美国
证券交易委员会
华盛顿特区20549
表格
(标记一个)
截至2024年6月30日季度结束
或
过渡期从_______________到___________________。
委员会文件编号:
（依凭章程所载的完整登记名称）
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(成立或组织的州或其他辖区) |
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（联邦税号） |
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（总部地址） |
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（邮政编码） |
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注册人的电话号码，包括区号：（ |
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根据法案第12(b)条规定注册的证券：
每种类别的名称 |
交易标的（s） |
每个注册交易所的名称 |
勾选表示登记商：(1) 是否已在过去12个月内（或登记商需提交报告的较短期间内）依照1934年证券交易法第13条或第15(d)条的规定提交所有报告?，并且(2) 在过去90天内已受过此等报告要求的条款约束。
在过去十二个月内，注册人是否已经以电子方式提交所有根据《规例 S-t》第 405 条（本章第 232.405 条）所需提交的互动数据档案（或在较短的时间内，注册人须提交该等档案），以勾选标记表示。
用勾选来表示，公司是否属于大型加速压力卖方、加速压力卖方、非加速压力卖方、较小的报告公司或新兴成长公司。请参见《交易所法》第120亿2条对「大型加速压力卖方」、「加速压力卖方」、「较小的报告公司」和「新兴成长公司」的定义。
大型加速归档人 |
☐ |
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☒ |
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非加速归档人 |
☐ |
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小型报告公司 |
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新兴成长型企业 |
如果是新兴成长型企业，在符合任何依据证券交易法第13(a)条所提供的任何新的或修改的财务会计准则的遵循的延伸过渡期方面，是否选择不使用核准记号进行指示。☐
请勾选表示是否公司是外壳公司（根据交易所法案第120亿2条的定义）。 是 ☐ 否
在2023和2024年6月30日结束的三个和六个月中，有资产减损处理记录。更新计算公司进行中的研究和开发资产（“IPR&D”）公平价值所使用的关键假设可能会改变公司未来短期内回收IPR&D资产的带值估计。
big 5体育用品公司
指数
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页面 |
财务报表第一部分 |
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项目1 |
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5 |
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7 |
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独立注册会计师事务所的报告（PCAOb ID No. 34） |
20 |
项目2 |
21 |
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项目3 |
29 |
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项目4 |
29 |
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其他资讯第二部分 |
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项目1 |
30 |
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项目1A |
30 |
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项目2 |
30 |
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项目3 |
30 |
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项目4 |
30 |
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条款5 |
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条款6 |
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32 |
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第一部分。财务AL资讯
项目一。金融伊亚尔声明
big 5体育用品公司
未经核数的简明合并资产负债表
（以千为单位，股份数额除外）
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九月二十九日， |
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12月31日， |
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资产 |
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流动资产: |
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现金 |
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$ |
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结余应收帐款$ |
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存货资产净额 |
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预付款项 |
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全部流动资产 |
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营运租赁权利资产，净额 |
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物业及设备，扣除折旧后净值 |
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推延所得税 |
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其他资产，减去累计摊销$ |
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资产总额 |
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$ |
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负债和股东权益 |
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流动负债： |
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应付账款 |
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$ |
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应计费用 |
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营运租赁负债的流动部分 |
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当前的融资租赁负债部分 |
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流动负债合计 |
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营业租赁负债，扣除当前部分 |
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金融租赁负债，扣除当前部分 |
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其他长期负债 |
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总负债 |
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股东权益： |
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0.01 |
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资本公积额额外增资 |
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保留收益 |
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减：按成本价值衡量之库藏股 |
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股东权益总额 |
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负债总额及股东权益合计 |
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$ |
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$ |
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请参阅未经审计的简明合并基本报表所附注释。
- 3 -
big 5体育用品公司
未经查证的简化综合损益表
(以千为单位，除每股数据外)
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已结束 13 周 |
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已结束 39 周 |
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九月二十九日 |
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十月一日 |
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九月二十九日 |
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十月一日 |
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销售净额 |
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$ |
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$ |
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$ |
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销售成本 |
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毛利 |
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销售和行政费用 |
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营业（亏损）收入 |
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利息费用（收入） |
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所得税前（损失）收入 |
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所得税费用 |
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净（亏损）收入 |
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$ |
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$ |
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每股（亏损）盈利： |
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基本 |
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$ |
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$ |
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$ |
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稀释 |
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$ |
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$ |
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$ |
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普通股加权平均股 |
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基本 |
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稀释 |
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请参阅未经审计的简明合并基本报表附带的说明。
- 4 -
大五体育公司ODS公司
未经审计的浓缩合并股东权益报表
(以千计，除股份金额外)
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截至2024年9月29日的13周 |
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其他 |
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财政部 |
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普通股 |
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已支付的资本 |
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留存 |
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股票， |
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Shares |
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金额 |
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资本 |
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收益 |
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按成本 |
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总计 |
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截至2024年6月30日的余额 |
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$ |
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$ |
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$ |
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$ |
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$ |
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净亏损 |
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— |
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— |
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— |
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— |
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普通股股息（每股 $ |
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— |
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— |
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— |
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— |
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基于股份的报酬 |
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— |
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— |
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— |
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— |
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未归属股票奖励的没收 |
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— |
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— |
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— |
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— |
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— |
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截至2024年9月29日的余额 |
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$ |
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$ |
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$ |
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$ |
( |
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截至2023年10月1日的第13周 |
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其他 |
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财政部 |
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普通股 |
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已支付的资本 |
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留存 |
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股票, |
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Shares |
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金额 |
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资本 |
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收益 |
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按成本 |
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总计 |
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截至2023年7月2日的余额 |
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$ |
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$ |
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$ |
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$ |
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$ |
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净利润 |
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— |
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— |
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— |
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— |
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普通股股息（每股 $ |
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— |
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— |
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— |
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— |
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行使股份期权奖励 |
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— |
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— |
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基于股份的报酬 |
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未归属股份奖励的没收 |
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— |
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— |
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截至2023年10月1日的余额 |
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$ |
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$ |
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$ |
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$ |
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截至2024年9月29日的39周 |
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其他 |
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财政部 |
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普通股 |
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已支付的资本 |
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留存 |
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股票， |
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Shares |
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金额 |
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资本 |
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收益 |
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按成本 |
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总计 |
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截至2023年12月31日的余额 |
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$ |
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$ |
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$ |
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$ |
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净亏损 |
