PITTSBURGH
,
November 22, 2022
(press release)
–
"Our Q3 results demonstrate the continued success and strength of our transformational journey. Our Ed Stack, Executive Chairman "We delivered an exceptionally strong third quarter with our comps increasing 6.5% and EBT margin of Lauren Hobart, President and Chief Executive Officer DICK'S Sporting Goods, Inc. (NYSE: DKS), the largest U.S. based full-line omni-channel sporting goods retailer, today reported sales and earnings results for the third quarter ended October 29, 2022. Third Quarter Operating Results (dollars in millions, except per share data) 13 Weeks Ended Change (3) October 29, October 30, Net sales $ 2,959 $ 2,748 $ 211 7.7 % Comparable store sales (1) 6.5 % 12.8 % Income before income taxes (% of net sales) 10.3 % 14.8 % (456) bps Non-GAAP income before income taxes (% of net sales) (2) 10.3 % 15.1 % (484) bps Net income $ 228 $ 317 $ (88) (28) % Non-GAAP net income (2) $ 228 $ 322 $ (94) (29) % Earnings per diluted share $ 2.45 $ 2.78 $ (0.33) (12) % Non-GAAP earnings per diluted share (2) $ 2.60 $ 3.19 $ (0.59) (18) % Year-to-Date Operating Results (dollars in millions, except per share data) 39 Weeks Ended Change (3) October 29, October 30, Net sales $ 8,771 $ 8,941 $ (170) (1.9) % Comparable store sales (1) (2.6) % 37.5 % Income before income taxes (% of net sales) 12.1 % 17.2 % (504) bps Non-GAAP income before income taxes (% of net sales) (2) 12.1 % 17.4 % (529) bps Net income $ 808 $ 1,174 $ (366) (31) % Non-GAAP net income (2) $ 808 $ 1,191 $ (383) (32) % Earnings per diluted share $ 8.17 $ 10.70 $ (2.53) (24) % Non-GAAP earnings per diluted share (2) $ 9.11 $ 12.06 $ (2.95) (24) % Balance Sheet (dollars in millions) As of October 29, As of October 30, $ Change (3) % Change Cash and cash equivalents $ 1,438 $ 1,373 $ 65 5 % Inventories, net $ 3,361 $ 2,490 $ 871 35 % Total debt (4) $ 1,634 $ 441 $ 1,193 270 % Capital Allocation (dollars in millions) 39 Weeks Ended $ Change (3) % Change October 29, October 30, Share repurchases (5) $ 361 $ 426 $ (65) (15) % Dividends paid (6) $ 124 $ 567 $ (443) (78) % Gross capital expenditures $ 274 $ 231 $ 43 19 % Net capital expenditures (2) $ 238 $ 203 $ 35 17 % Principal paid in connection with exchange of Convertible $ 421 $ — $ 421 Notes 1. Beginning in fiscal 2022, the Company revised its method for calculating comparable store sales by including relocated store locations. Prior year fiscal 2021 information was revised to reflect this change for comparability purposes. See additional details as furnished in Exhibit 99.2 of the Company's Form 8-K, which was filed with the SEC on March 8, 2022. Comparable store sales information prior to fiscal 2021 has not been revised to reflect this change in methodology. 2. For additional information regarding non-GAAP measures, see New Accounting Pronouncement later in the release and GAAP to non-GAAP reconciliations included in a table under the heading "GAAP to Non-GAAP Reconciliations." 3. Column may not recalculate due to rounding. 4. Fiscal 2022 includes debt with a carrying value of $1,482 million from the Company's issuance of the Senior Notes during the fourth quarter of 2021. Fiscal 2022 and 2021 includes debt with a carrying value of $152 million and $441 million, respectively, from the Company's issuance of the Convertible Senior Notes during fiscal 2020. The Company had no outstanding borrowings under its revolving credit facility in 2022 and 2021. 5. During the 39 weeks ended October 29, 2022, the Company repurchased 4.4 million shares of its common stock at an average price of $82.80 per share, for a total cost of $361 million under its share repurchase program. The Company has $1.5 billion remaining under its authorization as of October 29, 2022. The Company also paid $31.7 million during fiscal 2022 for shares repurchased during 2021. 6. During the third quarter of 2022, the Company declared and paid quarterly dividends of $0.4875 per share on the Company's Common Stock and Class B Common Stock. During the third quarter of 2021, the Company declared and paid quarterly dividends of $0.4375 and a special dividend in the amount of $5.50 per share on the Company's Common Stock and Class B Common Stock. 