FM Columbia Core I FixTheModel v24.1

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Western University *

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Business

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Apr 3, 2024

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47

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57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! Financial Modeling Training Core I Model x Subject Company Ticker: COLM Company name: Columbia Sportswear Sub-header #1: Dollars in millions, except per share Sub-header #2: Dollars in millions Last Fiscal Year End: 31-Dec-21 Number of days in a year 365 x Color Codes Input Reference Formula Black cells are formulas. Warning Red cells are "warnings". Something unique has been done in the cell and red formatting brin x Model Features Core statements Normalized income statement Supporting schedules Cash sweep Interest calculated using average balances Circularity switch Simple equity schedule Basic ratios DCF x END <== cell is named "name" <== cell is named "Subheader" <== cell is named "Subheader2" <== cell is named "FYE" <== cell is named "Days" Blue cells are for data input. Green cells are links to different worksheets.
57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! ngs attention to it.
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57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! Income Statement for Columbia Sportswear Dollars in millions, except per share Historical Year Ending December 31, 2019 2020 2021 x Sales $3,042.5 $2,501.6 $3,126.4 Cost of sales 1,526.8 1,277.7 1,513.9 x Gross profit 1,515.7 1,223.9 1,612.5 SG&A expenses (excludes dep. and amort.) 1,073.4 950.6 1,133.0 Net licensing (income) (15.5) (12.1) (18.4) x EBITDA 457.8 285.3 497.8 Depreciation 59.8 60.9 54.2 Amortization 3.0 2.5 1.7 x EBIT 395.0 221.9 441.9 Interest expense 0.0 0.0 0.0 Interest (income) (8.3) (0.4) (1.4) Other non-operating (income) / expense (2.2) (2.0) 0.4 x Pretax income 405.4 224.4 442.9 Income taxes 81.5 52.4 95.1 x Normalized net income $323.9 $172.0 $347.8 x Diluted weighted average shares (in millions) 68.493 66.772 66.415 x Normalized diluted earnings per share $4.73 $2.58 $5.24 Ratios & assumptions Sales growth rate (17.8%) 25.0% Gross margin 49.8% 48.9% 51.6% SG&A expenses (as a % of sales) 35.3% 38.0% 36.2% Net licensing (income) ($15.5) ($12.1) ($18.4) EBIT Margin 13.0% 8.9% 14.1% Other non-operating (income) / expense ($ amount) ($2.2) ($2.0) $0.4 Effective tax rate 20.1% 23.3% 21.5% Diluted weighted average shares (in millions) 68.493 66.772 66.415 x Comments and Non-Recurring Items Adjustments 2019 2020 2021 x Benefit of lease terminations and settlements 2021 10-K, MD&A, p. 26 and p. 28; Note 9, p. 55 Pre-tax expense (income) (COGS) $0.0 Pre-tax expense (income) (SG&A) (8.6) Total pre-tax expense (income) ($8.6) Total pre-tax expense (income) ($8.6) Implied after-tax expense (income) (6.3) Tax adjustment ($2.3)
57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! Estimated Tax Rate 26.2% x Impairment charge on prAna trademark 2021 10-K, MD&A, pgs. 27-28, pg.32 and p.53 Pre-tax expense (income) (COGS) $0.0 Pre-tax expense (income) (SG&A) 17.5 Total pre-tax expense (income) $17.5 Total pre-tax expense (income) $17.5 Implied after-tax expense (income) 13.2 Tax adjustment $4.3 Estimated Tax Rate 24.6% x Retail impairment and store closure charges 2021 10-K, MD&A, p. 26. and p. 28 Pre-tax expense (income) (COGS) $0.0 Pre-tax expense (income) (SG&A) 28.8 Total pre-tax expense (income) $28.8 Total pre-tax expense (income) $28.8 Implied after-tax expense (income) 21.7 Tax adjustment $7.1 Estimated Tax Rate 24.6% x Bad debt expense 2021 10-K, MD&A, p. 26 Pre-tax expense (income) (COGS) $0.0 Pre-tax