DEI_Information_Document
DEI Information Document | 3 Months Ended | |
3-May-14 | 31-May-14 | |
Document Information [Line Items] | ' | ' |
Entity Registrant Name | 'EXPRESS, INC. | ' |
Entity Central Index Key | '0001483510 | ' |
Current Fiscal Year End Date | '--01-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 3-May-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Amendment Flag | 'false | ' |
Entity Well Known Seasoned Issuer | 'Yes | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Common Stock, Shares Outstanding | ' | 84,246,417 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | 3-May-14 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $250,208 | $311,884 |
Receivables, net | 20,326 | 17,384 |
Inventories | 235,033 | 212,510 |
Prepaid minimum rent | 28,389 | 28,554 |
Other | 20,302 | 13,129 |
Total current assets | 554,258 | 583,461 |
PROPERTY AND EQUIPMENT | 795,619 | 767,661 |
Less: accumulated depreciation | -400,256 | -391,539 |
Property and equipment, net | 395,363 | 376,122 |
TRADENAME/DOMAIN NAME | 197,812 | 197,812 |
DEFERRED TAX ASSETS | 17,558 | 17,558 |
OTHER ASSETS | 7,153 | 7,717 |
Total assets | 1,172,144 | 1,182,670 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable | 151,861 | 154,736 |
Deferred revenue | 23,278 | 28,436 |
Accrued bonus | 84 | 694 |
Accrued expenses | 89,487 | 115,341 |
Total current liabilities | 264,710 | 299,207 |
LONG-TERM DEBT | 199,257 | 199,170 |
DEFERRED LEASE CREDITS | 117,962 | 114,509 |
OTHER LONG-TERM LIABILITIES | 107,120 | 95,215 |
Total liabilities | 689,049 | 708,101 |
COMMITMENTS AND CONTINGENCIES (Note 10) | ' | ' |
STOCKHOLDERS’ EQUITY: | ' | ' |
Preferred stock – $0.01 par value; 10,000 shares authorized; no shares issued or outstanding | 0 | 0 |
Common stock – $0.01 par value; 500,000 shares authorized; 90,327 shares and 89,859 shares issued at May 3, 2014 and February 1, 2014, respectively, and 84,242 shares and 83,966 shares outstanding at May 3, 2014 and February 1, 2014, respectively | 903 | 899 |
Additional paid-in capital | 136,842 | 130,511 |
Accumulated other comprehensive gain (loss) | -346 | -728 |
Retained earnings | 453,543 | 448,460 |
Treasury stock – at average cost; 6,085 shares and 5,893 shares at May 3, 2014 and February 1, 2014, respectively | -107,847 | -104,573 |
Total stockholders’ equity | 483,095 | 474,569 |
Total liabilities and stockholders’ equity | $1,172,144 | $1,182,670 |
Balance_Sheet_Parentical_Infor
Balance Sheet Parentical Information (Parentheticals) (USD $) | 3-May-14 | Feb. 01, 2014 |
In Thousands, except Per Share data, unless otherwise specified | ||
Balance Sheet Parethical Information [Abstract] | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000 | 10,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 500,000 | 500,000 |
Common Stock, Shares Issued | 90,327 | 89,859 |
Common Stock, Shares Outstanding | 84,242 | 83,966 |
Treasury Stock, Shares at Average Cost | 6,085 | 5,893 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income and Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | 3-May-14 | 4-May-13 |
NET SALES | $460,652 | $509,362 |
Cost of Merchandise Sales, Buying and Occupancy Costs | 323,279 | 338,585 |
Gross profit | 137,373 | 170,777 |
OPERATING EXPENSES: | ' | ' |
Selling, general, and administrative expenses | 122,860 | 112,623 |
Other operating (income) expense, net | -478 | -540 |
Total operating expenses | 122,382 | 112,083 |
OPERATING INCOME | 14,991 | 58,694 |
Interest Expense | 5,897 | 4,805 |
OTHER EXPENSE (INCOME), NET | -25 | 229 |
INCOME BEFORE INCOME TAXES | 9,119 | 53,660 |
Income Tax Expense (Benefit) | 4,036 | 21,223 |
NET INCOME | 5,083 | 32,437 |
OTHER COMPREHENSIVE INCOME: | ' | ' |
Foreign currency translation gain (loss) | 382 | 70 |
COMPREHENSIVE INCOME | $5,465 | $32,507 |
EARNINGS PER SHARE: | ' | ' |
Basic | $0.06 | $0.38 |
Diluted | $0.06 | $0.38 |
WEIGHTED AVERAGE SHARES OUTSTANDING: | ' | ' |
Basic | 84,005 | 85,095 |
Diluted | 84,424 | 85,490 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 3-May-14 | 4-May-13 |
Cash and cash equivalents | $250,208 | $244,214 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
NET INCOME | 5,083 | 32,437 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 19,494 | 17,441 |
Loss on disposal of property and equipment | 65 | 64 |
Impairment charge | 785 | 0 |
Excess tax benefit from share-based compensation | 0 | -1 |
Share-based compensation | 6,336 | 5,011 |
Landlord allowance amortization | -3,047 | -2,212 |
Changes in operating assets and liabilities: | ' | ' |
Receivables, net | -2,923 | 287 |
Inventories | -22,453 | -11,296 |
Accounts payable, deferred revenue, and accrued expenses | -33,371 | -44,776 |
Other assets and liabilities | -1,156 | 8,406 |
Net cash provided by operating activities | -31,187 | 5,361 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Capital expenditures | -26,937 | -16,853 |
Net cash used in investing activities | -26,937 | -16,853 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Payments on capital lease obligation | -402 | -15 |
Excess tax benefit from share-based compensation | 0 | 1 |
Proceeds from share-based compensation | 0 | 1,082 |
Repurchase of common stock | -3,274 | -1,785 |
Net cash used in financing activities | -3,676 | -717 |
EFFECT OF EXCHANGE RATES ON CASH | 124 | 126 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | ($61,676) | ($12,083) |
Description_of_Business_and_Ba
Description of Business and Basis of Presentation | 3 Months Ended |
3-May-14 | |
Description of Business and Basis of Presentation [Abstract] | ' |
Description of Business and Basis of Presentation | ' |
Description of Business and Basis of Presentation | |
Business Description | |
Express, Inc., together with its subsidiaries ("Express" or the "Company"), is a specialty apparel and accessories retailer of women's and men's merchandise, targeting the 20 to 30 year old customer. Express merchandise is sold through retail and factory outlet stores and the Company's website, www.express.com. As of May 3, 2014, Express operated 611 primarily mall-based retail stores in the United States, Canada, and Puerto Rico as well as 17 factory outlet stores. Additionally, the Company earned revenue from 26 franchise stores in the Middle East and Latin America. These franchise stores are operated by franchisees pursuant to franchise agreements. Under the franchise agreements, the franchisees operate stores that sell Express-branded apparel and accessories purchased directly from the Company. | |
Fiscal Year | |
The Company's fiscal year ends on the Saturday closest to January 31. Fiscal years are referred to by the calendar year in which the fiscal year commences. References herein to "2014" and "2013" represent the 52-week period ended January 31, 2015 and the 52-week period ended February 1, 2014, respectively. All references herein to “the first quarter of 2014” and “the first quarter of 2013” represent the thirteen weeks ended May 3, 2014 and May 4, 2013, respectively. | |
Basis of Presentation | |
The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited Consolidated Financial Statements reflect all adjustments (which are of a normal recurring nature) necessary to state fairly the financial position, results of operations, and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for 2014. Therefore, these statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto for the year ended February 1, 2014, included in the Company's Annual Report on Form 10-K, filed with the SEC on April 1, 2014. | |
Principles of Consolidation | |
The unaudited Consolidated Financial Statements include the accounts of Express, Inc. and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. | |
Use of Estimates in the Preparation of Financial Statements | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period, as well as the related disclosure of contingent assets and liabilities as of the date of the Consolidated Financial Statements. Actual results may differ from those estimates. The Company revises its estimates and assumptions as new information becomes available. | |
Reclassifications and Revisions | |
Certain prior period amounts have been reclassified or revised to conform to the current period presentation. This includes a revision to reclassify sell-off revenue from "Cost of Goods Sold, Buying and Occupancy Costs" to "Net Sales" in the amount of$0.8 million for the thirteen weeks ended May 4, 2013. This revision did not impact the Company's reported gross profit, net earnings, earnings per share, or cash flows for the prior period. The Company has assessed the related error and concluded that it was was not material to the Company's previously issued interim consolidated financial statements. | |
Recently Issued Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, ASU 2014-09 supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605),” and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period and is to be applied retrospectively, with early application not permitted. We are evaluating the new standard, but do not, at this time, anticipate a material impact to the financial statements once implemented. |
Segment_Reporting
Segment Reporting | 3 Months Ended | ||||||||
3-May-14 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Segment Reporting Disclosure | ' | ||||||||
Segment Reporting | |||||||||
The Company defines an operating segment on the same basis that it uses to evaluate performance internally. The Company has determined that, together, its Chief Executive Officer, President, and its Chief Operating Officer are the Chief Operating Decision Maker and that there is one operating segment. Therefore, the Company reports results as a single segment, which includes the operation of its Express brick-and-mortar retail and outlet stores, e-commerce operations, and franchise operations. | |||||||||
The following is information regarding the Company's major product categories and sales channels: | |||||||||
Thirteen Weeks Ended | |||||||||
May 3, 2014 | May 4, 2013 | ||||||||
(in thousands) | |||||||||
Apparel | $ | 402,884 | $ | 445,214 | |||||
Accessories and other | 49,805 | 56,065 | |||||||
Other revenue | 7,963 | 8,083 | |||||||
Total net sales | $ | 460,652 | $ | 509,362 | |||||
Thirteen Weeks Ended | |||||||||
May 3, 2014 | May 4, 2013 | ||||||||
(in thousands) | |||||||||
Stores | $ | 383,658 | $ | 430,557 | |||||
E-commerce | 69,031 | 70,722 | |||||||
Other revenue | 7,963 | 8,083 | |||||||
Total net sales | $ | 460,652 | $ | 509,362 | |||||
Other revenue consists primarily of shipping and handling revenue related to e-commerce activity, revenue from franchise agreements, sell-off revenue, and gift card breakage. | |||||||||
Revenue and long-lived assets relating to the Company's international operations for the thirteen weeks ended May 3, 2014 and May 4, 2013, respectively, were not material for any period presented and, therefore, are not reported separately from domestic revenue or long-lived assets. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||
3-May-14 | |||||||
Earnings Per Share [Abstract] | ' | ||||||
Earnings Per Share | ' | ||||||
Earnings Per Share | |||||||
The following table provides a reconciliation between basic and diluted weighted-average shares used to calculate basic and diluted earnings per share: | |||||||
Thirteen Weeks Ended | |||||||
3-May-14 | 4-May-13 | ||||||
(in thousands) | |||||||
Weighted-average shares - basic | 84,005 | 85,095 | |||||
Dilutive effect of stock options, restricted stock units, and restricted stock | 419 | 395 | |||||
Weighted-average shares - diluted | 84,424 | 85,490 | |||||
Equity awards representing 3.8 million shares of common stock were excluded from the computation of diluted earnings per share for the thirteen weeks ended May 3, 2014, as the inclusion of these awards would have been anti-dilutive. Equity awards representing 2.8 million shares of common stock were excluded from the computation of diluted earnings per share for the thirteen weeks ended May 4, 2013, as the inclusion of these awards would have been anti-dilutive. | |||||||
Additionally, for the thirteen weeks ended May 3, 2014 and May 4, 2013, respectively, there were 0.5 million shares excluded from the computation of diluted weighted average shares because the number of shares that will ultimately be issued is contingent on the Company's performance compared to pre-established annual performance goals. |
Fair_Value_of_Financial_Assets
Fair Value of Financial Assets | 3 Months Ended | |||||||||
3-May-14 | ||||||||||
Fair Value of Financial Assets [Abstract] | ' | |||||||||
Fair Value Disclosures | ' | |||||||||
Fair Value of Financial Assets | ||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date. | ||||||||||
Level 1-Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities in active markets. | ||||||||||
Level 2-Valuation is based upon quoted prices for similar assets and liabilities in active markets or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. | ||||||||||
