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BlackRock Long-Term Municipal Advantage Trust (NYSE: BTA - Get Free Report)'s share price crossed above its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of $9.62 and traded as high as $9.74. BlackRock Long-Term Municipal Advantage Trust shares last traded at $9.7260, with a volume of 53,250
BEAUFORT, S.C.--(BUSINESS WIRE)-- #CLIFighters--Research published by THE SAGE GROUP examines the prevalence, characteristics, comorbidities and consequences of BTA disease, as well as explores the challenges of endovascular revascularization. BTA disease is characterized by atherosclerotic stenoses and/or occlusions in one or more foot arteries. The pedal artery, plantar arteries (common, medial and lateral) and the plantar arch are among the foot arteries affected. “Although BTA disease is highly prevalent.
NEW YORK--(BUSINESS WIRE)--Certain BlackRock closed-end funds (the “Funds”) announced distributions today as detailed below. Municipal Funds: Declaration- 3/1/2024 Ex-Date- 3/14/2024 Record- 3/15/2024 Payable- 4/1/2024 National Funds Ticker Distribution Change From Prior Distribution BlackRock Municipal Income Quality Trust* BYM $0.052500 - BlackRock Long-Term Municipal Advantage Trust* BTA $0.043500 - BlackRock MuniAssets Fund, Inc.* MUA $0.055500 - BlackRock Municipal Income Fund, Inc.
Macro markets saw positive movement, with the S&P 500 up 1.81% and bonds performing well. The PPI report offset slightly hot CPI, leaving uncertainty about how the Fed will respond to rising inflation figures. PIMCO Corp & Inc Strat (PCN), a fund I've been high on for some time, has gone parabolic. There was a recommendation from a Seeking Alpha author that likely drove.
NEW YORK--(BUSINESS WIRE)--Certain BlackRock closed-end funds (the “Funds”) announced distributions today as detailed below. BlackRock Floating Rate Income Trust (NYSE: BGT), BlackRock Floating Rate Income Strategies Fund, Inc. (NYSE: FRA) and BlackRock Debt Strategies Fund, Inc. (NYSE: DSU) announced increases to their monthly distributions. Certain BlackRock municipal Funds previously declared their December, January and February distributions and declared special distributions today in order.
19 out of 22 CEF sectors are positive on price, and 21 out of 22 sectors are positive on NAV. KYN/KMF merger completes. NXG Cushing Midstream Energy Fund rights offering begins.
Bangsamoro election law signing ceremony. Prime Minister Murad on the center left, Chairman Balingdon on the right = 8th (from the official BTA parliamentary FB)The Bangsamoro Transitional Authority (BTA) parliament passed the Bangsamoro Election Bill (BTA No. 29) with 64 votes in favor on the 8th. Then BTA's Murad Ibrahim (... The post Philippines: The Bangsamoro electoral statute was promulgated, constituting a progression towards the formation of an autonomous region. appeared first on The Ea...
DAVAO CITY ? The Bangsamoro Parliament unanimously approved the Bangsamoro Electoral Code on Wednesday night. Presiding Chairman and Deputy Speaker Omar Yasser Sema, banged the gavel at 11:58 pm on Wednesday to approve Bangsamoro Transition Authority (BTA) Bill No. 29 on third and final reading. The measure was carried with 64 affirmative votes, zero negative […] The post Philippines: The Bangsamoro Parliament has ratified an electoral code, bestowing its official sanction. appeared first on The...
1 out of 22 CEF sectors positive on price and 0 out of 22 sectors positive on NAV last week. Senior loans lead while real estate lags.
Risk assets continue to rebound with investors focusing on the potential of a Fed pivot given slower growth and inflation. We think we will shift from a stagflationary economic regime to a deflationary bust one. That means adding duration and quality.
