Academy Sports & Outdoors Files 2024 10-K

TL;DR

<b>Academy Sports & Outdoors filed its annual 10-K report for the fiscal year ending February 3, 2024, detailing financial performance and business operations.</b>

AI Summary

Academy Sports & Outdoors, Inc. (ASO) filed a Annual Report (10-K) with the SEC on March 21, 2024. Academy Sports & Outdoors, Inc. filed its 10-K for the fiscal year ending February 3, 2024. The filing covers the period from January 29, 2023, to February 3, 2024. Key dates include the fiscal year end of February 3, 2024, and previous fiscal year ends on January 28, 2023, and January 29, 2022. The company's principal business address is 1800 North Mason Road, Katy, TX 77449. The filing references specific financial items such as Accounts Payable Current and Common Stock.

Why It Matters

For investors and stakeholders tracking Academy Sports & Outdoors, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Academy Sports & Outdoors' financial health, operational performance, and strategic positioning for the fiscal year 2023. Investors and analysts can use this report to assess the company's financial stability, growth prospects, and potential risks, informing investment decisions.

Risk Assessment

Risk Level: medium — Academy Sports & Outdoors, Inc. shows moderate risk based on this filing. The company's reliance on a single largest supplier for inventory purchases presents a medium risk, as disruptions could impact product availability and sales.

Analyst Insight

Monitor inventory management and supplier diversification strategies to mitigate potential supply chain risks.

Key Numbers

• 2024-02-03 — Fiscal Year End (Conformed period of report)
• 2024-03-21 — Filing Date (Filed as of date)
• 2023-01-29 — Previous Fiscal Year Start (Start date for fiscal year 2023)
• 2022-01-30 — Prior Fiscal Year Start (Start date for fiscal year 2022)

Key Players & Entities

• Academy Sports & Outdoors, Inc. (company) — Filer name
• 0001817358 (company) — Central Index Key
• 20240203 (date) — Conformed period of report
• 20240321 (date) — Filed as of date
• 1800 North Mason Road, Katy, TX 77449 (address) — Business address
• JeffC.TweedyMember (person) — Director name

FAQ

Risk Factors

• Supplier Concentration Risk [medium — financial]: The company's business is subject to supplier concentration risk, particularly with one largest supplier for inventory purchases.

Key Dates

• 2024-02-03: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-21: Filing Date — Date the 10-K was officially filed with the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (Provides a detailed overview of the company's financial health and operations for the fiscal year.)

Accounts Payable Current

Short-term obligations owed by a company to its suppliers for goods or services purchased on credit. (Indicates the company's short-term liabilities to its vendors.)

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share ASO The Nasdaq Stock Market L

Filing Documents

• aso-20240203.htm (10-K) — 2197KB
• exhibit1066-nonxeedirector.htm (EX-10.66) — 27KB
• exhibit211-fy2023.htm (EX-21.1) — 6KB
• exhibit231-fy2023.htm (EX-23.1) — 3KB
• exhibit311-fy2023.htm (EX-31.1) — 11KB
• exhibit312-fy2023.htm (EX-31.2) — 11KB
• exhibit321-fy2023.htm (EX-32.1) — 6KB
• exhibit322-fy2023.htm (EX-32.2) — 6KB
• exhibit971-asoclawbackpoli.htm (EX-97.1) — 14KB
• aso-20240203_g1.jpg (GRAPHIC) — 30KB
• aso-20240203_g2.jpg (GRAPHIC) — 155KB
• capturea.jpg (GRAPHIC) — 7KB
• image_01a.jpg (GRAPHIC) — 32KB
• image_0a.jpg (GRAPHIC) — 8KB
• 0001817358-24-000042.txt (&nbsp;) — 11116KB
• aso-20240203.xsd (EX-101.SCH) — 56KB
• aso-20240203_cal.xml (EX-101.CAL) — 82KB
• aso-20240203_def.xml (EX-101.DEF) — 322KB
• aso-20240203_lab.xml (EX-101.LAB) — 768KB
• aso-20240203_pre.xml (EX-101.PRE) — 599KB
• aso-20240203_htm.xml (XML) — 1613KB

