http://fasb.org/us-gaap/2024#SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember0001065837Q3falsehttp://fasb.org/us-gaap/2024#SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember--12-31SKECHERS USA INC0001065837country:CN2023-07-012023-09-300001065837skx:ManufacturerFourMemberus-gaap:CostOfGoodsTotalMemberus-gaap:SupplierConcentrationRiskMember2024-01-012024-09-300001065837us-gaap:CostOfGoodsTotalMemberus-gaap:SupplierConcentrationRiskMemberskx:ManufacturerOneMember2024-01-012024-09-300001065837us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-09-300001065837country:CN2024-07-012024-09-300001065837skx:ManufacturerThreeMemberus-gaap:CostOfGoodsTotalMemberus-gaap:SupplierConcentrationRiskMember2023-01-012023-09-300001065837us-gaap:NonUsMemberskx:DirectToConsumerMember2023-07-012023-09-300001065837us-gaap:CommonStockMemberus-gaap:CommonClassBMember2023-12-310001065837country:CN2024-01-012024-09-300001065837skx:EuropeMiddleEastAndAfricaMember2024-01-012024-09-300001065837us-gaap:FairValueInputsLevel2Memberskx:CorporateNotesAndBondsMember2024-09-300001065837skx:TwoThousandNineteenCreditAgreementMemberskx:UnsecuredRevolvingCreditFacilityMember2024-09-300001065837us-gaap:CommonStockMemberus-gaap:CommonClassBMember2023-01-012023-09-300001065837us-gaap:RetainedEarningsMember2024-01-012024-09-300001065837us-gaap:ParentMember2023-01-012023-09-300001065837skx:TopFiveManufacturersMemberus-gaap:CostOfGoodsTotalMemberus-gaap:SupplierConcentrationRiskMember2024-01-012024-09-300001065837us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300001065837country:US2023-12-310001065837skx:DecemberTwoThousandTwentyEarningsPerShareGrantMember2024-01-012024-09-300001065837us-gaap:PerformanceSharesMemberskx:TwoThousandAndTwentyThreeIncentiveAwardPlanMembersrt:MaximumMember2024-09-300001065837skx:TwoThousandNineteenCreditAgreementMemberus-gaap:LineOfCreditMember2021-12-152021-12-150001065837skx:DirectToConsumerMember2024-09-300001065837us-gaap:PerformanceSharesMember2024-01-012024-09-300001065837skx:JointVentureWithHFLogisticsMemberskx:HFLogisticsThreeDistributionCenterMember2024-09-300001065837us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300001065837us-gaap:TermLifeInsuranceMember2024-09-300001065837us-gaap:NoncontrollingInterestMember2023-09-300001065837us-gaap:CommonStockMemberus-gaap:CommonClassBMember2023-07-012023-09-300001065837skx:SportsConnectionHoldingsApsMember2023-05-312023-05-310001065837us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-01-012023-09-300001065837skx:RedeemableNoncontrollingInterestsMember2024-09-300001065837us-gaap:EmployeeStockMember2023-07-012023-09-300001065837us-gaap:CostOfGoodsTotalMemberskx:ManufacturerFiveMemberus-gaap:SupplierConcentrationRiskMember2023-07-012023-09-300001065837skx:TwoThousandNineteenCreditAgreementMemberskx:SwinglineLoansMember2024-09-300001065837skx:OtherChinaOperationalLoansMember2024-09-300001065837us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-07-012023-09-300001065837srt:AsiaPacificMember2023-01-012023-09-300001065837us-gaap:CommonClassAMemberskx:TwoThousandTwentyTwoShareRepurchaseProgramMember2022-01-310001065837country:USskx:DirectToConsumerMember2024-01-012024-09-3000010658372023-07-012023-09-300001065837srt:MinimumMemberskx:OtherChinaOperationalLoansMemberskx:OnePointZeroFourToTwoPointSixZeroPercentageLoansPayableMember2024-09-300001065837us-gaap:CommonClassBMember2023-12-310001065837skx:RedeemableNoncontrollingInterestsMember2023-07-012023-09-300001065837skx:TwoThousandNineteenCreditAgreementMember2023-12-310001065837srt:AmericasMember2023-07-012023-09-300001065837us-gaap:InterestRateSwapMember2024-09-300001065837us-gaap:CostOfGoodsTotalMemberus-gaap:SupplierConcentrationRiskMemberskx:ManufacturerTwoMember2023-07-012023-09-300001065837us-gaap:ParentMember2023-12-310001065837skx:RedeemableNoncontrollingInterestsMember2024-01-012024-09-300001065837skx:TwoThousandNineteenCreditAgreementMemberskx:UnsecuredRevolvingCreditFacilityMember2024-01-012024-09-300001065837skx:RedeemableNoncontrollingInterestsMember2022-12-310001065837skx:HFLogisticsTwoDistributionCenterConstructionLoanMember2023-12-310001065837skx:TwoThousandNineteenCreditAgreementMemberus-gaap:LetterOfCreditMember2024-09-300001065837country:US2024-07-012024-09-300001065837us-gaap:NonUsMember2023-01-012023-09-300001065837skx:WholesaleMembercountry:US2023-01-012