NEW YORK--(BUSINESS WIRE)--BlackRock Advisors, LLC (“BlackRock”) announced today a change to the fiscal year end (“FYE”) for each Fund listed below. These changes were made to reduce operating costs for the Funds and will be effective as of July 31, 2022. Ticker (NYSE) Fund Current FYE New FYE BKN BlackRock Investment Quality Municipal Trust, Inc. 4/30 7/31 BTA BlackRock Long-Term Municipal Advantage Trust 4/30 7/31 MUA BlackRock MuniAssets Fund, Inc. 4/30 7/31 MUI BlackRock Municipal Income Fu
Munis are giving us a chance to own them again at some compelling discounts relative to long-term valuations.
15 out of 24 CEF sectors positive on price and 6 out of 24 sectors positive on NAV last week. PCF and RIV rights offering results.
We take a look at the Municipal CEF sector which has been buffeted over the past few months by rising Treasury yields.
Amazon has crushed the market in the long term due to the company's rock-solid competitive strength in a high growth market.
NEW YORK--(BUSINESS WIRE)--BlackRock Advisors, LLC announced today that the Boards of Directors/Trustees of sixty two BlackRock municipal, taxable fixed-income, and equity closed-end funds (the “Funds”) have authorized the renewal of open market share repurchase programs (the “Repurchase Programs”). Under each Fund’s current Repurchase Program, each Fund may repurchase, through November 30, 2020, up to 5% of its outstanding common shares (based on common shares outstanding on November 30, 2019) in open market transactions. Pursuant to the Board’s renewal of the Repurchase Programs, commencing on December 1, 2020, each Fund may repurchase up to 5% of its outstanding common shares (based on common shares outstanding on November 30, 2020) in open market transactions through November 30, 2021. The Repurchase Programs seek to enhance shareholder value by purchasing Fund shares trading at a discount from their net asset value (“NAV”) per share, which could result in incremental accretion to a Fund’s NAV. The Funds that have authorized the renewal of a Repurchase Program are as follows: Municipal Funds Ticker (NYSE) Fund CUSIP BFZ BlackRock California Municipal Income Trust 09248E102 BKN BlackRock Investment Quality Municipal Trust, Inc. 09247D105 BTA BlackRock Long-Term Municipal Advantage Trust 09250B103 BZM BlackRock Maryland Municipal Bond Trust 09249L105 MHE BlackRock Massachusetts Tax-Exempt Trust 09258E109 MUI BlackRock Muni Intermediate Duration Fund, Inc. 09253X102 MUA BlackRock MuniAssets Fund, Inc. 09254J102 BBK BlackRock Municipal Bond Trust 09249H104 BAF BlackRock Municipal Income Investment Quality Trust 09250G102 BBF BlackRock Municipal Income Investment Trust 09248H105 BYM BlackRock Municipal Income Quality Trust 092479104 BFK BlackRock Municipal Income Trust 09248F109 BLE BlackRock Municipal Income Trust II 09249N101 MEN BlackRock MuniEnhanced Fund, Inc. 09253Y100 MUC BlackRock MuniHoldings California Quality Fund, Inc. 09254L107 MHD BlackRock MuniHoldings Fund, Inc. 09253N104 MUH BlackRock MuniHoldings Fund II, Inc. 09253P109 MFL BlackRock MuniHoldings Investment Quality Fund 09254P108 MUJ BlackRock MuniHoldings New Jersey Quality Fund, Inc. 09254X101 MHN BlackRock MuniHoldings New York Quality Fund, Inc. 09255C106 MUS BlackRock MuniHoldings Quality Fund, Inc. 09254A101 MUE BlackRock MuniHoldings Quality Fund II, Inc. 09254C107 MVF BlackRock MuniVest Fund, Inc. 09253R105 MVT BlackRock MuniVest Fund II, Inc. 09253T101 MZA BlackRock MuniYield Arizona Fund, Inc. 09254K109 MYC BlackRock MuniYield California Fund, Inc. 09254M105 MCA BlackRock MuniYield California Quality Fund, Inc. 09254N103 MYD BlackRock MuniYield Fund, Inc. 09253W104 MYF BlackRock MuniYield Investment Fund 09254R104 MFT BlackRock MuniYield Investment Quality Fund 09254T100 MIY BlackRock MuniYield Michigan Quality Fund, Inc. 09254V105 MYJ BlackRock MuniYield New Jersey Fund, Inc. 09254Y109 MYN BlackRock MuniYield New York Quality Fund, Inc. 09255E102 MPA BlackRock MuniYield Pennsylvania Quality Fund 09255G107 MQY BlackRock MuniYield Quality Fund, Inc. 09254F100 MQT BlackRock MuniYield Quality Fund II, Inc. 09254G108 MYI BlackRock MuniYield Quality Fund III, Inc. 09254E103 BSE BlackRock New York Municipal Income Quality Trust 09249U105 BNY BlackRock New York Municipal Income Trust 09248L106 BFY BlackRock New York Municipal Income Trust II 09249R102 BSD The BlackRock Strategic Municipal Trust 09248T109 BHV BlackRock Virginia Municipal Bond Trust 