expense (income) (SG&A) 19.7 Total pre-tax expense (income) $19.7 Total pre-tax expense (income) $19.7 Implied after-tax expense (income) 14.9 Tax adjustment $4.8 Estimated Tax Rate 24.6% x COVID related expenses 2021 10-K, MD&A, p. 27 Pre-tax expense (income) (COGS) $0.0 Pre-tax expense (income) (SG&A) 18.9 Total pre-tax expense (income) $18.9 Total pre-tax expense (income) $18.9 Implied after-tax expense (income) 14.3 Tax adjustment $4.6 Estimated Tax Rate 24.6% x Swiss tax reform package 2019 10-K, MD&A, p. 24 Pre-tax expense (income) (COGS) $0.0 Pre-tax expense (income) (SG&A) 0.0
57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! Total pre-tax expense (income) $0.0 Total pre-tax expense (income) $0.0 Implied after-tax expense (income) (6.6) Tax adjustment $6.6 Estimated Tax Rate 22.6% x Sensitivity Analysis "One-way, vertical table" 2022 EPS Sensitivity Tables x Err:522 47.6% Steps to complete the one-way data table 48.1% #VALUE! 1) Link the red ''Output Cell'' in cell E122 to the cell yo 48.6% #VALUE! 2) Highlight the range D122:E131 2022 49.1% #VALUE! 3) Select Data Table (Alt A W T) Gross Margin 49.6% #VALUE! 4) Skip the row input cell. Leave it blank. For the colu 50.1% #VALUE! 5) Press ENTER then F9 to calculate 50.6% #VALUE! 6) Stress test your data! 51.1% #VALUE! 51.6% #VALUE! 0.5% Step function "Two-way table" Columbia Sportswear 2021 - 2026 EPS CAGR Sensitivity Table x 2023 Sales Growth Rate Err:522 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% 48.3% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! 48.8% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! 49.3% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! 2023 49.8% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! Gross Margin 50.3% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! 50.8% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! 51.3% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! 51.8% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! 52.3% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! 0.5% Step function 10.0% conditional formatting cell Conditional formatting: (Alt H L N) x END
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57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! Projected Year Ending December 31, 2021 - 2026 2022 2023 2024 2025 2026 CAGR $3,470.3 $3,713.2 $3,954.6 $4,191.9 $4,422.4 7.2% 1,749.0 1,864.0 1,973.3 2,079.2 2,180.3 1,721.3 1,849.2 1,981.2 2,112.7 2,242.2 6.8% 1,256.3 1,336.8 1,403.9 1,467.2 1,525.7 (20.9) (20.9) (20.9) (20.9) (20.9) 485.9 533.3 598.3 666.4 737.3 8.2% CIRC 56.0 70.2 86.9 105.8 126.7 1 1.7 1.7 0.7 0.0 0.0 FIX 461.5 510.7 560.7 610.6 6.7% For Jump Sta Err:522 Err:522 Err:522 Err:522 Err:522 0.0 Err:522 Err:522 Err:522 Err:522 Err:522 0.0 (1.3) (1.3) (1.3) (1.3) (1.3) Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 63.000 60.250 59.000 57.000 54.000 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Step 11.0% 7.0% 6.5% 6.0% 5.5% (0.5%) 49.6% 49.8% 50.1% 50.4% 50.7% 0.3% 36.2% 36.0% 35.5% 35.0% 34.5% (0.5%) ($20.9) ($20.9) ($20.9) ($20.9) ($20.9) $0.0 #VALUE! 12.4% 12.9% 13.4% 13.8% ($1.3) ($1.3) ($1.3) ($1.3) ($1.3) 24.4% 24.4% 24.4% 24.4% 24.4% 63.000 60.250 59.000 57.000 54.000
57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only!
57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! ou want to ''study'' K29 umn input cell select K33 Step function 11.0% 1.0% #VALUE! #VALUE! Steps to complete the two-way data table #VALUE! 1) Link the ''Output Cell'' D139 to the cell you want to ''study'' Q29 #VALUE! 2) Highlight the range D139:K148 #VALUE! 3) Select Data Table (Alt A W T) #VALUE! 4) Row input cell select L32. Column input cell select L33 #VALUE! 5) Press ENTER then F9 to calculate #VALUE! 6) Stress test your data! #VALUE!
