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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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☒ | 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_______
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Commission file number 000-23939
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COLUMBIA SPORTSWEAR COMPANY
(Exact name of registrant as specified in its charter)
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Oregon | | 93-0498284 |
(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) | |
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Securities registered pursuant to Section 12(b) of the Act: |
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Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock | COLM | The NASDAQ Global Select Market |
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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 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 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 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. | ☐ |
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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). | Yes | ☐ | No | ☒ |
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The number of shares outstanding of the registrant's common stock on July 22, 2022 was 62,091,183. |
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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 |
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ITEM 1. | FINANCIAL STATEMENTS |
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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) |
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(in thousands) | | June 30, 2022 | | December 31, 2021 | | June 30, 2021 |
ASSETS | | | | | | |
Current Assets: | | | | | | |
Cash and cash equivalents | | $ | 413,110 | | | $ | 763,404 | | | $ | 819,806 | |
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Short-term investments | | 1,108 | | | 131,145 | | | 1,138 | |
Accounts receivable, net of allowance of $4,405, $8,893 and $10,734, respectively | | 296,636 | | | 487,803 | | | 279,763 | |
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Inventories, net | | 962,875 | | | 645,379 | | | 676,009 | |
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Prepaid expenses and other current assets | | 121,404 | | | 86,306 | | | 102,003 | |
Total current assets | | 1,795,133 | | | 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 | |
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Operating lease right-of-use assets | | 325,871 | | | 330,928 | | | 350,798 | |
Intangible assets, net | | 101,083 | | | 101,908 | | | 102,733 | |
Goodwill | | 68,594 | | | 68,594 | | | 68,594 | |
Deferred income taxes | | 81,263 | | | 92,121 | | | 97,746 | |
Other non-current assets | | 66,645 | | | 68,452 | | | 67,472 | |
Total assets | | $ | 2,726,788 | | | $ | 3,067,128 | | | $ | 2,863,299 | |
LIABILITIES AND EQUITY | | | | | | |
Current Liabilities: | | | | | | |
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Accounts payable | | $ | 312,353 | | | $ | 283,349 | | | $ | 267,677 | |
Accrued liabilities | | 239,181 | | | 316,485 | | | 227,209 | |
Operating lease liabilities | | 65,668 | | | 67,429 | | | 71,149 | |
Income taxes payable | | 1,242 | | | 13,127 | | | 1,565 | |
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Total current liabilities | | 618,444 | | | 680,390 | | | 567,600 | |
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Non-current operating lease liabilities | | 312,043 | | | 317,666 | | | 344,216 | |
Income taxes payable | | 32,504 | | | 44,541 | | | 48,805 | |
Deferred income taxes | | — | | | — | | | 151 | |
Other long-term liabilities | | 32,080 | | | 35,279 | | | 40,870 | |
Total liabilities | | 995,071 | | | 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 | | — | | | — | | | — | |
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Retained earnings | | 1,753,450 | | | 1,993,628 | | | 1,863,813 | |
Accumulated other comprehensive income (loss) | | (21,733) | | | (4,376) | | | (2,156) | |
Total shareholders' equity | | 1,731,717 | | | 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
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) |
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| | Three Months Ended June 30, | | Six Months Ended June 30, |
(in thousands, except per share amounts) | | 2022 | | 2021 | | 2022 | | 2021 | | |
Net sales | | $ | 578,063 | | | $ | 566,370 | | | $ | 1,339,573 | | | $ | 1,191,976 | | | |
Cost of sales | | 293,903 | | | 273,853 | | | 676,966 | | | 578,057 | | | |
Gross profit | | 284,160 | | | 292,517 | | | 662,607 | | | 613,919 | | | |
Selling, general and administrative expenses | | 281,258 | | | 261,766 | | | 580,344 | | | 516,155 | | | |
Net licensing income | | 5,871 | | | 4,244 | | | 10,176 | | | 7,711 | | | |
Operating income | | 8,773 | | | 34,995 | | | 92,439 | | | 105,475 | | | |
Interest income, net | | 499 | | | 598 | | | 894 | | | 876 | | | |
Other non-operating expense, net | | (1,435) | | | (294) | | | (1,391) | | | (598) | | | |
Income before income tax | | 7,837 | | | 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: | | | | | | | | | | |
Basic | | 62,554 | | 66,327 | | 63,409 | | 66,345 | | |
Diluted | | 62,695 | | 66,787 | | 63,654 | | 66,858 | | |
See accompanying notes to condensed consolidated financial statements.
