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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, 2024
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 19, 2024 was 58,552,010.


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TABLE OF CONTENTS
Page
PART I — FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART II — OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
Item 5.Other Information
Item 6.

COLUMBIA SPORTSWEAR COMPANY | Q2 2024 FORM 10-Q

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SPECIAL NOTE REGARDING
FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q 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", "believe" 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, the promotional environment, our utilization of temporary clearance locations, storage and processing capacity, inventory levels, inventory carrying costs, shipment timing, consumer and customer spending and preferences, freight charges, scale efficiencies, inflationary pressures, foreign currency translation, the geopolitical environment, consumer and customer behaviors and expectations, the regulatory environment, the impact of seasonal trends, materiality of legal matters, risk management strategies, the performance of our profit improvement program, capital expenditures, 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 | Q2 2024 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,
2024
December 31,
2023
June 30,
2023
ASSETS
Current Assets:
Cash and cash equivalents$341,822 $350,319 $231,571 
Short-term investments369,276 414,185 71,225 
Accounts receivable, net of allowance of $5,878, $5,450 and $4,979, respectively
222,628 423,079 343,835 
Inventories823,557 746,288 1,162,519 
Prepaid expenses and other current assets90,527 80,814 91,990 
Total current assets1,847,810 2,014,685 1,901,140 
Property, plant and equipment, net of accumulated depreciation of $689,511, $671,930 and $644,585, respectively
277,509 287,281 280,578 
Operating lease right-of-use assets360,721 357,295 313,698 
Intangible assets, net79,221 79,908 80,733 
Goodwill26,694 26,694 51,694 
Deferred income taxes97,428 105,574 94,671 
Other non-current assets71,438 67,576 67,290 
Total assets$2,760,821 $2,939,013 $2,789,804 
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable$267,853 $235,927 $247,416 
Accrued liabilities201,700 272,058 238,988 
Operating lease liabilities72,101 71,086 69,784 
Income taxes payable2,787 17,556 1,080 
Total current liabilities544,441 596,627 557,268 
Non-current operating lease liabilities339,327 336,772 298,062 
Income taxes payable13,615 25,688 23,452 
Deferred income taxes64 66  
Other long-term liabilities39,412 41,250 36,364 
Total liabilities936,859 1,000,403 915,146 
Commitments and contingencies (Note 4)
Shareholders' Equity:
Preferred stock; 10,000 shares authorized; none issued and outstanding
   
Common stock (no par value); 250,000 shares authorized; 58,752, 59,996 and 61,358 issued and outstanding, respectively
   
Retained earnings1,878,972 1,984,446 1,915,990 
Accumulated other comprehensive loss
(55,010)(45,836)(41,332)
Total shareholders' equity1,823,962 1,938,610 1,874,658 
Total liabilities and shareholders' equity$2,760,821 $2,939,013 $2,789,804 

See accompanying notes to unaudited condensed consolidated financial statements.
COLUMBIA SPORTSWEAR COMPANY | Q2 2024 FORM 10-Q | 1

Notes to unaudited Condensed Consolidated Financial Statements
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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)2024202320242023
Net sales$570,244 $620,933 $1,340,226 $1,441,526 
Cost of sales296,825 306,888 677,248 727,981 
Gross profit273,419 314,045 662,978 713,545 
Selling, general and administrative expenses302,749 312,529 652,019 659,927 
Net licensing income5,528 4,713 9,920 9,038 
Operating income (loss)(23,802)6,229 20,879 62,656 
Interest income, net8,344 3,506 17,541 6,789 
Other non-operating income (expense), net476 (185)747 665 
Income (loss) before income tax(14,982)9,550 39,167 70,110 
Income tax expense (benefit)(3,241)1,200 8,608 15,558 
Net income (loss)$(11,741)$8,350 $30,559 $54,552 
Earnings (loss) per share:
Basic$(0.20)$0.14 $0.51 $0.88 
Diluted$(0.20)$0.14 $0.51 $0.88 
Weighted average shares outstanding:
Basic59,09361,65559,45861,893
Diluted59,09361,78159,60362,122

