(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
(Address of principal executive offices) | (Zip Code) | |||||||||||||
( | ||||||||||||||
(Registrant’s telephone number, including area code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Exhibit No. | Description | |||||||
104 | Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
Grocery Outlet Holding Corp. | |||||||||||||||||
Date: | March 2, 2021 | By: | /s/ Charles Bracher | ||||||||||||||
Charles Bracher | |||||||||||||||||
Chief Financial Officer | |||||||||||||||||
14 Weeks Ended | 13 Weeks Ended | 53 Weeks Ended | 52 Weeks Ended | ||||||||||||||||||||
January 2, 2021 | December 28, 2019 | January 2, 2021 | December 28, 2019 | ||||||||||||||||||||
Net sales | $ | 806,821 | $ | 655,517 | $ | 3,134,640 | $ | 2,559,617 | |||||||||||||||
Cost of sales | 562,434 | 455,239 | 2,161,293 | 1,772,515 | |||||||||||||||||||
Gross profit | 244,387 | 200,278 | 973,347 | 787,102 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Selling, general and administrative | 197,596 | 167,895 | 772,409 | 639,437 | |||||||||||||||||||
Depreciation and amortization | 15,188 | 9,793 | 55,479 | 47,883 | |||||||||||||||||||
Share-based compensation | 3,775 | 5,586 | 38,084 | 31,439 | |||||||||||||||||||
Total operating expenses | 216,559 | 183,274 | 865,972 | 718,759 | |||||||||||||||||||
Income from operations | 27,828 | 17,004 | 107,375 | 68,343 | |||||||||||||||||||
Other expenses: | |||||||||||||||||||||||
Interest expense, net | 4,106 | 6,695 | 20,043 | 45,927 | |||||||||||||||||||
Debt extinguishment and modification costs | — | — | 198 | 5,634 | |||||||||||||||||||
Total other expenses | 4,106 | 6,695 | 20,241 | 51,561 | |||||||||||||||||||
Income before income taxes | 23,722 | 10,309 | 87,134 | 16,782 | |||||||||||||||||||
Income tax expense (benefit) | (542) | 477 | (19,579) | 1,363 | |||||||||||||||||||
Net income and comprehensive income | $ | 24,264 | $ | 9,832 | $ | 106,713 | $ | 15,419 | |||||||||||||||
Basic earnings per share | $ | 0.26 | $ | 0.11 | $ | 1.16 | $ | 0.20 | |||||||||||||||
Diluted earnings per share | $ | 0.24 | $ | 0.11 | $ | 1.08 | $ | 0.19 | |||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Basic | 94,299 | 88,841 | 91,818 | 79,044 | |||||||||||||||||||
Diluted | 99,470 | 93,076 | 98,452 | 81,863 |
January 2, 2021 | December 28, 2019 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 105,326 | $ | 28,101 | |||||||
Independent operator receivables and current portion of independent operator notes, net of allowance | 5,443 | 7,003 | |||||||||
Other accounts receivable, net of allowance | 5,950 | 2,849 | |||||||||
Merchandise inventories | 245,157 | 219,420 | |||||||||
Prepaid expenses and other current assets | 20,081 | 13,453 | |||||||||
Total current assets | 381,957 | 270,826 | |||||||||
Independent operator notes, net of allowance | 27,440 | 20,331 | |||||||||
Property and equipment, net | 433,652 | 356,614 | |||||||||
Operating lease right-of-use assets | 835,397 | 734,327 | |||||||||
Intangible assets, net | 48,226 | 47,792 | |||||||||
Goodwill | 747,943 | 747,943 | |||||||||
Deferred income tax assets, net | 3,529 | — | |||||||||
Other assets | 7,480 | 7,696 | |||||||||
Total assets | $ | 2,485,624 | $ | 2,185,529 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Trade accounts payable | $ | 114,278 | $ | 119,217 | |||||||
Accrued expenses | 35,699 | 31,363 | |||||||||
Accrued compensation | 26,447 | 14,915 | |||||||||
Current portion of long-term debt | — | 246 | |||||||||
Current lease liabilities | 48,675 | 38,245 | |||||||||
Income and other taxes payable | 7,547 | 4,641 | |||||||||
Total current liabilities | 232,646 | 208,627 | |||||||||
Long-term debt, net | 449,233 | 447,743 | |||||||||
Deferred income tax liabilities, net | — | 16,020 | |||||||||
Long-term lease liabilities | 881,438 | 767,755 | |||||||||
Total liabilities | 1,563,317 | 1,440,145 | |||||||||
Stockholders’ equity: | |||||||||||
Voting common stock | 95 | 89 | |||||||||
Series A preferred stock | — | — | |||||||||
Additional paid-in capital | 787,047 | 717,282 | |||||||||
Retained earnings | 135,165 | 28,013 | |||||||||
Total stockholders’ equity | 922,307 | 745,384 | |||||||||
Total liabilities and stockholders’ equity | $ | 2,485,624 | $ | 2,185,529 |
53 Weeks Ended | 52 Weeks Ended | ||||||||||
January 2, 2021 | December 28, 2019 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 106,713 | $ | 15,419 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation of property and equipment | 50,749 | 42,906 | |||||||||
Amortization of intangible and other assets | 7,302 | 7,237 | |||||||||
Amortization of debt issuance costs and discounts | 2,452 | 2,542 | |||||||||
Debt extinguishment and modification costs | 198 | 5,634 | |||||||||
Share-based compensation | 38,084 | 31,439 | |||||||||
Provision for accounts receivable | (456) | 2,575 | |||||||||
Deferred income taxes | (19,578) | 872 | |||||||||
Other | 1,954 | 1,955 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Independent operator and other accounts receivable | (4,943) | (3,649) | |||||||||
Merchandise inventories | (25,737) | (21,115) | |||||||||
Prepaid expenses and other current assets | (6,628) | 498 | |||||||||
Income and other taxes payable | 2,906 | 1,191 | |||||||||
Trade accounts payable, accrued compensation and other accrued expenses | 4,778 | 22,599 | |||||||||
Proceeds from insurance recoveries | 479 | — | |||||||||
Changes in operating lease assets and liabilities, net | 22,964 | 22,732 | |||||||||
Net cash provided by operating activities | 181,237 | 132,835 | |||||||||
Cash flows from investing activities: | |||||||||||
Advances to independent operators | (10,372) | (12,811) | |||||||||
Repayments of advances from independent operators | 6,793 | 4,473 | |||||||||
Purchases of property and equipment | (124,920) | (97,194) | |||||||||
Proceeds from sales of assets | 269 | 586 | |||||||||
Intangible assets and licenses | (5,861) | (3,073) | |||||||||
Proceeds from insurance recoveries | 305 | — | |||||||||
Net cash used in investing activities | (133,786) | (108,019) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from initial public offering, net of underwriting discounts paid | — | 407,666 | |||||||||
Proceeds from exercise of share-based compensation awards | 32,604 | 4,444 | |||||||||
Proceeds from revolving credit facility loan | 90,000 | — | |||||||||
Principal payments on revolving credit facility loan | (90,000) | — | |||||||||
Payments made for net settlement of employee share-based awards | (483) | (2,813) | |||||||||
Other direct costs paid related to the initial public offering | — | (7,062) | |||||||||
Principal payments on term loans | (188) | (414,813) | |||||||||
Principal payments on other borrowings | (1,024) | (865) | |||||||||
Dividends paid | (434) | (3,645) | |||||||||
Debt issuance costs paid | (701) | (690) | |||||||||
Net cash provided by (used in) financing activities | 29,774 | (17,778) | |||||||||
Net increase in cash and cash equivalents | 77,225 | 7,038 | |||||||||
Cash and cash equivalents at beginning of period | 28,101 | 21,063 | |||||||||
