BootBarnHoldings,Inc. (Exactnameofregistrantasspecifiedinitscharter)

Transcription

1 UNITEDSTATES SECURITIESANDEXCHANGECOMMISSION Washington,D.C FORM8-K CURRENTREPORT PursuanttoSection13or15(d)oftheSecuritiesExchangeActof1934 DateofReport(Dateofearliesteventreported):January31,2018 BootBarnHoldings,Inc. (Exactnameofregistrantasspecifiedinitscharter) Delaware (Stateorotherjurisdiction (Commission (I.R.S.Employer ofincorporation) FileNumber) IdentificationNo.) 15345BarrancaParkway,Irvine,California (Addressofprincipalexecutiveoffices) (ZipCode) (949) (Registrant stelephonenumber,includingareacode) NotApplicable (Formernameorformeraddress,ifchangedsincelastreport) ChecktheappropriateboxbelowiftheForm8-Kfilingisintendedtosimultaneouslysatisfythefilingobligationoftheregistrantunderanyofthefollowing provisions: WrittencommunicationspursuanttoRule425undertheSecuritiesAct(17CFR ) SolicitingmaterialpursuanttoRule14a-12undertheExchangeAct(17CFR240.14a-12) Pre-commencementcommunicationspursuanttoRule14d-2(b)undertheExchangeAct(17CFR240.14d-2(b)) Pre-commencementcommunicationspursuanttoRule13e-4(c)undertheExchangeAct(17CFR240.13e-4(c)) IndicatebycheckmarkwhethertheregistrantisanemerginggrowthcompanyasdefinedinRule405oftheSecuritiesActof1933( ofthischapter)or Rule12b-2oftheSecuritiesExchangeActof1934( b-2ofthischapter). Emerginggrowthcompany Ifanemerginggrowthcompany,indicatebycheckmarkiftheregistranthaselectednottousetheextendedtransitionperiodforcomplyingwithanynewor revisedfinancialaccountingstandardsprovidedpursuanttosection13(a)oftheexchangeact.

2 Item2.02ResultsofOperationsandFinancialCondition OnJanuary31,2018,BootBarnHoldings,Inc.issuedapressreleaseannouncingcertainfinancialresultsforitsfiscalquarterendedDecember30, 2017.ThepressreleaseisattachedheretoasExhibit99.1. TheinformationprovidedinthisItem2.02,includingExhibit99.1,isintendedtobe furnished andshallnotbedeemed filed forpurposesofsection18 ofthesecuritiesexchangeactof1934,asamended(the ExchangeAct ),orotherwisesubjecttotheliabilitiesofthatsection,norshallitbedeemedincorporated byreferenceintoanyotherfilingunderthesecuritiesactof1933,asamended,ortheexchangeact,exceptasexpresslysetforthbyspecificreferenceinsucha filing. Item9.01FinancialStatementsandExhibits. (d)exhibits ExhibitNo. DescriptionofExhibits Exhibit99.1 EarningspressreleasedatedJanuary31,2018.

3 SIGNATURES PursuanttotherequirementsoftheSecuritiesExchangeActof1934,theregistranthasdulycausedthisreporttobesignedonitsbehalfbytheundersigned hereuntodulyauthorized. BOOTBARNHOLDINGS,INC. Date: January31,2018 By: /s/gregoryv.hackman Name:GregoryV.Hackman Title:ChiefFinancialOfficer

4 Exhibit99.1 BootBarnHoldings,Inc.AnnouncesThirdQuarterFiscalYear2018FinancialResults;UpdatesFiscalYear2018Outlook IRVINE,Calif.--(BUSINESSWIRE)--January31,2018--BootBarnHoldings,Inc.(NYSE:BOOT)todayannounceditsfinancialresultsforthethirdfiscalquarter endeddecember30,2017. HighlightsforthequarterendedDecember30,2017,wereasfollows: Netsalesincreased12.7%to$224.7million. Samestoresalesincreased5.2%,withstoresoutperforminge-commercesales. Netincomeperdilutedsharewas$0.73basedon27.6millionweightedaveragedilutedsharesoutstanding.Excludingtheimpactofthechangeinfederal taxlaw,netincomeperdilutedsharewas$0.46comparedtoguidanceof$0.40to$0.43,whichwasbasedon27.2millionweightedaveragedilutedshares outstanding. TheCompanyopenedfournewstoresduringthequarter. JimConroy,ChiefExecutiveOfficer,commented, WeexperiencedsolidsalesgrowthduringthethirdquarterandthroughJanuarydrivenbythecombinationofa healthierconsumerenvironmentandsolidexecutionacrossthecompany.ourretailstoresledourgrowthwithimprovementsinourmarketing,merchandising,and in-storeinitiatives.iamverypleasedwithourholidayperformanceaswedrovesalesgrowthwithoutrelyingonoutsizedsalespromotion,resultinginanincrease tomerchandisemargin.atthesametime,wecontinuetobuildoutourmulti-brande-commercestrategy,havingadvancedsomeimportantcapitalprojectsinour fulfillmentcenter.whiletheseinvestmentsresultedinsometemporarydisruptiontoe-commercerevenueandunanticipatedlaborandfreightcostsduringthepeak holidayseason,ibelievewearewellpositionedtobuildourmarketshareonthisplatformgoingforward.iampleasedwiththecurrenttoneofbusinessand believewecancontinuetofurtherexpandourmarketshareaswereacceleratenewstoreopeningsandcapitalizeonouradvancedomni-channelcapabilities. OperatingResultsfortheThirdQuarterEndedDecember30,2017 Netsalesincreased12.7%to$224.7millionfrom$199.4millionintheprior-yearperiod.Netsalesincreasedduetoanincreaseof5.2%insamestore sales,thesalescontributionfromsevennewstoresopenedoverthepasttwelvemonthsandthefourstoresacquiredfromwood sboots,andsalesfromthe CountryOutfittersitethatwasacquiredinFebruary2017. Grossprofitwas$71.9million,or32.0%ofnetsales,comparedto$63.4million,or31.8%ofnetsales,intheprior-yearperiod.Grossprofitincreased primarilyduetoincreasedsales.asapercentageofnetsales,consolidatedgrossprofitincreasedprimarilyasaresultofa10basispointincreasein merchandisemarginrateanda10basispointdecreaseinbuyingandoccupancycosts.thehighermerchandisemarginratewasdrivenbymorefull-price selling,lessclearanceandincreasedexclusivebrandpenetration,partiallyoffsetbyhigherfreightduetothetemporarychallengesinoure-commerce fulfillmentcenter.theimprovementinbuyingandoccupancycostsasapercentageofsalesresultedfromleveragingfixedoccupancycostsonincreased sales,partiallyoffsetbyincreasedlaborcostsinthecompany sfulfillmentcentertomeetholidaye-commercedemand.

5 Selling,generalandadministrativeexpensewas$47.5million,or21.2%ofnetsales,comparedto$42.5million,or21.3%ofnetsales,intheprior-year period.selling,generalandadministrativeexpensesincreasedprimarilyasaresultofincreasedsalesandadditionalcostsforbothnewandacquiredstores. Selling,generalandadministrativeexpensesasapercentageofsalesdecreasedasaresultofexpenseleverageonhighersales.Anetpre-taxgainfrom insuranceandothersettlementsrelatedprimarilytolossessufferedinthesecondquarterfromhurricaneharveywasoffsetbyincentivecompensation expenseinthethirdquarter. Incomefromoperationsincreased16.9%,to$24.4million,or10.9%ofnetsales,comparedto$20.9million,or10.5%ofnetsales,intheprior-yearperiod. TheCompanyopenedfournewstores,endingthequarterwith226storesin31states. Netincomewas$20.1million,or$0.73perdilutedshare.Excludingtheimpactofthechangeinfederaltaxlawthatgeneratedapproximately$0.24per shareoftaxbenefitfromtherevaluationofdeferredtaxliabilitiesand$0.03oftaxbenefitfromalowereffectivetaxrate,netincomeperdilutedsharewas $0.46,comparedto$0.39perdilutedshare,intheprior-yearperiod. OperatingResultsfortheNineMonthsEndedDecember30,2017 Netsalesincreased8.6%to$507.2millionfrom$466.8millionintheprior-yearperiod.Netsalesincreasedduetothesalescontributionfromsevennew storesopenedoverthepasttwelvemonthsandthefourstoresacquiredfromwood sboots,a3.1%increaseinsamestoresales,andsalesfromthecountry OutfittersitethatwasacquiredinFebruary2017. Grossprofitwas$155.0million,or30.6%ofnetsales,comparedto$140.6million,or30.1%ofnetsales,intheprior-yearperiod.Grossprofitincreased primarilyduetoincreasedsales.asapercentageofsales,consolidatedgrossprofitincreasedasaresultofa40basispointincreaseinmerchandisemargin rateand10basispointsofoccupancyleverage. Selling,generalandadministrativeexpensewas$120.0million,or23.7%ofnetsales,comparedto$110.8million,or23.7%ofnetsales,intheprior-year period.selling,generalandadministrativeexpensesincreasedasaresultofadditionalcostsassociatedwiththeopeningofnewandacquiredstoresover thelasttwelvemonthsandincrementaloperationalcostsassociatedwiththegrowthinthebusiness. Incomefromoperationsincreased17.5%,to$35.0million,or6.9%ofnetsales,comparedto$29.8million,or6.4%ofnetsales,intheprior-yearperiod. TheCompanyopenedfivenewstores,acquiredfourstoresfromWood sbootsandclosedtwobootbarnstores,endingtheperiodwith226storesin31 states.

