0001564590-22-003825.txt : 20220203 0001564590-22-003825.hdr.sgml : 20220203 20220203161546 ACCESSION NUMBER: 0001564590-22-003825 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20220203 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220203 DATE AS OF CHANGE: 20220203 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SKECHERS USA INC CENTRAL INDEX KEY: 0001065837 STANDARD INDUSTRIAL CLASSIFICATION: FOOTWEAR, (NO RUBBER) [3140] IRS NUMBER: 954376145 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14429 FILM NUMBER: 22588476 BUSINESS ADDRESS: STREET 1: 228 MANHATTAN BEACH BLVD CITY: MANHATTAN BEACH STATE: CA ZIP: 90266 BUSINESS PHONE: 3103183100 MAIL ADDRESS: STREET 1: 228 MANHATTAN BEACH BLVD CITY: MANHATTAN BEACH STATE: CA ZIP: 90266 8-K 1 skx-8k_20220203.htm 8-K skx-8k_20220203.htm
false SKECHERS USA INC 0001065837 0001065837 2022-02-03 2022-02-03

Top of the Form

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

 

Date of Report (Date of Earliest Event Reported): February 3, 2022

 

SKECHERS U.S.A., INC.

(Exact name of registrant as specified in its charter)

 

Delaware

001-14429

95-4376145

(State or other jurisdiction

(Commission

(I.R.S. Employer

of incorporation)

File Number)

Identification No.)

  

 

 

228 Manhattan Beach Boulevard,

Manhattan Beach, California

 

90266

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code: (310) 318-3100

Not Applicable

(Former name or former address, if changed since last report) 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

 

Title of each class

  

Trading Symbol(s)

  

Name of each exchange on which registered

Class A Common Stock, par value of $0.001 per share

  

SKX

  

New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

 

 

 

 

Top of the Form

 

 

Item 2.02 Results of Operations and Financial Condition.

On February 3, 2022, Skechers U.S.A., Inc. issued a press release announcing its results of operations and financial condition for the quarter and year ended December 31, 2021. A copy of the press release is attached hereto as exhibit 99.1 and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

The following exhibit is furnished as part of this report:

99.1 Press Release dated February 3, 2022.

104 Cover Page Interactive Data File (embedded within the inline XBRL document).

The information in this current report and the exhibit attached hereto is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The Information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended. The furnishing of the Information in this Current Report is not intended to, and does not, constitute a representation that such furnishing is required by Regulation FD or that the Information this Current Report contains is material investor information that is not otherwise publicly available.

 

Exhibit No.

 

Description

99.1

 

Press Release dated February 3, 2022.

 

 

 

104

 

Cover Page Interactive Data File (embedded within the inline XBRL document).

 

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

SKECHERS U.S.A., INC.

  

 

 

 

 

February 3, 2022

 

By:

 

/s/ John Vandemore

 

 

 

 

 

 

 

 

 

Name: John Vandemore

 

 

 

 

Title: Chief Financial Officer

 

 

 EX-99.1 2 skx-ex991_6.htm EX-99.1 skx-ex991_6.htm

Exhibit 99.1

 

 

SKECHERS ANNOUNCES RECORD FOURTH QUARTER AND ANNUAL SALES

 

BOARD AUTHORIZES $500 MILLION SHARE REPURCHASE PROGRAM

 

 

LOS ANGELES, CA. – February 3, 2022 – SKECHERS U.S.A., Inc. (“Skechers” or the “Company”) (NYSE:SKX), The Comfort Technology CompanyTM and a global footwear leader, today announced financial results for the fourth quarter and year ended December 31, 2021.

 

Fourth Quarter Highlights

 

•

Sales of $1.65 billion, a year-over-year increase of 24.4%

 

•

Direct-to-Consumer sales grew 30.3%

 

•

International Wholesale sales grew 30.1%

 

•

Diluted earnings per share of $2.56, and adjusted diluted earnings per share of $0.43

 

“Skechers’ focus on delivering signature comfort technology in our products resulted in record 2021 sales,” began Robert Greenberg, Chief Executive Officer of Skechers. “We’re extremely proud of the entire Skechers team and of our partners who worked through the many obstacles last year; unwavering in their dedication to the Skechers brand. We believe our accomplishments in 2021, including several comfort-focused new product launches and the further expansion of our global footprint, position Skechers for continued growth toward our goal of $10 billion in sales. In 2022, we’ll be introducing more innovative and comfort technology product, developing multi-platform marketing campaigns with our growing roster of ambassadors including recently announced Amanda Kloots, and rolling out more Skechers e-commerce sites around the world. We are finalizing plans to enter the metaverse, creating an entirely new opportunity for the Skechers brand. With our creativity, product, operational support and global reach, we expect 2022 to be another record year.”

