2024 Q2 Form 10-Q Financial Statement

#000011047124000110 Filed on May 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $425.2M $394.9M
YoY Change -29.06%
Cost Of Revenue $242.0M $213.5M
YoY Change -33.35%
Gross Profit $183.2M $181.4M
YoY Change -22.47%
Gross Profit Margin 43.09% 45.94%
Selling, General & Admin $166.6M $176.8M
YoY Change -21.42%
% of Gross Profit 90.94% 97.46%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.200M $7.100M
YoY Change -27.06%
% of Gross Profit 3.38% 3.91%
Operating Expenses $166.6M $176.8M
YoY Change -21.42%
Operating Profit $29.10M -$3.100M
YoY Change -35.76%
Interest Expense -$11.90M -$12.00M
YoY Change -24.68%
% of Operating Profit -40.89%
Other Income/Expense, Net -$11.10M -$11.20M
YoY Change -34.71%
Pretax Income $18.00M -$14.30M
YoY Change -36.4%
Income Tax $2.400M -$600.0K
% Of Pretax Income 13.33%
Net Earnings $14.20M -$14.50M
YoY Change -25.26%
Net Earnings / Revenue 3.34% -3.67%
Basic Earnings Per Share $0.17 -$0.19
Diluted Earnings Per Share $0.17 -$0.19
COMMON SHARES
Basic Shares Outstanding 79.93M shares 79.75M shares
Diluted Shares Outstanding 80.00M shares 79.80M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $148.3M $169.7M
YoY Change 27.62%
Cash & Equivalents $148.3M $169.7M
Short-Term Investments
Other Short-Term Assets $73.20M $70.70M
YoY Change -33.03%
Inventory $297.1M $354.3M
Prepaid Expenses
Receivables $272.2M $231.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $790.8M $825.9M
YoY Change -34.24%
LONG-TERM ASSETS
Property, Plant & Equipment $90.20M $92.60M
YoY Change -35.8%
Goodwill $425.8M $426.0M
YoY Change -8.76%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $63.00M $72.10M
YoY Change -9.35%
Total Long-Term Assets $1.006B $1.027B
YoY Change -17.18%
TOTAL ASSETS
Total Short-Term Assets $790.8M $825.9M
Total Long-Term Assets $1.006B $1.027B
Total Assets $1.796B $1.853B
YoY Change -25.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $181.6M $202.3M
YoY Change -19.96%
Accrued Expenses $249.0M $253.0M
YoY Change -27.49%
Deferred Revenue
YoY Change
Short-Term Debt $225.0M $265.0M
YoY Change -50.0%
Long-Term Debt Due $10.00M $10.00M
YoY Change 0.0%
Total Short-Term Liabilities $665.6M $730.3M
YoY Change -35.75%
LONG-TERM LIABILITIES
Long-Term Debt $579.7M $581.9M
YoY Change -19.58%
Other Long-Term Liabilities $56.00M $49.00M
YoY Change -3.11%
Total Long-Term Liabilities $635.7M $630.9M
YoY Change -18.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $665.6M $730.3M
Total Long-Term Liabilities $635.7M $630.9M
Total Liabilities $1.301B $1.361B
YoY Change -28.28%
SHAREHOLDERS EQUITY
Retained Earnings $817.9M $812.0M
YoY Change -10.89%
Common Stock $485.0M $479.4M
YoY Change 11.09%
Preferred Stock
YoY Change
Treasury Stock (at cost) $890.9M $891.0M
YoY Change -0.04%
Treasury Stock Shares
Shareholders Equity $262.1M $252.5M
YoY Change
Total Liabilities & Shareholders Equity $1.796B $1.853B
YoY Change -25.67%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $14.20M -$14.50M
YoY Change -25.26%
Depreciation, Depletion And Amortization $6.200M $7.100M
YoY Change -27.06%
Cash From Operating Activities $26.70M -$37.20M
YoY Change -127.3%
INVESTING ACTIVITIES
Capital Expenditures $3.000M $5.100M
YoY Change -58.9%
Acquisitions
YoY Change
Other Investing Activities $7.500M $2.000M
YoY Change 7400.0%
Cash From Investing Activities $4.500M $85.40M
YoY Change -93.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $24.20M
YoY Change
Cash From Financing Activities -50.70M -$66.90M
YoY Change -682.76%
NET CHANGE
Cash From Operating Activities 26.70M -$37.20M
Cash From Investing Activities 4.500M $85.40M
Cash From Financing Activities -50.70M -$66.90M
Net Change In Cash -19.50M -$14.90M
YoY Change 30.87%
FREE CASH FLOW
Cash From Operating Activities $26.70M -$37.20M
Capital Expenditures $3.000M $5.100M
Free Cash Flow $23.70M -$42.30M
YoY Change -122.55%

