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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from_______to_______

 —————————————————————
Commission file number 000-23939
 —————————————————————

COLUMBIA SPORTSWEAR COMPANY
(Exact name of registrant as specified in its charter) 
 —————————————————————

Oregon93-0498284
(State or other jurisdiction of incorporation or organization)(IRS Employer Identification Number)
14375 Northwest Science Park Drive, Portland Oregon 97229
(Address of principal executive offices and zip code)
(503) 985-4000
(Registrant's telephone number, including area code)
 —————————————————————
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockCOLMThe NASDAQ Global Select Market
 —————————————————————
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.YesNo
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
YesNo
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerAccelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes
No
The number of shares outstanding of the registrant's common stock on October 21, 2022 was 62,113,626.










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TABLE OF CONTENTS
Page
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 6.

COLUMBIA SPORTSWEAR COMPANY | 2022 FORM 10-Q

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of federal securities laws. Forward-looking statements often use words such as "will", "anticipate", "estimate", "expect", "should", "may" and other words and terms of similar meaning or reference future dates. Forward-looking statements include any statements related to our expectations regarding the effectiveness of our investments, future performance or market position, including any statements regarding outdoor participation and a move to casualization by consumers, product price changes, the promotional environment, wholesale trade terms, inventories, shipping timing, consumer spending and preferences, store traffic, freight charges, scale efficiencies, logistics constraints, labor costs and shortages, inflationary pressures, foreign currency translation, the geopolitical environment, consumer expectations, the impact of seasonal trends, materiality of legal matters, borrowings, our short and long-term cash needs and our ability to meet those needs, amortization expenses and maturities of liabilities.

These forward-looking statements, and others we make from time to time expressed in good faith, are believed to have a reasonable basis; however, each forward-looking statement involves risks and uncertainties. Many factors may cause actual results to differ materially from projected results in forward-looking statements, including the risks described in Part II, Item 1A of this Quarterly Report on Form 10-Q. Forward-looking statements are inherently less reliable than historical information. Except as required by law, we do not undertake any duty to update forward-looking statements after the date they are made or to conform them to actual results or to changes in circumstances or to reflect changes in events, circumstances or expectations. New factors emerge from time to time and it is not possible for us to predict or assess the effects of all such factors or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement.

COLUMBIA SPORTSWEAR COMPANY | 2022 FORM 10-Q | i

PART I — FINANCIAL INFORMATION
ITEM 1.
FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(in thousands)September 30,
2022
December 31,
2021
September 30,
2021
ASSETS
Current Assets:
Cash and cash equivalents$159,221 $763,404 $599,479 
Short-term investments972 131,145 1,132 
Accounts receivable, net of allowance of $5,822, $8,893 and $10,847, respectively
600,457 487,803 500,451 
Inventories, net1,056,905 645,379 720,865 
Prepaid expenses and other current assets142,055 86,306 98,146 
Total current assets1,959,610 2,114,037 1,920,073 
Property, plant and equipment, net of accumulated depreciation of $608,522, $602,660 and $591,795, respectively
287,338 291,088 293,725 
Operating lease right-of-use assets328,893 330,928 344,876 
Intangible assets, net100,672 101,908 102,321 
Goodwill68,594 68,594 68,594 
Deferred income taxes76,899 92,121 92,493 
Other non-current assets68,146 68,452 67,277 
Total assets$2,890,152 $3,067,128 $2,889,359 
LIABILITIES AND EQUITY
Current Liabilities:
Short-term borrowings$4,441 $ $ 
Accounts payable336,782 283,349 241,119 
Accrued liabilities279,226 316,485 273,590 
Operating lease liabilities65,866 67,429 67,055 
Income taxes payable10,341 13,127 8,955 
Total current liabilities696,656 680,390 590,719 
Non-current operating lease liabilities314,565 317,666 330,765 
Income taxes payable33,215 44,541 49,392 
Deferred income taxes  1 
Other long-term liabilities30,913 35,279 38,165 
Total liabilities1,075,349 1,077,876 1,009,042 
Commitments and contingencies (Note 5)
Shareholders' Equity:
Preferred stock; 10,000 shares authorized; none issued and outstanding
   
Common stock (no par value); 250,000 shares authorized; 62,105, 65,164 and 65,501 issued and outstanding, respectively
5,803   
Retained earnings1,846,570 1,993,628 1,883,343 
Accumulated other comprehensive income (loss)(37,570)(4,376)(3,026)
Total shareholders' equity1,814,803 1,989,252 1,880,317 
Total liabilities and shareholders' equity$2,890,152 $3,067,128 $2,889,359 

See accompanying notes to unaudited condensed consolidated financial statements.
COLUMBIA SPORTSWEAR COMPANY | 2022 FORM 10-Q | 1

Notes to Condensed Consolidated Financial Statements (Unaudited)
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

