BJ's Wholesale Club Holdings Inc (NYSE:BJ) stock broke out above $80 after the retailer's earnings report, a level that is also the site of 2022 highs. Follow-through buying then pushed the shares above $85, or five times their initial public offering (IPO) price of $17 back in 2017. Now looks like an excellent time to bet on a move higher, given its mild pullback and relative strength amid this week's broad-market selloff. Subscribers to Schaeffer's Weekend Trader options recommendation service received th ...

The company showed retail investors and analysts what they wanted to see. Shares of membership-based warehouse chain BJ's Wholesale Club (BJ -0.25%) were up 17.9% in May, according to data provided by S&P Global Market Intelligence. The stock was pretty cheap already going into the month -- and then the company reported strong financial results on May 23 that rallied investors. The numbers for BJ's Wholesale's fiscal first quarter of 2024 weren't necessarily head-turning. Total Q1 revenue for the company wa ...

Financial Performance - Net sales for the first quarter of fiscal year 2024 were $4.8 billion, a 4.0% increase from $4.6 billion in the first quarter of fiscal year 2023[124] - Membership fee income increased by 8.6% to $111.4 million in the first quarter of fiscal year 2024, up from $102.5 million in the same period last year[128] - Comparable club sales increased by 1.6% in the first quarter of fiscal year 2024, compared to a 2.0% increase in the first quarter of fiscal year 2023[123] - Merchandise comparable club sales rose by 0.6% in the first quarter of fiscal year 2024, driven by a 1.4% increase in grocery sales[126] - Adjusted net income for the first quarter of fiscal year 2024 was $113.4 million, compared to $115.6 million in the first quarter of fiscal year 2023[137] - Adjusted EBITDA for the first quarter of fiscal year 2024 was $236.4 million, down from $251.5 million in the prior year[139] Costs and Expenses - Cost of sales was $4.0 billion, representing 83.9% of net sales in the first quarter of fiscal year 2024, compared to 83.2% in the prior year[130] - SG&A expenses increased by 4.7% to $721.8 million in the first quarter of fiscal year 2024, up from $689.3 million in the same period last year[132] - Interest expense for the first quarter of fiscal year 2024 was $14.0 million, a decrease from $14.7 million in the same quarter of fiscal year 2023, due to reduced borrowings and interest rate fluctuations[162] - Income tax expense decreased to $35.8 million in the first quarter of fiscal 2024 from $56.1 million in the same quarter of fiscal 2023, primarily due to higher tax benefits from stock-based compensation[163] - The company expects SG&A expenses to increase in future periods due to investments in comparable club sales growth and the expansion of its footprint[160] Cash Flow and Debt - Net cash provided by operating activities was $200.8 million for the first three months of fiscal year 2024, compared to $119.1 million in the same period last year[142] - Adjusted free cash flow for the first quarter of fiscal year 2024 was $95.1 million, significantly up from $27.0 million in the prior year[175] - The company’s total debt outstanding as of May 4, 2024, was $670.0 million, including $270.0 million under the ABL Revolving Facility and $400.0 million under the First Lien Term Loan[211] - The company had $911.6 million of unused capacity under its ABL Revolving Facility as of May 4, 2024[140] Membership and Private Label Brands - The company has over 7 million members, with annual membership fees of $55 for Club Card and $110 for Club+ memberships, leading to membership fee income of $429.5 million for the trailing twelve months ended May 4, 2024[144] - The company's two private label brands, Wellsley Farms® and Berkley Jensen®, generated approximately $4.1 billion in annual sales for fiscal year 2023[144] Pre-opening and Future Outlook - Pre-opening expenses decreased to $0.9 million in the first quarter of fiscal year 2024 from $3.9 million in the same quarter of fiscal year 2023, reflecting fewer club openings[161] - Comparable club sales increased by 1.6% for the first quarter of fiscal 2024, with merchandise comparable club sales growth at 0.6% after accounting for a 1.0% impact from gasoline sales[155]

