BNED prelim FY24 Adj. EBITDA $45M beats guidance; equity rights offering and $50M investment planned

Barnes & Noble Education, Inc.

2024-FY EPS reported -$23.75 vs consensus $61.20 ▼ miss (-138.8%)

Preliminary FY2024 revenue ~$1,567M (+1.6% YoY); GAAP net loss ~$63M improved from $90M loss.
Non-GAAP Adj. EBITDA from continuing ops ~$45M, exceeding $40M guidance; prior year -$8M.
Rights offering: 900M shares at $0.05/share for $45M, fully backstopped; $50M equity investment led by Immersion; closing June 2024 subject to shareholder vote June 5.
Second lien lenders convert ~$34M principal into equity; new $325M ABL facility maturing 2028 reduces interest expense.

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