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Columbia	
  Sportswear
Income	
  Statement
For	
  year	
  ended	
  12/31/…
2009 2010 2011 2012 2013 2014
2015 2016 2017 2018 2019 Hist CAGR FC CAGR
Net sales 1244023 1483524 1693985 1669563 1684996 2100590 2,332,619 2,590,278 2,876,398 3,194,123 3,546,943 11.05% 11.05%
Cost of sales 719945 854120 958677 953169 941341 1145639 1,257,180 1,379,581 1,513,899 1,661,294 1,823,040 9.74% 9.74%
Gross profit 524078 629404 735308 716394 743655 954951 1,075,439 1,210,698 1,362,499 1,532,828 1,723,902 12.75% 12.52%
Selling, general and administrative expenses 444715 534068 614658 596635 625656 763063 850,073 947,004 1,054,988 1,175,285 1,309,300 11.40% 11.40%
Net licensing income 8399 7991 15756 13769 13795 6956 6,699 6,451 6,212 5,982 5,761 -3.70% -3.70%
Income from operations 87762 103327 136406 133528 131794 198844 232,065 270,144 313,723 363,525 420,364 17.77% 16.01%
Interest income, net 2088 1564 1274 379 503 1004 867 749 647 559 483 -13.62% -13.62%
Interest expense on note payable to related party 0 0 0
0 0 -1053 0 0 0 0 0 0.00% 0.00%
Other non-operating expense 0 0 0
0 -871 -274 -153.68 -86.20 -48.34 -27.12 -15.21 -43.91% -43.91%
Income before income tax 89850 104891 137680 133907 131426 198521 232,779 270,807 314,322 364,057 420,831 17.18% 15.96%
Income tax expense -22829 -27854 -34201 -34048 -37823 -56662 -65,207 -74,563 -85,064 -96,839 -110,027 19.94% 13.97%
Net income 67021 77037 103479 99859 93603 141859 297,986 345,370 399,386 460,896 530,858 16.18% 15.53%
Net income (loss) attributable to non-controlling interest 0
0 -738 4686 11,808 29,754 74,976 188,927 476,066 151.98% 151.98%
Net income attributable to Columbia Sportswear Company
0 0 0
99859 94341 137173
152,486 169,508 188,430 209,465 232,847 11.16% 11.16%
Earnings per share attributable to Columbia Sportswear
Company:
Basic 1.98 2.28 3.06 1.48 1.37 1.97 1.97 1.97 1.96 1.96 2 -0.10% -0.10%
Diluted 1.97 2.26 3.03 1.46 1.36 1.94 1.93 1.93 1.92 1.92 2 -0.31% -0.31%
Cash dividends per share: 0.66 2.24 0.86 0.88 0.46 0.57 0.55 0.54 0.52 0.51 0 -2.89% -2.89%
Weighted average shares outstanding:
Basic 33846 33725 33808 67680 68756 69807 80,682 93,251 107,779 124,570 143,976 15.58% 15.58%
Diluted 33981 34092 34204 68264 69434 70681 81,831 94,739 109,684 126,986 147,018 15.77% 15.77%
Columbia	
  Sportswear
Balance	
  Sheet
For	
  year	
  ended	
  12/31/…
December 31,
2009 2010
2011 2012 2013 2014 2015 2016 2017 2018 2019 Hist CAGR FC CAGR
ASSETS
Current Assets:
Cash and cash equivalents 386664 234257 241034 290781 437489 413558 420,569 427,699 434,949 442,323 449,821 1.70% 1.70%
Short-term investments 22759 68812 2878 44661 91755 27267 28,527 29,846 31,225 32,668 34,178 4.62% 4.62%
Accounts receivable, net 226548 300181 351538 334324 306878 344390 382,405 424,615 471,485 523,529 581,318 11.04% 11.04%
Inventories 222161 314298 365199 363325 329228 384650 441,230 506,133 580,583 665,984 763,947 14.71% 14.71%
Deferred income taxes 31550 45091 52485 50929 52041 57001 66,085 76,617 88,827 102,983 119,395 15.94% 15.94%
Prepaid expenses and other current assets 32030 28241 36392 38583 33081 39175 41,198 43,325 45,562 47,914 50,388 5.16% 5.16%
Total current assets 921712 990880 1049526 1122603 1250472 1266041 1,380,013 1,508,234 1,652,631 1,815,400 1,999,046 8.26% 9.71%
Property, plant, and equipment, net 235440 221813 250910 260524 279373 291563 307,571 324,458 342,272 361,064 380,888 5.49% 5.49%
Intangible assets, net 43072 40423 39020 37618 36288 143731 137,703 131,927 126,394 121,093 116,014 -4.19% -4.19%
Goodwill 12659 14470 14438 14438 14438 68594 70,886 73,255 75,704 78,234 80,848 3.34% 3.34%
Other non-current assets 0
27168 28648 23659 25017 22280 21,202 20,176 19,200 18,271 17,387 -4.84% -4.84%
Total assets 1212883 1294754 1382542 1458842 1605588 1792209
1,917,376 2,058,051 2,216,201 2,394,063 2,594,184 8.12% 7.85%
LIABILITIES AND EQUITY
Current Liabilities:
Notes payable 156 0 0 0 0 0 0 0
Accounts payable 102494 130626 148973 142240 173557 214275 248,328 287,793 333,530 386,536 447,965 15.89% 15.89%
Accrued liabilities 67312 102810 104496 105190 120397 144288 168,057 195,743 227,988 265,546 309,291 16.47% 16.47%
Income taxes payable 6884 16037 12579 4406 7251 14388 16,674 19,323 22,392 25,949 30,072 15.89% 15.89%
Deferred income taxes 2597 2153 954 67 49 169 98 57 33 19 11 -42.10% -42.10%
Total current liabilities 179287 251626 267002 252059 301254 373120 433,157 502,915 583,944 678,051 787,340 15.79% 16.11%
Note payable to related party 0
0 0 0
0 15728 15,728 0 0 0 0 0.00% 0.00%
Other long-term liabilities 19830 21456 23853 27171 29527 35435 39,797 44,697 50,199 56,379 63,320 12.31% 12.31%
Income taxes payable 1494 19698 15389 11638 13984 9388 13,559 19,582 28,282 40,846 58,992 44.43% 44.43%
Deferred income taxes 15044 0
1753 1807 7959 3304 2,440 1,802 1,331 983 726 -26.15% -26.15%
Total liabilities 215655 292780 307997 292675 352724 436975 504,681 568,996 663,755 776,259 910,378 15.17% 15.89%
Commitments and contingencies 0
Shareholders’ Equity:
Preferred stock; 10,000 shares authorized; none issued and
outstanding
0
Common stock (no par value); 250,000 shares authorized;
69,828 and 69,190 issued and outstanding 836 5052 3037 24814 52325 72700
177,582 433776 1059574 2588195 6322117 144.27% 144.27%
Retained earnings 952948 950207 1024611 1094690 1157733 1255070 1,553,056 1,898,426 2,297,813 2,758,709 3,289,567 5.66% 20.64%
Accumulated other comprehensive income 43444 46715 46897 46663 35360 15833 12,939 10,573 8,641 7,061 5,770 -18.28% -18.28%
Total Columbia Sportswear Company shareholders’ equity 997228 1001974 1074545 1166167 1245418 1343603
