- First quarter revenue, adjusted operating margin, and
adjusted diluted EPS above guidance
- First quarter revenue increased 13% year-over-year to $1.2
billion led by the Technical Apparel Segment
- Strong gross margin expansion reflecting mix shift toward
highest-margin brands, channels, and regions
- Flagship Arc’teryx brand continues to generate best-in-class
financial performance
- IPO proceeds used to pay down $1.4 billion of debt; ended 1Q
with $1.7 billion of net debt1
1 Net debt is defined as loans from financial institutions and
related parties less cash and cash equivalents
Amer Sports Inc. (NYSE: AS) (“Amer Sports” or the “Company”)
today announced its financial results for the first quarter of
2024.
CEO James Zheng commented, “The momentum behind our strong
financial performance has continued through the first quarter of
2024, as we delivered sales and profitability above our guidance.
Our transformation to a brand-direct business model four years ago
continues to fuel profitable growth today, and our high-performance
technical products are resonating with consumers globally. We are
gaining share in the premium sports and outdoor market and are well
positioned to deliver another great year in 2024.”
CFO Andrew Page added, “The fast growth of our high-margin
Arc’teryx franchise is elevating the growth and profitability
profile of Amer Sports. This dynamic allows us to deliver
profitable growth for shareholders while continuing to reinvest in
the many opportunities across our unique portfolio of brands.”
FIRST QUARTER 2024 RESULTS
Revenue increased 13% to $1.2 billion as compared to the
first quarter of 2023 led by a 44% increase in the Technical
Apparel segment. On a constant currency basis, revenue increased
14%. Constant currency revenue is calculated by translating the
current period reported amounts using the actual exchange rates in
use during the comparative prior period, in place of the exchange
rates in use during the current period. Technical Apparel growth
was driven by Arc’teryx, which is generating double-digit new store
growth while also delivering exceptional omni-comp growth against
difficult comparisons from the first quarter of 2023. The brand is
generating broad-based growth across regions, led by Asia Pacific
and the Americas, followed by Greater China and Europe, the Middle
East and Africa (“EMEA”).
At the Amer Sports Group level, DTC expanded 41% with
double-digit growth across all regions and wholesale revenues
decreased 1% year over year. Regional growth was led by Greater
China which increased 51% and the Asia Pacific region which rose by
34%. EMEA grew 1% and revenues were flat in the Americas, where
growth in the Technical Apparel segment was offset by declines in
the Ball & Racquet and Outdoor Performance segments.
On a reported basis, gross margin for the first quarter
of 2024 was 54.0%. SG&A expense was $534 million, compared to
$422 million for first quarter 2023. Operating profit for
the first quarter 2024 was $109 million compared to $130 million
for the first quarter 2023. Net finance cost was $94 million in the
first quarter. Net income for the first quarter 2024 was $7
million compared to $19 million for the first quarter 2023. Diluted
earnings per share was $0.01 for the first quarter 2024 compared to
$0.05 for the first quarter 2023.
Adjusted gross profit margin rose 110 basis points to
54.3% compared to 53.2% for the first quarter 2023, primarily
driven by favorable segment revenue mix shift towards Technical
Apparel, which is the highest gross margin segment in the Group.
Lower logistics costs also drove gross margin expansion, which were
partially offset by higher raw material costs and higher product
discounts as compared to prior year.
Adjusted SG&A expenses as a percentage of revenues
increased 420 basis points on slower sales growth and represented
43.7% of revenues for the first quarter 2024. Key areas of expense
growth include variable costs related to the higher mix of DTC
sales, as well as key investments to support growth, including IT
infrastructure investments and new store openings.
Adjusted operating margin decreased 240 bps from 13.4% in
the first quarter 2023 to 11.0% in the first quarter 2024, above
previous guidance of 9.0–10.0%. Adjusted net finance cost was $76
million in the first quarter.
