- Strong quarter with sales, adjusted margins and EPS above
expectations
- Revenue increased 17% to $1,354 million
- Arc’teryx continues standout growth and
profitability
- Ball & Racquet segment accelerated to double-digit
growth
- Continued strong results in Greater China and Asia
Pacific
- Accelerating growth in both North America and EMEA
- Salomon announces next CEO
Amer Sports Inc. (NYSE: AS) (“Amer Sports” or the “Company”)
announced its financial results for the third quarter of 2024.
CEO James Zheng commented, “Third quarter was very strong for
Amer Sports Group across all brands and geographies. Led by
Arc'teryx, our unique portfolio of premium technical brands
continues to create white space and take market share in sports and
outdoor markets around the world. We are executing against our
largest growth opportunities in Arc'teryx and Salomon footwear,
while our market-leading Ball & Racquet franchise experienced a
growth acceleration.”
THIRD QUARTER 2024 RESULTS
For the third quarter of 2024, compared to the third quarter of
2023:
- Revenue increased to $1,354 million, which represents
17% growth on both a reported and constant currency basis1.
Revenues by segment:
- Technical Apparel increased 34% to $520 million, or increased
33% on a constant currency basis. This reflects an
omni-comp2 growth of 20%.
- Outdoor Performance increased 8% to $534 million, or increased
7% on a constant currency basis.
- Ball & Racquet Sports increased to $300 million, which
represents 11% growth on both a reported and constant currency
basis.
- Gross margin increased 420 basis points to 55.2%;
Adjusted gross margin increased 410 basis points to
55.5%.
- Selling, general and administrative expenses increased
20% to $586 million; Adjusted selling, general and
administrative expenses increased 23% to $572 million.
- Operating profit increased 69% to $177 million;
Adjusted operating profit increased 46% to $195 million,
including a $14 million government subsidy received in the third
quarter that had been expected to occur in the fourth quarter.
- Operating margin increased 400 basis points to 13.1%.
Adjusted operating margin increased 280 basis points to
14.4%. Adjusted operating margin by segment:
- Technical Apparel increased 370 basis points to 20.0%.
- Outdoor Performance decreased 40 basis points to 17.5%.
- Ball & Racquet Sports increased 600 basis points to
6.9%.
- Net income increased 257% to $56 million, or $0.11
diluted earnings per share; Adjusted net income increased
651% to $71 million, or $0.14 diluted earnings per share.
Balance sheet. Year-over-year inventories increased 12%.
Net debt3 was $1,987 million, and cash and equivalents
totaled $312 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.
MANAGEMENT TRANSITIONS
As we evolve as a company, we are announcing two leadership
changes to the Amer Sports executive structure. Effective January
1, 2025, we are pleased to announce that Guillaume Meyzenq,
currently Chief Product Officer for Salomon, has been appointed
President and CEO for Salomon. Additionally, Michael Hauge
Sørensen, Chief Operating Officer for Amer Sports, has decided to
step down from his current position and will return to his former
role as advisor to the Board of Directors of Amer Sports.
OUTLOOK
CFO Andrew Page said, “Another quarter of high-teens organic
growth accompanied by healthy gross- and operating-margin expansion
reflects the combination of great brands and strong execution by
our teams around the world. Very strong growth from our
highest-margin Arc'teryx franchise combined with improving trends
in both Ball & Racquet and Winter Sports Equipment give us the
confidence to raise our full-year sales and earnings guidance.”
“As we begin to look beyond this year, we are also confident in
our initial 2025 outlook and expect to deliver results consistent
with our long-term financial algorithm of low-double-digit to
mid-teens annual revenue growth and 30-70+ bps of annual adjusted
operating margin expansion driven by gross margin expansion.”