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57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! 0 = "Off" 1 = "On" arting 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! Balance Sheet for Columbia Sportswear Dollars in millions Historical Year Ending December 31, 2019 2020 2021 x Cash $687.7 $791.9 $894.5 Accounts receivable, net 488.2 452.9 487.8 Inventories 606.0 556.5 654.4 Other current assets 93.9 54.2 86.3 Total current assets 1,875.7 1,855.6 2,123.0 x PP&E, net 346.7 309.8 291.1 Definite life intangibles 8.2 5.6 4.0 Indefinite life intangibles 115.4 97.9 97.9 Goodwill 68.6 68.6 68.6 Operating lease assets 394.5 339.2 330.9 Other long-term assets 122.5 159.8 160.6 Total assets $2,931.6 $2,836.6 $3,076.1 x Accounts payable $255.4 $206.7 $283.3 Other current liabilities 311.5 280.5 329.6 Current operating lease liabilities 64.0 65.5 67.4 Total current liabilities 630.9 552.6 680.4 x Revolver 0.0 0.0 0.0 Long-term debt 0.0 0.0 0.0 Non-current operating lease liabilities 371.5 353.2 317.7 Deferred income taxes 6.4 5.2 0.0 Other long-term liabilities 73.4 92.8 79.8 Total liabilities 1,082.1 1,003.8 1,077.9 x Total stockholder's equity 1,849.4 1,832.8 1,989.3 Total liabilities and equity $2,931.6 $2,836.6 $3,067.1 x Parity check (A = L+E) 0.000 0.000 9.000 x END
57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! Projected Year Ending December 31, 2022 2023 2024 2025 2026 Err:522 Err:522 Err:522 Err:522 Err:522 541.9 579.9 617.6 654.6 690.6 747.5 786.5 821.8 854.5 884.0 86.8 92.8 98.9 104.8 110.6 Err:522 Err:522 Err:522 Err:522 Err:522 325.1 355.2 379.0 394.8 400.7 2.3 0.7 0.0 0.0 0.0 97.9 97.9 97.9 97.9 97.9 68.6 68.6 68.6 68.6 68.6 330.9 330.9 330.9 330.9 330.9 160.6 160.6 160.6 160.6 160.6 Err:522 Err:522 Err:522 Err:522 Err:522 $325.8 $337.1 $346.0 $353.2 $358.4 349.8 372.8 394.7 415.8 436.1 67.4 67.4 67.4 67.4 67.4 743.1 777.3 808.1 836.4 861.9 Err:522 Err:522 Err:522 Err:522 Err:522 0.0 0.0 0.0 0.0 0.0 317.7 317.7 317.7 317.7 317.7 0.0 0.0 0.0 0.0 0.0 79.8 79.8 79.8 79.8 79.8 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
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57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! Projected Cash Flow for Columbia Sportswear Dollars in millions Operating activities Net income Depreciation Amortization (Increase) / decrease in operating working capital Change in other long-term assets and liabilities x Cash flow from operating activities Investing activities Capital expenditures Additions to definite life intangibles x Cash flow from investing activities Financing activities Issuance / (repayment) of revolver Issuance of long-term debt (Repayment) of long-term debt Share issuance / (repurchase) Dividends x Cash flow from financing activities Net change in cash Beginning cash balance x Ending cash balance x Cash flow available for financing activities x END
57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! Projected Year Ending December 31, 2022 2023 2024 2025 2026 Err:522 Err:522 Err:522 Err:522 Err:522 56.0 70.2 86.9 105.8 126.7 1.7 1.7 0.7 0.0 0.0 (85.0) (48.7) (48.2) (47.3) (45.9) 0.0 0.0 0.0 0.0 0.0 Err:522 Err:522 Err:522 Err:522 Err:522 90.0 (100.3) (110.7) (121.6) (132.7) 0.0 0.0 0.0 0.0 0.0 90.0 (100.3) (110.7) (121.6) (132.7) Err:522 Err:522 Err:522 Err:522 Err:522 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (400.0) (100.0) (200.0) (300.0) (350.0) Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 894.5 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! Operating Working Capital Schedule for Columbia Sportswear Dollars in millions Historical Year Ending December 31, 2019 2020 2021 Sales $3,042.5 $2,501.6 $3,126.4 Cost of goods sold 1,526.8 1,277.7 1,513.9 Operating working capital balances x Accounts receivable, net $488.2 $452.9 $487.8 Inventories 606.0 556.5 654.4 Other current assets 93.9 54.2 86.3 Total non-cash current assets $1,188.1 $1,063.7 $1,228.5 x Accounts payable $255.4 $206.7 $283.3 Other current liabilities 311.5 280.5 329.6 Total non-debt current liabilities $566.9 $487.2 $613.0 Operating working capital / (deficit) $621.2 $576.5 $615.5 x (Increase) / decrease in operating working capital $44.7 ($39.0) Ratios and assumptions x Accounts receivable, net (collection period in days) 58.6 66.1 56.9 Inventories (days outstanding) 144.9 159.0 157.8 Other current assets (as % of sales) 3.1% 2.2% 2.8% Accounts payable (days outstanding) 61.0 59.0 68.3 Other current liabilities (as % cost of sales) 20.4% 22.0% 21.8% x END
