Schedule I-Condensed Financial Information of Registrant

12 Months Ended

Feb. 01, 2020

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Schedule I-Condensed Financial Information of Registrant

Schedule I

CONDENSED FINANCIAL INFORMATION

OF REGISTRANT

Parent Company Information

Burlington Stores, Inc.

Balance Sheets

	As of
	February 1, 2020		February 2, 2019
	(in thousands)
ASSETS:
Current assets	$	51	$	38
Investment in subsidiaries		528,098		322,672
Total assets	$	528,149	$	322,710
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Current liabilities	$	—	$	—
Negative investment in subsidiaries		—		—
Commitments and contingencies		—		—
Total stockholders’ equity		528,149		322,710
Total liabilities and stockholders’ equity	$	528,149	$	322,710

See Notes to Condensed Financial Statements

CONDENSED FINANCIAL INFORMATION

OF REGISTRANT

Parent Company Information

Burlington Stores, Inc.

Statements of Income

	Fiscal Years Ended
	February 1, 2020		February 2, 2019		February 3, 2018 (53 Weeks)
	(in thousands)
REVENUES:
Total revenue	$	—	$	—	$	—
COSTS AND EXPENSES:
Income from equity investment		—		—		—
Total costs and expenses		—		—		—
Income before provision for income tax		—		—		—
Provision for income tax		—		—		—
Earnings from equity investment, net of income taxes	$	465,116	$	414,745	$	384,852
Net income	$	465,116	$	414,745	$	384,852
Total comprehensive income	$	465,116	$	414,745	$	384,852

See Notes to Condensed Financial Statements

CONDENSED FINANCIAL INFORMATION

OF REGISTRANT

Parent Company Information

Burlington Stores, Inc.

Statements of Cash Flows

	Fiscal Years Ended
	February 1, 2020			February 2, 2019			February 3, 2018 (53 Weeks)
	(in thousands)
OPERATING ACTIVITIES:
Net cash provided by operations	$	—		$	—		$	—
INVESTING ACTIVITIES:
Receipt of dividends		—			—			—
Net cash used in investing activities		—			—			—
FINANCING ACTIVITIES:
Proceeds from initial public offering		—			—			—
Offering costs		—			—			—
Receipt of dividends		—			—			—
Payment of dividends		—			—			—
Purchase of treasury shares		(323,080	)		(228,874	)		(289,777	)
Intercompany financing transactions		288,871			212,462			280,701
Proceeds from stock option exercises		34,222			16,306			9,173
Net cash provided by (used in) financing activities		13			(106	)		97
Increase (Decrease) in cash and cash equivalents		13			(106	)		97
Cash and cash equivalents at beginning of period		38			144			47
Cash and cash equivalents at end of period	$	51		$	38		$	144

See Notes to Condensed Financial Statements

CONDENSED FINANCIAL INFORMATION

OF REGISTRANT

Parent Company Information

Burlington Stores, Inc.

Note 1. Basis of Presentation

Burlington Stores, Inc. (the Parent Company) is a holding company that conducts substantially all of its business operations through its subsidiaries. The Parent Company’s ability to pay dividends on Parent Company’s common stock will be limited by restrictions on the ability of Parent Company and its subsidiaries to pay dividends or make distributions under the terms of current and future agreements governing the indebtedness of Parent Company’s subsidiaries. In addition to other baskets under the agreements governing its indebtedness, the Parent Company and its subsidiaries are permitted to make dividends and distributions under the Term Loan Facility so long as there is no event of default and the pro forma consolidated leverage ratio of the Parent Company and its subsidiaries does not exceed 3.50 to 1.00, and under the ABL Line of Credit as long as certain restricted payment conditions are satisfied.

The accompanying Condensed Financial Statements include the accounts of the Parent Company and, on an equity basis, its consolidated subsidiaries and affiliates. Accordingly, these Condensed Financial Statements have been presented on a “parent-only” basis. Under a parent-only presentation, the Parent Company’s investments in its consolidated subsidiaries are presented under the equity method of accounting. These parent-only financial statements should be read in conjunction with Burlington Stores, Inc.’s audited Consolidated Financial Statements included elsewhere herein.

Note 2. Dividends

As discussed above, the terms of current and future agreements governing the indebtedness of the Parent Company and its subsidiaries include, or may include, limitations on the ability of such subsidiaries and the Parent Company to pay dividends, subject to certain exceptions set forth in such agreements.

Note 3. Stock-Based Compensation

Non-cash stock compensation expense of $43.9 million, $35.5 million and $27.0 million has been pushed down to Parent Company’s subsidiaries for Fiscal 2019, Fiscal 2018 and Fiscal 2017, respectively.