See accompanying notes to unaudited condensed consolidated financial statements.
COLUMBIA SPORTSWEAR COMPANY | Q2 2024 FORM 10-Q | 2

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

Three Months Ended June 30,
Six Months Ended June 30,
(in thousands)2024202320242023
Net income (loss)$(11,741)$8,350 $30,559 $54,552 
Other comprehensive income (loss):
Change in available-for-sale securities (net of tax effect of $46)
  (145) 
Change in derivative transactions (net of tax effects of $(1,550), $(611), $(4,985) and $2,099, respectively)
4,057 (726)13,834 (6,147)
Foreign currency translation adjustments (net of tax effects of $162, $35, $349 and $(43), respectively)
(7,876)(6,028)(22,863)(4,548)
Other comprehensive income (loss)(3,819)(6,754)(9,174)(10,695)
Comprehensive income (loss)$(15,560)$1,596 $21,385 $43,857 

See accompanying notes to unaudited condensed consolidated financial statements.
COLUMBIA SPORTSWEAR COMPANY | Q2 2024 FORM 10-Q | 3

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

Six Months Ended June 30,
(in thousands)20242023
Cash flows from operating activities:
Net income$30,559 $54,552 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization29,142 27,976 
Non-cash lease expense37,419 33,564 
Provision for uncollectible accounts receivable1,502 145 
Deferred income taxes2,101 488 
Stock-based compensation12,008 11,208 
Other, net(9,800)491 
Changes in operating assets and liabilities:
Accounts receivable191,737 203,846 
Inventories(88,753)(135,251)
Prepaid expenses and other current assets(2,809)30,396 
Other assets1,159 366 
Accounts payable31,105 (69,305)
Accrued liabilities(63,626)(90,759)
Income taxes payable(26,688)(27,303)
Operating lease assets and liabilities(37,275)(34,317)
Other liabilities1,112 3,611 
Net cash provided by operating activities108,893 9,708 
Cash flows from investing activities:
Purchases of short-term investments(388,348)(117,877)
Sales and maturities of short-term investments446,087 50,747 
Capital expenditures(27,788)(22,803)
Net cash provided by (used in) investing activities29,951 (89,933)
Cash flows from financing activities:
Proceeds from credit facilities 837 
Repayments on credit facilities (837)
Proceeds from issuance of common stock related to stock-based compensation3,747 4,624 
Tax payments related to stock-based compensation(4,461)(4,400)
Repurchase of common stock(102,618)(78,319)
Cash dividends paid(35,628)(37,099)
Net cash used in financing activities(138,960)(115,194)
Net effect of exchange rate changes on cash(8,381)(3,251)
Net decrease in cash and cash equivalents(8,497)(198,670)
Cash and cash equivalents, beginning of period350,319 430,241 
Cash and cash equivalents, end of period$341,822 $231,571 
Supplemental disclosures of cash flow information:
Cash paid during the period for income taxes$58,151 $61,131 
Supplemental disclosures of non-cash investing and financing activities:
Property, plant and equipment acquired through increase in liabilities$6,283 $5,982 
Repurchases of common stock not settled$8,114 $ 
See accompanying notes to unaudited condensed consolidated financial statements.
COLUMBIA SPORTSWEAR COMPANY | Q2 2024 FORM 10-Q | 4

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

(in thousands, except per share amounts)Common StockRetained EarningsAccumulated Other Comprehensive LossTotal
Shares
Outstanding
Amount
Balance, March 31, 2024
59,473 $ $1,960,634 $(51,191)$1,909,443 
Net loss— — (11,741)— (11,741)
Other comprehensive loss— — — (3,819)(3,819)
Cash dividends ($0.30 per share)
— — (17,701)— (17,701)
Issuance of common stock related to stock-based compensation, net
62 2,534 — — 2,534 
Stock-based compensation expense— 6,364 — — 6,364 
Repurchase of common stock(783)(8,344)(52,220)— (60,564)
Excise taxes related to repurchase of common stock— (554)— — (554)
Balance, June 30, 2024
58,752 $ $1,878,972 $(55,010)$1,823,962 