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57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! Projected Year Ending December 31, 2022 2023 2024 2025 2026 $3,470.3 $3,713.2 $3,954.6 $4,191.9 $4,422.4 1,749.0 1,864.0 1,973.3 2,079.2 2,180.3 $541.9 $579.9 $617.6 $654.6 $690.6 747.5 786.5 821.8 854.5 884.0 86.8 92.8 98.9 104.8 110.6 $1,376.2 $1,459.2 $1,538.2 $1,613.9 $1,685.2 $325.8 $337.1 $346.0 $353.2 $358.4 349.8 372.8 394.7 415.8 436.1 $675.7 $709.9 $740.7 $769.0 $794.4 $700.6 $749.3 $797.5 $844.9 $890.8 ($85.0) ($48.7) ($48.2) ($47.3) ($45.9) Step function 57.0 57.0 57.0 57.0 57.0 0.0 156.0 154.0 152.0 150.0 148.0 (2.0) 2.5% 2.5% 2.5% 2.5% 2.5% 68.0 66.0 64.0 62.0 60.0 (2.0) 20.0% 20.0% 20.0% 20.0% 20.0%
57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! Depreciation Schedule for Columbia Sportswear Dollars in millions Historical Year Ending December 31, 2019 2020 2021 x Sales $3,042.5 $2,501.6 $3,126.4 x Beginning PP&E, net Capital expenditures DO NOT BACK RECONCILE (Depreciation expense) Ending PP&E, net $346.7 $309.8 $291.1 x Ratios and assumptions Capital expenditures $123.5 $28.8 $34.7 Capital expenditures as % of sales 4.1% 1.1% 1.1% Depreciation expense $59.8 $60.9 $54.2 Depreciation as % of capex 48.4% 211.8% 156.0% Depreciation as % of PP&E, net 17.3% 19.7% 18.6% x END
57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! Projected Year Ending December 31, 2022 2023 2024 2025 2026 $3,470.3 $3,713.2 $3,954.6 $4,191.9 $4,422.4 $291.1 $325.1 $355.2 $379.0 $394.8 90.0 100.3 110.7 121.6 132.7 (56.0) (70.2) (86.9) (105.8) (126.7) $325.1 $355.2 $379.0 $394.8 $400.7 $90.0 $100.3 $110.7 $121.6 $132.7 Step function 2.6% 2.7% 2.8% 2.9% 3.0% 0.1% $56.0 $70.2 $86.9 $105.8 $126.7 62.2% 70.0% 78.5% 87.0% 95.5% 8.5% 17.2% 19.8% 22.9% 26.8% 31.6%
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57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! Amortization Schedule for Columbia Sportswear Dollars in millions Historical Year Ending December 31, 2019 2020 2021 x Sales $3,042.5 $2,501.6 $3,126.4 Beginning definite life intangibles, net Additions to definite life intangibles DO NOT BACK RECONCILE (Amortization expense) Ending definite life intangibles, net $8.2 $5.6 $4.0 x Ratios and assumptions Additions to definite life intangibles $0.0 $0.0 $0.0 Additions as % of sales 0.0% 0.0% 0.0% Amortization expense $3.0 $2.5 $1.7 Amortization as % of definite life intangibles, net 36.7% 44.3% 42.6% x END
57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! Projected Year Ending December 31, 2022 2023 2024 2025 2026 $3,470.3 $3,713.2 $3,954.6 $4,191.9 $4,422.4 $4.0 $2.3 $0.7 $0.0 $0.0 0.0 $0.0 $0.0 $0.0 $0.0 (1.7) ($1.7) ($0.7) $0.0 $0.0 $2.3 $0.7 $0.0 $0.0 $0.0 Step function $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 0.0% $0.0 $0.0 $0.0 $0.0 $1.7 $1.7 $0.7 $0.0 $0.0 70.6% NM NM NM NM
57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! Other Long-Term Items Schedule for Columbia Sportswear Dollars in millions Historical Year Ending December 31, 2019 2020 2021 x Other Long-Term Assets Indefinite life intangibles $115.4 $97.9 $97.9 Goodwill 68.6 68.6 68.6 Operating lease assets 394.5 339.2 330.9 Other long-term assets 122.5 159.8 160.6 Total other long-term assets $701.0 $665.5 $658.0 (Increase) / decrease in long-term other assets 35.5 7.5 x Other Long-Term Liabilities Current operating lease liabilities $64.0 $65.5 $67.4 Non-current operating lease liabilities 371.5 353.2 317.7 Deferred income taxes 6.4 5.2 0.0 Other long-term liabilities 73.4 92.8 79.8 Total other long-term liabilities $515.2 $516.6 $464.9 Increase / (decrease) in other long-term liabilities 1.4 (51.7) Change in other long-term assets and liabilities $36.9 ($44.2) x END