Core Insights - The grocery sector is highlighted as a defensive investment, providing stability during market volatility, with consistent sales growth even amid economic uncertainty [1] Industry Overview - The food and grocery retail market experienced a 5.3% compound annual growth rate (CAGR) from 2019 to 2023, driven by changing consumer preferences, population growth, and new shopping habits [2] - U.S. online grocery sales reached $8.5 billion in April, marking a 4% increase from the previous year [2] - The global grocery market is projected to grow from $12.4 trillion in 2024 to over $17 trillion by 2034 [2] Company Analysis: BJ's Wholesale Club (BJ) - BJ's Wholesale Club reported a 4.1% year-over-year revenue increase to $4.9 billion, with comparable club sales up 1.6% and e-commerce sales surging 21% [4] - The company plans to open 12 new clubs in 2024, primarily on the East Coast, and has expanded into gas stations to enhance revenue [5] - BJ's focus on e-commerce and digital platform investment positions it well for future growth in the online grocery market [6] - BJ's stock has increased 32% year-to-date, trading at 22.5 times forward earnings and 0.6 times sales [7] Company Analysis: Walmart (WMT) - Walmart reported total revenues of $161.51 billion in the first quarter of fiscal 2025, with significant contributions from Walmart U.S. ($108.67 billion) and Walmart International ($29.83 billion) [9] - The company's gross profit margin was 24.5%, and net profit margin stood at 2.88%, with adjusted EPS reflecting a 22.4% year-over-year growth [9] - Walmart launched Walmart Luminate, a data analytics platform aimed at enhancing supply chain efficiency and driving sales growth [10] - Walmart's stock has advanced 24% year-to-date, trading at 27.8 times forward earnings and 0.8 times sales, with a 12-month median price forecast suggesting a 7% upside potential [11] Company Analysis: iShares U.S. Consumer Goods ETF (IYK) - IYK provides broad exposure to the U.S. consumer staples sector, including food and household items, with net assets of $1.3 billion [12][13] - The ETF is diversified, with 57% of its investments in Food, Beverage, and Tobacco, and top holdings include Procter & Gamble, PepsiCo, and Coca-Cola [13][14] - IYK has gained over 4% since January, trading at 21 times trailing earnings and four times book value, with a dividend yield of 2.6% [15]

Photo by Bill Foley/Getty Images The strong seasonal period is beginning. Cycles Research Investments LLC HP was formerly known as Hewlett Packard and provides personal computing, digital access devices, imaging and printing products, in addition to related technologies, solutions and services. The company reports earnings this week, and the cycles suggest that the earnings report will be met with buying. This is one of the few technology stocks that is not overbought. In fact there are higher lows in month ...

BJ's Wholesale Club Holdings, Inc. (NYSE:BJ) Q1 2024 Earnings Conference Call May 23, 2024 8:00 AM ET Company Participants Cathy Park - IR Bob Eddy - Chairman & CEO Laura Felice - CFO Bill Werner - EVP, Strategy & Development Conference Call Participants Peter Benedict - Baird Kate McShane - Goldman Sachs Simeon Gutman - Morgan Stanley Robby Ohmes - Bank of America Chuck Grom - Gordon Haskett Greg Melich - Evercore ISI Michael Baker - D.A. Davidson Edward Kelly - Wells Fargo Chuck Cerankosky - Northcoast Re ...

BJ's Wholesale Club Holdings, Inc. (BJ) came up with its first-quarter fiscal 2024 results, wherein both the top and bottom lines beat the Zacks Consensus Estimate. While total revenues improved from the year-ago period, earnings remained flat year over year. Additionally, BJ's Wholesale Club's comparable club sales showcased decent growth. The company experienced stellar growth in membership, traffic and unit volumes during the quarter. BJ's Wholesale Club's enhancements in merchandising and digital conven ...

BJ's Wholesale Club (BJ) reported $4.92 billion in revenue for the quarter ended April 2024, representing a year-over-year increase of 4.1%. EPS of $0.85 for the same period compares to $0.85 a year ago. The reported revenue compares to the Zacks Consensus Estimate of $4.88 billion, representing a surprise of +0.76%. The company delivered an EPS surprise of +2.41%, with the consensus EPS estimate being $0.83. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- ...

BJ's Wholesale Club (BJ) came out with quarterly earnings of $0.85 per share, beating the Zacks Consensus Estimate of $0.83 per share. This compares to earnings of $0.85 per share a year ago. These figures are adjusted for non-recurring items. While BJ's has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings ...

[Executive Summary & Company Overview](index=1&type=section&id=1.%20Executive%20Summary%20%26%20Company%20Overview) This section summarizes BJ's Wholesale Club's Q1 FY24 performance, financial highlights, fiscal 2024 outlook, and company background [First Quarter Fiscal 2024 Highlights](index=1&type=section&id=1.1%20First%20Quarter%20Fiscal%202024%20Highlights) BJ's Wholesale Club reported strong Q1 FY24 results with increased comparable club sales, membership fee income, and digitally enabled sales, alongside stable adjusted EPS - Comparable club sales increased by **1.6%** year-over-year[9](index=9&type=chunk)[38](index=38&type=chunk) - Comparable club sales, excluding gasoline, increased by **0.6%** year-over-year[1](index=1&type=chunk)[38](index=38&type=chunk) - Membership fee income increased by **8.6%** year-over-year to **$111.4 million**[9](index=9&type=chunk)[37](index=37&type=chunk) - Digitally enabled comparable sales growth was **21.0%** year-over-year[16](index=16&type=chunk) - Earnings per diluted share (EPS) was **$0.83**, and adjusted EPS was **$0.85**[9](index=9&type=chunk)[37](index=37&type=chunk) - Merchandise gross margin rate decreased by **50 basis points** year-over-year[16](index=16&type=chunk) - The Company opened **one new club** and **one new gas station**[37](index=37&type=chunk) - CEO Bob Eddy highlighted strong increases in membership, traffic, and unit volumes, attributing it to merchandising improvements and digital conveniences, and confirmed being on track for **12 new club openings** this year[9](index=9&type=chunk) Key Measures for the Thirteen Weeks Ended May 4, 2024 | Metric | 13 Weeks Ended May 4, 2024 (Thousands) | 13 Weeks Ended April 29, 2023 (Thousands) | % Growth (Decline) | | :-------------------------------- | :------------------------------------- | :---------------------------------------- | :----------------- | | Net sales | $4,807,129 | $4,620,620 | 4.0 % | | Membership fee income | $111,390 | $102,522 | 8.6 % | | Total revenues | $4,918,519 | $4,723,142 | 4.1 % | | Operating income | $160,755 | $186,770 | (13.9)% | | Income from continuing operations | $111,019 | $115,988 | (4.3)% | | Adjusted EBITDA | $236,386 | $251,538 | (6.0)% | | Net income | $111,019 | $116,077 | (4.4)% | | EPS ($) | $0.83 | $0.85 | (2.4)% | | Adjusted net income | $113,408 | $115,646 | (1.9)% | | Adjusted EPS ($) | $0.85 | $0.85 | — % | | Basic weighted-average shares outstanding (Thousands) | 132,397 | 133,312 | | | Diluted weighted-average shares outstanding (Thousands) | 134,111 | 135,902 | | [Additional Financial Highlights](index=2&type=section&id=1.2%20Additional%20Financial%20Highlights) Gross profit increased due to membership fee income, while SG&A expenses rose from new club openings and investments, leading to decreased net income and adjusted EBITDA, alongside reduced income tax expense and share repurchases - Gross profit increased to **$883.4 million** in Q1 FY24 from **$880.0 million** in Q1 FY23, driven by membership fee income growth[18](index=18&type=chunk) - Merchandise gross margin rate decreased by **50 basis points** year-over-year, primarily due to lower ancillary income[18](index=18&type=chunk) - Selling, general and administrative expenses (SG&A) increased to **$721.8 million** in Q1 FY24 from **$689.3 million** in Q1 FY23, mainly due to increased labor and occupancy costs from new club/gas station openings and strategic investments[11](index=11&type=chunk) - Net income decreased to **$111.0 million** in Q1 FY24 compared to **$116.1 million** in Q1 FY23[12](index=12&type=chunk) - Income from continuing operations before income taxes decreased to **$146.8 million** in Q1 FY24 compared to **$172.1 million** in Q1 FY23[39](index=39&type=chunk) - Income tax expense decreased to **$35.8 million** in Q1 FY24 compared to **$56.1 million** in Q1 FY23, primarily due to higher tax benefits from stock-based compensation[19](index=19&type=chunk) - Adjusted EBITDA decreased to **$236.4 million** in Q1 FY24 compared to **$251.5 million** in Q1 FY23[40](index=40&type=chunk) - The Company repurchased **405,110 shares** of common