Zumiez Inc. (NASDAQ:ZUMZ) Q4 2021 Earnings Conference Call March 10, 2022 5:00 PM ET Company Participants Richard Brooks - CEO Christopher Work - CFO Conference Call Participants Sharon Zackfia - William Blair Mitch Kummetz - Seaport Corey Tarlowe - Jefferies Katherine Knop - B. Riley Disclaimer*: This transcript is designed to be used alongside the freely available audio recording on this page. Timestamps within the transcript are designed to help you navigate the audio should the corresponding text be unc ...

[Part I. Financial Information](index=3&type=section&id=Part%20I.%20Financial%20Information) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Financial statements reflect a strong recovery from COVID-19, with doubled net income and assets of $978.2 million [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets slightly decreased to $978.2 million, while shareholders' equity declined due to stock repurchases Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Oct 30, 2021 (Unaudited) | Jan 30, 2021 | | :--- | :--- | :--- | | **Total Current Assets** | $546,934 | $535,277 | | Inventories | $175,108 | $134,354 | | **Total Assets** | **$978,189** | **$998,364** | | **Total Current Liabilities** | $217,641 | $195,452 | | **Total Liabilities** | **$446,447** | **$445,768** | | **Total Shareholders' Equity** | **$531,742** | **$552,596** | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Net sales grew 27.0% and net income surged to $81.1 million for the nine-month period, showing strong recovery Performance Summary (in thousands, except per share data) | Metric | Q3 2021 | Q3 2020 | 9 Months 2021 | 9 Months 2020 | | :--- | :--- | :--- | :--- | :--- | | Net Sales | $289,455 | $270,952 | $837,190 | $659,116 | | Gross Profit | $114,664 | $105,806 | $322,797 | $220,392 | | Operating Profit | $39,842 | $37,865 | $106,075 | $43,129 | | Net Income | $30,702 | $29,139 | $81,085 | $33,430 | | Diluted EPS | $1.25 | $1.16 | $3.20 | $1.32 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow decreased to $71.9 million due to inventory investment, with significant cash used for share repurchases Net Cash Flow by Activity (9 Months Ended, in thousands) | Activity | Oct 30, 2021 | Oct 31, 2020 | | :--- | :--- | :--- | | Net cash provided by operating activities | $71,936 | $81,754 | | Net cash provided by (used in) investing activities | $26,219 | $(38,261) | | Net cash used in financing activities | $(96,217) | $(12,551) | - The significant use of cash in financing activities was driven by **$98.5 million in common stock repurchases** during the first nine months of 2021[14](index=14&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail store operations, COVID-19 impacts, a class-action settlement, and a new $150 million share repurchase program - The company operates **733 stores** under various names across the U.S, Canada, Europe, and Australia as of October 30, 2021[16](index=16&type=chunk) - Due to COVID-19, stores were open approximately **96.2%** of possible days in the first nine months of 2021, compared to only **72.8%** in 2020[18](index=18&type=chunk) Net Sales by Geographic Region (Nine Months Ended, in thousands) | Region | Oct 30, 2021 | Oct 31, 2020 | | :--- | :--- | :--- | | United States | $707,070 | $542,956 | | Canada | $36,577 | $37,384 | | Europe | $82,192 | $70,519 | | Australia | $11,351 | $8,257 | | **Total Net Sales** | **$837,190** | **$659,116** | - The company reached a resolution for a class action lawsuit, recording an estimated settlement of **$2.8 million** in SG&A expenses[39](index=39&type=chunk) - In September 2021, the Board approved a new share repurchase program of up to **$150 million**, with **$86.3 million** remaining available[50](index=50&type=chunk) - Subsequent to the quarter's end, the company repurchased an additional **0.5 million shares for $23.1 million**[60](index=60&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=17&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Strong sales growth of 27.0% drove significant gross margin improvement, with liquidity remaining strong despite share repurchases [Results of Operations](index=18&type=section&id=Results%20of%20Operations) Nine-month sales growth of 27.0% leveraged fixed costs, expanding gross margin by 520 basis points - **Q3 2021 vs Q3 2020**: Net sales increased **6.8%**, gross profit margin increased **60 basis points**, and SG&A as a percent of sales increased **80 basis