- Strong financial performance with sales, adjusted margins
and EPS above expectations
- Arc’teryx continues exceptional growth and
profitability
- Top-tier performance in Greater China
- Double-digit growth in Salomon soft goods continues, notably
footwear
- Wilson returned to growth, with a strong product pipeline
for the second half of 2024
Amer Sports Inc. (NYSE: AS) (“Amer Sports” or the “Company”)
announced its financial results for the second quarter of 2024.
CEO James Zheng commented, "I am very pleased by our financial
and operational performance in the second quarter of 2024. Our
unique portfolio of premium technical brands is taking share in
sports and outdoor markets all around the world. Led by our
flagship Arc'teryx brand, we well exceeded our own high
expectations on all key financial metrics, positioning us to
deliver another strong year in 2024."
SECOND QUARTER 2024 RESULTS
For the second quarter of 2024, compared to the second quarter
of 2023:
- Revenue increased 16% to $994 million, or increased 18%
on a constant currency basis1. Revenues by segment:
- Technical Apparel increased 34% to $407 million, or increased
38% on a constant currency basis. This reflects an omni-comp2
growth of 26%
- Outdoor Performance increased 11% to $304 million, or increased
13% on a constant currency basis
- Ball & Racquet Sports increased 1% to 283 million, or
increased 2% on a constant currency basis
- Gross margin increased 220 basis points to 55.5%;
Adjusted gross margin increased 200 basis points to
55.8%.
- Selling, general and administrative expenses increased
26% to $560 million; Adjusted selling, general and
administrative expenses increased 21% to $526 million.
- Operating loss was $9 million compared to operating
profit of $8 million for the second quarter 2023. Adjusted
operating profit increased 40% to $29 million.
- Operating margin decreased 180 basis points to (0.9)%.
Adjusted operating margin increased 50 basis points to 2.9%.
Adjusted operating margin by segment:
- Technical Apparel increased 110 basis points to 14.2%.
- Outdoor Performance increased 380 basis points to (2.1)%.
- Ball & Racquet Sports decreased 160 basis points to
1.1%.
- Net loss decreased 98% to $4 million, or $(0.01) diluted
loss per share; Adjusted net income increased 129% to $25
million, or $0.05 diluted earnings per share.
Balance sheet. Year-over-year inventories increased 2%,
below the 16% revenue growth for the quarter and in a healthy
position. Net debt3 was $1,820 million, and cash and equivalents
totaled $256 million at quarter end.
1
Constant currency revenue is calculated by
translating the current period reported amounts using the actual
exchange rates in use during the comparative prior period, in place
of the exchange rates in use during the current period.
2
Omni-comp reflects year over year revenue
growth from owned retail stores and e-commerce sites that have been
open at least 13 months.
3
Net debt is defined as the principal value
of loans from financial institutions and other interest-bearing
liabilities, less cash and cash equivalents.
OUTLOOK
CFO Andrew Page said, “Our strong financial performance in Q2
reinforces my confidence in our near- and long-term path forward.
Organic revenue growth in the high-teens and significant gross- and
operating-margin expansion reflects the combination of great
brands, strong management execution, and a disciplined approach to
expenses and working capital. These outstanding results give us the
confidence to raise our full-year sales and earnings guidance."
FULL-YEAR 2024
Amer Sports is updating guidance for the year ending December
31, 2024 (all guidance figures reference adjusted amounts):
- Reported revenue growth: 15 - 17%
- Gross margin: approximately 54.5%
- Operating margin: toward high-end of 10.5 - 11.0%
- D&A: approximately $250 million, including approximately
$110 million of ROU depreciation
- Net finance cost: $200 - $220 million, including approximately
$15 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: $0.40 - $0.44
- Technical Apparel: greater than 30% revenue growth; segment
operating margin slightly above 20%
- Outdoor Performance: mid-to-high-single-digit revenue growth;
segment operating margin high-single digit %.
- Ball & Racquet: low-to-mid single-digit revenue growth, and
low-to-mid single-digit segment operating margin
Note: In the second quarter, we recognized an incremental tax
benefit of $20 million related primarily to the resolution of
uncertain tax positions, which benefited Q2 diluted EPS by
approximately $0.04 per share. Additionally, approximately $20
million of wholesale orders shipped earlier than anticipated, which
benefited Q2 sales growth by approximately 2% and diluted EPS by
$0.01 per share. These timing shifts do not impact our full year
guidance.
