~ Consolidated Net Sales Increased 1.8% to
$6.32 Billion ~ ~ GAAP Diluted Earnings per Share of $0.52 ~ ~
Adjusted EPS of $1.79 vs. Guidance Range of $1.70 to $1.80 ~ ~
Enterprise Same-Store Sales Increased 0.4% ~ ~ Same-Store Sales by
Segment: Dollar Tree +1.4%, Family Dollar -0.8% ~ ~ 2020 Plans
Include: 1,250 Family Dollar H2 Renovations; Launch of Dollar Tree
Plus! 2.0 ~
Dollar Tree, Inc. (NASDAQ: DLTR), North America's leading
operator of discount variety stores, today reported financial
results for its fourth quarter and fiscal year ended February 1,
2020.
“I am proud of the team’s accomplishments in 2019, including the
successful consolidation of our store support centers, the material
acceleration in the Family Dollar store optimization program where
we continue to see strong performance at renovated stores, and the
initial launch of our Dollar Tree Plus! initiative. For the fourth
quarter, despite the compressed holiday shopping season, we
delivered positive comps for the enterprise, while managing margins
and costs effectively to achieve adjusted earnings per share near
the top of our guidance range,” stated Gary Philbin, Chief
Executive Officer. “Our support functions are now working together
in one location under one leadership team; which we expect will
build greater collaboration, efficiencies and teamwork to enable us
to support Dollar Tree and Family Dollar stores more effectively.
Fiscal 2019 was a very important year for our organization to
further develop the foundation to grow and improve our
business.”
Fourth Quarter Results
In the fourth quarter, the Company incurred several discrete
charges, as described below:
- $313.0 million non-cash pre-tax and after-tax goodwill
impairment charge based on the Company’s annual assessment of the
Family Dollar segment.
- $24.6 million reduction in tax expense for the reversal of a
valuation allowance related to the Company’s foreign net operating
loss carry forwards.
- $18.0 million charge to the litigation reserve.
- $0.3 million acceleration in non-cash deferred financing costs
associated with a debt prepayment.
Discrete items, or adjustments, for fiscal 2019 and 2018 are
included in the Reconciliation of Non-GAAP Financial Measures
within the tables of this earnings release.
For the fourth quarter, including the impact of each of the
items listed above, the Company reported GAAP earnings per share of
$0.52. Adjusted earnings per share for the quarter, excluding the
impact of the identified items, was $1.79, near the high end of the
Company’s guidance range.
Consolidated net sales increased 1.8% to $6.32 billion from
$6.21 billion in the prior year’s fourth quarter. Enterprise
same-store sales increased 0.4%. Same-store sales for the Dollar
Tree segment increased 1.4% on a constant currency basis (or 1.5%
when adjusted to include the impact of Canadian currency
fluctuations). Same-store sales for the Family Dollar segment
decreased 0.8%.
Gross profit increased 2.5% to $1.96 billion in the quarter
compared to the prior year’s fourth quarter. As a percentage of net
sales, gross margin was 31.0% compared to an adjusted gross margin
of 31.5% in the prior year. The decrease in gross margin was driven
by tariffs, partially offset by improved freight costs. Other
contributors to the decrease were higher occupancy, distribution
and shrink costs as a percentage of net sales.
Selling, general and administrative expenses, including discrete
charges, were 27.1% of net sales compared to 65.4% of net sales in
the prior year's fourth quarter. Excluding the discrete charges in
2019 and 2018, adjusted selling, general and administrative
expenses as a percentage of net sales were 21.9%, compared to 21.3%
in the prior year’s quarter. The increase was driven primarily by
higher payroll and depreciation costs.
Operating income for the quarter was $249.4 million compared
with an operating loss of $2.15 billion in the same period last
year. Excluding the discrete charges from the fourth quarter of
both years, adjusted operating income for the quarter was $580.4
million compared with $632.6 million in the prior year’s period.
Adjusted operating income margin was 9.2% of net sales in the
fourth quarter compared to 10.2% of net sales in last year’s
quarter.