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— |
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— |
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— |
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— |
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普通股股息（每股 $ |
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— |
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— |
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— |
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( |
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— |
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发放非归属的分享奖励 |
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( |
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— |
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行使分享期权奖励 |
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— |
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— |
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— |
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基于股份的报酬 |
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未归属股份奖励的没收 |
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— |
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— |
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— |
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普通股的退休用于支付 |
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( |
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— |
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截至2024年9月29日的余额 |
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$ |
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$ |
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$ |
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$ |
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截至2023年10月1日的39周 |
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其他 |
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财政部 |
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普通股 |
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已支付的资本 |
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留存 |
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股票， |
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Shares |
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金额 |
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资本 |
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收益 |
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成本价 |
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总计 |
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截至2023年1月1日的余额 |
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$ |
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$ |
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净利润 |
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— |
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普通股股息（每股 $ |
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— |
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— |
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— |
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( |
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非限制性分享奖励的发行 |
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( |
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— |
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行使股票期权奖励 |
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基于股份的报酬 |
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未归属股份奖励的没收 |
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普通股用于付款的养老 |
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— |
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— |
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( |
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截至2023年10月1日的余额 |
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$ |
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$ |
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$ |
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$ |
( |
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$ |
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请参阅未经审计的简明合并基本报表附带的说明。
- 5 -
Big 5体育用品公司
未经审计的简明合并财务报表现金流量表
(以千计)
|
|
39周结束 |
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|||||
|
|
九月二十九日， |
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十月一日， |
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来自经营活动的现金流： |
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||
净(亏损) 利润 |
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$ |
( |
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$ |
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调整净（亏损）收入以对账净现金 |
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由经营活动提供： |
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折旧和摊销 |
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资产减值 |
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— |
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基于股份的报酬 |
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其他资产的摊销 |
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资产处置收益 |
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非现金租赁费用 |
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保险理赔收入 - 损失利润率及费用 |
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— |
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保险理赔回收收益 - 损失利润率及费用 |
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— |
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保险理赔回收收益 - 财产和设备 |
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— |
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递延所得税 |
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经营资产与负债的变动： |
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应收账款，净额 |
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商品存货，净 |
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预付费用和其他资产 |
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应付账款 |
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经营租赁负债 |
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( |
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( |
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应计费用及其他长期负债 |
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( |
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( |
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经营活动提供的净现金 |
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投资活动产生的现金流： |
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购买物业和设备 |
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( |
) |
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) |
保险赔偿收入 - 物业和设备 |
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— |
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出售资产的收益 |
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— |
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投资活动使用的净现金 |
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( |
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( |
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融资活动产生的现金流： |
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账面透支变动 |
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( |
) |
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融资租赁负债的本金还款 |
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( |
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行使股权激励的收入 |
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基于股票的薪酬的税款预扣款 |
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( |
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分红派息 |
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( |
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( |
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融资活动中使用的净现金 |
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( |
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( |
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现金及现金等价物净减少额 |
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( |
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( |
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期初的现金及现金等价物 |
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期末现金 |
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$ |
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$ |
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非现金投资和融资活动的补充披露: |
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通过融资租赁获得的物业和设备 |
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$ |
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$ |
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尚未支付的物业和设备新增 |
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$ |
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$ |
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现金流信息的补充披露： |
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已支付的利息 |
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$ |
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$ |
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已支付的所得税 |
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$ |
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$ |
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请参阅未经审计的简明合并基本报表附带的说明。
- 6 -
Big 5体育用品公司
未经审计的附注经过汇总的基本报表
Big 5体育用品公司（简称“公司”）是美国西部领先的体育用品零售商，运营
本公司及其百分之百控股子公司的伴随中期未经审计的简明合并基本报表（“中期基本报表”）按照美国公认会计原则（“GAAP”）编制，符合Form 10-Q和Regulation S-X的规则10-01的要求。因此，这些中期基本报表不包括GAAP要求的完整基本报表所需的所有信息和附注。这些中期基本报表应与包括在公司年度报告Form 10-k中的截至2023年12月31日的合并基本报表及其附注一起阅读。在管理层看来，此中期基本报表包含所有被认为必要的调整，包括正常的经常性调整，以公正地呈现公司的财务状况、经营结果及所述期间的现金流量。
本期间所示的操作结果和现金流量不一定表明其他任何中期或全年期间所预期的结果。
整合
附带的临时基本报表包括Big 5体育用品公司、Big 5 CORP和Big 5 Services CORP的账户。内部公司之间的余额和交易在合并时已被消除。
报告期
公司遵循
最近发布的会计更新
在2023年10月，金融会计准则委员会（“FASB”）发布了会计准则更新（“ASU”）第2023-06号， 披露改进——针对SEC披露更新与简化倡议的编纂修订该修订将证券交易委员会（“SEC”）在其披露更新和简化倡议中引入的某些增量披露要求纳入到会计准则编纂（“ASC”）中。此更新中的修订旨在澄清或改进关于各种ASC话题的呈现和披露要求，提高用户实体之间的可比性，并使ASC要求与SEC法规保持一致。对于受SEC现有披露要求约束的实体，每项修订的生效日期将是SEC从规定S-X或规定S-K中删除相关披露的日期。然而，如果到2027年6月30日，SEC尚未从其法规中删除相关披露，则该修订将被移除并不生效。禁止提前采纳。公司不期望该ASU的发布会对其合并基本报表产生重大影响。
- 7 -
五大体育用品公司
未经审计的简明合并财务报表附注
（续）
在2023年11月，FASB发布了ASU第2023-07号， 部门报告（主题280）—可报告部门披露的改进，其目的是改善可报告部门的披露要求，主要是通过加强对重要部门费用的披露。此外，ASU中的修订增强了中期披露要求，明确了实体可以披露多个利润或损失的部门指标的情况，为只有一个可报告部门的实体提供新的部门披露要求，幷包含其他披露要求。该ASU适用于所有公营实体，这些实体需要根据ASC 280报告部门信息，并在2023年12月15日之后开始的财政年度生效，以及在2024年12月15日之后开始的财政年度内的中期，允许提前采用。公司尚未提前采用该ASU进行中期披露。公司将在2024年12月29日结束的年度期间采用该ASU，并且公司正在评估该ASU对其合并财务报表的未来影响。
在2023年12月，FASB发布了ASU第2023-09号， 所得税（主题740）—所得税披露的改进，其包括通过要求(1) 一致的类别与更大程度的信息细分的税率调节，以及(2) 按法域细分的已支付所得税，来改善所得税披露。该ASU还包括某些其他修订，以更好地使披露与S-X规定保持一致，并删除被认为不再具有成本效益或相关性的披露。该ASU对于2024年12月15日之后开始的年度期间的公营实体生效，允许提前或追溯申请。该ASU中的修订应适用于尚未发布或备可发布的年度财务报表。公司正在评估该ASU对其合并财务报表的未来影响。
近期发布的其他会计更新预计不会对公司的中期基本报表产生重大影响。
风险的一般集中
公司从超过
公司大量库存是在国外生产的，运输港口可能会不时面临容量限制（例如与新型冠状病毒“COVID-19”相关的延误）、工人罢工、停工或其他可能延迟进口产品交付的干扰。合同争议可能导致公司产品的运输拖延，这可能进一步延迟产品送达公司门店并影响净销售和盈利能力。此外，公司无法控制的其他条件，例如不利的天气条件或恐怖活动或战争行为，如乌克兰和中东当前的冲突，可能会显著干扰运输港口的运营或以其他方式影响我们销售的进口商品的运输，无论是通过供应链中断，还是运费和燃料成本的上升。
估计的使用
管理层对于资产、负债和股东权益的报告以及在中期基本报表日期披露的一般资产和负债所涉及的多个估计和假设，以准备这些中期基本报表以符合GAAP。某些受这些估计和假设影响的项目包括商品库存、物业和设备、租赁资产和租赁负债的账面价值；应收账款、销售退货和递延所得税资产的估值准备；与储值卡相关的估计和基于股份的补偿奖励的估值；以及与诉讼、自保负债和员工福利相关的义务。由于在进行假设和估计时固有的不确定性，2024年9月29日后发生的事件和情况变化 可能导致实际结果与管理层假设和估计所考虑的结果有所不同。
- 8 -
Big 5体育用品公司
未审计的简单合并基本报表附注
(续)
营业收入确认
公司作为一家体育用品零售商运营，包括零售店和电子商务平台，提供在美国西部和在线的广泛产品。通常，所有的营业收入在承诺的商品控制权转移给客户时确认，金额反映了对这些商品的对价。因此，公司隐含地与客户签订合同，在销售时提供商品库存。由于公司仅向某些市政当局和地方学区提供微不足道的信用购买，因此可收集性是很有可能的。
根据会计标准编码（"ASC"）606， 客户合同的营收公司将净销售分解为以下主要商品类别，以描绘收入和相关现金流的性质和金额：
|
|
13周结束 |
|
|
39周结束 |
|
||||||||||
|
|
九月二十九日， |
|
|
十月一日， |
|
|
九月二十九日， |
|
|
十月一日， |
|
||||
|
|
(以千计) |
|
|||||||||||||
硬件 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
运动和体育鞋类 |
|
|
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|
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|
||||
运动和体育服装 |
|
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|
||||
其他销售 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
净销售额 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
公司的营业收入几乎都是针对以下不同项目的单一履约义务：
关于零售店和电子商务销售合同的履约义务，该公司通常在销售完成时转移控制权，对于零售店，在产品付费并被客户取走时；而对于电子商务销售，在产品交付给承运人时。对于与预付卡相关的履约义务，该公司通常在通过未来销售交易的完成兑换预付卡时计转移控制权。该公司将运送和处理视为电子商务销售的履行活动，而不是单独的履约义务。因此，该公司仅对
公司确认了$
百万，相关于截至
按股份分享计划支付的报酬
公司根据ASC 718会计准则对其股票补偿进行会计处理， 补偿—股票补偿公司在必要的服务期内采用公允价值法，将补偿费用按直线法确认，适用于提供服务的期权奖励、非完全归属股票奖励及非完全归属股票单元奖励。参见第11条 对于基于股票的补偿的进一步讨论，请参见中期基本报表。
- 9 -
Big 5体育用品公司
未审计的简单合并基本报表附注
(续)
商品库存的净估值
公司的商品库存采用成本或净可变现价值中的较低者进行估值，使用加权平均成本方法，近似于先入先出（“FIFO”）方法。平均成本包括商品库存的直接采购价格，扣除供应商津贴和现金折扣、入库运费相关费用以及与公司配送中心相关的分配间接费用。
管理层定期审查库存，并为损坏和缺陷商品、慢动或面临过时风险的商品，以及其账面价值超过净可变现价值的商品记录估值准备。由于商品组合的原因，公司在历史上并未经历过显著的过时情况。
库存缩减作为商品销售的百分比进行计提，基于历史库存缩减趋势。公司至少每年对其门店进行一次实地盘点，并在全年对其配送中心进行循环盘点。库存缩减准备主要代表自上次实地盘点日期至报告日期每家门店的库存缩减估算。
这些准备金是估算的，如果未来经济状况、消费需求和竞争环境与预期不同，可能会与实际结果显著有差异，无论是有利于还是不利于。
长期资产的估值
根据ASC 360， 不动产、厂房和设备公司在发生事件或环境变化时，审查长期资产的减值情况，以判断资产的账面价值是否可收回。
长期资产在可识别现金流的最低级别处进行可收回性审查（“资产组”），通常在门店层面进行。门店资产组的账面价值包括商店的物业和设备，主要是租赁改进和经营租赁使用权（“ROU”）资产。如果门店资产组的账面价值超过预计使用及最终处置门店资产组的未折现现金流之和，则不认为其是可收回的。可能触发减值审查的因素包括当前期间的经营或现金流损失，与经营和现金流损失的历史结合，以及表明未来继续亏损或在与使用门店资产组相关的剩余合理确定的租赁期限内收入不足的预测。其他因素可能包括业务环境的不利变化或市场监管机构对门店资产组的不利行动或评估。当商店被认定为存在减值指标时，公司将预测门店资产组剩余合理确定租赁期限内的未折现现金流，并将未折现现金流与门店资产组的账面价值进行比较。如果判断门店资产组不可收回，则将按其账面价值超出公允价值的金额确认减值费用，公允价值是通过使用折现现金流估值技术获得的，如ASC 820所述。 公允价值计量.
