EX-99.1 2 bj-2023072923x8kex991.htm EX-99.1 Document
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Exhibit 99.1
BJ’s Wholesale Club Holdings, Inc. Announces Second Quarter Fiscal 2023 Results
Strong second quarter earnings driven by growth in market share, traffic, and margins

Second Quarter Fiscal 2023 Highlights
•Comparable club sales, excluding gasoline sales, increased by 1.1% year-over-year
•Digitally enabled comparable sales growth was 15.0% year-over-year
•Membership fee income increased by 5.0% year-over-year to $103.7 million
•Merchandise gross margin rate increased by 90 basis points year-over-year
•Earnings per diluted share and adjusted earnings per diluted share of $0.97
•Income from continuing operations of $131.3 million
•Adjusted EBITDA of $268.8 million
•The Company opened one new club and one new gas station
Marlborough, Mass. (August 22, 2023) – BJ’s Wholesale Club Holdings, Inc. (NYSE: BJ) (the "Company") today announced its financial results for the thirteen weeks and twenty-six weeks ended July 29, 2023.

“Our strong performance in the second quarter reflects our continued gains in membership, traffic and market share, driven by the great value that we provide our members every day,” said Bob Eddy, Chairman and Chief Executive Officer, BJ’s Wholesale Club. “We continue to balance gross margins with investments in value and in growing the size and quality of our membership with an eye toward the future. I’m proud of the team’s execution in the quarter and believe that we are well-positioned for continued growth.”

Key Measures for the Thirteen Weeks Ended July 29, 2023 (Second Quarter Fiscal 2023) and for the Twenty-six Weeks Ended July 29, 2023, (First Half of Fiscal 2023):
BJ'S WHOLESALE CLUB HOLDINGS, INC.
(Amounts in thousands, except per share amounts)
13 Weeks Ended July 29, 202313 Weeks Ended July 30, 2022%
Growth (Decline)		26 Weeks Ended July 29, 202326 Weeks Ended July 30, 2022%
Growth (Decline)
Net sales$4,859,842 $5,005,030 (2.9)%$9,480,462 $9,404,840 0.8 %
Membership fee income103,698 98,786 5.0 %206,220 195,411 5.5 %
Total revenues4,963,540 5,103,816 (2.7)%9,686,682 9,600,251 0.9 %
Operating income200,269 202,910 (1.3)%387,039 353,227 9.6 %
Income from continuing operations131,325 141,014 (6.9)%247,313 253,471 (2.4)%
Adjusted EBITDA (a)
268,760 273,700 (1.8)%525,743 494,501 6.3 %
Net income131,325 141,007 (6.9)%247,402 253,457 (2.4)%
EPS (b)
0.97 1.03 (5.8)%1.83 1.85 (1.1)%
Adjusted net income (a)
131,192 144,296 (9.1)%246,839 262,722 (6.0)%
Adjusted EPS (a)
0.97 1.06 (8.5)%1.82 1.92 (5.2)%
Basic weighted-average shares outstanding133,317 134,341 133,314 134,293 
Diluted weighted-average shares outstanding135,129 136,567 135,515 136,635 
(a)See “Note Regarding Non-GAAP Financial Information.”
(b)EPS represents net income per diluted share. 
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Additional Highlights:
•Total comparable club sales decreased by 5.3% in the second quarter of fiscal 2023 compared to the second quarter of fiscal 2022. Excluding the impact of gasoline sales, comparable club sales increased by 1.1% in the second quarter of fiscal 2023 compared to the same period in fiscal 2022. Total comparable club sales decreased by 1.9% in the first half of fiscal 2023 compared to the first half of fiscal 2022. Excluding the impact of gasoline sales, comparable club sales increased by 3.3% in the first half of fiscal 2023 compared to the first half of fiscal 2022.
