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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 ended May 1, 2021

OR

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 001-36107

 

BURLINGTON STORES, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

80-0895227

(State or Other Jurisdiction of

Incorporation or Organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

2006 Route 130 North

Burlington, New Jersey

 

08016

(Address of Principal Executive Offices)

 

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (609387-7800

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common stock

 

BURL

 

New York Stock Exchange

 

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 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, a 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 filer

Accelerated filer

 

 

 

 

Non-Accelerated filer

☐  

Smaller reporting company

 

 

Emerging 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  

The registrant had 66,580,160 shares of common stock outstanding as of May 1, 2021.


 

 

BURLINGTON STORES, INC.

INDEX

 

 

 

Page

Part I—Financial Information

 

3

 

 

 

Item 1. Financial Statements (unaudited)

 

3

 

 

 

Condensed Consolidated Statements of Income (Loss) - Three Months Ended May 1, 2021 and May 2, 2020  

 

3

 

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss) – Three Months Ended May 1, 2021 and May 2, 2020

 

4

 

 

 

Condensed Consolidated Balance Sheets – May 1, 2021, January 30, 2021 and May 2, 2020

 

5

 

 

 

Condensed Consolidated Statements of Cash Flows – Three Months Ended May 1, 2021 and May 2, 2020

 

6

 

 

 

Notes to Condensed Consolidated Financial Statements

 

7

 

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

21

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

36

 

 

 

Item 4. Controls and Procedures

 

36

 

 

 

Part II—Other Information

 

36

 

 

 

Item 1. Legal Proceedings

 

36

 

 

 

Item 1A. Risk Factors

 

36

 

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

37

 

 

 

Item 3. Defaults Upon Senior Securities

 

37

 

 

 

Item 4. Mine Safety Disclosures

 

37

 

 

 

Item 5. Other Information

 

37

 

 

 

Item 6. Exhibits

 

38

 

 

 

SIGNATURES

 

39

 

 

 

 

2


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

BURLINGTON STORES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(Unaudited)

(All amounts in thousands, except per share data)

 

 

Three Months Ended

 

 

 

May 1,

 

 

May 2,

 

 

 

2021

 

 

2020

 

REVENUES:

 

 

 

 

 

 

 

 

Net sales

 

$

2,190,667

 

 

$

797,996

 

Other revenue

 

 

2,629

 

 

 

3,527

 

Total revenue

 

 

2,193,296

 

 

 

801,523

 

COSTS AND EXPENSES:

 

 

 

 

 

 

 

 

Cost of sales

 

 

1,242,189

 

 

 

782,184

 

Selling, general and administrative expenses

 

 

664,828

 

 

 

485,088

 

Costs related to debt issuances and amendments

 

 

 

 

 

4,352

 

Depreciation and amortization

 

 

55,610

 

 

 

54,291

 

Impairment charges - long-lived assets

 

 

777

 

 

 

1,924

 

Other income - net

 

 

(1,374

)

 

 

(2,124

)

Loss on extinguishment of debt

 

 

 

 

 

202

 

Interest expense

 

 

19,599

 

 

 

14,693

 

Total costs and expenses

 

 

1,981,629

 

 

 

1,340,610

 

Income (loss) before income tax expense (benefit)

 

 

211,667

 

 

 

(539,087

)

Income tax expense (benefit)

 

 

40,637

 

 

 

(205,359

)

Net income (loss)

 

$

171,030

 

 

$

(333,728

)

 

 

 

 

 

 

 

 

 

Net income (loss) per common share:

 

 

 

 

 

 

 

 

Common stock - basic

 

$

2.58

 

 

$

(5.09

)

Common stock - diluted

 

$

2.51

 

 

$

(5.09

)

Weighted average number of common shares:

 

 

 

 

 

 

 

 

Common stock - basic

 

 

66,397

 

 

 

65,572

 

Common stock - diluted

 

 

68,032

 

 

 

65,572

 

 

See Notes to Condensed Consolidated Financial Statements.

 

 

 

 

3


 

BURLINGTON STORES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

(All amounts in thousands)

 

 

 

Three Months Ended

 

 

 

May 1,

 

 

May 2,

 

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

171,030

 

 

$

(333,728

)

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

Interest rate derivative contracts:

 

 

 

 

 

 

 

 

Net unrealized gains (losses) arising during the period

 

 

825

 

 

 

(9,609

)

Net reclassification into earnings during the period

 

 

2,159

 

 

 

1,108

 

Other comprehensive income (loss), net of tax

 

 

2,984

 

 

 

(8,501

)

Total comprehensive income (loss)

 

$

174,014

 

 

$

(342,229

)

 

See Notes to Condensed Consolidated Financial Statements.