Three Months Ended September 30,
Nine Months Ended September 30,
(in thousands, except per share amounts)2022202120222021
Net sales$955,059 $804,706 $2,294,632 $1,996,682 
Cost of sales496,564 396,346 1,173,530 974,403 
Gross profit458,495 408,360 1,121,102 1,022,279 
Selling, general and administrative expenses318,957 280,121 899,301 796,276 
Net licensing income5,723 5,222 15,899 12,933 
Operating income145,261 133,461 237,700 238,936 
Interest income, net765 196 1,659 1,072 
Other non-operating income (expense), net(269)201 (1,660)(397)
Income before income tax145,757 133,858 237,699 239,611 
Income tax expense(34,007)(33,295)(51,949)(42,464)
Net income$111,750 $100,563 $185,750 $197,147 
Earnings per share:
Basic$1.80 $1.53 $2.95 $2.98 
Diluted$1.80 $1.52 $2.94 $2.96 
Weighted average shares outstanding:
Basic62,09865,86262,96766,182
Diluted62,21066,26663,17866,673

See accompanying notes to unaudited condensed consolidated financial statements.
COLUMBIA SPORTSWEAR COMPANY | 2022 FORM 10-Q | 2

Notes to Condensed Consolidated Financial Statements (Unaudited)
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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

Three Months Ended September 30,
Nine Months Ended September 30,
(in thousands)2022202120222021
Net income$111,750 $100,563 $185,750 $197,147 
Other comprehensive income (loss):
Unrealized gains on derivative transactions (net of tax effects of $(4,856), $(3,602), $(9,944) and $(5,787), respectively)
14,221 10,552 27,938 15,564 
Foreign currency translation adjustments (net of tax effects of $126, $66, $1,123 and $215, respectively)
(30,058)(11,422)(61,132)(19,396)
Other comprehensive income (loss)(15,837)(870)(33,194)(3,832)
Comprehensive income$95,913 $99,693 $152,556 $193,315 

See accompanying notes to unaudited condensed consolidated financial statements.
COLUMBIA SPORTSWEAR COMPANY | 2022 FORM 10-Q | 3

Notes to Condensed Consolidated Financial Statements (Unaudited)
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

Nine Months Ended September 30,
(in thousands)20222021
Cash flows from operating activities:
Net income$185,750 $197,147 
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation, amortization, and non-cash lease expense86,569 84,509 
Provision for uncollectible accounts receivable(1,745)(9,088)
Loss on disposal or impairment of investments, property, plant and equipment, and right-of-use assets2,455 366 
Deferred income taxes1,712 (8,731)
Stock-based compensation16,071 14,487 
Changes in operating assets and liabilities:
Accounts receivable(129,251)(44,500)
Inventories, net(443,194)(173,761)
Prepaid expenses and other current assets(27,535)(40,957)
Other assets2,260 148 
Accounts payable63,868 22,014 
Accrued liabilities(18,409)24,813 
Income taxes payable(14,299)(14,621)
Operating lease assets and liabilities(49,159)(68,823)
Other liabilities(3,182)1,359 
Net cash used in operating activities(328,089)(15,638)
Cash flows from investing activities:
Purchases of short-term investments(44,876) 
Sales and maturities of short-term investments175,827 1,184 
Capital expenditures(42,489)(20,413)
Net cash provided by (used in) investing activities88,462 (19,229)
Cash flows from financing activities:
Proceeds from credit facilities12,660 29,508 
Repayments on credit facilities(8,133)(29,313)
Payment of line of credit issuance fees(604) 
Proceeds from issuance of common stock related to stock-based compensation4,598 24,329 
Tax payments related to stock-based compensation(4,178)(5,715)
Repurchase of common stock(287,443)(118,580)
Cash dividends paid(56,556)(51,662)
Net cash used in financing activities(339,656)(151,433)
Net effect of exchange rate changes on cash(24,900)(4,946)
Net decrease in cash and cash equivalents(604,183)(191,246)
Cash and cash equivalents, beginning of period763,404 790,725 
Cash and cash equivalents, end of period$159,221 $599,479 
Supplemental disclosures of cash flow information:
Cash paid during the year for income taxes$59,584 $87,709 
Supplemental disclosures of non-cash investing and financing activities:
Property, plant and equipment acquired through increase in liabilities$7,502 $8,277 
Repurchases of common stock not settled$ $8,628 
See accompanying notes to unaudited condensed consolidated financial statements.
COLUMBIA SPORTSWEAR COMPANY | 2022 FORM 10-Q | 4

Notes to Condensed Consolidated Financial Statements (Unaudited)
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CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited)

