$AEO
AMERICAN EAGLE OUTFITTERS INC

2019 Q4 Form 10-Q Financial Statement

#000156459019045735 Filed on December 11, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2018 Q4 2018 Q3
Revenue $1.066B $1.004B $964.9M
YoY Change 6.25% 4.51% 14.24%
Cost Of Revenue $659.4M $604.2M $611.8M
YoY Change 9.14% 3.19% 10.84%
Gross Profit $407.1M $399.5M $353.1M
YoY Change 1.9% 6.55% 20.66%
Gross Profit Margin 38.17% 39.8% 36.6%
Selling, General & Admin $259.0M $248.4M $234.0M
YoY Change 4.27% 14.42% 14.86%
% of Gross Profit 63.63% 62.18% 66.26%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $45.60M $46.00M $43.20M
YoY Change -0.87% 5.26% 5.88%
% of Gross Profit 11.2% 11.51% 12.23%
Operating Expenses $303.9M $290.9M $234.0M
YoY Change 4.47% 11.76% -4.11%
Operating Profit $103.1M $108.6M $76.39M
YoY Change -5.05% -5.26% 96.36%
Interest Expense $1.200M
YoY Change
% of Operating Profit 1.16%
Other Income/Expense, Net $2.577M $4.300M $860.0K
YoY Change -40.07% -132.58% -112.77%
Pretax Income $105.7M $113.0M $77.25M
YoY Change -6.48% 15.66% 140.14%
Income Tax $24.92M $27.50M $16.92M
% Of Pretax Income 23.58% 24.34% 21.9%
Net Earnings $80.76M $85.47M $60.33M
YoY Change -5.51% 34.11% 184.11%
Net Earnings / Revenue 7.57% 8.52% 6.25%
Basic Earnings Per Share $0.48 $0.48 $0.34
Diluted Earnings Per Share $0.48 $0.48 $0.34
COMMON SHARES
Basic Shares Outstanding 167.9M 176.4M 177.2M
Diluted Shares Outstanding 168.7M 178.1M 178.5M

Balance Sheet

Concept 2019 Q4 2018 Q4 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $264.5M $359.7M $363.3M
YoY Change -26.47% 39.69% 88.63%
Cash & Equivalents $214.5M $279.9M $323.3M
Short-Term Investments $129.9M $203.5M $179.0M
Other Short-Term Assets $54.40M $88.00M $93.50M
YoY Change -38.18% 42.86% -15.38%
Inventory $647.3M $591.7M $466.1M
Prepaid Expenses
Receivables $112.3M $84.10M $74.15M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.079B $1.124B $997.1M
YoY Change -4.0% 20.78% 22.01%
LONG-TERM ASSETS
Property, Plant & Equipment $764.4M $735.7M $732.4M
YoY Change 3.89% 1.31% 1.84%
Goodwill $14.89M $14.90M $14.93M
YoY Change -0.05%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $67.70M $63.20M $52.77M
YoY Change 7.12% -24.22% -39.62%
Total Long-Term Assets $2.374B $858.0M $853.7M
YoY Change 176.66% -1.56% -1.78%
TOTAL ASSETS
Total Short-Term Assets $1.079B $1.124B $997.1M
Total Long-Term Assets $2.374B $858.0M $853.7M
Total Assets $3.452B $1.982B $1.851B
YoY Change 74.23% 9.97% 9.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $366.7M $343.4M $264.2M
YoY Change 6.79% 3.84% -4.08%
Accrued Expenses $368.2M $174.8M $170.5M
YoY Change 110.64% 13.8% 27.24%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $810.2M $607.1M $508.0M
YoY Change 33.45% 9.82% 7.63%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.382B $78.90M $82.15M
YoY Change 1651.2% -7.93% -8.72%
Total Long-Term Liabilities $1.382B $78.90M $82.15M
YoY Change 1651.22% -7.93% -8.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $810.2M $607.1M $508.0M
Total Long-Term Liabilities $1.382B $78.90M $82.15M
Total Liabilities $2.192B $686.1M $590.2M
YoY Change 219.47% 7.44% 5.01%
SHAREHOLDERS EQUITY
Retained Earnings $1.942B
YoY Change 9.55%
Common Stock $562.8M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.211B
YoY Change
Treasury Stock Shares $73.35M
Shareholders Equity $1.260B $1.295B $1.261B
YoY Change
Total Liabilities & Shareholders Equity $3.452B $1.982B $1.851B
YoY Change 74.23% 9.97% 9.75%

