Tuesday Morning Corporation (NASDAQ: TUEM), a
leading off-price retailer of home goods and décor, today announced
its results for the fourth quarter and full year fiscal 2022 ended
July 2, 2022.
Fred Hand, Chief Executive Officer, stated, “We
continue to believe in the long-term opportunities ahead for
Tuesday Morning. While the back half of fiscal 2022 presented
significant macro-related challenges, I am proud of how our teams
remained focused and committed to delivering our customers an
improved treasure-hunt experience. That said, the start to fiscal
2023 has also been pressured by the ongoing difficult consumer
environment and the disruption in receipt flow as we were
finalizing the strategic investment. Looking beyond this softer
start, our guidance for the year assumes sequential topline
improvement as well as continued disciplined expense management.
With the recent support of our new investors, we move forward into
fiscal 2023 with a strengthened balance sheet, incremental
liquidity and a strategic partner who we believe over time will
have a positive influence on driving incremental traffic and sales
to our stores.”
Fourth Quarter Fiscal 2022 Results of
Operations
- As of the end of the fourth quarter
fiscal 2022, the Company operated 489 stores compared to 490 stores
at the end of the fourth quarter fiscal 2021.
- Comparable store sales decreased
8.0% in the fourth quarter of fiscal 2022 versus the fourth quarter
of fiscal 2021, with store inventory ending lower by 8.1% compared
to the fourth quarter of fiscal 2021.
- Net sales were $161.9 million in
the fourth quarter of fiscal 2022 as compared to $177.3 million for
the fourth quarter of fiscal 2021.
- Gross margin was $30.3 million and
gross margin rate was 18.7% for the fourth quarter of fiscal 2022.
Gross margin was $46.7 million and gross margin rate was 26.3% for
the fourth quarter of fiscal 2021. This year over year decline in
gross margin is primarily due to increased supply chain and
transportation costs.
- SG&A was $57.4 million in the
fourth quarter of fiscal 2022. As a percentage of net sales,
SG&A was 35.4% for the fourth quarter of fiscal 2022. In the
fourth quarter of fiscal 2021, SG&A was $59.6 million, and as a
percentage of sales was 33.6%.
- Operating loss for the fourth
quarter of fiscal 2022 was $26.9 million compared to an operating
loss of $16.2 million in the fourth quarter of fiscal 2021.
- The Company reported a net loss of
$28.1 million, or ($0.33) per share, for the fourth quarter of
fiscal 2022. Net loss for the fourth quarter of fiscal 2021 was
$18.9 million, or ($0.22) per share.
- EBITDA, a non-GAAP measure, was a
loss of $23.2 million for the fourth quarter of fiscal 2022
compared to a loss of $14.3 million for the fourth quarter of 2021.
Adjusted EBITDA, a non-GAAP measure, was a loss of $22.3 million
for the fourth quarter of fiscal 2022. Adjusted EBITDA was a loss
of $8.2 million for the fourth quarter of fiscal 2021. A
reconciliation of GAAP and non-GAAP measures is provided
below.
Fiscal 2022 Results of
Operations
- Net sales were $749.8 million for
fiscal 2022 compared to $690.8 million for the prior year.
- Gross margin was $191.8 million and
gross margin rate was 25.6% for fiscal 2022. Gross margin was
$206.0 million and gross margin rate was 29.8% for fiscal
2021.
- SG&A was $240.9 million in
fiscal 2022. As a percentage of net sales, SG&A was 32.1% for
fiscal 2022. In fiscal 2021, SG&A was $244.2 million, and as a
percentage of sales was 35.3%.
- Operating loss for fiscal 2022 was
$51.5 million compared to an operating loss of $49.0 million in
fiscal 2021.
- The Company reported a net loss was
$59.0 million, or ($0.70) per share, for fiscal 2022. Net income
for fiscal 2021 was $3.0 million, or $0.05 per share.
- EBITDA, a non-GAAP measure, was a
loss of $38.4 million for fiscal 2022 compared to $26.9 million for
fiscal 2021. Adjusted EBITDA, a non-GAAP measure, was a loss of
$30.5 million for fiscal 2022. Adjusted EBITDA was a loss of $20.3
million for fiscal 2021. A reconciliation of GAAP and non-GAAP
measures is provided below.
