$LULU
lululemon athletica inc.

2022 Q2 Form 10-Q Financial Statement

#000139718722000031 Filed on June 02, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q2
Revenue $1.613B $2.129B $1.226B
YoY Change 31.55% 23.11% 88.12%
Cost Of Revenue $743.1M $892.9M $526.2M
YoY Change 41.23% 24.57% 65.69%
Gross Profit $870.4M $1.236B $700.3M
YoY Change 24.29% 22.07% 109.42%
Gross Profit Margin 53.95% 58.06% 57.1%
Selling, General & Admin $607.9M $642.0M $496.6M
YoY Change 22.39% 17.83% 65.78%
% of Gross Profit 69.84% 51.93% 70.92%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $64.47M $62.12M $50.49M
YoY Change 27.7% 18.78% 15.97%
% of Gross Profit 7.41% 5.03% 7.21%
Operating Expenses $607.9M $644.2M $496.6M
YoY Change 22.39% 17.76% 65.78%
Operating Profit $260.3M $592.0M $193.8M
YoY Change 34.32% 27.12% 491.8%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$22.00K $176.0K $227.0K
YoY Change -109.69% -119.56% -80.66%
Pretax Income $260.3M $590.7M $194.0M
YoY Change 34.15% 29.26% 471.99%
Income Tax $70.33M $156.2M $49.09M
% Of Pretax Income 27.02% 26.45% 25.3%
Net Earnings $190.0M $434.5M $145.0M
YoY Change 31.07% 31.75% 406.27%
Net Earnings / Revenue 11.78% 20.41% 11.82%
Basic Earnings Per Share $1.48 $1.11
Diluted Earnings Per Share $1.48 $3.355M $1.11
COMMON SHARES
Basic Shares Outstanding 128.1M shares 122.7M shares 130.4M shares
Diluted Shares Outstanding 128.5M shares 131.0M shares

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $649.0M $1.260B $1.180B
YoY Change -44.99% 9.51% 43.35%
Cash & Equivalents $649.0M $1.260B $1.180B
Short-Term Investments
Other Short-Term Assets $45.08M $32.55M $22.11M
YoY Change 103.91% 27.25% 112.5%
Inventory $1.275B $966.5M $732.9M
Prepaid Expenses
Receivables $78.39M $77.00M $56.96M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.303B $2.615B $2.253B
YoY Change 2.21% 23.09% 32.98%
LONG-TERM ASSETS
Property, Plant & Equipment $974.8M $927.7M $774.7M
YoY Change 25.83% 24.41% 17.51%
Goodwill $386.8M $386.9M $387.1M
YoY Change -0.07% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $137.2M $132.1M $110.8M
YoY Change 23.81% 23.89% 82.03%
Total Long-Term Assets $2.394B $2.328B $2.076B
YoY Change 15.3% 12.95% 37.76%
TOTAL ASSETS
Total Short-Term Assets $2.303B $2.615B $2.253B
Total Long-Term Assets $2.394B $2.328B $2.076B
Total Assets $4.697B $4.942B $4.330B
YoY Change 8.48% 18.09% 35.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $308.1M $289.7M $196.9M
YoY Change 56.44% 68.21% 149.47%
Accrued Expenses $362.9M $330.8M $258.6M
YoY Change 40.32% 45.81% -22.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.207B $1.405B $964.8M
YoY Change 25.09% 59.12% 52.78%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $14.39M $13.62M $9.365M
YoY Change 53.6% 51.69% 49.34%
Total Long-Term Liabilities $14.39M $13.62M $9.365M
YoY Change 53.6% 51.69% 49.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.207B $1.405B $964.8M
Total Long-Term Liabilities $14.39M $13.62M $9.365M
Total Liabilities $2.029B $2.202B $1.690B
YoY Change 20.07% 35.4% 23.72%
SHAREHOLDERS EQUITY
Retained Earnings $2.471B $2.513B $2.408B
YoY Change 2.63% 7.09% 34.82%
Common Stock $413.3M $423.1M $365.4M
YoY Change 13.13% 8.69% 9.12%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.668B $2.740B $2.640B
YoY Change
Total Liabilities & Shareholders Equity $4.697B $4.942B $4.330B
YoY Change 8.48% 18.09% 35.23%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q2
OPERATING ACTIVITIES
Net Income $190.0M $434.5M $145.0M
YoY Change 31.07% 31.75% 406.27%
Depreciation, Depletion And Amortization $64.47M $62.12M $50.49M
YoY Change 27.7% 18.78% 15.97%
Cash From Operating Activities -$243.3M $731.0M $214.1M
YoY Change -213.61% 1.82% -276.59%
INVESTING ACTIVITIES
Capital Expenditures $111.4M -$127.5M $64.23M
YoY Change 73.38% 118.34% 23.27%
Acquisitions
YoY Change
Other Investing Activities $10.02M $13.06M -$21.24M
YoY Change -147.2% -163.39%
Cash From Investing Activities -$101.3M -$114.5M -$85.46M
YoY Change 18.56% 44.88% 87.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $232.6M $83.83M
YoY Change 177.52% 31.68%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$259.6M -321.8M -$122.2M
YoY Change 112.35% -53731.67% 34.94%
NET CHANGE
Cash From Operating Activities -$243.3M 731.0M $214.1M
Cash From Investing Activities -$101.3M -114.5M -$85.46M
Cash From Financing Activities -$259.6M -321.8M -$122.2M
Net Change In Cash -$610.9M 294.7M $29.22M
YoY Change -2190.39% -53.91% -110.8%
FREE CASH FLOW
Cash From Operating Activities -$243.3M $731.0M $214.1M
Capital Expenditures $111.4M -$127.5M $64.23M
Free Cash Flow -$354.6M $858.5M $149.9M
YoY Change -336.59% 10.59% -186.47%