023-09-300001065837us-gaap:CommonClassAMemberskx:TwoThousandEighteenEmployeeStockPurchasePlanMember2024-09-300001065837us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-3100010658372024-06-300001065837skx:HFLogisticsOneDistributionCenterLoanMember2023-12-310001065837skx:ChinaDistributionCenterConstructionLoanAgreementMember2024-09-300001065837skx:WholesaleMembercountry:US2024-07-012024-09-300001065837us-gaap:CostOfGoodsTotalMemberskx:ManufacturerFiveMemberus-gaap:SupplierConcentrationRiskMember2023-01-012023-09-300001065837us-gaap:NoncontrollingInterestMember2023-07-012023-09-300001065837us-gaap:CommonClassBMember2024-09-300001065837us-gaap:ParentMember2024-09-300001065837skx:EuropeMiddleEastAndAfricaMember2023-07-012023-09-300001065837srt:MaximumMember2024-01-012024-09-300001065837us-gaap:EmployeeStockMember2024-07-012024-09-300001065837us-gaap:AdditionalPaidInCapitalMember2022-12-310001065837us-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMember2023-12-310001065837us-gaap:ParentMember2023-09-300001065837us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2024-07-012024-09-300001065837us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2024-09-300001065837us-gaap:RevolvingCreditFacilityMember2023-12-310001065837us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel1Member2024-09-300001065837us-gaap:AdditionalPaidInCapitalMember2024-06-300001065837us-gaap:RetainedEarningsMember2023-12-310001065837us-gaap:InterestRateSwapMemberskx:JointVentureWithHFLogisticsMemberskx:ConstructionLoanAgreementMember2020-03-172020-03-1800010658372023-06-300001065837us-gaap:RetainedEarningsMember2023-09-300001065837us-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesMember2024-09-300001065837skx:WholesaleMember2023-07-012023-09-300001065837skx:DirectToConsumerMember2023-01-012023-09-300001065837us-gaap:ForeignLineOfCreditMember2024-09-300001065837us-gaap:CostOfGoodsTotalMemberskx:ManufacturerFiveMemberus-gaap:SupplierConcentrationRiskMember2024-01-012024-09-300001065837us-gaap:NonUsMemberskx:WholesaleMember2023-07-012023-09-300001065837skx:ChinaDistributionCenterConstructionLoanAgreementMember2022-10-180001065837us-gaap:NoncontrollingInterestMember2024-01-012024-09-300001065837us-gaap:CommonStockMemberus-gaap:CommonClassBMember2024-09-300001065837us-gaap:FairValueInputsLevel1Memberus-gaap:MutualFundMember2024-09-300001065837skx:MarketBasedRestrictedStockMember2024-01-012024-09-3000010658372024-01-012024-09-300001065837us-gaap:AdditionalPaidInCapitalMember2023-06-3000010658372023-12-310001065837skx:TwoThousandNineteenCreditAgreementMember2024-09-300001065837us-gaap:PerformanceSharesMemberskx:TwoThousandAndTwentyThreeIncentiveAwardPlanMember2024-09-300001065837skx:TwoThousandNineteenCreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2023-12-310001065837skx:TopFiveManufacturersMemberus-gaap:CostOfGoodsTotalMemberus-gaap:SupplierConcentrationRiskMember2024-07-012024-09-300001065837skx:TwoThousandNineteenCreditAgreementMembersrt:MaximumMemberus-gaap:LineOfCreditMember2024-09-300001065837skx:RedeemableNoncontrollingInterestsMember2023-01-012023-09-300001065837us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001065837us-gaap:FairValueInputsLevel2Memberskx:CorporateNotesAndBondsMember2023-12-310001065837country:US2024-01-012024-09-300001065837us-gaap:RetainedEarningsMember2022-12-310001065837us-gaap:FairValueInputsLevel2Member2023-12-310001065837us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel1Member2023-12-310001065837us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2023-01-012023-09-300001065837skx:TwoThousandEighteenEmployeeStockPurchasePlanMember2024-01-012024-09-300001065837us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-3000010658372024-07-012024-09-300001065837us-gaap:FairValueInputsLevel1Member2024-09-300001065837skx:DirectToConsumerMember2024-01-012024-09-300001065837us-gaap:InterestRateSwapMemberskx:HFLogisticsOneDistributionCenterLoanMemberskx:JointVentureWithHFLogisticsMemberskx:ConstructionLoanAgreementMember2020-03-180001065837us-gaap:PerformanceSharesMember2023-01-012023-09-300001065837us-gaap:SalesRevenueNetMemberskx:FiveLargestCustomersMemberus-gaap:CustomerConcentrationRiskMember2023-07-012023-09-300001065837us-gaap:CostOfGoodsTotalMemberus-gaap:SupplierConcentrationRiskMemberskx:ManufacturerTwoMember2024-01-012024-09-300001065837us-gaap:CostOfGoodsTotalMemberus-gaap:SupplierConcentrationRiskMemberskx:ManufacturerTwoMember2023-01-012023-09-300001065837skx:WholesaleMember2024-01-012024-09-300001065837srt:AmericasMember2024-01-012024-09-300001065837srt:MaximumMemberskx:OtherChinaOperationalLoansMemberskx:OnePointZeroFourToTwoPointSixZeroPercentageLoansPayableMember2024-09-300001065837us-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateSwapMember2024-09-300001065837skx:TwoThousandNineteenCreditAgreementMembersrt:MaximumMemberus-gaap:LineOfCreditMember2021-12-150001065837skx:TwentyTwentyConstructionLoanAgreementMemberskx:HFLogisticsTwoDistributionCenterConstructionLoanMemberskx:JointVentureWithHFLogisticsMember2020-04-022020-04-030001065837skx:TwoThousandTwentyTwoShareRepurchaseProgramMember2024-01-012024-09-300001065837us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2024-01-012024-09-300001065837us-gaap:CommonClassAMember2023-12-310001065837us-gaap:SalesRevenueNetMemberskx:FiveLargestCustomersMemberus-gaap:CustomerConcentrationRiskMember2023-01-012023-09-300001065837country:US2023-07-012023-09-300001065837us-gaap:InterestRateSwapMemberskx:HFLogisticsOneDistributionCenterLoanMemberskx:JointVentureWithHFLogisticsMemberskx:AmendmentToAmendedLoanAgreementMember2024-09-300001065837us-gaap:NoncontrollingInterestMember2023-12-310001065837us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300001065837skx:HFLogisticsOneDistributionCenterLoanMember2024-09-300001065837skx:EuropeMiddleEastAndAfricaMember2023-01-012023-09-300001065837skx:RedeemableNoncontrollingInterestsMember2024-06-300001065837us-gaap:NonUsMemberskx:WholesaleMember2024-01-012024-09-300001065837us-gaap:CommonClassAMember2024-10-240001065837us-gaap:AdditionalPaidInCapitalMember2023-01-012023-09-300001065837us-gaap:CashMember2024-09-300001065837country:CN2023-01-012023-09-300001065837us-gaap:CommonClassBMember2024-10-240001065837us-gaap:NoncontrollingInterestMember2024-06-300001065837us-gaap:NonUsMember2024-01-012024-09-300001065837skx:HFLogisticsTwoDistributionCenterConstructionLoanMemberskx:JointVentureWithHFLogisticsMembersrt:MaximumMember2020-04-030001065837us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-09-300001065837skx:HFLogisticsOneDistributionCenterLoanMembersrt:MinimumMemberskx:AmendmentToAmendedLoanAgreementMember2024-09-300001065837skx:DirectToConsumerMember2023-12-310001065837us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2023-07-012023-09-3000010658372023-01-012023-09-300001065837us-gaap:AdditionalPaidInCapitalMember2024-09-300001065837skx:WholesaleMember2023-12-310001065837skx:WholesaleMember2024-07-012024-09-300001065837us-gaap:RevolvingCreditFacilityMember2024-09-300001065837skx:ManufacturerThreeMemberus-gaap:CostOfGoodsTotalMemberus-gaap:SupplierConcentrationRiskMember2024-01-012024-09-300001065837country:USskx:DirectToConsumerMember2023-07-012023-09-3000010658372023-09-300001065837us-gaap:NoncontrollingInterestMember2022-12-310001065837us-gaap:CommonStockMemberus-gaap:CommonClassBMember2024-06-300001065837us-gaap:SalesRevenueNetMemberskx:FiveLargestCustomersMemberus-gaap:CustomerConcentrationRiskMember2024-07-012024-09-300001065837us-gaap:NonUsMember2024-07-012024-09-300001065837skx:TopFiveManufacturersMemberus-gaap:CostOfGoodsTotalMemberus-gaap:SupplierConcentrationRiskMember2023-01-012023-09-300001065837skx:HFLogisticsOneDistributionCenterLoanMemberskx:JointVentureWithHFLogisticsMemberskx:AmendmentToAmendedLoanAgreementMember2024-01-012024-09-300001065837skx:WholesaleMember2023-01-012023-09-300001065837us-gaap:CostOfGoodsTotalMemberus-gaap:SupplierConcentrationRiskMemberskx:ManufacturerOneMember2023-07-012023-09-300001065837us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300001065837us-gaap:NoncontrollingInterestMember2023-01-012023-09-300001065837skx:RedeemableNoncontrollingInterestsMember2023-09-300001065837us-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesMember2023-12-310001065837us-gaap:CostOfGoodsTotalMemberskx:ManufacturerFourMemberus-gaap:SupplierConcentrationRiskMember2024-07-012024-09-300001065837us-gaap:NonUsMemberskx:WholesaleMember2023-01-012023-09-300001065837us-gaap:GeneralAndAdministrativeExpenseMemberskx:SportsConnectionHoldingsApsMember2023-05-312023-05-310001065837skx:TwoPointSevenFiveToTwoPointNineZeroPercentageLoansPayableMembersrt:MaximumMemberskx:OtherChinaOperationalLoansMember2023-12-310001065837us-gaap:RestrictedStockMember2023-01-012023-09-300001065837us-gaap:AdditionalPaidInCapitalMember2023-12-310001065837skx:TwentyTwentyConstructionLoanAgreementMemberskx:HFLogisticsTwoDistributionCenterConstructionLoanMemberskx:JointVentureWithHFLogisticsMember2024-01-012024-09-300001065837us-gaap:InterestRateSwapMember2023-12-310001065837us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300001065837us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310001065837us-gaap:ForeignCountryMembersrt:MaximumMember2024-01-012024-09-300001065837us-gaap:RetainedEarningsMember2023-06-300001065837us-gaap:CommonStockMemberus-gaap:CommonClassBMember2023-09-300001065837skx:WholesaleMember2024-09-300001065837us-gaap:InterestRateSwapMemberskx:JointVentureWithHFLogisticsMemberskx:HFLogisticsOneDistributionCenterLoanMemberskx:AmendmentToAmendedLoanAgreementMember2024-01-012024-09-300001065837us-gaap:ParentMember2024-07-012024-09-300001065837us-gaap:InterestRateSwapMemberskx:JointVentureWithHFLogisticsMemberskx:AmendmentToAmendedLoanAgreementMember2024-09-300001065837srt:AsiaPacificMember2024-07-012024-09-300001065837us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300001065837us-gaap:NoncontrollingInterestMember2024-09-300001065837us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-09-300001065837us-gaap:FairValueInputsLevel1Member2023-12-310001065837us-gaap:RetainedEarningsMember2023-01-012023-09-300001065837us-gaap:PerformanceSharesMembersrt:MaximumMember2024-01-012024-09-300001065837us-gaap:NonUsMemberskx:DirectToConsumerMember2024-07-012024-09-300001065837us-gaap:RetainedEarningsMember2024-07-012024-09-300001065837skx:WholesaleMembercountry:US2024-01-012024-09-300001065837us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-07-012024-09-300001065837skx:TopFiveManufacturersMemberus-gaap:CostOfGoodsTotalMemberus-gaap:SupplierConcentrationRiskMember2023-07-012023-09-300001065837us-gaap:ParentMember2023-06-300001065837us-gaap:NonUsMemberskx:DirectToConsumerMember2023-01-012023-09-300001065837srt:AmericasMember2023-01-012023-09-300001065837us-gaap:TermLifeInsuranceMember2023-12-310001065837country:USskx:DirectToConsumerMember2023-01-012023-09-3000010658372024-09-300001065837srt:MinimumMemberus-gaap:ForeignCountryMember2024-01-012024-09-300001065837skx:ManufacturerFourMemberus-gaap:CostOfGoodsTotalMemberus-gaap:SupplierConcentrationRiskMember2023-01-012023-09-300001065837us-gaap:RetainedEarningsMember2023-07-012023-09-300001065837us-gaap:NonUsMember2023-12-310001065837country:CN2023-12-310001065837skx:MarchTwoThousandTwentyOneEarningsPerShareGrantMember2024-01-012024-09-300001065837skx:SportsConnectionHoldingsApsMembersrt:MaximumMember2023-05-312023-05-310001065837us-gaap:CashMember2023-12-310001065837skx:NewShareRepurchaseProgramMemberus-gaap:CommonClassAMember2024-07-230001065837us-gaap:CommonStockMemberus-gaap:CommonClassBMember2024-07-012024-09-300001065837skx:TwentyTwentyConstructionLoanAgreementMemberskx:HFLogisticsTwoDistributionCenterConstructionLoanMemberskx:JointVentureWithHFLogisticsMember2024-09-300001065837us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300001065837us-gaap:AdditionalPaidInCapitalMember2024-01-012024-09-300001065837us-gaap:RestrictedStockMember2024-01-012024-09-300001065837us-gaap:ParentMember2022-12-310001065837us-gaap:ParentMember2024-01-012024-09-300001065837us-gaap:CommonStockMemberus-gaap:CommonClassBMember2023-06-300001065837skx:TwoThousandEighteenEmployeeStockPurchasePlanMember2024-09-300001065837us-gaap:CostOfGoodsTotalMemberus-gaap:SupplierConcentrationRiskMemberskx:ManufacturerTwoMember2024-07-012024-09-300001065837skx:DirectToConsumerMember2024-07-012024-09-300001065837us-gaap:CommonStockMemberus-gaap:CommonClassBMember2024-01-012024-09-300001065837us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-01-012024-09-300001065837us-gaap:CostOfGoodsTotalMemberus-gaap:SupplierConcentrationRiskMemberskx:ManufacturerOneMember2024-07-012024-09-300001065837skx:ManufacturerFourMemberus-gaap:CostOfGoodsTotalMemberus-gaap:SupplierConcentrationRiskMember2023-07-012023-09-300001065837country:CN2024-09-300001065837skx:HFLogisticsTwoDistributionCenterConstructionLoanMember2024-09-300001065837us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-09-300001065837skx:ChinaDistributionCenterExpansionConstructionLoanMember2023-12-310001065837srt:AsiaPacificMember2023-07-012023-09-300001065837srt:AmericasMember2024-07-012024-09-300001065837skx:JointVentureWithHFLogisticsMemberskx:HFLogisticsThreeDistributionCenterMember2024-07-012024-09-300001065837us-gaap:NonUsMember2024-09-300001065837us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-06-300001065837us-gaap:RetainedEarningsMember2024-06-300001065837skx:TwoThousandNineteenCreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2024-09-300001065837us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300001065837srt:ScenarioPreviouslyReportedMember2023-12-310001065837skx:DecemberTwoThousandTwentyTotalShareholderReturnGrantMember2024-01-012024-09-300001065837us-gaap:AdditionalPaidInCapitalMember2023-09-300001065837us-gaap:NoncontrollingInterestMember2023-06-300001065837us-gaap:ParentMember2023-07-012023-09-300001065837skx:ChinaDistributionCenterExpansionConstructionLoanMember2024-09-300001065837skx:SportsConnectionHoldingsApsMember2023-05-310001065837skx:RedeemableNoncontrollingInterestsMember2023-12-310001065837skx:MarchTwoThousandTwentyOneTotalShareholderReturnGrantMember2024-01-012024-09-300001065837skx:RedeemableNoncontrollingInterestsMember2024-07-012024-09-3000010658372022-12-310001065837us-gaap:EmployeeStockMember2024-01-012024-09-300001065837us-gaap:FairValueInputsLevel1Memberus-gaap:MutualFundMember2023-12-310001065837srt:RestatementAdjustmentMember2023-12-310001065837country:US2023-01-012023-09-300001065837us-gaap:NoncontrollingInterestMember2024-07-012024-09-300001065837us-gaap:ParentMember2024-06-300001065837us-gaap:NonUsMemberskx:DirectToConsumerMember2024-01-012024-09-300001065837skx:DirectToConsumerMember2023-07-012023-09-300001065837us-gaap:CommonClassAMember2024-09-300001065837us-gaap:CommonClassAMemberskx:NewShareRepurchaseProgramMember2024-07-232024-07-230001065837skx:ChinaDistributionCenterConstructionLoanAgreementMember2022-10-182022-10-180001065837skx:EuropeMiddleEastAndAfricaMember2024-07-012024-09-300001065837us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2024-09-300001065837us-gaap:CommonStockMemberus-gaap:CommonClassBMember2022-12-310001065837skx:OtherChinaOperationalLoansMember2023-12-310001065837us-gaap:RetainedEarningsMember2024-09-300001065837us-gaap:SubsequentEventMember2024-10-182024-10-180001065837us-gaap:PerformanceSharesMembersrt:MinimumMember2024-01-012024-09-300001065837us-gaap:NonUsMemberskx:WholesaleMember2024-07-012024-09-300001065837us-gaap:CommonStockMemberus-gaap:CommonClassAMember2022-12-310001065837country:US2024-09-300001065837us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-06-300001065837us-gaap:EmployeeStockMember2023-01-012023-09-300001065837skx:TwoPointSevenFiveToTwoPointNineZeroPercentageLoansPayableMembersrt:MinimumMemberskx:OtherChinaOperationalLoansMember2023-12-310001065837skx:ManufacturerThreeMemberus-gaap:CostOfGoodsTotalMemberus-gaap:SupplierConcentrationRiskMember2023-07-012023-09-300001065837us-gaap:SalesRevenueNetMemberskx:FiveLargestCustomersMemberus-gaap:CustomerConcentrationRiskMember2024-01-012024-09-300001065837srt:AsiaPacificMember2024-01-012024-09-300001065837us-gaap:CostOfGoodsTotalMemberus-gaap:SupplierConcentrationRiskMemberskx:ManufacturerOneMember2023-01-012023-09-300001065837us-gaap:InterestRateSwapMemberskx:JointVentureWithHFLogisticsMemberskx:HFLogisticsOneDistributionCenterLoanMemberskx:ConstructionLoanAgreementMember2020-03-172020-03-180001065837skx:ManufacturerThreeMemberus-gaap:CostOfGoodsTotalMemberus-gaap:SupplierConcentrationRiskMember2024-07-012024-09-300001065837skx:WholesaleMembercountry:US2023-07-012023-09-300001065837us-gaap:CostOfGoodsTotalMemberskx:ManufacturerFiveMemberus-gaap:SupplierConcentrationRiskMember2024-07-012024-09-300001065837us-gaap:InterestRateSwapMemberskx:JointVentureWithHFLogisticsMemberskx:AmendmentToAmendedLoanAgreementMember2024-01-012024-09-300001065837skx:RedeemableNoncontrollingInterestsMember2023-06-3000010658372024-02-012024-02-290001065837us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-12-310001065837skx:MarketBasedRestrictedStockMember2023-01-012023-09-300001065837us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2023-12-310001065837country:USskx:DirectToConsumerMember2024-07-012024-09-300001065837us-gaap:FairValueInputsLevel2Member2024-09-300001065837us-gaap:NonUsMember2023-07-012023-09-30skx:Derivativeskx:Customerxbrli:purexbrli:sharesiso4217:USDxbrli:sharesiso4217:USD

 

 

 

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 September 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 October 24, 2024 131,593,345 shares of the registrant’s Class A Common Stock, $0.001 par value per share, were outstanding.

As of October 24, 2024 19,378,651 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

27

 

Signatures

28

 

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)

 

September 30, 2024

 

 

December 31, 2023

 

ASSETS

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,354,054

 

 

$

1,189,910

 

Short-term investments

 

 

113,795

 

 

 

72,595

 

Trade accounts receivable, less allowances of $64,810 and $57,867

 

 

1,187,033

 

 

 

860,300

 

Other receivables

 

 

98,272

 

 

 

82,253

 

Inventory

 

 

1,706,842

 

 

 

1,525,409

 

Prepaid expenses and other

 

 

238,512

 

 

 

222,137

 

Total current assets ($1,448,448 and $1,252,372 related to VIEs)

 

 

4,698,508

 

 

 

3,952,604

 

Property, plant and equipment, net

 

 

1,782,606

 

 

 

1,506,690

 

Operating lease right-of-use assets

 

 

1,354,811

 

 

 

1,276,171

 

Deferred tax assets

 

 

443,571

 

 

 

450,574

 

Long-term investments

 

 

130,470

 

 

 

123,996

 

Goodwill

 

 

99,774

 

 

 

101,230

 

Other assets, net

 

 

136,301

 

 

 

136,086

 

Total non-current assets ($817,173 and $641,879 related to VIEs)

 

 

3,947,533

 

 

 

3,594,747

 

TOTAL ASSETS

 

$

8,646,041

 

 

$

7,547,351

 

LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS' EQUITY

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

1,190,194

 

 

$

1,008,001

 

Accrued expenses

 

 

331,335

 

 

 

320,105

 

Operating lease liabilities

 

 

295,591

 

 

 

274,296

 

Current installments of long-term borrowings

 

 

371,438

 

 

 

46,571

 

Short-term borrowings

 

 

208,098

 

 

 

11,894

 

Total current liabilities ($868,123 and $600,337 related to VIEs)

 

 

2,396,656

 

 

 

1,660,867

 

Long-term operating lease liabilities

 

 

1,169,488

 

 

 

1,108,110

 

Long-term borrowings

 

 

49,351

 

 

 

242,944

 

Deferred tax liabilities

 

 

11,177

 

 

 

12,594

 

Other long-term liabilities

 

 

106,855

 

 

 

122,794

 

Total non-current liabilities ($143,424 and $329,219 related to VIEs)

 

 

1,336,871

 

 

 

1,486,442

 

Total liabilities

 

 

3,733,527

 

 

 

3,147,309

 

Commitments and contingencies (Note 10)

 

 

 

 

 

 

Redeemable noncontrolling interest (Note 1)

 

 

91,979

 

 

 

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; 131,593 and 132,837 shares issued and outstanding

 

 

132

 

 

 

133

 

Class B Common Stock, $0.001 par value; 75,000 shares authorized; 19,379 and 20,182 shares issued and outstanding

 

 

19

 

 

 

20

 

Additional paid-in capital

 

 

110,350

 

 

 

295,847

 

Accumulated other comprehensive loss

 

 

(88,366

)

 

 

(73,388

)

Retained earnings

 

 

4,336,875

 

 

 

3,796,730

 

Skechers U.S.A., Inc. equity

 

 

4,359,010

 

 

 

4,019,342

 

Noncontrolling interests (Note 1)

 

 

461,525

 

 

 

290,868

 

Total stockholders' equity

 

 

4,820,535

 

 

 

4,310,210

 

TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS' EQUITY

 

$

8,646,041

 

 

$

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 September 30,

 

 

Nine Months Ended September 30,

 

(in thousands, except per share data)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Sales

 

$

2,347,705

 

 

$

2,024,958

 

 

$

6,756,935

 

 

$

6,039,402

 

Cost of sales

 

 

1,124,659

 

 

 

953,040

 

 

 

3,167,818

 

 

 

2,928,381

 

Gross profit

 

 

1,223,046

 

 

 

1,071,918

 

 

 

3,589,117

 

 

 

3,111,021

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Selling

 

 

211,162

 

 

 

178,286

 

 

 

603,534

 

 

 

493,964

 

General and administrative

 

 

778,460

 

 

 

680,449

 

 

 

2,246,830

 

 

 

1,962,564

 

Total operating expenses

 

 

989,622

 

 

 

858,735

 

 

 

2,850,364

 

 

 

2,456,528

 

Earnings from operations

 

 

233,424

 

 

 

213,183

 

 

 

738,753

 

 

 

654,493

 

Other income (expense)

 

 

11,891

 

 

 

(7,055

)

 

 

8,189

 

 

 

5,660

 

Earnings before income taxes

 

 

245,315

 

 

 

206,128

 

 

 

746,942

 

 

 

660,153

 

Income tax expense

 

 

36,006

 

 

 

40,202

 

 

 

132,731

 

 

 

122,360

 

Net earnings

 

 

209,309

 

 

 

165,926

 

 

 

614,211

 

 

 

537,793

 

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

 

 

16,088

 

 

 

20,511

 

 

 

74,066

 

 

 

79,176

 

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

 

$

193,221

 

 

$

145,415

 

 

$

540,145

 

 

$

458,617

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.27

 

 

$

0.94

 

 

$

3.54

 

 

$

2.96

 

Diluted

 

$

1.26

 

 

$

0.93

 

 

$

3.50

 

 

$

2.93

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

151,831

 

 

 

154,525

 

 

 

152,409

 

 

 

154,876

 

Diluted

 

 

153,662

 

 

 

156,200

 

 

 

154,412

 

 

 

156,496

 

 

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 September 30,

 

 

Nine Months Ended September 30,

 

(in thousands)

2024

 

 

2023

 

 

2024

 

 

2023

 

Net earnings

 

$

209,309

 

 

$

165,926

 

 

$

614,211

 

 

$

537,793

 

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized loss on derivative contract

 

 

(1,810

)

 

 

(776

)

 

 

(3,673

)

 

 

(1,693

)

Gain (loss) on foreign currency translation adjustment

 

 

16,516

 

 

 

(13,301

)

 

 

(22,680

)

 

 

(22,594

)

Comprehensive income

 

 

224,015

 

 

 

151,849

 

 

 

587,858

 

 

 

513,506

 

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

 

 

18,490

 

 

 

16,771

 

 

 

62,691

 

 

 

68,036

 

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

 

$

205,525

 

 

$

135,078

 

 

$

525,167

 

 

$

445,470

 

 

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 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

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

193,221

 

 

 

193,221

 

 

 

14,279

 

 

 

207,500

 

 

 

1,809

 

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,304

 

 

 

 

 

 

12,304

 

 

 

7,618

 

 

 

19,922

 

 

 

(3,406

)

Contribution from noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

150,000

 

 

 

150,000

 

 

 

 

Distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(850

)

 

 

(850

)

 

 

 

Net unrealized loss on derivative contract

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,810

)

 

 

(1,810

)

 

 

 

Stock compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21,026

 

 

 

 

 

 

 

 

 

21,026

 

 

 

 

 

 

21,026

 

 

 

 

Shares issued under the incentive award plan

 

 

48

 

 

 

 

 

 

 

 

 

 

 

 

1,611

 

 

 

 

 

 

 

 

 

1,611

 

 

 

 

 

 

1,611

 

 

 

 

Shares redeemed for employee tax withholdings

 

 

(7

)

 

 

 

 

 

 

 

 

 

 

 

(409

)

 

 

 

 

 

 

 

 

(409

)

 

 

 

 

 

(409

)

 

 

 

Repurchases of common stock

 

 

(1,379

)

 

 

 

 

 

(1

)

 

 

 

 

 

(90,026

)

 

 

 

 

 

 

 

 

(90,027

)

 

 

 

 

 

(90,027

)

 

 

 

Conversion of Class B Common Stock into Class A Common Stock

 

 

700

 

 

 

(700

)

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at September 30, 2024

 

 

131,593

 

 

 

19,379

 

 

$

132

 

 

$

19

 

 

$

110,350

 

 

$

(88,366

)

 

$

4,336,875

 

 

$

4,359,010

 

 

$

461,525

 

 

$

4,820,535

 

 

$

91,979

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

145,415

 

 

 

145,415

 

 

 

19,303

 

 

 

164,718

 

 

 

1,208

 

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,337

)

 

 

 

 

 

(10,337

)

 

 

(2,424

)

 

 

(12,761

)

 

 

(540

)

Distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(16,755

)

 

 

(16,755

)

 

 

 

Net unrealized gain on derivative contract

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(776

)

 

 

(776

)

 

 

 

Stock compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17,979

 

 

 

 

 

 

 

 

 

17,979

 

 

 

 

 

 

17,979

 

 

 

 

Shares issued under the incentive award plan

 

 

16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares redeemed for employee tax withholdings

 

 

(6

)

 

 

 

 

 

 

 

 

 

 

 

(257

)

 

 

 

 

 

 

 

 

(257

)

 

 

 

 

 

(257

)

 

 

 

Repurchases of common stock

 

 

(805

)

 

 

 

 

 

 

 

 

 

 

 

(40,015

)

 

 

 

 

 

 

 

 

(40,015

)

 

 

 

 

 

(40,015

)

 

 

 

Conversion of Class B Common Stock into Class A Common Stock

 

 

78

 

 

 

(78

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at September 30, 2023

 

 

133,574

 

 

 

20,386

 

 

$

134

 

 

$

20

 

 

$

340,476

 

 

$

(98,044

)

 

$

3,709,548

 

 

$

3,952,134

 

 

$

265,625

 

 

$

4,217,759

 

 

$

86,504

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

540,145

 

 

 

540,145

 

 

 

65,807

 

 

 

605,952

 

 

 

8,259

 

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(14,978

)

 

 

 

 

 

(14,978

)

 

 

(1,590

)

 

 

(16,568

)

 

 

(6,112

)

Contribution from noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

150,000

 

 

 

150,000

 

 

 

 

Distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(39,887

)

 

 

(39,887

)

 

 

 

Net unrealized loss on derivative contract

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,673

)

 

 

(3,673

)

 

 

 

Stock compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

65,190

 

 

 

 

 

 

 

 

 

65,190

 

 

 

 

 

 

65,190

 

 

 

 

Proceeds from the employee stock purchase plan

 

 

137

 

 

 

 

 

 

 

 

 

 

 

 

6,823

 

 

 

 

 

 

 

 

 

6,823

 

 

 

 

 

 

6,823

 

 

 

 

Shares issued under the incentive award plan

 

 

1,861

 

 

 

 

 

 

2

 

 

 

 

 

 

1,609

 

 

 

 

 

 

 

 

 

1,611

 

 

 

 

 

 

1,611

 

 

 

 

Shares redeemed for employee tax withholdings

 

 

(793

)

 

 

 

 

 

(1

)

 

 

 

 

 

(49,057

)

 

 

 

 

 

 

 

 

(49,058

)

 

 

 

 

 

(49,058

)

 

 

 

Repurchases of common stock

 

 

(3,252

)

 

 

 

 

 

(3

)

 

 

 

 

 

(210,062

)

 

 

 

 

 

 

 

 

(210,065

)

 

 

 

 

 

(210,065

)

 

 

 

Conversion of Class B Common Stock into Class A Common Stock

 

 

803

 

 

 

(803

)

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at September 30, 2024

 

 

131,593

 

 

 

19,379

 

 

$

132

 

 

$

19

 

 

$

110,350

 

 

$

(88,366

)

 

$

4,336,875

 

 

$

4,359,010

 

 

$

461,525

 

 

$

4,820,535

 

 

$

91,979

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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