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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 APRIL 30, 2022

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)

 

Identification No.)

 

4001 204th Street SW, Lynnwood, WA 98036

(Address of principal executive offices)  (Zip Code)

Registrant’s telephone number, including area code: (425) 551-1500

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes     No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes     No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

 

 

 

 

Non-accelerated filer

Smaller reporting company

 

Emerging growth company

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes     No

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock

ZUMZ

Nasdaq Global Select

At May 30, 2022, there were 19,459,555 shares outstanding of common stock.

 

 


 

ZUMIEZ INC.

FORM 10-Q

TABLE OF CONTENTS

 

Part I.

Financial Information

 

 

 

 

 

 

Item 1.

Condensed Consolidated Financial Statements

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets at April 30, 2022 (unaudited) and January 29, 2022

3

 

 

 

 

 

 

Unaudited Condensed Consolidated Statements of Operations for the three months ended April 30, 2022 and May 1, 2021

4

 

 

 

 

 

 

Unaudited Condensed Consolidated Statements of Comprehensive (Loss) Income for the three months ended April 30, 2022 and May 1, 2021

5

 

 

 

 

 

 

Unaudited Condensed Consolidated Statements of Changes in Shareholders’ Equity for the three months ended April 30, 2022 and May 1, 2021

6

 

 

 

 

 

 

Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended April 30, 2022 and May 1, 2021

7

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements

8

 

 

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

16

 

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

29

 

 

 

 

 

Item 4.

Controls and Procedures

29

 

 

 

 

Part II.

Other Information

 

 

 

 

 

 

Item 1.

Legal Proceedings

30

 

 

 

 

 

Item 1A.

Risk Factors

30

 

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

30

 

 

 

 

 

Item 3.

Defaults Upon Senior Securities

30

 

 

 

 

 

Item 4.

Mine Safety Disclosures

30

 

 

 

 

 

Item 5.

Other Information

30

 

 

 

 

 

Item 6.

Exhibits

31

 

 

 

 

Signature

32

 

 

2


 

ZUMIEZ INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

 

 

 

April 30, 2022

 

 

January 29, 2022

 

 

 

(Unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

62,501

 

 

$

117,223

 

Marketable securities

 

 

110,452

 

 

 

177,260

 

Receivables

 

 

23,609

 

 

 

14,427

 

Inventories

 

 

141,883

 

 

 

128,728

 

Prepaid expenses and other current assets

 

 

10,348

 

 

 

10,011

 

Total current assets

 

 

348,793

 

 

 

447,649

 

Fixed assets, net

 

 

90,313

 

 

 

91,451

 

Operating lease right-of-use assets

 

 

240,052

 

 

 

230,187

 

Goodwill

 

 

55,325

 

 

 

57,560

 

Intangible assets, net

 

 

14,091

 

 

 

14,698

 

Deferred tax assets, net

 

 

7,910

 

 

 

8,659

 

Other long-term assets

 

 

11,630

 

 

 

11,808

 

Total long-term assets

 

 

419,321

 

 

 

414,363

 

Total assets

 

$

768,114

 

 

$

862,012

 

 

 

 

 

 

 

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Trade accounts payable

 

$

65,108

 

 

$

55,638

 

Accrued payroll and payroll taxes

 

 

19,334

 

 

 

31,209

 

Operating lease liabilities

 

 

69,327

 

 

 

63,577

 

Other liabilities

 

 

24,528

 

 

 

34,015

 

Total current liabilities

 

 

178,297

 

 

 

184,439

 

Long-term operating lease liabilities

 

 

207,953

 

 

 

204,309

 

Other long-term liabilities

 

 

4,967

 

 

 

4,946

 

Total long-term liabilities

 

 

212,920

 

 

 

209,255

 

Total liabilities

 

 

391,217

 

 

 

393,694

 

Commitments and contingencies (Note 5)

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

 

Preferred stock, no par value, 20,000 shares authorized; none issued and outstanding

 

 

 

 

 

 

Common stock, no par value, 50,000 shares authorized; 19,459 shares issued and outstanding at April 30, 2022 and 21,215 shares issued and outstanding at January 29, 2022

 

 

