DENVER--(BUSINESS WIRE)--VF Corporation (NYSE: VFC) today announced financial results for its fourth quarter (Q4'FY22) and fiscal year ended April 2, 2022 (FY22).
Q4'FY22 Financial Highlights
FY22 Financial Highlights
FY23 Financial Outlook
Steve Rendle, Chairman, President and CEO of VF, said: "I am pleased with the progress we have made advancing our strategic priorities while successfully navigating another eventful year. We largely delivered on the commitments we made at the outset of Fiscal 2022 by achieving broad-based growth across our family of brands. A portion of our active segment did not achieve its potential. We understand the issues, we have the right people in place and we know we will do better.
"Our performance is testament to the incredible breadth and depth of talent across our organization and our teams continue to be highly resourceful, committed and passionate.
"We will continue to thoughtfully invest in our brands and value-enhancing strategic growth opportunities and I am confident VF has a long runway for sustained, profitable and broad-based growth ahead.”
Summary Revenue Information |
||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||
|
Three Months Ended March |
Twelve Months Ended March |
||||||||||||||||||||||
(Dollars in millions) |
2022 |
2021 |
%
|
% Change
|
2022 |
2021 |
%
|
% Change
|
||||||||||||||||
Brand: |
|
|
|
|
|
|
|
|
||||||||||||||||
Vans® |
$ |
991.2 |
$ |
990.5 |
0 |
% |
2 |
% |
$ |
4,161.9 |
$ |
3,465.7 |
20 |
% |
19 |
% |
||||||||
The North Face® |
|
769.5 |
|
621.0 |
24 |
% |
26 |
% |
|
3,259.7 |
|
2,457.4 |
33 |
% |
32 |
% |
||||||||
Timberland® |
|
434.9 |
|
398.8 |
9 |
% |
12 |
% |
|
1,823.1 |
|
1,513.0 |
20 |
% |
20 |
% |
||||||||
Dickies® |
|
197.0 |
|
184.5 |
7 |
% |
8 |
% |
|
837.7 |
|
701.5 |
19 |
% |
19 |
% |
||||||||
Other Brands |
|
432.1 |
|
387.9 |
11 |
% |
15 |
% |
|
1,759.4 |
|
1,101.2 |
60 |
% |
60 |
% |
||||||||
VF Revenue |
$ |
2,824.7 |
$ |
2,582.7 |
9 |
% |
12 |
% |
$ |
11,841.8 |
$ |
9,238.8 |
28 |
% |
27 |
% |
||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||
Region: |
|
|
|
|
|
|
|
|
||||||||||||||||
U.S. |
$ |
1,418.6 |
$ |
1,264.9 |
12 |
% |
12 |
% |
$ |
6,178.3 |
$ |
4,635.7 |
33 |
% |
33 |
% |
||||||||
EMEA |
|
883.4 |
|
767.6 |
15 |
% |
22 |
% |
|
3,399.3 |
|
2,617.9 |
30 |
% |
30 |
% |
||||||||
APAC |
|
377.7 |
|
426.4 |
(11 |
)% |
(10 |
)% |
|
1,637.2 |
|
1,528.4 |
7 |
% |
4 |
% |
||||||||
Americas (non-U.S.) |
|
144.9 |
|
123.8 |
17 |
% |
18 |
% |
|
627.0 |
|
456.8 |
37 |
% |
32 |
% |
||||||||
International |
|
1,406.0 |
|
1,317.8 |
7 |
% |
11 |
% |
|
5,663.5 |
|
4,603.1 |
23 |
% |
22 |
% |
||||||||
VF Revenue |
$ |
2,824.7 |
$ |
2,582.7 |
9 |
% |
12 |
% |
$ |
11,841.8 |
$ |
9,238.8 |
28 |
% |
27 |
% |
||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||
Channel: |
|
|
|
|
|
|
|
|
||||||||||||||||
DTC |
$ |
1,156.8 |
$ |
1,144.4 |
1 |
% |
3 |
% |
$ |
5,404.1 |
$ |
4,113.6 |
31 |
% |
31 |
% |
||||||||
Wholesale (a) |
|
1,667.9 |
|
1,438.2 |
16 |
% |
19 |
% |
|
6,437.8 |
|
5,125.2 |
26 |
% |
25 |
% |
||||||||
VF Revenue |
$ |
2,824.7 |
$ |
2,582.7 |
9 |
% |
12 |
% |
$ |
11,841.8 |
$ |
9,238.8 |
28 |
% |
27 |
% |
All references to periods ended March 2022 relate to the 13-week and 52-week fiscal periods ended April 2, 2022 and all references to periods ended March 2021 relate to the 14-week and 53-week fiscal periods ended April 3, 2021. | ||||
Note: Amounts may not sum due to rounding | ||||
(a) Royalty revenues are included in the wholesale channel for all periods. |
All per share amounts are presented on a diluted basis. This release refers to “reported” and “constant dollar” amounts, terms that are described under the heading below “Constant Currency - Excluding the Impact of Foreign Currency.” Unless otherwise noted, “reported” and “constant dollar” amounts are the same. This release also refers to “continuing” and “discontinued” operations amounts, which are concepts described under the heading below “Discontinued Operations - Occupational Workwear Business.” Unless otherwise noted, results presented are based on continuing operations. This release also refers to “adjusted” amounts, a term that is described under the heading below “Adjusted Amounts - Excluding Transaction and Deal Related Activities, Costs Related to Specified Strategic Business Decisions and Tax Items.” Unless otherwise noted, “reported” and “adjusted” amounts are the same. This release also refers to amounts "excluding acquisitions" or as "adjusted organic," which exclude the contribution from the Supreme® brand through the one-year anniversary of the acquisition.
Fourth Quarter Fiscal 2022 Income Statement Review
Full Year Fiscal 2022 Income Statement Review
COVID-19 Outbreak Update
To help mitigate the spread of COVID-19 and in response to public health advisories and governmental actions and regulations, VF has modified its business practices, including the temporary closing of offices and retail stores, instituting travel bans and restrictions and implementing health and safety measures including social distancing and quarantines.
The zero tolerance policy in China in response to COVID-19 is impacting some specific raw material suppliers within the country. The majority of VF's supply chain is currently operational. Suppliers are complying with local public health advisories and governmental restrictions. Most final product manufacturing and assembly suppliers are back to normal operating levels. Continued port congestion, equipment availability and other logistics challenges have contributed to ongoing product delays. VF is working with its suppliers to minimize disruption and is employing expedited freight strategically as needed. VF's distribution centers are operational in accordance with local government guidelines while maintaining enhanced health and safety protocols.
In North America, no stores were closed during the fourth quarter. Currently, all stores are open.
In the EMEA region, 6% of stores were closed at the beginning of the fourth quarter and at the end of the fourth quarter and currently no stores are closed due to COVID-19.
In the APAC region, including Mainland China, no stores were closed at the beginning of the fourth quarter. 12% of stores were closed at the end of the fourth quarter. Currently, 19% of stores are closed.
VF is continuing to monitor the COVID-19 outbreak globally and will comply with guidance from government entities and public health authorities to prioritize the health and well-being of its employees, customers, trade partners and consumers. As COVID-19 uncertainty continues, VF expects ongoing disruption to its business operations.
Balance Sheet Highlights
Inventories were up 34% compared with the same period last year. VF returned approximately $194 million of cash to shareholders through dividends during the quarter. The company also repurchased approximately $50 million of shares during the quarter and has $2.5 billion remaining under its current share repurchase authorization.
Dividend Declared
VF’s Board of Directors declared a quarterly dividend of $0.50 per share, payable on June 21, 2022, to shareholders of record on June 10, 2022. Subject to approval by its Board of Directors, VF intends to continue to pay its regularly scheduled cash dividend.
Update on Tax Dispute in Connection with Timberland Acquisition
As previously reported, VF petitioned the U.S. Tax Court (the Court) to resolve an Internal Revenue Service (IRS) dispute regarding the timing of income inclusion associated with VF’s acquisition of The Timberland Company in September 2011. While the IRS argues that all such income should have been immediately included in 2011, VF has reported periodic income inclusions in subsequent tax years. Both parties moved for summary judgment on the issue, and on January 31, 2022, the Court issued its opinion in favor of the IRS. VF believes the opinion of the Court was in error based on the technical merits and intends to appeal; however, VF will be required to pay the 2011 taxes and interest being disputed or post a surety bond. It is anticipated that during fiscal 2023, the IRS will assess, and VF will pay, the 2011 taxes and interest, which would be recorded as a tax receivable based on VF's expected probability of a successful appeal. The gross amount of taxes and interest as of April 2, 2022 was estimated at approximately $845 million and will continue to accrue interest until paid. VF continues to remain confident in its timing and treatment of the income inclusion and VF is vigorously defending its position. However, should the Court opinion ultimately be upheld on appeal, this tax receivable may not be collected by VF. If the Court opinion is upheld, VF should be entitled to a refund of taxes paid on the periodic inclusions that VF has reported. However, any such refund could be substantially reduced by potential indirect tax effects resulting from application of the Court opinion. Deferred tax liabilities, representing VF’s future tax on annual inclusions, would also be released. The net impact to tax expense estimated as of April 2, 2022 could be up to $700 million.
Webcast Information
VF will host its fourth quarter fiscal 2022 conference call beginning at 4:30 p.m. Eastern Time today. The conference call will be broadcast live via the Internet, accessible at ir.vfc.com. For those unable to listen to the live broadcast, an archived version will be available at the same location.
A presentation on fourth quarter fiscal 2022 results will be available at ir.vfc.com today before the conference call and will be archived at the same location.
Founded in 1899, VF Corporation is one of the world’s largest apparel, footwear and accessories companies connecting people to the lifestyles, activities and experiences they cherish most through a family of iconic outdoor, active and workwear brands including Vans®, The North Face®, Timberland® and Dickies®. Our purpose is to power movements of sustainable and active lifestyles for the betterment of people and our planet. We connect this purpose with a relentless drive to succeed to create value for all stakeholders and use our company as a force for good. For more information, please visit vfc.com.
Constant Currency - Excluding the Impact of Foreign Currency
This release refers to “reported” amounts in accordance with U.S. generally accepted accounting principles (“GAAP”), which include translation and transactional impacts from foreign currency exchange rates. This release also refers to “constant dollar” amounts, which exclude the impact of translating foreign currencies into U.S. dollars. Reconciliations of GAAP measures to constant currency amounts are presented in the supplemental financial information included with this release, which identifies and quantifies all excluded items, and provides management’s view of why this information is useful to investors.
Discontinued Operations - Occupational Workwear Business
On June 28, 2021, VF completed the sale of its Occupational Workwear business. The Occupational Workwear business was comprised primarily of the following brands and businesses: Red Kap®, VF Solutions®, Bulwark®, Workrite®, Walls®, Terra®, Kodiak®, Work Authority® and Horace Small®. The business also included a license for certain Dickies® occupational workwear products that were historically sold through the business-to-business channel. Accordingly, the company has reported the related held-for-sale assets and liabilities as assets and liabilities of discontinued operations and included the operating results and cash flows of the business in discontinued operations for all periods, through the date of sale.
Adjusted Amounts - Excluding Transaction and Deal Related Activities, Costs Related to Specified Strategic Business Decisions and Tax Items
The adjusted amounts in this release exclude transaction and deal related activities associated with the acquisition of the Supreme® brand. Total transaction and deal related activities include an increase in the estimated fair value of the contingent consideration liability of $8 million in the fourth quarter of fiscal 2022 and a decrease of $150 million in fiscal 2022, and integration costs of approximately $1 million in the fourth quarter of fiscal 2022 and $7 million in fiscal 2022.
The adjusted amounts in this release exclude costs related to VF's business model transformation, a transformation initiative for our Asia-Pacific regional operations and specific charges related to certain assets impacted by the conflict in Ukraine. Total costs were approximately $23 million in the fourth quarter of fiscal 2022 and $60 million in fiscal 2022.
The adjusted amounts in this release exclude approximately $67 million and $119 million net tax expense associated with certain discrete tax adjustments recognized during the fourth quarter of fiscal 2022 and during fiscal 2022, respectively.
Combined, the above items negatively impacted earnings per share by $0.24 during the fourth quarter of fiscal 2022 and $0.08 during fiscal 2022. All adjusted amounts referenced herein exclude the effects of these amounts.
Reconciliations of measures calculated in accordance with GAAP to adjusted amounts are presented in the supplemental financial information included with this release, which identifies and quantifies all excluded items, and provides management’s view of why this information is useful to investors. The company also provides guidance on a non-GAAP basis as we cannot predict certain elements which are included in reported GAAP results, including the impact of foreign currency and other strategic initiatives. Additionally, the impact of the anticipated payment of taxes and interest related to the dispute with the IRS regarding the Timberland acquisition in 2011 described above has been excluded from fiscal 2023 adjusted cash flow from operations.
Forward-looking Statements
Certain statements included in this release are "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting VF and therefore involve several risks and uncertainties. You can identify these statements by the fact that they use words such as “will,” “anticipate,” “estimate,” “expect,” “should,” and “may” and other words and terms of similar meaning or use of future dates; however, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements regarding VF’s plans, objectives, projections and expectations relating to VF’s operations or financial performance, and assumptions related thereto are forward-looking statements. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. VF undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Potential risks and uncertainties that could cause the actual results of operations or financial condition of VF to differ materially from those expressed or implied by forward-looking statements include, but are not limited to: risks arising from the widespread outbreak of an illness or any other communicable disease, or any other public health crisis, including the coronavirus (COVID-19) global pandemic; the level of consumer demand for apparel, footwear and accessories; disruption to VF’s distribution system; changes in global economic conditions and the financial strength of VF’s customers, including as a result of current inflationary pressures; fluctuations in the price, availability and quality of raw materials and contracted products; disruption and volatility in the global capital and credit markets; VF’s response to changing fashion trends, evolving consumer preferences and changing patterns of consumer behavior; intense competition from online retailers and other direct-to-consumer business risks; third-party manufacturing and product innovation; increasing pressure on margins; VF’s ability to implement its business strategy; VF’s ability to grow its international, direct-to-consumer and digital businesses; VF’s ability to transform its model to be more consumer-minded, retail-centric and hyper-digital; retail industry changes and challenges; VF’s ability to create and maintain an agile and efficient operating model and organizational structure; VF’s and its vendors’ ability to maintain the strength and security of information technology systems; the risk that VF’s facilities and systems and those of our third-party service providers may be vulnerable to and unable to anticipate or detect data or information security breaches and data or financial loss; VF’s ability to properly collect, use, manage and secure business, consumer and employee data and comply with privacy and security regulations; foreign currency fluctuations; stability of VF’s vendors’ manufacturing facilities and VF’s ability to establish and maintain effective supply chain capabilities; continued use by VF’s suppliers of ethical business practices; VF’s ability to accurately forecast demand for products; continuity of members of VF’s management; VF’s ability to recruit, develop or retain qualified employees; VF’s ability to protect trademarks and other intellectual property rights; possible goodwill and other asset impairment; maintenance by VF’s licensees and distributors of the value of VF’s brands; VF’s ability to execute acquisitions and dispositions and integrate acquisitions; business resiliency in response to natural or man-made economic, political or environmental disruptions; changes in tax laws and additional tax liabilities, including for the timing of income inclusion associated with our acquisition of the Timberland® brand in 2011; legal, regulatory, political, economic, and geopolitical risks, including those related to the current conflict in Ukraine; changes to laws and regulations; adverse or unexpected weather conditions; VF's indebtedness and its ability to obtain financing on favorable terms, if needed, could prevent VF from fulfilling its financial obligations; climate change and increased focus on environmental, social and governance issues; and tax risks associated with the spin-off of our Jeanswear business completed in 2019. More information on potential factors that could affect VF’s financial results is included from time to time in VF’s public reports filed with the SEC, including VF’s Annual Report on Form 10-K, and Quarterly Reports on Form 10-Q, and Forms 8-K filed or furnished with the SEC.
VF CORPORATION |
||||||||||||||||
Condensed Consolidated Statements of Operations |
||||||||||||||||
(Unaudited) |
||||||||||||||||
(In thousands, except per share amounts) |
||||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Three Months Ended March |
|
Twelve Months Ended March |
||||||||||||
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
Net revenues |
|
$ |
2,824,664 |
|
|
$ |
2,582,672 |
|
|
$ |
11,841,840 |
|
|
$ |
9,238,830 |
|
Costs and operating expenses |
|
|
|
|
|
|
|
|
||||||||
Cost of goods sold |
|
|
1,358,792 |
|
|
|
1,236,399 |
|
|
|
5,386,393 |
|
|
|
4,370,780 |
|
Selling, general and administrative expenses |
|
|
1,273,480 |
|
|
|
1,211,250 |
|
|
|
4,823,243 |
|
|
|
4,240,058 |
|
Impairment of intangible assets |
|
|
— |
|
|
|
12,530 |
|
|
|
— |
|
|
|
20,361 |
|
Total costs and operating expenses |
|
|
2,632,272 |
|
|
|
2,460,179 |
|
|
|
10,209,636 |
|
|
|
8,631,199 |
|
Operating income |
|
|
192,392 |
|
|
|
122,493 |
|
|
|
1,632,204 |
|
|
|
607,631 |
|
Interest, net |
|
|
(30,930 |
) |
|
|
(35,844 |
) |
|
|
(131,463 |
) |
|
|
(126,500 |
) |
Loss on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
(3,645 |
) |
|
|
— |
|
Other income (expense), net |
|
|
9,659 |
|
|
|
2,400 |
|
|
|
26,154 |
|
|
|
(24,659 |
) |
Income from continuing operations before income taxes |
|
|
171,121 |
|
|
|
89,049 |
|
|
|
1,523,250 |
|
|
|
456,472 |
|
Income tax expense |
|
|
90,678 |
|
|
|
27,306 |
|
|
|
306,981 |
|
|
|
101,566 |
|
Income from continuing operations |
|
|
80,443 |
|
|
|
61,743 |
|
|
|
1,216,269 |
|
|
|
354,906 |
|
Income from discontinued operations, net of tax |
|
|
399 |
|
|
|
27,777 |
|
|
|
170,672 |
|
|
|
52,963 |
|
Net income |
|
$ |
80,842 |
|
|
$ |
89,520 |
|
|
$ |
1,386,941 |
|
|
$ |
407,869 |
|
Earnings per common share - basic (a) |
|
|
|
|
|
|
|
|
||||||||
Continuing operations |
|
$ |
0.21 |
|
|
$ |
0.16 |
|
|
$ |
3.12 |
|
|
$ |
0.91 |
|
Discontinued operations |
|
|
— |
|
|
|
0.07 |
|
|
|
0.44 |
|
|
|
0.14 |
|
Total earnings per common share - basic |
|
$ |
0.21 |
|
|
$ |
0.23 |
|
|
$ |
3.55 |
|
|
$ |
1.05 |
|
Earnings per common share - diluted (a) |
|
|
|
|
|
|
|
|
||||||||
Continuing operations |
|
$ |
0.21 |
|
|
$ |
0.16 |
|
|
$ |
3.10 |
|
|
$ |
0.91 |
|
Discontinued operations |
|
|
— |
|
|
|
0.07 |
|
|
|
0.43 |
|
|
|
0.14 |
|
Total earnings per common share - diluted |
|
$ |
0.21 |
|
|
$ |
0.23 |
|
|
$ |
3.53 |
|
|
$ |
1.04 |
|
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
387,604 |
|
|
|
390,747 |
|
|
|
390,291 |
|
|
|
389,655 |
|
Diluted |
|
|
389,002 |
|
|
|
393,575 |
|
|
|
392,411 |
|
|
|
392,121 |
|
Cash dividends per common share |
|
$ |
0.50 |
|
|
$ |
0.49 |
|
|
$ |
1.98 |
|
|
$ |
1.94 |
|
Basis of presentation of condensed consolidated financial statements: VF operates and reports using a 52/53 week fiscal year ending on the Saturday closest to March 31 of each year. For presentation purposes herein, all references to periods ended March 2022 relate to the 13-week and 52-week fiscal periods ended April 2, 2022 and all references to periods ended March 2021 relate to the 14-week and 53-week fiscal periods ended April 3, 2021. |
||||||
(a) Amounts have been calculated using unrounded numbers. |
||||||
VF CORPORATION | ||||||||
Condensed Consolidated Balance Sheets |
||||||||
(Unaudited) |
||||||||
(In thousands) |
||||||||
|
|
|
|
|
||||
|
|
March |
|
March |
||||
|
|
2022 |
|
2021 |
||||
ASSETS |
|
|
|
|
||||
Current assets |
|
|
|
|
||||
Cash and equivalents |
|
$ |
1,275,943 |
|
|
$ |
815,750 |
|
Accounts receivable, net |
|
|
1,467,842 |
|
|
|
1,298,020 |
|
Inventories |
|
|
1,418,673 |
|
|
|
1,061,839 |
|
Short-term investments |
|
|
— |
|
|
|
598,806 |
|
Other current assets |
|
|
425,622 |
|
|
|
423,877 |
|
Current assets of discontinued operations |
|
|
— |
|
|
|
587,578 |
|
Total current assets |
|
|
4,588,080 |
|
|
|
4,785,870 |
|
Property, plant and equipment, net |
|
|
1,041,777 |
|
|
|
975,876 |
|
Goodwill and intangible assets, net |
|
|
5,394,158 |
|
|
|
5,454,972 |
|
Operating lease right-of-use assets |
|
|
1,247,056 |
|
|
|
1,474,434 |
|
Other assets |
|
|
1,071,137 |
|
|
|
1,062,877 |
|
Total assets |
|
$ |
13,342,208 |
|
|
$ |
13,754,029 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
||||
Current liabilities |
|
|
|
|
||||
Short-term borrowings |
|
$ |
335,462 |
|
|
$ |
11,061 |
|
Current portion of long-term debt |
|
|
501,051 |
|
|
|
1,023 |
|
Accounts payable |
|
|
562,992 |
|
|
|
463,208 |
|
Accrued liabilities |
|
|
1,915,892 |
|
|
|
1,609,928 |
|
Current liabilities of discontinued operations |
|
|
— |
|
|
|
125,257 |
|
Total current liabilities |
|
|
3,315,397 |
|
|
|
2,210,477 |
|
Long-term debt |
|
|
4,584,261 |
|
|
|
5,709,149 |
|
Operating lease liabilities |
|
|
1,023,759 |
|
|
|
1,236,461 |
|
Other liabilities |
|
|
888,436 |
|
|
|
1,541,778 |
|
Total liabilities |
|
|
9,811,853 |
|
|
|
10,697,865 |
|
Stockholders' equity |
|
|
3,530,355 |
|
|
|
3,056,164 |
|
Total liabilities and stockholders' equity |
|
$ |
13,342,208 |
|
|
$ |
13,754,029 |
|
|
VF CORPORATION | ||||||||
Condensed Consolidated Statements of Cash Flows |
||||||||
(Unaudited) |
||||||||
(In thousands) |
||||||||
|
|
|
||||||
|
|
Twelve Months Ended March |
||||||
|
|
2022 |
|
2021 |
||||
Operating activities |
|
|
|
|
||||
Net income |
|
$ |
1,386,941 |
|
|
$ |
407,869 |
|
Income from discontinued operations, net of tax |
|
|
170,672 |
|
|
|
52,963 |
|
Income from continuing operations, net of tax |
|
|
1,216,269 |
|
|
|
354,906 |
|
Impairment of intangible assets |
|
|
— |
|
|
|
20,361 |
|
Depreciation and amortization |
|
|
266,935 |
|
|
|
269,081 |
|
Reduction in the carrying amount of right-of-use assets |
|
|
410,132 |
|
|
|
427,594 |
|
Other adjustments |
|
|
(1,035,138 |
) |
|
|
161,312 |
|
Cash provided by operating activities - continuing operations |
|
|
858,198 |
|
|
|
1,233,254 |
|
Cash provided by operating activities - discontinued operations |
|
|
6,090 |
|
|
|
79,971 |
|
Cash provided by operating activities |
|
|
864,288 |
|
|
|
1,313,225 |
|
Investing activities |
|
|
|
|
||||
Business acquisitions, net of cash received |
|
|
3,760 |
|
|
|
(2,009,151 |
) |
Proceeds from sale of businesses, net of cash sold |
|
|
616,928 |
|
|
|
— |
|
Purchases of short-term investments |
|
|
— |
|
|
|
(800,000 |
) |
Proceeds from sale and maturities of short-term investments |
|
|
598,806 |
|
|
|
200,000 |
|
Capital expenditures |
|
|
(245,449 |
) |
|
|
(198,658 |
) |
Software purchases |
|
|
(82,871 |
) |
|
|
(75,542 |
) |
Other, net |
|
|
13,086 |
|
|
|
(8,634 |
) |
Cash provided (used) by investing activities - continuing operations |
|
|
904,260 |
|
|
|
(2,891,985 |
) |
Cash used by investing activities - discontinued operations |
|
|
(525 |
) |
|
|
(3,633 |
) |
Cash provided (used) by investing activities |
|
|
903,735 |
|
|
|
(2,895,618 |
) |
Financing activities |
|
|
|
|
||||
Net increase (decrease) from short-term borrowings and long-term debt |
|
|
(182,292 |
) |
|
|
1,755,224 |
|
Share repurchases |
|
|
(350,004 |
) |
|
|
— |
|
Cash dividends paid |
|
|
(773,205 |
) |
|
|
(756,784 |
) |
Proceeds from issuance of Common Stock, net of payments for tax withholdings |
|
|
36,654 |
|
|
|
54,438 |
|
Cash provided (used) by financing activities |
|
|
(1,268,847 |
) |
|
|
1,052,878 |
|
Effect of foreign currency rate changes on cash, cash equivalents and restricted cash |
|
|
(73,299 |
) |
|
|
(30,603 |
) |
Net change in cash, cash equivalents and restricted cash |
|
|
425,877 |
|
|
|
(560,118 |
) |
Cash, cash equivalents and restricted cash – beginning of year |
|
|
851,205 |
|
|
|
1,411,323 |
|
Cash, cash equivalents and restricted cash – end of period |
|
$ |
1,277,082 |
|
|
$ |
851,205 |
|
VF CORPORATION | ||||||||||||||
Supplemental Financial Information |
||||||||||||||
Reportable Segment Information |
||||||||||||||
(Unaudited) |
||||||||||||||
(In thousands) |
||||||||||||||
|
|
|
|
|||||||||||
|
Three Months Ended March |
% Change |
% Change Constant
|
|||||||||||
|
2022 |
2021 |
||||||||||||
Segment revenues |
|
|
|
|
||||||||||
Outdoor |
$ |
1,274,766 |
|
$ |
1,060,923 |
|
20% |
23% |
||||||
Active |
|
1,275,520 |
|
|
1,262,217 |
|
1% |
3% |
||||||
Work |
|
274,150 |
|
|
259,517 |
|
6% |
7% |
||||||
Other (b) |
|
228 |
|
|
15 |
|
* |
* |
||||||
Total segment revenues |
$ |
2,824,664 |
|
$ |
2,582,672 |
|
9% |
12% |
||||||
Segment profit |
|
|
|
|
||||||||||
Outdoor |
$ |
132,762 |
|
$ |
58,681 |
|
|
|
||||||
Active |
|
170,038 |
|
|
180,835 |
|
|
|
||||||
Work |
|
42,843 |
|
|
13,469 |
|
|
|
||||||
Other (b) |
|
110 |
|
|
3,912 |
|
|
|
||||||
Total segment profit |
|
345,753 |
|
|
256,897 |
|
|
|
||||||
Impairment of indefinite-lived intangible assets |
|
— |
|
|
(12,400 |
) |
|
|
||||||
Corporate and other expenses |
|
(143,702 |
) |
|
(119,604 |
) |
|
|
||||||
Interest, net |
|
(30,930 |
) |
|
(35,844 |
) |
|
|
||||||
Income from continuing operations before income taxes |
$ |
171,121 |
|
$ |
89,049 |
|
|
|
(a) |
Refer to constant currency definition on the following pages. |
|
(b) |
Other is included for purposes of reconciliation of revenues and profit, but it is not considered a reportable segment. Includes results primarily related to the sale of non-VF products and sourcing activities related to transition services. |
|
* Calculation not meaningful | ||
VF CORPORATION | ||||||||||||||||||||
Supplemental Financial Information |
||||||||||||||||||||
Reportable Segment Information |
||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||
(In thousands) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Twelve Months Ended March |
|
% Change |
|
% Change
|
|
% Change
|
|
% Change
|
||||||||||
|
|
2022 |
|
2021 |
|
|
|
|
||||||||||||
Segment revenues |
|
|
|
|
|
|
||||||||||||||
Outdoor |
$ |
5,327,568 |
|
$ |
4,127,601 |
|
29% |
28% |
29% |
28% |
||||||||||
Active |
|
5,380,338 |
|
|
4,160,856 |
|
29% |
29% |
19% |
18% |
||||||||||
Work |
|
1,133,149 |
|
|
945,680 |
|
20% |
19% |
20% |
19% |
||||||||||
Other (c) |
|
785 |
|
|
4,693 |
|
* |
* |
* |
* |
||||||||||
Total segment revenues |
$ |
11,841,840 |
|
$ |
9,238,830 |
|
28% |
27% |
23% |
23% |
||||||||||
Segment profit (loss) |
|
|
|
|
|
|
||||||||||||||
Outdoor |
$ |
795,523 |
|
$ |
342,212 |
|
|
|
|
|
||||||||||
Active |
|
979,746 |
|
|
648,467 |
|
|
|
|
|
||||||||||
Work |
|
193,492 |
|
|
27,141 |
|
|
|
|
|
||||||||||
Other (c) |
|
(586 |
) |
|
(5,410 |
) |
|
|
|
|
||||||||||
Total segment profit |
|
1,968,175 |
|
|
1,012,410 |
|
|
|
|
|
||||||||||
Impairment of indefinite-lived intangible assets (d) |
|
— |
|
|
(12,400 |
) |
|
|
|
|
||||||||||
Corporate and other expenses |
|
(309,817 |
) |
|
(417,038 |
) |
|
|
|
|
||||||||||
Interest, net |
|
(131,463 |
) |
|
(126,500 |
) |
|
|
|
|
||||||||||
Loss on debt extinguishment |
|
(3,645 |
) |
|
— |
|
|
|
|
|
||||||||||
Income from continuing operations before income taxes |
$ |
1,523,250 |
|
$ |
456,472 |
|
|
|
|
|
(a) Refer to constant currency definition on the following pages. |
(b) Excludes acquisition representing the operating results of Supreme for the nine months ended December 2021, which reflects the one-year anniversary of the acquisition. Refer to Non-GAAP financial information on "Reconciliation of Select GAAP Measures to Non-GAAP Measures - Three and Twelve Months Ended March 2022" page for additional information. |
(c) Other is included for purposes of reconciliation of revenues and profit, but it is not considered a reportable segment. Includes results primarily related to the sale of non-VF products and sourcing activities related to transition services. |
(d) Excludes $8.0 million of impairment charges related to definite-lived intangible assets, which are primarily recorded in the Work segment, in the twelve months ended March 2021. |
* Calculation not meaningful |
VF CORPORATION | ||||||||||||
Supplemental Financial Information |
||||||||||||
Reportable Segment Information – Constant Currency Basis |
||||||||||||
(Unaudited) |
||||||||||||
(In thousands) |
||||||||||||
|
|
|
||||||||||
|
|
Three Months Ended March 2022 |
||||||||||
|
|
As Reported |
|
Adjust for Foreign |
|
|
||||||
|
|
under GAAP |
|
Currency Exchange |
|
Constant Currency |
||||||
Segment revenues |
|
|
|
|
|
|
||||||
Outdoor |
|
$ |
1,274,766 |
|
|
$ |
27,542 |
|
|
$ |
1,302,308 |
|
Active |
|
|
1,275,520 |
|
|
|
30,675 |
|
|
|
1,306,195 |
|
Work |
|
|
274,150 |
|
|
|
2,532 |
|
|
|
276,682 |
|
Other (a) |
|
|
228 |
|
|
|
— |
|
|
|
228 |
|
Total segment revenues |
|
$ |
2,824,664 |
|
|
$ |
60,749 |
|
|
$ |
2,885,413 |
|
Segment profit |
|
|
|
|
|
|
||||||
Outdoor |
|
$ |
132,762 |
|
|
$ |
2,554 |
|
|
$ |
135,316 |
|
Active |
|
|
170,038 |
|
|
|
7,845 |
|
|
|
177,883 |
|
Work |
|
|
42,843 |
|
|
|
593 |
|
|
|
43,436 |
|
Other (a) |
|
|
110 |
|
|
|
(5 |
) |
|
|
105 |
|
Total segment profit |
|
|
345,753 |
|
|
|
10,987 |
|
|
|
356,740 |
|
Corporate and other expenses |
|
|
(143,702 |
) |
|
|
(225 |
) |
|
|
(143,927 |
) |
Interest, net |
|
|
(30,930 |
) |
|
|
— |
|
|
|
(30,930 |
) |
Income from continuing operations before income taxes |
|
$ |
171,121 |
|
|
$ |
10,762 |
|
|
$ |
181,883 |
|
Diluted earnings per share growth |
|
|
32 |
% |
|
|
15 |
% |
|
|
47 |
% |
|
(a) Other is included for purposes of reconciliation of revenues and profit, but it is not considered a reportable segment. Includes results primarily related to the sale of non-VF products and sourcing activities related to transition services. |
Constant Currency Financial Information
VF is a global company that reports financial information in U.S. dollars in accordance with GAAP. Foreign currency exchange rate fluctuations affect the amounts reported by VF from translating its foreign revenues and expenses into U.S. dollars. These rate fluctuations can have a significant effect on reported operating results. As a supplement to our reported operating results, we present constant currency financial information, which is a non-GAAP financial measure that excludes the impact of translating foreign currencies into U.S. dollars. We use constant currency information to provide a framework to assess how our business performed excluding the effects of changes in the rates used to calculate foreign currency translation. Management believes this information is useful to investors to facilitate comparison of operating results and better identify trends in our businesses.
To calculate foreign currency translation on a constant currency basis, operating results for the current year period for entities reporting in currencies other than the U.S. dollar are translated into U.S. dollars at the average exchange rates in effect during the comparable period of the prior year (rather than the actual exchange rates in effect during the current year period).
These constant currency performance measures should be viewed in addition to, and not in lieu of or superior to, our operating performance measures calculated in accordance with GAAP. The constant currency information presented may not be comparable to similarly titled measures reported by other companies.
VF CORPORATION |
||||||||||||
Supplemental Financial Information |
||||||||||||
Reportable Segment Information – Constant Currency Basis |
||||||||||||
(Unaudited) |
||||||||||||
(In thousands) |
||||||||||||
|
|
|
||||||||||
|
|
Twelve Months Ended March 2022 |
||||||||||
|
|
As Reported |
|
Adjust for Foreign |
|
|
||||||
|
|
under GAAP |
|
Currency Exchange |
|
Constant Currency |
||||||
Segment revenues |
|
|
|
|
|
|
||||||
Outdoor |
|
$ |
5,327,568 |
|
|
$ |
(26,673 |
) |
|
$ |
5,300,895 |
|
Active |
|
|
5,380,338 |
|
|
|
(32,254 |
) |
|
|
5,348,084 |
|
Work |
|
|
1,133,149 |
|
|
|
(6,914 |
) |
|
|
1,126,235 |
|
Other (a) |
|
|
785 |
|
|
|
— |
|
|
|
785 |
|
Total segment revenues |
|
$ |
11,841,840 |
|
|
$ |
(65,841 |
) |
|
$ |
11,775,999 |
|
Segment profit (loss) |
|
|
|
|
|
|
||||||
Outdoor |
|
$ |
795,523 |
|
|
$ |
(5,306 |
) |
|
$ |
790,217 |
|
Active |
|
|
979,746 |
|
|
|
(5,507 |
) |
|
|
974,239 |
|
Work |
|
|
193,492 |
|
|
|
(1,601 |
) |
|
|
191,891 |
|
Other (a) |
|
|
(586 |
) |
|
|
(58 |
) |
|
|
(644 |
) |
Total segment profit |
|
|
1,968,175 |
|
|
|
(12,472 |
) |
|
|
1,955,703 |
|
Corporate and other expenses |
|
|
(309,817 |
) |
|
|
946 |
|
|
|
(308,871 |
) |
Interest, net |
|
|
(131,463 |
) |
|
|
— |
|
|
|
(131,463 |
) |
Loss on debt extinguishment |
|
|
(3,645 |
) |
|
|
— |
|
|
|
(3,645 |
) |
Income from continuing operations before income taxes |
|
$ |
1,523,250 |
|
|
$ |
(11,526 |
) |
|
$ |
1,511,724 |
|
Diluted earnings per share growth |
|
|
242 |
% |
|
|
(2 |
)% |
|
|
240 |
% |
(a) Other is included for purposes of reconciliation of revenues and profit, but it is not considered a reportable segment. Includes results primarily related to the sale of non-VF products and sourcing activities related to transition services. |
Constant Currency Financial Information
VF is a global company that reports financial information in U.S. dollars in accordance with GAAP. Foreign currency exchange rate fluctuations affect the amounts reported by VF from translating its foreign revenues and expenses into U.S. dollars. These rate fluctuations can have a significant effect on reported operating results. As a supplement to our reported operating results, we present constant currency financial information, which is a non-GAAP financial measure that excludes the impact of translating foreign currencies into U.S. dollars. We use constant currency information to provide a framework to assess how our business performed excluding the effects of changes in the rates used to calculate foreign currency translation. Management believes this information is useful to investors to facilitate comparison of operating results and better identify trends in our businesses.
To calculate foreign currency translation on a constant currency basis, operating results for the current year period for entities reporting in currencies other than the U.S. dollar are translated into U.S. dollars at the average exchange rates in effect during the comparable period of the prior year (rather than the actual exchange rates in effect during the current year period).
These constant currency performance measures should be viewed in addition to, and not in lieu of or superior to, our operating performance measures calculated in accordance with GAAP. The constant currency information presented may not be comparable to similarly titled measures reported by other companies.
VF CORPORATION |
||||||||||||||||||||||||||
Supplemental Financial Information |
||||||||||||||||||||||||||
Reconciliation of Select GAAP Measures to Non-GAAP Measures - Three and Twelve Months Ended March 2022 |
||||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||||
(In thousands, except per share amounts) |
||||||||||||||||||||||||||
Three Months Ended March 2022 |
As Reported
|
Transaction
|
Specified
|
Tax
|
Adjusted |
Contribution
|
Adjusted
|
|||||||||||||||||||
Revenues |
$ |
2,824,664 |
|
$ |
— |
|
$ |
— |
$ |
— |
$ |
2,824,664 |
|
$ |
— |
|
$ |
2,824,664 |
|
|||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
Gross profit |
|
1,465,872 |
|
|
— |
|
|
7,376 |
|
— |
|
1,473,248 |
|
|
— |
|
|
1,473,248 |
|
|||||||
Percent |
|
51.9 |
% |
|
|
|
|
52.2 |
% |
|
|
52.2 |
% |
|||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
Operating income |
|
192,392 |
|
|
8,613 |
|
|
22,736 |
|
— |
|
223,741 |
|
|
— |
|
|
223,741 |
|
|||||||
Percent |
|
6.8 |
% |
|
|
|
|
7.9 |
% |
|
|
7.9 |
% |
|||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
Diluted earnings per share from continuing operations (e) |
|
0.21 |
|
|
0.01 |
|
|
0.06 |
|
0.17 |
|
0.45 |
|
|
— |
|
|
0.45 |
|
|||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
Twelve Months Ended March 2022 |
As Reported
|
Transaction
|
Specified
|
Tax
|
Adjusted |
Contribution
|
Adjusted
|
|||||||||||||||||||
Revenues |
$ |
11,841,840 |
|
$ |
— |
|
$ |
— |
$ |
— |
$ |
11,841,840 |
|
$ |
(438,482 |
) |
$ |
11,403,358 |
|
|||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
Gross profit |
|
6,455,447 |
|
|
— |
|
|
29,320 |
|
— |
|
6,484,767 |
|
|
(263,988 |
) |
|
6,220,779 |
|
|||||||
Percent |
|
54.5 |
% |
|
|
|
|
54.8 |
% |
|
|
54.6 |
% |
|||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
Operating income |
|
1,632,204 |
|
|
(143,267 |
) |
|
60,407 |
|
— |
|
1,549,344 |
|
|
(93,847 |
) |
|
1,455,497 |
|
|||||||
Percent |
|
13.8 |
% |
|
|
|
|
13.1 |
% |
|
|
12.8 |
% |
|||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
Diluted earnings per share from continuing operations (e) |
|
3.10 |
|
|
(0.36 |
) |
|
0.13 |
|
0.30 |
|
3.18 |
|
|
(0.19 |
) |
|
2.98 |
|
(a) Transaction and deal related activities include activities associated with the acquisition of Supreme Holdings, Inc. ("Supreme") for the three and twelve months ended March 2022. Transaction and deal related activities include an increase in the estimated fair value of the contingent consideration liability of $8.0 million and a decrease of $150.0 million for the three and twelve months ended March 2022, respectively, and integration costs of $0.6 million and $6.7 million for the three and twelve months ended March 2022, respectively. The transaction and deal related activities resulted in a net tax benefit of $2.9 million and net tax expense of $2.2 million in the three and twelve months ended March 2022, respectively, primarily related to the impact of the changes in the estimated fair value of the contingent consideration liability on the income tax calculations. |
(b) Specified strategic business decisions include costs related to VF's business model transformation of $8.2 million and $10.4 million in the three and twelve months ended March 2022, respectively, related primarily to restructuring and other costs. Specified strategic business decisions also include costs related to a transformation initiative for our Asia-Pacific regional operations of $5.8 million and $41.3 million in the three and twelve months ended March 2022, respectively. Also included in the adjustments are specific charges related to certain assets impacted by the conflict in Ukraine of $8.7 million in the three and twelve months ended March 2022. The specified strategic business decisions also include non-operating income of $1.5 million during the twelve months ended March 2022, associated with VF's transformation initiatives. The specified strategic business decisions resulted in a net tax benefit of $1.3 million and $6.5 million in the three and twelve months ended March 2022, respectively. |
(c) Tax items include $67.3 million and $119.2 million net tax expense associated with certain discrete tax adjustments recognized during the three and twelve months ended March 2022, respectively. This is comprised of $67.3 million tax expense during the three and twelve months ended March 2022 related to changes to deferred tax benefits previously recognized under Swiss Tax Reform, and $87.1 million tax expense for unrecognized tax benefits resulting from updated estimates related to intellectual property transfers completed in a prior period and $35.2 million tax benefit related to the reorganization of certain foreign operations recognized during the twelve months ended March 2022. |
(d) The contribution from acquisition represents the operating results of Supreme for the nine months ended December 2021, which reflects the one-year anniversary of the acquisition. The results exclude transaction and deal related activities. |
(e) Amounts shown in the table have been calculated using unrounded numbers. The diluted earnings per share impacts were calculated using 389,002,000 and 392,411,000 weighted average common shares for the three and twelve months ended March 2022, respectively. |
Non-GAAP Financial Information
The financial information above has been presented on a GAAP basis, on an adjusted basis, which excludes the impact of transaction and deal related activities, activity related to specified strategic business decisions and certain tax items, and on an adjusted organic basis, which excludes the operating results of Supreme (for the nine months ended December 2021). Contribution from acquisition also excludes transaction and deal related costs. These adjusted presentations are non-GAAP measures. Management believes these measures provide investors with useful supplemental information regarding VF's underlying business trends and the performance of VF's ongoing operations and are useful for period-over-period comparisons of such operations.
Management uses the above financial measures internally in its budgeting and review process and, in some cases, as a factor in determining compensation. While management believes that these non-GAAP financial measures are useful in evaluating the business, this information should be considered as supplemental in nature and should be viewed in addition to, and not in lieu of or superior to, VF's operating performance measures calculated in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similarly titled measures presented by other companies.
VF CORPORATION |
||||||||||||||
Supplemental Financial Information |
||||||||||||||
Reconciliation of Select GAAP Measures to Non-GAAP Measures - Three and Twelve Months Ended March 2021 |
||||||||||||||
(Unaudited) |
||||||||||||||
(In thousands, except per share amounts) |
||||||||||||||
Three Months Ended March 2021 |
As Reported
|
|
Transaction and Deal
|
|
Specified Strategic
|
|
Adjusted |
|||||||
Revenues |
$ |
2,582,672 |
|
$ |
— |
$ |
— |
$ |
2,582,672 |
|
||||
|
|
|
|
|
||||||||||
Gross profit |
|
1,346,273 |
|
|
3,419 |
|
12,542 |
|
1,362,234 |
|
||||
Percent |
|
52.1 |
% |
|
|
|
52.7 |
% |
||||||
|
|
|
|
|
||||||||||
Operating income |
|
122,493 |
|
|
11,845 |
|
38,304 |
|
172,642 |
|
||||
Percent |
|
4.7 |
% |
|
|
|
6.7 |
% |
||||||
|
|
|
|
|
||||||||||
Diluted earnings per share from continuing operations (c) |
|
0.16 |
|
|
0.02 |
|
0.09 |
|
0.27 |
|
||||
|
|
|
|
|
||||||||||
Twelve Months Ended March 2021 |
As Reported
|
|
Transaction and Deal
|
|
Specified Strategic
|
|
Adjusted |
|||||||
Revenues |
$ |
9,238,830 |
|
$ |
— |
$ |
— |
$ |
9,238,830 |
|
||||
|
|
|
|
|
||||||||||
Gross profit |
|
4,868,050 |
|
|
3,829 |
|
55,141 |
|
4,927,020 |
|
||||
Percent |
|
52.7 |
% |
|
|
|
53.3 |
% |
||||||
|
|
|
|
|
||||||||||
Operating income |
|
607,631 |
|
|
18,977 |
|
115,167 |
|
741,775 |
|
||||
Percent |
|
6.6 |
% |
|
|
|
8.0 |
% |
||||||
|
|
|
|
|
||||||||||
Diluted earnings per share from continuing operations (c) |
|
0.91 |
|
|
0.04 |
|
0.36 |
|
1.31 |
|
(a) Transaction and deal related costs include expenses associated with the acquisition and integration of Supreme Holdings, Inc. ("Supreme") of $11.8 million and $18.4 million for the three and twelve months ended March 2021, respectively. Transaction and deal related costs also include expenses associated with the anticipated sale of the Occupational Workwear business of $0.5 million, that did not meet the criteria for discontinued operations, for the twelve months ended March 2021. The transaction and deal related costs resulted in a net tax benefit of $3.0 million and $4.7 million in the three and twelve months ended March 2021, respectively. |
(b) Specified strategic business decisions for the three and twelve months ended March 2021 include costs related to VF's business model transformation of $21.6 million in the three and twelve months ended March 2021, related primarily to asset impairments, restructuring and other costs. Specified strategic business decisions also include costs related to a transformation initiative for our Asia-Pacific regional operations of $3.7 million and $24.0 million in the three and twelve months ended March 2021, respectively. Specified strategic business decisions also include cost optimization activities and other charges indirectly related to the strategic review of the Occupational Workwear business, which totaled $13.0 million and $65.3 million during the three and twelve months ended March 2021, respectively. The costs also include wind down activities in South America after the separation of Kontoor Brands, and costs related to specified strategic business decisions to cease operations in Argentina and planned business model changes in certain other countries in South America, which totaled $4.0 million for the twelve months ended March 2021. The twelve months ended March 2021 also include a $42.4 million noncash charge recorded in the 'Other income (expense), net' line related to the release of certain currency translation amounts associated with the wind down activities in South America. The specified strategic business decisions resulted in a net tax benefit of $2.8 million and $14.5 million in the three and twelve months ended March 2021, respectively. |
(c) Amounts shown in the table have been calculated using unrounded numbers. The diluted earnings per share impacts were calculated using 393,575,000 and 392,121,000 weighted average common shares for the three and twelve months ended March 2021, respectively. |
Non-GAAP Financial Information
The financial information above has been presented on a GAAP basis and on an adjusted basis, which excludes the impact of transaction and deal related costs and activity related to specified strategic business decisions. The adjusted presentation provides non-GAAP measures. Management believes these measures provide investors with useful supplemental information regarding VF's underlying business trends and the performance of VF's ongoing operations and are useful for period-over-period comparisons of such operations.
Management uses the above financial measures internally in its budgeting and review process and, in some cases, as a factor in determining compensation. While management believes that these non-GAAP financial measures are useful in evaluating the business, this information should be considered as supplemental in nature and should be viewed in addition to, and not in lieu of or superior to, VF's operating performance measures calculated in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similarly titled measures presented by other companies.
VF CORPORATION |
||||||||||||||||
Supplemental Financial Information |
||||||||||||||||
Top 4 Brand Revenue Information |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Three Months Ended March 2022 |
|
Twelve Months Ended March 2022 |
||||||||||||
Top 4 Brand Revenue Growth |
|
Americas |
|
EMEA |
|
APAC |
|
Global |
|
Americas |
|
EMEA |
|
APAC |
|
Global |
Vans® |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% change |
|
1% |
|
14% |
|
(24)% |
|
0% |
|
24% |
|
31% |
|
(4)% |
|
20% |
% change constant currency* |
|
1% |
|
22% |
|
(22)% |
|
2% |
|
23% |
|
30% |
|
(7)% |
|
19% |
The North Face® |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% change |
|
35% |
|
12% |
|
24% |
|
24% |
|
29% |
|
40% |
|
28% |
|
33% |
% change constant currency* |
|
35% |
|
18% |
|
22% |
|
26% |
|
29% |
|
40% |
|
23% |
|
32% |
Timberland® |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% change |
|
20% |
|
14% |
|
(20)% |
|
9% |
|
35% |
|
18% |
|
(11)% |
|
20% |
% change constant currency* |
|
20% |
|
21% |
|
(20)% |
|
12% |
|
34% |
|
19% |
|
(13)% |
|
20% |
Dickies® |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% change |
|
16% |
|
9% |
|
(21)% |
|
7% |
|
38% |
|
(13)% |
|
(11)% |
|
19% |
% change constant currency* |
|
16% |
|
16% |
|
(20)% |
|
8% |
|
38% |
|
(13)% |
|
(13)% |
|
19% |
*Refer to constant currency definition on previous pages. |
||||||||||||||||
VF CORPORATION | ||||||||
Supplemental Financial Information |
||||||||
Geographic and Channel Revenue Information |
||||||||
(Unaudited) |
||||||||
|
|
|
|
|
|
|
||
|
|
Three Months Ended March 2022 |
|
|
|
|
||
|
|
% Change |
|
% Change Constant
|
|
|
|
|
Geographic Revenue Growth |
|
|
|
|
||||
U.S. |
12% |
|
12% |
|
|
|||
EMEA |
15% |
|
22% |
|
|
|||
APAC |
(11)% |
|
(10)% |
|
|
|||
Greater China |
(13)% |
|
(14)% |
|
|
|||
Americas (non-U.S.) |
17% |
|
18% |
|
|
|||
International |
7% |
|
11% |
|
|
|||
Global |
9% |
|
12% |
|
|
|||
|
|
|
|
|
||||
|
Twelve Months Ended March 2022 |
|||||||
|
% Change |
|
% Change Constant
|
|
% Change
|
|
% Change Constant
|
|
Geographic Revenue Growth |
|
|
|
|
||||
U.S. |
33% |
|
33% |
|
27% |
|
27% |
|
EMEA |
30% |
|
30% |
|
27% |
|
28% |
|
APAC |
7% |
|
4% |
|
0% |
|
(3)% |
|
Greater China |
1% |
|
(4)% |
|
1% |
|
(4)% |
|
Americas (non-U.S.) |
37% |
|
32% |
|
37% |
|
32% |
|
International |
23% |
|
22% |
|
19% |
|
18% |
|
Global |
28% |
|
27% |
|
23% |
|
23% |
|
|
|
|
|
|
||||
|
Three Months Ended March 2022 |
|
|
|||||
|
% Change |
|
% Change Constant
|
|
|
|||
Channel Revenue Growth |
|
|
|
|
||||
Wholesale (b) |
16% |
|
19% |
|
|
|||
Direct-to-consumer |
1% |
|
3% |
|
|
|||
Digital |
(10)% |
|
(8)% |
|
|
|||
|
|
|
|
|
||||
|
Twelve Months Ended March 2022 |
|||||||
|
% Change |
|
% Change Constant
|
|
% Change
|
|
% Change Constant
|
|
Channel Revenue Growth |
|
|
|
|
||||
Wholesale (b) |
26% |
|
25% |
|
26% |
|
25% |
|
Direct-to-consumer |
31% |
|
31% |
|
21% |
|
20% |
|
Digital |
14% |
|
13% |
|
(1)% |
|
(2)% |
|
|
As of March |
|
|
|||||
|
2022 |
|
2021 |
|
|
|||
DTC Store Count |
|
|
|
|
||||
Total |
1,322 |
1,374 |
|
|
*Refer to constant currency definition on previous pages. |
(a) Excludes acquisition representing the operating results of Supreme for the nine months ended December 2021, which reflects the one-year anniversary of the acquisition. Refer to Non-GAAP financial information on "Reconciliation of Select GAAP Measures to Non-GAAP Measures - Three and Twelve Months Ended March 2022" page for additional information. |
(b) Royalty revenues are included in the wholesale channel for all periods. |
ДЕНВЕР -- (BUSINESS WIRE)-- Корпорация VF (NYSE: VFC) сегодня объявила финансовые результаты за четвертый квартал (4 квартал 22 финансового года) и финансовый год, закончившийся 2 апреля 2022 года (22 финансовый год).
Основные финансовые показатели за 4 квартал 22 финансового года
Основные финансовые показатели за 22 финансовый год
Финансовые перспективы на 23 финансовый год
Стив Рендл, председатель, президент и главный исполнительный директор VF, сказал: "Я доволен прогрессом, которого мы добились в продвижении наших стратегических приоритетов, успешно пройдя еще один насыщенный событиями год. Мы в значительной степени выполнили обязательства, взятые на себя в начале 2022 финансового года, добившись широкомасштабного роста по всему семейству наших брендов. Часть нашего активного сегмента не реализовала свой потенциал. Мы понимаем проблемы, у нас есть нужные люди на месте, и мы знаем, что добьемся большего.
"Наши результаты свидетельствуют о невероятной широте и глубине талантов во всей нашей организации, и наши команды по-прежнему очень изобретательны, целеустремленны и увлечены.
"Мы продолжим вдумчиво инвестировать в наши бренды и возможности стратегического роста, повышающие ценность, и я уверен, что у VF впереди долгий путь к устойчивому, прибыльному и широкомасштабному росту”.
Summary Revenue Information |
||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||
|
Three Months Ended March |
Twelve Months Ended March |
||||||||||||||||||||||
(Dollars in millions) |
2022 |
2021 |
%
|
% Change
|
2022 |
2021 |
%
|
% Change
|
||||||||||||||||
Brand: |
|
|
|
|
|
|
|
|
||||||||||||||||
Vans® |
$ |
991.2 |
$ |
990.5 |
0 |
% |
2 |
% |
$ |
4,161.9 |
$ |
3,465.7 |
20 |
% |
19 |
% |
||||||||
The North Face® |
|
769.5 |
|
621.0 |
24 |
% |
26 |
% |
|
3,259.7 |
|
2,457.4 |
33 |
% |
32 |
% |
||||||||
Timberland® |
|
434.9 |
|
398.8 |
9 |
% |
12 |
% |
|
1,823.1 |
|
1,513.0 |
20 |
% |
20 |
% |
||||||||
Dickies® |
|
197.0 |
|
184.5 |
7 |
% |
8 |
% |
|
837.7 |
|
701.5 |
19 |
% |
19 |
% |
||||||||
Other Brands |
|
432.1 |
|
387.9 |
11 |
% |
15 |
% |
|
1,759.4 |
|
1,101.2 |
60 |
% |
60 |
% |
||||||||
VF Revenue |
$ |
2,824.7 |
$ |
2,582.7 |
9 |
% |
12 |
% |
$ |
11,841.8 |
$ |
9,238.8 |
28 |
% |
27 |
% |
||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||
Region: |
|
|
|
|
|
|
|
|
||||||||||||||||
U.S. |
$ |
1,418.6 |
$ |
1,264.9 |
12 |
% |
12 |
% |
$ |
6,178.3 |
$ |
4,635.7 |
33 |
% |
33 |
% |
||||||||
EMEA |
|
883.4 |
|
767.6 |
15 |
% |
22 |
% |
|
3,399.3 |
|
2,617.9 |
30 |
% |
30 |
% |
||||||||
APAC |
|
377.7 |
|
426.4 |
(11 |
)% |
(10 |
)% |
|
1,637.2 |
|
1,528.4 |
7 |
% |
4 |
% |
||||||||
Americas (non-U.S.) |
|
144.9 |
|
123.8 |
17 |
% |
18 |
% |
|
627.0 |
|
456.8 |
37 |
% |
32 |
% |
||||||||
International |
|
1,406.0 |
|
1,317.8 |
7 |
% |
11 |
% |
|
5,663.5 |
|
4,603.1 |
23 |
% |
22 |
% |
||||||||
VF Revenue |
$ |
2,824.7 |
$ |
2,582.7 |
9 |
% |
12 |
% |
$ |
11,841.8 |
$ |
9,238.8 |
28 |
% |
27 |
% |
||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||
Channel: |
|
|
|
|
|
|
|
|
||||||||||||||||
DTC |
$ |
1,156.8 |
$ |
1,144.4 |
1 |
% |
3 |
% |
$ |
5,404.1 |
$ |
4,113.6 |
31 |
% |
31 |
% |
||||||||
Wholesale (a) |
|
1,667.9 |
|
1,438.2 |
16 |
% |
19 |
% |
|
6,437.8 |
|
5,125.2 |
26 |
% |
25 |
% |
||||||||
VF Revenue |
$ |
2,824.7 |
$ |
2,582.7 |
9 |
% |
12 |
% |
$ |
11,841.8 |
$ |
9,238.8 |
28 |
% |
27 |
% |
All references to periods ended March 2022 relate to the 13-week and 52-week fiscal periods ended April 2, 2022 and all references to periods ended March 2021 relate to the 14-week and 53-week fiscal periods ended April 3, 2021. | ||||
Note: Amounts may not sum due to rounding | ||||
(a) Royalty revenues are included in the wholesale channel for all periods. |
Все суммы на акцию представлены на разводненной основе. В этом выпуске упоминаются суммы “заявленные” и “постоянные в долларах”, термины, которые описаны в разделе ниже “Постоянная валюта - без учета влияния иностранной валюты”. Если не указано иное, суммы “заявленные” и “постоянные в долларах” одинаковы. В этом выпуске также упоминаются суммы “продолжающихся” и “прекращенных” операций, которые являются понятиями, описанными в разделе ниже “Прекращенные операции - Производство профессиональной спецодежды”. Если не указано иное, представленные результаты основаны на продолжающихся операциях. В этом выпуске также упоминаются “скорректированные” суммы, термин, который описан в разделе ниже “Скорректированные суммы - За исключением Операций и связанных со Сделками Действий, Затрат, связанных с Определенными Стратегическими бизнес-решениями и Налоговыми статьями”. Если не указано иное, “заявленные” и “скорректированные” суммы являются одинаковыми. В этом выпуске также упоминаются суммы "без учета приобретений" или как "скорректированные органические", которые исключают вклад бренда Supreme® в течение годичной годовщины приобретения.
Обзор Отчета о прибылях и убытках за четвертый квартал 2022 финансового года
Обзор Отчета о прибылях и убытках за Весь 2022 Финансовый год
Обновленная информация о вспышке COVID-19
Чтобы помочь смягчить распространение COVID-19 и в ответ на рекомендации общественного здравоохранения, а также действия и постановления правительства, VF изменила свою деловую практику, включая временное закрытие офисов и розничных магазинов, введение запретов и ограничений на поездки и внедрение мер по охране здоровья и безопасности, включая социальное дистанцирование и карантин.
Политика нулевой терпимости в Китае в ответ на COVID-19 оказывает влияние на некоторых конкретных поставщиков сырья внутри страны. Большая часть цепочки поставок VF в настоящее время функционирует. Поставщики соблюдают местные рекомендации в области общественного здравоохранения и правительственные ограничения. Большинство поставщиков готовой продукции по производству и сборке вернулись к нормальному рабочему уровню. Сохраняющаяся загруженность портов, доступность оборудования и другие проблемы с логистикой способствовали продолжающимся задержкам с поставкой продукции. VF работает со своими поставщиками, чтобы свести к минимуму перебои в работе, и при необходимости стратегически использует ускоренные перевозки. Распределительные центры VF работают в соответствии с руководящими принципами местных органов власти, соблюдая при этом повышенные стандарты охраны труда и техники безопасности.
В Северной Америке в четвертом квартале не было закрыто ни одного магазина. В настоящее время все магазины открыты.
В регионе EMEA 6% магазинов были закрыты в начале четвертого квартала и в конце четвертого квартала, и в настоящее время ни один магазин не закрыт из-за COVID-19.
В регионе APAC, включая материковый Китай, в начале четвертого квартала ни один магазин не был закрыт. 12% магазинов были закрыты в конце четвертого квартала. В настоящее время 19% магазинов закрыты.
VF продолжает следить за вспышкой COVID-19 во всем мире и будет следовать указаниям государственных органов и органов общественного здравоохранения, чтобы уделять приоритетное внимание здоровью и благополучию своих сотрудников, клиентов, торговых партнеров и потребителей. Поскольку неопределенность в отношении COVID-19 сохраняется, VF ожидает продолжающихся сбоев в своей бизнес-деятельности.
Основные моменты бухгалтерского баланса
Запасы выросли на 34% по сравнению с аналогичным периодом прошлого года. VF вернула акционерам около 194 миллионов долларов наличными в виде дивидендов в течение квартала. Компания также выкупила около 50 миллионов долларов акций в течение квартала, и у нее осталось 2,5 миллиарда долларов в соответствии с ее текущим разрешением на выкуп акций.
Объявленные дивиденды
Совет директоров VF объявил ежеквартальные дивиденды в размере 0,50 доллара на акцию, подлежащие выплате 21 июня 2022 года акционерам record 10 июня 2022 года. При условии одобрения Советом директоров VF намерена продолжать выплачивать свои регулярные денежные дивиденды.
Обновленная информация о налоговом споре в связи с приобретением Timberland
Как сообщалось ранее, VF обратилась в Налоговый суд США (Суд) с просьбой разрешить спор Налоговой службы (IRS) относительно сроков включения дохода, связанного с приобретением VF Timberland Company в сентябре 2011 года. В то время как Налоговое управление США утверждает, что все такие доходы должны были быть немедленно включены в 2011 году, VF сообщала о периодических включениях доходов в последующие налоговые годы. Обе стороны ходатайствовали о вынесении решения по этому вопросу в упрощенном порядке, и 31 января 2022 года Суд вынес свое заключение в пользу Налогового управления США. VF считает, что решение Суда было ошибочным, основанным на технических соображениях, и намерена подать апелляцию; однако VF будет обязана уплатить оспариваемые налоги и проценты за 2011 год или предоставить поручительство. Ожидается, что в течение 2023 финансового года Налоговое управление США оценит и выплатит налоги и проценты за 2011 год, которые будут учтены как подлежащие уплате налоги, исходя из ожидаемой вероятности успешной апелляции VF. Общая сумма налогов и процентов по состоянию на 2 апреля 2022 года оценивалась примерно в 845 миллионов долларов и будет продолжать начислять проценты до тех пор, пока они не будут выплачены. VF продолжает оставаться уверенным в своих сроках и подходе к включению доходов, и VF энергично отстаивает свою позицию. Однако, если решение суда в конечном итоге будет оставлено в силе при обжаловании, VF не может взыскать этот налог, подлежащий уплате. Если решение суда будет поддержано, VF должна иметь право на возврат налогов, уплаченных за периодические включения, о которых сообщила VF. Однако любое такое возмещение может быть существенно уменьшено из-за потенциальных косвенных налоговых последствий, возникающих в результате применения решения Суда. Отложенные налоговые обязательства, представляющие собой будущий налог VF на ежегодные включения, также будут освобождены. Чистое влияние на налоговые расходы, по оценкам на 2 апреля 2022 года, может составить до 700 миллионов долларов.
Информация о веб-трансляции
VF проведет свою телефонную конференцию за четвертый квартал 2022 финансового года, которая начнется сегодня в 4:30 вечера по восточному времени. Конференц-связь будет транслироваться в прямом эфире через Интернет, доступный по адресу ir.vfc.com . Для тех, кто не может прослушать прямую трансляцию, архивная версия будет доступна в том же месте.
Презентация результатов четвертого квартала 2022 финансового года будет доступна по адресу ir.vfc.com сегодня перед телеконференцией и будет заархивирован в том же месте.
Основанная в 1899 году, VF Corporation является одной из крупнейших в мире компаний по производству одежды, обуви и аксессуаров, которая объединяет людей с образом жизни, видами деятельности и впечатлениями, которые они ценят больше всего, благодаря семейству культовых брендов одежды для активного отдыха, активного отдыха и рабочей одежды, включая Vans®, The North Face®, Timberland® и Dickies®. Наша цель - поддерживать движения за устойчивый и активный образ жизни на благо людей и нашей планеты. Мы связываем эту цель с неустанным стремлением к успеху, чтобы создавать ценность для всех заинтересованных сторон и использовать нашу компанию как силу добра. Для получения дополнительной информации, пожалуйста, посетите vfc.com .
Постоянная валюта - Без учета влияния иностранной валюты
В этом выпуске речь идет о “заявленных” суммах в соответствии с общепринятыми принципами бухгалтерского учета США (“GAAP”), которые включают пересчет и влияние на операции обменных курсов иностранных валют. В этом выпуске также упоминаются суммы в “постоянных долларах”, которые исключают влияние перевода иностранных валют в доллары США. Сверка показателей GAAP с суммами в постоянной валюте представлена в дополнительной финансовой информации, прилагаемой к настоящему выпуску, в которой указаны и количественно определены все исключенные статьи, а также представлено мнение руководства о том, почему эта информация полезна для инвесторов.
Прекращенная деятельность - Производство Профессиональной Спецодежды
28 июня 2021 года VF завершила продажу своего бизнеса по производству профессиональной спецодежды. Бизнес профессиональной спецодежды состоял в основном из следующих брендов и компаний: Red Kap®, VF Solutions®, Bulwark®, Workrite®, Walls®, Terra®, Kodiak®, Work Authority® и Horace Small®. Бизнес также включал лицензию на определенные продукты Dickies® для профессиональной спецодежды, которые исторически продавались по каналу "бизнес-бизнес". Соответственно, компания отразила соответствующие активы и обязательства, предназначенные для продажи, как активы и обязательства прекращенной деятельности и включила операционные результаты и денежные потоки бизнеса в прекращенную деятельность за все периоды, начиная с даты продажи.
Скорректированные Суммы - Без учета Операций и Связанных со Сделками Действий, Затрат, связанных с Определенными Стратегическими Бизнес-решениями, и Налоговых статей
Скорректированные суммы в этом выпуске исключают операции и связанные со сделками действия, связанные с приобретением бренда Supreme®. Общая сумма сделок и связанных со сделкой действий включает увеличение оценочной справедливой стоимости условного обязательства по возмещению на 8 миллионов долларов в четвертом квартале 2022 финансового года и снижение на 150 миллионов долларов в 2022 финансовом году, а также затраты на интеграцию примерно на 1 миллион долларов в четвертом квартале 2022 финансового года и 7 миллионов долларов в 2022 финансовом году.
Скорректированные суммы в этом выпуске исключают расходы, связанные с трансформацией бизнес-модели VF, инициативой по преобразованию наших операций в Азиатско-Тихоокеанском регионе, а также конкретные расходы, связанные с определенными активами, пострадавшими в результате конфликта в Украине. Общие расходы составили примерно 23 миллиона долларов в четвертом квартале 2022 финансового года и 60 миллионов долларов в 2022 финансовом году.
Скорректированные суммы в этом выпуске исключают чистые налоговые расходы в размере приблизительно 67 миллионов долларов США и 119 миллионов долларов США, связанные с определенными отдельными налоговыми корректировками, признанными в четвертом квартале 2022 финансового года и в течение 2022 финансового года, соответственно.
В совокупности вышеуказанные статьи негативно повлияли на прибыль на акцию на 0,24 доллара США в четвертом квартале 2022 финансового года и 0,08 доллара США в течение 2022 финансового года. Все скорректированные суммы, указанные в настоящем документе, исключают влияние этих сумм.
Сверка показателей, рассчитанных в соответствии с GAAP, с скорректированными суммами представлена в дополнительной финансовой информации, прилагаемой к данному выпуску, в которой указаны и количественно определены все исключенные статьи, а также представлено мнение руководства о том, почему эта информация полезна для инвесторов. Компания также предоставляет рекомендации на основе, отличной от GAAP, поскольку мы не можем предсказать некоторые элементы, которые включены в отчетные результаты GAAP, включая влияние иностранной валюты и других стратегических инициатив. Кроме того, влияние ожидаемой выплаты налогов и процентов, связанных со спором с Налоговым управлением США относительно приобретения Timberland в 2011 году, описанное выше, было исключено из скорректированного денежного потока от операций на 2023 финансовый год.
Прогнозные заявления
Некоторые заявления, включенные в этот релиз, являются "прогнозными заявлениями" по смыслу федеральных законов о ценных бумагах. Прогнозные заявления делаются на основе наших ожиданий и убеждений относительно будущих событий, влияющих на VF, и, следовательно, связаны с рядом рисков и неопределенностей. Вы можете идентифицировать эти утверждения по тому факту, что в них используются такие слова, как “будет”, “ожидать”, “оценивать”, “ожидать”, “должен” и “может”, а также другие слова и термины с аналогичным значением или использованием будущих дат; однако отсутствие этих слов или подобные выражения не означают, что заявление не является прогнозным. Все заявления, касающиеся планов, целей, прогнозов и ожиданий VF, касающихся операций или финансовых результатов VF, а также связанных с ними допущений, являются заявлениями прогнозного характера. Мы предупреждаем, что прогнозные заявления не являются гарантиями и что фактические результаты могут существенно отличаться от тех, которые выражены или подразумеваются в прогнозных заявлениях. VF не берет на себя никаких обязательств по публичному обновлению или пересмотру каких-либо прогнозных заявлений, будь то в результате новой информации, будущих событий или иным образом, за исключением случаев, предусмотренных законом. Потенциальные риски и неопределенности, которые могут вызвать фактические результаты деятельности или финансовое состояние Ф. могут существенно отличаться от выраженных или подразумеваемых в заявлениях прогнозного характера включают, но не ограничиваясь: риски, связанные с широко распространенной вспышки болезни или каких-либо других инфекционных болезней, или любой другой кризис здравоохранения, в том числе коронавируса (COVID-19) глобальная пандемия, уровень потребительского спроса на одежду, обувь и аксессуары; нарушение ВФ водораспределительной системы; изменения в мировой экономической конъюнктуры и финансовой прочности ВФ клиентов, в том числе в результате текущее инфляционное давление; колебания цен, наличия и качества сырья и продукции по контракту; перебои и нестабильность в мировой рынки капитала и кредитные рынки; ВФ ответ на меняющиеся модные тенденции, меняющиеся потребительские предпочтения и изменение моделей поведения потребителей; сильной конкуренцией со стороны онлайн-ритейлеров и прочих прямой к потребителю бизнес-рисков; сторонних производителей и товарных инноваций; усиливается давление на маржу; В. Ф. возможность реализации своей бизнес-стратегии; ВФ способность развивать международные, непосредственно на потребителя и digital-компаний; ВФ способность трансформировать свою модель, чтобы быть более потребителей единомышленников, ориентированный на розничную торговлю и Hyper-цифровой; розничная изменения в отрасли и проблемы; ВФ способность создавать и поддерживать гибкую и эффективную модель функционирования и организационной структуры; В. Ф. и ее поставщиков способность сохранять прочность и обеспечение безопасности информационно-технологических систем; риск того, что ВФ объектов и систем и наши сторонние поставщики услуг могут быть подвержены и можете прогнозировать или выявлять нарушения информационной безопасности и данные или потерю данных, финансовые убытки; ВФ умения правильно собирать, использовать, управлять и защищать бизнес, потребителей и сотрудников данных и соблюдения конфиденциальности и безопасности акты; валютные колебания; устойчивость ВФ поставщиков производственные мощности и VF способность устанавливать и поддерживать эффективные цепи поставок, возможности; продолжение использования ВФ поставщиков этической деловой практики; ВФ способность точно прогнозировать спрос на продукцию; преемственности членов ВФ менеджмента; ВФ способность привлекать, развивать и удерживать квалифицированные кадры; В. Ф. возможности защиты товарных знаков и других прав интеллектуальной собственности; можно гудвил и прочие обесценения активов; поддержание ВФ по лицензиатов и дистрибьюторов стоимости ВФ брендов; ВФ способность исполнять приобретения и отчуждения и интеграция приобретений; устойчивость бизнеса в ответ на природные или техногенные экономические, политические или экологические нарушения; изменения в налоговом законодательстве и дополнительные налоговые обязательства, в том числе для сроков поступлений включения, связанных с приобретением в Timberland® - бренд в 2011 году; правовые, нормативные, политические, экономические, а также геополитические риски, в том числе связанных с нынешнего конфликта в Украине; изменения в законы и правила; отрицательное или непредвиденных погодных условий; В. Ф. по задолженности и возможность получить финансирование на льготных условиях, в случае необходимости, может предотвратить В. Ф. от выполнения своих финансовых обязательств; изменение климата и рост внимания к экологическим, социальным и управленческим вопросам; и налоговые риски, связанные со спин-офф нашей джинсовой одежды бизнес завершено в 2019 году. Дополнительная информация о потенциальных факторах, которые могут повлиять на финансовые результаты VF, время от времени включается в публичные отчеты VF, подаваемые в SEC, включая Годовой отчет VF по форме 10-K и Квартальные отчеты по форме 10-Q, а также Формы 8-K, поданные или предоставленные SEC.
VF CORPORATION |
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Condensed Consolidated Statements of Operations |
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(Unaudited) |
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(In thousands, except per share amounts) |
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Three Months Ended March |
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Twelve Months Ended March |
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2022 |
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2021 |
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2022 |
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2021 |
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Net revenues |
|
$ |
2,824,664 |
|
|
$ |
2,582,672 |
|
|
$ |
11,841,840 |
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|
$ |
9,238,830 |
|
Costs and operating expenses |
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|
|
|
|
|
|
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Cost of goods sold |
|
|
1,358,792 |
|
|
|
1,236,399 |
|
|
|
5,386,393 |
|
|
|
4,370,780 |
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Selling, general and administrative expenses |
|
|
1,273,480 |
|
|
|
1,211,250 |
|
|
|
4,823,243 |
|
|
|
4,240,058 |
|
Impairment of intangible assets |
|
|
— |
|
|
|
12,530 |
|
|
|
— |
|
|
|
20,361 |
|
Total costs and operating expenses |
|
|
2,632,272 |
|
|
|
2,460,179 |
|
|
|
10,209,636 |
|
|
|
8,631,199 |
|
Operating income |
|
|
192,392 |
|
|
|
122,493 |
|
|
|
1,632,204 |
|
|
|
607,631 |
|
Interest, net |
|
|
(30,930 |
) |
|
|
(35,844 |
) |
|
|
(131,463 |
) |
|
|
(126,500 |
) |
Loss on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
(3,645 |
) |
|
|
— |
|
Other income (expense), net |
|
|
9,659 |
|
|
|
2,400 |
|
|
|
26,154 |
|
|
|
(24,659 |
) |
Income from continuing operations before income taxes |
|
|
171,121 |
|
|
|
89,049 |
|
|
|
1,523,250 |
|
|
|
456,472 |
|
Income tax expense |
|
|
90,678 |
|
|
|
27,306 |
|
|
|
306,981 |
|
|
|
101,566 |
|
Income from continuing operations |
|
|
80,443 |
|
|
|
61,743 |
|
|
|
1,216,269 |
|
|
|
354,906 |
|
Income from discontinued operations, net of tax |
|
|
399 |
|
|
|
27,777 |
|
|
|
170,672 |
|
|
|
52,963 |
|
Net income |
|
$ |
80,842 |
|
|
$ |
89,520 |
|
|
$ |
1,386,941 |
|
|
$ |
407,869 |
|
Earnings per common share - basic (a) |
|
|
|
|
|
|
|
|
||||||||
Continuing operations |
|
$ |
0.21 |
|
|
$ |
0.16 |
|
|
$ |
3.12 |
|
|
$ |
0.91 |
|
Discontinued operations |
|
|
— |
|
|
|
0.07 |
|
|
|
0.44 |
|
|
|
0.14 |
|
Total earnings per common share - basic |
|
$ |
0.21 |
|
|
$ |
0.23 |
|
|
$ |
3.55 |
|
|
$ |
1.05 |
|
Earnings per common share - diluted (a) |
|
|
|
|
|
|
|
|
||||||||
Continuing operations |
|
$ |
0.21 |
|
|
$ |
0.16 |
|
|
$ |
3.10 |
|
|
$ |
0.91 |
|
Discontinued operations |
|
|
— |
|
|
|
0.07 |
|
|
|
0.43 |
|
|
|
0.14 |
|
Total earnings per common share - diluted |
|
$ |
0.21 |
|
|
$ |
0.23 |
|
|
$ |
3.53 |
|
|
$ |
1.04 |
|
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
387,604 |
|
|
|
390,747 |
|
|
|
390,291 |
|
|
|
389,655 |
|
Diluted |
|
|
389,002 |
|
|
|
393,575 |
|
|
|
392,411 |
|
|
|
392,121 |
|
Cash dividends per common share |
|
$ |
0.50 |
|
|
$ |
0.49 |
|
|
$ |
1.98 |
|
|
$ |
1.94 |
|
Basis of presentation of condensed consolidated financial statements: VF operates and reports using a 52/53 week fiscal year ending on the Saturday closest to March 31 of each year. For presentation purposes herein, all references to periods ended March 2022 relate to the 13-week and 52-week fiscal periods ended April 2, 2022 and all references to periods ended March 2021 relate to the 14-week and 53-week fiscal periods ended April 3, 2021. |
||||||
(a) Amounts have been calculated using unrounded numbers. |
||||||
VF CORPORATION | ||||||||
Condensed Consolidated Balance Sheets |
||||||||
(Unaudited) |
||||||||
(In thousands) |
||||||||
|
|
|
|
|
||||
|
|
March |
|
March |
||||
|
|
2022 |
|
2021 |
||||
ASSETS |
|
|
|
|
||||
Current assets |
|
|
|
|
||||
Cash and equivalents |
|
$ |
1,275,943 |
|
|
$ |
815,750 |
|
Accounts receivable, net |
|
|
1,467,842 |
|
|
|
1,298,020 |
|
Inventories |
|
|
1,418,673 |
|
|
|
1,061,839 |
|
Short-term investments |
|
|
— |
|
|
|
598,806 |
|
Other current assets |
|
|
425,622 |
|
|
|
423,877 |
|
Current assets of discontinued operations |
|
|
— |
|
|
|
587,578 |
|
Total current assets |
|
|
4,588,080 |
|
|
|
4,785,870 |
|
Property, plant and equipment, net |
|
|
1,041,777 |
|
|
|
975,876 |
|
Goodwill and intangible assets, net |
|
|
5,394,158 |
|
|
|
5,454,972 |
|
Operating lease right-of-use assets |
|
|
1,247,056 |
|
|
|
1,474,434 |
|
Other assets |
|
|
1,071,137 |
|
|
|
1,062,877 |
|
Total assets |
|
$ |
13,342,208 |
|
|
$ |
13,754,029 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
||||
Current liabilities |
|
|
|
|
||||
Short-term borrowings |
|
$ |
335,462 |
|
|
$ |
11,061 |
|
Current portion of long-term debt |
|
|
501,051 |
|
|
|
1,023 |
|
Accounts payable |
|
|
562,992 |
|
|
|
463,208 |
|
Accrued liabilities |
|
|
1,915,892 |
|
|
|
1,609,928 |
|
Current liabilities of discontinued operations |
|
|
— |
|
|
|
125,257 |
|
Total current liabilities |
|
|
3,315,397 |
|
|
|
2,210,477 |
|
Long-term debt |
|
|
4,584,261 |
|
|
|
5,709,149 |
|
Operating lease liabilities |
|
|
1,023,759 |
|
|
|
1,236,461 |
|
Other liabilities |
|
|
888,436 |
|
|
|
1,541,778 |
|
Total liabilities |
|
|
9,811,853 |
|
|
|
10,697,865 |
|
Stockholders' equity |
|
|
3,530,355 |
|
|
|
3,056,164 |
|
Total liabilities and stockholders' equity |
|
$ |
13,342,208 |
|
|
$ |
13,754,029 |
|
|
VF CORPORATION | ||||||||
Condensed Consolidated Statements of Cash Flows |
||||||||
(Unaudited) |
||||||||
(In thousands) |
||||||||
|
|
|
||||||
|
|
Twelve Months Ended March |
||||||
|
|
2022 |
|
2021 |
||||
Operating activities |
|
|
|
|
||||
Net income |
|
$ |
1,386,941 |
|
|
$ |
407,869 |
|
Income from discontinued operations, net of tax |
|
|
170,672 |
|
|
|
52,963 |
|
Income from continuing operations, net of tax |
|
|
1,216,269 |
|
|
|
354,906 |
|
Impairment of intangible assets |
|
|
— |
|
|
|
20,361 |
|
Depreciation and amortization |
|
|
266,935 |
|
|
|
269,081 |
|
Reduction in the carrying amount of right-of-use assets |
|
|
410,132 |
|
|
|
427,594 |
|
Other adjustments |
|
|
(1,035,138 |
) |
|
|
161,312 |
|
Cash provided by operating activities - continuing operations |
|
|
858,198 |
|
|
|
1,233,254 |
|
Cash provided by operating activities - discontinued operations |
|
|
6,090 |
|
|
|
79,971 |
|
Cash provided by operating activities |
|
|
864,288 |
|
|
|
1,313,225 |
|
Investing activities |
|
|
|
|
||||
Business acquisitions, net of cash received |
|
|
3,760 |
|
|
|
(2,009,151 |
) |
Proceeds from sale of businesses, net of cash sold |
|
|
616,928 |
|
|
|
— |
|
Purchases of short-term investments |
|
|
— |
|
|
|
(800,000 |
) |
Proceeds from sale and maturities of short-term investments |
|
|
598,806 |
|
|
|
200,000 |
|
Capital expenditures |
