Amer Sports Reports Second Quarter 2024 Financial Results, Company Raises Full Year Guidance
Amer Sports (NYSE: AS) reported strong Q2 2024 results, exceeding expectations. Revenue increased 16% to $994 million, with Technical Apparel up 34%. Gross margin improved 220 basis points to 55.5%. Despite a small operating loss, adjusted operating profit rose 40% to $29 million. The company raised its full-year 2024 guidance, projecting 15-17% revenue growth and operating margin towards the high end of 10.5-11.0%. For Q3 2024, Amer Sports expects 12-13% revenue growth and 11.0-12.0% operating margin. Key brands like Arc'teryx showed exceptional growth, while Wilson returned to growth with a strong product pipeline for H2 2024.
Amer Sports (NYSE: AS) ha riportato risultati forti per il secondo trimestre del 2024, superando le aspettative. Il fatturato è aumentato del 16% raggiungendo 994 milioni di dollari, con l'abbigliamento tecnico in crescita del 34%. Il margine lordo è migliorato di 220 punti base, arrivando al 55,5%. Nonostante una piccola perdita operativa, il profitto operativo rettificato è aumentato del 40%, raggiungendo 29 milioni di dollari. L'azienda ha alzato le previsioni per l'intero anno 2024, prevedendo una crescita dei ricavi del 15-17% e un margine operativo verso l'estremità alta del 10,5-11,0%. Per il terzo trimestre del 2024, Amer Sports prevede una crescita dei ricavi del 12-13% e un margine operativo del 11,0-12,0%. Marchi chiave come Arc'teryx hanno mostrato una crescita eccezionale, mentre Wilson è tornato a crescere con una forte pipeline di prodotti per il secondo semestre del 2024.
Amer Sports (NYSE: AS) informó resultados sólidos para el segundo trimestre de 2024, superando las expectativas. Los ingresos aumentaron un 16% alcanzando los 994 millones de dólares, con la ropa técnica creciendo un 34%. El margen bruto mejoró 220 puntos básicos, alcanzando el 55,5%. A pesar de una pequeña pérdida operativa, el beneficio operativo ajustado aumentó un 40% hasta los 29 millones de dólares. La compañía elevó su guía para todo el año 2024, proyectando un crecimiento de ingresos del 15-17% y un margen operativo hacia el extremo alto del 10,5-11,0%. Para el tercer trimestre de 2024, Amer Sports espera un crecimiento de ingresos del 12-13% y un margen operativo del 11,0-12,0%. Marcas clave como Arc'teryx mostraron un crecimiento excepcional, mientras que Wilson volvió a crecer con una sólida oferta de productos para la segunda mitad de 2024.
Amer Sports (NYSE: AS)는 2024년 2분기 실적이 기대를 초과하여 강력한 결과를 보고했습니다. 수익은 16% 증가하여 9억 9,400만 달러에 도달했습니다, 기술 의류는 34% 성장했습니다. 총 마진은 220 베이시스 포인트 개선되어 55.5%에 달했습니다. 소규모 운영 손실에도 불구하고 조정된 운영 이익은 40% 증가하여 2,900만 달러에 이르렀습니다. 회사는 2024년 전체 연도 가이던스를 상향 조정했으며, 15-17%의 수익 성장과 10.5-11.0% 범위의 높은 운영 마진을 예상하고 있습니다. 2024년 3분기에는 12-13%의 수익 성장과 11.0-12.0%의 운영 마진을 기대하고 있습니다. Arc'teryx와 같은 주요 브랜드는 뛰어난 성장을 보였고, Wilson은 2024년 하반기를 위한 강력한 제품 파이프라인으로 다시 성장을 시작했습니다.
Amer Sports (NYSE: AS) a annoncé des résultats solides pour le deuxième trimestre 2024, dépassant les attentes. Les revenus ont augmenté de 16 % pour atteindre 994 millions de dollars, avec une hausse de 34 % pour les vêtements techniques. La marge brute s'est améliorée de 220 points de base, atteignant 55,5 %. Malgré une petite perte opérationnelle, le bénéfice opérationnel ajusté a augmenté de 40 % pour atteindre 29 millions de dollars. L'entreprise a relevé ses prévisions pour toute l'année 2024, anticipant une croissance des revenus de 15-17 % et une marge opérationnelle vers le haut du niveau de 10,5-11,0 %. Pour le troisième trimestre 2024, Amer Sports s'attend à une croissance des revenus de 12-13 % et une marge opérationnelle de 11,0-12,0 %. Des marques clés comme Arc'teryx ont montré une croissance exceptionnelle, tandis que Wilson a retrouvé la croissance grâce à une solide gamme de produits pour le deuxième semestre 2024.