•Gross profit increased to $896.8 million in the second quarter of fiscal 2023 from $860.0 million in the second quarter of fiscal 2022. Merchandise gross margin rate, which excludes gasoline sales and membership fee income, increased by 90 basis points over the same quarter of fiscal 2022. Gross profit increased to $1,776.8 million in the first half of fiscal 2023 from $1,651.2 million in the first half of fiscal 2022. Merchandise gross margin rate increased by 100 basis points in the first half of fiscal 2023. Merchandise margins were positively impacted by disinflation, moderated supply chain costs and improved inventory management for both comparative periods.
•Selling, general and administrative expenses ("SG&A") increased to $695.0 million in the second quarter of fiscal 2023 compared to $651.2 million in the second quarter of fiscal 2022. SG&A increased to $1,384.3 million in the first half of fiscal 2023 compared to $1,287.2 million in the first half of fiscal 2022. The increase in both comparative periods was primarily driven by increased labor and occupancy costs as a result of new club and gas station openings in addition to other investments to drive strategic priorities.
•Income from continuing operations before income taxes decreased to $184.0 million in the second quarter of fiscal 2023 compared to $192.0 million in the second quarter of fiscal 2022. Income from continuing operations before income taxes increased to $356.1 million in the first half of fiscal 2023 compared to $334.5 million in the first half of fiscal 2022.
•The effective tax rate increased to 28.6% in the second quarter of fiscal 2023 compared to 26.6% in the second quarter of fiscal 2022. Income tax expense increased to $52.7 million in the second quarter of fiscal 2023 compared to $51.0 million in the second quarter of fiscal 2022. The effective tax rate increased to 30.5% in the first half of fiscal 2023 compared to 24.2% in the first half of fiscal 2022. Income tax expense increased to $108.8 million in the first half of fiscal 2023 compared to $81.0 million in the first half of fiscal 2022. Lower excess tax benefits from stock-based compensation and lower tax credits resulted in increases in the effective tax rates for the second quarter and first half of fiscal 2023. The effective tax rate for the first half of fiscal 2023 was also impacted by an immaterial adjustment to certain deferred tax assets related to prior periods.
•Net income decreased to $131.3 million in the second quarter of fiscal 2023 compared to $141.0 million in the second quarter of fiscal 2022. Net income decreased to $247.4 million in the first half of fiscal 2023 compared to $253.5 million in the first half of fiscal 2022.
•Adjusted EBITDA decreased by 1.8% to $268.8 million in the second quarter of fiscal 2023 compared to $273.7 million in the second quarter of fiscal 2022. Adjusted EBITDA increased by 6.3% to $525.7 million in the first half of fiscal 2023 compared to $494.5 million in the first half of fiscal 2022.
•Under its existing share repurchase program, the Company repurchased 715,122 shares of common stock, totaling $44.6 million in the second quarter of fiscal 2023. In the first half of fiscal 2023, the Company repurchased 919,162 shares of common stock, totaling $59.9 million, under such program.

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Fiscal 2023 Ending February 3, 2024 Outlook

“As we look ahead, we remain confident in our ability to maintain the momentum in our traffic and market share gains due to our unrelenting focus on value. However, we also continue to navigate shifts in consumer behavior driven by the broader macroeconomic environment. As a result, we are refining our outlook for the rest of the fiscal year,” said Laura Felice, Executive Vice President, Chief Financial Officer, BJ's Wholesale Club. “For fiscal 2023, we expect our comparable club sales, excluding the impact of gasoline sales, to increase approximately 2% year-over-year. We expect our fiscal 2023 membership fee income to increase approximately 5% year-over-year and merchandise gross margins to improve by approximately 50 basis points year-over-year. Finally, we expect fiscal 2023 GAAP and adjusted EPS to be in the $3.80 to $3.92 range.”
Conference Call Details
A conference call to discuss the second quarter of fiscal 2023 financial results is scheduled for today, August 22, 2023, at 8:00 A.M. Eastern Time. The live audio webcast of the call can be accessed under the “Events & Presentations” section of the Company’s investor relations website at https://investors.bjs.com and will remain available for one year. Participants may also dial (833) 470-1428 within the U.S. or (929) 526-1599 outside the U.S. and reference conference ID 078818. A telephonic replay will be available two hours after the conclusion of the call for one week and can be accessed by dialing (929) 458-6194 or (866) 813-9403 and referencing conference ID 519735.
