Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-34382 ROCKY BRANDS, INC. (Exact name of registrant as specified in its charter) Ohio No. 31-1364046 (State or other jurisdiction of incorporation or ...

Financial Data and Key Metrics Changes - Net sales increased 16% to $87.6 million in Q4 2020, with gross margins expanding by 370 basis points [6][26] - Adjusted diluted earnings per share rose 107% to a record $1.41, while net income increased 91.1% to $9.7 million [6][29] - For the full year, net sales increased 2.6%, with adjusted gross margins up 260 basis points to 38.5% [30] Business Line Data and Key Metrics Changes - Wholesale sales increased 21.7% to $59.9 million, while retail sales rose 13.1% to $23.5 million; military sales decreased 21.4% to $4.2 million in Q4 [26][27] - Work category sales were up 18%, Western category sales increased 43%, and Outdoor business grew 20% despite adverse weather conditions [11][12][14] - E-commerce sales increased 33%, with strong performance across Georgia, Rocky, and Durango brands [16] Market Data and Key Metrics Changes - The wholesale segment, which constitutes approximately two-thirds of overall revenue, rebounded strongly in the second half of 2020 [7][9] - The military segment faced challenges due to contract expirations and reduced foot traffic at on-base exchanges [15][19] - The company’s manufacturing facilities in Puerto Rico and the Dominican Republic operated at full capacity, benefiting from a vertically integrated structure [21] Company Strategy and Development Direction - The company announced a proposed acquisition of Honeywell's lifestyle footwear business, expected to close soon, which will enhance growth opportunities and profitability [22][24] - The acquisition is anticipated to create synergies in distribution and expand market reach into new segments such as commercial fishing and outdoor activities [23] - The company plans for solid growth in 2021, with revenues projected to increase in the mid-single-digit range, led by the retail division [33] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in the first half of 2020 due to COVID-19 but noted a strong recovery in the latter half [6][30] - The company expects to maintain overall gross margins at or slightly above 2020 levels, leveraging cost efficiencies from increased production [34] - Management expressed confidence in the balance sheet post-acquisition, indicating that the company does not expect to be over-leveraged [45][46] Other Important Information - The company’s cash and cash equivalents increased to $28.4 million by the end of 2020, up from $15.5 million in 2019 [31] - The company plans to fund part of the acquisition with cash on hand and secured credit facilities [32] Q&A Session Summary Question: Can you provide insights on the size of the brand within the portfolio being acquired? - The acquired brands had annual sales of approximately $205 million, with Muck representing about two-thirds of that total [37][38] Question: What is the motivation behind the acquisition? - The acquisition is expected to provide significant sales growth opportunities and leverage existing distribution channels [42] Question: How does the company view the balance sheet post-acquisition? - The company believes it will maintain a strong balance sheet position and does not anticipate being over-leveraged [45][46] Question: What are the expectations for inventory and sell-through in 2021? - The company has been able to keep up with demand and is optimistic about inventory levels heading into 2021 [50] Question: Are there any disruptions from West Coast port issues? - While the company is aware of the disruptions, it has not felt the impact as severely as some competitors due to its sourcing strategy [51][52] Question: What are the expectations for operating margins in 2021? - The company expects to maintain double-digit operating margins, benefiting from sales growth and reduced tariff impacts [53][54]

Rocky Brands, Inc. (NASDAQ:RCKY) Q3 2020 Earnings Conference Call October 27, 2020 4:30 PM ET Company Participants Brendon Frey - ICR, Investor Relations Jason Brooks - Chief Executive Officer Tom Robertson - Chief Financial Officer Operator Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to the Rocky Brands Third Quarter Fiscal 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question-and-answ ...

Rocky Brands, Inc. (NASDAQ:RCKY) Q2 2020 Earnings Conference Call July 28, 2020 4:30 PM ET Company Participants Brendon Frey - ICR Jason Brooks - Chief Executive Officer Tom Robertson - Chief Financial Officer Conference Call Participants Jonathan Komp - Baird Operator Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to the Rocky Brands Second Quarter Fiscal 2020 Earnings Conference Call. At this time all participants are in a listen-only mode. Following the presentation, we will ...

