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KPIsSections12
Revenue$2.84B+5.3% YoY
Gross margin36.2%
Net income$304.6M+16.9% YoY
Net margin10.7%
Operating margin11.5%
Red flags2 red
Liquidity2
RED
Negative operating cash flow
operating_cf_burnThe company is burning cash from operations — sustainability depends on financing.
RED
Cash conversion (CFO/Rev) -1.7%
cash_conversion_weakCFO/Revenue below 0 — operating model not generating cash despite revenue.
Income Statement
Revenue$2.84B
Revenue (quarter)$2.84B
Gross Margin36.2%
Operating Margin11.5%
Net Margin10.7%
Net Income$304.6M
EPS (diluted)$3.40
Balance Sheet
Cash$1.64B
Broad Liquidity$1.64B
Current Ratio1.96
Total Assets$9.11B
Total Equity$2.67B
Cash Flow
Operating CF-$48.4M
Cash Conversion (CFO/Rev)-0.02
SBC % Revenue0.5%
Free Cash Flow-$132.9M
Sections in this filing
Financial Statements (unaudited)
ITEM 1. FINANCIAL STATEMENTS DICK’S SPORTING GOODS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data) (Unaudited) 13 Weeks Ended April 29, 2023 April 30, 2022 Net sales $ 2,842,181 $ 2,700,205 Cost of goods sold, including occupancy and distribution costs 1,813,564 1,715,491 GROSS PROFIT 1,028,617 984,714 Selling, general and administrative expenses 693,904 615,293 Pre-opening expenses 9,090 2,900 INCOME FROM OPERATIONS 325,623 366,521 Interest expense 15,043 25,642 Other (income) expense ( 17,707 ) 9,022 INCOME BEFORE INCOME TAXES 328,287 331,857 Provision for income taxes 23,638 71,298 NET INCOME $ 304,649 $ 260,559 EARNINGS PER COMMON SHARE: Basic $ 3.67 $ 3.42 Diluted $ 3.40 $ 2.47 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: Basic 83,071 76,181 Diluted 89,664 108,629 See accompanying notes to unaudited consolidated financial statements. 3 Table of Contents DICK’S SPORTING GOODS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands) (Unaudited) 13 Weeks Ended April 29, 2023 April 30, 2022 NET INCOME $ 304,649 $ 260,559 OTHER COMPREHENSIVE LOSS: Foreign currency translation adjustment, net of tax ( 93 ) ( 7 ) TOTAL OTHER COMPREHENSIVE LOSS ( 93 ) ( 7 ) COMPREHENSIVE INCOME $ 304,556 $ 260,552 See accompanying notes to unaudited consolidated financial statements. 4 Table of Contents DICK’S SPORTING GOODS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands) (Unaudited) April 29, 2023 January 28, 2023 April 30, 2022 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 1,642,680 $ 1,924,386 $ 2,251,338 Accounts receivable, net 132,788 71,286 76,253 Income taxes receivable 16,249 8,187 1,639 Inventories, net 3,034,202 2,830,917 2,824,832 Prepaid expenses and other current assets 117,070 128,410 102,603 Total current assets 4,942,989 4,963,186 5,256,665 Property and equipment, net 1,372,776 1,312,988 1,305,137 Operating lease assets 2,207,631 2,138,366 2,048,151 Intangible assets, net 63,600 60,364 86,160 Goodwill 250,398 245,857 245,857 Deferred income taxes 31,282 41,189 66,080 Other assets 239,136 230,246 211,750 TOTAL ASSETS $ 9,107,812 $ 8,992,196 $ 9,219,800 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 1,220,003 $ 1,206,066 $ 1,491,931 Accrued expenses 495,743 508,573 462,085 Operating lease liabilities 466,911 546,755 476,343 Income taxes