CBRL
$92.58
Cracker Barrel
($2.20)
(2.32%)
Earnings Details
Quarter July 2022
Tuesday, September 27, 2022 8:00:00 AM
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Summary

Cracker Barrel Beats

Cracker Barrel (CBRL) reported Quarter July 2022 earnings of $1.57 per share on revenue of $830.4 million. The consensus earnings estimate was $1.38 per share on revenue of $838.3 million. The Earnings Whisper number was $1.46 per share. Revenue grew 5.9% on a year-over-year basis.

The company said it expects fiscal 2023 revenue of $3.50 billion to $3.53 billion. The current consensus revenue estimate is $3.38 billion for the year ending July 31, 2023.

Cracker Barrel Old Country Store Inc is engaged in the operation and development of the Cracker Barrel Old Country Store® concept. It offers home-style country cooking featuring many of its own recipes.

Results
Reported Earnings
$1.57
Earnings Whisper
$1.46
Consensus Estimate
$1.38
Reported Revenue
$830.4 Mil
Revenue Estimate
$838.3 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

CRACKER BARREL REPORTS FOURTH QUARTER FISCAL 2022 RESULTS AND PROVIDES FISCAL 2023 OUTLOOK

Board declares $1.30 quarterly dividend per share

LEBANON, Tenn., Sept. 27, 2022 /PRNewswire/ -- Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the "Company") (Nasdaq: CBRL) today reported its financial results for the fourth quarter of fiscal 2022 ended July 29, 2022.

Fourth Quarter Fiscal 2022 Highlights

  • The Company reported fourth quarter total revenue of $830.4 million. Compared to the prior year fourth quarter, total revenue increased 5.9%.
    • Comparable store restaurant sales increased 6.1%, while comparable store retail sales increased 3.0%.
  • GAAP operating income for the fourth quarter was $33.0 million, or 4.0% of total revenue, and adjusted1 operating income was $36.2 million, or 4.4% of total revenue.
  • GAAP net income was $33.4 million, or 4.0% of total revenue. EBITDA1 was $62.4 million, or 7.5% of total revenue.
  • GAAP earnings per diluted share were $1.47, and adjusted1 earnings per diluted share were $1.57.
  • The Company paid $29.9 million in dividends and repurchased $58.1 million in shares for a total of $88.1 million returned to shareholders in the fourth quarter, as part of a total $246.4 million returned to shareholders during the full fiscal year.
  • The Company announced that its Board of Directors declared a regular quarterly dividend of $1.30 per share.

Commenting on the fourth quarter and full year results, Cracker Barrel President and Chief Executive Officer Sandra B. Cochran said, "I'm proud of the efforts of our teams to meet the challenges we faced in fiscal 2022 as we delivered value to our guests and our shareholders.  Our retail business had a historic year and we made great progress on key initiatives to improve the guest experience, maintain solid staffing levels, preserve a high value perception, innovate our menu, and broaden our appeal to more guests.  We also returned more than $245 million to our shareholders in the form of dividends and share repurchases while maintaining a strong balance sheet. 

Despite the high levels of commodity inflation we faced throughout the year, we kept a long-term focus and invested to retain a position of value leadership through a thoughtful combination of pricing strategy and menu design, despite the short-term impact on margin.  Our commitment to value and in delivering a great guest experience helped us weather a weaker than expected summer travel season, gas prices that exceeded expectations, and historic inflationary pressures on the consumer, and we were encouraged by better traffic and sales trends in the final few weeks of the quarter.  I believe our focus on delivering a compelling value and experience to our guests, coupled with our cost savings programs, investments in technology, and strategies to attract a broader group of guests, position us well for fiscal 2023 and beyond, particularly when inflationary pressures eventually ease."