公司通过预测每个正在评估减值的门店资产组的未来营收、毛利率和运营费用，来确定预计产生的现金流。未来现金流的估算涉及管理判断，并基于对未来运营表现的预期假设。这些预测中使用的假设与内部规划一致，包括与当前经济环境及公司未来预期相关的销售增长率、毛利率和运营费用的假设、各个市场的竞争因素、通货膨胀、销售趋势及可能影响被评估门店的其他相关环境因素。由于业务条件、运营表现和经济条件的变化，实际现金流可能与管理的估算有所不同。如果公司经营业务的市场的经济条件恶化，或如果其他负面市场条件出现，公司可能会在未来因表现不佳的门店而面临额外的减值费用。
如果有的话，所产生的减值损失将根据这些资产的相对账面金额按比例分配给物业和设备，主要是租赁改进和经营租赁使用权资产。分配给长期资产的减值损失限制在不降低该长期资产的账面金额至其单独公允价值之下的程度。使用权资产公允价值的估算涉及对与使用权资产相关的租赁的当前市场租金金额进行评估。当前市场租金金额的估算主要基于其他可比较零售店位置的最近可观察市场租金数据。使用权资产的公允价值使用折现现金流估值技术进行测量，方法是使用特定物业的折现率折现估计的当前和未来市场租金值。
- 10 -
Big 5体育用品公司
未审计的简单合并基本报表附注
(续)
公司确认了非现金减值损失$
租赁
根据ASC 842， 租赁公司在合同开始时判断该安排是否为租赁。公司拥有用于零售店设施、配送中心、公司办公室、信息科技（“IT”）系统硬件以及配送中心交付拖拉机和设备的运营租赁和融资租赁。运营租赁包括在中期未经审计的合并资产负债表中的运营租赁ROU资产和运营租赁负债，分为流动和非流动。而融资租赁则包括在中期未经审计的合并资产负债表中的物业和设备及融资租赁负债，分为流动和非流动。租赁负债的计算采用有效利息法，分类无论何种，ROU资产的摊销则根据分类的不同而有所不同。融资租赁分类导致在租赁期间的费用确认模式前期集中，ROS资产的摊销通过将利息费用和摊销费用作为租赁费用的单独元件进行确认，并且以直线法计算摊销费用元件。相反，运营租赁分类会在租赁期间导致费用确认的直线模式，并将租赁费用作为单一费用元件确认，这会导致ROU资产的摊销等于租赁费用与利息费用之间的差额。融资和运营租赁的租赁费用根据租赁资产的使用情况，包含在中期未经审计的合并损益表中的销售成本或销售和管理费用中。与三重净租赁相关的财产税、保险和公共区域维护等可变支付，以及某些设备销售税、许可证、费用和维修，将在发生时计入费用，初始租期为12个月或更短的租赁将被排除在最低租赁付款之外，并且不会在中期未经审计的合并资产负债表中记录。公司在剩余租赁期内以直线法确认这些短期租赁的可变租赁费用。
ROU资产代表在租赁期间使用基础资产的权利，经营租赁负债代表因租赁产生的租金支付义务。经营租赁ROU资产和负债在开始日按租赁期间合理确定的租金现值确认。由于公司的租赁一般不提供隐含利率，因此公司使用担保增量借款利率（"IBR"）来判断租金支付的现值。担保IBR基于每年外部准备的合成信用评级。此分析考虑了根据评级机构为消费品行业提供的指导的质性和量性因素。公司每季度根据接近公司的市场风险概况的公司特定无担保收益曲线调整所选择的IBR。担保的IBR还基于担保对IBR的估算影响。为了反映IBR的担保性质，公司采用了基于评级机构提供的分层指导的分层方法，根据这一方法，公司的基准信用评级会向上调整，因为担保贷款的收益曲线预计会低于无担保贷款的收益曲线。
经营租赁的ROU资产还包括任何已支付的租赁前付款，并受到如租户改善津贴等租赁激励的减少。经营租赁条款可能包括在公司合理确定将行使该选择时的租赁延长或终止选项。经营租赁费用按租赁期限的直线法确认。
公司的某些零售店设施的租赁提供根据租赁地点的未来销售量进行支付，这在租赁开始时是无法测量的。根据ASC 842，这些或有租金在其累计时被支出。
见第6条 有关租赁的进一步讨论，请参见 interim 基本报表。
- 11 -
Big 5体育用品公司
未审计的简单合并基本报表附注
(续)
长期资产在出现事件或情况变化表明资产的账面价值可能无法收回时，会进行减值评估。 公司确认了与一家表现不佳的门店相关的非现金减值费用为$
由于现金、应收账款、应付账款和应计费用的短期性质，这些工具的账面价值大致等同于其公允价值。公司临时未经审计的综合资产负债表中，未结支票的透支被归类为当前负债。公司信用额度下的借款金额（如有）因其变动的市场利率而接近公允价值。当公司确认某些表现不佳的门店存在减值时，这些门店的账面价值将降低至其估计的公允价值。
公司的唯一重要资产或负债在初次确认后按非重复方式按公允价值计量的是与某些表现不佳的门店相关的长期资产减值。公司基于自己对市场参与者在定价资产时会使用的假设的判断以及可观察到的不良门店特定可比市场的房地产市场数据（如果可用）来估计这些长期资产的公允价值。公司将这些公允价值计量分类为第3级输入，这些不可观察的输入是没有市场数据可用的，并且是根据市场参与者在遵循ASC 820时使用的定价假设所开发的最佳可得信息。截止2024年9月29日和2023年12月31日，有$
应计费用的主要元件如下：
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9月29日， |
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2023年12月31日, |
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(以千计) |
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工资及相关费用 |
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$ |
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$ |
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租金费用 |
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储值卡负债 |
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销售税 |
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其他 |
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应计费用 |
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$ |
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$ |
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- 12 -
Big 5体育用品公司
未审计的简单合并基本报表附注
(续)
本公司拥有运营和融资租赁，用于公司的零售店设施、配送中心、公司办公室、硬件系统和配送中心的交付拖拉机及设备，并根据ASC 842对这些租赁进行会计处理。
某些租赁用于公司的零售店设施，提供与三网租赁相关的物业税、保险、公共区域维护费用的变动支付，基于租赁地点未来销售额的租金支付，以及某些设备销售税、许可证、费用和维修等，这些在租赁开始时是不可测量的，或租金支付定期根据通货膨胀进行调整。本公司在发生时确认这些租赁的变动租赁费用，对于或有租金，费用确认将在可能影响变动租赁支付的特定目标可能达成的时期开始。本公司的租赁协议不包含任何实质性剩余价值担保或实质性限制性契约。
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13周结束 |
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39周结束 |
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九月二十九日， |
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十月一日， |
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2023年9月29日， |
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十月一日， |
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(以千计) |
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租赁费用： |
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经营租赁费用 |
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$ |
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$ |
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$ |
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$ |
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变量租赁费用 |
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经营租赁费用 |
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使用权资产的摊销 |
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租赁负债的利息 |
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融资租赁费用 |
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总租赁费用 |
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$ |
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$ |
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$ |
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$ |
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租赁相关的其他信息如下：
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39周结束 |
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九月二十九日， |
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十月一日， |
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(以千计) |
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经营租赁的经营现金流 |
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$ |
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$ |
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融资租赁的融资现金流 |
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融资租赁的经营现金流 |
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支付的现金包含在租赁负债的计量中 |
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$ |
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$ |
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因新的融资租赁负债而获得的使用权资产 |
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$ |
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$ |
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因新的经营租赁负债而获得的使用权资产 |
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$ |
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$ |
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融资租赁的加权平均剩余租赁期限 |
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加权平均剩余租赁期限——经营租赁 |
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加权平均折现率——融资租赁 |
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% |
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% |
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加权平均折现率—运营租赁 |
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% |
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- 13 -
Big 5体育用品公司
未审计的简单合并基本报表附注
(续)
截至 2024年9月29日到期的融资和经营租赁负债如下：
财政年度结束： |
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融资 |
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经营 |
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(以千计) |
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2024年（剩余三个月） |
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$ |
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$ |
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2025 |
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2026 |
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2027 |
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2028 |
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此后 |
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未折现现金流 |
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$ |
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$ |
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租赁负债的对账： |