1,426,153 1,513,776 1,606,782 1,705,502 1,810,287 6.14% 6.14%
Non-controlling interest 0 0 0 0
7446 11631 14,537 18,168 22,707 28,380 35,469 24.98% 24.98%
Total equity
0 0
0
0
1252864 1355234
1,440,690 1,531,944 1,629,489 1,733,881 1,845,756 4.01% 6.39%
Total liabilities and equity 1212883 1294754 1382542 1458842 1605588 1792209
1,945,371 2,100,940 2,293,244 2,510,140 2,756,134 8.12% 9.10%
0 -27995.6049 -42888.9116 -77043.3234 -116077.684 -161950.501
Columbia	
  Sportswear
Statement	
  of	
  Cash	
  Flows
For	
  year	
  ended	
  12/31/…
2009 2010 2011 2012 2013 2014
Hist CAGR FC CAGR
Cash flows from operating activities:
Net income 67021 77037 103479 99859 93603 141859 297,986 345,370 399,386 460,896 530,858 16.18% 15.53%
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization 36253 38430 43560 40892 40871 54017 59,680 65,936 72,848 80,485 88,923 10.48% 10.48%
Loss on disposal or impairment of property, plant, and
equipment 1828 3331 6485 1582 9344 481
368 282 216 165 127 -23.43% -23.43%
Deferred income taxes 55 -22610 -3582 7140 8818 -6978 -7,974 -9,111 -10,411 -11,896 -13,594 14.27% 14.27%
Stock-based compensation 6353 6730 7870 7833 8878 11120 12,437 13,911 15,559 17,402 19,464 11.85% 11.85%
Excess tax benefit from employee stock plans -41 -498 -1828 -1016 -1532 -4927
-6,008 -7,325 -8,932 -10,891 -13,280 21.93% 21.93%
Changes in operating assets and liabilities:
Accounts receivable 77490 -69500 -54334 18166 27442 -31478 -26,288 -21,954 -18,334 -15,311 -12,787 -16.49% -16.49%
Inventories 38831 -87265 -55223 2951 34089 -62086 -72,434 -84,506 -98,590 -115,022 -134,192 16.67% 16.67%
Prepaid expenses and other current assets -1695 3856 -10186 -2025 5166 -4869
-6,013 -7,426 -9,171 -11,325 -13,987 23.50% 23.50%
Other assets -5179 -1566 -4520 -1259 -4215 4291 5,006 5,841 6,814 7,950 9,275 16.67% 16.67%
Accounts payable -16944 26028 19081 -12330 31711 41941 48,931 57,086 66,601 77,701 90,651 16.67% 16.67%
Accrued liabilities 7563 34224 17630 -5199 12210 35051 47,632 64,730 87,964 119,538 162,445 35.89% 35.89%
Income taxes payable -1558 9018 -7010 -11052 5534 1166 1,360 1,587 1,852 2,160 2,520 16.67% 16.67%
Other liabilities 4395 6302 2374 3126 2356 6195 6,635 7,107 7,612 8,153 8,732 7.11% 7.11%
Net cash provided by operating activities 214372 23517 63796 148668 274275 185783
180,540 175,445 170,494 165,682 161,007 -2.82% -2.82%
Cash flows from investing activities:
Acquisition of business, net of cash acquired — — -188467 0 0 0 0 0 0 0
Purchases of short-term investments -25305 -81671 -46349 -83969 -125390 -48243 -54,888 -62,449 -71,051 -80,838 -91,973 13.77% 13.77%
Sales of short-term investments 25163 35601 112070 42319 78636 112895 152,425 205,797 277,857 375,150 506,509 35.02% 35.02%
Capital expenditures -33074 -28838 -78404 -50491 -69443 -60283 -67,973 -76,644 -86,421 -97,445 -109,876 12.76% 12.76%
Proceeds from sale of property, plant, and equipment 31 42 168 7099 111 71 84 99 117 138 163 18.03% 18.03%
Acquisitions, net of cash acquired 0 -16315 0 0 0 0 0 0 0 0 0 0 0
Net cash used in investing activities -33185 -91181 -12515 -85042 -116086 -184027
-259,221 -365,138 -514,334 -724,492 -1,020,519 40.86% 40.86%
Cash flows from financing activities:
Proceeds from credit facilities 57588 31680 119384 100654 69136 52356 51,368 50,399 49,448 48,515 47,599 -1.89% -1.89%
Repayments on credit facilities -57588 -31680 -119384 -100498 -69292 -52205 -51,190 -50,195 -49,220 -48,263 -47,325 -1.94% -1.94%
Repayment on other long-term liabilities -4 0 0 0 0 0 0 0 -100.00% 0.00%
Proceeds from issuance of common stock under employee stock
plans 710 7333 10991 14600 19537 22277
44,379 88,409 176,123 350,861 698,964 99.21% 99.21%
Tax payments related to restricted stock unit issuances -624 -853 -2974 -1486 -2291 -3141 -4,340 -5,995 -8,283 -11,444 -15,811 38.16% 38.16%
Excess tax benefit from employee stock plans 41 498 1828 1016 1532 4927 12,839 33,458 87,189 227,207 592,081 160.59% 160.59%
Repurchase of common stock -7399 -13838 -20000 -206 0 -15000 -17,277 -19,900 -22,921 -26,401 -30,410 15.18% 15.18%
Proceeds from note payable to related party 0 0 0
0 0 16072 0 0 0 0 0 0 0
Capital contribution from non-controlling interest 0 0 0
0 8000 0 0 0 0 0 0 0 0
Cash dividends paid -22331 -75439 -29075 -29780 -31298 -39836 -44,725 -50,214 -56,376 -63,295 -71,063 12.27% 12.27%
Net cash used in financing activities -29607 -82299 -39230 -15700 -4676 -14550
-12,623 -10,951 -9,500 -8,242 -7,150 -13.25% -13.25%
Net effect of exchange rate changes on cash 4467 -2444 -5274 1821 -6805 -11137
-16,272 -23,774 -34,735 -50,750 -74,148 46.11% 46.11%
Net increase (decrease) in cash and cash equivalents 156047 -152407 6777 49747 146708 -23931 30,490 9,564 36,559 41,523 40,152 17% 7.12%
Cash and cash equivalents, beginning of year 230617 386664 234257 241034 290781 437489 497,259 565,194 642,410 730,176 829,933 13.66% 13.66%
Cash and cash equivalents, end of year 386664 234257 241034 290781 437489 413558
419,157 424,832 430,584 436,414 442,323 1.35% 1.35%
Supplemental disclosures of cash flow information:
0.00% 0.00%
Cash paid during the year for income taxes 31319 35000 42588 43696 22771 53958 60,160 67,074 74,783 83,379 92,962 11.49% 11.49%
0.00% 0.00%
Supplemental disclosures of non-cash investing activities: 0.00% 0.00%
Capital expenditures incurred but not yet paid 7852 1001 952 5313 5195 7196 7,072 6,949 6,829 6,711 6,595 -1.73% -1.73%
2010 2011 2012 2013 2014
Common-­‐size	
  Income	
  Statement
201
Revenue
100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Hist CAGR FC CAGR
COGS 57.87% 57.57% 56.59% 57.09% 55.87% 54.54% 53.90% 53.26% 52.63% 52.01% -0.88% -1.18%
Gross	
  profit 42.43% 43.41% 42.91% 44.13% 45.46% 46.10% 46.74% 47.37% 47.99% 48.60% 1.74% 1.33%
SG&A 36.54% 37.21% 36.56% 37.95% 36.66% 36.73% 36.81% 36.89% 36.98% 37.08% 0.08% 0.23%
Operating	
  income 6.96% 8.05% 8.00% 7.82% 9.47% 9.95% 10.43% 10.91% 11.38% 11.85% 7.97% 4.47%
Earnings	
  before	
  interest	
  and	
  taxes	
  (EBIT) 8.95% 10.15% 10.06% 10.04% 12.15% 12.77% 13.33% 13.88% 14.43% 14.97% 7.94% 4.04%
Interest	
  expense,	
  net 1.88% 2.02% 2.04% 2.24% 2.70% 2.80% 2.88% 2.96% 3.03% 3.10% 9.48% 2.64%
Earnings	
  before	
  taxes 7.07% 8.13% 8.02% 7.80% 9.45% 9.98% 10.45% 10.93% 11.40% 11.86% 7.52% 4.42%
Income	
  tax	
  expense 5.19% 6.11% 5.98% 5.56% 6.75% 12.77% 13.33% 13.88% 14.43% 14.97% 6.79% 4.04%
Net	
  income 5.19% 6.11% 5.98% 5.56% 6.75% 12.77% 13.33% 13.88% 14.43% 14.97% 6.79% 4.04%
Common-­‐size	
  Balance	
  Sheet
Cash 18.09% 17.43% 19.93% 27.25% 23.08% 21.93% 20.78% 19.63% 18.48% 17.34% 6.27% -5.71%
Receivables 5.31% 0.21% 3.06% 5.71% 1.52% 1.49% 1.45% 1.41% 1.36% 1.32% -26.85% -2.99%
Accounts	
  receivable	
  net 18.68% 23.18% 25.43% 22.92% 19.11% 19.22% 19.94% 20.63% 21.27% 21.87% 0.58% 3.28%
Inventory 18.32% 24.27% 26.42% 24.91% 20.51% 21.46% 23.01% 24.59% 26.20% 27.82% 2.86% 6.70%
Deferred	
  Income	
  Taxes 3.48% 3.80% 3.49% 3.24% 3.18% 3.45% 3.72% 4.01% 4.30% 4.60% -2.24% 7.50%
Other	
  current	
  assets	
   2.18% 2.63% 2.64% 2.06% 2.19% 2.15% 2.11% 2.06% 2.00% 1.94% 0.05% -2.49%
Total	
  current	
  assets 76.53% 75.91% 76.95% 77.88% 70.64% 71.97% 73.28% 74.57% 75.83% 77.06% -1.98% 1.72%
PP&E,	
  net 17.13% 18.15% 17.86% 17.40% 16.27% 16.04% 15.77% 15.44% 15.08% 14.68% -1.28% -2.19%
Intangible	
  assets,	
  net	
   3.12% 2.82% 2.58% 2.26% 8.02% 7.18% 6.41% 5.70% 5.06% 4.47% 26.60% -11.17%
Goodwill 1.12% 1.04% 0.99% 0.90% 3.83% 3.70% 3.56% 3.42% 3.27% 3.12% 36.04% -4.18%
Other	
  non-­‐current	
  assets 2.10% 2.07% 1.62% 1.56% 1.24% 1.11% 0.98% 0.87% 0.76% 0.67% -12.27% -11.76%
Total	
  Assets 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 0.00% 0.00%
Accounts payable 44.62% 48.37% 48.60% 49.20% 49.04% 49.20% 50.58% 50.25% 49.79% 49.21% 2.39% 0.00%
Accrued liabilities 35.12% 33.93% 35.94% 34.13% 33.02% 33.30% 34.40% 34.35% 34.21% 33.97% -1.53% 0.50%
Income taxes payable 5.48% 4.08% 1.51% 2.06% 3.29% 3.30% 3.40% 3.37% 3.34% 3.30% -11.95% 0.00%
Deferred income taxes 0.74% 0.31% 0.02% 0.01% 0.04% 0.02% 0.01% 0.00% 0.00% 0.00% -52.11% -50.04%
Total current liabilities 19.43% 19.31% 17.28% 18.76% 20.82% 22.27% 23.94% 25.46% 27.01% 28.57% 1.74% 6.43%
Note payable to related party 0.00% 0.00% 0.00% 0.00% 0.88% 0.81% 0.00% 0.00% 0.00% 0.00% 0.00% -100.00%
Other long-term liabilities 1.66% 1.73% 1.86% 1.84% 1.98% 2.05% 2.13% 2.19% 2.25% 2.30% 4.51% 2.94%
Income taxes payable 1.52% 1.11% 0.80% 0.87% 0.52% 0.70% 0.93% 1.23% 1.63% 2.14% -23.40% 32.38%
Deferred income taxes 0.00% 0.13% 0.12% 0.50% 0.18% 0.13% 0.09% 0.06% 0.04% 0.03% 9.81% -32.31%
Total liabilities 22.61% 22.28% 20.06% 21.97% 24.38% 25.94% 27.08% 28.94% 30.92% 33.03% 1.90% 6.22%
Common stock (no par value); 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Retained earnings 73.39% 74.11% 75.04% 72.11% 70.03% 79.83% 90.36% 100.20% 109.90% 119.35% -1.16% 10.58%
Accumulated other comprehensive income 3.61% 3.39% 3.20% 2.20% 0.88% 0.67% 0.50% 0.38% 0.28% 0.21% -29.66% -25.10%
Total Columbia Sportswear Company shareholders’ equity
77.39% 77.72% 79.94% 77.57% 74.97% 73.31% 72.05% 70.07% 67.94% 65.68% -0.79% -2.71%
Non-controlling interest 0.00% 0.00% 0.00% 0.46% 0.65% 0.75% 0.86% 0.99% 1.13% 1.29% 8.76% 14.56%
Total equity 0.00% 0.00% 0.00% 78.03% 75.62% 74.06% 72.92% 71.06% 69.08% 66.97% -0.78% -2.48%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 0.00% 0.00%
Growth	
  of	
  Income	
  Statement	
  Items Hist CAGR FC CAGR
Net sales 19.25% 14.19% -1.44% 0.92% 24.66% 11.05% 11.05% 11.05% 11.05% 11.05% 6.39% 0.00%
Cost of sales 18.64% 12.24% -0.57% -1.24% 21.70% 9.74% 9.74% 9.74% 9.74% 9.74% 3.88% 0.00%
Gross profit 20.10% 16.83% -2.57% 3.81% 28.41% 12.62% 12.58% 12.54% 12.50% 12.47% 9.04% -0.30%
Selling, general and administrative expenses 20.09% 15.09% -2.93% 4.86% 21.96% 11.40% 11.40% 11.40% 11.40% 11.40% 2.25% 0.00%
Net licensing income -4.86% 97.17% -12.61% 0.19% -49.58% -3.70% -3.70% -3.70% -3.70% -3.70% 78.73% 0.00%
Income from operations 17.74% 32.01% -2.11% -1.30% 50.87% 16.71% 16.41% 16.13% 15.87% 15.64% 30.14% -1.64%
Interest income, net -25.10% -18.54% -70.25% 32.72% 99.60% -13.62% -13.62% -13.62% -13.62% -13.62% 41.15% 0.00%
Interest expense on note payable to related party 0.00% 0.00% 0.00%
Other non-operating expense 0.00% 0.00% 0.00% 0.00% -68.54% -43.91% -43.91% -43.91% -43.91% -43.91% 0.00% 0.00%
Income before income tax 16.74% 31.26% -2.74% -1.85% 51.05% 17.26% 16.34% 16.07% 15.82% 15.59% 32.15% -2.50%
Income tax expense 22.01% 22.79% -0.45% 11.09% 49.81% 15.08% 14.35% 14.08% 13.84% 13.62% 22.65% -2.52%
Net income 14.94% 34.32% -3.50% -6.26% 51.55% 110.06% 15.90% 15.64% 15.40% 15.18% 36.28% -39.06%
Growth	
  of	
  Balance	
  Sheet	
  Items
Cash and cash equivalents -39.42% 2.89% 20.64% 50.45% -5.47% 1.70% 1.70% 1.70% 1.70% 1.70% -38.96% 0.00%
Short-term investments 202.35% -95.82% 1451.81% 105.45% -70.28% 4.62% 4.62% 4.62% 4.62% 4.62% -23.23% 0.00%
Accounts receivable, net 32.50% 17.11% -4.90% -8.21% 12.22% 11.04% 11.04% 11.04% 11.04% 11.04% -21.69% 0.00%
Inventories 41.47% 16.20% -0.51% -9.38% 16.83% 14.71% 14.71% 14.71% 14.71% 14.71% -20.18% 0.00%
Deferred income taxes 42.92% 16.40% -2.96% 2.18% 9.53% 15.94% 15.94% 15.94% 15.94% 15.94% -31.35% 0.00%
Prepaid expenses and other current assets -11.83% 28.86% 6.02% -14.26% 18.42% 5.16% 5.16% 5.16% 5.16% 5.16% 11.71% 0.00%