|
|
(245,449 |
) |
|
|
(198,658 |
) |
Software purchases |
|
|
(82,871 |
) |
|
|
(75,542 |
) |
Other, net |
|
|
13,086 |
|
|
|
(8,634 |
) |
Cash provided (used) by investing activities - continuing operations |
|
|
904,260 |
|
|
|
(2,891,985 |
) |
Cash used by investing activities - discontinued operations |
|
|
(525 |
) |
|
|
(3,633 |
) |
Cash provided (used) by investing activities |
|
|
903,735 |
|
|
|
(2,895,618 |
) |
Financing activities |
|
|
|
|
||||
Net increase (decrease) from short-term borrowings and long-term debt |
|
|
(182,292 |
) |
|
|
1,755,224 |
|
Share repurchases |
|
|
(350,004 |
) |
|
|
— |
|
Cash dividends paid |
|
|
(773,205 |
) |
|
|
(756,784 |
) |
Proceeds from issuance of Common Stock, net of payments for tax withholdings |
|
|
36,654 |
|
|
|
54,438 |
|
Cash provided (used) by financing activities |
|
|
(1,268,847 |
) |
|
|
1,052,878 |
|
Effect of foreign currency rate changes on cash, cash equivalents and restricted cash |
|
|
(73,299 |
) |
|
|
(30,603 |
) |
Net change in cash, cash equivalents and restricted cash |
|
|
425,877 |
|
|
|
(560,118 |
) |
Cash, cash equivalents and restricted cash – beginning of year |
|
|
851,205 |
|
|
|
1,411,323 |
|
Cash, cash equivalents and restricted cash – end of period |
|
$ |
1,277,082 |
|
|
$ |
851,205 |
|
VF CORPORATION | ||||||||||||||
Supplemental Financial Information |
||||||||||||||
Reportable Segment Information |
||||||||||||||
(Unaudited) |
||||||||||||||
(In thousands) |
||||||||||||||
|
|
|
|
|||||||||||
|
Three Months Ended March |
% Change |
% Change Constant
|
|||||||||||
|
2022 |
2021 |
||||||||||||
Segment revenues |
|
|
|
|
||||||||||
Outdoor |
$ |
1,274,766 |
|
$ |
1,060,923 |
|
20% |
23% |
||||||
Active |
|
1,275,520 |
|
|
1,262,217 |
|
1% |
3% |
||||||
Work |
|
274,150 |
|
|
259,517 |
|
6% |
7% |
||||||
Other (b) |
|
228 |
|
|
15 |
|
* |
* |
||||||
Total segment revenues |
$ |
2,824,664 |
|
$ |
2,582,672 |
|
9% |
12% |
||||||
Segment profit |
|
|
|
|
||||||||||
Outdoor |
$ |
132,762 |
|
$ |
58,681 |
|
|
|
||||||
Active |
|
170,038 |
|
|
180,835 |
|
|
|
||||||
Work |
|
42,843 |
|
|
13,469 |
|
|
|
||||||
Other (b) |
|
110 |
|
|
3,912 |
|
|
|
||||||
Total segment profit |
|
345,753 |
|
|
256,897 |
|
|
|
||||||
Impairment of indefinite-lived intangible assets |
|
— |
|
|
(12,400 |
) |
|
|
||||||
Corporate and other expenses |
|
(143,702 |
) |
|
(119,604 |
) |
|
|
||||||
Interest, net |
|
(30,930 |
) |
|
(35,844 |
) |
|
|
||||||
Income from continuing operations before income taxes |
$ |
171,121 |
|
$ |
89,049 |
|
|
|
(a) |
Refer to constant currency definition on the following pages. |
|
(b) |
Other is included for purposes of reconciliation of revenues and profit, but it is not considered a reportable segment. Includes results primarily related to the sale of non-VF products and sourcing activities related to transition services. |
|
* Calculation not meaningful | ||
VF CORPORATION | ||||||||||||||||||||
Supplemental Financial Information |
||||||||||||||||||||
Reportable Segment Information |
||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||
(In thousands) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Twelve Months Ended March |
|
% Change |
|
% Change
|
|
% Change
|
|
% Change
|
||||||||||
|
|
2022 |
|
2021 |
|
|
|
|
||||||||||||
Segment revenues |
|
|
|
|
|
|
||||||||||||||
Outdoor |
$ |
5,327,568 |
|
$ |
4,127,601 |
|
29% |
28% |
29% |
28% |
||||||||||
Active |
|
5,380,338 |
|
|
4,160,856 |
|
29% |
29% |
19% |
18% |
||||||||||
Work |
|
1,133,149 |
|
|
945,680 |
|
20% |
19% |
20% |
19% |
||||||||||
Other (c) |
|
785 |
|
|
4,693 |
|
* |
* |
* |
* |
||||||||||
Total segment revenues |
$ |
11,841,840 |
|
$ |
9,238,830 |
|
28% |
27% |
23% |
23% |
||||||||||
Segment profit (loss) |
|
|
|
|
|
|
||||||||||||||
Outdoor |
$ |
795,523 |
|
$ |
342,212 |
|
|
|
|
|
||||||||||
Active |
|
979,746 |
|
|
648,467 |
|
|
|
|
|
||||||||||
Work |
|
193,492 |
|
|
27,141 |
|
|
|
|
|
||||||||||
Other (c) |
|
(586 |
) |
|
(5,410 |
) |
|
|
|
|
||||||||||
Total segment profit |
|
1,968,175 |
|
|
1,012,410 |
|
|
|
|
|
||||||||||
Impairment of indefinite-lived intangible assets (d) |
|
— |
|
|
(12,400 |
) |
|
|
|
|
||||||||||
Corporate and other expenses |
|
(309,817 |
) |
|
(417,038 |
) |
|
|
|
|
||||||||||
Interest, net |
|
(131,463 |
) |
|
(126,500 |
) |
|
|
|
|
||||||||||
Loss on debt extinguishment |
|
(3,645 |
) |
|
— |
|
|
|
|
|
||||||||||
Income from continuing operations before income taxes |
$ |
1,523,250 |
|
$ |
456,472 |
|
|
|
|
|
(a) Refer to constant currency definition on the following pages. |
(b) Excludes acquisition representing the operating results of Supreme for the nine months ended December 2021, which reflects the one-year anniversary of the acquisition. Refer to Non-GAAP financial information on "Reconciliation of Select GAAP Measures to Non-GAAP Measures - Three and Twelve Months Ended March 2022" page for additional information. |
(c) Other is included for purposes of reconciliation of revenues and profit, but it is not considered a reportable segment. Includes results primarily related to the sale of non-VF products and sourcing activities related to transition services. |
(d) Excludes $8.0 million of impairment charges related to definite-lived intangible assets, which are primarily recorded in the Work segment, in the twelve months ended March 2021. |
* Calculation not meaningful |
VF CORPORATION | ||||||||||||
Supplemental Financial Information |
||||||||||||
Reportable Segment Information – Constant Currency Basis |
||||||||||||
(Unaudited) |
||||||||||||
(In thousands) |
||||||||||||
|
|
|
||||||||||
|
|
Three Months Ended March 2022 |
||||||||||
|
|
As Reported |
|
Adjust for Foreign |
|
|
||||||
|
|
under GAAP |
|
Currency Exchange |
|
Constant Currency |
||||||
Segment revenues |
|
|
|
|
|
|
||||||
Outdoor |
|
$ |
1,274,766 |
|
|
$ |
27,542 |
|
|
$ |
1,302,308 |
|
Active |
|
|
1,275,520 |
|
|
|
30,675 |
|
|
|
1,306,195 |
|
Work |
|
|
274,150 |
|
|
|
2,532 |
|
|
|
276,682 |
|
Other (a) |
|
|
228 |
|
|
|
— |
|
|
|
228 |
|
Total segment revenues |
|
$ |
2,824,664 |
|
|
$ |
60,749 |
|
|
$ |
2,885,413 |
|
Segment profit |
|
|
|
|
|
|
||||||
Outdoor |
|
$ |
132,762 |
|
|
$ |
2,554 |
|
|
$ |
135,316 |
|
Active |
|
|
170,038 |
|
|
|
7,845 |
|
|
|
177,883 |
|
Work |
|
|
42,843 |
|
|
|
593 |
|
|
|
43,436 |
|
Other (a) |
|
|
110 |
|
|
|
(5 |
) |
|
|
105 |
|
Total segment profit |
|
|
345,753 |
|
|
|
10,987 |
|
|
|
356,740 |
|
Corporate and other expenses |
|
|
(143,702 |
) |
|
|
(225 |
) |
|
|
(143,927 |
) |
Interest, net |
|
|
(30,930 |
) |
|
|
— |
|
|
|
(30,930 |
) |
Income from continuing operations before income taxes |
|
$ |
171,121 |
|
|
$ |
10,762 |
|
|
$ |
181,883 |
|
Diluted earnings per share growth |
|
|
32 |
% |
|
|
15 |
% |
|
|
47 |
% |
|
(a) Other is included for purposes of reconciliation of revenues and profit, but it is not considered a reportable segment. Includes results primarily related to the sale of non-VF products and sourcing activities related to transition services. |
Финансовая информация в Постоянной Валюте
VF - глобальная компания, которая представляет финансовую информацию в долларах США в соответствии с GAAP. Колебания обменного курса иностранной валюты влияют на суммы, отражаемые VF в результате перевода ее иностранных доходов и расходов в доллары США. Эти колебания ставок могут оказать существенное влияние на отчетные операционные результаты. В дополнение к нашим отчетным операционным результатам мы представляем финансовую информацию в постоянной валюте, которая является финансовым показателем, не относящимся к GAAP, и исключает влияние перевода иностранных валют в доллары США. Мы используем постоянную информацию о валюте, чтобы обеспечить основу для оценки эффективности нашего бизнеса, исключая влияние изменений курсов, используемых для расчета пересчета иностранной валюты. Руководство считает, что эта информация полезна для инвесторов, чтобы облегчить сравнение операционных результатов и лучше определить тенденции в нашем бизнесе.
Для расчета пересчета иностранной валюты на основе постоянной валюты операционные результаты за период текущего года для организаций, отчитывающихся в валютах, отличных от доллара США, пересчитываются в доллары США по средним обменным курсам, действовавшим в течение сопоставимого периода предыдущего года (а не по фактическим обменным курсам, действовавшим в течение текущего года годовой период).
Эти показатели эффективности в постоянных валютах следует рассматривать в дополнение, а не вместо или выше наших показателей операционной эффективности, рассчитанных в соответствии с GAAP. Представленная информация о постоянной валюте может быть несопоставима с аналогичными показателями, представленными другими компаниями.
VF CORPORATION |
||||||||||||
Supplemental Financial Information |
||||||||||||
Reportable Segment Information – Constant Currency Basis |
||||||||||||
(Unaudited) |
||||||||||||
(In thousands) |
||||||||||||
|
|
|
||||||||||
|
|
Twelve Months Ended March 2022 |
||||||||||
|
|
As Reported |
|
Adjust for Foreign |
|
|
||||||
|
|
under GAAP |
|
Currency Exchange |
|
Constant Currency |
||||||
Segment revenues |
|
|
|
|
|
|
||||||
Outdoor |
|
$ |
5,327,568 |
|
|
$ |
(26,673 |
) |
|
$ |
5,300,895 |
|
Active |
|
|
5,380,338 |
|
|
|
(32,254 |
) |
|
|
5,348,084 |
|
Work |
|
|
1,133,149 |
|
|
|
(6,914 |
) |
|
|
1,126,235 |
|
Other (a) |
|
|
785 |
|
|
|
— |
|
|
|
785 |
|
Total segment revenues |
|
$ |
11,841,840 |
|
|
$ |
(65,841 |
) |
|
$ |
11,775,999 |
|
Segment profit (loss) |
|
|
|
|
|
|
||||||
Outdoor |
|
$ |
795,523 |
|
|
$ |
(5,306 |
) |
|
$ |
790,217 |
|
Active |
|
|
979,746 |
|
|
|
(5,507 |
) |
|
|
974,239 |
|
Work |
|
|
193,492 |
|
|
|
(1,601 |
) |
|
|
191,891 |
|
Other (a) |
|
|
(586 |
) |
|
|
(58 |
) |
|
|
(644 |
) |
Total segment profit |
|
|
1,968,175 |
|
|
|
(12,472 |
) |
|
|
1,955,703 |
|
Corporate and other expenses |
|
|
(309,817 |
) |
|
|
946 |
|
|
|
(308,871 |
) |
Interest, net |
|
|
(131,463 |
) |
|
|
— |
|
|
|
(131,463 |
) |
Loss on debt extinguishment |
|
|
(3,645 |
) |
|
|
— |
|
|
|
(3,645 |
) |
Income from continuing operations before income taxes |
|
$ |
1,523,250 |
|
|
$ |
(11,526 |
) |
|
$ |
1,511,724 |
|
Diluted earnings per share growth |
|
|
242 |
% |
|
|
(2 |
)% |
|
|
240 |
% |
(a) Other is included for purposes of reconciliation of revenues and profit, but it is not considered a reportable segment. Includes results primarily related to the sale of non-VF products and sourcing activities related to transition services. |
Финансовая информация в Постоянной Валюте
VF - глобальная компания, которая представляет финансовую информацию в долларах США в соответствии с GAAP. Колебания обменного курса иностранной валюты влияют на суммы, отражаемые VF в результате перевода ее иностранных доходов и расходов в доллары США. Эти колебания ставок могут оказать существенное влияние на отчетные операционные результаты. В дополнение к нашим отчетным операционным результатам мы представляем финансовую информацию в постоянной валюте, которая является финансовым показателем, не относящимся к GAAP, и исключает влияние перевода иностранных валют в доллары США. Мы используем постоянную информацию о валюте, чтобы обеспечить основу для оценки эффективности нашего бизнеса, исключая влияние изменений курсов, используемых для расчета пересчета иностранной валюты. Руководство считает, что эта информация полезна для инвесторов, чтобы облегчить сравнение операционных результатов и лучше определить тенденции в нашем бизнесе.
Для расчета пересчета иностранной валюты на основе постоянной валюты операционные результаты за период текущего года для организаций, отчитывающихся в валютах, отличных от доллара США, пересчитываются в доллары США по средним обменным курсам, действовавшим в течение сопоставимого периода предыдущего года (а не по фактическим обменным курсам, действовавшим в течение текущего года годовой период).
Эти показатели эффективности в постоянных валютах следует рассматривать в дополнение, а не вместо или выше наших показателей операционной эффективности, рассчитанных в соответствии с GAAP. Представленная информация о постоянной валюте может быть несопоставима с аналогичными показателями, представленными другими компаниями.