6 Netincomewas$22.0million,or$0.81perdilutedshare.Excludingtheimpactofthechangeinfederaltaxlaw,netincomeperdilutedsharewas$0.54, comparedto$0.43perdilutedshare,intheprior-yearperiod. BalanceSheetHighlightsasofDecember30,2017 Cashof$19.1million. AverageinventoryperstorewasflatonacompstorebasiscomparedtoDecember24,2016. Totalnetdebtof$182.9million,includingazerobalanceundertherevolvingcreditfacility. FiscalYear2018Outlook ForthefiscalfourthquarterendingMarch31,2018theCompanyexpects: Samestoresalesgrowthof4.0%to5.0%. Incomefromoperationsbetween$8.3millionand$8.6million,whichincludesanestimated$0.3millionofsecondaryofferingcosts. Netincomeof$4.2millionto$4.5million,whichisbasedonablendedtaxrateof5.8%forthequarter.TheCompany seffectivetaxrateof36.2%is expectedtobefurtherreducedbyanestimatedtaxbenefitof$1.4million,or$0.05pershare,relatedtostockoptionexercisesmadeprimarilyin conjunctionwiththesecondaryofferingthatclosedonjanuary22,2018.netincomealsoincludestheestimatedpre-taxsecondaryofferingcostsof$0.3 million,orapproximately$0.01pershare. Netincomeperdilutedshareof$0.15to$0.16basedon28.4millionweightedaveragedilutedsharesoutstanding. ForthefiscalyearendingMarch31,2018,theCompanynowexpects: Toopen10newstores,includingtheacquisitionofthefourWood sbootsstores. Incomefromoperationsbetween$43.2millionand$43.5million,whichincludesanestimated$0.3millionofsecondaryofferingcosts. Netincomebetween$26.2millionand$26.5million,whichincludesa$6.8milliontaxbenefitfromtherevaluationofdeferredtaxliabilitiesandan updatedannualtaxratepursuanttotaxreform. Netincomeperdilutedshareof$0.95to$0.96basedon27.7millionweightedaveragedilutedsharesoutstandingcomparedtotheCompany snovember 2,2017outlookof$0.57to$0.61whichassumed27.2millionweightedaveragedilutedsharesoutstanding. ConferenceCallInformation Aconferencecalltodiscussthefinancialresultsforthethirdquarteroffiscalyear2018isscheduledfortoday,January31,2018,at4:30p.m.ET(1:30p.m.PT). Investorsandanalystsinterestedinparticipatinginthecallareinvitedtodial(800) Theconferencecallwillalsobeavailabletointerestedparties throughalivewebcastatinvestor.bootbarn.com.pleasevisitthewebsiteandselectthe EventsandPresentations linkatleast15minutespriortothestartofthe calltoregisteranddownloadanynecessarysoftware.atelephonereplayofthecallwillbeavailableuntilfebruary28,2018,bydialing(844) (domestic)or(412) (international)andenteringtheconferenceidentificationnumber: pleasenoteparticipantsmustentertheconference identificationnumberinordertoaccessthereplay.

