2022 Q1 Form 10-K Financial Statement

#000003991122000012 Filed on March 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2022 2021 Q1
Revenue $4.525B $16.67B $4.424B
YoY Change 2.28% 20.8% -5.35%
Cost Of Revenue $3.002B $10.03B $2.756B
YoY Change 8.93% 10.31% -8.13%
Gross Profit $1.523B $6.637B $1.668B
YoY Change -8.69% 41.06% -0.36%
Gross Profit Margin 33.66% 39.81% 37.7%
Selling, General & Admin $1.494B
YoY Change 27.26%
% of Gross Profit 22.51%
Research & Development $41.00M
YoY Change -10.87%
% of Gross Profit 0.62%
Depreciation & Amortization $132.0M $502.0M $126.0M
YoY Change 4.76% -0.59% -10.0%
% of Gross Profit 8.67% 7.56% 7.55%
Operating Expenses $1.512B $5.827B $1.465B
YoY Change 3.21% 4.67% -13.47%
Operating Profit $11.00M $810.0M $203.0M
YoY Change -94.58% -193.97% -1168.42%
Interest Expense -$16.00M $167.0M -$57.00M
YoY Change -71.93% -13.02% 235.29%
% of Operating Profit -145.45% 20.62% -28.08%
Other Income/Expense, Net
YoY Change
Pretax Income -$8.000M $217.0M $77.00M
YoY Change -110.39% -123.38% -130.31%
Income Tax $26.00M $67.00M -$35.00M
% Of Pretax Income 30.88% -45.45%
Net Earnings -$16.00M $256.0M $234.0M
YoY Change -106.84% -138.5% -227.17%
Net Earnings / Revenue -0.35% 1.54% 5.29%
Basic Earnings Per Share $0.68
Diluted Earnings Per Share -$42.90K $0.67 $620.7K
COMMON SHARES
Basic Shares Outstanding 369.8M shares 376.0M shares 374.9M shares
Diluted Shares Outstanding 383.0M shares

Balance Sheet

Concept 2022 Q1 2022 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $877.0M $877.0M $2.398B
YoY Change -63.43% -63.43% 44.98%
Cash & Equivalents $877.0M $27.00M $1.988B
Short-Term Investments $0.00 $0.00 $410.0M
Other Short-Term Assets $1.270B $871.0M $1.159B
YoY Change 9.58% 9.42% 64.16%
Inventory $3.018B $3.018B $2.451B
Prepaid Expenses
Receivables $399.0M $399.0M $363.0M
Other Receivables $0.00
Total Short-Term Assets $5.165B $5.165B $6.008B
YoY Change -14.03% -14.03% 33.04%
LONG-TERM ASSETS
Property, Plant & Equipment $3.037B $6.712B $2.841B
YoY Change 6.9% -4.9% -9.0%
Goodwill $207.0M $109.0M
YoY Change 89.91% 0.0%
Intangibles $36.00M $0.00
YoY Change
Long-Term Investments
YoY Change
Other Assets $884.0M $143.0M $703.0M
YoY Change 25.75% 0.7% 10.02%
Total Long-Term Assets $7.596B $7.596B $7.761B
YoY Change -2.13% -2.13% -15.3%
TOTAL ASSETS
Total Short-Term Assets $5.165B $5.165B $6.008B
Total Long-Term Assets $7.596B $7.596B $7.761B
Total Assets $12.76B $12.76B $13.77B
YoY Change -7.32% -7.32% 0.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.951B $1.951B $1.743B
YoY Change 11.93% 11.93% 48.47%
Accrued Expenses $1.367B $1.754B $1.276B
YoY Change 7.13% -2.39% 19.59%
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 $4.077B $4.077B $3.884B
YoY Change 4.97% 4.97% 21.03%
LONG-TERM LIABILITIES
Long-Term Debt $1.484B $1.484B $2.216B
YoY Change -33.03% -33.03% 77.42%
Other Long-Term Liabilities $165.0M $4.478B $153.0M
YoY Change 7.84% -11.41% 10.07%
Total Long-Term Liabilities $5.962B $5.962B $7.271B
YoY Change -18.0% -18.0% 1.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.077B $4.077B $3.884B
Total Long-Term Liabilities $5.962B $5.962B $7.271B
Total Liabilities $10.04B $10.04B $11.16B
YoY Change -10.0% -10.0% 7.64%
SHAREHOLDERS EQUITY
Retained Earnings $2.622B $2.501B
YoY Change 4.84% -23.21%
Common Stock $19.00M $19.00M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.722B $2.722B $2.614B
YoY Change
Total Liabilities & Shareholders Equity $12.76B $12.76B $13.77B
YoY Change -7.32% -7.32% 0.66%

Cashflow Statement

Concept 2022 Q1 2022 2021 Q1
OPERATING ACTIVITIES
Net Income -$16.00M $256.0M $234.0M
YoY Change -106.84% -138.5% -227.17%
Depreciation, Depletion And Amortization $132.0M $502.0M $126.0M
YoY Change 4.76% -0.59% -10.0%
Cash From Operating Activities $127.0M $809.0M -$162.0M
YoY Change -178.4% 241.35% -118.35%
INVESTING ACTIVITIES
Capital Expenditures -$208.0M $694.0M -$104.0M
YoY Change 100.0% 77.04% -41.9%
Acquisitions $135.0M
YoY Change
Other Investing Activities $270.0M $5.000M -$231.0M
YoY Change -216.88% -350.0% -5875.0%
Cash From Investing Activities $62.00M -$446.0M -$335.0M
YoY Change -118.51% -12.55% 91.43%
FINANCING ACTIVITIES
Cash Dividend Paid $226.0M
YoY Change
Common Stock Issuance & Retirement, Net $201.0M
YoY Change
Debt Paid & Issued, Net $2.546B
YoY Change 94.8%
Cash From Financing Activities -113.0M -$1.471B 5.000M
YoY Change -2360.0% -264.36% -103.65%
NET CHANGE
Cash From Operating Activities 127.0M $809.0M -162.0M
Cash From Investing Activities 62.00M -$446.0M -335.0M
Cash From Financing Activities -113.0M -$1.471B 5.000M
Net Change In Cash 76.00M -$1.114B -492.0M
YoY Change -115.45% -275.43% -186.16%
FREE CASH FLOW
Cash From Operating Activities $127.0M $809.0M -$162.0M
Capital Expenditures -$208.0M $694.0M -$104.0M
Free Cash Flow $335.0M $115.0M -$58.00M
YoY Change -677.59% -174.19% -105.46%

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CY2020 us-gaap Gain Loss On Sale Of Property Plant Equipment
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CY2020 us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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CY2020 gps Increase Decrease In Lease Incentive And Other Long Term Liabilities
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CY2022 gps Change Operating Lease Asset And Liabilities Net
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CY2020 us-gaap Payments To Acquire Buildings
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CY2021 us-gaap Proceeds From Sale Of Buildings
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CY2020 us-gaap Proceeds From Sale Of Buildings
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CY2022 us-gaap Payments To Acquire Short Term Investments
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CY2021 us-gaap Payments To Acquire Short Term Investments
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CY2021 us-gaap Proceeds From Sale Maturity And Collections Of Investments
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CY2020 us-gaap Proceeds From Sale Maturity And Collections Of Investments
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CY2021 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2020 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2021 us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
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CY2020 us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
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CY2021 us-gaap Payments For Proceeds From Other Investing Activities
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CY2021 us-gaap Net Cash Provided By Used In Investing Activities
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CY2020 us-gaap Net Cash Provided By Used In Investing Activities
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CY2021 us-gaap Repayments Of Lines Of Credit
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CY2021 us-gaap Proceeds From Issuance Of Long Term Debt
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CY2020 us-gaap Proceeds From Issuance Of Long Term Debt
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CY2022 us-gaap Repayments Of Long Term Debt
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CY2021 us-gaap Repayments Of Long Term Debt
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CY2020 us-gaap Repayments Of Long Term Debt
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CY2020 us-gaap Payments Of Debt Issuance Costs
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CY2022 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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CY2021 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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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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CY2021 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2020 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2021 us-gaap Payments For Repurchase Of Common Stock
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CY2020 us-gaap Payments For Repurchase Of Common Stock
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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CY2020 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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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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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2020 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2021 us-gaap Interest Paid
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CY2020 us-gaap Operating Lease Payments
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CY2022 us-gaap Fiscal Period
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<div style="margin-top:8pt"><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 29, 2022 (fiscal 2021), January 30, 2021 (fiscal 2020), and February 1, 2020 (fiscal 2019) consisted of 52 weeks.</span></div>
CY2022 us-gaap Use Of Estimates
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<div style="margin-top:8pt"><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 the COVID-19 pandemic and the supply chain disruption on the assumptions and estimates used when preparing these consolidated financial statements including inventory valuation, income taxes, and the impairment of long-lived store assets and operating lease assets. Actual results could differ from those estimates.</span></div>
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022 gps Latest Lease Expiration Date
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CY2022 gps Payrollbenefitsandotheradministrativeexpensesforourdistributioncentersrecordedinoperatingexpenses
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CY2022 us-gaap Research And Development Expense
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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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CY2022 us-gaap Advertising Expense
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CY2021 us-gaap Advertising Expense
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CY2020 us-gaap Advertising Expense
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CY2022 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2021 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2020 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2022 gps Realizedand Unrealizedgainlossfromcertainderivativefinancialinstruments
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18000000 USD
CY2021 gps Realizedand Unrealizedgainlossfromcertainderivativefinancialinstruments
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