2021 Q1 Form 10-K Financial Statement

#000003991121000021 Filed on March 16, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1 2019 Q1
Revenue $4.424B $4.674B $4.623B
YoY Change -5.35% 1.1% -3.24%
Cost Of Revenue $2.756B $3.000B $2.978B
YoY Change -8.13% 0.74% -1.36%
Gross Profit $1.668B $1.674B $1.645B
YoY Change -0.36% 1.76% -6.48%
Gross Profit Margin 37.7% 35.82% 35.58%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $126.0M $140.0M $153.0M
YoY Change -10.0% -8.5% 8.51%
% of Gross Profit 7.55% 8.36% 9.3%
Operating Expenses $1.465B $1.693B $1.264B
YoY Change -13.47% 33.94% -3.51%
Operating Profit $203.0M -$19.00M $381.0M
YoY Change -1168.42% -104.99% -15.14%
Interest Expense -$57.00M -$17.00M -$2.000M
YoY Change 235.29% 750.0% -96.36%
% of Operating Profit -28.08% -0.52%
Other Income/Expense, Net
YoY Change
Pretax Income $77.00M -$254.0M $365.0M
YoY Change -130.31% -169.59% -4.7%
Income Tax -$35.00M -$100.0M $56.00M
% Of Pretax Income -45.45% 15.34%
Net Earnings $234.0M -$184.0M $276.0M
YoY Change -227.17% -166.67% 34.63%
Net Earnings / Revenue 5.29% -3.94% 5.97%
Basic Earnings Per Share -$0.49 $0.72
Diluted Earnings Per Share $620.7K -$0.49 $0.72
COMMON SHARES
Basic Shares Outstanding 374.9M shares 371.3M shares 378.6M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.398B $1.654B $1.369B
YoY Change 44.98% 20.82% -23.22%
Cash & Equivalents $1.988B $1.364B $1.081B
Short-Term Investments $410.0M $290.0M $288.0M
Other Short-Term Assets $1.159B $706.0M $751.0M
YoY Change 64.16% -5.99% -4.7%
Inventory $2.451B $2.156B $2.131B
Prepaid Expenses
Receivables $363.0M $316.0M $321.0M
Other Receivables
Total Short-Term Assets $6.008B $4.516B $4.251B
YoY Change 33.04% 6.23% -6.94%
LONG-TERM ASSETS
Property, Plant & Equipment $2.841B $3.122B $2.912B
YoY Change -9.0% 7.21% 3.81%
Goodwill $109.0M $109.0M $109.0M
YoY Change 0.0% 0.0% 0.0%
Intangibles $0.00
YoY Change
Long-Term Investments
YoY Change
Other Assets $703.0M $639.0M $886.0M
YoY Change 10.02% -27.88% 43.83%
Total Long-Term Assets $7.761B $9.163B $3.798B
YoY Change -15.3% 141.26% 11.02%
TOTAL ASSETS
Total Short-Term Assets $6.008B $4.516B $4.251B
Total Long-Term Assets $7.761B $9.163B $3.798B
Total Assets $13.77B $13.68B $8.049B
YoY Change 0.66% 69.95% 0.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.743B $1.174B $1.126B
YoY Change 48.47% 4.26% -4.66%
Accrued Expenses $1.276B $1.067B $1.024B
YoY Change 19.59% 4.2% -19.37%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.884B $3.209B $2.174B
YoY Change 21.03% 47.61% -11.66%
LONG-TERM LIABILITIES
Long-Term Debt $2.216B $1.249B $1.249B
YoY Change 77.42% 0.0% -0.08%
Other Long-Term Liabilities $153.0M $139.0M $167.0M
YoY Change 10.07% -16.77% -8.24%
Total Long-Term Liabilities $7.271B $7.154B $2.322B
YoY Change 1.64% 208.1% -2.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.884B $3.209B $2.174B
Total Long-Term Liabilities $7.271B $7.154B $2.322B
Total Liabilities $11.16B $10.36B $4.496B
YoY Change 7.64% 130.49% -7.2%
SHAREHOLDERS EQUITY
Retained Earnings $2.501B $3.257B $3.481B
YoY Change -23.21% -6.43% 12.98%
Common Stock $19.00M $19.00M $19.00M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.614B $3.316B $3.553B
YoY Change
Total Liabilities & Shareholders Equity $13.77B $13.68B $8.049B
YoY Change 0.66% 69.95% 0.75%

