Savers Value Village, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Savers Value Village, Inc. has submitted its 2023 annual report on Form 10-K, detailing its financial performance and business operations for the fiscal year ending December 30, 2023.</b>

AI Summary

Savers Value Village, Inc. (SVV) filed a Annual Report (10-K) with the SEC on March 8, 2024. Savers Value Village, Inc. filed its annual report on Form 10-K for the fiscal year ended December 30, 2023. The filing covers the period from January 1, 2023, to December 30, 2023. The company's principal business address is 11400 SE 6th St., #220, Bellevue, WA 98004. Savers Value Village, Inc. was formerly known as S-Evergreen Holding LLC, with a name change on September 16, 2021. The filing includes financial data for the fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking Savers Value Village, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Savers Value Village's financial health, operational strategies, and risk factors for the fiscal year 2023, which is crucial for investors to assess the company's performance and future prospects. The detailed financial statements and disclosures within the 10-K allow stakeholders to understand the company's revenue, expenses, assets, liabilities, and equity, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — Savers Value Village, Inc. shows moderate risk based on this filing. The company's financial performance and future outlook are subject to the risks and uncertainties detailed in the full 10-K filing, which were not fully available in the provided snippet.

Analyst Insight

Investors should review the complete 10-K filing to understand Savers Value Village's financial position, operational risks, and strategic initiatives for fiscal year 2023.

Key Numbers

• 2023-12-30 — Fiscal Year End (Reporting period)
• 2024-03-08 — Filing Date (Date of submission)
• 0001883313-24-000013 — Accession Number (Unique identifier for the filing)
• 139 — Public Document Count (Number of documents in the filing)

Key Players & Entities

• Savers Value Village, Inc. (company) — Filer name
• S-Evergreen Holding LLC (company) — Former company name
• Bellevue, WA (location) — Business address city and state
• 2023-12-30 (date) — Fiscal year end
• 2024-03-08 (date) — Filing date

FAQ

Industry Context

Savers Value Village, Inc. operates in the retail sector, specifically in miscellaneous retail, as indicated by its SIC code 5900.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures to the SEC.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management discussion.
2. Analyze the company's risk factors section for potential business challenges.
3. Compare the 2023 financial results with previous years to identify trends.

Key Dates

• 2023-12-30: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-08: Filing Date — Date Savers Value Village, Inc. submitted its 10-K filing.

Year-Over-Year Comparison

This is the initial 10-K filing for Savers Value Village, Inc. for the fiscal year 2023, following its name change from S-Evergreen Holding LLC.

Key Financial Figures

• $0.000001 — ich registered Common Stock, par value $0.000001 per share SVV The New York Stock Excha
• $5 — t retail price ("AUR") of approximately $5. We have a highly engaged customer base
• $39 billion — er retail market, reached approximately $39 billion in 2022 and is expected to grow to more
• $70 billion — 22 and is expected to grow to more than $70 billion by 2027. Thrift accounted for approxima
• $1.2 billion — ere estimated to generate approximately $1.2 billion of total output, $864.2 million of tota
• $864.2 million — oximately $1.2 billion of total output, $864.2 million of total GDP, $162.4 million in total r
• $162.4 million — al output, $864.2 million of total GDP, $162.4 million in total revenue for all three levels o
• $530 million — years, we have paid our NPPs more than $530 million for secondhand goods, providing them wi
• $1.5 million — ate charitable giving by establishing a $1.5 million Donor Advised Fund in the United States

Filing Documents

• svv-20231230.htm (10-K) — 2636KB
• exhibit44-descriptionofsec.htm (EX-4.4) — 34KB
• exhibit105-thirdamendmentt.htm (EX-10.5) — 108KB
• exhibit211-subsidiaries.htm (EX-21.1) — 8KB
• fy2023kpmgconsent.htm (EX-23.1) — 6KB
• exhibit31110kfy23.htm (EX-31.1) — 8KB
• exhibit31210kfy23.htm (EX-31.2) — 8KB
• exhibit32110kfy23.htm (EX-32.1) — 5KB
• exhibit32210kfy23.htm (EX-32.2) — 5KB
• exhibit971-saversclawbackp.htm (EX-97.1) — 44KB
• kpmg.jpg (GRAPHIC) — 9KB
• kpmglogo.jpg (GRAPHIC) — 23KB
• svv-20231230_g1.jpg (GRAPHIC) — 138KB
• svv-20231230_g10.jpg (GRAPHIC) — 65KB
• svv-20231230_g11.jpg (GRAPHIC) — 41KB
• svv-20231230_g12.jpg (GRAPHIC) — 66KB
• svv-20231230_g13.jpg (GRAPHIC) — 148KB
• svv-20231230_g14.jpg (GRAPHIC) — 153KB
• svv-20231230_g15.jpg (GRAPHIC) — 36KB
• svv-20231230_g16.jpg (GRAPHIC) — 26KB
• svv-20231230_g17.jpg (GRAPHIC) — 2KB
• svv-20231230_g18.jpg (GRAPHIC) — 1KB
• svv-20231230_g19.jpg (GRAPHIC) — 2KB
• svv-20231230_g2.jpg (GRAPHIC) — 43KB
• svv-20231230_g3.jpg (GRAPHIC) — 106KB
• svv-20231230_g4.jpg (GRAPHIC) — 86KB
• svv-20231230_g5.jpg (GRAPHIC) — 121KB
• svv-20231230_g6.jpg (GRAPHIC) — 131KB
• svv-20231230_g7.jpg (GRAPHIC) — 166KB
• svv-20231230_g8.jpg (GRAPHIC) — 67KB
• svv-20231230_g9.jpg (GRAPHIC) — 150KB
• 0001883313-24-000013.txt (&nbsp;) — 15302KB
• svv-20231230.xsd (EX-101.SCH) — 63KB
• svv-20231230_cal.xml (EX-101.CAL) — 132KB
• svv-20231230_def.xml (EX-101.DEF) — 405KB
• svv-20231230_lab.xml (EX-101.LAB) — 867KB
• svv-20231230_pre.xml (EX-101.PRE) — 682KB
• svv-20231230_htm.xml (XML) — 1314KB

