Company: SPWH
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0000950170-25-048890
Chunk: 453

Company: SPORTSMAN'S WAREHOUSE HOLDINGS, INC.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 4
Chunk 453
---
    January 28,

    2025

    2024

    2023

    Net (loss) income (1)
     
    $
    (33,059
    )
     
    $
    (28,997
    )
     
    $
    40,518

    Interest expense

    12,278

    12,869

    4,195

    Income tax expense (benefit) (2)

    1,930

    (9,209
    )

    13,350

    Depreciation and amortization

    40,498

    39,009

    31,776

    Stock-based compensation expense (3)

    4,229

    4,237

    4,673

    Executive transition costs (4)

    1,081

    4,763

    1,329

    Cancelled contract (5)

    911

    —

    —

    Cost reduction plan (6)

    —

    1,216

    —

    Legal expense (7)

    1,750

    687

    2,088

    Adjusted EBITDA
     
    $
    29,618

    $
    24,575

    $
    97,929

    Net sales

    1,197,633

    1,287,987

    1,399,515

    Net (loss) income margin (8)

    (2.9
    )%

    (2.2
    )%

    2.9
    %

    Adjusted EBITDA margin (8)

    2.5
    %

    1.9
    %

    7.0
    %

(1)Beginning with the three months ended October 28, 2023, we no longer add back new store pre-opening expenses to our net (loss) income to determine Adjusted EBITDA. The presentation of past periods has been conformed to the current presentation. For the fiscal year ended February 1, 2025 we did not incur any new store pre-opening expenses.  For fiscal years ended February 3, 2024 and January 28, 2023 we incurred $5.8 million and $3.7 million, respectively, in new store pre-opening expenses.

(2)A non-cash valuation allowance of $10