Annual report pursuant to Section 13 and 15(d)

CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)

v3.20.1
CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)
12 Months Ended
Feb. 01, 2020
CONDENSED CONSOLIDATING FINANCIAL INFORMATION  
Condensed Consolidating Balance Sheet

Tailored Brands, Inc.

Condensed Consolidating Balance Sheet

February 1, 2020

(in thousands)

Tailored

The Men’s

Guarantor

Non-Guarantor

    

    

    

Brands, Inc.

    

Wearhouse, Inc.

    

Subsidiaries

    

Subsidiaries

    

Eliminations

    

Consolidated

 

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

$

961

$

1,495

$

11,964

$

$

14,420

Accounts receivable, net

28,603

345,683

49,043

(383,356)

39,973

Inventories

136,228

420,339

140,090

696,657

Other current assets

10,379

11,145

56,192

16,349

(10,000)

84,065

Total current assets

10,379

176,937

823,709

217,446

(393,356)

835,115

Property and equipment, net

173,271

199,396

23,145

395,812

Operating lease right-of-use assets

458,209

368,748

53,334

880,291

Rental product, net

81,370

2,370

9,157

92,897

Goodwill

6,160

52,128

20,983

79,271

Intangible assets, net

116,843

116,843

Investments in subsidiaries

86,771

1,180,304

(1,267,075)

Other assets

10,269

8,367

3,694

(3,600)

18,730

Total assets

$

97,150

$

2,086,520

$

1,571,561

$

327,759

$

(1,664,031)

$

2,418,959

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:

Accounts payable

$

189,526

$

236,592

$

68,845

$

72,290

$

(383,356)

$

183,897

Accrued expenses and other current liabilities

2,207

148,929

91,349

17,041

(10,000)

249,526

Current portion of operating lease liabilities

99,195

75,229

11,880

186,304

Current portion of long-term debt

9,000

9,000

Total current liabilities

191,733

493,716

235,423

101,211

(393,356)

628,727

Long-term debt, net

1,094,398

1,094,398

Operating lease liabilities

381,150

303,040

42,137

726,327

Deferred taxes, net and other liabilities

3,723

30,485

23,022

14,183

(3,600)

67,813

Shareholders' (deficit) equity

(98,306)

86,771

1,010,076

170,228

(1,267,075)

(98,306)

Total liabilities and shareholders' equity

$

97,150

$

2,086,520

$

1,571,561

$

327,759

$

(1,664,031)

$

2,418,959

Tailored Brands, Inc.

Condensed Consolidating Balance Sheet

February 2, 2019

(in thousands)

Tailored

The Men’s

Guarantor

Non-Guarantor

    

    

    

Brands, Inc.

    

Wearhouse, Inc.

    

Subsidiaries

    

Subsidiaries

    

Eliminations

    

Consolidated

 

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

$

970

$

1,434

$

30,267

$

$

32,671

Accounts receivable, net

23,954

255,091

53,610

(297,969)

34,686

Inventories

149,923

429,952

144,211

724,086

Other current assets

30,699

37,621

3,773

(5,270)

66,823

Current assets - discontinued operations

41,404

129,972

171,376

Total current assets

205,546

765,502

361,833

(303,239)

1,029,642

Property and equipment, net

194,290

207,934

22,092

424,316

Rental product, net

81,809

3,426

14,535

99,770

Goodwill

6,160

52,128

21,203

79,491

Intangible assets, net

153,711

153,711

Investments in subsidiaries

160,057

1,234,005

(1,394,062)

Other assets

7,590

640

5,059

(4,800)

8,489

Non-current assets - discontinued operations

1,906

23,165

25,071

Total assets

$

160,057

$

1,729,400

$

1,185,247

$

447,887

$

(1,702,101)

$

1,820,490

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:

Accounts payable

$

142,701

$

201,799

$

67,044

$

91,200

$

(297,969)

$

204,775

Accrued expenses and other current liabilities

6,697

146,683

105,022

29,044

(5,270)

282,176

Current portion of long-term debt

11,619

11,619

Current liabilities - discontinued operations

7,073

32,952

40,025

Total current liabilities

149,398

360,101

179,139

153,196

(303,239)

538,595

Long-term debt, net

1,153,242

1,153,242

Deferred taxes, net and other liabilities

7,028

56,000

43,495

17,822

(4,800)

119,545

Non-current liabilities - discontinued operations

1,574

3,903

5,477

Shareholders' equity

3,631

160,057

961,039

272,966

(1,394,062)

3,631

Total liabilities and shareholders' equity

$

160,057

$

1,729,400

$

1,185,247

$

447,887

$

(1,702,101)

$

1,820,490

Condensed Consolidating Statement of Earnings (Loss)

Tailored Brands, Inc.

Condensed Consolidating Statement of Earnings (Loss)

(in thousands)

Tailored

The Men’s

Guarantor

Non-Guarantor

    

Brands, Inc.

    

Wearhouse, Inc.

    

Subsidiaries

    

Subsidiaries

    

Eliminations

    

Consolidated

 

Year Ended February 1, 2020

Net sales

$

$

1,650,102

$

1,586,697

$

719,517

$

(1,075,055)

$

2,881,261

Cost of sales

916,900

1,268,680

602,124

(1,075,055)

1,712,649

Gross margin

733,202

318,017

117,393

1,168,612

Operating expenses

3,071

652,665

527,887

86,926

(199,775)

1,070,774

Operating (loss) income

(3,071)

80,537

(209,870)

30,467

199,775

97,838

Other income and expenses, net

198,981

794

(199,775)

Interest (expense) income, net

(4,132)

(70,779)

4,851

(689)

(70,749)

Loss on extinguishment of debt, net

(77)

(77)

(Loss) earnings before income taxes

(7,203)

9,681

(6,038)

30,572

27,012

(Benefit) provision for income taxes

(2,847)

(7,370)

7,516

4,346

1,645

(Loss) earnings before equity in net income of subsidiaries

(4,356)

17,051

(13,554)

26,226

25,367

Equity in (loss) earnings of subsidiaries

(77,920)

(65,539)

143,459

Net (loss) earnings from continuing operations

(82,276)

(48,488)

(13,554)

26,226

143,459

25,367

Net (loss) earnings from discontinued operations, net of tax

(29,432)

2,013

(80,224)

(107,643)

Net (loss) earnings

$

(82,276)

$

(77,920)

$

(11,541)

$

(53,998)

$

143,459

$

(82,276)

Comprehensive (loss) income

$

(82,811)

$

(99,678)

$

(11,541)

$

(59,660)

$

170,879

$

(82,811)

Year Ended February 2, 2019

Net sales

$

$

1,735,743

$

1,519,548

$

450,247

$

(701,027)

$

3,004,511

Cost of sales

886,137

1,172,665

336,128

(701,027)

1,693,903

Gross margin

849,606

346,883

114,119

1,310,608

Operating expenses

4,489

538,469

531,206

67,145

(56,263)

1,085,046

Operating (loss) income

(4,489)

311,137

(184,323)

46,974

56,263

225,562

Other income and expenses, net

55,582

681

(56,263)

Interest (expense) income, net

(3,950)

(85,011)

7,949

2,005

(79,007)

Loss on extinguishment of debt, net

(30,253)

(30,253)

(Loss) earnings before income taxes

(8,439)

195,873

(120,792)

49,660

116,302

(Benefit) provision for income taxes

(1,056)

35,334

(25,295)

8,723

17,706

(Loss) earnings before equity in net income of subsidiaries

(7,383)

160,539

(95,497)

40,937

98,596

Equity in earnings (loss) of subsidiaries

90,623

(69,916)

(20,707)

Net earnings (loss) from continuing operations

83,240

90,623

(95,497)

40,937

(20,707)

98,596

Net earnings (loss) from discontinued operations, net of tax

3,208

(18,564)

(15,356)

Net earnings (loss)

$

83,240

$

90,623

$

(92,289)

$

22,373

$

(20,707)

$

83,240

Comprehensive income (loss)

$

60,043

$

83,146

$

(92,323)

$

6,687

$

2,490

$

60,043

Tailored Brands, Inc.

Condensed Consolidating Statement of Earnings (Loss)

(in thousands)

Tailored

The Men’s

Guarantor

Non-Guarantor

    

    

Brands, Inc.

    

Wearhouse, Inc.

    

Subsidiaries

    

Subsidiaries

    

Eliminations

    

Consolidated

 

Year Ended February 3, 2018

Net sales

$

$

1,737,651

$

1,596,153

$

543,558

$

(824,341)

$

3,053,021

Cost of sales

897,429

1,213,089

425,416

(824,341)

1,711,593

Gross margin

840,222

383,064

118,142

1,341,428

Operating expenses

3,453

648,569

546,290

73,683

(146,663)

1,125,332

Operating (loss) income

(3,453)

191,653

(163,226)

44,459

146,663

216,096

Other income and expenses, net

145,002

1,661

(146,663)

Interest (expense) income, net

(442)

(105,009)

6,606

(1,062)

(99,907)

Gain on extinguishment of debt, net

5,445

5,445

(Loss) earnings before income taxes

(3,895)

92,089

(11,618)

45,058

121,634

(Benefit) provision for income taxes

(3,444)

54,744

(42,247)

25,564

34,617

(Loss) earnings before equity in net income of subsidiaries

(451)

37,345

30,629

19,494

87,017

Equity in earnings of subsidiaries

97,154

59,809

(156,963)

Net earnings from continuing operations

96,703

97,154

30,629

19,494

(156,963)

87,017

Net earnings from discontinued operations, net of tax

3,436

6,250

9,686

Net earnings

$

96,703

$

97,154

$

34,065

$

25,744

$

(156,963)

$

96,703

Comprehensive income

$

126,004

$

100,186

$

34,050

$

52,028

$

(186,264)

$

126,004

Condensed Consolidating Statement of Cash Flows

Tailored Brands, Inc.

Condensed Consolidating Statement of Cash Flows

Year Ended February 1, 2020

(in thousands)

Tailored

The Men’s

Guarantor

Non-Guarantor

    

Brands, Inc.

    

Wearhouse, Inc.

    

Subsidiaries

    

Subsidiaries

    

Eliminations

    

Consolidated

 

Net cash provided by (used in) operating activities

$

37,726

$

463,543

$

50,116

$

(400,173)

$

(51,571)

$

99,641

CASH FLOWS FROM INVESTING ACTIVITIES:

Capital expenditures

(28,542)

(50,117)

(9,843)

(88,502)

Proceeds from divestiture of business, net

45,034

45,034

Proceeds from sales of property and equipment

311

311

Intercompany activities

(359,023)

(40,953)

399,976

Net cash (used in) provided by investing activities

(387,254)

(50,117)

(5,762)

399,976

(43,157)

CASH FLOWS FROM FINANCING ACTIVITIES:

Payments on new term loan

(9,370)

(9,370)

Proceeds from asset-based revolving credit facility

1,333,000

1,333,000

Payments on asset-based revolving credit facility

(1,331,500)

(1,331,500)

Repurchase and retirement of senior notes

(54,425)

(54,425)

Intercompany activities

(14,003)

362,408

(348,405)

Cash dividends paid

(28,071)

(28,071)

Proceeds from issuance of common stock

1,561

1,561

Tax payments related to vested deferred stock units

(1,216)

(1,216)

Repurchases of common stock

(10,000)

(10,000)

Net cash (used in) provided by financing activities

(37,726)

(76,298)

362,408

(348,405)

(100,021)

Effect of exchange rate changes

2,526

2,526

Increase (decrease) in cash and cash equivalents

(9)

(1)

(41,001)

(41,011)

Cash and cash equivalents at beginning of period

970

1,496

52,965

55,431

Cash and cash equivalents at end of period

$

$

961

$

1,495

$

11,964

$

$

14,420

Tailored Brands, Inc.

Condensed Consolidating Statement of Cash Flows

Year Ended February 2, 2019

(in thousands)

Tailored

The Men’s

Guarantor

Non-Guarantor

    

Brands, Inc.

    

Wearhouse, Inc.

    

Subsidiaries

    

Subsidiaries

    

Eliminations

    

Consolidated

 

Net cash provided by (used in) operating activities

$

38,198

$

674,432

$

29,247

$

(382,259)

$

(36,946)

$

322,672

CASH FLOWS FROM INVESTING ACTIVITIES:

Capital expenditures

(26,731)

(47,686)

(7,869)

(82,286)

Proceeds from divestiture of business, net

17,755

17,755

Intercompany activities

(321,970)

75,135

246,835

Net cash (used in) provided by investing activities

(348,701)

(29,931)

67,266

246,835

(64,531)

CASH FLOWS FROM FINANCING ACTIVITIES:

Payments on original term loan

(993,420)

(993,420)

Proceeds from new term loan

895,500

895,500

Payments on new term loan

(9,000)

(9,000)

Proceeds from asset-based revolving credit facility

655,500

655,500

Payments on asset-based revolving credit facility

(607,000)

(607,000)

Repurchase and retirement of senior notes

(199,365)

(199,365)

Deferred financing costs

(6,713)

(6,713)

Intercompany activities

(112,081)

321,970

(209,889)

Cash dividends paid

(36,946)

(36,946)

Proceeds from issuance of common stock

6,649

6,649

Tax payments related to vested deferred stock units

(7,901)

(7,901)

Net cash (used in) provided by financing activities

(38,198)

(376,579)

321,970

(209,889)

(302,696)

Effect of exchange rate changes

(3,621)

(3,621)

(Decrease) increase in cash and cash equivalents

(50,848)

(684)

3,356

(48,176)

Cash and cash equivalents at beginning of period

51,818

2,180

49,609

103,607

Cash and cash equivalents at end of period

$

$

970

$

1,496

$

52,965

$

$

55,431

Tailored Brands, Inc.

Condensed Consolidating Statement of Cash Flows

Year Ended February 3, 2018

(in thousands)

Tailored

The Men’s

Guarantor

Non-Guarantor

    

    

    

Brands, Inc.

    

Wearhouse, Inc.

Subsidiaries

    

Subsidiaries

    

Eliminations

    

Consolidated

 

Net cash provided by (used in) operating activities

$

35,545

$

520,678

$

61,823

$

(231,517)

$

(35,761)

$

350,768

CASH FLOWS FROM INVESTING ACTIVITIES:

Capital expenditures

(25,729)

(63,681)

(5,548)

(94,958)

Acquisition of business, net of cash

(457)

(457)

Intercompany activities

(285,500)

(75,135)

360,635

Proceeds from sale of property and equipment

3,323

2,157

5,480

Net cash used in investing activities

(307,906)

(61,524)

(81,140)

360,635

(89,935)

CASH FLOWS FROM FINANCING ACTIVITIES:

Payments on original term loan

(53,379)

(53,379)

Proceeds from asset-based revolving credit facility

276,300

276,300

Payments on asset-based revolving credit facility

(276,300)

(276,300)

Repurchase and retirement of senior notes

(145,371)

(145,371)

Deferred financing costs

(2,580)

(2,580)

Intercompany activities

39,374

285,500

(324,874)

Cash dividends paid

(35,761)

(35,761)

Proceeds from issuance of common stock

1,903

1,903

Tax payments related to vested deferred stock units

(1,687)

(1,687)

Net cash (used in) provided by financing activities

(35,545)

(161,956)

285,500

(324,874)

(236,875)

Effect of exchange rate changes

8,760

8,760

Increase (decrease) in cash and cash equivalents

50,816

299

(18,397)

32,718

Cash and cash equivalents at beginning of period

1,002

1,881

68,006

70,889

Cash and cash equivalents at end of period

$

$

51,818

$

2,180

$

49,609

$

$

103,607