182,899

 

 

 

180,824

 

Accumulated other comprehensive loss

 

 

(23,274

)

 

 

(13,463

)

Retained earnings

 

 

217,272

 

 

 

300,957

 

Total shareholders’ equity

 

 

376,897

 

 

 

468,318

 

Total liabilities and shareholders’ equity

 

$

768,114

 

 

$

862,012

 

 

See accompanying notes to condensed consolidated financial statements

 

3


 

ZUMIEZ INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

 

 

 

Three Months Ended

 

 

 

April 30, 2022

 

 

 

May 1, 2021

 

Net sales

 

$

 

220,686

 

 

$

 

279,069

 

Cost of goods sold

 

 

 

148,312

 

 

 

 

175,900

 

Gross profit

 

 

 

72,374

 

 

 

 

103,169

 

Selling, general and administrative expenses

 

 

 

71,877

 

 

 

 

68,889

 

Operating profit

 

 

 

497

 

 

 

 

34,280

 

Interest income, net

 

 

 

492

 

 

 

 

975

 

Other income, net

 

 

 

172

 

 

 

 

254

 

Earnings before income taxes

 

 

 

1,161

 

 

 

 

35,509

 

Provision for income taxes

 

 

 

1,558

 

 

 

 

9,124

 

Net (loss) income

 

$

 

(397

)

 

$

 

26,385

 

Basic (loss) earnings per share

 

$

 

(0.02

)

 

$

 

1.05

 

Diluted (loss) earnings per share

 

$

 

(0.02

)

 

$

 

1.03

 

Weighted average shares used in computation of earnings per share:

 

 

 

 

 

 

Basic

 

 

 

19,533

 

 

 

 

25,167

 

Diluted

 

 

 

19,533

 

 

 

 

25,676

 

 

See accompanying notes to condensed consolidated financial statements

 

4


 

ZUMIEZ INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(In thousands)

(Unaudited)

 

 

 

Three Months Ended

 

 

 

April 30, 2022

 

 

May 1, 2021

 

Net (loss) income

 

$

(397

)

 

$

26,385

 

Other comprehensive loss, net of tax and reclassification adjustments:

 

 

 

 

 

 

 

 

Foreign currency translation

 

 

(6,372

)

 

 

268

 

Net change in unrealized loss on available-for-sale debt securities

 

 

(3,439

)

 

 

(761

)

Other comprehensive loss, net

 

 

(9,811

)

 

 

(493

)

Comprehensive (loss) income

 

$

(10,208

)

 

$

25,892

 

 

See accompanying notes to condensed consolidated financial statements

 

5


 

ZUMIEZ INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(In thousands)

(Unaudited)

 

 

 

Common Stock

 

 

Accumulated

Other

Comprehensive

 

 

Retained

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Loss

 

 

Earnings

 

 

Total

 

Balance at January 29, 2022

 

 

21,215

 

 

$

180,824

 

 

$

(13,463

)

 

$

300,957

 

 

$

468,318

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(397

)

 

 

(397

)

Other comprehensive loss, net

 

 

 

 

 

 

 

 

(9,811

)

 

 

 

 

 

(9,811

)

Issuance and exercise of stock-based awards

 

 

158

 

 

 

375

 

 

 

 

 

 

 

 

 

375

 

Stock-based compensation expense

 

 

 

 

 

1,700

 

 

 

 

 

 

 

 

 

1,700

 

Repurchase of common stock

 

 

(1,914

)

 

 

 

 

 

 

 

 

(83,288

)

 

 

(83,288

)

Balance at April 30, 2022

 

 

19,459

 

 

$

182,899

 

 

$

(23,274

)

 

$

217,272

 

 

$

376,897

 

 

 

 

Common Stock

 

 

Accumulated

Other

Comprehensive

 

 

Retained

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Income

 

 

Earnings

 

 

Total

 

Balance at January 30, 2021

 

 

25,599

 

 

$

171,628

 

 

$

939

 

 

$

380,029

 

 

$

552,596

 

Net income

 

 

 

 

 

 

 

 

 

 

 

26,385

 

 

 

26,385

 

Other comprehensive loss, net

 

 

 

 

 