The Company ended fiscal 2022 with $7.8 million
in cash and cash equivalents and $57.2 million outstanding under
its line of credit with availability on the line of credit of $10.3
million, compared to $6.5 million in cash and cash equivalents and
$12.0 million of outstanding borrowings under its line of credit in
the prior year. Inventories at the end of fiscal 2022 were $148.5
million compared to $145.1 million in the prior year.
Outlook For the first quarter
fiscal 2023, the Company expects comparable store sales to decrease
10% to 12% when compared to the first quarter of fiscal 2022, and
for Adjusted EBITDA to be in the range of negative $21.0 million
and $24.0 million.
For the full year fiscal 2023, the Company
expects comparable store sales to be flat to negative 3% when
compared to fiscal 2022, and for Adjusted EBITDA to be in the range
of negative $18.0 million and $23.0 million.
Marc Katz, Chief Operating Officer and Interim
Chief Financial Officer, stated, “Our first quarter fiscal 2023
guidance reflects the softer topline performance to date as well as
the impact from the recognition of capitalized supply chain and
freight costs driven by the elevated costs encountered in fiscal
2022. As we move through the balance of the year we expect topline
performance to improve sequentially, and for the impact related to
the elevated supply chain and distribution costs to improve. In
addition, from a cash flow point of view, we expect incurred supply
chain and transportation costs to be approximately $15 million less
than the recognized costs reflected in the annual Adjusted EBITDA
guidance.”
Subsequent Events On September
19, 2022, the Company secured $32 million in convertible debt
financing from a special purpose vehicle formed by Retail Ecommerce
Ventures LLC, the owner of a diverse portfolio of consumer brands
that includes Pier 1 Imports, Linens ‘n Things, Stein Mart,
Modell’s Sporting Goods. Additionally, Ayon Capital, LLC and
certain members of Tuesday Morning’s management team, including
Chief Executive Officer Fred Hand, are providing $3 million in
convertible debt financing. The proceeds from the parties’
investments are expected to strengthen Tuesday Morning’s balance
sheet and allow it to begin executing an omni-channel strategy,
which will now include an ecommerce presence and digital
activations to complement the Company’s store footprint over the
long-term.
About Tuesday MorningTuesday
Morning Corporation is one of the original off-price retailers
specializing in name-brand, high-quality products for the home,
including upscale home textiles, home furnishings, housewares,
gourmet food, toys and seasonal décor, at prices generally below
those found in boutique, specialty and department stores, catalogs
and on-line retailers. Based in Dallas, Texas, the Company opened
its first store in 1974 and currently operates 487 stores in 40
states. More information and a list of store locations may be found
on the Company's website at www.tuesdaymorning.com.
Management Prepared Remarks For
further commentary on the fourth quarter and full year fiscal 2022
results and outlook, please refer to the pre-recorded management
remarks available today, September 23, 2022, at 8:00 am Central
Time in the Investor Relations section of the Company’s website at
www.tuesdaymorning.com, or you may dial into the prepared remarks
at 877-407-9716 or 201-493-6779 if calling internationally.
The webcast will be accessible through the Company’s website for 90
days. The prepared remarks will also be available from 11:00
am Central Time, September 23, 2022 through 10:59 pm Central Time,
September 30, 2022 by dialing 844-512-2921 or 412-317-6671 and
entering conference ID number 13733127.
Cautionary Notice Regarding
Forward-Looking Statements
This press release contains forward-looking
statements, which are based on management’s current expectations,
estimates and projections. Forward-looking statements include
statements regarding management’s plans and strategies and
execution of the Company’s strategic plan, projected benefits of
the recent financing transaction, the Company’s liquidity and
statements under the heading “Outlook”. The forward-looking
statements in this press release are subject to risks and
uncertainties that could cause actual results to differ materially
from those reflected in the forward-looking statements.
Reference is hereby made to the Company’s
filings with the Securities and Exchange Commission, including, but
not limited to, "Item 1A. Risk Factors" of the Company's most
Annual Report on Form 10-K for the fiscal year ended June 30, 2021
and the Company’s Quarterly Report on Form 10-Q for the quarter
ended April 2, 2022, for examples of risks, uncertainties and
events that could cause our actual results to differ materially
from the expectations expressed in our forward-looking statements.