Cash and cash equivalents at end of period | $ | 105,326 | $ | 28,101 |
14 Weeks Ended | 13 Weeks Ended | 53 Weeks Ended | 52 Weeks Ended | ||||||||||||||||||||
January 2, 2021 | December 28, 2019 | January 2, 2021 | December 28, 2019 | ||||||||||||||||||||
Net income | $ | 24,264 | $ | 9,832 | $ | 106,713 | $ | 15,419 | |||||||||||||||
Interest expense, net | 4,106 | 6,695 | 20,043 | 45,927 | |||||||||||||||||||
Income tax expense (benefit) | (542) | 477 | (19,579) | 1,363 | |||||||||||||||||||
Depreciation and amortization expenses (a) | 15,798 | 10,356 | 58,051 | 50,143 | |||||||||||||||||||
EBITDA | 43,626 | 27,360 | 165,228 | 112,852 | |||||||||||||||||||
Share-based compensation expenses (b) | 3,775 | 5,586 | 38,084 | 31,439 | |||||||||||||||||||
Non-cash rent (c) | 3,025 | 5,275 | 10,673 | 10,582 | |||||||||||||||||||
Asset impairment and gain or loss on disposition (d) | 569 | 1,457 | 1,727 | 1,957 | |||||||||||||||||||
Provision for (write-off of) accounts receivable reserves (e) | (777) | 202 | (456) | 2,575 | |||||||||||||||||||
Other (f) | 1,001 | 1,183 | 7,666 | 8,928 | |||||||||||||||||||
Adjusted EBITDA, revised definition | $ | 51,219 | $ | 41,063 | $ | 222,922 | $ | 168,333 | |||||||||||||||
Revised definition no longer adjusts for: | |||||||||||||||||||||||
New store pre-opening expenses (g) | 297 | 473 | 1,542 | 1,509 | |||||||||||||||||||
Adjusted EBITDA, previous definition | $ | 51,516 | $ | 41,536 | $ | 224,464 | $ | 169,842 |
14 Weeks Ended | 13 Weeks Ended | 53 Weeks Ended | 52 Weeks Ended | ||||||||||||||||||||
January 2, 2021 | December 28, 2019 | January 2, 2021 | December 28, 2019 | ||||||||||||||||||||
Net income | $ | 24,264 | $ | 9,832 | $ | 106,713 | $ | 15,419 | |||||||||||||||
Share-based compensation expenses (b) | 3,775 | 5,586 | 38,084 | 31,439 | |||||||||||||||||||
Non-cash rent (c) | 3,025 | 5,275 | 10,673 | 10,582 | |||||||||||||||||||
Asset impairment and gain or loss on disposition (d) | 569 | 1,457 | 1,727 | 1,957 | |||||||||||||||||||
Provision for (write-off of) accounts receivable reserves (e) | (777) | 202 | (456) | 2,575 | |||||||||||||||||||
Other (f) | 1,001 | 1,183 | 7,666 | 8,928 | |||||||||||||||||||
Amortization of purchase accounting assets and deferred financing costs (h) | 2,985 | 461 | 11,808 | 11,917 | |||||||||||||||||||
Tax impact of option exercises and vesting of restricted stock units (i) | (7,631) | (2,993) | (44,089) | (3,587) | |||||||||||||||||||
Tax effect of total adjustments (j) | (2,963) | (4,404) | (19,461) | (18,939) | |||||||||||||||||||
Non-GAAP adjusted net income, revised definition | $ | 24,248 | $ | 16,599 | $ | 112,665 | $ | 60,291 | |||||||||||||||
GAAP earnings per share | |||||||||||||||||||||||
Basic | $ | 0.26 | $ | 0.11 | $ | 1.16 | $ | 0.20 | |||||||||||||||
Diluted | $ | 0.24 | $ | 0.11 | $ | 1.08 | $ | 0.19 | |||||||||||||||
Non-GAAP adjusted earnings per share, revised definition | |||||||||||||||||||||||
Basic | $ | 0.26 | $ | 0.19 | $ | 1.23 | $ | 0.76 | |||||||||||||||
Diluted | $ | 0.24 | $ | 0.18 | $ | 1.14 | $ | 0.74 | |||||||||||||||
Revised definition no longer adjusts for: | |||||||||||||||||||||||
New store pre-opening expenses (g) | 297 | 473 | 1,542 | 1,509 | |||||||||||||||||||
Revised definition now adjusts for: | |||||||||||||||||||||||
Tax impact of option exercises and vesting of restricted stock units (i) | 7,631 | 2,993 | 44,089 | 3,587 | |||||||||||||||||||
Change in tax effect of total adjustments (j) | (82) | (149) | (431) | (424) | |||||||||||||||||||
Non-GAAP adjusted net income, previous definition | $ | 32,094 | $ | 19,916 | $ | 157,865 | $ | 64,963 | |||||||||||||||