 

 

 

(493

)

 

 

 

 

 

(493

)

Issuance and exercise of stock-based awards

 

 

181

 

 

 

1,553

 

 

 

 

 

 

 

 

 

1,553

 

Stock-based compensation expense

 

 

 

 

 

1,740

 

 

 

 

 

 

 

 

 

1,740

 

Balance at May 1, 2021

 

 

25,780

 

 

$

174,921

 

 

$

446

 

 

$

406,414

 

 

$

581,781

 

 

See accompanying notes to condensed consolidated financial statements

 

6


 

ZUMIEZ INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

 

Three Months Ended

 

 

 

April 30, 2022

 

 

May 1, 2021

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(397

)

 

$

26,385

 

Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation, amortization and accretion

 

 

5,416

 

 

 

5,889

 

Noncash lease expense

 

 

16,495

 

 

 

15,968

 

Deferred taxes

 

 

1,838

 

 

 

4,063

 

Stock-based compensation expense

 

 

1,700

 

 

 

1,740

 

Impairment of long-lived assets

 

 

 

 

 

2,079

 

Other

 

 

(72

)

 

 

(246

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Receivables

 

 

(4,172

)

 

 

(2,019

)

Inventories

 

 

(14,580

)

 

 

(1,813

)

Prepaid expenses and other assets

 

 

(280

)

 

 

(2,098

)

Trade accounts payable

 

 

9,672

 

 

 

5,796

 

Accrued payroll and payroll taxes

 

 

(11,696

)

 

 

(3,141

)

Income taxes payable

 

 

(4,987

)

 

 

(3,690

)

Operating lease liabilities

 

 

(18,403

)

 

 

(18,776

)

Other liabilities

 

 

(5,011

)

 

 

(3,212

)

Net cash (used in) provided by operating activities

 

 

(24,477

)

 

 

26,925

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Additions to fixed assets

 

 

(3,562

)

 

 

(2,825

)

Purchases of marketable securities and other investments

 

 

(1,914

)

 

 

(60,692

)

Sales and maturities of marketable securities and other investments

 

 

64,041

 

 

 

42,249

 

Net cash provided by (used in) investing activities

 

 

58,565

 

 

 

(21,268

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from issuance and exercise of stock-based awards

 

 

782

 

 

 

2,039

 

Payments for tax withholdings on equity awards

 

 

(407

)

 

 

(486

)

Common stock repurchased

 

 

(87,860

)

 

 

 

Net cash (used in) provided by financing activities

 

 

(87,485

)

 

 

1,553

 

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

 

 

(1,497

)

 

 

766

 

Net (decrease) increase in cash, cash equivalents, and restricted cash

 

 

(54,894

)

 

 

7,976

 

Cash, cash equivalents, and restricted cash, beginning of period

 

 

124,052

 

 

 

80,690

 

Cash, cash equivalents, and restricted cash, end of period

 

$

69,158

 

 

$

88,666

 

Supplemental disclosure on cash flow information:

 

 

 

 

 

 

 

 

Cash paid during the period for income taxes

 

$

4,657

 

 

$

8,738

 

Accrual for purchases of fixed assets

 

 

2,530

 

 

 

553

 

 

See accompanying notes to condensed consolidated financial statements

 

7


 

ZUMIEZ INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

 

1. Nature of Business and Basis of Presentation

Nature of Business—Zumiez Inc., including its wholly owned subsidiaries, (the “Company,” “we,” “us,” “its” and “our”) is a leading specialty retailer of apparel, footwear, accessories and hardgoods for young men and women who want to express their individuality through the fashion, music, art and culture of action sports, streetwear, and other unique lifestyles. We operate under the names Zumiez, Blue Tomato and Fast Times. We operate ecommerce websites at zumiez.com, zumiez.ca, blue-tomato.com and fasttimes.com.au. At April 30, 2022, we operated 741 stores; 602 in the United States (“U.S.”), 68 in Europe, 52 in Canada, and 19 in Australia.

