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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 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 July 31, 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 No. 000-22754

 

Urban Outfitters, Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

 

Pennsylvania

23-2003332

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

 

 

5000 South Broad Street, Philadelphia, PA

19112-1495

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s telephone number, including area code: (215454-5500

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Shares, par value $.0001 per share

 

URBN

 

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.    Yes ☒    No ☐

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 (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes ☒    No ☐

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 filer

Accelerated 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  

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Common shares, $0.0001 par value—92,174,487 shares outstanding on September 5, 2022.

 

 

 


 

TABLE OF CONTENTS

PART I

FINANCIAL INFORMATION

 

Item 1.

Financial Statements (unaudited)

 

 

 

 

 

Condensed Consolidated Balance Sheets as of July 31, 2022, January 31, 2022 and July 31, 2021

1

 

 

 

 

Condensed Consolidated Statements of Income for the three and six months ended July 31, 2022 and 2021

2

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the three and six months ended July 31, 2022 and 2021

3

 

 

 

 

Condensed Consolidated Statements of Shareholders’ Equity for the three and six months ended July 31, 2022 and 2021

4

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the six months ended July 31, 2022 and 2021

6

 

 

 

 

Notes to Condensed Consolidated Financial Statements

7

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

20

 

 

 

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

29

 

 

 

Item 4.

Controls and Procedures

29

 

 

 

PART II

OTHER INFORMATION

 

 

 

Item 1.

Legal Proceedings

31

 

 

 

Item 1A.

Risk Factors

31

 

 

 

Item 2.

Unregistered Sales of Equity Securities and the Use of Proceeds

31

 

 

 

Item 6.

Exhibits

32

 

 

 

 

Signatures

33

 

 


 

 

PART I

FINANCIAL INFORMATION

Item  1.

Financial Statements

URBAN OUTFITTERS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(amounts in thousands, except share data)

(unaudited)

  

 

 

July 31,

 

 

January 31,

 

 

July 31,

 

 

 

2022

 

 

2022

 

 

2021

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

91,665

 

 

$

206,575

 

 

$

464,811

 

Marketable securities

 

 

160,020

 

 

 

239,420

 

 

 

156,982

 

Accounts receivable, net of allowance for doubtful accounts of

   $1,201, $1,348 and $1,302, respectively

 

 

97,374

 

 

 

63,760

 

 

 

94,402

 

Inventory

 

 

697,474

 

 

 

569,699

 

 

 

483,148

 

Prepaid expenses and other current assets

 

 

220,901

 

 

 

206,293

 

 

 

196,070

 

Total current assets

 

 

1,267,434

 

 

 

1,285,747

 

 

 

1,395,413

 

Property and equipment, net

 

 

1,150,247

 

 

 

1,145,085

 

 

 

1,047,751

 

Operating lease right-of-use assets

 

 

927,685

 

 

 

1,000,255

 

 

 

1,068,919

 

Marketable securities

 

 

152,528

 

 

 

223,557

 

 

 

113,249

 

Deferred income taxes and other assets

 

 

155,538

 

 

 

136,703

 

 

 

117,556

 

Total Assets

 

$

3,653,432

 

 

$

3,791,347

 

 

$

3,742,888

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

347,805

 

 

$

304,246

 

 

$

240,245

 

Current portion of operating lease liabilities

 

 

222,430

 

 

 

236,315

 

 

 

243,338

 

Accrued expenses, accrued compensation and other current liabilities

 

 

396,650

 

 

 

440,912

 

 

 

462,782

 

Total current liabilities

 

 

966,885

 

 

 

981,473

 

 

 

946,365

 

Non-current portion of operating lease liabilities

 

 

868,686

 

 

 

951,080

 

 

 

1,030,212

 

Deferred rent and other liabilities

 

 

110,669

 

 

 

113,054

 

 

 

96,891

 

Total Liabilities

 

 

1,946,240

 

 

 

2,045,607

 

 

 

2,073,468

 

Commitments and contingencies (see Note 12)

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

 

 

 

 

Preferred shares; $.0001 par value, 10,000,000 shares authorized,

   none issued

 