Total current assets 7.50% 5.92% 6.96% 11.39% 1.25% 9.00% 9.29% 9.57% 9.85% 10.12% -36.18% 2.96%
Property, plant, and equipment, net -5.79% 13.12% 3.83% 7.24% 4.36% 5.49% 5.49% 5.49% 5.49% 5.49% -6.82% 0.00%
Intangible assets, net -6.15% -3.47% -3.59% -3.54% 296.08% -4.19% -4.19% -4.19% -4.19% -4.19% 163.41% 0.00%
Goodwill 14.31% -0.22% 0.00% 0.00% 375.09% 3.34% 3.34% 3.34% 3.34% 3.34% 126.28% 0.00%
Other non-current assets 0.00% 5.45% -17.41% 5.74% -10.94% -4.84% -4.84% -4.84% -4.84% -4.84% 19.04% 0.00%
Total assets 6.75% 6.78% 5.52% 10.06% 11.62% 6.98% 7.34% 7.68% 8.03% 8.36% 14.55% 4.60%
Accounts payable 27.45% 14.05% -4.52% 22.02% 23.46% 15.89% 15.89% 15.89% 15.89% 15.89% -3.85% 0.00%
Accrued liabilities 52.74% 1.64% 0.66% 14.46% 19.84% 16.47% 16.47% 16.47% 16.47% 16.47% -21.68% 0.00%
Income taxes payable 132.96% -21.56% -64.97% 64.57% 98.43% 15.89% 15.89% 15.89% 15.89% 15.89% -7.24% 0.00%
Deferred income taxes -17.10% -55.69% -92.98% -26.87% 244.90% -42.10% -42.10% -42.10% -42.10% -42.10% 94.54% 0.00%
Total current liabilities 40.35% 6.11% -5.60% 19.52% 23.86% 16.09% 16.10% 16.11% 16.12% 16.12% -12.31% 0.04%
Note payable to related party 0.00% 0.00% 0.00% 0.00% -100.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0% 0%
Other long-term liabilities 8.20% 11.17% 13.91% 8.67% 20.01% 12.31% 12.31% 12.31% 12.31% 12.31% 24.98% 0.00%
Income taxes payable 1218.47% -21.88% -24.37% 20.16% -32.87% 44.43% 44.43% 44.43% 44.43% 44.43% -59.47% 0.00%
Deferred income taxes -100.00% 0.00% 3.08% 340.45% -58.49% -26.15% -26.15% -26.15% -26.15% -26.15% -12.55% 0.00%
Total liabilities 35.76% 5.20% -4.97% 20.52% 23.89% 15.49% 12.74% 16.65% 16.95% 17.28% -9.60% 2.76%
Common stock (no par value); 504.31% -39.89% 717.06% 110.87% 38.94% 144.27% 144.27% 144.27% 144.27% 144.27% -47.29% 0.00%
Retained earnings -0.29% 7.83% 6.84% 5.76% 8.41% 23.74% 22.24% 21.04% 20.06% 19.24% 132.52% -5.12%
Accumulated other comprehensive income 7.53% 0.39% -0.50% -24.22% -55.22% -18.28% -18.28% -18.28% -18.28% -18.28% 64.57% 0.00%
Total Columbia Sportswear Company shareholders’ equity
0.48% 7.24% 8.53% 6.80% 7.88% 6.14% 6.14% 6.14% 6.14% 6.14% 101.74% 0.00%
Non-controlling interest 0.00% 0.00% 0.00% 0.00% 56.20% 24.98% 24.98% 24.98% 24.98% 24.98% 0.00% 0.00%
Total equity 0.00% 0.00% 0.00% 0.00% 8.17% 6.31% 6.33% 6.37% 6.41% 6.45% 0.00% 0.58%
Total liabilities and equity 6.75% 6.78% 5.52% 10.06% 11.62% 8.55% 8.00% 9.15% 9.46% 9.80% 14.55% 3.48%
Useful	
  Ratios	
  &	
  Other	
  Figures Hist CAGR FC CAGR
GM	
  (Gross	
  Margin) 0.42 0.43 0.43 0.44 0.45 0.46 0.47 0.47 0.48 0.49 1.74% 1.33%
OM	
  (Operating	
  Margin) 0.74 0.77 0.75 0.79 0.83 0.86 0.88 0.90 0.92 0.95 3.13% 2.54%
PM	
  (Profit	
  Margin	
  AKA	
  Net	
  Profit	
  Margin) 0.05 0.06 0.06 0.06 0.07 0.13 0.13 0.14 0.14 0.15 6.79% 4.04%
TAT	
  (Total	
  Asset	
  Turnover) 0.87 0.82 0.87 0.95 0.85 0.82 0.79 0.77 0.75 0.73 -0.57% -2.88%
EM	
  (Equity	
  Multiplier) 1.29 1.29 1.25 1.29 1.33 1.34 1.36 1.38 1.40 1.43 0.80% 1.61%
ROE	
  (Return	
  on	
  Equity) 0.08 0.10 0.09 0.08 0.11 0.21 0.23 0.25 0.27 0.29 8.25% 8.84%
ROA	
  (Return	
  on	
  Assets) 0.06 0.07 0.07 0.06 0.08 0.16 0.17 0.18 0.19 0.20 7.40% 7.12%
d	
  (Dividend	
  Payout	
  Ratio)
b	
  (Retention	
  Ratio	
  AKA	
  Ploughback	
  Ratio) 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 0.00% 0.00%
SGR	
  (Sustainable	
  Growth	
  Rate) 0.08 0.10 0.09 0.08 0.11 0.21 0.23 0.25 0.27 0.29 8.25% 8.84%
IGR	
  (Internal	
  Growth	
  Rate) 3.71 3.99 3.92 3.48 3.51 3.56 3.62 3.69 3.75 3.82 -1.38% 1.79%
TIE	
  (Times	
  Interest	
  Earned	
  Ratio	
  AKA	
  Interest	
  Coverage	
  Ratio) 6.09 5.39 5.37 5.64 4.80 4.63 4.48 4.34 4.22 4.10 -5.77% -3.01%
DOL	
  (Degree	
  of	
  Operating	
  Leverage)	
  -­‐	
  point	
  estimate 6.09 5.39 5.37 5.64 4.80 4.63 4.48 4.34 4.22 4.10 -5.77% -3.01%
EPS	
  (Earnings	
  Per	
  Share) 246.24 557.78 67.28 32.20 28.89 13.14 5.97 2.71 1.23 0.56 -41.47% -54.54%
Days	
  of	
  sales	
  in	
  cash 57.64 51.94 63.57 94.77 71.86 65.81 60.27 55.19 50.55 46.29 5.67% -8.42%
Inventory	
  Turnover 5.53 4.99 4.58 4.87 5.89 5.65 5.47 5.29 5.12 4.96 1.56% -3.19%
Receivables	
  Turnover
Purchases 761983.00 907776.00 955043.00 975438.00 1090217.00 1200599.87 1314678.05 1439449.13 1575893.29 1725077.21 9.37% 9.48%
Payables	
  Turnover 3.78 3.73 3.81 3.60 3.34 3.10 2.92 2.75 2.60 2.45 -3.03% -5.72%
Days	
  in	
  inventory 65.99 73.21 79.63 75.01 62.02 64.62 66.75 68.95 71.22 73.57 -1.54% 3.30%
Days	
  in	
  receivables
Operating	
  cycle
Days	
  in	
  payables 96.58 97.89 95.72 101.29 109.23 117.80 124.92 132.50 140.54 149.10 3.13% 6.07%
Cash	
  cycle
Damodaran	
  uses	
  various	
  formulas	
  for	
  his	
  cash	
  flows:
FCFF	
  =	
  NI	
  +	
  Int(1-­‐t)	
  +	
  Depr	
  -­‐	
  ΔGFA	
  -­‐	
  ΔncNOWC
FCFE	
  =	
  NI	
  +	
  Depr	
  -­‐	
  ΔGFA	
  -­‐	
  ΔncNOWC	
  +	
  ΔDebt	
  -­‐	
  PfdCF
FCFF	
  =	
  FCFE	
  +	
  Int(1-­‐t)	
  -­‐	
  ΔDebt	
  +	
  PfdCF
FCFE	
  =	
  FCFF	
  -­‐	
  Int(1-­‐t)	
  +	
  ΔDebt	
  -­‐	
  PfdCF
I	
  find	
  these	
  to	
  be	
  the	
  least	
  prone	
  to	
  distortion:
FCFF	
  =	
  OpInc(1-­‐t)+Depr-­‐ΔGFA-­‐ΔncNOWC
CASH	
  FLOW	
  COMPUTATIONS 2010 2011 2012 2013 2014 FC2015 FC2016 FC2017 FC2018 FC2019 Hist	
  CAGR Hist	
  CAGR NOTES
Revenue 1,483,524 1,693,985 1,669,563 1,684,996 2,100,590 2,332,619 2,590,278 2,876,398 3,194,123 3,546,943 9% 11%
Operating	
  Margin 74% 77% 75% 79% 83% 86% 88% 90% 92% 95% 3% 3%
Operating	