Fourth Quarter Fiscal 2022 Results
Revenue 
The Company reported total revenue of $830.4 million for the fourth quarter of fiscal 2022, representing an increase of 5.9% compared to the fourth quarter of fiscal 2021. This revenue growth was below the Company's expectation driven by lower than anticipated travel volumes, fewer visits from guests 65 and older, and high gas prices and inflationary pressures that weighed most heavily on lower-income guests. Cracker Barrel comparable store restaurant sales increased 6.1%, including total menu pricing of 7.0%. Comparable store retail sales increased 3.0% from the prior year quarter.  

Operating Income
GAAP operating income for the fourth quarter was $33.0 million, or 4.0% of total revenue. Excluding the approximately $3.2 million in non-cash amortization related to the gains on the previously disclosed sale and leaseback transactions, adjusted1 operating income for the fourth quarter was $36.2 million, or 4.4% of total revenue which was within the Company's expectations.

Operating income unfavorability to the prior year as a percent of total revenue is primarily the result of commodity, wage and other expense inflation in excess of pricing, as well as higher field hourly and management staffing levels and elevated maintenance expense, partially offset by lower general and administrative expense.  

Net Income, EBITDA, and Earnings per Diluted Share
GAAP net income for the fourth quarter was $33.4 million, or 4.0% of total revenue, including the favorable settlement of a state income tax matter. This represented an 8.2% decrease compared to prior year quarter GAAP net income of $36.4 million, or 4.6% of total revenue. EBITDA1 was $62.4 million, or 7.5% of total revenue, a 33.2% decrease compared to the prior year quarter EBITDA1 of $93.5 million, or 11.9% of total revenue.

GAAP earnings per diluted share for the fourth quarter were $1.47, a 3.9% decrease compared to the prior year quarter GAAP earnings per diluted share of $1.53. Adjusted1 earnings per diluted share were $1.57, a 30.2% decrease compared to the prior year quarter adjusted1 earnings per diluted share of $2.25.

Quarterly Dividend Declaration
The Company announced that its Board of Directors declared a quarterly dividend of $1.30 per share on the Company's common stock. The quarterly dividend is payable on November 8, 2022 to shareholders of record as of October 21, 2022.

Fiscal 2022 Results
Revenue
The Company reported total revenue of $3.27 billion for fiscal 2022, representing an increase of 15.8% compared to fiscal 2021. Comparable store restaurant sales for fiscal 2022 increased 15.0% compared to fiscal 2021. Comparable store retail sales for fiscal 2022 increased 18.2% compared to fiscal 2021.

Operating Income
GAAP operating income in fiscal 2022 was $153.0 million, or 4.7% of total revenue, a 58.3% decrease compared to prior year GAAP operating income of $366.7 million, or 13.0% of total revenue. Fiscal 2022 adjusted1 operating income was $165.7 million, or 5.1% of total revenue, a 0.7% decrease compared to prior year adjusted1 operating income of $166.8 million, or 5.9% of total revenue.

Net Income, EBITDA and Earnings per Diluted Share
GAAP net income in fiscal 2022 was $131.9 million, or 4.0% of total revenue, and EBITDA1 was $269.3 million, or 8.2% of total revenue. GAAP earnings per diluted share were $5.67, and adjusted1 earnings per diluted share were $6.09.

Fiscal 2023 Outlook
Reminding readers that the uncertainties created by current macroeconomic conditions may cause actual results to differ materially from those expected, the Company provided the following outlook for fiscal 2023:  

  • Total revenue growth compared to the prior year between 7% and 8%;
    • Including the expected opening of three to four new Cracker Barrel units and fifteen to twenty new Maple Street Biscuit Company units.
  • Commodity inflation of approximately 8% with moderation of inflation sequentially with each quarter;
  • Wage inflation of approximately 5%;
  • Cost savings and business model improvements that are expected to contribute between $20 million to $25 million to fiscal 2023 profitability;
  • Operating Income growth compared to the prior year between 8% and 10%;
    • Quarterly growth compared to the prior year is expected to improve sequentially, from fiscal 2023 first quarter operating income meaningfully below the prior year first quarter, to fiscal 2023 fourth quarter operating income meaningfully above the prior year fourth quarter.
  • Capital expenditures of approximately $125 million, of which $30 million is related to new store development; and
  • An effective tax rate in the range of 10% to 15%.

