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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Canada Goose Holdings Inc | TSX:GOOS | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.49 | -3.06% | 15.52 | 15.52 | 15.60 | 16.05 | 15.43 | 16.01 | 243,337 | 21:35:14 |
Company Increases Fiscal 2018 Outlook
Second Quarter Fiscal 2018 Highlights (in Canadian dollars):
Canada Goose Holdings Inc. (“Canada Goose” or the “Company”) (NYSE: GOOS, TSX: GOOS) today announced financial results for its second quarter ended September 30, 2017. The Company’s Management’s Discussion and Analysis and Unaudited Condensed Consolidated Interim Financial Statements for the three and six month periods ended September 30, 2017 will be filed on SEDAR at www.sedar.com, the EDGAR section of the U.S. Securities and Exchange Commission website at www.sec.gov and posted on the Company’s website at investor.canadagoose.com.
“Our performance reflects the power of our brand around the world and our disciplined approach to executing our growth strategies. We have opened e-commerce sites in all seven of the new markets planned for fiscal 2018 and we remain on-track to have seven world-class retail destinations in operation in the third quarter of fiscal 2018, including our recently opened stores in Chicago and Tokyo. I am also encouraged by the response to our first knitwear collection which embodies our function-first design philosophy and stays true to our authentic utilitarian aesthetic,” stated Dani Reiss, President & Chief Executive Officer. “With strong results across channels, geographies and categories, we continue to drive awareness and penetration while inspiring those who already know and love our brand. Most importantly, we remain deeply committed to building an enduring brand for the long term.”
Fiscal 2018 Second Quarter Results (in Canadian dollars, compared to the same period in Fiscal 2017):
Revised Fiscal 2018 Outlook
Based on stronger than expected growth across our business, with a particular contribution from our direct-to-consumer segment, the Company expects fiscal 2018 results to exceed the long-term and fiscal year outlook which was originally provided with the release of fourth quarter and fiscal year 2017 results on June 2, 2017.
For fiscal 2018, the Company currently expects:
Conference Call Information
A conference call to discuss second quarter fiscal 2018 results is scheduled for today, November 9, 2017, at 9:00 a.m. Eastern Time. Dani Reiss, President and Chief Executive Officer and John Black, Chief Financial Officer, will host the conference call. Those interested in participating in the call are invited to dial (866) 393-4306 or (734) 385-2616 if calling internationally. Please dial in approximately 10 minutes prior to the start of the call and reference Conference ID 5093389 when prompted. A live audio webcast of the conference call will be available online at http://investor.canadagoose.com.
About Canada Goose
Founded in a small warehouse in Toronto, Canada in 1957, Canada Goose has grown into one of the world’s leading makers of performance luxury apparel. Every collection is informed by the rugged demands of the Arctic and inspired by relentless innovation and uncompromised craftsmanship. From Antarctic research facilities and the Canadian High Arctic, to the streets of New York, London, Milan, Paris, and Tokyo, people are proud to wear Canada Goose products. Employing more than 2,000 people worldwide, Canada Goose is a recognized leader for its Made in Canada commitment, and is a long-time partner of Polar Bears International. Visit canadagoose.com for more information.
Note Regarding Non-IFRS Financial Measures
This press release includes references to adjusted net income, EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income per share and per diluted share, and adjusted pro forma net income per share and per diluted share. The Company presents these measures because its management uses these as supplemental measures in assessing its operating performance, and believes they are helpful to investors, securities analysts and other interested parties, in evaluating the Company’s performance. The measures referenced above are not measurements of financial performance under IFRS and they should not be considered as alternatives to measures of performance derived in accordance with IFRS. In addition, these measures should not be construed as an inference that the Company’s future results will be unaffected by unusual or non-recurring items. These measures have limitations as analytical tools, and you should not consider such measures either in isolation or as substitutes for analyzing the Company’s results as reported under IFRS. The Company’s definitions and calculations of these measures are not necessarily comparable to other similarly titled measures used by other companies. These non-IFRS financial measures are defined and reconciled to the most comparable IFRS measures in the tables at the end of this press release.
