Barnes & Noble Education, Inc · NYSE:BNED
Barnes & Noble Education — Q2 FY2024 Earnings Presentation
14 slides from Barnes & Noble Education's earnings presentation, Dec 6, 2023
Slide 1: Fiscal 2024 Second Quarter
Fiscal 2024 Second Quarter December 6, 2023 1
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains statements that may be characterized as forward‐looking statements under the Private Securities Litigation Reform Act of 1995. Those statements represent the current beliefs of management with respect to future events, financial performance and i
Slide 3: Second Quarter and Recent Highlights
Second Quarter and Recent Highlights - Executing on strategic initiatives to drive profitable growth and cash flow - Delivered Consolidated revenue growth of 0.3% to $610.4 Million - Retail sales increased 0.1% to $599.3 despite operating in 128 fewer stores - Retail gross comparable store sales inc
Slide 4: Q2 and YTD Fiscal 2024 Financial Summary
Q2 and YTD Fiscal 2024 Financial Summary Total Q2 sales increased 0.3% or $1.7 million to $610.4 million Total YTD sales increased 1.3% or $11.2 million to $874.5 million; Retail Q2 sales increased 0.1% or $0.7 million to $599.3 Retail YTD sales increased 1.2% to $844.8 • Retail sales up $0.7 millio
Slide 5: Significantly Increased Retail Profitability
Significantly Increased Retail Profitability Retail Revenue Key Takeaways $ in millions - Retail revenue increased 0.1% or $0.7 million year-over-year $609.0 $598.6 $599.3 despite operating in 128 fewer stores - Total Retail Gross Comparable Store Sales increased 3.6% driven by 5.8% increase in cour
Slide 6: Second Quarter Course Material Growth Driven By FDC Strength
Second Quarter Course Material Growth Driven By FDC Strength Course Materials Product Sales(1) First Day Complete Sales $136 $483.4 $476.1 $457.7 $90 $46 Q2 22 Q2 23 Q2 24 Q2 22 Q2 23 Q2 24 Revenue Growth 97% 55% 52% Course Materials Comparable Store Sales Key Takeaways 5.8% - Total course materials
Slide 7: General Merchandise Is A Long-Term Growth Opportunity
General Merchandise Is A Long-Term Growth Opportunity General Merchandise Revenue $122.6 $106.2 Key Takeaways $105.0 - Second quarter General Merchandise revenue down versus the prior year due to: - 128 fewer schools than the previous year - Declines in trade books and café and convenience items due
Slide 8: Store Count and Capex
Store Count and Capex Store Count 1,399 1,271 Key Takeaways 606 554 - Second quarter 2024 year-over-year store count was 128 stores lower (76 fewer physical stores) as we focus on winding down under-performing, 793 717 less profitable stores, and satellite locations - Continued execution of the FDC
Slide 9: Maintained Guidance for FY24 Non-GAAP Adjusted EBITDA From Continuing Operations
Maintained Guidance for FY24 Non-GAAP Adjusted EBITDA From Continuing Operations $ in millions ~$40 Key Drivers - Strong FDC growth to continue - Continued efficiencies and cost reduction in S&A, store payroll, closing unprofitable/underperforming stores -$10 -$8 -$70 FY 21 FY 22 FY 23 FY 24 NYSE: B
Slide 10: Appendix
Appendix NYSE: BNED 10
Slide 11: BNED’s Core Value Proposition
BNED’s Core Value Proposition BNED plays a critical role in higher education, serving as a key partner to institutions, students, alumni, fans, faculty & staff, publishers and vendors. The Company is positioning itself to enhance the value it provides to all constituents VALUE TO INSTITUTIONS / ADMI
Slide 12: Adjusted EBITDA (non-GAAP) Reconciliation
Adjusted EBITDA (non-GAAP) Reconciliation (a) During the fourth quarter of fiscal 2023, assets related to our Digital Student Solutions ("DSS") Segment met the criteria for classification as Assets Held for Sale and Discontinued Operations. Net Loss from Continuing Operations excludes the results of
Slide 13: Adjusted EBITDA (non-GAAP) Reconciliation By Segment
Adjusted EBITDA (non-GAAP) Reconciliation By Segment NYSE: BNED 13
Slide 14: 2: BNED
2: BNED @@@® ELEVATING EDUCATION
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