Non-GAAP adjusted earnings per share, previous definition | |||||||||||||||||||||||
Basic | $ | 0.34 | $ | 0.22 | $ | 1.72 | $ | 0.82 | |||||||||||||||
Diluted | $ | 0.32 | $ | 0.21 | $ | 1.60 | $ | 0.79 | |||||||||||||||
GAAP & Non-GAAP weighted average shares outstanding | |||||||||||||||||||||||
Basic | 94,299 | 88,841 | 91,818 | 79,044 | |||||||||||||||||||
Diluted | 99,470 | 93,076 | 98,452 | 81,863 |
13 Weeks Ended | 13 Weeks Ended | 13 Weeks Ended | 13 Weeks Ended | 13 Weeks Ended | 13 Weeks Ended | 13 Weeks Ended | 14 Weeks Ended | ||||||||||||||||||||||||||||||||||||||||
March 30, 2019 | June 29, 2019 | September 28, 2019 | December 28, 2019 | March 28, 2020 | June 27, 2020 | September 26, 2020 | January 2, 2021 | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 3,774 | $ | (10,632) | $ | 12,445 | $ | 9,832 | $ | 12,642 | $ | 29,333 | $ | 40,474 | $ | 24,264 | |||||||||||||||||||||||||||||||
Interest expense, net | 16,438 | 15,452 | 7,342 | 6,695 | 5,834 | 5,270 | 4,833 | 4,106 | |||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 1,444 | (4,247) | 3,689 | 477 | (1,801) | (2,244) | (14,992) | (542) | |||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expenses (a) | 12,849 | 13,156 | 13,782 | 10,356 | 13,570 | 13,887 | 14,796 | 15,798 | |||||||||||||||||||||||||||||||||||||||
EBITDA | 34,505 | 13,729 | 37,258 | 27,360 | 30,245 | 46,246 | 45,111 | 43,626 | |||||||||||||||||||||||||||||||||||||||
Share-based compensation expenses (b) | 211 | 22,750 | 2,892 | 5,586 | 20,277 | 10,175 | 3,857 | 3,775 | |||||||||||||||||||||||||||||||||||||||
Non-cash rent (c) | 1,862 | 1,816 | 1,629 | 5,275 | 2,214 | 2,759 | 2,675 | 3,025 | |||||||||||||||||||||||||||||||||||||||
Asset impairment and gain or loss on disposition (d) | 182 | 233 | 85 | 1,457 | 975 | (22) | 205 | 569 | |||||||||||||||||||||||||||||||||||||||
Provision for (write-off of) accounts receivable reserves (e) | 1,483 | 581 | 309 | 202 | 848 | (899) | 372 | (777) | |||||||||||||||||||||||||||||||||||||||
Other (f) | 459 | 5,577 | 1,709 | 1,183 | 2,062 | 2,048 | 2,555 | 1,001 | |||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA, revised definition | $ | 38,702 | $ | 44,686 | $ | 43,882 | $ | 41,063 | $ | 56,621 | $ | 60,307 | $ | 54,775 | $ | 51,219 | |||||||||||||||||||||||||||||||
Revised definition no longer adjusts for: | |||||||||||||||||||||||||||||||||||||||||||||||
New store pre-opening expenses (g) | 421 | 321 | 294 | 473 | 406 | 337 | 502 | 297 | |||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA, previous definition | $ | 39,123 | $ | 45,007 | $ | 44,176 | $ | 41,536 | $ | 57,027 | $ | 60,644 | $ | 55,277 | $ | 51,516 |
13 Weeks Ended | 13 Weeks Ended | 13 Weeks Ended | 13 Weeks Ended | 13 Weeks Ended | 13 Weeks Ended | 13 Weeks Ended | 14 Weeks Ended | ||||||||||||||||||||||||||||||||||||||||
March 30, 2019 | June 29, 2019 | September 28, 2019 | December 28, 2019 | March 28, 2020 | June 27, 2020 | September 26, 2020 | January 2, 2021 | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 3,774 | $ | (10,632) | $ | 12,445 | $ | 9,832 | $ | 12,642 | $ | 29,333 | $ | 40,474 | $ | 24,264 | |||||||||||||||||||||||||||||||
Share-based compensation expenses (b) | 211 | 22,750 | 2,892 | 5,586 | 20,277 | 10,175 | 3,857 | 3,775 | |||||||||||||||||||||||||||||||||||||||
Non-cash rent (c) | 1,862 | 1,816 | 1,629 | 5,275 | 2,214 | 2,759 | 2,675 | 3,025 | |||||||||||||||||||||||||||||||||||||||
Asset impairment and gain or loss on disposition (d) | 182 | 233 | 85 | 1,457 | 975 | (22) | 205 | 569 | |||||||||||||||||||||||||||||||||||||||