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加权平均剩余租期 |
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加权平均折现率 |
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现值 |
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$ |
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租赁负债 - 暂时 |
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租赁负债 - 长期 |
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租赁负债 - 总计 |
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$ |
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$ |
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未折现现金流与折现现金流之间的差额 |
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$ |
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$ |
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公司可以根据贷款协议不时借款，前提是未偿还款项不得超过当时的已承诺总可用额度（如上所述）和借款基础中的较小者（该较小金额称为“额度上限”）。在贷款协议中定义的“借款基础”通常是计算时的以下和（a）
一般来说，公司可以将贷款协议下的特定借款指定为基准利率贷款或期限SOFR利率贷款。公司借款的适用利率是基于上一个财务季度每日平均的额度上限超过借款金额的差额（该金额称为“平均每日可用额度”）。被指定为期限SOFR利率贷款的那些贷款按照美国纽约联邦储备银行管理的当时适用的担保隔夜融资利率收取利息（“SOFR）利率加上一个
- 14 -
Big 5体育用品公司
未审计的简单合并基本报表附注
(续)
级别 |
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每日平均可用性 |
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SOFR利率 |
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基准利率 |
I |
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II |
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未使用的信贷额度部分将收取承诺费用，费率为
截至2024年9月29日和2023年12月31日公司在累计其他综合损失中遇到了
根据ASC 740规定的资产与负债法， 所得税公司确认递延所得税资产和负债，以应对因财务报表中资产和负债的账面金额与其各自税基之间的差异而产生的未来税务后果。递延所得税资产和负债是根据预计适用于可征税收入的生效税率进行计量，这些收入将在预计实现或结算的那些临时差异出现的年份中确认。税率变化对递延所得税资产和负债的影响在包含生效日期的期间内确认收入。递延所得税资产的可实现性在全年内进行评估，并在必要时记录估值备抵，以将净递延所得税资产减少到更可能实现的金额。公司考虑所有可用证据，包括正面和负面证据，以判断递延所得税资产的可实现性，幷包括关于当前和前几年经营结果的历史信息以及关于未来几年的主观信息。评估的一个重要的客观负面证据是截止到2024年9月29日的最近24个月的累计损失，这些损失没有被可用的正面证据抵消，限制了公司的未来增长预测。因此，截至2024年9月29日，对净递延所得税资产提供了$
公司提交合并的联邦所得税申报，并在各州和地方辖区提交税务申报。合并联邦所得税申报的追溯期适用于财政年度 及之后的财政年度，州和地方所得税申报的追溯期适用于财政年度 及之后的财政年度。
截至2024年9月29日和2023年12月31日公司在累计其他综合损失中遇到了
- 15 -
Big 5体育用品公司
未审计的简单合并基本报表附注
(续)
公司根据ASC 260计算每股收益， 每股盈利这要求基本每股收益和摊薄每股收益的双重呈现。基本每股收益是通过将净利润除以在外流通的普通股加权平均股数计算的，减去期内回购并持有在库存中的股份。摊薄每股收益代表将基本每股收益调整以包括待行权股票期权、非完全归属股票奖励和非完全归属股单奖励的潜在摊薄效应。在净亏损期间，摊薄每股亏损等于基本每股亏损，因为潜在普通股的反摊薄效应被忽略。
下表列出了每普通股基本和摊薄收益的计算：
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13周结束 |
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39周结束 |
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||||||||||
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九月二十九日， |
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十月一日， |
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九月二十九日， |
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十月一日， |
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(以千为单位，除每股数据外) |
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净(亏损) 利润 |
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$ |
( |
) |
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$ |
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$ |
( |
) |
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$ |
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加权平均普通股股份 |
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基本 |
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普通股的稀释效应 |
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稀释 |
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基本（损失）每股收益 |
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$ |
( |
) |
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$ |
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$ |
( |
) |
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$ |
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稀释（损失）每股收益 |
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$ |
( |
) |
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$ |
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$ |
( |
) |
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$ |
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防稀释股份期权奖励 |
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反稀释未归属股份奖励 |
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由于公司报告了净亏损，因此2024财年第三季度和前九个月的稀释每股收益计算排除了所有潜在的股票期权奖励，因为其包含的影响将是反稀释的（即，包含这些股票期权奖励将导致每股收益提高）。由于这些股票期权奖励的行使价格超过了公司普通股的平均市场价格，因此2023财年第三季度和前九个月的稀释每股收益计算排除了某些股票期权奖励，其包含的影响将是反稀释的。
2024财年第三季度和前九个月的稀释每股收益计算 由于公司报告了净亏损，因此2024财年第三季度和前九个月的稀释每股收益计算排除了所有潜在的未归属股份奖励，其包含的影响将是反稀释的。2023财年第三季度和前九个月的稀释每股收益计算排除了某些未归属股份奖励，这些奖励在授予日期的公允价值超过了公司的普通股平均市场价格，且呈现反稀释效果。
- 16 -
Big 5体育用品公司
未审计的简单合并基本报表附注
(续)
保险赔偿的恢复
在2022财年的第四季度，
法律程序
2023年3月13日，针对加利福尼亚州圣克拉拉县的加利福尼亚州高等法院提交了一份诉状，标题为Zareyah Thompson诉Big 5 Corp.等，案件编号23CV412334（“汤普森诉状”）。汤普森诉状作为一个所谓的加利福尼亚私人检察官法（“PAGA”）诉讼被提起，代表“在公司或其在加利福尼亚的运营子公司工作的当前和前任员工，作为非豁免的时薪员工，并且至少收到了一个工资单”。汤普森诉状指控，Big 5未能（i）提供最低工资，（ii）提供合规的餐饮或休息时间，（iii）维护和提供准确的分项工资单，（iv）正确补偿所有工作时间，包括加班费、奖金、假期和最终工资，（v）正确维护工资记录，以及（vi）提供合适的座位。2023年3月21日，再次在加利福尼亚州圣克拉拉县的加利福尼亚州高等法院提交了一份第二份诉状，标题为Christopher Puga诉Big 5 Corp.等，案件编号23CV412953（“普加诉状”）。普加诉状作为一个所谓的PAGA诉讼被提起，代表“在加利福尼亚的任何地点，直接或通过人力资源公司为公司或其运营子公司工作的所有当前和前任非豁免员工” （“假定受覆盖员工”）。普加诉状指控，Big 5（i）非法要求假定受覆盖员工同意非法的刑事背景检查，（ii）进行了非法的金融和刑事背景检查，并且未（iii）提供最低工资，（iv）提供准确的分项工资单，（v）维护与假定受覆盖员工的雇佣相关的准确记录，（vi）产生或提供假定受覆盖员工的人事记录和/或工资记录，（vii）提供合规的餐饮或休息时间，（viii）正确补偿所有工作时间，包括加班费、奖金、假期和最终工资，（ix）报销必要的业务费用；（x）提供合适的座位；（xi）向假定受覆盖员工支付病假工资，（xii）准确计算病假累计和工资率，（xiii）将假定受覆盖员工的带薪病假权利告知，（xiv）提供补充带薪病假。汤普森和普加诉状有许多重叠的诉因。因此，在2023年4月12日左右，向法院提交了一份与汤普森诉状和普加诉状相关的案件通知。法院随后于2023年6月29日召开的案例管理会议上针对两起诉状进行了联合协调。公司的顾问于2023年9月27日与对方顾问进行了一次调解。公司已在这两起案件中达成和解，并建立了累积的赔偿准备金。
公司涉及其他各种索赔和法律诉讼，这些索赔和诉讼均源于日常业务。在管理层看来，这些事项的最终处理预计不会对公司的经营业绩、财务状况或现金流产生重大影响。
2022年6月，公司修订并重新制定了2019年股权激励计划（“2019计划”），主要授权额外的
公司酌情向符合ASC 718定义的某些员工授予股票期权奖励、未归属股票奖励和未归属股票单元奖励， 补偿—股票补偿并根据ASC 718对其基于股份的补偿进行会计处理。公司确认了$
- 17 -
Big 5体育用品公司
未审计的简单合并基本报表附注
(续)
分享期权奖励
公司授予的分享期权奖励通常在四个相等的年度分期中归属并可行使，
以下是公司分享期权奖励状态的总结：
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Shares |
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加权- |
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加权- |
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总计 |
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截至2023年12月31日的未偿还金额 |
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授予 |
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行使 |
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被注销数量 |
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截至2024年9月29日的未偿还金额 |
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$ |
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$ |
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截至2024年9月29日可行使 |
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$ |
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截至2024年9月29日已归属且预计将归属 |
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$ |
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$ |
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总内在价值代表基于公司最近收盘股价$的总税前内在价值
行使的股权激励授予的总内在价值、员工因行使股权激励授予所收到的总现金以及在2024财政年度前九个月因行使股权激励授予而实现的实际税收收益均不重大。
每份股权激励授予在授予日期的公平价值是基于以下加权平均假设使用Black-Scholes方法估算的：
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13周结束 |
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39周结束 |
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九月二十九日， |
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十月一日， |
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九月二十九日， |
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十月一日， |
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无风险利率 |
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— |
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— |
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% |
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— |
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预期期限 |
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— |
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— |
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预期波动率 |
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— |
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— |
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% |
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— |
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预期股息收益率 |
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— |
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— |
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% |
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— |
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无风险利率是基于授予时有效的美国国债收益率曲线，期限与股票期权奖励的预期期限相对应；预期期限代表了考虑到归属安排和历史参与者行使行为的股票期权奖励预期的加权平均持续时间；预期波动率是基于公司普通股的历史波动率；预期股息收益率是基于在公允价值计量时公司的股息率和未来预期。
截至2024年9月29日，金额为$
未归属股票奖励和未归属股票单位奖励
公司授予的未归属股票奖励自授予之日起以四个相等的年度分期对员工归属，
- 18 -
Big 5体育用品公司
未审计的简单合并基本报表附注
(续)
未授予的股票奖励在授予时变为待完成，并在其归属时交付给接收者。已归属的股票单位奖励，包括任何股息再投资，在接收者对公司的服务终止后的次年一月的第十个工作日交付给接收者，此时单位将转换为股票并变为流出。2024财政年度和2023财政年度首九个月内已归属的未授予股票奖励的总公允价值为$
公司授予了
以下是公司未归属股份奖励状态的概要:
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Shares |
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加权- |
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截至2023年12月31日的余额 |
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$ |
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授予 |
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归属数量 |
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被注销数量 |
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( |
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截止2024年9月29日的余额 |
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$ |
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为了满足员工对未归属股份奖励的最低法定税款扣缴要求，公司会扣留并注销部分归属的普通股，除非员工选择以现金支付。在2024财年的前九个月，公司扣留了
截至2024年9月29日，未确认的总补偿费用为$
- 19 -
独立注册报告注册公共会计师事务所
致股东及董事会
Big 5体育用品公司
加州埃尔塞贡多
对临时财务信息的审核结果
我们已审阅Big 5体育用品公司及其子公司的附带简明合并资产负债表（“公司”）截至2024年9月29日的报告，相关的简明合并损益表和股东权益表截至2024年9月29日和2023年10月1日的财政第13周和第39周，以及截至2024年9月29日和2023年10月1日的现金流量表，及相关附注（统称为“临时财务信息”）。根据我们的审阅，我们没有发现任何需要对附带临时财务信息进行重大修改的事项，以使其符合美国公认的会计原则。
我们之前已经根据美国公众公司会计监督委员会（PCAOB）的标准，对截至2023年12月31日的公司合并资产负债表以及相关的合并运营报表、股东权益报表和现金流量表进行了审计（未在此处提供）；在我们于2024年2月28日的报告中，我们对这些合并基本报表表示了无保留意见。我们认为截至2023年12月31日的附带简明合并资产负债表中列出的信息，在所有重大方面，公正地反映了其所衍生的合并资产负债表。
审查结果的基础
本中期财务资讯由公司管理层负责。我们是一家注册在PCAOb的会计师事务所，根据美国联邦证劵法和证券交易委员会和PCAOb的适用规则和法律要求，对公司保持独立。
我们的审查是根据PCAOb的标准进行的。对临时基本报表的审查主要包括应用分析程序和询问负责财务和会计事务的人员。其范围明显小于根据PCAOb标准进行的审计，后者的目的是表达关于整体基本报表的意见。因此，我们不发表这样的意见。
/s/ 德勤及托赫有限责任合伙公司
加利福尼亚州洛杉矶
2024年10月30日
- 20 -
项目 2. 管理层讨论与分析 财务状况和运营结果
以下对Big 5体育用品公司的讨论和分析（“我们”，“我们的”，“我们”）的财务状况和经营结果包括有关我们业务计划和策略的信息，应该与我们包含在此的中期未经审计的简明合并基本报表及相关附注（“中期基本报表”）一起阅读， Risk Factors 以及我们在证券交易委员会（“SEC”）的其他文件中的相关内容，以及我们的合并财务报表和相关附注， Risk Factors 和 管理层对控件和经营结果的讨论与分析 包含在我们截至2023年12月31日的财年10-K表格的年度报告中。
我们的财年在最接近12月31日的星期日结束。2024财年由52周组成，结束于2024年12月29日。2023财年由52周组成，结束于2023年12月31日。2024年和2023年的中期各由13周组成。
概述
我们是美国西部领先的体育用品零售商，截至2024年9月29日，拥有424家门店和一个名为“Big 5体育用品”的电子商务平台。我们提供全线产品，采用传统体育用品商店格式，平均约12,000平方英尺。我们的产品组合包括运动鞋、服装和配件，以及广泛的户外和体育器材，涵盖团队运动、健身、露营、狩猎、钓鱼、家庭娱乐、网球、高尔夫，以及冬季和夏季休闲活动。
在2024财年的前九个月，我们开设了两家新店，关闭了八家店；而在2023财年的前九个月，我们开设了两家新店，关闭了四家店，其中一家是搬迁。对于2024财年，我们预计将开设大约三家新店，并关闭大约十一家店。
执行摘要
我们在2024财年第三季度的净亏损与2023财年第三季度的净利润相比，反映了减少的净销售额、较低的商品利润率以及与我们的递延税资产相关的估值准备的影响。2024财年第三季度净销售额的下降部分反映了显著和持续的通货膨胀压力，这持续影响了消费情绪并减少了对非必需产品的需求，同时运营的门店数量也减少了。
- 21 -
营业结果
中期的结果不一定能代表整个财政年度的结果。
截至2024年9月29日的13周与截至2023年10月1日的13周相比
以下表格列出了我们截至所示期间的未经审计综合经营报表中的选定项目，按金额及占我们净销售额的百分比列示：
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结束的13周 |
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九月二十九日， |
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十月一日， |
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(单位：千美元) |
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净销售额 |
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$ |
220,598 |
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100.0 |
% |
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$ |
239,889 |
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100.0 |
% |
销售成本 (1) |
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156,387 |
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70.9 |
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160,331 |
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66.8 |
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毛利润 |
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64,211 |
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29.1 |
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79,558 |
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33.2 |
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销售和行政费用 (2) |
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75,039 |
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34.0 |
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76,575 |
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31.9 |
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营业（亏损）收入 |
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(10,828 |
) |
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(4.9 |
) |
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2,983 |
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1.3 |
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利息费用（收入） |
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187 |
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0.1 |
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(95 |
) |
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0.0 |
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(亏损) 收入所得税之前的收入 |
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(11,015 |
) |
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(5.0 |
) |
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3,078 |
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1.3 |
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所得税费用 |
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18,886 |
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8.6 |
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1,220 |
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0.5 |
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净（亏损）收入 |
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$ |
(29,901 |
) |
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(13.6 |
)% |
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$ |
1,858 |
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0.8 |
% |
净销售额. 净销售额在2024财年第三季度下降了1930万美元，或8.0%，从去年的23990万美元降至22060万美元。净销售额的变化反映了以下内容：
毛利润毛利润在截至2024年9月29日的13周内减少了1540万，降至6420万，占净销售额的29.1%，而截至2023年10月1日的13周内为7960万，占净销售额的33.2%。毛利润的变化主要归因于以下因素：
- 22 -
销售和管理费用销售和管理费用在截至2024年9月29日的13周内减少了160万元，降至7500万元，占净销售额的34.0%，而去年第三季度为7660万元，占净销售额的31.9%。销售和管理费用的变化主要归因于以下几点：
利息费用（收入）与2023财年第三季度相比，2024财年第三季度的利息费用增加了30万美元，这主要是由于财政租赁利息费用的同比上升，原因是利率期货上升以及由于现金余额减少而获得的利息收入较低。
所得税费用2024财年第三季度和2023财年的所得税准备分别为1890万和120万。这一第三季度的准备反映了对递延税项资产净额建立的2180万的估值准备，以及本年度的税前损失。有关递延税项资产评估的进一步讨论，请参见第I部分第1项的临时基本报表第8条。 基本报表在这份10-Q季度报告中。