(in thousands, except per share amounts)Common StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Total
Shares
Outstanding
Amount
Balance, June 30, 2022
62,091 $ $1,753,450 $(21,733)$1,731,717 
Net income— — 111,750 — 111,750 
Other comprehensive income (loss):
Unrealized gains on derivative transactions, net— — — 14,221 14,221 
Foreign currency translation adjustment, net— — — (30,058)(30,058)
Cash dividends ($0.30 per share)
— — (18,630)— (18,630)
Issuance of common stock related to stock-based compensation, net
14 368 — — 368 
Stock-based compensation expense— 5,435 — — 5,435 
Balance, September 30, 2022
62,105 $5,803 $1,846,570 $(37,570)$1,814,803 

(in thousands, except per share amounts)Common StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Total
Shares
Outstanding
Amount
Balance, June 30, 2021
66,148 $ $1,863,813 $(2,156)$1,861,657 
Net income— — 100,563 — 100,563 
Other comprehensive income (loss):
Unrealized gains on derivative transactions, net— — — 10,552 10,552 
Foreign currency translation adjustment, net— — — (11,422)(11,422)
Cash dividends ($0.26 per share)
— — (17,122)— (17,122)
Issuance of common stock related to stock-based compensation, net
79 3,767 — — 3,767 
Stock-based compensation expense— 4,664 — — 4,664 
Repurchase of common stock(726)(8,431)(63,911)— (72,342)
Balance, September 30, 2021
65,501 $ $1,883,343 $(3,026)$1,880,317 

(in thousands, except per share amounts)Common StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Total
Shares
Outstanding
Amount
Balance, December 31, 2021
65,164 $ $1,993,628 $(4,376)$1,989,252 
Net income— — 185,750 — 185,750 
Other comprehensive income (loss):
Unrealized gains on derivative transactions, net
— — — 27,938 27,938 
Foreign currency translation adjustment, net— — — (61,132)(61,132)
Cash dividends ($0.90 per share)
— — (56,556)— (56,556)
Issuance of common stock related to stock-based compensation, net
176 420 — — 420 
Stock-based compensation expense— 16,071 — — 16,071 
Repurchase of common stock(3,235)(10,688)(276,252)— (286,940)
Balance, September 30, 2022
62,105 $5,803 $1,846,570 $(37,570)$1,814,803 

COLUMBIA SPORTSWEAR COMPANY | 2022 FORM 10-Q | 5

Notes to Condensed Consolidated Financial Statements (Unaudited)
colm-20220930_g1.jpg
(in thousands, except per share amounts)Common StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Total
Shares
Outstanding
Amount
Balance, December 31, 2020
66,252 $20,165 $1,811,800 $806 $1,832,771 
Net income— — 197,147 — 197,147 
Other comprehensive income (loss):
Unrealized gains on derivative transactions, net— — — 15,564 15,564 
Foreign currency translation adjustment, net— — — (19,396)(19,396)
Cash dividends ($0.78 per share)
— — (51,662)— (51,662)
Issuance of common stock related to stock-based compensation, net
503 18,614 — — 18,614 
Stock-based compensation expense— 14,487 — — 14,487 
Repurchase of common stock(1,254)(53,266)(73,942)— (127,208)
Balance, September 30, 2021
65,501 $ $1,883,343 $(3,026)$1,880,317 

See accompanying notes to unaudited condensed consolidated financial statements.
COLUMBIA SPORTSWEAR COMPANY | 2022 FORM 10-Q | 6

Notes to Condensed Consolidated Financial Statements (Unaudited)
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTEPAGE
Note 1Basis of Presentation and Organization
Note 2Revenues
Note 3Intangible Assets, Net and Goodwill
Note 4Short-Term Borrowings and Credit Lines
Note 5Commitments and Contingencies
Note 6Shareholders' Equity
Note 7Stock-Based Compensation
Note 8Earnings Per Share
Note 9Accumulated Other Comprehensive Income (Loss)
Note 10Segment Information
Note 11Financial Instruments and Risk Management
Note 12Fair Value Measures

COLUMBIA SPORTSWEAR COMPANY | 2022 FORM 10-Q | 7

Notes to Condensed Consolidated Financial Statements (Unaudited)
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NOTE 1 — BASIS OF PRESENTATION AND ORGANIZATION

The accompanying unaudited condensed consolidated financial statements have been prepared by the management of Columbia Sportswear Company (together with its wholly owned subsidiaries, the "Company") and, in the opinion of management, include all normal recurring material adjustments necessary to present fairly the Company's financial position as of September 30, 2022, December 31, 2021 and September 30, 2021, the results of operations for the three and nine months ended September 30, 2022 and 2021, and cash flows for the nine months ended September 30, 2022 and 2021. The December 31, 2021 financial information was derived from the Company's audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021. A significant part of the Company's business is of a seasonal nature; therefore, results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of results to be expected for other quarterly periods or for the full year.

Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. The Company, however, believes that the disclosures contained in this report comply with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended, for a Quarterly Report on Form 10-Q and are adequate to make the information presented not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021.

