Financial Performance - Net income for the thirteen weeks ended December 24, 2022, was $52,772,000, a decrease of 23.7% compared to $69,231,000 for the same period in 2021[76] - Basic earnings per share for the thirteen weeks ended December 24, 2022, was $1.77, down 24.4% from $2.34 in the prior year[76] - Diluted earnings per share for the thirteen weeks ended December 24, 2022, was $1.74, a decrease of 23.3% compared to $2.27 for the same period in 2021[76] - Net income was $52.8 million for the thirteen weeks ended December 24, 2022, down from $69.2 million for the same period in 2021[122] - For the thirty-nine weeks ended December 24, 2022, net sales increased by $127.0 million, or 11.5%, to $1.232 billion compared to $1.105 billion for the same period in 2021[129] - Net income for the thirty-nine weeks ended December 24, 2022, was $124.1 million, down from $147.7 million for the same period in 2021[137] Sales and Revenue - Net sales increased by $28.6 million, or 5.9%, to $514.6 million for the thirteen weeks ended December 24, 2022, compared to $485.9 million for the same period in 2021[124] - Same store sales declined by 3.6% for the period ending December 24, 2022, compared to a growth of 54.2% in the previous year[141] - Same store sales are influenced by various factors including economic trends, consumer preferences, and competition[100] Expenses - Selling, general and administrative (SG&A) expenses increased by $15.9 million, or 15.9%, to $115.3 million for the thirteen weeks ended December 24, 2022, representing 22.4% of net sales[120] - SG&A expenses for the thirty-nine weeks ended December 24, 2022, increased by $55.4 million, or 24.0%, to $285.7 million, representing 23.2% of net sales[131] - Selling, general and administrative (SG&A) expenses are expected to increase in future periods due to stock-based compensation and growth in the number of stores[109] Profitability - Gross profit decreased by $3.8 million, or 2.0%, to $187.8 million for the thirteen weeks ended December 24, 2022, with a gross profit margin of 36.5% compared to 39.4% in the prior year[118] - Gross profit for the thirty-nine weeks ended December 24, 2022, increased by $28.5 million, or 6.7%, to $454.7 million, with a gross profit margin of 36.9% compared to 38.6% in the prior year[130] - Income from operations decreased by $26.9 million, or 13.7%, to $169.1 million for the thirty-nine weeks ended December 24, 2022, with an operating margin of 13.7%[132] Store Operations - The company operated 333 stores across 41 states as of December 24, 2022, with a focus on western and work-related footwear, apparel, and accessories[88] - The company operated 333 stores at the end of December 2022, an increase from 289 stores at the end of December 2021[141] - The company anticipates that a percentage of net sales in the near future will come from new store openings, which are a key part of its growth strategy[101] - The company plans to continue opening new stores and remodeling existing ones, which will increase capital expenditures[145] Cash Flow and Capital Expenditures - Cash and cash equivalents were $50.4 million as of December 24, 2022, compared to $20.7 million as of March 26, 2022[156] - Net cash provided by operating activities was $87.1 million for the thirty-nine weeks ended December 24, 2022, down from $190.6 million for the same period in 2021[157][158] - Net cash used in investing activities was $83.1 million for the thirty-nine weeks ended December 24, 2022, primarily for capital expenditures related to store construction and technology improvements[163] - Total capital expenditures in fiscal 2023 are estimated to be between $90.0 million and $95.0 million, including investments in a new distribution center in Kansas City, Missouri[145] Debt and Interest - Interest expense for the thirty-nine weeks ended December 24, 2022, was $4.3 million, compared to $5.4 million for the same period in 2021[135] - Total interest expense incurred on the June 2015 Wells Fargo Revolver was $2.1 million for the thirteen weeks ended December 24, 2022, with a weighted average interest rate of 4.9%[152] - The company had $59.1 million outstanding under the June 2015 Wells Fargo Revolver as of December 24, 2022[165] - The company is in compliance with the June 2015 Wells Fargo Revolver covenant as of December 24, 2022[159] Revenue Recognition - The company recognizes revenue upon the purchase of merchandise by customers at retail locations and upon delivery for e-commerce sales[93] Seasonal Trends - The third quarter of the fiscal year, which includes the Christmas shopping season, has historically produced higher sales and larger operating income compared to other quarters[94]

Boot Barn Holdings, Inc. (NYSE:BOOT) Q2 2023 Earnings Conference Call October 26, 2022 4:30 PM ET Company Participants Mark Dedovesh - Vice President, Investor Relations & Financial Planning Jim Conroy - President and Chief Executive Officer Jim Watkins - Chief Financial Officer Greg Hackman - Executive Vice President, Chief Operating Officer and Chief Financial Officer Conference Call Participants Matthew Boss - JPMorgan Steven Zaccone - Citi Peter Keith - Piper Sandler Maksim Rakhlenko - Cowen & Company C ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 24, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to Commission File Number: 001-36711 | --- | --- | --- | |----------------------------------------------------------------|----------------|------ ...

Financial Data and Key Metrics Changes - Total net sales increased by nearly 20% year-over-year, reaching $366 million [7][21] - Consolidated same-store sales grew by 10%, with retail store same-store sales also up by 10% and e-commerce sales increasing by 9% [8][21] - Earnings per diluted share were $1.29, with an adjusted EPS of $1.26, which was $0.12 better than guidance [10][23] - EBIT margin rate was 14.3%, exceeding guidance of 12.8% by 150 basis points [9] Business Line Data and Key Metrics Changes - Strong sales growth was observed across major merchandise categories, particularly in ladies' apparel, work apparel, and accessories [13] - Exclusive brand penetration increased to 31.7%, up approximately 540 basis points from the prior year [17] - The company opened 11 new stores, bringing the total to 311 stores across 38 states [19] Market Data and Key Metrics Changes - The North and West regions showed strength, while the Southern region, including Texas, lagged but still posted positive comp sales growth [14] - E-commerce channel comp sales grew by 9%, indicating continued strength in digital sales [16] Company Strategy and Development Direction - The company is focused on four strategic initiatives: driving same-store sales growth, strengthening omnichannel leadership, expanding exclusive brands, and expanding the store base [11][19] - Plans to open 40 new stores during the fiscal year, with new markets including New York, New Jersey, and Maryland [28] Management's Comments on Operating Environment and Future Outlook - Management noted a deceleration in discretionary purchases but emphasized that functional categories remain strong [20] - The company updated its fiscal 2023 guidance, expecting total sales between $1.68 billion and $1.70 billion, representing growth of 12.9% to 14.2% [27] Other Important Information - Inventory increased by 80% year-over-year to $534 million, primarily to support increased sales volume and new store openings [24][25] - The company amended its revolving credit facility, increasing capacity from $180 million to $250 million [26] Q&A Session Summary Question: Drivers of sequential moderation in same-store sales - Management indicated that the deceleration was primarily due to a decrease in transactions, with July showing a slight decline compared to the first quarter [32][33] Question: Gross margin outlook for the second quarter - Management expects to generate 80 basis points of product margin improvement, offset by 100 basis points of freight headwind for the full year [39][60] Question: Inventory positioning and management - Management expressed confidence in inventory levels, attributing the increase to comp store inventory build, exclusive brands, and new store openings [44][45] Question: Competitive environment and pricing discipline - Management stated that they maintain a full-price selling strategy and do not expect to change their promotional stance despite competitive pressures [56] Question: Business reaction in a recessionary scenario - Management believes that their core customers will continue to need functional products, indicating resilience during economic downturns [71]

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) Presents the company's unaudited financial statements, management's analysis, and risk disclosures for the period [Item 1. Condensed Consolidated Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) Provides unaudited financial statements including balance sheets, operations, equity, and cash flows for the quarter [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets grew to $1.32 billion, driven by higher inventories and an increased line of credit Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 25, 2022 | March 26, 2022 | | :--- | :--- | :--- | | **Total Current Assets** | $617,415 | $541,831 | | Inventories | $534,380 | $474,300 | | **Total Assets** | **$1,321,218** | **$1,199,855** | | Line of credit | $74,873 | $28,549 | | **Total Current Liabilities** | $390,856 | $336,468 | | **Total Liabilities** | **$681,684** | **$600,179** | | **Total Stockholders' Equity** | **$639,534** | **$599,676** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Net sales rose to $365.9 million, but higher expenses led to a slight decline in net income to $39.3 million Condensed Consolidated Statements of Operations (in thousands, except per share data) | Metric | Thirteen Weeks Ended June 25, 2022 | Thirteen Weeks Ended June 26, 2021 | | :--- | :--- | :--- | | Net sales | $365,856 | $306,327 | | Gross profit | $137,830 | $116,427 | | Selling, general and administrative expenses | $85,405 | $62,784 | | Income from operations | $52,425 | $53,643 | | Net income | $39,318 | $40,645 | | Diluted earnings per share | $1.29 | $1.35 | [Condensed Consolidated Statements of Stockholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) Stockholders' equity increased to $639.5 million, primarily driven by quarterly net income - Stockholders' equity grew to **$639.5 million**, mainly due to net income of **$39.3 million** for the quarter[18](index=18&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) The company reported a net cash outflow from operations of $25.8 million due to increased inventory investment Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Cash Flow Activity | Thirteen Weeks Ended June 25, 2022 | Thirteen Weeks Ended June 26, 2021 | | :--- | :--- | :--- | | Net cash (used in)/provided by operating activities | $(25,768) | $46,328 | | Net cash used in