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57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! Projected Year Ending December 31, 2022 2023 2024 2025 2026 $97.9 $97.9 $97.9 $97.9 $97.9 68.6 68.6 68.6 68.6 68.6 330.9 330.9 330.9 330.9 330.9 160.6 160.6 160.6 160.6 160.6 $658.0 $658.0 $658.0 $658.0 $658.0 0.0 0.0 0.0 0.0 0.0 $67.4 $67.4 $67.4 $67.4 $67.4 317.7 317.7 317.7 317.7 317.7 0.0 0.0 0.0 0.0 0.0 79.8 79.8 79.8 79.8 79.8 $464.9 $464.9 $464.9 $464.9 $464.9 0.0 0.0 0.0 0.0 0.0 $0.0 $0.0 $0.0 $0.0 $0.0
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57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! Shareholders' Equity Schedule for Columbia Sportswear Dollars in millions Historical Year Ending December 31, 2019 2020 2021 x Beginning equity balance Net income DO NOT BACK RECONCILE Share issuance / (repurchase) Dividends x Ending equity balance $1,849.4 $1,832.8 $1,989.3 x Ratios and assumptions Dividends $65.1 $17.2 $68.6 Net income 323.9 172.0 347.8 Dividend payout ratio 20.1% 10.0% 19.7% Share issuance / (repurchases) ($121.7) ($132.9) ($165.4) x END
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57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! Projected Year Ending December 31, 2022 2023 2024 2025 2026 $1,989.3 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 (400.0) (100.0) (200.0) (300.0) (350.0) Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Step function 20.0% 20.0% 20.0% 20.0% 20.0% 0.0% ($400.0) ($100.0) ($200.0) ($300.0) ($350.0)
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57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! Debt and Interest Schedule for Columbia Sportswear Dollars in millions Historical Year Ending December 31, 2019 2020 2021 x Cash flow available for financing activities Share issuance / (repurchase) Dividends Plus: beginning cash balance Less: minimum cash balance x Cash available for debt repayment Long-term debt issuance Long-term debt (repayment) x Cash available for revolver Revolver Beginning balance Issuance / (repayment) of revolver x Ending balance $0.0 $0.0 $0.0 Long-term debt Beginning balance Issuance (Repayment) x Ending balance $0.0 $0.0 $0.0 Revolver Average balances Interest rate x Interest expense Long-term debt Average balances Interest rate x Interest expense x Total interest expense Cash Average balances Interest rate x Interest (income) x Ratios and assumptions Minimum cash balance Long-term debt issuance Long-term debt repayment Interest rate on revolver Interest rate on long-term debt Interest rate on cash x END
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57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! Projected Year Ending December 31, 2022 2023 2024 2025 2026 Err:522 Err:522 Err:522 Err:522 Err:522 (400.0) (100.0) (200.0) (300.0) (350.0) Err:522 Err:522 Err:522 Err:522 Err:522 894.5 Err:522 Err:522 Err:522 Err:522 (750.0) (750.0) (750.0) (750.0) (750.0) Err:522 Err:522 Err:522 Err:522 Err:522 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Err:522 Err:522 Err:522 Err:522 Err:522 $0.0 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 $0.0 $0.0 $0.0 $0.0 $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Err:522 Err:522 Err:522 Err:522 Err:522 3.29% 3.29% 3.29% 3.29% 3.29% Err:522 Err:522 Err:522 Err:522 Err:522 $0.0 $0.0 $0.0 $0.0 $0.0 0.00% 0.00% 0.00% 0.00% 0.00% $0.0 $0.0 $0.0 $0.0 $0.0 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 0.70% 0.70% 0.70% 0.70% 0.70% Err:522 Err:522 Err:522 Err:522 Err:522 $750.0 $750.0 $750.0 $750.0 $750.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.29% 3.29% 3.29% 3.29% 3.29% 0.00% 0.00% 0.00% 0.00% 0.00% 0.70% 0.70% 0.70% 0.70% 0.70%
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57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! Ratio Analysis for Columbia Sportswear Dollars in millions Historical Year Ending December 31, 2019 2020 2021 Growth rates and margins x Sales $3,042.5 $2,501.6 $3,126.4 Gross profit 1,515.7 1,223.9 1,612.5 EBITDA 457.8 285.3 497.8 EBIT 395.0 221.9 441.9 Normalized net income 323.9 172.0 347.8 x Sales growth (17.8%) 25.0% Gross margin 49.8% 48.9% 51.6% EBITDA margin 15.0% 11.4% 15.9% EBIT margin 13.0% 8.9% 14.1% Normalized net margin 10.6% 6.9% 11.1% Asset efficiency x PP&E, Net $346.7 $309.8 $291.1 OWC 621.2 576.5 615.5 Capex 123.5 28.8 34.7 Depreciation 59.8 60.9 54.2 x PP&E / Sales 13.1% 9.6% OWC / Sales 23.9% 19.1% Capex / Depreciation 2.1x 0.5x 0.6x Credit Debt $0.0 $0.0 $0.0 Capital 1,849.4 1,832.8 1,989.3 Debt / EBITDA 0.0x 0.0x 0.0x Debt / Capital 0.0% 0.0% 0.0%