092481100 Taxable Fixed-Income Funds Ticker (NYSE) Fund CUSIP BBN BlackRock Taxable Municipal Bond Trust 09248X100 BHK BlackRock Core Bond Trust 09249E101 HYT BlackRock Corporate High Yield Fund, Inc. 09255P107 BTZ BlackRock Credit Allocation Income Trust 092508100 EGF BlackRock Enhanced Government Fund, Inc. 09255K108 FRA BlackRock Floating Rate Income Strategies Fund, Inc. 09255X100 BGT BlackRock Floating Rate Income Trust 091941104 BKT BlackRock Income Trust, Inc. 09247F100 BLW BlackRock Limited Duration Income Trust 09249W101 BIT BlackRock Multi-Sector Income Trust 09258A107 DSU BlackRock Debt Strategies Fund, Inc. 09255R202 Equity Funds Ticker (NYSE) Fund CUSIP BGR BlackRock Energy and Resources Trust 09250U101 CII BlackRock Enhanced Capital and Income Fund, Inc. 09256A109 BDJ BlackRock Enhanced Equity Dividend Trust 09251A104 BOE BlackRock Enhanced Global Dividend Trust 092501105 BME BlackRock Health Sciences Trust 09250W107 BGY BlackRock Enhanced International Dividend Trust 092524107 BCX BlackRock Resources & Commodities Strategy Trust 09257A108 BST BlackRock Science and Technology Trust 09258G104 BUI BlackRock Utilities, Infrastructure & Power Opportunities Trust 09248D104 The amount and timing of any repurchases under each Fund’s Repurchase Program will be determined either at the discretion of the Fund’s management or pursuant to predetermined parameters and instructions subject to market conditions. There is no assurance that any Fund will repurchase shares in any particular amounts. A Fund’s repurchase activity will be disclosed in its shareholder report for the relevant fiscal period. Any repurchases made under any Fund Repurchase Program will be made on a national security exchange at the prevailing market price, subject to exchange requirements and certain volume and timing limitations and other regulations under federal securities laws. About BlackRock BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, our clients turn to us for the solutions they need when planning for their most important goals. As of June 30, 2020, the firm managed approximately $7.32 trillion in assets on behalf of investors worldwide. For additional information on BlackRock, please visit www.blackrock.com | Twitter: @blackrock | Blog: www.blackrockblog.com | LinkedIn: www.linkedin.com/company/blackrock Availability of Fund Updates BlackRock will update performance and certain other data for the Funds on a monthly basis on its website in the “Closed-end Funds” section of www.blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Funds. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this release. Forward-Looking Statements This press release, and other statements that BlackRock or a Fund may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to a Fund’s or BlackRock’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions. BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. With respect to the Funds, the following factors, among others, could cause actual events to differ materially from forward-looking statements or historical performance: (1) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for the Funds or in a Fund’s net asset value; (2) the relative and absolute investment performance of a Fund and its investments; (3) the impact of increased competition; (4) the unfavorable resolution of any legal proceedings; (5) the extent and timing of any distributions or share repurchases; (6) the impact, extent and timing of technological changes; (7) the impact of legislative and regulatory actions and reforms, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, and regulatory, supervisory or enforcement actions of government agencies relating to a Fund or BlackRock, as applicable; (8) terrorist activities, international hostilities and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (9) BlackRock’s ability to attract and retain highly talented professionals; (10) the impact of BlackRock electing to provide support to its products from time to time; and (11) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions. Annual and Semi-Annual Reports and other regulatory filings of the Funds with the Securities and Exchange Commission (“SEC”) are accessible on the SEC's website at www.sec.gov and on BlackRock’s website at www.blackrock.com, and may discuss these or other factors that affect the Funds. The information contained on BlackRock’s website is not a part of this press release.