Adjusted net income for the first quarter 2024 was $39
million, or $0.08 per share on a fully diluted basis compared to
adjusted net income of $27 million, or $0.07 per share on a fully
diluted basis in the first quarter of 2023. The effective tax rate
on adjusted pretax income was 25% in the first quarter.
Balance sheet. Year-over-year inventories were up 6%,
below the 13% revenue growth for the quarter and in a healthy
position. Net debt was $1.7 billion, and cash and equivalents
totaled $337 million at quarter end.
SEGMENT RESULTS
Technical Apparel. In the first quarter 2024, revenue
increased 44% year-over-year to $510 million, driven by growth in
both channels, with DTC up 46%, including 36% omni-comp growth, and
wholesale up 40%. On a constant currency basis, Technical Apparel
revenue increased 48%. The overperformance was driven by Arc’teryx,
which continues to experience strong brand momentum across all
regions, channels, consumer segments, and product categories. DTC
growth was driven by both store network expansion, with a net
increase of 19 new owned retail stores, as well as strong volume
growth in existing stores and e-commerce platforms. Technical
Apparel wholesale revenues increased 40% driven primarily by higher
volumes as compared to the prior year. Regionally, growth was led
by Asia Pacific, followed by the Americas, Greater China, and EMEA.
Technical Apparel segment adjusted operating profit margin
contracted 40 basis points to 23.0% as compared to a very strong
margin comparison in the first quarter of 2023. The contraction was
primarily due to foreign currency exchange losses.
Outdoor Performance. Revenue increased 6% to $400 million
driven by mid-teens growth in Salomon soft goods, which was led by
Asia Pacific and Greater China. This growth was partially offset by
Winter Sports Equipment, which was negatively impacted by warm
weather and high inventory levels in the market. On a constant
currency basis, Outdoor Performance revenue increased 6%. DTC
continued to outperform the wholesale market with 42% growth, while
wholesale was down 3%, negatively impacted by the challenging
environment in the Americas. By geography, Outdoor Performance
revenue increased in Greater China, Asia Pacific, and EMEA, which
was offset by a decline in the Americas. Outdoor Performance
segment adjusted operating profit margin contracted 340 basis
points to 4.9% due to increased selling, general, and
administrative expenses as a result of an increase in the share of
DTC sales, which was partially offset by gross margin improvement
from a beneficial channel and region mix.
Ball & Racquet Sports revenue decreased 14% to $273
million as Wilson continues to be constrained by challenges in its
core market compared to strong growth and profitability last year
when the flow of inventory improved and both retailers and
consumers were buying early to avoid stockouts. On a constant
currency basis, Ball & Racquet Sports revenue decreased 14%.
Growth in Wilson Sportswear was more than offset by declines in the
other categories. Ball & Racquet segment adjusted operating
profit margin contracted 1,040 basis points compared to the first
quarter 2023 to 4.0% in the first quarter 2024. The decrease was
primarily due to the decrease in revenue. Additionally, gross
margin was negatively impacted by increased discounts and
unfavorable product mix.
OUTLOOK
CFO Andrew Page said, “Despite facing difficult comparisons for
our wholesale businesses in Q1, we delivered results ahead of our
expectations led by Arc’teryx, which gives us increased confidence
in our full year guidance. The continued outperformance of our
fastest growing and highest margin franchise allows us to deliver
great business performance and strong returns for shareholders,
while reinvesting in our key opportunities. As increased demand
materializes, we are well positioned to service the elevated
demand.”
FULL-YEAR 2024
Amer Sports is updating guidance for the year ending December
31, 2024 (all guidance figures reference adjusted amounts):
- Reported revenue growth: Mid-teens %
- Gross margin: approximately 54.0%
- Operating margin: 10.5% - 11.0%
- D&A: approximately $250 million, including approximately
$110 million of ROU depreciation
- Net finance cost: $215 - $225 million, including approximately
$30 million of finance costs in the first quarter 2024 that won’t
be recurring
- Effective tax rate: approximately 38%
- Fully diluted share count: 500 million
- Fully diluted EPS: toward the high end of the previous guidance
range of $0.30 to $0.40, including a $0.03 - $0.04 negative impact
to EPS from non-recurring finance costs in 1Q24
- Technical Apparel: >25% revenue growth; segment operating
margin slightly above 20%
- Outdoor Performance: mid-to-high-single-digit revenue growth;
segment operating margin high-single digit %. Note: ENVE
contributed approximately $25 million of annual sales to the
Outdoor Performance segment.
