Sportsman's Warehouse Holdings Files Q2 10-Q

TL;DR

**SPWH Q2 10-Q FILED: Check financials for latest quarter.**

AI Summary

Sportsman's Warehouse Holdings, Inc. filed its 10-Q for the period ending August 3, 2024. The filing details financial performance and operational updates. Key financial data and disclosures relevant to investors are presented within this report.

Why It Matters

This 10-Q filing provides investors with a detailed look at Sportsman's Warehouse's financial health and operational status for the second quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the retail sector can be subject to economic fluctuations and changing consumer spending habits.

Key Numbers

• 2024-08-03 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 2024-09-04 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• SPORTSMAN'S WAREHOUSE HOLDINGS, INC. (company) — Filer of the 10-Q
• 20240803 (date) — End of the reporting period
• 20240904 (date) — Filing date
• WEST JORDAN, UT (location) — Company headquarters location
• Wells Fargo Senior Secured Revolving Credit Facility (financial_instrument) — Mentioned in relation to base rate

FAQ

Key Financial Figures

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

Filing Documents

• spwh-20240803.htm (10-Q) — 1762KB
• spwh-ex31_1.htm (EX-31.1) — 15KB
• spwh-ex31_2.htm (EX-31.2) — 15KB
• spwh-ex32_1.htm (EX-32.1) — 13KB
• 0000950170-24-103115.txt ( ) — 6315KB
• spwh-20240803.xsd (EX-101.SCH) — 781KB
• spwh-20240803_htm.xml (XML) — 1092KB

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 8 Notes to Condensed Consolidated Financial Statements 9 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 21 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 33 Item 4.

Controls and Procedures

Controls and Procedures 33

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 34 Item 1A.

Risk Factors

Risk Factors 34 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35 Item 3. Defaults Upon Senior Securities 35 Item 4. Mine Safety Disclosures 35 Item 5. Other Information 35 Item 6. Exhibits 36

Signatures

Signatures 38 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 second fiscal quarters ended August 3, 2024 and July 29, 2023 both consisted of 13 weeks and are referred to herein as the second quarter of fiscal year 2024 and the second 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 connecti

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) August 3, February 3, 2024 2024 Assets Current assets: Cash and cash equivalents $ 2,560 $ 3,141 Accounts receivable, net 2,297 2,119 Income tax receivable 22 — Merchandise inventories 363,435 354,710 Prepaid expenses and other 17,007 20,078 Total current assets 385,321 380,048 Operating lease right of use asset 325,063 309,377 Property and equipment, net 181,689 194,452 Goodwill 1,496 1,496 Deferred tax asset 8,038 505 Definite lived intangibles, net 297 327 Total assets $ 901,904 $ 886,205 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 55,250 $ 56,122 Accrued expenses 80,382 83,665 Income taxes payable — 126 Operating lease liability, current 49,129 48,693 Revolving line of credit 131,054 126,043 Total current liabilities 315,815 314,649 Long-term liabilities: Term loan, net 24,032 — Operating lease liability, noncurrent 319,022 307,000 Total long-term liabilities 343,054 307,000 Total liabilities 658,869 621,649 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; 37,848 and 37,529 shares issued and outstanding, respectively 378 375 Additional paid-in capital 84,246 81,798 Accumulated earnings 158,411 182,383 Total stockholders' equity 243,035 264,556 Total liabilities and stockholders' equity $ 901,904 $ 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 CONDENSE

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