Amer Sports (NYSE: AS) hat starke Ergebnisse für das zweite Quartal 2024 gemeldet, die die Erwartungen übertroffen haben. Der Umsatz stieg um 16% auf 994 Millionen Dollar, wobei die technische Bekleidung um 34% zulegte. Die Bruttomarge verbesserte sich um 220 Basispunkte auf 55,5%. Trotz eines kleinen Betriebsverlusts stieg der bereinigte Betriebsgewinn um 40% auf 29 Millionen Dollar. Das Unternehmen hob seine Prognose für das Gesamtjahr 2024 an und rechnet mit einem Umsatzwachstum von 15-17% und einer Betriebsmarke im oberen Bereich von 10,5-11,0%. Für das dritte Quartal 2024 erwartet Amer Sports ein Umsatzwachstum von 12-13% und eine Betriebsmarke von 11,0-12,0%. Schlüsselmarken wie Arc'teryx zeigten ein außergewöhnliches Wachstum, während Wilson mit einer starken Produktpipeline für das zweite Halbjahr 2024 wieder Wachstum zurückgewinnen konnte.
- Revenue increased 16% to $994 million, or 18% on a constant currency basis
- Gross margin improved 220 basis points to 55.5%
- Technical Apparel segment revenue increased 34% to $407 million
- Adjusted operating profit increased 40% to $29 million
- Company raised full-year 2024 guidance, projecting 15-17% revenue growth
- Inventories increased only 2%, well below revenue growth rate
- Arc'teryx brand showed exceptional growth and profitability
- Operating loss of $9 million compared to $8 million profit in Q2 2023
- Ball & Racquet Sports segment operating margin decreased 160 basis points to 1.1%
- Net debt stood at $1,820 million at quarter end
Insights
Amer Sports' Q2 2024 results showcase impressive growth and profitability. Revenue increased
The company's raised full-year guidance, projecting
However, investors should note the increased SG&A expenses and the high effective tax rate guidance of
Amer Sports' portfolio strategy is proving highly effective, particularly in the premium sports and outdoor markets. The standout performance of Arc'teryx, with
The company's strong performance in Greater China is noteworthy, bucking the trend of many Western brands struggling in this market. This success could provide a significant growth runway, especially as China's consumer market rebounds. The return to growth for Wilson, with a strong product pipeline for H2 2024, also bodes well for diversified revenue streams.
However, the Ball & Racquet Sports segment's modest
- Strong financial performance with sales, adjusted margins and EPS above expectations
- Arc’teryx continues exceptional growth and profitability
-
Top-tier performance in
Greater China - Double-digit growth in Salomon soft goods continues, notably footwear
- Wilson returned to growth, with a strong product pipeline for the second half of 2024
CEO James Zheng commented, "I am very pleased by our financial and operational performance in the second quarter of 2024. Our unique portfolio of premium technical brands is taking share in sports and outdoor markets all around the world. Led by our flagship Arc'teryx brand, we well exceeded our own high expectations on all key financial metrics, positioning us to deliver another strong year in 2024."
SECOND QUARTER 2024 RESULTS
For the second quarter of 2024, compared to the second quarter of 2023:
-
Revenue increased
16% to , or increased$994 million 18% on a constant currency basis1. Revenues by segment:-
Technical Apparel increased
34% to , or increased$407 million 38% on a constant currency basis. This reflects an omni-comp2 growth of26% -
Outdoor Performance increased
11% to , or increased$304 million 13% on a constant currency basis -
Ball & Racquet Sports increased
1% to 283 million, or increased2% on a constant currency basis
-
Technical Apparel increased
-
Gross margin increased 220 basis points to
55.5% ; Adjusted gross margin increased 200 basis points to55.8% . -
Selling, general and administrative expenses increased
26% to ; Adjusted selling, general and administrative expenses increased$560 million 21% to .$526 million -
Operating loss was
compared to operating profit of$9 million for the second quarter 2023. Adjusted operating profit increased$8 million 40% to .$29 million -
Operating margin decreased 180 basis points to (0.9)%. Adjusted operating margin increased 50 basis points to
2.9% . Adjusted operating margin by segment:-
Technical Apparel increased 110 basis points to
14.2% . - Outdoor Performance increased 380 basis points to (2.1)%.
-
Ball & Racquet Sports decreased 160 basis points to
1.1% .
-
Technical Apparel increased 110 basis points to
-
Net loss decreased
98% to , or$4 million diluted loss per share; Adjusted net income increased$(0.01) 129% to , or$25 million diluted earnings per share.$0.05
Balance sheet. Year-over-year inventories increased
1 | Constant currency revenue is calculated by translating the current period reported amounts using the actual exchange rates in use during the comparative prior period, in place of the exchange rates in use during the current period. |
2 | Omni-comp reflects year over year revenue growth from owned retail stores and e-commerce sites that have been open at least 13 months. |
3 | Net debt is defined as the principal value of loans from financial institutions and other interest-bearing liabilities, less cash and cash equivalents. |
OUTLOOK
CFO Andrew Page said, “Our strong financial performance in Q2 reinforces my confidence in our near- and long-term path forward. Organic revenue growth in the high-teens and significant gross- and operating-margin expansion reflects the combination of great brands, strong management execution, and a disciplined approach to expenses and working capital. These outstanding results give us the confidence to raise our full-year sales and earnings guidance."