FULL-YEAR 2024
Amer Sports is updating guidance for the year ending December
31, 2024 (all guidance figures reference adjusted amounts):
- Reported revenue growth: 16 – 17%
- Gross margin: 55.3 – 55.5%
- Operating margin: towards high-end of 10.5 – 11.0%
- D&A: approximately $270 million, including approximately
$120 million of ROU depreciation
- Net finance cost: $200 – $210 million, including approximately
$15 million of finance costs in the first quarter 2024 that won’t
be recurring
- Effective tax rate: approximately 37%
- Fully diluted share count: approximately 500 million
- Fully diluted EPS: $0.43 – 0.45
- Technical Apparel:
- Revenue growth of approximately 34%
- Segment operating margin slightly above 20%
- Outdoor Performance:
- Revenue growth of approximately 8%
- Segment operating margin high-single digit %
- Ball & Racquet:
- Revenue growth of approximately 4%
- Segment operating margin low-to-mid single digit %
Amer Sports will provide full year 2025 guidance in connection
with its earnings call for the year ended December 31, 2024.
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
third quarter 2024 will be webcast live today, Tuesday, November
19, 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 portfolio of iconic sports and outdoor
brands, including Arc’teryx, Salomon, Wilson, Peak Performance,
Atomic, and Armada. 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
income/(loss) attributable to equity holders, and adjusted diluted
income/(loss) 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 income/(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, loss on
debt extinguishment, and finance income. EBITDA is calculated as
net income/(loss) 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 income/(loss)
attributable to equity holders is calculated as net income/(loss)
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 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 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 (1)
For the Three and Nine Months
Ended September 30, 2024 and 2023
(Unaudited; $ in millions, except
per share and share information)
Three months ended
September 30,
Nine months ended
September 30,
2024
2023
2024
2023
Revenue
$
1,353.8
$
1,153.1
$
3,547.8
$
3,072.9
Cost of goods sold
(606.5
)
(564.9
)
(1,593.5
)
(1,460.5
)
Gross profit
747.3
588.2
1,954.3
1,612.4
Selling, general and administrative
expenses
(586.5
)
(488.1
)
(1,698.1
)
(1,368.5
)
Impairment gains (losses)
-
2.9
(2.5
)
(4.6
)
Other operating income
15.9
1.7
23.5
3.3
Operating profit
176.7
104.7
277.2
242.6
Finance income
1.1
1.4
6.3
4.5
Finance cost
(48.9
)
(109.4
)
(178.9
)
(296.6
)
Loss on debt extinguishment
-
-
(14.3
)
-
Net finance cost
(47.8
)
(108.0
)
(186.9
)
(292.1
)
Income/(loss) before tax
128.9
(3.3
)
90.3
(49.5
)
Income tax expense
(72.7
)
(32.6
)
(29.0
)
(64.4
)
Net income/(loss)
$
56.2
$
(35.9
)
$
61.3
$
(113.9
)
Income/(loss) attributable to:
Equity holders of the Company
$
55.8
$
(37.7
)
$
57.2
$
(115.6
)
Non-controlling interests
$
0.4
$
1.8
$
4.1
$
1.7
Earnings/(Loss) per share
Basic earnings/(loss) per share
$
0.11
$
(0.10
)
$
0.12
$
(0.30
)
Diluted earnings/(loss) per share
$
0.11
$
(0.10
)
$
0.12
$
(0.30
)
Weighted-average number of ordinary
shares
Basic
505,412,690
384,499,607
490,972,248
384,499,607
Diluted
507,716,795
384,499,607
493,776,517
384,499,607
(1) In the third quarter of 2024, the
Company changed its presentation of credit card processing fees,
which were previously recorded as contra-revenue and have been
reclassified as selling, general and administrative expenses. Prior
year amounts have been reclassified to conform with current period
presentation.
