Canada Goose Holdings Inc. (NYSE:GOOS) Q1 2022 Earnings Conference Call August 11, 2021 9:00 AM ET Company Participants Dani Reiss - President, Chief Executive Officer Jonathan Sinclair - Executive Vice President, Chief Financial Officer Patrick Bourke - Senior Director, Investor Relations Conference Call Participants Oliver Chen - Cowen Jonathan Komp - Baird Omar Saad - Evercore ISI Michael Binetti - Credit Suisse Ike Boruchow - Wells Fargo Megan Annette - TD Securities Sam Poser - Williams Trading Jay Sol ...

Canada Goose Holdings Inc. (NYSE:GOOS) Q4 2021 Earnings Conference Call May 13, 2021 9:00 AM ET Company Participants Patrick Bourke - VP, IR Dani Reiss - President and CEO Jonathan Sinclair - EVP and CFO Conference Call Participants Ike Boruchow - Wells Fargo Jonathan Komp - Baird Michael Binetti - Credit Suisse Oliver Chen - Cowen Megan Annette - TD Securities Omar Saad - Evercore Sam Poser - Williams Trading Camilo Lyon - BTIG Jay Sole - UBS Robby Ohmes - Bank of America Adrienne Yih - Barclays Mark Petri ...

PART I [Key Information](index=9&type=section&id=ITEM%203.%20KEY%20INFORMATION) This section details significant business and share-related risks, including COVID-19 impacts, DTC channel expansion challenges, and concentrated voting power [Risk Factors](index=10&type=section&id=D.%20Risk%20Factors) The company faces various business and share-related risks, including pandemic impacts, DTC expansion challenges, and concentrated voting power - The COVID-19 pandemic has materially impacted business operations, including shutdowns and decreased consumer spending, with future impacts remaining highly uncertain[31](index=31&type=chunk)[32](index=32&type=chunk) - Growth strategy relies heavily on **DTC channel expansion**, requiring significant investment and presenting challenges in e-commerce scalability and regulatory compliance[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk) - Business concentration in performance luxury outerwear makes it vulnerable to shifts in consumer preferences and economic downturns[44](index=44&type=chunk)[46](index=46&type=chunk) - Total indebtedness of **$377.3 million** as of March 28, 2021, could limit financial flexibility and expose the company to interest rate risks[48](index=48&type=chunk) - The dual-class share structure concentrates approximately **89.6% of voting power** with Bain Capital and the CEO, limiting subordinate shareholder influence[127](index=127&type=chunk)[128](index=128&type=chunk) - As a 'controlled company' and 'foreign private issuer', Canada Goose is exempt from certain NYSE and SEC requirements, potentially offering fewer shareholder protections[133](index=133&type=chunk)[135](index=135&type=chunk) [Information on the Company](index=32&type=section&id=ITEM%204.%20INFORMATION%20ON%20THE%20COMPANY) Founded in 1957, Canada Goose is a performance luxury apparel brand focused on DTC growth, global expansion, and product diversification [History and Overview](index=32&type=section&id=A.%20History%20and%20Overview) Canada Goose, founded in 1957, is a leading performance luxury apparel brand with a 'Made in Canada' commitment - Canada Goose, founded in **1957**, is a leading performance luxury apparel manufacturer known for its 'Made in Canada' commitment[146](index=146&type=chunk) - Bain Capital acquired a **70% equity interest** in December 2013, followed by the company's IPO in March 2017[147](index=147&type=chunk)[148](index=148&type=chunk) - The company acquired Baffin Inc., a Canadian footwear designer and manufacturer, in November 2018[149](index=149&type=chunk) [Growth Strategies](index=33&type=section&id=B.%20Growth%20Strategies) The company's growth strategy focuses on DTC expansion, global penetration, product diversification, and margin improvement - The company's long-term growth strategy is based on four key pillars: **driving DTC mix higher** (DTC revenue reached **$528.2 million** in fiscal 2021, representing **58.4% of total revenue**), **increasing global penetration**, **enhancing product offerings** beyond outerwear, and **expanding margins** through brand strength and efficiencies[152](index=152&type=chunk)[153](index=153&type=chunk)[154](index=154&type=chunk) - The company is committed to sustainability, aiming for **100% Responsible Down Standard (RDS) certification in 2021** and planning to end new fur purchasing by 2022[157](index=157&type=chunk)[158](index=158&type=chunk) [Operating and Financial Review and Prospects](index=35&type=section&id=ITEM%205.