FULL-YEAR 2024
Amer Sports is updating guidance for the year ending December 31, 2024 (all guidance figures reference adjusted amounts):
-
Reported revenue growth: 15 -
17% -
Gross margin: approximately
54.5% -
Operating margin: toward high-end of 10.5 -
11.0% -
D&A: approximately
, including approximately$250 million of ROU depreciation$110 million -
Net finance cost:
-$200 , including approximately$220 million of finance costs in the first quarter 2024 that won’t be recurring$15 million -
Effective tax rate: approximately
38% - Fully diluted share count: 500 million
-
Fully diluted EPS:
-$0.40 $0.44 -
Technical Apparel: greater than
30% revenue growth; segment operating margin slightly above20% - Outdoor Performance: mid-to-high-single-digit revenue growth; segment operating margin high-single digit %.
- Ball & Racquet: low-to-mid single-digit revenue growth, and low-to-mid single-digit segment operating margin
Note: In the second quarter, we recognized an incremental tax benefit of
THIRD QUARTER 2024
Amer Sports is providing the following guidance for the third quarter ending September 30, 2024 (all guidance figures reference adjusted amounts):
-
Reported revenue growth: 12 -
13% -
Gross margin: approximately
54.0% -
Operating margin: 11.0 -
12.0% -
Net finance cost:
-$45 $50 million -
Effective tax rate: 50 -
55% - Fully diluted share count: 510 million
-
Fully diluted EPS:
-$0.08 $0.10
Other than with respect to revenue, Amer Sports only provides guidance on a non-IFRS basis. The Company does not provide a reconciliation of forward-looking non-IFRS measures to the most directly comparable IFRS Accounting Standards measures due to the difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations without unreasonable efforts. The Company is unable to address the probable significance of the unavailable reconciling items, which could have a potentially significant impact on its future IFRS financial results. The above outlook reflects the Company’s current and preliminary estimates of market and operating conditions and customer demand, which are all subject to change. Actual results may differ materially from these forward-looking statements, including as a result of, among other things, the factors described under “Forward-Looking Statements” below and in our filings with the SEC.
CONFERENCE CALL INFORMATION
The Company's conference call to review the results for the second quarter 2024 will be webcast live today, Tuesday, August 20, 2024 at 8:00 a.m. Eastern Time and can be accessed at https://investors.amersports.com.
ABOUT AMER SPORTS
Amer Sports is a global group of iconic sports and outdoor brands, including Arc’teryx, Salomon, Wilson, Peak Performance, and Atomic. Our brands are known for their detailed craftsmanship, unwavering authenticity, and premium market positioning. As creators of exceptional apparel, footwear, and equipment, we pride ourselves on cutting-edge innovation, performance, and designs that allow elite athletes and everyday consumers to perform their best.
With over 11,400 employees globally, Amer Sports’ purpose is to elevate the world through sport. Our vision is to be the global leader in premium sports and outdoor brands. With corporate offices in
NON-IFRS MEASURES
Adjusted gross profit margin, adjusted SG&A expenses, adjusted operating profit margin, adjusted EBITDA, adjusted net (loss)/income, and adjusted diluted (loss)/income per share are financial measures that are not defined under IFRS Accounting Standards. Adjusted gross profit margin is calculated as adjusted gross profit divided by revenue. Adjusted gross profit is calculated as gross profit excluding amortization related to certain purchase price adjustments (PPA) in connection with the acquisition and delisting of Amer Sports in 2019 and restructuring expenses. Adjusted SG&A also excludes PPA amortization, as well as adjustments to exclude restructuring expenses, expenses related to transaction activities, expenses related to certain legal proceedings, and certain share-based payments. Adjusted operating profit margin is calculated as adjusted operating profit divided by revenue. Adjusted operating profit is calculated as loss before tax with adjustments to exclude PPA amortization, restructuring expenses, impairment losses on goodwill and intangible assets, expenses related to transaction activities, expenses related to certain legal proceedings, certain share-based payments, finance costs, and finance income. EBITDA is calculated as net (loss)/income attributable to equity holders of the Company, plus net income attributable to non-controlling interests, income tax expense, finance cost, loss on debt extinguishment, depreciation and amortization and minus finance income, from both continuing and discontinued operations. Adjusted EBITDA is calculated as EBITDA with adjustments to exclude results from discontinued operations, restructuring expenses, impairment losses on goodwill and intangible assets, expenses related to transaction activities, expenses related to certain legal proceedings and certain share-based payments. Adjusted net (loss)/income is calculated as net (loss)/income attributable to equity holders with adjustments to exclude PPA amortization, loss from discontinued operations, restructuring expenses, impairment losses on goodwill and intangible assets, expenses related to transaction activities, expenses related to certain legal proceedings, certain share-based payments, loss on debt extinguishment and related income tax expense. “Omni-comp” is defined as year over year revenue growth from owned retail stores and e-commerce sites that have been open at least 13 months.