The Company reminds investors that its outlook for fiscal 2023 reflects a number of assumptions, many of which are outside the Company's control.

1 For Non-GAAP reconciliations, please refer to the Reconciliation of GAAP-basis operating results to non-GAAP operating results section of this release.

Fiscal 2022 Fourth Quarter Conference Call
As previously announced, the live broadcast of Cracker Barrel's quarterly conference call will be available to the public on-line at investor.crackerbarrel.com today beginning at 11:00 a.m. (ET). The on-line replay will be available at 2:00 p.m. (ET) and continue through October 11, 2022.

About Cracker Barrel Old Country Store®
Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL) provides a caring and friendly home-away-from-home experience while offering guests high-quality homestyle food to enjoy in-store or to-go and unique shopping — all at a fair price. Established in 1969 in Lebanon, Tenn., Cracker Barrel and its affiliates operate more than 660 company-owned Cracker Barrel Old Country Store® locations in 45 states and own the fast-casual Maple Street Biscuit Company. For more information about the Company, visit crackerbarrel.com.

CBRL-F

Except for specific historical information, certain of the matters discussed in this press release may express or imply projections of revenues or expenditures, statements of plans and objectives or future operations or statements of future economic performance. These, and similar statements are forward-looking statements concerning matters that involve risks, uncertainties and other factors which may cause the actual performance of Cracker Barrel Old Country Store, Inc. and its subsidiaries to differ materially from those expressed or implied by this discussion. All forward-looking information is subject to completion of our financial procedures for Q4 FY 2022 and is provided pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of these factors. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "trends," "assumptions," "target," "guidance," "outlook," "opportunity," "future," "plans," "goals," "objectives," "expectations," "near-term," "long-term," "projection," "may," "will," "would," "could," "expect," "intend," "estimate," "anticipate," "believe," "potential," "regular," "should," "projects," "forecasts," or "continue" (or the negative or other derivatives of each of these terms) or similar terminology and include the expected effects of COVID-19 on our business, financial condition and results of operations and of operational improvement initiatives, such as new menu items and retail offerings. Factors which could materially affect actual results include, but are not limited to: risks and uncertainties associated with inflationary conditions with respect to the cost for food, ingredients, retail merchandise, transportation, distribution, labor and utilities and their effects on the availability of key inputs to our business as well as consumer spending, travel and demand generally; the COVID-19 pandemic, including the duration of the COVID-19 pandemic and its ultimate impact on our business, levels of consumer confidence in the safety of dine-in restaurants, restrictions (including occupancy restrictions) imposed by governmental authorities, the effectiveness of cost saving measures undertaken throughout our operations, disruptions to our operations as a result of the spread of COVID-19 in our workforce, and our level of indebtedness, or constraints on our expenditures, ability to service our debt obligations or make cash distributions to our shareholders or cash management generally; general or regional economic weakness, business and societal conditions, and weather on sales and customer travel; discretionary income or personal expenditure activity of our customers; information technology-related incidents, including data privacy and information security breaches, whether as a result of infrastructure failures, employee or vendor errors, or actions of third parties; our ability to identify, acquire and sell successful new lines of retail merchandise and new menu items at our restaurants; our ability to sustain or the effects of plans intended to improve operational or marketing execution and performance; uncertain performance of acquired businesses, strategic investments and other initiatives that we may pursue now or in the future; changes in or implementation of additional governmental or regulatory rules, regulations and interpretations affecting tax, wage and hour matters, health and safety, pensions, insurance or other undeterminable areas; the effects of plans intended to promote or protect our brands and products; commodity price increases; the ability of and cost to us to recruit, train, and retain qualified hourly and management employees; the effects of increased competition at our locations on sales and on labor recruiting, cost, and retention; workers' compensation, group health and utility price changes; consumer behavior based on negative publicity or changes in consumer health or dietary trends or safety aspects of our food or products or those of the restaurant industry in general, including concerns about outbreaks of infectious disease, as well as the possible effects of such events on the price or availability of ingredients used in our restaurants; the effects of our indebtedness, including under our credit facility and our convertible senior notes, and associated restrictions on our financial and operating flexibility and ability to execute or pursue our operating plans and objectives; changes in interest rates, increases in borrowed capital or capital market conditions affecting our financing costs and ability to refinance all or portions of our indebtedness; the effects of dilution of our existing stockholders' ownership interest that may ensue from any conversions of our convertible senior notes or the related warrants issued in connection with our convertible note hedging transactions; the effects of business trends on the outlook for individual restaurant locations and the effect on the carrying value of those locations; our ability to retain key personnel; the availability and cost of suitable sites for restaurant development and our ability to identify those sites; our ability to enter successfully into new geographic markets that may be less familiar to us; changes in land, building materials and construction costs; the actual results of pending, future or threatened litigation or governmental investigations and the costs and effects of negative publicity or our ability to manage the impact of social media associated with these activities; economic or psychological effects of natural disasters or unforeseen events such as terrorist acts, social unrest or war and the military or government responses to such events; disruptions to our restaurant or retail supply chain, including as a result of COVID-19; changes in foreign exchange rates affecting our future retail inventory purchases; the impact of activist shareholders; our reliance on limited distribution facilities and certain significant vendors; implementation of new or changes in interpretation of existing accounting principles generally accepted in the United States of America ("GAAP"); and other factors described from time to time in our filings with the Securities and Exchange Commission, press releases, and other communications. Any forward-looking statement made by us herein, or elsewhere, speaks only as of the date on which made. We expressly disclaim any intent, obligation or undertaking to update or revise any forward-looking statements made herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. 