About BJ’s Wholesale Club Holdings, Inc.
BJ’s Wholesale Club Holdings, Inc. (NYSE: BJ) is a leading operator of membership warehouse clubs focused on delivering significant value to its members and serving a shared purpose: “We take care of the families who depend on us.” The Company provides a curated assortment of grocery, general merchandise, gasoline and ancillary services to offer a differentiated shopping experience that is further enhanced by its omnichannel capabilities. Headquartered in Marlborough, Massachusetts, the Company pioneered the warehouse club model in New England in 1984 and currently operates 238 clubs and 168 BJ's Gas® locations in 19 states. For more information, please visit us at www.bjs.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our strategic priorities; our anticipated fiscal 2023 outlook; and our future progress, as well as statements that include the words “expect,” “intend,” “plan,” “believe,” “project,” “forecast,” “estimate,” “may,” “should,” “anticipate” and similar statements of a future or forward-looking nature. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: uncertainties in the financial markets, including, without limitation, as a result of disruptions and instability in the banking and financial services industries, consumer and small business spending patterns and debt levels; our dependence on having a large and loyal membership; domestic and international economic conditions, including inflation and exchange rates; our ability to procure the merchandise we sell at the best possible prices; the effects of competition and regulation; our dependence on vendors to supply us with quality merchandise at the right time and at the right price; breaches of security or privacy of member or business information; conditions affecting the acquisition, development, ownership or use of real estate; our capital spending; actions of vendors; our ability to attract and retain a qualified management team and other team members; costs associated with employees (generally including health care costs), energy and certain commodities, geopolitical conditions (including tariffs); changes in our product mix or in our revenues from gasoline sales; our failure to successfully maintain a relevant omnichannel experience for our members; risks related to our growth strategy to open new clubs; risks related to our e-commerce business; our ability to grow our BJ's One Mastercard® program; and other important factors discussed under the caption “Risk Factors” in our Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on March 16, 2023, and subsequent filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, unless required by law, we disclaim any obligation to do so, even if subsequent
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events cause our views to change. Thus, one should not assume that our silence over time means that actual events are bearing out as expressed or implied in such forward-looking statements. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
Non-GAAP Financial Measures
We refer to certain financial measures that are not recognized under United States generally accepted accounting principles (“GAAP”). Please see “Note Regarding Non-GAAP Financial Information" and “Reconciliation of GAAP to Non-GAAP Financial Information” below for additional information and a reconciliation of the Non-GAAP financial measures to the most comparable GAAP financial measures.
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BJ'S WHOLESALE CLUB HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share amounts)
(Unaudited)
Thirteen Weeks
Ended July 29, 2023
Thirteen Weeks
Ended July 30, 2022
Twenty-six Weeks
Ended July 29, 2023
Twenty-six Weeks
Ended July 30, 2022
Net sales$4,859,842 $5,005,030 $9,480,462 $9,404,840 
Membership fee income103,698 98,786 206,220 195,411 
Total revenues4,963,540 5,103,816 9,686,682 9,600,251 
Cost of sales4,066,727 4,243,769 7,909,877 7,949,043 
Selling, general and administrative expenses694,960 651,236 1,384,288 1,287,180 
Pre-opening expense1,584 5,901 5,478 10,801 
Operating income200,269 202,910 387,039 353,227 
Interest expense, net16,274 10,874 30,964 18,715 
Income from continuing operations before income taxes183,995 192,036 356,075 334,512 
Provision for income taxes52,670 51,022 108,762 81,041 
Income from continuing operations131,325 141,014 247,313 253,471 
Income (loss) from discontinued operations, net of income taxes— (7)89 (14)
Net income$131,325 $141,007 $247,402 $253,457 