Risk Factors 16

Item 1A. Risk Factors 16

Unresolved Staff Comments 40

Item 1B. Unresolved Staff Comments 40

Cybersecurity 41

Item 1C. Cybersecurity 41

Properties 42

Item 2. Properties 42

Legal Proceedings 43

Item 3. Legal Proceedings 43

Mine Safety Disclosures 43

Item 4. Mine Safety Disclosures 43

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 44

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 44

Management's Discussion and Analysis of Financial Condition and Results of Operations 46

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 46

Quantitative and Qualitative Disclosures About Market Risk 62

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 62

Financial Statements and Supplementary Data 62

Item 8. Financial Statements and Supplementary Data 62

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 62

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 62

Controls and Procedures 63

Item 9A. Controls and Procedures 63

Other Information 65

Item 9B. Other Information 65

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 67

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 67

Directors, Executive Officers and Corporate Governance 67

Item 10. Directors, Executive Officers and Corporate Governance 67

Executive Compensation 67

Item 11. Executive Compensation 67

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 68

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 68

Certain Relationships and Related Transactions, and Director Independence 68

Item 13. Certain Relationships and Related Transactions, and Director Independence 68

Principal Accountant Fees and Services 68

Item 14. Principal Accountant Fees and Services 68

Exhibits and Financial Statement Schedules 69

Item 15. Exhibits and Financial Statement Schedules 69

Form 10-K Summary 106

Item 16. Form 10-K Summary 106 SIGNATURES 112 2 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (this "Annual Report") includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which are subject to the "safe harbor" created by those sections. Forward-looking statements include all statements that are not historical facts, including statements reflecting our current views with respect to, among other things, our operations and financial performance. These forward-looking statements are included throughout this Annual Report, including in the section entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations" and in the section entitled "Risk Factors," and relate to matters such as our industry, business strategy, goals and expectations concerning our market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources and other financial and operating information. We have used the words "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "future," "will," "seek," "foreseeable," the negative version of these words or similar terms and phrases to identify forward-looking statements in this Annual Report. The forward-looking statements contained in this Annual Report are based on management's current expectations and are not guarantees of future performance. The forward-looking statements are subject to various risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs, and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management's ex

Business

Item 1. Business The following discussion and analysis of our financial condition and results of operations should be read together with our financial statements and related notes included elsewhere in this Annual Report for the fiscal year ended February 3, 2024. This discussion contains forward-looking statements that involve risks and uncertainties. See the section of this Annual Report entitled "Cautionary Statement Regarding Forward-Looking Statements." When reviewing the discussion below, you should keep in mind the substantial risks and uncertainties that characterize our business. Known material factors that could affect our financial performance and actual results, and could cause actual results to differ materially from those expressed or implied in any forward-looking statements included in this discussion or otherwise made by our management, are described in the "Risk Factors" section of this Annual Report. Who We Are Academy Sports + Outdoors is a leading full-line sporting goods and outdoor recreation retailer in the United States. Originally founded in 1938 as a family business in Texas, we now operate 282 stores across 18 contiguous states. Our mission is to provide "Fun for All" and we fulfill this mission with a localized merchandising strategy and value proposition that deeply connect with a broad range of consumers. Our product assortment focuses on key categories of outdoor, apparel, sports & recreation and footwear (representing 28%, 28%, 24% and 20% of our 2023 net sales, respectively) through both leading national brands and a portfolio of 19 private label brands, which go well beyond traditional sporting goods and apparel offerings. We believe the following attributes differentiate us from our competitors: Value-based assortment that enables our customers to participate and have fun, no matter their budget. Broad assortment that extends beyond sporting goods and apparel to outdoor recreation and is localized for individual stores. E

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View this 10-K filing on SEC EDGAR