- Ball & Racquet: low-to-mid single-digit revenue growth, and
low-to-mid single-digit segment operating margin
SECOND QUARTER 2024
Amer Sports is providing the following guidance for the second
quarter ending June 30, 2024 (all guidance figures reference
adjusted amounts):
- Approximately 10%, including the impact of the disposition of
ENVE on May 1, 2024
- Gross margin: approximately 54.0%
- Operating margin: approximately 0.0%
- Net finance cost: $45 - $50 million
- Effective tax rate: approximately 38%
- Fully diluted share count: 510 million
- Fully diluted EPS: $(0.04) to $(0.08)
Other than with respect to revenue, Amer Sports only provides
guidance on a non-IFRS basis. The Company does not provide a
reconciliation of forward-looking non-IFRS measures to the most
directly comparable IFRS measures due to the difficulty in
forecasting and quantifying certain amounts that are necessary for
such reconciliations without unreasonable efforts. The Company is
unable to address the probable significance of the unavailable
reconciling items, which could have a potentially significant
impact on its future IFRS financial results. The above outlook
reflects the Company’s current and preliminary estimates of market
and operating conditions and customer demand, which are all subject
to change. Actual results may differ materially from these
forward-looking statements, including as a result of, among other
things, the factors described under “Forward-Looking Statements”
below and in our filings with the SEC.
CONFERENCE CALL INFORMATION
The Company's conference call to review the results for the
first quarter 2024 will be webcast live today, Tuesday, May 21,
2024 at 8:00 a.m. Eastern Time and can be accessed at
https://investors.amersports.com.
ABOUT AMER SPORTS
Amer Sports is a global group of iconic sports and outdoor
brands, including Arc’teryx, Salomon, Wilson, Peak Performance, and
Atomic. Our brands are known for their detailed craftsmanship,
unwavering authenticity, and premium market positioning. As
creators of exceptional apparel, footwear, and equipment, we pride
ourselves on cutting-edge innovation, performance, and designs that
allow elite athletes and everyday consumers to perform their
best.
With over 11,400 employees globally, Amer Sports’ purpose is to
elevate the world through sport. Our vision is to be the global
leader in premium sports and outdoor brands. With corporate offices
in Helsinki, Munich, Kraków, New York, and Shanghai, we have
operations in 40+ countries and our products are sold in 100+
countries. Amer Sports generated $4.4 billion of revenue in 2023.
Amer Sports, Inc. shares are listed on the New York Stock Exchange.
For more information, visit www.amersports.com.
NON-IFRS MEASURES
Adjusted gross profit margin, adjusted SG&A expenses,
adjusted operating profit margin, adjusted EBITDA, adjusted net
(loss) income, and adjusted diluted (loss) income per share are
financial measures that are not defined under IFRS. Adjusted gross
profit margin is calculated as adjusted gross profit divided by
revenue. Adjusted gross profit is calculated as gross profit
excluding amortization related to certain purchase price
adjustments (PPA) in connection with the acquisition and delisting
of Amer Sports in 2019 and restructuring expenses. Adjusted
SG&A also excludes PPA amortization, as well as adjustments to
exclude restructuring expenses, expenses related to transaction
activities, expenses related to certain legal proceedings, and
certain share-based payments. Adjusted operating profit margin is
calculated as adjusted operating profit divided by revenue.