COLUMBIA SPORTSWEAR COMPANY | 2022 FORM 10-Q | 2
| | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
(in thousands) | | 2022 | | 2021 | | 2022 | | 2021 | | |
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
| | |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
| | | | | | | | | | | | | | | | |
| | Six Months Ended June 30, |
(in thousands) | | 2022 | | | | 2021 |
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 expense | | 58,537 | | | | | 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 assets | | 2,418 | | | | | 201 | |
Deferred income taxes | | 3,750 | | | | | (9,667) | |
Stock-based compensation | | 10,636 | | | | | 9,823 | |
Changes in operating assets and liabilities: | | | | | | |
Accounts receivable | | 186,364 | | | | | 180,456 | |
Inventories, net | | (332,225) | | | | | (123,737) | |
Prepaid expenses and other current assets | | (23,226) | | | | | (48,160) | |
Other assets | | 3,018 | | | | | (337) | |
Accounts payable | | 35,754 | | | | | 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 investments | | 175,725 | | | | | 1,184 | |
Capital expenditures | | (28,983) | | | | | (12,387) | |
| | | | | | |
Net cash provided by (used in) investing activities | | 101,865 | | | | | (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 compensation | | 4,076 | | | | | 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 period | | 763,404 | | | | | 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
| | |
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
(in thousands, except per share amounts) | | Common Stock | | Retained Earnings | | Accumulated 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 Stock | | Retained Earnings | | Accumulated 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 Stock | | Retained Earnings | | Accumulated 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
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
(in thousands, except per share amounts) | | Common Stock | | Retained Earnings | | Accumulated 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) |
| | | | | | | | | | | | | | |
NOTE | | PAGE |
Note 1 | | Basis of Presentation and Organization | | |
| | | | |
Note 2 | | Revenues | | |
| | | | |
| | | | |
Note 3 | | Intangible Assets, Net and Goodwill | | |
Note 4 | | Short-Term Borrowings and Credit Lines | | |
| | | | |
| | | | |
| | | | |
| | | | |
Note 5 | | Commitments and Contingencies | | |
Note 6 | | Shareholders' Equity | | |
Note 7 | | Stock-Based Compensation | | |
Note 8 | | Earnings Per Share | | |
Note 9 | | Accumulated Other Comprehensive Income (Loss) | | |
Note 10 | | Segment Information | | |
Note 11 | | Financial Instruments and Risk Management | | |
Note 12 | | Fair Value Measures | | |
COLUMBIA SPORTSWEAR COMPANY | 2022 FORM 10-Q | 7
| | |
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
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. | | LAAP | | EMEA | | Canada | | Total |
Product category net sales | | | | | | | | | | |
Apparel, Accessories and Equipment | | $ | 348,592 | | | $ | 54,379 | | | $ | 37,542 | | | $ | 27,805 | | | $ | 468,318 | |
Footwear | | 63,893 | | | 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-consumer | | 210,605 | | | 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. | | LAAP | | EMEA | | Canada | | Total |
Product category net sales | | | | | | | | | | |
Apparel, Accessories and Equipment | | $ | 316,896 | | | $ | 56,038 | | | $ | 64,518 | | | $ | 15,598 | | | $ | 453,050 | |
Footwear | | 62,169 | | | 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-consumer | | 202,878 | | | 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. | | LAAP | | EMEA | | Canada | | Total |
Product category net sales | | | | | | | | | | |
Apparel, Accessories and Equipment | | $ | 733,820 | | | $ | 140,304 | | | $ | 100,811 | | | $ | 59,326 | | | $ | 1,034,261 | |
Footwear | | 180,559 | | | 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-consumer | | 464,990 | | | 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
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended June 30, 2021 |
(in thousands) | | U.S. | | LAAP | | EMEA | | Canada | | Total |
Product category net sales | | | | | | | | | | |
Apparel, Accessories and Equipment | | $ | 634,245 | | | $ | 134,761 | | | $ | 110,814 | | | $ | 42,140 | | | $ | 921,960 | |
Footwear | | 153,482 | | | 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-consumer | | 410,659 | | | 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, 2022 | | December 31, 2021 | | June 30, 2021 |
Intangible assets with definite lives: | | | | | | |
Patents and purchased technology | | $ | 14,198 | | | $ | 14,198 | | | $ | 14,198 | |
Customer relationships | | 23,000 | | | 23,000 | | | 23,000 | |
Gross carrying amount | | 37,198 | | | 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) | |