Columbia Sportswear (COLM) Q4 FY2023 earnings: revenue $1.1 billion, down 9.4% on the year

Columbia Sportswear Co. (COLM) reported revenue of $1.1 billion for Q4 FY2023, the quarter ended 31 December 2023, down 9.4% on the same quarter a year earlier. Net income was $93 million, down 25.7% on the year, and diluted earnings per share $1.55. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2024.

Revenue$1.1 billiondown 9.4%

Net income$93 milliondown 25.7%

Diluted EPS$1.55

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	1,060	986	n/a	n/a
Cost of revenue	524	505	n/a	n/a
Gross profit	536	480	n/a	n/a
Gross margin	50.6%	48.7%	n/a
Selling, general and administrative	405	352	n/a	n/a
Operating income	113	135	n/a	n/a
Operating margin	10.7%	13.7%	n/a
Pre-tax income	120	136	n/a	n/a
Income tax	26.6	32.6	n/a	n/a
Effective tax rate	22.2%	24.0%	n/a
Net income	93.3	104	n/a	n/a
Net margin	8.8%	10.5%	n/a
Diluted EPS	$1.55	$1.70	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	614	12.5	n/a	n/a
Capital expenditure	13.3	18.6	n/a	n/a
Free cash flow	601	-6.1	n/a	n/a
Free cash flow margin	56.7%	-0.6%	n/a
Cash from investing	-423	51.4	n/a	n/a
Cash from financing	-57.2	-82.4	n/a	n/a
Depreciation and amortisation	n/a	14.3	n/a	n/a
Share-based compensation	6.0	5.8	n/a	n/a
Buybacks	39.4	66.3	n/a	n/a
Dividends paid	18.1	18.3	n/a	n/a
Dividend per share	n/a	$0.30	n/a	n/a
Diluted shares, weighted	60m	61m	n/a	n/a
Shares outstanding at period end	60m	61m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	1,939	1,895	n/a	n/a
Short-term borrowings	n/a	0.0	n/a	n/a
Debt	0.0	n/a	n/a	n/a
Operating lease liabilities	337	324	n/a	n/a
Other liabilities	664	580	n/a	n/a
Total liabilities and equity	2,939	2,799	n/a	n/a
Fixed assets	287	283	n/a	n/a
Goodwill	26.7	51.7	n/a	n/a
Intangible assets	79.9	80.3	n/a	n/a
Investments	414	1.5	n/a	n/a
Cash and equivalents	350	213	n/a	n/a
Receivables	423	687	n/a	n/a
Inventory	746	885	n/a	n/a
Other assets	611	597	n/a	n/a
Total assets	2,939	2,799	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	986	1,060	770	570	932	1,097	778	605	943	1,070	779	614
Cost of revenue	505	524	380	297	464	536	382	308	472	518	384	256
Gross profit	480	536	390	273	468	561	396	297	472	552	395	358
Gross margin	49%	51%	51%	48%	50%	51%	51%	49%	50%	52%	51%	58%
SG&A	352	405	349	303	361	431	354	326	381	442	357	332
Operating income	135	113	44.7	-23.8	113	137	46.5	-23.6	67.4	117	42.0	30.9
Operating margin	14%	11%	6%	-4%	12%	13%	6%	-4%	7%	11%	5%	5%
Pre-tax income	136	120	54.1	-15.0	119	140	54.9	-16.6	71.0	120	47.3	36.3
Tax rate	24%	22%	22%	n/a	24%	27%	23%	n/a	27%	23%	27%	27%
Net income	104	93.3	42.3	-11.7	90.2	103	42.2	-10.2	52.0	93.2	34.3	26.6
Net margin	11%	9%	5%	-2%	10%	9%	5%	-2%	6%	9%	4%	4%
Diluted EPS	$1.70	$1.55	$0.71	-$0.20	$1.56	$1.80	$0.75	-$0.19	$0.95	$1.73	$0.65	$0.52
Operating cash flow	12.5	614	107	2.1	-186	568	-32.0	-30.8	-271	616	-77.5	115
Capital expenditure	18.6	13.3	14.8	13.0	13.9	18.1	15.6	14.5	16.6	19.5	12.4	13.4
Free cash flow	-6.1	601	92.0	-10.9	-199	550	-47.6	-45.3	-287	597	-90.0	102
Buybacks	66.3	39.4	50.2	52.5	128	86.9	101	30.3	40.0	29.4	150	0.0
Dividends paid	18.3	18.1	17.9	17.7	17.2	16.9	16.6	16.4	16.4	16.1	15.6	15.4
Shares outstanding	61m	60m	59m	59m	57m	55m	55m	55m	54m	53m	51m	51m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 26 February 2024, accession 0001050797-24-000032: the filing on EDGAR. All of Columbia Sportswear Co.'s filings: EDGAR company page.

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