%20OPERATING%20AND%20FINANCIAL%20REVIEW%20AND%20PROSPECTS) This section analyzes fiscal 2021 financial performance, highlighting revenue decline due to COVID-19, DTC growth, and liquidity Fiscal Year Financial Performance Overview | Metric | Fiscal 2021 (in millions USD) | Fiscal 2020 (in millions USD) | % Change | | :--- | :--- | :--- | :--- | | **Revenue** | $903.7 | $958.1 | (5.7)% | | **Gross Profit** | $554.0 | $593.3 | (6.6)% | | **Operating Income** | $116.9 | $192.1 | (39.1)% | | **Net Income** | $70.2 | $151.7 | (53.7)% | | **Diluted EPS** | $0.63 | $1.36 | (53.7)% | - The COVID-19 pandemic materially impacted results, causing store closures and supply chain disruptions, partially offset by **$27.5 million in government wage subsidies**[202](index=202&type=chunk)[203](index=203&type=chunk) - DTC channel revenue grew slightly by **0.6% to $528.2 million**, driven by a **54% increase in e-commerce**, offsetting physical retail store declines[209](index=209&type=chunk)[210](index=210&type=chunk) - Wholesale channel revenue decreased significantly by **24.2% to $321.3 million** due to a reduced order book from pandemic-affected partners[209](index=209&type=chunk)[211](index=211&type=chunk) - Geographically, revenue grew in Asia (up **31.1%**) and Europe/Rest of World (up **6.3%**), but declined in Canada (down **25.7%**) and the United States (down **19.0%**)[213](index=213&type=chunk) [Results of Operations](index=48&type=section&id=Results%20of%20Operations) This section details the company's financial performance, including revenue, gross profit, and net income for fiscal year 2021 Q4 Fiscal Year Performance | Metric | Q4 FY2021 (in millions USD) | Q4 FY2020 (in millions USD) | % Change | | :--- | :--- | :--- | :--- | | **Revenue** | $208.8 | $140.9 | 48.2% | | **Gross Profit** | $138.6 | $93.6 | 48.1% | | **Operating Income (Loss)** | $7.8 | $(17.2) | 145.3% | | **Net Income** | $2.9 | $2.5 | 16.0% | - Fourth quarter revenue increased **48.2% year-over-year**, driven by **123.2% growth in e-commerce** and strong Mainland China performance, offsetting North American and European retail declines[238](index=238&type=chunk)[239](index=239&type=chunk) - Full fiscal year gross margin decreased slightly by **60 basis points to 61.3%**, impacted by lower-margin sales from the 'Other' segment, including PPE[208](index=208&type=chunk)[214](index=214&type=chunk) - Full-year SG&A expenses increased by **4.8% to $367.3 million**, driven by e-commerce growth and compensation costs, partially offset by cost reductions and government subsidies[208](index=208&type=chunk)[219](index=219&type=chunk) [Financial Condition, Liquidity and Capital Resources](index=69&type=section&id=Financial%20Condition%2C%20Liquidity%20and%20Capital%20Resources) This section analyzes the company's financial position, liquidity, and capital resources, including cash, working capital, and debt levels - Cash on hand increased significantly to **$477.9 million** as of March 28, 2021, from **$31.7 million** a year prior, driven by improved cash from operations[290](index=290&type=chunk) - Net working capital decreased by **38.2% to $202.1 million**, primarily due to a **$70.0 million reduction in inventory** and a **$33.4 million increase in accounts payable**[288](index=288&type=chunk) - Net debt decreased to **$154.2 million** from **$355.5 million** in the prior year, driven by increased cash offsetting higher Term Loan Facility borrowings[302](index=302&type=chunk) - On October 7, 2020, the company amended its Term Loan Facility, increasing the principal amount to **US$300.0 million** from **US$113.8 million** and extending maturity to 2027[313](index=313&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=76&type=section&id=Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section details the company's exposure to credit, foreign exchange, and interest rate risks, and its strategies for managing them - The company faces credit risk from wholesale partners, managed through credit insurance and internal monitoring, though insurance availability was significantly reduced in fiscal 2021[324](index=324&type=chunk)[325](index=325&type=chunk) - Significant foreign exchange risk exists due to foreign currency denominated revenue, purchases, and expenses, partially hedged with forward contracts[332](index=332&type=chunk)[334](index=334&type=chunk)[335](index=335&type=chunk) - The company is exposed to interest rate risk on variable-rate borrowings; a **1.00% increase** in average interest rate would increase Term Loan Facility annual interest expense by **$2.6 million**[346](index=346&type=chunk) [Directors, Senior Management and Employees](index=84&type=section&id=ITEM%206.%20DIRECTORS%2C%20SENIOR%20MANAGEMENT%20AND%20EMPLOYEES) This section outlines the company's leadership, board structure, executive compensation, and employee base, including pandemic-related rehiring [Compensation](index=92&type=section&id=B.%20Compensation) This section details executive and director compensation, including salary reductions due to COVID-19 and performance-based bonuses - In response to COVID-19, CEO Dani Reiss forewent a portion of his fiscal 2021 salary, with other named executive officers and independent directors taking voluntary pay reductions[404](index=404&type=chunk)[413](index=413&type=chunk) Named Executive Officer Compensation (FY2021) | Name | Position | Total Compensation (FY2021, in USD) | | :--- | :--- | :--- | | Dani Reiss | President & CEO | $13,053,127 | | Jonathan Sinclair | EVP & CFO | $2,735,949 | | Michael (Woody) Blackford | EVP, Product | $1,648,471 | | Pat Sherlock | President, Int'l & EMEA | $1,439,653 | | Penny Brook | Chief Marketing Officer | $1,192,722 | - Fiscal 2021 bonuses were based on EBIT achievement, with the CEO earning **306% of target** and other NEOs earning **203% of target**[416](index=416&type=chunk)[417](index=417&type=chunk) [Employees](index=103&type=section&id=D.%20Employees) This section provides employee numbers, highlighting the significant increase due to rehiring after COVID-19 related temporary layoffs Employee Count by Function | Function | 2021 Employees | 2020 Employees | | :--- | :--- | :--- | | Canadian manufacturing | 2,489 | 389 | | Selling and retail | 557 | 352 | | Corporate head office | 544 | 478 | | **Total** | **3,590** | **1,219** | - Employee count significantly increased from **1,219** in fiscal 2020 to **3,590** in fiscal 2021, primarily due to rehiring staff temporarily laid off during COVID-19 closures[450](index=450&type=chunk) [Major Shareholders and Related Party Transactions](index=101&type=section&id=ITEM%207.%20MAJOR%20SHAREHOLDERS%20AND%20RELATED%20PARTY%20TRANSACTIONS) This section details the company's ownership structure, concentrating voting control with Bain Capital and CEO Dani Reiss, and related party transactions Multiple Voting Share Ownership | Shareholder | Multiple Voting Shares | % of MVS Class | | :--- | :--- | :--- | | Bain Capital Entity | 30,873,742 | 60.5% | | Dani Reiss | 20,130,334 | 39.5% | - The company is a 'controlled company' as Bain Capital beneficially owns approximately **54.2% of the combined voting power**[460](index=460&type=chunk) - An Investor Rights Agreement grants Bain Capital and DTR LLC demand and 'piggy-back' registration rights and the right to nominate directors[461](index=461&type=chunk)[464](index=464&type=chunk)[467](index=467&type=chunk) [Financial Information](index=108&type=section&id=ITEM%208.%20FINANCIAL%20INFORMATION) This section addresses ongoing legal proceedings, including class action lawsuits, and the company's policy of retaining earnings for growth instead of paying dividends - The company is defending against multiple putative class action lawsuits, including allegations of false statements regarding inventory and product demand, and coyote fur sourcing[476](index=476&type=chunk)[478](index=478&type=chunk) - The Board of Directors does not intend to pay dividends in the foreseeable future, planning to retain earnings for growth instead[479](index=479&type=chunk) [Additional Information](index=110&type=section&id=ITEM%2010.%20ADDITIONAL%20INFORMATION) This section details the company's dual-class share structure, shareholder rights, and U.S. and Canadian federal income tax considerations - The company's articles establish a dual-class structure, with multiple voting shares having **10 votes per share** and subordinate voting shares having **1 vote per share**[790](index=790&type=chunk)[791](index=791&type=chunk) - A 'Coattail Agreement' protects subordinate shareholders by ensuring equal participation with multiple-vote shareholders in a take-over bid[502](index=502&type=chunk) - The company does not believe it is currently a Passive Foreign Investment Company (PFIC) for U.S. federal income tax purposes, but this determination is annual and subject to change[541](index=541&type=chunk) - Dividends paid to non-Canadian residents are subject to Canadian withholding tax, generally at a **25% rate**, potentially reduced by tax treaties (e.g., to **15% for eligible U.S. residents**)[562](index=562&type=chunk) PART II [Controls and Procedures](index=126&type=section&id=ITEM%2015.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and internal control over financial reporting were effective as of March 28, 2021 - Management concluded that the company's disclosure controls and procedures were effective as of March 28, 2021[372](index=372&type=chunk) - Management determined that internal control over financial reporting was effective as of March 28, 2021, with no material changes during the fiscal year[374](index=374&type=chunk) [Other Information](index=126&type=section&id=ITEM%2016.%20Other%20Information) This section covers audit committee expertise, code of ethics, auditor fees, and corporate governance practices as a foreign private and controlled company - The Board of Directors has determined that Mr. John Davison is an 'audit committee financial expert'[580](index=580&type=chunk) Fees Paid to Principal Accountant (in millions USD) | Fee Type | FY2021 | FY2020 | | :--- | :--- | :--- | | Audit fees | $3.9 | $4.2 | | Audit-related fees | $0.2 | $0.2 | | Tax fees | $2.0 | $1.2 | | **Total** | **$6.1** | **$5.6** | - As a foreign private issuer and controlled company, Canada Goose follows Canadian practices in lieu of certain NYSE rules regarding board and committee independence[590](index=590&type=chunk)[592](index=592&type=chunk) PART III [Financial Statements](index=129&type=section&id=ITEM%2018.%20FINANCIAL%20STATEMENTS) This section presents audited consolidated financial statements, including the unqualified auditor's report and critical audit matters like inventory obsolescence - The independent auditor, Deloitte LLP, issued an unqualified opinion on the fair presentation of the company's financial position and performance[605](index=605&type=chunk) - The auditor identified 'Inventory Obsolescence' as a critical audit matter due to the significant judgment in estimating net realizable value based on future selling prices and demand[609](index=609&type=chunk)[610](index=610&type=chunk) Consolidated Statements of Financial Position | Metric (in millions CAD) | As of Mar 28, 2021 | As of Mar 29, 2020 | | :--- | :--- | :--- | | **Total Assets** | 1,507.2 | 1,120.3 | | **Total Liabilities** | 907.1 | 600.1 | | **Shareholders' Equity** | 600.1 | 520.2 | Consolidated Statements of Cash Flows | Metric (in millions CAD) | Year Ended Mar 28, 2021 | Year Ended Mar 29, 2020 | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | 293.7 | 62.5 | | **Net Cash used in Investing Activities** | (32.0) | (62.3) | | **Net Cash from (used in) Financing Activities** | 197.0 | (58.7) |

Fourth Quarter Fiscal 2021 Highlights (in Canadian dollars): Canada Goose Reports Fourth Quarter Fiscal 2021 Results TORONTO, ON (May 13, 2021) - Canada Goose Holdings Inc. ("Canada Goose" or the "Company") (NYSE:GOOS, TSX:GOOS) today announced financial results for the fourth quarter ended March 28, 2021. "Canada Goose has shifted from recovery to growth beyond pre-pandemic levels," said Dani Reiss, President & CEO. "We achieved our largest ever fourth quarter by revenue. With triple digit e-Commerce growt ...

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Canada Goose Holdings, Inc. (NYSE:GOOS) Q1 2021 Earnings Conference Call August 11, 2020 9:00 AM ET Company Participants Patrick Bourke - VP, IR Dani Reiss - President & CEO Jonathan Sinclair - EVP & CFO Conference Call Participants Ike Boruchow - Wells Fargo Jonathan Komp - Baird Omar Saad - Evercore ISI Adrienne Yih - Barclays Sam Poser - Susquehanna Kate Fitzsimons - RBC Michael Binetti - Credit Suisse Oliver Chen - Cowen Alexandra Walvis - Goldman Sachs Camilo Lyon - BTIG Mark Petrie - CIBC Robbie Ohmes ...

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Canada Goose Holdings Inc. (NYSE:GOOS) Q3 2020 Results Earnings Conference Call February 7, 2020 9:00 AM ET Company Participants Patrick Bourke - Senior Director, Investor Relations Dani Reiss - President and Chief Executive Officer Jonathan Sinclair - Executive Vice President and Chief Financial Officer Conference Call Participants Erwan Rambourg - HSBC Omar Saad - Evercore ISI Kate Fitzsimons - RBC Capital Markets Michael Binetti - Credit Suisse Jonathan Komp - Baird Oliver Chen - Cowen & Company Sam Pose ...