 


 

4


 

BURLINGTON STORES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(All amounts in thousands, except share and per share data)

 

 

 

 

May 1,

 

 

January 30,

 

 

May 2,

 

 

 

2021

 

 

2021

 

 

2020

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,530,600

 

 

$

1,380,276

 

 

$

1,488,470

 

Restricted cash and cash equivalents

 

 

6,582

 

 

 

6,582

 

 

 

6,582

 

Accounts receivablenet

 

 

83,350

 

 

 

62,161

 

 

 

12,375

 

Merchandise inventories

 

 

767,575

 

 

 

740,788

 

 

 

625,908

 

Assets held for disposal

 

 

6,655

 

 

 

6,655

 

 

 

2,261

 

Prepaid and other current assets

 

 

343,336

 

 

 

314,154

 

 

 

94,284

 

Total current assets

 

 

2,738,098

 

 

 

2,510,616

 

 

 

2,229,880

 

Property and equipment—net

 

 

1,454,454

 

 

 

1,438,863

 

 

 

1,407,082

 

Operating lease assets

 

 

2,500,887

 

 

 

2,469,366

 

 

 

2,437,444

 

Tradenames

 

 

238,000

 

 

 

238,000

 

 

 

238,000

 

Goodwill

 

 

47,064

 

 

 

47,064

 

 

 

47,064

 

Deferred tax assets

 

 

4,332

 

 

 

4,422

 

 

 

4,661

 

Other assets

 

 

68,209

 

 

 

72,761

 

 

 

276,546

 

Total assets

 

$

7,051,044

 

 

$

6,781,092

 

 

$

6,640,677

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

906,960

 

 

$

862,638

 

 

$

701,922

 

Current operating lease liabilities

 

 

312,934

 

 

 

304,629

 

 

 

269,016

 

Other current liabilities

 

 

504,520

 

 

 

512,830

 

 

 

380,789

 

Current maturities of long term debt

 

 

4,287

 

 

 

3,899

 

 

 

3,679

 

Total current liabilities

 

 

1,728,701

 

 

 

1,683,996

 

 

 

1,355,406

 

Long term debt

 

 

2,081,013

 

 

 

1,927,770

 

 

 

2,304,094

 

Long term operating lease liabilities

 

 

2,428,866

 

 

 

2,400,782

 

 

 

2,370,861

 

Other liabilities

 

 

100,953

 

 

 

103,940

 

 

 

112,092

 

Deferred tax liabilities

 

 

171,619

 

 

 

199,850

 

 

 

219,123

 

Commitments and contingencies (Note 12)

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock, $0.0001 par value: authorized: 50,000,000

   shares; no shares issued and outstanding

 

 

 

 

 

 

 

 

 

Common stock, $0.0001 par value:

 

 

 

 

 

 

 

 

 

 

 

 

   Authorized: 500,000,000 shares;

 

 

 

 

 

 

 

 

 

 

 

 

   Issued: 80,897,050 shares, 80,661,453 shares and 80,084,171 shares, respectively;

 

 

 

 

 

 

 

 

 

 

 

 

   Outstanding: 66,580,160 shares, 66,386,331 shares and 65,846,701 shares, respectively

 

 

7

 

 

 

7

 

 

 

7

 

Additional paid-in-capital

 

 

1,706,883

 

 

 

1,809,831

 

 

 

1,737,868

 

Accumulated earnings (deficit)

 

 

176,483

 

 

 

(11,702

)

 

 

(128,931

)

Accumulated other comprehensive loss

 

 

(20,031

)

 

 

(23,015

)

 

 

(27,461

)

Treasury stock, at cost

 

 

(1,323,450

)

 

 

(1,310,367

)

 

 

(1,302,382

)

Total stockholders' equity

 

 

539,892

 

 

 

464,754

 

 

 

279,101

 

Total liabilities and stockholders' equity

 

$

7,051,044

 

 

$

6,781,092

 

 

$

6,640,677

 

 

See Notes to Condensed Consolidated Financial Statements.

 

 

5


 

BURLINGTON STORES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(All amounts in thousands)

 

 

Three Months Ended

 

 

 

May 1,

 

 

May 2,

 

 

 

2021

 

 

2020

 

OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

Net income (loss)

 

$

171,030

 

 

$

(333,728

)

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

55,610

 

 

 

54,291

 

Impairment chargeslong-lived assets

 

 

777

 

 

 

1,924

 

Amortization of deferred financing costs

 

 

1,651

 

 

 

479

 

Accretion of long term debt instruments

 

 

197

 

 

 

1,562

 

Deferred income taxes

 

 

9,010

 

 

 

(4,146

)

Non-cash loss on extinguishment of debt

 

 

 

 

 

202

 

Non-cash stock compensation expense

 

 

12,879

 

 

 

17,352

 

Non-cash lease expense

 

 

(4,799

)

 

 

1,174

 

Cash received from landlord allowances

 

 

9,690

 

 

 

5,807

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(20,175

)

 

 

89,367

 

Merchandise inventories

 

 

(26,787

)

 

 

151,340

 

Prepaid and other current assets

 

 

(29,182

)

 

 

42,415

 

Accounts payable

 

 

42,651

 

 

 

(70,377

)

Other current liabilities

 

 

(3,029

)

 

 

(40,553

)

Other long term assets and long term liabilities

 

 

346

 

 

 

(192,735

)

Other operating activities

 

 

3,540

 

 

 

3,891

 

Net cash provided by (used in) operating activities

 

 

223,409

 

 

 

(271,735

)

INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

Cash paid for property and equipment

 

 

(71,671

)

 

 

(62,463

)

Other investing activities

 

 

(149

)

 

 

(146

)

Net cash (used in) investing activities

 

 

(71,820

)

 

 

(62,609

)

FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Proceeds from long term debt—ABL Line of Credit

 

 

 

 

 

400,000

 

Principal payments on long term debt—ABL Line of Credit

 

 

 

 

 

 

Proceeds from long term debt—Convertible Note

 

 

 

 

 

805,000

 

Proceeds from long term debt—Secured Note

 

 

 

 

 

300,000

 

Purchase of treasury shares

 

 

(13,083

)

 

 

(57,542

)

Proceeds from stock option exercises

 

 

16,089

 

 

 

1,454

 

Deferred financing costs

 

 

(44

)

 

 

(26,846

)

Other financing activities

 

 

(4,227

)

 

 

(2,326

)

Net cash (used in) provided by financing activities

 

 

(1,265

)

 

 

1,419,740

 

Increase in cash, cash equivalents, restricted cash and restricted cash equivalents

 

 

150,324

 

 

 

1,085,396

 

Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period

 

 

1,386,858

 

 

 

409,656

 

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period

 

$

1,537,182

 

 

$

1,495,052

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Interest paid

 

$

23,758

 

 

$

8,566

 

Income tax payments - net

 

$

462

 

 

$

104

 

Non-cash investing activities:

 

 

 

 

 

 

 

 

Accrued purchases of property and equipment

 

$

41,745

 

 

$

57,219

 

See Notes to Condensed Consolidated Financial Statements.

 

6


BURLINGTON STORES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

May 1, 2021

(Unaudited)

 

1. Summary of Significant Accounting Policies

Basis of Presentation

As of May 1, 2021, Burlington Stores, Inc., a Delaware corporation (collectively with its subsidiaries, the Company), through its indirect subsidiary Burlington Coat Factory Warehouse Corporation (BCFWC), operated 784 retail stores.

These unaudited Condensed Consolidated Financial Statements include the accounts of Burlington Stores, Inc. and its subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation. The Condensed Consolidated Financial Statements are unaudited, but in the opinion of management reflect all adjustments (which are of a normal and recurring nature) necessary for the fair presentation of the results of operations for the interim periods presented. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted. These Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 30, 2021 (Fiscal 2020 10-K). The balance sheet at January 30, 2021 presented herein has been derived from the audited Consolidated Financial Statements contained in the Fiscal 2020 10-K. Because of the COVID-19 pandemic discussed below, and because the Company’s business is seasonal in nature, the operating results for the three month period ended May 1, 2021 are not necessarily indicative of results for the fiscal year.

Accounting policies followed by the Company are described in Note 1, “Summary of Significant Accounting Policies,” included in Part II, Item 8 of the Fiscal 2020 10-K.

Fiscal Year

The Company defines its fiscal year as the 52- or 53-week period ending on the Saturday closest to January 31. The current fiscal year ending January 29, 2022 (Fiscal 2021) and the prior fiscal year ended January 30, 2021 (Fiscal 2020) both consist of 52 weeks.

COVID-19

On March 11, 2020, the World Health Organization declared the novel coronavirus (known as COVID-19) outbreak to be a global pandemic. As a result, the Company began the temporary closing of some of its stores, and effective March 22, 2020, it made the decision to temporarily close all of its stores, distribution centers (other than processing of received inventory) and corporate offices to combat the rapid spread of COVID-19. These developments caused significant disruptions to the Company’s business and had a significant adverse impact on its financial condition, results of operations and cash flows. The Company began re-opening stores on May 11, 2020, with substantially all stores re-opened by the end of the second quarter of Fiscal 2020.

In response to the COVID-19 pandemic and the temporary closing of stores, the Company provided two weeks of financial support to associates impacted by these store closures and by the shutdown of distribution centers. The Company temporarily furloughed most store and distribution center associates, as well as some corporate associates, but continued to provide benefits to its furloughed associates in accordance with its benefit plans. In addition, the Company paid 100% of their medical benefit premiums during the period they were furloughed. During the second quarter of Fiscal 2020, the Company recalled all furloughed associates at its re-opened stores, as well as its corporate and distribution facilities.

In order to maintain maximum financial flexibility during these uncertain times, the Company completed several debt transactions in the first quarter of Fiscal 2020. In March 2020, the Company borrowed $400 million on its existing $600 million senior secured asset-based revolving credit facility (the ABL Line of Credit), of which $150 million was repaid during the second quarter of Fiscal 2020, and the remaining $250 million was repaid during the fourth quarter of Fiscal 2020. In April 2020, the Company issued $805 million of 2.25% Convertible Senior Notes due 2025 (the Convertible Notes), and BCFWC issued $300 million of 6.25% Senior Secured Notes due 2025 (the Secured Notes). Refer to Note 4, “Long Term Debt,” for further discussion regarding these debt transactions.

 

7


Additionally, the Company took the following steps to further enhance its financial flexibility:

 

Carefully managed operating expenses, working capital and capital expenditures, including ceasing substantially all buying activities while stores were closed. The Company subsequently resumed its buying activities, while continuing its conservative approach toward operating expenses and capital expenditures.

 

Negotiated rent deferral agreements with landlords.

 

Suspended the Company’s share repurchase program.

 

The Company’s CEO voluntarily agreed to not take a salary; the Company’s board of directors voluntarily forfeited their cash compensation; the Company’s executive leadership team voluntarily agreed to decrease their salary by 50%; and smaller salary reductions were temporarily put in place for all employees through a certain level. This compensation was reinstated once substantially all of the Company’s stores re-opened.

 

The annual incentive bonus payments related to Fiscal 2019 performance were delayed to the second quarter of Fiscal 2020, and merit pay increases for Fiscal 2020 were delayed to the third quarter of Fiscal 2020.

Due to the aging of inventory related to the temporary store closures discussed above, as well as the impact of seasonality on the Company’s merchandise, the Company recognized inventory markdown reserves of $271.9 million during the three month period ended May 2, 2020. These reserves covered markdowns taken during the second quarter of Fiscal 2020. These charges were included in “Cost of sales” on the Company’s Condensed Consolidated Statement of Income (Loss).

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) was signed into law, which provides emergency economic assistance for American workers, families and businesses affected by the COVID-19 pandemic. For the year ended January 30, 2021 the Company estimated it would obtain a one-time tax refund of $219.7 million from the carryback of federal net operating losses (NOLs) as a result of the CARES Act, which is included in the line item “Prepaid and other current assets” on the Company’s Condensed Consolidated Balance Sheet.

Recently Adopted Accounting Standards

Convertible Debt

On August 5, 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (ASU 2020-06), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments. The new guidance removes from GAAP the separation models for convertible debt with a cash conversion feature. The Company elected to early adopt this ASU as of the beginning of Fiscal 2021, using the modified retrospective method of transition. Prior periods have not been restated.

As a result of adopting the guidance, the Company is no longer separating the Convertible Notes into debt and equity components, and is instead accounting for it wholly as debt. As of the beginning of Fiscal 2021, this ASU resulted in a reduction in the line item “Additional paid-in capital” of $176.0 million, net of deferred financing costs, and an increase in the line item “Long term debt” of $153.0 million, which eliminated the debt discount and reallocated deferred financing costs that were previously allocated to the equity component.

