10-Q
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Table of Contents

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 10-Q

 

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended July 29, 2023

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: 001-36401

 

SPORTSMAN’S WAREHOUSE HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

39-1975614

(State or other jurisdiction
of incorporation or organization)

 

(I.R.S. Employer
Identification No.)

 

 

 

1475 West 9000 South, Suite A, West Jordan, Utah

 

84088

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code: (801) 566-6681

 

 

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, $.01 par value

SPWH

The Nasdaq Stock Market LLC

 

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, 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:

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

 

 


Table of Contents

The number of shares of the registrant's common stock, $0.01 par value per share, outstanding as of August 30, 2023 was 37,385,485.

 

 


Table of Contents

SPORTSMAN’S WAREHOUSE HOLDINGS, INC.

 

TABLE OF CONTENTS

 

 

 

 

 

Page

PART I. FINANCIAL INFORMATION

 

 

 

Item 1.

Financial Statements (unaudited):

4

 

 

 

 

Condensed Consolidated Balance Sheets

4

 

 

 

 

Condensed Consolidated Statements of Operations

5

 

 

 

 

Condensed Consolidated Statements of Stockholders’ 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

19

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

31

 

 

 

Item 4.

Controls and Procedures

31

 

 

 

PART II. OTHER INFORMATION

 

 

 

Item 1.

Legal Proceedings

32

 

 

 

Item 1A.

Risk Factors

32

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

33

 

 

 

Item 3.

Defaults Upon Senior Securities

33

 

 

 

Item 4.

Mine Safety Disclosures

33

 

 

 

Item 5.

Other Information

33

 

 

 

Item 6.

Exhibits

34

 

 

 

 

Signatures

35

 

 

 

 

We operate on a fiscal calendar that, in a given fiscal year, consists of the 52- or 53-week period ending on the Saturday closest to January 31st. Our second fiscal quarters ended July 29, 2023 and July 30, 2022 both consisted of 13 weeks and are referred to herein as the second quarter of fiscal year 2023 and the second quarter of fiscal year 2022, respectively. Fiscal year 2023 contains 53 weeks of operations and will end on February 3, 2024. Fiscal year 2022 contained 52 weeks of operations and ended on January 28, 2023.

 


Table of Contents

References throughout this document to “Sportsman’s Warehouse,” “we,” “us,” and “our” refer to Sportsman’s Warehouse Holdings, Inc. and its subsidiaries, and references to “Holdings” refer to Sportsman’s Warehouse Holdings, Inc. excluding its subsidiaries. References to (i) “fiscal year 2023” refer to our fiscal year ending February 3, 2024; (ii) “fiscal year 2022” refer to our fiscal year ended January 28, 2023; and (iii) “fiscal year 2021” refer to our fiscal year ended January 29, 2022.

 

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

This Quarterly Report on Form 10-Q (this “10-Q”) contains statements that constitute forward-looking statements as that term is defined by the Private Securities Litigation Reform Act of 1995. These statements concern our business, operations and financial performance and condition as well as our plans, objectives and expectations for our business operations and financial performance and condition, which are subject to risks and uncertainties. All statements other than statements of historical fact included in this 10-Q are forward-looking statements. These statements may include words such as “aim,” “anticipate,” “assume,” “believe,” “can,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,” “likely,” “may,” “objective,” “plan,” “positioned,” “potential,” “predict,” “should,” “target,” “will,” “would” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events or trends. For example, all statements we make relating to our plans and objectives for future operations, growth or initiatives and strategies are forward-looking statements.

 

These forward-looking statements are based on current expectations, estimates, forecasts and projections about our business and the industry in which we operate and our management’s beliefs and assumptions. We derive many of our forward-looking statements from our own operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that predicting the impact of known factors is very difficult, and we cannot anticipate all factors that could affect our actual results.

 

All of our forward-looking statements are subject to risks and uncertainties that may cause our actual results to differ materially from our expectations. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to:

 

current and future government regulations, in particular regulations relating to the sale of firearms and ammunition, which may impact the supply and demand for our products and our ability to conduct our business;
our retail-based business model which is impacted by general economic and market conditions and economic, market and financial uncertainties that may cause a decline in consumer spending;
our concentration of stores in the Western United States which makes us susceptible to adverse conditions in this region, and could affect our sales and cause our operating results to suffer;
the highly fragmented and competitive industry in which we operate and the potential for increased competition;
changes in consumer demands, including regional preferences, which we may not be able to identify and respond to in a timely manner;
our entrance into new markets or operations in existing markets, including our plans to open additional stores in future periods, which may not be successful;
our implementation of a plan to reduce expenses in response to adverse macroeconomic conditions, including an increased focus on financial discipline and rigor throughout our organization; and
the impact of general macroeconomic conditions, such as labor shortages, inflation, rising interest rates, economic slowdowns, recessions or market corrections, liquidity concerns at, and failures of, banks and other financial institutions, and tightening credit markets on our operations.

