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, similar to the first quarter of fiscal 2021, second quarter growth rates in fiscal 2021 are not fully comparable due to both last year's extended
store closures related to the COVID-19 pandemic in the month of June 2020 and the Company's ongoing fleet optimization program. Therefore, Comparable Sales
Growth for the three months ended August 28, 2021 has been calculated by estimating the negative impact on June 2021 sales of the store closures in 2020 in
connection with 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 2% to 3% growth to the Bed Bath banner and total company, in the second 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.
³Total Liquidity includes cash & investments and availability under the Company's asset-based revolving credit facility.
4 Leverage ratio calculated using Moody's gross debt/EBITDA ratios.
BED BATH & BEYOND
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