Amer Sports Reports Third Quarter 2024 Financial Results, Company Raises Full Year Guidance

Business Wire11-19

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 ...

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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAmer Sports Reports Third Quarter 2024 Financial Results, Company Raises Full Year Guidance\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-19 19:45 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/amer-sports-reports-third-quarter-114500945.html><strong>Business Wire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Strong quarter with sales, adjusted margins and EPS above expectations\nRevenue increased 17% to $1,354 million\nArc’teryx continues standout growth and profitability\nBall & Racquet segment accelerated ...</p>\n\n<a href=\"https://finance.yahoo.com/news/amer-sports-reports-third-quarter-114500945.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"AS","symbol_name":"亚玛芬体育","start_time":0,"source_url":"https://finance.yahoo.com/news/amer-sports-reports-third-quarter-114500945.html","article_id":"2484943890","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/XpmeNkEfdqAsg8MTQ5BNqA--~B/aD0zMTI7dz00ODA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/business-wire.com/a9aaa1ebf5dc1257efb78d4ccbd4d967"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2484943890","pubTimestamp":1732016700,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Strong quarter with sales, adjusted margins and EPS above expectations. Arc’teryx continues standout growth and profitability. Continued strong results in Greater China and Asia Pacific. Accelerating growth in both North America and EMEA. HELSINKI, November 19, 2024----Amer Sports Inc.   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.\". Revenue increased to $1,354 million, which represents 17% growth on both a reported and constant currency basis1. Revenues by segment:. Ball & Racquet Sports increased to $300 million, ","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"AS":"亚玛芬体育","BK4202":"服装、服饰与奢侈品","NM":"Navios海事控股","PPA":"国防航太ETF-PowerShares","GRO":"Brazil Potash Corp.","BK4021":"海运"},"translate_title":"Amer Sports公布2024年第三季度财务业绩，公司上调全年指引","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AS":1,"GRO":1,"NM":1,"PPA":1},"content_text":"Strong quarter with sales, adjusted margins and EPS above expectations\nRevenue increased 17% to $1,354 million\nArc’teryx continues standout growth and profitability\nBall & Racquet segment accelerated to double-digit growth\nContinued strong results in Greater China and Asia Pacific\nAccelerating growth in both North America and EMEA\nSalomon announces next CEO\n\nHELSINKI, November 19, 2024--(BUSINESS WIRE)--Amer Sports Inc. (NYSE: AS) (\"Amer Sports\" or the \"Company\") announced its financial results for the third quarter of 2024.