Adjusted operating profit is calculated as loss before tax with
adjustments to exclude PPA amortization, restructuring expenses,
impairment losses on goodwill and intangible assets, expenses
related to transaction activities, expenses related to certain
legal proceedings, certain share-based payments, finance costs, and
finance income. Adjusted EBITDA is calculated as EBITDA with
adjustments to exclude results from discontinued operations,
restructuring expenses, impairment losses on goodwill and
intangible assets, expenses related to transaction activities,
expenses related to certain legal proceedings and share-based
payments. Adjusted net (loss) income is calculated as net (loss)
income attributable to equity holders with adjustments to exclude
PPA amortization, loss from discontinued operations, restructuring
expenses, impairment losses on goodwill and intangible assets,
expenses related to transaction activities, expenses related to
certain legal proceedings, share-based payments and related income
tax expense. “Omni comp” is defined as year over year revenue
growth from owned retail stores and e-commerce sites that have been
open at least 13 months.
The Company believes that these non IFRS measures, when taken
together with its financial results presented in accordance with
IFRS, provide meaningful supplemental information regarding its
operating performance and facilitate internal comparisons of its
historical operating performance on a more consistent basis by
excluding certain items that may not be indicative of our business,
results of operations or outlook. In particular, adjusted EBITDA
and adjusted net income (loss) are helpful to investors as they are
measures used by management in assessing the health of the business
and evaluating operating performance, as well as for internal
planning and forecasting purposes. Non-IFRS financial measures
however are subject to inherent limitations, may not be comparable
to similarly titled measures used by other companies and should not
be considered in isolation or as an alternative to IFRS measures.
The supplemental tables below provide reconciliations of each
non-IFRS financial measure presented to its most directly
comparable IFRS financial measure.
FORWARD LOOKING STATEMENTS
This press release includes estimates, projections, statements
relating to the business plans, objectives, and expected operating
results of the Company that are “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. In many cases, you can
identify forward-looking statements by terms such as “may,” “will,”
“should,” “expects,” “plans,” “anticipates,” “target,” “outlook,”
“believes,” “intends,” “estimates,” “predicts,” “potential” or the
negative of these terms or other comparable terminology. These
forward looking statements include, without limitation, guidance
and outlook statements, our long-term targets and algorithm,
statements regarding our ability to meet environmental, social and
governance goals, expectations regarding industry trends and the
size and growth rates of addressable markets, and statements
regarding our business plan and our growth strategies. These
statements are based on management’s current expectations but they
involve a number of risks and uncertainties. Actual results and the
timing of events could differ materially from those anticipated in
the forward-looking statements as a result of factors relating to,
without limitation: the strength of our brands; changes in market
trends and consumer preferences; intense competition that our
products, services and experiences face; harm to our reputation
that could adversely impact our ability to attract and retain
consumers and wholesale partners, employees, brand ambassadors,
partners, and other stakeholders; reliance on technical innovation
and high-quality products; general economic and business conditions
worldwide, including due to inflationary pressures; the strength of
our relationships with and the financial condition of our
third-party suppliers, manufacturers, wholesale partners and
consumers; ability to expand our DTC channel, including our
expansion and success of our owned retail stores and e-commerce
platform; our plans to innovate, expand our product offerings and
successfully implement our growth strategies that may not be
successful, and implementation of these plans that may direct
divert our operational, managerial and administrative resources;
our international operations, including any related to political
uncertainty and geopolitical tensions; our and our wholesale
partners’ ability to accurately forecast demand for our products
and our ability to manage manufacturing decisions; our third party
suppliers, manufacturers and other partners, including their
financial stability and our ability to find suitable partners to
implement our growth strategy; the cost of raw materials and our
reliance on third-party manufacturers; our distribution system and
ability to deliver our brands’ products to our wholesale partners
and consumers; climate change and sustainability or ESG-related
matters, or legal, regulatory or market responses thereto; changes
to trade policies, tariffs, import/export regulations,
anti-competition regulations and other regulations in the United
States, EU, PRC and other jurisdictions, or our failure to comply
with such regulations; ability to obtain, maintain, protect and
enforce our intellectual property rights in our brands, designs,
technologies and proprietary information and processes; ability to
defend against claims of intellectual property infringement,
misappropriation, dilution or other violations made by third
parties against us; security breaches or other disruptions to our
IT systems; changes in government regulation and tax matters; our
ability to remediate our material weakness in our internal control
over financial reporting; our relationship with our significant
shareholders; other factors that may affect our financial
condition, liquidity and results of operations; and other risks and
uncertainties set out in filings made from time to time with the
SEC and available at www.sec.gov, including, without limitation,
our reports on Form 20-F and Form 6-K. You are urged to consider
these factors carefully in evaluating the forward-looking
statements contained herein and are cautioned not to place undue
reliance on such forward-looking statements, which are qualified in
their entirety by these cautionary statements. The forward-looking
statements made herein speak only as of the date of this press
release and the Company undertakes no obligation to publicly update
such forward-looking statements to reflect subsequent events or
circumstances, except as may be required by law.
