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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 June 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from_______to_______

 —————————————————————
Commission file number 000-23939
 —————————————————————

COLUMBIA SPORTSWEAR COMPANY
(Exact name of registrant as specified in its charter) 
 —————————————————————

Oregon93-0498284
(State or other jurisdiction of incorporation or organization)(IRS Employer Identification Number)
14375 Northwest Science Park Drive, Portland Oregon 97229
(Address of principal executive offices and zip code)
(503) 985-4000
(Registrant's telephone number, including area code)
 —————————————————————
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockCOLMThe NASDAQ Global Select Market
 —————————————————————
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.YesNo
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 during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
YesNo
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 the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerAccelerated 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
The number of shares outstanding of the registrant's common stock on July 22, 2022 was 62,091,183.










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TABLE OF CONTENTS
Page
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 6.

COLUMBIA SPORTSWEAR COMPANY | 2022 FORM 10-Q

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SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This quarterly report contains forward-looking statements within the meaning of federal securities laws. Forward-looking statements often use words such as "will", "anticipate", "estimate", "expect", "should", "may" and other words and terms of similar meaning or reference future dates. Forward-looking statements include any statements related to our expectations regarding the effectiveness of our investments, future performance or market position, including any statements regarding outdoor participation and a move to casualization by consumers, the promotional environment, wholesale trade terms, inventories, shipping timing, consumer spending and preferences, store traffic, freight charges, product input costs, scale efficiencies, inventory receipts, logistics constraints, manufacturing constraints, labor costs and shortages, inflationary pressures, foreign currency translation, the geopolitical environment, consumer expectations, the impact of seasonal trends, our short and long-term cash needs and our ability to meet those needs, amortization expenses and maturities of liabilities.

These forward-looking statements, and others we make from time to time expressed in good faith, are believed to have a reasonable basis; however, each forward-looking statement involves risks and uncertainties. Many factors may cause actual results to differ materially from projected results in forward-looking statements, including the risks described in Part II, Item 1A of this Quarterly Report on Form 10-Q. Forward-looking statements are inherently less reliable than historical information. Except as required by law, we do not undertake any duty to update forward-looking statements after the date they are made or to conform them to actual results or to changes in circumstances or to reflect changes in events, circumstances or expectations. New factors emerge from time to time and it is not possible for us to predict or assess the effects of all such factors or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement.

COLUMBIA SPORTSWEAR COMPANY | 2022 FORM 10-Q | i

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PART I — FINANCIAL INFORMATION
ITEM 1.
FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(in thousands)June 30,
2022
December 31,
2021
June 30,
2021
ASSETS
Current Assets:
Cash and cash equivalents$413,110 $763,404 $819,806 
Short-term investments1,108 131,145 1,138 
Accounts receivable, net of allowance of $4,405, $8,893 and $10,734, respectively
296,636 487,803 279,763 
Inventories, net962,875 645,379 676,009 
Prepaid expenses and other current assets121,404 86,306 102,003 
Total current assets1,795,133 2,114,037 1,878,719 
Property, plant and equipment, net of accumulated depreciation of $604,233, $602,660 and $585,104, respectively
288,199 291,088 297,237 
Operating lease right-of-use assets325,871 330,928 350,798 
Intangible assets, net101,083 101,908 102,733 
Goodwill68,594 68,594 68,594 
Deferred income taxes81,263 92,121 97,746 
Other non-current assets66,645 68,452 67,472 
Total assets$2,726,788 $3,067,128 $2,863,299 
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable$312,353 $283,349 $267,677 
Accrued liabilities239,181 316,485 227,209 
Operating lease liabilities65,668 67,429 71,149 
Income taxes payable1,242 13,127 1,565 
Total current liabilities618,444 680,390 567,600 
Non-current operating lease liabilities312,043 317,666 344,216 
Income taxes payable32,504 44,541 48,805 
Deferred income taxes  151 
Other long-term liabilities32,080 35,279 40,870 
Total liabilities995,071 1,077,876 1,001,642 
Commitments and contingencies (Note 5)
Shareholders' Equity:
Preferred stock; 10,000 shares authorized; none issued and outstanding
   
Common stock (no par value); 250,000 shares authorized; 62,091, 65,164 and 66,148 issued and outstanding, respectively
   
Retained earnings1,753,450 1,993,628 1,863,813 
Accumulated other comprehensive income (loss)(21,733)(4,376)(2,156)
Total shareholders' equity1,731,717 1,989,252 1,861,657 
Total liabilities and shareholders' equity$2,726,788 $3,067,128 $2,863,299 

See accompanying notes to condensed consolidated financial statements.
COLUMBIA SPORTSWEAR COMPANY | 2022 FORM 10-Q | 1

Notes to Condensed Consolidated Financial Statements (Unaudited)
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

Three Months Ended June 30,
Six Months Ended June 30,
(in thousands, except per share amounts)2022202120222021
Net sales$578,063 $566,370 $1,339,573 $1,191,976 
Cost of sales293,903 273,853 676,966 578,057 
Gross profit284,160 292,517 662,607 613,919 
Selling, general and administrative expenses281,258 261,766 580,344 516,155 
Net licensing income5,871 4,244 10,176 7,711 
Operating income8,773 34,995 92,439 105,475 
Interest income, net499 598 894 876 
Other non-operating expense, net(1,435)(294)(1,391)(598)
Income before income tax7,837 35,299 91,942 105,753 
Income tax benefit (expense)(674)5,385 (17,942)(9,169)
Net income$7,163 $40,684 $74,000 $96,584 
Earnings per share:
Basic$0.11 $0.61 $1.17 $1.46 
Diluted$0.11 $0.61 $1.16 $1.44 
Weighted average shares outstanding:
Basic62,55466,32763,40966,345
Diluted62,69566,78763,65466,858

See accompanying notes to condensed consolidated financial statements.
COLUMBIA SPORTSWEAR COMPANY | 2022 FORM 10-Q | 2

Notes to Condensed Consolidated Financial Statements (Unaudited)
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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

Three Months Ended June 30,
Six Months Ended June 30,
(in thousands)2022202120222021
Net income$7,163 $40,684 $74,000 $96,584 
Other comprehensive income (loss):
Unrealized gains on available-for-sale securities (net of tax effects of $(146))
451    
Unrealized gains (losses) on derivative transactions (net of tax effects of $(5,744), $1,183, $(5,088) and $(2,185), respectively)
15,808 (3,551)13,717 5,012 
Foreign currency translation adjustments (net of tax effects of $147, $(265), $997 and $149, respectively)
(28,818)5,230 (31,074)(7,974)
Other comprehensive income (loss)(12,559)1,679 (17,357)(2,962)
Comprehensive income (loss)$(5,396)$42,363 $56,643 $93,622 

See accompanying notes to condensed consolidated financial statements.
COLUMBIA SPORTSWEAR COMPANY | 2022 FORM 10-Q | 3

Notes to Condensed Consolidated Financial Statements (Unaudited)
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

Six Months Ended June 30,
(in thousands)20222021
Cash flows from operating activities:
Net income$74,000 $96,584 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation, amortization, and non-cash lease expense58,537 60,962 
Provision for uncollectible accounts receivable(4,047)(9,757)
Loss on disposal or impairment of investments, property, plant and equipment, and right-of-use assets2,418 201 
Deferred income taxes3,750 (9,667)
Stock-based compensation10,636 9,823 
Changes in operating assets and liabilities:
Accounts receivable186,364 180,456 
Inventories, net(332,225)(123,737)
Prepaid expenses and other current assets(23,226)(48,160)
Other assets3,018 (337)
Accounts payable35,754 59,085 
Accrued liabilities(67,199)(30,130)
Income taxes payable(23,807)(22,652)
Operating lease assets and liabilities(34,478)(47,436)
Other liabilities(2,163)1,927 
Net cash provided by (used in) operating activities(112,668)117,162 
Cash flows from investing activities:
Purchases of short-term investments(44,877) 
Sales and maturities of short-term investments175,725 1,184 
Capital expenditures(28,983)(12,387)
Net cash provided by (used in) investing activities101,865 (11,203)
Cash flows from financing activities:
Proceeds from credit facilities 19,888 
Repayments on credit facilities (19,683)
Proceeds from issuance of common stock related to stock-based compensation4,076 20,287 
Tax payments related to stock-based compensation(4,024)(5,440)
Repurchase of common stock(287,443)(54,500)
Cash dividends paid(37,926)(34,540)
Net cash used in financing activities(325,317)(73,988)
Net effect of exchange rate changes on cash(14,174)(2,890)
Net increase (decrease) in cash and cash equivalents(350,294)29,081 
Cash and cash equivalents, beginning of period763,404 790,725 
Cash and cash equivalents, end of period$413,110 $819,806 
Supplemental disclosures of cash flow information:
Cash paid during the year for income taxes$47,846 $81,497 
Supplemental disclosures of non-cash investing and financing activities:
Property, plant and equipment acquired through increase in liabilities$5,334 $4,268 

See accompanying notes to condensed consolidated financial statements.
COLUMBIA SPORTSWEAR COMPANY | 2022 FORM 10-Q | 4

Notes to Condensed Consolidated Financial Statements (Unaudited)
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CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited)

(in thousands, except per share amounts)Common StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Total
Shares
Outstanding
Amount
Balance, March 31, 2022
62,948 $ $1,828,074 $(9,174)$1,818,900 
Net income— — 7,163 — 7,163 
Other comprehensive income (loss):
Unrealized gains on available-for-sale securities, net— — — 451 451 
Unrealized gains on derivative transactions, net— — — 15,808 15,808 
Foreign currency translation adjustment, net— — — (28,818)(28,818)
Cash dividends ($0.30 per share)
— — (18,775)— (18,775)
Issuance of common stock related to stock-based compensation, net
49 1,498 — — 1,498 
Stock-based compensation expense— 5,133 — — 5,133 
Repurchase of common stock(906)(6,631)(63,012)— (69,643)
Balance, June 30, 2022
62,091 $ $1,753,450 $(21,733)$1,731,717 

(in thousands, except per share amounts)Common StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Total
Shares
Outstanding
Amount
Balance, March 31, 2021
66,457 $22,230 $1,850,415 $(3,835)$1,868,810 
Net income— — 40,684 — 40,684 
Other comprehensive income (loss):
Unrealized losses on derivative transactions, net— — — (3,551)(3,551)
Foreign currency translation adjustment, net— — — 5,230 5,230 
Cash dividends ($0.26 per share)
— — (17,255)— (17,255)
Issuance of common stock related to stock-based compensation, net
110 6,433 — — 6,433 
Stock-based compensation expense— 4,949 — — 4,949 
Repurchase of common stock(419)(33,612)(10,031)— (43,643)
Balance, June 30, 2021
66,148 $ $1,863,813 $(2,156)$1,861,657 

(in thousands, except per share amounts)Common StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Total
Shares
Outstanding
Amount
Balance, December 31, 2021
65,164 $ $1,993,628 $(4,376)$1,989,252 
Net income— — 74,000 — 74,000 
Other comprehensive income (loss):
Unrealized gains on derivative transactions, net
— — — 13,717 13,717 
Foreign currency translation adjustment, net— — — (31,074)(31,074)
Cash dividends ($0.60 per share)
— — (37,926)— (37,926)
Issuance of common stock related to stock-based compensation, net
162 52 — — 52 
Stock-based compensation expense— 10,636 — — 10,636 
Repurchase of common stock(3,235)(10,688)(276,252)— (286,940)
Balance, June 30, 2022
62,091 $ $1,753,450 $(21,733)$1,731,717 

