SPORTSMAN'S WAREHOUSE HOLDINGS, INC. Files 2024 10-K

TL;DR

<b>SPORTSMAN'S WAREHOUSE HOLDINGS, INC. filed its annual 10-K report for the fiscal year ending February 3, 2024, detailing financial performance and credit facility information.</b>

AI Summary

SPORTSMAN'S WAREHOUSE HOLDINGS, INC. (SPWH) filed a Annual Report (10-K) with the SEC on April 4, 2024. The company filed its 10-K for the fiscal year ended February 3, 2024. The filing covers financial data for the fiscal years ending January 28, 2023, and February 3, 2024. Key financial statement items like Retained Earnings and Additional Paid In Capital are detailed for multiple fiscal periods. Information regarding the Wells Fargo Senior Secured Revolving Credit Facility is included, with details on maximum and minimum rates. Various asset and liability accounts, including Leasehold Improvements and Furniture and Fixtures, are reported as of February 3, 2024.

Why It Matters

For investors and stakeholders tracking SPORTSMAN'S WAREHOUSE HOLDINGS, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of the company's financial health and operational status for the past fiscal year, crucial for investors assessing performance and future prospects. Details on the Wells Fargo Senior Secured Revolving Credit Facility offer insight into the company's debt structure and borrowing capacity, important for understanding financial risk and flexibility.

Risk Assessment

Risk Level: — SPORTSMAN'S WAREHOUSE HOLDINGS, INC. shows moderate risk based on this filing. The company operates in the retail sector, which is subject to economic fluctuations and changing consumer spending habits, as evidenced by the detailed financial reporting in the 10-K.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand the company's performance and outlook.

Key Numbers

• 2024-02-03 — Fiscal Year End (Conformed period of report)
• 2024-04-04 — Filing Date (Filed as of date)
• 0000950170-24-041618 — Accession Number (SEC filing accession number)

Key Players & Entities

• SPORTSMAN'S WAREHOUSE HOLDINGS, INC. (company) — Filer name
• Wells Fargo (company) — Bank providing credit facility
• 10-K (regulator) — Filing type

FAQ

Industry Context

Sportsman's Warehouse Holdings, Inc. operates in the retail sector, specifically focusing on sporting goods and outdoor equipment. This sector is sensitive to consumer discretionary spending and seasonal trends.

Regulatory Implications

The company is subject to SEC regulations for public companies, requiring annual filings like the 10-K to disclose financial performance and business operations.

What Investors Should Do

1. Review the detailed financial statements for the fiscal years ending 2023 and 2024.
2. Analyze the terms and conditions of the Wells Fargo Senior Secured Revolving Credit Facility.
3. Examine any disclosed risk factors related to the company's operations and market position.

Key Dates

• 2024-02-03: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-04-04: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This 10-K filing provides updated financial information compared to previous filings, reflecting the company's performance for the fiscal year ending February 3, 2024.

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share SPWH The Nasdaq Stock Mar
• $2.9 m — average net investment of approximately $2.9 million, consisting of capital investment
• $1.8 million — ory at an average cost of approximately $1.8 million. We target a pre-tax return on invested

Filing Documents

• spwh-20240203.htm (10-K) — 2328KB
• spwh-ex4_2.htm (EX-4.2) — 43KB
• spwh-ex10_10.htm (EX-10.10) — 156KB
• spwh-ex10_11.htm (EX-10.11) — 117KB
• spwh-ex10_13.htm (EX-10.13) — 9KB
• spwh-ex21_1.htm (EX-21.1) — 14KB
• spwh-ex23_1.htm (EX-23.1) — 3KB
• spwh-ex31_1.htm (EX-31.1) — 13KB
• spwh-ex31_2.htm (EX-31.2) — 13KB
• spwh-ex32_1.htm (EX-32.1) — 11KB
• spwh-ex97_1.htm (EX-97.1) — 54KB
• img61549848_0.jpg (GRAPHIC) — 5KB
• img70016388_0.jpg (GRAPHIC) — 149KB
• 0000950170-24-041618.txt (&nbsp;) — 9560KB
• spwh-20240203.xsd (EX-101.SCH) — 1195KB
• spwh-20240203_htm.xml (XML) — 1536KB

Business

Business 6 Item 1A.