THIRD QUARTER 2024
Amer Sports is providing the following guidance for the third
quarter ending September 30, 2024 (all guidance figures reference
adjusted amounts):
- Reported revenue growth: 12 - 13%
- Gross margin: approximately 54.0%
- Operating margin: 11.0 - 12.0%
- Net finance cost: $45 - $50 million
- Effective tax rate: 50 - 55%
- Fully diluted share count: 510 million
- Fully diluted EPS: $0.08 - $0.10
Other than with respect to revenue, Amer Sports only provides
guidance on a non-IFRS basis. The Company does not provide a
reconciliation of forward-looking non-IFRS measures to the most
directly comparable IFRS Accounting Standards measures due to the
difficulty in forecasting and quantifying certain amounts that are
necessary for such reconciliations without unreasonable efforts.
The Company is unable to address the probable significance of the
unavailable reconciling items, which could have a potentially
significant impact on its future IFRS financial results. The above
outlook reflects the Company’s current and preliminary estimates of
market and operating conditions and customer demand, which are all
subject to change. Actual results may differ materially from these
forward-looking statements, including as a result of, among other
things, the factors described under “Forward-Looking Statements”
below and in our filings with the SEC.
CONFERENCE CALL INFORMATION
The Company's conference call to review the results for the
second quarter 2024 will be webcast live today, Tuesday, August 20,
2024 at 8:00 a.m. Eastern Time and can be accessed at
https://investors.amersports.com.
ABOUT AMER SPORTS
Amer Sports is a global group of iconic sports and outdoor
brands, including Arc’teryx, Salomon, Wilson, Peak Performance, and
Atomic. Our brands are known for their detailed craftsmanship,
unwavering authenticity, and premium market positioning. As
creators of exceptional apparel, footwear, and equipment, we pride
ourselves on cutting-edge innovation, performance, and designs that
allow elite athletes and everyday consumers to perform their
best.
With over 11,400 employees globally, Amer Sports’ purpose is to
elevate the world through sport. Our vision is to be the global
leader in premium sports and outdoor brands. With corporate offices
in 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 Accounting
Standards. Adjusted gross profit margin is calculated as adjusted
gross profit divided by revenue. Adjusted gross profit is
calculated as gross profit excluding amortization related to
certain purchase price adjustments (PPA) in connection with the
acquisition and delisting of Amer Sports in 2019 and restructuring
expenses. Adjusted SG&A also excludes PPA amortization, as well
as adjustments to exclude restructuring expenses, expenses related
to transaction activities, expenses related to certain legal
proceedings, and certain share-based payments. Adjusted operating
profit margin is calculated as adjusted operating profit divided by
revenue. Adjusted operating profit is calculated as loss before tax
with adjustments to exclude PPA amortization, restructuring
expenses, impairment losses on goodwill and intangible assets,
expenses related to transaction activities, expenses related to
certain legal proceedings, certain share-based payments, finance
costs, and finance income. EBITDA is calculated as net
(loss)/income attributable to equity holders of the Company, plus
net income attributable to non-controlling interests, income tax
expense, finance cost, loss on debt extinguishment, depreciation
and amortization and minus finance income, from both continuing and
discontinued operations. Adjusted EBITDA is calculated as EBITDA
with adjustments to exclude results from discontinued operations,
restructuring expenses, impairment losses on goodwill and
intangible assets, expenses related to transaction activities,
expenses related to certain legal proceedings and certain
share-based payments. Adjusted net (loss)/income is calculated as
net (loss)/income attributable to equity holders with adjustments
to exclude PPA amortization, loss from discontinued operations,
restructuring expenses, impairment losses on goodwill and
intangible assets, expenses related to transaction activities,
expenses related to certain legal proceedings, certain share-based
payments, loss on debt extinguishment and related income tax
expense. “Omni-comp” is defined as year over year revenue growth
from owned retail stores and e-commerce sites that have been open
at least 13 months.
