Green Roof Market Analysis by Product Type & Applications, Emerging Trends, Size, Share, Supply Chain and Analysis from 2017-2022

Green Roof Marketanalysis is provided for global market including development trends by regions, competitive analysis of green roof market. Green-Roof if a special green space plantings/landscape installed above a waterproofed substrate at any building level that is separated from the ground beneath it by a man-made structure. Other terms: Eco-roof, Living roof, etc..

Browse Detailed TOC, Tables, Figures, Charts and Companies Mentioned in Green Roof Market Research Report @ https://www.360marketupdates.com/global-green-roof-market-by-manufacturers-regions-type-and-application-forecast-to-2021-10397106

Market Segment by Manufacturers, this report covers

Optigreen

TAJIMA

Soprema

Tremco

Sempergreen

Onduline and many others

Scope of the Report:

This report focuses on the Green Roof in Global market, especially in North America, Green Roof Market in Europe and Asia-Pacific, Green Roof Market in Latin America, Green Roof Market in Middle and Africa. This report categorizes the market based on manufacturers, regions, type and application.

Market Segment by Regions, regional analysis covers

North America (USA, Canada and Mexico)

Europe (Germany, France, UK, Russia and Italy)

Asia-Pacific (China, Japan, Korea, India and Southeast Asia)

Latin America, Middle and Africa

Get Sample PDF of Green Roof Market Report @ http://www.360marketupdates.com/enquiry/request-sample/10397106

Market Segment by Type, covers

Extensive Green-Roof

Semi-intensive Green-Roof

Intensive Green-Roof

Market Segment by Applications, can be divided into

Commercial buildings

Residential buildings

Industrial buildings

Others

Key questions answered in the report:

What will the market growth rate of Green Roof market in 2020?

What are the key factors driving the global Green Roof market?

Who are the key manufacturers in Green Roof market space?

What are the market opportunities, market risk and market overview of the Green Roof market?

What are sales, revenue, and price analysis of top manufacturers of Green Roof market?

Who are the distributors, traders and dealers of Green Roof market?

What are the Green Roof market opportunities and threats faced by the vendors in the global Green Roof market?

What are sales, revenue, and price analysis by types and applications of Green Roof market?

What are sales, revenue, and price analysis by regions of Green Roof market?

Have Any Query? Ask Our Expert for Green Roof Market Report @ http://www.360marketupdates.com/enquiry/pre-order-enquiry/10397106

No. of Report pages: 119

Price of Report: $ 3480 (Single User Licence)

 

Food Smokers Market Analysis, Growth by Top Companies, Trends by Types and Application, Forecast Analysis to 2022

Food Smokers Market analysis is provided for global market including development trends by regions, competitive analysis of Food Smokers market. A smoker is an apparatus for cooking at low temperatures in a controlled, smoky environment for the smoking of food. A smoker is a piece of cooking equipment for making barbecue.

Browse Detailed TOC, Tables, Figures, Charts and Companies Mentioned in Food Smokers Market Research Report @ https://www.360marketupdates.com/10492870

Market Segment by Manufacturers, this report covers

  • Masterbuilt
  • Char-Broil
  • Southern Pride
  • Weber
  • Cookshack Inc.
  • Alto-Shaam and many others

Scope of the Report:

This report focuses on the Food Smokers in Global market, especially in North America, Food Smokers Market in Europe and Asia-Pacific, Food Smokers Market in Latin America, Food Smokers Market in Middle East and Africa. This report categorizes the market based on manufacturers, regions, type and application.

Market Segment by Regions, regional analysis covers

  • North America (USA, Canada and Mexico)
  • Europe (Germany, France, UK, Russia and Italy)
  • Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
  • South America (Brazil, Argentina, Columbia etc.)
  • Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

Get Sample PDF of Food Smokers Market Report @ http://www.360marketupdates.com/enquiry/request-sample/10492870

Market Segment by Type, covers

  • Electric Smoker
  • Charcoal Smoker
  • Gas-fueled Smoker
  • Others

Market Segment by Applications, can be divided into

  • Family Used
  • Commercial Used

Key questions answered in the report:

  • What will the market growth rate of Food Smokers market in 2022?
  • What are the key factors driving the global Food Smokers market?
  • Who are the key manufacturers in Food Smokers market space?
  • What are the market opportunities, market risk and market overview of the Food Smokers market?
  • What are sales, revenue, and price analysis of top manufacturers of Food Smokers market?
  • Who are the distributors, traders and dealers of Food Smokers market?
  • What are the Food Smokers market opportunities and threats faced by the vendors in the global Food Smokers market?
  • What are sales, revenue, and price analysis by types and applications of Food Smokers market?
  • What are sales, revenue, and price analysis by regions of Food Smokers market?

Have Any Query? Ask Our Expert for Food Smokers Market Report @ http://www.360marketupdates.com/enquiry/pre-order-enquiry/10492870

No. of pages in report: 124

Price of Report: $ 3480 (Single User Licence)

Thermal Imaging Market: Market Growth Factors, Applications, Regional Analysis, Key Players and Forecasts by 2022

Thermal Imaging Market analysis is provided for united states market including development trends by regions, competitive analysis of Thermal Imaging market. Thermal imaging is a method of improving visibility of objects in a dark environment by detecting the objects’ infrared radiation and creating an image based on that information.

Browse Detailed TOC, Tables, Figures, Charts and Companies Mentioned in Thermal Imaging Market Research Report https://www.360marketupdates.com/10484501

Market Segment by Manufacturers, this report covers

  • FLIR
  • Lockheed Martin
  • Raytheon
  • L3 Technologies
  • Thales Group
  • Northrop and many others

Scope of the Report:

This report focuses on the Thermal Imaging market in United States. This Thermal Imaging market report categorizes the market based on manufacturers, type and application.

Market Segment by Countries, covering

  • California
  • Texas
  • New York
  • Florida
  • Illinois

Get Sample PDF of Thermal Imaging Market Report @ http://www.360marketupdates.com/enquiry/request-sample/10484501

Market Segment by Type, covers

  • Uncooled Type
  • Cooled Type

Market Segment by Applications, can be divided into

  • Military
  • Civil

Key questions answered in the report:

  • What will the market growth rate of Thermal Imaging market in 2022?
  • What are the key factors driving the united states Thermal Imaging market?
  • What are sales, revenue, and price analysis of top manufacturers of Thermal Imaging market?
  • Who are the distributors, traders and dealers of Thermal Imaging market?
  • Who are the key vendors in Thermal Imaging market space?
  • What are the Thermal Imaging market opportunities and threats faced by the vendors in the united states Thermal Imaging market?
  • What are sales, revenue, and price analysis by types and applications of Thermal Imaging market?
  • What are sales, revenue, and price analysis by regions of Thermal Imaging market?
  • What are the market opportunities, market risk and market overview of the Thermal Imaging market?

No. of Report pages: 115 

Price of Report: $ 4480 (Single User Licence) 

Purchase Thermal Imaging Market Report @ https://www.360marketupdates.com/purchase/10484501

Global Inspects Respiratory Care Market Analysis and Forecast: Based On Latest Research 2021

The Respiratory Care Devices Market Report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors. Respiratory Care Devices Industry Report covers the present scenario and the growth prospects of the Respiratory Care Devices Market for 2016-2021. The research was conducted using an objective combination of primary and secondary information including inputs from key participants in the Respiratory Care Devices industry.

Respiratory Care Devices Market is poised to reach USD 24.07 Billion by 2021 with 9.7% CAGR during the forecast period of 2016-2021

Respiratory Care Devices Market analysis is provided for global market including development trends by regions, competitive analysis of the Respiratory Care Devices market. Respiratory Care Devices Industry report focuses on the major drivers and restraints for the key players.

This is mainly attributed to the high growth in these regions is mainly attributed to the rising geriatric population, growing per capita income, increasing investments in the healthcare industry by key market players, rising demand for cutting-edge technologies, low labor costs, favorable regulatory environment and expansion of private-sector hospitals to rural areas in various APAC and Latin American countries are some factors that will fuel the growth of respiratory care devices market in these regions.

Browse Detailed TOC, Tables, Figures, Charts and Companies Mentioned in Respiratory Care Devices Market Research Report @https://www.absolutereports.com/10166014   

Major Key Players of Environmental Monitoring Market:

Philips Healthcare (The Netherlands), ResMed Inc. (U.S.), Medtronic plc (Ireland), Masimo Corporation (U.S.), Fisher and Paykel Healthcare Limited (New Zealand), Becton, Dickinson and Company (U.S.), Chart Industries, Inc. (U.S.), Drägerwerk AG & Co. KGaA (Germany), and Hamilton Medical AG (Switzerland).

 Respiratory Care Devices Market Drivers:

  • Rapid growth in geriatric population
  • Rising prevalence of respiratory diseases
  • Increasing incidence of preterm births
  • Urbanization and growing pollution levels
  • High prevalence of tobacco smoking
  • Changing lifestyle

Respiratory Care Devices Market Restraints:

  • Reimbursement concerns
  • Availability of low-cost products from local manufacturers

Respiratory Care Devices Market Opportunities:

  • Growing demand for home care therapeutic devices
  • High growth in developing countries across APAC and Latin America
  • Point-of-care diagnostics

 

Respiratory Care Devices Market Challenge:

  • Lack of awareness and large underdiagnosed and undertreated population
  • Harmful effects of certain devices on neonates

 Get Sample PDF of Respiratory Care Devices Market Report @ http://www.absolutereports.com/enquiry/request-sample/10166014  

 

Respiratory Care Devices Market Segmentation Based On Region:

  • North America
  • Europe
  • Asia-Pacific
  • Latin America

Ask for Discount @ http://www.absolutereports.com/enquiry/request-discount/10166014  

Respiratory Care Devices Market Segmentation Based On Disease/Disorder:

  • Chronic Obstructive Pulmonary Disease (Copd)
  • Sleep Apnea
  • Asthma
  • Infectious Diseases
  • Other Diseases/Disorders

Respiratory Care Devices Market Segmentation Based On End-User:

  • Hospitals
  • Home Care
  • Ambulatory Care

No. of Pages: 276

Price of Report: $ 5650 (Single User License)

Purchase Report at:http://www.absolutereports.com/enquiry/request-discount/10166014   

Future of Speed Doors Market in Global Industry 2017 -2022

The report Speed Doors Market Research Report highlights key dynamics of United States Speed Doors Industry sector. The potential of the Industry has been investigated along with the key challenges. The current Speed Doors Market scenario and future prospects of the sector has also been studied.

Speed Doors are door systems, mainly used in industrial applications. They are technical enhancements of the generally known sectional doors, PVC fabric doors or roller shutters.

Get Sample PDF of Speed Doors Market Report @

http://www.360marketupdates.com/enquiry/request-sample/10493007

Speed Doors Market Segment by Manufacturers, this report covers

  • Hormann
  • Rite-Hite
  • ASI Doors
  • Rytec
  • ASSA ABLOY
  • Chase Doors
  • PerforMax Globaland many more

Speed Doors Market Segment by Regions, regional analysis covers

  • California
  • Texas
  • New York
  • Florida
  • Illinois

Browse Detailed TOC, Tables, Figures, Charts and Companies Mentioned in Speed Doors Market Research Report @   http://360marketupdates.com/10493007

Scope of the Report:

This report focuses on the Speed Doorsin United States market, especially in United States, Europe and Asia-Pacific, Latin America, Middle East and Africa. This report categorizes the market based on manufacturers, regions, type and application.

Speed Doors Market Segment by Type, covers

  • Rolling Doors
  • Folding Doors
  • Sliding Doors
  • Swinging Doors
  • Others

Speed Doors Market Segment by Applications, can be divided into

  • Large Exterior Openings
  • Pharmaceutical Environment
  • Food & Drink Industry
  • Warehouse and Loading Bays
  • Others

Ask Discount for Speed Doors Market report @

http://www.360marketupdates.com/enquiry/request-discount/10493007

Key questions answered in the Speed Doors Market report:

  • What will the market growth rate of Speed Doors market in 2022?
  • What are the key factors driving the United StatesSpeed Doors market?
  • What are sales, revenue, and price analysis of top manufacturers of Speed Doors Market?
  • Who are the distributors, traders and dealers of Speed Doors Market?
  • Who are the key vendors in Speed Doors Marketspace?
  • What are the Speed Doors Marketopportunities and threats faced by the vendors in the United States Speed Doors Market?
  • What are sales, revenue, and price analysis by types, application and regions of Speed Doors Market?
  • What are the market opportunities, market risk and market overview of the Speed Doors Market?

No. of pages In Speed Doors Market Report : 121

Price of Speed Doors Market Report: $ 4480 (Single User Licence)

IEC calls on disruptive technology for universal energy access

Announcing the LVDC Conference on Sustainable Electricity Access, 22-23 May 2017, in Nairobi

Geneva, Switzerland, 2017-03-30 –The IEC (International Electrotechnical Commission) is stepping up efforts to bring electrical energy to the 1,3 billion people who have no access to electricity, via a disruptive technology – low voltage direct current (LVDC). The IEC is hosting the inaugural LVDC Conference on Sustainable Electricity Access, in Nairobi, Kenya, on 22 and 23 May 2017, in partnership with the Kenya Bureau of Standards (KEBS).

LVDC Logo

LVDC Logo

“Combined with some form of energy storage, LVDC has the potential to bring millions of people out of the dark. The IEC is driving the development of LVDC, making this technology safe and broadly accessible. Holding this conference in Africa will provide a real understanding of electricity access needs to IEC experts and stakeholders. We invite participation of all those concerned with the Sustainable Developments Goals, especially Goal 7: Ensure access to affordable, reliable, sustainable and modern energy for all,” said Frans Vreeswijk, General Secretary & CEO of the IEC.

Energy, and especially electricity, is the golden thread that impacts the majority of the 17 Sustainable Development Goals (SDGs), and furthermore, the development of every nation and economy. The work of the IEC directly impacts 12 of the 17 SDGs – it provides the technical foundation for the whole energy chain and all equipment that is driven by electricity.

The UN recognizes that electricity access helps to reduce poverty and hunger, improves educational opportunities and enables higher quality healthcare. In developing economies, LVDC helps governments and policy makers to rapidly improve the living conditions, livelihoods and leisure time of millions of citizens as they gain access to affordable and clean electricity. Against this backdrop, the LVDC Conference on Sustainable Electricity Access will bring together a diverse group of stakeholders including policy makers, power utilities, equipment manufacturers, NGOs, technology gurus, industry experts, systems engineers, funding agencies and insurers.

“I urge all stakeholders to register and attend the conference which will be a thought leadership platform to effectively engage with policymakers and regulators. This event will help us to gain the technological and economic information needed to evolve LVDC standards and drive the technology’s commercialization,” said Charles Ongwae, Managing Director, Kenya Bureau of Standards.

The recent evolution of LVDC
LVDC is a disruptive technology that fundamentally changes and accelerates energy access. Over the last twenty years several mega-trends have created a groundswell of demand for LVDC. The need to mitigate the effects of climate change has seen a renewed focus on Energy Efficiency and sustainability, taking power generation increasingly towards renewable sources and away from fossil fuels. In addition, the cost of energy generation from solar photovoltaics (PV) has become more accessible, while LED lighting has made the conventional incandescent lamp a thing of the past.

Without realizing it, today we live in a “direct current” world, with most of our electronic devices already being able to use current that is produced by renewable sources directly, without conversion. As a result, LVDC is seeing a growth in uses like data centres, e-mobility and related infrastructure, urban homes and buildings for lighting and other applications, public distribution, DC micro-grids, and storage etc.

These trends challenge the traditional model of electricity distribution via alternating current (AC). Also, many of the technical issues that blocked the development of DC are no longer an obstacle. A diverse group of global experts in the IEC is currently preparing the technical foundation needed for the broad roll-out of LVDC.

Vimal Mahendru, Chair of the IEC Systems Committee (SyC) on LVDC, and IEC Ambassador said, “For areas where grid connection is too expensive, LVDC is the only economic way to provide electricity access to everyone: it is clean, safe and affordable. The applications for LVDC are wide, varied and apply in every country in the world. This conference is your opportunity to input your local needs and requirements; to hear about economic benefits linked to LVDC; and to contribute to the development of key performance and risk assessment indicators to allow regulators and systems administrators to benchmark LVDC solutions.”

About LVDC
In technical terms, direct current is constant and flows in one direction. In opposition, alternating current periodically reverses direction in a wave-like pattern. Currently, electricity is converted to AC to be converted back to DC for use by DC driven devices, sometimes multiple times. Using Renewable Energy as DC electricity is more efficient and generates less e-waste in the form of transformers and power adaptors.

Solar cells and other renewable power technologies produce DC power and batteries receive, store and deliver DC power. All electronics and battery driven devices use DC power, which today is often transformed from AC. Everything, from electric vehicles, renewable energy technology, kitchen appliances, lighting, transport, smart phones and tablets to systems with data and embedded electronics, such as the Internet of Things, smart homes and Smart Cities, runs on DC.

Standardization work for LVDC is perhaps one of the biggest societal impact initiatives undertaken by the IEC. It requires a concerted effort by all stakeholders. For further reading, please see the article in e-tech of June 2015 and also visit the SEG4 and Syc LVDC.

About the IEC
The IEC (International Electrotechnical Commission) is the world’s leading organization that prepares and publishes globally relevant International Standards for all electric and electronic devices and systems. It brings together 170 countries, representing 99.1% of the world population and 99.2% of world electricity generation. More than 20 000 experts cooperate on the global IEC platform and many more in each member country. They ensure that products work everywhere safely and efficiently with each other. The IEC also supports all forms of conformity assessment and administers four Conformity Assessment Systems that certify that components, equipment and systems used in homes, offices, healthcare facilities, public spaces, transportation, manufacturing, explosive environments and during energy generation conform to them.

IEC work covers a vast range of technologies: power generation (including all renewable energy sources), transmission, distribution, Smart Grid & Smart Cities, batteries, home appliances, office and medical equipment, all public and private transportation, semiconductors, fibre optics, nanotechnology, multimedia, information technology, and more. It also addresses safety, EMC, performance and the environment.
www.iec.ch

Kenya Bureau of Standards
Kenya Bureau of Standards (KEBS) is a statutory body established under the Standards Act (CAP 496) of the laws of Kenya. KEBS commenced its operations in July 1974. The KEBS Board of Directors is known as the National Standards Council (NSC). It is the policymaking body for supervising and controlling the administration and financial management of the Bureau. The Managing Director is the Chief Executive responsible for the day-to-day administration of the Bureau within the broad guidelines formulated by the NSC. Standards provide a common reference point for the assessment of the quality of goods and services. Standards ensure that products and services are safe, reliable and of good quality. For business, they are strategic tools that reduce costs by minimising waste and errors and increasing productivity. They help companies to access new markets, level the playing field for developing countries and facilitate free and fair global trade. For more information, please visit https://www.kebs.org

LVDC Conference on Sustainable Electricity Access
Hotel InterContinental Nairobi; 22 – 23 May 2017, Nairobi, Kenya
http://www.lvdcconference.com

Further Information
Gabriela Ehrlich
Tel: +41 22 919 02 78
Mob: +41 79 600 56 72
Email: geh@iec.ch
Skype: gabriela.ehrlich

Sam Bennett Joins Green Man Gaming as EVP to Lead New Customer Experience Department

LONDON, March 30, 2017 /PRNewswire/ --

Green Man Gaming , a global e-commerce technology company in the video games industry, today announced the appointment of Sam Bennett as EVP of Customer Experience and Communications. Sam brings his extensive experience of managing and engaging communities as well as customer relationships globally at top gaming brands including EA, Sony and Activision to lead up the newly formed team. The new department covers Community Management, Customer Support, PR, Communications, Influencer Engagement, Content and Social Media.

Sam's deep understanding of the gaming community and vast experience of running successful engagement strategies in a digital landscape will play a key role in helping the business improve the way it connects and informs its customers and partners. His multi-faceted skill set and experience will help to lead a team that aims to deliver "best in class" customer experience and a highly engaging and informative environment for Green Man Gaming store and community users.

Sam has held senior Community Management and Customer Relationship positions at leading global game publishers including EA, Activision and Sony Computer Entertainment Europe in the past. His deep understanding and knowledge of the gaming industry has been driven by his passion for games and hands-on experience of working on key titles including Call of Duty Elite, LittleBigPlanet and the FIFA franchise. Before joining Green Man Gaming, his role as Community Director at Edge Case Games saw him successfully drive positive engagement for the game "Fractured Space" as it moved from paid Early Access into Free to Play.

"Sam's deep understanding of the gaming community globally and experience of successfully improving customer engagement is highly valuable to Green Man Gaming as we grow our newly launched Green Man Gaming Community. As a passionate gamer who understands our audience and a well-respected community expert in the industry, we look forward to working with Sam to make sure we put our customers first at all times," says Paul Sulyok, CEO and Founder of Green Man Gaming.

Download Sam Bennett photo (Dropbox)

About Green Man Gaming 

Green Man Gaming is a global e-commerce technology company in the video games industry and the first choice for millions of gamers around the world.

We offer a wide range of digital games that our customers can play on their favourite platforms including PC, Mac, Sony Playstation and Nintendo. Working directly with over 500 publishers, developers and distributors, we offer gamers in 190 countries a large catalogue of multi-platform games at competitive prices. Green Man Gaming is an official distributor of Sony PS4, Nintendo, Steam, Uplay, Rockstar Social Club and many more PC platform products.

Green Man Gaming's Publishing arm works with developers to help publish and market their own games, supporting them every step of the way. Our vibrant online community also connects gamers and rewards them for in-game activity. This gameplay data allows us to further improve the overall gaming experience.

Our passion for games and strong community platform provides gamers with the ultimate multi-platform destination to shop, connect and get the best insights online.

www.greenmangaming.com

China’s ‘One Belt, One Road’ Depends on Common Professional and Technical Standards: World Built Environment Forum

HONG KONG–(BUSINESS WIRE)–How should cities respond to the ‘new normal’ of geopolitical shifts and an economic environment of low growth, low inflation, low productivity, low oil prices and low interest rates?

How can cities become resilient and smart? How can innovations within the built environment drive productivity gains and spur growth?

These were just some of the globally significant challenges put to leaders this week during the Annual Summit of the World Built Environment Forum held in Shanghai, China*.

More than 700 participants from 20 countries and 73 cities participated in this high level platform convened by RICS, a global professional body working across land, real estate, construction and infrastructure.

Discussions explored the challenges of geopolitical shifts, urban resilience and green infrastructure through the lens of China’s ‘One Belt, One Road’ (OBOR) economic development initiative. OBOR connects emerging centres of growth around the world through infrastructure, trade and investment.

Statistics provided by research institutions around the world, indicate that the initiative is expected to cover 70% of the world’s population, 75% of its energy resources and 55% of global GDP**.

Participants recognised that OBOR could potentially raise the prosperity of an estimated 4.4bn people living in the 65 nations along the Belt and Road routes. In order to achieve this potential, the summit heard that infrastructure projects had to be properly scoped, carefully planned and professionally implemented.

As an initiative with international reach, OBOR’s success required common professional and technical standards. Harmonisation of these standards would support market transparency and common approaches by professionals, globally, to deliver projects competently, consistently and ethically.

Ivy Yin, Executive Vice President, Shanghai Oriental Investment Supervision Co. Ltd called on industry and governments to “strengthen the connection between Chinese and international standards” to ensure a consistent set of definitions and benchmarks for projects spanning national borders.

Vincent Lo, Chairman of Shui On Group and the Hong Kong Trade and Development Council, emphasized the central importance of uniform standards and international recognition of professional qualifications to deliver OBOR projects as efficiently as possible.

“With technology, innovation and shared professional standards, we can build a sustainable future while achieving growth and integration,” Lo said.

A number of high profile speakers also supported the case for international benchmarks that support the economies of China, Asia more broadly and partners across the world.

“We need to build a state-of-the-art, environmental friendly pan-Asian infrastructure network that is based on national, bi-lateral and sub-regional projects.” Hongtao Zhang, Counsellor of the State Council in China.

Sir Danny Alexander, Vice President and Corporate Secretary of the Asian Infrastructure Investment Bank (AIIB) echoed this by saying, “There are significant opportunities for both public and private capital in green infrastructure as drivers of better connectivity.”

In opening the two-day summit, former Deputy Managing Director of the International Monetary Fund (IMF), Dr. Zhu Min, set out the macroeconomic context for discussions. He alerted decision makers, industry leaders and investors to the urgency of finding and re-establishing financial stability in global markets. ‘Globalisation is at an inflection point. This is the beginning of a new global political era,’ he noted.

The Annual Summit offers a regular meeting place for the World Built Environment Forum to discuss some of the most pressing global challenges and identify solutions by engaging leaders across the built environment sector. Held in a different urban hub every year, the summit looks at the sector through a holistic lens, bringing together stakeholders from all aspects of the sector to explore common issues. The third Annual Summit will be held in London, United Kingdom in 2018. For more information, visit the new summit website at www.wbeflondon2018.com.

RICS wishes to thank all delegates, sponsors and partners for their generous support.

Notes to Editors:

* The Annual Summit was held on 27 and 28 March in Shanghai, China.

** Statistics provided by the T-20, the research forum of the Group of 20: http://www.t20china.org/displaynews.php?id=413523

About RICS

RICS is a global professional body. We promote and enforce the highest professional qualification and standards in the development and management of land, real estate, construction and infrastructure. Our name promises the consistent delivery of standards – bringing confidence to the markets we serve. Global Media Contacts

About the World Built Environment Forum

The World Built Environment Forum (WBEF) is a global network of professionals who create and manage the environments the world needs. It sets the standard for dialogue and cooperation that is vital for our sector. The Built Environment has become the focal point for the most pressing global issues: migration and urbanization; housing supply and affordability; infrastructure and resilience; technology and data; climate, carbon & resource scarcity, and ultimately responsible growth.

J.Jill, Inc. Announces Fourth Quarter and Full Year Fiscal 2016 Results

QUINCY, Mass.–(BUSINESS WIRE)–J.Jill, Inc. (NYSE:JILL) today announced financial results for the fourth quarter and fiscal year ended January 28, 2017.

Paula Bennett, President and CEO of J.Jill, Inc. stated: „We are very pleased with our fourth quarter performance, which helped drive our strong fiscal 2016 results. We have now delivered positive total company comparable sales in 18 of the last 20 quarters, and year-over-year earnings growth for 20 consecutive quarters. Our 10.8% total company comparable sales growth for the fourth quarter of fiscal 2016 demonstrates our ability to delight our customers with the product assortment and omni-channel shopping experience that builds loyalty for our brand. With our proven formula of data-driven decision making, we believe that we have the right strategies in place to grow profitably, and we plan to continue the momentum that we achieved in 2016 into 2017 and beyond.”

For the fourth quarter ended January 28, 2017:

  • Total net sales increased by 14.8% to $166.9 million from $145.4 million in the fourth quarter of fiscal 2015.
  • Total company comparable sales, which includes comparable store sales and direct to consumer comparable sales, increased by 10.8%.
  • Direct to consumer net sales represented 48.8% of total net sales, up from 46.1% in the fourth quarter of fiscal 2015.
  • Gross profit increased to $105.5 million from $91.4 million in the fourth quarter of fiscal 2015. As a percentage of total net sales, gross profit was 63.2% compared to 62.9% in the fourth quarter of fiscal 2015.
  • SG&A was $94.6 million compared to. $85.2 million in the fourth quarter of fiscal 2015, and as a percentage of total net sales was 56.7% compared to 58.6% in the fourth quarter of fiscal 2015. Fourth quarter 2016 SG&A included $2.5 million of net non-recurring expenses.
  • Income from operations, inclusive of net non-recurring SG&A expenses, increased to $10.8 million, and as a percentage of total net sales was 6.5% compared to 4.3% in the fourth quarter of fiscal 2015.
  • Adjusted EBITDA* for the fourth quarter of fiscal 2016 increased by 45.7% to $22.5 million from $15.4 million in the fourth quarter of fiscal 2015.
  • Income tax expense increased to $3.7 million from $0.8 million in the fourth quarter of fiscal 2015, and the effective tax rate was 64.7% compared to 35.0% in the fourth quarter of 2015.
  • Diluted earnings per share for the fourth quarter of fiscal 2016 were $0.05 compared to $0.03 in the fourth quarter of fiscal 2015.
  • Adjusted diluted earnings per share* for fourth quarter of fiscal 2016, which excludes net non-recurring expenses, were $0.08 compared to adjusted diluted earnings per share of $0.04 in the fourth quarter of fiscal 2015.

For the fiscal year ended January 28, 2017:

  • Total net sales increased by 13.7% to $639.1 million from $562.0 million in pro forma fiscal 2015.
  • Total company comparable sales, which includes comparable store sales and direct to consumer comparable sales, increased by 11.2%.
  • Direct to consumer net sales represents 43.2% of fiscal 2016 net sales, up from 39.8% in pro forma fiscal 2015.
  • Gross profit increased to $427.9 million from $373.2 million in pro forma fiscal 2015. As a percentage of total net sales, gross profit was 67.0% compared to 66.4% in pro forma fiscal 2015.
  • SG&A was $368.5 million compared to $331.8 million in pro forma fiscal 2015, and as a percentage of total net sales was 57.7% compared to 59.0% in pro forma fiscal 2015. Fiscal year 2016 SG&A included $9.6 million of net non-recurring expenses.
  • Income from operations, inclusive of net non-recurring expenses, increased to $59.4 million, and as a percentage of net sales was 9.3% compared to 7.4% of net sales in pro forma fiscal 2015.
  • Adjusted EBITDA* for fiscal 2016 increased by 29.6% to $106.2 million from $82.0 million in pro forma fiscal 2015.
  • Income tax expense increased to $16.7 million from $10.2 million in pro forma fiscal 2015, and the effective tax rate was 40.9% compared to 41.7% for pro forma fiscal 2015.
  • Diluted earnings per share for fiscal 2016 were $0.55.
  • Adjusted diluted earnings per share* for fiscal 2016, which excludes net non-recurring expenses, were $0.68.

The Company ended fiscal 2016 with $13.5 million in cash and cash equivalents, including the impact of a voluntary pre-payment of $10.1 million (including accrued interest) on its term loan, compared to $27.5 million at the end of fiscal 2015. Inventory at the end of fiscal 2016 increased by 3.5% to $66.6 million compared to $64.4 million at the end of fiscal 2015. The Company opened 14 net new stores in fiscal 2016 and ended the year with 275 stores.

On May 8, 2015, JJill Holdings and JJill Topco Holdings completed the acquisition of the Company (the “Acquisition”). Due to the change in the basis of accounting resulting from the Acquisition, our GAAP statement of operations for the 2015 fiscal year is split into two periods, the Predecessor period from February 1, 2015 to May 7, 2015 and the Successor period from May 8, 2015 to January 30, 2016, which are not necessarily comparable. For comparability, we are also presenting supplemental pro forma financial information for the 2015 fiscal year, giving effect to the Acquisition as if it had occurred on February 1, 2015.

* Non-GAAP financial measures. Please see “Non-GAAP Financial Measures” and “Reconciliation of GAAP Net Income to Adjusted EBITDA and Adjusted Net Income” for more information.

Outlook

For the first quarter of fiscal 2017, we expect total comparable sales to increase in the high single digits. GAAP diluted earnings per share are expected to be in the range of $0.14 to $0.16. Adjusted diluted earnings per share, which excludes approximately $2.2 million of non-recurring expenses associated with the company’s initial public offering, are expected to be in the range of $0.17 to $0.19. Both GAAP and adjusted diluted earnings per share include approximately $0.4 million of public company costs not incurred in 2016. This guidance assumes 43.7 million shares outstanding and a 40.0% income tax expense rate.

For the full 2017 fiscal year, on a 52-week basis, we expect total comparable sales to increase in the high single digits. GAAP diluted earnings per share are expected to be in the range of $0.71 to $0.75. Adjusted diluted earnings per share, which excludes approximately $2.8 million of non-recurring expenses associated with the company’s initial public offering, are expected to be in the range of $0.75 to $0.79. Both GAAP and adjusted diluted earnings per share include approximately $1.4 million of public company costs not incurred in 2016. This guidance assumes 43.7 million shares outstanding and a 40.0% income tax expense rate. The 53rd week of fiscal 2017 is expected to contribute an additional $9.0 million in sales and approximately $0.01 of earnings per share.

Conference Call Information

A conference call to discuss fourth quarter and full year fiscal 2016 results is scheduled for today, March 30, 2017, at 8:00 a.m. Eastern Time. Those interested in participating in the call are invited to dial (877) 201-0168 or (647) 788-4901 if calling internationally. Please dial in approximately 10 minutes prior to the start of the call and reference Conference ID 91491628 when prompted. A live audio webcast of the conference call will be available online at http://investors.jjill.com/Investors-Relations/News-Events.

A taped replay of the conference call will be available approximately two hours following the live call and can be accessed both online and by dialing (800) 585-8367 or (416) 621-4642. The pin number to access the telephone replay is 91491628. The telephone replay will be available until Thursday, April 6, 2017.

About J.Jill, Inc.

J.Jill is an omni-channel premier retailer and nationally recognized women’s apparel brand committed to delighting our customers with great wear-now product. The J.Jill brand represents an easy, relaxed, inspired style that reflects the confidence and comfort of a woman with a rich, full life. J.Jill operates an omni-channel platform that delivers a seamless experience to our customers through 275 stores nationwide and a robust ecommerce experience. J.Jill is headquartered outside Boston. For more information, please visit www.JJill.com. The information included on our website is not incorporated by reference herein.

Non-GAAP Financial Measures

To supplement our unaudited consolidated financial statements presented in accordance with generally accepted accounting principles (“GAAP”), we use the following non-GAAP measures of financial performance:

  • Adjusted EBITDA, which represents net income (loss) plus interest expense, provision (benefit) for income taxes, depreciation and amortization, the amortization of the step-up to fair value of merchandise inventory resulting from the application of a purchase accounting adjustment related to the Acquisition, certain Acquisition-related expenses, sponsor fees, equity-based compensation expense, write-off of property and equipment, prior period adjustment for tenant allowances, and other non-recurring expenses, primarily consisting of outside legal and professional fees associated with certain non-recurring transactions and events. We present Adjusted EBITDA on a consolidated basis because our management uses it as a supplemental measure in assessing our operating performance, and we believe that it is helpful to investors, securities analysts and other interested parties as a measure of our comparative operating performance from period to period. We also use Adjusted EBITDA as one of the primary methods for planning and forecasting overall expected performance of our business and for evaluating on a quarterly and annual basis actual results against such expectations. Further, we recognize Adjusted EBITDA as a commonly used measure in determining business value and as such, use it internally to report results.
  • Adjusted Net Income, which represents net income (loss) plus prior period adjustment for tenant allowances and other non-recurring expenses, primarily consisting of outside legal and professional fees associated with certain non-recurring transactions and events. We present Adjusted Net Income on a consolidated basis because our management uses it as a supplemental measure in assessing our operating performance, and we believe that it is helpful to investors, securities analysts and other interested parties as a measure of our comparative operating performance from period to period.
  • Adjusted Earnings per Share (“Adjusted EPS”), which represents Adjusted Net Income divided by the number of shares outstanding. Adjusted EPS is presented as a supplemental measure in assessing our operating performance, and we believe that it is helpful to investors, securities analysts and other interested parties as a measure of our comparative operating performance from period to period.

While we believe that Adjusted EBITDA, Adjusted Net Income, and Adjusted EPS are useful in evaluating our business, Adjusted EBITDA, Adjusted Net Income, and Adjusted EPS are non-GAAP financial measures that have limitations as analytical tools. Adjusted EBITDA, Adjusted Net Income, and Adjusted EPS should not be considered alternatives to, or substitutes for, net income (loss) or EPS, which are calculated in accordance with GAAP. In addition, other companies, including companies in our industry, may calculate Adjusted EBITDA, Adjusted Net Income, and Adjusted EPS differently or not at all, which reduces the usefulness of Adjusted EBITDA, Adjusted Net Income, and Adjusted EPS as tools for comparison. We recommend that you review the reconciliation and calculation of Adjusted EBITDA , Adjusted Net Income, and Adjusted EPS to net income (loss) and EPS, the most directly comparable GAAP financial measures, under “Reconciliation of GAAP Net Income to Adjusted EBITDA and Adjusted Net Income” and not rely solely on Adjusted EBITDA, Adjusted Net Income, Adjusted EPS, or any single financial measure to evaluate our business.

Forward-Looking Statements

This press release contains, and oral statements made from time to time by our representatives may contain, “forward-looking statements.” Forward-looking statements include statements under “Outlook” offering and other statements identified by words such as “could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “projects” and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements are based on our current expectations and assumptions regarding capital market conditions, our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include regional, national or global political, economic, business, competitive, market and regulatory conditions, including risk regarding, our ability to manage inventory or anticipate consumer demand; changes in consumer confidence and spending; our competitive environment; our failure to open new profitable stores or successfully enter new markets and other factors set forth under “Risk Factors” in the Form S-1. Any forward-looking statement made in this press release speaks only as of the date on which it is made. J.Jill undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

(Tables Follow)

       
J.Jill, Inc.
Consolidated Balance Sheets
As of January 28, 2017 (Successor) and January 30, 2016 (Successor)
(Unaudited)
(Amounts in thousands)
 
 
 

January 28, 2017
(Successor)

January 30, 2016
(Successor)

Assets
Current assets
Cash and cash equivalents $ 13,468 $ 27,505
Accounts receivable 3,851 3,164
Inventories, net 66,641 64,406
Receivable from related party 1,262
Prepaid expenses and other current assets   18,559   20,539
Total current assets 103,781 115,614
 
Property and equipment, net 102,322 86,810
Intangible assets, net 163,483 179,965
Goodwill 197,026 196,572
Receivable from related party 1,850
Other assets   1,033   1,221
Total assets $ 567,645 $ 582,032
 
Liabilities and Member’s Equity
Current liabilities
Accounts payable $ 38,438 $ 41,041
Accrued Expenses and other current liabilities 46,121 43,591
Current portion of long-term debt   2,799   2,500
Total current liabilities 87,358 87,132
 
Long-term debt 264,440 237,478
Deferred income taxes 74,750 78,837
Other liabilities   20,132   12,014
Total liabilities 446,680 415,461
 
Member’s equity
Contributed capital 107,878 162,265
Accumulated earnings (deficit)   13,087   4,306
Total member’s equity   120,965   166,571
Total liabilities and member’s equity $ 567,645 $ 582,032
 
Note 1: On May 8, 2015, the Company was acquired by Jill Holdings Inc., which is controlled by TowerBrook Capital Partners. The Company accounted for the acquisition in accordance with FASB Accounting Standards Codification (“ASC”) Topic 805, Business Combinations, resulting in a presentation of a Predecessor period (pre-sale) and Successor period (post-sale period).

 

Note 2: These financial statements are unaudited and are subject to normal and recurring year-end adjustments, which may have a material impact on reported balances. Additionally, statements do not include footnotes.

 
   
J.Jill, Inc.
Consolidated Statements of Operations
For the Three Months Ended January 28, 2017 (Successor) and January 30, 2016 (Successor)
(Unaudited)
(Amounts in thousands)
 
 

For the
Three Months Ended
January 28, 2017
(Successor)

 

For the
Three Months Ended
January 30, 2016
(Successor)

 
Net sales $ 166,917 $ 145,353
Cost of goods sold   61,445   53,906
Gross profit 105,472 91,447
Selling, general and administrative expenses   94,643   85,246
Operating income 10,829 6,201
Interest expense   5,040   3,971
Income before income taxes 5,789 2,230
Income tax expense   3,744   781
 
Net income $ 2,045 $ 1,449
 
 
Net income per share attributable to common stockholders
Basic $ 0.05 $ 0.03
Diluted $ 0.05 $ 0.03
 
Weighted average number of common shares outstanding
Basic 43,747,944 43,747,944
Diluted 43,747,944 43,747,944
 
         
J.Jill, Inc.
Consolidated Statements of Operations

For the Twelve Months Ended January 28, 2017 (Successor) and Periods May 8, 2015 Through January 30, 2016
(Successor) and February 1, 2015 Through May 7, 2015 (Predecessor)

(Unaudited)
(Amounts in thousands)
 
 

For the
Twelve Months Ended
January 28, 2017
(Successor)

For the
Period May 8, 2015 –
January 30, 2016
(Successor)

For the
Period February 1,
2015 – May 7, 2015
(Predecessor)

 
Net sales $ 639,056 $ 420,094 $ 141,921
Cost of goods sold   211,117  

155,091

  44,232  
Gross profit 427,939 265,003 97,689
Selling, general and administrative expenses 368,525 246,482 80,151
Acquisition-related expenses       13,341  
Operating income 59,414 18,521 4,197
Interest expense   18,670   11,893   4,599  
Income (loss) before income taxes 40,744 6,628 (402 )
Income tax expense   16,669   2,322   1,499  
 
Net income (loss) $ 24,075 $ 4,306 $ (1,901 )
 
 
Net income (loss) per share attributable to common stockholders
Basic $ 0.55 $ 0.10 $ (0.04 )
Diluted $ 0.55 $ 0.10 $ (0.04 )
 
Weighted average number of common shares outstanding
Basic 43,747,944 43,747,944 43,747,944
Diluted 43,747,944 43,747,944 43,747,944
 
 

Supplemental Unaudited Pro Forma Consolidated Financial Information

The unaudited pro forma consolidated statement of operations for the year ended January 30, 2016 has been derived from our consolidated audited statements of operations and represents the addition of the Predecessor period from February 1, 2015 through May 7, 2015 and the Successor period from May 8, 2015 through January 30, 2016, and gives effect to the following as if they had occurred on February 1, 2015:

  • JJill Holdings’ acquisition of approximately 94% of the outstanding interests of Jill Intermediate LLC and JJill Topco Holdings’ acquisition of approximately 6% of the outstanding interests of Jill Intermediate LLC and our election to push down the effects of the Acquisition to our consolidated financial statements; and
  • The related Acquisition financing as provided for under the Term Loan for $250.0 million and the ABL Facility for $40.0 million (the “Financing”).

The unaudited pro forma consolidated financial information presented is based on available information and assumptions we believe are reasonable and does not include the impacts of any revenue, cost, or other operating synergies that may result from the acquisition. The unaudited pro forma consolidated statement of operations is presented for illustrative purposes and does not purport to represent what the results of operations would actually have been if the Acquisition and the Financing had occurred as of the dates indicated or what the results of operations would be for any future periods.

             
J.Jill, Inc.
Consolidated Statements of Operations
For the Twelve Months Ended January 28, 2017 (Successor) and January 30, 2016 (Pro Forma)
(Unaudited)
(Amounts in thousands)
 
Successor Pro Forma Historical
 

For the
Twelve Months Ended
January 28, 2017

For the
Twelve Months Ended
January 30, 2016

Pro Forma
Adjustments

 

For the
Period May 8, 2015 –
January 30, 2016
(Successor)

 

For the
Period February 1,
2015 – May 7, 2015
(Predecessor)

 
Net sales $ 639,056 $ 562,015 $ 420,094 $ 141,921
Cost of goods sold   211,117   188,852   (10,471 ) (1 )   155,091   44,232  
Gross profit 427,939 373,163 10,471 265,003 97,689
Selling, general and administrative expenses 368,525

 

331,752 2,044 (2 ) 246,482 80,151
1,943 (3 )
(250 ) (4 )
(34 ) (5 )
973 (6 )
443 (7 )
Acquisition-related expenses       (13,341 ) (8 )     13,341  
Operating income 59,414 41,411 18,693 18,521 4,197
Interest expense   18,670   16,893   401   (9 )   11,893   4,599  
Income (loss) before income taxes 40,744 24,518 18,292 6,628 (402 )
Income tax expense   16,669   10,223   6,402   (10 )   2,322   1,499  
 
Net income (loss) $ 24,075 $ 14,295 $ 11,890   $ 4,306 $ (1,901 )
 
 
Notes to Unaudited Pro Forma Consolidated Statement of Operations Adjustments:
(1)   Represents the elimination of the increase in cost of goods sold resulting from the amortization of the fair value step-up of merchandise inventory reflected in the purchase price allocation at the date of the Acquisition.
(2) Represents the incremental depreciation expense resulting from the increase in fair value of certain fixed assets, reflected in the purchase price allocation at the date of the Acquisition.
(3) Represents the incremental amortization expense resulting from the increase in fair value of certain definite-lived intangible assets, reflected in the purchase price allocation at the date of the Acquisition.
(4) Represents the elimination of the management fee charged by our previous equity sponsor for the period from February 1, 2015 through May 7, 2015.
(5) Represents the net decrease in amortization expense related to recognition of the fair value of favorable/unfavorable leases.
(6) Represents incremental pro forma deferred rent expense resulting from the recalculation of deferred rent expense from the Acquisition.
(7) Represents the incremental compensation expense related to certain management incentive bonuses awarded in connection with the Acquisition.
(8) Represents the elimination of the transaction costs incurred in connection with the Acquisition.
(9) Represents the net change in interest expense.
(10) Represents the income tax effect for the above adjustments reflecting an estimated statutory tax rate of 35%.
 
     
J.Jill, Inc.
Reconciliation of GAAP Net Income to Adjusted EBITDA and Adjusted Net Income
For the Three Months Ended January 28, 2017 (Successor) and January 30, 2016 (Successor)
(Unaudited)
(Amounts in thousands)
 
 

For the
Three Months Ended
January 28, 2017
(Successor)

For the
Three Months Ended
January 30, 2016
(Successor)

 
Net income $ 2,045 $ 1,449
Adjustment: Prior period adjustment for tenant allowance(e) (376 )
Adjustment: Other non-recurring expenses(d) 2,909 390
Adjustment: Tax Provision(a)   (1,036 )   (137 )
Adjusted net income $ 3,542   $ 1,702  
 
Adjusted net income per share attributable to common stockholders
Basic $ 0.08 $ 0.04
Diluted $ 0.08 $ 0.04
 
Weighted average number of common shares outstanding
Basic 43,747,944 43,747,944
Diluted 43,747,944 43,747,944
 
 
 

For the
Three Months Ended
January 28, 2017
(Successor)

 

For the
Three Months Ended
January 30, 2016
(Successor)

 
Net income $ 2,045 $ 1,449
Interest expense 5,040 3,971
Provision for income taxes 3,744 781
Depreciation and amortization 8,939 8,586
Equity-based compensation expense(b) 165 51
Write-off of property and equipment(c) 189
Other non-recurring expenses(d) 2,909 390
Prior period adjustment for tenant allowance(e)   (376 )    
Adjusted EBITDA $ 22,466   $ 15,417  
 
 
Notes to the three months ended January 28, 2017 adjusted net income and adjusted EBITDA adjustments:
(a)   The tax provision adjustment for adjusted net income is estimated by applying the full year effective tax rate of 40.9% to the adjustments.
(b) Represents expenses associated with equity incentive units granted to our management. Prior to the Acquisition, incentive units were accounted for as a liability-classified award and the related compensation expense was recognized based on changes in the intrinsic value of the award at each reporting period. Subsequent to the Acquisition, new incentive units were granted to management and are accounted for as equity-classified awards with the related compensation expense recognized based on fair value at the date of the grants.
(c) Represents net gain or loss on the disposal of fixed assets.
(d) Represents items management believes are not indicative of ongoing operating performance. These expenses are primarily composed of legal and professional fees associated with non-recurring events. The pro forma fiscal year 2015 expenses are primarily due to legal, accounting, and professional fees incurred in connection with the initial public offering.
(e) Represents the prior period correction to recognize lease incentives as reductions of rental expense by the lessee on a straight-line basis over the term of the new lease, in accordance with ASC 840.
 
         
J.Jill, Inc.
Reconciliation of GAAP Net Income to Adjusted EBITDA and Adjusted Net Income
For the Twelve Months Ended January 28, 2017 (Successor) and January 30, 2016 (Pro Forma)
(Unaudited)
(Amounts in thousands)
 
Successor Pro Forma Historical
 

For the
Twelve Months Ended
January 28, 2017

For the
Twelve Months Ended
January 30, 2016

For the
Period May 8, 2015 –
January 30, 2016
(Successor)

For the
Period February 1,
2015 – May 7, 2015
(Predecessor)

 
Net income (loss) $ 24,075 $ 14,295 $ 4,306 $ (1,901 )
Adjustment: Prior period adjustment for tenant allowance(h) (163 )
Adjustment: Other non-recurring expenses(g) 9,734 1,784 1,600 184
Adjustment: Tax Provision(a)   (3,915 )   (744 )   (561 )   686  
Adjusted net income (loss) $ 29,731   $ 15,335   $ 5,345   $ (1,031 )
 
Adjusted net income (loss) per share attributable to common stockholders
Basic $ 0.68 $ 0.12 $ (0.02 )
Diluted $ 0.68 $ 0.12 $ (0.02 )
 
Weighted average number of common shares outstanding
Basic 43,747,944 43,747,944 43,747,944
Diluted 43,747,944 43,747,944 43,747,944
 
 
Successor Pro Forma Historical
 

For the
Twelve Months Ended
January 28, 2017

For the
Twelve Months Ended
January 30, 2016

For the
Period May 8, 2015 –
January 30, 2016
(Successor)

For the
Period February 1,
2015 – May 7, 2015
(Predecessor)

 
Net income (loss) $ 24,075 $ 14,295 $ 4,306 $ (1,901 )
Interest expense 18,670 16,893 11,893 4,599
Provision (benefit) for income taxes 16,669 10,223 2,322 1,499
Depreciation and amortization 36,227 37,802 28,702 5,147
Inventory step-up (b) 10,471
Acquisition-related expenses(c) 13,341
Sponsor fees(d) 250
Equity-based compensation expense(e) 623 609 168 441
Write-off of property and equipment(f) 385 349 237 112
Other non-recurring expenses(g) 9,734 1,784 1,600 184
Prior period adjustment for tenant allowance(h)   (163 )            
Adjusted EBITDA $ 106,220   $ 81,955   $ 59,699   $ 23,672  
 
Notes to twelve months ended January 28, 2017 adjusted net income and adjusted EBITDA adjustments:
(a)   The tax provision adjustment for adjusted net income is estimated by applying the full year effective tax rate of 40.9% to the adjustments.
(b) Represents the impact to cost of goods sold resulting from the amortization of the step-up to fair value of merchandise inventory resulting from the application of a purchase accounting adjustment related to the Acquisition.
(c) Represents transaction costs incurred in connection with the Acquisition, consisting substantially of legal and advisory fees, which are not expected to recur.
(d) Represents management fees charged by our previous equity sponsors.
(e) Represents expenses associated with equity incentive units granted to our management. Prior to the Acquisition, incentive units were accounted for as a liability-classified award and the related compensation expense was recognized based on changes in the intrinsic value of the award at each reporting period. Subsequent to the Acquisition, new incentive units were granted to management and are accounted for as equity-classified awards with the related compensation expense recognized based on fair value at the date of the grants.
(f) Represents net gain or loss on the disposal of fixed assets.
(g) Represents items management believes are not indicative of ongoing operating performance. These expenses are primarily composed of legal and professional fees associated with non-recurring events. The pro forma fiscal year 2015 expenses are primarily due to legal, accounting, and professional fees incurred in connection with the initial public offering.
(h) Represents the prior period correction to recognize lease incentives as reductions of rental expense by the lessee on a straight-line basis over the term of the new lease, in accordance with ASC 840.
 

J.Jill, Inc. Announces Fourth Quarter and Full Year Fiscal 2016 Results

QUINCY, Mass.–(BUSINESS WIRE)–J.Jill, Inc. (NYSE:JILL) today announced financial results for the fourth quarter and fiscal year ended January 28, 2017.

Paula Bennett, President and CEO of J.Jill, Inc. stated: „We are very pleased with our fourth quarter performance, which helped drive our strong fiscal 2016 results. We have now delivered positive total company comparable sales in 18 of the last 20 quarters, and year-over-year earnings growth for 20 consecutive quarters. Our 10.8% total company comparable sales growth for the fourth quarter of fiscal 2016 demonstrates our ability to delight our customers with the product assortment and omni-channel shopping experience that builds loyalty for our brand. With our proven formula of data-driven decision making, we believe that we have the right strategies in place to grow profitably, and we plan to continue the momentum that we achieved in 2016 into 2017 and beyond.”

For the fourth quarter ended January 28, 2017:

  • Total net sales increased by 14.8% to $166.9 million from $145.4 million in the fourth quarter of fiscal 2015.
  • Total company comparable sales, which includes comparable store sales and direct to consumer comparable sales, increased by 10.8%.
  • Direct to consumer net sales represented 48.8% of total net sales, up from 46.1% in the fourth quarter of fiscal 2015.
  • Gross profit increased to $105.5 million from $91.4 million in the fourth quarter of fiscal 2015. As a percentage of total net sales, gross profit was 63.2% compared to 62.9% in the fourth quarter of fiscal 2015.
  • SG&A was $94.6 million compared to. $85.2 million in the fourth quarter of fiscal 2015, and as a percentage of total net sales was 56.7% compared to 58.6% in the fourth quarter of fiscal 2015. Fourth quarter 2016 SG&A included $2.5 million of net non-recurring expenses.
  • Income from operations, inclusive of net non-recurring SG&A expenses, increased to $10.8 million, and as a percentage of total net sales was 6.5% compared to 4.3% in the fourth quarter of fiscal 2015.
  • Adjusted EBITDA* for the fourth quarter of fiscal 2016 increased by 45.7% to $22.5 million from $15.4 million in the fourth quarter of fiscal 2015.
  • Income tax expense increased to $3.7 million from $0.8 million in the fourth quarter of fiscal 2015, and the effective tax rate was 64.7% compared to 35.0% in the fourth quarter of 2015.
  • Diluted earnings per share for the fourth quarter of fiscal 2016 were $0.05 compared to $0.03 in the fourth quarter of fiscal 2015.
  • Adjusted diluted earnings per share* for fourth quarter of fiscal 2016, which excludes net non-recurring expenses, were $0.08 compared to adjusted diluted earnings per share of $0.04 in the fourth quarter of fiscal 2015.

For the fiscal year ended January 28, 2017:

  • Total net sales increased by 13.7% to $639.1 million from $562.0 million in pro forma fiscal 2015.
  • Total company comparable sales, which includes comparable store sales and direct to consumer comparable sales, increased by 11.2%.
  • Direct to consumer net sales represents 43.2% of fiscal 2016 net sales, up from 39.8% in pro forma fiscal 2015.
  • Gross profit increased to $427.9 million from $373.2 million in pro forma fiscal 2015. As a percentage of total net sales, gross profit was 67.0% compared to 66.4% in pro forma fiscal 2015.
  • SG&A was $368.5 million compared to $331.8 million in pro forma fiscal 2015, and as a percentage of total net sales was 57.7% compared to 59.0% in pro forma fiscal 2015. Fiscal year 2016 SG&A included $9.6 million of net non-recurring expenses.
  • Income from operations, inclusive of net non-recurring expenses, increased to $59.4 million, and as a percentage of net sales was 9.3% compared to 7.4% of net sales in pro forma fiscal 2015.
  • Adjusted EBITDA* for fiscal 2016 increased by 29.6% to $106.2 million from $82.0 million in pro forma fiscal 2015.
  • Income tax expense increased to $16.7 million from $10.2 million in pro forma fiscal 2015, and the effective tax rate was 40.9% compared to 41.7% for pro forma fiscal 2015.
  • Diluted earnings per share for fiscal 2016 were $0.55.
  • Adjusted diluted earnings per share* for fiscal 2016, which excludes net non-recurring expenses, were $0.68.

The Company ended fiscal 2016 with $13.5 million in cash and cash equivalents, including the impact of a voluntary pre-payment of $10.1 million (including accrued interest) on its term loan, compared to $27.5 million at the end of fiscal 2015. Inventory at the end of fiscal 2016 increased by 3.5% to $66.6 million compared to $64.4 million at the end of fiscal 2015. The Company opened 14 net new stores in fiscal 2016 and ended the year with 275 stores.

On May 8, 2015, JJill Holdings and JJill Topco Holdings completed the acquisition of the Company (the “Acquisition”). Due to the change in the basis of accounting resulting from the Acquisition, our GAAP statement of operations for the 2015 fiscal year is split into two periods, the Predecessor period from February 1, 2015 to May 7, 2015 and the Successor period from May 8, 2015 to January 30, 2016, which are not necessarily comparable. For comparability, we are also presenting supplemental pro forma financial information for the 2015 fiscal year, giving effect to the Acquisition as if it had occurred on February 1, 2015.

* Non-GAAP financial measures. Please see “Non-GAAP Financial Measures” and “Reconciliation of GAAP Net Income to Adjusted EBITDA and Adjusted Net Income” for more information.

Outlook

For the first quarter of fiscal 2017, we expect total comparable sales to increase in the high single digits. GAAP diluted earnings per share are expected to be in the range of $0.14 to $0.16. Adjusted diluted earnings per share, which excludes approximately $2.2 million of non-recurring expenses associated with the company’s initial public offering, are expected to be in the range of $0.17 to $0.19. Both GAAP and adjusted diluted earnings per share include approximately $0.4 million of public company costs not incurred in 2016. This guidance assumes 43.7 million shares outstanding and a 40.0% income tax expense rate.

For the full 2017 fiscal year, on a 52-week basis, we expect total comparable sales to increase in the high single digits. GAAP diluted earnings per share are expected to be in the range of $0.71 to $0.75. Adjusted diluted earnings per share, which excludes approximately $2.8 million of non-recurring expenses associated with the company’s initial public offering, are expected to be in the range of $0.75 to $0.79. Both GAAP and adjusted diluted earnings per share include approximately $1.4 million of public company costs not incurred in 2016. This guidance assumes 43.7 million shares outstanding and a 40.0% income tax expense rate. The 53rd week of fiscal 2017 is expected to contribute an additional $9.0 million in sales and approximately $0.01 of earnings per share.

Conference Call Information

A conference call to discuss fourth quarter and full year fiscal 2016 results is scheduled for today, March 30, 2017, at 8:00 a.m. Eastern Time. Those interested in participating in the call are invited to dial (877) 201-0168 or (647) 788-4901 if calling internationally. Please dial in approximately 10 minutes prior to the start of the call and reference Conference ID 91491628 when prompted. A live audio webcast of the conference call will be available online at http://investors.jjill.com/Investors-Relations/News-Events.

A taped replay of the conference call will be available approximately two hours following the live call and can be accessed both online and by dialing (800) 585-8367 or (416) 621-4642. The pin number to access the telephone replay is 91491628. The telephone replay will be available until Thursday, April 6, 2017.

About J.Jill, Inc.

J.Jill is an omni-channel premier retailer and nationally recognized women’s apparel brand committed to delighting our customers with great wear-now product. The J.Jill brand represents an easy, relaxed, inspired style that reflects the confidence and comfort of a woman with a rich, full life. J.Jill operates an omni-channel platform that delivers a seamless experience to our customers through 275 stores nationwide and a robust ecommerce experience. J.Jill is headquartered outside Boston. For more information, please visit www.JJill.com. The information included on our website is not incorporated by reference herein.

Non-GAAP Financial Measures

To supplement our unaudited consolidated financial statements presented in accordance with generally accepted accounting principles (“GAAP”), we use the following non-GAAP measures of financial performance:

  • Adjusted EBITDA, which represents net income (loss) plus interest expense, provision (benefit) for income taxes, depreciation and amortization, the amortization of the step-up to fair value of merchandise inventory resulting from the application of a purchase accounting adjustment related to the Acquisition, certain Acquisition-related expenses, sponsor fees, equity-based compensation expense, write-off of property and equipment, prior period adjustment for tenant allowances, and other non-recurring expenses, primarily consisting of outside legal and professional fees associated with certain non-recurring transactions and events. We present Adjusted EBITDA on a consolidated basis because our management uses it as a supplemental measure in assessing our operating performance, and we believe that it is helpful to investors, securities analysts and other interested parties as a measure of our comparative operating performance from period to period. We also use Adjusted EBITDA as one of the primary methods for planning and forecasting overall expected performance of our business and for evaluating on a quarterly and annual basis actual results against such expectations. Further, we recognize Adjusted EBITDA as a commonly used measure in determining business value and as such, use it internally to report results.
  • Adjusted Net Income, which represents net income (loss) plus prior period adjustment for tenant allowances and other non-recurring expenses, primarily consisting of outside legal and professional fees associated with certain non-recurring transactions and events. We present Adjusted Net Income on a consolidated basis because our management uses it as a supplemental measure in assessing our operating performance, and we believe that it is helpful to investors, securities analysts and other interested parties as a measure of our comparative operating performance from period to period.
  • Adjusted Earnings per Share (“Adjusted EPS”), which represents Adjusted Net Income divided by the number of shares outstanding. Adjusted EPS is presented as a supplemental measure in assessing our operating performance, and we believe that it is helpful to investors, securities analysts and other interested parties as a measure of our comparative operating performance from period to period.

While we believe that Adjusted EBITDA, Adjusted Net Income, and Adjusted EPS are useful in evaluating our business, Adjusted EBITDA, Adjusted Net Income, and Adjusted EPS are non-GAAP financial measures that have limitations as analytical tools. Adjusted EBITDA, Adjusted Net Income, and Adjusted EPS should not be considered alternatives to, or substitutes for, net income (loss) or EPS, which are calculated in accordance with GAAP. In addition, other companies, including companies in our industry, may calculate Adjusted EBITDA, Adjusted Net Income, and Adjusted EPS differently or not at all, which reduces the usefulness of Adjusted EBITDA, Adjusted Net Income, and Adjusted EPS as tools for comparison. We recommend that you review the reconciliation and calculation of Adjusted EBITDA , Adjusted Net Income, and Adjusted EPS to net income (loss) and EPS, the most directly comparable GAAP financial measures, under “Reconciliation of GAAP Net Income to Adjusted EBITDA and Adjusted Net Income” and not rely solely on Adjusted EBITDA, Adjusted Net Income, Adjusted EPS, or any single financial measure to evaluate our business.

Forward-Looking Statements

This press release contains, and oral statements made from time to time by our representatives may contain, “forward-looking statements.” Forward-looking statements include statements under “Outlook” offering and other statements identified by words such as “could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “projects” and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements are based on our current expectations and assumptions regarding capital market conditions, our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include regional, national or global political, economic, business, competitive, market and regulatory conditions, including risk regarding, our ability to manage inventory or anticipate consumer demand; changes in consumer confidence and spending; our competitive environment; our failure to open new profitable stores or successfully enter new markets and other factors set forth under “Risk Factors” in the Form S-1. Any forward-looking statement made in this press release speaks only as of the date on which it is made. J.Jill undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

(Tables Follow)

       
J.Jill, Inc.
Consolidated Balance Sheets
As of January 28, 2017 (Successor) and January 30, 2016 (Successor)
(Unaudited)
(Amounts in thousands)
 
 
 

January 28, 2017
(Successor)

January 30, 2016
(Successor)

Assets
Current assets
Cash and cash equivalents $ 13,468 $ 27,505
Accounts receivable 3,851 3,164
Inventories, net 66,641 64,406
Receivable from related party 1,262
Prepaid expenses and other current assets   18,559   20,539
Total current assets 103,781 115,614
 
Property and equipment, net 102,322 86,810
Intangible assets, net 163,483 179,965
Goodwill 197,026 196,572
Receivable from related party 1,850
Other assets   1,033   1,221
Total assets $ 567,645 $ 582,032
 
Liabilities and Member’s Equity
Current liabilities
Accounts payable $ 38,438 $ 41,041
Accrued Expenses and other current liabilities 46,121 43,591
Current portion of long-term debt   2,799   2,500
Total current liabilities 87,358 87,132
 
Long-term debt 264,440 237,478
Deferred income taxes 74,750 78,837
Other liabilities   20,132   12,014
Total liabilities 446,680 415,461
 
Member’s equity
Contributed capital 107,878 162,265
Accumulated earnings (deficit)   13,087   4,306
Total member’s equity   120,965   166,571
Total liabilities and member’s equity $ 567,645 $ 582,032
 
Note 1: On May 8, 2015, the Company was acquired by Jill Holdings Inc., which is controlled by TowerBrook Capital Partners. The Company accounted for the acquisition in accordance with FASB Accounting Standards Codification (“ASC”) Topic 805, Business Combinations, resulting in a presentation of a Predecessor period (pre-sale) and Successor period (post-sale period).

 

Note 2: These financial statements are unaudited and are subject to normal and recurring year-end adjustments, which may have a material impact on reported balances. Additionally, statements do not include footnotes.

 
   
J.Jill, Inc.
Consolidated Statements of Operations
For the Three Months Ended January 28, 2017 (Successor) and January 30, 2016 (Successor)
(Unaudited)
(Amounts in thousands)
 
 

For the
Three Months Ended
January 28, 2017
(Successor)

 

For the
Three Months Ended
January 30, 2016
(Successor)

 
Net sales $ 166,917 $ 145,353
Cost of goods sold   61,445   53,906
Gross profit 105,472 91,447
Selling, general and administrative expenses   94,643   85,246
Operating income 10,829 6,201
Interest expense   5,040   3,971
Income before income taxes 5,789 2,230
Income tax expense   3,744   781
 
Net income $ 2,045 $ 1,449
 
 
Net income per share attributable to common stockholders
Basic $ 0.05 $ 0.03
Diluted $ 0.05 $ 0.03
 
Weighted average number of common shares outstanding
Basic 43,747,944 43,747,944
Diluted 43,747,944 43,747,944
 
         
J.Jill, Inc.
Consolidated Statements of Operations

For the Twelve Months Ended January 28, 2017 (Successor) and Periods May 8, 2015 Through January 30, 2016
(Successor) and February 1, 2015 Through May 7, 2015 (Predecessor)

(Unaudited)
(Amounts in thousands)
 
 

For the
Twelve Months Ended
January 28, 2017
(Successor)

For the
Period May 8, 2015 –
January 30, 2016
(Successor)

For the
Period February 1,
2015 – May 7, 2015
(Predecessor)

 
Net sales $ 639,056 $ 420,094 $ 141,921
Cost of goods sold   211,117  

155,091

  44,232  
Gross profit 427,939 265,003 97,689
Selling, general and administrative expenses 368,525 246,482 80,151
Acquisition-related expenses       13,341  
Operating income 59,414 18,521 4,197
Interest expense   18,670   11,893   4,599  
Income (loss) before income taxes 40,744 6,628 (402 )
Income tax expense   16,669   2,322   1,499  
 
Net income (loss) $ 24,075 $ 4,306 $ (1,901 )
 
 
Net income (loss) per share attributable to common stockholders
Basic $ 0.55 $ 0.10 $ (0.04 )
Diluted $ 0.55 $ 0.10 $ (0.04 )
 
Weighted average number of common shares outstanding
Basic 43,747,944 43,747,944 43,747,944
Diluted 43,747,944 43,747,944 43,747,944
 
 

Supplemental Unaudited Pro Forma Consolidated Financial Information

The unaudited pro forma consolidated statement of operations for the year ended January 30, 2016 has been derived from our consolidated audited statements of operations and represents the addition of the Predecessor period from February 1, 2015 through May 7, 2015 and the Successor period from May 8, 2015 through January 30, 2016, and gives effect to the following as if they had occurred on February 1, 2015:

  • JJill Holdings’ acquisition of approximately 94% of the outstanding interests of Jill Intermediate LLC and JJill Topco Holdings’ acquisition of approximately 6% of the outstanding interests of Jill Intermediate LLC and our election to push down the effects of the Acquisition to our consolidated financial statements; and
  • The related Acquisition financing as provided for under the Term Loan for $250.0 million and the ABL Facility for $40.0 million (the “Financing”).

The unaudited pro forma consolidated financial information presented is based on available information and assumptions we believe are reasonable and does not include the impacts of any revenue, cost, or other operating synergies that may result from the acquisition. The unaudited pro forma consolidated statement of operations is presented for illustrative purposes and does not purport to represent what the results of operations would actually have been if the Acquisition and the Financing had occurred as of the dates indicated or what the results of operations would be for any future periods.

             
J.Jill, Inc.
Consolidated Statements of Operations
For the Twelve Months Ended January 28, 2017 (Successor) and January 30, 2016 (Pro Forma)
(Unaudited)
(Amounts in thousands)
 
Successor Pro Forma Historical
 

For the
Twelve Months Ended
January 28, 2017

For the
Twelve Months Ended
January 30, 2016

Pro Forma
Adjustments

 

For the
Period May 8, 2015 –
January 30, 2016
(Successor)

 

For the
Period February 1,
2015 – May 7, 2015
(Predecessor)

 
Net sales $ 639,056 $ 562,015 $ 420,094 $ 141,921
Cost of goods sold   211,117   188,852   (10,471 ) (1 )   155,091   44,232  
Gross profit 427,939 373,163 10,471 265,003 97,689
Selling, general and administrative expenses 368,525

 

331,752 2,044 (2 ) 246,482 80,151
1,943 (3 )
(250 ) (4 )
(34 ) (5 )
973 (6 )
443 (7 )
Acquisition-related expenses       (13,341 ) (8 )     13,341  
Operating income 59,414 41,411 18,693 18,521 4,197
Interest expense   18,670   16,893   401   (9 )   11,893   4,599  
Income (loss) before income taxes 40,744 24,518 18,292 6,628 (402 )
Income tax expense   16,669   10,223   6,402   (10 )   2,322   1,499  
 
Net income (loss) $ 24,075 $ 14,295 $ 11,890   $ 4,306 $ (1,901 )
 
 
Notes to Unaudited Pro Forma Consolidated Statement of Operations Adjustments:
(1)   Represents the elimination of the increase in cost of goods sold resulting from the amortization of the fair value step-up of merchandise inventory reflected in the purchase price allocation at the date of the Acquisition.
(2) Represents the incremental depreciation expense resulting from the increase in fair value of certain fixed assets, reflected in the purchase price allocation at the date of the Acquisition.
(3) Represents the incremental amortization expense resulting from the increase in fair value of certain definite-lived intangible assets, reflected in the purchase price allocation at the date of the Acquisition.
(4) Represents the elimination of the management fee charged by our previous equity sponsor for the period from February 1, 2015 through May 7, 2015.
(5) Represents the net decrease in amortization expense related to recognition of the fair value of favorable/unfavorable leases.
(6) Represents incremental pro forma deferred rent expense resulting from the recalculation of deferred rent expense from the Acquisition.
(7) Represents the incremental compensation expense related to certain management incentive bonuses awarded in connection with the Acquisition.
(8) Represents the elimination of the transaction costs incurred in connection with the Acquisition.
(9) Represents the net change in interest expense.
(10) Represents the income tax effect for the above adjustments reflecting an estimated statutory tax rate of 35%.
 
     
J.Jill, Inc.
Reconciliation of GAAP Net Income to Adjusted EBITDA and Adjusted Net Income
For the Three Months Ended January 28, 2017 (Successor) and January 30, 2016 (Successor)
(Unaudited)
(Amounts in thousands)
 
 

For the
Three Months Ended
January 28, 2017
(Successor)

For the
Three Months Ended
January 30, 2016
(Successor)

 
Net income $ 2,045 $ 1,449
Adjustment: Prior period adjustment for tenant allowance(e) (376 )
Adjustment: Other non-recurring expenses(d) 2,909 390
Adjustment: Tax Provision(a)   (1,036 )   (137 )
Adjusted net income $ 3,542   $ 1,702  
 
Adjusted net income per share attributable to common stockholders
Basic $ 0.08 $ 0.04
Diluted $ 0.08 $ 0.04
 
Weighted average number of common shares outstanding
Basic 43,747,944 43,747,944
Diluted 43,747,944 43,747,944
 
 
 

For the
Three Months Ended
January 28, 2017
(Successor)

 

For the
Three Months Ended
January 30, 2016
(Successor)

 
Net income $ 2,045 $ 1,449
Interest expense 5,040 3,971
Provision for income taxes 3,744 781
Depreciation and amortization 8,939 8,586
Equity-based compensation expense(b) 165 51
Write-off of property and equipment(c) 189
Other non-recurring expenses(d) 2,909 390
Prior period adjustment for tenant allowance(e)   (376 )    
Adjusted EBITDA $ 22,466   $ 15,417  
 
 
Notes to the three months ended January 28, 2017 adjusted net income and adjusted EBITDA adjustments:
(a)   The tax provision adjustment for adjusted net income is estimated by applying the full year effective tax rate of 40.9% to the adjustments.
(b) Represents expenses associated with equity incentive units granted to our management. Prior to the Acquisition, incentive units were accounted for as a liability-classified award and the related compensation expense was recognized based on changes in the intrinsic value of the award at each reporting period. Subsequent to the Acquisition, new incentive units were granted to management and are accounted for as equity-classified awards with the related compensation expense recognized based on fair value at the date of the grants.
(c) Represents net gain or loss on the disposal of fixed assets.
(d) Represents items management believes are not indicative of ongoing operating performance. These expenses are primarily composed of legal and professional fees associated with non-recurring events. The pro forma fiscal year 2015 expenses are primarily due to legal, accounting, and professional fees incurred in connection with the initial public offering.
(e) Represents the prior period correction to recognize lease incentives as reductions of rental expense by the lessee on a straight-line basis over the term of the new lease, in accordance with ASC 840.
 
         
J.Jill, Inc.
Reconciliation of GAAP Net Income to Adjusted EBITDA and Adjusted Net Income
For the Twelve Months Ended January 28, 2017 (Successor) and January 30, 2016 (Pro Forma)
(Unaudited)
(Amounts in thousands)
 
Successor Pro Forma Historical
 

For the
Twelve Months Ended
January 28, 2017

For the
Twelve Months Ended
January 30, 2016

For the
Period May 8, 2015 –
January 30, 2016
(Successor)

For the
Period February 1,
2015 – May 7, 2015
(Predecessor)

 
Net income (loss) $ 24,075 $ 14,295 $ 4,306 $ (1,901 )
Adjustment: Prior period adjustment for tenant allowance(h) (163 )
Adjustment: Other non-recurring expenses(g) 9,734 1,784 1,600 184
Adjustment: Tax Provision(a)   (3,915 )   (744 )   (561 )   686  
Adjusted net income (loss) $ 29,731   $ 15,335   $ 5,345   $ (1,031 )
 
Adjusted net income (loss) per share attributable to common stockholders
Basic $ 0.68 $ 0.12 $ (0.02 )
Diluted $ 0.68 $ 0.12 $ (0.02 )
 
Weighted average number of common shares outstanding
Basic 43,747,944 43,747,944 43,747,944
Diluted 43,747,944 43,747,944 43,747,944
 
 
Successor Pro Forma Historical
 

For the
Twelve Months Ended
January 28, 2017

For the
Twelve Months Ended
January 30, 2016

For the
Period May 8, 2015 –
January 30, 2016
(Successor)

For the
Period February 1,
2015 – May 7, 2015
(Predecessor)

 
Net income (loss) $ 24,075 $ 14,295 $ 4,306 $ (1,901 )
Interest expense 18,670 16,893 11,893 4,599
Provision (benefit) for income taxes 16,669 10,223 2,322 1,499
Depreciation and amortization 36,227 37,802 28,702 5,147
Inventory step-up (b) 10,471
Acquisition-related expenses(c) 13,341
Sponsor fees(d) 250
Equity-based compensation expense(e) 623 609 168 441
Write-off of property and equipment(f) 385 349 237 112
Other non-recurring expenses(g) 9,734 1,784 1,600 184
Prior period adjustment for tenant allowance(h)   (163 )            
Adjusted EBITDA $ 106,220   $ 81,955   $ 59,699   $ 23,672  
 
Notes to twelve months ended January 28, 2017 adjusted net income and adjusted EBITDA adjustments:
(a)   The tax provision adjustment for adjusted net income is estimated by applying the full year effective tax rate of 40.9% to the adjustments.
(b) Represents the impact to cost of goods sold resulting from the amortization of the step-up to fair value of merchandise inventory resulting from the application of a purchase accounting adjustment related to the Acquisition.
(c) Represents transaction costs incurred in connection with the Acquisition, consisting substantially of legal and advisory fees, which are not expected to recur.
(d) Represents management fees charged by our previous equity sponsors.
(e) Represents expenses associated with equity incentive units granted to our management. Prior to the Acquisition, incentive units were accounted for as a liability-classified award and the related compensation expense was recognized based on changes in the intrinsic value of the award at each reporting period. Subsequent to the Acquisition, new incentive units were granted to management and are accounted for as equity-classified awards with the related compensation expense recognized based on fair value at the date of the grants.
(f) Represents net gain or loss on the disposal of fixed assets.
(g) Represents items management believes are not indicative of ongoing operating performance. These expenses are primarily composed of legal and professional fees associated with non-recurring events. The pro forma fiscal year 2015 expenses are primarily due to legal, accounting, and professional fees incurred in connection with the initial public offering.
(h) Represents the prior period correction to recognize lease incentives as reductions of rental expense by the lessee on a straight-line basis over the term of the new lease, in accordance with ASC 840.