Business Context and Reporting Period
Company: SPORTSMAN'S WAREHOUSE HOLDINGS, INC.
Filing Type: Form 8-K (Current Report)
Date of Report: September 24, 2014
Event: Regulation FD Disclosure regarding investor and analyst presentation materials.
Financial Metrics
This filing serves as a disclosure notice for attached presentation materials (Exhibit 99.1) and does not contain specific financial data tables. The text does not provide clear values for revenue, profit, cash flow, margins, debt, or liquidity for the reporting period.
The filing defines the following Non-GAAP financial measures used by management for internal evaluation and investor communication:
- Adjusted EBITDA: Net income plus interest, taxes, depreciation, amortization, stock-based compensation, pre-opening expenses, IPO-related bonuses, bankruptcy-related expenses, and acquisition expenses.
- Adjusted EBITDA Margin: Adjusted EBITDA divided by net sales.
- Free Cash Flow: Adjusted EBITDA less capital expenditures.
- Adjusted Operating Income: Income from operations plus IPO-related bonus expenses.
- Adjusted Net Income: Net income plus IPO-related bonus expenses, less related tax benefits.
- Adjusted Earnings Per Share: Based on an adjusted weighted average share count assuming the IPO was effective as of February 3, 2013.
Material Changes
The filing text does not provide specific data regarding material changes in financial performance versus prior comparable periods. It notes that the attached presentation materials (Exhibit 99.1) contain the relevant details for investor review.
Guidance, Outlook, and Risks
Management Commentary: Management utilizes the defined Non-GAAP measures to evaluate store performance, develop budgets, and manage expenditures. The company believes these measures are frequently used by analysts and investors in the industry.
Risks and Limitations: The filing explicitly states that these Non-GAAP measures are not defined under GAAP and are not substitutes for GAAP measures. They have limitations as analytical tools and should not be considered in isolation. Other companies in the industry may calculate these measures differently.
Exhibit Status: The attached presentation materials (Exhibit 99.1) are not deemed "filed" for purposes of Section 18 of the Exchange Act and are not incorporated by reference into other filings unless expressly stated.
Key Facts for Investor Verification
- Review Exhibit 99.1 (Investor Presentation) for specific financial results, guidance, and outlook, as this 8-K only serves as a disclosure notice.
- Verify the specific adjustments made to GAAP figures to arrive at the company's Non-GAAP metrics, particularly regarding IPO-related bonuses and acquisition expenses.
- Note that the Adjusted EPS calculation assumes the IPO was effective as of February 3, 2013, which may differ from standard share count reporting.
- Confirm that the presentation materials are not legally "filed" under Section 18 of the Exchange Act, limiting their liability status compared to standard financial statements.