Income per share attributable to common stockholders - basic:
Income from continuing operations$0.99 $1.05 $1.86 $1.89 
Income (loss) from discontinued operations— — — — 
Net income$0.99 $1.05 $1.86 $1.89 
Income per share attributable to common stockholders - diluted:
Income from continuing operations$0.97 $1.03 $1.82 $1.86 
Income (loss) from discontinued operations— — 0.01 (0.01)
Net income$0.97 $1.03 $1.83 $1.85 
Weighted-average number of shares outstanding:
Basic133,317 134,341 133,314 134,293 
Diluted135,129 136,567 135,515 136,635 
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BJ'S WHOLESALE CLUB HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except per share amounts)
(Unaudited)
July 29, 2023July 30, 2022
ASSETS
Current assets:
Cash and cash equivalents$26,210 $163,681 
Accounts receivable, net200,279 204,495 
Merchandise inventories1,540,508 1,376,526 
Prepaid expense and other current assets76,309 57,844 
Total current assets1,843,306 1,802,546 
Operating lease right-of-use assets, net2,165,125 2,192,548 
Property and equipment, net1,428,576 1,232,103 
Goodwill1,008,816 1,008,816 
Intangibles, net111,568 120,123 
Deferred taxes7,928 4,525 
Other assets38,577 26,583 
Total assets$6,603,896 $6,387,244 
LIABILITIES
Current liabilities:
Short-term debt$411,000 $350,000 
Current portion of operating lease liabilities179,423 171,568 
Accounts payable1,226,490 1,243,286 
Accrued expenses and other current liabilities774,235 719,291 
Total current liabilities2,591,148 2,484,145 
Long-term operating lease liabilities2,075,058 2,118,467 
Long-term debt448,135 699,406 
Deferred income taxes64,095 64,354 
Other non-current liabilities194,171 167,281 
STOCKHOLDERS' EQUITY1,231,289 853,591 
Total liabilities and stockholders' equity$6,603,896 $6,387,244 
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BJ'S WHOLESALE CLUB HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands, except per share amounts)
(Unaudited) 
Twenty-six Weeks Ended July 29, 2023Twenty-six Weeks Ended July 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$247,402 $253,457 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization109,015 97,093 
Amortization of debt issuance costs and accretion of original issue discount655 1,663 
Debt extinguishment charges— 389 
Stock-based compensation expense19,631 18,502 
Deferred income tax provision10,641 12,212 
Changes in operating leases and other non-cash items762 32,067 
Increase (decrease) in cash due to changes in:
Accounts receivable39,797 (29,605)
Merchandise inventories(161,957)(45,519)
Accounts payable30,793 130,503 
Accrued expenses and other current liabilities(3,606)(31,019)
Other operating assets and liabilities, net(23,633)3,309 
Net cash provided by operating activities269,500 443,052 
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property and equipment, net of disposals and proceeds from sale leaseback transactions(208,252)(188,860)
Acquisition— (376,521)
Net cash used in investing activities(208,252)(565,381)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments on long term debt— (50,000)
Proceeds from revolving lines of credit312,000 905,000 
Payments on revolving lines of credit(306,000)(555,000)
Debt issuance costs paid— (2,701)
Net cash received from stock option exercises1,571 5,018 
Net cash received from Employee Stock Purchase Program (ESPP)3,255 2,331 
Acquisition of treasury stock(87,271)(74,530)
Proceeds from financing obligations9,058 13,083 
Other financing activities(1,566)(2,627)
Net cash (used in) provided by financing activities(68,953)240,574 
Net increase (decrease) in cash and cash equivalents(7,705)118,245 
Cash and cash equivalents at beginning of period33,915 45,436 
Cash and cash equivalents at end of period$26,210 $163,681 
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Note Regarding Non-GAAP Financial Information
This press release includes financial measures that are not calculated in accordance with GAAP, including adjusted net income, adjusted net income per diluted share, adjusted EBITDA, free cash flow, net debt and net debt to last twelve months (“LTM”) adjusted EBITDA.
We define adjusted net income as net income attributable to common stockholders adjusted for: acquisition and integration costs; home office transition costs; charges related to debt payments; other adjustments and the tax impact of the foregoing adjustments on net income.
We define adjusted net income per diluted share as adjusted net income divided by the weighted-average diluted shares outstanding.