Risk Factors

Item 1A. Risk Factors 29

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 53

Cybersecurity Risk Management, Strategy and Governance

Item 1C. Cybersecurity Risk Management, Strategy and Governance 53

Properties

Item 2. Properties 55

Legal Proceedings

Item 3. Legal Proceedings 56

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 56 PART II

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

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 57

[Reserved]

Item 6. [Reserved] 58

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

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 59

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 59

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 85

Changes in and Disagreements With Accountants on Accounting and Financial Disclosures

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosures 116

Controls and Procedures

Item 9A. Controls and Procedures 116

Other Information

Item 9B. Other Information 117

Disclosure Regarding Foreign Jurisdiction That Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdiction That Prevent Inspections 117 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 118

Executive Compensation

Item 11. Executive Compensation 124

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

Item 12. Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters 138

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 140

Prin c i pal Accounting Fees and Services

Item 14. Prin c i pal Accounting Fees and Services 142 PART IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 144

Form 10-K Summary

Item 16. Form 10-K Summary 146

Signatures

Signatures 147 2 Table of Contents Special Note Regarding Forward-Looking Statements This Annual Report on Form 10-K (the "Annual Report") contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and are made in reliance on the safe harbor protections provided thereunder. Forward looking statements can be identified by words such as "could," "may," "might," "will," "likely," "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects," "continues," "projects" or the negative of these terms or other comparable terminology. In particular, statements about the markets in which we operate, including competition, growth and trends in our markets and industry; our strategies, outcomes and prospects; our expectations, beliefs, plans, objectives, assumptions; and future events or performance made in the sections titled "Risk Factors", "Management's Discussion and Analysis of Financial Condition and Results of Operations", "Business" and "Notes to Consolidated Financial Statements" are forward-looking statements. Forward-looking statements are based on our current expectations and assumptions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, the Company's actual results may differ materially from those contemplated by the forward-looking statements. Some of the factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include: the impact on both the supply and demand for our products caused by general economic conditions and changes in consumer confidence and spending; our ability to anticipate consumer demand and to source and process a sufficient quantity of quality secondhand items at attractive prices on a recurring basis; risks related to attracting new, and retaining e

Business

Item 1. Business Company Overview Our mission To champion reuse and inspire a future where secondhand is second nature. From the thrill of the hunt to the joy of decluttering, we help communities harness the power of pre-loved stuff to keep reusable items around for years to come. Who we are We are the largest for-profit thrift operator in the United States and Canada based on number of stores. With more than 22,000 t eam members, we operate a total of 326 stores under the Savers , Value Village , Value Village Boutique , Village des Valeurs , Unique and 2nd Ave. banners. We are committed to redefining secondhand shopping by providing one-of-a-kind, low-priced merchandise ranging from quality clothing to home goods in an exciting treasure-hunt shopping environment. We purchase secondhand textiles (e.g., clothing, bedding and bath items), shoes, accessories, housewares, books and other goods from our non-profit partners ("NPPs"), either directly from them or via on-site donations ("OSDs") at Community Donation Centers at our stores as well as through GreenDrop locations. We then process, select, price, merchandise and sell these items in our stores. Items that are not sold to our retail customers are marketed to wholesale customers who reuse or repurpose the items they purchase from us. We believe our hyper-local and socially responsible procurement model, industry-leading and innovative operations, differentiated value proposition and deep relationships with our customers distinguish us from other secondhand and value-based retailers. We offer a dynamic, ever-changing selection of items, with an average unit retail price ("AUR") of approximately $5. We have a highly engaged customer base, with over 5.3 million active loyalty program members in the United States and Canada who shopped with us as of December 30, 2023 , driving 70.3% of point-of-sale transaction value during fiscal year 2023 . Our business model is rooted in ESG principles, with a mission to pos

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View this 10-K filing on SEC EDGAR