Robert Howell joins as Senior Vice President & Chief Supply Chain Officer KATY, Texas, Jan. 23, 2024 /PRNewswire/ -- Academy Sports and Outdoors, Inc. (Nasdaq: ASO) ("Academy") today announced the appointment of Robert (Rob) Howell to the role of Senior Vice President and Chief Supply Chain Officer. In this role, Mr. Howell will oversee supply chain operations, distribution centers, and domestic & international logistics. Mr. Howell will join Academy in February 2024 and report to Sam Johnson, President of ...

Academy Sports and Outdoors, Inc. (NASDAQ:ASO) Q3 2023 Earnings Conference Call November 30, 2023 10:00 AM ET Company Participants Matt Hodges - VP, IR Steve Lawrence - CEO Carl Ford - CFO Conference Call Participants Brian Nagel - Oppenheimer Michael Lasser - UBS Frederick Gaertner - Wells Fargo Anthony Chukumba - Loop Capital Markets Christopher Horvers - JPMorgan Oliver Wintermantel - Evercore ISI Joe Enderlin - Stephens Jacquelyn Sussman - Morgan Stanley Nathan Friedman - Wedbush Cristina Fernandez - Te ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended October 28, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________. Commission File No. 001-39589 Academy Sports and Outdoors, Inc. (Exact name of registrant as specified in its charter) (State or ...

Academy Sports and Outdoors, Inc. (NASDAQ:ASO) Q2 2023 Results Conference Call August 31, 2023 10:00 AM ET Company Participants Matt Hodges - Vice President, Investor Relations Steve Lawrence - Chief Executive Officer Michael Mullican - President Carl Ford - Chief Financial Officer Conference Call Participants Daniel Imbro - Stephens Greg Melich - Evercore Christopher Horvers - JPMorgan Emily Ghosh - Goldman Sachs Alex Perry - Bank of America Anthony Chukumba - Loop Capital Brian Nagel - Oppenheimer Michael ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended July 29, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________. Commission File No. 001-39589 Academy Sports and Outdoors, Inc. (Exact name of registrant as specified in its charter) (State or ot ...

Academy Sports and Outdoors, Inc. (NASDAQ:ASO) Q1 2023 Earnings Conference Call June 6, 2023 10:00 AM ET Company Participants Matt Hodges - VP, IR Ken Hicks - Executive Chairman Steven Lawrence - CEO Michael Mullican - EVP, CFO Conference Call Participants Brian Nagel - Oppenheimer & Co. Kate McShane - Goldman Sachs Robert Ohmes - BAML Michael Lasser - UBS Christopher Horvers - JP Morgan Greg Melich - Evercore ISI Jackie Sussman - Morgan Stanley Kate Fitzsimons - Wells Fargo Anthony Chukumba - Loop Capital ...

Financial Performance - For the first quarter of 2023, net sales decreased by 7.3% compared to the same period in 2022[91]. - Net sales decreased by $84.1 million, or 5.7%, in Q1 2023 compared to Q1 2022, primarily due to a 7.3% decline in comparable sales[106]. - Gross margin fell by $54.3 million, or 10.4%, to $467.1 million in Q1 2023, with a gross margin percentage decrease from 35.5% to 33.8%[109]. - Selling, general and administrative (SG&A) expenses increased by $25.0 million, or 7.9%, to $340.9 million in Q1 2023, with SG&A as a percentage of sales rising to 24.6%[111]. - Adjusted EBITDA for the thirteen weeks ended April 29, 2023, was $167.6 million, a decrease of 28.8% from $235.3 million for the same period in 2022[120]. - Adjusted Net Income for the thirteen weeks ended April 29, 2023, was $102.98 million, down from $152.49 million in the prior year, representing a decline of 32.5%[122]. - Adjusted Earnings per Share (Diluted) for the thirteen weeks ended April 29, 2023, was $1.19, compared to $1.69 for the same period in 2022, reflecting a decrease of 29.6%[122]. - The company reported net cash provided by operating activities of $52.14 million for the thirteen weeks ended April 29, 2023, compared to $97.10 million in the prior year, indicating a decline of 46.3%[125]. - Adjusted Free Cash Flow for the thirteen weeks ended April 29, 2023, was $11.59 million, significantly lower than $79.79 million for the same period in 2022, marking a decrease of 85.4%[124]. - Net cash provided by operating activities in Q1 2023 was $52.135 million, a decrease of $45.0 million compared to Q1 2022[140]. Store Operations - As of April 29, 2023, the company operated 269 stores, an increase from 260 stores in the prior year[87]. - The average store size is approximately 70,000 gross square feet, with locations primarily in the southern United States[86]. - The company plans to open 13 to 15 new stores in 2023 and 120 to 140 new stores over the next five years, expecting most to achieve profitability within the first twelve