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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, 2019

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—97,975,343 shares outstanding on December 4, 2019.

 

 

 


TABLE OF CONTENTS

PART I

FINANCIAL INFORMATION

 

Item 1.

Financial Statements (unaudited)

 

 

 

 

 

Condensed Consolidated Balance Sheets as of October 31, 2019, January 31, 2019 and October 31, 2018

1

 

 

 

 

Condensed Consolidated Statements of Income for the three and nine months ended October 31, 2019 and 2018

2

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended October 31, 2019 and 2018

3

 

 

 

 

Condensed Consolidated Statements of Shareholders’ Equity for the three and nine months ended October 31, 2019 and 2018

4

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the nine months ended October 31, 2019 and 2018

6

 

 

 

 

Notes to Condensed Consolidated Financial Statements

7

 

 

 

Item 2.

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

20

 

 

 

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

28

 

 

 

Item 4.

Controls and Procedures

28

 

 

 

PART II

OTHER INFORMATION

 

 

 

Item 1.

Legal Proceedings

29

 

 

 

Item 1A.

Risk Factors

29

 

 

 

Item 6.

Exhibits

30

 

 

 

 

Signatures

31

 

 


 

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,

 

 

 

2019

 

 

2019

 

 

2018

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

167,070

 

 

$

358,260

 

 

$

329,021

 

Marketable securities

 

 

170,697

 

 

 

279,232

 

 

 

237,391

 

Accounts receivable, net of allowance for doubtful accounts of

   $1,084, $1,499 and $1,572, respectively

 

 

99,971

 

 

 

80,461

 

 

 

90,954

 

Inventory

 

 

531,565

 

 

 

370,507

 

 

 

451,659

 

Prepaid expenses and other current assets

 

 

143,710

 

 

 

114,296

 

 

 

139,774

 

Total current assets

 

 

1,113,013

 

 

 

1,202,756

 

 

 

1,248,799

 

Property and equipment, net

 

 

890,538

 

 

 

796,029

 

 

 

808,883

 

Operating lease right-of-use assets

 

 

1,119,280

 

 

 

 

 

 

 

Marketable securities

 

 

83,121

 

 

 

57,292

 

 

 

36,033

 

Deferred income taxes and other assets

 

 

114,641

 

 

 

104,438

 

 

 

103,327

 

Total Assets

 

$

3,320,593

 

 

$

2,160,515

 

 

$

2,197,042

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

232,901

 

 

$

144,414

 

 

$

191,684

 

Current portion of operating lease liabilities

 

 

213,911

 

 

 

 

 

 

 

Accrued expenses, accrued compensation and other current liabilities

 

 

264,240

 

 

 

242,230

 

 

 

263,289

 

Total current liabilities

 

 

711,052

 

 

 

386,644

 

 

 

454,973

 

Non-current portion of operating lease liabilities

 

 

1,119,340

 

 

 

 

 

 

 

Deferred rent and other liabilities

 

 

60,348

 

 

 

284,773

 

 

 

281,460

 

Total Liabilities

 

 

1,890,740

 

 

 

671,417

 

 

 

736,433

 

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,

   97,975,343, 105,642,283 and 107,638,846 shares issued and

   outstanding, respectively

 

 

10

 

 

 

11

 

 

 

11

 

Additional paid-in-capital

 

 

5,201

 

 

 

 

 

 

 

Retained earnings

 

 

1,454,333

 

 

 

1,516,190

 

 

 

1,492,691

 

Accumulated other comprehensive loss

 

 

(29,691

)

 

 

(27,103

)

 

 

(32,093

)

Total Shareholders’ Equity

 

 

1,429,853

 

 

 

1,489,098

 

 

 

1,460,609

 

Total Liabilities and Shareholders’ Equity

 

$

3,320,593

 

 

$

2,160,515

 

 

$

2,197,042

 

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

1


 

URBAN OUTFITTERS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

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

(unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

October 31,

 

 

October 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net sales

 

$

987,469

 

 

$

973,533

 

 

$

2,814,211

 

 

$

2,821,675

 

Cost of sales

 

 

666,367

 

 

 

635,835

 

 

 

1,908,178

 

 

 

1,847,473

 

Gross profit

 

 

321,102

 

 

 

337,698

 

 

 

906,033

 

 

 

974,202

 

Selling, general and administrative expenses

 

 

245,833

 

 

 

241,341

 

 

 

712,683

 

 

 

707,097

 

Income from operations

 

 

75,269

 

 

 

96,357

 

 

 

193,350

 

 

 

267,105

 

Other income, net

 

 

576

 

 

 

1,235

 

 

 

6,754

 

 

 

3,061

 

Income before income taxes

 

 

75,845

 

 

 

97,592

 

 

 

200,104

 

 

 

270,166

 

Income tax expense

 

 

20,193

 

 

 

20,072

 

 

 

51,547

 

 

 

58,577

 

Net income

 

$

55,652

 

 

$

77,520

 

 

$

148,557

 

 

$

211,589

 

Net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.57

 

 

$

0.71

 

 

$

1.48

 

 

$

1.95

 

Diluted

 