Level 3-Valuation is based upon other unobservable inputs that are significant to the fair value measurement. | ||||||||||
The following table presents the Company's assets measured at fair value on a recurring basis as of May 3, 2014 and February 1, 2014, aggregated by the level in the fair value hierarchy within which those measurements fall. | ||||||||||
May 3, 2014 | ||||||||||
Level 1 | Level 2 | Level 3 | ||||||||
(in thousands) | ||||||||||
U.S. treasury securities money market funds | $ | 218,857 | $ | — | $ | — | ||||
February 1, 2014 | ||||||||||
Level 1 | Level 2 | Level 3 | ||||||||
(in thousands) | ||||||||||
U.S. treasury securities money market funds | $ | 290,361 | $ | — | $ | — | ||||
The carrying amounts reflected on the unaudited Consolidated Balance Sheets for cash, cash equivalents, receivables, prepaid expenses, and payables as of May 3, 2014 and February 1, 2014 approximated their fair values. |
Intangible_Assets
Intangible Assets | 3 Months Ended | |||||||||||
3-May-14 | ||||||||||||
Intangible Assets [Abstract] | ' | |||||||||||
Intangible Assets | ' | |||||||||||
Intangible Assets | ||||||||||||
The following table provides the significant components of intangible assets: | ||||||||||||
May 3, 2014 | ||||||||||||
Cost | Accumulated | Ending Net Balance | ||||||||||
Amortization | ||||||||||||
(in thousands) | ||||||||||||
Tradename | $ | 196,144 | $ | — | $ | 196,144 | ||||||
Internet domain name/trademark | 1,668 | — | 1,668 | |||||||||
Net favorable lease obligations/other | 20,175 | 19,301 | 874 | |||||||||
$ | 217,987 | $ | 19,301 | $ | 198,686 | |||||||
February 1, 2014 | ||||||||||||
Cost | Accumulated | Ending Net Balance | ||||||||||
Amortization | ||||||||||||
(in thousands) | ||||||||||||
Tradename | $ | 196,144 | $ | — | $ | 196,144 | ||||||
Internet domain name/trademark | 1,668 | — | 1,668 | |||||||||
Net favorable lease obligations/other | 20,175 | 19,106 | 1,069 | |||||||||
$ | 217,987 | $ | 19,106 | $ | 198,881 | |||||||
The Company's tradename, internet domain name, and trademark have indefinite lives. Net favorable lease obligations and other intangibles are amortized over a period between 5 and 9 years and are included in other assets on the unaudited Consolidated Balance Sheets. Amortization expense totaled $0.2 million during the thirteen weeks ended May 3, 2014 and $0.3 million during the thirteen weeks ended May 4, 2013. |
Income_Taxes
Income Taxes | 3 Months Ended |
3-May-14 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The provision for income taxes is based on a current estimate of the annual effective tax rate adjusted to reflect the impact of discrete items. The Company's effective income tax rate may fluctuate from quarter to quarter as a result of factors including changes in the Company's assessment of certain tax contingencies, valuation allowances, changes in tax law, outcomes of administrative audits, the impact of discrete items, and the mix of earnings. | |
The Company's effective tax rate was 44.3% and 39.6% for the thirteen weeks ended May 3, 2014 and May 4, 2013, respectively. The current quarter effective tax rate was adversely impacted by nondeductible stock based compensation expense and was partially offset by a tax benefit recognized upon the expiration of the statute of limitations applicable to an unrecognized tax benefit. |
Lease_Financing_Obligations
Lease Financing Obligations | 3 Months Ended |
3-May-14 | |
Lease Financing Obligations [Abstract] | ' |
Lease Financing Obligations | ' |
Lease Financing Obligations | |
In certain lease arrangements, the Company is involved in the construction of the building. To the extent the Company is involved in the construction of structural improvements or takes construction risk prior to commencement of a lease, it is deemed the owner of the project for accounting purposes. Therefore, the Company records an asset in property and equipment on the unaudited Consolidated Balance Sheets, including any capitalized interest costs, and related liabilities in accrued interest and lease financing obligations in Other Long-Term liabilities on the unaudited Consolidated Balance Sheets, for the replacement cost of the Company's portion of the pre-existing building plus the amount of construction costs incurred by the landlord as of the balance sheet date. Once construction is complete, the Company considers the requirements for sale-leaseback treatment, including the transfer of all risks of ownership back to the landlord, and whether the Company has any continuing involvement in the leased property. If the arrangement does not qualify for sale-leaseback treatment, the building assets subject to these obligations remain on the unaudited Company's Consolidated Balance Sheets at their historical cost, and such assets are depreciated over their remaining useful lives. The replacement cost of the pre-existing building, as well as the costs of construction paid by the landlord, are recorded as lease financing obligations, and a portion of the lease payments are applied as payments of principal and interest. The interest rate selected for lease financing obligations is evaluated at lease inception based on the Company's incremental borrowing rate. At the end of the initial lease term, should the Company decide not to renew the lease, the Company would reverse equal amounts of the remaining net book value of the assets and the corresponding lease financing obligations. The initial lease terms related to these lease arrangements are expected to expire in 2023 and 2030. As of May 3, 2014 and February 1, 2014 there was $75.2 million and $63.2 million, respectively, of landlord funded construction, the replacement cost of pre-existing property, and capitalized interest in property and equipment on the unaudited Consolidated Balance Sheets. There was also $74.6 million and $63.0 million of lease financing obligations as of May 3, 2014 and February 1, 2014, respectively, in other long-term liabilities on the unaudited Consolidated Balance Sheets. The transactions involving the initial recording of these assets and liabilities are classified as non-cash items for purposes of the unaudited Consolidated Statements of Cash Flows. | |
Rent expense relating to the land is recognized on a straight-line basis once construction begins. The Company does not report rent expense for the portion of the rent payment determined to be related to the lease obligations which are owned for accounting purposes. Rather, this portion of the rent payment under the lease is recognized as a reduction of the lease financing obligations and as interest expense. |
Debt
Debt | 3 Months Ended | |||||||
3-May-14 | ||||||||
Debt [Abstract] | ' | |||||||
Debt | ' | |||||||
Debt | ||||||||
Borrowings outstanding consisted of the following: | ||||||||
May 3, 2014 | February 1, 2014 | |||||||
(in thousands) | ||||||||
8 3/4% Senior Notes | $ | 200,850 | $ | 200,850 | ||||
Debt discount on Senior Notes | (1,593 | ) | (1,680 | ) | ||||
Total long-term debt | $ | 199,257 | $ | 199,170 | ||||
Revolving Credit Facility | ||||||||
On July 29, 2011, Express Holding, LLC, a wholly-owned subsidiary ("Express Holding"), and its subsidiaries entered into an Amended and Restated $200.0 million secured Asset-Based Credit Facility ("Revolving Credit Facility"). As of May 3, 2014, there were no borrowings outstanding and approximately $198.0 million available under the Revolving Credit Facility. | ||||||||
The Revolving Credit Facility requires Express Holding and its subsidiaries to maintain a fixed charge coverage ratio of at least 1.0:1.0 if excess availability plus eligible cash collateral is less than 10% of the borrowing base for 15 consecutive days. In addition, the Revolving Credit Facility contains customary covenants and restrictions on Express Holding and its subsidiaries' activities, including, but not limited to, limitations on the incurrence of additional indebtedness; liens, negative pledges, guarantees, investments, loans, asset sales, mergers, acquisitions, and prepayment of other debt; distributions, dividends, and the repurchase of capital stock; transactions with affiliates; and the ability to change the nature of its business or its fiscal year. All obligations under the Revolving Credit Facility are guaranteed by Express Holding and its domestic subsidiaries (that are not borrowers) and secured by a lien on substantially all of the assets of Express Holding and its domestic subsidiaries. | ||||||||
Senior Notes | ||||||||
On March 5, 2010, Express, LLC and Express Finance Corp. ("Express Finance"), wholly-owned subsidiaries of the Company, co-issued, in a private placement, $250.0 million of 8 3/4% Senior Notes due in 2018 (the "Senior Notes") at an offering price of 98.6% of the face value. | ||||||||
The Senior Notes may be redeemed in part or in full at the following percentages of the outstanding principal amount prepaid: 104.38% prior to March 1, 2015; 102.19% on or after March 1, 2015, but prior to March 1, 2016; and at the principal amount on or after March 1, 2016. | ||||||||
The indenture governing the Senior Notes contains customary covenants and restrictions on the activities of Express, LLC, Express Finance, and Express, LLC's restricted subsidiaries, including, but not limited to, the incurrence of additional indebtedness; payment of dividends or distributions in respect of capital stock or certain other restricted payments or investments; entering into agreements that restrict distributions from restricted subsidiaries; the sale or disposal of assets, including capital stock of restricted subsidiaries; transactions with affiliates; the incurrence of liens; and mergers, consolidations or the sale of substantially all of Express, LLC's assets. Certain of these covenants will be suspended if the Senior Notes are assigned an investment grade rating by both Standard & Poor's and Moody's Investors Service and no default has occurred or is continuing. If either rating on the Senior Notes should subsequently decline to below investment grade, the suspended covenants will be reinstated. | ||||||||
Fair Value of Debt | ||||||||
The fair value of the Senior Notes was estimated using a number of factors, such as recent trade activity, size, timing, and yields of comparable bonds and is, therefore, within Level 2 of the fair value hierarchy. As of May 3, 2014, the estimated fair value of the Senior Notes was $209.4 million. | ||||||||
Letters of Credit | ||||||||
The Company may enter into various trade letters of credit ("trade LCs") in favor of certain vendors to secure merchandise. These trade LCs are issued for a defined period of time, for specific shipments, and generally expire 3 weeks after the merchandise shipment date. As of May 3, 2014 and February 1, 2014, there were no outstanding trade LCs. Additionally, the Company enters into stand-by letters of credit ("stand-by LCs") on an as-needed basis to secure merchandise and fund other general and administrative costs. As of both May 3, 2014 and February 1, 2014, outstanding stand-by LCs totaled $2.0 million. |
ShareBased_Compensation
Share-Based Compensation | 3 Months Ended | ||||||||||||
3-May-14 | |||||||||||||
Share-based Compensation [Abstract] | ' | ||||||||||||
Share-Based Compensation | ' | ||||||||||||
Share-Based Compensation | |||||||||||||
The Company records the fair value of share-based payments to employees in the unaudited Consolidated Statements of Income and Comprehensive Income as compensation expense, net of forfeitures, over the requisite service period. | |||||||||||||
Share-Based Compensation Plans | |||||||||||||
The following summarizes our share-based compensation expense: | |||||||||||||
Thirteen Weeks Ended | |||||||||||||
3-May-14 | 4-May-13 | ||||||||||||
(in thousands) | |||||||||||||
Restricted stock units and restricted stock | $ | 2,903 | $ | 2,778 | |||||||||
Stock options | 3,433 | 2,232 | |||||||||||
Restricted shares (equity issued pre-IPO) | — | 1 | |||||||||||
Total share-based compensation | $ | 6,336 | $ | 5,011 | |||||||||
The stock compensation related income tax benefit recognized by the Company during the thirteen weeks ended May 3, 2014, and May 4, 2013 was $3.2 million and $1.9 million, respectively. | |||||||||||||
Stock Options | |||||||||||||
During the thirteen weeks ended May 3, 2014, the Company granted stock options under the Amended and Restated Express, Inc. 2010 Incentive Compensation Plan (the "2010 Plan"). The fair value of the stock options is determined using the Black-Scholes-Merton option-pricing model as described later in this note. Stock options granted in 2014 under the 2010 Plan vest 25% per year over four years and have a 10 year contractual life; however, options granted to the Chief Executive Officer in prior years vest ratably over three years. The expense for stock options is recognized using the straight-line attribution method. | |||||||||||||
The Company's activity with respect to stock options during the thirteen weeks ended May 3, 2014 was as follows: | |||||||||||||
Number of | Grant Date | Weighted-Average Remaining Contractual Life (in years) | Aggregate Intrinsic Value | ||||||||||
Shares | Weighted Average | ||||||||||||
Exercise Price Per Share | |||||||||||||
(in thousands, except per share amounts and years) | |||||||||||||
Outstanding, February 1, 2014 | 3,234 | $ | 18.85 | ||||||||||
Granted | 378 | $ | 15.86 | ||||||||||
Exercised | — | $ | — | ||||||||||
Forfeited or expired | (29 | ) | $ | 20.5 | |||||||||
Outstanding, May 3, 2014 | 3,583 | $ | 18.52 | 7.5 | $ | 175 | |||||||
Expected to vest at May 3, 2014 | 1,436 | $ | 18.23 | 8.3 | $ | 125 | |||||||
Exercisable at May 3, 2014 | 2,067 | $ | 18.76 | 6.9 | $ | 44 | |||||||
The following provides additional information regarding the Company's stock options: | |||||||||||||
Thirteen Weeks Ended | |||||||||||||
May 3, 2014 | May 4, 2013 | ||||||||||||
(in thousands, except per share amounts) | |||||||||||||
Weighted average grant date fair value of options granted (per share) | $ | 8.57 | $ | 9.27 | |||||||||
Total intrinsic value of options exercised | $ | — | $ | 93 | |||||||||
As of May 3, 2014, there was approximately $9.8 million of total unrecognized compensation expense related to stock options, which is expected to be recognized over a weighted average period of approximately 1.7 years. | |||||||||||||
The Company uses the Black-Scholes-Merton option-pricing model to value stock options granted to employees and directors. The Company's determination of the fair value of stock options is affected by the Company's stock price as well as a number of subjective and complex assumptions. These assumptions include the risk-free interest rate, the Company's expected stock price volatility over the term of the award, expected term of the award, and dividend yield. | |||||||||||||
The following assumptions were used in estimating the fair value of the stock options on the date of the grant: | |||||||||||||
Thirteen Weeks Ended | |||||||||||||
May 3, 2014 | May 4, 2013 | ||||||||||||
Risk-free interest rate (1) | 1.9 | % | 1.06 | % | |||||||||
Price Volatility (2) | 54.7 | % | 56 | % | |||||||||
Expected term (years) (3) | 6.25 | 6.19 | |||||||||||
Dividend yield (4) | — | — | |||||||||||
-1 | Represents the yield on U.S. Treasury securities with a term consistent with the expected term of the stock options. | ||||||||||||
-2 | Beginning in May 2012, the Company began using its own volatility in addition to the historical volatility of selected comparable companies in the determination of expected volatility. Comparable companies were selected primarily based on industry, stage of life cycle, and size. The historical lookback period is consistent with the expected term of the stock options. | ||||||||||||
-3 | Calculated utilizing the “simplified” methodology prescribed by Staff Accounting Bulletin No. 107 due to the lack of historical exercise data necessary to provide a reasonable basis upon which to estimate the term. | ||||||||||||
-4 | The Company does not currently plan on paying regular dividends. | ||||||||||||
Restricted Stock Units and Restricted Stock | |||||||||||||
During the thirteen weeks ended May 3, 2014, the Company granted restricted stock units (“RSUs”) under the 2010 Plan, including 0.5 million RSUs with performance conditions. The fair value of RSUs is determined based on the Company's stock price on the grant date. The expense for RSUs without performance conditions is recognized using the straight-line attribution method. The expense for RSUs with performance conditions is recognized using the graded vesting method based on the expected achievement of the performance conditions. The RSUs with performance conditions are also subject to time-based vesting. One-half of the RSUs earned based on the achievement of performance criteria vest on the second anniversary of the date of the grant and the remainder vest on the third anniversary of the date of the grant. RSUs without performance conditions vest ratably over four years. | |||||||||||||
The Company's activity with respect to RSUs and restricted stock for the thirteen weeks ended May 3, 2014 was as follows: | |||||||||||||
Number of | Grant Date | ||||||||||||
Shares | Weighted Average | ||||||||||||
Fair Value Per Share | |||||||||||||
(in thousands, except per share amounts) | |||||||||||||
Unvested, February 1, 2014 | 1,487 | $ | 19.29 | ||||||||||
Granted* | 685 | $ | 15.87 | ||||||||||
Vested | (496 | ) | $ | 19.44 | |||||||||
Forfeited | (10 | ) | $ | 19.04 | |||||||||
Unvested, May 3, 2014 | 1,666 | $ | 17.85 | ||||||||||
*There were approximately 0.5 million RSUs with two-year performance conditions granted in the first quarter of 2014. None of these RSUs are currently included as granted in the table above. The number of performance based RSUs that ultimately are earned may vary from 0% to 125% of target depending on the achievement of predefined operating targets. | |||||||||||||
The total fair value/intrinsic value of RSUs and restricted stock that vested during the thirteen weeks ended May 3, 2014 was $9.6 million. As of May 3, 2014, there was approximately $21.7 million of total unrecognized compensation expense related to unvested RSUs and restricted stock which is expected to be recognized over a weighted-average period of approximately 2.0 years. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
3-May-14 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
During 2013 and 2014, the Company received letters from two individuals claiming that it unlawfully collected their zip codes | |
in connection with a retail purchase made at a Massachusetts store and thereafter used that information to send them unwanted | |
marketing materials. These letters indicate that the individuals may file suit on behalf of a class of customers whose zip codes | |
were collected and recorded at Company stores in Massachusetts in connection with credit card purchases, and claims that the | |
Company used the collected zip code data to obtain customers’ addresses for purposes of mailing them unwanted advertising | |
material. These letters further seek monetary damages pursuant to a claim under Chapter 93A of the General Laws of Massachusetts. In the first quarter of 2014, after providing the claimants with information about the Company's collection practices, the Company received notice that one of the claimants will not pursue the claims previously alleged against the Company. The other claimant has not yet responded. The Company believes the allegations in the letters are without merit and intends to vigorously defend against any claims that are filed in court. Due to the uncertainties of litigation, it is reasonably possible that the Company may incur a loss related to these potential suits. However, the amount of such loss, if any, cannot be estimated as of the date these financial statements are issued. | |
From time to time the Company is subject to various claims and contingencies arising in the normal course of business. Management believes that the ultimate liability arising from such claims and contingencies, if any, is not likely to have a material adverse effect on the Company's results of operations, financial condition, or cash flows. |
Guarantor_Subsidiaries
Guarantor Subsidiaries | 3 Months Ended | |||||||||||||||||||||||
3-May-14 | ||||||||||||||||||||||||
Guarantor Subsidiaries [Abstract] | ' | |||||||||||||||||||||||
Guarantor Subsidiaries | ' | |||||||||||||||||||||||
Guarantor Subsidiaries | ||||||||||||||||||||||||
On March 5, 2010, Express, LLC and Express Finance (the “Subsidiary Issuers”), both 100% owned indirect subsidiaries of Express, Inc., issued the Senior Notes. Express, Inc. (“Guarantor”) and certain of its indirect 100% owned subsidiaries (“Guarantor Subsidiaries”) have guaranteed, on a joint and several basis, the obligations under the Senior Notes. The guarantees are not full and unconditional because Guarantor Subsidiaries can be released and relieved of their obligations under certain customary circumstances contained in the indenture governing the Senior Notes. These circumstances include the following, so long as other applicable provisions of the indenture are adhered to: any sale or other disposition of all or substantially all of the assets of any Guarantor Subsidiary, any sale or other disposition of capital stock of any Guarantor Subsidiary, or designation of any restricted subsidiary that is a Guarantor Subsidiary as an unrestricted subsidiary. | ||||||||||||||||||||||||
The following consolidating schedules present the condensed financial information on a combined basis. | ||||||||||||||||||||||||
EXPRESS, INC. | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
May 3, 2014 | ||||||||||||||||||||||||
Express, Inc. | Subsidiary | Guarantor | Other | Consolidating Adjustments | Consolidated | |||||||||||||||||||
Issuers | Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,914 | $ | 210,873 | $ | 29,606 | $ | 7,815 | $ | — | $ | 250,208 | ||||||||||||
Receivables, net | — | 11,345 | 8,081 | 900 | — | 20,326 | ||||||||||||||||||
Inventories | — | 15,743 | 215,213 | 4,077 | — | 235,033 | ||||||||||||||||||
Prepaid minimum rent | — | 578 | 26,582 | 1,229 | — | 28,389 | ||||||||||||||||||
Intercompany receivable | — | — | 92,026 | 5,784 | (97,810 | ) | — | |||||||||||||||||
Intercompany loan receivable | — | 2,173 | — | — | (2,173 | ) | — | |||||||||||||||||
Other | 329 | 46,516 | 5,404 | 85 | (32,032 | ) | 20,302 | |||||||||||||||||
Total current assets | 2,243 | 287,228 | 376,912 | 19,890 | (132,015 | ) | 554,258 | |||||||||||||||||
Property and equipment, net | — | 59,245 | 317,598 | 18,520 | — | 395,363 | ||||||||||||||||||
Tradename/domain name | — | 197,812 | — | — | — | 197,812 | ||||||||||||||||||
Investment in subsidiary | 480,191 | 430,436 | — | 474,407 | (1,385,034 | ) | — | |||||||||||||||||
Deferred tax assets | 661 | 6,637 | 10,181 | 79 | — | 17,558 | ||||||||||||||||||
Other assets | — | 5,929 | 1,217 | 7 | — | 7,153 | ||||||||||||||||||
Total assets | $ | 483,095 | $ | 987,287 | $ | 705,908 | $ | 512,903 | $ | (1,517,049 | ) | $ | 1,172,144 | |||||||||||
Liabilities and stockholders’ equity | ||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||
Accounts payable | $ | — | $ | 149,014 | $ | 2,267 | $ | 580 | $ | — | $ | 151,861 | ||||||||||||
Deferred revenue | — | 949 | 22,168 | 161 | — | 23,278 | ||||||||||||||||||
Accrued bonus | — | — | 84 | — | — | 84 | ||||||||||||||||||
Accrued expenses | — | 34,382 | 85,871 | 1,266 | (32,032 | ) | 89,487 | |||||||||||||||||
Intercompany payable | — | 97,810 | — | — | (97,810 | ) | — | |||||||||||||||||
Intercompany loan payable | — | — | — | 2,173 | (2,173 | ) | — | |||||||||||||||||
Total current liabilities | — | 282,155 | 110,390 | 4,180 | (132,015 | ) | 264,710 | |||||||||||||||||
Long-term debt | — | 199,257 | — | — | — | 199,257 | ||||||||||||||||||
Deferred lease credits | — | 4,710 | 106,234 | 7,018 | — | 117,962 | ||||||||||||||||||
Other long-term liabilities | — | 26,758 | 80,362 | — | — | 107,120 | ||||||||||||||||||
Total liabilities | — | 512,880 | 296,986 | 11,198 | (132,015 | ) | 689,049 | |||||||||||||||||
Commitments and Contingencies (Note 10) | ||||||||||||||||||||||||
Total stockholders’ equity | 483,095 | 474,407 | 408,922 | 501,705 | (1,385,034 | ) | 483,095 | |||||||||||||||||
Total liabilities and stockholders’ equity | $ | 483,095 | $ | 987,287 | $ | 705,908 | $ | 512,903 | $ | (1,517,049 | ) | $ | 1,172,144 | |||||||||||
EXPRESS, INC. | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
February 1, 2014 | ||||||||||||||||||||||||
Express, Inc. | Subsidiary | Guarantor | Other | Consolidating Adjustments | Consolidated | |||||||||||||||||||
Issuers | Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,984 | $ | 283,707 | $ | 19,631 | $ | 6,562 | $ | — | $ | 311,884 | ||||||||||||
Receivables, net | — | 10,410 | 5,880 | 1,094 | — | 17,384 | ||||||||||||||||||
Inventories | — | 15,928 | 192,762 | 3,820 | — | 212,510 | ||||||||||||||||||
Prepaid minimum rent | — | 689 | 26,658 | 1,207 | — | 28,554 | ||||||||||||||||||
Intercompany receivable | — | — | 114,258 | 5,784 | (120,042 | ) | — | |||||||||||||||||
Intercompany loan receivable | — | 28,080 | — | — | (28,080 | ) | — | |||||||||||||||||
Other | 237 | 8,523 | 4,552 | 54 | (237 | ) | 13,129 | |||||||||||||||||
Total current assets | 2,221 | 347,337 | 363,741 | 18,521 | (148,359 | ) | 583,461 | |||||||||||||||||
Property and equipment, net | — | 56,922 | 301,684 | 17,516 | — | 376,122 | ||||||||||||||||||
Tradename/domain name | — | 197,812 | — | — | — | 197,812 | ||||||||||||||||||
Investment in subsidiary | 471,687 | 393,156 | — | 465,902 | (1,330,745 | ) | — | |||||||||||||||||
Deferred tax assets | 661 | 6,637 | 10,182 | 78 | — | 17,558 | ||||||||||||||||||
Other assets | — | 6,295 | 1,416 | 6 | — | 7,717 | ||||||||||||||||||
Total assets | $ | 474,569 | $ | 1,008,159 | $ | 677,023 | $ | 502,023 | $ | (1,479,104 | ) | $ | 1,182,670 | |||||||||||
Liabilities and stockholders’ equity | ||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||
Accounts payable | $ | — | $ | 150,420 | $ | 2,873 | $ | 1,443 | $ | — | $ | 154,736 | ||||||||||||
Deferred revenue | — | 1,004 | 27,264 | 168 | — | 28,436 | ||||||||||||||||||
Accrued bonus | — | — | 694 | — | — | 694 | ||||||||||||||||||
Accrued expenses | — | 40,087 | 74,465 | 1,026 | (237 | ) | 115,341 | |||||||||||||||||
Intercompany payable | — | 120,042 | — | — | (120,042 | ) | — | |||||||||||||||||
Intercompany loan payable | — | — | — | 28,080 | (28,080 | ) | — | |||||||||||||||||
Total current liabilities | — | 311,553 | 105,296 | 30,717 | (148,359 | ) | 299,207 | |||||||||||||||||
Long-term debt | — | 199,170 | — | — | — | 199,170 | ||||||||||||||||||
Deferred lease credits | — | 4,963 | 103,129 | 6,417 | — | 114,509 | ||||||||||||||||||
Other long-term liabilities | — | 26,571 | 68,644 | — | — | 95,215 | ||||||||||||||||||
Total liabilities | — | 542,257 | 277,069 | 37,134 | (148,359 | ) | 708,101 | |||||||||||||||||
Commitments and Contingencies (Note 10) | ||||||||||||||||||||||||
Total stockholders’ equity | 474,569 | 465,902 | 399,954 | 464,889 | (1,330,745 | ) | 474,569 | |||||||||||||||||
Total liabilities and stockholders’ equity | $ | 474,569 | $ | 1,008,159 | $ | 677,023 | $ | 502,023 | $ | (1,479,104 | ) | $ | 1,182,670 | |||||||||||
EXPRESS, INC. | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Thirteen Weeks Ended May 3, 2014 | ||||||||||||||||||||||||
Express, Inc. | Subsidiary | Guarantor | Other | Consolidating Adjustments | Consolidated | |||||||||||||||||||
Issuers | Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||
Net sales | $ | — | $ | 217,550 | $ | 452,275 | $ | 7,512 | $ | (216,685 | ) | $ | 460,652 | |||||||||||
Cost of goods sold, buying and occupancy costs | — | 171,769 | 363,264 | 4,931 | (216,685 | ) | 323,279 | |||||||||||||||||
Gross profit | — | 45,781 | 89,011 | 2,581 | — | 137,373 | ||||||||||||||||||
Selling, general, and administrative expenses | 71 | 45,520 | 74,854 | 2,415 | — | 122,860 | ||||||||||||||||||
Other operating expense (income), net | — | 20 | (498 | ) | — | — | (478 | ) | ||||||||||||||||
Operating (loss) income | (71 | ) | 241 | 14,655 | 166 | — | 14,991 | |||||||||||||||||
Interest expense, net | — | 5,342 | 555 | — | — | 5,897 | ||||||||||||||||||
(Income) loss in subsidiary | (5,126 | ) | (8,514 | ) | — | (5,126 | ) | 18,766 | — | |||||||||||||||
Other income, net | — | — | — | (25 | ) | — | (25 | ) | ||||||||||||||||
Income (loss) before income taxes | 5,055 | 3,413 | 14,100 | 5,317 | (18,766 | ) | 9,119 | |||||||||||||||||
Income tax (benefit) expense | (28 | ) | (1,713 | ) | 5,701 | 76 | 4,036 | |||||||||||||||||
Net income (loss) | $ | 5,083 | $ | 5,126 | $ | 8,399 | $ | 5,241 | $ | (18,766 | ) | $ | 5,083 | |||||||||||
Foreign currency translation | 382 | 382 | — | 764 | (1,146 | ) | 382 | |||||||||||||||||
Comprehensive income (loss) | $ | 5,465 | $ | 5,508 | $ | 8,399 | $ | 6,005 | $ | (19,912 | ) | $ | 5,465 | |||||||||||
Thirteen Weeks Ended May 4, 2013 | ||||||||||||||||||||||||
Express, Inc. | Subsidiary | Guarantor | Other | Consolidating Adjustments | Consolidated | |||||||||||||||||||
Issuers | Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||
Net sales | $ | — | $ | 227,993 | $ | 497,739 | $ | 6,862 | $ | (223,232 | ) | $ | 509,362 | |||||||||||
Cost of goods sold, buying and occupancy costs | — | 151,572 | 405,953 | 4,315 | (223,255 | ) | 338,585 | |||||||||||||||||
Gross profit | — | 76,421 | 91,786 | 2,547 | 23 | 170,777 | ||||||||||||||||||
Selling, general, and administrative expenses | 112 | 38,294 | 71,804 | 2,412 | 1 | 112,623 | ||||||||||||||||||
Other operating income, net | — | — | (562 | ) | — | 22 | (540 | ) | ||||||||||||||||
Operating (loss) income | (112 | ) | 38,127 | 20,544 | 135 | — | 58,694 | |||||||||||||||||
Interest expense, net | — | 5,262 | (469 | ) | 12 | — | 4,805 | |||||||||||||||||
(Income) loss in subsidiary | (32,505 | ) | (12,614 | ) | — | (32,505 | ) | 77,624 | — | |||||||||||||||
Other expense, net | — | — | — | 229 | — | 229 | ||||||||||||||||||
Income (loss) before income taxes | 32,393 | 45,479 | 21,013 | 32,399 | (77,624 | ) | 53,660 | |||||||||||||||||
Income tax (benefit) expense | (44 | ) | 12,974 | 8,293 | — | — | 21,223 | |||||||||||||||||
Net income (loss) | $ | 32,437 | $ | 32,505 | $ | 12,720 | $ | 32,399 | $ | (77,624 | ) | $ | 32,437 | |||||||||||
Foreign currency translation | 70 | 70 | — | 140 | (210 | ) | 70 | |||||||||||||||||
Comprehensive income (loss) | $ | 32,507 | $ | 32,575 | $ | 12,720 | $ | 32,539 | $ | (77,834 | ) | $ | 32,507 | |||||||||||
EXPRESS, INC. | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Thirteen Weeks Ended May 3, 2014 | ||||||||||||||||||||||||
Express, Inc. | Subsidiary | Guarantor | Other | Consolidating Adjustments | Consolidated | |||||||||||||||||||
Issuers | Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||
Operating Activities | ||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (70 | ) | $ | (59,327 | ) | $ | 28,023 | $ | 187 | $ | — | $ | (31,187 | ) | |||||||||
Investing Activities | ||||||||||||||||||||||||
Capital expenditures | — | (7,922 | ) | (18,048 | ) | (967 | ) | — | (26,937 | ) | ||||||||||||||
Distributions received | 3,274 | — | — | 3,274 | (6,548 | ) | — | |||||||||||||||||
Net cash provided by (used in) investing activities | 3,274 | (7,922 | ) | (18,048 | ) | 2,307 | (6,548 | ) | (26,937 | ) | ||||||||||||||
Financing Activities | ||||||||||||||||||||||||
Payments on capital lease obligation | — | (402 | ) | — | — | — | (402 | ) | ||||||||||||||||
Repurchase of common stock | (3,274 | ) | — | — | — | — | (3,274 | ) | ||||||||||||||||
Borrowings under intercompany loan | — | (1,909 | ) | — | 1,909 | — | — | |||||||||||||||||
Distributions paid | — | (3,274 | ) | — | (3,274 | ) | 6,548 | — | ||||||||||||||||
Net cash (used in) provided by financing activities | (3,274 | ) | (5,585 | ) | — | (1,365 | ) | 6,548 | (3,676 | ) | ||||||||||||||
Effect of exchange rate on cash | — | — | — | 124 | — | 124 | ||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (70 | ) | (72,834 | ) | 9,975 | 1,253 | — | (61,676 | ) | |||||||||||||||
Cash and cash equivalents, beginning of period | 1,984 | 283,707 | 19,631 | 6,562 | — | 311,884 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | 1,914 | $ | 210,873 | $ | 29,606 | $ | 7,815 | $ | — | $ | 250,208 | ||||||||||||
EXPRESS, INC. | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Thirteen Weeks Ended May 4, 2013 | ||||||||||||||||||||||||
Express, Inc. | Subsidiary | Guarantor | Other | Consolidating Adjustments | Consolidated | |||||||||||||||||||
Issuers | Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||
Operating Activities | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 1,739 | $ | (5,805 | ) | $ | 9,120 | $ | 307 | $ | — | $ | 5,361 | |||||||||||
Investing Activities | ||||||||||||||||||||||||
Capital expenditures | — | (6,224 | ) | (9,213 | ) | (1,416 | ) | — | (16,853 | ) | ||||||||||||||
Net cash used in investing activities | — | (6,224 | ) | (9,213 | ) | (1,416 | ) | — | (16,853 | ) | ||||||||||||||
Financing Activities | ||||||||||||||||||||||||
Payments on capital lease obligation | — | (15 | ) | — | — | — | (15 | ) | ||||||||||||||||
Excess tax benefit from share-based compensation | — | 1 | — | — | — | 1 | ||||||||||||||||||
Proceeds from share-based compensation | 1,082 | — | — | — | — | 1,082 | ||||||||||||||||||
Repayment of intercompany loan | — | 1,972 | — | (1,972 | ) | — | — | |||||||||||||||||
Borrowings under intercompany loan | — | (1,774 | ) | — | 1,774 | — | — | |||||||||||||||||
Repurchase of common stock | (1,785 | ) | — | — | — | — | (1,785 | ) | ||||||||||||||||
Net cash (used in) provided by financing activities | (703 | ) | 184 | — | (198 | ) | — | (717 | ) | |||||||||||||||
Effect of exchange rate on cash | — | — | — | 126 | — | 126 | ||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 1,036 | (11,845 | ) | (93 | ) | (1,181 | ) | — | (12,083 | ) | ||||||||||||||
Cash and cash equivalents, beginning of period | 938 | 230,174 | 22,924 | 2,261 | — | 256,297 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | 1,974 | $ | 218,329 | $ | 22,831 | $ | 1,080 | $ | — | $ | 244,214 | ||||||||||||
Segment_Reporting_Summary_of_S
Segment Reporting Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
3-May-14 | |
Summary of Significant Accounting Policies [Abstract] | ' |
Segment Reporting, Policy | ' |
Segment Reporting | |
The Company defines an operating segment on the same basis that it uses to evaluate performance internally. The Company has determined that, together, its Chief Executive Officer, President, and its Chief Operating Officer are the Chief Operating Decision Maker and that there is one operating segment. Therefore, the Company reports results as a single segment, which includes the operation of its Express brick-and-mortar retail and outlet stores, e-commerce operations, and franchise operations. |
Sharebased_Compensation_Polici
Share-based Compensation (Policies) | 3 Months Ended |
3-May-14 | |
Share-based Compensation [Abstract] | ' |
Share-based Compensation, Option and Incentive Plans Policy | ' |
The Company uses the Black-Scholes-Merton option-pricing model to value stock options granted to employees and directors. The Company's determination of the fair value of stock options is affected by the Company's stock price as well as a number of subjective and complex assumptions. These assumptions include the risk-free interest rate, the Company's expected stock price volatility over the term of the award, expected term of the award, and dividend yield. | |
The Company records the fair value of share-based payments to employees in the unaudited Consolidated Statements of Income and Comprehensive Income as compensation expense, net of forfeitures, over the requisite service period. | |
During the thirteen weeks ended May 3, 2014, the Company granted restricted stock units (“RSUs”) under the 2010 Plan, including 0.5 million RSUs with performance conditions. The fair value of RSUs is determined based on the Company's stock price on the grant date. The expense for RSUs without performance conditions is recognized using the straight-line attribution method. The expense for RSUs with performance conditions is recognized using the graded vesting method |
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | ||||||||
3-May-14 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Schedule of Revenue from External Customers by Channel | ' | ||||||||
The following is information regarding the Company's major product categories and sales channels: | |||||||||
Thirteen Weeks Ended | |||||||||
May 3, 2014 | May 4, 2013 | ||||||||
(in thousands) | |||||||||
Apparel | $ | 402,884 | $ | 445,214 | |||||
Accessories and other | 49,805 | 56,065 | |||||||
Other revenue | 7,963 | 8,083 | |||||||
Total net sales | $ | 460,652 | $ | 509,362 | |||||
Thirteen Weeks Ended | |||||||||
May 3, 2014 | May 4, 2013 | ||||||||
(in thousands) | |||||||||
Stores | $ | 383,658 | $ | 430,557 | |||||
E-commerce | 69,031 | 70,722 | |||||||
Other revenue | 7,963 | 8,083 | |||||||
Total net sales | $ | 460,652 | $ | 509,362 | |||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||
3-May-14 | |||||||
Earnings Per Share [Abstract] | ' | ||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | ||||||
The following table provides a reconciliation between basic and diluted weighted-average shares used to calculate basic and diluted earnings per share: | |||||||
Thirteen Weeks Ended | |||||||
3-May-14 | 4-May-13 | ||||||
(in thousands) | |||||||
Weighted-average shares - basic | 84,005 | 85,095 | |||||
Dilutive effect of stock options, restricted stock units, and restricted stock | 419 | 395 | |||||
Weighted-average shares - diluted | 84,424 | 85,490 | |||||
Fair_Value_of_Financial_Assets1
Fair Value of Financial Assets (Tables) | 3 Months Ended | |||||||||
3-May-14 | ||||||||||
Fair Value of Financial Assets [Abstract] | ' | |||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | |||||||||
The following table presents the Company's assets measured at fair value on a recurring basis as of May 3, 2014 and February 1, 2014, aggregated by the level in the fair value hierarchy within which those measurements fall. | ||||||||||
May 3, 2014 | ||||||||||
Level 1 | Level 2 | Level 3 | ||||||||
(in thousands) | ||||||||||
U.S. treasury securities money market funds | $ | 218,857 | $ | — | $ | — | ||||
February 1, 2014 | ||||||||||
Level 1 | Level 2 | Level 3 | ||||||||
(in thousands) | ||||||||||
U.S. treasury securities money market funds | $ | 290,361 | $ | — | $ | — | ||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 3 Months Ended | |||||||||||
3-May-14 | ||||||||||||
Intangible Assets [Abstract] | ' | |||||||||||
Schedule of Intangible Assets | ' | |||||||||||
The following table provides the significant components of intangible assets: | ||||||||||||
May 3, 2014 | ||||||||||||
Cost | Accumulated | Ending Net Balance | ||||||||||
Amortization | ||||||||||||
(in thousands) | ||||||||||||
Tradename | $ | 196,144 | $ | — | $ | 196,144 | ||||||
Internet domain name/trademark | 1,668 | — | 1,668 | |||||||||