CONSOLIDATED STATEMENTS OF
FINANCIAL POSITION
As of September 30, 2024 and
December 31, 2023
(Unaudited; $ in millions)
($ in millions)
September 30,
2024
December 31,
2023
ASSETS
NON-CURRENT ASSETS
Intangible assets
$
2,748.9
$
2,748.7
Goodwill
2,280.2
2,270.0
Property, plant and equipment
529.8
441.9
Right-of-use assets
482.7
317.1
Non-current financial assets
9.0
9.2
Other non-current assets
59.8
73.5
Deferred tax assets
169.7
161.7
TOTAL NON-CURRENT ASSETS
6,280.1
6,022.1
CURRENT ASSETS
Inventories
1,338.5
1,099.6
Accounts receivable, net
659.5
599.8
Prepaid expenses and other receivables
231.7
162.3
Current tax assets
6.6
6.6
Cash and cash equivalents
312.0
483.4
TOTAL CURRENT ASSETS
2,548.3
2,351.7
TOTAL ASSETS
8,828.4
8,373.8
SHAREHOLDERS' EQUITY (DEFICIT) AND
LIABILITIES
EQUITY (DEFICIT)
Share capital
16.9
642.2
Share premium
2,135.8
—
Capital reserve
2,789.2
227.2
Cash flow hedge reserve
(39.4
)
(10.6
)
Accumulated deficit and other
(797.7
)
(1,019.0
)
Equity (deficit) attributable to equity
holders of the parent company
4,104.8
(160.2
)
Non-controlling interests
7.5
3.4
TOTAL EQUITY (DEFICIT)
4,112.3
(156.8
)
LIABILITIES
LONG-TERM LIABILITIES
Lease liabilities
$
407.8
$
250.4
Loans from financial institutions
1,984.7
1,863.4
Loans from related parties
—
4,077.0
Defined benefit pension liabilities
17.5
23.9
Other long-term liabilities
47.3
29.4
Provisions
5.6
5.5
Long-term tax liabilities
13.3
32.1
Deferred tax liabilities
668.5
675.0
TOTAL LONG-TERM LIABILITIES
3,144.7
6,956.7
CURRENT LIABILITIES
Interest-bearing liabilities
286.1
381.0
Lease liabilities
108.8
89.4
Accounts payable
482.3
426.5
Other current liabilities
665.8
567.5
Provisions
28.0
29.9
Current tax liabilities
0.4
79.6
TOTAL CURRENT LIABILITIES
1,571.4
1,573.9
TOTAL LIABILITIES
4,716.1
8,530.6
TOTAL SHAREHOLDERS’ EQUITY (DEFICIT)
AND LIABILITIES
$
8,828.4
$
8,373.8
GEOGRAPHIC REVENUES
(1)
For the Three and Nine Months
Ended September 30, 2024 and 2023
(Unaudited; $ in millions)
Three months ended
September 30,
Nine months ended
September 30,
($ in millions)
2024
2023
% Change
2024
2023
% Change
Geographic Revenues
EMEA
$
429
$
413
4
%
$
1,022
$
1,003
2
%
Americas
488
455
7
%
1,275
1,238
3
%
Greater China (2)
313
200
56
%
914
595
54
%
Asia Pacific (3)
125
85
47
%
337
237
42
%
Total
$
1,354
$
1,153
17
%
$
3,548
$
3,073
15
%
(1) In the third quarter of 2024, the
Company changed its presentation of credit card processing fees,
which were previously recorded as contra-revenue and have been
reclassified as selling, general and administrative expenses. Prior
year amounts have been reclassified to conform with current period
presentation.
(2) Consists of mainland China, Hong Kong,
Macau and Taiwan.
(3) Excludes Greater China.
CHANNEL REVENUES (1)
For the Three and Nine Months
Ended September 30, 2024 and 2023
(Unaudited; $ in millions)
Three months ended
September 30,
Nine months ended
September 30,
($ in millions)
2024
2023
% Change
2024
2023
% Change
Channel Revenues
Wholesale
$
874
$
812
8
%
$
2,114
$
2,053
3
%
DTC
480
341
41
%
1,434
1,020
41
%
Total
$
1,354
$
1,153
17
%
$
3,548
$
3,073
15
%
(1) In the third quarter of 2024, the
Company changed its presentation of credit card processing fees,
which were previously recorded as contra-revenue and have been
reclassified as selling, general and administrative expenses. Prior
year amounts have been reclassified to conform with current period
presentation.