7. During the 39 weeks ended, October 29, 2022, the Company exchanged $421 million aggregate principal amount of Convertible Senior Notes and unwound the corresponding portion of the convertible bond hedge and warrants for $421 million of cash and 7.8 million shares of our common stock. Quarterly Dividend On November 21, 2022, the Company's Board of Directors authorized and declared a quarterly dividend in the amount of $0.4875 per share on the Company's Common Stock and Class B Common Stock. The dividend is payable in cash on December 30, 2022 to stockholders of record at the close of business on December 9, 2022. Full Year 2022 Outlook The Company's Full Year Outlook for 2022 is presented below: Metric 2022 Outlook Earnings per diluted share • $10.50 to 11.10 ○ Based on approximately 99 million diluted shares outstanding ○ Not dependent upon share repurchases beyond the $361 million executed through the end of Q3 • $11.50 to 12.10 on a non-GAAP basis, which eliminates the impact of assumed share settlement of the Convertible Senior Notes ○ Based on approximately 88 million diluted shares outstanding Comparable store sales • Negative 3.0% to negative 1.5% Capital expenditures • $400 to 425 million on a gross basis • $340 to 365 million on a net basis Conference Call Info The Company will host a conference call today at 10:00 a.m. Eastern Time to discuss the third quarter results. Investors will have the opportunity to listen to the earnings conference call over the internet through the Company's website located at investors.DICKS.com. To listen to the live call, please go to the website at least fifteen minutes early to register, download, and install any necessary audio software. For those who cannot listen to the live webcast, it will be archived on the Company's website for approximately twelve months. Non-GAAP Financial Measures In addition to reporting the Company's financial results in accordance with generally accepted accounting principles ("GAAP"), the Company reports certain financial results that differ from what is reported under GAAP. These non-GAAP financial measures include non-GAAP income before income taxes (percent of net sales), consolidated non-GAAP net income, non-GAAP earnings per diluted share, non-GAAP diluted shares outstanding, and net capital expenditures, which management believes provides investors with useful supplemental information to evaluate the Company's ongoing operations and to compare with past and future periods. Furthermore, management believes that adjustments related to the Convertible Senior Notes and convertible bond hedge provide a more complete view of the economics of the instruments upon future conversion. Management also uses these non-GAAP measures internally for forecasting, budgeting, and measuring its operating performance. These measures should be viewed as supplementing, and not as an alternative or substitute for, the Company's financial results prepared in accordance with GAAP. The methods used by the Company to calculate its non-GAAP financial measures may differ significantly from methods used by other companies to compute similar measures. As a result, any non-GAAP financial measures presented herein may not be comparable to similar measures provided by other companies. A reconciliation of the Company's non-GAAP measures to the most directly comparable GAAP financial measures are provided below and on the Company's website at investors.DICKS.com. New Accounting Pronouncement The Company adopted a new accounting pronouncement in the first quarter of 2022, which impacted the accounting treatment for convertible debt with cash conversion features, such as the Convertible Senior Notes. The standard required that the Company eliminate the non-cash debt discount and related interest expense from its Convertible Senior Notes, which decreased their annualized interest rate from 11.6% to 3.9%. The new standard also required earnings per diluted share to assume share conversion of the entire amount of shares underlying the Convertible Senior Notes as of the beginning