 

The above is not a complete list of factors or events that could cause actual results to differ from our expectations, and we cannot predict all of them. All written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by the cautionary statements disclosed under “Part I.,

2


Table of Contents

Item 1A., Risk Factors,” appearing in our Annual Report on Form 10-K for the fiscal year ended January 28, 2023 (our “Fiscal 2022 Form 10-K”) and “Part I., Item 2., Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this 10-Q, as such disclosures may be amended, supplemented or superseded from time to time by other reports we file with the Securities and Exchange Commission (the “SEC”), including subsequent Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, and public communications. You should evaluate all forward-looking statements made in this 10-Q and otherwise in the context of these risks and uncertainties.

 

Potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on any forward-looking statements we make. These forward-looking statements speak only as of the date of this 10-Q and are not guarantees of future performance or developments and involve known and unknown risks, uncertainties and other factors that are in many cases beyond our control. Except as required by law, we undertake no obligation to update or revise any forward-looking statements publicly, whether as a result of new information, future developments or otherwise.

 

 

3


Table of Contents

 

PART I. FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

SPORTSMAN’S WAREHOUSE HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

Amounts in Thousands, Except Par Value Data

(unaudited)

 

 

July 29,

 

 

January 28,

 

 

2023

 

 

2023

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,893

 

 

$

2,389

 

Accounts receivable, net

 

 

2,774

 

 

 

2,053

 

Income tax receivable

 

 

5,246

 

 

 

 

Merchandise inventories

 

 

457,160

 

 

 

399,128

 

Prepaid expenses and other

 

 

26,615

 

 

 

22,326

 

Total current assets

 

 

494,688

 

 

 

425,896

 

Operating lease right of use asset

 

 

302,002

 

 

 

268,593

 

Property and equipment, net

 

 

197,759

 

 

 

162,586

 

Goodwill

 

 

1,496

 

 

 

1,496

 

Definite lived intangibles, net

 

 

359

 

 

 

389

 

Total assets

 

$

996,304

 

 

$

858,960

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

75,435

 

 

$

61,948

 

Accrued expenses

 

 

91,307

 

 

 

99,976

 

Income taxes payable

 

 

 

 

 

932

 

Operating lease liability, current

 

 

47,864

 

 

 

45,465

 

Revolving line of credit

 

 

203,059

 

 

 

87,503

 

Total current liabilities

 

 

417,665

 

 

 

295,824

 

Long-term liabilities:

 

 

 

 

 

 

Deferred income taxes

 

 

7,151

 

 

 

9,544

 

Operating lease liability, noncurrent

 

 

298,774

 

 

 

260,479

 

Total long-term liabilities

 

 

305,925

 

 

 

270,023

 

Total liabilities

 

 

723,590

 

 

 

565,847

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Preferred stock, $.01 par value; 20,000 shares authorized; 0 shares issued and outstanding

 

 

 

 

 

 

Common stock, $.01 par value; 100,000 shares authorized; 37,381 and 37,541 shares issued and outstanding, respectively

 

 

374

 

 

 

375

 

Additional paid-in capital

 

 

79,887

 

 

 

79,743

 

Accumulated earnings

 

 

192,453

 

 

 

212,995

 

Total stockholders' equity

 

 

272,714

 

 

 

293,113

 

Total liabilities and stockholders' equity

 

$

996,304

 

 

$

858,960

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

4


Table of Contents

SPORTSMAN'S WAREHOUSE HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Amounts in Thousands, Except Per Share Data

(unaudited)

 

 

Thirteen Weeks Ended

 

 

Twenty-Six Weeks Ended

 

 

July 29,

 

 

July 30,

 

 

July 29,

 

 

July 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net sales

 

$

309,495

 

 

$

351,021

 

 

$

577,024

 

 

$

660,526

 

Cost of goods sold

 

 

208,678

 

 

 

233,482

 

 

 

396,163

 

 

 

443,896

 

Gross profit

 

 

100,817

 

 

 

117,539

 

 

 

180,861

 

 

 

216,630

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general, and administrative expenses

 

 

102,334

 

 

 

97,023

 

 

 

201,337

 

 

 

193,108

 

(Loss) income from operations

 

 

(1,517

)

 

 

20,516

 

 

 

(20,476

)

 

 

23,522

 

