- 11a. Does the company have accounts receivable for 2021?
- 11b. What percent of total assets does AR comprise? How have AR levels changed (percentage change) over the years presented in the most recent financial statements?
- 11c. Read the notes to the financial statements to see if you can determine the amount of the allowance for doubtful accounts (aka allowance for bad debt, allowance for uncollectible accounts). How has that level changed?
- 11d. Compute AR turnover and days sales outstanding analyze
Table of Contents 19,973 (17,587 GUESS?, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (in thousands, except share data) Guess?, Inc. Stockholders' Equity Common Stock Treasury Stock Accumulated Other Paid-in Nonredeemable Retained Comprehensive Noncontrolling Shares Amount Capital Earnings Loss Shares Amount Interests Total Balance at February 3, 2018 81,371,118 $ 813 $498,249 $ 1,132,173 $ $ (93,062) 60,252,569 $(621,354) $ 16,656 $ 933,475 Cumulative adjustment from adoption of new accounting guidance 5,829 5,829 Net earnings 14,099 3,067 17,166 Other comprehensive loss (33,117) (236) (33,353) Issuance of common stock under stock compensation plans including tax effect 1,083,613 12 4,994 5,006 Issuance of stock under Employee Stock Purchase Plan 43,737 283 (43,737) 455 738 Share-based compensation 19,794 179 Dividends (74,533) Share (74,533) Share repurchases (1,118,808) (11) 11 1,118,808 (17,587) Noncontrolling interest capital distribution (3,069) (3,069) Balance at February 2, 2019 81,379,660 $ 814 $523,331 $1,077,747 $ (126,179) 61,327,640 $(638,486) 16,418 $ 853,645 Cumulative adjustment from adoption of new accounting guidance (1,684) 1,981 297 Net earnings 95,975 5,254 101,229 Other comprehensive income (loss) (15,712) 629 (15,083) Issuance of common stock under stock compensation plans including tax effect 1,155,166 10 (8,699) (994,519) 11,490 2,801 Issuance of stock under Employee Stock Purchase Plan 53,424 1 1 166 (53,424) 616 783 Share-based compensation 24,079 211 24,290 Dividends (41,840) (41,840) ( Share repurchases (16,739,740) (167) 167 16,739,740 (288,067) (288,067) Noncontrolling interest capital distribution (668) (668) Equity component value of convertible note issuance, net 42,320 42,320 Sale of common stock warrant 28,080 28,080 Purchase of convertible note hedge (46,440) (46,440) ( Balance at February 1, 2020 65,848,510 $ 658 $ 563,004 $1,130,409 $ (139,910) ) 77,019,437 S (914,447) 21,633 $ 661,347 Net earnings (loss) (81,229) 488 (80,741) Other comprehensive income (loss) 19,235 (204) 19,031 Issuance of common stock under stock compensation plans including tax effect 2,294,872 24 (28,267) (2,369,140) 28,058 (185) Issuance of stock under Employee Stock Purchase Plan 86,780 (427) (86,780) 1,027 600 Share-based compensation 18,761 69 18,830 Dividends (14,426) (14,426) Share repurchases (4,000,000) ( (40) 40 4,000,000 (38,876) (38,876) Balance at January 30, 2021 64,230,162 $ 642 $ 553,111 $1,034,823 S (120,675) 78,563,517 $(924,238) $ 21,917 $ 565,580 - - See accompanying notes to consolidated financial statements. F-7 F Year Ended Jan 30, 2021 Year Ended Feb 1, 2020 Year Ended Feb 2, 2019 $ (80,741) $ 101,229 $ 17,166 68,357 63,501 10,394 1,351 18,830 4,462 (5,413) 82,209 12,396 72,188 7,558 919 24,290 (542) (5,655) 11,051 5,736 19,973 (138) 5,422 7,267 13,297 34,531 17,838 1,115 22,751 31,112 (5,286) 209,050 (12,458) 65,428 14,739 1,802 (87,423) (41,519) (74,275) (27,042) (949) 84,531 8,640 81,679 197,913 Cash flows from operating activities: Net earnings (loss) Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: Depreciation and amortization Amortization of debt discount Amortization of debt issuance costs Share-based compensation expense Forward contract (gains) losses Deferred income taxes Net loss on impairment and disposition of long-term assets Other items, net Changes in operating assets and liabilities: Accounts receivable Inventories Prepaid expenses and other assets Operating lease assets and liabilities, net Accounts payable and accrued expenses and other current liabilities Other long-term liabilities Net cash provided by operating activities Cash flows from investing activities: Purchases of property and equipment Proceeds from sale of business and long-term assets Acquisition of businesses, net of cash acquired Net cash settlement of forward contracts Purchases of investments Other investing activities Net cash used in investing activities Cash flows from financing activities: Proceeds from borrowings Repayments of borrowings and finance lease obligations Proceeds from issuance of convertible senior notes Proceeds from issuance of warrants Purchase of convertible note hedges Convertible debt issuance costs Dividends paid Noncontrolling interest capital distribution Issuance of common stock, net of tax withholdings on vesting of stock awards Purchase of treasury stock Net cash used in financing activities Effect of exchange rates on cash, cash equivalents and restricted cash Net change in cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash at the beginning of the year Cash, cash equivalents and restricted cash at the end of the year (18,876) 2,739 (61,868) 4,473 (108,117) 162 (6,404) 1,444 (10,451) (1,387) (4,818) 181 (22,161) 762 (56,471) (123,528) 309,105 (264,999) 22,728 (25,007) - (15,552) 137,282 (135,975) 300,000 28,080 (60,990) (5,276) (42,135) (668) 3,584 (288,067) (64,165) (3,444) 73,833 210,995 284,828 (73,594) (3,069) 5,744 (23,620) (96,818) 415 (38,876) (9,907) 7,535 184,517 284,828 469,345 $ (18,020) (156,687) 367,682 210,995 $ $ Supplemental cash flow data: Interest paid Income taxes paid, net of refunds $ $ $ 11,925 7,697 5,248 15,112 2,731 40,772 $ $ 1,172 Non-cash investing and financing activity: Assets acquired under finance lease obligations $ 7,131 Receivable and related adjustments from sale of retail locations (510) See accompanying notes to consolidated financial statements 3,070 3,558 t By: Search Rank Page Order Table of Contents GUESS?, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except share data) January 30, 2021 February 1, 2020 $ $ ASSETS Current assets: Cash and cash equivalents Accounts receivable, net Inventories Other current assets Total current assets Property and equipment, net Goodwill Deferred tax assets Restricted cash Operating right-of-use assets Other assets 469,110 314,147 389,144 60,123 1,232,524 216,196 36,736 72,417 235 764,804 142,956 2,465,868 284,613 327,281 393,129 59,212 1,064,235 288,112 34,777 63,555 215 851,990 126,078 2,428,962 $ $ $ $ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of borrowings and finance lease obligations Accounts payable Accrued expenses and other current liabilities Current portion of operating lease liabilities Total current liabilities Convertible senior notes, net Long-term debt and finance lease obligations Long-term operating lease liabilities Other long-term liabilities 38,710 300,427 200,602 222,800 762,539 258,614 68,554 662,657 144,004 1,896,368 3,920 9,490 232,761 204,096 192,066 638,413 247,363 32,770 714,079 130,259 1,762,884 4,731 Redeemable noncontrolling interests Commitments and contingencies (Note 15) Stockholders' equity: Preferred stock, $.01 par value. Authorized 10,000,000 shares; no shares issued and outstanding Common stock, $.01 par value. Authorized 150,000,000 shares; issued 142,793,679 and 142,867,947 shares, outstanding 64,230,162 and 65,848,510 shares, as of January 30, 2021 and February 1, 2020, respectively Paid-in capital Retained earnings Accumulated other comprehensive loss Treasury stock, 78,563,517 and 77,019,437 shares as of January 30, 2021 and February 1, 2020, respectively Guess?, Inc. stockholders' equity Nonredeemable noncontrolling interests Total stockholders' equity 642 553,111 1,034,823 (120,675) (924,238) 543,663 21,917 565,580 2,465,868 658 563,004 1,130,409 (139,910) (914,447) 639,714 21,633 661,347 2,428,962 $ $ GUESS?, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except per share data) $ Year Ended Jan 30, 2021 1,802,533 $ 73,996 1,876,529 1,179,427 697,102 679,958 Year Ended Feb 1, 2020 2,592,262 85,847 2,678,109 1,662,401 1,015,708 865,060 Product sales Net royalties Net revenue Cost of product sales Gross profit Selling, general and administrative expenses European Commission fine Asset impairment charges Net gains on lease modifications Earnings (loss) from operations