of the period presented using the if-converted method. The Company adopted the standard under the modified retrospective approach and therefore, will not revise prior periods. The Company does not expect the net effect of these changes will materially impact its full year 2022 GAAP earnings per diluted share and is reflected in its fiscal 2022 outlook. Forward-Looking Statements Involving Known and Unknown Risks and Uncertainties This release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified as those that may predict, forecast, indicate or imply future results or performance and by forward-looking words such as "believe", "anticipate", "expect", "estimate", "predict", "intend", "plan", "project", "goal", "will", "will be", "will continue", "will result", "could", "may", "might" or any variations of such words or other words with similar meanings. These statements are subject to risks and uncertainties and change based on various important factors, many of which may be beyond the Company's control. The Company's future performance and actual results may differ materially from those expressed or implied in such forward-looking statements. Forward-looking statements should not be relied upon by investors as a prediction of actual results. Forward-looking statements include statements regarding, among other things, the Company's future performance, including 2022 outlook for earnings, sales, and capital expenditures; share repurchases and dividends; our belief that we are well-positioned to increase our market share and deliver long-term sales and earnings growth; the health and positioning of our inventory; and the expected impact of the new accounting pronouncement discussed in the preceding section. Factors that could cause actual results to differ materially from those expressed or implied in any forward-looking statements include, but are not limited to: macroeconomic conditions, including inflationary pressures, elevated fuel prices, the risk of recession, and supply chain and global labor market challenges, whether due to COVID-19, the conflict in Ukraine or otherwise, and the effectiveness of measures to mitigate such impact; changes in consumer discretionary spending; changes in consumer demand or shopping patterns and the ability to identify new trends and have the right trending products in stores and online; changes in the competitive market and competition amongst retailers, including an increase in promotional activity; investments in omni-channel growth not producing the anticipated benefits within the expected time-frame or at all; risks relating to vertical brands and new retail concepts; investments in business transformation initiatives not producing the anticipated benefits within the expected time-frame or at all; the size of strategic investments and the timing and success of those investments; inventory turnover; weather-related disruptions and seasonality of the Company's business; changes in existing tax, labor, foreign trade and other laws and regulations, including those imposing new taxes, surcharges, and tariffs, and compliance with such laws and regulations; increasing labor costs; limitations on the availability of attractive retail store sites; whether we exchange additional Convertible Senior Notes; unauthorized disclosure of sensitive or confidential customer information; website downtime, disruptions or other problems with the eCommerce platform, including interruptions, delays or downtime caused by high volumes of users or transactions, deficiencies in design or implementation, or platform enhancements; disruptions or other problems with information systems; increasing direct competition from vendors, and increasing product costs due to various reasons, including foreign trade issues, currency exchange rate fluctuations, and increasing prices for raw materials due to inflation; risks associated with brick and mortar retail store model, including the ability to optimize our store lease portfolio and our distribution and fulfillment network; our ability to hire and retain quality teammates, including store managers and sales associates; negative