begin returning to normal levels of business. Please see our </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Part II - Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> for further discussion. See </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Part II - Item 8. Financial Statements and Supplementary Data - Note 2. Summary of Significant Accounting Policies - Other Long-Lived Assets </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">related to the impairment loss (non-cash) recognized during Fiscal 2021.</span>
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CY2021 us-gaap Basis Of Accounting
BasisOfAccounting
<div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Basis of Presentation</span></div><div style="margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our 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 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. </span></div><div style="margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our fiscal year is comprised of 52 or 53 weeks, ending on the Saturday closest to the last day of April. The fiscal year periods for each of the last three fiscal years consisted of the 52 weeks ended May 1, 2021 (“Fiscal 2021”), 53 weeks ended May 2, 2020 (“Fiscal 2020”), and 52 weeks ended April 27, 2019 (“Fiscal 2019”).</span></div><div style="margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> 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. 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 MBS sells textbooks and other course materials for retail distribution. Our DSS segment sales and operating profit are realized relatively consistently throughout the year.</span></div><div style="margin-bottom:5pt;margin-top:5pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As discussed in </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Part II - Item 8. Financial Statements and Supplementary Data - Note 1. Organization</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, our business experienced an unprecedented and significant impact as a result of the COVID-19 pandemic. The impact of the COVID-19 pandemic on our operations affects the comparability of our results of operations and cash flows.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Consolidation</span></div>The results of operations reflected in our consolidated financial statements are presented on a consolidated basis. All material intercompany accounts and transactions have been eliminated in consolidation.
CY2019 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
10000000 USD
CY2021 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In preparing financial statements in conformity with GAAP, we are required to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</span></div>
CY2021Q2 bned Contentdevelopmentcosts
Contentdevelopmentcosts
25526000 USD
CY2021Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
8790000 USD
CY2021Q2 us-gaap Advances On Inventory Purchases
AdvancesOnInventoryPurchases
2901000 USD
CY2020Q2 us-gaap Advances On Inventory Purchases
AdvancesOnInventoryPurchases
766000 USD
CY2021Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
121072000 USD
CY2020Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
90851000 USD
CY2021Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
3594000 USD
CY2020Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1986000 USD
CY2019 bned Content Amortization
ContentAmortization
1096000 USD
CY2021Q2 us-gaap Hosting Arrangement Service Contract Implementation Cost Capitalized After Accumulated Amortization
HostingArrangementServiceContractImplementationCostCapitalizedAfterAccumulatedAmortization
10516000 USD
CY2020Q2 us-gaap Hosting Arrangement Service Contract Implementation Cost Capitalized After Accumulated Amortization
HostingArrangementServiceContractImplementationCostCapitalizedAfterAccumulatedAmortization
4262000 USD
CY2021 us-gaap Hosting Arrangement Service Contract Implementation Cost Expense Amortization
HostingArrangementServiceContractImplementationCostExpenseAmortization
283000 USD
CY2020 us-gaap Hosting Arrangement Service Contract Implementation Cost Expense Amortization
HostingArrangementServiceContractImplementationCostExpenseAmortization
96000 USD
CY2019 us-gaap Hosting Arrangement Service Contract Implementation Cost Expense Amortization
HostingArrangementServiceContractImplementationCostExpenseAmortization
0 USD
CY2021 us-gaap Depreciation
Depreciation
35024000 USD
CY2020 us-gaap Depreciation
Depreciation
42550000 USD
CY2019 us-gaap Depreciation
Depreciation
44550000 USD
CY2021 bned Content Amortization
ContentAmortization
5034000 USD
CY2020 bned Content Amortization
ContentAmortization
4082000 USD
CY2020Q2 bned Contentdevelopmentcosts
Contentdevelopmentcosts
16729000 USD
CY2021Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
624705000 USD
CY2020Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
616629000 USD
CY2021Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
535533000 USD
CY2020Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
518890000 USD
CY2021Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
89172000 USD
CY2020Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
97739000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
300998000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
150094000 USD
CY2021Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
150904000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
309630000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
134505000 USD
CY2020Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
175125000 USD
CY2021 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
17943000 USD
CY2020 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
19310000 USD
CY2019 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
21314000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
16808000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
13429000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
11567000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
11210000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
11207000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
86683000 USD
CY2019Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
277006000 USD
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
294727000 USD
CY2021Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
89172000 USD
CY2021Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
240456000 USD
CY2021Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
150904000 USD
CY2021Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
29105000 USD
CY2020Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
97739000 USD
CY2020Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
250837000 USD
CY2020Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
175125000 USD
CY2020Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
35307000 USD
CY2021 us-gaap Other Nonrecurring Expense
OtherNonrecurringExpense
27630000 USD
CY2021 bned Other Nonrecurring Expense Net Of Tax
OtherNonrecurringExpenseNetOfTax
20506000 USD
CY2020 us-gaap Other Nonrecurring Expense
OtherNonrecurringExpense
433000 USD
CY2019 us-gaap Other Asset Impairment Charges
OtherAssetImpairmentCharges
8466000 USD
CY2019 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
49282000 USD
CY2021Q2 us-gaap Business Acquisition Purchase Price Allocation Goodwill Expected Tax Deductible Amount
BusinessAcquisitionPurchasePriceAllocationGoodwillExpectedTaxDeductibleAmount
67015000 USD
CY2021 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
12916000 USD
CY2020 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
10349000 USD
CY2019 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
10636000 USD
CY2021 us-gaap Inventory Lifo Reserve Effect On Income Net
InventoryLIFOReserveEffectOnIncomeNet
25335000 USD
CY2021 us-gaap Revenues
Revenues
1433890000 USD
CY2020 us-gaap Revenues
Revenues
1851063000 USD
CY2019 us-gaap Revenues
Revenues
2034643000 USD
CY2021Q2 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
0 USD
CY2019Q2 us-gaap Deferred Revenue
DeferredRevenue
20418000 USD
CY2020 us-gaap Deferred Revenue Additions
DeferredRevenueAdditions
193235000 USD
CY2020 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-200280000 USD
CY2020Q2 us-gaap Deferred Revenue
DeferredRevenue
13373000 USD
CY2021 us-gaap Deferred Revenue Additions
DeferredRevenueAdditions
171834000 USD
CY2021 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-167068000 USD
CY2021Q2 us-gaap Deferred Revenue
DeferredRevenue
18139000 USD
CY2021 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 segment
CY2021Q2 us-gaap Number Of Stores
NumberOfStores
1417 Store
CY2021Q2 us-gaap Assets
Assets
1038418000 USD
CY2020Q2 us-gaap Assets
Assets
1156432000 USD
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
37223000 USD
CY2020 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
36192000 USD
CY2019 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
46420000 USD
CY2021 us-gaap Revenues
Revenues
1433890000 USD
CY2020 us-gaap Revenues
Revenues
1851063000 USD
CY2019 us-gaap Revenues
Revenues
2034643000 USD
CY2021 us-gaap Gross Profit
GrossProfit
252661000 USD
CY2020 us-gaap Gross Profit
GrossProfit
442549000 USD
CY2019 us-gaap Gross Profit
GrossProfit
527726000 USD
CY2021 us-gaap Depreciation And Amortization
DepreciationAndAmortization
52967000 USD
CY2020 us-gaap Depreciation And Amortization
DepreciationAndAmortization
61860000 USD
CY2019 us-gaap Depreciation And Amortization
DepreciationAndAmortization
65865000 USD
CY2021 us-gaap Operating Income Loss
OperatingIncomeLoss
-176176000 USD
CY2020 us-gaap Operating Income Loss
OperatingIncomeLoss
-42783000 USD
CY2019 us-gaap Operating Income Loss
OperatingIncomeLoss
-27654000 USD
CY2021 us-gaap Operating Income Loss
OperatingIncomeLoss
-176176000 USD