 

CRACKER BARREL OLD COUNTRY STORE, INC.

CONDENSED CONSOLIDATED INCOME STATEMENT

(Unaudited)

(In thousands, except share and per share amounts, percentages and ratios) 











Fourth Quarter Ended


Twelve Months Ended


7/29/22

7/30/21

Percentage
Change


7/29/22

7/30/21

Percentage
Change

Total revenue

$830,400

$784,405

6 %


$3,267,786

$2,821,444

16 %

Cost of goods sold, (exclusive of depreciation & rent)

273,424

235,754

16


1,049,884

865,261

21

Labor and other related expenses

294,430

268,702

10


1,149,077

983,120

17

Other store operating expenses

196,674

180,333

9


758,389

676,301

12

General and administrative expenses

32,900

36,948

(11)


157,433

147,825

6

Gain on sale and leaseback transactions

0

0



0

(217,722)

(100)

Operating income

32,972

62,668

(47)


153,003

366,659

(58)

Interest expense

2,620

24,964

(90)


9,620

56,108

(83)

Income before income taxes

30,352

37,704

(19)


143,383

310,551

(54)

Provision for income taxes (income tax benefit)

(3,012)

1,341

(325)


11,503

56,038

(79)

Net income

$33,364

$36,363

(8)


$131,880

$254,513

(48)









Earnings per share – Basic:

$1.47

$1.54

(5)


$5.69

$10.74

(47)

Earnings per share – Diluted:

$1.47

$1.53

(4)


$5.67

$10.71

(47)









Weighted average shares:








    Basic

22,666,439

23,611,922

(4)


23,164,180

23,692,063

(2)

    Diluted

22,756,685

23,705,547

(4)


23,246,010

23,767,390

(2)









Ratio Analysis








Total revenue:








    Restaurant

79.7 %

79.2 %



78.5 %

78.9 %


    Retail

20.3

20.8



21.5

21.1


Total revenue

100.0

100.0



100.0

100.0


Cost of goods sold, (exclusive of depreciation & rent)