COLUMBIA SPORTSWEAR COMPANY | 2022 FORM 10-Q | 5

Notes to Condensed Consolidated Financial Statements (Unaudited)
colm-20220630_g1.jpg
(in thousands, except per share amounts)Common StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Total
Shares
Outstanding
Amount
Balance, December 31, 2020
66,252 $20,165 $1,811,800 $806 $1,832,771 
Net income— — 96,584 — 96,584 
Other comprehensive income (loss):
Unrealized gains on derivative transactions, net— — — 5,012 5,012 
Foreign currency translation adjustment, net— — — (7,974)(7,974)
Cash dividends ($0.52 per share)
— — (34,540)— (34,540)
Issuance of common stock related to stock-based compensation, net
424 14,847 — — 14,847 
Stock-based compensation expense— 9,823 — — 9,823 
Repurchase of common stock(528)(44,835)(10,031)— (54,866)
Balance, June 30, 2021
66,148 $ $1,863,813 $(2,156)$1,861,657 

See accompanying notes to condensed consolidated financial statements.
COLUMBIA SPORTSWEAR COMPANY | 2022 FORM 10-Q | 6

Notes to Condensed Consolidated Financial Statements (Unaudited)
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTEPAGE
Note 1Basis of Presentation and Organization
Note 2Revenues
Note 3Intangible Assets, Net and Goodwill
Note 4Short-Term Borrowings and Credit Lines
Note 5Commitments and Contingencies
Note 6Shareholders' Equity
Note 7Stock-Based Compensation
Note 8Earnings Per Share
Note 9Accumulated Other Comprehensive Income (Loss)
Note 10Segment Information
Note 11Financial Instruments and Risk Management
Note 12Fair Value Measures

COLUMBIA SPORTSWEAR COMPANY | 2022 FORM 10-Q | 7

Notes to Condensed Consolidated Financial Statements (Unaudited)
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NOTE 1 — BASIS OF PRESENTATION AND ORGANIZATION

The accompanying unaudited condensed consolidated financial statements have been prepared by the management of Columbia Sportswear Company (together with its wholly owned subsidiaries, the "Company") and, in the opinion of management, include all normal recurring material adjustments necessary to present fairly the Company's financial position as of June 30, 2022, December 31, 2021 and June 30, 2021, the results of operations for the three and six months ended June 30, 2022 and 2021, and cash flows for the six months ended June 30, 2022 and 2021. The December 31, 2021 financial information was derived from the Company's audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021. A significant part of the Company's business is of a seasonal nature; therefore, results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of results to be expected for other quarterly periods or for the full year.

Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. The Company, however, believes that the disclosures contained in this report comply with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended, for a Quarterly Report on Form 10-Q and are adequate to make the information presented not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021.

PRINCIPLES OF CONSOLIDATION

The unaudited condensed consolidated financial statements include the accounts of the Company. All significant intercompany balances and transactions have been eliminated in consolidation.

ESTIMATES AND ASSUMPTIONS

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates and assumptions. The Company's significant estimates relate to sales reserves, allowance for uncollectible accounts receivable, excess, close-out and slow-moving inventory, impairment of long-lived assets, intangible assets and goodwill, and income taxes.

RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS

None.

RECENT ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED

In November 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2021-10 (“ASU 2021-10”), Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance, to increase transparency of government assistance including the disclosure of (1) the types of assistance, (2) an entity’s accounting for the assistance, and (3) the effect of the assistance on an entity’s financial statements. ASU 2021-10 is effective for annual periods beginning after December 15, 2021. Early adoption is permitted. The impact of this new standard will depend on the amount of future government assistance received, if any.

COLUMBIA SPORTSWEAR COMPANY | 2022 FORM 10-Q | 8

Notes to Condensed Consolidated Financial Statements (Unaudited)
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NOTE 2 — REVENUES

DISAGGREGATED REVENUE

As disclosed below in Note 10, the Company has four geographic reportable segments: United States ("U.S."), Latin America and Asia Pacific ("LAAP"), Europe, Middle East and Africa ("EMEA") and Canada.