  Income 87,762	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   1,564	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   1,274	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   379	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   503	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   1,004	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   867	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   749	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   647	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   559	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   -­‐72% -­‐14%
Tax	
  Rate 27% 25% 25% 29% 29% 28% 28% 27% 27% 26% -­‐1.7% -­‐2%
NOPAT	
  =	
  OpInc(1-­‐t)	
  [NOTE:	
  Use	
  OpInc	
  instead	
  of	
  EBIT] 1533 1176 950 270 360 723 628 546 475 413 -­‐30% -­‐13%
add	
  Depr/Amort	
  expense 41,761 50,045 42,474 50,215 54,498 60,048 66,218 73,064 80,651 89,049 7% 10%
OCF 43294 51221 43424 50485 54858 60771 66847 73611 81126 89462 6% 10%
subtract	
  ΔGFA -­‐28,838 -­‐78,404 -­‐50,491 -­‐69,443 -­‐60,283 -­‐67,973 -­‐76,644 -­‐86,421 -­‐97,445 -­‐109,876 20% 13%
subtract	
  Δnon-­‐cash	
  NOWC 149,236 36,493 38,273 -­‐68,034 -­‐32,366 46,924 51,333 56,118 61,289 66,858 -­‐32% 9%
FCFF 77104 93132 55642 187962 147507 81819 92158 103914 117282 132480 18% 13%
add	
  Δdebt 0 0 156 -­‐156 0 0 0 0 0 0 0% 0%
subtract	
  Interest(1-­‐t) 0 0 0 0 -­‐753 0 0 0 0 0 0% 0%
subtract	
  Preferred	
  cash	
  outflows 0 0 0 0 0 0 0 0 0 0 0% 0%
FCFE 77104 93132 55798 187806 148260 81819 92158 103914 117282 132480 18% 13%
DCF	
  Analysis	
  -­‐	
  Equity	
  Cash	
  Flow	
  Method:	
  FCFE//Ke
Ke 12.84%
Terminal	
  Growth	
  Rate 10.00%
Forecast	
  Year	
  -­‐> 1 2 3 4 5 Terminal	
  Value
FCFE	
  -­‐> 81819 92158 103914 117282 132480 5135615
PV	
  of	
  future	
  FCFE//Ke 72511 72381 72329 72346 72424 2807523
Sum	
  of	
  PV	
  of	
  FCFE//Ke 3169514 discounted	
  values
add	
  cash	
  from	
  balance	
  sheet 413558
add	
  MV	
  of	
  non-­‐operating	
  assets 27267 Rf 2.35%
Total	
  Equity	
  Intrinsic	
  Value 3610339 β	
   1.67
divide	
  by	
  shares	
  outstanding 69910 Rm 11.53%
Intrinsic	
  Value	
  per	
  Share 51.64 MRP 6.28%
SENSITIVITY	
  ANALYSIS:	
  Growth	
  vs	
  Cost	
  of	
  Equity
New Terminal	
  Growth	
  Rate
Ke 8.5% 9.0% 9.5% 10.0% 10.5% 11.0% 11.5%
10.46% 75.75 98.09 143.80 289.67 -­‐2902.87 -­‐223.47 -­‐111.30
11.01% 60.41 72.81 93.45 134.60 256.95 18813.48 -­‐242.34
11.59% 50.17 57.83 69.16 87.64 123.12 219.17 1432.92
12.20% 42.87 47.93 54.87 64.97 81.03 110.52 182.41
12.84% 37.40 40.91 45.47 51.64 60.45 74.06 97.84
13.48% 33.34 35.90 39.10 43.23 48.74 56.48 68.12
14.15% 30.07 31.98 34.31 37.20 40.88 45.72 52.39
14.86% 27.38 28.84 30.58 32.67 35.23 38.47 42.66
15.60% 25.14 26.27 27.59 29.14 30.99 33.25 36.06
DCF	
  Analysis	
  -­‐	
  Corporate	
  Valuation	
  Method:	
  FCFF//WACC
WACC 12.84%
Terminal	
  Growth	
  Rate 10.0%
Forecast	
  Year	
  -­‐>
FCFF	
  -­‐> 1 2 3 4 5 Terminal	
  Value
81819 92158 103914 117282 132480 5135615
PV	
  of	
  future	
  FCFF//WACC 72511 72381 72329 72346 72424 2807523 discounted	
  values
Table 1
2
Value	
  of	
  operations,	
  AKA	
  enterprise	
  value	
  (Sum	
  of	
  PV	
  of	
  FCFF//WACC) 3169514 Kpfd 0%
add	
  cash	
  from	
  balance	
  sheet 413,558 Wpfd 0%
add	
  MV	
  of	
  non-­‐operating	
  assets 27267 Ke 12.84%
Value	
  of	
  the	
  Firm 3610339 We 100.00%
subtract	
  MV	
  of	
  debt 0 Kd 0.00%
Total	
  Equity	
  Intrinsic	
  Value 3610339 Wd 0.00%
divide	
  by	
  shares	
  outstanding 69910 Tax	
  shield	
  (1-­‐t) 73%
Intrinsic	
  Value	
  per	
  Share 51.64
SENSITIVITY	
  ANALYSIS:	
  Growth	
  vs	
  WACC
New Terminal	
  Growth	
  Rate
WACC 8.5% 9.0% 9.5% 10.0% 10.5% 11.0% 11.5%
10.46% 45.13 57.35 82.33 162.08 -­‐1583.21 -­‐118.45 -­‐57.13
11.01% 36.74 43.52 54.80 77.29 144.18 10288.61 -­‐128.77
11.59% 31.13 35.32 41.51 51.61 71.01 123.52 787.05
12.20% 27.13 29.90 33.69 39.21 47.99 64.12 103.41
12.84% 24.13 26.05 28.54 51.64 36.73 44.17 57.17
13.48% 21.90 23.30 25.05 27.31 30.32 34.55 40.91
14.15% 20.10 21.15 22.42 24.00 26.01 28.66 32.31
14.86% 18.63 19.43 20.37 21.51 22.92 24.69 26.98
15.60% 17.39 18.01 18.73 19.58 20.59 21.82 23.36
DCF	
  Analysis	
  -­‐	
  Adjusted	
  Present	
  Value	
  Method:	
  FCFF//Ku
Ku 12.84%
Terminal	
  Growth	
  Rate 10.0%
Forecast	
  Year	
  -­‐> 1 2 3 4 5 Terminal	
  Value
FCFF	
  -­‐> 81819 92158 103914 117282 132480 5135615
PV	
  of	
  future	
  FCFF//Ku 72511 72381 72329 72346 72424 2807523 discounted	
  values
Unlevered	
  value	
  of	
  operations	
  (Sum	
  of	
  PV	
  of	
  FCFF//Ku) 3,169,514	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  
Tax	
  savings	
  from	
  interest	
  (Int	
  *	
  t) 0 0 0 0 0 0
PV	
  of	
  future	
  tax	
  savings 0 0 0 0 0 0
Value	
  of	
  tax	
  shield	
  (Sum	
  of	
  PV	
  of	
  tax	
  savings) -­‐ 	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  
Value	
  of	
  operations,	
  AKA	
  enterprise	
  value	
  (sum	
  of	
  PVs	
  of	
  FCFF	
  &	
  tax	
  savings) 3169514
add	
  cash	
  from	
  balance	
  sheet 413,558 β	
  levered 1.67
add	
  MV	
  of	
  non-­‐operating	
  assets 27267 β	
  unlevered 0.83
Value	
  of	
  the	
  Firm 3610339 Rm 11.53%
subtract	
  MV	
  of	
  debt 0 MRP 6.28%
Total	
  Equity	
  Intrinsic	
  Value 3610339
divide	
  by	
  shares	
  outstanding 69910
Intrinsic	
  Value	
  per	
  Share 51.64
SENSITIVITY	
  ANALYSIS:	
  Growth	
  vs	
  Unlevered	
  Cost	
  of	
  Capital
New Terminal	
  Growth	
  Rate
Ku 8.5% 9.0% 9.5% 10.0% 10.5% 11.0% 11.5%
10.46% 45.13	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   57.35	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   82.33	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   162.08	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   (1,583.21)	
  	