points**[79](index=79&type=chunk)[81](index=81&type=chunk)[82](index=82&type=chunk) - **9 Months 2021 vs 9 Months 2020**: Net sales increased **27.0%**, gross profit margin increased **520 basis points**, and SG&A as a percent of sales decreased **100 basis points**[84](index=84&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk) [Liquidity and Capital Resources](index=20&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity is supported by cash from operations, with planned capital expenditures of $19-21 million and significant share repurchases - The company expects to spend approximately **$19 million to $21 million** on capital expenditures in fiscal 2021 for new stores and remodels[92](index=92&type=chunk) - Net cash from operating activities decreased by **$9.8 million** year-over-year, primarily due to a significant investment in inventory[93](index=93&type=chunk) - The company maintains two credit facilities with **no outstanding borrowings** as of October 30, 2021[98](index=98&type=chunk)[99](index=99&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=31&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's market risk profile has not materially changed from the prior fiscal year-end - There have been **no significant changes** to the company's market risk profile since the fiscal year-end on January 30, 2021[156](index=156&type=chunk) [Controls and Procedures](index=31&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes in internal controls - Management concluded that the company's disclosure controls and procedures were **effective** as of the end of the quarter[157](index=157&type=chunk) - **No changes** occurred in the company's internal control over financial reporting during the third quarter that would materially affect these controls[158](index=158&type=chunk) [Part II. Other Information](index=32&type=section&id=Part%20II.%20Other%20Information) [Legal Proceedings](index=32&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various routine litigation incidental to its business, with outcomes being unpredictable - The company is periodically involved in litigation arising from its ordinary course of business and refers to **Note 5** of the financial statements for details[159](index=159&type=chunk)[160](index=160&type=chunk) [Risk Factors](index=32&type=section&id=Item%201A.%20Risk%20Factors) Key business risks include the COVID-19 pandemic, fashion trends, competition, and reliance on international manufacturing - The **COVID-19 pandemic** continues to pose a material risk to the business through potential store closures and supply chain disruptions[106](index=106&type=chunk)[107](index=107&type=chunk) - The business is highly dependent on **anticipating fashion trends**, and failure to do so could lead to excess inventory and markdowns[113](index=113&type=chunk) - Most merchandise is produced by **foreign manufacturers**, exposing the company to risks from international trade and supply chain disruptions[118](index=118&type=chunk) - The business relies heavily on **customer traffic** to its physical stores and e-commerce sites, and a decline could materially harm sales[119](index=119&type=chunk) - The **omni-channel strategy** requires significant investment and may not deliver the anticipated results if it fails to meet customer expectations[137](index=137&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=32&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 2,235,000 shares in Q3 and authorized a new $150 million repurchase program Common Stock Repurchases (Q3 2021) | Period | Total Shares Purchased (thousands) | Average Price Paid per Share | | :--- | :--- | :--- | | Aug 1 - Aug 28, 2021 | 342 | $41.91 | | Aug 29 - Oct 2, 2021 | 844 | $40.97 | | Oct 3 - Oct 30, 2021 | 1,049 | $40.72 | | **Total** | **2,235** | **N/A** | - A new share repurchase program of up to **$150 million** was approved in September 2021, expected to continue through January 28, 2023[162](index=162&type=chunk)

Zumiez Inc. (NASDAQ:ZUMZ) Q3 2021 Earnings Conference Call December 2, 2021 5:00 PM ET Company Participants Richard Brooks - CEO Christopher Work - CFO Conference Call Participants Sharon Zackfia - William Blair Jeff Van Sinderen - B. Riley Disclaimer*: This transcript is designed to be used alongside the freely available audio recording on this page. Timestamps within the transcript are designed to help you navigate the audio should the corresponding text be unclear. The machine-assisted output provided is ...