Cautionary Note Regarding Forward-Looking Statements
The foregoing financial information as at and for the three and six months ended September 30, 2017 are unaudited and subject to quarter-end and year-end adjustments in connection with the completion of our customary financial closing procedures. Such changes could be material.
This press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and other words of similar meaning. These forward-looking statements address various matters including our growth plans and anticipated financial performance for fiscal 2018, which are referred to under the heading Revised Fiscal 2018 Outlook. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, our expectations regarding industry trends, our business plan and growth strategies, our expectations regarding seasonal trends, our ability to implement our growth strategies, our ability to keep pace with changing consumer preferences, our ability to maintain the strength of our brand and protect our intellectual property, as well as the risks identified under the heading “Risk Factors” in our Annual Report on Form 20-F for the fiscal year ended March 31, 2017, and filed with the Securities and Exchange Commission (“SEC”), and the securities commissions or similar securities regulatory authorities in each of the provinces and territories of Canada (“Canadian securities regulatory authorities”), as well as the other information we file with the SEC and Canadian securities regulatory authorities. We caution investors not to rely on the forward-looking statements contained in this press release when making an investment decision in our securities. You are encouraged to read our filings with the SEC, available at www.sec.gov, and our filings with Canadian securities regulatory authorities available at www.sedar.com for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this release, and we undertake no obligation to update or revise any of these statements. Our business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.
Condensed Consolidated Interim Statements of Income and Comprehensive Income
(unaudited)
(in thousands of Canadian dollars, except per share amounts)
Three months endedSeptember 30 Six months endedSeptember 30 2017 2016 2017 2016 Revenue 172,330 127,935 200,535 143,630 Cost of sales 85,237 68,601 100,200 79,637 Gross profit 87,093 59,334 100,335 63,993 Gross margin 50.5 % 46.4 % 50.0 % 44.6 % Selling, general and administrative expenses 36,545 30,172 62,377 48,265 SG&A expenses as % of revenue 21.2 % 23.6 % 31.1 % 33.6 % Depreciation and amortization 2,314 1,490 4,482 2,936 Operating income 48,234 27,672 33,476 12,792 Operating income as % revenue 28.0 % 21.6 % 16.7 % 8.9 % Net interest and other finance costs 3,599 2,438 6,691 5,533 Income before income taxes 44,635 25,234 26,785 7,259 Income tax expense 7,508 5,216 1,747 1,277 Effective tax rate 16.8 % 20.7 % 6.5 % 17.6 % Net income 37,127 20,018 25,038 5,982 Other comprehensive income (loss) 1,259 (415 ) 1,301 (407 ) Total comprehensive income 38,386 19,603 26,339 5,575 Earnings per share Basic $ 0.35 $ 0.20 $ 0.23 $ 0.06 Diluted 0.33 0.20 0.23 0.06 Weighted average number of shares outstanding Basic 106,992,382 100,000,000 106,747,784 100,000,000 Diluted 111,478,881 101,704,270 110,700,260 101,702,032 Other data: (1) EBITDA 51,181 29,705 39,486 16,724 Adjusted EBITDA 46,399 33,790 32,833 26,308 Adjusted EBITDA margin 26.9 % 26.4 % 16.4 % 18.3 % Adjusted net income 32,877 23,740 19,647 14,248 Adjusted net income per diluted share $ 0.29 $ 0.23 $ 0.18 $ 0.14(1) EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted net income per share and per diluted share are non-IFRS financial measures. See — “Note Regarding Non-IFRS Financial Measures” for a description of these measures and a reconciliation to the nearest IFRS measure
Condensed Consolidated Interim Statements of Financial Position
(unaudited)
As at September 30, 2017 and March 31, 2017
(in thousands of Canadian dollars)
September 30 March 31 2017 2017 Assets $ $ Current assets Cash 13,314 9,678 Trade receivables 99,587 8,710 Inventories 154,464 125,464 Income taxes receivable 3,809 4,215 Other current assets 12,144 15,156 Total current assets 283,318 163,223 Deferred income taxes 10,217 3,998 Property, plant and equipment 46,096 36,467 Intangible assets 134,656 131,912 Goodwill 45,269 45,269 Total assets 519,556 380,869 Liabilities Current liabilities Accounts payable and accrued liabilities 63,810 58,223 Provisions 6,914 6,046 Total current liabilities 70,724 64,269 Provisions 10,225 9,526 Deferred income taxes 13,439 10,888 Revolving facility 116,775 6,642 Term loan 131,285 139,447 Other long-term liabilities 3,673 3,929 Total liabilities 346,121 234,701 Shareholders' equity 173,435 146,168 Total liabilities and shareholders' equity 519,556 380,869Condensed Consolidated Interim Statements of Cash Flows
(unaudited)
For the six months ended September 30
(in thousands of Canadian dollars)
2017 2016 $ $ CASH FLOWS FROM OPERATING ACTIVITIES: Net income 25,038 5,982 Items not affecting cash Depreciation and amortization 6,010 3,932 Income tax expense 1,747 1,277 Interest expense 6,574 4,486 Unrealized (gain) loss on forward contracts (442 ) 120 Unrealized foreign exchange gain (9,304 ) — Write off of deferred financing charges on refinancing revolving facility — 946 Share-based compensation 721 1,499 30,344 18,242 Changes in non-cash operating items (112,681 ) (76,856 ) Income taxes paid (5,411 ) (12,353 ) Interest paid (5,214 ) (1,444 ) Net cash used in operating activities (92,962 ) (72,411 ) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property, plant and equipment (9,175 ) (11,000 ) Investment in intangible assets (3,473 ) (3,971 ) Business combination (560 ) (500 ) Net cash used in investing activities (13,208 ) (15,471 ) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings on revolving facility 110,036 146,790 Repayment of credit facility — (55,203 ) Deferred financing fees on term loan syndication (437 ) — Exercise of stock options 207 — Net cash from financing activities 109,806 91,587 Increase in cash 3,636 3,705 Cash, beginning of period 9,678 7,226 Cash, end of period 13,314 10,931Reconciliation of Non-IFRS Measures
The tables below reconciles net income to EBITDA, adjusted EBITDA, and adjusted net income for the periods presented:
CAD $000s(unaudited)
Three months endedSeptember 30 Six months endedSeptember 30 2017 2016 2017 2016 Net income 37,127 20,018 25,038 5,982 Add the impact of: Income tax expense 7,508 5,216 1,747 1,277 Net interest and other finance costs 3,599 2,438 6,691 5,533 Depreciation and amortization 2,947 2,033 6,010 3,932 EBITDA 51,181 29,705 39,486 16,724 Add (deduct) the impact of: Bain Capital management fees (a) — 63 — 212 Transaction costs (b) 218 1,910 1,546 2,734 Unrealized gain on derivatives (c) — — — 4,422 Unrealized foreign exchange gain on Term Loan Facility (d) (5,814 ) — (9,580 ) — International restructuring costs (e) — 80 — 175 Share-based compensation (f) 310 1,374 390 1,499 Agent terminations and other (g) — — — (116 ) Non-cash rent expense (h) 504 658 991 658 Adjusted EBITDA 46,399 33,790 32,833 26,308 CAD $000s(unaudited)
Three months endedSeptember 30 Six months endedSeptember 30 2017 2016 2017 2016 Net income 37,127 20,018 25,038 5,982 Add (deduct) the impact of: Bain Capital management fees (a) — 63 — 212 Transaction costs (b) 218 1,910 1,546 2,734 Unrealized gain on derivatives (c) — — — 4,422 Unrealized foreign exchange gain on Term Loan Facility (d) (5,814 ) — (9,580 ) — International restructuring costs (e) — 80 — 175 Share-based compensation (f) 310 1,374 390 1,499 Agent terminations and other (g) — — — (116 ) Non-cash rent expense (h) 504 658 991 658 Amortization on intangible assets acquired by Bain Capital (i) 544 544 1,088 1,088 Total adjustments (4,238 ) 4,629 (5,565 ) 10,672 Tax effect of adjustments (12 ) (907 ) 174 (2,406 ) Adjusted net income 32,877 23,740 19,647 