The Company believes that these non IFRS measures, when taken
together with its financial results presented in accordance with
IFRS Accounting Standards, provide meaningful supplemental
information regarding its operating performance and facilitate
internal comparisons of its historical operating performance on a
more consistent basis by excluding certain items that may not be
indicative of our business, results of operations or outlook. In
particular, adjusted EBITDA and adjusted net (loss)/income are
helpful to investors as they are measures used by management in
assessing the health of the business and evaluating operating
performance, as well as for internal planning and forecasting
purposes. Non-IFRS financial measures however are subject to
inherent limitations, may not be comparable to similarly titled
measures used by other companies and should not be considered in
isolation or as an alternative to IFRS measures. The supplemental
tables below provide reconciliations of each non-IFRS financial
measure presented to its most directly comparable IFRS Accounting
Standards financial measure.
FORWARD LOOKING STATEMENTS
This press release includes estimates, projections, statements
relating to the business plans, objectives, and expected operating
results of the Company that are “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. In many cases, you can
identify forward-looking statements by terms such as “may,” “will,”
“should,” “expects,” “plans,” “anticipates,” “target,” “outlook,”
“believes,” “intends,” “estimates,” “predicts,” “potential” or the
negative of these terms or other comparable terminology. These
forward looking statements include, without limitation, guidance
and outlook statements, our long-term targets and algorithm,
statements regarding our ability to meet environmental, social and
governance goals, expectations regarding industry trends and the
size and growth rates of addressable markets, and statements
regarding our business plan and our growth strategies. These
statements are based on management’s current expectations but they
involve a number of risks and uncertainties. Actual results and the
timing of events could differ materially from those anticipated in
the forward-looking statements as a result of factors relating to,
without limitation: the strength of our brands; changes in market
trends and consumer preferences; intense competition that our
products, services and experiences face; harm to our reputation
that could adversely impact our ability to attract and retain
consumers and wholesale partners, employees, brand ambassadors,
partners, and other stakeholders; reliance on technical innovation
and high-quality products; general economic and business conditions
worldwide, including due to inflationary pressures; the strength of
our relationships with and the financial condition of our
third-party suppliers, manufacturers, wholesale partners and
consumers; ability to expand our DTC channel, including our
expansion and success of our owned retail stores and e-commerce
platform; our plans to innovate, expand our product offerings and
successfully implement our growth strategies that may not be
successful, and implementation of these plans that may divert our
operational, managerial and administrative resources; our
international operations, including any related to political
uncertainty and geopolitical tensions; our and our wholesale
partners’ ability to accurately forecast demand for our products
and our ability to manage manufacturing decisions; our third party
suppliers, manufacturers and other partners, including their
financial stability and our ability to find suitable partners to
implement our growth strategy; the cost of raw materials and our
reliance on third-party manufacturers; our distribution system and
ability to deliver our brands’ products to our wholesale partners
