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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-Q

(Mark one)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
  
For the quarterly period endedJune 30, 2020
  
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
  
 
For the transition period from                     to                     .
 
Commission File Number:  001-35113
 GNC Holdings, Inc.
(Exact name of registrant as specified in its charter)
Delaware20-8536244
(State or other jurisdiction of(I.R.S. Employer
Incorporation or organization)Identification No.)
300 Sixth Avenue15222
Pittsburgh,
Pennsylvania
(Zip Code)
(Address of principal executive offices)
 
Registrant’s telephone number, including area code:  (412) 288-4600
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Class A common stock, par value $0.001 per shareGNCIQ*
 
* On June 30, 2020, the Company’s common stock was suspended from trading on the New York Stock Exchange (the “NYSE”) because of the Debtors’ filing of the Chapter 11 Cases. Effective July 1, 2020, trades in the Company’s common stock began being quoted on the OTC Pink Marketplace under the symbol “GNCIQ.” On July 1, 2020, the NYSE filed a Form 25 to delist the Company’s common stock and to remove it from registration under Section 12(b) of the Exchange Act.

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.         Yes No
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).        Yes No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act:
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.               
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
                    Yes No
  
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As of August 5, 2020, there were 84,040,526 outstanding shares of Class A common stock, par value $0.001 per share (the “common stock”), of GNC Holdings, Inc.
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TABLE OF CONTENTS
 
 
PAGE
Financial Statements (Unaudited Debtor-In-Possession)
 

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PART I - FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited Debtor-In-Possession)

GNC HOLDINGS, INC. AND SUBSIDIARIES (DEBTOR-IN-POSSESSION)
Consolidated Balance Sheets
(unaudited)
(in thousands)
June 30, 2020December 31, 2019
Current assets:
Cash and cash equivalents$80,740  $117,046  
Restricted cash (Note 3)15,688    
Receivables, net of allowance for credit losses of $32,726 and $22,648, respectively (Note 2)
77,413  101,234  
Receivables due from related parties (Note 9)10,094  8,946  
Inventory (Note 5)275,170  387,655  
Prepaid and other current assets 37,183  24,880  
Total current assets496,288  639,761  
Long-term assets:  
Goodwill (Note 7)73,552  79,109  
Brand name (Note 7)189,000  300,720  
Other intangible assets, net68,493  71,298  
Property, plant and equipment, net (Note 6)66,597  86,916  
Right-of-use assets (Note 6)248,340  350,579  
Equity method investments (Note 9)42,077  97,930  
Investment in GNC Canada (Note 3)13,570    
Deferred tax assets (Note 15)26,542    
Other long-term assets18,603  24,274  
Total long-term assets746,774  1,010,826  
Total assets$1,243,062  $1,650,587  
Current liabilities:  
Debtor-in-possession financing (Note 3)$305,000  $  
Accounts payable6,435  150,742  
Accounts payable due to related parties (Note 9)3,340  11,720  
Current portion of long-term debt (Note 8)  180,566  
Current lease liabilities   112,005  
Deferred revenue and other current liabilities40,507  105,792  
Total current liabilities355,282  560,825  
Long-term liabilities:  
Long-term debt (Note 8)  681,999  
Deferred income taxes315  31,586  
Lease liabilities2,018  330,510  
Other long-term liabilities208  41,535  
Total long-term liabilities2,541  1,085,630  
Total liabilities not subject to compromise357,823  1,646,455  
Liabilities subject to compromise1,153,564    
Total liabilities1,511,387  1,646,455  
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Contingencies (Note 11)
Mezzanine equity:
  Convertible preferred stock (Note 12)211,395  211,395  
Stockholders’ deficit:  
Common stock131  131  
Additional paid-in capital1,013,854  1,012,076  
Retained earnings234,850  518,605  
Treasury stock, at cost(1,725,349) (1,725,349) 
Accumulated other comprehensive loss(3,206) (12,726) 
Total stockholders’ deficit(479,720) (207,263) 
Total liabilities, mezzanine equity and stockholders’ deficit$1,243,062  $1,650,587  
 
The accompanying notes are an integral part of the Consolidated Financial Statements.
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GNC HOLDINGS, INC. AND SUBSIDIARIES (DEBTOR-IN-POSSESSION)
Consolidated Statements of Operations
(unaudited)
(in thousands, except per share amounts)

 Three months ended June 30,Six months ended June 30,
 2020201920202019
Revenue (Note 4)
$343,538  $533,997  $816,119  $1,098,760  
Cost of sales, including warehousing, distribution and occupancy255,305  340,253  591,171  701,925  
Gross profit88,233  193,744  224,948  396,835  
Selling, general and administrative127,115  143,840  271,657  292,143  
Long-lived asset impairments and other store closing costs20,201    177,715    
Loss on net asset exchange for the formation of the joint ventures (Note 9)  1,779  1,655  21,293  
Other income, net(565) (593) (1,528) (801) 
Operating (loss) income(58,518) 48,718  (224,551) 84,200  
Interest expense, net (Note 8)22,057  24,964  69,502  57,920  
Gain on convertible debt repurchase  (3,214)   (3,214) 
Loss on forward contracts for the issuance of convertible preferred stock      16,787  
Reorganization items, net15,429    15,429    
(Loss) income before income from equity method investments and income taxes(96,004) 26,968  (309,482) 12,707  
Income tax (benefit) expense (Note 15)(11,386) 13,030  (64,421) 14,986  
(Loss) income before income from equity method investments(84,618) 13,938  (245,061) (2,279) 
Income (loss) from equity method investments (Note 9)949  2,120  (38,694) 3,075  
Net (loss) income$(83,669) $16,058  $(283,755) $796  
(Loss) earnings per share (Note 13):
  
Basic$(1.06) $0.13  $(3.51) $(0.09) 
Diluted$(1.06) $0.11  $(3.51) $(0.09) 
Weighted average common shares outstanding (Note 13):
  
Basic83,936  83,663  83,916  83,587  
Diluted83,936  140,942  83,916  83,587  
 The accompanying notes are an integral part of the Consolidated Financial Statements.

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GNC HOLDINGS, INC. AND SUBSIDIARIES (DEBTOR-IN-POSSESSION)
Consolidated Statements of Comprehensive Income (Loss)
(unaudited)
(in thousands)
 
 Three months ended June 30,Six months ended June 30,
 2020201920202019
Net (loss) income$(83,669) $16,058  $(283,755) $796  
Other comprehensive gain (loss):  
 Net change in interest rate swaps:
Periodic revaluation of interest rate swap, net of tax(1)
  (2,830) (3,542) (4,295) 
Reclassification adjustment for interest recognized in Consolidated Statement of Operations, net of tax(2)
  268  871  504  
 Net change in unrecognized loss on interest rate swaps, net of tax  (2,562) (2,671) (3,791) 
 Deferred loss recognized on interest rate swap, net of $3.4 million tax expense
    7,459    
 Foreign currency translation gain (loss)251  186  (896) 625  
 Deconsolidation of GNC Canada - currency translation5,628    5,628    
Other comprehensive gain (loss)5,879  (2,376) 9,520  (3,166) 
Comprehensive (loss) income$(77,790) $13,682  $(274,235) $(2,370) 

(1)Net of tax benefit of $1.3 million for the three months ended June 30, 2019, and net of tax benefit of $1.6 million and $1.9 million, respectively, for the six months ended June 30, 2020 and 2019.
(2)Net of tax expense of $0.1 million, respectively, for the three months ended June 30, 2019, and net of tax expense of $0.4 million and $0.2 million, respectively, for the six months ended June 30, 2020 and 2019.

The accompanying notes are an integral part of the Consolidated Financial Statements.

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GNC HOLDINGS, INC. AND SUBSIDIARIES (DEBTOR-IN-POSSESSION)
Consolidated Statements of Stockholders’ Deficit
(unaudited)
(in thousands)