Net favorable lease obligations/other | 20,175 | 19,301 | 874 | |||||||||
$ | 217,987 | $ | 19,301 | $ | 198,686 | |||||||
February 1, 2014 | ||||||||||||
Cost | Accumulated | Ending Net Balance | ||||||||||
Amortization | ||||||||||||
(in thousands) | ||||||||||||
Tradename | $ | 196,144 | $ | — | $ | 196,144 | ||||||
Internet domain name/trademark | 1,668 | — | 1,668 | |||||||||
Net favorable lease obligations/other | 20,175 | 19,106 | 1,069 | |||||||||
$ | 217,987 | $ | 19,106 | $ | 198,881 | |||||||
Debt_Tables
Debt (Tables) | 3 Months Ended | |||||||
3-May-14 | ||||||||
Debt [Abstract] | ' | |||||||
Schedule of Debt | ' | |||||||
Borrowings outstanding consisted of the following: | ||||||||
May 3, 2014 | February 1, 2014 | |||||||
(in thousands) | ||||||||
8 3/4% Senior Notes | $ | 200,850 | $ | 200,850 | ||||
Debt discount on Senior Notes | (1,593 | ) | (1,680 | ) | ||||
Total long-term debt | $ | 199,257 | $ | 199,170 | ||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 3 Months Ended | ||||||||||||
3-May-14 | |||||||||||||
Share-based Compensation [Abstract] | ' | ||||||||||||
Schedule of Shared-based Compensation Expense | ' | ||||||||||||
The following summarizes our share-based compensation expense: | |||||||||||||
Thirteen Weeks Ended | |||||||||||||
3-May-14 | 4-May-13 | ||||||||||||
(in thousands) | |||||||||||||
Restricted stock units and restricted stock | $ | 2,903 | $ | 2,778 | |||||||||
Stock options | 3,433 | 2,232 | |||||||||||
Restricted shares (equity issued pre-IPO) | — | 1 | |||||||||||
Total share-based compensation | $ | 6,336 | $ | 5,011 | |||||||||
Schedule of Share-based Compensation, Activity | ' | ||||||||||||
The Company's activity with respect to stock options during the thirteen weeks ended May 3, 2014 was as follows: | |||||||||||||
Number of | Grant Date | Weighted-Average Remaining Contractual Life (in years) | Aggregate Intrinsic Value | ||||||||||
Shares | Weighted Average | ||||||||||||
Exercise Price Per Share | |||||||||||||
(in thousands, except per share amounts and years) | |||||||||||||
Outstanding, February 1, 2014 | 3,234 | $ | 18.85 | ||||||||||
Granted | 378 | $ | 15.86 | ||||||||||
Exercised | — | $ | — | ||||||||||
Forfeited or expired | (29 | ) | $ | 20.5 | |||||||||
Outstanding, May 3, 2014 | 3,583 | $ | 18.52 | 7.5 | $ | 175 | |||||||
Expected to vest at May 3, 2014 | 1,436 | $ | 18.23 | 8.3 | $ | 125 | |||||||
Exercisable at May 3, 2014 | 2,067 | $ | 18.76 | 6.9 | $ | 44 | |||||||
Supplemental Options Data | ' | ||||||||||||
The following provides additional information regarding the Company's stock options: | |||||||||||||
Thirteen Weeks Ended | |||||||||||||
May 3, 2014 | May 4, 2013 | ||||||||||||
(in thousands, except per share amounts) | |||||||||||||
Weighted average grant date fair value of options granted (per share) | $ | 8.57 | $ | 9.27 | |||||||||
Total intrinsic value of options exercised | $ | — | $ | 93 | |||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | ' | ||||||||||||
The following assumptions were used in estimating the fair value of the stock options on the date of the grant: | |||||||||||||
Thirteen Weeks Ended | |||||||||||||
May 3, 2014 | May 4, 2013 | ||||||||||||
Risk-free interest rate (1) | 1.9 | % | 1.06 | % | |||||||||
Price Volatility (2) | 54.7 | % | 56 | % | |||||||||
Expected term (years) (3) | 6.25 | 6.19 | |||||||||||
Dividend yield (4) | — | — | |||||||||||
-1 | Represents the yield on U.S. Treasury securities with a term consistent with the expected term of the stock options. | ||||||||||||
-2 | Beginning in May 2012, the Company began using its own volatility in addition to the historical volatility of selected comparable companies in the determination of expected volatility. Comparable companies were selected primarily based on industry, stage of life cycle, and size. The historical lookback period is consistent with the expected term of the stock options. | ||||||||||||
-3 | Calculated utilizing the “simplified” methodology prescribed by Staff Accounting Bulletin No. 107 due to the lack of historical exercise data necessary to provide a reasonable basis upon which to estimate the term. | ||||||||||||
-4 | The Company does not currently plan on paying regular dividends. | ||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | ' | ||||||||||||
The Company's activity with respect to RSUs and restricted stock for the thirteen weeks ended May 3, 2014 was as follows: | |||||||||||||
Number of | Grant Date | ||||||||||||
Shares | Weighted Average | ||||||||||||
Fair Value Per Share | |||||||||||||
(in thousands, except per share amounts) | |||||||||||||
Unvested, February 1, 2014 | 1,487 | $ | 19.29 | ||||||||||
Granted* | 685 | $ | 15.87 | ||||||||||
Vested | (496 | ) | $ | 19.44 | |||||||||
Forfeited | (10 | ) | $ | 19.04 | |||||||||
Unvested, May 3, 2014 | 1,666 | $ | 17.85 | ||||||||||
*There were approximately 0.5 million RSUs with two-year performance conditions granted in the first quarter of 2014. None of these RSUs are currently included as granted in the table above. The number of performance based RSUs that ultimately are earned may vary from 0% to 125% of target depending on the achievement of predefined operating targets. |
Guarantor_Subsidiaries_Tables
Guarantor Subsidiaries (Tables) | 3 Months Ended | |||||||||||||||||||||||
3-May-14 | ||||||||||||||||||||||||
Guarantor Financial Information [Abstract] | ' | |||||||||||||||||||||||
Guarantor Financial Information | ' | |||||||||||||||||||||||
May 3, 2014 | ||||||||||||||||||||||||
Express, Inc. | Subsidiary | Guarantor | Other | Consolidating Adjustments | Consolidated | |||||||||||||||||||
Issuers | Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,914 | $ | 210,873 | $ | 29,606 | $ | 7,815 | $ | — | $ | 250,208 | ||||||||||||
Receivables, net | — | 11,345 | 8,081 | 900 | — | 20,326 | ||||||||||||||||||
Inventories | — | 15,743 | 215,213 | 4,077 | — | 235,033 | ||||||||||||||||||
Prepaid minimum rent | — | 578 | 26,582 | 1,229 | — | 28,389 | ||||||||||||||||||
Intercompany receivable | — | — | 92,026 | 5,784 | (97,810 | ) | — | |||||||||||||||||
Intercompany loan receivable | — | 2,173 | — | — | (2,173 | ) | — | |||||||||||||||||
Other | 329 | 46,516 | 5,404 | 85 | (32,032 | ) | 20,302 | |||||||||||||||||
Total current assets | 2,243 | 287,228 | 376,912 | 19,890 | (132,015 | ) | 554,258 | |||||||||||||||||
Property and equipment, net | — | 59,245 | 317,598 | 18,520 | — | 395,363 | ||||||||||||||||||
Tradename/domain name | — | 197,812 | — | — | — | 197,812 | ||||||||||||||||||
Investment in subsidiary | 480,191 | 430,436 | — | 474,407 | (1,385,034 | ) | — | |||||||||||||||||
Deferred tax assets | 661 | 6,637 | 10,181 | 79 | — | 17,558 | ||||||||||||||||||
Other assets | — | 5,929 | 1,217 | 7 | — | 7,153 | ||||||||||||||||||
Total assets | $ | 483,095 | $ | 987,287 | $ | 705,908 | $ | 512,903 | $ | (1,517,049 | ) | $ | 1,172,144 | |||||||||||
Liabilities and stockholders’ equity | ||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||
Accounts payable | $ | — | $ | 149,014 | $ | 2,267 | $ | 580 | $ | — | $ | 151,861 | ||||||||||||
Deferred revenue | — | 949 | 22,168 | 161 | — | 23,278 | ||||||||||||||||||
Accrued bonus | — | — | 84 | — | — | 84 | ||||||||||||||||||
Accrued expenses | — | 34,382 | 85,871 | 1,266 | (32,032 | ) | 89,487 | |||||||||||||||||
Intercompany payable | — | 97,810 | — | — | (97,810 | ) | — | |||||||||||||||||
Intercompany loan payable | — | — | — | 2,173 | (2,173 | ) | — | |||||||||||||||||
Total current liabilities | — | 282,155 | 110,390 | 4,180 | (132,015 | ) | 264,710 | |||||||||||||||||
Long-term debt | — | 199,257 | — | — | — | 199,257 | ||||||||||||||||||
Deferred lease credits | — | 4,710 | 106,234 | 7,018 | — | 117,962 | ||||||||||||||||||
Other long-term liabilities | — | 26,758 | 80,362 | — | — | 107,120 | ||||||||||||||||||
Total liabilities | — | 512,880 | 296,986 | 11,198 | (132,015 | ) | 689,049 | |||||||||||||||||
Commitments and Contingencies (Note 10) | ||||||||||||||||||||||||
Total stockholders’ equity | 483,095 | 474,407 | 408,922 | 501,705 | (1,385,034 | ) | 483,095 | |||||||||||||||||
Total liabilities and stockholders’ equity | $ | 483,095 | $ | 987,287 | $ | 705,908 | $ | 512,903 | $ | (1,517,049 | ) | $ | 1,172,144 | |||||||||||
EXPRESS, INC. | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
February 1, 2014 | ||||||||||||||||||||||||
Express, Inc. | Subsidiary | Guarantor | Other | Consolidating Adjustments | Consolidated | |||||||||||||||||||
Issuers | Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,984 | $ | 283,707 | $ | 19,631 | $ | 6,562 | $ | — | $ | 311,884 | ||||||||||||
Receivables, net | — | 10,410 | 5,880 | 1,094 | — | 17,384 | ||||||||||||||||||
Inventories | — | 15,928 | 192,762 | 3,820 | — | 212,510 | ||||||||||||||||||
Prepaid minimum rent | — | 689 | 26,658 | 1,207 | — | 28,554 | ||||||||||||||||||
Intercompany receivable | — | — | 114,258 | 5,784 | (120,042 | ) | — | |||||||||||||||||
Intercompany loan receivable | — | 28,080 | — | — | (28,080 | ) | — | |||||||||||||||||
Other | 237 | 8,523 | 4,552 | 54 | (237 | ) | 13,129 | |||||||||||||||||
Total current assets | 2,221 | 347,337 | 363,741 | 18,521 | (148,359 | ) | 583,461 | |||||||||||||||||
Property and equipment, net | — | 56,922 | 301,684 | 17,516 | — | 376,122 | ||||||||||||||||||
Tradename/domain name | — | 197,812 | — | — | — | 197,812 | ||||||||||||||||||
Investment in subsidiary | 471,687 | 393,156 | — | 465,902 | (1,330,745 | ) | — | |||||||||||||||||
Deferred tax assets | 661 | 6,637 | 10,182 | 78 | — | 17,558 | ||||||||||||||||||
Other assets | — | 6,295 | 1,416 | 6 | — | 7,717 | ||||||||||||||||||
Total assets | $ | 474,569 | $ | 1,008,159 | $ | 677,023 | $ | 502,023 | $ | (1,479,104 | ) | $ | 1,182,670 | |||||||||||
Liabilities and stockholders’ equity | ||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||
Accounts payable | $ | — | $ | 150,420 | $ | 2,873 | $ | 1,443 | $ | — | $ | 154,736 | ||||||||||||
Deferred revenue | — | 1,004 | 27,264 | 168 | — | 28,436 | ||||||||||||||||||
Accrued bonus | — | — | 694 | — | — | 694 | ||||||||||||||||||
Accrued expenses | — | 40,087 | 74,465 | 1,026 | (237 | ) | 115,341 | |||||||||||||||||
Intercompany payable | — | 120,042 | — | — | (120,042 | ) | — | |||||||||||||||||
Intercompany loan payable | — | — | — | 28,080 | (28,080 | ) | — | |||||||||||||||||
Total current liabilities | — | 311,553 | 105,296 | 30,717 | (148,359 | ) | 299,207 | |||||||||||||||||
Long-term debt | — | 199,170 | — | — | — | 199,170 | ||||||||||||||||||
Deferred lease credits | — | 4,963 | 103,129 | 6,417 | — | 114,509 | ||||||||||||||||||
Other long-term liabilities | — | 26,571 | 68,644 | — | — | 95,215 | ||||||||||||||||||
Total liabilities | — | 542,257 | 277,069 | 37,134 | (148,359 | ) | 708,101 | |||||||||||||||||
Commitments and Contingencies (Note 10) | ||||||||||||||||||||||||
Total stockholders’ equity | 474,569 | 465,902 | 399,954 | 464,889 | (1,330,745 | ) | 474,569 | |||||||||||||||||
Total liabilities and stockholders’ equity | $ | 474,569 | $ | 1,008,159 | $ | 677,023 | $ | 502,023 | $ | (1,479,104 | ) | $ | 1,182,670 | |||||||||||
EXPRESS, INC. | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Thirteen Weeks Ended May 3, 2014 | ||||||||||||||||||||||||
Express, Inc. | Subsidiary | Guarantor | Other | Consolidating Adjustments | Consolidated | |||||||||||||||||||
Issuers | Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||
Net sales | $ | — | $ | 217,550 | $ | 452,275 | $ | 7,512 | $ | (216,685 | ) | $ | 460,652 | |||||||||||
Cost of goods sold, buying and occupancy costs | — | 171,769 | 363,264 | 4,931 | (216,685 | ) | 323,279 | |||||||||||||||||
Gross profit | — | 45,781 | 89,011 | 2,581 | — | 137,373 | ||||||||||||||||||
Selling, general, and administrative expenses | 71 | 45,520 | 74,854 | 2,415 | — | 122,860 | ||||||||||||||||||
Other operating expense (income), net | — | 20 | (498 | ) | — | — | (478 | ) | ||||||||||||||||
Operating (loss) income | (71 | ) | 241 | 14,655 | 166 | — | 14,991 | |||||||||||||||||
Interest expense, net | — | 5,342 | 555 | — | — | 5,897 | ||||||||||||||||||
(Income) loss in subsidiary | (5,126 | ) | (8,514 | ) | — | (5,126 | ) | 18,766 | — | |||||||||||||||
Other income, net | — | — | — | (25 | ) | — | (25 | ) | ||||||||||||||||
Income (loss) before income taxes | 5,055 | 3,413 | 14,100 | 5,317 | (18,766 | ) | 9,119 | |||||||||||||||||
Income tax (benefit) expense | (28 | ) | (1,713 | ) | 5,701 | 76 | 4,036 | |||||||||||||||||
Net income (loss) | $ | 5,083 | $ | 5,126 | $ | 8,399 | $ | 5,241 | $ | (18,766 | ) | $ | 5,083 | |||||||||||
Foreign currency translation | 382 | 382 | — | 764 | (1,146 | ) | 382 | |||||||||||||||||
Comprehensive income (loss) | $ | 5,465 | $ | 5,508 | $ | 8,399 | $ | 6,005 | $ | (19,912 | ) | $ | 5,465 | |||||||||||
Thirteen Weeks Ended May 4, 2013 | ||||||||||||||||||||||||
Express, Inc. | Subsidiary | Guarantor | Other | Consolidating Adjustments | Consolidated | |||||||||||||||||||
Issuers | Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||
Net sales | $ | — | $ | 227,993 | $ | 497,739 | $ | 6,862 | $ | (223,232 | ) | $ | 509,362 | |||||||||||
Cost of goods sold, buying and occupancy costs | — | 151,572 | 405,953 | 4,315 | (223,255 | ) | 338,585 | |||||||||||||||||
Gross profit | — | 76,421 | 91,786 | 2,547 | 23 | 170,777 | ||||||||||||||||||
Selling, general, and administrative expenses | 112 | 38,294 | 71,804 | 2,412 | 1 | 112,623 | ||||||||||||||||||
Other operating income, net | — | — | (562 | ) | — | 22 | (540 | ) | ||||||||||||||||
Operating (loss) income | (112 | ) | 38,127 | 20,544 | 135 | — | 58,694 | |||||||||||||||||
Interest expense, net | — | 5,262 | (469 | ) | 12 | — | 4,805 | |||||||||||||||||
(Income) loss in subsidiary | (32,505 | ) | (12,614 | ) | — | (32,505 | ) | 77,624 | — | |||||||||||||||
Other expense, net | — | — | — | 229 | — | 229 | ||||||||||||||||||
Income (loss) before income taxes | 32,393 | 45,479 | 21,013 | 32,399 | (77,624 | ) | 53,660 | |||||||||||||||||
Income tax (benefit) expense | (44 | ) | 12,974 | 8,293 | — | — | 21,223 | |||||||||||||||||
Net income (loss) | $ | 32,437 | $ | 32,505 | $ | 12,720 | $ | 32,399 | $ | (77,624 | ) | $ | 32,437 | |||||||||||
Foreign currency translation | 70 | 70 | — | 140 | (210 | ) | 70 | |||||||||||||||||
Comprehensive income (loss) | $ | 32,507 | $ | 32,575 | $ | 12,720 | $ | 32,539 | $ | (77,834 | ) | $ | 32,507 | |||||||||||
Thirteen Weeks Ended May 3, 2014 | ||||||||||||||||||||||||
Express, Inc. | Subsidiary | Guarantor | Other | Consolidating Adjustments | Consolidated | |||||||||||||||||||
Issuers | Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||
Operating Activities | ||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (70 | ) | $ | (59,327 | ) | $ | 28,023 | $ | 187 | $ | — | $ | (31,187 | ) | |||||||||
Investing Activities | ||||||||||||||||||||||||
Capital expenditures | — | (7,922 | ) | (18,048 | ) | (967 | ) | — | (26,937 | ) | ||||||||||||||
Distributions received | 3,274 | — | — | 3,274 | (6,548 | ) | — | |||||||||||||||||
Net cash provided by (used in) investing activities | 3,274 | (7,922 | ) | (18,048 | ) | 2,307 | (6,548 | ) | (26,937 | ) | ||||||||||||||
Financing Activities | ||||||||||||||||||||||||
Payments on capital lease obligation | — | (402 | ) | — | — | — | (402 | ) | ||||||||||||||||
Repurchase of common stock | (3,274 | ) | — | — | — | — | (3,274 | ) | ||||||||||||||||
Borrowings under intercompany loan | — | (1,909 | ) | — | 1,909 | — | — | |||||||||||||||||
Distributions paid | — | (3,274 | ) | — | (3,274 | ) | 6,548 | — | ||||||||||||||||
Net cash (used in) provided by financing activities | (3,274 | ) | (5,585 | ) | — | (1,365 | ) | 6,548 | (3,676 | ) | ||||||||||||||
Effect of exchange rate on cash | — | — | — | 124 | — | 124 | ||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (70 | ) | (72,834 | ) | 9,975 | 1,253 | — | (61,676 | ) | |||||||||||||||
Cash and cash equivalents, beginning of period | 1,984 | 283,707 | 19,631 | 6,562 | — | 311,884 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | 1,914 | $ | 210,873 | $ | 29,606 | $ | 7,815 | $ | — | $ | 250,208 | ||||||||||||
EXPRESS, INC. | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Thirteen Weeks Ended May 4, 2013 | ||||||||||||||||||||||||
Express, Inc. | Subsidiary | Guarantor | Other | Consolidating Adjustments | Consolidated | |||||||||||||||||||
Issuers | Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||
Operating Activities | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 1,739 | $ | (5,805 | ) | $ | 9,120 | $ | 307 | $ | — | $ | 5,361 | |||||||||||
Investing Activities | ||||||||||||||||||||||||
Capital expenditures | — | (6,224 | ) | (9,213 | ) | (1,416 | ) | — | (16,853 | ) | ||||||||||||||
Net cash used in investing activities | — | (6,224 | ) | (9,213 | ) | (1,416 | ) | — | (16,853 | ) | ||||||||||||||
Financing Activities | ||||||||||||||||||||||||
Payments on capital lease obligation | — | (15 | ) | — | — | — | (15 | ) | ||||||||||||||||
Excess tax benefit from share-based compensation | — | 1 | — | — | — | 1 | ||||||||||||||||||
Proceeds from share-based compensation | 1,082 | — | — | — | — | 1,082 | ||||||||||||||||||
Repayment of intercompany loan | — | 1,972 | — | (1,972 | ) | — | — | |||||||||||||||||
Borrowings under intercompany loan | — | (1,774 | ) | — | 1,774 | — | — | |||||||||||||||||
Repurchase of common stock | (1,785 | ) | — | — | — | — | (1,785 | ) | ||||||||||||||||
Net cash (used in) provided by financing activities | (703 | ) | 184 | — | (198 | ) | — | (717 | ) | |||||||||||||||
Effect of exchange rate on cash | — | — | — | 126 | — | 126 | ||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 1,036 | (11,845 | ) | (93 | ) | (1,181 | ) | — | (12,083 | ) | ||||||||||||||
Cash and cash equivalents, beginning of period | 938 | 230,174 | 22,924 | 2,261 | — | 256,297 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | 1,974 | $ | 218,329 | $ | 22,831 | $ | 1,080 | $ | — | $ | 244,214 | ||||||||||||
Description_of_Business_and_Ba1
Description of Business and Basis of Presentation (Details) (USD $) | 3 Months Ended | 3 Months Ended | ||||
In Millions, unless otherwise specified | 4-May-13 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 |
stores | Retail [Member] | Outlet [Member] | Minimum [Member] | Maximum [Member] | ||
stores | stores | |||||
Description of Business and Basis of Presentation [Line Items] | ' | ' | ' | ' | ' | ' |
Age of Target Customer | ' | ' | ' | ' | '20 years | '30 years |
Number of Stores | ' | ' | 611 | 17 | ' | ' |
Stores Under Franchise Agreements | ' | 26 | ' | ' | ' | ' |
Prior Period Reclassification Adjustment | $0.80 | ' | ' | ' | ' | ' |
Segment_Reporting_Segment_Repo
Segment Reporting Segment Reporting (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 3-May-14 | 4-May-13 |
Revenue from External Customers [Line Items] | ' | ' |
NET SALES | $460,652 | $509,362 |
Other Revenue [Member] | ' | ' |
Revenue from External Customers [Line Items] | ' | ' |
NET SALES | 7,963 | 8,083 |
Sales Revenue, Stores [Member] | ' | ' |
Revenue from External Customers [Line Items] | ' | ' |
NET SALES | 383,658 | 430,557 |
Sales Revenue, E-commerce [Member] | ' | ' |
Revenue from External Customers [Line Items] | ' | ' |
NET SALES | 69,031 | 70,722 |
Sales Revenue, Apparel [Member] | ' | ' |
Revenue from External Customers [Line Items] | ' | ' |
NET SALES | 402,884 | 445,214 |
Sales Revenue, Accessories [Member] | ' | ' |
Revenue from External Customers [Line Items] | ' | ' |
NET SALES | $49,805 | $56,065 |
Earnings_Per_Share_Details
Earnings Per Share (Details) | 3 Months Ended | |
3-May-14 | 4-May-13 | |
Earnings Per Share Disclosure [Line Items] | ' | ' |
Weighted average shares - basic | 84,005,000 | 85,095,000 |
Dilutive effect of stock options, restricted stock units, and restricted stock | 419,000 | 395,000 |
Weighted average shares - diluted | 84,424,000 | 85,490,000 |
Stock Option [Member] | ' | ' |
Earnings Per Share Disclosure [Line Items] | ' | ' |
Potentially dilutive securities excluded from computation of earnings per share | 3,800,000 | 2,800,000 |
Restricted Stock [Member] | ' | ' |
Earnings Per Share Disclosure [Line Items] | ' | ' |
Potentially dilutive securities excluded from computation of earnings per share | 500,000 | 500,000 |
Fair_Value_of_Financial_Assets2
Fair Value of Financial Assets Fair Value of Financial Assets (Details) (Fair Value, Measurements, Recurring [Member], USD $) | 3-May-14 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and Cash Equivalents, Fair Value Disclosure | $218,857 | $290,361 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and Cash Equivalents, Fair Value Disclosure | $0 | $0 |
Intangible_Assets_Table_Detail
Intangible Assets Table (Details) (USD $) | 3 Months Ended | ||
3-May-14 | 4-May-13 | Feb. 01, 2014 | |
Intangible Assets by Major Class [Line Items] | ' | ' | ' |
Intangible Assets Gross | $217,987,000 | ' | $217,987,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | 19,301,000 | ' | 19,106,000 |
Intangible Assets, Net (Excluding Goodwill) | 198,686,000 | ' | 198,881,000 |
Amortization of Intangible Assets | 200,000 | 300,000 | ' |
Trade Names [Member] | ' | ' | ' |
Intangible Assets by Major Class [Line Items] | ' | ' | ' |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 196,144,000 | ' | 196,144,000 |
Internet Domain Names [Member] | ' | ' | ' |
Intangible Assets by Major Class [Line Items] | ' | ' | ' |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 1,668,000 | ' | 1,668,000 |
Leases, Acquired-in-Place, Market Adjustment [Member] | ' | ' | ' |
Intangible Assets by Major Class [Line Items] | ' | ' | ' |
Finite-Lived Intangible Assets, Gross | 20,175,000 | ' | 20,175,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | 19,301,000 | ' | 19,106,000 |
Intangible Assets, Net (Excluding Goodwill) | $874,000 | ' | $1,069,000 |
Minimum [Member] | ' | ' | ' |
Intangible Assets by Major Class [Line Items] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '5 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Intangible Assets by Major Class [Line Items] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '9 years | ' | ' |
Related_Party_Transactions_Tra
Related Party Transactions Transactions with Other Golden Gate Affiliates (Details) (Senior Notes [Member]) | Mar. 05, 2010 |
Senior Notes [Member] | ' |
Related Party Transaction [Line Items] | ' |
Debt Instrument, Interest Rate, Stated Percentage | 8.75% |
Income_Taxes_Details
Income Taxes (Details) | 3 Months Ended | |
3-May-14 | 4-May-13 | |
Income Tax Disclosure [Abstract] | ' | ' |
Effective Income Tax Rate | 44.30% | 39.60% |
Lease_Financing_Obligations_De
Lease Financing Obligations (Details) (USD $) | 3-May-14 | Feb. 01, 2014 |
In Millions, unless otherwise specified | ||
Lease Financing Obligations [Abstract] | ' | ' |
Capital Leased Assets, Gross | $75.20 | $63.20 |
Capital Lease Obligations | $74.60 | $63 |
Debt_by_Instrument_Table_Detai
Debt by Instrument Table (Details) (USD $) | 3-May-14 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total Debt | $199,257 | $199,170 |
Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 200,850 | 200,850 |
Debt discount on Senior Notes | ($1,593) | ($1,680) |
Debt_Topco_Revolving_Credit_Fa
Debt Topco Revolving Credit Facility (Details) (USD $) | 3 Months Ended |
3-May-14 | |
Debt Instrument [Line Items] | ' |
Line of Credit Facility, Amount Outstanding | $0 |
Line of Credit [Member] | ' |
Debt Instrument [Line Items] | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 200,000,000 |
Line of Credit Facility, Remaining Borrowing Capacity | $198,000,000 |
Fixed Charge Ratio | 1 |
Fixed Charge Ratio, Demonimator | 1 |
Percent of Borrowing Base in Fixed Charge Coverage Ratio Restriction | 10.00% |
Number of Days in Fixed Charge Coverage Ratio Restriction | '15 days |
Debt_Senior_Notes_Details
Debt Senior Notes (Details) (USD $) | 3-May-14 | 3-May-14 | Mar. 05, 2010 | 3-May-14 | 3-May-14 | 3-May-14 | Feb. 01, 2014 |
Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Letter of Credit [Member] | Letter of Credit [Member] | ||
Prior to March 1, 2015 | After March 1, 2015, but prior to March 1, 2016 | ||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | 8.75% | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | $250,000,000 | ' | ' | ' | ' |
Senior Notes Original Offering Price | ' | ' | 98.60% | ' | ' | ' | ' |
Redemption Price, Senior Debt | ' | ' | ' | 104.38% | 102.19% | ' | ' |
Long-term Debt, Fair Value | ' | 209,400,000 | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | $0 | ' | ' | ' | ' | $2,000,000 | $2,000,000 |
Debt_Letters_of_Credit_Details
Debt Letters of Credit (Details) (USD $) | 3-May-14 | Feb. 01, 2014 |
Debt Instrument [Line Items] | ' | ' |
Letters of Credit Outstanding, Amount | $0 | ' |
Letter of Credit [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Letters of Credit Outstanding, Amount | $2,000,000 | $2,000,000 |
ShareBased_Compensation_Cost_b
Share-Based Compensation Cost by Award Type (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 3-May-14 | 4-May-13 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based compensation | $6,336 | $5,011 |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based compensation | 2,903 | 2,778 |
Stock Options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based compensation | 3,433 | 2,232 |
Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based compensation | $0 | $1 |
ShareBased_Compensation_Other_
Share-Based Compensation Other Stock Options Details (Details) | 3 Months Ended |
3-May-14 | |
Chief Executive Officer [Member] | Stock Options [Member] | ' |
Vesting Details [Line Items] | ' |
Award Vesting Period | '3 years |
Management [Member] | ' |
Vesting Details [Line Items] | ' |
Annual Award Vesting Percentage | 25.00% |
Award Contractual Life | '10 years |
Management [Member] | Stock Options [Member] | ' |
Vesting Details [Line Items] | ' |
Award Vesting Period | '4 years |
ShareBased_Compensation_Schedu
Share-Based Compensation Schedule of Stock Options (Details) (USD $) | 3 Months Ended | |
Share data in Thousands, except Per Share data, unless otherwise specified | 3-May-14 | 4-May-13 |