Options announces direct connectivity to the recently launched Long-Term Stock Exchange (LTSE) as part of its global colocation expansion
The Long-Term Stock Exchange is set to begin full trading operations Wednesday.
SAN FRANCISCO--(BUSINESS WIRE)--Williams-Sonoma, Inc. (NYSE: WSM) today announced operating results for the second fiscal quarter ended August 2, 2020 (“Q2 20”) versus the second fiscal quarter ended August 4, 2019 (“Q2 19”). “We delivered an exceptional second quarter with net comp growth of 10.5% and demand comp growth of almost 19%, operating margin expansion to nearly double that of last year, and record earnings growth of over 100%. E-commerce again drove our results growing 46% in the quarter, and our stores performed better-than-expected, improving throughout the quarter as we re-opened. In a time when home is more important than ever, we have taken this opportunity to push our longer term plans. We will: Our digital-first strategy, our trusted and curated brands, our omni-channel approach, and our commitment to sustainability will continue to provide a powerful source of differentiation and competitive advantage as we execute against these priorities,” said Laura Alber, President and Chief Executive Officer. “As always, and especially in challenging times, what makes us proud as a company goes well beyond the products we sell. In the last several months, we have witnessed not only the ongoing impact of a global pandemic but also heartbreaking reminders of racial injustice in our country,” Alber continued. “As we continue to support COVID-19 relief efforts in our communities, we are also taking action to help drive positive change and create a more equitable, inclusive future for all. These are extraordinary times that require us to continuously evolve and rethink how we best serve all our stakeholders. We are rising to the challenge, learning and adapting, and leading with our values in everything we do.” Alber concluded, “Longer term, we believe the behavioral changes and industry shifts that have emerged from the pandemic will persist and continue to favor our business. We are investing in the next phase of our growth and the opportunities that position us for accelerated market share gain.” SECOND QUARTER 2020 Net revenue growth of 8.8% to $1.491 billion, driven by a significant acceleration in e-commerce revenue growth to approximately 46% E-commerce penetration reached an all-time high of almost 76% of total company revenues Demand comparable brand revenue growth of almost 19%, which includes orders placed but not yet filled in the quarter (See Exhibit 1) Net comparable brand revenue growth of 10.5%, with sequential and year-over-year acceleration in nearly all brands, including Williams Sonoma at a record 29.4%, Pottery Barn at 8.1% and West Elm at 7.0% Gross margin expansion of 160bps, driven by higher year-over-year merchandise margins and occupancy leverage Occupancy costs were $166 million, down 5.8% from last year and leveraging 170bps GAAP SG&A leverage of approximately 450bps; non-GAAP SG&A leverage of approximately 460bps, reflecting substantially higher advertising ROI and the positive impact of cost reductions across the business, combined with the strength of our topline performance GAAP operating margin of 12.4%; non-GAAP operating margin of 13.1%, nearly double that of last year and the highest quarterly operating margin performance outside of a holiday fourth quarter GAAP diluted EPS of $1.70; non-GAAP diluted EPS of $1.80, nearly 107% higher than last year Maintains strong liquidity position of $948 million in cash, including approximately $216 million in operating cash flow resulting from our strong Q2 20 performance Board of Directors declares quarterly cash dividend of $0.48 per common share, reflecting strong commitment to shareholder returns