 

 

 

 

 

 

 

 

Common shares; $.0001 par value, 200,000,000 shares authorized,

   92,173,342, 96,431,044 and 98,357,090 shares issued and

   outstanding, respectively

 

 

9

 

 

 

10

 

 

 

10

 

Additional paid-in-capital

 

 

 

 

 

 

 

 

26,581

 

Retained earnings

 

 

1,757,368

 

 

 

1,770,560

 

 

 

1,655,917

 

Accumulated other comprehensive loss

 

 

(50,185

)

 

 

(24,830

)

 

 

(13,088

)

Total Shareholders’ Equity

 

 

1,707,192

 

 

 

1,745,740

 

 

 

1,669,420

 

Total Liabilities and Shareholders’ Equity

 

$

3,653,432

 

 

$

3,791,347

 

 

$

3,742,888

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

1


 

URBAN OUTFITTERS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(amounts in thousands, except share and per share data)

(unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

July 31,

 

 

July 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net sales

 

$

1,183,388

 

 

$

1,157,725

 

 

$

2,235,322

 

 

$

2,085,140

 

Cost of sales

 

 

808,836

 

 

 

722,460

 

 

 

1,537,469

 

 

 

1,349,224

 

Gross profit

 

 

374,552

 

 

 

435,265

 

 

 

697,853

 

 

 

735,916

 

Selling, general and administrative expenses

 

 

288,734

 

 

 

269,412

 

 

 

565,798

 

 

 

496,560

 

Income from operations

 

 

85,818

 

 

 

165,853

 

 

 

132,055

 

 

 

239,356

 

Other loss, net

 

 

(2,262

)

 

 

(1,797

)

 

 

(4,251

)

 

 

(1,952

)

Income before income taxes

 

 

83,556

 

 

 

164,056

 

 

 

127,804

 

 

 

237,404

 

Income tax expense

 

 

24,083

 

 

 

36,794

 

 

 

36,798

 

 

 

56,595

 

Net income

 

$

59,473

 

 

$

127,262

 

 

$

91,006

 

 

$

180,809

 

Net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.64

 

 

$

1.29

 

 

$

0.97

 

 

$

1.84

 

Diluted

 

$

0.64

 

 

$

1.28

 

 

$

0.96

 

 

$

1.82

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

93,041,310

 

 

 

98,315,441

 

 

 

94,240,412

 

 

 

98,213,555

 

Diluted

 

 

93,648,214

 

 

 

99,601,292

 

 

 

94,977,505

 

 

 

99,463,468

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

2


 

URBAN OUTFITTERS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(amounts in thousands)

(unaudited)

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

July 31,

 

 

July 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income

 

$

59,473

 

 

$

127,262

 

 

$

91,006

 

 

$

180,809

 

Other comprehensive (loss) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation

 

 

(6,243

)

 

 

(1,394

)

 

 

(20,632

)

 

 

4,028

 

Change in unrealized gains (losses) on marketable securities, net of tax

 

 

654

 

 

 

47

 

 

 

(4,723

)

 

 

4

 

Total other comprehensive (loss) income

 

 

(5,589

)

 

 

(1,347

)

 

 

(25,355

)

 

 

4,032

 

Comprehensive income

 

$

53,884

 

 

$

125,915

 

 

$

65,651

 

 

$

184,841

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

3


 

URBAN OUTFITTERS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(amounts in thousands, except share data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

Common Shares

 

 

Additional

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Number of

 

 

Par

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

 

 

 

 

 

Shares

 

 

Value

 

 

Capital

 

 

Earnings

 

 

Loss

 

 

Total

 

Balances as of April 30, 2022

 

 

94,434,621

 

 

$

9

 

 

$

 

 

$

1,740,508

 

 

$

(44,596

)

 

$

1,695,921

 

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

59,473

 

 

 

(5,589

)

 

 

53,884

 

Share-based compensation

 

 

 

 

 

 

 

 

7,007

 

 

 

 

 

 

 

 

 

7,007

 

Share-based awards

 

 

54,532

 

 