CY2020 us-gaap Operating Income Loss
OperatingIncomeLoss
-42783000 USD
CY2019 us-gaap Operating Income Loss
OperatingIncomeLoss
-27654000 USD
CY2021 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-8087000 USD
CY2020 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-7445000 USD
CY2019 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-9780000 USD
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-184263000 USD
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-50228000 USD
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-37434000 USD
CY2021 bned Cogs Inventory Loss And Markdown
COGSInventoryLossAndMarkdown
14960000 USD
CY2021 us-gaap Other Nonrecurring Expense
OtherNonrecurringExpense
27630000 USD
CY2021 bned Other Nonrecurring Expense Net Of Tax
OtherNonrecurringExpenseNetOfTax
20506000 USD
CY2020 us-gaap Other Nonrecurring Expense
OtherNonrecurringExpense
433000 USD
CY2019 us-gaap Other Nonrecurring Expense
OtherNonrecurringExpense
57748000 USD
CY2019 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
49282000 USD
CY2019 us-gaap Other Asset Impairment Charges
OtherAssetImpairmentCharges
8466000 USD
CY2021Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000 shares
CY2021Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2021Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2021Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2021Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
51378913 shares
CY2020Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
10409345 shares
CY2015Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
50000000 USD
CY2021Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
26669000 USD
CY2021 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
414174 shares
CY2020 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
374733 shares
CY2019 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
351043 shares
CY2021 us-gaap Stock Issued During Period Shares Treasury Stock Reissued
StockIssuedDuringPeriodSharesTreasuryStockReissued
2307692 shares
CY2021 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
15000000 USD
CY2021Q2 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
6.50
CY2021Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
4131000 USD
CY2021Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
175000 USD
CY2021Q2 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
3956000 USD
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3387185 shares
CY2020 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3795603 shares
CY2019 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2939089 shares
CY2021 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-131787000 USD
CY2020 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-38250000 USD
CY2019 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-24374000 USD
CY2021 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
49669000 shares
CY2020 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
48013000 shares
CY2019 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47306000 shares
CY2021 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-2.65
CY2020 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.80
CY2019 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.52
CY2020Q2 us-gaap Finite Lived Intangible Assets Fair Value Disclosure
FiniteLivedIntangibleAssetsFairValueDisclosure
0 USD
CY2021 us-gaap Other Nonrecurring Expense
OtherNonrecurringExpense
27630000 USD
CY2021 bned Other Nonrecurring Expense Net Of Tax
OtherNonrecurringExpenseNetOfTax
20506000 USD
CY2020 us-gaap Other Nonrecurring Expense
OtherNonrecurringExpense
433000 USD
CY2019 us-gaap Other Nonrecurring Expense
OtherNonrecurringExpense
57748000 USD
CY2019 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
49282000 USD
CY2019 us-gaap Other Asset Impairment Charges
OtherAssetImpairmentCharges
8466000 USD
CY2021Q2 us-gaap Receivables Fair Value Disclosure
ReceivablesFairValueDisclosure
0 USD
CY2020Q2 us-gaap Receivables Fair Value Disclosure
ReceivablesFairValueDisclosure
0 USD
CY2021Q2 us-gaap Property Plant And Equipment Fair Value Disclosure
PropertyPlantAndEquipmentFairValueDisclosure
420000 USD
CY2020Q2 us-gaap Property Plant And Equipment Fair Value Disclosure
PropertyPlantAndEquipmentFairValueDisclosure
0 USD
CY2021Q2 bned Operating Lease Right Of Use Assetfairvalue
OperatingLeaseRightOfUseAssetfairvalue
13099000 USD
CY2020Q2 bned Operating Lease Right Of Use Assetfairvalue
OperatingLeaseRightOfUseAssetfairvalue
0 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Fair Value Disclosure
FiniteLivedIntangibleAssetsFairValueDisclosure
1445000 USD
CY2021Q2 us-gaap Other Assets Fair Value Disclosure
OtherAssetsFairValueDisclosure
600000 USD
CY2020Q2 us-gaap Other Assets Fair Value Disclosure
OtherAssetsFairValueDisclosure
0 USD
CY2021Q2 us-gaap Accrued Liabilities Fair Value Disclosure
AccruedLiabilitiesFairValueDisclosure
0 USD