  	
  	
  	
  	
  	
  	
  	
   (118.45)	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   (57.13)	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  
11.01% 36.74	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   43.52	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   54.80	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   77.29	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   144.18	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   10,288.61	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   (128.77)	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  
11.59% 31.13	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   35.32	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   41.51	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   51.61	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   71.01	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   123.52	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   787.05	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  
12.20% 27.13	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   29.90	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   33.69	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   39.21	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   47.99	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   64.12	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   103.41	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  
12.84% 24.13	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   26.05	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   28.54	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   51.64	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   36.73	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   44.17	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   57.17	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  
13.48% 21.90	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   23.30	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   25.05	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   27.31	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   30.32	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   34.55	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   40.91	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  
14.15% 20.10	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   21.15	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   22.42	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   24.00	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   26.01	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   28.66	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   32.31	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  
14.86% 18.63	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   19.43	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   20.37	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   21.51	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   22.92	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   24.69	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   26.98	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  
15.60% 17.39	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   18.01	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   18.73	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   19.58	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   20.59	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   21.82	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   23.36	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  
RELATIVE	
  VALUATION
32.0 Comparable	
  P/E
2,995,296	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   Total	
  Equity	
  Intrinsic	
  Value
42.84	
  	
  $	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   Per-­‐share	
  value	
  implied	
  by	
  P/E
2.9 Comparable	
  P/S
6091711.0 Total	
  Equity	
  Intrinsic	
  Value
87.14	
  	
  $	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   Per-­‐share	
  value	
  implied	
  by	
  P/S
12.4 Comparable	
  EV/EBITDA
3,614,719	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   Enterprise	
  Value	
  implied	
  by	
  EV/EBITDA
413,558	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   add	
  cash	
  from	
  balance	
  sheet
27,267	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   add	
  MV	
  of	
  non-­‐operating	
  assets
4,055,544	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   Value	
  of	
  the	
  Firm
-­‐ 	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   subtract	
  MV	
  of	
  debt
4,055,544	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   Total	
  Equity	
  Intrinsic	
  Value
58.01	
  	
  $	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   Per-­‐share	
  value	
  implied	
  by	
  EV/EBITDA
VALUATION	
  SUMMARY
Recommendation: Hold/Buy	
  
1-­‐Year	
  Target	
  Price: $87.14
%	
  Upside/Downside: 12.0%
Camparison	
  Valuation	
  Methods Valuation Market	
  Price
FCFE	
  Valuation 51.64	
  	
  $	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   66.18	
  	
  $	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  
FCFF	
  Valuation 51.64	
  	
  $	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   66.18	
  	
  $	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  
APV	
  Valuation 51.64	
  	
  $	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   66.18	
  	
  $	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  
Value	
  based	
  on	
  PE 42.84	
  	
  $	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   66.18	
  	
  $	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  
Value	
  based	
  on	
  P/S 87.14	
  	
  $	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   66.18	
  	
  $	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  
Value	
  based	
  on	
  EV/EBITDA 58.01	
  	
  $	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   66.18	
  	
  $	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  

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Columbia Sportsware Valuation