Cashflow Statement

Concept 2021 Q1 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $234.0M -$184.0M $276.0M
YoY Change -227.17% -166.67% 34.63%
Depreciation, Depletion And Amortization $126.0M $140.0M $153.0M
YoY Change -10.0% -8.5% 8.51%
Cash From Operating Activities -$162.0M $883.0M $814.0M
YoY Change -118.35% 8.48% 4.36%
INVESTING ACTIVITIES
Capital Expenditures -$104.0M -$179.0M -$195.0M
YoY Change -41.9% -8.21% -27.24%
Acquisitions
YoY Change
Other Investing Activities -$231.0M $4.000M $7.000M
YoY Change -5875.0% -42.86% 16.67%
Cash From Investing Activities -$335.0M -$175.0M -$188.0M
YoY Change 91.43% -6.91% -28.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.000M -137.0M -185.0M
YoY Change -103.65% -25.95% 85.0%
NET CHANGE
Cash From Operating Activities -162.0M 883.0M 814.0M
Cash From Investing Activities -335.0M -175.0M -188.0M
Cash From Financing Activities 5.000M -137.0M -185.0M
Net Change In Cash -492.0M 571.0M 441.0M
YoY Change -186.16% 29.48% 5.5%
FREE CASH FLOW
Cash From Operating Activities -$162.0M $883.0M $814.0M
Capital Expenditures -$104.0M -$179.0M -$195.0M
Free Cash Flow -$58.00M $1.062B $1.009B
YoY Change -105.46% 5.25% -3.72%

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CY2020 us-gaap Gain Loss On Sale Of Property Plant Equipment
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CY2019 us-gaap Gain Loss On Sale Of Property Plant Equipment
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CY2021 us-gaap Deferred Income Tax Expense Benefit
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CY2019 us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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CY2019 gps Increase Decrease In Lease Incentive And Other Long Term Liabilities
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CY2020 us-gaap Proceeds From Sale Of Buildings
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CY2019 us-gaap Proceeds From Sale Of Buildings
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CY2021 us-gaap Payments To Acquire Short Term Investments
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CY2020 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2019 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2020 us-gaap Net Cash Provided By Used In Investing Activities
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CY2019 us-gaap Net Cash Provided By Used In Investing Activities
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CY2019 us-gaap Proceeds From Issuance Of Long Term Debt
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CY2021 us-gaap Repayments Of Long Term Debt
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CY2019 us-gaap Payments Of Debt Issuance Costs
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CY2020 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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CY2019 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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CY2019 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2020 us-gaap Payments For Repurchase Of Common Stock
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CY2019 us-gaap Payments For Repurchase Of Common Stock
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CY2020 us-gaap Net Cash Provided By Used In Financing Activities
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CY2019 us-gaap Net Cash Provided By Used In Financing Activities
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CY2019 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2018Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2019 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2020 us-gaap Operating Lease Payments
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CY2019 us-gaap Operating Lease Payments
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CY2021 us-gaap Fiscal Period
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<div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fiscal Year and Presentation</span></div><div style="margin-top:4pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our fiscal year is a 52-week or 53-week period ending on the Saturday closest to January 31. The fiscal years ended January 30, 2021 (fiscal 2020), February 1, 2020 (fiscal 2019), and February 2, 2019 (fiscal 2018) consisted of 52 weeks.</span></div>
CY2021 us-gaap Use Of Estimates
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<div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:4pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. We considered the impact of COVID-19 on the assumptions and estimates used when preparing these consolidated financial statements including inventory valuation, lease accounting impacts, income taxes, and the impairment of long-lived store assets and operating lease assets. Actual results could differ from those estimates.</span></div>
CY2021Q1 us-gaap Debt Instrument Face Amount
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1420000000 USD
CY2020Q1 gps Restricted Cash Relatedto Purchaseofa Building
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CY2021 gps Latest Lease Expiration Date
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CY2021 gps Payrollbenefitsandotheradministrativeexpensesforourdistributioncentersrecordedinoperatingexpenses
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CY2021 us-gaap Research And Development Expense
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CY2020 us-gaap Research And Development Expense
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CY2019 us-gaap Research And Development Expense
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CY2021 us-gaap Advertising Expense
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CY2019 us-gaap Advertising Expense
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650000000 USD
CY2021 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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23000000 USD
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CY2019 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2021 gps Realizedand Unrealizedgainlossfromcertainderivativefinancialinstruments
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CY2020 gps Realizedand Unrealizedgainlossfromcertainderivativefinancialinstruments
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CY2019 gps Realizedand Unrealizedgainlossfromcertainderivativefinancialinstruments
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CY2021 gps Net Foreign Exchangegainloss
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