Non-GAAP Reconciliation to Adj. EBITDA & Adj. EBITDAR (2023 to LTM Q1 2025) Non-GAAP Adjustments Source: Public filings and Company data. (1) Excludes rent expense for under-utilized space. Commentary Stock-Based Compensation: represents non-cash component of share-based compensation Legal Matters Adjustment: excludes from earnings the Company’s legal expenses / income related to legal settlements and unusual IP litigation DC Adjustments: Excludes rent expense for under-utilized space and elevated temporary labor expenses at distribution centers Other Diligence Adjustments: includes adjustments for implementation of a financial system, acquisition expenses, gains / losses on the disposal of assets, asset impairment, and Board of Director fees Pre-Acquisition Results: adds back the reported pre-acquisition earnings of Sports Connection (i.e., prior to its acquisition by Skechers in May 2023) 1 2 3 4 5 1 2 3 4 5 Exhibit 99.2