(in thousands, except per share amounts)Common StockRetained EarningsAccumulated Other Comprehensive LossTotal
Shares
Outstanding
Amount
Balance, March 31, 2023
62,076 $1,076 $1,981,287 $(34,578)$1,947,785 
Net income— — 8,350 — 8,350 
Other comprehensive loss— — — (6,754)(6,754)
Cash dividends ($0.30 per share)
— — (18,450)— (18,450)
Issuance of common stock related to stock-based compensation, net
57 1,843 — — 1,843 
Stock-based compensation expense— 5,400 — — 5,400 
Repurchase of common stock(775)(7,740)(55,197)— (62,937)
Excise taxes related to repurchase of common stock— (579)— — (579)
Balance, June 30, 2023
61,358 $ $1,915,990 $(41,332)$1,874,658 

(in thousands, except per share amounts)Common StockRetained EarningsAccumulated Other Comprehensive LossTotal
Shares
Outstanding
Amount
Balance, December 31, 2023
59,996 $ $1,984,446 $(45,836)$1,938,610 
Net income— — 30,559 — 30,559 
Other comprehensive loss— — — (9,174)(9,174)
Cash dividends ($0.60 per share)
— — (35,628)— (35,628)
Issuance of common stock related to stock-based compensation, net
170 (714)— — (714)
Stock-based compensation expense— 12,008 — — 12,008 
Repurchase of common stock(1,414)(10,327)(100,405)— (110,732)
Excise taxes related to repurchase of common stock— (967)— — (967)
Balance, June 30, 2024
58,752 $ $1,878,972 $(55,010)$1,823,962 

COLUMBIA SPORTSWEAR COMPANY | Q2 2024 FORM 10-Q | 5

Notes to unaudited Condensed Consolidated Financial Statements
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(in thousands, except per share amounts)Common StockRetained EarningsAccumulated Other Comprehensive LossTotal
Shares
Outstanding
Amount
Balance, December 31, 2022
62,139 $12,692 $1,953,734 $(30,637)$1,935,789 
Net income— — 54,552 — 54,552 
Other comprehensive loss— — — (10,695)(10,695)
Cash dividends ($0.60 per share)
— — (37,099)— (37,099)
Issuance of common stock related to stock-based compensation, net
173 224 — — 224 
Stock-based compensation expense— 11,208 — — 11,208 
Repurchase of common stock(954)(23,493)(55,197)— (78,690)
Excise taxes related to repurchase of common stock— (631)— — (631)
Balance, June 30, 2023
61,358 $ $1,915,990 $(41,332)$1,874,658 
See accompanying notes to unaudited condensed consolidated financial statements.
COLUMBIA SPORTSWEAR COMPANY | Q2 2024 FORM 10-Q | 6

Notes to unaudited Condensed Consolidated Financial Statements
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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 4Commitments and Contingencies
Note 5Shareholders' Equity
Note 6Stock-Based Compensation
Note 7Earnings (Loss) Per Share
Note 8Accumulated Other Comprehensive Loss
Note 9Segment Information
Note 10Financial Instruments and Risk Management
Note 11Fair Value Measures

COLUMBIA SPORTSWEAR COMPANY | Q2 2024 FORM 10-Q | 7

Notes to unaudited Condensed Consolidated Financial Statements
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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, 2024, December 31, 2023 and June 30, 2023, the results of operations for the three and six months ended June 30, 2024 and 2023, and cash flows for the six months ended June 30, 2024 and 2023. The December 31, 2023 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, 2023. 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, 2024 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, 2023.

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, impairment of indefinite-lived intangible assets and goodwill, and income taxes.

RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS

None.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED

In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update ("ASU") No. 2023-07 (“ASU 2023-07”), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The amendments will require public entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker and included within the reported measure of segment profit or loss, among other disclosure requirements. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024, with early adoption permitted, and should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the ASU to determine the impact on the Company's disclosures.

In December 2023, the FASB issued ASU No. 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through disaggregation of specific rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted, and may be applied prospectively or retrospectively. The Company is currently evaluating the ASU to determine the impact on the Company’s disclosures.

COLUMBIA SPORTSWEAR COMPANY | Q2 2024 FORM 10-Q | 8

Notes to unaudited Condensed Consolidated Financial Statements
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RECLASSIFICATIONS

Certain amounts in the prior-period financial statements have been reclassified to conform to the current period presentation. Non-cash lease expense is now presented on its own line in the Company's unaudited Condensed Consolidated Statements of Cash Flows instead of combined with depreciation and amortization. Additionally, Loss on disposal or impairment of property, plant and equipment is now included in Other, net in the Company's unaudited Condensed Consolidated Statements of Cash Flows.

NOTE 2 — REVENUES

DISAGGREGATED REVENUE

As disclosed below in Note 9, 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 reportable 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, 2024
(in thousands)
U.S.LAAPEMEACanadaTotal
Product category net sales
Apparel, Accessories and Equipment$292,353 $73,538 $76,742 $21,307 $463,940 
Footwear47,875 25,946 27,180 5,303 106,304 
Total$340,228 $99,484 $103,922 $26,610 $570,244 
Channel net sales
Wholesale$132,394 $47,414 $86,755 $11,821 $278,384 
Direct-to-consumer207,834 52,070 17,167 14,789 291,860 
Total$340,228 $99,484 $103,922 $26,610 $570,244 

Three Months Ended June 30, 2023
(in thousands)
U.S.LAAPEMEACanadaTotal
Product category net sales
Apparel, Accessories and Equipment$325,525 $68,662 $72,271 $22,507 $488,965 
Footwear73,584 24,667 28,583 5,134 131,968 
Total$399,109 $93,329 $100,854 $27,641 $620,933 
Channel net sales
Wholesale$185,352 $41,663 $87,634 $13,633 $328,282 
Direct-to-consumer213,757 51,666 13,220 14,008 292,651 
Total$399,109 $93,329 $100,854 $27,641 $620,933 

COLUMBIA SPORTSWEAR COMPANY | Q2 2024 FORM 10-Q | 9

Notes to unaudited Condensed Consolidated Financial Statements
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Six Months Ended June 30, 2024
(in thousands)
U.S.LAAPEMEACanadaTotal
Product category net sales
Apparel, Accessories and Equipment$689,841 $181,501 $149,132 $62,520 $1,082,994 
Footwear124,793 56,629 59,310 16,500 257,232 
Total$814,634 $238,130 $208,442 $79,020 $1,340,226 
Channel net sales
Wholesale$349,528 $114,445 $162,503 $42,805 $669,281 
Direct-to-consumer465,106 123,685 45,939 36,215 670,945 
Total$814,634 $238,130 $208,442 $79,020 $1,340,226 

Six Months Ended June 30, 2023
(in thousands)
U.S.LAAPEMEACanadaTotal
Product category net sales
Apparel, Accessories and Equipment$741,453 $169,083 $144,228 $66,803 $1,121,567 
Footwear175,131 60,659 64,915 19,254 319,959 
Total$916,584 $229,742 $209,143 $86,057 $1,441,526 
Channel net sales
Wholesale$444,702 $112,825 $172,212 $51,031 $780,770 
Direct-to-consumer471,882 116,917 36,931 35,026 660,756 
Total$916,584 $229,742 $209,143 $86,057 $1,441,526 

PERFORMANCE OBLIGATIONS

For the three and six months ended June 30, 2024 and 2023, 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, 2024, December 31, 2023 and June 30, 2023, the Company did not have contract assets and had an immaterial amount of contract liabilities included in Accrued liabilities on the unaudited Condensed Consolidated Balance Sheets.

