Expired temp tags about to be a thing of the past in Missouri
This comes after the passage of Senate Bill 28, which will take effect on Aug. 28, but the change in paying vehicle sales tax will be implemented once the second phase of the Department of Revenue's new FUSION (Fifty Unique Systems In One Nexus) system is operational.
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Once the system is in place, vehicle buyers in Missouri will be required to pay sales tax at the point of the sale when they purchase through a dealership.
If the car is purchased privately, buyers will continue to take their bill of sale to any Missouri license office to pay sales tax. Once the purchase is complete in both scenarios, buyers will get a paper copy of their new license plate and a permanent metal plate with the same number configuration will be mailed to the buyer.
Buyers will no longer receiver have the option of getting a temporary tag.
'This change to the way we collect sales tax will eliminate temporary license tags which rob the state of millions of dollars each year because of drivers who never pay their sales tax,' said Missouri Director of Revenue Trish Vincent. 'Though the law goes into effect on August 28, the sales tax changes cannot take effect until our new FUSION system is up and running.'
The purpose of FUSION is to combine older mainframe systems and software applications that can no longer communicate with each other into one core system that will significantly increase speed and efficiency in performing motor vehicle and driver licensing functions.
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The first phase was focused on driver licensing and implemented on Nov. 12, 2024. Until FUSION is fully operational, the current sales tax collection process will remain in effect for both dealerships and private vehicle purchases.
'This new law affects both the seller and the buyer,' Vincent said. 'We are going to work with dealers to get everyone trained on the new system and prepared to collect sales tax. Buyers will need to be ready to pay the full sales tax amount at the time of purchase.'
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Factors that might cause or contribute to such differences include the disruption of business and operations due to` delays or disruptions in our supply chain; international economic, political and market conditions including the effects of inflation, tariffs, and foreign currency exchange rate fluctuations around the world, the challenging consumer retail markets in the United States and the impact of wars, acts of war and other conflicts around the world; sustaining, managing and forecasting costs and proper inventory levels; losing any significant customers; decreased demand by industry retailers and cancellation of order commitments due to the lack of popularity of particular designs and/or categories of products; maintaining brand image and intense competition among sellers of footwear for consumers, especially in the highly competitive performance footwear market; anticipating, identifying, interpreting or forecasting changes in fashion trends, consumer demand for the products and the various market factors described above; sales levels during the spring, back-to-school and holiday selling seasons; the ability to complete our proposed merger (the 'Merger'), on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to securing the necessary regulatory approvals and satisfaction of other closing conditions to consummate the proposed Merger; the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement relating to the proposed Merger; risks that the proposed Merger disrupts the Company's current plans and operations or diverts the attention of the Company's management or employees from ongoing business operations; the risk of potential difficulties with the Company's ability to retain and hire key personnel and maintain relationships with customers and other third parties as a result of the proposed Merger, including during the pendency of the Merger; the risk that the proposed Merger may involve unexpected costs and/or unknown or inestimable liabilities; the risk that the Company's business may suffer as a result of uncertainty surrounding the proposed Merger; the risk that stockholder litigation in connection with the proposed