\nCEO 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.\"\nTHIRD QUARTER 2024 RESULTS\nFor the third quarter of 2024, compared to the third quarter of 2023:\n\nRevenue increased to $1,354 million, which represents 17% growth on both a reported and constant currency basis1. Revenues by segment:\n  \nTechnical Apparel increased 34% to $520 million, or increased 33% on a constant currency basis. This reflects an omni-comp2 growth of 20%.\nOutdoor Performance increased 8% to $534 million, or increased 7% on a constant currency basis.\nBall & Racquet Sports increased to $300 million, which represents 11% growth on both a reported and constant currency basis.\n\nGross margin increased 420 basis points to 55.2%; Adjusted gross margin increased 410 basis points to 55.5%.\nSelling, general and administrative expenses increased 20% to $586 million; Adjusted selling, general and administrative expenses increased 23% to $572 million.\nOperating 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.\nOperating margin increased 400 basis points to 13.1%. Adjusted operating margin increased 280 basis points to 14.4%. Adjusted operating margin by segment:\n  \nTechnical Apparel increased 370 basis points to 20.0%.\nOutdoor Performance decreased 40 basis points to 17.5%.\nBall & Racquet Sports increased 600 basis points to 6.9%.\n\nNet 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.\n\nBalance sheet. Year-over-year inventories increased 12%. Net debt3 was $1,987 million, and cash and equivalents totaled $312 million at quarter end.\n\n\n\n1\nConstant 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.\n\n\n2\nOmni-comp reflects year-over-year revenue growth from owned retail stores and e-commerce sites that have been open at least 13 months.\n\n\n3\nNet debt is defined as the principal value of loans from financial institutions and other interest-bearing liabilities, less cash and cash equivalents.\n\n\n\nMANAGEMENT TRANSITIONS\nAs 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.\nOUTLOOK\nCFO 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.\"\n\"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.\"\nFULL-YEAR 2024\nAmer Sports is updating guidance for the year ending December 31, 2024 (all guidance figures reference adjusted amounts):\n\nReported revenue growth: 16 – 17%\nGross margin: 55.3 – 55.5%\nOperating margin: towards high-end of 10.5 – 11.0%\nD&A: approximately $270 million, including approximately $120 million of ROU depreciation\nNet finance cost: $200 – $210 million, including approximately $15 million of finance costs in the first quarter 2024 that won’t be recurring\nEffective tax rate: approximately 37%\nFully diluted share count: approximately 500 million\nFully diluted EPS: $0.43 – 0.45\nTechnical Apparel:\n  \nRevenue growth of approximately 34%\nSegment operating margin slightly above 20%\n\nOutdoor Performance:\n  \nRevenue growth of approximately 8%\nSegment operating margin high-single digit %\n\nBall & Racquet:\n  \nRevenue growth of approximately 4%\nSegment operating margin low-to-mid single digit %\n\n\nAmer Sports will provide full year 2025 guidance in connection with its earnings call for the year ended December 31, 2024.