and consumers; climate change and sustainability or ESG-related
matters, or legal, regulatory or market responses thereto; changes
to trade policies, tariffs, import/export regulations,
anti-competition regulations and other regulations in 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 STATEMENTS OF
INCOME AND LOSS For the Three and Six Months Ended June 30,
2024 and 2023 (Unaudited; $ in millions, except per share
information)
Three months ended June
30,
Six months ended June
30,
2024
2023
2024
2023
Revenue
$
993.8
$
856.8
$
2,176.7
$
1,907.1
Cost of goods sold
(442.5
)
(400.2
)
(986.9
)
(895.6
)
Gross profit
551.3
456.6
1,189.8
1,011.5
Selling, general and administrative
expenses
(560.2
)
(445.3
)
(1,094.4
)
(867.7
)
Impairment losses
(1.2
)
(4.7
)
(2.5
)
(7.5
)
Other operating income
1.6
0.9
7.6
1.6
Operating (loss)/profit
(8.5
)
7.5
100.5
137.9
Finance income
2.5
1.8
5.2
3.1
Finance cost
(47.7
)
(101.1
)
(130.0
)
(187.2
)
Loss on debt extinguishment
-
-
(14.3
)
-
Net finance cost
(45.2
)
(99.3
)
(139.1
)
(184.1
)
Loss before tax
(53.7
)
(91.8
)
(38.6
)
(46.2
)
Income tax benefit/(expense)
51.9
(5.2
)
43.7
(31.9
)
Net (loss)/income
$
(1.8
)
$
(97.0
)
$
5.1
$
(78.1
)
(Loss)/Income attributable to:
Equity holders of the Company
$
(3.7
)
$
(96.9
)
$
1.4
$
(78.0
)
Non-controlling interests
$
1.9
$
(0.1
)
$
3.7
$
(0.1
)
(Loss)/Earnings per share
Basic (loss)/earnings per share
$
(0.01
)
$
(0.25
)
$
0.00
$
(0.20
)
Diluted (loss)/earnings per share
$
(0.01
)
$
(0.25
)
$
0.00
$
(0.20
)
Weighted-average number of ordinary
shares
Basic
505,249,607
384,499,607
483,672,684
384,499,607
Diluted
505,249,607
384,499,607
486,601,577
384,499,607
CONSOLIDATED STATEMENTS OF
FINANCIAL POSITION As of June 30, 2024 and December 31, 2023
(Unaudited; $ in millions)
($ in millions)
June 30, 2024
December 31, 2023
ASSETS
NON-CURRENT ASSETS
Intangible assets
$
2,700.5
$
2,748.7
Goodwill
2,246.3
2,270.0
Property, plant and equipment
481.0
441.9
Right-of-use assets
402.9
317.1
Non-current financial assets
9.0
9.2
Other non-current assets
56.7
73.5
Deferred tax assets
155.6
161.7
TOTAL NON-CURRENT ASSETS
6,052.0
6,022.1
CURRENT ASSETS
Inventories
1,241.0
1,099.6
Accounts receivable, net
425.5
599.8
Prepaid expenses and other receivables
219.2
162.3
Current tax assets
51.1
6.6
Cash and cash equivalents
255.9
483.4
TOTAL CURRENT ASSETS
2,192.7
2,351.7
TOTAL ASSETS
8,244.7
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
8.4
(10.6
)
Accumulated deficit and other
(941.3
)
(1,019.0
)
Equity (deficit) attributable to equity
holders of the parent company
4,006.6
(160.2
)
Non-controlling interests
7.1
3.4
TOTAL EQUITY (DEFICIT)
4,013.7
(156.8
)
LIABILITIES
LONG-TERM LIABILITIES
Lease liabilities
$
329.8
$
250.4
Loans from financial institutions
2,013.9
1,863.4
Loans from related parties
—
4,077.0
Defined benefit pension liabilities
16.5
23.9
Other long-term liabilities
23.0
29.4
Provisions
5.4
5.5
Long-term tax liabilities
11.4
32.1
Deferred tax liabilities
660.2
675.0
TOTAL LONG-TERM LIABILITIES
3,060.2
6,956.7
CURRENT LIABILITIES
Interest-bearing liabilities
31.6
381.0
Lease liabilities
101.7
89.4
Accounts payable
454.3
426.5
Other current liabilities
555.0
567.5
Provisions
28.2
29.9
Current tax liabilities
—
79.6
TOTAL CURRENT LIABILITIES
1,170.8
1,573.9
TOTAL LIABILITIES
4,231.0
8,530.6
TOTAL SHAREHOLDERS’ EQUITY (DEFICIT)
AND LIABILITIES
$
8,244.7
$
8,373.8
GEOGRAPHIC REVENUES For
the Three and Six Months Ended June 30, 2024 and 2023 (Unaudited; $
in millions)
Three months ended June 30,
Six months ended June 30,
($ in millions)
2024
2023
% Change
2024
2023
% Change
Geographic Revenues
EMEA
$
232
$
230
1%
$
590
$
587
1%
Americas
368
366
1%
777
776
0%
Greater China (1)
289
188
54%
599
393
52%
Asia Pacific (2)
106
73
45%
210
151
39%
Total
$
994
$
857
16%
$
2,177
$
1,907
14%
(1) Consists of mainland China, Hong Kong,
Macau and Taiwan.
(2) Excludes Greater China.