Zumiez Inc. (NASDAQ:ZUMZ) Q2 2021 Results Conference Call September 9, 2021 4:30 PM ET Company Participants Richard Brooks – Chief Executive Officer Christopher Work – Chief Financial Officer Conference Call Participants Janine Stitcher – Jefferies Richard Magnusen – B. Riley Jonathan Komp – Baird Mitch Kummetz – Pivotal Research Operator Good afternoon, ladies and gentlemen, and welcome to Zumiez, Inc.'s Second Quarter Fiscal 2021 earnings conference call. At this time, all participants are in a listen-onl ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JULY 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 000-51300 ZUMIEZ INC. (Exact name of registrant as specified in its charter) Washington 91-1040022 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MAY 1, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 000-51300 ZUMIEZ INC. (Exact name of registrant as specified in its charter) Washington 91-1040022 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) I ...

Zumiez Inc. (NASDAQ:ZUMZ) Q1 2021 Earnings Conference Call June 3, 2021 5:00 PM ET Company Participants Rick Brooks - Chief Executive Officer Chris Work - Chief Financial Officer Conference Call Participants Jeff Van Sinderen - B. Riley Janine Stitcher - Jefferies Jonathan Komp - Baird Mitch Kummetz - Pivotal Research Operator Good afternoon, ladies and gentlemen, and welcome to the Zumiez, Inc. First Quarter Fiscal 2021 Earnings Conference Call [Operator Instructions]. Before we begin, I'd like to remind ...

```markdown [Part I](index=3&type=section&id=PART%20I) [Business](index=3&type=section&id=Item%201.%20Business) Zumiez Inc. is a global specialty retailer of apparel, footwear, and accessories, operating 721 stores and e-commerce sites for action sports and youth lifestyles - As of January 30, 2021, Zumiez operated **721 stores** globally: **602** in the U.S., **52** in Canada, **54** in Europe, and **13** in Australia under the brand names Zumiez, Blue Tomato, and Fast Times[17](index=17&type=chunk) - The company's growth strategy includes generating sales growth through existing channels, enhancing brand awareness via marketing, and opening approximately **22** new stores in fiscal 2021, with a focus on international markets[31](index=31&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk) Merchandise Mix Fiscal Years 2018-2020 | Category | FY 2020 | FY 2019 | FY 2018 | | :--- | :--- | :--- | :--- | | **Private Label % of Net Sales** | 11.4% | 11.3% | 13.1% | | **Largest 3rd Party Brand % of Net Sales** | 9.4% | 13.9% | 12.4% | Store Activity (Fiscal Years 2018-2020) | Fiscal Year | Stores Opened | Stores Closed | Total Stores End of Year | | :--- | :--- | :--- | :--- | | 2020 | 12 | 9 | 721 | | 2019 | 16 | 5 | 718 | | 2018 | 13 | 4 | 707 | - The business is seasonal, with approximately **60%** of net sales in fiscal 2020 occurring in the third and fourth quarters, driven by back-to-school and holiday shopping seasons[56](index=56&type=chunk) [Risk Factors](index=11&type=section&id=Item%201A.%20Risk%20Factors) The company faces multiple risks including the COVID-19 pandemic, volatile fashion trends, intense competition, and economic dependency - The COVID-19 pandemic poses a material risk through potential store closures, supply chain disruptions, and negative impacts on consumer spending and confidence[66](index=66&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk) - The company's success is highly dependent on its ability to anticipate and react to rapidly changing fashion trends; failure to do so could result in lower sales and excess inventory[74](index=74&type=chunk) - A heavy reliance on mall-based stores creates a risk associated with declining consumer traffic in malls, which could be exacerbated by economic downturns, competition, or health emergencies[80](index=80&type=chunk) - The business is highly seasonal, with a majority of sales and profits occurring in the third and fourth quarters. Negative factors during this period could have a material adverse effect on full-year results[85](index=85&type=chunk) - Cybersecurity risks are a significant concern. A failure to protect confidential and personal data could result in litigation, penalties, and reputational damage[89](index=89&type=chunk) [Unresolved Staff Comments](index=21&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the Securities and Exchange Commission - None[124](index=124&type=chunk) [Properties](index=21&type=section&id=Item%202.