Interest expense

 

 

3,527

 

 

 

767

 

 

 

5,574

 

 

 

1,334

 

(Loss) income before income taxes

 

 

(5,044

)

 

 

19,749

 

 

 

(26,050

)

 

 

22,188

 

Income tax (benefit) expense

 

 

(1,756

)

 

 

5,135

 

 

 

(7,123

)

 

 

5,576

 

Net (loss) income

 

$

(3,288

)

 

$

14,614

 

 

$

(18,927

)

 

$

16,612

 

(Loss) earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.09

)

 

$

0.35

 

 

$

(0.50

)

 

$

0.39

 

Diluted

 

$

(0.09

)

 

$

0.35

 

 

$

(0.50

)

 

$

0.38

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

37,498

 

 

 

41,962

 

 

 

37,546

 

 

 

42,950

 

Diluted

 

 

37,498

 

 

 

42,194

 

 

 

37,546

 

 

 

43,180

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

5


Table of Contents

SPORTSMAN'S WAREHOUSE HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

Amounts in Thousands

(unaudited)

 

For the Thirteen Weeks Ended July 29, 2023 and July 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Accumulated

 

 

Total

 

 

 

 

 

 

 

 

 

Restricted nonvoting

 

 

 

 

 

 

 

 

paid-in-

 

 

(deficit)

 

 

stockholders'

 

 

Common Stock

 

 

Common Stock

 

 

Treasury Stock

 

 

capital

 

 

earnings

 

 

equity

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Amount

 

 

Amount

 

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at April 30, 2022

 

 

44,121

 

 

$

441

 

 

 

 

 

$

 

 

 

 

 

$

 

 

$

90,362

 

 

$

224,877

 

 

$

315,680

 

Repurchase of treasury stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,348

 

 

 

(52,057

)

 

 

 

 

 

 

 

 

(52,057

)

Vesting of restricted stock units

 

 

30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment of withholdings on restricted stock units

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2

)

 

 

 

 

 

(2

)

Issuance of common stock for
cash per employee stock purchase
plan

 

 

64

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

525

 

 

 

 

 

 

526

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,091

 

 

 

 

 

 

1,091

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,614

 

 

 

14,614

 

Balance at July 30, 2022

 

 

44,215

 

 

$

442

 

 

 

 

 

$

 

 

 

5,348

 

 

$

(52,057

)

 

$

91,976

 

 

$

239,491

 

 

$

279,852

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at April 29, 2023

 

 

37,686

 

 

$

377

 

 

 

 

 

$

 

 

 

 

 

$

 

 

$

79,340

 

 

$

196,866

 

 

$

276,583

 

Repurchase of treasury stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

431

 

 

 

(2,052

)

 

 

 

 

 

 

 

 

(2,052

)

Retirement of treasury stock

 

 

(431

)

 

 

(4

)

 

 

 

 

 

 

 

 

(431

)

 

 

2,052

 

 

 

(923

)

 

 

(1,125

)

 

 

 

Vesting of restricted stock units

 

 

53

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment of withholdings on
restricted stock units

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(112

)

 

 

 

 

 

(112

)

Issuance of common stock for
cash per employee stock purchase
plan

 

 

73

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

456

 

 

 

 

 

 

457

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,126

 

 

 

 

 

 

1,126

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,288

)

 

 

(3,288

)

Balance at July 29, 2023

 

 

37,381

 

 

$

374

 

 

 

 

 

$

 

 

 

 

 

$

 

 

$

79,887

 

 

$

192,453

 

 

$

272,714

 

 

6


Table of Contents

 

For the Twenty-Six Weeks Ended July 29, 2023 and July 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Accumulated

 

 

Total

 

 

 

 

 

 

 

 

 

Restricted nonvoting

 

 

 

 

 

 

 

 

paid-in-

 

 

(deficit)

 

 

stockholders

 

 

Common Stock

 

 

common stock

 

 

Treasury Stock

 

 

capital

 

 

earnings

 

 

equity

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Amount

 

 

Amount

 

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at January 29, 2022

 

 

43,880

 

 

$

439

 

 

 

 

 

$

 

 

 

 

 

$

 

 

$

90,851

 

 

$

222,879

 

 

$

314,169

 

Repurchase of treasury stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,348

 

 

 

(52,057

)

 

 

 

 

 

 

 

 

(52,057

)

Vesting of restricted stock units

 

 

271

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2

)

 

 

 

 

 

 

Payment of withholdings on
restricted stock units

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,847

)

 

 

 

 

 

(1,847

)

Issuance of common stock for
cash per employee stock purchase
plan

 

 

64

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

525