 Common StockTreasury StockPaid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Stockholders’
Deficit
Class A
 SharesDollars
Balance at December 31, 201984,564  $131  $(1,725,349) $1,012,076  $518,605  $(12,726) $(207,263) 
Comprehensive income —  —  —  —  (200,086) 3,641  (196,445) 
Restricted stock awards68  —  —  —  —  —    
Minimum tax withholding requirements(24) —  —  (54) —  —  (54) 
Stock-based compensation—  —  —  1,372  —  —  1,372  
Balance at March 31, 202084,608  131  (1,725,349) 1,013,394  318,519  (9,085) (402,390) 
Comprehensive income—  —  —  —  (83,669) 5,879  (77,790) 
Restricted stock awards(546) —  —  —  —  —    
Minimum tax withholding requirements(21) —  —  (10) —  —  (10) 
Stock-based compensation—  —  —  470  —  —  470  
Balance at June 30, 202084,041  $131  $(1,725,349) $1,013,854  $234,850  $(3,206) $(479,720) 
Balance at December 31, 201883,886  $130  $(1,725,349) $1,007,827  $613,637  $(10,555) $(114,310) 
Impact of the adoption of ASC 842—  —  —  —  (59,936) —  (59,936) 
Comprehensive income—  —  —  —  (15,262) (790) (16,052) 
Restricted stock awards121  —  —  —  —  —    
Minimum tax withholding requirements(41) —  —  (120) —  —  (120) 
Stock-based compensation—  —  —  1,334  —  —  1,334  
Balance at March 31, 201983,966  130  (1,725,349) 1,009,041  538,439  (11,345) (189,084) 
Comprehensive income—  —  —  —  16,058  (2,376) 13,682  
Restricted stock awards628  —  —  —  —  —    
Minimum tax withholding requirements(15) —  —  (108) —  —  (108) 
Stock-based compensation—  —  —  1,658  —  —  1,658  
Balance at June 30, 201984,579  $130  $(1,725,349) $1,010,591  $554,497  $(13,721) $(173,852) 
 
The accompanying notes are an integral part of the Consolidated Financial Statements.

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GNC HOLDINGS, INC. AND SUBSIDIARIES (DEBTOR-IN-POSSESSION)
Consolidated Statements of Cash Flows
(unaudited)
(in thousands)
 Six months ended June 30,
 20202019
Cash flows from operating activities:
Net (loss) income$(283,755) $796  
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:  
Depreciation and amortization expense14,845  18,704  
Non-cash reorganization items, net13,386    
Loss (income) from equity method investments38,694  (3,075) 
Amortization of debt costs21,954  12,364  
Stock-based compensation1,842  2,992  
Long-lived asset impairments and other store closing costs177,715    
Loss on forward contracts related to the issuance of convertible preferred stock  16,787  
Loss on net asset exchange for the formation of the joint ventures1,655  21,293  
Gain on convertible notes repurchase  (3,214) 
Interest expense recognized on interest rate swap10,810    
Distribution from equity investments1,399    
Deferred income tax benefit(61,344) (5,859) 
Other(2,106) (398) 
Changes in assets and liabilities:
Decrease (increase) in receivables20,559  (4,400) 
Decrease (increase) in inventory88,146  (706) 
Decrease (increase) in prepaid and other current assets(12,841) 874  
Increase (decrease) in accounts payable(51,772) 24,886  
Increase (decrease) in deferred revenue and accrued liabilities53,125  (222) 
Decrease in net lease liabilities(33,998) (18,556) 
Other operating activities(1,755) 3,057  
Net cash (used in) provided by operating activities(3,441) 65,323  
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Cash flows from investing activities:  
Capital expenditures(5,970) (6,460) 
Refranchising proceeds, net of store acquisition costs408  1,520  
Proceeds from net asset exchange18,211  101,000  
Deconsolidation of GNC Canada(4,293)   
Capital contribution to the joint ventures  (13,079) 
Interest rate swap settlement(8,990)   
Net cash (used in) provided by investing activities(634) 82,981  
Cash flows from financing activities:  
Proceeds from debtor-in-possession financing30,000    
Fees associated with the issuance of debtor-in-possession financing(7,300)   
Borrowings under revolving credit facility60,000  22,000  
Payments on revolving credit facility(60,000) (22,000) 
Proceeds from the issuance of convertible preferred stock  199,950  
Payments on Tranche B-1 Term Loan  (147,312) 
Payments on Tranche B-2 Term Loan(37,628) (123,774) 
Payments on convertible notes repurchase  (24,708) 
Original issuance discount and revolving credit facility fees  (10,365) 
Fees associated with the issuance of convertible preferred stock  (12,814) 
Minimum tax withholding requirements(64) (228) 
Net cash used in financing activities(14,992) (119,251) 
Effect of exchange rate changes on cash and cash equivalents and restricted cash(1,551) (384) 
Net (decrease) increase in cash and cash equivalents and restricted cash(20,618) 28,669  
Beginning balance, cash and cash equivalents and restricted cash117,046  67,224  
Ending balance, cash and cash equivalents and restricted cash$96,428  $95,893  
 
The accompanying notes are an integral part of the Consolidated Financial Statements.
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GNC HOLDINGS, INC. AND SUBSIDIARIES (DEBTOR-IN-POSSESSION)
Supplemental Cash Flow Information
(unaudited)
(in thousands)



Six months ended June 30,
20202019
Non-cash investing activities (1):
Net assets contributed to the joint ventures (Note 9)$