Form 10-Q URBAN OUTFITTERS INC For: Oct 31

December 10, 2021 4:23 PM EST

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urbn-10q_20211031.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended October 31, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                      

Commission File No. 000-22754

 

Urban Outfitters, Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

 

Pennsylvania

23-2003332

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

 

 

5000 South Broad Street, Philadelphia, PA

19112-1495

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s telephone number, including area code: (215454-5500

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Shares, par value $.0001 per share

 

URBN

 

NASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes ☒    No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes ☒    No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

 

 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Common shares, $0.0001 par value—97,883,862 shares outstanding on December 7, 2021.

 

 

 


 

TABLE OF CONTENTS

PART I

FINANCIAL INFORMATION

 

Item 1.

Financial Statements (unaudited)

 

 

 

 

 

Condensed Consolidated Balance Sheets as of October 31, 2021, January 31, 2021 and October 31, 2020

1

 

 

 

 

Condensed Consolidated Statements of Operations for the three and nine months ended October 31, 2021 and 2020

2

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended October 31, 2021 and 2020

3

 

 

 

 

Condensed Consolidated Statements of Shareholders’ Equity for the three and nine months ended October 31, 2021 and 2020

4

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the nine months ended October 31, 2021 and 2020

6

 

 

 

 

Notes to Condensed Consolidated Financial Statements

7

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

21

 

 

 

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

32

 

 

 

Item 4.

Controls and Procedures

32

 

 

 

PART II

OTHER INFORMATION

 

 

 

Item 1.

Legal Proceedings

33

 

 

 

Item 1A.

Risk Factors

33

 

 

 

Item 2.

Unregistered Sales of Equity Securities and the Use of Proceeds

33

 

 

 

Item 5.

Other Information

33

 

 

 

Item 6.

Exhibits

35

 

 

 

 

Signatures

36

 

 


 

 

PART I

FINANCIAL INFORMATION

Item  1.

Financial Statements

URBAN OUTFITTERS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(amounts in thousands, except share data)

(unaudited)

  

 

 

October 31,

 

 

January 31,

 

 

October 31,

 

 

 

2021

 

 

2021

 

 

2020

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

236,354

 

 

$

395,635

 

 

$

624,945

 

Marketable securities

 

 

188,375

 

 

 

174,695

 

 

 

2

 

Accounts receivable, net of allowance for doubtful accounts of

   $1,313, $4,028 and $3,098, respectively

 

 

114,208

 

 

 

89,952

 

 

 

87,187

 

Inventory

 

 

627,103

 

 

 

389,618

 

 

 

489,234

 

Prepaid expenses and other current assets

 

 

203,213

 

 

 

173,432

 

 

 

170,193

 

Total current assets

 

 

1,369,253

 

 

 

1,223,332

 

 

 

1,371,561

 

Property and equipment, net

 

 

1,088,287

 

 

 

967,422

 

 

 

930,564

 

Operating lease right-of-use assets

 

 

1,030,776

 

 

 

1,114,762

 

 

 

1,101,495

 

Marketable securities

 

 

269,780

 

 

 

123,662

 

 

 

9,350

 

Deferred income taxes and other assets

 

 

132,510

 

 

 

117,167

 

 

 

117,705

 

Total Assets

 

$

3,890,606

 

 

$

3,546,345

 

 

$

3,530,675

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

315,481

 

 

$

237,386

 

 

$

349,793

 

Current portion of operating lease liabilities

 

 

240,074

 

 

 

254,703

 

 

 

255,122

 

Accrued expenses, accrued compensation and other current liabilities

 

 

493,446

 

 

 

414,043

 

 

 

341,983

 

Total current liabilities

 

 

1,049,001

 

 

 

906,132

 

 

 

946,898

 

Non-current portion of operating lease liabilities

 

 

986,026

 

 

 

1,074,009

 

 

 

1,069,434

 

Long-term debt

 

 

 

 

 

 

 

 

 

Deferred rent and other liabilities

 

 

108,848

 

 

 

88,846

 

 

 

83,024

 

Total Liabilities

 

 

2,143,875

 

 

 

