Sportsman's Warehouse Files Q1 2024 10-Q

TL;DR

**SPWH Q1 10-Q filed. Financials and operations detailed. Check credit facility.**

AI Summary

Sportsman's Warehouse Holdings, Inc. filed its 10-Q for the period ending May 4, 2024. The filing details financial performance and operational updates. Key financial data and business segments are presented, with specific references to inventory, sales, and credit facilities.

Why It Matters

This filing provides investors with a quarterly update on Sportsman's Warehouse's financial health and operational performance, crucial for understanding the company's trajectory in the retail sector.

Risk Assessment

Risk Level: medium — The filing contains standard financial disclosures for a public company, but the retail sector can be subject to economic fluctuations and competitive pressures.

Key Numbers

• 20240504 — Reporting Period End Date (Indicates the end of the fiscal quarter being reported.)
• 20240605 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• SPORTSMAN'S WAREHOUSE HOLDINGS, INC. (company) — Filer
• WEST JORDAN, UT (location) — Business and Mail Address
• Wells Fargo Senior Secured Revolving Credit Facility (financial_instrument) — Mentioned in filing

FAQ

Key Financial Figures

• $0.01 — ch registered Common stock, par value $0.01 per share SPWH The Nasdaq Stock Mar

Filing Documents

• spwh-20240504.htm (10-Q) — 1213KB
• spwh-ex31_1.htm (EX-31.1) — 14KB
• spwh-ex31_2.htm (EX-31.2) — 15KB
• spwh-ex32_1.htm (EX-32.1) — 13KB
• 0000950170-24-069083.txt ( ) — 4966KB
• spwh-20240504.xsd (EX-101.SCH) — 684KB
• spwh-20240504_htm.xml (XML) — 802KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited): 4 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Operations 5 Condensed Consolidated Statements of Stockholders' Equity 6 Condensed Consolidated Statements of Cash Flows 7 Notes to Condensed Consolidated Financial Statements 8 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 28 Item 4.

Controls and Procedures

Controls and Procedures 28

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 29 Item 1A.

Risk Factors

Risk Factors 29 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 3. Defaults Upon Senior Securities 30 Item 4. Mine Safety Disclosures 30 Item 5. Other Information 30 Item 6. Exhibits 31

Signatures

Signatures 32 We operate on a fiscal calendar that, in a given fiscal year, consists of the 52- or 53-week period ending on the Saturday closest to January 31st. Our first fiscal quarters ended May 4, 2024 and April 29, 2023 both consisted of 13 weeks and are referred to herein as the first quarter of fiscal year 2024 and the first quarter of fiscal year 2023, respectively. Fiscal year 2024 contains 52 weeks of operations and will end on February 1, 2025. Fiscal year 2023 contained 53 weeks of operations and ended on February 3, 2024. Table of Contents 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 2024" refer to our fiscal year ending February 1, 2025; (ii) "fiscal year 2023" refer to our fiscal year ended February 3, 2024; and (iii) "fiscal year 2022" refer to our fiscal year ended January 28, 2023. SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q (this "10-Q") 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-Q 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 wi

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS SPORTSMAN'S WAREHOUSE HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS Amounts in Thousands, Except Par Value Data (unaudited) May 4, February 3, 2024 2024 Assets Current assets: Cash and cash equivalents $ 2,168 $ 3,141 Accounts receivable, net 2,102 2,119 Merchandise inventories 391,643 354,710 Prepaid expenses and other 19,200 20,078 Total current assets 415,113 380,048 Operating lease right of use asset 319,636 309,377 Property and equipment, net 187,848 194,452 Goodwill 1,496 1,496 Deferred tax asset 5,972 505 Definite lived intangibles, net 312 327 Total assets $ 930,377 $ 886,205 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 70,056 $ 56,122 Accrued expenses 84,444 83,665 Income taxes payable 68 126 Operating lease liability, current 49,351 48,693 Revolving line of credit 164,035 126,043 Total current liabilities 367,954 314,649 Long-term liabilities: Operating lease liability, noncurrent 314,891 307,000 Total long-term liabilities 314,891 307,000 Total liabilities 682,845 621,649 Commitments and contingencies Stockholders' equity: Preferred stock, $ .01 par value; 20,000 shares authorized; 0 shares issued and outstanding — — Common stock, $ .01 par value; 100,000 shares authorized; 37,632 and 37,529 shares issued and outstanding, respectively 376 375 Additional paid-in capital 82,839 81,798 Accumulated earnings 164,317 182,383 Total stockholders' equity 247,532 264,556 Total liabilities and stockholders' equity $ 930,377 $ 886,205 The accompanying notes are an integral part of these condensed consolidated financial statements. 4 Table of Contents SPORTSMAN'S WAREHOUSE HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Amounts in Thousands, E

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