SKECHERS USA INC

CIK:0001065837|SEC Filings

Condensed Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Income Statement [Abstract]
Sales	$ 2,440,024	$ 2,157,643	$ 4,851,595	$ 4,409,230
Cost of sales	1,138,721	973,206	2,295,918	2,043,159
Gross profit	1,301,303	1,184,437	2,555,677	2,366,071
Operating expenses
Selling	251,883	235,870	436,956	392,371
General and administrative	876,338	742,036	1,680,514	1,468,371
Total operating expenses	1,128,221	977,906	2,117,470	1,860,742
Earnings from operations	173,082	206,531	438,207	505,329
Other income (expense)	45,517	(1,652)	70,047	(3,702)
Earnings before income taxes	218,599	204,879	508,254	501,627
Income tax expense	35,894	40,355	100,477	96,725
Net earnings	182,705	164,524	407,777	404,902
Less: Net earnings attributable to noncontrolling interests and redeemable noncontrolling interest	12,207	24,222	34,843	57,978
Net earnings attributable to Skechers U.S.A., Inc.	$ 170,498	$ 140,302	$ 372,934	$ 346,924
Net earnings per share attributable to Skechers U.S.A., Inc.
Basic	$ 1.14	$ 0.92	$ 2.49	$ 2.27
Diluted	$ 1.13	$ 0.91	$ 2.46	$ 2.24
Weighted-average shares used in calculating net earnings per share attributable to Skechers U.S.A., Inc.
Basic	150,001	152,503	149,711	152,707
Diluted	151,305	154,176	151,395	154,640

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Cash flows from operating activities
Net earnings	$ 182,705	$ 164,524	$ 407,777	$ 404,902
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization			117,178	99,661
Provision for credit losses and returns			22,377	14,798
Stock compensation			49,567	44,164
Deferred income taxes			15,382	13,378
Net foreign currency adjustments			(43,086)	11,387
Changes in operating assets and liabilities
Receivables			(89,751)	(219,915)
Inventory			90,598	(15,097)
Other assets			(151,144)	(88,499)
Accounts payable			(109,681)	192,337
Other liabilities			138,961	37,316
Net cash provided by operating activities			448,178	494,432
Cash flows from investing activities
Capital expenditures			(330,723)	(169,537)
Proceeds from sale of property, plant and equipment			9,972	0
Purchases of investments			(92,063)	(121,155)
Proceeds from sales and maturities of investments			97,856	50,256
Net cash used in investing activities			(314,958)	(240,436)
Cash flows from financing activities
Proceeds from the employee stock purchase plan			7,519	6,823
Repayments on long-term borrowings			(165,691)	(14,808)
Proceeds from long-term borrowings			145,051	63,885
Net proceeds from (repayments on) short-term borrowings			144,434	(11,894)
Payments for employee taxes related to stock compensation			(31,181)	(48,649)
Repurchases of common stock			0	(120,038)
Distributions to noncontrolling interests			0	(39,037)
Net cash provided by (used in) financing activities			100,132	(163,718)
Effect of exchange rate changes on cash and cash equivalents			27,284	242
Net change in cash and cash equivalents			260,636	90,520
Cash and cash equivalents at beginning of the period			1,116,516	1,189,910	$ 1,189,910
Cash and cash equivalents at end of the period	$ 1,377,152	$ 1,280,430	1,377,152	1,280,430	$ 1,116,516
Cash paid during the period for
Interest			15,553	9,108
Income taxes, net			64,582	93,836
Non-cash transactions
Right-of-use assets exchanged for lease liabilities			$ 312,863	$ 223,600

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 1,377,152	$ 1,116,516
Short-term investments	106,254	118,470
Trade accounts receivable, less allowances of $75,702 and $66,616	1,149,298	990,558
Other receivables	105,157	98,499
Inventory	1,871,805	1,919,386
Prepaid expenses and other	242,045	205,994
Total current assets ($1,439,842 and $1,413,643 related to VIEs)	4,851,711	4,449,423
Property, plant and equipment, net	2,075,256	1,834,930
Operating lease right-of-use assets	1,536,161	1,363,596
Deferred tax assets	423,544	440,358
Long-term investments	157,452	146,687
Goodwill	103,945	94,494
Other assets, net	130,047	126,270
Total non-current assets ($994,957 and $861,175 related to VIEs)	4,426,405	4,006,335
TOTAL ASSETS	9,278,116	8,455,758
Current liabilities
Accounts payable	1,159,891	1,241,838
Accrued expenses	356,295	330,251
Operating lease liabilities	303,370	297,926
Current installments of long-term borrowings	316,748	353,131
Short-term borrowings	179,633	33,338
Total current liabilities ($787,111 and $846,986 related to VIEs)	2,315,937	2,256,484
Long-term operating lease liabilities	1,358,821	1,176,290
Long-term borrowings	87,965	68,450
Deferred tax liabilities	10,283	11,148
Other long-term liabilities	129,601	123,122
Total non-current liabilities ($205,575 and $170,341 related to VIEs)	1,586,670	1,379,010
Total liabilities	3,902,607	3,635,494
Commitments and contingencies (Note 10)
Redeemable noncontrolling interest	102,374	90,099
Stockholders’ equity
Preferred Stock, $0.001 par value; 10,000 shares authorized; none issued and outstanding	0	0
Additional paid-in capital	38,116	12,170
Accumulated other comprehensive loss	(71,989)	(171,221)
Retained earnings	4,809,135	4,436,201
Skechers U.S.A., Inc. equity	4,775,412	4,277,299
Noncontrolling interests	497,723	452,866
Total stockholders' equity	5,273,135	4,730,165
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS' EQUITY	9,278,116	8,455,758
Class A Common Stock [Member]
Stockholders’ equity
Common Stock	131	130
Class B Common Stock [Member]
Stockholders’ equity
Common Stock	$ 19	$ 19