Ollie’s Bargain Outlet Holdings, Inc. and subsidiaries (collectively referred to as the “Company” or “Ollie’s”) principally buys overproduced, overstocked, and closeout merchandise from manufacturers, wholesalers, and other retailers. In addition, the Company augments its name-brand closeout deals with directly sourced private label products featuring names exclusive to Ollie’s in order to provide consistently value-priced goods in select key merchandise categories.

Since its first store opened in 1982, the Company has grown to 516 retail locations in 30 states as of May 4, 2024. Ollie’s Bargain Outlet retail locations are located in Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Mississippi, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Vermont, Virginia, and West Virginia.

Ollie’s follows a 52/53-week fiscal year, which ends on the Saturday nearer to January 31^st of the following calendar year. References to the thirteen weeks ended May 4, 2024 and April 29, 2023 refer to the thirteen weeks from February 4, 2024 to May 4, 2024 and from January 29, 2023 to April 29, 2023, respectively. References to “2023” refer to the fiscal year ended February 3, 2024 and references to “2024” refer to the fiscal year ending February 1, 2025. Fiscal year 2023 consists of 53 weeks, and fiscal year 2024 consists of 52 weeks.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The condensed consolidated financial statements reflect all normal recurring adjustments which management believes are necessary to present fairly the Company’s results of operations, financial condition, and cash flows for all periods presented. The condensed consolidated balance sheets as of May 4, 2024 and April 29, 2023, and the condensed consolidated statements of income and stockholders’ equity for the thirteen weeks ended May 4, 2024 and April 29, 2023, and the condensed consolidated statements of cash flows for the thirteen weeks ended May 4, 2024 and April 29, 2023 have been prepared by the Company and are unaudited. The Company’s business is seasonal in nature and results of operations for the interim periods presented are not necessarily indicative of operating results for 2024 or any other period. All intercompany accounts, transactions, and balances have been eliminated in consolidation.

The Company’s balance sheet as of February 3, 2024, presented herein, has been derived from the audited balance sheet included in the Company’s Annual Report on Form 10-K filed with the SEC on March 27, 2024 (“Annual Report”), but does not include all disclosures required by GAAP. These financial statements should be read in conjunction with the financial statements for 2023 and footnotes thereto included in the Annual Report.

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Fair value is defined as the price which the Company would receive to sell an asset or pay to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date. In determining fair value, GAAP establishes a three‑level hierarchy used in measuring fair value, as follows:

The Company’s financial instruments consist of cash and cash equivalents, investment securities, accounts receivable, accounts payable and the Company’s credit facilities. The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable are representative of their respective fair value because of their short-term nature. The carrying amount of the Company’s credit facilities approximates its fair value because the interest rates are adjusted regularly based on current market conditions. Under the fair value hierarchy, the fair market values of cash equivalents and the investments in treasury bonds are Level 1 while the investments in municipal bonds are Level 2. Since quoted prices in active markets for identical assets are not available, these prices are determined by the third-party pricing service using observable market information such as quotes from less active markets and quoted prices of similar securities.

As of May 4, 2024, February 3, 2024, and April 29, 2023, the Company’s investment securities are classified as held-to-maturity since the Company has the intent and ability to hold the investments to maturity. Such securities are carried at amortized cost plus accrued interest and consist of the following:

	As of May 4, 2024
	Amortized Cost		Gross Unrealized Gains			Gross Unrealized Losses				Fair Market Value
	(in thousands)
Short-term:
Treasury Bonds	$	88,234		$	24		$	-			$	88,258
Municipal bonds		12,198			-			(72	)			12,126
Corporate bonds		28,818			9			-				28,827
Total	$	129,250		$	33		$	(72	)		$	129,211

	As of February 3, 2024
	Amortized Cost		Gross Unrealized Gains			Gross Unrealized Losses				Fair Market Value
	(in thousands)
Short-term:
Treasury Bonds	$	49,765		$	16		$	-			$	49,781
Municipal bonds		10,136			-			(139	)			9,997
Corporate bonds		27,079			22			-				27,101
Total	$	86,980		$	38		$	(139	)		$	86,879

	As of April 29, 2023
	Amortized Cost		Gross Unrealized Gains			Gross Unrealized Losses				Fair Market Value
	(in thousands)
Short-term:
Treasury Bonds	$	101,072		$	-		$	(935	)		$	100,137
Municipal bonds		39,458			-			(164	)			39,294
Total	$	140,530		$	-		$	(1,099	)		$	139,431