 

 

 

 

376

 

 

 

 

 

 

 

 

 

376

 

Share repurchases

 

 

(2,315,811

)

 

 

 

 

 

(7,383

)

 

 

(42,613

)

 

 

 

 

 

(49,996

)

Balances as of July 31, 2022

 

 

92,173,342

 

 

$

9

 

 

$

 

 

$

1,757,368

 

 

$

(50,185

)

 

$

1,707,192

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

Common Shares

 

 

Additional

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Number of

 

 

Par

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

 

 

 

 

 

Shares

 

 

Value

 

 

Capital

 

 

Earnings

 

 

Loss

 

 

Total

 

Balances as of April 30, 2021

 

 

98,235,127

 

 

$

10

 

 

$

17,585

 

 

$

1,528,655

 

 

$

(11,741

)

 

$

1,534,509

 

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

127,262

 

 

 

(1,347

)

 

 

125,915

 

Share-based compensation

 

 

 

 

 

 

 

 

7,398

 

 

 

 

 

 

 

 

 

7,398

 

Share-based awards

 

 

125,800

 

 

 

 

 

 

1,742

 

 

 

 

 

 

 

 

 

1,742

 

Share repurchases

 

 

(3,837

)

 

 

 

 

 

(144

)

 

 

 

 

 

 

 

 

(144

)

Balances as of July 31, 2021

 

 

98,357,090

 

 

$

10

 

 

$

26,581

 

 

$

1,655,917

 

 

$

(13,088

)

 

$

1,669,420

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

4


 

URBAN OUTFITTERS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(amounts in thousands, except share data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

Common Shares

 

 

Additional

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Number of

 

 

Par

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

 

 

 

 

 

Shares

 

 

Value

 

 

Capital

 

 

Earnings

 

 

Loss

 

 

Total

 

Balances as of January 31, 2022

 

 

96,431,044

 

 

$

10

 

 

$

 

 

$

1,770,560

 

 

$

(24,830

)

 

$

1,745,740

 

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

91,006

 

 

 

(25,355

)

 

 

65,651

 

Share-based compensation

 

 

 

 

 

 

 

 

14,109

 

 

 

 

 

 

 

 

 

14,109

 

Share-based awards

 

 

724,215

 

 

 

 

 

 

376

 

 

 

 

 

 

 

 

 

376

 

Share repurchases

 

 

(4,981,917

)

 

 

(1

)

 

 

(14,485

)

 

 

(104,198

)

 

 

 

 

 

(118,684

)

Balances as of July 31, 2022

 

 

92,173,342

 

 

$

9

 

 

$

 

 

$

1,757,368

 

 

$

(50,185

)

 

$

1,707,192

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

Common Shares

 

 

Additional

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Number of

 

 

Par

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

 

 

 

 

 

Shares

 

 

Value

 

 

Capital

 

 

Earnings

 

 

Loss

 

 

Total

 

Balances as of January 31, 2021

 

 

97,815,985

 

 

$

10

 

 

$

19,360

 

 

$

1,475,108

 

 

$

(17,120

)

 

$

1,477,358

 

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

180,809

 

 

 

4,032

 

 

 

184,841

 

Share-based compensation

 

 

 

 

 

 

 

 

11,968

 

 

 

 

 

 

 

 

 

11,968

 

Share-based awards

 

 

763,636

 

 

 

 

 

 

2,815

 

 

 

 

 

 

 

 

 

2,815

 

Share repurchases

 

 

(222,531

)

 

 

 

 

 

(7,562

)

 

 

 

 

 

 

 

 

(7,562

)

Balances as of July 31, 2021

 

 

98,357,090

 

 

$

10

 

 

$

26,581

 

 

$

1,655,917

 

 

$

(13,088

)

 

$

1,669,420

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

5


 

URBAN OUTFITTERS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(amounts in thousands)

(unaudited)

  

 

 

Six Months Ended

 

 

 

July 31,

 

 

 

2022

 

 

2021

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

91,006

 

 

$

180,809

 

Adjustments to reconcile net income to net cash (used in) provided by operating activities: