Barnes & Noble Education Q1 FY25 Results Released

TL;DR

**BNED Q1 FY25:** Sales down year-over-year. Full details in 10-Q.

AI Summary

Barnes & Noble Education, Inc. reported its first quarter results for fiscal year 2025, ending July 27, 2024. The company's financial performance for the quarter showed a decrease in total net sales compared to the same period last year. Specific financial figures and operational details are available within the full filing.

Why It Matters

This filing provides insight into the current financial health and operational performance of Barnes & Noble Education, Inc., which can impact investors and stakeholders.

Risk Assessment

Risk Level: medium — The filing is a routine quarterly report, but the company's financial performance and any disclosed risks could influence its risk profile.

Key Numbers

• 20240727 — Fiscal Year End Date (Indicates the end of the reporting period for the Q1 FY25 results.)
• 20240910 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• Barnes & Noble Education, Inc. (company) — Filer of the 10-Q report
• 20240727 (date) — End of the reporting period for the 10-Q
• 20240910 (date) — Filing date of the 10-Q

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value per share BNED New York Stock
• $265,522 — ion of our tax attributes including our $265,522 NOL carryforward; changes in applicabl

Filing Documents

• bned-20240727.htm (10-Q) — 1349KB
• ex311-20240727xq125.htm (EX-31.1) — 12KB
• ex312-20240727xq125.htm (EX-31.2) — 12KB
• ex321-20240727xq125.htm (EX-32.1) — 6KB
• ex322-20240727xq125.htm (EX-32.2) — 6KB
• 0001634117-24-000078.txt ( ) — 6166KB
• bned-20240727.xsd (EX-101.SCH) — 36KB
• bned-20240727_cal.xml (EX-101.CAL) — 27KB
• bned-20240727_def.xml (EX-101.DEF) — 336KB
• bned-20240727_lab.xml (EX-101.LAB) — 450KB
• bned-20240727_pre.xml (EX-101.PRE) — 398KB
• bned-20240727_htm.xml (XML) — 744KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) Condensed Consolidated Statements of Operations – For the 13 weeks ended July 27, 2024 and July 29, 2023 5 Condensed Consolidated Balance Sheets – As of July 27, 2024, July 29, 2023, and April 27, 2024 6 Condensed Consolidated Statements of Cash Flows – For the 13 weeks ended July 27, 2024 and July 29, 2023 7 Condensed Consolidated Statements of Equity – As of July 27, 2024 and July 29, 2023 9 Notes to Condensed Consolidated Financial Statements 10 Note 1. Organization 10 Note 2. Summary of Significant Accounting Policies 10 Note 3. Revenue 14 Note 4. Segment Reporting 15 Note 5. Equity and Earnings Per Share 18 Note 6. Fair Value Measurements 20 Note 7. Debt 21 Note 8. Leases 23 Note 9. Supplementary Information 24 Note 10. Long-Term Incentive Plan Compensation Expense 25 Note 11. Employee Benefit Plans 25 Note 12. Income Taxes 25 Note 13.

Legal Proceedings

Legal Proceedings 26 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Overview 27 Results of Operations 31 Non-GAAP Measures 39 Liquidity and Capital Resources 41 Item 4.

Controls and Procedures

Controls and Procedures 44 PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 45 Item 1A.

Risk Factors

Risk Factors 45 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 45 Item 5. Other Information 45 Item 6. Exhibits 46

SIGNATURES

SIGNATURES 47 2 Table of Contents DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS This quarterly report on Form 10-Q 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-Q 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: our ability to satisfy future capital and liquidity requirements; 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; the pace of affordable textbook access adoption in the marketplace is slower than anticipated and our ability to successfully convert the majority of our institutions to our BNC First Day aff

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

: Financial Statements

Item 1: Financial Statements BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (In thousands, except per share data) (unaudited) 13 weeks ended July 27, 2024 July 29, 2023 Sales: Product sales and other $ 250,926 $ 252,650 Rental income 12,505 11,511 Total sales 263,431 264,161 Cost of sales (exclusive of depreciation and amortization expense): Product and other cost of sales 209,425 207,014 Rental cost of sales 6,800 6,513 Total cost of sales 216,225 213,527 Gross profit 47,206 50,634 Selling and administrative expenses 67,023 77,476 Depreciation and amortization expense 13,057 10,253 Loss on extinguishment of debt 55,233 — Restructuring and other charges 3,618 4,633 Operating loss ( 91,725 ) ( 41,728 ) Interest expense, net 7,618 8,254 Loss from continuing operations before income taxes ( 99,343 ) ( 49,982 ) Income tax expense (benefit) 136 ( 11 ) Loss from continuing operations $ ( 99,479 ) $ ( 49,971 ) Loss from discontinued operations, net of tax of $ 0 , and $ 20 , respectively $ — $ ( 417 ) Net loss $ ( 99,479 ) $ ( 50,388 ) Loss per share of common stock: Basic and Diluted: Continuing operations $ ( 7.36 ) $ ( 18.87 ) Discontinued operations $ — $ ( 0.16 ) Total Basic and Diluted Earnings per share $ ( 7.36 ) $ ( 19.03 ) Weighted average common shares outstanding - Basic and Diluted 13,511 2,648 See accompanying notes to condensed consolidated financial statements. 5 Table of Contents BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In thousands, except per share data) July 27, 2024 July 29, 2023 April 27, 2024 (unaudited) (unaudited) (audited) ASSETS Current assets: Cash and cash equivalents $ 8,212 $ 7,657 $ 10,459 Receivables, net 154,405 140,858 104,110 Merchandise inventories, net 395,272 384,185 344,037 Textbook rental inventories 10,320 6,860 32,992 Prepaid expenses and other current assets 33,152 59,012 39,158

View Full Filing

View this 10-Q filing on SEC EDGAR