Net income was $123.0 million in the fourth quarter and GAAP
diluted earnings per share for the quarter were $0.52 compared to a
loss of $9.69 per share in the prior year’s quarter. Excluding
discrete costs from the fourth quarter of both years, adjusted
diluted earnings per share were $1.79 in fiscal 2019, compared to
$1.90 in fiscal 2018.
During the quarter, the Company opened 112 new stores, expanded
or relocated 17 stores, and closed 95 stores. Additionally, the
Company opened 10 Dollar Tree stores that were re-bannered from
Family Dollar and completed five renovations to the Family Dollar
H2 format. Retail selling square footage at quarter end was
approximately 121.3 million square feet.
Full Year Results
Consolidated net sales increased 3.5% to $23.61 billion from
$22.82 billion in the prior year. Enterprise same-store sales
increased 1.8%. Same-store sales for the Dollar Tree segment
increased 2.3% (or 2.2% when adjusted to include the impact of
Canadian currency fluctuations). Same-store sales for Family Dollar
increased 1.4%.
Gross profit increased $93.2 million to $7.04 billion. As a
percentage of net sales, gross margin was 29.8%, compared to an
adjusted gross margin of 30.6% in the prior year.
Selling, general and administrative expenses were 24.5% of net
sales compared to 34.5% of net sales in the prior year. Excluding
the discrete costs in 2019 and 2018, adjusted selling, general and
administrative expenses as a percentage of net sales were 23.1% in
2019 compared to 22.6% in 2018.
Operating income was $1.26 billion in 2019 compared to an
operating loss of $939.5 million in 2018. Excluding the discrete
charges in 2019 and 2018, adjusted operating income was $1.60
billion in 2019 and $1.84 billion in 2018. As a percentage of net
sales, adjusted operating income margin decreased to 6.8% in 2019
from 8.1% in the prior year.
Net income was $827.0 million in fiscal 2019 and GAAP diluted
earnings per share were $3.47 compared to a loss of $6.69 per share
in the prior year. Excluding the discrete items for 2019 and 2018,
adjusted net income for fiscal 2019 was $1.13 billion and adjusted
diluted earnings per share was $4.76 for fiscal 2019 compared to
$5.42 in fiscal 2018.
Company Outlook
The Company’s fiscal 2020 outlook includes an estimated
incremental impact of $47 million related to tariffs, with nearly
all of it being incurred in the first half of the year.
Additionally, the outlook includes an estimated impact of $15
million related to the new clean fuel regulations for ocean
shipping. The outlook does not include any potential impact related
to the supply chain or other aspects of the Company’s business for
the COVID-19 coronavirus.
The Company estimates consolidated net sales for the first
quarter of 2020 will range from $5.89 billion to $5.99 billion,
based on a low single-digit increase in same-store sales for the
enterprise. Diluted earnings per share for the quarter, including
tariff costs, are estimated to be in the range of $1.00 to
$1.09.
Consolidated net sales for full-year fiscal 2020 are expected to
range from $24.21 billion to $24.66 billion. This estimate is based
on a low single-digit increase in same-store sales and
approximately 3.1% selling square footage growth. Diluted earnings
per share are expected to range from $4.80 to $5.15. While share
repurchases are not included in the outlook, the Company currently
has $800 million remaining under its board repurchase
authorization.
“As we enter 2020, our teams are aligned, energized and focused.
Plans for the year include approximately 1,250 Family Dollar H2
renovations, the launch of Dollar Tree Plus! 2.0 initiative, and a
focus on driving sales, improving gross margin and managing costs
effectively,” Philbin added. “While our first quarter outlook
includes expected pressure from the incremental tariffs and
promotional activity, we believe we are well-positioned to deliver
improved sales, operating margin and earnings in the following
three quarters and for full-year fiscal 2020. We are focused on
growing and improving our business to deliver long-term value to
our shareholders.”
