Company: SPWH
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0000950170-25-048890
Chunk: 385

Company: SPORTSMAN'S WAREHOUSE HOLDINGS, INC.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 3
Chunk 385
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(1)Beginning with the three months ended October 28, 2023, we no longer add back new store pre-opening expenses to our net (loss) income to determine Adjusted EBITDA. The presentation of past periods has been conformed to the current presentation. For the fiscal year ended February 1, 2025 we did not incur any new store pre-opening expenses.  For fiscal years ended February 3, 2024 and January 28, 2023 we incurred $5.8 million and $3.7 million, respectively, in new store pre-opening expenses.

(2)A non-cash valuation allowance of $10.1 million was created during fiscal year 2024 related to our deferred tax assets during fiscal year 2024.

(3)Stock-based compensation expense represents non-cash expenses related to equity instruments granted to outfitters under the Sportsman's Warehouse Holdings, Inc. 2019 Performance Incentive Plan and the Sportsman's Warehouse Holdings, Inc. Employee Stock Purchase Plan.  

(4)Expenses incurred relating to the departure of directors and officers and the recruitment of directors and key members of our senior management team.

(5)Represents fees and expenses related to a settlement in the cancellation of a contract related to our information technology systems.

(6)Severance expenses paid as part of our cost reduction plan implemented during fiscal year 2023

(7)Represents costs related to legal settlements and related fees and expenses.

(8)We calculate net income margin as net income divided by net sales and we define Adjusted EBITDA margin as Adjusted EBITDA divided by net sales.

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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

As a smaller reporting company, we are not required to provide the information required by Item 305 of Regulation S-K. 

58

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

TABLE OF CONTENTS

    Page

    REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM – GRANT THORNTON LLP (PCAOB ID Number 248)
    60

    CONSOLIDATED FINANCIAL STATEMENTS:

    Consolidated Balance Sheets
    61

    Consolidated Statements of Operations
    62

    Consolidated Statements of Stockholders’ Equity
    63

    Consolidated Statements of Cash Flows
    64

    Notes to Consolidated