32.9

30.1



32.1

30.7


Labor and other related expenses

35.5

34.2



35.2

34.8


Other store operating expenses

23.7

23.0



23.2

24.0


General and administrative expenses

3.9

4.7



4.8

5.2


Gain on sale and leaseback transactions

0.0

0.0



0.0

(7.7)


Operating income

4.0

8.0



4.7

13.0


Interest expense

0.3

3.2



0.3

2.0


Income before income taxes

3.7

4.8



4.4

11.0


Provision for income taxes (income tax benefit)

(0.3)

0.2



0.4

2.0


Net income

4.0 %

4.6 %



4.0 %

9.0 %


 

CRACKER BARREL OLD COUNTRY STORE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited and in thousands, except share amounts)

 


7/29/22


7/30/21

Assets




   Cash and cash equivalents

$45,105


$144,593

   Accounts receivable

32,246


27,372

   Inventories

213,249


138,320

   Prepaid expenses and other current assets

26,676


43,311

   Property and equipment, net

969,609


979,850

   Operating lease right-of-use assets, net

933,524


974,477

   Intangible Assets

21,210


21,285

   Other assets

48,602


57,796

   Goodwill

4,690


4,690

           Total assets

$2,294,911


$2,391,694





Liabilities and Shareholders' Equity




   Accounts payable

$169,871


$135,176

   Other current liabilities

332,453


330,086

   Long-term debt

423,249


327,253

   Long-term operating lease liabilities

722,159


748,305

   Other long-term obligations

55,507


88,615

   Deferred income taxes

80,193


98,626

   Shareholders' equity, net

511,479


663,633

          Total liabilities and shareholders' equity

$2,294,911


$2,391,694





Common shares issued and outstanding

22,281,443


23,497,166






 

CRACKER BARREL OLD COUNTRY STORE, INC.

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

(Unaudited and in thousands)

 


Twelve Months Ended


7/29/22


7/30/21

Cash flows from operating activities:




             Net income

$131,880


$254,513

             Depreciation and amortization

103,568


108,604

             Amortization of debt issuance costs

1,755


864

             Loss on disposition of property and equipment

5,637


4,064

             Gain on sale and leaseback transactions

0


(217,722)

             Share-based compensation

8,198


8,729

             Noncash lease expense

58,498


55,817

             Amortization of asset recognized from gain on sale and leaseback transaction

12,735


12,735

             (Increase) decrease in inventories

(74,929)


771

             Increase in accounts payable

34,695


31,672

             Net changes in other assets and liabilities

(76,784)


41,856

                           Net cash provided by operating activities

205,253


301,903

Cash flows from investing activities:




             Purchase of property and equipment, net of insurance recoveries

(97,104)


(70,130)

             Proceeds from sale of property and equipment

105


149,960

             Acquisition of business, net of cash acquired

(1,500)


(1,500)

                           Net cash (used in) provided by investing activities

(98,499)


78,330

Cash flows from financing activities:




              Net proceeds (payments) under long-term debt

44,876


(572,967)

              Proceeds from issuance of warrants

0


31,710

              Purchases of convertible note hedge

0


(62,010)

              Taxes withheld from issuance of share-based compensation awards

(2,599)


(2,282)

              Purchases and retirement of common stock

(131,542)


(35,000)

              Deferred financing costs

(2,148)


(420)

              Dividends on common stock

(114,829)


(31,667)

                           Net cash used in financing activities

(206,242)


(672,636)





Net decrease in cash and cash equivalents

(99,488)


(292,403)

Cash and cash equivalents, beginning of period

144,593


436,996

Cash and cash equivalents, end of period

$45,105


$144,593













 

CRACKER BARREL OLD COUNTRY STORE, INC.