截至2024年9月29日的39周与截至2023年10月1日的39周相比
以下表格列出了我们截至所示期间的未经审计综合经营报表中的选定项目，按金额及占我们净销售额的百分比列示：
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截至39周 |
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九月二十九日， |
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十月一日， |
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(单位：千美元) |
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净销售额 |
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$ |
613,849 |
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100.0 |
% |
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$ |
688,395 |
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100.0 |
% |
销售成本 (1) |
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430,516 |
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70.1 |
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461,790 |
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67.1 |
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毛利润 |
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183,333 |
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29.9 |
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226,605 |
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32.9 |
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销售和行政费用 (2) |
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218,645 |
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35.6 |
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224,114 |
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32.6 |
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营业（亏损）收入 |
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(35,312 |
) |
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(5.7 |
) |
|
|
2,491 |
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0.3 |
|
利息费用（收入） |
|
|
392 |
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|
0.1 |
|
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|
(265 |
) |
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|
0.0 |
|
(亏损) 收入所得税之前的收入 |
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(35,704 |
) |
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|
(5.8 |
) |
|
|
2,756 |
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|
0.3 |
|
所得税费用 |
|
|
12,487 |
|
|
|
2.0 |
|
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|
987 |
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|
|
0.1 |
|
净（亏损）收入 |
|
$ |
(48,191 |
) |
|
|
(7.8 |
)% |
|
$ |
1,769 |
|
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|
0.2 |
% |
- 23 -
净销售额. 净销售额减少了7460万美元，或10.8%，从去年的68840万美元降至2024财年前九个月的61380万美元。净销售额的变化反映了以下几点：
毛利润. 毛利润减少了$4330万，降至$18330万，或占净销售额的29.9%，相比之下，截至2023年10月1日的39周内毛利润为$22660万，或占净销售额的32.9%。毛利润的变化主要归因于以下因素：
销售和管理费用在截至2024年9月29日的39周内，销售和管理费用减少了550万元，降至21860万元，占净销售的35.6%，而去年前三个月为22410万元，占净销售的32.6%。销售和管理费用的变化主要归因于以下因素：
利息费用（收入）. 财务费用在2024财年的前九个月相比2023财年的前九个月增加了70万美元，主要是由于利率期货上升导致的年同比融资租赁利息费用增加。
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所得税费用. 2024财年的前九个月和2023财年的前九个月，所得税准备金分别为1250万和100万。2024财年的前九个月反映了对净递延税资产设立2180万的估值准备金，以及本年度的税前亏损。请参见第一部分第1项中的临时基本报表第8条。 基本报表在这份10-Q季度报告中。
流动性和资本资源
我们主要的流动性需求是用于营运资金、资本支出和现金分红派息。我们主要通过手头现金、经营活动产生的现金流和循环信用额度的借款来满足流动性需求。
As of September 29, 2024, we had $4.0 million of cash compared to $17.9 million of cash as of October 1, 2023. Our cash flows from operating, investing and financing activities are summarized as follows:
|
|
39 Weeks Ended |
|
|||||
|
|
September 29, |
|
|
October 1, |
|
||
|
|
(In thousands) |
|
|||||
Total cash provided by (used in): |
|
|
|
|
|
|
||
Operating activities |
|
$ |
9,128 |
|
|
$ |
21,064 |
|
Investing activities |
|
|
(8,827 |
) |
|
|
(8,186 |
) |
Financing activities |
|
|
(5,511 |
) |
|
|
(20,573 |
) |
Net decrease in cash and cash equivalents |
|
$ |
(5,210 |
) |
|
$ |
(7,695 |
) |
Operating Activities. Operating cash flows for the first nine months of fiscal 2024 and 2023 were a positive $9.1 million and a positive $21.1 million, respectively. The decreased cash flow provided by operating activities for the first nine months of fiscal 2024 compared to the prior year primarily reflected a current year net loss compared with prior year net income, partially offset by reduced funding of merchandise inventory, a smaller decrease in accrued expenses mainly related to company performance-based incentive awards, as well as decreases in sales taxes and property taxes, and a larger decrease in prepaid expense primarily related to insurance and income taxes.
Investing Activities. Net cash used in investing activities for the first nine months of fiscal 2024 and 2023 was $8.8 million and $8.2 million, respectively. Capital expenditures, excluding non-cash acquisitions, represented substantially all of the cash used in investing activities. Capital expenditures for both periods primarily reflect store-related remodeling, distribution center investments and computer hardware and software purchases.
Financing Activities. Financing cash flows for the first nine months of fiscal 2024 and 2023 were a negative $5.5 million and a negative $20.6 million, respectively. For both periods presented, cash was used to make principal payments on finance lease liabilities and fund dividend payments. Dividend payments in the current year were lower than the prior year, which reflected a reduction of dividends declared from $0.75 per share of outstanding common stock in the first nine months of fiscal 2023 to $0.10 per share of outstanding common stock in the first nine months of fiscal 2024.
As of September 29, 2024 and October 1, 2023, we had no revolving credit borrowings, and $5.2 million and $1.4 million, respectively, of letter of credit commitments outstanding.
In the first nine months of fiscal 2023, we paid three quarterly cash dividends of $0.25 per share of outstanding common stock, and in the fourth quarter of fiscal 2023, we paid a quarterly cash dividend of $0.125 per share of outstanding common stock. In the first half of fiscal 2024, we paid two quarterly cash dividends of $0.05 per share of outstanding common stock. In an effort to provide additional financial flexibility given the uncertain duration of current macroeconomic challenges, our Board of Directors suspended the quarterly cash dividend beginning in the third quarter of fiscal 2024.
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Periodically, we repurchase our common stock in the open market pursuant to programs approved by our Board of Directors. We may repurchase our common stock for a variety of reasons, including, among other things, our alternative cash requirements, existing business conditions and the current market price of our stock. Our current share repurchase program authorizes the purchase of up to $25.0 million of our common stock. Under this program, we may purchase shares from time to time in the open market or in privately negotiated transactions in compliance with the applicable rules and regulations of the SEC. However, the timing and amount of such purchases, if any, would be at the discretion of our management and Board of Directors, and would depend on market conditions and other considerations. We did not repurchase any shares of our common stock in fiscal 2023 or the first nine months of fiscal 2024. Since the inception of our initial share repurchase program in May 2006 through September 29, 2024, we have repurchased a total of 4,186,014 shares for $53.6 million.