We define adjusted EBITDA as income from continuing operations before interest expense, net, provision for income taxes and depreciation and amortization, adjusted for the impact of certain other items, including: stock-based compensation expense; pre-opening expenses; non-cash rent; acquisition and integration costs and other adjustments.
We define free cash flow as net cash provided by operating activities less additions to property and equipment, net of disposals, plus proceeds from sale leaseback transactions.
We define net debt as total debt outstanding less cash and cash equivalents.
We define net debt to LTM adjusted EBITDA as net debt at the balance sheet date divided by adjusted EBITDA for the trailing twelve-month period.
We present adjusted net income, adjusted net income per diluted share and adjusted EBITDA, which are not recognized financial measures under GAAP, because we believe such measures assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. In addition, adjusted EBITDA excludes pre-opening expenses, because we do not believe these expenses are indicative of the underlying operating performance of our clubs. The amount and timing of pre-opening expenses are dependent on, among other things, the size of new clubs opened and the number of new clubs opened during any given period.
Management believes that adjusted net income, adjusted net income per diluted share and adjusted EBITDA are helpful in highlighting trends in our core operating performance compared to other measures, which can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate and capital investments. We use adjusted net income, adjusted net income per diluted share and adjusted EBITDA to supplement GAAP measures of performance in the evaluation of the effectiveness of our business strategies; to make budgeting decisions; and to compare our performance against that of other peer companies using similar measures. We also use adjusted EBITDA in connection with establishing discretionary annual incentive compensation.
We present free cash flow, which is not a recognized financial measure under GAAP, because we use it to report to our Board of Directors and we believe it assists investors and analysts in evaluating our liquidity. Free cash flow should not be considered as an alternative to cash flows from operations as a liquidity measure. We present net debt and net debt to LTM adjusted EBITDA, which are not recognized as financial measures under GAAP, because we use them to report to our Board of Directors and we believe they assist investors and analysts in evaluating our borrowing capacity. Net debt to LTM adjusted EBITDA is a key financial measure that is used by management to assess the borrowing capacity of the Company.
You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating adjusted net income, adjusted net income per diluted share, adjusted EBITDA and net debt to LTM adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same as or like some of the adjustments in our presentation of these metrics. Our presentation of adjusted net income, adjusted net income per diluted share, adjusted EBITDA, free cash flow, net debt and net debt to LTM adjusted EBITDA should not be considered as alternatives to any other measure derived in accordance with GAAP and they should not be construed as an inference that the Company’s future results will be unaffected by unusual or non-recurring items. There can be no assurance that we will not modify the presentation of adjusted net income, adjusted net income per diluted share, adjusted EBITDA or net debt to LTM adjusted EBITDA in the
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future, and any such modification may be material. In addition, adjusted net income, adjusted net income per diluted share, adjusted EBITDA, free cash flow, net debt and net debt to LTM adjusted EBITDA may not be comparable to similarly titled measures used by other companies in our industry or across different industries. Additionally, adjusted net income, adjusted net income per diluted share, adjusted EBITDA, free cash flow, net debt and net debt to LTM adjusted EBITDA have limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of our results as reported under GAAP.


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Reconciliation of GAAP to Non-GAAP Financial Information

BJ'S WHOLESALE CLUB HOLDINGS, INC.
Reconciliation of net income to adjusted net income and adjusted net income per diluted share
(Amounts in thousands, except per share amounts)
(Unaudited)
13 Weeks Ended
July 29, 2023
13 Weeks Ended
July 30, 2022
26 Weeks Ended
July 29, 2023
26 Weeks Ended
July 30, 2022
Net income as reported$131,325 $141,007 $247,402 $253,457 
Adjustments:
Acquisition and integration costs (a)
— 3,587 — 11,467 
Home office transition costs (b)
— 600 — 1,199 
Charges related to debt payments (c)
— 389 — 389 
Other adjustments (d)
(185)— (786)(165)
Tax impact of adjustments to net income (e)
52 (1,287)223 (3,625)
Adjusted net income$131,192 $144,296 $246,839 $262,722 
Weighted-average diluted shares outstanding135,129 136,567 135,515 136,635 
Adjusted EPS (f)
$0.97 $1.06 $1.82 $1.92 
(a)Represents costs related to the acquisition and integration of assets from Burris Logistics, including due diligence, legal, and other consulting expenses.
(b)Represents incremental rent expense as the Company transitioned home office locations in fiscal 2022.
(c)Represents the expensing of fees and deferred fees associated with the extinguishment of the ABL Facility in fiscal 2022.
(d)Other non-cash items related to the reclassification into earnings of accumulated other comprehensive income/ loss associated with the de-designation of hedge accounting and other adjustments.
(e)Represents the tax effect of the above adjustments at a statutory tax rate of approximately 28%.
(f)Adjusted EPS is measured using weighted-average diluted shares outstanding. 
BJ'S WHOLESALE CLUB HOLDINGS, INC.
Reconciliation to Adjusted EBITDA
(Amounts in thousands)
(Unaudited)
13 Weeks Ended
July 29, 2023
13 Weeks Ended
July 30, 2022
26 Weeks Ended
July 29, 2023
26 Weeks Ended
July 30, 2022
Income from continuing operations$131,325 $141,014 $247,313 $253,471 
Interest expense, net16,274 10,874 30,964 18,715 
Provision for income taxes52,670 51,022 108,762 81,041 
Depreciation and amortization54,825 49,984 109,015 97,093 
Stock-based compensation expense 9,624 9,387 19,631 18,502 
Pre-opening expenses (a)
1,584 5,901 5,478 10,801 
Non-cash rent (b)
2,281 1,256 3,832 2,102 
Acquisition and integration costs (c)
— 3,588 — 11,467 
Other adjustments (d)
177 674 748 1,309 
Adjusted EBITDA$268,760 $273,700 $525,743 $494,501 
(a)Represents direct incremental costs of opening or relocating a facility that are charged to operations as incurred.
(b)Consists of an adjustment to remove the non-cash portion of rent expense.
(c)Represents costs related to the acquisition and integration of assets from Burris Logistics, including due diligence, legal, and other consulting expenses.
(d)Other non-cash items, including non-cash accretion on asset retirement obligations, obligations associated with our post-retirement medical plan and incremental rent expense as the Company transitioned home office locations in fiscal 2022.
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BJ'S WHOLESALE CLUB HOLDINGS, INC.
Reconciliation to Free Cash Flow
(Amounts in thousands)
(Unaudited)  
13 Weeks Ended
July 29, 2023
13 Weeks Ended
July 30, 2022
26 Weeks Ended
July 29, 2023
26 Weeks Ended
July 30, 2022
Net cash provided by operating activities$150,368 $398,744 $269,500 $443,052 
Less: Additions to property and equipment, net of disposals122,156 101,001 214,240 191,534 
Plus: Proceeds from sale leaseback transactions5,988 2,674 5,988 2,674 
Free cash flow$34,200 $300,417 $61,248 $254,192 
BJ'S WHOLESALE CLUB HOLDINGS, INC.
Reconciliation of Net Debt and Net Debt to LTM adjusted EBITDA
(Amounts in thousands)
(Unaudited)
July 29, 2023
Total debt$859,135 
Less: Cash and cash equivalents26,210 
Net Debt$832,925 
Income from continuing operations$508,104 
Interest expense, net59,711 
Provision for income taxes203,983 
Depreciation and amortization212,856 
Stock-based compensation expense 43,746 
Pre-opening expenses 19,610 
Non-cash rent 5,721 
Acquisition and integration costs 857 
Home office transition costs14,706 
Other adjustments 81 
Adjusted EBITDA$1,069,375 
Net debt to LTM adjusted EBITDA0.8x
See descriptions of adjustments in the “Reconciliation to Adjusted EBITDA (unaudited)” table above.

Investor Contact:
Catherine Park
Vice President, Investor Relations
cpark@bjs.com
774-512-6744
Media Contact:
Kirk Saville
Head of Corporate Communications
ksaville@bjs.com
774-512-5597
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