VF CORPORATION |
||||||||||||||||||||||||||
Supplemental Financial Information |
||||||||||||||||||||||||||
Reconciliation of Select GAAP Measures to Non-GAAP Measures - Three and Twelve Months Ended March 2022 |
||||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||||
(In thousands, except per share amounts) |
||||||||||||||||||||||||||
Three Months Ended March 2022 |
As Reported
|
Transaction
|
Specified
|
Tax
|
Adjusted |
Contribution
|
Adjusted
|
|||||||||||||||||||
Revenues |
$ |
2,824,664 |
|
$ |
— |
|
$ |
— |
$ |
— |
$ |
2,824,664 |
|
$ |
— |
|
$ |
2,824,664 |
|
|||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
Gross profit |
|
1,465,872 |
|
|
— |
|
|
7,376 |
|
— |
|
1,473,248 |
|
|
— |
|
|
1,473,248 |
|
|||||||
Percent |
|
51.9 |
% |
|
|
|
|
52.2 |
% |
|
|
52.2 |
% |
|||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
Operating income |
|
192,392 |
|
|
8,613 |
|
|
22,736 |
|
— |
|
223,741 |
|
|
— |
|
|
223,741 |
|
|||||||
Percent |
|
6.8 |
% |
|
|
|
|
7.9 |
% |
|
|
7.9 |
% |
|||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
Diluted earnings per share from continuing operations (e) |
|
0.21 |
|
|
0.01 |
|
|
0.06 |
|
0.17 |
|
0.45 |
|
|
— |
|
|
0.45 |
|
|||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
Twelve Months Ended March 2022 |
As Reported
|
Transaction
|
Specified
|
Tax
|
Adjusted |
Contribution
|
Adjusted
|
|||||||||||||||||||
Revenues |
$ |
11,841,840 |
|
$ |
— |
|
$ |
— |
$ |
— |
$ |
11,841,840 |
|
$ |
(438,482 |
) |
$ |
11,403,358 |
|
|||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
Gross profit |
|
6,455,447 |
|
|
— |
|
|
29,320 |
|
— |
|
6,484,767 |
|
|
(263,988 |
) |
|
6,220,779 |
|
|||||||
Percent |
|
54.5 |
% |
|
|
|
|
54.8 |
% |
|
|
54.6 |
% |
|||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
Operating income |
|
1,632,204 |
|
|
(143,267 |
) |
|
60,407 |
|
— |
|
1,549,344 |
|
|
(93,847 |
) |
|
1,455,497 |
|
|||||||
Percent |
|
13.8 |
% |
|
|
|
|
13.1 |
% |
|
|
12.8 |
% |
|||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
Diluted earnings per share from continuing operations (e) |
|
3.10 |
|
|
(0.36 |
) |
|
0.13 |
|
0.30 |
|
3.18 |
|
|
(0.19 |
) |
|
2.98 |
|
(a) Transaction and deal related activities include activities associated with the acquisition of Supreme Holdings, Inc. ("Supreme") for the three and twelve months ended March 2022. Transaction and deal related activities include an increase in the estimated fair value of the contingent consideration liability of $8.0 million and a decrease of $150.0 million for the three and twelve months ended March 2022, respectively, and integration costs of $0.6 million and $6.7 million for the three and twelve months ended March 2022, respectively. The transaction and deal related activities resulted in a net tax benefit of $2.9 million and net tax expense of $2.2 million in the three and twelve months ended March 2022, respectively, primarily related to the impact of the changes in the estimated fair value of the contingent consideration liability on the income tax calculations. |
(b) Specified strategic business decisions include costs related to VF's business model transformation of $8.2 million and $10.4 million in the three and twelve months ended March 2022, respectively, related primarily to restructuring and other costs. Specified strategic business decisions also include costs related to a transformation initiative for our Asia-Pacific regional operations of $5.8 million and $41.3 million in the three and twelve months ended March 2022, respectively. Also included in the adjustments are specific charges related to certain assets impacted by the conflict in Ukraine of $8.7 million in the three and twelve months ended March 2022. The specified strategic business decisions also include non-operating income of $1.5 million during the twelve months ended March 2022, associated with VF's transformation initiatives. The specified strategic business decisions resulted in a net tax benefit of $1.3 million and $6.5 million in the three and twelve months ended March 2022, respectively. |
(c) Tax items include $67.3 million and $119.2 million net tax expense associated with certain discrete tax adjustments recognized during the three and twelve months ended March 2022, respectively. This is comprised of $67.3 million tax expense during the three and twelve months ended March 2022 related to changes to deferred tax benefits previously recognized under Swiss Tax Reform, and $87.1 million tax expense for unrecognized tax benefits resulting from updated estimates related to intellectual property transfers completed in a prior period and $35.2 million tax benefit related to the reorganization of certain foreign operations recognized during the twelve months ended March 2022. |
(d) The contribution from acquisition represents the operating results of Supreme for the nine months ended December 2021, which reflects the one-year anniversary of the acquisition. The results exclude transaction and deal related activities. |
(e) Amounts shown in the table have been calculated using unrounded numbers. The diluted earnings per share impacts were calculated using 389,002,000 and 392,411,000 weighted average common shares for the three and twelve months ended March 2022, respectively. |
Финансовая информация, не относящаяся к ОПБУ
Приведенная выше финансовая информация была представлена на основе GAAP, на скорректированной основе, которая исключает влияние операций и связанных со сделками действий, деятельности, связанной с определенными стратегическими бизнес-решениями и определенными налоговыми статьями, и на скорректированной органической основе, которая исключает операционные результаты Supreme (за девять месяцев, закончившихся Декабрь 2021 года). Вклад от приобретения также исключает затраты, связанные с транзакцией и сделкой. Эти скорректированные представления не являются показателями GAAP. Руководство считает, что эти показатели предоставляют инвесторам полезную дополнительную информацию об основных бизнес-тенденциях VF и результатах текущей деятельности VF, а также полезны для сравнения таких операций за период.
Руководство использует вышеуказанные финансовые показатели внутри компании в процессе составления бюджета и анализа, а в некоторых случаях и в качестве фактора при определении компенсации. Хотя руководство считает, что эти финансовые показатели, не относящиеся к GAAP, полезны для оценки бизнеса, эту информацию следует рассматривать как дополнительную по своему характеру и рассматривать в дополнение, а не вместо или выше показателей операционной эффективности VF, рассчитанных в соответствии с GAAP. Кроме того, эти финансовые показатели, не относящиеся к GAAP, могут отличаться от показателей с аналогичным названием, представленных другими компаниями.
VF CORPORATION |
||||||||||||||
Supplemental Financial Information |
||||||||||||||
Reconciliation of Select GAAP Measures to Non-GAAP Measures - Three and Twelve Months Ended March 2021 |
||||||||||||||
(Unaudited) |
||||||||||||||
(In thousands, except per share amounts) |
||||||||||||||
Three Months Ended March 2021 |
As Reported
|
|
Transaction and Deal
|
|
Specified Strategic
|
|
Adjusted |
|||||||
Revenues |
$ |
2,582,672 |
|
$ |
— |
$ |
— |
$ |
2,582,672 |
|
||||
|
|
|
|
|
||||||||||
Gross profit |
|
1,346,273 |
|
|
3,419 |
|
12,542 |
|
1,362,234 |
|
||||
Percent |
|
52.1 |
% |
|
|
|
52.7 |
% |
||||||
|
|
|
|
|
||||||||||
Operating income |
|
122,493 |
|
|
11,845 |
|
38,304 |
|
172,642 |
|
||||
Percent |
|
4.7 |
% |
|
|
|
6.7 |
% |
||||||
|
|
|
|
|
||||||||||
Diluted earnings per share from continuing operations (c) |
|
0.16 |
|
|
0.02 |
|
0.09 |
|
0.27 |
|
||||
|
|
|
|
|
||||||||||
Twelve Months Ended March 2021 |
As Reported
|
|
Transaction and Deal
|
|
Specified Strategic
|
|
Adjusted |
|||||||
Revenues |
$ |
9,238,830 |
|
$ |
— |
$ |
— |
$ |
9,238,830 |
|
||||
|
|
|
|
|
||||||||||
Gross profit |
|
4,868,050 |
|
|
3,829 |
|
55,141 |
|
4,927,020 |
|
||||
Percent |
|
52.7 |
% |
|
|
|
53.3 |
% |
||||||
|
|
|
|
|
||||||||||
Operating income |
|
607,631 |
|
|
18,977 |
|
115,167 |
|
741,775 |
|
||||
Percent |
|
6.6 |
% |
|
|
|
8.0 |
% |
||||||
|
|
|
|
|
||||||||||
Diluted earnings per share from continuing operations (c) |
|
0.91 |
|
|
0.04 |
|
0.36 |
|
1.31 |
|
(a) Transaction and deal related costs include expenses associated with the acquisition and integration of Supreme Holdings, Inc. ("Supreme") of $11.8 million and $18.4 million for the three and twelve months ended March 2021, respectively. Transaction and deal related costs also include expenses associated with the anticipated sale of the Occupational Workwear business of $0.5 million, that did not meet the criteria for discontinued operations, for the twelve months ended March 2021. The transaction and deal related costs resulted in a net tax benefit of $3.0 million and $4.7 million in the three and twelve months ended March 2021, respectively. |
(b) Specified strategic business decisions for the three and twelve months ended March 2021 include costs related to VF's business model transformation of $21.6 million in the three and twelve months ended March 2021, related primarily to asset impairments, restructuring and other costs. Specified strategic business decisions also include costs related to a transformation initiative for our Asia-Pacific regional operations of $3.7 million and $24.0 million in the three and twelve months ended March 2021, respectively. Specified strategic business decisions also include cost optimization activities and other charges indirectly related to the strategic review of the Occupational Workwear business, which totaled $13.0 million and $65.3 million during the three and twelve months ended March 2021, respectively. The costs also include wind down activities in South America after the separation of Kontoor Brands, and costs related to specified strategic business decisions to cease operations in Argentina and planned business model changes in certain other countries in South America, which totaled $4.0 million for the twelve months ended March 2021. The twelve months ended March 2021 also include a $42.4 million noncash charge recorded in the 'Other income (expense), net' line related to the release of certain currency translation amounts associated with the wind down activities in South America. The specified strategic business decisions resulted in a net tax benefit of $2.8 million and $14.5 million in the three and twelve months ended March 2021, respectively. |
(c) Amounts shown in the table have been calculated using unrounded numbers. The diluted earnings per share impacts were calculated using 393,575,000 and 392,121,000 weighted average common shares for the three and twelve months ended March 2021, respectively. |
Финансовая информация, не относящаяся к ОПБУ
Приведенная выше финансовая информация была представлена на основе GAAP и на скорректированной основе, что исключает влияние затрат, связанных с транзакциями и сделками, а также деятельности, связанной с определенными стратегическими бизнес-решениями. Скорректированное представление содержит показатели, не относящиеся к ОПБУ. Руководство считает, что эти показатели предоставляют инвесторам полезную дополнительную информацию об основных бизнес-тенденциях VF и результатах текущей деятельности VF, а также полезны для сравнения таких операций за период.
Руководство использует вышеуказанные финансовые показатели внутри компании в процессе составления бюджета и анализа, а в некоторых случаях и в качестве фактора при определении компенсации. Хотя руководство считает, что эти финансовые показатели, не относящиеся к GAAP, полезны для оценки бизнеса, эту информацию следует рассматривать как дополнительную по своему характеру и рассматривать в дополнение, а не вместо или выше показателей операционной эффективности VF, рассчитанных в соответствии с GAAP. Кроме того, эти финансовые показатели, не относящиеся к GAAP, могут отличаться от показателей с аналогичным названием, представленных другими компаниями.
VF CORPORATION |
||||||||||||||||
Supplemental Financial Information |
||||||||||||||||
Top 4 Brand Revenue Information |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Three Months Ended March 2022 |
|
Twelve Months Ended March 2022 |
||||||||||||
Top 4 Brand Revenue Growth |
|
Americas |
|
EMEA |
|
APAC |
|
Global |
|
Americas |
|
EMEA |
|
APAC |
|
Global |
Vans® |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% change |
|
1% |
|
14% |
|
(24)% |
|
0% |
|
24% |
|
31% |
|
(4)% |
|
20% |
% change constant currency* |
|
1% |
|
22% |
|
(22)% |
|
2% |
|
23% |
|
30% |
|
(7)% |
|
19% |
The North Face® |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% change |
|
35% |
|
12% |
|
24% |
|
24% |
|
29% |
|
40% |
|
28% |
|
33% |
% change constant currency* |
|
35% |
|
18% |
|
22% |
|
26% |
|
29% |
|
40% |
|
23% |
|
32% |
Timberland® |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% change |
|
20% |
|
14% |
|
(20)% |
|
9% |
|
35% |
|
18% |
|
(11)% |
|
20% |
% change constant currency* |
|
20% |
|
21% |
|
(20)% |
|
12% |
|
34% |
|
19% |
|
(13)% |
|
20% |
Dickies® |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% change |
|
16% |
|
9% |
|
(21)% |
|
7% |
|
38% |
|
(13)% |
|
(11)% |
|
19% |
% change constant currency* |
|
16% |
|
16% |
|
(20)% |
|
8% |
|
38% |
|
(13)% |
|
(13)% |
|
19% |
*Refer to constant currency definition on previous pages. |
||||||||||||||||
VF CORPORATION | ||||||||
Supplemental Financial Information |
||||||||
Geographic and Channel Revenue Information |
||||||||
(Unaudited) |
||||||||
|
|
|
|
|
|
|
||
|
|
Three Months Ended March 2022 |
|
|
|
|
||
|
|
% Change |
|
% Change Constant
|
|
|
|
|
Geographic Revenue Growth |
|
|
|
|
||||
U.S. |
12% |
|
12% |
|
|
|||
EMEA |
15% |
|
22% |
|
|
|||
APAC |
(11)% |
|
(10)% |
|
|
|||
Greater China |
(13)% |
|
(14)% |
|
|
|||
Americas (non-U.S.) |
17% |
|
18% |
|
|
|||
International |
7% |
|
11% |
|
|
|||
Global |
9% |
|
12% |
|
|
|||
|
|
|
|
|
||||
|
Twelve Months Ended March 2022 |
|||||||
|
% Change |
|
% Change Constant
|
|
% Change
|
|
% Change Constant
|
|
Geographic Revenue Growth |
|
|
|
|
||||
U.S. |
33% |
|
33% |
|
27% |
|
27% |
|
EMEA |
30% |
|
30% |
|
27% |
|
28% |
|
APAC |
7% |
|
4% |
|
0% |
|
(3)% |
|
Greater China |
1% |
|
(4)% |
|
1% |
|
(4)% |
|
Americas (non-U.S.) |
37% |
|
32% |
|
37% |
|
32% |
|
International |
23% |
|
22% |
|
19% |
|
18% |
|
Global |
28% |
|
27% |
|
23% |
|
23% |
|
|
|
|
|
|
||||
|
Three Months Ended March 2022 |
|
|
|||||
|
% Change |
|
% Change Constant
|
|
|
|||
Channel Revenue Growth |
|
|
|
|
||||
Wholesale (b) |
16% |
|
19% |
|
|
|||
Direct-to-consumer |
1% |
|
3% |
|
|
|||
Digital |
(10)% |
|
(8)% |
|
|
|||
|
|
|
|
|
||||
|
Twelve Months Ended March 2022 |
|||||||
|
% Change |
|
% Change Constant
|
|
% Change
|
|
% Change Constant
|
|
Channel Revenue Growth |
|
|
|
|
||||
Wholesale (b) |
26% |
|
25% |
|
26% |
|
25% |
|
Direct-to-consumer |
31% |
|
31% |
|
21% |
|
20% |
|
Digital |
14% |
|
13% |
|
(1)% |
|
(2)% |
|
|
As of March |
|
|
|||||
|
2022 |
|
2021 |
|
|
|||
DTC Store Count |
|
|
|
|
||||
Total |
1,322 |
1,374 |
|
|
*Refer to constant currency definition on previous pages. |
(a) Excludes acquisition representing the operating results of Supreme for the nine months ended December 2021, which reflects the one-year anniversary of the acquisition. Refer to Non-GAAP financial information on "Reconciliation of Select GAAP Measures to Non-GAAP Measures - Three and Twelve Months Ended March 2022" page for additional information. |
(b) Royalty revenues are included in the wholesale channel for all periods. |