\nOther 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.\nCONFERENCE CALL INFORMATION\nThe 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.\nABOUT AMER SPORTS\nAmer 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.\nWith 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.\nNON-IFRS MEASURES\nAdjusted 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.\nThe 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.\nFORWARD LOOKING STATEMENTS\nThis 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.\nSource: Amer Sports, Inc.\n\n\n\nCONSOLIDATED 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)\n\n\n\n\n\n\n \n\n\n\n\nThree months ended September 30,\n\nNine months ended September 30,\n\n\n\n\n\n2024\n\n\n\n2023\n\n\n\n2024\n\n\n\n2023\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRevenue\n\n$\n1,353.8\n\n\n$\n1,153.1\n\n\n$\n3,547.8\n\n\n$\n3,072.9\n\n\n\nCost of goods sold\n\n\n(606.5\n)\n\n\n(564.9\n)\n\n\n(1,593.5\n)\n\n\n(1,460.5\n)\n\n\nGross profit\n\n\n747.3\n\n\n\n588.2\n\n\n\n1,954.3\n\n\n\n1,612.4\n\n\n\nSelling, general and administrative expenses\n\n\n(586.5\n)\n\n\n(488.1\n)\n\n\n(1,698.1\n)\n\n\n(1,368.5\n)\n\n\nImpairment gains (losses)\n\n\n-\n\n\n\n2.9\n\n\n\n(2.5\n)\n\n\n(4.6\n)\n\n\nOther operating income\n\n\n15.9\n\n\n\n1.7\n\n\n\n23.5\n\n\n\n3.3\n\n\n\nOperating profit\n\n\n176.7\n\n\n\n104.7\n\n\n\n277.2\n\n\n\n242.6\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFinance income\n\n\n1.1\n\n\n\n1.4\n\n\n\n6.3\n\n\n\n4.5\n\n\n\nFinance cost\n\n\n(48.9\n)\n\n\n(109.4\n)\n\n\n(178.9\n)\n\n\n(296.6\n)\n\n\nLoss on debt extinguishment\n\n\n-\n\n\n\n-\n\n\n\n(14.3\n)\n\n\n-\n\n\n\nNet finance cost\n\n\n(47.8\n)\n\n\n(108.0\n)\n\n\n(186.9\n)\n\n\n(292.1\n)\n\n\n\n\n\n\n\n\n\n\n\n\n\nIncome/(loss) before tax\n\n\n128.9\n\n\n\n(3.3\n)\n\n\n90.3\n\n\n\n(49.5\n)\n\n\n\n\n\n\n\n\n\n\n\n\n\nIncome tax expense\n\n\n(72.7\n)\n\n\n(32.6\n)\n\n\n(29.0\n)\n\n\n(64.4\n)\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet income/(loss)\n\n$\n56.2\n\n\n$\n(35.9\n)\n\n$\n61.3\n\n\n$\n(113.9\n)\n\n\n\n\n\n\n\n\n\n\n\n\n\nIncome/(loss) attributable to:\n\n\n\n\n\n\n\n\n\n\nEquity holders of the Company\n\n$\n55.8\n\n\n$\n(37.7\n)\n\n$\n57.2\n\n\n$\n(115.6\n)\n\n\nNon-controlling interests\n\n$\n0.4\n\n\n$\n1.8\n\n\n$\n4.1\n\n\n$\n1.7\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nEarnings/(Loss) per share\n\n\n\n\n\n\n\n\n\n\nBasic earnings/(loss) per share\n\n$\n0.11\n\n\n$\n(0.10\n)\n\n$\n0.12\n\n\n$\n(0.30\n)\n\n\nDiluted earnings/(loss) per share\n\n$\n0.11\n\n\n$\n(0.10\n)\n\n$\n0.12\n\n\n$\n(0.30\n)\n\n\n\n\n\n\n\n\n\n\n\n\n\nWeighted-average number of ordinary shares\n\n\n\n\n\n\n\n\n\n\nBasic\n\n\n505,412,690\n\n\n\n384,499,607\n\n\n\n490,972,248\n\n\n\n384,499,607\n\n\n\nDiluted\n\n\n507,716,795\n\n\n\n384,499,607\n\n\n\n493,776,517\n\n\n\n384,499,607\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n(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.\n\n\n\n\n\n\nCONSOLIDATED STATEMENTS OF FINANCIAL POSITIONAs of September 30, 2024 and December 31, 2023(Unaudited; $ in millions)\n\n\n\n\n\n\n \n\n\n($ in millions)\n\nSeptember 30,2024\n\nDecember 31,2023\n\n\n\n\n\n\n\n\n\nASSETS\n\n\n\n\n\n\n\n\n\n\n\n\n\nNON-CURRENT ASSETS\n\n\n\n\n\n\n\n\n\n\n\n\n\nIntangible assets\n\n$\n2,748.9\n\n\n$\n2,748.7\n\n\n\nGoodwill\n\n\n2,280.2\n\n\n\n2,270.0\n\n\n\nProperty, plant and equipment\n\n\n529.8\n\n\n\n441.9\n\n\n\nRight-of-use assets\n\n\n482.7\n\n\n\n317.1\n\n\n\nNon-current financial assets\n\n\n9.0\n\n\n\n9.2\n\n\n\nOther non-current assets\n\n\n59.8\n\n\n\n73.5\n\n\n\nDeferred tax assets\n\n\n169.7\n\n\n\n161.7\n\n\n\nTOTAL NON-CURRENT ASSETS\n\n\n6,280.1\n\n\n\n6,022.1\n\n\n\n\n\n\n\n\n\n\nCURRENT ASSETS\n\n\n\n\n\n\n\n\n\n\n\n\n\nInventories\n\n\n1,338.5\n\n\n\n1,099.6\n\n\n\nAccounts receivable, net\n\n\n659.5\n\n\n\n599.8\n\n\n\nPrepaid expenses and other receivables\n\n\n231.7\n\n\n\n162.3\n\n\n\nCurrent tax assets\n\n\n6.6\n\n\n\n6.6\n\n\n\nCash and cash equivalents\n\n\n312.0\n\n\n\n483.4\n\n\n\nTOTAL CURRENT ASSETS\n\n\n2,548.3\n\n\n\n2,351.7\n\n\n\n\n\n\n\n\n\n\nTOTAL ASSETS\n\n\n8,828.4\n\n\n\n8,373.8\n\n\n\n\n\n\n\n\n\n\nSHAREHOLDERS' EQUITY (DEFICIT) AND LIABILITIES\n\n\n\n\n\n\n\n\n\n\n\n\n\nEQUITY (DEFICIT)\n\n\n\n\n\n\n\n\n\n\n\n\n\nShare capital\n\n\n16.9\n\n\n\n642.2\n\n\n\nShare premium\n\n\n2,135.8\n\n\n\n—\n\n\n\nCapital reserve\n\n\n2,789.2\n\n\n\n227.2\n\n\n\nCash flow hedge reserve\n\n\n(39.4\n)\n\n\n(10.6\n)\n\n\nAccumulated deficit and other\n\n\n(797.7\n)\n\n\n(1,019.0\n)\n\n\nEquity (deficit) attributable to equity holders of the parent company\n\n\n4,104.8\n\n\n\n(160.2\n)\n\n\nNon-controlling interests\n\n\n7.5\n\n\n\n3.4\n\n\n\nTOTAL EQUITY (DEFICIT)\n\n\n4,112.3\n\n\n\n(156.8\n)\n\n\n\n\n\n\n\n\n\nLIABILITIES\n\n\n\n\n\n\n\n\n\n\n\n\n\nLONG-TERM LIABILITIES\n\n\n\n\n\n\nLease liabilities\n\n$\n407.8\n\n\n$\n250.4\n\n\n\nLoans from financial institutions\n\n\n1,984.7\n\n\n\n1,863.4\n\n\n\nLoans from related parties\n\n\n—\n\n\n\n4,077.0\n\n\n\nDefined benefit pension liabilities\n\n\n17.5\n\n\n\n23.9\n\n\n\nOther long-term liabilities\n\n\n47.3\n\n\n\n29.4\n\n\n\nProvisions\n\n\n5.6\n\n\n\n5.5\n\n\n\nLong-term tax liabilities\n\n\n13.3\n\n\n\n32.1\n\n\n\nDeferred tax liabilities\n\n\n668.5\n\n\n\n675.0\n\n\n\nTOTAL LONG-TERM LIABILITIES\n\n\n3,144.7\n\n\n\n6,956.7\n\n\n\n\n\n\n\n\n\n\nCURRENT LIABILITIES\n\n\n\n\n\n\nInterest-bearing liabilities\n\n\n286.1\n\n\n\n381.0\n\n\n\nLease liabilities\n\n\n108.8\n\n\n\n89.4\n\n\n\nAccounts