The changes noted above caused a decrease in the effective interest rate on the Convertible Notes from 8.2% to 2.8%, resulting in a cumulative-effect adjustment to retained earnings of $23.0 million related to Fiscal 2020 interest expense, as well as a $7.6 million reduction in interest expense for the three month period ended May 1, 2021.

As of the beginning of Fiscal 2021, the tax effect of adopting this guidance resulted in a $44.1 million increase in the line item “Additional paid-in-capital,” a $38.3 million reduction in the line item “Deferred tax liabilities” and a $5.9 million reduction to retained earnings.

The new guidance also requires use of the if-converted method when calculating the dilutive impact of the Convertible Notes on earnings per share. The Company used the treasury stock method prior to adoption of the ASU. The impact of this ASU on net income and weighted average diluted shares resulted in an increase to diluted net income per share of $0.05 during the three month period ended May 1, 2021.

 

8


There were no other new accounting standards that had a material impact on the Company’s Condensed Consolidated Financial Statements and notes thereto during the three month period ended May 1, 2021, and there were no other new accounting standards or pronouncements that were issued but not yet effective as of May 1, 2021 that the Company expects to have a material impact on its financial position or results of operations upon becoming effective.

2. Stockholders’ Equity

Activity for the three month periods ended May 1, 2021 and May 2, 2020 in the Company’s stockholders’ equity are summarized below:

 

 

(in thousands, except share data)

 

 

 

Common Stock

 

 

Additional

Paid-in

 

 

Accumulated Earnings

 

 

Accumulated

Other

Comprehensive

 

 

Treasury Stock

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

(Deficit)

 

 

Loss

 

 

Shares

 

 

Amount

 

 

Total

 

Balance at January 30, 2021

 

 

80,661,453

 

 

 

7

 

 

 

1,809,831

 

 

 

(11,702

)

 

 

(23,015

)

 

 

(14,275,122

)

 

 

(1,310,367

)

 

 

464,754

 

Net income

 

 

 

 

 

 

 

 

 

 

 

171,030

 

 

 

 

 

 

 

 

 

 

 

 

171,030

 

Stock options exercised

 

 

181,683

 

 

 

 

 

 

16,089

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,089

 

Shares used for tax withholding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(41,768

)

 

 

(13,083

)

 

 

(13,083

)

Vesting of restricted shares, net of forfeitures of 883 restricted shares

 

 

53,914

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock based compensation

 

 

 

 

 

 

 

 

12,879

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,879

 

Unrealized losses on interest rate derivative contracts, net of related taxes of $0.3 million

 

 

 

 

 

 

 

 

 

 

 

 

 

 

825

 

 

 

 

 

 

 

 

 

825

 

Amount reclassified into earnings, net of related taxes of $0.8 million

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,159

 

 

 

 

 

 

 

 

 

2,159

 

Adoption of Accounting Standards Update 2020-06 (Note 1)

 

 

 

 

 

 

 

 

(131,916

)

 

 

17,155

 

 

 

 

 

 

 

 

 

 

 

 

(114,761

)

Balance at May 1, 2021

 

 

80,897,050

 

 

$

7

 

 

$

1,706,883

 

 

$

176,483

 

 

$

(20,031

)

 

 

(14,316,890

)

 

$

(1,323,450

)

 

$

539,892

 

 

 

 

(in thousands, except share data)

 

 

 

Common Stock

 

 

Additional

Paid-in

 

 

Accumulated

 

 

Accumulated

Other

Comprehensive

 

 

Treasury Stock

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Loss

 

 

Shares

 

 

Amount

 

 

Total

 

Balance at February 1, 2020

 

 

79,882,506

 

 

$

7

 

 

$

1,587,146

 

 

$

204,797

 

 

$

(18,960

)

 

 

(13,952,534

)

 

$

(1,244,841

)

 

$

528,149

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(333,728

)

 

 

 

 

 

 

 

 

 

 

 

(333,728

)

Stock options exercised

 

 

180,950

 

 

 

 

 

 

1,454

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,454

 

Shares used for tax withholding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(41,363

)

 

 

(7,383

)

 

 

(7,383

)

Shares purchased as part of publicly announced programs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(243,573

)

 

 

(50,158

)

 

 

(50,158

)

Vesting of restricted shares, net of forfeitures of 4,166 restricted shares

 

 

20,715