reactions from customers, vendors and shareholders regarding Company policy changes and advocacy efforts related to social and political issues; the loss of key personnel; and developments with sports leagues, professional athletes or sports superstars. For additional information on these and other factors that could affect the Company's actual results, see the risk factors set forth in the Company's filings with the Securities and Exchange Commission ("SEC"), including the most recent Annual Report filed with the SEC on March 23, 2022. The Company disclaims and does not undertake any obligation to update or revise any forward-looking statement in this press release, except as required by applicable law or regulation. Forward-looking statements included in this release are made as of the date of this release. About DICK'S Sporting Goods, Inc. DICK'S Sporting Goods (NYSE: DKS) creates confidence and excitement by personally equipping all athletes to achieve their dreams. Founded in 1948 and headquartered in Pittsburgh, the leading omnichannel retailer serves athletes and outdoor enthusiasts in more than 850 DICK'S Sporting Goods, Golf Galaxy, Field & Stream, Public Lands, Going Going Gone! and Warehouse Sale stores, online, and through the DICK'S mobile app. DICK'S also owns and operates DICK'S House of Sport and Golf Galaxy Performance Center, as well as GameChanger, a youth sports mobile app for scheduling, communications, live scorekeeping and video streaming. Driven by its belief that sports make people better, DICK'S has been a longtime champion for youth sports and, together with its Foundation, has donated millions of dollars to support under-resourced teams and athletes through the Sports Matter program and other community-based initiatives. Additional information about DICK'S business, corporate giving, sustainability efforts and employment opportunities can be found on dicks.com, investors.dicks.com, sportsmatter.org, dickssportinggoods.jobs and on Facebook, Twitter and Instagram. Contacts: Media Relations: Category: Earnings DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES 13 Weeks Ended October 29, % of Sales (1) October 30, % of Sales Net sales $ 2,958,861 100.00 % $ 2,747,647 100.00 % Cost of goods sold, including occupancy and 1,946,438 65.78 1,691,071 61.55 GROSS PROFIT 1,012,423 34.22 1,056,576 38.45 Selling, general and administrative expenses 679,747 22.97 631,943 23.00 Pre-opening expenses 7,212 0.24 4,765 0.17 INCOME FROM OPERATIONS 325,464 11.00 419,868 15.28 Interest expense 26,131 0.88 13,789 0.50 Other income (4,826) (0.16) (1,748) (0.06) INCOME BEFORE INCOME TAXES 304,159 10.28 407,827 14.84 Provision for income taxes 75,703 2.56 91,314 3.32 NET INCOME $ 228,456 7.72 % $ 316,513 11.52 % EARNINGS PER COMMON SHARE: Basic $ 2.94 $ 3.79 Diluted $ 2.45 $ 2.78 NUMERATOR USED TO COMPUTE EARNINGS PER Basic $ 228,456 $ 316,513 Diluted $ 236,928 $ 316,513 WEIGHTED AVERAGE COMMON SHARES Basic 77,789 83,537 Diluted 96,681 113,664 (1) Column does not add due to rounding DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES 39 Weeks Ended October 29, % of Sales (1) October 30, % of Sales Net sales $ 8,771,485 100.0 % $ 8,941,208 100.0 % Cost of goods sold, including occupancy and 5,652,966 64.45 5,488,928 61.39 GROSS PROFIT 3,118,519 35.55 3,452,280 38.61 Selling, general and administrative expenses 1,952,408 22.26 1,880,505 21.03 Pre-opening expenses 13,948 0.16 12,545 0.14 INCOME FROM OPERATIONS 1,152,163 13.14 1,559,230 17.44 Interest expense 77,267 0.88 40,971 0.46 Other expense (income) 11,559 0.13 (15,893) (0.18) INCOME BEFORE INCOME TAXES 1,063,337 12.12 1,534,152 17.16 Provision for income taxes 255,820 2.92 360,374 4.03 NET INCOME $ 807,517 9.21 % $ 1,173,778 13.13 % EARNINGS PER COMMON SHARE: Basic $ 10.55 $ 13.93 Diluted $ 8.17 $ 10.70 NUMERATOR USED TO COMPUTE EARNINGS PER Basic $ 807,517 $ 1,173,778 Diluted $ 832,190 $ 1,173,778 WEIGHTED AVERAGE COMMON SHARES Basic 76,527 84,266 Diluted 101,900 109,648 (1) Column does not add due to rounding DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES October 29, October 30, January 29, ASSETS CURRENT ASSETS: Cash and cash equivalents $ 1,437,997 $ 1,372,892 $ 2,643,205 Accounts receivable, net 87,191 89,479 68,263 Income taxes receivable 4,082 683 1,978 Inventories, net 3,361,057 2,490,438 2,297,609 Prepaid expenses and other current assets 96,135 92,673 95,601 Total current assets 4,986,462 4,046,165 5,106,656 Property and equipment, net 1,342,786 1,314,567 1,319,681 Operating lease assets 2,025,149 2,070,135 2,044,819 Intangible assets, net 84,946 87,195 86,767 Goodwill 245,857 245,857 245,857 Deferred income taxes 58,945 42,862 35,024 Other assets 212,455 192,498 202,872 TOTAL ASSETS $ 8,956,600 $ 7,999,279 $ 9,041,676 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 1,473,424 $ 1,399,716 $ 1,281,322 Accrued expenses 500,246 522,010 620,143 Operating lease liabilities 487,119 478,674 480,318 Income taxes payable 32,664 28,430 13,464 Deferred revenue and other liabilities 268,677 239,472 317,433 Total current liabilities 2,762,130 2,668,302 2,712,680 LONG-TERM LIABILITIES: Revolving credit borrowings — — — Senior Notes 1,482,110 — 1,481,443 Convertible Senior Notes 152,006 441,186 449,287 Long-term operating lease liabilities 2,026,774 2,135,515 2,099,146 Other long-term liabilities 156,408 223,459 197,534 Total long-term liabilities 3,817,298 2,800,160 4,227,410 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY: Common stock 570 586 520 Class B common stock 236 237 236 Additional paid-in capital 1,399,694 1,476,701 1,488,834 Retained earnings 4,682,663 3,647,621 3,956,602 Accumulated other comprehensive (loss) income (362) 9 (82) Treasury stock, at cost (3,705,629) (2,594,337) (3,344,524) Total stockholders' equity 2,377,172 2,530,817 2,101,586 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 8,956,600 $ 7,999,279 $ 9,041,676 DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES 39 Weeks Ended October 29, October 30, CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 807,517 $ 1,173,778 Adjustments to reconcile net income to net cash provided by operating Depreciation and amortization 250,522 237,666 Amortization of deferred financing fees and debt discount 3,558 22,693 Deferred income taxes 5,344 8,613 Stock-based compensation 37,579 39,380 Other, net 15,879 — Changes in assets and liabilities: Accounts receivable (36,699) (20,655) Inventories (1,063,448) (536,870) Prepaid expenses and other assets (936) (7,995) Accounts payable 178,633 194,084 Accrued expenses (94,177) (13,918) Income taxes payable / receivable 19,023 (6,854) Construction allowances provided by landlords 36,100 27,677 Deferred revenue and other liabilities (58,613) (30,219) Operating lease assets and liabilities (64,663) (80,734) Net cash provided by operating activities 35,619 1,006,646 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (274,307) (231,087) Proceeds from sale of other assets 14,261 9,671 Deposits and other investing activities (32,885) (19,130) Net cash used in investing activities (292,931) (240,546) CASH FLOWS FROM FINANCING ACTIVITIES: Principal paid in connection with exchange of Convertible Senior Notes (420,558) — Payments on finance lease obligations (548) (553) Proceeds from exercise of stock options 19,953 24,930 Minimum tax withholding requirements (43,227) (29,893) Cash paid for treasury stock (392,882) (426,111) Cash dividends paid to stockholders (123,823) (567,245) Increase (decrease) in bank overdraft 13,469 (52,461) Net cash used in financing activities (947,616) (1,051,333) EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (280) 58 NET DECREASE IN CASH AND CASH EQUIVALENTS (1,205,208) (285,175) CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 2,643,205 1,658,067 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 1,437,997 $ 1,372,892 DICK'S SPORTING GOODS, INC. Non-GAAP Net Income and Earnings Per Share Reconciliations 13 Weeks Ended October 29, 2022 Net income After tax Numerator used Weighted Earnings per GAAP Basis $ 228,456 $ 8,472 $ 236,928 96,681 $ 2.45 % of Net Sales 7.72 % 0.29 % 8.01 % Convertible Senior Notes (1) — (8,472) (8,472) (8,825) Non-GAAP Basis $ 228,456 $ — $ 228,456 87,856 $ 2.60 % of Net Sales 7.72 % — % 7.72 % (1) Adjustment