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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, 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—98,363,862 shares outstanding on September 3, 2021.

 

 

 


 

TABLE OF CONTENTS

PART I

FINANCIAL INFORMATION

 

Item 1.

Financial Statements (unaudited)

 

 

 

 

 

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

1

 

 

 

 

Condensed Consolidated Statements of Operations for the three and six months ended July 31, 2021 and 2020

2

 

 

 

 

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

3

 

 

 

 

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

4

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the six months ended July 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 6.

Exhibits

34

 

 

 

 

Signatures

35

 

 


 

 

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,

 

 

 

2021

 

 

2021

 

 

2020

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

464,811

 

 

$

395,635

 

 

$

662,860

 

Marketable securities

 

 

156,982

 

 

 

174,695

 

 

 

501

 

Accounts receivable, net of allowance for doubtful accounts of

   $1,302, $4,028 and $4,123, respectively

 

 

94,402

 

 

 

89,952

 

 

 

60,441

 

Inventory

 

 

483,148

 

 

 

389,618

 

 

 

351,771

 

Prepaid expenses and other current assets

 

 

196,070

 

 

 

173,432

 

 

 

195,393

 

Total current assets

 

 

1,395,413

 

 

 

1,223,332

 

 

 

1,270,966

 

Property and equipment, net

 

 

1,047,751

 

 

 

967,422

 

 

 

889,126

 

Operating lease right-of-use assets

 

 

1,068,919

 

 

 

1,114,762

 

 

 

1,134,678

 

Marketable securities

 

 

113,249

 

 

 

123,662

 

 

 

9,216

 

Deferred income taxes and other assets

 

 

117,556

 

 

 

117,167

 

 

 

121,292

 

Total Assets

 

$

3,742,888

 

 

$

3,546,345

 

 

$

3,425,278

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

240,245

 

 

$

237,386

 

 

$

207,261

 

Current portion of operating lease liabilities

 

 

243,338

 

 

 

254,703

 

 

 

270,326

 

Accrued expenses, accrued compensation and other current liabilities

 

 

462,782

 

 

 

414,043

 

 

 

293,629

 

Total current liabilities

 

 

946,365

 

 

 

906,132

 

 

 

771,216

 

Non-current portion of operating lease liabilities

 

 

1,030,212

 

 

 

1,074,009

 

 

 

1,102,250

 

Long-term debt

 

 

 

 

 

 

 

 

120,000

 

Deferred rent and other liabilities

 

 

96,891

 

 

 

88,846

 

 

 

81,219

 

Total Liabilities

 

 

2,073,468

 

 

 

2,068,987

 

 

 

2,074,685

 

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,

   98,357,090, 97,815,985 and 97,779,586 shares issued and

   outstanding, respectively

 

 

10

 

 

 

10

 

 

 

10

 

Additional paid-in-capital

 

 

26,581

 

 

 

19,360

 

 

 

9,956

 

Retained earnings

 

 

1,655,917

 

 

 

1,475,108

 

 

 

1,369,830

 

Accumulated other comprehensive loss

 

 

(13,088

)

 

 

(17,120

)

 

 

(29,203

)

Total Shareholders’ Equity

 

 

1,669,420

 

 

 

1,477,358

 

 

 

1,350,593

 

Total Liabilities and Shareholders’ Equity

 

$

3,742,888

 

 

$

3,546,345

 

 

$

3,425,278

 

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,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net sales

 

$

1,157,725

 

 

$

803,266

 

 

$

2,085,140

 

 

$

1,391,749

 

Cost of sales (excluding store impairment)

 

 

722,460

 

 

 

565,228

 

 

 

1,349,224

 

 

 

1,127,340

 

Store impairment

 

 

 

 

 

 

 

 

 

 

 

14,528

 

Gross profit

 

 

435,265

 

 

 

238,038

 

 

 

735,916

 

 

 

249,881

 

Selling, general and administrative expenses

 

 

269,412

 

 

 

168,619

 

 

 

496,560

 

 

 

379,197

 

Income (loss) from operations

 

 

165,853

 

 

 

69,419

 

 

 

239,356

 

 

 

(129,316

)

Other loss, net

 

 

(1,797

)

 

 

(533

)

 

 

(1,952

)

 

 

(371

)

Income (loss) before income taxes

 

 

164,056

 

 

 

68,886

 

 

 

237,404

 

 

 

(129,687

)

Income tax expense (benefit)

 

 

36,794

 

 

 

34,486

 

 

 

56,595

 

 

 

(25,645

)

Net income (loss)

 

$

127,262

 

 

$

34,400

 

 

$

180,809

 

 

$

(104,042

)

Net income (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.29

 

 

$

0.35

 

 

$

1.84

 

 

$

(1.06

)

Diluted

 

$

1.28

 

 

$

0.35

 

 

$

1.82

 

 

$

(1.06

)

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

98,315,441

 

 

 

97,778,749

 

 

 

98,213,555

 

 

 

97,843,796

 

Diluted

 

 

99,601,292

 

 

 

98,104,918

 

 

 

99,463,468

 

 

 

97,843,796

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income (loss)

 

$

127,262

 

 

$

34,400

 

 

$

180,809

 

 

$

(104,042

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation

 

 

(1,394

)

 

 

11,765

 

 

 

4,028

 

 

 

(852

)

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

 

 

47

 

 

 

(43

)

 

 

4

 

 

 

(347

)

Total other comprehensive income (loss)

 

 

(1,347

)

 

 

11,722

 

 

 

4,032

 

 

 

(1,199

)

Comprehensive income (loss)

 

$

125,915

 

 

$

46,122

 

 

$

184,841

 

 

$

(105,241

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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, 2021

 

 

98,235,127

 

 

$

10

 

 

$

17,585

 

 

$

1,528,655

 

 

$

(11,741

)

 

$

1,534,509

 

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

127,262

 

 

 

(1,347

)

 

 

125,915

 

Share-based compensation

 

 

 

 

 

 

 

 

7,398

 

 

 

 

 

 

 

 

 

7,398

 

Share-based awards

 

 

125,800

 

 

 

 

 

 

1,742

 

 

 

 

 

 

 

 

 

1,742

 

Share repurchases

 

 

(3,837

)

 

 

 

 

 

(144

)

 

 

 

 

 

 

 

 

(144

)

Balances as of July 31, 2021

 

 

98,357,090

 

 

$

10

 

 

$

26,581

 

 

$

1,655,917

 

 

$

(13,088

)

 

$

1,669,420

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

180,809

 

 

 

4,032

 

 

 

184,841

 

Share-based compensation

 

 

 

 

 

 

 

 

11,968

 

 

 

 

 

 

 

 

 

11,968

 

Share-based awards

 

 

763,636

 

 

 

 

 

 

2,815

 

 

 

 

 

 

 

 

 

2,815

 

Share repurchases

 

 

(222,531

)

 

 

 

 

 

(7,562

)

 

 

 

 

 

 

 

 

(7,562

)

Balances as of July 31, 2021

 

 

98,357,090

 

 

$

10

 

 

$

26,581

 

 

$

1,655,917

 

 

$

(13,088

)

 

$

1,669,420

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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,

 

 

 

2021

 

 

2020

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income (loss)

 

$

180,809

 

 

$

(104,042

)

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

51,223

 

 

 

53,388

 

Non-cash lease expense

 

 

95,097

 

 

 

97,655

 

Benefit for deferred income taxes

 

 

(1,275

)

 

 

(17,074

)

Share-based compensation expense

 

 

11,968

 

 

 

11,257