investing activities | $(20,835) | $(9,294) | | Net cash provided by/(used in) financing activities | $41,943 | $(60,542) | | **Net decrease in cash and cash equivalents** | **$(4,660)** | **$(23,508)** | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Details the company's accounting policies, store operations, and disaggregated revenue by category and channel - The company operates specialty retail stores and e-commerce websites for western and work-related apparel and accessories. As of June 25, 2022, it operated **311 stores** in 38 states, an increase from 300 stores at the end of the previous fiscal year[25](index=25&type=chunk) Disaggregated Net Sales by Merchandise Category | % of Net Sales | Thirteen Weeks Ended June 25, 2022 | Thirteen Weeks Ended June 26, 2021 | | :--- | :--- | :--- | | Footwear | 48% | 51% | | Apparel | 34% | 32% | | Hats, accessories and other | 18% | 17% | Disaggregated Net Sales by Channel | % of Net Sales | Thirteen Weeks Ended June 25, 2022 | Thirteen Weeks Ended June 26, 2021 | | :--- | :--- | :--- | | Stores | 88% | 87% | | E-commerce | 12% | 13% | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Analyzes a 19.4% sales increase, margin pressure from higher SG&A, and future capital expenditure plans [Results of Operations](index=37&type=section&id=Results%20of%20Operations) Sales grew 19.4% on strong same-store sales, but higher SG&A expenses compressed operating income Q1 FY2023 vs Q1 FY2022 Performance (dollars in thousands) | Metric | Thirteen Weeks Ended June 25, 2022 | Thirteen Weeks Ended June 26, 2021 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $365,856 | $306,327 | +19.4% | | Same Store Sales Growth | 10.0% | 78.9% | N/A | | Gross Profit | $137,830 | $116,427 | +18.4% | | Gross Profit % | 37.7% | 38.0% | -30 bps | | SG&A Expenses | $85,405 | $62,784 | +36.0% | | SG&A as % of Sales | 23.3% | 20.5% | +280 bps | | Income from Operations | $52,425 | $53,643 | -2.3% | - The decrease in gross profit rate was driven by **70 basis points of deleverage** in buying, occupancy, and distribution center costs, partially offset by a **40 basis-point increase** in merchandise margin rate, despite a 70 basis-point headwind from increased freight charges[150](index=150&type=chunk) [Liquidity and Capital Resources](index=40&type=section&id=Liquidity%20and%20Capital%20Resources) Outlines liquidity sources, capital expenditure plans, and a recent amendment to its credit facility - Primary cash needs are for inventories, operating expenses, and capital expenditures for new stores, remodels, and technology improvements[160](index=160&type=chunk) - Estimated capital expenditures for fiscal 2023 are projected to be between **$80.0 million and $87.0 million**, net of landlord allowances[165](index=165&type=chunk) - Subsequent to quarter end, the revolving credit facility was increased to **$250.0 million** and the maturity was extended to July 11, 2027[173](index=173&type=chunk) Cash Flow Summary (in thousands) | Activity | Thirteen Weeks Ended June 25, 2022 | Thirteen Weeks Ended June 26, 2021 | | :--- | :--- | :--- | | Operating Activities | $(25,768) | $46,328 | | Investing Activities | $(20,835) | $(9,294) | | Financing Activities | $41,943 | $(60,542) | [Item 3. Quantitative and Qualitative Disclosure of Market Risk](index=46&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosure%20of%20Market%20Risk) The company's primary market risk exposure is interest rate fluctuations on its variable-rate debt - The primary market risk is interest rate fluctuations on its variable-rate credit facilities. As of June 25, 2022, **$74.9 million** was outstanding under the Wells Fargo Revolver[186](index=186&type=chunk) [Item 4. Controls and Procedures](index=46&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes in the quarter - Based on an evaluation as of June 25, 2022, the CEO and CFO concluded that the company's disclosure controls and procedures were **effective**[188](index=188&type=chunk) - There were **no changes** in internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, these controls[189](index=189&type=chunk) [PART II. OTHER INFORMATION](index=48&type=section&id=PART%20II.%20OTHER%20INFORMATION) Covers legal proceedings, risk factors, equity sales, and filed exhibits [Item 1. Legal Proceedings](index=48&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in incidental litigation with accrued losses not considered material - For information on legal proceedings, the report refers to Note 6, "Commitments and Contingencies" in the financial statements[195](index=195&type=chunk) [Item 1A. Risk Factors](index=48&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported since the last annual report - The company states that there are **no material changes** from the risk factors disclosed in its Fiscal 2022 10-K[196](index=196&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=48&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the quarter - None[197](index=197&type=chunk) [Item 6. Exhibits](index=49&type=section&id=Item%206.%20Exhibits) Lists the exhibits filed with the report, including Sarbanes-Oxley certifications and iXBRL data - Exhibits filed include CEO and CFO certifications (31.1, 31.2, 32.1, 32.2) and interactive data files (101, 104)[200](index=200&type=chunk)[201](index=201&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 26, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-36711 BOOT BARN HOLDINGS, INC. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdict ...