Conference Call
Information
On Wednesday, March 4, 2020, the Company will host a conference
call to discuss its earnings results at 9:00 a.m. Eastern Time. The
telephone number for the call is 800-367-2403. A recorded version
of the call will be available until midnight Tuesday, March 10,
2020, and may be accessed by dialing 888-203-1112. The access code
is 8921588. A webcast of the call is accessible through Dollar
Tree's website and will remain online through Tuesday, March 10,
2020.
Dollar Tree, a Fortune 200 Company, operated 15,288 stores
across 48 states and five Canadian provinces as of February 1,
2020. Stores operate under the brands of Dollar Tree, Family
Dollar, and Dollar Tree Canada. To learn more about the Company,
visit www.DollarTree.com.
A WARNING ABOUT FORWARD-LOOKING STATEMENTS: Our press release
contains "forward-looking statements" as that term is used in the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements can be identified by the fact that they address future
events, developments or results and do not relate strictly to
historical facts. Any statements contained in this press release
that are not statements of historical fact may be deemed to be
forward-looking statements. Forward-looking statements include,
without limitation, statements preceded by, followed by or
including words such as “believe, anticipate, expect, intend, plan,
view, target or estimate, may, will, should, predict, possible,
potential, continue, or strategy,” and similar expressions. For
example, our forward-looking statements include statements
regarding first quarter 2020 and full-year fiscal 2020 results of
operations, including consolidated net sales, same-store sales,
diluted earnings per share and the estimated impact of tariffs and
new clean fuel regulations; our expected square footage growth in
fiscal 2020; our plans concerning fiscal 2020 Family Dollar H2
renovations and the launch of Dollar Tree Plus! 2.0; the impact of
the COVID-19 coronavirus on our supply chain and fiscal 2020
outlook; our plans and expectations regarding improvements in
fiscal 2020 sales, gross margin and managing costs; and our other
plans, objectives, expectations (financial and otherwise) and
intentions. These statements are subject to risks and
uncertainties. For a discussion of the risks, uncertainties and
assumptions that could affect our future events, developments or
results, you should carefully review the "Risk Factors," "Business"
and "Management's Discussion and Analysis of Financial Condition
and Results of Operations" sections in our Annual Report on Form
10-K filed March 27, 2019, and other filings with the Securities
and Exchange Commission. We are not obligated to release publicly
any revisions to any forward-looking statements contained in this
press release to reflect events or circumstances occurring after
the date of this report and you should not expect us to do so.
DOLLAR TREE, INC. Condensed Consolidated Statements of
Operations (In millions, except per share data)
13 Weeks Ended Year Ended February
1,2020
February 2, 2019
February 1, 2020
February 2,2019 (Unaudited)
(Unaudited)
(Unaudited) Net sales
$
6,315.3
$
6,205.2
$
23,610.8
$
22,823.3
Cost of sales
4,354.8
4,293.1
16,570.1
15,875.8
Gross profit
1,960.5
1,912.1
7,040.7
6,947.5
31.0
%
30.8
%
29.8
%
30.4
%
Selling, general & administrative expenses, excluding
Goodwill impairment
1,398.1
1,332.5
5,465.5
5,160.0
22.1
%
21.5
%
23.2
%
22.6
%
Goodwill impairment
313.0
2,727.0
313.0
2,727.0
5.0
%
43.9
%
1.3
%
11.9
%
Selling, general & administrative expenses
1,711.1
4,059.5
5,778.5
7,887.0
27.1
%
65.4
%
24.5
%
34.5
%
Operating income (loss)
249.4
(2,147.4
)
1,262.2
(939.5
)
3.9
%
(34.6
%)
5.3
%
(4.1
%)
Interest expense, net
39.2
46.3
162.1
370.0
Other expense (income), net
0.7
0.4
1.4
(0.5
)
Income (loss) before income taxes
209.5
(2,194.1
)
1,098.7
(1,309.0
)
3.3
%
(35.4
%)
4.7
%
(5.7
%)
Provision for income taxes
86.5
112.9
271.7
281.8
Income tax rate
41.3
%
5.1
%
24.7
%
21.5
%
Net income (loss)
$
123.0
$
(2,307.0
)
$
827.0
$
(1,590.8
)
1.9
%
(37.2
%)
3.5
%
(7.0
%)
Net earnings (loss) per share: Basic
$
0.52
$
(9.69
)
$
3.49
$
(6.69
)
Weighted average number of shares
236.7
238.0
237.2
237.9
Diluted
$
0.52
$
(9.69
)
$
3.47
$
(6.69
)
Weighted average number of shares
237.5
238.0
238.3
237.9
The information for the year
ended February 2, 2019 was derived from the audited consolidated
financial statements as of that date.