The Company believes that these non IFRS measures, when taken together with its financial results presented in accordance with IFRS Accounting Standards, provide meaningful supplemental information regarding its operating performance and facilitate internal comparisons of its historical operating performance on a more consistent basis by excluding certain items that may not be indicative of our business, results of operations or outlook. In particular, adjusted EBITDA and adjusted net (loss)/income are helpful to investors as they are measures used by management in assessing the health of the business and evaluating operating performance, as well as for internal planning and forecasting purposes. Non-IFRS financial measures however are subject to inherent limitations, may not be comparable to similarly titled measures used by other companies and should not be considered in isolation or as an alternative to IFRS measures. The supplemental tables below provide reconciliations of each non-IFRS financial measure presented to its most directly comparable IFRS Accounting Standards financial measure.
FORWARD LOOKING STATEMENTS
This press release includes estimates, projections, statements relating to the business plans, objectives, and expected operating results of the Company that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. In many cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “target,” “outlook,” “believes,” “intends,” “estimates,” “predicts,” “potential” or the negative of these terms or other comparable terminology. These forward looking statements include, without limitation, guidance and outlook statements, our long-term targets and algorithm, statements regarding our ability to meet environmental, social and governance goals, expectations regarding industry trends and the size and growth rates of addressable markets, and statements regarding our business plan and our growth strategies. These statements are based on management’s current expectations but they involve a number of risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in the forward-looking statements as a result of factors relating to, without limitation: the strength of our brands; changes in market trends and consumer preferences; intense competition that our products, services and experiences face; harm to our reputation that could adversely impact our ability to attract and retain consumers and wholesale partners, employees, brand ambassadors, partners, and other stakeholders; reliance on technical innovation and high-quality products; general economic and business conditions worldwide, including due to inflationary pressures; the strength of our relationships with and the financial condition of our third-party suppliers, manufacturers, wholesale partners and consumers; ability to expand our DTC channel, including our expansion and success of our owned retail stores and e-commerce platform; our plans to innovate, expand our product offerings and successfully implement our growth strategies that may not be successful, and implementation of these plans that may divert our operational, managerial and administrative resources; our international operations, including any related to political uncertainty and geopolitical tensions; our and our wholesale partners’ ability to accurately forecast demand for our products and our ability to manage manufacturing decisions; our third party suppliers, manufacturers and other partners, including their financial stability and our ability to find suitable partners to implement our growth strategy; the cost of raw materials and our reliance on third-party manufacturers; our distribution system and ability to deliver our brands’ products to our wholesale partners and consumers; climate change and sustainability or ESG-related matters, or legal, regulatory or market responses thereto; changes to trade policies, tariffs, import/export regulations, anti-competition regulations and other regulations in
Source: Amer Sports, Inc.
CONSOLIDATED STATEMENTS OF INCOME AND LOSS