14,248 (a) In connection with Bain’s purchase of a 70% equity interest in our business on December 9, 2013 (the “Acquisition”), we entered into a management agreement with certain affiliates of Bain Capital for a term of five years (“Management Agreement”). This amount represents payments made pursuant to the Management Agreement for ongoing consulting and other services. In connection with the IPO on March 21, 2017, the Management Agreement was terminated in consideration for a termination fee of $9.6 million and Bain Capital no longer receives management fees from the Company. (b) In connection with the IPO in March 2017 and Secondary Offering in June 2017, we incurred expenses related to professional fees, consulting, legal, and accounting that would otherwise not have been incurred. These fees are reflected in the first quarter of fiscal 2017 and fiscal 2018, respectively, and are not indicative of our ongoing costs. (c) Represents non-cash unrealized gains on foreign exchange forward contracts recorded in fiscal 2016 that relate to fiscal 2017. We manage our exposure to foreign currency risk by entering into foreign exchange forward contracts. Management forecasts its net cash flows in foreign currency using expected revenue from orders it receives for future periods. The unrealized gains and losses on these contracts are recognized in net income from the date of inception of the contract, while the cash flows to which the derivatives related are not realized until the contract settles. Management believes that reflecting these adjustments in the period in which the net cash flows occur is more appropriate. (d) Represents non-cash unrealized gains on the translation of the Term Loan Facility from USD to CAD. (e) Represents expenses incurred to establish our international headquarters in Zug, Switzerland, including closing several smaller offices across Europe, relocating personnel, and incurring temporary office costs. (f) Represents non-cash share-based compensation expense on stock options issued prior to the IPO. Adjustments reflect management’s estimate that certain tranches of outstanding option awards will vest. (g) Represents accrued expenses related to termination payments to be made to our third-party sales agents. As part of a strategy to transition certain sales functions in-house, we terminated the majority of our third party sales agents and certain distributors, primarily during fiscal 2015 and 2016, which resulted in indemnities and other termination payments. As sales agents have now largely been eliminated from the sales structure, management does not expect these charges to recur in future fiscal periods. (h) Represents non-cash lease amortization charges during pre-opening periods for new store leases. (i) As a result of the Acquisition we recognized an intangible asset for customer lists in the amount of $8.7 million, which has a useful life of four years, and will expire in the third quarter of fiscal 2018. Pro forma income per share and adjusted net income per share(unaudited)
CAD $000s(except per share data)
Three monthsendedSeptember 30
Six monthsendedSeptember 30
2016 2016 Pro forma income per share Net income $ 20,018 $ 5,982 Weighted average number of common shares 100,000,000 100,000,000 Pro forma for IPO as at April 1, 2016 6,308,154 6,308,154 Pro forma weighted average number of common shares outstanding over the year 106,308,154 106,308,154 Pro forma income per share $ 0.19 $ 0.06 Pro forma adjusted net income per share Adjusted net income $ 23,740 $ 14,248 Pro forma weighted average number of shares 106,308,154 106,308,154 Pro forma adjusted net income per share $ 0.22 $ 0.13
View source version on businesswire.com: http://www.businesswire.com/news/home/20171109005406/en/
ICR, Inc.Investors:Allison Malkin/Caitlin Morahan203-682-8200Allison.Malkin@ICRinc.com / Caitlin.Morahan@ICRinc.comorMedia:Julia Young646-277-1280Julia.Young@ICRinc.com
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