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57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! Projected Year Ending December 31, 2022 2023 2024 2025 2026 $3,470.3 $3,713.2 $3,954.6 $4,191.9 $4,422.4 1,721.3 1,849.2 1,981.2 2,112.7 2,242.2 485.9 533.3 598.3 666.4 737.3 FIX 461.5 510.7 560.7 610.6 Err:522 Err:522 Err:522 Err:522 Err:522 11.0% 7.0% 6.5% 6.0% 5.5% 49.6% 49.8% 50.1% 50.4% 50.7% 14.0% 14.4% 15.1% 15.9% 16.7% #VALUE! 12.4% 12.9% 13.4% 13.8% Err:522 Err:522 Err:522 Err:522 Err:522 $325.1 $355.2 $379.0 $394.8 $400.7 700.6 749.3 797.5 844.9 890.8 90.0 100.3 110.7 121.6 132.7 56.0 70.2 86.9 105.8 126.7 8.9% 9.2% 9.3% 9.2% 9.0% 19.0% 19.5% 19.6% 19.6% 19.6% 1.6x 1.4x 1.3x 1.1x 1.0x Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
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57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! Columbia Sportswear Parity Checking Dollars in millions Select the first year out of parity Balance Sheet Cash Flow x 2022 Err:522 2021 2022 Difference 2022 Cash 894.549 Err:522 Err:522 Err:522 Accounts receivable, net 487.803 541.938 (54.135) Inventories 654.379 747.532 (93.153) Other current assets 86.306 86.758 (0.452) Total non-cash current assets ---> (147.740) PP&E, net 291.088 325.088 (34.000) 146.000 Definite life intangibles 3.987 2.337 1.650 1.650 Indefinite life intangibles 97.921 97.921 0.000 Goodwill 68.594 68.594 0.000 Operating lease assets 330.928 330.928 0.000 Other long-term assets 160.573 160.573 0.000 Total other long-term assets ---> 0.000 Accounts payable 283.349 325.847 42.498 Other current liabilities 329.612 349.807 20.195 Current operating lease liabilities 67.429 67.429 0.000 Working Capital Total non-cash current assets ---> (147.740) Total non-debt current liabilities ---> 62.693 (Increase) / decrease in working capital ---> (85.047) (85.047) Other LT Items Total other long-term assets ---> 0.000 Total other long-term liabilities ---> 0.000 (Increase) / decrease in other long-term assets and liabilities ---> 0.000 0.000 Revolver 0.000 Err:522 Err:522 Err:522 Long-term debt 0.000 0.000 0.000 0.000 Non-current operating lease liabilities 317.666 317.666 0.000 Deferred income taxes 0.000 0.000 0.000 Other long-term liabilities 79.820 79.820 0.000 Total stockholder's equity 1,989.252 Err:522 Err:522 Err:522 Parity Check 9.000 Err:522 Err:522 Err:522 x Err:522 x END
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57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! Reconciliations for FYE 2022 Check PP&E, net Err:522 Balance Sheet Cash Flow Beginning Bal. Ending Bal. Difference Depr. CapEx Total $291.088 $325.088 ($34.000) $56.000 $90.000 $146.000 Definite life intangibles Balance Sheet Cash Flow (180.000) Beginning Bal. Ending Bal. Difference Amort. Additions Total 0.000 $3.987 $2.337 $1.650 $1.650 $0.000 $1.650 Long-term debt Balance Sheet Cash Flow Beginning Bal. Ending Bal. Difference Issuance Payment Total $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 Total stockholder's equity Balance Sheet Cash Flow Beginning Bal. Ending Bal. Difference NI Dividends Buyback $1,989.252 Err:522 Err:522 Err:522 ($400.000) Err:522 0.000 0.000 Err:522 0.000 Err:522
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57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! Total Err:522