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<div style="margin-top:5pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company's fiscal year ends on the Sunday closest to January 31 of the following year, typically resulting in a 52-week year, but occasionally giving rise to an additional week, resulting in a 53-week year. Fiscal 2022 will end on January 29, 2023 and will be a 52-week year. Fiscal 2021 was a 52-week year and ended on January 30, 2022. Fiscal 2022 and fiscal 2021 are referred to as "2022," and "2021," respectively. The first quarter of 2022 and 2021 ended on May 1, 2022 and May 2, 2021, respectively. </span></div><div style="margin-top:9pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company's business is affected by the pattern of seasonality common to most retail apparel businesses. Historically, the Company has recognized a significant portion of its operating profit in the fourth fiscal quarter of each year as a result of increased net revenue during the holiday season.</span></div>
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RevenueFromContractWithCustomerExcludingAssessedTax
1613463000 USD
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1226465000 USD
CY2022Q2 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
Legal Proceedings and Other Contingencies<div style="margin-top:5pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition to the legal proceedings described below, the Company is, from time to time, involved in routine legal matters, and audits and inspections by governmental agencies and other third parties which are incidental to the conduct of its business. This includes legal matters such as initiation and defense of proceedings to protect intellectual property rights, personal injury claims, product liability claims, employment claims, and similar matters. The Company believes the ultimate resolution of any such legal proceedings, audits, and inspections will not have a material adverse effect on its consolidated balance sheets, results of operations or cash flows. The Company has recognized immaterial provisions related to the expected outcome of legal proceedings.</span></div><div style="margin-top:5pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In April 2020, Aliign Activation Wear, LLC filed a lawsuit in the United States District Court for the Central District of California alleging federal trademark infringement, false designation of origin and unfair competition. The plaintiff is seeking injunctive relief, monetary damages and declaratory relief. The Company obtained summary judgment that the Company did not infringe upon any of the plaintiff's rights and the district court entered judgment in the Company's favor on all claims. The plaintiff has filed a Notice of Appeal with the United States Court of Appeals for the Ninth Circuit. The Company intends to defend its win at the appellate level. </span></div><div style="margin-top:5pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In April 2021, DISH Technologies L.L.C., and Sling TV L.L.C. (DISH) filed a complaint in the United States District Court for the District of Delaware and, along with DISH DBS Corporation, also with the United States International Trade Commission (ITC) under Section 337 of the Tariff Act of 1930 against the Company and its Curiouser Products subsidiary (MIRROR), along with ICON Health &amp; Fitness, Inc., FreeMotion Fitness, Inc., NordicTrack, Inc., and Peloton Interactive, Inc., alleging infringement of various patents related to fitness devices containing internet-streaming enabled video displays. In the ITC complaint, DISH seeks an exclusion order barring the importation of MIRROR fitness devices, streaming components and systems containing components that infringe one or more of the asserted patents as well as a cease and desist order preventing the Company from carrying out commercial activities within the United States related to those products. In the District of Delaware complaint, DISH is seeking an order permanently enjoining the Company from infringing the asserted patents, an award of damages for the infringement of the asserted patents, and an award of damages for lost sales. The ITC investigation is ongoing and the Delaware litigation remains stayed pending resolution to the ITC investigation. The Company intends to vigorously defend this matter.</span></div>

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