Schedule I - Condensed Financial Information of Registrant

12 Months Ended

Jan. 29, 2022

Schedule I - Condensed Financial Information of Registrant [Abstract]

Schedule I - Condensed Financial Information of Ollie's Bargain Outlet Holdings, Inc. (parent company only)

Schedule I - Condensed Financial Information of Registrant

Ollie’s Bargain Outlet Holdings, Inc. (parent company only)

Condensed Balance Sheets

(In thousands)

	January 29, 2022			January 30, 2021
Assets
Total current assets	$	-		$	-
Long-term assets:
Investment in subsidiaries		1,287,710			1,334,881
Total assets	$	1,287,710		$	1,334,881
Liabilities and stockholders’ equity
Total current liabilities	$	-		$	-
Total long-term liabilities		-			-
Total liabilities		-			-
Stockholders’ equity:
Common stock		67			66
Additional paid-in capital		664,293			648,949
Retained earnings		883,722			726,267
Treasury stock, at cost		(260,372	)		(40,401	)
Total stockholders’ equity		1,287,710			1,334,881
Total liabilities and stockholders’ equity	$	1,287,710		$	1,334,881

See accompanying notes.

Schedule I - Condensed Financial Information of Registrant

Ollie’s Bargain Outlet Holdings, Inc. (parent company only)

Condensed Statements of Income

(In thousands)

	Fiscal year ended
	January 29, 2022		January 30, 2021		February 1, 2020
Net sales	$	-	$	-	$	-
Cost of sales		-		-		-
Gross profit		-		-		-
Selling, general and administrative expenses		-		-		-
Depreciation and amortization expenses		-		-		-
Pre-opening expenses		-		-		-
Operating income		-		-		-
Interest expense, net		-		-		-
Income before income taxes and equity in net income of subsidiaries		-		-		-
Income tax expense		-		-		-
Income before equity in net income of subsidiaries		-		-		-
Net income of subsidiaries		157,455		242,696		141,130
Net income	$	157,455	$	242,696	$	141,130

See accompanying notes.

Schedule I - Condensed Financial Information of Registrant

Ollie’s Bargain Outlet Holdings, Inc. (parent company only)

Notes to Condensed Financial Statements

1. Basis of presentation

In the parent-company-only condensed financial statements, Ollie’s Bargain Outlet Holdings, Inc.’s (the “Company”) investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries since the date of acquisition. The parent-company-only condensed financial statements should be read in conjunction with the Company’s consolidated financial statements. A condensed statement of cash flows was not presented because Ollie’s Bargain Outlet Holdings, Inc. had no cash flow activities during 2021, 2020 or 2019.

2. Guarantees and restrictions

On May 22, 2019, Ollie’s Bargain Outlet, Inc., a subsidiary of the Company, completed a transaction in which it refinanced its credit facility (the “Credit Facility”). The Credit Facility provides for a five-year $100.0 million revolving credit facility, which includes a $45.0 million sub-facility for letters of credit and a $25.0 million sub-facility for swingline loans (the “Revolving Credit Facility”).  The loans under the Revolving Credit Facility mature on May 22, 2024.  In addition, Ollie’s Bargain Outlet, Inc. may at any time add term loan facilities or additional revolving commitments up to $150.0 million pursuant to the terms and conditions set out in the Credit Facility.  Under the terms of the Credit Facility, Bargain Parent, Inc., a subsidiary of the Company, guaranteed the payment of all principal and interest. In the event of a default under the Credit Facility, Bargain Parent, Inc. will be directly liable to the debt holders.

As of January 29, 2022, Ollie’s Bargain Outlet, Inc. had $84.7 million available for borrowing under its Revolving Credit Facility.

The Credit Facility is collateralized by the Company’s assets and equity and contains a financial covenant, as well as certain business covenants, including restrictions on dividend payments, which the Company must comply with during the term of the agreement. The Company was in compliance with all terms of the agreement during and as of the fiscal year ended January 29, 2022.

The provisions of the Credit Facility restrict all of the net assets of the Company’s consolidated subsidiaries, which constitutes all of the net assets on the Company’s consolidated balance sheet as of January 29, 2022, from being used to pay any dividends or make other restricted payments without prior written consent from the lenders under the Credit Facility, subject to certain exceptions.