DOLLAR TREE, INC. Reconciliation of Non-GAAP Financial
Measures (In millions, except per share data)
(Unaudited) From time-to-time, the Company's
financial results include certain financial measures not derived in
accordance with generally accepted accounting principles ("GAAP").
Non-GAAP financial measures should not be used as a substitute for
GAAP financial measures, or considered in isolation, for the
purposes of analyzing operating performance, financial position or
cash flows. However, the Company believes providing additional
information in the form of non-GAAP measures that exclude the
unusual, non-recurring expenses outlined below is beneficial to the
users of its financial statements in evaluating the Company's
current operating results in relation to past periods. In addition,
the Company's debt covenants exclude the impact of certain unusual,
non-recurring expenses. The Company has included a reconciliation
of this information to the most comparable GAAP measures in the
following tables.
On February 3, 2019, the Company adopted Financial Accounting
Standards Board Accounting Standards Update No. 2016-02, "Leases
(Topic 842)" and subsequent amendments ("ASC 842") which requires
lessees to recognize right-of-use assets on the balance sheet. The
Company did not elect the hindsight practical expedient; therefore,
the adoption also resulted in the recognition of an estimate of the
embedded impairment of right-of-use assets as a reduction to
Retained earnings. In March 2019, the Company announced a store
optimization program which included the closing of up to 390
under-performing stores in 2019. Under ASC 842, the right-of-use
assets must be amortized over the remaining operating terms which
resulted in the acceleration of rent expense for the stores that
the Company plans to close. The accelerated rent expense net of the
rent foregone as a result of the embedded lease impairment was $6.7
million and this amount will be excluded in calculating the
Company's compliance with its debt covenants, which requires
reporting in accordance with GAAP as of the date of the Credit
Agreement. In the fourth quarter of 2018, the Company
recorded $40.0 million in sku rationalization markdown expense in
the Family Dollar segment. In the fourth quarter of 2019 and
2018, respectively, the Company performed a goodwill impairment
test which reflected that the fair value of the Family Dollar
business was lower than the carrying value resulting in a $313.0
million and $2.73 billion non-cash pre-tax and after-tax goodwill
impairment charge. In the fourth quarter of 2018, the
Company reviewed certain long-lived assets and identifiable
intangible assets for impairment. As a result of its impairment
analysis, the Company recorded charges of $13.0 million to write
down certain store assets, including $6.1 million associated with
impairment of favorable lease rights. In the fourth quarter
of 2019, the Company recorded an $18.0 million charge to its
litigation reserve. In the first quarter of 2018, the
Company entered into a credit agreement that provided a $1.25
billion revolving credit facility and a $782.0 million term loan
facility. The Company also announced the registered offering of
$750.0 million aggregate principal amount of Senior Floating Rate
Notes due 2020, $1.0 billion of 3.70% Senior Notes due 2023, $1.0
billion of 4.00% Senior Notes due 2025 and $1.25 billion of 4.20%
Senior Notes due 2028. In connection with entry into the credit
agreement, the Company terminated the then-existing senior secured
credit facilities and paid a redemption premium of $6.5 million for
the early payment of the Term Loan B-2. In connection with the
offering of the Senior Notes, the Company redeemed the 5.75% Senior
Notes due 2023 and paid a redemption premium of $107.8 million. In
connection with the termination of the existing senior secured
credit facilities and the payment of the Term Loan B-2 and the
5.75% Senior Notes due 2023, the Company accelerated the expensing
of approximately $41.2 million of amortizable non-cash deferred
financing costs and expensed approximately $0.4 million in
non-capitalizable transaction costs. Interest on the new debt was
approximately $7.9 million in the first quarter and the interest
foregone on the redemption of the Term Loan A-1 and Term Loan B-2
was approximately $3.3 million. In the fourth quarter of 2018, the
Company prepaid the $782.0 million term loan facility and
accelerated the expensing of $1.5 million of amortizable non-cash
deferred financing costs. In the fourth quarter of 2019, the
Company evaluated its foreign net operating loss carryforwards and
determined that it expects to utilize the carryforwards for which
the Company previously had provided a valuation allowance. The
effect of the reduction of the valuation allowance is $24.6
million.