CHANNEL REVENUES For the
Three and Six Months Ended June 30, 2024 and 2023 (Unaudited; $ in
millions)
Three months ended
June 30,
Six months ended June 30,
($ in millions)
2024
2023
% Change
2024
2023
% Change
Channel Revenues
Wholesale
$
545
$
536
2%
$
1,239
$
1,239
0%
DTC
449
321
40%
938
669
40%
Total
$
994
$
857
16%
$
2,177
$
1,907
14%
SEGMENT REVENUES For the
Three and Six Months Ended June 30, 2024 and 2023 (Unaudited; $ in
millions)
Three months ended June 30,
Six months ended June 30,
($ in millions)
2024
2023
% Change
2024
2023
% Change
Segment Revenue
Technical Apparel
$
407
$
303
34%
$
918
$
658
39%
Outdoor Performance
304
274
11%
704
651
8%
Ball & Racquet Sports
283
280
1%
555
598
(7)%
Total
$
994
$
857
16%
$
2,177
$
1,907
14%
SEGMENT ADJUSTED OPERATING
PROFIT For the Three and Six Months Ended June 30, 2024 and
2023 (Unaudited; $ in millions)
Three months ended June 30,
Six months ended June 30,
($ in millions)
2024
% of Segment Revenues (2)
2023
% of Segment Revenues (2)
2024
% of Segment Revenues (2)
2023
% of
Segment Revenues (2)
Segment Adjusted Operating
Profit/(Loss)
Technical Apparel
$
58
14.2%
$
40
13.1%
$
175
19.1%
$
123
18.6%
Outdoor Performance
(7
)
(2.1)%
(16
)
(5.9)%
13
1.8%
15
2.3%
Ball & Racquet Sports
3
1.1%
7
2.7%
14
2.5%
53
8.9%
Reconciliation (1)
(25
)
NM
(10
)
NM
(43
)
NM
(29
)
NM
Total
$
29
2.9%
$
21
2.4%
$
159
7.3%
$
162
8.5%
(1) Includes corporate expenses, which
have not been allocated to the reportable segments.
(2) The operating loss as a percentage of
revenues for the Reconciliation is not presented as it is not a
meaningful metric (NM).
SEGMENT DTC OPERATING DATA
As of June 30, 2024 and 2023 (Unaudited)
June 30,
2024
2023
% Change
Store count (1)
Technical Apparel
203
174
17%
Outdoor Performance
162
113
43%
Ball & Racquet
26
12
117%
Total
391
299
31%
Omni-comp (2)
Technical Apparel
26 %
80 %
Outdoor Performance
32 %
36 %
Ball & Racquet
1 %
18 %
(1) Reflects the number of owned retail
stores open at the end of the fiscal period for each segment
(2) Omni-comp reflects year over year
revenue growth from owned retail stores and e-commerce sites that
have been open at least 13 months
ADJUSTED GROSS PROFIT
RECONCILIATION For the Three and Six Months Ended June 30, 2024
and 2023 (Unaudited; $ in millions)
Three months ended June 30,
Six months ended June 30,
($ in millions)
2024
2023
2024
2023
Gross Profit
$
551
$
457
$
1,190
$
1,012
PPA
4
4
7
7
Adjusted Gross Profit
$
555
$
461
$
1,197
$
1,019
ADJUSTED SG&A
RECONCILIATION (1) For the Three and Six Months Ended June 30,
2024 and 2023 (Unaudited; $ in millions)
Three months ended June 30,
Six months ended June 30,
($ in millions)
2024
2023
2024
2023
Selling, general and administrative
expenses
$
(560
)
$
(445
)
$
(1,094
)
$
(868
)
Restructuring expenses
9
—
10
—
PPA
7
7
14
14
Expenses related to transaction
activities
12
3
18
3
Share-based payments
6
—
9
—
Adjusted SG&A expenses
$
(526
)
$
(436
)
$
(1,043
)
$
(851
)
(1) The presented figures and percentages
are subject to rounding adjustments, which may cause discrepancies
between the sum of the individual figures and the presented
aggregated column and row totals.
ADJUSTED OPERATING PROFIT
RECONCILIATION (1) For the Three and Six Months Ended June 30,
2024 and 2023 (Unaudited; $ in millions)
Three months ended June 30,
Six months ended June 30,
($ in millions)
2024
2023
2024
2023
Loss before tax
$
(54
)
$
(92
)
$
(39
)
$
(46
)
PPA
11
11
21
21
Restructuring expenses
9
—
10
—
Expenses related to transaction
activities
12
3
18
3
Share-based payments
6
—
9
—
Finance costs
48
101
130
187
Loss on debt extinguishment
—
—
14
—
Finance income
(3
)
(2
)
(5
)
(3
)
Adjusted operating profit
$
29
$
21
$
159
$
162
(1) The presented figures and percentages
are subject to rounding adjustments, which may cause discrepancies
between the sum of the individual figures and the presented
aggregated column and row totals.