months[98]. - The company plans to open 13 to 15 new locations in 2023, having opened one new location in the thirteen weeks ended April 29, 2023[133]. - Pre-opening expenses for new stores were $1.6 million in Q1 2023, compared to $1.0 million in Q1 2022[102]. Sales and E-commerce - E-commerce sales are included in the comparable sales calculation, impacting overall sales performance[90]. - E-commerce net sales represented 8.2% of merchandise sales in Q1 2023, down from 9.5% in Q1 2022[108]. - The company experienced a 6.7% decline in transactions and a 0.6% decrease in average ticket size, contributing to the drop in comparable sales[108]. - The company aims to enhance its omnichannel capabilities, integrating e-commerce with physical stores[86]. - The company has enhanced its omnichannel capabilities, which are expected to drive future growth in net sales[97]. Financial Position and Debt - As of April 29, 2023, the company had cash and cash equivalents totaling $295.5 million, which is expected to be sufficient to meet cash requirements for at least the next 12 months[127]. - The company's long-term debt includes $400 million in fixed-rate senior secured notes at 6.00% maturing on November 15, 2027, and a term loan of $194 million at 8.60% maturing on November 6, 2027[128]. - The company's liquidity under the ABL Facility was $986.1 million as of April 29, 2023, compared to $954.5 million for the same period in 2022[131]. Capital Expenditures and Shareholder Returns - Total capital expenditures for Q1 2023 amounted to $40.464 million, a significant increase from $17.280 million in Q1 2022[138]. - The Company expects capital expenditures for fiscal year 2023 to be between $200 million and $250 million[138]. - The Company authorized a share repurchase program allowing for the purchase of up to $600 million of outstanding shares, with approximately $249.4 million available as of April 29, 2023[134]. - In Q1 2023, the Company repurchased 750,010 shares at an average price of $66.69, totaling $50.015 million[135]. - The Company declared a quarterly cash dividend of $0.09 per share, totaling $6.929 million for Q1 2023, payable on July 13, 2023[137]. Inventory and Risk Management - The company has implemented new tools for inventory management, improving handling and vendor relations[95]. - The decrease in gross margin was primarily due to increased clearance and promotional activity, along with higher inventory shrink[109]. - The Company changed its inventory accounting method from LIFO to the weighted average cost method effective January 29, 2023, to improve comparability with industry peers[144]. - There were no material changes in primary risk exposures or management of market risks compared to the previous Annual Report[146]. - The company continues to face risks related to consumer discretionary spending and competition in the retail industry[77].

Financial Data and Key Metrics Changes - The company reported net sales of $1.75 billion for Q4 2022, with a comparable sales decline of 5.1% compared to the previous year [4][13] - For the full year, net sales reached $6.4 billion, with a comparable sales decline of 6.4% [13] - Adjusted net income for Q4 grew by 12.5% to $163.5 million, resulting in adjusted diluted earnings per share of $2.04 [5][15] - The gross margin for Q4 was $572.5 million, with a rate of 32.8%, reflecting a 50 basis point improvement year-over-year [14][26] - The company maintained a strong balance sheet with $337 million in cash and no outstanding borrowings on its credit facility at year-end [15][16] Business Line Data and Key Metrics Changes - Footwear and apparel sales increased, with footwear up 2.2% and apparel up 1.8% compared to the previous year, while outdoor and sports recreation sales declined [22][24] - The e-commerce segment accounted for 10.7% of total merchandising sales, up 140 basis points from 2021, with over 75% of e-commerce sales fulfilled through stores [6][7] - The company opened 9 new stores in 2022, marking its first new store openings since 2019, and plans to open 13 to 15 new stores in 2023 [6][11] Market Data and Key Metrics Changes - The company reported a 27.4% increase in Q4 sales compared to 2019, indicating strong market share retention [13] - The overall market position as a value leader is emphasized, appealing to a wide demographic with a broad assortment of products [10][11] Company Strategy and Development Direction - The focus for 2023 includes expanding the store base, enhancing the omnichannel business, and improving service and productivity in existing stores [11][19] - The company aims to leverage its strong