SEGMENT REVENUES (1)
For the Three and Nine Months
Ended September 30, 2024 and 2023
(Unaudited; $ in millions)
Three months ended September
30,
Nine months ended September
30,
($ in millions)
2024
2023
% Change
2024
2023
% Change
Segment Revenues
Technical Apparel
$
520
$
389
34
%
$
1,449
$
1,055
37
%
Outdoor Performance
534
495
8
%
1,241
1,149
8
%
Ball & Racquet Sports
300
270
11
%
857
870
(1
)%
Total
$
1,354
$
1,153
17
%
$
3,548
$
3,073
15
%
(1) In the third quarter of 2024, the
Company changed its presentation of credit card processing fees,
which were previously recorded as contra-revenue and have been
reclassified as selling, general and administrative expenses. Prior
year amounts have been reclassified to conform with current period
presentation.
SEGMENT ADJUSTED OPERATING
PROFIT
For the Three and Nine Months
Ended September 30, 2024 and 2023
(Unaudited; $ in millions)
Three months ended September
30,
Nine months ended September
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
$
104
20.0
%
$
63
16.3
%
$
279
19.3
%
$
186
17.6
%
Outdoor Performance
93
17.5
%
88
17.9
%
106
8.6
%
103
9.0
%
Ball & Racquet Sports
21
6.9
%
2
0.9
%
35
4.0
%
56
6.4
%
Reconciliation (1)
(23
)
NM
(21
)
NM
(66
)
NM
(49
)
NM
Total
$
195
14.4
%
$
134
11.6
%
$
354
10.0
%
$
296
9.6
%
(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 September 30, 2024 and
2023
(Unaudited)
September 30,
2024
2023
% Change
Store count (1)
Technical Apparel
212
179
18
%
Outdoor Performance
196
116
69
%
Ball & Racquet
45
9
400
%
Total
453
304
49
%
Omni-comp (2)
Technical Apparel
20
%
68
%
Outdoor Performance
23
%
29
%
Ball & Racquet
—
%
49
%
(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 Nine Months
Ended September 30, 2024 and 2023
(Unaudited; $ in millions)
Three months ended
September 30,
Nine months ended
September 30,
($ in millions)
2024
2023
2024
2023
Gross Profit
$
747
$
588
$
1,954
$
1,612
PPA
4
4
11
11
Restructuring expenses
—
1
—
1
Adjusted Gross Profit
$
751
$
593
$
1,965
$
1,624
ADJUSTED SG&A
RECONCILIATION (1)
For the Three and Nine Months
Ended September 30, 2024 and 2023
(Unaudited; $ in millions)
Three months ended
September 30,
Nine months ended
September 30,
($ in millions)
2024
2023
2024
2023
Selling, general and administrative
expenses
$
(586
)
$
(488
)
$
(1,698
)
$
(1,368
)
PPA
7
7
21
21
Restructuring expenses
3
1
12
1
Expenses related to transaction
activities
2
16
20
19
Expenses related to certain legal
proceedings
1
—
1
—
Share-based payments
1
—
11
—
Adjusted SG&A expenses
$
(572
)
$
(464
)
$
(1,633
)
$
(1,327
)
(1) In the third quarter of 2024, the
Company changed its presentation of credit card processing fees,
which were previously recorded as contra-revenue and have been
reclassified as selling, general and administrative expenses. Prior
year amounts have been reclassified to conform with current period
presentation.