Stock Option Activity [Line Items] | ' | ' |
Share-based compensation | $6,336,000 | $5,011,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' |
Stock Options Outstanding at beginning of period | 3,234 | ' |
Stock Options Granted | 378 | ' |
Stock Options Exercised | 0 | ' |
Stock Options Forfeited | -29 | ' |
Stock Options Outstanding at end of period | 3,583 | ' |
Stock Options Expected to Vest at end of period | 1,436 | ' |
Stock Options Exercisable at end of period | 2,067 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' |
Grant Date Weighted Average Exercise Price of Options Outstanding at beginning of period (usd per share) | $18.85 | ' |
Grant Date Weighted Average Exercise Price of Options Granted (usd per share) | $15.86 | ' |
Grant Date Weighted Average Exercise Price of Options Exercised (usd per share) | $0 | ' |
Grant Date Weighted Average Exercise Price of Options Forfeited (usd per share) | $20.50 | ' |
Grant Date Weighted Average Exercise Price of Options Outstanding at end of period (usd per share) | $18.52 | ' |
Grant Date Weighted Average Exercise Price of Options Expected to Vest at end of period (usd per share) | $18.23 | ' |
Grant Date Weighted Average Exercise Price of Options Exercisable at end of period (usd per share) | $18.76 | ' |
Weighted Average Remaining Contractual Life of Options Outstanding (in years) | '7 years 6 months 1 day | ' |
Weighted Average Remaining Contractual Life of Options Expected to Vest at end of period (in years) | '8 years 3 months 3 days | ' |
Weighted Average Remaining Contractual Life of Options Exercisable at end of period (in years) | '6 years 10 months 18 days | ' |
Aggregate Intrinsic Value of Options Outstanding at end of period | 175,000 | ' |
Aggregate Intrinsic Value of Options Expected to Vest at end of period | 125,000 | ' |
Aggregate Intrinsic Value of Options Exercisable at end of period | 44,000 | ' |
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ' | ' |
Tax Benefit from Share-based Compensation Expense | 3,200,000 | 1,900,000 |
Weighted Average Grant Date Fair Value of Options Granted | $8.57 | $9.27 |
Total Intrinsic Value of Options Exercised | 0 | 93,000 |
Stock Options [Member] | ' | ' |
Stock Option Activity [Line Items] | ' | ' |
Share-based compensation | 3,433,000 | 2,232,000 |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Stock Option Activity [Line Items] | ' | ' |
Share-based compensation | 2,903,000 | 2,778,000 |
Restricted Stock [Member] | ' | ' |
Stock Option Activity [Line Items] | ' | ' |
Share-based compensation | $0 | $1,000 |
ShareBased_Compensation_Unreco
Share-Based Compensation Unrecognized Compensation Expense and Period for Recognition (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | 3-May-14 |
Stock Options [Member] | ' |
Unrecognized Compensation Expense and Period for Recognition [Line Items] | ' |
Unrecognized Share-based Compensation Expense | $9.80 |
Unrecognized Share-based Compensation Expense, Period for Recognition | '1 year 8 months |
Restricted Stock Units (RSUs) [Member] | ' |
Unrecognized Compensation Expense and Period for Recognition [Line Items] | ' |
Unrecognized Share-based Compensation Expense | $21.70 |
Unrecognized Share-based Compensation Expense, Period for Recognition | '2 years 0 months |
ShareBased_Compensation_Valuat
Share-Based Compensation Valuation Assumptions (Details) (Stock Option [Member]) | 3 Months Ended | |||
3-May-14 | 4-May-13 | |||
Stock Option [Member] | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ||
Risk-free interest rate | 1.90% | [1] | 1.06% | [1] |
Price volatility | 54.70% | [2] | 56.00% | [2] |
Expected Term | '6 years 3 months | [3] | '6 years 2 months 7 days | [3] |
Equity dividend yield | 0.00% | [4] | 0.00% | [4] |
[1] | Represents the yield on U.S. Treasury securities with a term consistent with the expected term of the stock options. | |||
[2] | Beginning in May 2012, the Company began using its own volatility in addition to the historical volatility of selected comparable companies in the determination of expected volatility. Comparable companies were selected primarily based on industry, stage of life cycle, and size. | |||
[3] | Calculated utilizing the “simplified†methodology prescribed by Staff Accounting Bulletin No. 107 due to the lack of historical exercise data necessary to provide a reasonable basis upon which to estimate the term. | |||
[4] | The Company does not currently plan on paying regular dividends. |
ShareBased_Compensation_Schedu1
Share-Based Compensation Schedule of Restricted Stock and Restricted Stock Units (Details) (USD $) | 3 Months Ended | |
In Millions, except Share data in Thousands, unless otherwise specified | 3-May-14 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | |
Awards, Total Fair Value of Vested In Period | $9.60 | |
Management [Member] | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | |
Award Contractual Life | '10 years | |
Restricted Stock [Member] | Management [Member] | ' | |
Restricted Stock and Restricted Stock Units [Line Items] | ' | |
Award Vesting Period | '4 years | |
Restricted Stock Units (RSUs) [Member] | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | |
Awards Unvested at beginning of period | 1,487 | |
Awards Granted | 685 | [1] |
Awards Vested | -496 | |
Awards Forfeited | -10 | |
Awards Unvested at end of period | 1,666 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | |
Awards, grant date weighted average fair value at beginning of period (usd per share) | $19.29 | |
Awards, grant date weighted average fair value, shares granted (usd per share) | $15.87 | [1] |
Awards, grant date weighted average fair value, shares vested (usd per share) | $19.44 | |
Awards, grant date weighted average fair value, shares forfeited (usd per share) | $19.04 | |
Awards, grant date weighted average fair value at end of period (usd per share) | $17.85 | |
Performance-based Restricted Stock Units [Member] | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | |
Awards Granted | 500 | |
Performance-based Restricted Stock Units [Member] | Chief Executive Officer [Member] | ' | |
Restricted Stock and Restricted Stock Units [Line Items] | ' | |
Award Vesting Period | '2 years | |
Performance-based Restricted Stock Units [Member] | Management [Member] | ' | |
Restricted Stock and Restricted Stock Units [Line Items] | ' | |
Award Vesting Period | '3 years | |
Minimum [Member] | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | |
SharebasedCompensationArrangementbySharebasedPaymentawardTargetPercentageofEquityAwardsEarned | 0.00% | |
Maximum [Member] | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | |
SharebasedCompensationArrangementbySharebasedPaymentawardTargetPercentageofEquityAwardsEarned | 125.00% | |
[1] | There were approximately 0.5 million RSUs with two-year performance conditions granted in the first quarter of 2014. None of these RSUs are currently included as granted in the table above. The number of performance based RSUs that ultimately are earned may vary from 0% to 125% of target depending on the achievement of predefined operating targets. |
Guarantor_Subsidiaries_Guarant
Guarantor Subsidiaries Guarantor Balance Sheet (Details) (USD $) | 3-May-14 | Feb. 01, 2014 | 4-May-13 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||||
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | $250,208 | $311,884 | $244,214 | $256,297 |
Receivables, net | 20,326 | 17,384 | ' | ' |
Inventories | 235,033 | 212,510 | ' | ' |
Prepaid minimum rent | 28,389 | 28,554 | ' | ' |
Intercompany receivable | 0 | 0 | ' | ' |
Intercompany loan receivable | 0 | 0 | ' | ' |
Other | 20,302 | 13,129 | ' | ' |
Total current assets | 554,258 | 583,461 | ' | ' |
Property and equipment, net | 395,363 | 376,122 | ' | ' |
Tradename/domain name | 197,812 | 197,812 | ' | ' |
Investment in subsidiary | 0 | 0 | ' | ' |
Deferred tax assets | 17,558 | 17,558 | ' | ' |
Other assets | 7,153 | 7,717 | ' | ' |
Total assets | 1,172,144 | 1,182,670 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Accounts payable | 151,861 | 154,736 | ' | ' |
Deferred revenue | 23,278 | 28,436 | ' | ' |
Accrued bonus | 84 | 694 | ' | ' |
Accrued expenses | 89,487 | 115,341 | ' | ' |
Intercompany payable | 0 | 0 | ' | ' |
Intercompany loan payable | 0 | 0 | ' | ' |
Total current liabilities | 264,710 | 299,207 | ' | ' |
Long-term debt | 199,257 | 199,170 | ' | ' |
Deferred Lease Credits | 117,962 | 114,509 | ' | ' |
Other long-term liabilities | 107,120 | 95,215 | ' | ' |
Total liabilities | 689,049 | 708,101 | ' | ' |
COMMITMENTS AND CONTINGENCIES (Note 10) | ' | ' | ' | ' |
Total stockholders’ equity | 483,095 | 474,569 | ' | ' |
Total liabilities and stockholders’ equity | 1,172,144 | 1,182,670 | ' | ' |
Express, Inc. [Member] | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | 1,914 | 1,984 | ' | ' |
Receivables, net | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Prepaid minimum rent | 0 | 0 | ' | ' |
Intercompany receivable | 0 | 0 | ' | ' |
Intercompany loan receivable | 0 | 0 | ' | ' |
Other | 329 | 237 | ' | ' |
Total current assets | 2,243 | 2,221 | ' | ' |
Property and equipment, net | 0 | 0 | ' | ' |
Tradename/domain name | 0 | 0 | ' | ' |
Investment in subsidiary | 480,191 | 471,687 | ' | ' |
Deferred tax assets | 661 | 661 | ' | ' |
Other assets | 0 | 0 | ' | ' |
Total assets | 483,095 | 474,569 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Deferred revenue | 0 | 0 | ' | ' |
Accrued bonus | 0 | 0 | ' | ' |
Accrued expenses | 0 | 0 | ' | ' |
Intercompany payable | 0 | 0 | ' | ' |
Intercompany loan payable | 0 | 0 | ' | ' |
Total current liabilities | 0 | 0 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Deferred Lease Credits | 0 | 0 | ' | ' |
Other long-term liabilities | 0 | 0 | ' | ' |
Total liabilities | 0 | 0 | ' | ' |
COMMITMENTS AND CONTINGENCIES (Note 10) | ' | ' | ' | ' |
Total stockholders’ equity | 483,095 | 474,569 | ' | ' |
Total liabilities and stockholders’ equity | 483,095 | 474,569 | ' | ' |
Subsidiary Issuers [Member] | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | 210,873 | 283,707 | ' | ' |
Receivables, net | 11,345 | 10,410 | ' | ' |
Inventories | 15,743 | 15,928 | ' | ' |
Prepaid minimum rent | 578 | 689 | ' | ' |
Intercompany receivable | 0 | 0 | ' | ' |
Intercompany loan receivable | 2,173 | 28,080 | ' | ' |
Other | 46,516 | 8,523 | ' | ' |
Total current assets | 287,228 | 347,337 | ' | ' |
Property and equipment, net | 59,245 | 56,922 | ' | ' |
Tradename/domain name | 197,812 | 197,812 | ' | ' |
Investment in subsidiary | 430,436 | 393,156 | ' | ' |
Deferred tax assets | 6,637 | 6,637 | ' | ' |
Other assets | 5,929 | 6,295 | ' | ' |
Total assets | 987,287 | 1,008,159 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Accounts payable | 149,014 | 150,420 | ' | ' |
Deferred revenue | 949 | 1,004 | ' | ' |
Accrued bonus | 0 | 0 | ' | ' |
Accrued expenses | 34,382 | 40,087 | ' | ' |
Intercompany payable | 97,810 | 120,042 | ' | ' |
Intercompany loan payable | 0 | 0 | ' | ' |
Total current liabilities | 282,155 | 311,553 | ' | ' |
Long-term debt | 199,257 | 199,170 | ' | ' |
Deferred Lease Credits | 4,710 | 4,963 | ' | ' |
Other long-term liabilities | 26,758 | 26,571 | ' | ' |
Total liabilities | 512,880 | 542,257 | ' | ' |
COMMITMENTS AND CONTINGENCIES (Note 10) | ' | ' | ' | ' |
Total stockholders’ equity | 474,407 | 465,902 | ' | ' |
Total liabilities and stockholders’ equity | 987,287 | 1,008,159 | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | 29,606 | 19,631 | ' | ' |
Receivables, net | 8,081 | 5,880 | ' | ' |
Inventories | 215,213 | 192,762 | ' | ' |
Prepaid minimum rent | 26,582 | 26,658 | ' | ' |
Intercompany receivable | 92,026 | 114,258 | ' | ' |
Intercompany loan receivable | 0 | 0 | ' | ' |
Other | 5,404 | 4,552 | ' | ' |
Total current assets | 376,912 | 363,741 | ' | ' |
Property and equipment, net | 317,598 | 301,684 | ' | ' |
Tradename/domain name | 0 | 0 | ' | ' |
Investment in subsidiary | 0 | 0 | ' | ' |
Deferred tax assets | 10,181 | 10,182 | ' | ' |
Other assets | 1,217 | 1,416 | ' | ' |
Total assets | 705,908 | 677,023 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Accounts payable | 2,267 | 2,873 | ' | ' |
Deferred revenue | 22,168 | 27,264 | ' | ' |
Accrued bonus | 84 | 694 | ' | ' |
Accrued expenses | 85,871 | 74,465 | ' | ' |
Intercompany payable | 0 | 0 | ' | ' |
Intercompany loan payable | 0 | 0 | ' | ' |
Total current liabilities | 110,390 | 105,296 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Deferred Lease Credits | 106,234 | 103,129 | ' | ' |
Other long-term liabilities | 80,362 | 68,644 | ' | ' |
Total liabilities | 296,986 | 277,069 | ' | ' |
COMMITMENTS AND CONTINGENCIES (Note 10) | ' | ' | ' | ' |
Total stockholders’ equity | 408,922 | 399,954 | ' | ' |
Total liabilities and stockholders’ equity | 705,908 | 677,023 | ' | ' |
Other Subsidiaries [Member] | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | 7,815 | 6,562 | ' | ' |
Receivables, net | 900 | 1,094 | ' | ' |
Inventories | 4,077 | 3,820 | ' | ' |
Prepaid minimum rent | 1,229 | 1,207 | ' | ' |