%20Properties) The company operates 721 leased stores totaling 2.1 million square feet, owning its home office and domestic distribution center, and leasing international facilities - All **721 stores** are occupied under operating leases, totaling approximately **2.1 million square feet**[125](index=125&type=chunk) - The company owns its **63,071 square foot** home office in Lynnwood, WA and a **168,450 square foot** distribution center in Corona, CA[125](index=125&type=chunk)[126](index=126&type=chunk) - Leased distribution centers support operations in Canada (**17,168 sq ft**), Europe (**112,112 sq ft**), and Australia (**10,010 sq ft**)[127](index=127&type=chunk) [Legal Proceedings](index=21&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in routine litigation not expected to materially affect its financial condition or operations - The company is involved in routine litigation incidental to its business, which is not expected to have a material adverse effect[128](index=128&type=chunk) [Mine Safety Disclosures](index=21&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's operations - Not applicable[129](index=129&type=chunk) [Part II](index=22&type=section&id=PART%20II) [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=22&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Zumiez common stock trades on Nasdaq, with no dividends declared, and a **$100.0 million** share repurchase program authorized in December 2020 remains available - The company's common stock trades on the Nasdaq Global Select Market under the symbol "ZUMZ"[131](index=131&type=chunk) - No cash dividends have been declared on common stock to date[136](index=136&type=chunk) - In December 2020, the Board authorized a repurchase of up to **$100.0 million** of common stock, which was fully available at the end of the fiscal year[137](index=137&type=chunk) [Selected Financial Data](index=24&type=section&id=Item%206.%20Selected%20Financial%20Data) This section summarizes five years of financial data, showing fiscal 2020 net sales of **$990.7 million** and net income of **$76.2 million**, despite COVID-19 impacts Selected Financial Data (2018-2020) | (in thousands, except per share data) | Fiscal 2020 | Fiscal 2019 | Fiscal 2018 | | :--- | :--- | :--- | :--- | | **Net sales** | $990,652 | $1,034,129 | $978,617 | | **Operating profit** | $96,938 | $85,807 | $61,078 | | **Net income** | $76,227 | $66,881 | $45,205 | | **Diluted EPS** | $3.00 | $2.62 | $1.79 | | **Comparable sales increase** | 13.6% | 4.9% | 5.6% | | **Number of stores** | 721 | 718 | 707 | - Fiscal 2020 results were significantly impacted by the COVID-19 pandemic, during which stores were open for approximately **78.4%** of the possible days[142](index=142&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses fiscal 2020 financial performance, highlighting record profitability despite sales decrease, strong liquidity, and plans for fiscal 2021 growth [Overview](index=26&type=section&id=Overview) Despite a **4.2%** sales decline in fiscal 2020, Zumiez achieved record profitability with **$3.00 diluted EPS**, driven by strong margins and expense control, with plans for **22** new stores in fiscal 2021 Fiscal 2020 vs. 2019 Performance | Metric | Fiscal 2020 | Fiscal 2019 | % Change | | :--- | :--- | :--- | :--- | | Net sales (in thousands) | $990,652 | $1,034,129 | -4.2% | | Operating profit (in thousands) | $96,938 | $85,807 | 13.0% | | Operating margin | 9.8% | 8.3% | +150 bps | | Diluted earnings per share | $3.00 | $2.62 | 14.5% | - For fiscal 2021, the company plans to open approximately **22** new stores and anticipates growing operating margins for the full year compared to fiscal 2020[150](index=150&type=chunk)[151](index=151&type=chunk) [Results of Operations](index=29&type=section&id=Results%20of%20Operations) Fiscal 2020 saw a **4.2%** net sales decrease to **$990.7 million**, offset by **13.6%** comparable sales growth, with improved operating margin to **9.8%** and net income rising to **$76.2 million** - In fiscal 2020, net sales decreased **4.2%** to **$990.7 million**, but comparable sales increased **13.6%**, driven by strong e-commerce performance during store closures[164](index=164&type=chunk) - Gross profit as a percentage of sales decreased by **10 basis points** to **35.3%** in fiscal 2020, primarily due to increased web fulfillment costs, partially offset by higher product margins and lower inventory shrinkage[167](index=167&type=chunk) - SG&A expenses as a percentage of sales decreased by **160 basis points** to **25.5%** in fiscal 2020, driven by governmental credits, lower store wages, and reduced corporate costs[168](index=168&type=chunk) - Net income for fiscal 2020 was **$76.2 million**, or **$3.00 per diluted share**, an increase from **$66.9 million**, or **$2.62 per