Risk Factors

Risk Factors 23 Item 1B. Unresolved Staff Comments 37 Item 1C. Cybersecurity 37 Item 2.

Properties

Properties 39 Item 3.

Legal Proceedings

Legal Proceedings 39 Item 4. Mine Safety Disclosures 39 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 39 Item 6. [Reserved] 41 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 42 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 57 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 58 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 81 Item 9A.

Controls and Procedures

Controls and Procedures 81 Item 9B. Other Information 84 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 84 PART III Item 10. Directors, Executive Officers and Corporate Governance 85 Item 11.

Executive Compensation

Executive Compensation 85 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 85 Item 13. Certain Relationships and Related Transactions, and Director Independence 85 Item 14. Principal Accountant Fees and Services 85 PART IV Item 15. Exhibit and Financial Statement Schedules 86 Item 16. Form 10-K Summary 88

SIGNATURES

SIGNATURES 89 iii References throughout this document to "Sportsman's Warehouse," "we," "us," and "our" refer to Sportsman's Warehouse Holdings, Inc. and its subsidiaries, and references to "Holdings" refer to Sportsman's Warehouse Holdings, Inc. excluding its subsidiaries. References to (i) "fiscal year 2023" refer to our fiscal year ended February 3, 2024; (ii) "fiscal year 2022" refer to our fiscal year ended January 28, 2023; and (iii) "fiscal year 2021" refer to our fiscal year ended January 29, 2022. SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (this "10-K") contains statements that constitute forward-looking statements as that term is defined by the Private Securities Litigation Reform Act of 1995. These statements concern our business, operations and financial performance and condition as well as our plans, objectives and expectations for our business operations and financial performance and condition, which are subject to risks and uncertainties. All statements other than statements of historical fact included in this 10-K are forward-looking statements. These statements may include words such as "aim," "anticipate," "assume," "believe," "can have," "could," "due," "estimate," "expect," "goal," "intend," "likely," "may," "objective," "plan," "positioned," "potential," "predict," "should," "target," "will," "would" and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events or trends. For example, all statements we make relating to our plans and objectives for future operations, growth or initiatives and strategies are forward-looking statements. These forward-looking statements are based on current expectations, estimates, forecasts and projections about our business and the industry in which we operate and our management's beliefs and assumptions. We derive many of our forward-looking statements from our o

B USINESS

ITEM 1. B USINESS Overview Sportsman's Warehouse is an outdoor sporting goods retailer focused on meeting the everyday needs of the seasoned outdoor veteran, the first-time participant and everyone in between. Our mission is to provide outstanding gear and exceptional service to inspire outdoor memories. We strive to accomplish this goal by tailoring our broad and deep merchandise assortment to meet local conditions and demand, offering everyday low prices and providing friendly support from our knowledgeable and highly trained staff. We also offer a top-tier e-commerce experience, extensive in-store events and educational programming. These core strategies help position Sportsman's Warehouse as the "local outdoor experts" and the preferred place to not only shop, but to also share outdoor-based experiences in the communities we support and serve. As a result, we are growing our loyal customer base in existing markets, expanding our footprint into new markets, and increasing our omni-channel presence in both new and existing markets, which we believe will further drive our growth and profitability. Sportsman's Warehouse was founded in 1986 as a single retail store in Midvale, Utah and has grown to 146 stores across 32 states. Today, we have the largest outdoor specialty store base in the Western United States and Alaska. Our stores range from 7,500 to 75,000 gross square feet, with an average size of approximately 37,000 gross square feet. Our store layout is adaptable to both standalone locations and strip centers. We believe it is less capital-intensive for us to open new stores compared to our principal competitors because our value engineered store layout requires lower initial cash investments to build out and our stores generally require less square footage than the stores of our large retail competitors. We also have the largest assortment and offering of firearms available online for in-store purchase and buy-online-pickup-in-store when compared to the

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View this 10-K filing on SEC EDGAR