Barnes & Noble Education(BNED) - 2021 Q4 - Annual Report

Business Operations - Barnes & Noble Education operates 1,417 physical and virtual bookstores, serving over 6 million students[20]. - The Retail Segment signed contracts for 98 new physical and virtual bookstores, estimated to generate approximately $103 million in first-year annual sales[24]. - The company operates 148 True Spirit e-commerce websites and has seen significant growth in general merchandise e-commerce sales, which are expected to be further bolstered through the FLC Partnership[32]. - The Wholesale Segment has a large inventory of approximately 280,000 textbook titles and processes over 21 million textbooks annually through a highly automated distribution facility[44]. - The company operates 769 physical campus stores, with 104 contracts expiring in 2022 and 432 contracts expiring in 2027 and later[122]. - The company has transitioned more than 300 stores to a Custom Store Solutions model, allowing direct-to-student fulfillment of course material orders during COVID-19[43]. - The company operates 77 customized cafés and 12 stand-alone convenience stores at physical campus locations, adapting offerings to meet changing market needs[32]. Financial Performance - Total sales for the fiscal year ended May 1, 2021, were$1,433.89 million, a decrease of 22.5% from $1,851.06 million in the previous year[275]. - The company reported a net loss of$131.79 million for the fiscal year ended May 1, 2021, compared to a net loss of $38.25 million in the prior year, representing an increase in loss of 244.5$252.66 million, down 42.9% from $442.55 million in the previous year[275]. - Selling and administrative expenses decreased to$338.28 million in the fiscal year ended May 1, 2021, from $404.47 million in the previous year, a reduction of 16.3$134.15 million from $179.86 million, a decrease of 25.4$584,919 thousand as of May 2, 2020, to $500,833 thousand as of May 1, 2021, representing a decline of approximately 14.4$417,751 thousand as of May 2, 2020, to $301,034 thousand as of May 1, 2021, a decline of approximately 28.0$177.6 million of borrowings outstanding under the Credit Facility and FILO Facility as of May 1, 2021[251]. - Cash, cash equivalents, and restricted cash at the end of the period increased to $16,814 thousand from$9,008 thousand at the beginning of the period[283]. - Long-term borrowings increased from $99,700 thousand as of May 2, 2020, to$127,600 thousand as of May 1, 2021, an increase of approximately 28.0%[280]. - The company relies on proprietary technology for managing textbook inventory and distribution, which is critical for operational efficiency[113].