diluted share**, in fiscal 2019[169](index=169&type=chunk) [Liquidity and Capital Resources](index=32&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with **$375.5 million** in cash and marketable securities, **$138.4 million** in operating cash flow, and plans **$20 million to $22 million** in fiscal 2021 capital expenditures Cash and Working Capital (in millions) | Metric | Jan 30, 2021 | Feb 1, 2020 | | :--- | :--- | :--- | | Cash, cash equivalents & current marketable securities | $375.5 | $251.2 | | Working capital | $339.8 | $252.9 | Summary of Cash Flows (in thousands) | Activity | Fiscal 2020 | Fiscal 2019 | Fiscal 2018 | | :--- | :--- | :--- | :--- | | Operating activities | $138,412 | $106,070 | $65,406 | | Investing activities | $(110,541) | $(102,931) | $(36,398) | | Financing activities | $(9,694) | $2,010 | $120 | - Capital expenditures are expected to be approximately **$20 million to $22 million** in fiscal 2021, primarily for about **22** new stores and existing store remodels[195](index=195&type=chunk) [Critical Accounting Estimates](index=34&type=section&id=Critical%20Accounting%20Estimates) Management identifies critical accounting estimates including inventory valuation, impairment testing of long-lived assets, goodwill, and indefinite-lived intangible assets, requiring significant judgment and future cash flow projections - Valuation of merchandise inventories requires management to make assumptions about sales rates and shrinkage. A **10%** increase in the actual physical inventory shrinkage rate would have decreased fiscal 2020 net income by **$0.1 million**[199](index=199&type=chunk)[202](index=202&type=chunk)[204](index=204&type=chunk) - Long-lived assets are reviewed for impairment when events indicate their carrying value may not be recoverable, requiring management to estimate future cash flows and asset fair values[205](index=205&type=chunk)[207](index=207&type=chunk) - Goodwill and indefinite-lived intangible assets are tested for impairment annually, a process that involves complex judgments about future cash flows, growth rates, and discount rates. No impairment was recorded in fiscal 2020[231](index=231&type=chunk)[234](index=234&type=chunk)[236](index=236&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks from interest rate fluctuations and foreign currency exchange rates, with hypothetical **10%** changes impacting fiscal 2020 net income by **$0.3 million** and **$0.5 million** respectively - A hypothetical **10%** decrease in the average yield rate of the company's investment portfolio in fiscal 2020 would have decreased net income by **$0.3 million**[243](index=243&type=chunk) - A hypothetical **10%** change in foreign exchange rates in fiscal 2020 would have increased or decreased net income by **$0.5 million**[245](index=245&type=chunk) [Financial Statements and Supplementary Data](index=39&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This item refers to the consolidated financial statements and related notes, included in Part IV, Item 15 of the Form 10-K - The company's consolidated financial statements are provided in Part IV, Item 15 of this report[247](index=247&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=40&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[249](index=249&type=chunk) [Controls and Procedures](index=40&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded disclosure controls and internal control over financial reporting were effective as of January 30, 2021, with the independent auditor issuing an unqualified opinion - Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of January 30, 2021[250](index=250&type=chunk) - Management's assessment concluded that the company's internal control over financial reporting was effective as of January 30, 2021[254](index=254&type=chunk) - The independent auditor, Moss Adams LLP, issued an unqualified opinion on the effectiveness of the company's internal control over financial reporting[258](index=258&type=chunk) [Other Information](index=42&type=section&id=Item%209B.%20Other%20Information) The company reports no other information for this item - None[265](index=265&type=chunk) [Part III](index=43&type=section&id=PART%20III) [Directors, Executive Officers, Corporate Governance, Compensation, and Security Ownership](index=43&type=section&id=Items%2010-14) Information for Items 10-14, covering directors, executive officers, corporate governance, compensation, and security ownership, is incorporated by reference from the 2021 proxy statement - Information regarding directors, executive officers, corporate governance, executive compensation, security ownership, and principal accountant fees is incorporated by reference from the company's definitive proxy statement[267](index=267&type=chunk)[268](index=268&type=chunk)[269](index=269&type=chunk) [Part IV](index=44&type=section&id=PART%20IV) [Exhibits, Financial Statement Schedules](index=44&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section contains the index to consolidated financial statements and a list of exhibits filed with the Form 10-K, with schedules omitted as not applicable or included elsewhere - This item includes the consolidated financial statements and an index of all exhibits filed with the report[273](index=273&type=chunk) [Consolidated Financial Statements](index=45&type=section&id=Consolidated%20Financial%20Statements) [Report of Independent Registered Public Accounting Firm](index=46&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) The independent auditor issued an unqualified opinion on the consolidated financial statements and internal control over financial reporting, identifying goodwill, intangible, and store asset impairment as Critical Audit Matters - The auditor issued an unqualified (clean) opinion on the consolidated financial statements and the effectiveness of internal control over financial reporting[278](index=278&type=chunk)[279](index=279&type=chunk) - Critical Audit Matters identified were "Goodwill and Intangible Asset Impairment" and "Store Asset Impairment" due to the high degree of management judgment and significant assumptions required in these areas[284](index=284&type=chunk)[287](index=287&type=chunk) [Financial Statements](index=49&type=section&id=Financial%20Statements) The consolidated financial statements show total assets of **$998.4 million**, total liabilities of **$445.8 million**, net sales of **$990.7 million**, and net income of **$76.2 million** for fiscal 2020 Consolidated Balance Sheet Highlights (as of Jan 30, 2021) | Account (in thousands) | Amount | | :--- | :--- | | Cash and cash equivalents | $73,622 | | Total assets | $998,364 | | Total liabilities | $445,768 | | Total shareholders' equity | $552,596 | Consolidated Income Statement Highlights (Fiscal Year 2020) | Account (in thousands) | Amount | | :--- | :--- | | Net sales | $990,652 | | Gross profit | $350,015 | | Operating profit | $96,938 | | Net income | $76,227 | Consolidated Cash Flow Highlights (Fiscal Year 2020) | Account (in thousands) | Amount | | :--- | :--- | | Net cash provided by operating activities | $138,412 | | Net cash used in investing activities | $(110,541) | | Net cash used in financing activities | $(9,694) | [Notes to Consolidated Financial Statements](index=54&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies, revenue disaggregation, leases, goodwill, and equity awards, highlighting Men's Apparel as the largest product category and the **$100 million** share repurchase program Net Sales by Geographic Region (in thousands) | Region | FY 2020 | FY 2019 | FY 2018 | | :--- | :--- | :--- | :--- | | United States | $812,825 | $855,906 | $814,153 | | Foreign | $177,827 | $178,223 | $164,464 | | **Total** | **$990,652** | **$1,034,129** | **$978,617** | Sales by Product Category (% of Merchandise Sales) | Category | FY 2020 | FY 2019 | FY 2018 | | :--- | :--- | :--- | :--- | | Men's Apparel | 39% | 39% | 41% | | Hardgoods | 19% | 13% | 11% | | Accessories | 17% | 17% | 17% | | Footwear | 13% | 18% | 17% | | Women's Apparel | 12% | 13% | 14% | - As of January 30, 2021, the company had total operating lease liabilities with a present value of **$313.1 million**[372](index=372&type=chunk) - In fiscal 2020, the company repurchased **694,000 shares** of its common stock for a total cost of **$13.4 million**[382](index=382&type=chunk)[383](index=383&type=chunk) ```

Zumiez Inc. (NASDAQ:ZUMZ) Q4 2020 Results Conference Call March 11, 2021 5:00 PM ET Company Participants Rick Brooks - Chief Executive Officer Chris Work - Chief Financial Officer Conference Call Participants Janine Stichter - Jefferies Sharon Zackfia - William Blair Jeff Van Sinderen - B. Riley Jonathan Komp - Baird Mitch Kummetz - Pivotal Research Operator Good afternoon, ladies and gentlemen, and welcome to the Zumiez, Inc. Fourth Quarter Fiscal 2020 Earnings Conference Call. At this time, all participan ...

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED OCTOBER 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 000-51300 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ZUMIEZ INC. (Exact name of registrant as specified in its charter) Washington 91-1040022 (State or other jurisdiction of (I.R.S. Employer incorporation or organizati ...