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Press Release: Columbia Sportswear Company -3-

· 02/04/2021 16:12
-------- ---- -------- --- ---------- ---------- Income from operations 123,693 138,633 137,049 394,971 Interest income (expense), net (293) 932 435 8,302 Other non-operating income (expense), net (169) 1,241 2,039 2,156 -------- --- -------- --- ---------- ---------- Income before income tax 123,231 140,806 139,523 405,429 Income tax expense (27,475) (26,781) (31,510) (74,940) -------- --- -------- ---------- ---------- Net income $ 95,756 $114,025 $ 108,013 $ 330,489 ======= ==== ======= === ========= ========= Earnings per share: Basic $ 1.45 $ 1.69 $ 1.63 $ 4.87 Diluted $ 1.44 $ 1.67 $ 1.62 $ 4.83 Weighted average shares outstanding: Basic 66,225 67,544 66,376 67,837 Diluted 66,642 68,086 66,772 68,493 COLUMBIA SPORTSWEAR COMPANY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Year Ended December 31, ------------------------------- (In thousands) 2020 2019 ---------------------------------- ----------------- ---------- Cash flows from operating activities: Net income $ 108,013 $ 330,489 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, amortization and non-cash lease expense 146,601 121,725 Provision for uncollectible accounts receivable 19,156 (108) Loss on disposal or impairment of intangible assets, property, plant, and equipment, and right-of-use assets 31,342 5,442 Deferred income taxes (11,263) (1,808) Stock-based compensation 17,778 17,832 Changes in operating assets and liabilities: Accounts receivable 22,885 (37,429) Inventories 64,884 (84,058) Prepaid expenses and other current assets 33,712 (15,068) Other assets (21,224) (3,547) Accounts payable (49,275) (10,419) Accrued liabilities (52,115) 18,863 Income taxes payable 9,082 (9,402) Operating lease assets and liabilities (52,112) (54,197) Other liabilities 8,613 7,137 ------------- --------- Net cash provided by operating activities 276,077 285,452 ------------- --------- Cash flows from investing activities: Purchases of short-term investments (35,044) (136,257) Sales and maturities of short-term investments 36,631 400,501 Capital expenditures (28,758) (123,516) ------------- --------- Net cash provided by (used in) investing activities (27,171) 140,728 Cash flows from financing activities: Proceeds from credit facilities 402,422 78,186 Repayments on credit facilities (403,146) (78,186) Payment of line of credit issuance fees (3,278) -- Proceeds from issuance of common stock related to stock-based compensation 6,919 19,793 Tax payments related to stock-based compensation (4,533) (5,806) Repurchase of common stock (132,889) (121,702) Purchase of non-controlling interest -- (17,880) Cash dividends paid (17,195) (65,127) ------------- --------- Net cash used in financing activities (151,700) (190,722) ------------- --------- Net effect of exchange rate changes on cash 7,510 (1,244) ------------- --------- Net increase in cash and cash equivalents 104,716 234,214 Cash and cash equivalents, beginning of period 686,009 451,795 ------------- --------- Cash and cash equivalents, end of period $ 790,725 $ 686,009 ========= ======== Supplemental disclosures of non-cash investing and financing activities: Property, plant and equipment acquired through increase in liabilities $ 3,831 $ 9,543 COLUMBIA SPORTSWEAR COMPANY Reconciliation of GAAP to Non-GAAP Financial Measures Net Sales Growth - Constant-currency Basis (Unaudited) Three Months Ended December 31, --------------------------------------------------------------------------------- Adjust for Constant- Constant- Reported Foreign currency Reported Reported currency Net Sales Currency Net Sales Net Sales Net Sales Net Sales (In millions, except percentage changes) 2020 Translation 2020(1 () 2019 % Change % Change(1) -------------- ---------- --------------- --------- ---------- ---------- ------------- Geographical Net Sales: United States $ 599.1 $ -- $ 599.1 $ 634.0 (6)% (6)% Latin America and Asia Pacific 163.6 (6.3) 157.3 171.6 (5)% (8)% Europe, Middle East and Africa 85.6 (3.9) 81.7 99.8 (14)% (18)% Canada 67.4 0.3 67.7 49.5 36% 37% ---------- ----------- --------- ---------- Total $ 915.7 $ (9.9) $ 905.8 $ 954.9 (4)% (5)% ====== === ====== ===== ====== Brand Net Sales: Columbia $ 699.7 $ (8.5) $ 691.2 $ 751.1 (7)% (8)% SOREL 150.0 (1.2) 148.8 143.5 5% 4% prAna 36.9 -- 36.9 33.1 11% 11% Mountain Hardwear 29.1 (0.2) 28.9 27.2 7% 6% ---------- ----------- --------- ---------- Total $ 915.7 $ (9.9) $ 905.8 $ 954.9 (4)% (5)% ====== === ====== ===== ====== Product Category Net Sales: Apparel, Accessories and Equipment $ 661.4 $ (7.0) $ 654.4 $ 698.3 (5)% (6)% Footwear 254.3 (2.9) 251.4 256.6 (1)% (2)% ---------- ----------- --------- ---------- Total $ 915.7 $ (9.9) $ 905.8 $ 954.9 (4)% (5)% ====== === ====== ===== ====== Channel Net Sales: Wholesale $ 446.0 $ (4.6) $ 441.4 $ 470.8 (5)% (6)% DTC 469.7 (5.3) 464.4 484.1 (3)% (4)% ---------- ----------- --------- ---------- Total $ 915.7 $ (9.9) $ 905.8 $ 954.9 (4)% (5)% ====== === ====== ===== ====== (1) Constant-currency net sales information is a non-GAAP financial measure that excludes the effect of changes in foreign currency exchange rates against the United States dollar between comparable reporting periods. The Company calculates constant-currency net sales by translating net sales in foreign currencies for the current period into United States dollars at the average exchange rates that were in effect during the comparable period of the prior year. COLUMBIA SPORTSWEAR COMPANY Reconciliation of GAAP to Non-GAAP Financial Measures Net Sales Growth - Constant-currency Basis (Unaudited) Twelve Months Ended December 31, 2020 ---------------------------------------------------------------------------- Reported Adjust for Constant- Reported Reported Constant- Net Foreign currency Net currency Sales Currency Net Sales Sales Net Sales Net Sales (In millions, except percentage

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February 04, 2021 16:12 ET (21:12 GMT)