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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 October 31, 2020
OR 
      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to           
Commission file number: 1-11893
GUESS?, INC.
(Exact name of registrant as specified in its charter)
Delaware95-3679695
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
  
1444 South Alameda Street
Los Angeles,California
90021
(Address of principal executive offices and zip code)
(213) 765-3100
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
  
Common Stock, par value $0.01 per shareGESNew 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 x  No o
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 x  No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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.o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No x
As of November 30, 2020, the registrant had 63,624,879 shares of Common Stock, $.01 par value per share, outstanding.


GUESS?, INC.
FORM 10-Q
TABLE OF CONTENTS
   
 
   
 
   
 
   
   
 
 
 
   
   
   
   
   
i

PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements.

GUESS?, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data) 
 Oct 31, 2020Feb 1, 2020
 (unaudited) 
ASSETS  
Current assets:  
Cash and cash equivalents$365,259 $284,613 
Accounts receivable, net300,432 327,281 
Inventories393,162 393,129 
Other current assets74,063 59,212 
Total current assets1,132,916 1,064,235 
Property and equipment, net220,996 288,112 
Goodwill35,957 34,777 
Deferred tax assets64,214 63,555 
Restricted cash226 215 
Operating lease right-of-use assets789,742 851,990 
Other assets135,955 126,078 
 $2,380,006 $2,428,962 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Current liabilities:  
Current portion of borrowings and finance lease obligations$34,079 $9,490 
Accounts payable293,109 232,761 
Accrued expenses and other current liabilities180,976 204,096 
Current portion of operating lease liabilities227,209 192,066 
Total current liabilities735,373 638,413 
Convertible senior notes, net255,801 247,363 
Long-term debt and finance lease obligations70,069 32,770 
Long-term operating lease liabilities689,251 714,079 
Other long-term liabilities147,065 130,259 
 1,897,559 1,762,884 
Redeemable noncontrolling interests3,740 4,731 
Commitments and contingencies (Note 13)
Stockholders’ equity:  
Preferred stock, $.01 par value. Authorized 10,000,000 shares; no shares issued and outstanding
  
Common stock, $.01 par value. Authorized 150,000,000 shares; issued 142,842,793 and 142,867,947 shares, outstanding 63,626,809 and 65,848,510 shares, as of October 31, 2020 and February 1, 2020, respectively
636 658 
Paid-in capital553,369 563,004 
Retained earnings971,724 1,130,409 
Accumulated other comprehensive loss
(134,013)(139,910)
Treasury stock, 79,215,984 and 77,019,437 shares as of October 31, 2020 and February 1, 2020, respectively
(931,913)(914,447)
Guess?, Inc. stockholders’ equity459,803 639,714 
Nonredeemable noncontrolling interests18,904 21,633 
Total stockholders’ equity478,707 661,347 
 $2,380,006 $2,428,962 
 
See accompanying notes to condensed consolidated financial statements.
1


GUESS?, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except per share data)
(unaudited)
 Three Months EndedNine Months Ended
 Oct 31, 2020Nov 2, 2019Oct 31, 2020Nov 2, 2019
Product sales$549,851 $593,736 $1,183,560 $1,776,287 
Net royalties19,433 22,208 44,514 59,568 
Net revenue569,284 615,944 1,228,074 1,835,855 
Cost of product sales329,764 386,445 807,297 1,158,741 
Gross profit239,520 229,499 420,777 677,114 
Selling, general and administrative expenses184,739 205,003 478,320 627,823 
Asset impairment charges10,335 1,847 75,276 5,126 
Net gains on lease modifications(21) (450) 
Earnings (loss) from operations44,467 22,649 (132,369)44,165 
Other income (expense):  
Interest expense(5,809)(4,946)(17,212)(11,156)
Interest income562 492 1,608 1,166 
Other expense, net(6,521)(62)(20,553)(4,346)
 (11,768)(4,516)(36,157)(14,336)
Earnings (loss) before income tax expense (benefit)32,699 18,133 (168,526)29,829 
Income tax expense (benefit)5,145 4,548 (14,850)10,649 
Net earnings (loss)27,554 13,585 (153,676)19,180 
Net earnings (loss) attributable to noncontrolling interests1,178 1,162 (2,028)2,809 
Net earnings (loss) attributable to Guess?, Inc.$26,376 $12,423 $(151,648)$16,371 
Net earnings (loss) per common share attributable to common stockholders (Note 3):
Basic$0.41 $0.19 $(2.35)$0.22 
Diluted$0.41 $0.18 $(2.35)$0.22 
Weighted average common shares outstanding attributable to common stockholders (Note 3):
Basic62,789 66,393 64,561 72,275 
Diluted63,579 67,314 64,561 73,211 

See accompanying notes to condensed consolidated financial statements.

