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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 July 31, 2020

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—97,786,381 shares outstanding on September 3, 2020.

 

 

 


TABLE OF CONTENTS

PART I

FINANCIAL INFORMATION

 

Item 1.

Financial Statements (unaudited)

 

 

 

 

 

Condensed Consolidated Balance Sheets as of July 31, 2020, January 31, 2020 and July 31, 2019

1

 

 

 

 

Condensed Consolidated Statements of Operations for the three and six months ended July 31, 2020 and 2019

2

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended July 31, 2020 and 2019

3

 

 

 

 

Condensed Consolidated Statements of Shareholders’ Equity for the three and six months ended July 31, 2020 and 2019

4

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the six months ended July 31, 2020 and 2019

6

 

 

 

 

Notes to Condensed Consolidated Financial Statements

7

 

 

 

Item 2.

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

22

 

 

 

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

33

 

 

 

Item 4.

Controls and Procedures

33

 

 

 

PART II

OTHER INFORMATION

 

 

 

Item 1.

Legal Proceedings

34

 

 

 

Item 1A.

Risk Factors

34

 

 

 

Item 3.

Defaults Upon Senior Securities

34

 

 

 

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)

  

 

 

July 31,

 

 

January 31,

 

 

July 31,

 

 

 

2020

 

 

2020

 

 

2019

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

662,860

 

 

$

221,839

 

 

$

162,018

 

Marketable securities

 

 

501

 

 

 

211,453

 

 

 

171,398

 

Accounts receivable, net of allowance for doubtful accounts of

   $4,123, $880 and  $939, respectively

 

 

60,441

 

 

 

88,288

 

 

 

95,131

 

Inventory

 

 

351,771

 

 

 

409,534

 

 

 

440,087

 

Prepaid expenses and other current assets

 

 

195,393

 

 

 

122,282

 

 

 

131,763

 

Total current assets

 

 

1,270,966

 

 

 

1,053,396

 

 

 

1,000,397

 

Property and equipment, net

 

 

889,126

 

 

 

890,032

 

 

 

867,434

 

Operating lease right-of-use assets

 

 

1,134,678

 

 

 

1,170,531

 

 

 

1,085,543

 

Marketable securities

 

 

9,216

 

 

 

97,096

 

 

 

78,857

 

Deferred income taxes and other assets

 

 

121,292

 

 

 

104,578

 

 

 

105,814

 

Total Assets

 

$

3,425,278

 

 

$

3,315,633

 

 

$

3,138,045

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

207,261

 

 

$

167,871

 

 

$

181,955

 

Current portion of operating lease liabilities

 

 

270,326

 

 

 

221,593

 

 

 

209,072

 

Accrued expenses, accrued compensation and other current liabilities

 

 

293,629

 

 

 

249,306

 

 

 

235,106

 

Total current liabilities

 

 

771,216

 

 

 

638,770

 

 

 

626,133

 

Non-current portion of operating lease liabilities

 

 

1,102,250

 

 

 

1,137,495

 

 

 

1,090,623

 

Long-term debt

 

 

120,000

 

 

 

 

 

 

 

Deferred rent and other liabilities

 

 

81,219

 

 

 

84,013

 

 

 

59,885

 

Total Liabilities

 

 

2,074,685

 

 

 

1,860,278

 

 

 

1,776,641

 

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,

   97,779,586, 97,976,815 and 97,965,012 shares issued and

   outstanding, respectively

 

 

10

 

 

 

10

 

 

 

10

 

Additional paid-in-capital

 

 

9,956

 

 

 

9,477

 

 

 

 

Retained earnings

 

 

1,369,830

 

 

 

1,473,872

 

 

 

1,398,681

 

Accumulated other comprehensive loss

 

 

(29,203

)

 

 

(28,004

)

 

 

(37,287

)

Total Shareholders’ Equity

 

 

1,350,593

 

 

 

1,455,355

 

 

 

1,361,404

 

Total Liabilities and Shareholders’ Equity

 

$

3,425,278

 

 

$

3,315,633

 

 

$

3,138,045

 

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

 

 

Six Months Ended

 

 

 

July 31,

 

 

July 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net sales

 

$

803,266

 

 

$

962,329

 

 

$

1,391,749

 

 

$

1,826,742

 

Cost of sales (excluding store impairment)

 

 

565,228

 

 

 

646,454

 

 

 

1,127,340

 

 

 

1,241,811

 

Store impairment

 

 

 

 

 

 

 

 

14,528

 

 

 

 

Gross profit

 

 

238,038

 

 

 

315,875

 

 

 

249,881

 

 

 

584,931

 

Selling, general and administrative expenses

 

 

168,619

 

 

 

237,814

 

 

 

379,197

 

 

 

466,850

 

Income (loss) from operations

 

 

69,419

 

 

 

78,061

 

 

 

(129,316

)

 

 

118,081

 

Other (loss) income, net

 

 

(533

)

 

 

3,498

 

 

 

(371

)

 

 

6,178

 