 

“2021 was an outstanding year, with four quarterly sales records, including fourth quarter sales of $1.65 billion, and a new full year sales milestone of $6.29 billion,” said David Weinberg, Chief Operating Officer of Skechers. “Fourth quarter growth was driven by increases of 30% in both our International Wholesale and Direct-to-Consumer businesses, and 5% in Domestic Wholesale. The International Wholesale increase was primarily driven by triple-digit growth in our distributor business, high single-digit growth in China, and double-digit growth in the United Kingdom, India, Spain, and many other markets. The improvement in Domestic Wholesale was especially notable in the fourth quarter as we worked to alleviate supply chain disruptions. We attribute our global growth to the broad-based demand as consumers look to Skechers for its comfort, innovation, style and quality at a reasonable price. As the demand for Skechers remains strong, our focus continues to be on the health and safety of our team, managing both supply chain disruptions and elevated freight costs where possible, all while profitably driving growth in 2022.”

 

Fourth Quarter 2021 Financial Results

 

 

Three Months Ended

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

Change

 

(in millions, except per share data)

 

2021

 

 

2020

 

 

$

 

 

%

 

Sales

 

$

1,647.9

 

 

$

1,324.7

 

 

$

323.2

 

 

 

24.4

 

Gross profit

 

 

800.7

 

 

 

648.4

 

 

 

152.3

 

 

 

23.5

 

Gross margin

 

 

48.6

%

 

 

48.9

%

 

 

 

 

 

 

(30

)bps

Operating expenses

 

 

715.1

 

 

 

595.7

 

 

 

119.4

 

 

 

20.1

 

As a % of sales

 

 

43.4

%

 

 

45.0

%

 

 

 

 

 

 

(160

)bps

Earnings from operations

 

 

93.1

 

 

 

57.7

 

 

 

35.4

 

 

 

61.2

 

Operating margin

 

 

5.6

%

 

 

4.4

%

 

 

 

 

 

 

120

bps

Net earnings

 

 

402.4

 

 

 

53.3

 

 

 

349.1

 

 

 

655.3

 

Diluted earnings per share

 

$

2.56

 

 

$

0.34

 

 

$

2.22

 

 

 

652.9

 

Adjusted diluted earnings per share

 

$

0.43

 

 

$

0.24

 

 

$

0.19

 

 

 

79.2

 

 

 

Fourth quarter sales increased 24.4% as a result of a 9.8% increase in domestic sales and a 34.0% increase in international sales. Domestic and international growth was driven by increases in both wholesale and direct-to-consumer, with the largest improvement attributable to International Wholesale. On a constant currency basis, the Company’s total sales increased 24.5%.

 

Sales grew across all segments with increases to Domestic Wholesale of 4.6%, International Wholesale of 30.1%, and Direct-to-Consumer of 30.3%. Improvements in Domestic Wholesale were the result of higher unit sales volume and higher average selling prices. International Wholesale increases were driven by growth of 123.5% in Distributor sales, 61.3% in Europe, and 8.6% in China. Improvements in Direct-to-Consumer sales resulted from growth across domestic and international retail stores, driven by a double-digit increase in average selling price resulting from reduced promotions and higher prices. Direct-to-Consumer comparable same store sales increased 21.1%, driven by an increase of 15.2% domestically and 35.5% internationally.

 

Gross margin was 48.6%, a decrease of 30 basis points, primarily driven by higher freight costs.

 

Operating expenses increased $119.4 million, or 20.1%. Selling expenses increased $24.2 million, or 24.7%, due to higher global demand creation expenditures. General and administrative expenses increased $95.2 million, or 19.1%, primarily as a result of higher labor costs, increased volume-driven warehouse and distribution expenses, and the settlement of multiple legal matters. As a percentage of sales, operating expenses improved 160 basis points to 43.4% from 45.0% last year.

 

Earnings from operations increased $35.4 million to $93.1 million, an increase of 61.2%.

 

Net earnings were $402.4 million and diluted earnings per share were $2.56. Net earnings include a tax benefit of $346.8 million resulting from an intra-entity transfer of certain intellectual property rights, partially offset by $15.0 million related to the settlement of multiple legal matters. Excluding the effects of the tax benefit and legal settlements, adjusted diluted earnings per share were $0.43.