ADJUSTED NET INCOME
RECONCILIATION (1) For the Three and Six Months Ended June 30,
2024 and 2023 (Unaudited; $ in millions, except per share
information)
Three months ended June 30,
Six months ended June 30,
($ in millions)
2024
2023
2024
2023
Net (loss)/income attributable to
equity holders
$
(4
)
$
(97
)
$
1
$
(78
)
PPA
11
11
21
21
Restructuring expenses
9
—
10
—
Expenses related to transaction activities
(2)
12
3
36
3
Share-based payments
6
—
9
—
Loss on debt extinguishment
—
—
14
—
Income tax expense
(9
)
(3
)
(18
)
(5
)
Adjusted net income/(loss) attributable
to equity holders
$
25
$
(86
)
$
75
$
(59
)
Adjusted weighted-average dilutive
shares outstanding (3)
508,319,702
384,499,607
486,601,577
384,499,607
Adjusted total diluted earnings/(loss)
per share
$
0.05
$
(0.22
)
$
0.15
$
(0.15
)
(1) The presented figures and percentages
are subject to rounding adjustments, which may cause discrepancies
between the sum of the individual figures and the presented
aggregated column and row totals.
(2) Includes approximately $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 and Loss, for the six
months ended June 30, 2024.
(3) As we have a net loss on an IFRS basis
for the three months ended June 30, 2024,weighted-average dilutive
shares outstanding equals weighted-average basic shares
outstanding. Adjusted total dilutive income per share for the three
months ended June 30, 2024, includes the dilutive impact of
3,070,095 shares in accordance with IAS 33, Earnings Per Share, as
we have net income on an adjusted basis.
EBITDA, ADJUSTED EBITDA, AND
ADJUSTED EBITDA MARGIN RECONCILIATION (1) For the Three and Six
Months Ended June 30, 2024 and 2023 (Unaudited; $ in millions)
Three months ended June 30,
Six months ended June 30,
($ in millions)
2024
2023
2024
2023
Revenue
$
994
$
857
$
2,177
$
1,907
Net (loss)/income attributable to
equity holders
$
(4
)
$
(97
)
$
1
$
(78
)
Net income attributable to non-controlling
interests
2
—
4
—
Income tax (benefit)/expense
(52
)
5
(44
)
32
Finance cost (2)
48
101
130
187
Loss on debt extinguishment
—
—
14
—
Depreciation and amortization (3)
63
52
125
104
Finance income
(3
)
(2
)
(5
)
(3
)
EBITDA
54
60
226
242
Restructuring expenses
9
—
10
—
Expenses related to transaction
activities
12
3
18
3
Share-based payments
6
—
9
—
Adjusted EBITDA
$
81
$
63
$
263
$
245
Net (loss)/income margin
(0.4
)%
(11.3
)%
0.1
%
(4.1
)%
Adjusted EBITDA Margin
8.2
%
7.3
%
12.1
%
12.9
%
(1) The presented figures and percentages
are subject to rounding adjustments, which may cause discrepancies
between the sum of the individual figures and the presented
aggregated column and row totals.
(2) Total interest expense on lease
liabilities under IFRS 16, Leases was $4.9 million and $2.0 million
for the three months ended June 30, 2024, and 2023, and $9.2
million and $4.0 million for the six months ended June 30, 2024,
and 2023, respectively.
(3) Depreciation and amortization includes
amortization expense for right-of-use assets capitalized under IFRS
16, Leases of $29.2 million and $19.3 million for the three months
ended June 30, 2024, and 2023, and $55.7 million and $38.1 million
for the six months ended June 30, 2024, and 2023, respectively.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240820722498/en/
Investor Relations: Omar Saad Vice President, Finance and
Investor Relations omar.saad@amersports.com Media: Anu
Sirkiä Senior Vice President, Communications
anu.sirkia@amersports.com
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