eliminates the impact of assumed share settlement of the Convertible Senior Notes as required by the if-converted method. (2) The provision for income taxes for non-GAAP adjustments was calculated at 26% which approximates the Company's blended tax rate. 39 Weeks Ended October 29, 2022 Net income After tax Numerator used Weighted Earnings per GAAP Basis $ 807,517 $ 24,673 $ 832,190 101,900 $ 8.17 % of Net Sales 9.21 % 0.28 % 9.49 % Convertible Senior Notes (1) — (24,673) (24,673) (13,262) Non-GAAP Basis $ 807,517 $ — $ 807,517 88,638 $ 9.11 % of Net Sales 9.21 % — % 9.21 % (1) Adjustment eliminates the impact of assumed share settlement of the Convertible Senior Notes as required by the if-converted method. (2) The provision for income taxes for non-GAAP adjustments was calculated at 26% which approximates the Company's blended tax rate. 13 Weeks Ended October 30, 2021 Income Interest Income Net Diluted Earnings GAAP Basis $ 419,868 $ 13,789 $ 407,827 $ 316,513 113,664 $ 2.78 % of Net Sales 15.28 % 0.50 % 14.84 % 11.52 % Convertible Senior Notes (1) — (7,731) 7,731 5,720 (12,794) Non-GAAP Basis $ 419,868 $ 6,058 $ 415,558 $ 322,233 100,870 $ 3.19 % of Net Sales 15.28 % 0.22 % 15.12 % 11.73 % (1) Amortization of the non-cash debt discount on the Company's Convertible Senior Notes and diluted shares that are designed to be (2) The provision for income taxes for non-GAAP adjustments was calculated at 26% which approximated the Company's blended tax 39 Weeks Ended October 30, 2021 Income Interest Income Net Diluted Earnings GAAP Basis $ 1,559,230 $ 40,971 $ 1,534,152 $ 1,173,778 109,648 $ 10.70 % of Net Sales 17.44 % 0.46 % 17.16 % 13.13 % Convertible Senior Notes (1) — (22,693) 22,693 16,793 (10,896) Non-GAAP Basis $ 1,559,230 $ 18,278 $ 1,556,845 $ 1,190,571 98,752 $ 12.06 % of Net Sales 17.44 % 0.20 % 17.41 % 13.32 % (1) Amortization of the non-cash debt discount on the Company's Convertible Senior Notes and diluted shares that are designed to be (2) The provision for income taxes for non-GAAP adjustments was calculated at 26% which approximated the Company's blended tax 13 Weeks Ended November 2, 2019 Selling, general Income Gain on sale Income Net Earnings GAAP Basis $ 531,704 $ 45,625 $ (33,779) $ 77,146 $ 57,584 $ 0.66 % of Net Sales 27.10 % 2.33 % (1.72) % 3.93 % 2.93 % Gain on sale of subsidiaries (1) — — 33,779 (33,779) (24,996) Hunt restructuring charges (2) (8,938) 8,938 — 8,938 6,614 Non-cash asset impairment (3) (7,630) 7,630 — 7,630 5,646 Non-GAAP Basis $ 515,136 $ 62,193 $ — $ 59,935 $ 44,848 $ 0.52 % of Net Sales 26.25 % 3.17 % — % 3.05 % 2.29 % (1) Gain on sale of Blue Sombrero and Affinity Sports subsidiaries. (2) Charge related to the Company's exit from eight Field & Stream stores, which were subleased to Sportsman's Warehouse. (3) Non-cash impairment charge to reduce the carrying value of a corporate aircraft held for sale to its fair market value. (4) The provision for income taxes for non-GAAP adjustments was calculated at 26% which approximated the Company's blended tax Reconciliation of Gross Capital Expenditures to Net Capital Expenditures The following table represents a reconciliation of the Company's gross capital expenditures to its capital expenditures, net 39 Weeks Ended October 29, October 30, Gross capital expenditures $ (274,307) $ (231,087) Construction allowances provided by landlords 36,100 27,677 Net capital expenditures $ (238,207) $ (203,410) Reconciliation of Non-GAAP Earnings Per Diluted Share Guidance 52 Weeks Ended January 28, 2023 Low End High End Net income After tax Numerator Weighted Earnings Net income After tax Numerator Weighted Earnings GAAP Basis $ 1,015 $ 26 $ 1,041 99 $ 10.50 $ 1,070 $ 26 $ 1,096 99 $ 11.10 Convertible Senior Notes (1) — (26) (26) (11) — (26) (26) (11) Non-GAAP Basis $ 1,015 $ — $ 1,015 88 $ 11.50 $ 1,070 $ — $ 1,070 88 $ 12.10 (1) Adjustment eliminates the impact of assumed share settlement of the Convertible Senior Notes as required by the if-converted method. (2) The provision for income taxes for non-GAAP adjustments was calculated at 26%, which approximates the Company's blended tax SOURCE DICK'S Sporting Goods, Inc.