 

In the fourth quarter, the Company’s effective income tax rate was a negative 398.9%, which includes a 409.4% impact from the aforementioned tax benefit associated with the intra-entity intellectual property rights transfer.

 

“Despite the innumerable obstacles posed by the pandemic in 2021, Skechers continued to execute against its global growth strategy. The results for both the fourth quarter and full year reflect the exceptional financial performance and strength of our brand,” stated John Vandemore, Chief Financial Officer of Skechers. “Skechers remains committed to investing in support of this strategy and we are extremely optimistic about our ability to achieve $10 billion in sales by 2026.”

 

Full Year 2021 Financial Results

 

 

Year Ended

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

Change

 

(in millions, except per share data)

 

2021

 

 

2020

 

 

$

 

 

%

 

Sales

 

$

6,285.0

 

 

$

4,597.4

 

 

$

1,687.6

 

 

 

36.7

 

Gross profit

 

 

3,099.2

 

 

 

2,189.8

 

 

 

909.4

 

 

 

41.5

 

Gross margin

 

 

49.3

%

 

 

47.6

%

 

 

 

 

 

 

170

bps

Operating expenses

 

 

2,526.2

 

 

 

2,072.1

 

 

 

454.1

 

 

 

21.9

 

As a % of sales

 

 

40.2

%

 

 

45.1

%

 

 

 

 

 

 

(490

)bps

Earnings from operations

 

 

598.2

 

 

 

133.7

 

 

 

464.5

 

 

 

347.5

 

Operating margin

 

 

9.5

%

 

 

2.9

%

 

 

 

 

 

 

660

bps

Net earnings

 

 

741.5

 

 

 

98.6

 

 

 

642.9

 

 

 

652.3

 

Diluted earnings per share

 

$

4.73

 

 

$

0.64

 

 

$

4.09

 

 

 

639.1

 

Adjusted diluted earnings per share

 

$

2.59

 

 

$

0.65

 

 

$

1.94

 

 

 

298.5

 

 

Full year sales increased 36.7% reflecting a 33.4% increase in domestic sales and a 39.0% increase in international sales with the largest contribution derived from International Wholesale growth. On a constant currency basis, the Company’s total sales increased 33.7%.

 

Sales grew across all segments with increases to Domestic Wholesale of 27.6%, International Wholesale of 34.0%, and Direct-to-Consumer of 50.2%, as the impact of COVID-19 continued to ease. Improvements in Domestic Wholesale were the result of higher unit sales volume. International Wholesale recorded growth in China of 35.0%

and Europe of 23.6%. Direct-to-Consumer had higher units sold and higher average selling prices. Direct-to-Consumer comparable same store sales increased 38.0%, driven by an increase of 39.5% domestically and 34.1% internationally.

 

Gross margin increased 170 basis points to 49.3% driven by higher average selling prices in Direct-to-Consumer, partially offset by declines in International Wholesale and Domestic Wholesale, due to higher average costs per unit.

 

Operating expenses increased $454.1 million or 21.9%. Selling expenses increased $141.5 million or 44.5%, primarily due to higher global demand creation expenditures. General and administrative expenses increased $312.6 million or 17.8%, primarily due to higher labor and incentive compensation costs, volume-driven global warehouse and distribution expenses, and rent. As a percentage of sales, operating expenses improved 490 basis points to 40.2%.

 

Earnings from operations increased $464.5 million to $598.2 million.

 

Net earnings were $741.5 million and diluted earnings per share were $4.73. Excluding the fourth-quarter effects of a tax benefit from an intra-entity transfer of certain intellectual property rights and the settlement of multiple legal matters, adjusted diluted earnings per share were $2.59.

 

The Company’s effective income tax rate was a negative 43.2% which includes a 60.9% impact from the intellectual property rights transfer in the fourth quarter and related tax benefit recognized.

 

Balance Sheet

Cash, cash equivalents and investments totaled $1.04 billion, a decrease of $539.6 million, or 34.2% from December 31, 2020 primarily as a result of repaying $452.5 million on our revolving credit facility in the second quarter of 2021.

 

Total inventory was $1.47 billion, an increase of $454.2 million or 44.7% from December 31, 2020. Increased inventory levels primarily reflect higher merchandise in transit due to supply chain challenges with shipping and port delays.

 

Share Repurchase

The Company’s Board of Directors authorized a new three-year share repurchase program of up to $500.0 million of its outstanding common stock, effective January 31, 2022.

 

Outlook

For the first quarter of 2022, the Company believes it will achieve sales between $1.675 billion and $1.725 billion and diluted earnings per share of between $0.70 and $0.75. Further, the Company believes that for the fiscal year 2022, it will achieve sales between $7.0 billion and $7.2 billion and diluted earnings per share of between $2.70 and $2.90.

 

Store Count

 

 

Number of Store Locations as of

 

 

 

 

 

 

 

 

 

 

Number of Store Locations as of

 

 

 

December 31, 2020

 

 

Opened

 

 

Closed(1)

 

 

December 31, 2021

 

Domestic stores

 

 

523

 

 

 

18

 

 

 

(26

)

 

 

515

 

International stores

 

 

331

 

 

 

33

 

 

 

(6

)

 

 

358

 

Joint venture stores

 

 

467

 

 

 

128

 

 

 

(108

)

 

 

487

 

Distributor, licensee and franchise stores

 

 

2,570

 

 

 

657

 

 

 

(281

)

 

 

2,946

 

Total Skechers stores

 

 

3,891

 

 

 

836

 

 

 

(421

)

 

 

4,306

 

(1)

Does not reflect temporary closures due to the COVID-19 pandemic.

 

Fourth Quarter 2021 Conference Call

The Company will host a conference call today at 4:30 p.m. ET / 1:30 p.m. PT to discuss its fourth quarter 2021 financial results. The call can be accessed on the Investor Relations section of the Company’s website at investors.skechers.com. For those unable to participate during the live broadcast, a replay will be available beginning February 3, 2022 at 7:30 p.m. ET, through February 17, 2022, at 11:59 p.m. ET. To access the replay, dial 844-512-2921 (U.S.) or 412-317-6671 (International) and use passcode: 13726153.

 

 

About SKECHERS U.S.A., Inc.

Skechers, The Comfort Technology Company based in Southern California, designs, develops and markets a diverse range of lifestyle and performance footwear, apparel and accessories for men, women and children. The Company’s collections are available in the United States and over 180 countries and territories via department and specialty stores, and direct to consumers through 4,306 Company and third-party-owned retail stores and e-commerce websites. The Company manages its international business through a network of global distributors, joint venture partners in Asia, Israel and Mexico, and wholly-owned subsidiaries in Canada, Japan, India, Europe and Latin America. For more information, please visit about.skechers.com and follow us on Facebook, Instagram, Twitter, and TikTok.

 

Reference in this press release to “Sales” refers to Skechers’ net sales reported under GAAP. This announcement contains forward-looking statements that are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may include, without limitation, Skechers’ future domestic and international growth, financial results and operations including expected net sales and earnings, its development of new products, future demand for its products, its planned domestic and international expansion, opening of new stores and additional expenditures, and advertising and marketing initiatives. Forward-looking statements can be identified by the use of forward-looking language such as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “plan,” “project,” “will be,” “will continue,” “will result,” “could,” “may,” “might,” or any variations of such words with similar meanings. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in forward-looking statements. Factors that might cause or contribute to such differences include the disruption of business and operations due to the COVID-19 pandemic; delays or disruptions in our supply chain; international economic, political and market conditions including the challenging consumer retail markets in the United States; sustaining, managing and forecasting costs and proper inventory levels; losing any significant customers; decreased demand by industry retailers and cancellation of order commitments due to the lack of popularity of particular designs and/or categories of products; maintaining brand image and intense competition among sellers of footwear for consumers, especially in the highly competitive performance footwear market; anticipating, identifying, interpreting or forecasting changes in fashion trends, consumer demand for the products and the various market factors described above; sales levels during the spring, back-to-school and holiday selling seasons; and other factors referenced or incorporated by reference in Skechers’ annual report on Form 10-K for the year ended December 31, 2020 and its quarterly report on Form 10-Q for the nine months ended September 30, 2021. More specifically, the COVID-19 pandemic has had and may continue to have a significant impact on Skechers’ business, financial conditions, cash flow and results of operations. Forward-looking statements with respect to the COVID-19 pandemic include, without limitation, Skechers’ plans in response to this pandemic. At this time, there is significant uncertainty about the COVID-19 pandemic, including without limitation, (i) the duration and extent of the impact of the pandemic, (ii) governmental responses to the pandemic, including how such responses could impact Skechers’ business and operations, as well as the operations of its factories and other business partners, (iii) the effectiveness of Skechers’ actions taken in response to these risks, and (iv) Skechers’ ability to effectively and timely adjust its plans in response to the rapidly changing retail and economic environment. Taking these and other risk factors associated with the COVID-19 pandemic into consideration, the dynamic nature of these circumstances means that what is stated in this press release could change at any time, and as a result, actual results could differ materially from those contemplated by such forward-looking statements. The risks included here are not exhaustive. Skechers operates in a very competitive and rapidly changing environment. New risks emerge from time to time and we cannot predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results. Moreover, reported results should not be considered an indication of future performance.

