2024 Q3 Form 10-Q Financial Statement

#000155837024011407 Filed on August 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $425.8M $423.4M
YoY Change 10.97% -0.53%
Cost Of Revenue $272.9M $266.6M
YoY Change 12.91% -1.18%
Gross Profit $152.9M $156.7M
YoY Change 7.67% 0.59%
Gross Profit Margin 35.9% 37.02%
Selling, General & Admin $112.9M $106.5M
YoY Change 17.93% 14.4%
% of Gross Profit 73.85% 67.96%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $15.28M $14.27M
YoY Change 43.92% 43.69%
% of Gross Profit 10.0% 9.1%
Operating Expenses $112.9M $106.5M
YoY Change 17.93% 14.4%
Operating Profit $39.98M $50.22M
YoY Change -13.55% -19.92%
Interest Expense -$384.0K -$351.0K
YoY Change -62.46% -77.13%
% of Operating Profit -0.96% -0.7%
Other Income/Expense, Net $949.0K $596.0K
YoY Change 323.66% 229.28%
Pretax Income $40.54M $50.47M
YoY Change -10.79% -17.76%
Income Tax $11.12M $11.56M
% Of Pretax Income 27.42% 22.9%
Net Earnings $29.43M $38.91M
YoY Change -14.09% -16.16%
Net Earnings / Revenue 6.91% 9.19%
Basic Earnings Per Share $0.96 $1.28
Diluted Earnings Per Share $0.95 $1.26
COMMON SHARES
Basic Shares Outstanding 30.50M 30.40M
Diluted Shares Outstanding 30.90M 30.82M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $37.38M $83.39M
YoY Change 118.59% 358.35%
Cash & Equivalents $37.38M $83.39M
Short-Term Investments
Other Short-Term Assets $48.85M $37.57M
YoY Change 32.65% 260.89%
Inventory $713.0M $627.1M
Prepaid Expenses
Receivables $7.886M $7.916M
Other Receivables $0.00 $0.00
Total Short-Term Assets $807.1M $756.0M
YoY Change 27.7% 12.97%
LONG-TERM ASSETS
Property, Plant & Equipment $797.3M $346.7M
YoY Change 30.63% 34.82%
Goodwill $197.5M $197.5M
YoY Change 0.0% 0.0%
Intangibles $58.68M $58.69M
YoY Change -3.39% -3.4%
Long-Term Investments
YoY Change
Other Assets $6.184M $5.827M
YoY Change 5.98% -5.85%
Total Long-Term Assets $1.060B $1.018B
YoY Change 21.18% 20.07%
TOTAL ASSETS
Total Short-Term Assets $807.1M $756.0M
Total Long-Term Assets $1.060B $1.018B
Total Assets $1.867B $1.774B
YoY Change 23.92% 16.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $153.6M $134.0M
YoY Change 41.92% -0.2%
Accrued Expenses $204.8M $121.4M
YoY Change 14.65% -1.28%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due $910.0K $891.0K
YoY Change 5.81% 3.24%
Total Short-Term Liabilities $358.4M $323.1M
YoY Change 14.48% -13.8%
LONG-TERM LIABILITIES
Long-Term Debt $13.97M $14.20M
YoY Change -7.44% -7.2%
Other Long-Term Liabilities $450.4M $4.036M
YoY Change 30.3% 46.87%
Total Long-Term Liabilities $450.4M $4.036M
YoY Change 30.3% 46.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $358.4M $323.1M
Total Long-Term Liabilities $450.4M $4.036M
Total Liabilities $850.1M $792.6M
YoY Change 22.71% 6.98%
SHAREHOLDERS EQUITY
Retained Earnings $791.4M $761.9M
YoY Change 29.67% 32.27%
Common Stock $3.000K $3.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.017B $981.8M
YoY Change
Total Liabilities & Shareholders Equity $1.867B $1.774B
YoY Change 23.92% 16.94%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $29.43M $38.91M
YoY Change -14.09% -16.16%
Depreciation, Depletion And Amortization $15.28M $14.27M
YoY Change 43.92% 43.69%
Cash From Operating Activities -$7.769M $41.31M
YoY Change -110.97% 2148.83%
INVESTING ACTIVITIES
Capital Expenditures $38.34M $27.07M
YoY Change 28.24% -34.75%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$38.34M -$27.07M
YoY Change 28.24% -34.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 96.00K -6.705M
YoY Change -100.23% -190.1%
NET CHANGE
Cash From Operating Activities -7.769M 41.31M
Cash From Investing Activities -38.34M -27.07M
Cash From Financing Activities 96.00K -6.705M
Net Change In Cash -46.01M 7.540M
YoY Change 4105.67% -123.42%
FREE CASH FLOW
Cash From Operating Activities -$7.769M $41.31M
Capital Expenditures $38.34M $27.07M
Free Cash Flow -$46.11M $14.25M