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57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! Discounted Cash Flow Analysis for Columbia Sportswear Dollars in millions, except per share Historical Year Ending December 31, 2019 2020 2021 x Sales $0.0 $0.0 $0.0 Effective tax rate 0.0% 0.0% 0.0% EBITDA 0.0 0.0 0.0 Less: Depreciation 0.0 0.0 0.0 Less: Amortization 0.0 0.0 0.0 EBIT 0.0 0.0 0.0 Less: Taxes 0.0 0.0 0.0 x Tax-effected EBIT 0.0 0.0 0.0 Plus: Depreciation Plus: Amortization Less: Capital expenditures Less: Additions to definite life intangibles + / - Changes in working capital + / - Changes in other assets and liabilities x Unlevered Free Cash Flow Unlevered Free Cash Flow Growth Rate Perpetuity Growth Method Weighted average cost of capital: 11.0% Net present value of free cash flow (b) $0.0 Growth rate of FCF after 2026 3.0% Terminal value $0.0 Present value of the terminal value (c) 0.0 Enterprise value $0.0 Plus: Net cash (e) 414.2 Equity value $0.0 Diluted shares: 62.461 $0.00 Implied EBITDA Exit Multiple Terminal year unlevered free cash flow $0.0 Weighted average cost of capital 11.0% Growth rate of free cash flow after 2026 3.0% 2026 EBITDA $0.0 Implied EBITDA Exit Multiple: #DIV/0! #DIV/0! Share Price Analysis Equity value per share (f)
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57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! Share price as of September 1, 2022 $71.72 Implied DCF share price 0.00 Premium / (discount) to current share price (100.0%) Consensus price target as of September 1, 2022 $94.76 x a) Projections based on internal estimates. b) Present values calculated as of 9/1/22. c) Discounted 5 years; based on 2026 unlevered free cash flow of $0.0 million. d) Discounted 5 years; based on 2026 EBITDA of $0.0 million. e) Net Cash includes market value of total debt less cash & equivalents, ST inv. and marketable securities. f) Based on 62.461 million diluted shares outstanding. Many practitioners use the latest available diluted shares as an estimate. PV date: 9/1/2022 Date of net debt and shares: 6/30/2022 Valuation date: 9/1/2022 Diluted number of shares: 62.461 x DCF Sensitivity Analysis x Equity Value Per Share (Perpetuity Growth Method) Weighted a x $0.00 10.00% 10.25% 10.50% 10.75% 1.6% 1.8% 2.0% 2.2% 2.4% Terminal 2.6% growth 2.8% rate 3.0% 3.2% 3.4% 3.6% 3.8% 4.0% 4.2% 0.20% x Equity Value Per Share (EBITDA Exit Multiple Method) Weighted a x $0.00 10.00% 10.25% 10.50% 10.75% 4.9x 5.2x 5.5x See cell named "pv.date" See cell named "bs.date"
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57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! 5.8x 6.1x EBITDA 6.4x exit 6.7x multiple 7.0x 7.3x 7.6x 7.9x 8.2x 8.5x 8.8x 0.30x x END
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57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! Projected Year Ending December 31, 2021-2026 2022 2023 2024 2025 2026 CAGR $0.0 $0.0 $0.0 $0.0 $0.0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0 0.0 0.0 0.0 0.0 0.0% 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0% 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 $0.0 $0.0 $0.0 $0.0 $0.0 0.0% 0.0% 0.0% 0.0% EBITDA Multiple Method Weighted average cost of capital: 11.0% Net present value of free cash flow (b) $0.0 Exit multiple 7.0x Terminal value $0.0 Present value of the terminal value (d) 0.0 Enterprise value $0.0 Plus: Net cash (e) 414.2 Equity value $0.0 Diluted shares: 62.461 $0.00 Implied Perpetuity Growth Rate Terminal year EBITDA $0.0 Weighted average cost of capital 11.0% Multiple 7.0x Terminal year unlevered free cash flow $0.0 Implied Growth Rate: #DIV/0! #DIV/0! Share Price Analysis Equity value per share (f)
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57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! Share price as of September 1, 2022 $71.72 Implied DCF share price 0.00 Premium / (discount) to current share price (100.0%) Consensus price target as of March 4, 2014 $94.76 average cost of capital 11.00% 11.25% 11.50% 11.75% 12.00% 0.25% Steps to complete the data table 1) Link the ''Output Cell'' F79 to the cell yo 2) Highlight the range F79:O93 3) Select Data Table (Alt A W T) 4) Row input cell select I30. Column input 5) Press ENTER then F9 6) Stress test your data! average cost of capital 11.00% 11.25% 11.50% 11.75% 12.00% 0.25% Steps to complete the data table
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57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! 1) Link the ''Output Cell'' F101 to the cell y 2) Highlight the range F101:O115 3) Select Data Table (Alt A W T) 4) Row input cell select O30. Column inpu 5) Press ENTER then F9 6) Stress test your data!