Other income (expense): Interest expense Interest income Other expense, net Year Ended Feb 2, 2019 2,526,500 83,194 2,609,694 1,670,090 939,604 835,293 45,637 6,939 (477) 52,212 9,977 80,442 (2,801) (60,497) 140,671 (22,869) 2,237 (5,950) (26,582) (16,129) 1,729 (2,529) (16,929) (3,407) 4,494 (6,591) (5,504) Earnings (loss) before income tax expense (benefit) Income tax expense (benefit) Net earnings (loss) Net earnings attributable to noncontrolling interests Net earnings (loss) attributable to Guess?, Inc. (87,079) (6,338) (80,741) 488 (81,229) 123,742 22,513 101,229 5,254 95,975 46,708 29,542 17,166 3,067 14,099 $ $ $ $ $ $ (1.27) $ (1.27) $ 1.35 1.33 0.17 0.16 Net earnings (loss) per common share attributable to common stockholders (Note 19): Basic Diluted Weighted average common shares outstanding attributable to common stockholders (Note 19): Basic Diluted $ 64,179 64,179 70,461 71,669 80,146 81,589 See accompanying notes to consolidated financial statements. F-5 Table of Contents GUESS?, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in thousands) Year Ended Feb 1, 2020 101,229 Year Ended Feb 2, 2019 17,166 $ (17,114) (52,733) 9,304 (988) (7,904) 908 12,652 (1,690) 7,118 (712) Year Ended Jan 30, 2021 Net earnings (loss) (80,741) $ Other comprehensive income (loss) ("OCI"): Foreign currency translation adjustment Gains (losses) arising during the period 31,115 Derivative financial instruments designated as cash flow hedges Gains (losses) arising during the period (6,446) Less income tax effect 737 Reclassification to net earnings (loss) for (gains) losses realized (6,117) Less income tax effect 650 Defined benefit plans Net actuarial gains (losses) (1,003) Foreign currency and other adjustments (383) Less income tax effect 183 Net actuarial loss amortization 397 Prior service credit amortization (66) Less income tax effect (36) Total comprehensive income (loss) (61,710) Less comprehensive income attributable to noncontrolling interests: Net earnings 488 Foreign currency translation adjustment (204) Amounts attributable to noncontrolling interests 284 Comprehensive income (loss) attributable to Guess?, Inc. (61,994) $ See accompanying notes to consolidated financial statements. 406 (34) (30) 446 (39) (38) 86,146 1,733 311 (528) 600 (28) (76) (16,187) 5,254 629 5,883 80,263 3,067 (236) 2,831 (19,018) $ F-6 Screenshot Table of Contents 19,973 (17,587 GUESS?, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (in thousands, except share data) Guess?, Inc. Stockholders' Equity Common Stock Treasury Stock Accumulated Other Paid-in Nonredeemable Retained Comprehensive Noncontrolling Shares Amount Capital Earnings Loss Shares Amount Interests Total Balance at February 3, 2018 81,371,118 $ 813 $498,249 $ 1,132,173 $ $ (93,062) 60,252,569 $(621,354) $ 16,656 $ 933,475 Cumulative adjustment from adoption of new accounting guidance 5,829 5,829 Net earnings 14,099 3,067 17,166 Other comprehensive loss (33,117) (236) (33,353) Issuance of common stock under stock compensation plans including tax effect 1,083,613 12 4,994 5,006 Issuance of stock under Employee Stock Purchase Plan 43,737 283 (43,737) 455 738 Share-based compensation 19,794 179 Dividends (74,533) Share (74,533) Share repurchases (1,118,808) (11) 11 1,118,808 (17,587) Noncontrolling interest capital distribution (3,069) (3,069) Balance at February 2, 2019 81,379,660 $ 814 $523,331 $1,077,747 $ (126,179) 61,327,640 $(638,486) 16,418 $ 853,645 Cumulative adjustment from adoption of new accounting guidance (1,684) 1,981 297 Net earnings 95,975 5,254 101,229 Other comprehensive income (loss) (15,712) 629 (15,083) Issuance of common stock under stock compensation plans including tax effect 1,155,166 10 (8,699) (994,519) 11,490 2,801 Issuance of stock under Employee Stock Purchase Plan 53,424 1 1 166 (53,424) 616 783 Share-based compensation 24,079 211 24,290 Dividends (41,840) (41,840) ( Share repurchases (16,739,740) (167) 167 16,739,740 (288,067) (288,067) Noncontrolling interest capital distribution (668) (668) Equity component value of convertible note issuance, net 42,320 42,320 Sale of common stock warrant 28,080 28,080 Purchase of convertible note hedge (46,440) (46,440) ( Balance at February 1, 2020 65,848,510 $ 658 $ 563,004 $1,130,409 $ (139,910) ) 77,019,437 S (914,447) 21,633 $ 661,347 Net earnings (loss) (81,229) 488 (80,741) Other comprehensive income (loss) 19,235 (204) 19,031 Issuance of common stock under stock compensation plans including tax effect 2,294,872 24 (28,267) (2,369,140) 28,058 (185) Issuance of stock under Employee Stock Purchase Plan 86,780 (427) (86,780) 1,027 600 Share-based compensation 18,761 69 18,830 Dividends (14,426) (14,426) Share repurchases (4,000,000) ( (40) 40 4,000,000 (38,876) (38,876) Balance at January 30, 2021 64,230,162 $ 642 $ 553,111 $1,034,823 S (120,675) 78,563,517 $(924,238) $ 21,917 $ 565,580 - - See accompanying notes to consolidated financial statements. F-7 F Year Ended Jan 30, 2021 Year Ended Feb 1, 2020 Year Ended Feb 2, 2019 $ (80,741) $ 101,229 $ 17,166 68,357 63,501 10,394 1,351 18,830 4,462 (5,413) 82,209 12,396 72,188 7,558 919 24,290 (542) (5,655) 11,051 5,736 19,973 (138) 5,422 7,267 13,297 34,531 17,838 1,115 22,751 31,112 (5,286) 209,050 (12,458) 65,428 14,739 1,802 (87,423) (41,519) (74,275) (27,042) (949) 84,531 8,640 81,679 197,913 Cash flows from operating activities: Net earnings (loss) Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: Depreciation and amortization Amortization of debt discount Amortization of debt issuance costs Share-based compensation expense Forward contract (gains) losses Deferred income taxes Net loss on impairment and disposition of long-term assets Other items, net Changes in operating assets and liabilities: Accounts receivable Inventories Prepaid expenses and other assets Operating lease assets and liabilities, net Accounts payable and accrued expenses and other current liabilities Other long-term liabilities Net cash provided by operating activities Cash flows from investing activities: Purchases of property and equipment Proceeds from sale of business and long-term assets Acquisition of businesses, net of cash acquired Net cash settlement of forward contracts Purchases of investments Other investing activities Net cash used in investing activities Cash flows from financing activities: Proceeds from borrowings Repayments of borrowings and finance lease obligations Proceeds from issuance of convertible senior notes Proceeds from issuance of warrants Purchase of convertible note hedges Convertible debt issuance costs Dividends paid Noncontrolling interest capital distribution Issuance of common stock, net of tax withholdings on vesting of stock awards Purchase of treasury stock Net cash used in financing activities Effect of exchange rates on cash, cash equivalents and restricted cash Net change in cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash at the beginning of the year Cash, cash equivalents and restricted cash at the end of the year (18,876) 2,739 (61,868) 4,473 (108,117) 162 (6,404) 1,444 (10,451) (1,387) (4,818) 181 (22,161) 762 (56,471) (123,528) 309,105 (264,999) 22,728 (25,007) - (15,552) 137,282 (135,975) 300,000 28,080 (60,990) (5,276) (42,135) (668) 3,584 (288,067) (64,165) (3,444) 73,833 210,995 284,828 (73,594) (3,069) 5,744 (23,620) (96,818) 415 (38,876) (9,907) 7,535 184,517 284,828 469,345 $ (18,020) (156,687) 367,682 210,995 $ $ Supplemental cash flow data: Interest paid Income taxes paid, net of refunds $ $ $ 11,925 7,697 5,248 15,112 2,731 40,772 $ $ 1,172 Non-cash investing and financing activity: Assets acquired under finance lease obligations $ 7,131 Receivable and related adjustments from sale of retail locations (510) See accompanying notes to consolidated financial statements 3,070 3,558 t By: Search Rank Page Order Table of Contents GUESS?, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except share data) January 30, 2021 February 1, 2020 $ $ ASSETS Current assets: Cash and cash equivalents Accounts receivable, net Inventories Other current assets Total current assets Property and equipment, net Goodwill Deferred tax assets Restricted cash Operating right-of-use assets Other assets 469,110 314,147 389,144 60,123 1,232,524 216,196 36,736 72,417 235 764,804 142,956 2,465,868 284,613 327,281 393,129 59,212 1,064,235 288,112 34,777 63,555 215 851,990 126,078 2,428,962 $ $ $ $ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of borrowings and finance lease obligations Accounts payable Accrued expenses and other current liabilities Current portion of operating lease liabilities Total current liabilities Convertible senior notes, net Long-term debt and finance lease obligations Long-term operating lease liabilities Other long-term liabilities 38,710 300,427 200,602 222,800 762,539 258,614 68,554 662,657 144,004 1,896,368 3,920 9,490 232,761 204,096 192,066 638,413 247,363 32,770 714,079 130,259 1,762,884 4,731 Redeemable noncontrolling interests Commitments and contingencies (Note 15) Stockholders' equity: Preferred stock, $.01 par value. Authorized 10,000,000 shares; no shares issued and outstanding Common stock, $.01 par value. Authorized 150,000,000 shares; issued 142,793,679 and 142,867,947 shares, outstanding 64,230,162 and 65,848,510 shares, as of January 30, 2021 and February 1, 2020, respectively Paid-in capital Retained earnings Accumulated other comprehensive loss Treasury stock, 78,563,517 and 77,019,437 shares as of January 30, 2021 and February 1, 2020, respectively Guess?, Inc. stockholders' equity Nonredeemable noncontrolling interests Total stockholders' equity 642 553,111 1,034,823 (120,675) (924,238) 543,663 21,917 565,580 2,465,868 658 563,004 1,130,409 (139,910) (914,447) 639,714 21,633 661,347 2,428,962 $ $ GUESS?, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except per share data) $ Year Ended Jan 30, 2021 1,802,533 $ 73,996 1,876,529 1,179,427 697,102 679,958 Year Ended Feb 1, 2020 2,592,262 85,847 2,678,109 1,662,401 1,015,708 865,060 Product sales Net royalties Net revenue Cost of product sales Gross profit Selling, general and administrative expenses European Commission fine Asset impairment charges Net gains on lease modifications Earnings (loss) from operations Other income (expense): Interest expense Interest income Other expense, net Year Ended Feb 2, 2019 2,526,500 83,194 2,609,694 1,670,090 939,604 835,293 45,637 6,939 (477) 52,212 9,977 80,442 (2,801) (60,497) 140,671 (22,869) 2,237 (5,950) (26,582) (16,129) 1,729 (2,529) (16,929) (3,407) 4,494 (6,591) (5,504) Earnings (loss) before income tax expense (benefit) Income tax expense (benefit) Net earnings (loss) Net earnings attributable to noncontrolling interests Net earnings (loss) attributable to Guess?, Inc. (87,079) (6,338) (80,741) 488 (81,229) 123,742 22,513 101,229 5,254 95,975 46,708 29,542 17,166 3,067 14,099 $ $ $ $ $ $ (1.27) $ (1.27) $ 1.35 1.33 0.17 0.16 Net earnings (loss) per common share attributable to common stockholders (Note 19): Basic Diluted Weighted average common shares outstanding attributable to common stockholders (Note 19): Basic Diluted $ 64,179 64,179 70,461 71,669 80,146 81,589 See accompanying notes to consolidated financial statements. F-5 Table of Contents GUESS?, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in thousands) Year Ended Feb 1, 2020 101,229 Year Ended Feb 2, 2019 17,166 $ (17,114) (52,733) 9,304 (988) (7,904) 908 12,652 (1,690) 7,118 (712) Year Ended Jan 30, 2021 Net earnings (loss) (80,741) $ Other comprehensive income (loss) ("OCI"): Foreign currency translation adjustment Gains (losses) arising during the period 31,115 Derivative financial instruments designated as cash flow hedges Gains (losses) arising during the period (6,446) Less income tax effect 737 Reclassification to net earnings (loss) for (gains) losses realized (6,117) Less income tax effect 650 Defined benefit plans Net actuarial gains (losses) (1,003) Foreign currency and other adjustments (383) Less income tax effect 183 Net actuarial loss amortization 397 Prior service credit amortization (66) Less income tax effect (36) Total comprehensive income (loss) (61,710) Less comprehensive income attributable to noncontrolling interests: Net earnings 488 Foreign currency translation adjustment (204) Amounts attributable to noncontrolling interests 284 Comprehensive income (loss) attributable to Guess?, Inc. (61,994) $ See accompanying notes to consolidated financial statements. 406 (34) (30) 446 (39) (38) 86,146 1,733 311 (528) 600 (28) (76) (16,187) 5,254 629 5,883 80,263 3,067 (236) 2,831 (19,018) $ F-6 Screenshot
