Barnes & Noble Education Files 2024 10-K

Ticker: BNED · Form: 10-K · Filed: Jul 1, 2024 · CIK: 1634117

Sentiment: neutral

Topics: 10-K, annual-report, retail

TL;DR

BNED filed its 2024 10-K. Full year financials are in.

AI Summary

Barnes & Noble Education, Inc. filed its 10-K for the fiscal year ending April 27, 2024. The company operates physical and virtual stores, and a wholesale segment. Key financial data and operational details for the fiscal year 2024 are presented in this filing.

Why It Matters

This filing provides a comprehensive overview of Barnes & Noble Education's financial performance and business operations for the past fiscal year, crucial for investors and stakeholders to assess the company's health and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard annual report, but the company's financial health and operational performance can carry inherent risks.

Key Numbers

Key Players & Entities

FAQ

What were the primary business segments of Barnes & Noble Education during the fiscal year ending April 27, 2024?

The company operated through physical stores, virtual stores, and a wholesale segment, as indicated by the filing.

What is the accession number for this 10-K filing?

The accession number for this filing is 0001634117-24-000048.

When did Barnes & Noble Education's fiscal year 2024 conclude?

The fiscal year concluded on April 27, 2024.

What is the Standard Industrial Classification (SIC) code for Barnes & Noble Education?

The SIC code listed is 5940, for RETAIL-MISCELLANEOUS SHOPPING GOODS STORES.

What is the company's principal business address?

The business address is 120 Mountain View Boulevard, Basking Ridge, NJ 07920.

Filing Stats: 4,469 words · 18 min read · ~15 pages · Grade level 15.6 · Accepted 2024-07-01 16:46:02

Key Financial Figures

Filing Documents

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 19 Item 1B. Unresolved Staff Comments 31 Item 1C. Cybersecurity 31 Item 2.

Properties

Properties 32 Item 3.

Legal Proceedings

Legal Proceedings 33 Item 4. Mine Safety Disclosures 33 PART II Item 5. Market For Registrant's Common Equity, Related Stockholder Matters And Issuer Purchases Of Equity Securities 34 Item 6.

Selected Financial Data [Reserved]

Selected Financial Data [Reserved] 35 Item 7.

Management's Discussion And Analysis Of Financial Condition And Results Of Operations

Management's Discussion And Analysis Of Financial Condition And Results Of Operations 36 Overview 36 Results Of Operations 39 Non-GAAP Measures 49 Liquidity And Capital Resources 52 Critical Accounting Policies And Estimates 57 Item 7A.

Quantitative And Qualitative Disclosures About Market Risk

Quantitative And Qualitative Disclosures About Market Risk 60 Item 8.

Financial Statements And Supplementary Data

Financial Statements And Supplementary Data 61 Item 9. Changes In And Disagreements With Accountants On Accounting And Financial Disclosure 105 Item 9A.

Controls And Procedures

Controls And Procedures 105 Item 9B. Other Information 107 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 107 PART III Item 10. Directors, Executive Officers And Corporate Governance 107 Item 11.

Executive Compensation

Executive Compensation 107 Item 12.

Security Ownership Of Certain Beneficial Owners And Management And Related Stockholder Matters

Security Ownership Of Certain Beneficial Owners And Management And Related Stockholder Matters 107 Item 13. Certain Relationships And Related Transactions, And Director Independence 107 Item 14. Principal Accountant Fees And Services 108 PART IV Item 15. Exhibits, Financial Statement Schedules 108 Item 16. Form 10-K Summary 113

Signatures

Signatures 114 2 Index to Form 10-K Index to FS DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS This annual report on Form 10-K contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and information relating to us and our business that are based on the beliefs of our management as well as assumptions made by and information currently available to our management. When used in this communication, the words "anticipate," "believe," "estimate," "expect," "intend," "plan," "will," "forecasts," "projections," and similar expressions, as they relate to us or our management, identify forward-looking statements. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this Form 10-K may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Such statements reflect our current views with respect to future events, the outcome of which is subject to certain risks, including, among others: the amount of our indebtedness and ability to comply with covenants applicable to current and/or any future debt financing; our ability to satisfy future capital and liquidity requirements; our ability to continue as a going concern; our ability to access the credit and capital markets at the times and in the amounts needed and on acceptable terms; our ability to maintain adequate liquidity levels to support ongoing inventory purchases and related vendor payments in a timely manner; our abilit

BUSINESS

Item 1. BUSINESS Unless the context otherwise indicates, references to "we," "us," "our" and "the Company" refer to Barnes & Noble Education, Inc. or "BNED", a Delaware corporation. References to "Barnes & Noble College" or "BNC" refer to our subsidiary Barnes & Noble College Booksellers, LLC. References to "MBS" refer to our subsidiary MBS Textbook Exchange, LLC. Our fiscal year is comprised of 52 or 53 weeks, ending on the Saturday closest to the last day of April. "Fiscal 2024" means the 52 weeks ended April 27, 2024,"Fiscal 2023" means the 52 weeks ended April 29, 2023, and "Fiscal 2022" means the 52 weeks ended April 30, 2022. OVERVIEW General Barnes & Noble Education, Inc. ("BNED") is one of the largest contract operators of physical and virtual bookstores for college and university campuses and K-12 institutions across the United States. We are also one of the largest textbook wholesalers and inventory management hardware and software providers. We operate 1,245 physical, virtual, and custom bookstores and serve more than 5.8 million students, delivering essential educational content, tools and general merchandise within a dynamic omnichannel retail environment. The strengths of our business include our ability to compete by developing new products and solutions to meet market needs, our large operating footprint with direct access to students and faculty, our well-established, deep relationships with academic partners and stable, long-term contracts and our well-recognized brands. We provide product and service offerings designed to address the most pressing issues in higher education, including equitable access, enhanced convenience and improved affordability through innovative course material delivery models designed to drive improved student experiences and outcomes. We offer our BNC First Day equitable and inclusive access programs, consisting of First Day Complete and First Day , which provide faculty required course materials on or before the fi

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