COLUMBIA SPORTSWEAR COMPANY | Q2 2024 FORM 10-Q | 10

Notes to unaudited Condensed Consolidated Financial Statements
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NOTE 3 — INTANGIBLE ASSETS, NET AND GOODWILL

INTANGIBLE ASSETS, NET

Intangible assets, net consisted of the following:

(in thousands)
June 30, 2024December 31, 2023June 30, 2023
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(23,000)(22,313)(21,488)
Accumulated amortization(37,198)(36,511)(35,686)
Net carrying amount 687 1,512 
Intangible assets with indefinite lives79,221 79,221 79,221 
Intangible assets, net$79,221 $79,908 $80,733 

Amortization expense for intangible assets subject to amortization was $0.3 million and $0.4 million for the three months ended June 30, 2024 and 2023, respectively, and was $0.7 million and $0.8 million for the six months ended June 30, 2024 and 2023, respectively.


GOODWILL

There have been no changes to the Company's goodwill as described in Note 6 in Part II, Item 8 of the Company's Annual Report on Form 10-K for the year ended December 31, 2023.

NOTE 4 — COMMITMENTS AND CONTINGENCIES

LITIGATION

The Company is involved in litigation and various legal matters arising in the normal course of business, including matters related to employment, retail, intellectual property, contractual agreements, and various regulatory compliance activities. Management has considered facts related to legal and regulatory matters and opinions of counsel handling these matters, and does not believe the ultimate resolution of these proceedings will have a material adverse effect on the Company's financial position, results of operations or cash flows.

NOTE 5 — SHAREHOLDERS' EQUITY

Since the inception of the Company's stock repurchase plan in 2004 through June 30, 2024, the Company's Board of Directors has authorized the repurchase of $2.0 billion of the Company's common stock, excluding excise tax. Shares of the Company's common stock may be purchased in the open market or through privately negotiated transactions, subject to market conditions, and generally settle subsequent to the trade date. The repurchase program does not obligate the Company to acquire any specific number of shares or to acquire shares over any specified period of time.

Under this program as of June 30, 2024, the Company had repurchased 35.5 million shares at an aggregate purchase price of $1,765.4 million and had $234.6 million remaining available, excluding excise tax. During the three and six months ended June 30, 2024, the Company repurchased an aggregate of $60.6 million and $110.7 million, respectively, of common stock under this program, excluding excise tax.

COLUMBIA SPORTSWEAR COMPANY | Q2 2024 FORM 10-Q | 11

Notes to unaudited Condensed Consolidated Financial Statements
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NOTE 6 — STOCK-BASED COMPENSATION

The Company's Stock Incentive Plan allows for grants of incentive stock options, non-statutory stock options, restricted stock awards, restricted stock units, and other stock-based or cash-based awards. The Company uses original issuance shares to satisfy share-based payments.

STOCK-BASED COMPENSATION EXPENSE

Stock-based compensation expense consisted of the following:

Three Months Ended June 30,
Six Months Ended June 30,
(in thousands)2024202320242023
Stock options$1,560 $1,898 $3,207 $3,936 
Restricted stock units4,804 3,502 8,801 7,272 
Total$6,364 $5,400 $12,008 $11,208 

STOCK OPTIONS

During the six months ended June 30, 2024, the Company granted a total of 156,277 stock options at a weighted average grant date fair value of $20.86 per option. As of June 30, 2024, unrecognized costs related to outstanding stock options totaled $11.9 million, before any related tax benefit. These unrecognized costs related to stock options are expected to be recognized over a weighted average remaining period of 2.38 years.

RESTRICTED STOCK UNITS

During the six months ended June 30, 2024, the Company granted 421,786 restricted stock units at a weighted average grant date fair value of $78.82 per restricted stock unit. As of June 30, 2024, unrecognized costs related to outstanding restricted stock units totaled $42.6 million, before any related tax benefit. These unrecognized costs related to restricted stock units are expected to be recognized over a weighted average remaining period of 2.84 years.

