In assessing our performance, we consider a variety of performance and financial measures, including the following:
Non-GAAP Financial Measures
• an improvement in net cash flows provided by operating activities from
Results of Operations
The following tables summarize our results of operations and the percent of net sales of line items included in our consolidated statements of operations (dollars in thousands):
Thirteen and Thirty-Nine Weeks Ended October 30, 2021 Compared with Thirteen andNet Sales and Comparable Sales
Consumables $ 643,125 $ 529,989 $ 113,136
Net sales $ 1,443,264 $ 1,259,997 $ 183,267
Selling, General and Administrative (“SG&A”) Expenses
Loss on Extinguishment and Modification of Debt
Adjusted EBITDA
The table below reflects the calculation of Adjusted EBITDA and Adjusted EBITDA Margin for the periods presented:
(1) Mexico joint venture EBITDA represents 50% of the entity’s operating results
for the periods presented, as adjusted to reflect the results on a basis
comparable to our Adjusted EBITDA. In the financial statements, this joint
venture is accounted for as an equity method investment and reported net of
depreciation and income taxes. Because such a presentation would not reflect
ensure consistency. The table below presents a reconciliation of Mexico
(2) Non-cash occupancy-related costs include the difference between cash and
straight-line rent for all periods.
(3) Non-recurring costs include: severance; legal reserves and related fees;
one-time consulting and other costs associated with the Company’s strategic
transformation initiatives; discontinuation and liquidation costs; and costs
related to our initial public offering and refinancing. While we have
incurred significant costs associated with the COVID-19 pandemic during
fiscal 2020 and 2021, we have not classified any of these costs as
non-recurring due to the uncertainty surrounding the pandemic’s length and
long-term impact on the macroeconomic operating environment.
(4) We define net margin as net income (loss) attributable to Class A and B-1
2,355,426
868,624
13,615
3,237,665
Cash Flows
The following table summarizes our consolidated cash flows:
Net increase in cash, cash equivalents
Investing Activities
Financing Activities
Net cash used in financing activities was $14.9 million for the thirty-nine weeks ended October 30, 2021, compared with $51.1 million used in financing activities in the thirty-nine weeks ended October 31, 2020.
operations stabilized and financial results improved, the balance was repaid in full in the second quarter of fiscal 2020.
Sources of Liquidity
As of January 30, 2021, the Company had $1,678.1 million outstanding on the Amended Term Loan Facility and no balance on the Amended Revolving Credit Facility, which provided for senior secured financing of up to $500.0 million, subject to a borrowing base.
For more information regarding this indebtedness, refer to Note 3, “Senior Secured Credit Facilities,” to the Notes to Consolidated Financial Statements included in Part I, Item 1 of this Form 10-Q.
There have been no material changes to our critical accounting policies and estimates as compared to the critical accounting policies and estimates described in the 2020 Form 10-K.
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