 

Investor Relations:

Andrew Greenebaum

Addo Investor Relations

investors@skx.com

 

Press:

Jennifer Clay

Vice President, Corporate Communications

Skechers U.S.A., Inc.

(310) 937-1326

 

 

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

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

 

As of December 31,

 

(in thousands)

 

2021

 

 

2020

 

ASSETS

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

796,283

 

 

$

1,370,826

 

Short-term investments

 

 

98,580

 

 

 

100,767

 

Trade accounts receivable, net

 

 

732,793

 

 

 

619,800

 

Other receivables

 

 

80,043

 

 

 

69,222

 

Inventory

 

 

1,470,994

 

 

 

1,016,774

 

Prepaid expenses and other current assets

 

 

193,547

 

 

 

166,962

 

Total current assets

 

 

3,372,240

 

 

 

3,344,351

 

Property, plant and equipment, net

 

 

1,128,909

 

 

 

935,441

 

Operating lease right-of-use assets

 

 

1,224,580

 

 

 

1,171,521

 

Deferred tax assets

 

 

451,355

 

 

 

63,884

 

Long-term investments

 

 

145,590

 

 

 

108,412

 

Goodwill

 

 

93,497

 

 

 

93,497

 

Other assets, net

 

 

75,109

 

 

 

95,263

 

Total non-current assets

 

 

3,119,040

 

 

 

2,468,018

 

TOTAL ASSETS

 

$

6,491,280

 

 

$

5,812,369

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

876,342

 

 

$

744,077

 

Operating lease liabilities

 

 

225,658

 

 

 

204,370

 

Accrued expenses

 

 

265,420

 

 

 

208,712

 

Current installments of long-term borrowings

 

 

76,967

 

 

 

52,250

 

Short-term borrowings

 

 

1,195

 

 

 

3,297

 

Total current liabilities

 

 

1,445,582

 

 

 

1,212,706

 

Long-term borrowings

 

 

263,445

 

 

 

679,415

 

Long-term operating lease liabilities

 

 

1,094,748

 

 

 

1,065,069

 

Deferred tax liabilities

 

 

11,820

 

 

 

11,439

 

Other long-term liabilities

 

 

133,613

 

 

 

118,077

 

Total non-current liabilities

 

 

1,503,626

 

 

 

1,874,000

 

Total liabilities

 

 

2,949,208

 

 

 

3,086,706

 

Stockholders’ equity

 

 

 

 

 

 

 

 

Preferred Stock

 

 

—

 

 

 

—

 

Class A Common Stock

 

 

135

 

 

 

134

 

Class B Common Stock

 

 

21

 

 

 

21

 

Additional paid-in capital

 

 

429,608

 

 

 

372,165

 

Accumulated other comprehensive loss

 

 

(48,323

)

 

 

(27,285

)

Retained earnings

 

 

2,877,903

 

 

 

2,136,400

 

Skechers U.S.A., Inc. equity

 

 

3,259,344

 

 

 

2,481,435

 

Noncontrolling interests

 

 

282,728

 

 

 

244,228

 

Total stockholders' equity

 

 

3,542,072

 

 

 

2,725,663

 

TOTAL LIABILITIES AND EQUITY

 

$

6,491,280

 

 

$

5,812,369

 

 

 

 

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

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)

 

 

 

Three Months Ended

 

 

Year Ended

 

 

 

December 31,

 

 

December 31,

 

(in thousands, except per share data)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Sales

 

$

1,647,881

 

 

$

1,324,711

 

 

$

6,285,029

 

 

$

4,597,414

 

Cost of sales

 

 

847,229

 

 

 

676,284

 

 

 

3,185,817

 

 

 

2,407,633

 

Gross profit

 

 

800,652

 

 

 

648,427

 

 

 

3,099,212

 

 

 

2,189,781

 

Royalty income

 

 

7,505

 

 

 

4,955

 

 

 

25,159

 

 

 

16,017

 

 

 

 

808,157

 

 

 

653,382

 

 

 

3,124,371

 

 

 

2,205,798

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling

 

 

122,080

 

 

 

97,875

 

 

 

459,599

 

 

 

318,097

 

General and administrative

 

 

593,015

 

 

 

497,788

 

 

 

2,066,585

 

 

 

1,754,017

 

Total operating expenses

 

 

715,095

 

 

 

595,663

 

 

 

2,526,184

 

 

 

2,072,114

 

Earnings from operations

 

 

93,062

 

 

 

57,719

 

 

 

598,187

 

 

 

133,684

 

Other income (expense)

 

 

(8,364

)

 

 

10,851

 

 

 

(28,430

)

 

 

21,045

 

Earnings before income taxes

 

 

84,698

 

 

 

68,570

 

 

 

569,757

 

 

 

154,729

 

Income tax expense (benefit)

 

 

(337,902

)

 

 

(9,602

)

 

 

(245,875

)

 

 

8,502

 

Net earnings

 

 

422,600

 

 

 

78,172

 

 

 

815,632

 

 

 

146,227

 

Less: Net earnings attributable to noncontrolling interest

 

 

20,177

 

 

 

24,891

 

 

 

74,129

 

 

 

47,663

 

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

 

$

402,423

 

 

$

53,281

 

 

$

741,503

 

 

$

98,564

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

2.58

 

 

$

0.34

 

 

$

4.77

 

 

$

0.64

 

Diluted

 

$

2.56

 

 

$

0.34

 

 

$

4.73

 

 

$

0.64

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

155,909

 

 

 

154,548

 

 

 

155,539

 

 

 

154,184

 

Diluted

 

 

157,340

 

 

 

155,397

 

 

 

156,794

 

 

 

154,894

 

 

 

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

SUPPLEMENTAL FINANCIAL INFORMATION

(Unaudited)

 

 

 

Three Months Ended December 31,

 

 

Change

 

(in millions)

 

2021

 

 

2020

 

 

$

 

 

%

 

Domestic Wholesale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales

 

$

313.0

 

 

$

299.4

 

 

 

13.6

 

 

 

4.6

 

Gross margin

 

 

32.5

%

 

 

37.7

%

 

 

 

 

 

 

(520

) bps

International Wholesale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales

 

$

851.2

 

 

$

654.1

 

 

 

197.1

 

 

 

30.1

 

Gross margin

 

 

44.0

%

 

 

46.9

%

 

 

 

 

 

 

(290

) bps

Direct-to-Consumer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales

 

$

483.7

 

 

$

371.2

 

 

 

112.5

 

 

 

30.3

 

Gross margin

 

 

67.0

%

 

 

61.7

%

 

 

 

 

 

 

530

bps

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales

 

$

1,647.9

 

 

$

1,324.7

 

 

 

323.2

 

 

 

24.4

 

Gross margin

 

 

48.6

%

 

 

48.9

%

 

 

 

 

 

 

(30

) bps

 

 

 

Year Ended December 31,

 

 

Change

 

(in millions)

 

2021

 

 

2020

 

 

$

 

 

%

 

Domestic Wholesale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales

 

$

1,438.0

 

 

$

1,126.6

 

 

 

311.4

 

 

 

27.6

 

Gross margin

 

 

36.4

%

 

 

38.3

%

 

 

 

 

 

 

(190

) bps

International Wholesale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales

 

$

3,025.5

 

 

$

2,257.8

 

 

 

767.7

 

 

 

34.0

 

Gross margin

 

 

45.1

%

 

 

45.3

%

 

 

 

 

 

 

(20

) bps

Direct-to-Consumer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales

 

$

1,821.5

 

 

$

1,213.0

 

 

 

608.5

 

 

 

50.2

 

Gross margin

 

 

66.5

%

 

 

60.6

%

 

 

 

 

 

 

590

bps

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales

 

$

6,285.0

 

 

$

4,597.4

 

 

 

1,687.6

 

 

 

36.7

 

Gross margin

 

 

49.3

%

 

 

47.6

%

 

 

 

 

 

 

170

bps

 

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

RECONCILIATION OF GAAP EARNINGS FINANCIAL MEASURES TO CORRESPONDING

NON-GAAP FINANCIAL MEASURES (Unaudited)

 

Adjusted Diluted Earnings Per Share (Non-GAAP Financial Measure)

We believe that adjusted diluted earnings per share provide meaningful supplemental information to investors in evaluating our business performance for the quarter and year ended December 31, 2021. Adjusted diluted earnings per share is not a measure of financial performance under GAAP and should be considered in addition to, and not a substitute for, diluted earnings per share which is the most comparable GAAP measure. We believe that this non-GAAP measure provides useful information to investors regarding our results of operations and that when this non-GAAP financial information is viewed with our GAAP financial information, investors are provided with valuable supplemental information regarding our results of operations, facilitating period-to-period comparisons of our business performance consistent with how management evaluates the Company’s operating performance. Our method of determining non-GAAP financial measures may differ from other companies’ methods and therefore may not be comparable to those used by other companies. The table below includes current-year adjustments for a tax benefit due to the establishment of net deferred tax assets related to an intra-entity transfer of certain intellectual property rights, as well as charges related to the settlement of multiple legal matters and the related tax benefit. The table below includes prior-year adjustments for a tax benefit due to the combination of an international restructuring and the Coronavirus Aid, Relief, and Economic Security Act as well as the non-cash compensation charge related to the cancellation of restricted share grants and related write-off of deferred tax assets.

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

 

Year Ended

December 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Diluted earnings per share, as reported

 

$

2.56

 

 

$

0.34

 

 

$

4.73

 

 

$

0.64

 

Less: Income tax benefits

 

 

(2.23

)

 

 

(0.10

)

 

 

(2.24

)

 

 

(0.11

)

Plus: Settlement of legal matters

 

 

0.10

 

 

 

—

 

 

 

0.10

 

 

 

—

 

Plus: Share cancellation

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.12

 

Adjusted diluted earnings per share

 

$

0.43

 

 

$

0.24

 

 

$

2.59

 

 

$

0.65

 


 

Constant Currency Adjustment (Non-GAAP Financial Measure)

We evaluate our results of operations on both an as reported and a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of period-over-period fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our results of operations, thereby facilitating period-to-period comparisons of our business performance and is consistent with how management evaluates the Company’s performance. We calculate constant currency percentages by converting our current period local currency financial results using the prior-period exchange rates and comparing these adjusted amounts to our prior period reported results. The tables below include adjustments for a tax benefit and the settlement of multiple legal matters described above.

 

 

 

Three Months Ended December 31,

 

 

 

2021

 

 

2020

Change

 

(in millions,

except per share data)

 

Reported GAAP Measure

 

 

Tax and Legal Settlements Adjustments(1)

 

 

Adjusted Diluted Earnings Per Share

 

 

Constant Currency

Adjustment

 

 

Adjusted for Non-GAAP Measures

 

 

Reported GAAP Measure

 

 

$

 

 

%

 

Sales

 

$

1,647.9

 

 

$

-

 

 

$

1,647.9

 

 

$

0.7

 

 

$

1,648.6

 

 

$

1,324.7

 

 

 

323.9

 

 

 

24.5

 

Cost of sales

 

 

847.2

 

 

 

-

 

 

 

847.2

 

 

 

0.4

 

 

 

847.6

 

 

 

676.3

 

 

 

171.3

 

 

 

25.3

 

Gross profit

 

 

800.7

 

 

 

-

 

 

 

800.7

 

 

 

0.3

 

 

 

801.0

 

 

 

648.4

 

 

 

152.6

 

 

 

23.5

 

Royalty income

 

 

7.5

 

 

 

-

 

 

 

7.5

 

 

 

(0.2

)

 

 

7.3

 

 

 

5.0

 

 

 

2.3

 

 

 

46.0

 

Operating expenses

 

 

715.1

 

 

 

(15.0

)

 

 

700.1

 

 

 

0.9

 

 

 

701.0

 

 

 

595.7

 

 

 

105.3

 

 

 

17.7

 

Earnings from operations

 

 

93.1

 

 

 

15.0

 

 

 

108.1

 

 

 

(0.8

)

 

 

107.3

 

 

 

57.7

 

 

 

49.6

 

 

 

86.0

 

Other income (expense)

 

 

(8.4

)

 

 

-

 

 

 

(8.4

)

 

 

4.9

 

 

 

(3.5

)

 

 

10.9

 

 

 

(14.4

)

 

n/m

 

Income tax expense (benefit)

 

 

(337.9

)

 

 

350.5

 

 

 

12.6

 

 

 

0.8

 

 

 

13.4

 

 

 

(9.6

)

 

 

23.0

 

 

n/m

 

Less: Noncontrolling interests

 

 

20.2

 

 

 

-

 

 

 

20.2

 

 

 

(0.2

)

 

 

20.0

 

 

 

24.9

 

 

 

(4.9

)

 

 

(19.7

)

Net earnings

 

$

402.4

 

 

$

(335.5

)

 

$

66.9

 

 

$

3.5

 

 

$

70.4

 

 

$

53.3

 

 

 

17.1

 

 

 

32.1

 

Diluted earnings per share

 

$

2.56

 

 

$

(2.13

)

 

$

0.43

 

 

$

0.02

 

 

$

0.45

 

 

$

0.34

 

 

 

0.11

 

 

 

32.4

 

 

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

Change

 

(in millions,

except per share data)

 

Reported GAAP Measure

 

 

Tax and Legal Settlements Adjustments(1)

 

 

Adjusted Diluted Earnings Per Share

 

 

Constant Currency

Adjustment

 

 

Adjusted for Non-GAAP Measures

 

 

Reported GAAP Measure

 

 

$

 

 

%

 

Sales

 

$

6,285.0

 

 

$

-

 

 

$

6,285.0

 

 

$

(138.9

)

 

$

6,146.1

 

 

$

4,597.4

 

 

 

1,548.7

 

 

 

33.7

 

Cost of sales

 

 

3,185.8

 

 

 

-

 

 

 

3,185.8

 

 

 

(76.7

)

 

 

3,109.1

 

 

 

2,407.6

 

 

 

701.5

 

 

 

29.1

 

Gross profit

 

 

3,099.2

 

 

 

-

 

 

 

3,099.2

 

 

 

(62.2

)

 

 

3,037.0

 

 

 

2,189.8

 

 

 

847.2

 

 

 

38.7

 

Royalty income

 

 

25.2

 

 

 

-

 

 

 

25.2

 

 

 

(1.4

)

 

 

23.8

 

 

 

16.0

 

 

 

7.8

 

 

 

48.8

 

Operating expenses

 

 

2,526.2

 

 

 

(15.0

)

 

 

2,511.2

 

 

 

(42.1

)

 

 

2,469.1

 

 

 

2,072.1

 

 

 

397.0

 

 

 

19.2

 

Earnings from operations

 

 

598.2

 

 

 

15.0

 

 

 

613.2

 

 

 

(21.5

)

 

 

591.7

 

 

 

133.7

 

 

 

458.0

 

 

 

342.6

 

Other income (expense)

 

 

(28.5

)

 

 

-

 

 

 

(28.5

)

 

 

16.7

 

 

 

(11.8

)

 

 

21.1

 

 

 

(32.9

)

 

n/m

 

Income tax expense (benefit)

 

 

(245.9

)

 

 

350.5

 

 

 

104.6

 

 

 

(2.4

)

 

 

102.2

 

 

 

8.5

 

 

 

93.7

 

 

 

1,102.4

 

Less: Noncontrolling interests

 

 

74.1

 

 

 

-

 

 

 

74.1

 

 

 

(4.6

)

 

 

69.5

 

 

 

47.7

 

 

 

21.8

 

 

 

45.7

 

Net earnings

 

$

741.5

 

 

$

(335.5

)

 

$

406.0

 

 

$

2.2

 

 

$

408.2

 

 

$

98.6

 

 

 

309.6

 

 

 

314.0

 

Diluted earnings per share

 

$

4.73

 

 

$

(2.14

)

 

$

2.59

 

 

$

0.01

 

 

$

2.60

 

 

$

0.64

 

 

 

1.96

 

 

 

306.3

 

n/m – not meaningful

(1) Income tax expense of $350.5 million includes $346.8 million from an intra-entity transfer of certain intellectual property rights and the $3.7 million effect of taxes on the settlement of multiple legal matters.

 

 

 

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Document And Entity Information
Feb. 03, 2022
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Document Period End Date Feb. 03, 2022
Entity Registrant Name SKECHERS USA INC
Entity Central Index Key 0001065837
Entity Emerging Growth Company false
Entity File Number 001-14429
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 95-4376145
Entity Address, Address Line One 228 Manhattan Beach Boulevard
Entity Address, City or Town Manhattan Beach
Entity Address, State or Province CA
Entity Address, Postal Zip Code 90266
City Area Code 310
Local Phone Number 318-3100
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Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class A Common Stock, par value of $0.001 per share
Trading Symbol SKX
Security Exchange Name NYSE
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