GUIDANCE Given the dynamic nature of the COVID-19 crisis and the continuing macroeconomic uncertainty that could impact its performance, the company is not providing guidance for fiscal year 2020. Long-Term Financial Guidance Total net revenues growth of mid to high single digits Non-GAAP operating margin expansion Above-industry average ROIC (See Exhibit 1) CONFERENCE CALL AND WEBCAST INFORMATION Williams-Sonoma, Inc. will host a live conference call today, August 26, 2020, at 2:00 P.M. (PT). The call, hosted by Laura Alber, President and Chief Executive Officer, will be open to the general public via live webcast and can be accessed at http://ir.williams-sonomainc.com/events. A replay of the webcast will be available at http://ir.williams-sonomainc.com/events. SEC REGULATION G — NON-GAAP INFORMATION This press release includes non-GAAP financial measures. Exhibit 1 provides reconciliations of these non-GAAP financial measures to the most comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”). We have not provided a reconciliation of non-GAAP guidance measures to the corresponding GAAP measures on a forward-looking basis due to the potential variability and limited visibility of excluded items; these excluded items include expenses related to the acquisition of Outward, Inc., inventory-related charges and store asset impairments due to the impact of COVID-19. We believe that these non-GAAP financial measures, when reviewed in conjunction with GAAP financial measures, can provide meaningful supplemental information for investors regarding the performance of our business and facilitate a meaningful evaluation of current period performance on a comparable basis with prior periods. Our management uses these non-GAAP financial measures in order to have comparable financial results to analyze changes in our underlying business from quarter to quarter. In addition, certain other items may be excluded from non-GAAP financial measures when the company believes this provides greater clarity to management and investors. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for or superior to the GAAP financial measures presented in this press release and our financial statements and other publicly filed reports. Non-GAAP measures as presented herein may not be comparable to similarly titled measures used by other companies. FORWARD-LOOKING STATEMENTS This press release contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they do not fully materialize or are proven incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. Such forward-looking statements include statements relating to: our ability to capture significant opportunities in the home furnishings industry and increase our market share; our ability to continue to improve performance; the sustainability of our online growth; our ability to fill all of the orders placed in the quarter; the quality of our product pipeline; expected improvements in our inventory position; the long-term impact of the pandemic on behavioral changes and industry shifts; our focus on operational excellence; our ability to improve customers’ experience; our optimism about the future; our ability to maximize growth and maintain high profitability; and our long-term financial targets. The risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements include: continuing changes in general economic conditions, and the impact on consumer confidence and consumer spending; the impact of the coronavirus on our global supply chain, retail store operations and customer demand, new interpretations of or changes to current accounting rules; our ability to anticipate consumer preferences and buying trends; dependence on timely introduction and customer acceptance of our merchandise; changes in consumer spending based on weather, political, competitive and other conditions beyond our control; delays in store openings; competition from companies with concepts or products similar to ours; timely and effective sourcing of merchandise from our foreign and domestic vendors and delivery of merchandise through our supply chain to our stores and customers; effective inventory management; our ability to manage customer returns; successful catalog management, including timing, sizing and merchandising; uncertainties in e-marketing, infrastructure and regulation; multi-channel and multi-brand complexities; our ability to introduce new brands and brand extensions; challenges associated with our increasing global presence; dependence on external funding sources for operating capital; disruptions in the financial markets; our ability to control employment, occupancy and other operating costs; our ability to improve our systems and processes; changes to our information technology infrastructure; general political, economic and market conditions and events, including war, conflict or acts of terrorism; the impact of current and potential future tariffs and our ability to mitigate impacts; and other risks and uncertainties described more fully in our public announcements, reports to stockholders and other documents filed with or furnished to the SEC, including our Annual Report on Form 10-K for the fiscal year ended February 2, 2020 and all subsequent quarterly reports on Form 10-Q and current reports on Form 8-K. We have not filed our Form 10-Q for the quarter ended August 2, 2020. As a result, all financial results described here should be considered preliminary, and are subject to change to reflect any necessary adjustments or changes in accounting estimates that are identified prior to the time we file the Form 10-Q. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we assume no obligation to update these forward-looking statements. ABOUT WILLIAMS-SONOMA, INC. Williams-Sonoma, Inc. is a specialty retailer of high-quality products for the home. These products, representing distinct merchandise strategies — Williams Sonoma, Pottery Barn, Pottery Barn Kids, West Elm, Pottery Barn Teen, Williams Sonoma Home, Rejuvenation, and Mark and Graham — are marketed through e-commerce websites, direct-mail catalogs and retail stores. These brands are also part of The Key Rewards, our free-to-join loyalty program that offers members exclusive benefits across the Williams-Sonoma family of brands. We operate in the U.S., Puerto Rico, Canada, Australia and the United Kingdom, offer international shipping to customers worldwide, and have unaffiliated franchisees that operate stores in the Middle East, the Philippines, Mexico and South Korea, as well as e-commerce websites in certain locations. Condensed Consolidated Statements of Earnings (unaudited) Thirteen Weeks Ended Twenty-six Weeks Ended August 2, 2020 August 4, 2019 August 2, 2020 August 4, 2019 $ % of Revenues $ % of Revenues $ % of Revenues $ % of Revenues Net revenues 1,490,777 100 % 1,370,814 100 % 2,725,980 100 % 2,611,946 100 % Cost of goods sold 939,575 63.0 % 886,953 64.7 % 1,760,518 64.6 % 1,683,754 64.5 % Gross profit 551,202 37.0 % 483,861 35.3 % 965,462 35.4 % 928,192 35.5 % Selling, general and administrative expenses 365,841 24.5 % 397,696 29.0 % 731,456 26.8 % 767,895 29.4 % Operating income 185,361 12.4 % 86,165 6.3 % 234,006 8.6 % 160,297 6.1 % Interest expense, net 6,464 0.4 % 2,669 0.2 % 8,623 0.3 % 4,922 0.2 % Earnings before income taxes 178,897 12.0 % 83,496 6.1 % 225,383 8.3 % 155,375 5.9 % Income taxes 44,333 3.0 % 20,848 1.5 % 55,396 2.0 % 40,071 1.5 % Net earnings 134,564 9.0 % 62,648 4.6 % 169,987 6.2 % 115,304 4.4 % Earnings per share (EPS): Basic $1.73 $0.80 $2.19 $1.47 Diluted $1.70 $0.79 $2.16 $1.45 Shares used in calculation of EPS: Basic 77,783 78,488 77,522 78,586 Diluted 79,264 79,470 78,841 79,633 2nd Quarter Net Revenues and Comparable Brand Revenue Growth (Decline) by Concept* Net Revenues (Millions) Comparable Brand Revenue Growth (Decline) Q2 20 Q2 19 Q2 20 Q2 19 Pottery Barn $ 563 $ 525 8.1 % 4.2 % West Elm $ 381 $ 358 7.0 % 17.5 % Williams Sonoma $ 243 $ 191 29.4 % (1.1 %) Pottery Barn Kids and Teen $ 236 $ 228 4.8 % 3.7 % Other $ 68 $ 69 N/A N/A Total $ 1,491 $ 1,371 10.5 % 6.5 % *See the Company’s 10-K and 10-Q filings for the definition of comparable brand revenue, which is calculated on a 13-week to 13-week basis for both Q2 2019 and Q2 2020. Comparable stores that were temporarily closed due to COVID-19 were not excluded from the comparable stores calculation for Q2 2020. Condensed Consolidated Balance Sheets (unaudited) In thousands, except per share amounts August 2, 2020 February 2, 2020 August 4, 2019 ASSETS Current assets Cash and cash equivalents $ 947,760 $ 432,162 $ 120,467 Accounts receivable, net 128,737 111,737 111,114 Merchandise inventories, net 1,042,340 1,100,544 1,187,728 Prepaid expenses 109,495 90,426 117,017 Other current assets 27,098 20,766 21,693 Total current assets 2,255,430 1,755,635 1,558,019 Property and equipment, net 887,401 929,038 913,059 Operating lease right-of-use assets 1,146,229 1,166,383 1,208,528 Deferred income taxes, net 37,789 47,977 38,803 Goodwill 85,419 85,343 85,348 Other long-term assets, net 75,028 69,666 65,924 Total assets $ 4,487,296 $ 4,054,042 $ 3,869,681 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities Accounts payable $ 373,086 $ 521,235 $ 404,337 Accrued expenses 158,407 175,003 127,137 Gift card and other deferred revenue 292,684 289,613 283,108 Income taxes payable 28,502 22,501 13,065 Current debt — 299,818 — Borrowings under revolving line of credit 487,823 — 60,000 Operating lease liabilities 221,575 227,923 222,978 Other current liabilities 102,086 73,462 76,254 Total current liabilities 1,664,163 1,609,555 1,186,879 Deferred rent and lease incentives 24,684 27,659 28,618 Long-term debt 298,995 — 299,719 Long-term operating lease liabilities 1,080,622 1,094,579 1,148,031 Other long-term liabilities 85,910 86,389 84,831 Total liabilities 3,154,374 2,818,182 2,748,078 Stockholders’ equity Preferred stock: $.01 par value; 7,500 shares authorized; none issued — — — Common stock: $.01 par value; 253,125 shares authorized; 77,796, 77,137 and 78,203 shares issued and outstanding at August 2, 2020, February 2, 2020 and August 4, 2019, respectively 778 772 783 Additional paid-in capital 608,892 605,822 584,828 Retained earnings 736,772 644,794 552,454 Accumulated other comprehensive loss (12,921 ) (14,587 ) (15,488 ) Treasury stock, at cost (599 ) (941 ) (974 ) Total stockholders’ equity 1,332,922 1,235,860 1,121,603 Total liabilities and stockholders’ equity $ 4,487,296 $ 4,054,042 $ 3,869,681 Retail Store Data (unaudited) May 3, 2020 Openings Closings August 2, 2020 August 4, 2019 Williams Sonoma 212 — (2) 210 218 Pottery Barn 201 — — 201 205 West Elm 119 3 (1) 121 112 Pottery Barn Kids 74 — (2) 72 78 Rejuvenation 10 — — 10 10 Total 616 3 (5) 614 623 Condensed Consolidated Statement of Cash Flows (unaudited) Twenty Six Weeks Ended In thousands August 2, 2020 August 4, 2019 Cash flows from operating activities: Net earnings $ 169,987 $ 115,304 Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: Depreciation and amortization 93,120 93,744 (Gain) loss on disposal/impairment of assets 25,408 (6 ) Amortization of deferred lease incentives (2,975 ) (4,228 ) Non-cash lease expense 108,448 105,437 Deferred income taxes (2,229 ) (8,428 ) Tax benefit related to stock-based awards 12,694 14,110 Stock-based compensation expense 33,395 35,401 Other 255 92 Changes in: Accounts receivable (16,740 ) (4,430 ) Merchandise inventories 60,055 (63,576 ) Prepaid expenses and other assets (30,968 ) (24,506 ) Accounts payable (141,602 ) (127,511 ) Accrued expenses and other liabilities 12,117 (30,677 ) Gift card and other deferred revenue 2,936 (7,173 ) Operating lease liabilities (113,489 ) (111,782 ) Income taxes payable 5,988 (8,407 ) Net cash provided by (used in) operating activities 216,400 (26,636 ) Cash flows from investing activities: Purchases of property and equipment (76,123 ) (77,189 ) Other 241 470 Net cash used in investing activities (75,882 ) (76,719 ) Cash flows from financing activities: Borrowings under revolving line of credit 487,823 60,000 Payment of dividends (79,274 ) (75,453 ) Tax withholdings related to stock-based awards (29,589 ) (25,887 ) Debt issuance costs (1,050 ) — Repurchases of common stock — (72,131 ) Net cash provided by (used in) financing activities 377,910 (113,471 ) Effect of exchange rates on cash and cash equivalents (2,830 ) (1,661 ) Net increase (decrease) in cash and cash equivalents 515,598 (218,487 ) Cash and cash equivalents at beginning of period 432,162 338,954 Cash and cash equivalents at end of period $ 947,760 $ 120,467 $ 551,202 37.0 % $ 483,861 35.3 % $ 965,462 35.4 % $ 928,192 35.5 % - 879 - 1,414 - - - 30 - - 11,378 - $ 551,202 37.0 % $ 484,740 35.4 % $ 976,840 35.8 % $ 929,636 35.6 % $ 365,841 24.5 % $ 397,696 29.0 % $ 731,456 26.8 % $ 767,895 29.4 % (3,341 ) (6,351 ) (6,699 ) (12,228 ) - (623 ) - (7,119 ) (6,355 ) - (21,975 ) - $ 356,145 23.9 % $ 390,722 28.5 % $ 702,782 25.8 % $ 748,548 28.7 % $ 185,361 12.4 % $ 86,165 6.3 % $ 234,006 8.6 % $ 160,297 6.1 % 3,341 7,230 6,699 13,642 - 623 - 7,149 - - 11,378 - 6,355 - 21,975 - $ 195,057 13.1 % $ 94,018 6.9 % $ 274,058 10.1 % $ 181,088 6.9 % $ Tax rate $ Tax rate $ Tax rate $ Tax rate $ 44,333 24.8 % $ 20,848 25.0 % $ 55,396 24.6 % $ 40,071 25.8 % 451 1,536 1,192 2,964 - (493 ) - (782 ) - - 2,940 - 1,287 - 5,324 - $ 46,071 24.4 % $ 21,891 24.0 % $ 64,852 24.4 % $ 42,253 24.0 % $ 1.70 $ 0.79 $ 2.16 $ 1.45 0.04 0.07 0.07 0.13 - 0.01 - 0.10 - - 0.11 - 0.06 - 0.21 - $ 1.80 $ 0.87 $ 2.54 $ 1.68 SEC Regulation G – Non-GAAP Information These tables include non-GAAP gross profit, gross margin, selling, general and administrative expense, operating income, operating margin, income taxes, effective tax rate and diluted EPS. We believe that these non-GAAP financial measures provide meaningful supplemental information for investors regarding the performance of our business and facilitate a meaningful evaluation of our quarterly actual results on a comparable basis with prior periods. Our management uses these non-GAAP financial measures in order to have comparable financial results to analyze changes in our underlying business from quarter to quarter. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Notes to Exhibit 1: Demand comparable brand revenue growth Demand comparable brand revenue growth includes orders placed but not yet filled or charged to the customer in the quarter. Return on Invested Capital (“ROIC”) We believe ROIC is a useful financial measure for investors in evaluating the efficient and effective use of capital, and is an important component of long-term shareholder return. We define ROIC as non-GAAP net operating profit after tax (NOPAT), divided by our average invested capital. NOPAT is defined as non-GAAP operating income, plus rent expense, less estimated taxes at the company’s effective tax rate. Average invested capital is defined as the two-year average of total assets less current liabilities, plus capitalized leases, less cash in excess of $200 million. ROIC is not a measure of financial performance under GAAP, and should be considered in addition to, and not as a substitute for other financial measures prepared in accordance with GAAP. Our method of determining ROIC may differ from other companies’ methods and therefore may not be comparable. WSM-IR
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