2024 Q4 Form 10-Q Financial Statement

#000185643724000033 Filed on December 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2023 Q4
Revenue $1.347B $1.265B
YoY Change 6.48% -4.02%
Cost Of Revenue $879.0M $831.0M
YoY Change 5.78% -3.48%
Gross Profit $468.0M $434.0M
YoY Change 7.83% -5.03%
Gross Profit Margin 34.74% 34.31%
Selling, General & Admin $515.0M $482.0M
YoY Change 6.85% 16.43%
% of Gross Profit 110.04% 111.06%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $55.00M $71.00M
YoY Change -22.54% 4.41%
% of Gross Profit 11.75% 16.36%
Operating Expenses $515.0M $488.0M
YoY Change 5.53% 17.87%
Operating Profit -$47.00M -$54.00M
YoY Change -12.96% -225.58%
Interest Expense $22.00M -$27.00M
YoY Change -181.48% -280.0%
% of Operating Profit
Other Income/Expense, Net -$1.000M $0.00
YoY Change -100.0%
Pretax Income -$93.00M
YoY Change -413.74%
Income Tax -$15.00M -$22.00M
% Of Pretax Income
Net Earnings -$56.00M -$71.00M
YoY Change -21.13% -395.83%
Net Earnings / Revenue -4.16% -5.61%
Basic Earnings Per Share -$0.71 -$0.92
Diluted Earnings Per Share -$0.71 -$0.92
COMMON SHARES
Basic Shares Outstanding 79.00M shares 77.00M shares
Diluted Shares Outstanding 79.00M shares 77.00M shares

Balance Sheet

Concept 2024 Q4 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $124.0M
YoY Change -1.59%
Cash & Equivalents $161.0M $124.0M
Short-Term Investments
Other Short-Term Assets $172.0M $162.0M
YoY Change 6.17% 3.18%
Inventory $1.290B $1.211B
Prepaid Expenses
Receivables $163.0M $139.0M
Other Receivables $0.00
Total Short-Term Assets $1.786B $1.636B
YoY Change 9.17% -4.27%
LONG-TERM ASSETS
Property, Plant & Equipment $806.0M $2.182B
YoY Change -63.06% 155.2%
Goodwill $367.0M $365.0M
YoY Change 0.55%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $90.00M $97.00M
YoY Change -7.22% 15.48%
Total Long-Term Assets $3.135B $3.051B
YoY Change 2.75% 25.4%
TOTAL ASSETS
Total Short-Term Assets $1.786B $1.636B
Total Long-Term Assets $3.135B $3.051B
Total Assets $4.921B $4.687B
YoY Change 4.99% 13.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $464.0M $449.0M
YoY Change 3.34% 13.1%
Accrued Expenses $801.0M $503.0M
YoY Change 59.24% -18.61%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $4.000M $4.000M
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $1.526B $1.368B
YoY Change 11.55% 2.7%
LONG-TERM LIABILITIES
Long-Term Debt $1.414B $1.530B
YoY Change -7.58% 22.99%
Other Long-Term Liabilities $62.00M $1.491B
YoY Change -95.84% 3006.25%
Total Long-Term Liabilities $1.476B $3.021B
YoY Change -51.14% 133.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.526B $1.368B
Total Long-Term Liabilities $1.476B $3.021B
Total Liabilities $4.468B $4.467B
YoY Change 0.02% 14.83%
SHAREHOLDERS EQUITY
Retained Earnings $150.0M -$3.000M
YoY Change -5100.0% -106.38%
Common Stock $279.0M $224.0M
YoY Change 24.55% 19.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $429.0M $220.0M
YoY Change
Total Liabilities & Shareholders Equity $4.921B $4.687B
YoY Change 4.99% 13.16%

Cashflow Statement

Concept 2024 Q4 2023 Q4
OPERATING ACTIVITIES
Net Income -$56.00M -$71.00M
YoY Change -21.13% -395.83%
Depreciation, Depletion And Amortization $55.00M $71.00M
YoY Change -22.54% 4.41%
Cash From Operating Activities -$181.0M
YoY Change -20.61%
INVESTING ACTIVITIES
Capital Expenditures $80.00M
YoY Change -219.4%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$80.00M
YoY Change 19.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 255.0M
YoY Change 15.91%
NET CHANGE
Cash From Operating Activities -181.0M
Cash From Investing Activities -80.00M
Cash From Financing Activities 255.0M
Net Change In Cash -6.000M
YoY Change -92.0%
FREE CASH FLOW
Cash From Operating Activities -$181.0M
Capital Expenditures $80.00M
Free Cash Flow -$261.0M
YoY Change 62.11%

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us-gaap Fiscal Period
FiscalPeriod
<div style="margin-top:5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Fiscal Year</span></div>The Company’s fiscal year ends on the Saturday nearest to January 31. As used herein, “third quarter of 2024” and “third quarter of 2023” refer to the thirteen-week periods ended November 2, 2024 and October 28, 2023, respectively. “Year-to-date 2024” and “year-to-date 2023” refer to the thirty-nine-week periods ended November 2, 2024 and October 28, 2023, respectively, and “fiscal year 2024” and “fiscal year 2023” refer to the fifty-two-week period ending February 1, 2025 and the fifty-three-week period ended February 3, 2024, respectively.
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-top:5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risk</span></div><div style="margin-top:5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company maintains cash and cash equivalents with various major financial institutions. The Company monitors the relative credit standing of financial institutions with whom the Company transacts with and limits the amount of credit exposure with any one entity. As of November 2, 2024, the Company's investment portfolio was primarily comprised of money market funds and bank deposits.</span></div><div style="margin-bottom:6pt;margin-top:5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company also periodically reviews the relative credit standing of franchise, license and wholesale partners and other entities to which the Company grants credit terms in the normal course of business. The Company determines the required allowance for expected credit losses using information such as customer credit history and financial condition. Amounts are recorded to the allowance when it is determined that expected credit losses may occur.</span></div>
CY2024Q4 us-gaap Supplier Finance Program Obligation Current
SupplierFinanceProgramObligationCurrent
176000000 usd
CY2024Q1 us-gaap Supplier Finance Program Obligation Current
SupplierFinanceProgramObligationCurrent
183000000 usd
CY2023Q4 us-gaap Supplier Finance Program Obligation Current
SupplierFinanceProgramObligationCurrent
154000000 usd
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates in the Preparation of Financial Statements</span></div><div style="margin-bottom:6pt;margin-top:5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period, as well as the related disclosure of contingent assets and liabilities at the date of the financial statements. Actual results may differ from those estimates, and the Company revises its estimates and assumptions as new information becomes available.</span></div>
CY2022Q4 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
391000000 usd
CY2024Q4 us-gaap Contract With Customer Receivable After Allowance For Credit Loss
ContractWithCustomerReceivableAfterAllowanceForCreditLoss
122000000 usd
CY2024Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
288000000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
113000000 usd
CY2024Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1347000000 usd
CY2023Q2 us-gaap Restructuring Charges
RestructuringCharges
11000000 usd
CY2024Q4 us-gaap Restructuring Reserve
RestructuringReserve
1000000 usd
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
78000000 shares
us-gaap Weighted Average Number Of Shares Treasury Stock
WeightedAverageNumberOfSharesTreasuryStock
0 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
78000000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2023Q1 vsco Inflation Reduction Act Increase In Treasury Stock Due To Excise Tax Liability Recorded
InflationReductionActIncreaseInTreasuryStockDueToExciseTaxLiabilityRecorded
1000000 usd
CY2024Q4 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
38000000 usd
CY2024Q1 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
39000000 usd
CY2023Q4 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
37000000 usd
CY2024Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
37000000 usd
CY2024Q4 vsco Accrued Freight And Other Logistics Expense Current
AccruedFreightAndOtherLogisticsExpenseCurrent
29000000 usd
CY2024Q1 vsco Accrued Freight And Other Logistics Expense Current
AccruedFreightAndOtherLogisticsExpenseCurrent
12000000 usd
CY2023Q4 vsco Accrued Freight And Other Logistics Expense Current
AccruedFreightAndOtherLogisticsExpenseCurrent
11000000 usd
CY2024Q4 vsco Accrued Returns Reserve Current
AccruedReturnsReserveCurrent
21000000 usd
CY2024Q1 vsco Accrued Returns Reserve Current
AccruedReturnsReserveCurrent
16000000 usd
CY2023Q4 vsco Accrued Returns Reserve Current
AccruedReturnsReserveCurrent
14000000 usd
CY2024Q4 us-gaap Interest Payable Current
InterestPayableCurrent
17000000 usd
CY2024Q1 us-gaap Interest Payable Current
InterestPayableCurrent
9000000 usd
CY2023Q4 us-gaap Interest Payable Current
InterestPayableCurrent
19000000 usd
CY2024Q4 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
14000000 usd
CY2024Q1 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
11000000 usd
CY2023Q4 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
10000000 usd

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