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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 September 30, 2020
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 30, 2020, 135,584,212 shares of the registrant’s Class A Common Stock, $0.001 par value per share, were outstanding.
As of October 30, 2020, 21,570,477 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
2
PART I – FINANCIAL INFORMATION
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
SKECHERS U.S.A., INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except par values)
|
|
September 30, |
|
|
December 31, |
|
|
|
2020 |
|
|
2019 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,294,222 |
|
|
$ |
824,876 |
|
Short-term investments |
|
|
106,767 |
|
|
|
112,037 |
|
Trade accounts receivable, less allowances of $41,750 in 2020 and $24,106 in 2019 |
|
|
708,947 |
|
|
|
645,303 |
|
Other receivables |
|
|
74,727 |
|
|
|
53,932 |
|
Total receivables |
|
|
783,674 |
|
|
|
699,235 |
|
Inventories |
|
|
1,053,360 |
|
|
|
1,069,863 |
|
Prepaid expenses and other current assets |
|
|
147,607 |
|
|
|
113,580 |
|
Total current assets |
|
|
3,385,630 |
|
|
|
2,819,591 |
|
Property, plant and equipment, net |
|
|
870,162 |
|
|
|
738,925 |
|
Operating lease right-of-use assets |
|
|
1,106,047 |
|
|
|
1,073,660 |
|
Deferred tax assets |
|
|
60,934 |
|
|
|
49,088 |
|
Long-term investments |
|
|
98,698 |
|
|
|
94,589 |
|
Goodwill |
|
|
93,497 |
|
|
|
71,412 |
|
Other assets, net |
|
|
96,426 |
|
|
|
45,678 |
|
Total non-current assets |
|
|
2,325,764 |
|
|
|
2,073,352 |
|
TOTAL ASSETS |
|
$ |
5,711,394 |
|
|
$ |
4,892,943 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Current installments of long-term borrowings |
|
$ |
106,702 |
|
|
$ |
66,234 |
|
Short-term borrowings |
|
|
21,720 |
|
|
|
5,789 |
|
Accounts payable |
|
|
742,226 |
|
|
|
764,844 |
|
Operating lease liabilities |
|
|
196,760 |
|
|
|
191,129 |
|
Accrued expenses |
|
|
193,032 |
|
|
|
210,235 |
|
Total current liabilities |
|
|
1,260,440 |
|
|
|
1,238,231 |
|
Long-term borrowings, excluding current installments |
|
|
683,611 |
|
|
|
49,183 |
|
Long-term operating lease liabilities |
|
|
1,004,584 |
|
|
|
966,011 |
|
Deferred tax liabilities |
|
|
11,926 |
|
|
|
322 |
|
Other long-term liabilities |
|
|
109,722 |
|
|
|
103,089 |
|
Total non-current liabilities |
|
|
1,809,843 |
|
|
|
1,118,605 |
|
Total liabilities |
|
|
3,070,283 |
|
|
|
2,356,836 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
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;
132,912 and 131,071 shares issued and outstanding at September 30, 2020
and December 31, 2019, respectively |
|
|
133 |
|
|
|
131 |
|
Class B common stock, $0.001 par value; 75,000 shares authorized;
21,570 and 22,408 shares issued and outstanding at September 30, 2020
and December 31, 2019, respectively |
|
|
22 |
|
|
|
22 |
|
Additional paid-in capital |
|
|
359,678 |
|
|
|
306,669 |
|
Accumulated other comprehensive loss |
|
|
(40,549 |
) |
|
|
(29,993 |
) |
Retained earnings |
|
|
2,083,118 |
|
|
|
2,037,836 |
|
Skechers U.S.A., Inc. equity |
|
|
2,402,402 |
|
|
|
2,314,665 |
|
Non-controlling interests |
|
|
238,709 |
|
|
|
221,442 |
|
Total stockholders' equity |
|
|
2,641,111 |
|
|
|
2,536,107 |
|
TOTAL LIABILITIES AND EQUITY |
|
$ |
5,711,394 |
|
|
$ |
4,892,943 |
|
See accompanying notes to unaudited condensed consolidated financial statements.
3
SKECHERS U.S.A., INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(In thousands, except per share data)
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Sales |
|
$ |
1,300,886 |
|
|
$ |
1,353,998 |
|
|
$ |
3,272,703 |
|
|
$ |
3,889,319 |
|
Cost of sales |
|
|
675,765 |
|
|
|
700,934 |
|
|
|
1,731,349 |
|
|
|
2,035,911 |
|
Gross profit |
|
|
625,121 |
|
|
|
653,064 |
|
|
|
1,541,354 |
|
|
|
1,853,408 |
|
Royalty income |
|
|
3,216 |
|
|
|
6,285 |
|
|
|
11,061 |
|
|
|
17,827 |
|
|
|
|
628,337 |
|
|
|
659,349 |
|
|
|
1,552,415 |
|
|
|
1,871,235 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling |
|
|
85,926 |
|
|
|
97,516 |
|
|
|
220,222 |
|
|
|
281,237 |
|
General and administrative |
|
|
450,285 |
|
|
|
414,417 |
|
|
|
1,256,228 |
|
|
|
1,165,637 |
|
|
|
|
536,211 |
|
|
|
511,933 |
|
|
|
1,476,450 |
|
|
|
1,446,874 |
|
Earnings from operations |
|
|
92,126 |
|
|
|
147,416 |
|
|
|
75,965 |
|
|
|
424,361 |
|
Other income / (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
1,884 |
|
|
|
3,290 |
|
|
|
5,739 |
|
|
|
9,500 |
|
Interest expense |
|
|
(4,643 |
) |
|
|
(2,012 |
) |
|
|
(11,428 |
) |
|
|
(5,194 |
) |
Other, net |
|
|
7,726 |
|
|
|
(4,194 |
) |
|
|
15,882 |
|
|
|
(8,628 |
) |
Total other income / (expense) |
|
|
4,967 |
|
|
|
(2,916 |
) |
|
|
10,193 |
|
|
|
(4,322 |
) |
Earnings before income tax expense |
|
|
97,093 |
|
|
|
144,500 |
|
|
|
86,158 |
|
|
|
420,039 |
|
Income tax expense |
|
|
14,983 |
|
|
|
22,766 |
|
|
|
18,104 |
|
|
|
75,288 |
|
Net earnings |
|
|
82,110 |
|
|
|
121,734 |
|
|
|
68,054 |
|
|
|
344,751 |
|
Net earnings attributable to non-controlling interests |
|
|
17,832 |
|
|
|
18,644 |
|
|
|
22,771 |
|
|
|
57,723 |
|
Net earnings attributable to Skechers U.S.A., Inc. |
|
$ |
64,278 |
|
|
$ |
103,090 |
|
|
$ |
45,283 |
|
|
$ |
287,028 |
|
Net earnings per share attributable to Skechers U.S.A., Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.42 |
|
|
$ |
0.67 |
|
|
$ |
0.29 |
|
|
$ |
1.87 |
|
Diluted |
|
$ |
0.41 |
|
|
$ |
0.67 |
|
|
$ |
0.29 |
|
|
$ |
1.86 |
|
Weighted average shares used in calculating net earnings
per share attributable to Skechers U.S.A., Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
154,462 |
|
|
|
153,298 |
|
|
|
154,061 |
|
|
|
153,396 |
|
Diluted |
|
|
154,980 |
|
|
|
153,978 |
|
|
|
154,707 |
|
|
|
154,021 |
|
See accompanying notes to unaudited condensed consolidated financial statements.
4
SKECHERS U.S.A., INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
(Unaudited)
(In thousands)
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Net earnings |
|
$ |
82,110 |
|
|
$ |
121,734 |
|
|
$ |
68,054 |
|
|
$ |
344,751 |
|
Other comprehensive income, net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain / (loss) on foreign currency translation adjustment |
|
|
112,814 |
|
|
|
(98,416 |
) |
|
|
(11,215 |
) |
|
|
(92,059 |
) |
Comprehensive income |
|
|
194,924 |
|
|
|
23,318 |
|
|
|
56,839 |
|
|
|
252,692 |
|
Comprehensive income / (loss) attributable to non-
controlling interests |
|
|
46,956 |
|
|
|
(7,700 |
) |
|
|
22,112 |
|
|
|
31,530 |
|
Comprehensive income attributable to Skechers U.S.A., Inc. |
|
$ |
147,968 |
|
|
$ |
31,018 |
|
|
$ |
34,727 |
|
|
$ |
221,162 |
|
See accompanying notes to unaudited condensed consolidated financial statements.
5
SKECHERS U.S.A., INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
(In thousands)
|
|
SHARES |
|
|
AMOUNT |
|
|
|
|
|
|
ACCUMULATED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CLASS A |
|
|
CLASS B |
|
|
CLASS A |
|
|
CLASS B |
|
|
ADDITIONAL |
|
|
OTHER |
|
|
|
|
|
|
SKECHERS |
|
|
NON |
|
|
TOTAL |
|
|
|
COMMON |
|
|
COMMON |
|
|
COMMON |
|
|
COMMON |
|
|
PAID-IN |
|
|
COMPREHENSIVE |
|
|
RETAINED |
|
|
U.S.A., INC. |
|
|
CONTROLLING |
|
|
STOCKHOLDERS' |
|
|
|
STOCK |
|
|
STOCK |
|
|
STOCK |
|
|
STOCK |
|
|
CAPITAL |
|
|
INCOME (LOSS) |
|
|
EARNINGS |
|
|
EQUITY |
|
|
INTEREST |
|
|
EQUITY |
|
Balance at June 30, 2020 |
|
|
132,882 |
|
|
|
21,570 |
|
|
$ |
133 |
|
|
$ |
22 |
|
|
$ |
329,958 |
|
|
$ |
(124,238 |
) |
|
$ |
2,018,840 |
|
|
$ |
2,224,715 |
|
|
$ |
212,429 |
|
|
$ |
2,437,144 |
|
Net earnings |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
64,278 |
|
|
|
64,278 |
|
|
|
17,832 |
|
|
|
82,110 |
|
Foreign currency translation adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
83,689 |
|
|
|
— |
|
|
|
83,689 |
|
|
|
29,125 |
|
|
|
112,814 |
|
Distribution to non-controlling interest of consolidated
entity |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(20,788 |
) |
|
|
(20,788 |
) |
Net unrealized loss on derivative contract |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
111 |
|
|
|
111 |
|
Stock compensation expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
29,720 |
|
|
|
— |
|
|
|
— |
|
|
|
29,720 |
|
|
|
— |
|
|
|
29,720 |
|
Shares issued under the Incentive Award Plan |
|
|
30 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Conversion of Class B common stock into Class A
common stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Balance at September 30, 2020 |
|
|
132,912 |
|
|
|
21,570 |
|
|
$ |
133 |
|
|
$ |
22 |
|
|
$ |
359,678 |
|
|
$ |
(40,549 |
) |
|
$ |
2,083,118 |
|
|
$ |
2,402,402 |
|
|
$ |
238,709 |
|
|
$ |
2,641,111 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at June 30, 2019 |
|
|
130,275 |
|
|
|
23,016 |
|
|
$ |
130 |
|
|
$ |
23 |
|
|
$ |
282,822 |
|
|
$ |
(25,282 |
) |
|
$ |
1,875,214 |
|
|
$ |
2,132,907 |
|
|
$ |
190,766 |
|
|
$ |
2,323,673 |
|
Net earnings |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
103,090 |
|
|
|
103,090 |
|
|
|
18,644 |
|
|
|
121,734 |
|
Foreign currency translation adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(72,072 |
) |
|
|
— |
|
|
|
(72,072 |
) |
|
|
(26,344 |
) |
|
|
(98,416 |
) |
Distribution to non-controlling interest of consolidated
entity |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(16,115 |
) |
|
|
(16,115 |
) |
Stock compensation expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,738 |
|
|
|
— |
|
|
|
— |
|
|
|
10,738 |
|
|
|
— |
|
|
|
10,738 |
|
Shares issued under the Incentive Award Plan |
|
|
29 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|