Financial Data and Key Metrics Changes - Fiscal 2022 was a record-setting year for Boot Barn, with consolidated same-store sales increasing by 54%, compared to a positive 3% in the prior year [10] - Total sales reached $1.5 billion, marking the first time the company surpassed the $1 billion mark [11] - Earnings per share tripled to $6.33, with an EBIT margin rate of 17.4% [12] Business Line Data and Key Metrics Changes - In Q4, consolidated same-store sales grew by 33%, with e-commerce sales increasing by 50% and retail store same-store sales growing by 31% [14] - Merchandise margin increased by 270 basis points year-over-year, driven by greater full-price selling and growth in exclusive brand penetration [12][41] - Exclusive brand penetration reached 29.6% in Q4, a 540 basis point increase from the prior year [29] Market Data and Key Metrics Changes - The southern region outperformed other regions, attributed to a full rodeo season in Texas [18] - The total addressable market (TAM) has doubled from $20 billion to $40 billion, incorporating a new casual outdoor segment [36] Company Strategy and Development Direction - The company aims to expand its store count to 900 over time, with plans to open 40 new stores in fiscal 2023 [50][36] - Boot Barn is focusing on broadening its customer base beyond traditional western customers, which has led to increased sales and customer retention [21][34] - The company is investing in its omni-channel capabilities to enhance customer experience and drive sales [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued growth of the business, with same-store sales growth of approximately 12% in the first six weeks of fiscal 2023 [38] - The company is aware of potential economic headwinds but remains optimistic about its ability to grow despite these challenges [101][102] - Management anticipates that the freight headwinds will eventually dissipate, allowing for improved margins in the future [82] Other Important Information - The company plans to open a new Midwest distribution center to support exclusive brand initiatives and e-commerce [49] - Boot Barn's inventory increased by 72% year-over-year, driven by growth in same-store inventory and new store openings [47] Q&A Session Summary Question: What are the drivers of the sequential acceleration in same-store sales? - Management attributed the acceleration to extending reach to more customers, broadening assortment, and strong operational execution [56] Question: How confident is the company in retaining new shoppers gained over the past 12-18 months? - Management noted that new shoppers are shopping with similar frequency and basket size as legacy customers, indicating strong retention [63] Question: What is the outlook for gross versus SG&A margins? - Management expects some pressure on margins due to elevated freight costs and increased wages, but anticipates long-term margin improvement [78][82] Question: How does the expansion into the country lifestyle segment affect markdown volatility? - Management acknowledged a slight increase in markdown risk but emphasized that much of the product remains functional in nature [90] Question: What are the key segments of the business that have been invested in to support store growth? - Investments have been made in real estate, construction, and store operations to support new store openings and training [108]

Boot Barn Holdings, Inc. (NYSE:BOOT) Q3 2022 Earnings Conference Call January 27, 2022 4:30 PM ET Company Participants Mark Dedovesh - Vice President of Financial Planning Jim Conroy - President and Chief Executive Officer Jim Watkins - Chief Financial Officer Greg Hackman - Executive Vice President and Chief Operating Officer Conference Call Participants Matthew Boss - JP Morgan Max Rakhlenko - Cowen & Company Steven Zaccone - Citi Jonathan Komp - Baird Corey Tarlowe - Jefferies Jeremy Hamblin - Craig-Hall ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended December 25, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to | --- | --- | --- | |---------------------------------------------------------------------------------|----------------------------------------- ...

Boot Barn Holdings, Inc. (NYSE:BOOT) Q2 2022 Earnings Conference Call October 27, 2021 4:30 PM ET Company Participants Jim Watkins - Senior Vice President of Finance & Investor Relations Jim Conroy - President & Chief Executive Officer Greg Hackman - Chief Operating Officer & Chief Financial Officer Conference Call Participants Matthew Boss - JP Morgan Steven Zaccone - Citigroup Max Rakhlenko - Cowen & Company Janine Stichter - Jefferies Jonathan Komp - Baird Sam Poser - Williams Trading Dylan Carden - Will ...