stock, totaling **$30.2 million**, in Q1 FY24[20](index=20&type=chunk) [Fiscal 2024 Outlook](index=2&type=section&id=1.3%20Fiscal%202024%20Outlook) BJ's Wholesale Club maintains an unchanged fiscal 2024 outlook, confident in sustaining strong traffic, unit volumes, and market share through member value and strategic execution - The Company's outlook for fiscal 2024 remains unchanged[41](index=41&type=chunk) - Management is confident in maintaining strength in traffic, unit volumes, and market share[41](index=41&type=chunk) - Strategic priorities include delivering value to members and executing on growth plans[41](index=41&type=chunk) [About BJ's Wholesale Club Holdings, Inc.](index=2&type=section&id=1.4%20About%20BJ's%20Wholesale%20Club%20Holdings,%20Inc.) BJ's Wholesale Club Holdings, Inc. is a leading membership warehouse club operator, providing diverse products and services across 244 clubs and 176 gas locations in 20 states - BJ's Wholesale Club is a leading operator of membership warehouse clubs[14](index=14&type=chunk) - The company's purpose is "We take care of the families who depend on us"[14](index=14&type=chunk) - Offers a wide assortment of fresh foods, produce, deli, bakery, household essentials, gas, technology, home decor, apparel, and seasonal items[14](index=14&type=chunk) - Operates **244 clubs** and **176 BJ's Gas locations** in **20 states**[14](index=14&type=chunk) - Pioneered the warehouse club model in New England in **1984**[14](index=14&type=chunk) [Financial Statements (Unaudited)](index=4&type=section&id=2.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated statements of operations, balance sheets, and cash flows for BJ's Wholesale Club, detailing the company's financial performance and position [Condensed Consolidated Statements of Operations](index=4&type=section&id=2.1%20Condensed%20Consolidated%20Statements%20of%20Operations) Total revenues increased by **4.1%** year-over-year, driven by net sales and membership fee income, while operating income, income before taxes, and net income all decreased Condensed Consolidated Statements of Operations (Amounts in thousands, except per share amounts) | Metric | 13 Weeks Ended May 4, 2024 | 13 Weeks Ended April 29, 2023 | | :------------------------------------------------ | :------------------------- | :-------------------------- | | Net sales (Thousands) | $4,807,129 | $4,620,620 | | Membership fee income (Thousands) | $111,390 | $102,522 | | Total revenues (Thousands) | $4,918,519 | $4,723,142 | | Cost of sales (Thousands) | $4,035,129 | $3,843,150 | | Selling, general and administrative expenses (Thousands) | $721,771 | $689,328 | | Pre-opening expenses (Thousands) | $864 | $3,894 | | Operating income (Thousands) | $160,755 | $186,770 | | Interest expense, net (Thousands) | $13,951 | $14,690 | | Income from continuing operations before income taxes (Thousands) | $146,804 | $172,080 | | Provision for income taxes (Thousands) | $35,785 | $56,092 | | Income from continuing operations (Thousands) | $111,019 | $115,988 | | Income from discontinued operations, net of income taxes (Thousands) | — | $89 | | Net income (Thousands) | $111,019 | $116,077 | | Income per share attributable to common stockholders - basic: Income from continuing operations ($) | $0.84 | $0.87 | | Income from discontinued operations ($) | — | — | | Net income ($) | $0.84 | $0.87 | | Income per share attributable to common stockholders - diluted: Income from continuing operations ($) | $0.83 | $0.85 | | Income from discontinued operations ($) | — | — | | Net income ($) | $0.83 | $0.85 | [Condensed Consolidated Balance Sheets](index=5&type=section&id=2.2%20Condensed%20Consolidated%20Balance%20Sheets) Total assets increased due to property, lease assets, and inventories, while total liabilities decreased from reduced debt, leading to a significant increase in stockholders' equity Condensed Consolidated Balance Sheets (Amounts in thousands) | Metric | May 4, 2024 | April 29, 2023 | | :----------------------------------------- | :------------ | :------------- | | **ASSETS** | | | | Cash and cash equivalents (Thousands) | $35,094 | $23,387 | | Accounts receivable, net (Thousands) | $225,199 | $217,866 | | Merchandise inventories (Thousands) | $1,533,310 | $1,532,006 | | Prepaid expense and other current assets (Thousands) | $85,048 | $69,048 | | Total current assets (Thousands) | $1,878,651 | $1,842,307 | | Operating lease right-of-use assets, net (Thousands) | $2,159,955 | $2,124,621 | | Property and equipment, net (Thousands) | $1,620,255 | $1,364,815 | | Goodwill (Thousands) | $1,008,816 | $1,008,816 | | Intangibles, net (Thousands) | $106,001 | $113,536 | | Deferred income taxes (Thousands) | $2,693 | $6,728 | | Other assets (Thousands) | $48,356 | $33,672 | | Total assets (Thousands) | $6,824,727 | $6,494,495 | | **LIABILITIES** | | | | Short-term debt (Thousands) | $270,000 | $400,000 | | Current portion of operating lease liabilities (Thousands) | $156,914 | $178,939 | | Accounts payable (Thousands) | $1,264,873 | $1,281,676 | | Accrued expenses and other current liabilities (Thousands) | $834,053 | $758,724 | | Total current liabilities (Thousands) | $2,525,840 | $2,619,339 | | Long-term operating lease liabilities (Thousands) | $2,069,587 | $2,037,844 | | Long-term debt (Thousands) | $398,509 | $448,004 | | Deferred income taxes (Thousands) | $74,804 | $66,699 | | Other non-current liabilities (Thousands) | $228,567 | $190,883 | | **STOCKHOLDERS' EQUITY** (Thousands) | $1,527,420 | $1,131,726 | | Total liabilities and stockholders' equity (Thousands) | $6,824,727 | $6,494,495 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=2.3%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities significantly increased due to inventory and accounts payable changes, while net cash used in investing and financing activities also rose Condensed Consolidated Statements of Cash Flows (Amounts in thousands) | Metric | 13 Weeks Ended May 4, 2024 | 13 Weeks Ended April 29, 2023 | | :-------------------------------------------------------------------------------- | :------------------------- | :-------------------------- | | Net income (Thousands) | $111,019 | $116,077 | | Depreciation and amortization (Thousands) | $63,422 | $54,190 | | Stock-based compensation expense (Thousands) | $8,590 | $10,007 | | Deferred income tax provision (Thousands) | $1,409 | $14,445 | | Merchandise inventories (change) (Thousands) | $(78,488) | $(153,455) | | Accounts payable (change) (Thousands) | $81,592 | $85,979 | | Net cash provided by operating activities (Thousands) | $200,847 | $119,132 | | Additions to property and equipment, net of disposals (Thousands) | $(105,741) | $(92,084) | | Net cash used in investing activities (Thousands) | $(105,741) | $(92,084) | | Proceeds from revolving lines of credit (Thousands) | $193,000 | $149,000 | | Payments on revolving lines of credit (Thousands) | $(242,000) | $(154,000) | | Acquisition of treasury stock (Thousands) | $(57,256) | $(42,369) | | Net cash used in financing activities (Thousands) | $(96,061) | $(37,576) | | Cash and cash equivalents at end of period (Thousands) | $35,094 | $23,387 | [Non-GAAP Financial Measures](index=3&type=section&id=3.%20Non-GAAP%20Financial%20Measures) This section defines and reconciles various non-GAAP financial measures used by BJ's Wholesale Club to provide supplemental insights into its operating performance and liquidity [Note Regarding Non-GAAP Financial Information](index=3&type=section&id=3.1%20Note%20Regarding%20Non-GAAP%20Financial%20Information) The company utilizes various non-GAAP measures for supplemental analysis of operating performance and liquidity, acknowledging their limitations and the difficulty in providing forward-looking reconciliations - Non-GAAP measures include **adjusted net income**, **adjusted EPS**, **adjusted EBITDA**, **adjusted free cash flow**, **net debt**, and **net debt to LTM adjusted EBITDA**[58](index=58&type=chunk) - These measures assist investors and analysts in comparing operating performance across reporting periods by excluding non-core items[50](index=50&type=chunk) - Adjusted EBITDA is used for annual incentive compensation[63](index=63&type=chunk) - Adjusted free cash flow is used to evaluate liquidity, and net debt/net debt to LTM adjusted EBITDA for borrowing capacity[31](index=31&type=chunk) - Definitions: - Adjusted EBITDA: Income from continuing operations before interest, taxes, depreciation, and amortization, adjusted for stock-based compensation, restructuring, and other items[4](index=4&type=chunk)[28](index=28&type=chunk) - Adjusted Net Income: Net income adjusted for non-recurring, infrequent, or unusual changes, net of tax impact[48](index=48&type=chunk) - Adjusted EPS: Adjusted net income divided by weighted-average diluted shares outstanding[29](index=29&type=chunk) - Adjusted Free Cash Flow: Net cash provided by operating activities less additions to property and equipment, net of disposals, plus proceeds from sale-leaseback transactions[49](index=49&type=chunk) - Net Debt: Total debt outstanding less cash and cash equivalents[30](index=30&type=chunk) - Net Debt to LTM Adjusted EBITDA: Net debt at balance sheet date divided by adjusted EBITDA for the trailing twelve-month period[4](index=4&type=chunk) - The company does not provide forward-looking reconciliations for non-GAAP estimates due to the inherent difficulty of forecasting timing and amounts of reconciling items[52](index=52&type=chunk) - Non-GAAP measures should not be considered alternatives to GAAP and may not be comparable to similarly titled measures used by other companies[7](index=7&type=chunk)[32](index=32&type=chunk) [Reconciliation of GAAP to Non-GAAP Financial Information](index=9&type=section&id=3.2%20Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Financial%20Information) This section provides detailed reconciliations of GAAP financial measures to their corresponding non-GAAP counterparts for Adjusted EBITDA, Net Income, EPS, Net Debt, and Free Cash Flow [Reconciliation to Adjusted EBITDA](index=9&type=section&id=3.2.1%20Reconciliation%20to%20Adjusted%20EBITDA) This subsection details the reconciliation of income from continuing operations to Adjusted EBITDA, outlining specific adjustments made for non-GAAP reporting purposes Reconciliation to Adjusted EBITDA (Amounts in thousands) | Metric | 13 Weeks Ended May 4, 2024 | 13 Weeks Ended April 29, 2023 | | :----------------------------------- | :------------------------- | :-------------------------- | | Income from continuing operations (Thousands) | $111,019 | $115,988 | | Interest expense, net (Thousands) | $13,951 | $14,690 | | Provision for income taxes (Thousands) | $35,785 | $56,092 | | Depreciation and amortization (Thousands) | $63,422 | $54,190 | | Stock-based compensation expense (Thousands) | $8,590 | $10,007 | | Restructuring (Thousands) | $3,307 | — | | Other adjustments (Thousands) | $312 | $571 | | Adjusted EBITDA (Thousands) | $236,386 | $251,538 | [Reconciliation to Adjusted Net Income and Adjusted EPS](index=9&type=section&id=3.2.2%20Reconciliation%20to%20Adjusted%20Net%20Income%20and%20Adjusted%20EPS) This subsection presents the reconciliation from reported net income to adjusted net income and adjusted EPS, detailing the impact of various adjustments Reconciliation to Adjusted Net Income and Adjusted EPS (Amounts in thousands, except per share amounts) | Metric | 13 Weeks Ended May 4, 2024 | 13 Weeks Ended April 29, 2023 | | :---------------------------------------- | :------------------------- | :-------------------------- | | Net income as reported (Thousands) | $111,019 | $116,077 | | Adjustments: Restructuring (Thousands) | $3,307 | — | | Other adjustments (Thousands) | — | $(601) | | Tax impact of adjustments to net income (Thousands) | $(918) | $170 | | Adjusted net income (Thousands) | $113,408 | $115,646 | | Weighted-average diluted shares outstanding (Thousands) | 134,111 | 135,902 | | Adjusted EPS ($) | $0.85 | $0.85 | - Restructuring charges relate to corporate function restructuring, including costs for severance, retention, outplacement, and consulting fees[54](index=54&type=chunk)[5](index=5&type=chunk) [Reconciliation of Net Debt and Net Debt to LTM Adjusted EBITDA](index=10&type=section&id=3.2.3%20Reconciliation%20of%20Net%20Debt%20and%20Net%20Debt%20to%20LTM%20Adjusted%20EBITDA) This