relationships with key vendors and maintain a differentiated market position based on value, assortment, and service [12][19] - The strategic plan includes a comprehensive capital allocation strategy, returning $614 million to stakeholders in 2022 [9][16] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by the macroeconomic environment but expressed confidence in the company's ability to navigate these challenges [10][33] - The company anticipates continued consumer pressure in the near term but believes that its value proposition will resonate with customers [10][80] - The outlook for 2023 includes expectations for net sales growth of 2.5% to 5% and a gross margin rate between 34% and 34.4% [20][21] Other Important Information - The company reported a 20% increase in dividends to $0.09 per share, payable in April 2023 [16] - The year-end inventory balance was $1.3 billion, a 9.5% increase compared to Q4 2021, with improved inventory management practices [17][27] Q&A Session Summary Question: Can you provide insights on the gross margin expectations for 2023? - Management indicated that gross margin rates are expected to be lower due to increased promotional activity, but supply chain savings may offset some of this decline [34][35] Question: How are transactions versus ticket sizes expected to trend in 2023? - Management noted that while transactions may be under pressure, the assortment and pricing strategies should help maintain growth [38][39] Question: What is the company's approach to store openings in 2023? - The company plans to open 13 to 15 new stores, focusing on both new and existing markets, and has learned valuable lessons from previous openings [66][67] Question: How is the company evaluating its debt and cash returns? - The company has generated over $2 billion in free cash flow over the past three years and plans to continue a balanced approach to buybacks and debt management [72][73]

Part I [Business](index=6&type=section&id=Item%201.%20Business) Academy Sports + Outdoors is a leading US sporting goods retailer operating 268 stores across 18 states, diversifying sales across Outdoors, Apparel, Sports & Recreation, and Footwear divisions - As of January 28, 2023, the company operates **268** stores in **18** contiguous states, primarily in the southern United States, with Texas having the highest concentration of stores (**107**)[17](index=17&type=chunk)[36](index=36&type=chunk) FY2022 Merchandise Sales Breakdown by Division | Division | % of 2022 Net Sales | | :--- | :--- | | Outdoors | 31% | | Apparel | 28% | | Sports & Recreation | 21% | | Footwear | 20% | Net Sales by Merchandise Division (in thousands) | Merchandise Division | FY 2022 | FY 2021 | FY 2020 | | :--- | :--- | :--- | :--- | | Outdoors | $1,940,811 | $2,174,650 | $1,968,514 | | Sports & Recreation | $1,366,785 | $1,463,172 | $1,256,357 | | Apparel | $1,759,005 | $1,810,345 | $1,390,519 | | Footwear | $1,291,224 | $1,290,197 | $1,044,502 | | **Total Merchandise Sales** | **$6,357,825** | **$6,738,364** | **$5,659,892** | - E-commerce sales constituted **10.7%** of total merchandise sales in fiscal 2022, up from **9.3%** in 2021[30](index=30&type=chunk) - The company plans to open **13 to 15** new stores in fiscal 2023, indicating a resumption of its expansion strategy[36](index=36&type=chunk) - Firearms sales represented approximately **6%** of net sales in fiscal 2022, with the company subject to extensive regulation as a federally licensed dealer[63](index=63&type=chunk) [Risk Factors](index=16&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks including economic dependence, intense competition, supply chain disruptions, cybersecurity threats, extensive firearms regulations, high indebtedness, and stock price volatility - **Business & Industry Risks:** Performance is highly dependent on the U.S. economy, consumer spending, and ability to react to changing consumer tastes, with intense competition and reliance on foreign-manufactured goods (especially from China) posing significant threats[67](index=67&type=chunk)[69](index=69&type=chunk)[78](index=78&type=chunk) - **Cybersecurity & Data Risks:** The company faces risks of data breaches and system failures, which could result in lost sales, fines, and reputational damage, making protection of customer, team member, and vendor data critical[76](index=76&type=chunk)[77](index=77&type=chunk) - **Legal & Regulatory Risks:** The company is subject to extensive regulations, particularly for firearms sales, which accounted for **6%** of net sales in 2022, and changes in these laws or increased enforcement could reduce sales and profitability[109](index=109&type=chunk) - **Indebtedness Risks:** The company's debt requires significant cash flow for service payments, limiting funds for other purposes, and covenants in debt agreements impose operational and financial restrictions[118](index=118&type=chunk)[124](index=124&type=chunk) - **Stock Ownership Risks:** The stock price may be volatile, anti-takeover provisions in organizational documents could deter potential acquisitions, and future dividend payments are not guaranteed[130](index=130&type=chunk)[132](index=132&type=chunk)[136](index=136&type=chunk) [Properties](index=40&type=section&id=Item%202.