Income (loss) before income taxes

 

 

68,886

 

 

 

81,559

 

 

 

(129,687

)

 

 

124,259

 

Income tax expense (benefit)

 

 

34,486

 

 

 

21,239

 

 

 

(25,645

)

 

 

31,354

 

Net income (loss)

 

$

34,400

 

 

$

60,320

 

 

$

(104,042

)

 

$

92,905

 

Net income (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.35

 

 

$

0.61

 

 

$

(1.06

)

 

$

0.91

 

Diluted

 

$

0.35

 

 

$

0.61

 

 

$

(1.06

)

 

$

0.91

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

97,778,749

 

 

 

99,095,562

 

 

 

97,843,796

 

 

 

101,722,244

 

Diluted

 

 

98,104,918

 

 

 

99,602,465

 

 

 

97,843,796

 

 

 

102,427,040

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

Six Months Ended

 

 

 

July 31,

 

 

July 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income (loss)

 

$

34,400

 

 

$

60,320

 

 

$

(104,042

)

 

$

92,905

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation

 

 

11,765

 

 

 

(6,771

)

 

 

(852

)

 

 

(10,571

)

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

 

 

(43

)

 

 

201

 

 

 

(347

)

 

 

387

 

Total other comprehensive income (loss)

 

 

11,722

 

 

 

(6,570

)

 

 

(1,199

)

 

 

(10,184

)

Comprehensive income (loss)

 

$

46,122

 

 

$

53,750

 

 

$

(105,241

)

 

$

82,721

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 April 30, 2020

 

 

97,777,322

 

 

$

10

 

 

$

3,593

 

 

$

1,335,430

 

 

$

(40,925

)

 

$

1,298,108

 

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

34,400

 

 

 

11,722

 

 

 

46,122

 

Share-based compensation

 

 

 

 

 

 

 

 

6,385

 

 

 

 

 

 

 

 

 

6,385

 

Share-based awards

 

 

3,334

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share repurchases

 

 

(1,070

)

 

 

 

 

 

(22

)

 

 

 

 

 

 

 

 

(22

)

Balances as of July 31, 2020

 

 

97,779,586

 

 

$

10

 

 

$

9,956

 

 

$

1,369,830

 

 

$

(29,203

)

 

$

1,350,593

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

Common Shares

 

 

Additional

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Number of

 

 

Par

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

 

 

 

 

 

Shares

 

 

Value

 

 

Capital

 

 

Earnings

 

 

Loss

 

 

Total

 

Balances as of April 30, 2019

 

 

103,599,364

 

 

$

10

 

 

$

 

 

$

1,478,678

 

 

$

(30,717

)

 

$

1,447,971

 

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

60,320

 

 

 

(6,570

)

 

 

53,750

 

Share-based compensation

 

 

 

 

 

 

 

 

5,908

 

 

 

 

 

 

 

 

 

5,908

 

Share-based awards

 

 

5,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share repurchases

 

 

(5,639,352

)

 

 

 

 

 

(5,908

)

 

 

(140,317

)

 

 

 

 

 

(146,225

)

Balances as of July 31, 2019

 

 

97,965,012

 

 

$

10

 

 

$

 

 

$

1,398,681

 

 

$

(37,287

)

 

$

1,361,404

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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, 2020

 

 

97,976,815

 

 

$

10

 

 

$

9,477

 

 

$

1,473,872

 

 

$

(28,004

)

 

$

1,455,355

 

Comprehensive (loss)

 

 

 

 

 

 

 

 

 

 

 

(104,042

)

 

 

(1,199

)

 

 

(105,241

)

Share-based compensation

 

 

 

 

 

 

 

 

11,257

 

 

 

 

 

 

 

 

 

11,257

 

Share-based awards

 

 

440,508

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share repurchases

 

 

(637,737

)

 

 

 

 

 

(10,778

)

 

 

 

 

 

 

 

 

(10,778

)

Balances as of July 31, 2020

 

 

97,779,586

 

 

$

10

 

 

$

9,956

 

 

$

1,369,830

 

 

$

(29,203

)

 

$

1,350,593

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

92,905

 

 

 

(10,184

)

 

 

82,721

 

Share-based compensation

 

 

 

 

 

 

 

 

11,461

 

 

 

 

 

 

 

 

 

11,461

 

Share-based awards

 

 

568,989

 

 

 

 

 

 

974

 

 

 

 

 

 

 

 

 

974

 

Share repurchases

 

 

(8,246,260

)

 

 

(1

)

 

 

(12,435

)

 

 

(210,414

)

 

 

 

 

 

(222,850

)

Balances as of July 31, 2019

 

 

97,965,012

 

 

$

10

 

 

$

 

 

$

1,398,681

 

 

$

(37,287

)

 

$

1,361,404

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

  

 

 

Six Months Ended

 

 

 

July 31,

 

 

 

2020

 

 

2019

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(104,042

)

 

$

92,905

 

Adjustments to reconcile net (loss) income to net cash provided by operating activities: