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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

 

PART I – FINANCIAL INFORMATION

 

Item 1.

Condensed Consolidated Financial Statements (Unaudited):

 

 

Condensed Consolidated Balance Sheets

3

 

Condensed Consolidated Statements of Earnings

4

 

Condensed Consolidated Statements of Comprehensive Income

5

 

Condensed Consolidated Statements of Equity

6

 

Condensed Consolidated Statements of Cash Flows

8

 

Notes to Condensed Consolidated Financial Statements

9

 

Item 2.

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

26

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

35

 

Item 4.

Controls and Procedures

35

 

PART II – OTHER INFORMATION

 

Item 1.

Legal Proceedings

37

 

Item 1A.

Risk Factors

40

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

43

 

Item 3.

Defaults Upon Senior Securities

43

 

Item 4.

Mine Safety Disclosures

43

 

Item 5.

Other Information

43

Item 6.

Exhibits

44

 

Signatures

45

 

 

 

 

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