Consumer Discretionary › Retail-Miscellaneous Shopping Goods Stores
DKS Stock Price Correlated With Dick's Sporting Goods Financials
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Income Statement
Cash Flow
Balance Sheet
DKS Income Statement
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Net Income:
DKS Cash Flow
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Operating Activities Net Income:
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Repurchases/Buybacks Common Stock:
Issuance of Long-term Debt:
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Purchases of Businesses, Net of Cash:
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DKS Balance Sheet
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Short-Term Investments:
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COMPANY PROFILE
Description of Business and Basis of Presentation DICK’S Sporting Goods, Inc. (together with its subsidiaries, referred to as “the Company”, “we”, “us” and “our” unless specified otherwise) is a leading omni-channel sporting goods retailer offering an extensive assortment of authentic, high-quality sports equipment, apparel, footwear and accessories through a blend of dedicated teammates, in-store services and unique specialty shop-in-shops. In addition to DICK’S Sporting Goods stores, the Company also owns and operates Golf Galaxy, Field & Stream, Public Lands and Going Going Gone! stores, and offers its products both online and through mobile apps. The Company also owns and operates DICK’S House of Sport and Golf Galaxy Performance Center, as well as GameChanger, a youth sports mobile app for video streaming, scorekeeping, scheduling and communications. When used in this Quarterly Report on Form 10-Q, unless the context otherwise requires or otherwise specifies, any reference to a “year” is to the Company’s fiscal year.
Basis of Presentation and Use of Estimates
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the requirements for Quarterly Reports on Form 10-Q and do not include all the disclosures normally required in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The interim consolidated financial statements are unaudited and have been prepared on the same basis as the annual audited consolidated financial statements. In the opinion of management, such unaudited consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the interim financial information.
The unaudited interim financial information should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended January 29, 2022 as filed with the Securities and Exchange Commission on March 23, 2022. Operating results for the 13 weeks ended April 30, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending January 28, 2023 or any other period.
Recently Adopted Accounting Pronouncements
Convertible Instruments
In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, “ Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) ,” which removes the separation models for convertible debt with cash conversion or beneficial conversion features. ASU 2020-06 also requires the application of the if-converted method for calculating earnings per diluted share, under which the Company must assume that any conversion of the Convertible Senior Notes will be satisfied entirely in common stock .
The Company adopted ASU 2020-06 on the first day of fiscal 2022 using the modified retrospective approach, which resulted in the following adjustments to the Consolidated Balance Sheet (in millions) :
Last Day of Fiscal 2021 Adoption of ASU 2020-06 First Day of Fiscal 2022 Balance sheet line item Convertible senior notes due 2025 $ 449.3 $ 114.0 $ 563.3 Net deferred tax assets $ 35.0 $ 29.3 $ 64.3 Additional paid-in capital $ 1,488.8 $ (119.0) $ 1,369.8 Retained earnings $ 3,956.6 $ 34.2 $ 3,990.8
Following the adoption of ASU 2020-06, the embedded conversion feature of the Convertible Senior Notes is no longer separately presented within stockholders’ equity, eliminating the non-cash debt discount. Accordingly, the Company’s effective interest rate on the Convertible Senior Notes decreased from 11.6% to 3.9% upon adoption, resulting in a $6.5 million reduction in non-cash interest expense for the 13 weeks ended April 30, 2022 as compared to the pri
Basis of Presentation and Use of Estimates
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the requirements for Quarterly Reports on Form 10-Q and do not include all the disclosures normally required in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The interim consolidated financial statements are unaudited and have been prepared on the same basis as the annual audited consolidated financial statements. In the opinion of management, such unaudited consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the interim financial information.
The unaudited interim financial information should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended January 29, 2022 as filed with the Securities and Exchange Commission on March 23, 2022. Operating results for the 13 weeks ended April 30, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending January 28, 2023 or any other period.
Recently Adopted Accounting Pronouncements
Convertible Instruments
In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, “ Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) ,” which removes the separation models for convertible debt with cash conversion or beneficial conversion features. ASU 2020-06 also requires the application of the if-converted method for calculating earnings per diluted share, under which the Company must assume that any conversion of the Convertible Senior Notes will be satisfied entirely in common stock .
The Company adopted ASU 2020-06 on the first day of fiscal 2022 using the modified retrospective approach, which resulted in the following adjustments to the Consolidated Balance Sheet (in millions) :
Last Day of Fiscal 2021 Adoption of ASU 2020-06 First Day of Fiscal 2022 Balance sheet line item Convertible senior notes due 2025 $ 449.3 $ 114.0 $ 563.3 Net deferred tax assets $ 35.0 $ 29.3 $ 64.3 Additional paid-in capital $ 1,488.8 $ (119.0) $ 1,369.8 Retained earnings $ 3,956.6 $ 34.2 $ 3,990.8
Following the adoption of ASU 2020-06, the embedded conversion feature of the Convertible Senior Notes is no longer separately presented within stockholders’ equity, eliminating the non-cash debt discount. Accordingly, the Company’s effective interest rate on the Convertible Senior Notes decreased from 11.6% to 3.9% upon adoption, resulting in a $6.5 million reduction in non-cash interest expense for the 13 weeks ended April 30, 2022 as compared to the pri
Free historical financial statements for Dick's Sporting Goods Inc.. See how revenue, income, cash flow, and balance sheet financials have changed over 54 quarters since 2011. Compare with DKS stock chart to see long term trends.
Data imported from Dick's Sporting Goods Inc. SEC filings. Check original filings before making any investment decision.