|
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Three months ended
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Six months ended
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2024 |
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2023 |
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2024 |
|
|
|
2023 |
|
|
|
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|
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Revenue |
|
$ |
993.8 |
|
|
$ |
856.8 |
|
|
$ |
2,176.7 |
|
|
$ |
1,907.1 |
|
Cost of goods sold |
|
|
(442.5 |
) |
|
|
(400.2 |
) |
|
|
(986.9 |
) |
|
|
(895.6 |
) |
Gross profit |
|
|
551.3 |
|
|
|
456.6 |
|
|
|
1,189.8 |
|
|
|
1,011.5 |
|
Selling, general and administrative expenses |
|
|
(560.2 |
) |
|
|
(445.3 |
) |
|
|
(1,094.4 |
) |
|
|
(867.7 |
) |
Impairment losses |
|
|
(1.2 |
) |
|
|
(4.7 |
) |
|
|
(2.5 |
) |
|
|
(7.5 |
) |
Other operating income |
|
|
1.6 |
|
|
|
0.9 |
|
|
|
7.6 |
|
|
|
1.6 |
|
Operating (loss)/profit |
|
|
(8.5 |
) |
|
|
7.5 |
|
|
|
100.5 |
|
|
|
137.9 |
|
|
|
|
|
|
|
|
|
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Finance income |
|
|
2.5 |
|
|
|
1.8 |
|
|
|
5.2 |
|
|
|
3.1 |
|
Finance cost |
|
|
(47.7 |
) |
|
|
(101.1 |
) |
|
|
(130.0 |
) |
|
|
(187.2 |
) |
Loss on debt extinguishment |
|
|
- |
|
|
|
- |
|
|
|
(14.3 |
) |
|
|
- |
|
Net finance cost |
|
|
(45.2 |
) |
|
|
(99.3 |
) |
|
|
(139.1 |
) |
|
|
(184.1 |
) |
|
|
|
|
|
|
|
|
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||||||||
Loss before tax |
|
|
(53.7 |
) |
|
|
(91.8 |
) |
|
|
(38.6 |
) |
|
|
(46.2 |
) |
|
|
|
|
|
|
|
|
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||||||||
Income tax benefit/(expense) |
|
|
51.9 |
|
|
|
(5.2 |
) |
|
|
43.7 |
|
|
|
(31.9 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Net (loss)/income |
|
$ |
(1.8 |
) |
|
$ |
(97.0 |
) |
|
$ |
5.1 |
|
|
$ |
(78.1 |
) |
|
|
|
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(Loss)/Income attributable to: |
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Equity holders of the Company |
|
$ |
(3.7 |
) |
|
$ |
(96.9 |
) |
|
$ |
1.4 |
|
|
$ |
(78.0 |
) |
Non-controlling interests |
|
$ |
1.9 |
|
|
$ |
(0.1 |
) |
|
$ |
3.7 |
|
|
$ |
(0.1 |
) |
|
|
|
|
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|
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(Loss)/Earnings per share |
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Basic (loss)/earnings per share |
|
$ |
(0.01 |
) |
|
$ |
(0.25 |
) |
|
$ |
0.00 |
|
|
$ |
(0.20 |
) |
Diluted (loss)/earnings per share |
|
$ |
(0.01 |
) |
|
$ |
(0.25 |
) |
|
$ |
0.00 |
|
|
$ |
(0.20 |
) |
|
|
|
|
|
|
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Weighted-average number of ordinary shares |
|
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|
|
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Basic |
|
|
505,249,607 |
|
|
|
384,499,607 |
|
|
|
483,672,684 |
|
|
|
384,499,607 |
|
Diluted |
|
|
505,249,607 |
|
|
|
384,499,607 |
|
|
|
486,601,577 |
|
|
|
384,499,607 |
|
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
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($ in millions) |
|
June 30,
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December 31,
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ASSETS |
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NON-CURRENT ASSETS |
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Intangible assets |
|
$ |
2,700.5 |
|
$ |
2,748.7 |
Goodwill |
|
|
2,246.3 |
|
|
2,270.0 |
Property, plant and equipment |
|
|
481.0 |
|
|
441.9 |
Right-of-use assets |
|
|
402.9 |
|
|
317.1 |
Non-current financial assets |
|
|
9.0 |
|
|
9.2 |
Other non-current assets |
|
|
56.7 |
|
|
73.5 |
Deferred tax assets |
|
|
155.6 |
|
|
161.7 |
TOTAL NON-CURRENT ASSETS |
|
|
6,052.0 |
|
|
6,022.1 |
|
|
|
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|
||
CURRENT ASSETS |
|
|
|
|
||
|
|
|
|
|
||
Inventories |
|
|
1,241.0 |
|
|
1,099.6 |
Accounts receivable, net |
|
|
425.5 |
|
|
599.8 |
Prepaid expenses and other receivables |
|
|
219.2 |