Financial Data and Key Metrics Changes - Total net sales for Q1 2020 were approximately $55.7 million, a decline of 15.5% compared to $65.9 million in Q1 2019 [26] - Gross profit for Q1 2020 was $19.3 million, representing 34.7% of sales, compared to $23 million or 34.9% of sales in the same period last year [27] - Net income for the quarter was $1.2 million or $0.16 per diluted share, down from $3.6 million or $0.48 per diluted share in the prior year [31] Business Line Data and Key Metrics Changes - Wholesale sales decreased by 17.5% to $35 million [26] - Retail sales increased by 9.4% to $16.9 million [26] - Military sales decreased by 4.3% to $3.8 million [26] - Adjusted gross margins by segment were 33.9% for wholesale, 44.1% for retail, and 26.5% for military [29] Market Data and Key Metrics Changes - Approximately one-third of wholesale partner stores were closed due to COVID-19, while two-thirds were designated as essential businesses [13] - E-commerce operations experienced a strong spike in demand, particularly for work and Western footwear [15] Company Strategy and Development Direction - The company is focused on protecting employees and strengthening financial liquidity amid the pandemic [8] - Plans to adjust future receipts from third-party suppliers to align inventory with current demand [33] - The company aims to leverage its vertically integrated manufacturing structure to manage costs and inventory effectively [19] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the significant impact of COVID-19 on sales and operations, particularly in the wholesale segment [12] - The company is confident in its ability to weather the current challenges and emerge well-positioned for future growth [24] - Management has withdrawn previous revenue guidance due to uncertainty created by the pandemic [34] Other Important Information - The company has eliminated approximately $1.5 million from its 2020 budget and identified potential additional savings of around $3 million [30] - Cash and cash equivalents at the end of Q1 2020 totaled $44.2 million, up from $17.6 million at the end of Q1 2019 [32] Q&A Session Summary Question: Rationale for excluding certain expenses - Management explained that the exclusion of approximately $1 million in expenses related to temporary facility closures was consistent with past practices and not indicative of future operations [37][38] Question: Trends in revenue over the last six weeks - Management noted that about a third of wholesale customers were shut down, while e-commerce sales had significantly increased [42][45] Question: Inventory management and future receipts - The company has delayed or canceled approximately $50 million in orders and is monitoring the situation closely [47] Question: Cost management and sales scenarios - Management discussed the complexity of forecasting sales and operating costs, indicating that the second quarter would likely be the toughest [62]

Rocky Brands, Inc. (NASDAQ:RCKY) Q4 2019 Earnings Conference Call February 25, 2020 4:30 PM ET Company Participants Brendon Frey - ICR Jason Brooks - CEO Tom Robertson - CFO Conference Call Participants Operator Good afternoon, ladies and gentlemen and thank you for standing by. Welcome to the Rocky Brands Fourth Quarter Fiscal 2019 Earnings Conference Call. At this time all participants are in a listen only mode. Following the presentation we will conduct a question-and-answer session. Instruction will be ...

Rocky Brands, Inc. (NASDAQ:RCKY) Q3 2019 Earnings Conference Call October 23, 2019 4:30 PM ET Company Participants Brendon Frey - Investor Relations Jason Brooks - Chief Executive Officer Tom Robertson - Chief Financial Officer Operator Good afternoon, ladies and gentlemen and thank you for standing by. Welcome to the Rocky Brands Third Quarter Fiscal 2019 Earnings Conference Call. [Operator Instructions] I would like to remind everyone that this conference call is being recorded. I will now turn the confer ...

Rocky Brands, Inc. (NASDAQ:RCKY) Q2 2019 Results Earnings Conference Call July 24, 2019 4:30 PM ET Company Participants Brendon Frey - ICR Jason Brooks - President, CEO Thomas Robertson - Executive VP, CFO & Treasurer Conference Call Participants Jonathan Komp - Baird Operator Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to the Rocky Brands Second Quarter Fiscal 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. Following the presentation ...

Rocky Brands, Inc. (NASDAQ:RCKY) Q1 2019 Earnings Conference Call April 23, 2019 4:30 PM ET Company Participants Brendon Frey - ICR Jason Brooks - Chief Executive Officer Tom Robertson - Chief Financial Officer Conference Call Participants Jonathan Komp - Robert W. Baird Operator Good afternoon ladies and gentlemen and thank you for standing by. Welcome to the Rocky Brands' First Quarter Fiscal 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. Following the presentatio ...

Rocky Brands, Inc. (NASDAQ:RCKY) Q4 2018 Results Earnings Conference Call February 25, 2019 4:30 PM ET Company Participants Brendon Frey - ICR Jason Brooks - President, CEO Thomas Robertson - VP, CFO & Treasurer Conference Call Participants Jonathan Komp - Baird Operator Good afternoon, ladies and gentlemen. Thank you for standing by and welcome to Rocky BrandsÂ' Fourth Quarter Fiscal 2018 Earnings Conference Call. At this time, all participants are in a listen-only mode. Following the presentation, we will ...