COVID-19— In December 2019, a novel strain of coronavirus (“COVID-19”) was first identified, and in March 2020, the World Health Organization categorized COVID-19 as a pandemic. To help control the spread of the virus and protect the health and safety of our employees and customers, we began closing our retail stores across all markets that we operate in mid-March 2020. We began gradually re-opening retail stores near the end of the first quarter and into the second quarter of fiscal 2020, with the majority of our stores open through the third and fourth quarter of fiscal 2020. Changes in our operations due to COVID-19 resulted in material fluctuations to our results of operations during fiscal 2020 and in certain geographies in 2021. Due to the COVID-19 pandemic, our stores were open on an aggregate basis, approximately 100%, and 93.4% of the possible days across the global business during the three months ended April 30, 2022 and May 1, 2021, respectively.

On April 1, 2022, we received 3.2 million Euro ($3.6 million) as a taxable subsidy from the German government related to our European business for costs incurred during fiscal 2020 and fiscal 2021 related to the COVID-19 pandemic. The subsidy received was granted free of future obligations to repay and was recorded in selling, general and administrative expenses on the condensed consolidated statement of operations for the three months ended April 30, 2022.

Fiscal Year—We use a fiscal calendar widely used by the retail industry that results in a fiscal year consisting of a 52- or 53-week period ending on the Saturday closest to January 31. Each fiscal year consists of four 13-week quarters, with an extra week added to the fourth quarter every five or six years. The three months ended April 30, 2022 and May 1, 2021 were 13-week periods.

Basis of Presentation—The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting.  Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements.  The unaudited condensed consolidated financial statements include the accounts of Zumiez Inc. and its wholly-owned subsidiaries.  All significant intercompany transactions and balances are eliminated in consolidation.

In our opinion, the unaudited condensed consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the condensed consolidated balance sheets, operating results and cash flows for the periods presented.

The financial data at January 29, 2022 is derived from audited consolidated financial statements, which are included in our Annual Report on Form 10-K for the year ended January 29, 2022, and should be read in conjunction with the audited consolidated financial statements and notes thereto. Interim results are not necessarily indicative of results for the full fiscal year due to seasonality and other factors.

Use of Estimates—The preparation of financial statements in conformity with U.S. GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements as well as the reported amounts of revenues and expenses during the reporting period.  These estimates can also affect supplemental information disclosed by us, including information about contingencies, risk and financial condition.  Actual results could differ from these estimates and assumptions. 

Restricted Cash—

8


Cash and cash equivalents that are restricted as to withdrawal or use under the terms of certain contractual agreements are recorded as restricted cash in other long-term assets on our condensed consolidated balance sheets. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statement of cash flows (in thousands):

 

 

April 30, 2022

 

 

January 29, 2022

 

Cash and cash equivalents

 

$

 

62,501

 

 

$

 

117,223

 

Restricted cash included in other long-term assets

 

 

 

6,657

 

 

 

 

6,829

 

Total cash, cash equivalents, and restricted cash as shown in the statement of cash flows

 

$

 

69,158

 

 

$

 

124,052

 

 

Restricted cash included in other long-term assets represents amounts held as insurance collateral and collateral for bank guarantees on certain store operating leases.

 

Recent Accounting Standards—We review recent account pronouncements on a quarterly basis and have excluded discussion of those that are not applicable and those that we determined did not have, or are not expected to have, a material impact on the condensed consolidated financial statements.

2. Revenue

 

The following table disaggregates net sales by geographic region (in thousands):

 

 

 

Three Months Ended

 

 

 

April 30, 2022

 

 

May 1, 2021

 

United States

 

$

 

176,429

 

 

$

238,788

 

Canada

 

 

 

9,906

 

 

 

9,874

 

Europe

 

 

 

29,502

 

 

 

26,256

 

Australia

 

 

 

4,849

 

 

 

4,151

 

Net sales

 

$

 

220,686

 

 

$

279,069

 

 

Net sales for the three months ended April 30, 2022 included a $2.8 million decrease due to the change in foreign exchange rates, which consisted of $2.4 million in Europe, $0.3 million in Australia and $0.1 million in Canada.

      

Our contract liabilities include deferred revenue related to our customer loyalty program and gift cards. The current liability for gift cards was $4.2 million at April 30, 2022 and $5.6 million at January 29, 2022, respectively. Deferred revenue related to our STASH loyalty program was $1.1 million at April 30, 2022 and $1.0 million at January 29, 2022, respectively.