ADJUSTED OPERATING PROFIT
RECONCILIATION (1)
For the Three and Nine Months
Ended September 30, 2024 and 2023
(Unaudited; $ in millions)
Three months ended
September 30,
Nine months ended
September 30,
($ in millions)
2024
2023
2024
2023
Income/(loss) before tax
$
129
$
(3
)
$
90
$
(50
)
PPA
11
11
32
32
Restructuring expenses
3
2
12
2
Expenses related to transaction
activities
2
16
20
19
Expenses related to certain legal
proceedings
1
—
1
—
Share-based payments
1
—
11
—
Finance costs
49
109
179
297
Loss on debt extinguishment
—
—
14
—
Finance income
(1
)
(1
)
(6
)
(4
)
Adjusted operating profit
$
195
$
134
$
354
$
296
(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 Nine Months
Ended September 30, 2024 and 2023
(Unaudited; $ in millions, except
per share information)
Three months ended
September 30,
Nine months ended
September 30,
($ in millions)
2024
2023
2024
2023
Net income/(loss) attributable to
equity holders
$
56
$
(38
)
$
57
$
(116
)
PPA
11
11
32
32
Restructuring expenses
3
2
12
2
Expenses related to transaction activities
(2)
4
16
41
19
Expenses related to certain legal
proceedings
1
—
1
—
Share-based payments
1
—
11
—
Loss on debt extinguishment
—
—
14
—
Income tax expense on adjustments
(5
)
(4
)
(23
)
(9
)
Adjusted net income/(loss) attributable
to equity holders
$
71
$
(13
)
$
146
$
(72
)
Weighted-average dilutive shares
outstanding
507,716,795
384,499,607
493,776,517
384,499,607
Adjusted total diluted earnings/(loss)
per share
$
0.14
$
(0.03
)
$
0.30
$
(0.19
)
(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) For the three and nine months ended
September 30, 2024, expenses for transaction activities includes
approximately $2 million of transaction costs incurred as a result
of the repricing of the USD and EUR Term Loan Facilities. For the
nine months ended September 30, 2024, expenses for transaction
activities includes an additional $18 million of foreign currency
exchange losses related to contract costs incurred in association
with our IPO. These costs are classified as Finance costs on the
Consolidated Statement of Income and Loss.
EBITDA, ADJUSTED EBITDA, AND
ADJUSTED EBITDA MARGIN RECONCILIATION (1) (2)
For the Three and Nine Months
Ended September 30, 2024 and 2023
(Unaudited; $ in millions)
Three months ended
September 30,
Nine months ended
September 30,
($ in millions)
2024
2023
2024
2023
Revenue
$
1,354
$
1,153
$
3,548
$
3,073
Net income/(loss) attributable to
equity holders
$
56
$
(38
)
$
57
$
(116
)
Net income attributable to non-controlling
interests
0
2
4
2
Income tax expense
73
33
29
64
Finance cost (3)
49
109
179
297
Loss on debt extinguishment
—
—
14
—
Depreciation and amortization (4)
71
54
197
159
Finance income
(1
)
(1
)
(6
)
(4
)
EBITDA
248
159
474
401
Restructuring expenses
3
2
12
2
Expenses related to transaction
activities
2
16
20
19
Expenses related to certain legal
proceedings
1
—
1
—
Share-based payments
1
—
11
—
Adjusted EBITDA
$
255
$
177
$
518
$
422
Net income/(loss) margin
4.1
%
(3.3
)%
1.6
%
(3.8
)%
Adjusted EBITDA Margin
18.9
%
15.3
%
14.6
%
13.7
%
(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) In the third quarter of 2024, the
Company changed its presentation of credit card processing fees,
which were previously recorded as contra-revenue and have been
reclassified as selling, general and administrative expenses. Prior
year amounts have been reclassified to conform with current period
presentation.
(3) Total interest expense on lease
liabilities under IFRS 16, Leases was $6 million and $3 million for
the three months ended September 30, 2024, and 2023, and $16
million and $7 million for the nine months ended September 30,
2024, and 2023, respectively.
(4) Depreciation and amortization includes
amortization expense for right-of-use assets capitalized under IFRS
16, Leases of $32 million and $21 million for the three months
ended September 30, 2024, and 2023, and $88 million and $59 million
for the nine months ended September 30, 2024, and 2023,
respectively.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241119783105/en/
FOR ADDITIONAL INFORMATION
Investor Relations:
Omar Saad Vice President, Finance and Investor Relations
omar.saad@amersports.com
Media:
Reeta Eskola Director, Communications
reeta.eskola@amersports.com
Amer Sports (NYSE:AS)
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