Reconciliation of Adjusted Net Income and Adjusted
Diluted Earnings per Share (EPS) 13 Weeks Ended Year
Ended February 1, 2020 February 2, 2019
February 1, 2020 February 2, 2019 Net income (loss)
(GAAP)
$
123.0
$
(2,307.0
)
$
827.0
$
(1,590.8
)
Gross profit adjustment: Accelerated rent expense
-
-
6.7
-
Markdowns
-
40.0
-
40.0
SG&A adjustments: Goodwill impairment
313.0
2,727.0
313.0
2,727.0
Store impairments
-
13.0
-
13.0
Litigation reserve
18.0
-
18.0
-
Interest expense adjustments: Redemption premiums, deferred
financing costs acceleration, non-capitalizable transactions costs
and interest changes related to refinancing
0.3
1.5
0.3
162.0
Total adjustments
331.3
2,781.5
338.0
2,942.0
Provision for income taxes on adjustments
(4.4
)
(12.5
)
(6.0
)
(49.5
)
Valuation allowance reversal
(24.6
)
-
(24.6
)
-
Adjusted Net income (Non-GAAP)
$
425.3
$
462.0
$
1,134.4
$
1,301.7
Diluted earnings (loss) per share (GAAP)
$
0.52
$
(9.69
)
$
3.47
$
(6.69
)
Valuation allowance reversal and Adjustments, net of tax
1.27
11.59
1.29
12.11
Adjusted Diluted EPS (Non-GAAP)
$
1.79
$
1.90
$
4.76
$
5.42
Reconciliation of Adjusted Operating Income
13 Weeks Ended Year Ended February 1, 2020
February 2, 2019 February 1, 2020 February 2,
2019 Operating income (loss) (GAAP)
$
249.4
$
(2,147.4
)
$
1,262.2
$
(939.5
)
Gross profit adjustment: Accelerated rent expense
-
-
6.7
-
Markdowns
-
40.0
-
40.0
SG&A adjustments: Goodwill impairment
313.0
2,727.0
313.0
2,727.0
Store impairments
-
13.0
-
13.0
Litigation reserve
18.0
-
18.0
-
Total adjustments
331.0
2,780.0
337.7
2,780.0
Adjusted Operating income (Non-GAAP)
$
580.4
$
632.6
$
1,599.9
$
1,840.5
Reconciliation of Adjusted Operating Income - Dollar Tree
Segment 13 Weeks Ended Year Ended February 1,
2020 February 2, 2019 February 1, 2020
February 2, 2019 Operating income (GAAP)
$
561.0
$
576.1
$
1,657.8
$
1,645.9
SG&A adjustments: Store impairments
-
2.2
-
2.2
Litigation reserve
3.6
-
3.6
-
Total adjustments
3.6
2.2
3.6
2.2
Adjusted Operating income (Non-GAAP)
$
564.6
$
578.3
$
1,661.4
$
1,648.1
Reconciliation of Adjusted Operating Income - Family
Dollar Segment 13 Weeks Ended Year Ended
February 1, 2020 February 2, 2019 February 1,
2020 February 2, 2019 Operating income (loss) (GAAP)
$
(240.5
)
$
(2,661.2
)
$
(81.0
)
$
(2,320.0
)
Gross profit adjustment: Accelerated rent expense