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57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! ou want to ''study'' I43 t cell select I33
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57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! you want to ''study'' O43 ut cell select O33
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57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! Discounted Cash Flow Analysis for Columbia Sportswear Dollars in millions, except per share Historical Year Ending December 31, 2019 2020 2021 x Sales $3,042.5 $2,501.6 $3,126.4 Effective tax rate 20.1% 23.3% 21.5% EBITDA 457.8 285.3 497.8 Less: Depreciation (59.8) (60.9) (54.2) Less: Amortization (3.0) (2.5) (1.7) EBIT 395.0 221.9 441.9 Less: Taxes (79.4) (51.8) (94.9) x Tax-effected EBIT 315.5 170.1 347.0 Plus: Depreciation Plus: Amortization Less: Capital expenditures Less: Additions to definite life intangibles + / - Changes in working capital + / - Changes in other assets and liabilities x Unlevered Free Cash Flow Unlevered Free Cash Flow Growth Rate Perpetuity Growth Method Weighted average cost of capital: 11.0% Net present value of free cash flow (b) $1,279.5 Growth rate of FCF after 2026 3.0% Terminal value $5,275.4 Present value of the terminal value (c) 3,130.7 Enterprise value $4,410.3 Plus: Net cash (e) 414.2 Equity value $4,824.5 Diluted shares: 62.461 $77.24 Implied EBITDA Exit Multiple Terminal year unlevered free cash flow $409.7 Weighted average cost of capital 11.0% Growth rate of free cash flow after 2026 3.0% 2026 EBITDA $737.3 Implied EBITDA Exit Multiple: 7.2x ($409.7 x (1+3.0%)) / ($737.3 x (11.00% - 3.0%)) = 7.2x Share Price Analysis Equity value per share (f)
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57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! Share price as of September 1, 2022 $71.72 Implied DCF share price 77.24 Premium / (discount) to current share price 7.7% Consensus price target as of September 1, 2022 $94.76 x a) Projections based on internal estimates. b) Present values calculated as of 9/1/22. c) Discounted 5 years; based on 2026 unlevered free cash flow of $409.7 million. d) Discounted 5 years; based on 2026 EBITDA of $737.3 million. e) Net Cash includes market value of total debt less cash & equivalents, ST inv. and marketable securities. f) Based on 62.461 million diluted shares outstanding. Many practitioners use the latest available diluted shares as an estimate. PV date: 9/1/2022 Date of net debt and shares: 6/30/2022 Valuation date: 9/1/2022 Diluted number of shares: 62.461 x DCF Sensitivity Analysis x Equity Value Per Share (Perpetuity Growth Method) Weighted a x $77.24 10.00% 10.25% 10.50% 10.75% 1.6% 1.8% 2.0% 2.2% 2.4% Terminal 2.6% growth 2.8% rate 3.0% 3.2% 3.4% 3.6% 3.8% 4.0% 4.2% 0.20% x Equity Value Per Share (EBITDA Exit Multiple Method) Weighted a x $76.16 10.00% 10.25% 10.50% 10.75% 4.9x 5.2x 5.5x See cell named "pv.date" See cell named "bs.date"
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57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! 5.8x 6.1x EBITDA 6.4x exit 6.7x multiple 7.0x 7.3x 7.6x 7.9x 8.2x 8.5x 8.8x 0.30x x END
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57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! Projected Year Ending December 31, 2021-2026 2022 2023 2024 2025 2026 CAGR $3,470.3 $3,713.2 $3,954.6 $4,191.9 $4,422.4 7.2% 24.4% 24.4% 24.4% 24.4% 24.4% 485.9 533.3 598.3 666.4 737.3 8.2% (56.0) (70.2) (86.9) (105.8) (126.7) (1.7) (1.7) (0.7) 0.0 0.0 428.3 461.5 510.7 560.7 610.6 6.7% (104.5) (112.6) (124.6) (136.8) (149.0) 323.8 348.9 386.1 423.9 461.6 56.0 70.2 86.9 105.8 126.7 1.7 1.7 0.7 0.0 0.0 90.0 (100.3) (110.7) (121.6) (132.7) 0.0 0.0 0.0 0.0 0.0 (85.0) (48.7) (48.2) (47.3) (45.9) 0.0 0.0 0.0 0.0 0.0 $386.4 $271.7 $314.7 $360.7 $409.7 (29.7%) 15.8% 14.6% 13.6% EBITDA Multiple Method Weighted average cost of capital: 11.0% Net present value of free cash flow (b) $1,279.5 Exit multiple 7.0x Terminal value $5,161.3 Present value of the terminal value (d) 3,063.0 Enterprise value $4,342.5 Plus: Net cash (e) 414.2 Equity value $4,756.7 Diluted shares: 62.461 $76.16 Implied Perpetuity Growth Rate Terminal year EBITDA $737.3 Weighted average cost of capital 11.0% Multiple 7.0x Terminal year unlevered free cash flow $409.7 Implied Growth Rate: 2.8% ($737.3 x 7.0 x 11.00%) - $409.7) / ($409.7 + ($737.3 x 7.0)) = 2.8% Share Price Analysis Equity value per share (f)
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57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! Share price as of September 1, 2022 $71.72 Implied DCF share price 76.16 Premium / (discount) to current share price 6.2% Consensus price target as of March 4, 2014 $94.76 average cost of capital 11.00% 11.25% 11.50% 11.75% 12.00% 0.25% Steps to complete the data table 1) Link the ''Output Cell'' F79 to the cell yo 2) Highlight the range F79:O93 3) Select Data Table (Alt A W T) 4) Row input cell select I30. Column input 5) Press ENTER then F9 6) Stress test your data! average cost of capital 11.00% 11.25% 11.50% 11.75% 12.00% 0.25% Steps to complete the data table
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57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! 1) Link the ''Output Cell'' F101 to the cell y 2) Highlight the range F101:O115 3) Select Data Table (Alt A W T) 4) Row input cell select O30. Column inpu 5) Press ENTER then F9 6) Stress test your data!
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57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! ou want to ''study'' I43 t cell select I33
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57db96231e710f5c8c789bffb2934b45324eb42a.xlsx For training purposes only! you want to ''study'' O43 ut cell select O33
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