payable\n\n\n482.3\n\n\n\n426.5\n\n\n\nOther current liabilities\n\n\n665.8\n\n\n\n567.5\n\n\n\nProvisions\n\n\n28.0\n\n\n\n29.9\n\n\n\nCurrent tax liabilities\n\n\n0.4\n\n\n\n79.6\n\n\n\nTOTAL CURRENT LIABILITIES\n\n\n1,571.4\n\n\n\n1,573.9\n\n\n\n\n\n\n\n\n\n\nTOTAL LIABILITIES\n\n\n4,716.1\n\n\n\n8,530.6\n\n\n\n\n\n\n\n\n\n\nTOTAL SHAREHOLDERS’ EQUITY (DEFICIT) AND LIABILITIES\n\n$\n8,828.4\n\n\n$\n8,373.8\n\n\n\n\n\n\n\nGEOGRAPHIC REVENUES (1)For the Three and Nine Months Ended September 30, 2024 and 2023(Unaudited; $ in millions)\n\n\n\n\n\n\n \n\n\n\n\nThree months endedSeptember 30,\n\nNine months endedSeptember 30,\n\n\n($ in millions)\n\n\n2024\n\n\n2023\n\n% Change\n\n\n2024\n\n\n2023\n\n% Change\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nGeographic Revenues\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nEMEA\n\n$\n429\n\n$\n413\n\n4\n%\n\n$\n1,022\n\n$\n1,003\n\n2\n%\n\n\nAmericas\n\n\n488\n\n\n455\n\n7\n%\n\n\n1,275\n\n\n1,238\n\n3\n%\n\n\nGreater China (2)\n\n\n313\n\n\n200\n\n56\n%\n\n\n914\n\n\n595\n\n54\n%\n\n\nAsia Pacific (3)\n\n\n125\n\n\n85\n\n47\n%\n\n\n337\n\n\n237\n\n42\n%\n\n\nTotal\n\n$\n1,354\n\n$\n1,153\n\n17\n%\n\n$\n3,548\n\n$\n3,073\n\n15\n%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n(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.\n\n\n(2) Consists of mainland China, Hong Kong, Macau and Taiwan.\n\n\n(3) Excludes Greater China.\n\n\n\n\n\n\nCHANNEL REVENUES (1)For the Three and Nine Months Ended September 30, 2024 and 2023(Unaudited; $ in millions)\n\n\n\n\n\n\n \n\n\n\n\nThree months endedSeptember 30,\n\nNine months endedSeptember 30,\n\n\n($ in millions)\n\n\n2024\n\n\n2023\n\n% Change\n\n\n2024\n\n\n2023\n\n% Change\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nChannel Revenues\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWholesale\n\n$\n874\n\n$\n812\n\n8\n%\n\n$\n2,114\n\n$\n2,053\n\n3\n%\n\n\nDTC\n\n\n480\n\n\n341\n\n41\n%\n\n\n1,434\n\n\n1,020\n\n41\n%\n\n\nTotal\n\n$\n1,354\n\n$\n1,153\n\n17\n%\n\n$\n3,548\n\n$\n3,073\n\n15\n%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n(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.\n\n\n\n\n\n\nSEGMENT REVENUES (1)For the Three and Nine Months Ended September 30, 2024 and 2023(Unaudited; $ in millions)\n\n\n\n\n\n\n \n\n\n\n\nThree months ended September 30,\n\nNine months ended September 30,\n\n\n($ in millions)\n\n\n2024\n\n\n2023\n\n% Change\n\n\n2024\n\n\n2023\n\n% Change\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSegment Revenues\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTechnical Apparel\n\n$\n520\n\n$\n389\n\n34\n%\n\n$\n1,449\n\n$\n1,055\n\n37\n%\n\n\nOutdoor Performance\n\n\n534\n\n\n495\n\n8\n%\n\n\n1,241\n\n\n1,149\n\n8\n%\n\n\nBall & Racquet Sports\n\n\n300\n\n\n270\n\n11\n%\n\n\n857\n\n\n870\n\n(1\n)%\n\n\nTotal\n\n$\n1,354\n\n$\n1,153\n\n17\n%\n\n$...