-
-
6.7
-
Markdowns
-
40.0
-
40.0
SG&A adjustments: Goodwill impairment
313.0
2,727.0
313.0
2,727.0
Store impairments
-
10.8
-
10.8
Litigation reserve
14.4
-
14.4
-
Total adjustments
327.4
2,777.8
334.1
2,777.8
Adjusted Operating income (Non-GAAP)
$
86.9
$
116.6
$
253.1
$
457.8
DOLLAR TREE, INC. Segment Information (In
millions, except store count) 13 Weeks Ended
Year Ended February 1, 2020 February 2, 2019
February 1, 2020 February 2, 2019 (Unaudited)
(Unaudited) (Unaudited) (a)
Net sales:
Dollar Tree
$
3,516.5
$
3,305.1
$
12,507.9
$
11,712.1
Family Dollar
2,798.8
2,900.1
11,102.9
11,111.2
Total net sales
$
6,315.3
$
6,205.2
$
23,610.8
$
22,823.3
Gross profit: Dollar Tree
$
1,272.2
36.2
%
$
1,227.7
37.1
%
$
4,342.9
34.7
%
$
4,137.5
35.3
%
Family Dollar
688.3
24.6
%
684.4
23.6
%
2,697.8
24.3
%
2,810.0
25.3
%
Total gross profit
$
1,960.5
31.0
%
$
1,912.1
30.8
%
$
7,040.7
29.8
%
$
6,947.5
30.4
%
Operating income (loss): Dollar Tree
$
561.0
16.0
%
$
576.1
17.4
%
$
1,657.8
13.3
%
$
1,645.9
14.1
%
Family Dollar
(240.5
)
(8.6
%)
(2,661.2
)
(91.8
%)
(81.0
)
(0.7
%)
(2,320.0
)
(20.9
%)
Corporate and support
(71.1
)
(1.1
%)
(62.3
)
(1.0
%)
(314.6
)
(1.3
%)
(265.4
)
(1.2
%)
Total operating income
$
249.4
3.9
%
$
(2,147.4
)
(34.6
%)
$
1,262.2
5.3
%
$
(939.5
)
(4.1
%)
13 Weeks Ended Year Ended February
1, 2020 February 2, 2019 February 1, 2020
February 2, 2019 DollarTree FamilyDollar
Total DollarTree FamilyDollar Total
DollarTree FamilyDollar Total
DollarTree FamilyDollar Total Store
Count: Beginning
7,447
7,815
15,262
6,923
8,264
15,187
7,001
8,236
15,237
6,650
8,185
14,835
New stores
62
50
112
83
60
143
348
170
518
320
226
546
Re-bannered stores (b)
10
(1
)
9
5
(4
)
1
200
(200
)
-
52
(53
)
(1
)
Closings
(14
)
(81
)
(95
)
(10
)
(84
)
(94
)
(44
)
(423
)
(467
)
(21
)
(122
)
(143
)
Ending
7,505
7,783
15,288
7,001
8,236
15,237
7,505
7,783
15,288
7,001
8,236
15,237
Selling Square Footage (in millions)
64.6
56.7
121.3
60.3
59.8
120.1
64.6
56.7
121.3
60.3
59.8
120.1
Growth Rate (Square Footage)
7.1
%
(5.2
%)
1.0
%
5.2
%
0.8
%
3.0
%
7.1
%
(5.2
%)
1.0
%
5.2
%
0.8
%
3.0
%
(a) The information for the year ended February 2, 2019 was derived
from the audited consolidated financial statements as of that date.
(b) Stores are included as re-banners when they close or open,
respectively.
