Bed Bath & Beyond Results Presentation Deck
Non-GAAP Information
This presentation contains certain non-GAAP information, including adjusted earnings before interest, income taxes, depreciation and amortization ("EBITDA"), adjusted
EBITDA margin, adjusted gross margin, adjusted SG&A, adjusted net earnings per diluted share, and free cash flow. Non-GAAP information is intended to provide
visibility into the Company's core operations and excludes special items, including non-cash impairment charges related to certain store-level assets and tradenames,
loss on sale of businesses, loss on the extinguishment of debt, charges recorded in connection with the restructuring and transformation initiatives, which includes
accelerated markdowns and inventory reserves related to the planned assortment transition to Owned Brands and costs associated with store closures related to the
Company's fleet optimization and the income tax impact of these items. The Company's definition and calculation of non-GAAP measures may differ from that of other
companies. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported GAAP financial results. For a
reconciliation to the most directly comparable US GAAP measures and certain information relating to the Company's use of Non-GAAP financial measures, see "Non-
GAAP Financial Measures" below.
Footnotes
¹ The Company notes that first quarter growth rates in fiscal 2021 are not fully comparable due to last year's extended store closures related to the COVID-19 pandemic.
Therefore, Comparable Sales Growth for the three months ended May 29, 2021 has been calculated by adjusting Core Sales for the estimated negative impact on 2021
sales of the store closures in fiscal 2020 as part of the Company's fleet optimization program. The Company estimates that the stores closed in 2020 as part of this fleet
optimization program would have contributed approximately 13% to Core Sales in the first quarter of fiscal 2021. The Company believes this calculation of comparable
sales is a more meaningful reference for the current quarter.
² Adjusted items refer to comparable sales as well as financial measures that are derived from measures calculated in accordance with GAAP, which have been adjusted to
exclude certain items. Adjusted Gross Margin, Adjusted SG&A, Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted Diluted EPS are non-GAAP financial measures.
For more information about non-GAAP financial measures, see "Non-GAAP Information" below.
3 Free Cash Flow is defined as operating cash flow less capital expenditures.
4 Total Liquidity includes cash & investments and availability under the Company's asset-based revolving credit facility.
5 Leverage ratio calculated using Moody's gross debt/EBITDA ratios.
BED BATH & BEYOND
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