\n   3,548\n\n$\n3,073\n\n15\n%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n(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.\n\n\n\n\n\n\nSEGMENT ADJUSTED OPERATING PROFITFor the Three and Nine Months Ended September 30, 2024 and 2023(Unaudited; $ in millions)\n\n\n\n\n\n\n \n\n\n\n\nThree months ended September 30,\n\nNine months ended September 30,\n\n\n($ in millions)\n\n\n2024\n\n\n% ofSegment Revenues(2)\n\n\n2023\n\n\n% ofSegment Revenues(2)\n\n\n2024\n\n\n% ofSegment Revenues(2)\n\n\n2023\n\n\n% ofSegment Revenues(2)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSegment Adjusted Operating Profit/(Loss)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTechnical Apparel\n\n$\n104\n\n\n20.0\n%\n\n$\n63\n\n\n16.3\n%\n\n$\n279\n\n\n19.3\n%\n\n$\n186\n\n\n17.6\n%\n\n\nOutdoor Performance\n\n\n93\n\n\n17.5\n%\n\n\n88\n\n\n17.9\n%\n\n\n106\n\n\n8.6\n%\n\n\n103\n\n\n9.0\n%\n\n\nBall & Racquet Sports\n\n\n21\n\n\n6.9\n%\n\n\n2\n\n\n0.9\n%\n\n\n35\n\n\n4.0\n%\n\n\n56\n\n\n6.4\n%\n\n\nReconciliation (1)\n\n\n(23\n)\n\nNM\n\n\n\n(21\n)\n\nNM\n\n\n\n(66\n)\n\nNM\n\n\n\n(49\n)\n\nNM\n\n\n\nTotal\n\n$\n195\n\n\n14.4\n%\n\n$\n134\n\n\n11.6\n%\n\n$\n354\n\n\n10.0\n%\n\n$\n296\n\n\n9.6\n%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n(1) Includes corporate expenses, which have not been allocated to the reportable segments.\n\n\n(2) The operating loss as a percentage of revenues for the Reconciliation is not presented as it is not a meaningful metric (NM).\n\n\n\n\n\n\nSEGMENT DTC OPERATING DATAAs of September 30, 2024 and 2023(Unaudited)\n\n\n\n\n\n\n \n\n\n\n\nSeptember 30,\n\n\n\n\n\n\n2024\n\n\n2023\n\n\n% Change\n\n\n\n\n\n\n\n\n\n\n\nStore count (1)\n\n\n\n\n\n\n\n\nTechnical Apparel\n\n212\n\n\n179\n\n\n18\n%\n\n\nOutdoor Performance\n\n196\n\n\n116\n\n\n69\n%\n\n\nBall & Racquet\n\n45\n\n\n9\n\n\n400\n%\n\n\nTotal\n\n453\n\n\n304\n\n\n49\n%\n\n\n\n\n\n\n\n\n\n\n\nOmni-comp (2)\n\n\n\n\n\n\n\n\nTechnical Apparel\n\n20\n%\n\n68\n%\n\n\n\n\nOutdoor Performance\n\n23\n%\n\n29\n%\n\n\n\n\nBall & Racquet\n\n—\n%\n\n49\n%\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n(1) Reflects the number of owned retail stores open at the end of the fiscal period for each segment.\n\n\n(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.\n\n\n\n\n\n\nADJUSTED GROSS PROFIT RECONCILIATIONFor the Three and Nine Months Ended September 30, 2024 and 2023(Unaudited; $ in millions)\n\n\n\n\n\n\n \n\n\n\n\nThree months endedSeptember 30,\n\nNine months endedSeptember 30,\n\n\n($ in millions)\n\n\n2024\n\n\n2023\n\n\n2024\n\n\n2023\n\n\n\n\n\n\n\n\n\n\n\n\n\nGross Profit\n\n$\n747\n\n$\n588\n\n$\n1,954\n\n$\n1,612\n\n\nPPA\n\n\n4\n\n\n4\n\n\n11\n\n\n11\n\n\nRestructuring expenses\n\n\n—\n\n\n1\n\n\n—\n\n\n1\n\n\nAdjusted Gross Profit\n\n$\n751\n\n$\n593\n\n$\n1,965\n\n$\n1,624\n\n\n\n\n\n\nADJUSTED SG&A RECONCILIATION (1)For the Three and Nine Months Ended September 30, 2024 and 