|
|
162.3 |
Current tax assets |
|
|
51.1 |
|
|
6.6 |
Cash and cash equivalents |
|
|
255.9 |
|
|
483.4 |
TOTAL CURRENT ASSETS |
|
|
2,192.7 |
|
|
2,351.7 |
|
|
|
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||
TOTAL ASSETS |
|
|
8,244.7 |
|
|
8,373.8 |
|
|
|
|
|
SHAREHOLDERS' EQUITY (DEFICIT) AND LIABILITIES |
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EQUITY (DEFICIT) |
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|
||||
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|
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|
||||
Share capital |
|
|
16.9 |
|
|
|
642.2 |
|
Share premium |
|
|
2,133.4 |
|
|
|
— |
|
Capital reserve |
|
|
2,789.2 |
|
|
|
227.2 |
|
Cash flow hedge reserve |
|
|
8.4 |
|
|
|
(10.6 |
) |
Accumulated deficit and other |
|
|
(941.3 |
) |
|
|
(1,019.0 |
) |
Equity (deficit) attributable to equity holders of the parent company |
|
|
4,006.6 |
|
|
|
(160.2 |
) |
Non-controlling interests |
|
|
7.1 |
|
|
|
3.4 |
|
TOTAL EQUITY (DEFICIT) |
|
|
4,013.7 |
|
|
|
(156.8 |
) |
|
|
|
|
|
||||
LIABILITIES |
|
|
|
|
||||
|
|
|
|
|
||||
LONG-TERM LIABILITIES |
|
|
|
|
||||
Lease liabilities |
|
$ |
329.8 |
|
|
$ |
250.4 |
|
Loans from financial institutions |
|
|
2,013.9 |
|
|
|
1,863.4 |
|
Loans from related parties |
|
|
— |
|
|
|
4,077.0 |
|
Defined benefit pension liabilities |
|
|
16.5 |
|
|
|
23.9 |
|
Other long-term liabilities |
|
|
23.0 |
|
|
|
29.4 |
|
Provisions |
|
|
5.4 |
|
|
|
5.5 |
|
Long-term tax liabilities |
|
|
11.4 |
|
|
|
32.1 |
|
Deferred tax liabilities |
|
|
660.2 |
|
|
|
675.0 |
|
TOTAL LONG-TERM LIABILITIES |
|
|
3,060.2 |
|
|
|
6,956.7 |
|
|
|
|
|
|
||||
CURRENT LIABILITIES |
|
|
|
|
||||
Interest-bearing liabilities |
|
|
31.6 |
|
|
|
381.0 |
|
Lease liabilities |
|
|
101.7 |
|
|
|
89.4 |
|
Accounts payable |
|
|
454.3 |
|
|
|
426.5 |
|
Other current liabilities |
|
|
555.0 |
|
|
|
567.5 |
|
Provisions |
|
|
28.2 |
|
|
|
29.9 |
|
Current tax liabilities |
|
|
— |
|
|
|
79.6 |
|
TOTAL CURRENT LIABILITIES |
|
|
1,170.8 |
|
|
|
1,573.9 |
|
|
|
|
|
|
||||
TOTAL LIABILITIES |
|
|
4,231.0 |
|
|
|
8,530.6 |
|
|
|
|
|
|
||||
TOTAL SHAREHOLDERS’ EQUITY (DEFICIT) AND LIABILITIES |
|
$ |
8,244.7 |
|
|
$ |
8,373.8 |
|
GEOGRAPHIC REVENUES
|
||||||||||||||||
|
|
Three months ended
|
|
Six months ended
|
||||||||||||
($ in millions) |
|
2024 |
|
2023 |
|
% Change |
|
2024 |
|
2023 |
|
% Change |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Geographic Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||
EMEA |
|
$ |
232 |
|
$ |
230 |
|
|
|
$ |
590 |
|
$ |
587 |
|
|
|
|
|
368 |
|
|
366 |
|
|
|
|
777 |
|
|
776 |
|
|
|
|
|
289 |
|
|
188 |
|
|
|
|
599 |
|
|
393 |
|
|
|
|
|
106 |
|
|
73 |
|
|
|
|
210 |
|
|
151 |
|
|
Total |
|
$ |
994 |
|
$ |
857 |
|
|
|
$ |
2,177 |
|
$ |
1,907 |
|
|
(1) Consists of mainland |
||||||||||||||||
(2) Excludes Greater China. |
||||||||||||||||
CHANNEL REVENUES
|
||||||||||||||||
|
|
Three months ended June 30, |
|
Six months ended
|
||||||||||||
($ in millions) |
|
2024 |
|
2023 |
|
% Change |
|
2024 |
|
2023 |
|
% Change |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Channel Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Wholesale |
|
$ |
545 |
|
$ |
536 |
|
|
|
$ |
1,239 |
|
$ |
1,239 |
|
|
DTC |
|
|
449 |
|
|
321 |
|
|
|
|
938 |
|
|
669 |
|
|
Total |
|
$ |
994 |
|
$ |
857 |
|
|
|
$ |
2,177 |
|
$ |
1,907 |
|
|
SEGMENT REVENUES
|
||||||||||||||||
|
|
Three months ended
|
|
Six months ended
|
||||||||||||
($ in millions) |
|
2024 |
|
2023 |
|
% Change |
|
2024 |
|
2023 |
|
% Change |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Segment Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Technical Apparel |
|
$ |
407 |
|
$ |
303 |
|
|
|
$ |
918 |
|
$ |
658 |
|
|
Outdoor Performance |
|
|
304 |
|
|
274 |
|
|
|
|
704 |
|
|
651 |
|
|
Ball & Racquet Sports |
|
|
283 |
|
|
280 |
|
|
|
|
555 |
|
|
598 |
|
(7)% |
Total |
|
$ |
994 |
|
$ |
857 |
|
|
|
$ |
2,177 |
|
$ |
1,907 |
|
|
SEGMENT ADJUSTED OPERATING PROFIT
|
||||||||||||||||||||||||
|
|
Three months ended June 30, |
|