2


GUESS?, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME (LOSS)
(in thousands)
(unaudited)
 Three Months EndedNine Months Ended
 Oct 31, 2020Nov 2, 2019Oct 31, 2020Nov 2, 2019
Net earnings (loss)$27,554 $13,585 $(153,676)$19,180 
Other comprehensive income (loss) (“OCI”):  
Foreign currency translation adjustment
Gains (losses) arising during the period(1,043)3,224 13,260 (14,136)
Derivative financial instruments designated as cash flow hedges
  
Gains (losses) arising during the period
1,465 859 (2,896)7,581 
Less income tax effect
(179)(83)350 (963)
Reclassification to net earnings (loss) for gains realized
(1,737)(2,854)(6,187)(4,931)
Less income tax effect
184 327 667 651 
Defined benefit plans
  
Foreign currency and other adjustments
(5)14 (241)(46)
Less income tax effect
3 (1)27 4 
Net actuarial loss amortization
101 112 294 334 
Prior service credit amortization
(17)(10)(49)(29)
Less income tax effect
(10)(12)(29)(35)
Total comprehensive income (loss)26,316 15,161 (148,480)7,610 
Less comprehensive income (loss) attributable to noncontrolling interests:  
Net earnings (loss)
1,178 1,162 (2,028)2,809 
Foreign currency translation adjustment
1,166 283 (701)141 
Amounts attributable to noncontrolling interests2,344 1,445 (2,729)2,950 
Comprehensive income (loss) attributable to Guess?, Inc.$23,972 $13,716 $(145,751)$4,660 

See accompanying notes to condensed consolidated financial statements.

3


GUESS?, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
 Nine Months Ended
 Oct 31, 2020Nov 2, 2019
Cash flows from operating activities:  
Net earnings (loss)$(153,676)$19,180 
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:  
Depreciation and amortization48,009 53,989 
Amortization of debt discount7,796 5,109 
Amortization of debt issuance costs1,017 663 
Share-based compensation expense14,529 14,639 
Forward contract (gains) losses2,926 (60)
Net loss from impairment and disposition of long-term assets76,046 6,558 
Other items, net12,784 6,368 
Changes in operating assets and liabilities:  
Accounts receivable41,188 17,190 
Inventories3,591 (56,467)
Prepaid expenses and other assets(10,174)6,162 
Operating lease assets and liabilities, net34,323 3,350 
Accounts payable and accrued expenses21,157 (97,776)
Other long-term liabilities(1,165)(6,910)
Net cash provided by (used in) operating activities98,351 (28,005)
Cash flows from investing activities:  
Purchases of property and equipment(12,364)(49,020)
Proceeds from sale of long-term assets1,596 319 
Net cash settlement of forward contracts(743)162 
Purchases of investments(2,344) 
Other investing activities(723)589 
Net cash used in investing activities(14,578)(47,950)
Cash flows from financing activities:  
Proceeds from borrowings294,893 120,794 
Repayments on borrowings and finance lease obligations(249,727)(89,802)
Proceeds from issuance of convertible senior notes 300,000 
Proceeds from issuance of warrants 28,080 
Purchase of convertible note hedges (60,990)
Convertible debt issuance costs (5,101)
Dividends paid(8,114)(34,286)
Noncontrolling interest capital distribution (668)
Issuance of common stock, net of tax withholdings on vesting of stock awards(2,724)846 
Purchase of treasury stock(38,876)(280,564)
Net cash used in financing activities(4,548)(21,691)
Effect of exchange rates on cash, cash equivalents and restricted cash1,432 (2,732)
Net change in cash, cash equivalents and restricted cash80,657 (100,378)
Cash, cash equivalents and restricted cash at the beginning of the year284,828 210,995 
Cash, cash equivalents and restricted cash at the end of the period$365,485 $110,617 
Supplemental cash flow data:  
Interest paid$9,265 $4,865 
Income taxes paid, net of refunds$6,326 $11,668 
Non-cash investing and financing activity:
Assets acquired under finance lease obligations$6,803 $3,070 
Receivable and related adjustments from sale of retail locations$574 $5,102 
 
See accompanying notes to condensed consolidated financial statements.
4

GUESS?, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands, except share data)
For the three and nine months ended October 31, 2020
 Guess?, Inc. Stockholders’ Equity 
Common StockTreasury Stock
 SharesAmountPaid-in
Capital
Retained EarningsAccumulated Other Comprehensive LossSharesAmountNonredeemable
Noncontrolling
Interests
Total
Balance at February 1, 202065,848,510 $658 $563,004 $1,130,409 $(139,910)77,019,437 $(914,447)$21,633 $661,347 
Net loss— — — (157,666)— — — (2,872)(160,538)
Other comprehensive loss, net of income tax of ($147)
— — — — (13,392)— — (3,626)(17,018)
Issuance of common stock under stock compensation plans1,763,311 18 (24,264)— — (1,770,223)21,017 — (3,229)
Issuance of stock under Employee Stock Purchase Plan32,427 — (192)— — (32,427)385 — 193 
Share-based compensation— — 5,771 15 — — — — 5,786 
Dividends, net of forfeitures on non-participating securities— — — 248 — — — — 248 
Balance at May 2, 202067,644,248 $676 $544,319 $973,006 $(153,302)75,216,787 $(893,045)$15,135 $486,789 
Net loss— — — (20,358)— — — (334)(20,692)
Other comprehensive income, net of income tax of $1,164
— — — — 21,693 — — 1,759 23,452 
Issuance of common stock under stock compensation plans(54,926)— 429 — — 37,730 (448)— (19)
Issuance of stock under Employee Stock Purchase Plan25,427 — (154)— — (25,427)301 — 147 
Share-based compensation— — 3,968 35 — — — — 4,003 
Dividends, net of forfeitures on non-participating securities— — — 24 — — — — 24 
Share repurchases(4,000,000)(40)40 — — 4,000,000 (38,876)— (38,876)
Balance at August 1, 202063,614,749 $636 $548,602 $952,707 $(131,609)79,229,090 $(932,068)$16,560 $454,828 
Net earnings— — — 26,376 — — — 1,178 27,554 
Other comprehensive income (loss), net of income tax of ($2)
— — — — (2,404)— — 1,166 (1,238)
Issuance of common stock under stock compensation plans(5,229)— 92 — — 4,183 (49)— 43 
Issuance of stock under Employee Stock Purchase Plan17,289 — (63)— — (17,289)204 — 141 
Share-based compensation— — 4,738 2 — — — — 4,740 
Dividends, net of forfeitures on non-participating securities— — — (7,361)— — — — (7,361)
Balance at October 31, 202063,626,809 $636 $553,369 $971,724 $(134,013)79,215,984 $(931,913)$18,904 $478,707 


5

GUESS?, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands, except share data)
For the three and nine months ended November 2, 2019
 Guess?, Inc. Stockholders’ Equity 
Common StockTreasury Stock
 SharesAmountPaid-in
Capital
Retained EarningsAccumulated Other Comprehensive LossSharesAmountNonredeemable
Noncontrolling
Interests
Total
Balance at February 2, 201981,379,660 $814 $523,331 $1,077,747 $(126,179)61,327,640 $(638,486)$16,418 $853,645 
Cumulative adjustment from adoption of new accounting guidance— — — (1,684)1,981 — — — 297 
Net earnings (loss)— — — (21,374)— — — 793 (20,581)
Other comprehensive income (loss), net of income tax of ($499)
— — — — (8,508)— — 310 (8,198)
Issuance of common stock under stock compensation plans545,881 5 (3,042)— — (211,221)2,225 — (812)
Issuance of stock under Employee Stock Purchase Plan11,377 1 69 — — (11,377)120 — 190 
Share-based compensation— — 4,440 28 — — — — 4,468 
Dividends, net of forfeitures on non-participating securities— — — (18,331)— — — — (18,331)
Share repurchases(10,264,052)(103)103 — — 10,264,052 (201,564)— (201,564)
Equity component value of convertible note issuance, net— — 42,324 — — — — — 42,324 
Sale of common stock warrant— — 28,080 — — — — — 28,080 
Purchase of convertible note hedge— — (46,440)— — — — — (46,440)
Equity forward contract issuance— — (68,000)— — — — — (68,000)
Balance at May 4, 201971,672,866 $717 $480,865 $1,036,386 $(132,706)71,369,094 $(837,705)$17,521 $565,078 
Net earnings— — — 25,322 — — — 854