2023(Unaudited; $ in millions)\n\n\n\n\n\n\n \n\n\n\n\nThree months endedSeptember 30,\n\nNine months endedSeptember 30,\n\n\n($ in millions)\n\n\n2024\n\n\n\n2023\n\n\n\n2024\n\n\n\n2023\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSelling, general and administrative expenses\n\n$\n(586\n)\n\n$\n(488\n)\n\n$\n(1,698\n)\n\n$\n(1,368\n)\n\n\nPPA\n\n\n7\n\n\n\n7\n\n\n\n21\n\n\n\n21\n\n\n\nRestructuring expenses\n\n\n3\n\n\n\n1\n\n\n\n12\n\n\n\n1\n\n\n\nExpenses related to transaction activities\n\n\n2\n\n\n\n16\n\n\n\n20\n\n\n\n19\n\n\n\nExpenses related to certain legal proceedings\n\n\n1\n\n\n\n—\n\n\n\n1\n\n\n\n—\n\n\n\nShare-based payments\n\n\n1\n\n\n\n—\n\n\n\n11\n\n\n\n—\n\n\n\nAdjusted SG&A expenses\n\n$\n(572\n)\n\n$\n(464\n)\n\n$\n(1,633\n)\n\n$\n(1,327\n)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n(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.\n\n\n\n\n\n\nADJUSTED OPERATING PROFIT RECONCILIATION (1)For the Three and Nine Months Ended September 30, 2024 and 2023(Unaudited; $ in millions)\n\n\n\n\n\n\n \n\n\n\n\nThree months endedSeptember 30,\n\nNine months endedSeptember 30,\n\n\n($ in millions)\n\n\n2024\n\n\n\n2023\n\n\n\n2024\n\n\n\n2023\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIncome/(loss) before tax\n\n$\n129\n\n\n$\n(3\n)\n\n$\n90\n\n\n$\n(50\n)\n\n\nPPA\n\n\n11\n\n\n\n11\n\n\n\n32\n\n\n\n32\n\n\n\nRestructuring expenses\n\n\n3\n\n\n\n2\n\n\n\n12\n\n\n\n2\n\n\n\nExpenses related to transaction activities\n\n\n2\n\n\n\n16\n\n\n\n20\n\n\n\n19\n\n\n\nExpenses related to certain legal proceedings\n\n\n1\n\n\n\n—\n\n\n\n1\n\n\n\n—\n\n\n\nShare-based payments\n\n\n1\n\n\n\n—\n\n\n\n11\n\n\n\n—\n\n\n\nFinance costs\n\n\n49\n\n\n\n109\n\n\n\n179\n\n\n\n297\n\n\n\nLoss on debt extinguishment\n\n\n—\n\n\n\n—\n\n\n\n14\n\n\n\n—\n\n\n\nFinance income\n\n\n(1\n)\n\n\n(1\n)\n\n\n(6\n)\n\n\n(4\n)\n\n\nAdjusted operating profit\n\n$\n195\n\n\n$\n134\n\n\n$\n354\n\n\n$\n296\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n(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.\n\n\n\n\n\n\nADJUSTED NET INCOME RECONCILIATION (1)For the Three and Nine Months Ended September 30, 2024 and 2023(Unaudited; $ in millions, except per share information)\n\n\n\n\n\n\n \n\n\n\n\nThree months endedSeptember 30,\n\nNine months endedSeptember 30,\n\n\n($ in millions)\n\n\n2024\n\n\n\n2023\n\n\n\n2024\n\n\n\n2023\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet income/(loss) attributable to equity holders\n\n$\n56\n\n\n$\n(38\n)\n\n$\n57\n\n\n$\n(116\n)\n\n\nPPA\n\n\n11\n\n\n\n11\n\n\n\n32\n\n\n\n32\n\n\n\nRestructuring expenses\n\n\n3\n\n\n\n2\n\n\n\n12\n\n\n\n2\n\n\n\nExpenses related to transaction activities (2)\n\n\n4\n\n\n\n16\n\n\n\n41\n\n\n\n19\n\n\n\nExpenses related to certain legal proceedings\n\n\n1\n\n\n\n—\n\n\n\n1\n\n\n\n—\n\n\n\nShare-based payments\n\n\n1\n\n\n\n—\n\n\n\n11\n\n\n\n—\n\n\n\nLoss on debt