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.”
We have reserved an aggregate of 13,409,345 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 12. Long-Term Incentive Compensation Expense .
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 2023, 2022, and 2021, we did not repurchase shares under the stock repurchase program. As of April 29, 2023, approximately $26.7 million remains available under the stock repurchase program.
During the years ended April 29, 2023, April 30, 2022, and May 1, 2021, we also repurchased 347,808 shares, 239,751 shares, and 414,174 shares, respectively, of our common stock in connection with employee tax withholding obligations for vested stock awards.
Dividends
We paid no other dividends to common stockholders during the years ended April 29, 2023, April 30, 2022, and May 1, 2021. We do not intend to pay dividends on our common stock in the foreseeable future and dividend payments are not permitted under current or future financing arrangements.
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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)(b)
(In thousands of dollars,
except for share and per share amounts) 2023 2022 (c)
2021 (c)
2020 (c)
2019
STATEMENT OF OPERATIONS DATA:
Total sales $ 1,543,208 $ 1,495,734 $ 1,406,516 $ 1,827,402 $ 2,013,304
Cost of sales (exclusive of depreciation and amortization expense): 1,193,769 1,152,902 1,176,173 1,404,166 1,505,608
Gross profit 349,439 342,832 230,343 423,236 507,696
Selling and administrative expenses 357,611 353,968 316,164 385,300 409,376
Depreciation and amortization expense 42,163 42,124 45,204 53,190 57,891
Impairment loss (non-cash) (d)
6,008 6,411 27,630 433 57,748
Restructuring and other charges (d)
10,103 944 10,107 18,567 6,836
Transaction costs — — — — 154
Operating loss (66,446) (60,615) (168,762) (34,254) (24,309)
Interest expense, net 22,683 10,096 8,087 7,445 9,780
Loss from continuing operations before income taxes (89,129) (70,711) (176,849) (41,699) (34,089)
Income tax expense (benefit) 1,011 (9,152) (43,280) (9,895) (12,263)
Loss from continuing operations, net of tax (90,140) (61,559) (133,569) (31,804) (21,826)
Loss from discontinued operations, net of tax (b)
(11,722) (7,298) (6,241) (6,446) (2,548)
Net loss $ (101,862) $ (68,857) $ (139,810) $ (38,250) $ (24,374)
Loss per common share:
Basic and Diluted
Continuing operations $ (1.72) $ (1.19) $ (2.69) $ (0.66) $ (0.46)
Discontinued operations (b)
(0.22) (0.14) (0.12) (0.14) (0.06)
Total Basic and Diluted Earnings per share $ (1.94) $ (1.33) $ (2.81) $ (0.80) $ (0.52)
Weighted average common shares - Basic and Diluted (thousands): 52,454 51,797 49,669 48,013 47,306
Fiscal Year (a)(b)
(In thousands of dollars,
except for share and per share amounts) 2023 2022 (c)
2021 (c)
2020 (c)
2019
OTHER OPERATING DATA
- Continuing Operations:
Adjusted EBITDA (non-GAAP) (e)
Retail $ 10,640 $ 8,679 $ (66,827) $ 36,227 $ 89,094
Wholesale 3,239 3,782 18,598 21,567 35,018
Corporate Services and Eliminations (22,025) (22,777) (21,887) (19,044) (25,339)
Total Adjusted EBITDA (non-GAAP) $ (8,146) $ (10,316) $ (70,116) $ 38,750 $ 98,773
Adjusted Earnings (non-GAAP) (e)
$ (74,003) $ (53,384) $ (93,890) $ (17,104) $ 26,811
Capital expenditures $ 25,092 $ 33,607 $ 27,562 $ 30,767 $ 34,976
OTHER OPERATING DATA - STORE COUNT:
Number of physical stores at period end 774 805 769 772 772
Number of virtual stores at period end 592 622 648 647 676
Total number of stores at period end 1,366 1,427 1,417 1,419 1,448
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Fiscal Year (a)(b)
(In thousands of dollars,
except for share and per share amounts) 2023 2022 (c)
2021 (c)
2020 (c)
2019
BALANCE SHEET DATA
(at period end):
Merchandise and rental inventory $ 353,328 $ 323,466 $ 309,804 $ 469,649 $ 467,323
Total assets (b)
$ 980,779 $ 1,071,553 $ 1,031,113 $ 1,158,138 $ 952,337
Total liabilities (b)
$ 850,028 $ 843,179 $ 738,102 $ 740,387 $ 501,709
Short-term debt $ — $ 40,000 $ 50,000 $ 75,000 $ 100,000
Long-term debt $ 182,151 $ 185,700 $ 127,600 $ 99,700 $ 33,500
Total stockholders' equity $ 130,751 $ 228,374 $ 293,011 $ 417,751 $ 450,628
(a) Our fiscal year is comprised of 52 or 53 weeks, ending on the Saturday closest to the last day of April. “Fiscal 2023” means the 52 weeks ended April 29, 2023, “Fiscal 2022” means the 52 weeks ended April 30, 2022, “Fiscal 2021” means the 52 weeks ended May 1, 2021, “Fiscal 2020” means the 53 weeks ended May 2, 2020, and “Fiscal 2019” means the 52 weeks ended April 27, 2019.
(b) During the fourth quarter of Fiscal 2023, assets related to our Digital Student Solutions ("DSS") Segment met the criteria for classification as Assets Held for Sale and Discontinued Operations. The results of operations related to the DSS Segment are included in the consolidated statements of operations as "Loss from discontinued operations, net of tax" for all periods presented. Certain assets and liabilities associated with the DSS Segment are presented in our consolidated balance sheets as "Assets Held for Sale" and "Liabilities Held for Sale."
(c) During Fiscal 2022, 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.
(d) For additional information, see Item 8. Financial Statements and Supplementary Data - Note 2. Summary of Significant Accounting Policies and Note 9. Supplementary Information.
(e) 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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