Provision for (write-off of) accounts receivable reserves (e) | 1,483 | 581 | 309 | 202 | 848 | (899) | 372 | (777) | |||||||||||||||||||||||||||||||||||||||
Other (f) | 459 | 5,577 | 1,709 | 1,183 | 2,062 | 2,048 | 2,555 | 1,001 | |||||||||||||||||||||||||||||||||||||||
Amortization of purchase accounting assets and deferred financing costs (h) | 3,916 | 3,835 | 3,705 | 461 | 2,936 | 2,944 | 2,943 | 2,985 | |||||||||||||||||||||||||||||||||||||||
Tax impact of option exercises and vesting of restricted stock units (i) | 1 | (26) | (569) | (2,993) | (4,994) | (9,584) | (21,880) | (7,631) | |||||||||||||||||||||||||||||||||||||||
Tax effect of total adjustments (j) | (2,244) | (9,929) | (2,362) | (4,404) | (8,207) | (4,761) | (3,530) | (2,963) | |||||||||||||||||||||||||||||||||||||||
Non-GAAP adjusted net income, revised definition | $ | 9,644 | $ | 14,205 | $ | 19,843 | $ | 16,599 | $ | 28,753 | $ | 31,993 | $ | 27,671 | $ | 24,248 | |||||||||||||||||||||||||||||||
GAAP earnings per share | |||||||||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.06 | $ | (0.15) | $ | 0.14 | $ | 0.11 | $ | 0.14 | $ | 0.32 | $ | 0.44 | $ | 0.26 | |||||||||||||||||||||||||||||||
Diluted | $ | 0.06 | $ | (0.15) | $ | 0.13 | $ | 0.11 | $ | 0.13 | $ | 0.30 | $ | 0.41 | $ | 0.24 | |||||||||||||||||||||||||||||||
Non-GAAP adjusted earnings per share, revised definition | |||||||||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.14 | $ | 0.20 | $ | 0.22 | $ | 0.19 | $ | 0.32 | $ | 0.35 | $ | 0.30 | $ | 0.26 | |||||||||||||||||||||||||||||||
Diluted | $ | 0.14 | $ | 0.20 | $ | 0.21 | $ | 0.18 | $ | 0.30 | $ | 0.32 | $ | 0.28 | $ | 0.24 | |||||||||||||||||||||||||||||||
Revised definition no longer adjusts for: | |||||||||||||||||||||||||||||||||||||||||||||||
New store pre-opening expenses (g) | 421 | 321 | 294 | 473 | 406 | 337 | 502 | 297 | |||||||||||||||||||||||||||||||||||||||
Revised definition now adjusts for: | |||||||||||||||||||||||||||||||||||||||||||||||
Tax impact of option exercises and vesting of restricted stock units (i) | (1) | 26 | 569 | 2,993 | 4,994 | 9,584 | 21,880 | 7,631 | |||||||||||||||||||||||||||||||||||||||
Change in tax effect of total adjustments (j) | (117) | (92) | (66) | (149) | (114) | (95) | (140) | (82) | |||||||||||||||||||||||||||||||||||||||
Non-GAAP adjusted net income, previous definition | $ | 9,947 | $ | 14,460 | $ | 20,640 | $ | 19,916 | $ | 34,039 | $ | 41,819 | $ | 49,913 | $ | 32,094 | |||||||||||||||||||||||||||||||
Non-GAAP adjusted earnings per share, previous definition | |||||||||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.15 | $ | 0.21 | $ | 0.23 | $ | 0.22 | $ | 0.38 | $ | 0.46 | $ | 0.54 | $ | 0.34 | |||||||||||||||||||||||||||||||
Diluted | $ | 0.15 | $ | 0.20 | $ | 0.22 | $ | 0.21 | $ | 0.36 | $ | 0.42 | $ | 0.50 | $ | 0.32 | |||||||||||||||||||||||||||||||
GAAP weighted average shares outstanding | |||||||||||||||||||||||||||||||||||||||||||||||
Basic | 68,514 | 70,475 | 88,345 | 88,841 | 89,481 | 90,800 | 92,489 | 94,299 | |||||||||||||||||||||||||||||||||||||||
Diluted | 68,553 | 70,475 | 93,183 | 93,076 | 94,869 | 98,618 | 99,266 | 99,470 | |||||||||||||||||||||||||||||||||||||||
Non-GAAP weighted average shares outstanding | |||||||||||||||||||||||||||||||||||||||||||||||
Basic | 68,514 | 70,475 | 88,345 | 88,841 | 89,481 | 90,800 | 92,489 | 94,299 | |||||||||||||||||||||||||||||||||||||||
Diluted (k) | 68,553 | 71,315 | 93,183 | 93,076 | 94,869 | 98,618 | 99,266 | 99,470 |
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