strategies continue to work as we reimagine the athlete experience and offer a compelling and
differentiated assortment as well as a best-in-class omni-channel ecosystem. I'd like to thank all our
teammates for their hard work and unwavering dedication to our business."
10.3%, which was over three times our 2019 non-GAAP rate. DICK'S is a growth company, and our Q3
sales results are powerful evidence of our sustainable growth story. Because of our continued strong
performance, quality of inventory and the confidence we have in our business, we are raising our full year
2022 outlook."
2022
2021
2022
2021
2022
2021
(3)
(3)
2022
2021
Senior Notes (7)
Investor Relations:
Nate Gilch, Senior Director of Investor Relations
DICK'S Sporting Goods, Inc.
investors@dcsg.com
(724) 273-3400
(724) 273-5552 or press@dcsg.com
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED
(In thousands, except per share data)
2022 (1)
2021
distribution costs
COMMON SHARE:
OUTSTANDING:
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED
(In thousands, except per share data)
2022 (1)
2021
distribution costs
COMMON SHARE:
OUTSTANDING:
CONSOLIDATED BALANCE SHEETS - UNAUDITED
(In thousands)
2022
2021
2022
CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED
(In thousands)
2022
2021
activities:
GAAP to NON-GAAP RECONCILIATIONS - UNAUDITED
(in thousands, except per share amounts)
interest from
Convertible
Senior Notes (2)
to compute
earnings per
diluted share
average
diluted
shares
diluted
share
Due to the Company's intent to settle the Convertible Senior Notes' principal in cash and the shares the Company expects to receive
under its convertible bond hedge, which is designed to offset dilution, the Company does not expect the Convertible Senior Notes will
have a dilutive effect upon conversion. Accordingly, the Company believes reflecting the notes as debt more closely represents the
economics of the transaction upon future conversion.
interest from
Convertible
Senior Notes (2)
to compute
earnings per
diluted share
average
diluted
shares
diluted
share
Due to the Company's intent to settle the Convertible Senior Notes' principal in cash and the shares the Company expects to receive
under its convertible bond hedge, which is designed to offset dilution, the Company does not expect the Convertible Senior Notes will
have a dilutive effect upon conversion. Accordingly, the Company believes reflecting the notes as debt more closely represents the
economics of the transaction upon future conversion.
from
operations
expense
before
income taxes
income (2)
shares
outstanding
during
period
per
diluted
share
offset at settlement by shares delivered from the convertible note hedge purchased by the Company.
rate.
from
operations
expense
before
income taxes
income (2)
shares
outstanding
during
period
per
diluted
share
offset at settlement by shares delivered from the convertible note hedge purchased by the Company.
rate.
and
administrative
expenses
from
operations
of
subsidiarie
s
before
income taxes
income (4)
per
diluted
share
rate.
(in thousands)
of tenant allowances.
2022
2021
(in millions, except per share amounts)
interest
from
Convertible
Senior
Notes (2)
used to
compute
earnings
per diluted
share
average
diluted
shares
per
diluted
share
interest
from
Convertible
Senior
Notes (2)
used to
compute
earnings
per diluted
share
average
diluted
shares
per
diluted
share
Due to the Company's intent to settle the Convertible Senior Notes' principal in cash and the shares the Company expects to receive
under its convertible bond hedge, which is designed to offset dilution, the Company does not expect the Convertible Senior Notes will
have a dilutive effect upon conversion. Accordingly, the Company believes reflecting the notes as debt more closely represents the
economics of the transaction upon future conversion.
rate.
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