3. Cash, Cash Equivalents and Marketable Securities

The following tables summarize the estimated fair value of our cash, cash equivalents and marketable securities and the gross unrealized holding gains and losses (in thousands):

 

 

 

April 30, 2022

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Holding

Gains

 

 

Gross

Unrealized

Holding

Losses

 

 

Estimated

Fair Value

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

56,171

 

 

$

 

 

$

 

 

$

56,171

 

Money market funds

 

 

6,330

 

 

 

 

 

 

 

 

 

6,330

 

Total cash and cash equivalents

 

 

62,501

 

 

 

 

 

 

 

 

 

62,501

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury and government agency securities

 

 

26,528

 

 

 

 

 

 

(2,626

)

 

 

23,902

 

Corporate debt securities

 

 

72,558

 

 

 

1

 

 

 

(2,738

)

 

 

69,821

 

State and local government securities

 

 

17,288

 

 

 

 

 

 

(559

)

 

 

16,729

 

Total marketable securities

 

$

116,374

 

 

$

1

 

 

$

(5,923

)

 

$

110,452

 

 

9


 

 

 

January 29, 2022

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Holding

Gains

 

 

Gross

Unrealized

Holding

Losses

 

 

Estimated

Fair Value

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

99,333

 

 

$

 

 

$

 

 

$

99,333

 

Money market funds

 

 

17,890

 

 

 

 

 

 

 

 

 

17,890

 

Total cash and cash equivalents

 

 

117,223

 

 

 

 

 

 

 

 

 

117,223

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury and government agency securities

 

 

29,218

 

 

 

33

 

 

 

(819

)

 

 

28,432

 

Corporate debt securities

 

 

123,611

 

 

 

436

 

 

 

(851

)

 

 

123,196

 

State and local government securities

 

 

25,722

 

 

 

62

 

 

 

(152

)

 

 

25,632

 

Total marketable securities

 

$

178,551

 

 

$

531

 

 

$

(1,822

)

 

$

177,260

 

 

All of our marketable securities have an effective maturity date of five years or less and may be liquidated, at our discretion, prior to maturity.

The following tables summarize the gross unrealized holding losses and fair value for investments in an unrealized loss position, and the length of time that individual securities have been in a continuous loss position (in thousands):

 

 

 

April 30, 2022

 

 

 

Less Than 12 Months

 

 

12 Months or Greater

 

 

Total

 

 

 

Fair Value

 

 

Unrealized

Losses

 

 

Fair Value

 

 

Unrealized

Losses

 

 

Fair Value

 

 

Unrealized

Losses

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury and government agency securities

 

$

18,729

 

 

$

(1,978

)

 

$

5,060

 

 

$

(648

)

 

$

23,789

 

 

$

(2,626

)

Corporate debt securities

 

 

68,553

 

 

 

(2,699

)

 

 

771

 

 

 

(39

)

 

 

69,324

 

 

 

(2,738

)

State and local government securities

 

 

16,730

 

 

 

(559

)

 

 

 

 

 

 

 

 

 

 

16,730

 

 

 

(559

)

Total marketable securities

 

$

104,012

 

 

$

(5,236

)

 

$

5,831

 

 

$

(687

)

 

$

109,843

 

 

$

(5,923

)

 

 

 

January 29, 2022

 

 

 

Less Than 12 Months

 

 

12 Months or Greater

 

 

Total

 

 

 

Fair Value

 

 

Unrealized

Losses

 

 

Fair Value

 

 

Unrealized

Losses

 

 

Fair Value

 

 

Unrealized

Losses

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury and government agency securities

 

$

20,683

 

 

$

(785

)

 

$

1,622

 

 

$

(34

)

 

$

22,305

 

 

$

(819

)

Corporate debt securities

 

 

63,887

 

 

 

(849

)

 

 

69

 

 

 

(2

)

 

 

63,956

 

 

 

(851

)

State and local government securities

 

 

15,639

 

 

 

(152

)

 

 

 

 

 

 

 

 

15,639

 

 

 

(152