2,068,987

 

 

 

2,099,356

 

Commitments and contingencies (see Note 12)

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

 

 

 

 

Preferred shares; $.0001 par value, 10,000,000 shares authorized,

   none issued

 

 

 

 

 

 

 

 

 

Common shares; $.0001 par value, 200,000,000 shares authorized,

   97,863,862, 97,815,985 and 97,786,381 shares issued and

   outstanding, respectively

 

 

10

 

 

 

10

 

 

 

10

 

Additional paid-in-capital

 

 

18,671

 

 

 

19,360

 

 

 

15,669

 

Retained earnings

 

 

1,744,772

 

 

 

1,475,108

 

 

 

1,446,534

 

Accumulated other comprehensive loss

 

 

(16,722

)

 

 

(17,120

)

 

 

(30,894

)

Total Shareholders’ Equity

 

 

1,746,731

 

 

 

1,477,358

 

 

 

1,431,319

 

Total Liabilities and Shareholders’ Equity

 

$

3,890,606

 

 

$

3,546,345

 

 

$

3,530,675

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

1


 

URBAN OUTFITTERS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(amounts in thousands, except share and per share data)

(unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

October 31,

 

 

October 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net sales

 

$

1,131,424

 

 

$

969,607

 

 

$

3,216,564

 

 

$

2,361,356

 

Cost of sales (excluding store impairment)

 

 

740,686

 

 

 

646,666

 

 

 

2,089,910

 

 

 

1,774,006

 

Store impairment

 

 

 

 

 

 

 

 

 

 

 

14,528

 

Gross profit

 

 

390,738

 

 

 

322,941

 

 

 

1,126,654

 

 

 

572,822

 

Selling, general and administrative expenses

 

 

274,836

 

 

 

224,433

 

 

 

771,396

 

 

 

603,630

 

Income (loss) from operations

 

 

115,902

 

 

 

98,508

 

 

 

355,258

 

 

 

(30,808

)

Other loss, net

 

 

(551

)

 

 

(890

)

 

 

(2,503

)

 

 

(1,261

)

Income (loss) before income taxes

 

 

115,351

 

 

 

97,618

 

 

 

352,755

 

 

 

(32,069

)

Income tax expense (benefit)

 

 

26,496

 

 

 

20,914

 

 

 

83,091

 

 

 

(4,731

)

Net income (loss)

 

$

88,855

 

 

$

76,704

 

 

$

269,664

 

 

$

(27,338

)

Net income (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.90

 

 

$

0.78

 

 

$

2.75

 

 

$

(0.28

)

Diluted

 

$

0.89

 

 

$

0.78

 

 

$

2.71

 

 

$

(0.28

)

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

98,202,399

 

 

 

97,784,661

 

 

 

98,209,796

 

 

 

97,823,948

 

Diluted

 

 

99,415,838

 

 

 

98,583,032

 

 

 

99,447,551

 

 

 

97,823,948

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

2


 

URBAN OUTFITTERS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(amounts in thousands)

(unaudited)

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

October 31,

 

 

October 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income (loss)

 

$

88,855

 

 

$

76,704

 

 

$

269,664

 

 

$

(27,338

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation

 

 

(2,605

)

 

 

(1,693

)

 

 

1,423

 

 

 

(2,545

)

Change in unrealized gains (losses) on marketable securities, net of tax

 

 

(1,029

)

 

 

2

 

 

 

(1,025

)

 

 

(345

)

Total other comprehensive income (loss)

 

 

(3,634

)

 

 

(1,691

)

 

 

398

 

 

 

(2,890

)

Comprehensive income (loss)

 

$

85,221

 

 

$

75,013

 

 

$

270,062

 

 

$

(30,228

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

3


 

URBAN OUTFITTERS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(amounts in thousands, except share data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

Common Shares

 

 

Additional

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Number of

 

 

Par

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

 

 

 

 

 

Shares

 

 

Value

 

 

Capital

 

 

Earnings

 

 

Loss

 

 

Total

 

Balances as of July 31, 2021

 

 

98,357,090

 

 

$

10

 

 

$

26,581

 

 

$

1,655,917

 

 

$

(13,088

)

 

$

1,669,420

 

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

88,855

 

 

 

(3,634

)

 

 

85,221

 

Share-based compensation

 

 

 

 

 

 

 

 

7,100

 

 

 

 

 

 

 

 

 

7,100

 

Share-based awards

 

 

9,998

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share repurchases

 

 

(503,226

)

 

 

 

 

 

(15,010

)

 

 

 

 

 

 

 

 

(15,010

)

Balances as of October 31, 2021

 

 

97,863,862

 

 

$

10

 

 

$

18,671

 

 

$

1,744,772

 

 

$

(16,722

)

 

$

1,746,731

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

Common Shares

 

 

Additional

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Number of

 

 

Par

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

 

 

 

 

 

Shares

 

 

Value

 

 

Capital

 

 

Earnings

 

 

Loss

 

 

Total

 

Balances as of July 31, 2020

 

 

97,779,586

 

 

$

10

 

 

$

9,956

 

 

$

1,369,830

 

 

$

(29,203

)

 

$

1,350,593

 

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

76,704

 

 

 

(1,691

)

 

 

75,013

 

Share-based compensation

 

 

 

 

 

 

 

 

5,773

 

 

 

 

 

 

 

 

 

5,773

 

Share-based awards

 

 

10,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share repurchases

 

 

(3,205

)

 

 

 

 

 

(60

)

 

 

 

 

 

 

 

 

(60

)

Balances as of October 31, 2020

 

 

97,786,381

 

 

$

10

 

 

$

15,669

 

 

$

1,446,534

 

 

$

(30,894

)

 

$

1,431,319

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

4


 

URBAN OUTFITTERS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(amounts in thousands, except share data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

Common Shares

 

 

Additional

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Number of

 

 

Par

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

 

 

 

 

 

Shares

 

 

Value

 

 

Capital

 

 

Earnings

 

 

Loss

 

 

Total

 

Balances as of January 31, 2021

 

 

97,815,985

 

 

$

10

 

 

$

19,360

 

 

$

1,475,108

 

 

$

(17,120

)

 

$

1,477,358

 

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

269,664

 

 

 

398

 

 

 

270,062

 

Share-based compensation

 

 

 

 

 

 

 

 

19,068

 

 

 

 

 

 

 

 

 

19,068

 

Share-based awards

 

 

773,634

 

 

 

 

 

 

2,815

 

 

 

 

 

 

 

 

 

2,815

 

Share repurchases

 

 

(725,757

)

 

 

 

 

 

(22,572

)

 

 

 

 

 

 

 

 

(22,572

)

Balances as of October 31, 2021

 

 

97,863,862

 

 

$

10

 

 

$

18,671

 

 

$

1,744,772

 

 

$

(16,722

)

 

$

1,746,731

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

Common Shares

 

 

Additional

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Number of

 

 

Par

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

 

 

 

 

 

Shares

 

 

Value

 

 

Capital

 

 

Earnings

 

 

Loss

 

 

Total

 

Balances as of January 31, 2020

 

 

97,976,815

 

 

$

10

 

 

$

9,477

 

 

$

1,473,872

 

 

$

(28,004

)

 

$

1,455,355

 

Comprehensive (loss)

 

 

 

 

 

 

 

 

 

 

 

(27,338

)

 

 

(2,890

)

 

 

(30,228

)

Share-based compensation

 

 

 

 

 

 

 

 

17,030

 

 

 

 

 

 

 

 

 

17,030

 

Share-based awards

 

 

450,508

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share repurchases

 

 

(640,942

)

 

 

 

 

 

(10,838

)

 

 

 

 

 

 

 

 

(10,838

)

Balances as of October 31, 2020

 

 

97,786,381

 

 

$

10

 

 

$

15,669

 

 

$

1,446,534

 

 

$

(30,894

)

 

$

1,431,319

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

5


 

URBAN OUTFITTERS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(amounts in thousands)

(unaudited)

  

 

 

Nine Months Ended

 

 

 

October 31,

 

 

 

2021

 

 

2020

 

Cash flows from operating activities: