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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2024

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-14429

SKECHERS U.S.A., INC.

(Exact name of registrant as specified in its charter)

 

Delaware

95-4376145

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

228 Manhattan Beach Blvd.

Manhattan Beach, California

90266

(Address of principal executive office)

(Zip Code)

 

(310) 318-3100

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading symbol

 

Name of each exchange on which registered

Class A Common Stock, par value $0.001 per share

 

SKX

 

New York Stock Exchange

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

 

As of July 26, 2024 132,542,841 shares of the registrant’s Class A Common Stock, $0.001 par value per share, were outstanding.

As of July 26, 2024 19,800,651 shares of the registrant’s Class B Common Stock, $0.001 par value per share, were outstanding.

 


 

SKECHERS U.S.A., INC. AND SUBSIDIARIES

Form 10-Q

Table of Contents

 

PART I – FINANCIAL INFORMATION

 

Item 1.

Financial Statements

 

 

Condensed Consolidated Balance Sheets (Unaudited)

3

 

Condensed Consolidated Statements of Earnings (Unaudited)

4

 

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

5

 

Condensed Consolidated Statements of Stockholders' Equity and Redeemable Noncontrolling Interest (Unaudited)

6

 

Condensed Consolidated Statements of Cash Flows (Unaudited)

8

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

9

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

18

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

23

Item 4.

Controls and Procedures

23

 

 

 

PART II – OTHER INFORMATION

 

Item 1.

Legal Proceedings

25

Item 1A.

Risk Factors

25

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

25

Item 3.

Defaults Upon Senior Securities

25

Item 4.

Mine Safety Disclosures

25

Item 5.

Other Information

25

Item 6.

Exhibits

26

 

Signatures

27

 

2


 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

SKECHERS U.S.A., INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(Unaudited)

 

 

As of

 

 

As of

 

(in thousands, except par value)

 

June 30, 2024

 

 

December 31, 2023

 

ASSETS

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,280,430

 

 

$

1,189,910

 

Short-term investments

 

 

130,111

 

 

 

72,595

 

Trade accounts receivable, less allowances of $53,603 and $57,867

 

 

1,027,231

 

 

 

860,300

 

Other receivables

 

 

77,921

 

 

 

82,253

 

Inventory

 

 

1,514,512

 

 

 

1,525,409

 

Prepaid expenses and other

 

 

223,819

 

 

 

222,137

 

Total current assets ($1,271,796 and $1,252,372 related to VIEs)

 

 

4,254,024

 

 

 

3,952,604

 

Property, plant and equipment, net

 

 

1,587,433

 

 

 

1,506,690

 

Operating lease right-of-use assets

 

 

1,327,795

 

 

 

1,276,171

 

Deferred tax assets

 

 

435,404

 

 

 

450,574

 

Long-term investments

 

 

137,379

 

 

 

123,996

 

Goodwill

 

 

101,230

 

 

 

101,230

 

Other assets, net

 

 

131,686

 

 

 

136,086

 

Total non-current assets ($653,963 and $641,879 related to VIEs)

 

 

3,720,927

 

 

 

3,594,747

 

TOTAL ASSETS

 

$

7,974,951

 

 

$

7,547,351

 

LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS' EQUITY

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

1,176,668

 

 

$

1,008,001

 

Accrued expenses

 

 

305,144

 

 

 

320,105

 

Operating lease liabilities

 

 

286,535

 

 

 

274,296

 

Current installments of long-term borrowings

 

 

292,891

 

 

 

46,571

 

Short-term borrowings

 

 

 

 

 

11,894

 

Total current liabilities ($781,690 and $600,337 related to VIEs)

 

 

2,061,238

 

 

 

1,660,867

 

Long-term operating lease liabilities

 

 

1,145,090

 

 

 

1,108,110

 

Long-term borrowings

 

 

45,702

 

 

 

242,944

 

Deferred tax liabilities

 

 

11,666

 

 

 

12,594

 

Other long-term liabilities

 

 

104,107

 

 

 

122,794

 

Total non-current liabilities ($137,817 and $329,219 related to VIEs)

 

 

1,306,565

 

 

 

1,486,442

 

Total liabilities

 

 

3,367,803

 

 

 

3,147,309

 

Commitments and contingencies (Note 10)

 

 

 

 

 

 

Redeemable noncontrolling interest (Note 1)

 

 

93,576

 

 

 

89,832

 

Stockholders’ equity

 

 

 

 

 

 

Preferred Stock, $0.001 par value; 10,000 shares authorized; none issued and outstanding

 

 

 

 

 

 

Class A Common Stock, $0.001 par value; 500,000 shares authorized; 132,231 and 132,837 shares issued and outstanding

 

 

132

 

 

 

133

 

Class B Common Stock, $0.001 par value; 75,000 shares authorized; 20,079 and 20,182 shares issued and outstanding

 

 

20

 

 

 

20

 

Additional paid-in capital

 

 

178,148

 

 

 

295,847

 

Accumulated other comprehensive loss

 

 

(100,670

)

 

 

(73,388

)

Retained earnings

 

 

4,143,654

 

 

 

3,796,730

 

Skechers U.S.A., Inc. equity

 

 

4,221,284

 

 

 

4,019,342

 

Noncontrolling interests (Note 1)

 

 

292,288

 

 

 

290,868

 

Total stockholders' equity

 

 

4,513,572

 

 

 

4,310,210

 

TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS' EQUITY

 

$

7,974,951

 

 

$

7,547,351

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

3


 

SKECHERS U.S.A., INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Earnings

(Unaudited)

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(in thousands, except per share data)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Sales

 

$

2,157,643

 

 

$

2,012,516

 

 

$

4,409,230

 

 

$

4,014,444

 

Cost of sales

 

 

973,206

 

 

 

951,992

 

 

 

2,043,159

 

 

 

1,975,341

 

Gross profit

 

 

1,184,437

 

 

 

1,060,524

 

 

 

2,366,071

 

 

 

2,039,103

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Selling

 

 

235,870

 

 

 

187,118

 

 

 

392,371

 

 

 

315,678

 

General and administrative

 

 

742,036

 

 

 

655,673

 

 

 

1,468,371

 

 

 

1,282,115

 

Total operating expenses

 

 

977,906

 

 

 

842,791

 

 

 

1,860,742

 

 

 

1,597,793

 

Earnings from operations

 

 

206,531

 

 

 

217,733

 

 

 

505,329

 

 

 

441,310

 

Other (expense) income

 

 

(1,652

)

 

 

2,792

 

 

 

(3,702

)

 

 

12,715

 

Earnings before income taxes

 

 

204,879

 

 

 

220,525

 

 

 

501,627

 

 

 

454,025

 

Income tax expense

 

 

40,355

 

 

 

38,942

 

 

 

96,725

 

 

 

82,158

 

Net earnings

 

 

164,524

 

 

 

181,583

 

 

 

404,902

 

 

 

371,867

 

Less: Net earnings attributable to noncontrolling interests and redeemable noncontrolling interest (Note 1)

 

 

24,222

 

 

 

28,824

 

 

 

57,978

 

 

 

58,665

 

Net earnings attributable to Skechers U.S.A., Inc.

 

$

140,302

 

 

$

152,759

 

 

$

346,924

 

 

$

313,202

 

Net earnings per share attributable to Skechers U.S.A., Inc.

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.92

 

 

$

0.99

 

 

$

2.27

 

 

$

2.02

 

Diluted

 

$

0.91

 

 

$

0.98

 

 

$

2.24

 

 

$

2.00

 

Weighted-average shares used in calculating net earnings per share attributable to Skechers U.S.A., Inc.

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

152,503

 

 

 

154,970

 

 

 

152,707

 

 

 

155,055

 

Diluted

 

 

154,176

 

 

 

156,571

 

 

 

154,640

 

 

 

156,654

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

4


 

SKECHERS U.S.A., INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(in thousands)

2024

 

 

2023

 

 

2024

 

 

2023

 

Net earnings

 

$

164,524

 

 

$

181,583

 

 

$

404,902

 

 

$

371,867

 

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized (loss) gain on derivative contract

 

 

(1,224

)

 

 

499

 

 

 

(1,863

)

 

 

(917

)

Loss on foreign currency translation adjustment

 

 

(20,760

)

 

 

(16,144

)

 

 

(39,196

)

 

 

(9,293

)

Comprehensive income

 

 

142,540

 

 

 

165,938

 

 

 

363,843

 

 

 

361,657

 

Less: Comprehensive income attributable to noncontrolling interests and redeemable noncontrolling interest (Note 1)

 

 

16,888

 

 

 

20,669

 

 

 

44,201

 

 

 

51,265

 

Comprehensive income attributable to Skechers U.S.A., Inc.

 

$

125,652

 

 

$

145,269

 

 

$

319,642

 

 

$

310,392

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

5


 

SKECHERS U.S.A., INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Stockholders' Equity and Redeemable Noncontrolling Interest

(Unaudited)

 

 

 

Shares

 

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

Class A
Common
Stock

 

 

Class B
Common
Stock

 

 

Class A
Common
Stock

 

 

Class B
Common
Stock

 

 

Additional paid–in capital

 

 

Accumulated other comprehensive loss

 

 

Retained
earnings

 

 

Skechers U.S.A., Inc. equity

 

 

Noncontrolling interests
(Note 1)

 

 

Total stockholders' equity
(Note 1)

 

 

Redeemable noncontrolling interest
(Note 1)

 

Balance at March 31, 2024

 

 

132,333

 

 

 

20,182

 

 

$

132

 

 

$

20

 

 

$

228,594

 

 

$

(86,020

)

 

$

4,003,352

 

 

$

4,146,078

 

 

$

312,855

 

 

$

4,458,933

 

 

$

94,758

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

140,302

 

 

 

140,302

 

 

 

21,891

 

 

 

162,193

 

 

 

2,331

 

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(14,650

)

 

 

 

 

 

(14,650

)

 

 

(2,597

)

 

 

(17,247

)

 

 

(3,513

)

Distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(38,637

)

 

 

(38,637

)

 

 

 

Net unrealized loss on derivative contract

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,224

)

 

 

(1,224

)

 

 

 

Stock compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

23,471

 

 

 

 

 

 

 

 

 

23,471

 

 

 

 

 

 

23,471

 

 

 

 

Proceeds from the employee stock purchase plan

 

 

137

 

 

 

 

 

 

 

 

 

 

 

 

6,823

 

 

 

 

 

 

 

 

 

6,823

 

 

 

 

 

 

6,823

 

 

 

 

Shares issued under the incentive award plan

 

 

853

 

 

 

 

 

 

1

 

 

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares redeemed for employee tax withholdings

 

 

(316

)

 

 

 

 

 

 

 

 

 

 

 

(20,722

)

 

 

 

 

 

 

 

 

(20,722

)

 

 

 

 

 

(20,722

)

 

 

 

Repurchases of common stock

 

 

(879

)

 

 

 

 

 

(1

)

 

 

 

 

 

(60,017

)

 

 

 

 

 

 

 

 

(60,018

)

 

 

 

 

 

(60,018

)

 

 

 

Conversion of Class B Common Stock into Class A Common Stock

 

 

103

 

 

 

(103

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2024

 

 

132,231

 

 

 

20,079

 

 

$

132

 

 

$

20

 

 

$

178,148

 

 

$

(100,670

)

 

$

4,143,654

 

 

$

4,221,284

 

 

$

292,288

 

 

$

4,513,572

 

 

$

93,576

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at March 31, 2023

 

 

134,259

 

 

 

20,474

 

 

$

134

 

 

$

20

 

 

$

383,540

 

 

$

(80,217

)

 

$

3,411,374

 

 

$

3,714,851

 

 

$

248,858

 

 

$

3,963,709

 

 

$

82,586

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

152,759

 

 

 

152,759

 

 

 

27,296

 

 

 

180,055

 

 

 

1,528

 

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,490

)

 

 

 

 

 

(7,490

)

 

 

(10,376

)

 

 

(17,866

)

 

 

1,722

 

Net unrealized gain on derivative contract

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

499

 

 

 

499

 

 

 

 

Stock compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17,716

 

 

 

 

 

 

 

 

 

17,716

 

 

 

 

 

 

17,716

 

 

 

 

Proceeds from the employee stock purchase plan

 

 

148

 

 

 

 

 

 

 

 

 

 

 

 

5,402

 

 

 

 

 

 

 

 

 

5,402

 

 

 

 

 

 

5,402

 

 

 

 

Shares issued under the incentive award plan

 

 

713

 

 

 

 

 

 

1

 

 

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares redeemed for employee tax withholdings

 

 

(260

)

 

 

 

 

 

 

 

 

 

 

 

(13,877

)

 

 

 

 

 

 

 

 

(13,877

)

 

 

 

 

 

(13,877

)

 

 

 

Repurchases of common stock

 

 

(579

)

 

 

 

 

 

(1

)

 

 

 

 

 

(30,011

)

 

 

 

 

 

 

 

 

(30,012

)

 

 

 

 

 

(30,012

)

 

 

 

Conversion of Class B Common Stock into Class A Common Stock

 

 

10

 

 

 

(10

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2023

 

 

134,291

 

 

 

20,464

 

 

$

134

 

 

$

20

 

 

$

362,769

 

 

$

(87,707

)

 

$

3,564,133

 

 

$

3,839,349

 

 

$

266,277

 

 

$

4,105,626

 

 

$

85,836

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

6


 

SKECHERS U.S.A., INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Stockholders' Equity and Redeemable Noncontrolling Interest

(Unaudited)

 

 

 

Shares

 

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

Class A
Common
Stock

 

 

Class B
Common
Stock

 

 

Class A
Common
Stock

 

 

Class B
Common
Stock

 

 

Additional paid–in capital

 

 

Accumulated other comprehensive loss

 

 

Retained
earnings

 

 

Skechers U.S.A., Inc. equity

 

 

Noncontrolling interests
(Note 1)

 

 

Total stockholders' equity
(Note 1)

 

 

Redeemable noncontrolling interest
(Note 1)

 

Balance at December 31, 2023

 

 

132,837

 

 

 

20,182

 

 

$

133

 

 

$

20

 

 

$

295,847

 

 

$

(73,388

)

 

$

3,796,730

 

 

$

4,019,342

 

 

$

290,868

 

 

$

4,310,210

 

 

$

89,832

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

346,924

 

 

 

346,924

 

 

 

51,528

 

 

 

398,452

 

 

 

6,450

 

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(27,282

)

 

 

 

 

 

(27,282

)

 

 

(9,208

)

 

 

(36,490

)

 

 

(2,706

)

Distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(39,037

)

 

 

(39,037

)

 

 

 

Net unrealized loss on derivative contract

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,863

)

 

 

(1,863

)

 

 

 

Stock compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

44,164

 

 

 

 

 

 

 

 

 

44,164

 

 

 

 

 

 

44,164

 

 

 

 

Proceeds from the employee stock purchase plan

 

 

137

 

 

 

 

 

 

 

 

 

 

 

 

6,823

 

 

 

 

 

 

 

 

 

6,823

 

 

 

 

 

 

6,823

 

 

 

 

Shares issued under the incentive award plan

 

 

1,813

 

 

 

 

 

 

2

 

 

 

 

 

 

(2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares redeemed for employee tax withholdings

 

 

(786

)

 

 

 

 

 

(1

)

 

 

 

 

 

(48,648

)

 

 

 

 

 

 

 

 

(48,649

)

 

 

 

 

 

(48,649

)

 

 

 

Repurchases of common stock

 

 

(1,873

)

 

 

 

 

 

(2

)

 

 

 

 

 

(120,036

)

 

 

 

 

 

 

 

 

(120,038

)

 

 

 

 

 

(120,038

)

 

 

 

Conversion of Class B Common Stock into Class A Common Stock

 

 

103

 

 

 

(103

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2024

 

 

132,231

 

 

 

20,079

 

 

$

132

 

 

$

20

 

 

$

178,148

 

 

$

(100,670

)

 

$

4,143,654

 

 

$

4,221,284

 

 

$

292,288

 

 

$

4,513,572

 

 

$

93,576

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2022

 

 

134,473

 

 

 

20,810

 

 

$

134

 

 

$

21

 

 

$

403,799

 

 

$

(84,897

)

 

$

3,250,931

 

 

$

3,569,988

 

 

$

223,229

 

 

$

3,793,217

 

 

$

78,369

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

313,202

 

 

 

313,202

 

 

 

55,168

 

 

 

368,370

 

 

 

3,497

 

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,810

)