These risks, uncertainties and events also include, but are not
limited to, the following: the effects and length of the COVID-19
pandemic; changes in economic and political conditions which may
adversely affect consumer spending; our ability to identify and
respond to changes in consumer trends and preferences; our ability
to mitigate reductions of customer traffic in shopping centers
where our stores are located; increases in the cost or a disruption
in the flow of our products, including the extent and duration of
the ongoing impacts to domestic and international supply chains
from the COVID-19 pandemic; impacts to general economic conditions
and supply chains from the disruption in Europe; impacts of
inflation and increasing interest rates; any inability to
effectively launch our proposed e-commerce platform or to realize
anticipated benefits from the proposed Pier 1 licensing
arrangement; our ability to continuously attract buying
opportunities for off-price merchandise and anticipate consumer
demand; our ability to obtain merchandise on varying payment terms;
our ability to successfully manage our inventory balances
profitably; our ability to effectively manage our supply chain
operations; loss of, disruption in operations of, or increased
costs in the operation of our distribution center facility; our
ability to generate sufficient cash flows, maintain compliance with
our debt agreements and continue to access the capital markets;
unplanned loss or departure of one or more members of our senior
management or other key management; increased or new competition;
our ability to maintain and protect our information technology
systems and technologies and related improvements to support our
growth; increases in fuel prices and changes in transportation
industry regulations or conditions; changes in federal tax policy
including tariffs; the success of our marketing, advertising and
promotional efforts; our ability to attract, train and retain
quality employees in appropriate numbers, including key employees
and management; increased variability due to seasonal and quarterly
fluctuations; our ability to protect the security of information
about our business and our customers, suppliers, business partners
and employees; our ability to comply with existing, changing and
new government regulations; our ability to manage risk to our
corporate reputation from our customers, employees and other third
parties; our ability to manage litigation risks from our customers,
employees and other third parties; our ability to manage risks
associated with product liability claims and product recalls; the
impact of adverse local conditions, natural disasters and other
events; our ability to manage the negative effects of inventory
shrinkage; our ability to manage exposure to unexpected costs
related to our insurance programs; increased costs or exposure to
fraud or theft resulting from payment card industry related risk
and regulations; our ability to meet all applicable requirements
for continued listing of our common stock on The Nasdaq Stock
Market, including the minimum bid requirement of $1.00 per share;
and our ability to maintain an effective system of internal
controls over financial reporting. The Company’s filings with the
SEC are available at the SEC’s web site at www.sec.gov.
The forward-looking statements made in this
press release relate only to events as of the date on which the
statements were made. Except as may be required by law, the Company
disclaims obligations to update any forward-looking statements to
reflect events and circumstances after the date on which the
statements were made or to reflect the occurrence of unanticipated
events. Investors are cautioned not to place undue reliance on any
forward-looking statements.
INVESTOR
RELATIONS: Caitlin
ChurchillICR203-682-8200TuesdayMorningIR@icrinc.com
MEDIA: TuesdayMorning@edelman.com
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Tuesday Morning Corporation |
Condensed Consolidated Balance Sheet |
(In thousands) |
|
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|
|
|
|
July 2, 2022 |
|
June 30, 2021 |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
7,816 |
|
$ |
6,534 |
|
Restricted
cash |
|
|
— |
|
|
22,321 |
|
Inventories |
|
|
148,462 |
|
|
145,075 |
|
Prepaid
expenses and other |
|
|
7,505 |
|
|
8,871 |
|
Current assets |
|
|
163,783 |
|
|
182,801 |
|
|
|
|
|
|
|
Property and
equipment, net |
|
|
28,442 |
|
|
37,784 |
|
Operating
lease right of use assets |
|
|
156,945 |
|
|
193,244 |
|
Other |
|
|
5,006 |
|
|
4,055 |
|
Total Assets |
|
$ |
354,176 |
|
$ |
417,884 |
|
|
|
|
|
|
|
Current
portion of long term debt |
|
$ |
250 |
|
$ |
— |
|
Accounts
payable |
|
|
40,797 |
|
|
45,930 |
|
Accrued
liabilities and other |
|
|
33,491 |
|
|
46,454 |
|
Operating
lease liabilities |
|
|
52,258 |
|
|
54,632 |
|
Total current liabilities |
|
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126,796 |
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147,016 |
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Operating
