At Home Group Inc.

CIK:0001646228|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	Apr. 25, 2020
Condensed Consolidated Statements of Operations
Net sales	$ 537,078	$ 189,846
Cost of sales	336,803	173,496
Gross profit	200,275	16,350
Operating expenses
Selling, general and administrative expenses	108,536	66,466
Impairment charges		319,732
Depreciation and amortization	2,317	2,213
Total operating expenses	110,853	388,411
Operating income (loss)	89,422	(372,061)
Interest expense, net	8,119	6,971
Loss on extinguishment of debt	5,253
Income (loss) before income taxes	76,050	(379,032)
Income tax provision (benefit)	19,727	(20,090)
Net income (loss)	$ 56,323	$ (358,942)
Net income (loss) per common share:
Basic	$ 0.86	$ (5.60)
Diluted	$ 0.81	$ (5.60)
Weighted average shares outstanding:
Basic	65,405,610	64,130,000
Diluted	69,544,441	64,130,000

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	Apr. 25, 2020
Operating Activities
Net income (loss)	$ 56,323	$ (358,942)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	18,323	18,148
Non-cash lease expense	21,076	19,420
Impairment charges		319,732
Loss on extinguishment of debt	5,253
Non-cash interest expense	1,496	550
Deferred income taxes	(3,681)	16,965
Stock-based compensation	4,116	2,063
Other non-cash losses, net	237	7
Changes in operating assets and liabilities:
Inventories	(4,541)	10,791
Prepaid expenses and other current assets	15,666	(43,213)
Other assets	457	(48)
Accounts payable	(9,047)	(7,261)
Accrued liabilities	(23,971)	(31,933)
Income taxes payable	19,280	(137)
Operating lease liabilities	(23,207)	(1,345)
Net cash provided by (used in) operating activities	77,780	(55,203)
Investing Activities
Purchase of property and equipment	(19,272)	(19,236)
Net proceeds from sale of property and equipment	59
Net cash used in investing activities	(19,213)	(19,236)
Financing Activities
Payments under lines of credit		(98,310)
Proceeds from lines of credit		204,640
Payment of Term Loan		(880)
Payment of FILO Loans and prepayment premium	(35,225)
Payments on long-term debt	(232)	(102)
Proceeds from issuance of long-term debt		664
Proceeds from (payments for) stock, including tax	1,605	(16)
Net cash (used in) provided by financing activities	(33,852)	105,996
Increase in cash, cash equivalents and restricted cash	24,715	31,557
Cash, cash equivalents and restricted cash, beginning of period	125,877	12,085
Cash, cash equivalents and restricted cash, end of period	150,592	43,642
Supplemental Cash Flow Information
Cash paid for interest	13,579	6,689
Cash received for income taxes	(18,076)	(10)
Supplemental Information for Non-cash Investing and Financing Activities
Increase in current liabilities of property and equipment	4,079	$ 157
Property and equipment acquired under finance lease, net	$ 20,160

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	May 01, 2021	Jan. 30, 2021	Apr. 25, 2020
Current assets:
Cash and cash equivalents	$ 150,547	$ 125,842	$ 43,640
Inventories, net	369,014	364,473	406,972
Prepaid expenses	14,665	13,456	12,254
Income taxes receivable		22,223	38,536
Other current assets	16,967	11,619	10,325
Total current assets	551,193	537,613	511,727
Operating lease right-of-use assets	1,313,104	1,289,991	1,237,563
Property and equipment, net	713,187	688,295	715,427
Trade name	1,458	1,458	1,458
Debt issuance costs, net	4,984	5,264	1,096
Other assets	1,845	2,292	1,091
Total assets	2,585,771	2,524,913	2,468,362
Current liabilities:
Accounts payable	123,219	130,327	114,504
Accrued and other current liabilities	162,537	184,850	78,099
Revolving line of credit			342,000
Current portion of operating lease liabilities	78,106	78,634	82,040
Current portion of long-term debt	1,037	4,563	5,050
Income taxes payable	19,637
Total current liabilities	384,536	398,374	621,693
Operating lease liabilities	1,337,578	1,315,625	1,257,430
Long-term debt	308,555	314,300	334,174
Deferred income taxes	6,034	9,716
Other long-term liabilities	2,864	2,738	3,349
Total liabilities	2,039,567	2,040,753	2,216,646
Stockholders' Equity
Common stock; $0.01 par value; 500,000,000 shares authorized; 65,484,047, 65,342,489 and 64,185,751 shares issued and outstanding, respectively	655	653	642
Additional paid-in capital	688,023	682,304	659,084
Accumulated deficit	(142,474)	(198,797)	(408,010)
Total stockholders' equity	546,204	484,160	251,716
Total liabilities and stockholders' equity	$ 2,585,771	$ 2,524,913	$ 2,468,362