YoY Change -212.71% -135.94%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">BOOT BARN HOLDINGS, INC. AND SUBSIDIARIES</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENT</b><b style="font-weight:bold;">S</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">(Unaudited)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><b style="font-weight:bold;white-space:pre-wrap;">1. Business Operations</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;">Boot Barn Holdings, Inc. (the “Company”), the parent holding company of the group of operating subsidiaries that conduct the Boot Barn business, was formed on November 17, 2011, and is incorporated in the State of Delaware. The equity of the Company consists of 100,000,000 authorized shares and 30,799,513 issued and 30,502,351 outstanding shares of common stock as of June 29, 2024. The shares of common stock have voting rights of one vote per share.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;">The Company operates specialty retail stores and e-commerce websites that sell western and work boots and related apparel and accessories. The Company operates retail locations throughout the United States and sells its merchandise via the internet. The Company operated a total of 411 stores in 46 states as of June 29, 2024 and 400 stores in 45 states as of March 30, 2024. As of June 29, 2024, all stores operate under the Boot Barn name.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Recent Developments</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;">Our business and opportunities for growth depend on consumer discretionary spending, and as such, the Company’s results are particularly sensitive to economic conditions and consumer confidence. I<span style="background:#ffffff;">nflation and other challenges affecting the global economy could impact </span>the Company’s<span style="background:#ffffff;"> operations and </span>will depend on future developments, which are uncertain. These and other effects make it more challenging for management to estimate the future performance of the Company’s business, particularly over the near-to-medium term. For further discussion of the uncertainties and business risks affecting the Company, see Item 1A, Risk Factors, of the Company’s Annual Report on Form 10-K for the fiscal year ended March 30, 2024 filed with the Securities and Exchange Commission (the “SEC”) on May 15, 2024 (the “Fiscal 2024 10-K”). </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Basis of Presentation</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;">The Company’s consolidated financial statements as of June 29, 2024 and March 30, 2024 and for the thirteen weeks ended June 29, 2024 and July 1, 2023 are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), and include the accounts of the Company and each of its subsidiaries, consisting of Boot Barn, Inc., RCC Western Stores, Inc., Baskins Acquisition Holdings, LLC, Sheplers, LLC and Sheplers Holding LLC (collectively with Sheplers, LLC, “Sheplers”). All intercompany accounts and transactions among the Company and its subsidiaries have been eliminated in consolidation. The vast majority of the Company’s identifiable assets are in the United States. Certain information and footnote disclosures normally included in the Company’s annual consolidated financial statements have been condensed or omitted.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;">In the opinion of management, the interim consolidated financial statements reflect all adjustments that are of a normal and recurring nature necessary to fairly present the Company’s financial position, results of operations and cash flows in all material respects as of the dates and for the periods presented. The results of operations presented in the interim consolidated financial statements are not necessarily indicative of the results that may be expected for the fiscal year ending March 29, 2025.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Fiscal Periods</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;">The Company reports its results of operations and cash flows on a 52- or 53-week basis ending on the last Saturday of March unless April 1st is a Saturday, in which case the fiscal year ends on April 1st. 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WeightedAverageNumberOfSharesOutstandingBasic
29922000
CY2024Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
382000
CY2023Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
522000
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30815000
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30444000
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.28
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.14
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.26
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.13
CY2024Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
87229

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