subsection provides the reconciliation for net debt and the calculation of net debt to last twelve months (LTM) adjusted EBITDA Reconciliation of Net Debt and Net Debt to LTM Adjusted EBITDA (Amounts in thousands) | Metric | May 4, 2024 | | :-------------------------------- | :------------ | | Total debt (Thousands) | $668,509 | | Less: Cash and cash equivalents (Thousands) | $35,094 | | Net debt (Thousands) | $633,415 | | Income from continuing operations (Thousands) | $518,683 | | Interest expense, net (Thousands) | $63,788 | | Provision for income taxes (Thousands) | $191,933 | | Depreciation and amortization (Thousands) | $236,928 | | Stock-based compensation expense (Thousands) | $37,604 | | Restructuring (Thousands) | $17,247 | | Other adjustments (Thousands) | $794 | | Adjusted EBITDA (LTM) (Thousands) | $1,066,977 | | Net debt to LTM adjusted EBITDA (x) | 0.6x | [Reconciliation to Adjusted Free Cash Flow](index=10&type=section&id=3.2.4%20Reconciliation%20to%20Adjusted%20Free%20Cash%20Flow) This subsection reconciles net cash provided by operating activities to adjusted free cash flow, detailing capital expenditures and sale-leaseback transactions Reconciliation to Adjusted Free Cash Flow (Amounts in thousands) | Metric | 13 Weeks Ended May 4, 2024 | 13 Weeks Ended April 29, 2023 | | :---------------------------------------------------------- | :------------------------- | :-------------------------- | | Net cash provided by operating activities (Thousands) | $200,847 | $119,132 | | Less: Additions to property and equipment, net of disposals (Thousands) | $(105,741) | $(92,084) | | Plus: Proceeds from sale-leaseback transactions (Thousands) | — | — | | Adjusted free cash flow (Thousands) | $95,106 | $27,048 | [Legal & Administrative Information](index=2&type=section&id=4.%20Legal%20%26%20Administrative%20Information) This section includes important legal disclaimers regarding forward-looking statements, details for the investor conference call, and contact information for investor relations and media [Forward-Looking Statements](index=3&type=section&id=4.1%20Forward-Looking%20Statements) This section provides a disclaimer on forward-looking statements, outlining inherent risks and uncertainties that could impact actual results, and clarifies the company's non-obligation to update them - All statements not relating to historical fact are considered forward-looking[3](index=3&type=chunk) - Statements are based on management's current expectations and involve known and unknown risks and uncertainties[3](index=3&type=chunk) - Risk factors include financial market uncertainties, consumer spending, dependence on membership, economic conditions (inflation, exchange rates), merchandise procurement, competition, vendor dependence, security breaches, real estate conditions, capital spending, labor costs, geopolitical conditions, product mix changes, omnichannel experience, growth strategy, e-commerce, and the BJ's One Mastercard® program[3](index=3&type=chunk) - The company disclaims any obligation to update forward-looking statements unless required by law[3](index=3&type=chunk) [Conference Call Details](index=2&type=section&id=4.2%20Conference%20Call%20Details) This section provides details for the first quarter fiscal 2024 financial results conference call, including schedule, webcast access, and dial-in information - Conference call scheduled for **May 23, 2024, at 8:30 A.M. Eastern Time**[21](index=21&type=chunk) - Live audio webcast accessible via the Company's investor relations website: https://investors.bjs.com[21](index=21&type=chunk) - Dial-in numbers: **(833) 470-1428** (U.S.) or **+1 (929) 526-1599** (outside U.S.), Conference ID: **968183**[21](index=21&type=chunk) [Contacts](index=10&type=section&id=4.3%20Contacts) This section provides contact information for investor relations and media inquiries - Investor Contact: Catherine Park, Vice President, Investor Relations, cpark@bjs.com, **774-512-6744**[36](index=36&type=chunk) - Media Contact: Kirk Saville, Head of Corporate Communications, ksaville@bjs.com, **774-512-5597**[56](index=56&type=chunk)