For the two companies using the year of the annual report, calculate each of the 19 ratios shown. Show Calculations 1. Current ratio Current assets divided by Current liabilities 2. Quick ratio (acid...


For the two companies using the year of the annual report, calculate each of the 19 ratios shown. Show Calculations




For the two companies using the year of the annual report, calculate each of the 19 ratios shown. Show Calculations 1. Current ratio Current assets divided by Current liabilities 2. Quick ratio (acid test) Current assets minus inventories divided by Current liabilities ASSET MANAGEMENT 3. Average collection period Accounts receivable divided by Credit sales=365 4. Inventory turnover Cost of sales divided by Average inventory 5. Fixed-asset turnover Sales divided by Fixed assets 6. Total asset turnover Sales divided by Total assets FINANCIAL LEVERAGE MANAGEMENT 7. Debt ratio Total debt divided by Total assets 8. Debt-to-equity ratio Total debt divided by Total equity 9. Times interest earned Earnings before interest and taxes EBIT divided by Interest charges 10. Fixed-charge coverage EBIT plus Lease payments divided by Interest plus Lease payments plus Preferred stock dividends before tax plus Before-tax sinking fund PROFITABILITY 11. Gross profit margin Sales minus Cost of sales divided by Sales 12. Net profit margin Earnings after taxes EAT divided by Sales 13. Return on investment Earnings after taxes EAT divided by Total assets 14. Return on stockholders’ equity Earnings after taxes EAT divided by Stockholders equity MARKET-BASED 15. Price-to-earnings ratio Market price per share divided by Current earnings per share 16. Market-to-book ratio Market price per share divided by Book value per share 17. EV-EBITDA Multiple Enterprise value divided by Earnings before interest, taxes, depreciation, and amortization DIVIDEND POLICY 18. Payout ratio Dividends per share divided by Earnings per share 19. Dividend yield Expected dividends per share divided by stock price UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-14429 SKECHERS U.S.A., INC. (Exact name of registrant as specified in its charter) Delaware 95-4376145 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 228 Manhattan Beach Blvd., Manhattan Beach, California 90266 (310) 318-3100 (Address, including zip code, and telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Class A Common Stock, par value $0.001 per share SKX New York Stock Exchange (Title of each class) (Trading symbol) (Name of each exchange on which registered) Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒ Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes- Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ As of June 30, 2020, the aggregate market value of the voting and non-voting Class A and Class B Common Stock held by non-affiliates of the registrant was approximately $4.3 billion based upon the closing price of $31.38 of the Class A Common Stock on the New York Stock Exchange on such date. The number of shares of Class A Common Stock outstanding as of February 15, 2021: 136,729,982. The number of shares of Class B Common Stock outstanding as of February 15, 2021: 21,016,133. DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s Definitive Proxy Statement issued in connection with the 2021 Annual Meeting of the Stockholders of the registrant are incorporated by reference into Part III. SKECHERS U.S.A., INC. AND SUBSIDIARIES TABLE OF CONTENTS TO ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2020 PART I ITEM 1. BUSINESS 2 ITEM 1A. RISK FACTORS 9 ITEM 1B. UNRESOLVED STAFF COMMENTS 18 ITEM 2. PROPERTIES 18 ITEM 3. LEGAL PROCEEDINGS 19 ITEM 4. MINE SAFETY DISCLOSURES 20 PART II ITEM 5. MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 21 ITEM 6. SELECTED FINANCIAL DATA 22 ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 23 ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 29 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 30 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 55 ITEM 9A. CONTROLS AND PROCEDURES 55 ITEM 9B. OTHER INFORMATION 58 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 58 ITEM 11. EXECUTIVE COMPENSATION 58 ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 58 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 58 ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 58 PART IV ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 58 ITEM 16. FORM 10-K SUMMARY 58 SIGNATURES 63 i SPECIAL NOTE ON FORWARD-LOOKING STATEMENTS This annual report on Form 10-K contains forward-looking statements that are made pursuant to the safe harbor provisions of the 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”), including statements with regards to future revenue, projected operating results, earnings, spending, margins, cash flow, orders, expected timing of shipment of products, inventory levels, future growth or success in specific countries, categories or market sectors, continued or expected distribution to specific retailers, liquidity, capital resources and market risk, strategies and objectives. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or simply state future results, performance or achievements, and can be identified by the use of forward-looking language such as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “plan,” “project,” “will be,” “will continue,” “will result,” “could,” “may,” “might,” or any variations of such words with similar meanings. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected in forward-looking statements, and reported results shall not be considered an indication of our future performance. Factors that might cause or contribute to such differences include: • the COVID-19 pandemic and its adverse impact on our business, our operations, and our sales and results of operations around the world; • global economic, political and market conditions, including the challenging consumer retail market; • our ability to maintain our brand image and to anticipate, forecast, identify, and respond to changes in fashion trends, consumer demand for the products and other market factors; • our ability to remain competitive among sellers of footwear for consumers, including in the highly competitive performance footwear market; • our ability to sustain, manage and forecast our costs and proper inventory levels; • the loss of any significant customers, decreased demand by industry retailers and the cancellation of order commitments; • our ability to continue to manufacture and ship our products that are sourced in China and Vietnam, which could be adversely affected by various economic, political, health or trade conditions, or a natural disaster in China or Vietnam; • our ability to predict our revenues, which have varied significantly in the past and can be expected to fluctuate in the future due to a number of reasons, many of which are beyond our control; and • sales levels during the spring, back-to-school and holiday selling seasons. The risks included here are not exhaustive. Other sections of this report may include additional factors that could adversely impact our business, financial condition and
Feb 06, 2022
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