PRINCIPLES OF CONSOLIDATION

The unaudited condensed consolidated financial statements include the accounts of the Company. All significant intercompany balances and transactions have been eliminated in consolidation.

ESTIMATES AND ASSUMPTIONS

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates and assumptions. The Company's significant estimates relate to sales reserves, allowance for uncollectible accounts receivable, excess, close-out and slow-moving inventory, impairment of long-lived assets, intangible assets and goodwill, and income taxes.

RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS

None.

RECENT ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED

In November 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2021-10 (“ASU 2021-10”), Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance, to increase transparency of government assistance including the disclosure of (1) the types of assistance, (2) an entity’s accounting for the assistance, and (3) the effect of the assistance on an entity’s financial statements. ASU 2021-10 is effective for annual periods beginning after December 15, 2021. Early adoption is permitted. The impact of this new standard will depend on the amount of future government assistance received, if any.

COLUMBIA SPORTSWEAR COMPANY | 2022 FORM 10-Q | 8

Notes to Condensed Consolidated Financial Statements (Unaudited)
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NOTE 2 — REVENUES

DISAGGREGATED REVENUE

As disclosed below in Note 10, the Company has four geographic reportable segments: United States ("U.S."), Latin America and Asia Pacific ("LAAP"), Europe, Middle East and Africa ("EMEA") and Canada.

The following tables disaggregate the Company's operating segment Net sales by product category and channel, which the Company believes provides a meaningful depiction of how the nature, timing, and uncertainty of Net sales are affected by economic factors:

Three Months Ended September 30, 2022
(in thousands)
U.S.LAAPEMEACanadaTotal
Product category net sales
Apparel, Accessories and Equipment$473,066 $84,769 $112,817 $55,690 $726,342 
Footwear134,008 30,559 40,713 23,437 228,717 
Total$607,074 $115,328 $153,530 $79,127 $955,059 
Channel net sales
Wholesale$368,040 $76,829 $139,027 $61,133 $645,029 
Direct-to-consumer239,034 38,499 14,503 17,994 310,030 
Total$607,074 $115,328 $153,530 $79,127 $955,059 

Three Months Ended September 30, 2021
(in thousands)
U.S.LAAPEMEACanadaTotal
Product category net sales
Apparel, Accessories and Equipment$406,187 $78,160 $75,399 $61,409 $621,155 
Footwear104,299 24,594 33,751 20,907 183,551 
Total$510,486 $102,754 $109,150 $82,316 $804,706 
Channel net sales
Wholesale$292,357 $66,070 $93,899 $65,810 $518,136 
Direct-to-consumer218,129 36,684 15,251 16,506 286,570 
Total$510,486 $102,754 $109,150 $82,316 $804,706 

Nine Months Ended September 30, 2022
(in thousands)
U.S.LAAPEMEACanadaTotal
Product category net sales
Apparel, Accessories and Equipment$1,206,886 $225,073 $213,628 $115,016 $1,760,603 
Footwear314,567 84,823 92,161 42,478 534,029 
Total$1,521,453 $309,896 $305,789 $157,494 $2,294,632 
Channel net sales
Wholesale$817,429 $165,075 $261,580 $109,065 $1,353,149 
Direct-to-consumer704,024 144,821 44,209 48,429 941,483 
Total$1,521,453 $309,896 $305,789 $157,494 $2,294,632 

COLUMBIA SPORTSWEAR COMPANY | 2022 FORM 10-Q | 9

Notes to Condensed Consolidated Financial Statements (Unaudited)
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Nine Months Ended September 30, 2021
(in thousands)
U.S.LAAPEMEACanadaTotal
Product category net sales
Apparel, Accessories and Equipment$1,040,432 $212,921 $186,213 $103,549 $1,543,115 
Footwear257,781 79,785 82,276 33,725 453,567 
Total$1,298,213 $292,706 $268,489 $137,274 $1,996,682 
Channel net sales
Wholesale$669,425 $153,689 $232,215 $100,523 $1,155,852 
Direct-to-consumer628,788 139,017 36,274 36,751 840,830 
Total$1,298,213 $292,706 $268,489 $137,274 $1,996,682 

PERFORMANCE OBLIGATIONS

For the three and nine months ended September 30, 2022 and 2021, Net sales recognized from performance obligations related to prior periods were not material. Net sales expected to be recognized in any future period related to remaining performance obligations is not material.

CONTRACT BALANCES

As of September 30, 2022, December 31, 2021 and September 30, 2021, the Company did not have contract assets and had an immaterial amount of contract liabilities included in Accrued liabilities on the unaudited Condensed Consolidated Balance Sheets.

NOTE 3 — INTANGIBLE ASSETS, NET AND GOODWILL
Intangible assets, net consisted of the following:

(in thousands)