Six months ended June 30, |
||||||||||||||||||||
($ in millions) |
|
|
2024 |
|
|
% of
|
|
|
2023 |
|
|
% of
|
|
|
2024 |
|
|
% of
|
|
|
2023 |
|
|
% of
Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Segment Adjusted Operating Profit/(Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Technical Apparel |
|
$ |
58 |
|
|
|
|
$ |
40 |
|
|
|
|
$ |
175 |
|
|
|
|
$ |
123 |
|
|
|
Outdoor Performance |
|
|
(7 |
) |
|
(2.1)% |
|
|
(16 |
) |
|
(5.9)% |
|
|
13 |
|
|
|
|
|
15 |
|
|
|
Ball & Racquet Sports |
|
|
3 |
|
|
|
|
|
7 |
|
|
|
|
|
14 |
|
|
|
|
|
53 |
|
|
|
Reconciliation (1) |
|
|
(25 |
) |
|
NM |
|
|
(10 |
) |
|
NM |
|
|
(43 |
) |
|
NM |
|
|
(29 |
) |
|
NM |
Total |
|
$ |
29 |
|
|
|
|
$ |
21 |
|
|
|
|
$ |
159 |
|
|
|
|
$ |
162 |
|
|
|
(1) Includes corporate expenses, which have not been allocated to the reportable segments. |
||||||||||||||||||||||||
(2) The operating loss as a percentage of revenues for the Reconciliation is not presented as it is not a meaningful metric (NM). |
||||||||||||||||||||||||
SEGMENT DTC OPERATING DATA
|
||||||
|
|
June 30, |
|
|
||
|
|
2024 |
|
2023 |
|
% Change |
|
|
|
|
|
|
|
Store count (1) |
|
|
|
|
|
|
Technical Apparel |
|
203 |
|
174 |
|
|
Outdoor Performance |
|
162 |
|
113 |
|
|
Ball & Racquet |
|
26 |
|
12 |
|
|
Total |
|
391 |
|
299 |
|
|
|
|
|
|
|
|
|
Omni-comp (2) |
|
|
|
|
|
|
Technical Apparel |
|
26 % |
|
80 % |
|
|
Outdoor Performance |
|
32 % |
|
36 % |
|
|
Ball & Racquet |
|
1 % |
|
18 % |
|
|
(1) Reflects the number of owned retail stores open at the end of the fiscal period for each segment |
||||||
(2) Omni-comp reflects year over year revenue growth from owned retail stores and e-commerce sites that have been open at least 13 months |
||||||
ADJUSTED GROSS PROFIT RECONCILIATION
|
||||||||||||
|
|
Three months ended
|
|
Six months ended
|
||||||||
($ in millions) |
|
|
2024 |
|
2023 |
|
|
2024 |
|
2023 |
||
|
|
|
|
|
|
|
|
|
||||
Gross Profit |
|
$ |
551 |
|
$ |
457 |
|
$ |
1,190 |
|
$ |
1,012 |
PPA |
|
|
4 |
|
|
4 |
|
|
7 |
|
|
7 |
Adjusted Gross Profit |
|
$ |
555 |
|
$ |
461 |
|
$ |
1,197 |
|
$ |
1,019 |
ADJUSTED SG&A RECONCILIATION (1)
|
||||||||||||||||
|
|
Three months ended
|
|
Six months ended
|
||||||||||||
($ in millions) |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative expenses |
|
$ |
(560 |
) |
|
$ |
(445 |
) |
|
$ |
(1,094 |
) |
|
$ |
(868 |
) |
Restructuring expenses |
|
|
9 |
|
|
|
— |
|
|
|
10 |
|
|
|
— |
|
PPA |
|
|
7 |
|
|
|
7 |
|
|
|
14 |
|
|
|
14 |
|
Expenses related to transaction activities |
|
|
12 |
|
|
|
3 |
|
|
|
18 |
|
|
|
3 |
|
Share-based payments |
|
|
6 |
|
|
|
— |
|
|
|
9 |
|
|
|
— |
|
Adjusted SG&A expenses |
|
$ |
(526 |
) |
|
$ |
(436 |
) |
|
$ |
(1,043 |
) |
|
$ |
(851 |
) |
(1) The presented figures and percentages are subject to rounding adjustments, which may cause discrepancies between the sum of the individual figures and the presented aggregated column and row totals. |
||||||||||||||||
ADJUSTED OPERATING PROFIT RECONCILIATION (1)
|
||||||||||||||||
|
|
Three months ended
|
|
Six months ended
|
||||||||||||
($ in millions) |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
||||||||
Loss before tax |
|
$ |
(54 |
) |
|
$ |
(92 |
) |
|
$ |
(39 |
) |
|
$ |
(46 |
) |
PPA |
|
|
11 |
|
|
|
11 |
|
|
|
21 |
|
|
|
21 |
|
Restructuring expenses |
|
|
9 |
|
|
|
— |
|
|
|
10 |
|
|
|
— |
|
Expenses related to transaction activities |
|
|
12 |
|
|
|
3 |
|
|
|
18 |
|
|
|
3 |
|
Share-based payments |
|
|
6 |
|
|
|
— |
|
|
|
9 |
|
|
|
— |
|
Finance costs |
|
|
48 |
|
|
|
101 |
|
|
|
130 |
|
|
|
187 |
|
Loss on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
14 |
|
|
|
— |
|
Finance income |
|
|
(3 |
) |
|
|
(2 |
) |
|
|
(5 |
) |
|
|
(3 |
) |
Adjusted operating profit |
|
$ |
29 |
|
|
$ |
21 |
|
|
$ |
159 |
|
|
$ |
162 |
|
(1) The presented figures and percentages are subject to rounding adjustments, which may cause discrepancies between the sum of the individual figures and the presented aggregated column and row totals. |
||||||||||||||||
ADJUSTED NET INCOME RECONCILIATION (1)
|