COLUMBIA SPORTSWEAR COMPANY | Q2 2024 FORM 10-Q | 12

Notes to unaudited Condensed Consolidated Financial Statements
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NOTE 7 — EARNINGS (LOSS) PER SHARE

Earnings (loss) per share ("EPS") is presented on both a basic and diluted basis. Basic EPS is based on the weighted average number of common shares outstanding. Diluted EPS reflects the potential dilution that could occur if outstanding securities or other contracts to issue common stock were exercised or converted into common stock.

A reconciliation of the common shares used in the denominator for computing basic and diluted EPS is as follows:

Three Months Ended June 30,
Six Months Ended June 30,
(in thousands, except per share amounts)
2024202320242023
Weighted average common shares outstanding, used in computing basic earnings (loss) per share
59,093 61,655 59,458 61,893 
Effect of dilutive stock options and restricted stock units 126 145 229 
Weighted average common shares outstanding, used in computing diluted earnings (loss) per share
59,093 61,781 59,603 62,122 
Earnings (loss) per share:
Basic$(0.20)$0.14 $0.51 $0.88 
Diluted$(0.20)$0.14 $0.51 $0.88 
Weighted average common shares excluded (1)
2,969 2,213 2,029 1,789 
(1) Common stock related to stock options, service-based restricted stock units and certain market-based restricted stock units, and performance-based restricted stock units were outstanding but were excluded from the computation of diluted EPS because their effect would be anti-dilutive under the treasury stock method, due to a net loss in the period, or because the shares were subject to performance conditions that had not been met.

COLUMBIA SPORTSWEAR COMPANY | Q2 2024 FORM 10-Q | 13

Notes to unaudited Condensed Consolidated Financial Statements
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NOTE 8 — ACCUMULATED OTHER COMPREHENSIVE LOSS

Accumulated other comprehensive loss on the unaudited Condensed Consolidated Balance Sheets is net of applicable taxes, and consists of unrealized gains and losses on available-for-sale securities, unrealized gains and losses on certain derivative transactions and foreign currency translation adjustments.

The following tables set forth the changes in Accumulated other comprehensive loss:

(in thousands)Derivative transactionsForeign currency
 translation
adjustments
Total
Balance as of March 31, 2024
$13,466 $(64,657)$(51,191)
Other comprehensive income (loss) before reclassifications5,451 (7,876)(2,425)
Amounts reclassified from accumulated other comprehensive loss (1)
(1,394) (1,394)
Net other comprehensive income (loss) during the period4,057 (7,876)(3,819)
Balance as of June 30, 2024
$17,523 $(72,533)$(55,010)
(1) Amounts reclassified are recorded in Net sales, Cost of sales, or Other non-operating income (expense), net on the unaudited Condensed Consolidated Statements of Operations. Refer to Note 10 for further information regarding reclassifications.

(in thousands)Derivative transactionsForeign currency
 translation
adjustments
Total
Balance as of March 31, 2023
$16,369 $(50,947)$(34,578)
Other comprehensive income (loss) before reclassifications2,404 (6,028)(3,624)
Amounts reclassified from accumulated other comprehensive loss (1)
(3,130) (3,130)
Net other comprehensive loss during the period(726)(6,028)(6,754)
Balance as of June 30, 2023
$15,643 $(56,975)$(41,332)
(1) Amounts reclassified are recorded in Net sales, Cost of sales, or Other non-operating income (expense), net on the unaudited Condensed Consolidated Statements of Operations. Refer to Note 10 for further information regarding reclassifications.