The following tables disaggregate the Company's operating segment Net sales by product category and channel, which the Company believes provides a meaningful depiction of how the nature, timing, and uncertainty of Net sales are affected by economic factors:

Three Months Ended June 30, 2022
(in thousands)
U.S.LAAPEMEACanadaTotal
Product category net sales
Apparel, Accessories and Equipment$348,592 $54,379 $37,542 $27,805 $468,318 
Footwear63,893 18,446 20,000 7,406 109,745 
Total$412,485 $72,825 $57,542 $35,211 $578,063 
Channel net sales
Wholesale$201,880 $28,308 $47,259 $22,449 $299,896 
Direct-to-consumer210,605 44,517 10,283 12,762 278,167 
Total$412,485 $72,825 $57,542 $35,211 $578,063 

Three Months Ended June 30, 2021
(in thousands)
U.S.LAAPEMEACanadaTotal
Product category net sales
Apparel, Accessories and Equipment$316,896 $56,038 $64,518 $15,598 $453,050 
Footwear62,169 21,937 24,056 5,158 113,320 
Total$379,065 $77,975 $88,574 $20,756 $566,370 
Channel net sales
Wholesale$176,187 $32,069 $80,552 $13,495 $302,303 
Direct-to-consumer202,878 45,906 8,022 7,261 264,067 
Total$379,065 $77,975 $88,574 $20,756 $566,370 

Six Months Ended June 30, 2022
(in thousands)
U.S.LAAPEMEACanadaTotal
Product category net sales
Apparel, Accessories and Equipment$733,820 $140,304 $100,811 $59,326 $1,034,261 
Footwear180,559 54,264 51,448 19,041 305,312 
Total$914,379 $194,568 $152,259 $78,367 $1,339,573 
Channel net sales
Wholesale$449,389 $88,246 $122,553 $47,932 $708,120 
Direct-to-consumer464,990 106,322 29,706 30,435 631,453 
Total$914,379 $194,568 $152,259 $78,367 $1,339,573 

COLUMBIA SPORTSWEAR COMPANY | 2022 FORM 10-Q | 9

Notes to Condensed Consolidated Financial Statements (Unaudited)
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Six Months Ended June 30, 2021
(in thousands)
U.S.LAAPEMEACanadaTotal
Product category net sales
Apparel, Accessories and Equipment$634,245 $134,761 $110,814 $42,140 $921,960 
Footwear153,482 55,191 48,525 12,818 270,016 
Total$787,727 $189,952 $159,339 $54,958 $1,191,976 
Channel net sales
Wholesale$377,068 $87,619 $138,316 $34,713 $637,716 
Direct-to-consumer410,659 102,333 21,023 20,245 554,260 
Total$787,727 $189,952 $159,339 $54,958 $1,191,976 

PERFORMANCE OBLIGATIONS

For the three and six months ended June 30, 2022 and 2021, Net sales recognized from performance obligations related to prior periods were not material. Net sales expected to be recognized in any future period related to remaining performance obligations is not material.

CONTRACT BALANCES

As of June 30, 2022, December 31, 2021 and June 30, 2021, contract liabilities included in Accrued liabilities on the unaudited Condensed Consolidated Balance Sheets, which consisted of obligations associated with the Company's gift card and customer loyalty programs, were not material.

NOTE 3 — INTANGIBLE ASSETS, NET AND GOODWILL
Intangible assets, net consisted of the following:

(in thousands)
June 30, 2022December 31, 2021June 30, 2021
Intangible assets with definite lives:
Patents and purchased technology$14,198 $14,198 $14,198 
Customer relationships23,000 23,000 23,000 
Gross carrying amount37,198 37,198 37,198 
Accumulated amortization:
Patents and purchased technology(14,198)(14,198)(14,198)
Customer relationships(19,838)(19,013)(18,188)
Accumulated amortization(34,036)(33,211)(32,386)