Item 5. Market for Registrant’s Common Equity
Item 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Our authorized capital stock consists of 200,000,000 shares of common stock, par value $0.01 per share, and 5,000,000 shares of preferred stock, par value $0.01 per share. Our common stock trades on the New York Stock Exchange (“NYSE”) under the symbol “BNED.”
As of May 1, 2021, 51,378,913 shares of our common stock and 0 shares of our preferred stock were outstanding. We have reserved 10,409,345 shares of common stock for future grants in accordance with the Barnes & Noble Education Inc. Equity Incentive Plan. See Item 8. Financial Statements and Supplementary Data - Note 13. Long-Term Incentive Compensation Expense .
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Repurchase of Shares
On December 14, 2015, our Board of Directors authorized a stock repurchase program of up to $50 million, in the aggregate, of our outstanding common stock. The stock repurchase program is carried out at the direction of management (which may include a plan under Rule 10b5-1 of the Securities Exchange Act of 1934). The stock repurchase program may be suspended, terminated, or modified at any time. Any repurchased shares will be held as treasury stock and will be available for general corporate purposes. During Fiscal 2021, 2020 and 2018, we did not repurchase shares under the stock repurchase program. As of May 1, 2021, approximately $26.7 million remains available under the stock repurchase program.
During the years ended May 1, 2021, May 2, 2020, and April 27, 2019, we also repurchased 414,174 shares, 374,733 shares, and 351,043 shares of our common stock in connection with employee tax withholding obligations for vested stock awards, respectively.
Dividends
We paid no other dividends to common stockholders during Fiscal 2021, Fiscal 2020 and Fiscal 2019. We do not intend to pay dividends on our common stock in the foreseeable future.
Item 6. SELECTED FINANCIAL DATA
The selected financial information presented below should be read in conjunction with Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations and Item 8. Financial Statements and Supplementary Data .
Fiscal Year (a)
(In thousands of dollars,
except for share and per share amounts) 2021 (b)
2020 (b)
2019 (c)
2018 (c)
2017 (c)
STATEMENT OF OPERATIONS DATA:
Sales:
Product sales and other $ 1,299,740 $ 1,671,200 $ 1,838,760 $ 1,984,472 $ 1,641,881
Rental income 134,150 179,863 195,883 219,145 232,481
Total sales 1,433,890 1,851,063 2,034,643 2,203,617 1,874,362
Cost of sales: (d)
Product and other cost of sales
1,093,989 1,303,702 1,395,339 1,522,687 1,281,043
Rental cost of sales 87,240 104,812 111,578 123,697 134,258
Total cost of sales 1,181,229 1,408,514 1,506,917 1,646,384 1,415,301
Gross profit 252,661 442,549 527,726 557,233 459,061
Selling and administrative expenses 338,280 404,472 423,880 433,746 380,793
Depreciation and amortization expense 52,967 61,860 65,865 65,586 53,318
Impairment loss (non-cash) (d)
27,630 433 57,748 313,130 —
Restructuring and other charges (d)
9,960 18,567 7,233 5,429 1,790
Transaction costs (e)
— — 654 2,045 9,605
Operating (loss) income (176,176) (42,783) (27,654) (262,703) 13,555
Interest expense, net 8,087 7,445 9,780 10,306 3,464
(Loss) earnings before taxes (184,263) (50,228) (37,434) (273,009) 10,091
Income tax (benefit) expense (52,476) (11,978) (13,060) (20,443) 4,730
Net (loss) income $ (131,787) $ (38,250) $ (24,374) $ (252,566) $ 5,361
(Loss) Earnings per common share:
Basic $ (2.65) $ (0.80) $ (0.52) $ (5.40) $ 0.12
Diluted $ (2.65) $ (0.80) $ (0.52) $ (5.40) $ 0.11
Weighted average common shares (thousands):
Basic 49,669 48,013 47,306 46,763 46,317
Diluted 49,669 48,013 47,306 46,763 46,763
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Fiscal Year (a)
(In thousands of dollars,
except for share and per share amounts) 2021 (b)
2020 (b)
2019 (c)
2018 (c)
2017 (c)
OTHER OPERATING DATA:
Adjusted EBITDA (non-GAAP) (f)
$ (65,625) $ 42,159 $ 104,942 $ 126,760 $ 78,268
Adjusted Earnings (non-GAAP) (f)
$ (89,033) $ (21,126) $ 25,412 $ 56,949 $ 12,347
Capital expenditures $ 37,223 $ 36,192 $ 46,420 $ 42,809 $ 34,670
OTHER OPERATING DATA - STORE COUNT:
Number of physical stores at period end 769 772 772 768 769
Number of virtual stores at period end 648 647 676 676 712
Fiscal Year (a)
(In thousands of dollars,
except for share and per share amounts) 2021 (b)
2020 (b)
2019 (c)
2018 (c)
2017 (c)
BALANCE SHEET DATA
(at period end):
Total assets $ 1,038,418 $ 1,156,432 $ 946,180 $ 1,039,211 $ 1,299,832
Total liabilities $ 737,384 $ 738,681 $ 495,552 $ 571,248 $ 586,124
Short-term debt $ 50,000 $ 75,000 $ 100,000 $ 100,000 $ 100,000
Long-term debt $ 127,600 $ 99,700 $ 33,500 $ 96,400 $ 59,600
Total stockholders' equity $ 301,034 $ 417,751 $ 450,628 $ 467,963 $ 713,708
(a) Our fiscal year is comprised of 52 or 53 weeks, ending on the Saturday closest to the last day of April. “Fiscal 2021” means the 52 weeks ended May 1, 2021, “Fiscal 2020” means the 53 weeks ended May 2, 2020, “Fiscal 2019” means the 52 weeks ended April 27, 2019, “Fiscal 2018” means the 52 weeks ended April 28, 2018, and “Fiscal 2017” means the 52 weeks ended April 29, 2017.
(b) During Fiscal 2021 and Fiscal 2020, our business experienced an unprecedented and significant impact as a result of the COVID-19 pandemic. The impact of which affects the comparability of our results of operations and cash flows.
(c) We acquired PaperRater on August 21, 2018. The consolidated financial statements for Fiscal 2019 include the financial results of PaperRater from the acquisition date, August 21, 2018, to April 27, 2019.
We acquired Student Brands, LLC on August 3, 2017. The consolidated financial statements for Fiscal 2018 include the financial results of Student Brands from the acquisition date, August 3, 2017, to April 28, 2018.
We acquired MBS Textbook Exchange, LLC on February 27, 2017. The consolidated financial statements for Fiscal 2017 include the financial results of MBS from the acquisition date, February 27, 2017, to April 29, 2017.
(d) For additional information, see Item 8. Financial Statements and Supplementary Data - Note 2. Summary of Significant Accounting Policies and Note 10. Supplementary Information.
(e) Transaction costs are costs incurred for business development and acquisitions.
(f) To supplement our results prepared in accordance with GAAP, we use the measure of Adjusted EBITDA and Adjusted Earnings, which are non-GAAP financial measures as defined by the Securities and Exchange Commission (the “SEC”). See Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Adjusted Earnings (non-GAAP) and - Adjusted EBITDA (non-GAAP).
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