(in thousands)Available-for-
sale securities
Derivative transactionsForeign currency
 translation
adjustments
Total
Balance as of December 31, 2023
$145 $3,689 $(49,670)$(45,836)
Other comprehensive income (loss) before reclassifications 17,178 (22,863)(5,685)
Amounts reclassified from accumulated other comprehensive loss (1)
(145)(3,344) (3,489)
Net other comprehensive income (loss) during the period(145)13,834 (22,863)(9,174)
Balance as of June 30, 2024
$ $17,523 $(72,533)$(55,010)
(1) Amounts reclassified are recorded in Net sales, Cost of sales, or Other non-operating income (expense), net on the unaudited Condensed Consolidated Statements of Operations. Refer to Note 10 for further information regarding reclassifications.

COLUMBIA SPORTSWEAR COMPANY | Q2 2024 FORM 10-Q | 14

Notes to unaudited Condensed Consolidated Financial Statements
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(in thousands)Derivative transactionsForeign currency
 translation
adjustments
Total
Balance as of December 31, 2022
$21,790 $(52,427)$(30,637)
Other comprehensive income (loss) before reclassifications726 (4,548)(3,822)
Amounts reclassified from accumulated other comprehensive loss (1)
(6,873) (6,873)
Net other comprehensive loss during the period(6,147)(4,548)(10,695)
Balance as of June 30, 2023
$15,643 $(56,975)$(41,332)
(1) Amounts reclassified are recorded in Net sales, Cost of sales, or Other non-operating income (expense), net on the unaudited Condensed Consolidated Statements of Operations. Refer to Note 10 for further information regarding reclassifications.

NOTE 9 — SEGMENT INFORMATION

The Company has four reportable geographic segments: U.S., LAAP, EMEA, and Canada, which are reflective of the Company's internal organization, management and oversight structure. Each geographic segment operates predominantly in one industry: the design, development, marketing, and distribution of outdoor, active and lifestyle products, including apparel, footwear, accessories, and equipment. Intersegment net sales and intersegment profits, which are recorded at a negotiated mark-up and eliminated in consolidation, are not material. Unallocated corporate expenses consist of expenses incurred by centrally-managed departmental functions, including information technology, certain supply chain functions, finance, human resources and legal, as well as executive compensation, unallocated benefit program expense, and other miscellaneous costs.

The following tables present financial information for the Company's reportable segments:

Three Months Ended June 30,
Six Months Ended June 30,
(in thousands)
2024202320242023
Net sales to unrelated entities:
U.S.$340,228 $399,109 $814,634 $916,584 
LAAP99,484 93,329 238,130 229,742 
EMEA103,922 100,854 208,442 209,143 
Canada26,610 27,641 79,020 86,057 
$570,244 $620,933 $1,340,226 $1,441,526 
Segment operating income (loss):
U.S.$23,466 $55,058 $96,459 $136,658 
LAAP6,082 4,097 27,904 22,423 
EMEA14,419 15,041 33,565 35,395 
Canada(23)114 11,145 10,915 
Total segment operating income43,944 74,310 169,073 205,391 
Unallocated corporate expenses(67,746)(68,081)(148,194)(142,735)
Interest income, net8,344 3,506 17,541 6,789 
Other non-operating income (expense), net476 (185)747 665 
Income (loss) before income tax$(14,982)$9,550 $39,167 $70,110 

CONCENTRATIONS

The Company had one customer that accounted for approximately 13.7%, 19.8% and 14.6% of Accounts receivable, net as of June 30, 2024, December 31, 2023 and June 30, 2023, respectively. The Company did not have any customers that accounted for 10% or more of Net sales for the three and six months ended June 30, 2024 and 2023.

COLUMBIA SPORTSWEAR COMPANY | Q2 2024 FORM 10-Q | 15

Notes to unaudited Condensed Consolidated Financial Statements
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NOTE 10 — FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

In the normal course of business, the Company's financial position, results of operations and cash flows are routinely subject to a variety of risks. These risks include risks associated with financial markets, primarily currency exchange rate risk and, to a lesser extent, interest rate risk and equity market risk. The Company regularly assesses these risks and has established policies and business practices designed to mitigate them. The Company does not engage in speculative trading in any financial market.

The Company actively manages the risk of changes in functional currency equivalent cash flows resulting from anticipated non-functional currency denominated purchases and sales. Subsidiaries that use European euros, Canadian dollars, Japanese yen, Chinese renminbi, or Korean won as their functional currency are primarily exposed to changes in functional currency equivalent cash flows from anticipated United States dollar inventory purchases. Subsidiaries that use United States dollars and euros as their functional currency also have non-functional currency denominated sales for which the Company hedges the Canadian dollar and British pound sterling. The Company seeks to manage these risks by using currency forward contracts formally designated and effective as cash flow hedges. Hedge effectiveness is generally determined by evaluating the ability of a hedging instrument's cumulative change in fair value to offset the cumulative change in the present value of expected cash flows on the underlying exposures. Time value components ("forward points") for forward contracts are included in the fair value of the cash flow hedge. These costs or benefits are included in Accumulated other comprehensive income (loss) until the underlying hedge transaction is recognized in either Net sales or Cost of sales, at which time, the forward points will also be recognized as a component of Net income.

The Company also uses currency forward contracts not formally designated as hedges to manage the consolidated currency exchange rate risk associated with the remeasurement of non-functional currency denominated monetary assets and liabilities by subsidiaries that use United States dollars, euros, Canadian dollars, yen, renminbi, or won as their functional currency. Non-functional currency denominated monetary assets and liabilities consists of cash and cash equivalents, short-term investments, receivables, payables, deferred income taxes, and intercompany loans and dividends. The gains and losses generated on these currency forward contracts not formally designated as hedges are expected to be largely offset in Other non-operating income (expense), net by the gains and losses generated from the remeasurement of the non-functional currency denominated monetary assets and liabilities.

The following table presents the gross notional amount of outstanding derivative instruments:

(in thousands)June 30, 2024December 31, 2023June 30, 2023
Derivative instruments designated as cash flow hedges:
Currency forward contracts$488,039 $634,676 $598,621 
Derivative instruments not designated as hedges:
Currency forward contracts$377,391 $342,532 $465,182 

As of June 30, 2024, $16.3 million of deferred net gains on both outstanding and matured derivatives recorded in Accumulated other comprehensive income (loss) are expected to be reclassified to Net income during the next twelve months as a result of underlying hedged transactions also being recorded in Net sales or Cost of sales in the unaudited Condensed Consolidated Statements of Operations. When outstanding derivative contracts mature, actual amounts ultimately reclassified to Net sales or Cost of sales in the unaudited Condensed Consolidated Statements of Operations are dependent on United States dollar exchange rates in effect against the euro, pound sterling, renminbi, Canadian dollar, won, and yen as well as the euro exchange rate in effect against the pound sterling.

As of June 30, 2024, the Company's derivative contracts had a remaining maturity of less than 3 years. The maximum net exposure to any single counterparty, which is generally limited to the aggregate unrealized gain of all contracts with that counterparty, was $5.9 million as of June 30, 2024. All of the Company's derivative counterparties have credit ratings that are investment grade or higher. The Company is a party to master netting arrangements that contain features that allow counterparties to net settle amounts arising from multiple separate derivative transactions or net settle in the case of certain triggering events such as a bankruptcy or major default of one of the counterparties to the transaction. The Company has not pledged assets or posted collateral as a requirement for entering into or maintaining derivative positions.

COLUMBIA SPORTSWEAR COMPANY | Q2 2024 FORM 10-Q | 16


The following table presents the balance sheet classification and fair value of derivative instruments:

(in thousands)Balance Sheet ClassificationJune 30, 2024December 31, 2023June 30, 2023
Derivative instruments designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contractsPrepaid expenses and other current assets$10,688 $7,367 $13,448 
Currency forward contractsOther non-current assets6,492 961 3,535 
Derivative instruments in liability positions:
Currency forward contractsAccrued liabilities