UNITEDSTATES SECURITIESANDEXCHANGECOMMISSION Washington,D.C.20549 FORM8-K CURRENTREPORT PursuanttoSection13or15(d)oftheSecuritiesExchangeActof1934 DateofReport(Dateofearliesteventreported):January31,2018 BootBarnHoldings,Inc. (Exactnameofregistrantasspecifiedinitscharter) Delaware 001-36711 90-0776290 (Stateorotherjurisdiction (Commission (I.R.S.Employer ofincorporation) FileNumber) IdentificationNo.) 15345BarrancaParkway,Irvine,California 92618 (Addressofprincipalexecutiveoffices) (ZipCode) (949)453-4400 (Registrant stelephonenumber,includingareacode) NotApplicable (Formernameorformeraddress,ifchangedsincelastreport) ChecktheappropriateboxbelowiftheForm8-Kfilingisintendedtosimultaneouslysatisfythefilingobligationoftheregistrantunderanyofthefollowing provisions: WrittencommunicationspursuanttoRule425undertheSecuritiesAct(17CFR230.425) SolicitingmaterialpursuanttoRule14a-12undertheExchangeAct(17CFR240.14a-12) Pre-commencementcommunicationspursuanttoRule14d-2(b)undertheExchangeAct(17CFR240.14d-2(b)) Pre-commencementcommunicationspursuanttoRule13e-4(c)undertheExchangeAct(17CFR240.13e-4(c)) IndicatebycheckmarkwhethertheregistrantisanemerginggrowthcompanyasdefinedinRule405oftheSecuritiesActof1933( 230.405ofthischapter)or Rule12b-2oftheSecuritiesExchangeActof1934( 240.12b-2ofthischapter). Emerginggrowthcompany Ifanemerginggrowthcompany,indicatebycheckmarkiftheregistranthaselectednottousetheextendedtransitionperiodforcomplyingwithanynewor revisedfinancialaccountingstandardsprovidedpursuanttosection13(a)oftheexchangeact.
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.
SIGNATURES PursuanttotherequirementsoftheSecuritiesExchangeActof1934,theregistranthasdulycausedthisreporttobesignedonitsbehalfbytheundersigned hereuntodulyauthorized. BOOTBARNHOLDINGS,INC. Date: January31,2018 By: /s/gregoryv.hackman Name:GregoryV.Hackman Title:ChiefFinancialOfficer
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.
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.
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)263-0877.Theconferencecallwillalsobeavailabletointerestedparties throughalivewebcastatinvestor.bootbarn.com.pleasevisitthewebsiteandselectthe EventsandPresentations linkatleast15minutespriortothestartofthe calltoregisteranddownloadanynecessarysoftware.atelephonereplayofthecallwillbeavailableuntilfebruary28,2018,bydialing(844)512-2921 (domestic)or(412)317-6671(international)andenteringtheconferenceidentificationnumber:3460704.pleasenoteparticipantsmustentertheconference identificationnumberinordertoaccessthereplay.
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 www.countryoutfitter.com,ane-commercesitesellingtocustomerswholiveacountrylifestyle.formoreinformation,call888-boot-barnorvisit www.bootbarn.com. 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.
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.
BootBarnHoldings,Inc. CondensedConsolidatedBalanceSheets (Inthousands,exceptpersharedata) (Unaudited) December30, April1, 2017 2017 Assets Currentassets: Cashandcashequivalents $ 19,126 $ 8,035 Accountsreceivable,net 6,388 4,354 Inventories 207,538 189,096 Prepaidexpensesandothercurrentassets 12,277 22,818 Totalcurrentassets 245,329 224,303 Propertyandequipment,net 88,043 82,711 Goodwill 193,095 193,095 Intangibleassets,net 63,612 64,511 Otherassets 1,144 961 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 167,969 147,801 Deferredtaxes 10,102 20,961 Long-termportionofnotespayable,net 182,939 191,517 Capitalleaseobligation 7,440 7,825 Otherliabilities 18,440 17,568 Totalliabilities 386,890 385,672 Stockholders equity: Commonstock,$0.0001parvalue;December30,2017-100,000sharesauthorized,26,753sharesissued;April1,2017-100,000sharesauthorized,26,575 sharesissued 3 3 Preferredstock,$0.0001parvalue;10,000sharesauthorized,nosharesissuedoroutstanding Additionalpaid-incapital 144,687 142,184 Retainedearnings 59,815 37,791 Less:Commonstockheldintreasury,atcost,30and14sharesatDecember30,2017andApril1,2017,respectively (172) (69) Totalstockholders equity 204,333 179,909 Totalliabilitiesandstockholders equity $ 591,223 $ 565,581
BootBarnHoldings,Inc. CondensedConsolidatedStatementsofOperations (Inthousands,exceptpersharedata) (Unaudited) ThirteenWeeksEnded Thirty-NineWeeksEnded December30, December24, December30, December24, 2017 2016 2017 2016 Netsales $ 224,732 $ 199,431 $ 507,183 $ 466,813 Costofgoodssold 152,795 136,068 352,164 326,255 Grossprofit 71,937 63,363 155,019 140,558 Selling,generalandadministrativeexpenses 47,542 42,500 120,046 110,803 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
BootBarnHoldings,Inc. CondensedConsolidatedStatementsofCashFlows (Inthousands) (Unaudited) Thirty-NineWeeksEnded December30, December24, 2017 2016 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 895 843 Lossondisposalofpropertyandequipment 73 163 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
BootBarnHoldings,Inc. StoreCount FiscalYearEnded FiscalYearEnded QuarterEnded QuarterEnded QuarterEnded QuarterEnded QuarterEnded QuarterEnded QuarterEnded March28, March26, June25, September24, December24, April1, July1, September30, December30, 2015 2016 2016 2016 2016 2017 2017 2017 2017 StoreCount(BOP) 152 169 208 210 212 219 219 220 222 Opened/Acquired 18 47 2 2 6 2 1 4 4 Relocated 1 (1) ClosedBootBarnStores (1) (2) (1) (2) ClosedSheplersStores (6) StoreCount(EOP) 169 208 210 212 219 219 220 222 226 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 425 751 506 1,624 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) 12 47 14 204 (22) Storeimpairmentcharge(d) - - - 1,164 - BootBarn'sAdjustedEBITDA $ 29,314 $ 10,343 $ 9,648 $ 14,112 $ 26,201 Additionaladjustments(e) 862 418 628 156 778 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,203-682-8216 BootBarnIR@icrinc.com or Media: BootBarnHoldings,Inc. JimWatkins,949-453-4428 VicePresident,InvestorRelations BootBarnIRMedia@bootbarn.com