Exhibit 99.1
Adjusted EBITDA
Adjusted EBITDA should not be considered as an alternative to net income or any other generally accepted accounting principles measure of performance or liquidity. Adjusted EBITDA, as the Company has calculated it, may not be comparable to similarly titled measures reported by other companies. Adjusted EBITDA is a key metric used by the Company that provides a measurement of profitability that eliminates the effect of changes resulting from financing decisions, tax regulations, capital investments and certain non-recurring, infrequent or unusual items.
|
| | | | | | | | |
| | | 13 Weeks Ended |
| | | January 28,
2017 | | January 30,
2016 |
| | | (dollars in thousands) |
| Net income | | $ | 90,188 |
| | $ | 128,993 |
|
| Provision for income taxes | | 52,832 |
| | 76,223 |
|
| Interest expense | | 1,843 |
| | 1,462 |
|
| Depreciation and amortization | | 84,703 |
| | 56,911 |
|
| EBITDA | | $ | 229,566 |
| | $ | 263,589 |
|
| Add: Inventory write-down | | 46,379 |
| | — |
|
| Add: Store closing charge | | 9,434 |
| | — |
|
| Add: TSA and Golfsmith integration costs | | 6,011 |
| | — |
|
| Adjusted EBITDA, as defined | | $ | 291,390 |
| | $ | 263,589 |
|
| | | | | |
| % increase in adjusted EBITDA | | 11 | % | | |
|
| | | | | | | | |
| | | 52 Weeks Ended |
| | | January 28,
2017 | | January 30,
2016 |
| | | (dollars in thousands) |
| Net income | | $ | 287,396 |
| | $ | 330,391 |
|
| Provision for income taxes | | 171,026 |
| | 200,484 |
|
| Interest expense | | 5,856 |
| | 4,012 |
|
| Depreciation and amortization | | 233,834 |
| | 193,594 |
|
| EBITDA | | $ | 698,112 |
| | $ | 728,481 |
|
| Add: Inventory write-down | | 46,379 |
| | — |
|
| Add: Store closing charge | | 9,434 |
| | — |
|
| Add: TSA and Golfsmith integration costs | | 13,647 |
| | — |
|
| Add: Litigation settlement charge | | — |
| | 7,884 |
|
| Adjusted EBITDA, as defined | | $ | 767,572 |
| | $ | 736,365 |
|
| | | | | |
| % increase in adjusted EBITDA | | 4 | % | | |