Supplemental Information

(Unaudited)

 


Fourth Quarter Ended




7/29/22


7/30/21



Net Change in Company-Owned Units During Quarter:






     Cracker Barrel

0


0



     Maple Street Biscuit Company

10


0



    

Company-Owned Units in Operation at End of Quarter:






     Cracker Barrel

664


664



     Maple Street Biscuit Company

51


37





Fourth Quarter Ended


Twelve Months Ended


7/29/22


7/30/21


7/29/22


7/30/21

Total revenue*: (In thousands)








      Restaurant

$647,462


$609,865


$2,516,334


$2,188,761

      Retail

168,339


162,894


701,621


594,007

      Total revenue

$815,801


$772,759


$3,217,955


$2,782,768









Cost of goods sold* (exclusive of depreciation
and rent): (In thousands)








      Restaurant

$186,338


$153,706


$693,810


$559,297

      Retail

83,095


79,404


343,379


297,312

      Total cost of goods sold

$269,433


$233,110


$1,037,189


$856,609









  Average unit volume*: (In thousands)








      Restaurant

$975.1


$918.5


$3,789.7


$3,298.7

      Retail

253.5


245.3


1,056.6


895.3

      Total

$1,228.6


$1,163.8


$4,846.3


$4,194.0

Operating weeks*:

8,632


8,632


34,528


34,503

Note*: This information is for Cracker Barrel stores only and excludes Maple Street Biscuit Company

 


Q4 2022 vs. Q4 2021


12 mo. 2022 vs. 12 mo. 2021

Comparable Cracker Barrel store sales period to period increase:




Restaurant

6.1 %


15.0 %

Retail

3.0 %


18.2 %

Total

5.5 %


15.7 %





Number of Cracker Barrel locations in comparable store base

663


659












 

CRACKER BARREL OLD COUNTRY STORE, INC.
Reconciliation of GAAP-basis operating results to non-GAAP operating results
(Unaudited and in thousands, except per share amounts)

Adjusted Operating Income and Earnings Per Share
In the accompanying press release, the Company makes reference to its fourth quarter fiscal 2021 and fiscal 2022 adjusted operating income and earnings per share. In regards to fiscal 2021, this reconciliation excludes the gain on sale of assets from the sale and leaseback transaction that closed in the first quarter, non-cash amortization of the asset recognized from the gains on the sale and leaseback transactions, interest expense related to the termination of interest rate swaps and the convertible senior notes offering carried out in the fourth quarter, expenses related to the proxy contest initiated by affiliates of Sardar Biglari in connection with the Company's 2020 annual meeting of shareholders, and the related tax impacts of these items. In regard to fiscal 2022, this reconciliation excludes non-cash amortization of the asset recognized from the gains on the sale and leaseback transactions and the related tax impact. The Company believes excluding these items from its financial results provides investors with an enhanced understanding of the Company's financial results and enhances comparability across periods. This information is not intended to be considered in isolation or as a substitute for operating income or earnings per share information prepared in accordance with GAAP.


Fourth Quarter Ended July 29, 2022


Twelve Months Ended July 29, 2022


As Reported

Adjustment

As Adjusted


As Reported

Adjustments

As Adjusted




(1) (2)




(1) (2)



Total Revenue

$830,400

-

$830,400


$3,267,786

-

$3,267,786


Store operating expense

764,528

(3,184)

761,344


2,957,350

(12,735)

2,944,615


General and administrative expense

32,900

-

32,900


157,433

-

157,433


Operating income

32,972

3,184

36,156


153,003

12,735

165,738


Interest expense

2,620

-

2,620


9,620

-

9,620


Income before income taxes

30,352

3,184

33,536


143,383

12,735

156,118


Provision for income taxes

(3,012)

748

(2,264)


11,503

2,992

14,495


Net income

$33,364

$2,436

$35,800


$131,880

$9,743

$141,623


Earnings per share – basic

$1.47

$0.11

$1.58


$5.69

$0.42

$6.11


Earnings per share – diluted

$1.47

$0.10

$1.57


$5.67

$0.42

$6.09



(1) Adjusted for the non-cash amortization of asset recognized from the gain on sale and leaseback transactions