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<div style="margin-bottom:5pt;margin-top:5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Nature of Operations</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Wolverine World Wide, Inc. (the “Company”) is a leading designer, marketer and licensor of a broad range of quality casual footwear and apparel; performance outdoor and athletic footwear and apparel; kids’ footwear; industrial work shoes, boots and apparel; and uniform shoes and boots. The Company’s portfolio of owned and licensed brands includes: </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Bates</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Cat</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Chaco</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Harley-Davidson</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Hush Puppies</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">HYTEST</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Merrell</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Saucony</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Stride Rite</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">, Sweaty Betty</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> and </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Wolverine</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. The Company’s products are marketed worldwide through owned operations, through licensing and distribution arrangements with third parties, and through joint ventures. The Company also operates retail stores and eCommerce sites to market both its own brands and branded footwear and apparel from other manufacturers.</span></div><div style="margin-bottom:9pt;margin-top:5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Effective February 4, 2023, the Company completed the sale of the </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Keds</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">® </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">business. See Note 18 for further discussion.</span></div><div style="margin-bottom:9pt;margin-top:5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the third quarter of fiscal 2023, the Company entered into a multi-year licensing agreement of the </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Hush Puppies</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> brand in the United States and Canada. As part of this agreement, the Company agreed to sell inventory and provide certain transition services to the licensee. In addition, in the third quarter of fiscal 2023, the Company completed the sale of the </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Hush Puppies</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">® </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">trademarks, patents, copyrights, and domains in China, Hong Kong, and Macau. The Company will continue to own the </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Hush Puppies</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">® </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">brand throughout the rest of the world. See Note 18 for further discussion.</span></div><div style="margin-bottom:9pt;margin-top:5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Effective August 23, 2023, the Company completed the sale of the U.S. Leathers business and effective December 28, 2023, the Company completed the sale of the Asia-based Leathers business. See Note 18 for further discussion.</span></div><div style="margin-bottom:9pt;margin-top:5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Effective January 1, 2024, the Company completed the sale of the Company’s equity interest joint venture entities that sourced and marketed </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Merrell</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> and </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Saucony</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> footwear and apparel products in China. See Note 18 for further discussion.</span></div><div style="margin-bottom:9pt;margin-top:5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Effective January 10, 2024, the Company completed the sale of the </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Sperry</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">business. See Note 18 for further discussion.</span></div>
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CY2023Q2 www Disposal Group Including Discontinued Operation Operating Lease Liability
DisposalGroupIncludingDiscontinuedOperationOperatingLeaseLiability
0 usd
CY2023Q4 us-gaap Disposal Group Including Discontinued Operation Accrued Liabilities
DisposalGroupIncludingDiscontinuedOperationAccruedLiabilities
9000000.0 usd
CY2023Q2 us-gaap Disposal Group Including Discontinued Operation Accrued Liabilities
DisposalGroupIncludingDiscontinuedOperationAccruedLiabilities
800000 usd
CY2023Q4 us-gaap Disposal Group Including Discontinued Operation Other Liabilities
DisposalGroupIncludingDiscontinuedOperationOtherLiabilities
1400000 usd
CY2023Q2 us-gaap Disposal Group Including Discontinued Operation Other Liabilities
DisposalGroupIncludingDiscontinuedOperationOtherLiabilities
0 usd
CY2023Q4 us-gaap Liabilities Of Disposal Group Including Discontinued Operation Current
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent
24200000 usd
CY2023Q2 us-gaap Liabilities Of Disposal Group Including Discontinued Operation Current
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent
5600000 usd
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

Files In Submission

Name View Source Status
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0000110471-24-000110-index.html Edgar Link pending
0000110471-24-000110.txt Edgar Link pending
0000110471-24-000110-xbrl.zip Edgar Link pending
a2024-q1ex101performancere.htm Edgar Link pending
a2024-q1ex102rpaamendments.htm Edgar Link pending
a2024-q1ex103rpaamendmentt.htm Edgar Link pending
a2024-q1exhibit311.htm Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
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report.css Edgar Link pending
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www-20240330.htm Edgar Link pending
www-20240330.xsd Edgar Link pending
www-20240330_lab.xml Edgar Link unprocessable
www-20240330_def.xml Edgar Link unprocessable
www-20240330_pre.xml Edgar Link unprocessable
www-20240330_htm.xml Edgar Link completed