CY2020Q2 us-gaap Accrued Liabilities Fair Value Disclosure
AccruedLiabilitiesFairValueDisclosure
0 USD
CY2021Q2 us-gaap Impaired Assets To Be Disposed Of By Method Other Than Sale Carrying Value Of Asset
ImpairedAssetsToBeDisposedOfByMethodOtherThanSaleCarryingValueOfAsset
43194000 USD
CY2021Q2 us-gaap Fair Value Net Asset Liability
FairValueNetAssetLiability
15564000 USD
CY2021 us-gaap Other Nonrecurring Expense
OtherNonrecurringExpense
27630000 USD
CY2020Q2 us-gaap Impaired Assets To Be Disposed Of By Method Other Than Sale Carrying Value Of Asset
ImpairedAssetsToBeDisposedOfByMethodOtherThanSaleCarryingValueOfAsset
433000 USD
CY2020Q2 us-gaap Fair Value Net Asset Liability
FairValueNetAssetLiability
0 USD
CY2020 us-gaap Other Nonrecurring Expense
OtherNonrecurringExpense
433000 USD
CY2021 us-gaap Line Of Credit Facility Covenant Compliance
LineOfCreditFacilityCovenantCompliance
On March 31, 2021, we were granted a waiver to the condition to the current draw under the FILO Facility.
CY2021 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
722600000 USD
CY2021 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
719700000 USD
CY2021Q2 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
127600000 USD
CY2021Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
50000000 USD
CY2020 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
600900000 USD
CY2020 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
559700000 USD
CY2020Q2 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
99700000 USD
CY2020Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
75000000 USD
CY2019 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
521200000 USD
CY2019 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
584100000 USD
CY2019Q2 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
33500000 USD
CY2019Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
100000000 USD
CY2021Q2 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
4759000 USD
CY2020Q2 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
4759000 USD
CY2021Q2 us-gaap Deferred Finance Costs Gross
DeferredFinanceCostsGross
1076000 USD
CY2021 us-gaap Debt Instrument Covenant Description
DebtInstrumentCovenantDescription
The Credit Facility contains customary negative covenants, which limit the Company’s ability to incur additional indebtedness, create liens, make investments, make restricted payments or specified payments and merge or acquire assets, among other things. In addition, if excess availability under the Credit Facility were to fall below certain specified levels, certain additional covenants (including fixed charge coverage ratio requirements and a minimum excess availability of the greater of 10% of the Loan Cap and $25,000 when the FILO is funded) would be triggered, and the lenders would have the right to assume dominion and control over the Company's cash. The Credit Facility includes an anti-cash hoarding provision, which limits maximum excess cash allowed to $50,000 when the FILO is funded.The Credit Facility contains customary events of default, including payment defaults, material breaches of representations and warranties, covenant defaults, default on other material indebtedness, customary ERISA events of default, bankruptcy and insolvency, material judgments, invalidity of liens on collateral, change of control or cessation of business. The Credit Facility also contains customary affirmative covenants and representations and warranties. We are in compliance with all covenants, representations and warranties under the Credit Facility as of May 1, 2021.
CY2021 us-gaap Variable Lease Cost
VariableLeaseCost
69511000 USD
CY2020 us-gaap Variable Lease Cost
VariableLeaseCost
73455000 USD
CY2021 us-gaap Lease Cost
LeaseCost
108282000 USD
CY2020 us-gaap Lease Cost
LeaseCost
159289000 USD
CY2021 us-gaap Operating Lease Expense
OperatingLeaseExpense
177793000 USD
CY2020 us-gaap Operating Lease Expense
OperatingLeaseExpense
232744000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
99657000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
48621000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
40506000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
34748000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
27045000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
70234000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
320811000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
43518000 USD
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
277293000 USD
CY2021Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y6M
CY2020Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y2M12D
CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
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3000 USD
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538000 USD
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26288000 USD

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