(2) Adjusted for the tax impacts of (1) above     

 


Fourth Quarter Ended July 30, 2021


Twelve Months Ended July 30, 2021


As Reported

Adjustment

As Adjusted


As Reported

Adjustments

As Adjusted




(1) (2) (3)




(1) (2) (4) (5) (6)



Total Revenue

$784,405

-

$784,405


$2,821,444

-

$2,821,444


Store operating expense

684,789

(3,184)

681,605


2,524,682

(12,735)

2,511,947


General and administrative expense

36,948

-

36,948


147,825

(5,154)

142,671


Gain on sale and leaseback transactions

-

-

-


(217,722)

217,722

-


Operating income

62,668

3,184

65,852


366,659

(199,833)

166,826


Interest expense

24,964

(18,852)

6,112


56,108

(18,852)

37,256


Income before income taxes

37,704

22,036

59,740


310,551

(180,981)

129,570


Provision for income taxes

1,341

5,178

6,519


56,038

(48,582)

7,456


Net income

$36,363

$16,858

$53,221


$254,513

($132,399)

$122,114


Earnings per share – basic

$1.54

$0.71

$2.25


$10.74

($5.59)

$5.15


Earnings per share – diluted

$1.53

$0.72

$2.25


$10.71

($5.57)

$5.14



(1) Adjusted for the non-cash amortization of the asset recognized from the gain on sale and leaseback transactions

(2) Adjusted for interest expense related to the termination of swaps and the convertible senior notes offering

(3) Adjusted for the tax impacts of (1) and (2) above

(4) Adjusted for proxy contest-related expenses

(5) Adjusted for the gain on sale of assets related to the sale and leaseback transaction

(6) Adjusted for the tax impacts of (1), (2), (4), and (5) above

 

CRACKER BARREL OLD COUNTRY STORE, INC.
Reconciliation of GAAP-basis operating results to non-GAAP operating results (Unaudited and in thousands)

EBITDA
In the accompanying press release, the Company makes reference to its fourth quarter fiscal 2021 and 2022 EBITDA. The Company defines EBITDA as net income excluding depreciation and amortization, non-cash amortization of the asset recognized from the gains on sale and leaseback transactions, interest expense and tax expense. The Company believes that presentation of EBITDA provides investors with an enhanced understanding of the Company's operating performance and debt leverage metrics, and that the presentation of this non-GAAP financial measure, when combined with the primary presentation of net income, is beneficial to an investor's complete understanding of its operating performance. This information is not intended to be considered in isolation or as a substitute for net income prepared in accordance with GAAP.


Fourth Quarter

Ended July 29, 2022


Twelve Months
Ended July 29, 2022

Net Income

$33,364


$131,880

 (+) Depreciation & Amortization

26,280


103,568

 (+) Amortization of asset recognized from gain on sale and leaseback transactions

3,184


12,735

 (+) Interest Expense

2,620


9,620

 (+) Tax (Benefit) Expense

(3,012)


11,503

EBITDA

$62,436


$269,306

 


Fourth Quarter
Ended July 30, 2021


Twelve Months
Ended July 30, 2021

Net Income

$              36,363


$             254,513

 (+) Depreciation & Amortization

27,672


108,604

 (+) Amortization of asset recognized from gain on sale and leaseback transactions

3,184


12,735

 (+) Interest Expense

24,964


56,108

 (+) Tax Expense

1,341


56,038

EBITDA

$              93,524


$             487,998

Adjustments




 (-) Gain on sale and leaseback transaction

-


(217,722)

 (+) Proxy contest-related expenses

-


5,154

Adjusted EBITDA

$              93,524


$             275,430

 

Investor Contact:   

Jessica Hazel


(615) 235-4367



Media Contact:     

Heidi Pearce


(615) 235-4135

 

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SOURCE Cracker Barrel Old Country Store, Inc.