$

0.56

 

 

$

0.70

 

 

$

1.47

 

 

$

1.92

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

97,972,864

 

 

 

108,778,483

 

 

 

100,458,726

 

 

 

108,702,575

 

Diluted

 

 

98,628,169

 

 

 

110,262,879

 

 

 

101,147,025

 

 

 

110,149,105

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

2


 

URBAN OUTFITTERS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(amounts in thousands)

(unaudited)

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

October 31,

 

 

October 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net income

 

$

55,652

 

 

$

77,520

 

 

$

148,557

 

 

$

211,589

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation

 

 

7,420

 

 

 

(5,358

)

 

 

(3,151

)

 

 

(21,208

)

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

 

 

176

 

 

 

(134

)

 

 

563

 

 

 

(234

)

Total other comprehensive income (loss)

 

 

7,596

 

 

 

(5,492

)

 

 

(2,588

)

 

 

(21,442

)

Comprehensive income

 

$

63,248

 

 

$

72,028

 

 

$

145,969

 

 

$

190,147

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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, 2019

 

 

97,965,012

 

 

$

10

 

 

$

 

 

$

1,398,681

 

 

$

(37,287

)

 

$

1,361,404

 

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

55,652

 

 

 

7,596

 

 

 

63,248

 

Share-based compensation

 

 

 

 

 

 

 

 

5,346

 

 

 

 

 

 

 

 

 

5,346

 

Share-based awards

 

 

16,669

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share repurchases

 

 

(6,338

)

 

 

 

 

 

(145

)

 

 

 

 

 

 

 

 

(145

)

Balances as of October 31, 2019

 

 

97,975,343

 

 

$

10

 

 

$

5,201

 

 

$

1,454,333

 

 

$

(29,691

)

 

$

1,429,853

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

Common Shares

 

 

Additional

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Number of

 

 

Par

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

 

 

 

 

 

Shares

 

 

Value

 

 

Capital

 

 

Earnings

 

 

Loss

 

 

Total

 

Balances as of July 31, 2018

 

 

108,951,308

 

 

$

11

 

 

$

18,770

 

 

$

1,451,492

 

 

$

(26,601

)

 

$

1,443,672

 

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

77,520

 

 

 

(5,492

)

 

 

72,028

 

Share-based compensation

 

 

 

 

 

 

 

 

6,086

 

 

 

 

 

 

 

 

 

6,086

 

Share-based awards

 

 

282,139

 

 

 

 

 

 

598

 

 

 

 

 

 

 

 

 

598

 

Share repurchases

 

 

(1,594,601

)

 

 

 

 

 

(25,454

)

 

 

(36,321

)

 

 

 

 

 

(61,775

)

Balances as of October 31, 2018

 

 

107,638,846

 

 

$

11

 

 

$

 

 

$

1,492,691

 

 

$

(32,093

)

 

$

1,460,609

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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, 2019

 

 

105,642,283

 

 

$

11

 

 

$

 

 

$

1,516,190

 

 

$

(27,103

)

 

$

1,489,098

 

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

148,557

 

 

 

(2,588

)

 

 

145,969

 

Share-based compensation

 

 

 

 

 

 

 

 

16,807

 

 

 

 

 

 

 

 

 

16,807

 

Share-based awards

 

 

585,658

 

 

 

 

 

 

974

 

 

 

 

 

 

 

 

 

974

 

Share repurchases

 

 

(8,252,598

)

 

 

(1

)

 

 

(12,580

)

 

 

(210,414

)

 

 

 

 

 

(222,995

)

Balances as of October 31, 2019

 

 

97,975,343

 

 

$

10

 

 

$

5,201

 

 

$

1,454,333

 

 

$

(29,691

)

 

$

1,429,853

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

Common Shares

 

 

Additional

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Number of

 

 

Par

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

 

 

 

 

 

Shares

 

 

Value

 

 

Capital

 

 

Earnings

 

 

Loss

 

 

Total

 

Balances as of January 31, 2018

 

 

108,248,568

 

 

$

11

 

 

$

684

 

 

$

1,310,859

 

 

$

(10,651

)

 

$

1,300,903

 

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

211,589

 

 

 

(21,442

)

 

 

190,147

 

Share-based compensation

 

 

 

 

 

 

 

 

17,076

 

 

 

 

 

 

 

 

 

17,076

 

Share-based awards

 

 

1,142,897

 

 

 

 

 

 

13,618

 

 

 

 

 

 

 

 

 

13,618

 

Cumulative effect of change in

     accounting pronouncements

 

 

 

 

 

 

 

 

 

 

 

6,564

 

 

 

 

 

 

6,564

 

Share repurchases

 

 

(1,752,619

)

 

 

 

 

 

(31,378

)

 

 

(36,321

)

 

 

 

 

 

(67,699

)

Balances as of October 31, 2018

 

 

107,638,846

 

 

$

11

 

 

$

 

 

$

1,492,691

 

 

$

(32,093

)

 

$

1,460,609

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

  

 

 

For the Nine Months Ended

 

 

 

October 31,

 

 

 

2019

 

 

2018

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

148,557

 

 

$

211,589