Merger may affect the timing or occurrence of the proposed Merger or result in significant costs of defense, indemnification and liability; effects relating to the announcement of the transaction or any further announcements or the consummation of the transaction on the market price of the Company's common stock; and other factors referenced or incorporated by reference in Skechers' annual report on Form 10-K for the year ended December 31, 2024 and its quarterly reports on Form 10-Q in 2025. Taking these and other risk factors into consideration, the dynamic nature of these circumstances means that what is stated in this press release could change at any time, and as a result, actual results could differ materially from those contemplated by such forward-looking statements. The risks included here are not exhaustive. Skechers operates in a very competitive and rapidly changing environment. New risks emerge from time to time and we cannot predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results. Moreover, reported results should not be considered an indication of future performance. 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(Unaudited) As of As of (in thousands) December 31, 2024 ASSETS Current assets Cash and cash equivalents $ 1,377,152 $ 1,116,516 Short-term investments 106,254 118,470 Trade accounts receivable, net 1,149,298 990,558 Other receivables 105,157 98,499 Inventory 1,871,805 1,919,386 Prepaid expenses and other 242,045 205,994 Total current assets 4,851,711 4,449,423 Property, plant and equipment, net 2,075,256 1,834,930 Operating lease right-of-use assets 1,536,161 1,363,596 Deferred tax assets 423,544 440,358 Long-term investments 157,452 146,687 Goodwill 103,945 94,494 Other assets, net 130,047 126,270 Total non-current assets 4,426,405 4,006,335 TOTAL ASSETS $ 9,278,116 $ 8,455,758 LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 1,159,891 $ 1,241,838 Accrued expenses 356,295 330,251 Operating lease liabilities 303,370 297,926 Current installments of long-term borrowings 316,748 353,131 Short-term borrowings 179,633 33,338 Total current liabilities 2,315,937 2,256,484 Long-term operating lease liabilities 1,358,821 1,176,290 Long-term borrowings 87,965 68,450 Deferred tax liabilities 10,283 11,148 Other long-term liabilities 129,601 123,122 Total non-current liabilities 1,586,670 1,379,010 Total liabilities 3,902,607 3,635,494 Redeemable noncontrolling interest 102,374 90,099 Stockholders' equity Preferred Stock — — Class A Common Stock 131 130 Class B Common Stock 19 19 Additional paid-in capital 38,116 12,170 Accumulated other comprehensive loss (71,989 ) (171,221 ) Retained earnings 4,809,135 4,436,201 Skechers U.S.A., Inc. equity 4,775,412 4,277,299 Noncontrolling interests 497,723 452,866 Total stockholders' equity 5,273,135 4,730,165 $ 9,278,116 $ 8,455,758 Expand SKECHERS U.S.A., INC. AND SUBSIDIARIES Condensed Consolidated Statements of Earnings (Unaudited) Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share data) 2025 2024 2025 2024 Sales $ 2,440,024 $ 2,157,643 $ 4,851,595 $ 4,409,230 Cost of sales 1,138,721 973,206 2,295,918 2,043,159 Gross profit 1,301,303 1,184,437 2,555,677 2,366,071 Operating expenses Selling 251,883 235,870 436,956 392,371 General and administrative 876,338 742,036 1,680,514 1,468,371 Total operating expenses 1,128,221 977,906 2,117,470 1,860,742 Earnings from operations 173,082 206,531 438,207 505,329 Other income (expense) 45,517 (1,652 ) 70,047 (3,702 ) Earnings before income taxes 218,599 204,879 508,254 501,627 Income tax expense 35,894 40,355 100,477 96,725 Net earnings 182,705 164,524 407,777 404,902 Less: Net earnings attributable to noncontrolling interests and redeemable noncontrolling interest 12,207 24,222 34,843 57,978 Net earnings attributable to Skechers U.S.A., Inc. $ 170,498 $ 140,302 $ 372,934 $ 346,924 Net earnings per share attributable to Skechers U.S.A., Inc. Basic $ 1.14 $ 0.92 $ 2.49 $ 2.27 Diluted $ 1.13 $ 0.91 $ 2.46 $ 2.24 Weighted-average shares used in calculating net earnings per share attributable to Skechers U.S.A., Inc. Basic 150,001 152,503 149,711 152,707 Diluted 151,305 154,176 151,395 154,640 Expand SKECHERS U.S.A., INC. AND SUBSIDIARIES Supplemental Financial Information (Unaudited) Segment Information Three Months Ended June 30, Change (in millions) 2025 2024 $ % Wholesale sales $ 1,301.4 $ 1,132.1 169.3 15.0 Cost of sales 763.0 635.2 127.9 20.1 Gross profit 538.4 496.9 41.4 8.3 Gross margin 41.4 % 43.9 % (250) bps Direct-to-Consumer sales $ 1,138.6 $ 1,025.5 113.1 11.0 Cost of sales 375.7 338.0 37.6 11.1 Gross profit 762.9 687.5 75.5 11.0 Gross margin 67.0 % 67.0 % 0 bps Total sales $ 2,440.0 $ 2,157.6 282.4 13.1 Cost of sales 1,138.7 973.2 165.5 17.0 Gross profit 1,301.3 1,184.4 116.9 9.9 Gross margin 53.3 % 54.9 % (160) bps Expand Six Months Ended June 30, Change (in millions) 2025 2024 $ % Wholesale sales $ 2,833.6 $ 2,553.8 279.8 11.0 Cost of sales 1,620.1 1,420.7 199.3 14.0 Gross profit 1,213.5 1,133.1 80.5 7.1 Gross margin 42.8 % 44.4 % (150) bps Direct-to-Consumer sales $ 2,018.0 $ 1,855.4 162.5 8.8 Cost of sales 675.8 622.4 53.5 8.6 Gross profit 1,342.2 1,233.0 109.1 8.8 Gross margin 66.5 % 66.5 % 0 bps Total sales $ 4,851.6 $ 4,409.2 442.4 10.0 Cost of sales 2,295.9 2,043.1 252.8 12.4 Gross profit 2,555.7 2,366.1 189.6 8.0 Gross margin 52.7 % 53.7 % (100) bps Expand Additional Sales Information Three Months Ended June 30, Change (in millions) 2025 2024 $ % Geographic sales Domestic Wholesale $ 413.3 $ 446.9 (33.6 ) (7.5 ) Direct-to-Consumer 448.8 416.9 31.8 7.6 Total domestic sales 862.1 863.8 (1.8 ) (0.2 ) International Wholesale 888.1 685.2 202.9 29.6 Direct-to-Consumer 689.8 608.6 81.2 13.3 Total international sales 1,577.9 1,293.8 284.2 22.0 Total sales $ 2,440.0 $ 2,157.6 282.4 13.1 Regional sales Americas (AMER) $ 1,113.0 $ 1,100.9 12.1 1.1 Europe, Middle East & Africa (EMEA) 731.5 492.5 239.0 48.5 Asia Pacific (APAC) 595.5 564.2 31.3 5.5 Total sales $ 2,440.0 $ 2,157.6 282.4 13.1 China sales $ 287.2 $ 312.7 (25.6 ) (8.2 ) Distributor sales $ 136.1 $ 112.8 23.3 20.6 Expand Six Months Ended June 30, Change (in millions) 2025 2024 $ % Geographic sales Domestic Wholesale $ 909.5 $ 922.9 (13.4 ) (1.5 ) Direct-to-Consumer 806.3 739.7 66.5 9.0 Total domestic sales 1,715.8 1,662.6 53.1 3.2 International Wholesale 1,924.1 1,630.9 293.2 18.0 Direct-to-Consumer 1,211.7 1,115.7 96.0 8.6 Total international sales 3,135.8 2,746.6 389.3 14.2 Total sales $ 4,851.6 $ 4,409.2 442.4 10.0 Regional sales Americas (AMER) $ 2,217.4 $ 2,120.4 97.0 4.6 Europe, Middle East & Africa (EMEA) 1,449.7 1,120.2 329.6 29.4 Asia Pacific (APAC) 1,184.5 1,168.6 15.8 1.4 Total sales $ 4,851.6 $ 4,409.2 442.4 10.0 China sales $ 555.8 $ 632.3 (76.4 ) (12.1 ) Distributor sales $ 272.1 $ 238.7 33.3 14.0 Expand SKECHERS U.S.A., INC. AND SUBSIDIARIES Reconciliation of GAAP Earnings Financial Measures to Corresponding Non-GAAP Financial Measures (Unaudited) We evaluate our results of operations on both an as reported and a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of period-over-period fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our results of operations, thereby facilitating period-to-period comparisons of our business performance and is consistent with how management evaluates the Company's performance. We calculate constant currency percentages by converting our current period local currency financial results using the prior-period exchange rates and comparing these adjusted amounts to our prior period reported results. Other companies that provide similar non-GAAP measures may calculate them differently than we do, and the definitions may not be the same as the definitions we use. Six Months Ended June 30, 2025 2024 Change (in millions, except per share data) Reported GAAP Measure Constant Currency Adjustment Adjusted for Non-GAAP Measures Reported GAAP Measure $ % Sales $ 4,851.6 $ 9.6 $ 4,861.2 $ 4,409.2 $ 451.9 10.3 Cost of sales 2,295.9 2.9 2,298.8 2,043.1 255.6 12.5 Gross profit 2,555.7 6.7 2,562.4 2,366.1 196.3 8.3 Operating expenses 2,117.5 0.2 2,117.6 1,860.7 256.9 13.8 Earnings from operations 438.2 6.7 444.9 505.3 (60.4 ) (12.0 ) Other income (expense) 70.0 (75.3 ) (5.3 ) (3.7 ) (1.6 ) n/m Income tax expense (benefit) 100.5 (0.6 ) 99.8 96.7 3.1 3.2 Less: Noncontrolling interests and redeemable noncontrolling interest 34.8 0.7 35.5 58.0 (22.5 ) (38.8 ) Net earnings attributable to Skechers U.S.A., Inc. $ 372.9 $ (68.7 ) $ 304.2 $ 346.9 $ (42.7 ) (12.3 ) Diluted earnings per share $ 2.46 $ (0.45 ) $ 2.01 $ 2.24 $ (0.23 ) (10.3 ) Expand ___________________________ Note: Amounts may not foot due to rounding. n/m: not meaningful. Expand