Source: Amer Sports, Inc.
CONSOLIDATED STATEMENT OF INCOME For the Three Months Ended
March 31, 2024 and 2023 (Unaudited; $ in millions, except per share
information)
Three Months Ended March 31,
2024
2023
Revenue
$
1,182.9
$
1,050.3
Cost of goods sold
(544.4
)
(495.4
)
Gross profit
638.5
554.9
Selling, general and administrative expenses
(534.2
)
(422.4
)
Impairment losses
(1.3
)
(2.8
)
Other operating income
6.0
0.7
Operating profit
109.0
130.4
Finance income
2.7
1.3
Finance cost
(82.3
)
(86.1
)
Loss on debt extinguishment
(14.3
)
-
Net finance cost
(93.9
)
(84.8
)
Income before tax
15.1
45.6
Income tax expense
(8.2
)
(26.6
)
Net income
$
6.9
$
19.0
Income attributable to: Equity holders of the Company
$
5.1
$
19.0
Non-controlling interests
$
1.8
$
-
Earnings per share Basic earnings per share
$
0.01
$
0.05
Diluted earnings per share
$
0.01
$
0.05
Weighted-average number of ordinary shares Basic
463,422,683
384,499,607
Diluted
466,345,776
384,499,607
CONSOLIDATED STATEMENT OF FINANCIAL POSITION As of March 31,
2024 and December 31, 2023 (Unaudited; $ in millions)
March 31,
December 31,
($ in millions)
2024
2023
ASSETS NON-CURRENT ASSETS
Intangible assets
$
2,713.1
$
2,748.7
Goodwill
2,253.7
2,270.0
Property, plant and equipment
450.9
441.9
Right-of-use assets
348.1
317.1
Non-current financial assets
9.1
9.2
Other non-current assets
69.6
73.5
Deferred tax assets
160.3
161.7
TOTAL NON-CURRENT ASSETS
6,004.8
6,022.1
CURRENT ASSETS Inventories
1,100.6
1,099.6
Accounts receivable, net
560.4
599.8
Prepaid expenses and other receivables
164.7
162.3
Current tax assets
6.7
6.6
Cash and cash equivalents
337.3
483.4
TOTAL CURRENT ASSETS
2,169.7
2,351.7
TOTAL ASSETS
8,174.5
8,373.8
SHAREHOLDERS' EQUITY (DEFICIT) AND LIABILITIES
EQUITY (DEFICIT) Share capital
16.9
642.2
Share premium
2,133.4
-
Capital reserve
2,789.2
227.2
Cash flow hedge reserve
6.6
(10.6
)
Accumulated deficit and other
(925.6
)
(1,019.0
)
Equity (deficit) attributable to equity holders of the parent
company
4,020.5
(160.2
)
Non-controlling interests
5.2
3.4
TOTAL EQUITY (DEFICIT)
4,025.7
(156.8
)
LIABILITIES LONG-TERM LIABILITIES Lease
liabilities
280.0
250.4
Loans from financial institutions
2,021.0
1,863.4
Loans from related parties
-
4,077.0
Defined benefit pension liabilities
19.1
23.9
Other liabilities
20.6
29.4
Provisions
5.7
5.5
Long-term tax liabilities
31.4
32.1
Deferred tax liabilities
664.8
675.0
TOTAL LONG-TERM LIABILITIES
3,042.6
6,956.7
CURRENT LIABILITIES Interest-bearing liabilities
6.2
381.0
Lease liabilities
93.7
89.4
Accounts payable
387.4
426.5
Other liabilities
532.8
567.5
Provisions
28.8
29.9
Current tax liabilities
57.3
79.6
TOTAL CURRENT LIABILITIES
1,106.2
1,573.9
TOTAL LIABILITIES
4,148.8
8,530.6
TOTAL SHAREHOLDERS' EQUITY (DEFICIT) AND LIABILITIES
$
8,174.5
$
8,373.8
GEOGRAPHIC REVENUES For the Three Months Ended March 31,
2024 and 2023 (Unaudited; $ in millions)
Three Months Ended March 31,
($ in millions)
2024
2023
% Change
Geographic Revenues EMEA
$
359
$
357
1
%
Americas
410
410
(0
%)
Greater China (1)
310
205
51
%
Asia Pacific (2)
104
78
34
%
Total
$
1,183
$
1,050
13
%
(1) Consists of mainland China, Hong Kong, Macau and Taiwan.
(2) Excludes Greater China.
CHANNEL
REVENUES For the Three Months Ended March 31, 2024 and 2023
(Unaudited; $ in millions)
Three Months Ended March 31,
($ in millions)
2024
2023
% Change
Channel Revenues Wholesale
$
694
$
703
(1
%)
DTC
489
347
41
%
Total
$
1,183
$
1,050
13
%
SEGMENT REVENUES For the Three Months Ended March 31, 2024
and 2023 (Unaudited; $ in millions)
Three Months Ended March 31,
($ in millions)
2024
2023
% Change
Segment Revenue Technical Apparel
$
510
$
355
44
%
Outdoor Performance
400
377
6
%
Ball & Racquet Sports
273
318
(14
%)
Total
$
1,183
$
1,050
13
%
SEGMENT ADJUSTED OPERATING PROFIT For the Three Months Ended
March 31, 2024 and 2023 (Unaudited; $ in millions)
Three Months Ended March 31,
($ in millions)
2024
% of Segment Revenues (2)
2023
% of Segment Revenues (2)
Segment Adjusted Operating Profit Technical Apparel
$
117
23.0
%
$
83
23.4
%
Outdoor Performance
19
4.8
%
31
8.2
%
Ball & Racquet Sports
11
4.0
%
46
14.4
%
Reconciliation (1)
(17
)
NM
(19
)
NM
Total
$
130
11.0
%
$
141
13.5
%
(1) Includes corporate expenses, which have not been
allocated to the reportable segments. (2) The operating profit
(loss) for the Reconciliation is not presented as it is not a
meaningful metric (NM).
TECHNICAL APPAREL DTC OPERATING DATA
For the Three Months Ended March 31, 2024 and 2023 (Unaudited)
Three Months Ended March 31,
($ in millions)
2024
2023
% Change
Store count (1) Arc'teryx
146
130
12
%
Peak Performance
44
41
7
%
Total
190
171
11
%
Omni comp
36
%
61
%
(1) Reflects the number of Technical Apparel owned retail
stores open at the end of the fiscal period (2) Omni comp reflects
year over year revenue growth from owned retail stores and
e-commerce sites that have been open at least 13 months
ADJUSTED
GROSS PROFIT RECONCILIATION For the Three Months Ended March
31, 2024 and 2023 (Unaudited; $ in millions)
Three Months Ended March 31,
($ in millions)
2024
2023
Gross profit
$
638
$
555
PPA
4
4
Restructuring expenses
-
-
Adjusted gross profit
$
642
$
559
ADJUSTED SG&A RECONCILIATION For the Three Months Ended
March 31, 2024 and 2023 (Unaudited; $ in millions)
Three Months Ended March 31,
($ in millions)
2024
2023
Selling, general and administrative expenses
$
534
$
422
Restructuring expenses
1
-
PPA
7
7
Expenses related to transaction activities
6
0
Expenses related to certain legal proceedings
-
-
Share-based payments
3
-
Adjusted SG&A expenses
$
517
$
415
ADJUSTED OPERATING PROFIT RECONCILIATION(1) For the Three
Months Ended March 31, 2024 and 2023 (Unaudited; $ in millions)
Three Months Ended March 31,
($ in millions)
2024
2023
Income before tax
$
15
$
46
PPA
11
11
Restructuring expenses
1
-
Impairment related to goodwill and intangible assets
-
-
Expenses related to transaction activities (2)
24
0
Expenses related to certain legal proceedings
-
-
Share-based payments
3
-
Finance costs
65
86
Loss on debt extinguishment
14
-
Finance income
(3
)
(1
)
Adjusted operating profit
$
130
$
141
(1) The presented figures and percentages are subject to
rounding adjustments, which may cause discrepancies between the sum
of the individual figures and the presented aggregated column and
row totals.
(2) Includes approximately $18 million of
foreign currency exchange losses related to contract costs incurred
in association with our IPO, which are classified as Finance costs
on the Consolidated Statement of Income.
ADJUSTED NET INCOME RECONCILIATION For the Three Months
Ended March 31, 2024 and 2023 (Unaudited; $ in millions, except per
share information)
Three Months Ended March 31,
($ in millions)
2024
2023
Net income attributable to equity holders
$
5
$
19
PPA
11
11
Restructuring expenses
1
-
Impairment losses on goodwill and intangible assets
-
-
Expenses related to transaction activities
24
0
Expenses related to certain legal proceedings
-
-
Share-based payments
3
-
Income tax expense
(5
)
(3
)
Adjusted net income
$
39
$
27
Adjusted total diluted income per share
$
0.08
$
0.07
EBITDA, ADJUSTED EBITDA, AND ADJUSTED EBITDA MARGIN
RECONCILIATION(1) For the Three Months Ended March 31, 2024 and
2023 (Unaudited; $ in millions)
Three Months Ended March 31,
($ in millions)
2024
2023
Revenue
$
1,183
$
1,050
Net income attributable to equity holders
$
5
$
19
Net income attributable to non-controlling interests
2
-
Income tax expense
8
27
Finance cost (2)
82
86
Loss on debt extinguishment
14
-
Depreciation and amortization (3)
63
52
Finance income
(3
)
(1
)
EBITDA
$
171
$
182
Restructuring expenses
1
-
Impairment losses on goodwill and intangible assets
-
-
Expenses related to transaction activities
6
0
Expenses related to certain legal proceedings
-
-
Share-based payments
3
-
Adjusted EBITDA
$
182
$
183
Net income margin
0.4
%
1.8
%
Adjusted EBITDA Margin
15.3
%
17.4
%
(1) The presented figures and percentages are subject
to rounding adjustments, which may cause discrepancies between the
sum of the individual figures and the presented aggregated column
and row totals. (2) Total interest expense on lease
liabilities under IFRS 16, Leases was $4.3 and $2.0 for the three
month period ended March 31, 2024, and 2023, respectively.
(3) Depreciation and amortization includes amortization
expense for right-of-use assets capitalized under IFRS 16, Leases
of $26.5 million and $18.8 million for the three months ended March
31, 2024 and 2023, respectively.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240521237182/en/
Investor Relations: Omar Saad Vice President, Finance and
Investor Relations omar.saad@amersports.com
Media: Anu Sirkiä Senior Vice President, Communications
anu.sirkia@amersports.com
Amer Sports (NYSE:AS)
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Amer Sports (NYSE:AS)
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から 11 2023 まで 11 2024