Financial Performance - Revenue for Q3 2024 reached $1,353.8 million, a 17.4% increase from $1,153.1 million in Q3 2023[4] - Gross profit for the nine months ended September 30, 2024, was $1,954.3 million, up 21.2% from $1,612.4 million in the same period of 2023[4] - Operating profit for Q3 2024 was $176.7 million, compared to $104.7 million in Q3 2023, reflecting a 68.8% increase[4] - Net income for the nine months ended September 30, 2024, was $61.3 million, a significant recovery from a net loss of $113.9 million in the same period of 2023[4] - Total comprehensive income for Q3 2024 was $90.4 million, compared to $65.7 million in Q3 2023[5] - Adjusted operating profit for the three months ended September 30, 2024, was $195.0 million, compared to $133.5 million for the same period in 2023, reflecting a 46.1% increase[32][33] - The company reported an income before tax of $128.9 million for the three months ended September 30, 2024, compared to a loss before tax of $3.3 million in the same period of 2023[32][33] - For the three months ended September 30, 2024, the company reported an income of $55.8 million, compared to a loss of $37.7 million in the same period of 2023[112] - The basic earnings per share for the three months ended September 30, 2024, was $0.11, while it was $(0.10) for the same period in 2023[112] Revenue Segments - The Technical Apparel segment generated revenue of $520.0 million for the three months ended September 30, 2024, up from $388.7 million in the same period of 2023, marking a 33.8% increase[32][33] - The Outdoor Performance segment reported revenue of $533.6 million for the three months ended September 30, 2024, compared to $494.6 million in the same period of 2023, an increase of 7.9%[32][33] - The Ball & Racquet Sports segment achieved revenue of $300.2 million for the three months ended September 30, 2024, compared to $269.8 million in the same period of 2023, a 11.3% increase[32][33] - Revenue from the Americas for the three months ended September 30, 2024, was $487.8 million, up 7.2% from $455.0 million in 2023[41] - Greater China revenue increased significantly to $312.9 million for the three months ended September 30, 2024, compared to $200.5 million in 2023, representing a 56.1% growth[41] - Direct-to-Consumer (DTC) revenue for the three months ended September 30, 2024, was $479.8 million, a 40.7% increase from $341.1 million in 2023[43] Assets and Liabilities - Total assets increased to $8,828.4 million as of September 30, 2024, compared to $8,373.8 million at the end of 2023[8] - Cash and cash equivalents decreased to $312.0 million from $483.4 million at the end of 2023[7] - Inventories rose to $1,338.5 million as of September 30, 2024, compared to $1,099.6 million at the end of 2023, indicating a 21.7% increase[7] - The company reported gross inventories of $1,376.2 million as of September 30, 2024, compared to $1,129.0 million as of December 31, 2023[75] - As of September 30, 2024, total interest-bearing liabilities amounted to $2,787.4 million, with loans from financial institutions at $2,189.1 million[80] - Long-term interest-bearing liabilities were reported at $1,984.7 million, while total long-term financial liabilities reached $2,415.1 million[101] - Current interest-bearing liabilities stood at $286.1 million, contributing to total current financial liabilities of $3,910.9 million[101] Expenses and Costs - Selling, general and administrative expenses totaled $586.5 million for the three months ended September 30, 2024, compared to $488.1 million in 2023, reflecting a 20.1% increase[45] - The company reported a decrease in finance costs to $178.9 million for the nine months ended September 30, 2024, down from $296.6 million in the same period of 2023[9] - For the three months ended September 30, 2024, finance income was $1.1 million, while finance costs totaled $48.9 million, resulting in a net finance cost of $47.8 million[64] - The income tax expense for the three months ended September 30, 2024, was $72.7 million, with an effective tax rate of 56%[67] Strategic Initiatives - The company plans to continue investing in property, plant, and equipment, with $157.0 million spent in Q3 2024[9] - The company sold the ENVE business on May 1, 2024, which represented less than 1% of its net revenue, indicating a strategic focus on core brands[38] - The Company expects continued growth in revenue driven by market expansion and new product launches in the upcoming quarters[41] Shareholder Information - The company raised $1.37 billion in gross proceeds from its IPO by issuing 105 million ordinary shares at an initial price of $13.00[18] - An additional $204.8 million was raised through the exercise of the underwriters' overallotment option for 15,750,000 shares at the same price[19] - The company had 505,559,667 ordinary shares outstanding as of September 30, 2024, with a share capital of $16.9 million[76] - The Company approved the 2024 Omnibus Incentive Plan, allowing for the issuance of up to 40,500,010 shares, including various share-based awards[60] - The company granted 1,101,085 Restricted Share Units (RSUs) and 2,012,596 Performance Share Units (PSUs) during the year, with grant date fair values of $13.63 and $14.55, respectively[63] Other Financial Metrics - The company recorded a loss on the early extinguishment of debt of $14.3 million during the nine months ended September 30, 2024[64] - The effective tax rate for the nine months ended September 30, 2024, was 32%, including a discrete tax benefit of $19.9 million due to the reversal of uncertain tax positions[68] - The company incurred $2.3 million in transaction costs due to the repricing of its loan facilities, recorded under Finance Cost[83] - The company recorded provisions totaling $33.6 million as of September 30, 2024, with $24.1 million related to product warranty[86] - Guarantees amounted to $19.1 million and other commitments totaled $348.8 million as of September 30, 2024[87]
Amer Sports(AS) - 2024 Q3 - Quarterly Report