%20Properties) The company is headquartered in Katy, Texas, and operates three leased distribution centers and 268 leased stores totaling approximately 18.8 million square feet, with typical initial lease terms of 15 to 20 years Corporate and Distribution Facilities | Location | Use | Approx. Square Footage (sq ft) | | :--- | :--- | :--- | | Katy, Texas | Corporate Office Building 1 | 400,000 | | Katy, Texas | Corporate Office Building 2 | 200,000 | | Katy, Texas | Bulk Warehouse | 200,000 | | Katy, Texas | Distribution Center | 1,400,000 | | Twiggs County, Georgia | Distribution Center | 1,600,000 | | Cookeville, Tennessee | Distribution Center | 1,600,000 | - All **268** retail stores are leased, with initial lease terms typically ranging from **15 to 20** years, totaling approximately **18.8 million** square feet of leased store space[143](index=143&type=chunk) [Legal Proceedings](index=40&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in various lawsuits incidental to its business, primarily related to product, premises, and employment liability, with no expected material effect on its financial position - The company states that no current legal proceeding is expected to have a material impact on its financial position, operations, or liquidity[144](index=144&type=chunk) - Lawsuits filed against the company related to the 2017 Sutherland Springs, Texas shooting were dismissed with prejudice on April 13, 2022, following a favorable ruling from the Supreme Court of Texas[145](index=145&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=41&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock (ASO) trades on the Nasdaq, with a $600 million share repurchase program authorized through June 2025, and consistent quarterly cash dividends paid since fiscal 2021 Share Repurchases (Q4 2022) | Period | Total Shares Purchased | Average Price per Share ($) | | :--- | :--- | :--- | | Nov 27 - Dec 31, 2022 | 1,125,350 | $52.38 | | Jan 1 - Jan 28, 2023 | 778,582 | $52.78 | | **Total Q4** | **1,903,932** | **$52.54** | - A **$600 million** share repurchase program was authorized on June 2, 2022, valid for three years, with approximately **$299.4 million** remaining available as of January 28, 2023[151](index=151&type=chunk) - On March 2, 2023, the Board declared a quarterly cash dividend of **$0.09** per share, payable on April 13, 2023[153](index=153&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=43&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In fiscal 2022, net sales decreased **5.6%** to **$6.40 billion** and net income fell **6.5%** to **$628.0 million**, driven by lower comparable sales and partially offset by e-commerce growth [Results of Operations](index=53&type=section&id=Results%20of%20Operations) For fiscal year 2022, net sales decreased **5.6%** to **$6.40 billion** due to a **6.4%** drop in comparable sales, leading to a **6.5%** decline in net income to **$628.0 million** Fiscal 2022 vs. 2021 Performance (in thousands) | Metric | FY 2022 | FY 2021 | Change (%) | | :--- | :--- | :--- | :--- | | Net Sales | $6,395,073 | $6,773,128 | (5.6)% | | Gross Margin | $2,212,502 | $2,351,095 | (5.9)% | | Operating Income | $846,549 | $907,947 | (6.8)% | | Net Income | $628,001 | $671,381 | (6.5)% | - The **6.4%** decrease in comparable sales was driven by an **8.2%** decline in transactions, partially offset by a **2.0%** increase in average ticket, attributed to the absence of prior-year government stimulus payments[181](index=181&type=chunk) - E-commerce sales increased by **9.1%** in 2022, representing **10.7%** of merchandise sales compared to **9.3%** in 2021[182](index=182&type=chunk) - Gross margin as a percentage of net sales decreased by **10 basis points** to **34.6%**, primarily due to higher e-commerce shipping costs and unfavorable inventory valuation adjustments[182](index=182&type=chunk) [Non-GAAP Measures](index=54&type=section&id=Non-GAAP%20Measures) The company uses non-GAAP measures like Adjusted EBITDA and Adjusted EBIT to supplement GAAP results, with Adjusted EBITDA at **$994.7 million** and Pro Forma Adjusted Diluted EPS at **$7.70** for fiscal 2022 Adjusted EBITDA and Adjusted EBIT Reconciliation (in thousands) | Metric | FY 2022 | FY 2021 | FY 2020 | | :--- | :--- | :--- | :--- | | Net Income | $628,001 | $671,381 | $308,764 | | **Adjusted EBITDA** | **$994,661** | **$1,073,842** | **$607,023** | | **Adjusted EBIT** | **$887,899** | **$968,568** | **$501,542** | Pro Forma Adjusted Earnings per Share (Diluted) | Metric | FY 2022 | FY 2021 | FY 2020 | | :--- | :--- | :--- | :--- | | Pro Forma Adjusted Diluted EPS | $7.70 | $7.60 | $3.83 | [Liquidity and Capital Resources](index=58&type=section&id=Liquidity%20and%20Capital%20Resources) As of January 28, 2023, the company maintained strong liquidity with **$337.1 million** in cash and **$947.8 million** available under its ABL Facility, while repurchasing **$489.5 million** in stock and planning **$200-$250 million** in capital expenditures for fiscal 2023 - As of January 28, 2023, the company had **$337.1 million** in cash and cash equivalents and **$947.8 million** of available capacity under its ABL Facility[198](index=198&type=chunk)[218](index=218&type=chunk) Cash Flow Summary (in thousands) | Activity | FY 2022 | FY 2021 | FY 2020 | | :--- | :--- | :--- | :--- | | Net cash provided by operating activities | $552,005 | $673,265 | $1,011,597 | | Net cash used in investing activities | ($108,806) | ($76,017) | ($33,144) | | Net cash used in financing activities | ($592,052) | ($488,854) | ($750,234) | | **Net (Decrease) Increase in Cash** | **($148,853)** | **$108,394** | **$228,219** | - In fiscal 2022, the company repurchased **11.9 million** shares for **$489.5 million** and paid **$24.6 million** in dividends[207](index=207&type=chunk)[212](index=212&type=chunk) - Capital expenditures were **$108.3 million** in fiscal 2022, with a forecast of between **$200 million** and **$250 million** for fiscal 2023, with **55%** allocated to new stores[213](index=213&type=chunk)[214](index=214&type=chunk) [Critical Accounting Policies and Estimates](index=63&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) The company's critical accounting policies involve significant judgments and estimates for merchandise inventories, impairment of long-lived assets, goodwill, and intangible assets, with no impairment recorded in recent fiscal years - **Merchandise Inventories:** Valued at the lower of LIFO cost or net realizable value, requiring estimates for inventory shrinkage, vendor allowances, and valuation adjustments for slow-moving or obsolete items[220](index=220&type=chunk)[221](index=221&type=chunk) - **Impairment of Long-Lived Assets:** Assets are reviewed for impairment when events indicate the carrying value may not be recoverable, comparing carrying value to estimated undiscounted future cash flows, with no impairment recorded in 2022, 2021, or 2020[223](index=223&type=chunk)[316](index=316&type=chunk) - **Goodwill and Intangible Assets:** Goodwill and the indefinite-lived trade name are tested for impairment annually, with a qualitative assessment performed in 2022 determining a quantitative test was not necessary and no impairment recorded[226](index=226&type=chunk)[230](index=230&type=chunk)[318](index=318&type=chunk)[321](index=321&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=58&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate fluctuations on variable-rate debt, with a **100 basis point** increase raising annual interest expense by **$2.0 million**, and the business experiences significant seasonality in sales and profits - The company is exposed to interest rate risk from its variable-rate Term Loan and ABL Facility, where a hypothetical **100 basis point** increase in interest rates would increase annual interest expense by approximately **$2.0 million**[236](index=236&type=chunk) - The business experiences significant seasonality, with sales peaks in the second quarter (driven by summer holidays) and the fourth quarter (driven by the holiday selling season and cold weather products)[237](index=237&type=chunk) [Financial Statements and Supplementary Data](index=58&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the audited consolidated financial statements for the fiscal year ended January 28, 2023, including Balance Sheets, Statements of Income, Statements of Stockholders' Equity, and Statements of Cash Flows, along with detailed notes [Consolidated Balance Sheets](index=76&type=section&id=Consolidated%20Balance%20Sheets) As of January 28, 2023, total assets were **$4.60 billion**, with merchandise inventories at **$1.28 billion** and goodwill at **$861.9 million**, while total liabilities decreased to **$2.97 billion** and stockholders' equity increased to **$1.63 billion** Consolidated Balance Sheet Highlights (in thousands) | Account | Jan 28, 2023 | Jan 29, 2022 | | :--- | :--- | :--- | | **Total Current Assets** | **$1,686,675** | **$1,715,747** | | Cash and cash equivalents | $337,145 | $485,998 | | Merchandise inventories, net | $1,283,517 | $1,171,808 | | **Total Assets** | **$4,595,439** | **$4,584,940** | | **Total Current Liabilities** | **$1,038,716** | **$1,127,110** | | Accounts payable | $686,472 | $737,826 | | Long-term debt, net | $584,456 | $683,585 | | **Total Liabilities** | **$2,967,133** | **$3,117,994** | | **Total Stockholders' Equity** | **$1,628,306** | **$1,466,946** | [Consolidated Statements of Income](index=77&type=section&id=Consolidated%20Statements%20of%20Income) For fiscal year 2022, the company reported net sales of **$6.40 billion**, a gross margin of **$2.21 billion**, operating income of **$846.5 million**, and net income of **$628.0 million**, resulting in diluted earnings per share of **$7.49** Consolidated Income Statement Summary (in thousands, except per share data) | Metric | FY 2022 | FY 2021 | FY 2020 | | :--- | :--- | :--- | :--- | | Net Sales | $6,395,073 | $6,773,128 | $5,689,233 | | Gross Margin | $2,212,502 | $2,351,095 | $1,734,045 | | Operating Income | $846,549 | $907,947 | $420,398 | | Net Income | $628,001 | $671,381 | $308,764 | | Diluted EPS | $7.49 | $7.12 | $3.79 | [Consolidated Statements of Cash Flows](index=81&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For fiscal 2022, net cash provided by operating activities was **$552.0 million**, while net cash used in investing activities was **$108.8 million** and net cash used in financing activities was **$592.1 million**, resulting in a net decrease in cash of **$148.9 million** Consolidated Cash Flow Summary (in thousands) | Activity | FY 2022 | FY 2021 | FY 2020 | | :--- | :--- | :--- | :--- | | Net cash provided by operating activities | $552,005 | $673,265 | $1,011,597 | | Net cash used in investing activities | ($108,806) | ($76,017) | ($33,144) | | Net cash used in financing activities | ($592,052) | ($488,854) | ($750,234) | | **Net (Decrease) Increase in Cash** | **($148,853)** | **$108,394** | **$228,219** | [Controls and Procedures](index=60&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and internal control over financial reporting were effective as of January 28, 2023, a conclusion affirmed by the independent auditor - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level as of January 28, 2023[241](index=241&type=chunk) - Management concluded that the company's internal control over financial reporting was effective as of January 28, 2023, based on the COSO framework[243](index=243&type=chunk) - The independent registered public accounting firm, Deloitte & Touche LLP, issued an unqualified opinion on the company's internal control over financial reporting as of January 28, 2023[247](index=247&type=chunk) Part III [Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters](index=62&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Shareholder%20Matters) This section details the company's equity compensation plans as of January 28, 2023, showing approximately **4.5 million** securities to be issued upon exercise and over **4.1 million** available for future issuance Equity Compensation Plan Information as of January 28, 2023 | Plan Category | Securities to be issued upon exercise (units) | Weighted-average exercise price ($) | Securities remaining for future issuance (units) | | :--- | :--- | :--- | :--- | | Equity compensation plans approved by security holders | 4,525,208 | $23.83 | 4,148,311 | Part IV [Exhibits and Financial Statement Schedules](index=64&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the financial statements, financial statement schedules, and exhibits filed as part of the Form 10-K, including consolidated financial statements, the auditor's consent, and various corporate and debt agreements - This part includes the Consolidated Financial Statements, the report of the Independent Registered Public Accounting Firm, and a schedule of Valuation and Qualifying Accounts[260](index=260&type=chunk)[261](index=261&type=chunk) - A comprehensive list of exhibits is provided, including the company's certificate of incorporation, bylaws, debt indentures, credit agreements, equity incentive plans, and executive employment agreements[445](index=445&type=chunk)[447](index=447&type=chunk)[449](index=449&type=chunk)