7 AboutBootBarn BootBarnisthenation sleadinglifestyleretailerofwesternandwork-relatedfootwear,apparelandaccessoriesformen,womenandchildren.thecompany offersitsloyalcustomerbaseawideselectionofworkandlifestylebrands.asofthedateofthisrelease,bootbarnoperates226storesin31states,inadditionto ane-commercechannelwww.bootbarn.com.thecompanyalsooperateswww.sheplers.com,thenation sleadingpureplayonlinewesternandworkretailer. Sheplershasbeenpartofthewestern,outdoor,andworklifestyleforover100years.BeginninginFebruary2017,theCompanyhasoperated Non-GAAPFinancialMeasures TheCompanypresentsadjustedincomefromoperations,adjustednetincome,adjustednetincomeperdilutedshareandadjustedEBITDAtohelptheCompany describeitsoperatingandfinancialperformance.thesefinancialmeasuresarenon-gaapfinancialmeasuresandshouldnotbeconstruedinisolationorasan alternativetoactualincomefromoperations,actualnetincome,andactualearningsperdilutedshareandotherincomeorcashflowstatementdata(aspresentedin thecompany sconsolidatedfinancialstatementsinaccordancewithgenerallyacceptedaccountingprinciplesintheunitedstates,orgaap),orasabetter indicatorofoperatingperformanceorasameasureofliquidity.thesenon-gaapfinancialmeasures,asdefinedbythecompany,maynotbecomparableto similarnon-gaapfinancialmeasurespresentedbyothercompanies.thecompany smanagementbelievesthatthesenon-gaapfinancialmeasuresprovide investorswithtransparencyandhelpillustratefinancialresultsbyexcludingitemsthatmaynotbeindicativeof,orareunrelatedto,thecompany scoreoperating results,therebyprovidingabetterbaselineforanalyzingtrendsintheunderlyingbusiness.seethetableattheendofthispressreleaseforareconciliationof adjustedincomefromoperationstoincomefromoperations,adjustednetincometonetincome,andadjustednetincomeperdilutedsharetonetincomeperdiluted share.additionally,seethetableattheendofthispressreleaseforareconciliationofadjustedebitda,aswellasconsolidatedebitdaasdefinedinthe Company sloanagreements,tonetincome.

8 ForwardLookingStatements Thispressreleasecontainsforward-lookingstatementsthataresubjecttorisksanduncertainties.Allstatementsotherthanstatementsofhistoricalfactincludedin thispressreleaseareforward-lookingstatements.forward-lookingstatementsrefertoourcurrentexpectationsandprojectionsrelatingto,bywayofexampleand withoutlimitation,ourfinancialcondition,liquidity,profitability,resultsofoperations,margins,plans,objectives,strategies,futureperformance,businessand industry.youcanidentifyforward-lookingstatementsbythefactthattheydonotrelatestrictlytohistoricalorcurrentfacts.thesestatementsmayincludewords suchas anticipate, estimate, expect, project, plan, intend, believe, may, might, will, could, should, canhave, likely, outlook and otherwordsandtermsofsimilarmeaninginconnectionwithanydiscussionofthetimingornatureoffutureoperatingorfinancialperformanceorotherevents, butnotallforward-lookingstatementscontaintheseidentifyingwords.theseforward-lookingstatementsarebasedonassumptionsthatthecompany s managementhasmadeinlightoftheirindustryexperienceandontheirperceptionsofhistoricaltrends,currentconditions,expectedfuturedevelopmentsandother factorstheybelieveareappropriateunderthecircumstances.asyouconsiderthispressrelease,youshouldunderstandthatthesestatementsarenotguaranteesof performanceorresults.theyinvolverisks,uncertainties(someofwhicharebeyondthecompany scontrol)andassumptions.theserisks,uncertaintiesand assumptionsinclude,butarenotlimitedto,thefollowing:decreasesinconsumerspendingduetodeclinesinconsumerconfidence,localeconomicconditionsor changesinconsumerpreferencesandthecompany sabilitytoeffectivelyexecuteonitsgrowthstrategy;thefailuretomaintainandenhanceitsstrongbrand image;inabilitytocompeteeffectively;failuretomaintaingoodrelationshipswithitskeysuppliers;andinabilitytoimproveandexpanditsexclusiveproduct offerings.thecompanydiscussestheforegoingrisksandotherrisksingreaterdetailundertheheading Riskfactors intheperiodicreportsfiledbythecompany withthesecuritiesandexchangecommission.althoughthecompanybelievesthattheseforward-lookingstatementsarebasedonreasonableassumptions,you shouldbeawarethatmanyfactorscouldaffectthecompany sactualfinancialresultsandcausethemtodiffermateriallyfromthoseanticipatedintheforwardlookingstatements.becauseofthesefactors,thecompanycautionsthatyoushouldnotplaceunduerelianceonanyoftheseforward-lookingstatements.new risksanduncertaintiesarisefromtimetotime,anditisimpossibleforthecompanytopredictthoseeventsorhowtheymayaffectthecompany.further,any forward-lookingstatementspeaksonlyasofthedateonwhichitismade.exceptasrequiredbylaw,thecompanydoesnotintendtoupdateorrevisetheforwardlookingstatementsinthispressreleaseafterthedateofthispressrelease.

9 BootBarnHoldings,Inc. CondensedConsolidatedBalanceSheets (Inthousands,exceptpersharedata) (Unaudited) December30, April1, Assets Currentassets: Cashandcashequivalents $ 19,126 $ 8,035 Accountsreceivable,net 6,388 4,354 Inventories 207, ,096 Prepaidexpensesandothercurrentassets 12,277 22,818 Totalcurrentassets 245, ,303 Propertyandequipment,net 88,043 82,711 Goodwill 193, ,095 Intangibleassets,net 63,612 64,511 Otherassets 1, Totalassets $ 591,223 $ 565,581 Liabilitiesandstockholders equity Currentliabilities: Lineofcredit $ $ 33,274 Accountspayable 117,513 77,482 Accruedexpensesandothercurrentliabilities 50,456 35,983 Currentportionofnotespayable,net 1,062 Totalcurrentliabilities 167, ,801 Deferredtaxes 10,102 20,961 Long-termportionofnotespayable,net 182, ,517 Capitalleaseobligation 7,440 7,825 Otherliabilities 18,440 17,568 Totalliabilities 386, ,672 Stockholders equity: Commonstock,$0.0001parvalue;December30, ,000sharesauthorized,26,753sharesissued;April1, ,000sharesauthorized,26,575 sharesissued 3 3 Preferredstock,$0.0001parvalue;10,000sharesauthorized,nosharesissuedoroutstanding Additionalpaid-incapital 144, ,184 Retainedearnings 59,815 37,791 Less:Commonstockheldintreasury,atcost,30and14sharesatDecember30,2017andApril1,2017,respectively (172) (69) Totalstockholders equity 204, ,909 Totalliabilitiesandstockholders equity $ 591,223 $ 565,581

10 BootBarnHoldings,Inc. CondensedConsolidatedStatementsofOperations (Inthousands,exceptpersharedata) (Unaudited) ThirteenWeeksEnded Thirty-NineWeeksEnded December30, December24, December30, December24, Netsales $ 224,732 $ 199,431 $ 507,183 $ 466,813 Costofgoodssold 152, , , ,255 Grossprofit 71,937 63, , ,558 Selling,generalandadministrativeexpenses 47,542 42, , ,803 Incomefromoperations 24,395 20,863 34,973 29,755 Interestexpense,net 3,821 3,637 11,268 10,848 Incomebeforeincometaxes 20,574 17,226 23,705 18,907 Incometaxexpense 425 6,719 1,681 7,298 Netincome $ 20,149 $ 10,507 $ 22,024 $ 11,609 Earningspershare: Basicshares $ 0.76 $ 0.40 $ 0.83 $ 0.44 Dilutedshares $ 0.73 $ 0.39 $ 0.81 $ 0.43 Weightedaveragesharesoutstanding: Basicshares 26,674 26,495 26,614 26,432 Dilutedshares 27,596 27,165 27,146 26,891

11 BootBarnHoldings,Inc. CondensedConsolidatedStatementsofCashFlows (Inthousands) (Unaudited) Thirty-NineWeeksEnded December30, December24, Cashflowsfromoperatingactivities Netincome $ 22,024 $ 11,609 Adjustmentstoreconcilenetincometonetcashprovidedbyoperatingactivities: Depreciation 11,619 10,688 Stock-basedcompensation 1,850 2,260 Excesstaxbenefit (7) Amortizationofintangibleassets 899 1,615 Amortizationandwrite-offofdebtissuancefeesanddebtdiscount Lossondisposalofpropertyandequipment Hurricane-relatedassetwrite-off 2,525 Insurancerecoveryreceivable (168) Accretionofabovemarketleases (1) (33) Deferredtaxes (1,069) 3,256 Changesinoperatingassetsandliabilities: Accountsreceivable,net (1,866) (2,422) Inventories (17,912) (3,697) InventoriesfrompurchaseofWood'sBoots (2,752) Prepaidexpensesandothercurrentassets 736 2,256 Otherassets (183) 1,150 Accountspayable 40,683 23,513 Accruedexpensesandothercurrentliabilities 14,416 12,762 Otherliabilities 873 4,207 Netcashprovidedbyoperatingactivities $ 72,642 $ 68,163 Cashflowsfrominvestingactivities Purchasesofpropertyandequipment $ (18,676) $ (17,698) Hurricane-relatedinsurancerecoveriesforpropertyandequipment 697 Netcashusedininvestingactivities $ (17,979) $ (17,698) Cashflowsfromfinancingactivities Paymentsonlineofcredit-net $ (33,274) $ (25,795) Repaymentsondebtandcapitalleaseobligations (10,328) (1,788) Debtissuancefeespaid (520) Taxwithholdingpaymentsfornetsharesettlement (103) (55) Excesstaxbenefitfromstockoptions 7 Proceedsfromtheexerciseofstockoptions 653 1,180 Netcashusedinfinancingactivities $ (43,572) $ (26,451) Netincreaseincashandcashequivalents 11,091 24,014 Cashandcashequivalents,beginningofperiod 8,035 7,195 Cashandcashequivalents,endofperiod $ 19,126 $ 31,209 Supplementaldisclosuresofcashflowinformation: Cashpaidforincometaxes $ 470 $ 1,389 Cashpaidforinterest $ 10,192 $ 10,014 Supplementaldisclosureofnon-cashactivities: Unpaidpurchasesofpropertyandequipment $ 1,249 $ 1,422

12 BootBarnHoldings,Inc. StoreCount FiscalYearEnded FiscalYearEnded QuarterEnded QuarterEnded QuarterEnded QuarterEnded QuarterEnded QuarterEnded QuarterEnded March28, March26, June25, September24, December24, April1, July1, September30, December30, StoreCount(BOP) Opened/Acquired Relocated 1 (1) ClosedBootBarnStores (1) (2) (1) (2) ClosedSheplersStores (6) StoreCount(EOP) AdjustedEBITDAReconciliation (Unaudited) Thirteen WeeksEnded ThirteenWeeksEnded Fourteen WeeksEnded Thirteen WeeksEnded December30, 2017 September30, 2017 July1, 2017 April1, 2017 December24, 2016 BootBarn'sNetincome $ 20,149 $ 1,098 $ 777 $ 2,588 $ 10,507 Incometaxexpense ,624 6,719 Interestexpense,net 3,821 3,789 3,658 3,851 3,637 Depreciationandintangibleassetamortization 4,263 4,142 4,113 4,407 4,207 BootBarn'sEBITDA $ 28,658 $ 9,780 $ 9,054 $ 12,470 $ 25,070 Non-cashstock-basedcompensation(a) $ 597 $ 678 $ 575 $ 763 $ 754 Non-cashaccrualforfutureawardredemptions(b) 47 (162) 5 (489) 399 Loss/(gain)ondisposalofassets(c) (22) Storeimpairmentcharge(d) ,164 - BootBarn'sAdjustedEBITDA $ 29,314 $ 10,343 $ 9,648 $ 14,112 $ 26,201 Additionaladjustments(e) ConsolidatedEBITDAperLoanAgreements $ 30,176 $ 10,761 $ 10,276 $ 14,268 $ 26,979 (a) Representsnon-cashcompensationexpensesrelatedtostockoptions,restrictedstockawardsandrestrictedstockunitsgrantedtocertainofouremployeesanddirectors. (b) Representsthenon-cashaccrualforfutureawardredemptionsinconnectionwithourcustomerloyaltyprogram. (c) Representsloss/(gain)ondisposalofassetsfromstoreclosures. (d) RepresentsthestoreimpairmentchargerecordedatthreestoresinthefourteenweeksendedApril1,2017inordertoreducethecarryingamountoftheassetstotheirestimatedfairvalues. (e) AdjustmentstoBootBarn'sAdjustedEBITDAasprovidedinthe2015GolubTermLoanandJune2015WellsFargoRevolverincludepre-openingcosts,franchiseandstatetaxes,and othermiscellaneousadjustments. CONTACT: Investor: ICR,Inc. BrendonFrey, BootBarnIR@icrinc.com or Media: BootBarnHoldings,Inc. JimWatkins, VicePresident,InvestorRelations BootBarnIRMedia@bootbarn.com