Intercompany receivable | 5,784 | 5,784 | ' | ' |
Intercompany loan receivable | 0 | 0 | ' | ' |
Other | 85 | 54 | ' | ' |
Total current assets | 19,890 | 18,521 | ' | ' |
Property and equipment, net | 18,520 | 17,516 | ' | ' |
Tradename/domain name | 0 | 0 | ' | ' |
Investment in subsidiary | 474,407 | 465,902 | ' | ' |
Deferred tax assets | 79 | 78 | ' | ' |
Other assets | 7 | 6 | ' | ' |
Total assets | 512,903 | 502,023 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Accounts payable | 580 | 1,443 | ' | ' |
Deferred revenue | 161 | 168 | ' | ' |
Accrued bonus | 0 | 0 | ' | ' |
Accrued expenses | 1,266 | 1,026 | ' | ' |
Intercompany payable | 0 | 0 | ' | ' |
Intercompany loan payable | 2,173 | 28,080 | ' | ' |
Total current liabilities | 4,180 | 30,717 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Deferred Lease Credits | 7,018 | 6,417 | ' | ' |
Other long-term liabilities | 0 | 0 | ' | ' |
Total liabilities | 11,198 | 37,134 | ' | ' |
COMMITMENTS AND CONTINGENCIES (Note 10) | ' | ' | ' | ' |
Total stockholders’ equity | 501,705 | 464,889 | ' | ' |
Total liabilities and stockholders’ equity | 512,903 | 502,023 | ' | ' |
Consolidating Adjustments [Member] | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Receivables, net | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Prepaid minimum rent | 0 | 0 | ' | ' |
Intercompany receivable | -97,810 | -120,042 | ' | ' |
Intercompany loan receivable | -2,173 | -28,080 | ' | ' |
Other | -32,032 | -237 | ' | ' |
Total current assets | -132,015 | -148,359 | ' | ' |
Property and equipment, net | 0 | 0 | ' | ' |
Tradename/domain name | 0 | 0 | ' | ' |
Investment in subsidiary | -1,385,034 | -1,330,745 | ' | ' |
Deferred tax assets | 0 | 0 | ' | ' |
Other assets | 0 | 0 | ' | ' |
Total assets | -1,517,049 | -1,479,104 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Deferred revenue | 0 | 0 | ' | ' |
Accrued bonus | 0 | 0 | ' | ' |
Accrued expenses | -32,032 | -237 | ' | ' |
Intercompany payable | -97,810 | -120,042 | ' | ' |
Intercompany loan payable | -2,173 | -28,080 | ' | ' |
Total current liabilities | -132,015 | -148,359 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Deferred Lease Credits | 0 | 0 | ' | ' |
Other long-term liabilities | 0 | 0 | ' | ' |
Total liabilities | -132,015 | -148,359 | ' | ' |
COMMITMENTS AND CONTINGENCIES (Note 10) | ' | ' | ' | ' |
Total stockholders’ equity | -1,385,034 | -1,330,745 | ' | ' |
Total liabilities and stockholders’ equity | ($1,517,049) | ($1,479,104) | ' | ' |
Guarantor_Subsidiaries_Guarant1
Guarantor Subsidiaries Guarantor Income Statement (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 3-May-14 | 4-May-13 |
NET SALES | $460,652 | $509,362 |
Cost of Merchandise Sales, Buying and Occupancy Costs | 323,279 | 338,585 |
Gross profit | 137,373 | 170,777 |
Selling, general, and administrative expenses | 122,860 | 112,623 |
Other operating (income) expense, net | -478 | -540 |
OPERATING INCOME | 14,991 | 58,694 |
Interest Expense | 5,897 | 4,805 |
Income (loss) in subsidiary | 0 | 0 |
OTHER EXPENSE (INCOME), NET | -25 | 229 |
INCOME BEFORE INCOME TAXES | 9,119 | 53,660 |
Net Income (Loss) Attributable to Parent | 5,083 | 32,437 |
Foreign currency translation gain (loss) | 382 | 70 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 5,465 | 32,507 |
Income Tax Expense (Benefit) | 4,036 | 21,223 |
Express, Inc. [Member] | ' | ' |
NET SALES | 0 | 0 |
Cost of Merchandise Sales, Buying and Occupancy Costs | 0 | 0 |
Gross profit | 0 | 0 |
Selling, general, and administrative expenses | 71 | 112 |
Other operating (income) expense, net | 0 | 0 |
OPERATING INCOME | -71 | -112 |
Interest Expense | 0 | 0 |
Income (loss) in subsidiary | -5,126 | -32,505 |
OTHER EXPENSE (INCOME), NET | 0 | 0 |
INCOME BEFORE INCOME TAXES | 5,055 | 32,393 |
Net Income (Loss) Attributable to Parent | 5,083 | 32,437 |
Foreign currency translation gain (loss) | 382 | 70 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 5,465 | 32,507 |
Income Tax Expense (Benefit) | -28 | -44 |
Subsidiary Issuers [Member] | ' | ' |
NET SALES | 217,550 | 227,993 |
Cost of Merchandise Sales, Buying and Occupancy Costs | 171,769 | 151,572 |
Gross profit | 45,781 | 76,421 |
Selling, general, and administrative expenses | 45,520 | 38,294 |
Other operating (income) expense, net | 20 | 0 |
OPERATING INCOME | 241 | 38,127 |
Interest Expense | 5,342 | 5,262 |
Income (loss) in subsidiary | -8,514 | -12,614 |
OTHER EXPENSE (INCOME), NET | 0 | 0 |
INCOME BEFORE INCOME TAXES | 3,413 | 45,479 |
Net Income (Loss) Attributable to Parent | 5,126 | 32,505 |
Foreign currency translation gain (loss) | 382 | 70 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 5,508 | 32,575 |
Income Tax Expense (Benefit) | -1,713 | 12,974 |
Guarantor Subsidiaries [Member] | ' | ' |
NET SALES | 452,275 | 497,739 |
Cost of Merchandise Sales, Buying and Occupancy Costs | 363,264 | 405,953 |
Gross profit | 89,011 | 91,786 |
Selling, general, and administrative expenses | 74,854 | 71,804 |
Other operating (income) expense, net | -498 | -562 |
OPERATING INCOME | 14,655 | 20,544 |
Interest Expense | 555 | -469 |
Income (loss) in subsidiary | 0 | 0 |
OTHER EXPENSE (INCOME), NET | 0 | 0 |
INCOME BEFORE INCOME TAXES | 14,100 | 21,013 |
Net Income (Loss) Attributable to Parent | 8,399 | 12,720 |
Foreign currency translation gain (loss) | 0 | 0 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 8,399 | 12,720 |
Income Tax Expense (Benefit) | 5,701 | 8,293 |
Other Subsidiaries [Member] | ' | ' |
NET SALES | 7,512 | 6,862 |
Cost of Merchandise Sales, Buying and Occupancy Costs | 4,931 | 4,315 |
Gross profit | 2,581 | 2,547 |
Selling, general, and administrative expenses | 2,415 | 2,412 |
Other operating (income) expense, net | 0 | 0 |
OPERATING INCOME | 166 | 135 |
Interest Expense | 0 | 12 |
Income (loss) in subsidiary | -5,126 | -32,505 |
OTHER EXPENSE (INCOME), NET | -25 | 229 |
INCOME BEFORE INCOME TAXES | 5,317 | 32,399 |
Net Income (Loss) Attributable to Parent | 5,241 | 32,399 |
Foreign currency translation gain (loss) | 764 | 140 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 6,005 | 32,539 |
Income Tax Expense (Benefit) | 76 | 0 |
Consolidating Adjustments [Member] | ' | ' |
NET SALES | -216,685 | -223,232 |
Cost of Merchandise Sales, Buying and Occupancy Costs | -216,685 | -223,255 |
Gross profit | 0 | 23 |
Selling, general, and administrative expenses | 0 | 1 |
Other operating (income) expense, net | 0 | 22 |
OPERATING INCOME | 0 | 0 |
Interest Expense | 0 | 0 |
Income (loss) in subsidiary | 18,766 | 77,624 |
OTHER EXPENSE (INCOME), NET | 0 | 0 |
INCOME BEFORE INCOME TAXES | -18,766 | -77,624 |
Net Income (Loss) Attributable to Parent | -18,766 | -77,624 |
Foreign currency translation gain (loss) | -1,146 | -210 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -19,912 | -77,834 |
Income Tax Expense (Benefit) | ' | $0 |
Guarantor_Subsidiaries_Guarant2
Guarantor Subsidiaries Guarantor Cash Flow Statement (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 3-May-14 | 4-May-13 |
Net Cash Provided by (Used in) Operating Activities [Abstract] | ' | ' |
Net cash provided by (used in) operating activities | ($31,187) | $5,361 |
Investing Activities [Abstract] | ' | ' |
Capital expenditures | -26,937 | -16,853 |
Distributions received | 0 | ' |
Net cash used in investing activities | -26,937 | -16,853 |
Financing Activities [Abstract] | ' | ' |
Payments on capital lease obligation | -402 | -15 |
Excess tax benefit from share-based compensation | 0 | 1 |
Proceeds from share-based compensation | 0 | 1,082 |
Repurchase of common stock | -3,274 | -1,785 |
Repayments of intercompany loan | ' | 0 |
Borrowings under intercompany loan | 0 | 0 |
Payments of Distributions to Affiliates | 0 | ' |
Net cash used in financing activities | -3,676 | -717 |
EFFECT OF EXCHANGE RATES ON CASH | 124 | 126 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | -61,676 | -12,083 |
CASH AND CASH EQUIVALENTS, Beginning of period | 311,884 | 256,297 |
CASH AND CASH EQUIVALENTS, End of period | 250,208 | 244,214 |
Express, Inc. [Member] | ' | ' |
Net Cash Provided by (Used in) Operating Activities [Abstract] | ' | ' |
Net cash provided by (used in) operating activities | -70 | 1,739 |
Investing Activities [Abstract] | ' | ' |
Capital expenditures | 0 | 0 |
Distributions received | 3,274 | ' |
Net cash used in investing activities | 3,274 | 0 |
Financing Activities [Abstract] | ' | ' |
Payments on capital lease obligation | 0 | 0 |
Excess tax benefit from share-based compensation | ' | 0 |
Proceeds from share-based compensation | ' | 1,082 |
Repurchase of common stock | -3,274 | -1,785 |
Repayments of intercompany loan | ' | 0 |
Borrowings under intercompany loan | 0 | 0 |
Payments of Distributions to Affiliates | 0 | ' |
Net cash used in financing activities | -3,274 | -703 |
EFFECT OF EXCHANGE RATES ON CASH | 0 | 0 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | -70 | 1,036 |
CASH AND CASH EQUIVALENTS, Beginning of period | 1,984 | 938 |
CASH AND CASH EQUIVALENTS, End of period | 1,914 | 1,974 |
Subsidiary Issuers [Member] | ' | ' |
Net Cash Provided by (Used in) Operating Activities [Abstract] | ' | ' |
Net cash provided by (used in) operating activities | -59,327 | -5,805 |
Investing Activities [Abstract] | ' | ' |
Capital expenditures | -7,922 | -6,224 |
Distributions received | 0 | ' |
Net cash used in investing activities | -7,922 | -6,224 |
Financing Activities [Abstract] | ' | ' |
Payments on capital lease obligation | -402 | -15 |
Excess tax benefit from share-based compensation | ' | 1 |
Proceeds from share-based compensation | ' | 0 |
Repurchase of common stock | 0 | 0 |
Repayments of intercompany loan | ' | 1,972 |
Borrowings under intercompany loan | -1,909 | -1,774 |
Payments of Distributions to Affiliates | -3,274 | ' |
Net cash used in financing activities | -5,585 | 184 |
EFFECT OF EXCHANGE RATES ON CASH | 0 | 0 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | -72,834 | -11,845 |
CASH AND CASH EQUIVALENTS, Beginning of period | 283,707 | 230,174 |
CASH AND CASH EQUIVALENTS, End of period | 210,873 | 218,329 |
Guarantor Subsidiaries [Member] | ' | ' |
Net Cash Provided by (Used in) Operating Activities [Abstract] | ' | ' |
Net cash provided by (used in) operating activities | 28,023 | 9,120 |
Investing Activities [Abstract] | ' | ' |
Capital expenditures | -18,048 | -9,213 |
Distributions received | 0 | ' |
Net cash used in investing activities | -18,048 | -9,213 |
Financing Activities [Abstract] | ' | ' |
Payments on capital lease obligation | 0 | 0 |
Excess tax benefit from share-based compensation | ' | 0 |
Proceeds from share-based compensation | ' | 0 |
Repurchase of common stock | 0 | 0 |
Repayments of intercompany loan | ' | 0 |
Borrowings under intercompany loan | 0 | 0 |
Payments of Distributions to Affiliates | 0 | ' |
Net cash used in financing activities | 0 | 0 |
EFFECT OF EXCHANGE RATES ON CASH | 0 | 0 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | 9,975 | -93 |
CASH AND CASH EQUIVALENTS, Beginning of period | 19,631 | 22,924 |
CASH AND CASH EQUIVALENTS, End of period | 29,606 | 22,831 |
Other Subsidiaries [Member] | ' | ' |
Net Cash Provided by (Used in) Operating Activities [Abstract] | ' | ' |
Net cash provided by (used in) operating activities | 187 | 307 |
Investing Activities [Abstract] | ' | ' |
Capital expenditures | -967 | -1,416 |
Distributions received | 3,274 | ' |
Net cash used in investing activities | 2,307 | -1,416 |
Financing Activities [Abstract] | ' | ' |
Payments on capital lease obligation | 0 | 0 |
Excess tax benefit from share-based compensation | ' | 0 |
Proceeds from share-based compensation | ' | 0 |
Repurchase of common stock | 0 | 0 |
Repayments of intercompany loan | ' | -1,972 |
Borrowings under intercompany loan | 1,909 | 1,774 |
Payments of Distributions to Affiliates | -3,274 | ' |
Net cash used in financing activities | -1,365 | -198 |
EFFECT OF EXCHANGE RATES ON CASH | 124 | 126 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | 1,253 | -1,181 |
CASH AND CASH EQUIVALENTS, Beginning of period | 6,562 | 2,261 |
CASH AND CASH EQUIVALENTS, End of period | 7,815 | 1,080 |
Consolidating Adjustments [Member] | ' | ' |
Net Cash Provided by (Used in) Operating Activities [Abstract] | ' | ' |
Net cash provided by (used in) operating activities | 0 | 0 |
Investing Activities [Abstract] | ' | ' |
Capital expenditures | 0 | 0 |
Distributions received | -6,548 | ' |
Net cash used in investing activities | -6,548 | 0 |
Financing Activities [Abstract] | ' | ' |
Payments on capital lease obligation | 0 | 0 |
Excess tax benefit from share-based compensation | ' | 0 |
Proceeds from share-based compensation | ' | 0 |
Repurchase of common stock | 0 | 0 |
Repayments of intercompany loan | ' | 0 |
Borrowings under intercompany loan | 0 | 0 |
Payments of Distributions to Affiliates | 6,548 | ' |
Net cash used in financing activities | 6,548 | 0 |
EFFECT OF EXCHANGE RATES ON CASH | 0 | 0 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS, Beginning of period | 0 | 0 |
CASH AND CASH EQUIVALENTS, End of period | $0 | $0 |