||||||||||||||||
|
|
Three months ended
|
|
Six months ended
|
||||||||||||
($ in millions) |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net (loss)/income attributable to equity holders |
|
$ |
(4 |
) |
|
$ |
(97 |
) |
|
$ |
1 |
|
|
$ |
(78 |
) |
PPA |
|
|
11 |
|
|
|
11 |
|
|
|
21 |
|
|
|
21 |
|
Restructuring expenses |
|
|
9 |
|
|
|
— |
|
|
|
10 |
|
|
|
— |
|
Expenses related to transaction activities (2) |
|
|
12 |
|
|
|
3 |
|
|
|
36 |
|
|
|
3 |
|
Share-based payments |
|
|
6 |
|
|
|
— |
|
|
|
9 |
|
|
|
— |
|
Loss on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
14 |
|
|
|
— |
|
Income tax expense |
|
|
(9 |
) |
|
|
(3 |
) |
|
|
(18 |
) |
|
|
(5 |
) |
Adjusted net income/(loss) attributable to equity holders |
|
$ |
25 |
|
|
$ |
(86 |
) |
|
$ |
75 |
|
|
$ |
(59 |
) |
Adjusted weighted-average dilutive shares outstanding (3) |
|
|
508,319,702 |
|
|
|
384,499,607 |
|
|
|
486,601,577 |
|
|
|
384,499,607 |
|
Adjusted total diluted earnings/(loss) per share |
|
$ |
0.05 |
|
|
$ |
(0.22 |
) |
|
$ |
0.15 |
|
|
$ |
(0.15 |
) |
(1) The presented figures and percentages are subject to rounding adjustments, which may cause discrepancies between the sum of the individual figures and the presented aggregated column and row totals. |
||||||||||||||||
(2) Includes approximately |
||||||||||||||||
(3) As we have a net loss on an IFRS basis for the three months ended June 30, 2024,weighted-average dilutive shares outstanding equals weighted-average basic shares outstanding. Adjusted total dilutive income per share for the three months ended June 30, 2024, includes the dilutive impact of 3,070,095 shares in accordance with IAS 33, Earnings Per Share, as we have net income on an adjusted basis. |
||||||||||||||||
EBITDA, ADJUSTED EBITDA, AND ADJUSTED EBITDA MARGIN RECONCILIATION (1)
|
||||||||||||||||
|
|
Three months ended
|
|
Six months ended
|
||||||||||||
($ in millions) |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
||||||||
Revenue |
|
$ |
994 |
|
|
$ |
857 |
|
|
$ |
2,177 |
|
|
$ |
1,907 |
|
Net (loss)/income attributable to equity holders |
|
$ |
(4 |
) |
|
$ |
(97 |
) |
|
$ |
1 |
|
|
$ |
(78 |
) |
Net income attributable to non-controlling interests |
|
|
2 |
|
|
|
— |
|
|
|
4 |
|
|
|
— |
|
Income tax (benefit)/expense |
|
|
(52 |
) |
|
|
5 |
|
|
|
(44 |
) |
|
|
32 |
|
Finance cost (2) |
|
|
48 |
|
|
|
101 |
|
|
|
130 |
|
|
|
187 |
|
Loss on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
14 |
|
|
|
— |
|
Depreciation and amortization (3) |
|
|
63 |
|
|
|
52 |
|
|
|
125 |
|
|
|
104 |
|
Finance income |
|
|
(3 |
) |
|
|
(2 |
) |
|
|
(5 |
) |
|
|
(3 |
) |
EBITDA |
|
|
54 |
|
|
|
60 |
|
|
|
226 |
|
|
|
242 |
|
Restructuring expenses |
|
|
9 |
|
|
|
— |
|
|
|
10 |
|
|
|
— |
|
Expenses related to transaction activities |
|
|
12 |
|
|
|
3 |
|
|
|
18 |
|
|
|
3 |
|
Share-based payments |
|
|
6 |
|
|
|
— |
|
|
|
9 |
|
|
|
— |
|
Adjusted EBITDA |
|
$ |
81 |
|
|
$ |
63 |
|
|
$ |
263 |
|
|
$ |
245 |
|
Net (loss)/income margin |
|
|
(0.4 |
)% |
|
|
(11.3 |
)% |
|
|
0.1 |
% |
|
|
(4.1 |
)% |
Adjusted EBITDA Margin |
|
|
8.2 |
% |
|
|
7.3 |
% |
|
|
12.1 |
% |
|
|
12.9 |
% |
(1) The presented figures and percentages are subject to rounding adjustments, which may cause discrepancies between the sum of the individual figures and the presented aggregated column and row totals. |
||||||||||||||||
(2) Total interest expense on lease liabilities under IFRS 16, Leases was |
||||||||||||||||
(3) Depreciation and amortization includes amortization expense for right-of-use assets capitalized under IFRS 16, Leases of |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240820722498/en/
Investor Relations:
Omar Saad
Vice President, Finance and Investor Relations
omar.saad@amersports.com
Media:
Anu Sirkiä
Senior Vice President, Communications
anu.sirkia@amersports.com
Source: Amer Sports, Inc.
FAQ
What was Amer Sports' (AS) revenue growth in Q2 2024?
How did Amer Sports' (AS) Technical Apparel segment perform in Q2 2024?
What is Amer Sports' (AS) updated full-year 2024 revenue growth guidance?