DOLLAR TREE, INC. Condensed
Consolidated Balance Sheets (In millions)
February 1, February 2,
2020
2019
(Unaudited) Cash and cash equivalents
$
539.2
$
422.1
Merchandise inventories
3,522.0
3,536.0
Other current assets
208.2
335.2
Total current assets
4,269.4
4,293.3
Property, plant and equipment, net
3,881.8
3,445.3
Restricted cash
46.8
24.6
Operating lease right-of-use assets
6,225.0
-
Goodwill
1,983.3
2,296.6
Favorable lease rights, net
-
288.7
Trade name intangible asset
3,100.0
3,100.0
Deferred tax asset
24.4
-
Other assets
43.9
52.7
Total assets
$
19,574.6
$
13,501.2
Current portion of long-term debt
$
250.0
$
-
Current portion of operating lease liabilities
1,279.3
-
Accounts payable
1,336.5
1,416.4
Income taxes payable
62.7
60.0
Other current liabilities
618.0
619.3
Total current liabilities
3,546.5
2,095.7
Long-term debt, net, excluding current portion
3,522.2
4,265.3
Operating lease liabilities, long-term
4,979.5
-
Unfavorable lease rights, net
-
78.8
Deferred income taxes, net
984.7
973.2
Income taxes payable, long-term
28.9
35.4
Other liabilities
258.0
409.9
Total liabilities
13,319.8
7,858.3
Shareholders' equity
6,254.8
5,642.9
Total liabilities and shareholders' equity
$
19,574.6
$
13,501.2
The February 2, 2019 information was derived from the audited
consolidated financial statements as of that date.
DOLLAR TREE,
INC. Condensed Consolidated Statements of Cash Flows
(In millions) Year Ended February 1,
February 2,
2020
2019
(Unaudited) Cash flows from operating activities: Net
income (loss)
$
827.0
$
(1,590.8
)
Adjustments to reconcile net income (loss) to net cash provided by
operating activities: Goodwill impairment
313.0
2,727.0
Depreciation and amortization
645.4
621.1
Provision for deferred income taxes
9.1
(12.1
)
Stock-based compensation expense
61.4
63.1
Amortization of debt discount and debt-issuance costs
6.9
57.2
Other non-cash adjustments to net income (loss)
24.5
7.8
Loss on debt extinguishment
-
114.7
Changes in operating assets and liabilities
(17.5
)
(222.0
)
Total adjustments
1,042.8
3,356.8
Net cash provided by operating activities
1,869.8
1,766.0
Cash flows from investing activities: Capital expenditures
(1,034.8
)
(817.1
)
Proceeds from governmental grant
16.5
-
Proceeds from (payments for) fixed asset disposition
(1.9
)
0.4
Net cash used in investing activities
(1,020.2
)
(816.7
)
Cash flows from financing activities: Proceeds from
long-term debt, net of discount
-
4,775.8
Principal payments for long-term debt
(500.0
)
(6,214.7
)
Debt-issuance and debt extinguishment costs
-
(155.3
)
Proceeds from revolving credit facility
-
50.0
Repayments of revolving credit facility
-
(50.0
)
Proceeds from stock issued pursuant to stock-based compensation
plans
15.2
17.5
Cash paid for taxes on exercises/vesting of stock-based
compensation
(25.0
)
(23.2
)
Payments for repurchase of stock
(200.0
)
-
Net cash used in financing activities
(709.8
)
(1,599.9
)
Effect of exchange rate changes on cash, cash equivalents and
restricted cash
(0.5
)
(0.5
)
Net increase (decrease) in cash, cash equivalents and restricted
cash
139.3
(651.1
)
Cash, cash equivalents and restricted cash at beginning of period
446.7
1,097.8
Cash, cash equivalents and restricted cash at end of period
$
586.0
$
446.7
The February 2, 2019 information was derived from the audited
consolidated financial statements as of that date.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200304005373/en/
Dollar Tree, Inc. Randy Guiler, 757-321-5284 Vice President,
Investor Relations www.DollarTree.com DLTR-E
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