Investor Presentaiton
GAAP TO NON-GAAP RECONCILIATIONS
NON-GAAP NET INCOME AND EARNINGS PER SHARE RECONCILIATIONS
(dollars in thousands, except per share amounts)
GAAP Basis
13 Weeks Ended January 28, 2023
Net
income
(4)
After tax
interest
from
Convertible
Senior
Gross
profit
Selling,
general and
administrative
expenses
Income
before
Other
income
income
taxes
$1,166,039
853,054 $ (27,508) $ 320,411 $ 235,621 $ 2,386
32.42 %
Numerator
used to
(4)
Notes
compute
earnings
per diluted
share
Weighted
average
diluted
shares
Earnings
per diluted
share
$ 238,007
91,395 $
2.60
6.55 %
0.07 %
(2,386)
6.62 %
(2,386)
22,259
(3,381)
% of Net Sales
23.72 %
Convertible Senior Notes
(7)
Field & Stream exit charges
(2)
740
(29,340)
(0.76)%
8.91 %
30,080
22,259
Deferred compensation plan
adjustments
10,319
Non-GAAP Basis
$1,166,779
% of Net Sales
S
32.44 %
(10,319)
813,395 $ (17,189) $ 350,491 $ 257,880
22.61 % (0.48)% 9.74 %
7.17 %
%
$ 257,880
7.17 %
88,014 $
2.93
(1)
(2)
(3)
(4)
Adjustment eliminates the impact of assumed share settlement of the Convertible Senior Notes as required by "the if-converted method" under GAAP. The
Company retired its Convertible Senior Notes without dilutive effect, due to cash payments for principal, shares received from its convertible bond hedge
and shares repurchased to offset share settlement of remaining $59.1 million principal during the 13 weeks ended April 29, 2023. Accordingly, the Company
believes reflecting the notes as debt more closely represents the economics of the transaction.
Field & Stream exit charges of $30.1 million included $28.5 million of non-cash impairments of store assets, $0.8 million of severance and a $0.7 million
inventory write-down related to our closure of 12 Field & Stream stores in the fourth quarter of fiscal 2022.
Includes non-cash changes in fair value of employee deferred compensation plan investments held in rabbi trusts.
The provision for income taxes for non-GAAP adjustments was calculated at 26% which approximates the Company's blended tax rate.
DICK'S SPORTING GOODS
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