extinguishment\n\n\n—\n\n\n\n—\n\n\n\n14\n\n\n\n—\n\n\n\nIncome tax expense on adjustments\n\n\n(5\n)\n\n\n(4\n)\n\n\n(23\n)\n\n\n(9\n)\n\n\nAdjusted net income/(loss) attributable to equity holders\n\n$\n71\n\n\n$\n(13\n)\n\n$\n146\n\n\n$\n(72\n)\n\n\nWeighted-average dilutive shares outstanding\n\n\n507,716,795\n\n\n\n384,499,607\n\n\n\n493,776,517\n\n\n\n384,499,607\n\n\n\nAdjusted total diluted earnings/(loss) per share\n\n$\n0.14\n\n\n$\n(0.03\n)\n\n$\n0.30\n\n\n$\n(0.19\n)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n(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.\n\n\n(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.\n\n\n\n\n\n\nEBITDA, ADJUSTED EBITDA, AND ADJUSTED EBITDA MARGIN RECONCILIATION (1) (2)For the Three and Nine Months Ended September 30, 2024 and 2023(Unaudited; $ in millions)\n\n\n\n\n\n\n \n\n\n\n\nThree months endedSeptember 30,\n\nNine months endedSeptember 30,\n\n\n($ in millions)\n\n\n2024\n\n\n\n2023\n\n\n\n2024\n\n\n\n2023\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRevenue\n\n$\n1,354\n\n\n$\n1,153\n\n\n$\n3,548\n\n\n$\n3,073\n\n\n\nNet income/(loss) attributable to equity holders\n\n$\n56\n\n\n$\n(38\n)\n\n$\n57\n\n\n$\n(116\n)\n\n\nNet income attributable to non-controlling interests\n\n\n0\n\n\n\n2\n\n\n\n4\n\n\n\n2\n\n\n\nIncome tax expense\n\n\n73\n\n\n\n33\n\n\n\n29\n\n\n\n64\n\n\n\nFinance cost (3)\n\n\n49\n\n\n\n109\n\n\n\n179\n\n\n\n297\n\n\n\nLoss on debt extinguishment\n\n\n—\n\n\n\n—\n\n\n\n14\n\n\n\n—\n\n\n\nDepreciation and amortization (4)\n\n\n71\n\n\n\n54\n\n\n\n197\n\n\n\n159\n\n\n\nFinance income\n\n\n(1\n)\n\n\n(1\n)\n\n\n(6\n)\n\n\n(4\n)\n\n\nEBITDA\n\n\n248\n\n\n\n159\n\n\n\n474\n\n\n\n401\n\n\n\nRestructuring expenses\n\n\n3\n\n\n\n2\n\n\n\n12\n\n\n\n2\n\n\n\nExpenses related to transaction activities\n\n\n2\n\n\n\n16\n\n\n\n20\n\n\n\n19\n\n\n\nExpenses related to certain legal proceedings\n\n\n1\n\n\n\n—\n\n\n\n1\n\n\n\n—\n\n\n\nShare-based payments\n\n\n1\n\n\n\n—\n\n\n\n11\n\n\n\n—\n\n\n\nAdjusted EBITDA\n\n$\n255\n\n\n$\n177\n\n\n$\n518\n\n\n$\n422\n\n\n\nNet income/(loss) margin\n\n\n4.1\n%\n\n\n(3.3\n)%\n\n\n1.6\n%\n\n\n(3.8\n)%\n\n\nAdjusted EBITDA Margin\n\n\n18.9\n%\n\n\n15.3\n%\n\n\n14.6\n%\n\n\n13.7\n%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n(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.\n\n\n(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.\n\n\n(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.\n\n\n(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.\n\n\n\nView source version on businesswire.com: https://www.businesswire.com/news/home/20241119783105/en/\nContacts\nFOR ADDITIONAL INFORMATION\nInvestor Relations:\nOmar SaadVice President, Finance and Investor Relationsomar.saad@amersports.com\nMedia:\nReeta EskolaDirector, Communicationsreeta.eskola@amersports.com","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2484943890"}