Loan Agreement. We are party to a Loan, Guaranty and Security agreement with Bank of America, N.A. (“BofA”), as agent and lender, which was amended on November 22, 2021, October 19, 2022 and May 16, 2023 (as so amended, the “Loan Agreement”). The Loan Agreement has a maturity date of February 24, 2026 and provides for a revolving credit facility with an aggregate committed availability of up to $150.0 million. We may also request additional increases in aggregate availability, up to a maximum of $200.0 million, in which case the existing lender under the Loan Agreement will have the option to increase their commitment to accommodate the requested increase. If the lender does not exercise that option, we may (with the consent of BofA in its role as the administrative agent, not to be unreasonably withheld) seek other lenders willing to provide such commitments. The credit facility includes a $50.0 million sublimit for issuances of letters of credit.
We may borrow under the Loan Agreement from time to time, provided the amounts outstanding will not exceed the lesser of the then aggregate committed availability (as discussed above) and the Borrowing Base (such lesser amount being referred to as the “Line Cap”). As defined in the Loan Agreement, the “Borrowing Base” generally is comprised of the sum, at the time of calculation, of (a) 90.00% of eligible credit card receivables; plus (b) the cost of eligible inventory (other than eligible in-transit inventory), net of inventory reserves, multiplied by 90.00% of the appraised net orderly liquidation value of eligible inventory (expressed as a percentage of the cost of eligible inventory); plus (c) the cost of eligible in-transit inventory, net of inventory reserves, multiplied by 90.00% of the appraised net orderly liquidation value of eligible in-transit inventory (expressed as a percentage of the cost of eligible in-transit inventory), minus (d) certain agreed-upon reserves as well as other reserves established by BofA in its role as the administrative agent in its reasonable discretion.
Generally, we may designate specific borrowings under the Loan Agreement as either base rate loans or Term SOFR rate loans. The applicable interest rate on our borrowings is a function of the daily average, over the preceding fiscal quarter, of the excess of the Line Cap over amounts borrowed (such amount being referred to as the “Average Daily Availability”). Those loans designated as Term SOFR rate loans bear interest at a rate equal to the then applicable secured overnight financing rate as administered by the Federal Reserve Bank of New York (“SOFR”) rate plus a 0.10% “SOFR adjustment” spread, plus an applicable margin as shown in the table below. Those loans designated as base rate loans bear interest at a rate equal to the applicable margin for base rate loans (as shown below) plus the highest of (a) the Federal funds rate, as in effect from time to time, plus one-half of one percent (0.50%), (b) the one-month SOFR rate, plus one percentage point (1.00%), or (c) the rate of interest in effect for such day as announced from time to time within BofA as its “prime rate.” The applicable margin for all loans will be a function of Average Daily Availability for the preceding fiscal quarter as set forth in the following table.
Level |
|
Average Daily Availability |
|
SOFR Rate |
|
Base Rate |
I |
|
Greater than or equal to $70,000,000 |
|
1.375% |
|
0.375% |
II |
|
Less than $70,000,000 |
|
1.500% |
|
0.500% |
The commitment fee assessed on the unused portion of the credit facility is 0.20% per annum.
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Obligations under the Loan Agreement are secured by a general lien on and security interest in substantially all of our assets. The Loan Agreement contains covenants that require us to maintain a fixed charge coverage ratio of not less than 1.0:1.0 in certain circumstances, and limits the ability to, among other things, incur liens, incur additional indebtedness, transfer or dispose of assets, change the nature of the business, guarantee obligations, pay dividends or make other distributions or repurchase stock, and make advances, loans or investments. We may generally declare or pay cash dividends or repurchase stock only if, among other things, no default or event of default then exists or would arise from such dividend or repurchase of stock and, after giving effect to such dividend or repurchase, certain availability and/or fixed charge coverage ratio requirements are satisfied, although we are permitted to make up to $5.0 million of dividend payments or stock repurchases per year without satisfaction of the availability or fixed charge coverage ratio requirements, but dividends or stock repurchases made without satisfying the availability and/or fixed charge coverage ratio requirements will require the establishment of an additional reserve that will reduce borrowing availability under the Loan Agreement for 75 days. The Loan Agreement contains customary events of default, including, without limitation, failure to pay when due principal amounts with respect to the credit facility, failure to pay any interest or other amounts under the credit facility, failure to comply with certain agreements or covenants contained in the Loan Agreement, failure to satisfy certain judgments against us, failure to pay when due (or any other default which permits the acceleration of) certain other material indebtedness in principal amount in excess of $5.0 million, and certain insolvency and bankruptcy events.
Future Capital Requirements. We had cash on hand of $4.0 million as of September 29, 2024. We expect capital expenditures for fiscal 2024, excluding non-cash acquisitions, to range from approximately $10.0 million to $14.0 million primarily to fund store-related remodeling, the opening of new stores, distribution center investments and computer hardware and software purchases. For fiscal 2024, we anticipate opening approximately three new stores and closing approximately eleven stores.
Dividends are paid at the discretion of our Board of Directors. In the first half of fiscal 2024, we paid two quarterly cash dividends of $0.05 per share of outstanding common stock. In an effort to provide additional financial flexibility given the uncertain duration of current macroeconomic challenges, our Board of Directors suspended the quarterly cash dividend beginning in the third quarter of fiscal 2024.
As of September 29, 2024, a total of $20.9 million remained available for share repurchases under our new share repurchase program. We did not repurchase any shares of our common stock in the first nine months of fiscal 2024. We consider several factors in determining when and if we make share repurchases including, among other things, our alternative cash requirements, existing business conditions and the market price of our stock.
We believe we will be able to fund our cash requirements from cash on hand, operating cash flows and borrowings from our credit facility, for at least the next 12 months.
Contractual Obligations. Our material contractual obligations include operating lease commitments associated with our leased properties and other occupancy expense, finance lease obligations, borrowings under the credit facility, if any, and other liabilities. Operating lease commitments consist principally of leases for our retail store facilities, distribution center and corporate offices. These leases frequently include options which permit us to extend the terms beyond the initial fixed lease term, and we intend to renegotiate most of these leases as they expire. Operating lease commitments also consist of information technology (“IT”) systems hardware, distribution center delivery tractors and equipment. Additional information regarding our operating and finance leases is available in Notes 2 and 6 to the Interim Financial Statements included in Part I, Item 1, Financial Statements, of this Quarterly Report on Form 10-Q.
In the first nine months of fiscal 2024 and 2023, we had zero borrowings under our revolving credit facility. In October 2024, the Company resumed borrowings on the revolving credit facility.
In the ordinary course of business, we enter into arrangements with vendors to purchase merchandise in advance of expected delivery. Because most of these purchase orders do not contain any termination payments or other penalties if cancelled, they are not included as outstanding contractual obligations.
Critical Accounting Estimates
As discussed in Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, we consider our estimates on valuation of merchandise inventory and valuation of long-lived assets to be among the most critical in understanding the judgments that are involved in preparing our consolidated financial statements. There have been no significant changes to these estimates in the 13 weeks ended September 29, 2024.
- 27 -
Seasonality and Impact of Inflation
We experience seasonal fluctuations in our net sales and operating results, which can suffer when weather does not conform to seasonal norms. Seasonality in our net sales influences our buying patterns which directly impacts our merchandise and accounts payable levels and cash flows. We purchase merchandise for seasonal activities in advance of a season and supplement our merchandise assortment as necessary and when possible during the season. Our efforts to replenish products during a season are not always successful. In the fourth fiscal quarter, which includes the holiday selling season and the start of the winter selling season, we normally experience higher inventory purchase volumes and increased expense for staffing and advertising. If we miscalculate the consumer demand for our products generally or for our product mix in advance of a season, particularly the fourth quarter, our net sales can decline, which can harm our financial performance. A significant shortfall from expected net sales, particularly during the fourth quarter, can negatively impact our annual operating results.
Throughout most of fiscal 2023, we experienced greater inflation in the cost of products that we purchase for resale than in previous years, although product cost inflation moderated later in the year and into fiscal 2024. While our merchandise inventory costs have been impacted by inflationary pressures, we have generally been able to adjust our selling prices in response to these higher product purchase costs. However, if we are unable to adjust our selling prices for product purchase cost increases that might occur in the future, then our merchandise margins could decline, which would adversely impact our operating results. In fiscal 2023 and the first nine months of fiscal 2024, we also experienced increased wage rate pressure as a result of competition for labor in certain markets and we expect these dynamics to continue throughout the remainder of fiscal 2024. Broad-based inflationary pressures adversely impacted many categories of costs and expenses, including shipping costs, during fiscal 2023 and the first nine months of fiscal 2024. This impact is expected to continue during the remainder of fiscal 2024.
Recently Issued Accounting Updates
See Note 2 to the Interim Financial Statements included in Part I, Item 1, Financial Statements, of this Quarterly Report on Form 10-Q.
Forward-Looking Statements
This document includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to, among other things, our financial condition, our results of operations, our growth strategy and the business of our company generally. In some cases, you can identify such statements by terminology such as “may,” “could,” “project,” “estimate,” “potential,” “continue,” “should,” “expects,” “plans,” “anticipates,” “believes,” “intends” or other such terminology. These forward-looking statements involve known and unknown risks and uncertainties and other factors that may cause our actual results in current or future periods to change significantly and differ materially from forecasted results. These forward-looking statements involve known and unknown risks and uncertainties and other factors that may cause our actual results in current or future periods to change significantly and differ materially from forecasted results. These risks and uncertainties include, among other things, the impacts of COVID-19 on our business operations, global supply chain disruptions resulting from the ongoing conflicts in Ukraine and the Middle East, changes in the consumer spending environment, fluctuations in consumer holiday spending patterns, increased competition from e-commerce retailers, breach of data security or other unauthorized disclosure of sensitive personal or confidential information, the competitive environment in the sporting goods industry in general and in our specific market areas, inflation, product availability and growth opportunities, changes in the current market for (or regulation of) firearm-related products, a reduction or loss of product from a key supplier, disruption in product flow, seasonal fluctuations, weather conditions, changes in cost of goods, operating expense fluctuations, increases in labor and benefit-related expense, changes in laws or regulations, including those related to tariffs and duties as well as environmental, social and governance issues, public health issues (including those caused by COVID-19 or any potential variants), impacts from civil unrest or widespread vandalism, lower than expected profitability of our e-commerce platform or cannibalization of sales from our existing store base which could occur as a result of operating the e-commerce platform, litigation risks, stockholder campaigns and proxy contests, risks related to our historically leveraged financial condition, changes in interest rates, credit availability, higher expense associated with sources of credit resulting from uncertainty in financial markets, our ability to reverse valuation allowances on deferred tax assets, and economic conditions in general. Those and other risks and uncertainties are more fully described in Part II, Item 1A, Risk Factors, in this report and in Part I, Item 1A, Risk Factors, in our Annual Report on Form 10-K and other filings with the SEC. We caution that the risk factors set forth in this report and the other reports that we file with the SEC are not exclusive. In addition, we conduct our business in a highly competitive and rapidly changing environment. Accordingly, new risk factors may arise. It is not possible for management to predict all such risk factors, nor to assess the impact of all such risk factors on our business or the extent to which any individual risk factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. We undertake no obligation to revise or update any forward-looking statement that may be made from time to time by us or on our behalf.
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Item 3. Quantitative and Qualitative Disclosures About Market Risk
Because we are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act, we are not required to provide the information under this item.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
We conducted an evaluation, under the supervision and with the participation of our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), of the effectiveness of the design and operation of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report. Based on such evaluation, our CEO and CFO have concluded that, as of the end of such period, our disclosure controls and procedures are effective, at a reasonable assurance level, in recording, processing, summarizing and reporting, on a timely basis, information required to be disclosed by us in the reports that we file or submit under the Exchange Act and are effective in ensuring that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our CEO and CFO, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control Over Financial Reporting
During the fiscal quarter ended September 29, 2024, no changes occurred with respect to our internal control over financial reporting that materially affected, or are reasonably likely to materially affect, internal control over financial reporting.
- 29 -
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
On March 13, 2023, a complaint was filed in the Superior Court of the State of California, County of Santa Clara, entitled Zareyah Thompson v. Big 5 Corp., et. al., Case No. 23CV412334 (“Thompson Complaint”). The Thompson Complaint was brought as a purported California Private Attorneys General Act (“PAGA”) action on behalf of “current and former employees who worked for the Company or its operating subsidiary in California as a non-exempt, hourly paid employee and received at least one wage statement.” The Thompson Complaint alleges, among other things, that Big 5 failed to (i) provide minimum wages, (ii) provide compliant meal or rest periods, (iii) maintain and provide accurate itemized wage statements, (iv) properly compensate for all time worked, including overtime, premium, vacation and final wages, (v) properly maintain payroll records, and (vi) provide suitable seating. On March 21, 2023, a second complaint was filed in the Superior Court of the State of California, County of Santa Clara, entitled Christopher Puga v. Big 5 Corp., et. al., Case No. 23CV412953 (“Puga Complaint”). The Puga Complaint was brought as a purported PAGA action on behalf of “all current and former non-exempt employees that worked either directly or via a staffing agency for the Company or its operating subsidiary at any location in California” (“Putative Covered Employees”). The Puga Complaint alleges, among other things, that Big 5 (i) unlawfully required Putative Covered Employees to agree to unlawful criminal background checks, (ii) conducted unlawful financial and criminal background checks, and did not (iii) provide minimum wages, (iv) provide accurate itemized wage statements, (v) maintain accurate records pertaining to the Putative Covered Employees’ employment, (vi) produce or make available Putative Covered Employees’ personnel records and/or payroll records, (vii) provide compliant meal or rest periods, (viii) properly compensate for all time worked, including overtime, premium, vacation, and final wages, (ix) reimburse necessary business expenses; (x) provide suitable seating; (xi) provide sick leave pay to Putative Covered Employees, (xii) accurately calculate sick leave accrual and rate of pay, (xiii) put the Putative Covered Employees on notice of their paid sick leave rights, and (xiv) provide supplemental paid sick leave. The Thompson and Puga complaints have many overlapping causes of action. Accordingly, on or about April 12, 2023, a notice of related cases was filed with the Court regarding the Thompson Complaint and Puga Complaint. The Court subsequently conducted a case management conference on June 29, 2023 for both complaints, and jointly coordinated the complaints. The Company’s counsel held a mediation with opposing counsel on September 27, 2023. The Company has reached a settlement in both cases and established a cumulative indemnity reserve of $1.5 million. The settlement has been approved by the Court and the Company deposited the settlement funds with the settlement administrator on October 4, 2024.
The Company is involved in various other claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters is not expected to have a material adverse effect on the Company’s results of operations or financial condition.
Item 1A. Risk Factors
There have been no material changes to the risk factors identified in Part I, Item 1A, Risk Factors, of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Not applicable.
Item 3. Defaults Upon Senior Securities
Not applicable.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
During the fiscal quarter ended September 29, 2024, none of the Company’s directors or executive officers
- 30 -
Item 6. Exhibits
Exhibit Number |
|
Description of Document |
|
|
|
15.1 |
|
Independent Auditors’ Awareness Letter Regarding Interim Financial Statements. (1) |
|
|
|
31.1 |
|
Rule 13a-14(a) Certification of Chief Executive Officer. (1) |
|
|
|
31.2 |
|
Rule 13a-14(a) Certification of Chief Financial Officer. (1) |
|
|
|
32.1 |
|
|
|
|
|
32.2 |
|
|
|
|
|
101.INS |
|
Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. (1) |
|
|
|
101.SCH |
|
Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents. (1) |
|
|
|
104 |
|
Cover Page Interactive Data File (embedded within the Inline XBRL document). (1) |
- 31 -
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
BIG 5 SPORTING GOODS CORPORATION, |
|
|
a Delaware corporation |
|
|
|
|
Date: October 30, 2024 |
By: |
/s/ Steven G. Miller |
|
|
Steven G. Miller |
|
|
Chairman of the Board of Directors, President and Chief Executive Officer |
|
|
|
Date: October 30, 2024 |
By: |
/s/ Barry D. Emerson |
|
|
Barry D. Emerson |
|
|
Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer) |
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