Cashflow Statement

Concept 2019 Q4 2018 Q4 2018 Q3
OPERATING ACTIVITIES
Net Income $80.76M $85.47M $60.33M
YoY Change -5.51% 34.11% 184.11%
Depreciation, Depletion And Amortization $45.60M $46.00M $43.20M
YoY Change -0.87% 5.26% 5.88%
Cash From Operating Activities $60.60M $91.20M $124.4M
YoY Change -33.55% -32.39% 192.71%
INVESTING ACTIVITIES
Capital Expenditures -$58.20M -$42.70M -$54.60M
YoY Change 36.3% -12.68% 17.17%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$39.90M -$20.00M
YoY Change -100.0%
Cash From Investing Activities -$58.20M -$82.50M -$74.60M
YoY Change -29.45% 68.71% 60.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -55.30M -49.20M -16.60M
YoY Change 12.4% 105.86% -39.19%
NET CHANGE
Cash From Operating Activities 60.60M 91.20M 124.4M
Cash From Investing Activities -58.20M -82.50M -74.60M
Cash From Financing Activities -55.30M -49.20M -16.60M
Net Change In Cash -52.90M -40.50M 33.20M
YoY Change 30.62% -165.22% -205.73%
FREE CASH FLOW
Cash From Operating Activities $60.60M $91.20M $124.4M
Capital Expenditures -$58.20M -$42.70M -$54.60M
Free Cash Flow $118.8M $133.9M $179.0M
YoY Change -11.28% -27.15% 100.9%

Facts In Submission

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<p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-size:12pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Fiscal Year</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our fiscal year is a 52- or 53-week year that ends on the Saturday nearest to January 31. As used herein, “Fiscal 2019” refers to the 52-week period that will end on February 1, 2020. “Fiscal 2018” refers to the 52-week period ended February 2, 2019. </p>
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<p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-size:12pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Estimates</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of our contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, our management reviews the Company’s estimates based on currently available information. Changes in facts and circumstances may result in revised estimates.</p>
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CY2019Q1 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
425465000
CY2018Q4 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
359728000
CY2019Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
781000
CY2018Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1184000
CY2019Q4 us-gaap Goodwill
Goodwill
14890000
CY2019Q1 us-gaap Goodwill
Goodwill
14899000
CY2018Q4 us-gaap Goodwill
Goodwill
14898000
CY2019Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
70994000
CY2018Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
70869000
CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
30806000
CY2019Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
27726000
CY2018Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
26705000
CY2019Q4 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
55466000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2326704000
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1401231000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
764350000
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
742149000
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
735714000
CY2019Q1 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
58167000
CY2018Q4 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
59062000
CY2019Q4 us-gaap Operating Lease Cost
OperatingLeaseCost
89382000
us-gaap Operating Lease Cost
OperatingLeaseCost
257463000
CY2019Q4 us-gaap Variable Lease Cost
VariableLeaseCost
24268000
us-gaap Variable Lease Cost
VariableLeaseCost
72723000
CY2019Q4 aeo Short Term And Other Lease Cost
ShortTermAndOtherLeaseCost
7752000
aeo Short Term And Other Lease Cost
ShortTermAndOtherLeaseCost
31653000
CY2019Q4 us-gaap Lease Cost
LeaseCost
121402000
us-gaap Lease Cost
LeaseCost
361839000
CY2019Q4 us-gaap Operating Lease Payments
OperatingLeasePayments
82422000
us-gaap Operating Lease Payments
OperatingLeasePayments
235825000
CY2019Q4 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
98194000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
254121000
CY2019Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y4M24D
CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.051
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
61493000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
370199000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
329180000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
277434000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
255086000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
667638000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1961030000
CY2019Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
314899000
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
1646131000
us-gaap Share Based Compensation
ShareBasedCompensation
17800000
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
13700000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1912000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
16.75
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
807000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
21.26
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
124000
aeo Share Based Compensation Arrangement By Share Based Payment Award Options Exercised In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisedInPeriodWeightedAverageExercisePrice
16.06
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
11000
CY2019Q4 us-gaap Share Based Compensation
ShareBasedCompensation
5600000
CY2019Q4 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
4300000
us-gaap Share Based Compensation
ShareBasedCompensation
19900000
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
15300000
CY2018Q4 us-gaap Share Based Compensation
ShareBasedCompensation
6200000
CY2018Q4 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
4700000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
19.89
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2584000
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
18.18
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
753000
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
2279000
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
18.25
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
327000
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
997000
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
16.10
CY2019Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
417000
us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Lower Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit
14.59
us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit
23.53
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2100000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
15500000
aeo Employee Service Share Based Compensation Tax Benefit Expense Realized From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitExpenseRealizedFromExerciseOfStockOptions
100000
aeo Employee Service Share Based Compensation Tax Benefit Expense Realized From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitExpenseRealizedFromExerciseOfStockOptions
900000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.022
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.026
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.024
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.025
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.382
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.395
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
3700000
CY2019Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.236
CY2018Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.243
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.234
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.231
CY2019Q4 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
-1600000
CY2019Q4 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
1000000.0
us-gaap Restructuring Charges
RestructuringCharges
4300000
us-gaap Restructuring Charges
RestructuringCharges
1600000
aeo Restructuring Charge Cash Charges
RestructuringChargeCashCharges
4272000
aeo Payments For Restructuring And Restructuring Reserve Accrual Adjustment
PaymentsForRestructuringAndRestructuringReserveAccrualAdjustment
7824000
CY2019Q4 us-gaap Restructuring Reserve
RestructuringReserve
3077000

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