lease liabilities - non-current |
|
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115,926 |
|
|
156,240 |
|
Borrowings
under revolving credit facility |
|
|
62,191 |
|
|
12,000 |
|
Long term
debt |
|
|
28,730 |
|
|
26,374 |
|
Other
non-current liabilities |
|
|
1,546 |
|
|
4,453 |
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Total Liabilities |
|
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335,189 |
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|
346,083 |
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Stockholders' Equity |
|
|
18,987 |
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|
71,801 |
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Total Liabilities and Equity |
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$ |
354,176 |
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$ |
417,884 |
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Tuesday
Morning
Corporation |
Condensed
Consolidated Statement of
Operations |
(In thousands, except
per share
data) |
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For the Three Months Ended |
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For the Year Ended |
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July 2, |
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June 30, |
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July 2, |
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June 30, |
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2022 |
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2021 |
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2022 |
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|
2021 |
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Net
sales |
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$ |
161,934 |
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$ |
177,274 |
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$ |
749,809 |
|
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$ |
690,790 |
|
Cost of
sales |
|
|
131,592 |
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|
130,596 |
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557,988 |
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|
484,788 |
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Gross margin |
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30,342 |
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|
46,678 |
|
|
|
191,821 |
|
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|
206,002 |
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Selling,
general and administrative expenses |
|
|
57,363 |
|
|
|
59,555 |
|
|
|
240,870 |
|
|
|
244,155 |
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Restructuring, impairment, and abandonment charges |
|
|
(126 |
) |
|
|
3,280 |
|
|
|
2,462 |
|
|
|
10,834 |
|
Operating loss before interest, reorganization and other
income/(expense) |
|
|
(26,895 |
) |
|
|
(16,157 |
) |
|
|
(51,511 |
) |
|
|
(48,987 |
) |
Other
income/(expense): |
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Interest expense |
|
|
(1,657 |
) |
|
|
(1,493 |
) |
|
|
(7,177 |
) |
|
|
(8,169 |
) |
Reorganization items, net |
|
|
(38 |
) |
|
|
(2,154 |
) |
|
|
(961 |
) |
|
|
60,015 |
|
Other income, net |
|
|
509 |
|
|
|
518 |
|
|
|
719 |
|
|
|
414 |
|
Earnings/(loss) before income taxes |
|
|
(28,081 |
) |
|
|
(19,286 |
) |
|
|
(58,930 |
) |
|
|
3,273 |
|
Income tax
expense/(benefit) |
|
|
62 |
|
|
|
(424 |
) |
|
|
73 |
|
|
|
291 |
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Net earnings/(loss) |
|
$ |
(28,143 |
) |
|
$ |
(18,862 |
) |
|
$ |
(59,003 |
) |
|
$ |
2,982 |
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Earnings Per
Share |
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Net
earnings/(loss) per common share: |
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Basic |
|
$ |
(0.33 |
) |
|
$ |
(0.22 |
) |
|
$ |
(0.70 |
) |
|
$ |
0.05 |
|
Diluted |
|
$ |
(0.33 |
) |
|
$ |
(0.29 |
) |
|
$ |
(0.70 |
) |
|
$ |
0.05 |
|
Weighted
average number of common shares: |
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Basic |
|
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85,454 |
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|
|
84,198 |
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84,885 |
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|
60,584 |
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Diluted |
|
|
85,454 |
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|
89,889 |
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84,885 |
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|
61,689 |
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Tuesday Morning
Corporation |
Condensed Consolidated Statement of Cash
Flows |
(In thousands) |
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For the Year Ended |
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July 2, |
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June 30, |
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2022 |
|
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|
2021 |
|
Cash flows
from operating activities |
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Net
earnings/(loss) |
|
$ |
(59,003 |
) |
|
$ |
2,982 |
|
Adjustments
to reconcile net earnings/(loss) to net cash provided by/(used) in
operating activities: |
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Depreciation and amortization |
|
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13,388 |
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15,412 |
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Loss on impairment and abandonment of assets |
|
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2,126 |
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|
5,638 |
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Intangible impairment charge |
|
|
— |
|
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|
1,639 |
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Amortization of financing costs and interest expense |
|
|
4,719 |
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|
7,177 |
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(Gain)/loss on disposal of assets |
|
|
82 |
|
|
|
(1,389 |
) |
Gain on sale-leaseback |
|
|
— |
|
|
|
(49,639 |
) |
Share-based compensation |
|
|
5,881 |
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|
2,054 |
|
Gain on repurchase of term loan |
|
|
(939 |
) |
|
|
— |
|
Loss on refinancing of revolving credit facility |
|
|
588 |
|
|
|
— |
|
Rights offering and Backstop Agreement |
|
|
— |
|
|
|
19,990 |
|
Gain on lease terminations |
|
|
— |
|
|
|
(93,278 |
) |
Deferred income taxes |
|
|
(118 |
) |
|
|
24 |
|
Construction allowances from landlords |
|
|
548 |
|
|
|
451 |
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Change in
operating assets and liabilities |
|
|
(28,885 |
) |
|
|
(69,116 |
) |
Net
cash used in operating activities |
|
|
(61,613 |
) |
|
|
(158,055 |
) |
Cash flows
from investing activities |
|
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Capital expenditures |
|
|
(6,537 |
) |
|
|
(3,783 |
) |
Proceeds from sale-leaseback |
|
|
— |
|
|
|
68,566 |
|
Proceeds from sales of assets |
|
|
— |
|
|
|
1,897 |
|
Net
cash provided by/(used in) investing activities |
|
|
(6,537 |
) |
|
|
66,680 |
|
Cash flows
from financing activities |
|
|
|
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Proceeds from borrowings under revolving credit facility |
|
|
921,533 |
|
|
|
811,031 |
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Repayments of borrowings under revolving credit facility |
|
|
(866,342 |
) |
|
|
(799,131 |
) |
Proceeds from term loan |
|
|
— |
|
|
|
25,000 |
|
Proceeds from Rights Offering |
|
|
— |
|
|
|
40,000 |
|
Repurchase of term loan |
|
|
(5,000 |
) |
|
|
— |
|
Proceeds from the exercise of employee stock options |
|
|
459 |
|
|
|
45 |
|
Tax payments related to vested stock awards |
|
|
(151 |
) |
|
|
— |
|
Payments on finance leases |
|
|
(124 |
) |
|
|
(217 |
) |
Payments of financing fees |
|
|
(3,264 |
) |
|
|
(3,174 |
) |
Net
cash provided by financing activities |
|
|
47,111 |
|
|
|
73,554 |
|
|
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Net increase
(decrease) in cash, cash equivalents and restricted cash |
|
|
(21,039 |
) |
|
|
(17,821 |
) |
Cash, cash
equivalents and restricted cash at beginning of period |
|
|
28,855 |
|
|
|
46,676 |
|
Cash, cash equivalents and restricted cash at end of
period |
|
$ |
7,816 |
|
|
$ |
28,855 |
|
|
|
|
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|
Non-GAAP Financial Measures |
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Unaudited Non-GAAP
Financial Measures We define EBITDA as net earnings or net loss
before interest, income taxes, depreciation, and amortization.
Adjusted EBITDA reflects further adjustments to EBITDA to eliminate
the impact of certain items, including certain non-cash items and
other items that we believe are not representative of our core
operating performance. These measures are not presentations made in
accordance with GAAP. EBITDA and Adjusted EBITDA should not be
considered as alternatives to net earnings or loss as a measure of
operating performance. In addition, EBITDA and Adjusted EBITDA are
not presented as a measure of liquidity. EBITDA and Adjusted EBITDA
should not be considered in isolation, or as substitutes for
analysis of our results as reported under GAAP and Adjusted EBITDA
should not be construed as an inference that our future results
will be unaffected by such adjustments. We believe it is useful for
investors to see these EBITDA and Adjusted EBITDA measures that
management uses to evaluate our operating performance. These
non-GAAP financial measures are included to supplement our
financial information presented in accordance with GAAP and because
we use these measures to monitor and evaluate the performance of
our business as a supplement to GAAP measures and we believe the
presentation of these non-GAAP measures enhances investors’ ability
to analyze trends in our business and evaluate our performance.
EBITDA and Adjusted EBITDA are also frequently used by analysts,
investors and other interested parties to evaluate companies in our
industry. The non-GAAP measures presented may not be comparable to
similarly titled measures used by other companies. |
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Tuesday Morning Corporation |
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Adjusted EBITDA |
|
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(In
thousands) |
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For the Three Months Ended, |
|
For the Year Ended |
|
|
|
|
July 2, |
|
June 30, |
|
July 2, |
|
June 30, |
|
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings/(loss) |
|
$ |
(28,143 |
) |
|
$ |
(18,862 |
) |
|
$ |
(59,003 |
) |
|
$ |
2,982 |
|
|
|
Depreciation
and amortization |
|
|
3,213 |
|
|
|
3,479 |
|
|
|
13,388 |
|
|
|
15,412 |
|
|
|
Interest
expense, net |
|
|
1,657 |
|
|
|
1,493 |
|
|
|
7,177 |
|
|
|
8,169 |
|
|
|
Income tax
expense |
|
|
62 |
|
|
|
(424 |
) |
|
|
73 |
|
|
|
291 |
|
|
|
EBITDA (non-GAAP) |
|
$ |
(23,211 |
) |
|
$ |
(14,314 |
) |
|
$ |
(38,365 |
) |
|
$ |
26,854 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation expense (1) |
|
$ |
1,236 |
|
|
$ |
708 |
|
|
$ |
5,881 |
|
|
$ |
2,054 |
|
|
|
Restructuring, impairment and abandonment charges (2) |
|
|
(126 |
) |
|
|
3,280 |
|
|
|
2,462 |
|
|
|
10,834 |
|
|
|
Re-organization items, net (3) |
|
|
36 |
|
|
|
2,154 |
|
|
|
961 |
|
|
|
(60,015 |
) |
|
|
Other
(4) |
|
|
(258 |
) |
|
|
— |
|
|
|
(1,477 |
) |
|
|
— |
|
|
|
Adjusted EBITDA (non-GAAP) |
|
$ |
(22,323 |
) |
|
$ |
(8,172 |
) |
|
$ |
(30,538 |
) |
|
$ |
(20,273 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Adjustment
includes charges related to share-based compensation programs,
which vary from period to period depending on volume, timing and
vesting of awards. We adjust for these charges to facilitate
comparisons from period to period. |
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) For the year
ended July 2, 2022, adjustments include restructuring and
abandonment costs primarily related to a software impairment charge
of $2.0 million and $0.5 million in employee retention costs. For
the year ended June 30, 2021, adjustments include restructuring and
abandonment costs primarily related to $3.6 million to executive
severance and employee retention cost, intangible impairment charge
of a $1.6 million as well as abandonment cost of $5.6 million
related to the permanent closure of our stores and the Phoenix
distribution center. Decisions regarding store closures and the
Phoenix distribution center were made in the fourth quarter of
fiscal 2020, prior to filing the Chapter 11 Cases; however, the
closure of the Phoenix distribution center was not completed until
the second quarter of fiscal 2021. |
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) For the year
ended July 2, 2022, reorganization items net charges is $1.0
million from claims-related costs including professional and legal
fees. For the year ended June 30, 2021, adjustments include a net
$66.2 million gain due to the leases for store locations related to
our permanent closure plan, as well as the lease for our Phoenix
distribution center, which were rejected and the related lease
liabilities were reduced to the amount of estimated claims
allowable by the Bankruptcy Court as well as a $49.6 million gain
due to the execution of a sale-leaseback agreement during the
second quarter of 2021 on our owned real estate as part of our Plan
of Reorganization. These were partially offset by reorganization
costs primarily related to $34.6 million in professional &
legal fees related to our reorganization as well as $20.0 million
in non-cash charges related to the execution of our Rights
Offering. |
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) For the year
ended July 2, 2022, adjustments included non-cash benefit
recognized related to cash settled awards in our long-term
incentive plan, as well as gain on refinancing of the
Post-Emergence ABL Facility. |
|
|
|
|
|
|
|
|
|
|
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|
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