  • 1. 1 Columbia  Sportswear Income  Statement For  year  ended  12/31/… 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Hist CAGR FC CAGR Net sales 1244023 1483524 1693985 1669563 1684996 2100590 2,332,619 2,590,278 2,876,398 3,194,123 3,546,943 11.05% 11.05% Cost of sales 719945 854120 958677 953169 941341 1145639 1,257,180 1,379,581 1,513,899 1,661,294 1,823,040 9.74% 9.74% Gross profit 524078 629404 735308 716394 743655 954951 1,075,439 1,210,698 1,362,499 1,532,828 1,723,902 12.75% 12.52% Selling, general and administrative expenses 444715 534068 614658 596635 625656 763063 850,073 947,004 1,054,988 1,175,285 1,309,300 11.40% 11.40% Net licensing income 8399 7991 15756 13769 13795 6956 6,699 6,451 6,212 5,982 5,761 -3.70% -3.70% Income from operations 87762 103327 136406 133528 131794 198844 232,065 270,144 313,723 363,525 420,364 17.77% 16.01% Interest income, net 2088 1564 1274 379 503 1004 867 749 647 559 483 -13.62% -13.62% Interest expense on note payable to related party 0 0 0 0 0 -1053 0 0 0 0 0 0.00% 0.00% Other non-operating expense 0 0 0 0 -871 -274 -153.68 -86.20 -48.34 -27.12 -15.21 -43.91% -43.91% Income before income tax 89850 104891 137680 133907 131426 198521 232,779 270,807 314,322 364,057 420,831 17.18% 15.96% Income tax expense -22829 -27854 -34201 -34048 -37823 -56662 -65,207 -74,563 -85,064 -96,839 -110,027 19.94% 13.97% Net income 67021 77037 103479 99859 93603 141859 297,986 345,370 399,386 460,896 530,858 16.18% 15.53% Net income (loss) attributable to non-controlling interest 0 0 -738 4686 11,808 29,754 74,976 188,927 476,066 151.98% 151.98% Net income attributable to Columbia Sportswear Company 0 0 0 99859 94341 137173 152,486 169,508 188,430 209,465 232,847 11.16% 11.16% Earnings per share attributable to Columbia Sportswear Company: Basic 1.98 2.28 3.06 1.48 1.37 1.97 1.97 1.97 1.96 1.96 2 -0.10% -0.10% Diluted 1.97 2.26 3.03 1.46 1.36 1.94 1.93 1.93 1.92 1.92 2 -0.31% -0.31% Cash dividends per share: 0.66 2.24 0.86 0.88 0.46 0.57 0.55 0.54 0.52 0.51 0 -2.89% -2.89% Weighted average shares outstanding: Basic 33846 33725 33808 67680 68756 69807 80,682 93,251 107,779 124,570 143,976 15.58% 15.58% Diluted 33981 34092 34204 68264 69434 70681 81,831 94,739 109,684 126,986 147,018 15.77% 15.77% Columbia  Sportswear Balance  Sheet For  year  ended  12/31/… December 31, 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Hist CAGR FC CAGR ASSETS Current Assets: Cash and cash equivalents 386664 234257 241034 290781 437489 413558 420,569 427,699 434,949 442,323 449,821 1.70% 1.70% Short-term investments 22759 68812 2878 44661 91755 27267 28,527 29,846 31,225 32,668 34,178 4.62% 4.62% Accounts receivable, net 226548 300181 351538 334324 306878 344390 382,405 424,615 471,485 523,529 581,318 11.04% 11.04% Inventories 222161 314298 365199 363325 329228 384650 441,230 506,133 580,583 665,984 763,947 14.71% 14.71% Deferred income taxes 31550 45091 52485 50929 52041 57001 66,085 76,617 88,827 102,983 119,395 15.94% 15.94% Prepaid expenses and other current assets 32030 28241 36392 38583 33081 39175 41,198 43,325 45,562 47,914 50,388 5.16% 5.16% Total current assets 921712 990880 1049526 1122603 1250472 1266041 1,380,013 1,508,234 1,652,631 1,815,400 1,999,046 8.26% 9.71% Property, plant, and equipment, net 235440 221813 250910 260524 279373 291563 307,571 324,458 342,272 361,064 380,888 5.49% 5.49% Intangible assets, net 43072 40423 39020 37618 36288 143731 137,703 131,927 126,394 121,093 116,014 -4.19% -4.19% Goodwill 12659 14470 14438 14438 14438 68594 70,886 73,255 75,704 78,234 80,848 3.34% 3.34% Other non-current assets 0 27168 28648 23659 25017 22280 21,202 20,176 19,200 18,271 17,387 -4.84% -4.84% Total assets 1212883 1294754 1382542 1458842 1605588 1792209 1,917,376 2,058,051 2,216,201 2,394,063 2,594,184 8.12% 7.85% LIABILITIES AND EQUITY Current Liabilities: Notes payable 156 0 0 0 0 0 0 0 Accounts payable 102494 130626 148973 142240 173557 214275 248,328 287,793 333,530 386,536 447,965 15.89% 15.89% Accrued liabilities 67312 102810 104496 105190 120397 144288 168,057 195,743 227,988 265,546 309,291 16.47% 16.47% Income taxes payable 6884 16037 12579 4406 7251 14388 16,674 19,323 22,392 25,949 30,072 15.89% 15.89% Deferred income taxes 2597 2153 954 67 49 169 98 57 33 19 11 -42.10% -42.10% Total current liabilities 179287 251626 267002 252059 301254 373120 433,157 502,915 583,944 678,051 787,340 15.79% 16.11% Note payable to related party 0 0 0 0 0 15728 15,728 0 0 0 0 0.00% 0.00% Other long-term liabilities 19830 21456 23853 27171 29527 35435 39,797 44,697 50,199 56,379 63,320 12.31% 12.31% Income taxes payable 1494 19698 15389 11638 13984 9388 13,559 19,582 28,282 40,846 58,992 44.43% 44.43% Deferred income taxes 15044 0 1753 1807 7959 3304 2,440 1,802 1,331 983 726 -26.15% -26.15% Total liabilities 215655 292780 307997 292675 352724 436975 504,681 568,996 663,755 776,259 910,378 15.17% 15.89% Commitments and contingencies 0 Shareholders’ Equity: Preferred stock; 10,000 shares authorized; none issued and outstanding 0 Common stock (no par value); 250,000 shares authorized; 69,828 and 69,190 issued and outstanding 836 5052 3037 24814 52325 72700 177,582 433776 1059574 2588195 6322117 144.27% 144.27% Retained earnings 952948 950207 1024611 1094690 1157733 1255070 1,553,056 1,898,426 2,297,813 2,758,709 3,289,567 5.66% 20.64% Accumulated other comprehensive income 43444 46715 46897 46663 35360 15833 12,939 10,573 8,641 7,061 5,770 -18.28% -18.28% Total Columbia Sportswear Company shareholders’ equity 997228 1001974 1074545 1166167 1245418 1343603 1,426,153 1,513,776 1,606,782 1,705,502 1,810,287 6.14% 6.14% Non-controlling interest 0 0 0 0 7446 11631 14,537 18,168 22,707 28,380 35,469 24.98% 24.98% Total equity 0 0 0 0 1252864 1355234 1,440,690 1,531,944 1,629,489 1,733,881 1,845,756 4.01% 6.39% Total liabilities and equity 1212883 1294754 1382542 1458842 1605588 1792209 1,945,371 2,100,940 2,293,244 2,510,140 2,756,134 8.12% 9.10% 0 -27995.6049 -42888.9116 -77043.3234 -116077.684 -161950.501 Columbia  Sportswear Statement  of  Cash  Flows For  year  ended  12/31/… 2009 2010 2011 2012 2013 2014 Hist CAGR FC CAGR Cash flows from operating activities: Net income 67021 77037 103479 99859 93603 141859 297,986 345,370 399,386 460,896 530,858 16.18% 15.53% Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 36253 38430 43560 40892 40871 54017 59,680 65,936 72,848 80,485 88,923 10.48% 10.48% Loss on disposal or impairment of property, plant, and equipment 1828 3331 6485 1582 9344 481 368 282 216 165 127 -23.43% -23.43% Deferred income taxes 55 -22610 -3582 7140 8818 -6978 -7,974 -9,111 -10,411 -11,896 -13,594 14.27% 14.27% Stock-based compensation 6353 6730 7870 7833 8878 11120 12,437 13,911 15,559 17,402 19,464 11.85% 11.85% Excess tax benefit from employee stock plans -41 -498 -1828 -1016 -1532 -4927 -6,008 -7,325 -8,932 -10,891 -13,280 21.93% 21.93% Changes in operating assets and liabilities: Accounts receivable 77490 -69500 -54334 18166 27442 -31478 -26,288 -21,954 -18,334 -15,311 -12,787 -16.49% -16.49% Inventories 38831 -87265 -55223 2951 34089 -62086 -72,434 -84,506 -98,590 -115,022 -134,192 16.67% 16.67% Prepaid expenses and other current assets -1695 3856 -10186 -2025 5166 -4869 -6,013 -7,426 -9,171 -11,325 -13,987 23.50% 23.50% Other assets -5179 -1566 -4520 -1259 -4215 4291 5,006 5,841 6,814 7,950 9,275 16.67% 16.67% Accounts payable -16944 26028 19081 -12330 31711 41941 48,931 57,086 66,601 77,701 90,651 16.67% 16.67% Accrued liabilities 7563 34224 17630 -5199 12210 35051 47,632 64,730 87,964 119,538 162,445 35.89% 35.89% Income taxes payable -1558 9018 -7010 -11052 5534 1166 1,360 1,587 1,852 2,160 2,520 16.67% 16.67% Other liabilities 4395 6302 2374 3126 2356 6195 6,635 7,107 7,612 8,153 8,732 7.11% 7.11% Net cash provided by operating activities 214372 23517 63796 148668 274275 185783 180,540 175,445 170,494 165,682 161,007 -2.82% -2.82% Cash flows from investing activities: Acquisition of business, net of cash acquired — — -188467 0 0 0 0 0 0 0 Purchases of short-term investments -25305 -81671 -46349 -83969 -125390 -48243 -54,888 -62,449 -71,051 -80,838 -91,973 13.77% 13.77% Sales of short-term investments 25163 35601 112070 42319 78636 112895 152,425 205,797 277,857 375,150 506,509 35.02% 35.02% Capital expenditures -33074 -28838 -78404 -50491 -69443 -60283 -67,973 -76,644 -86,421 -97,445 -109,876 12.76% 12.76% Proceeds from sale of property, plant, and equipment 31 42 168 7099 111 71 84 99 117 138 163 18.03% 18.03% Acquisitions, net of cash acquired 0 -16315 0 0 0 0 0 0 0 0 0 0 0 Net cash used in investing activities -33185 -91181 -12515 -85042 -116086 -184027 -259,221 -365,138 -514,334 -724,492 -1,020,519 40.86% 40.86% Cash flows from financing activities: Proceeds from credit facilities 57588 31680 119384 100654 69136 52356 51,368 50,399 49,448 48,515 47,599 -1.89% -1.89% Repayments on credit facilities -57588 -31680 -119384 -100498 -69292 -52205 -51,190 -50,195 -49,220 -48,263 -47,325 -1.94% -1.94% Repayment on other long-term liabilities -4 0 0 0 0 0 0 0 -100.00% 0.00% Proceeds from issuance of common stock under employee stock plans 710 7333 10991 14600 19537 22277 44,379 88,409 176,123 350,861 698,964 99.21% 99.21% Tax payments related to restricted stock unit issuances -624 -853 -2974 -1486 -2291 -3141 -4,340 -5,995 -8,283 -11,444 -15,811 38.16% 38.16% Excess tax benefit from employee stock plans 41 498 1828 1016 1532 4927 12,839 33,458 87,189 227,207 592,081 160.59% 160.59% Repurchase of common stock -7399 -13838 -20000 -206 0 -15000 -17,277 -19,900 -22,921 -26,401 -30,410 15.18% 15.18% Proceeds from note payable to related party 0 0 0 0 0 16072 0 0 0 0 0 0 0 Capital contribution from non-controlling interest 0 0 0 0 8000 0 0 0 0 0 0 0 0 Cash dividends paid -22331 -75439 -29075 -29780 -31298 -39836 -44,725 -50,214 -56,376 -63,295 -71,063 12.27% 12.27% Net cash used in financing activities -29607 -82299 -39230 -15700 -4676 -14550 -12,623 -10,951 -9,500 -8,242 -7,150 -13.25% -13.25% Net effect of exchange rate changes on cash 4467 -2444 -5274 1821 -6805 -11137 -16,272 -23,774 -34,735 -50,750 -74,148 46.11% 46.11% Net increase (decrease) in cash and cash equivalents 156047 -152407 6777 49747 146708 -23931 30,490 9,564 36,559 41,523 40,152 17% 7.12% Cash and cash equivalents, beginning of year 230617 386664 234257 241034 290781 437489 497,259 565,194 642,410 730,176 829,933 13.66% 13.66% Cash and cash equivalents, end of year 386664 234257 241034 290781 437489 413558 419,157 424,832 430,584 436,414 442,323 1.35% 1.35% Supplemental disclosures of cash flow information: 0.00% 0.00% Cash paid during the year for income taxes 31319 35000 42588 43696 22771 53958 60,160 67,074 74,783 83,379 92,962 11.49% 11.49% 0.00% 0.00% Supplemental disclosures of non-cash investing activities: 0.00% 0.00% Capital expenditures incurred but not yet paid 7852 1001 952 5313 5195 7196 7,072 6,949 6,829 6,711 6,595 -1.73% -1.73% 2010 2011 2012 2013 2014 Common-­‐size  Income  Statement 201 Revenue 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Hist CAGR FC CAGR COGS 57.87% 57.57% 56.59% 57.09% 55.87% 54.54% 53.90% 53.26% 52.63% 52.01% -0.88% -1.18% Gross  profit 42.43% 43.41% 42.91% 44.13% 45.46% 46.10% 46.74% 47.37% 47.99% 48.60% 1.74% 1.33% SG&A 36.54% 37.21% 36.56% 37.95% 36.66% 36.73% 36.81% 36.89% 36.98% 37.08% 0.08% 0.23% Operating  income 6.96% 8.05% 8.00% 7.82% 9.47% 9.95% 10.43% 10.91% 11.38% 11.85% 7.97% 4.47% Earnings  before  interest  and  taxes  (EBIT) 8.95% 10.15% 10.06% 10.04% 12.15% 12.77% 13.33% 13.88% 14.43% 14.97% 7.94% 4.04% Interest  expense,  net 1.88% 2.02% 2.04% 2.24% 2.70% 2.80% 2.88% 2.96% 3.03% 3.10% 9.48% 2.64% Earnings  before  taxes 7.07% 8.13% 8.02% 7.80% 9.45% 9.98% 10.45% 10.93% 11.40% 11.86% 7.52% 4.42% Income  tax  expense 5.19% 6.11% 5.98% 5.56% 6.75% 12.77% 13.33% 13.88% 14.43% 14.97% 6.79% 4.04% Net  income 5.19% 6.11% 5.98% 5.56% 6.75% 12.77% 13.33% 13.88% 14.43% 14.97% 6.79% 4.04% Common-­‐size  Balance  Sheet Cash 18.09% 17.43% 19.93% 27.25% 23.08% 21.93% 20.78% 19.63% 18.48% 17.34% 6.27% -5.71% Receivables 5.31% 0.21% 3.06% 5.71% 1.52% 1.49% 1.45% 1.41% 1.36% 1.32% -26.85% -2.99% Accounts  receivable  net 18.68% 23.18% 25.43% 22.92% 19.11% 19.22% 19.94% 20.63% 21.27% 21.87% 0.58% 3.28% Inventory 18.32% 24.27% 26.42% 24.91% 20.51% 21.46% 23.01% 24.59% 26.20% 27.82% 2.86% 6.70% Deferred  Income  Taxes 3.48% 3.80% 3.49% 3.24% 3.18% 3.45% 3.72% 4.01% 4.30% 4.60% -2.24% 7.50% Other  current  assets   2.18% 2.63% 2.64% 2.06% 2.19% 2.15% 2.11% 2.06% 2.00% 1.94% 0.05% -2.49% Total  current  assets 76.53% 75.91% 76.95% 77.88% 70.64% 71.97% 73.28% 74.57% 75.83% 77.06% -1.98% 1.72% PP&E,  net 17.13% 18.15% 17.86% 17.40% 16.27% 16.04% 15.77% 15.44% 15.08% 14.68% -1.28% -2.19% Intangible  assets,  net   3.12% 2.82% 2.58% 2.26% 8.02% 7.18% 6.41% 5.70% 5.06% 4.47% 26.60% -11.17% Goodwill 1.12% 1.04% 0.99% 0.90% 3.83% 3.70% 3.56% 3.42% 3.27% 3.12% 36.04% -4.18% Other  non-­‐current  assets 2.10% 2.07% 1.62% 1.56% 1.24% 1.11% 0.98% 0.87% 0.76% 0.67% -12.27% -11.76% Total  Assets 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 0.00% 0.00% Accounts payable 44.62% 48.37% 48.60% 49.20% 49.04% 49.20% 50.58% 50.25% 49.79% 49.21% 2.39% 0.00% Accrued liabilities 35.12% 33.93% 35.94% 34.13% 33.02% 33.30% 34.40% 34.35% 34.21% 33.97% -1.53% 0.50% Income taxes payable 5.48% 4.08% 1.51% 2.06% 3.29% 3.30% 3.40% 3.37% 3.34% 3.30% -11.95% 0.00% Deferred income taxes 0.74% 0.31% 0.02% 0.01% 0.04% 0.02% 0.01% 0.00% 0.00% 0.00% -52.11% -50.04% Total current liabilities 19.43% 19.31% 17.28% 18.76% 20.82% 22.27% 23.94% 25.46% 27.01% 28.57% 1.74% 6.43% Note payable to related party 0.00% 0.00% 0.00% 0.00% 0.88% 0.81% 0.00% 0.00% 0.00% 0.00% 0.00% -100.00% Other long-term liabilities 1.66% 1.73% 1.86% 1.84% 1.98% 2.05% 2.13% 2.19% 2.25% 2.30% 4.51% 2.94% Income taxes payable 1.52% 1.11% 0.80% 0.87% 0.52% 0.70% 0.93% 1.23% 1.63% 2.14% -23.40% 32.38% Deferred income taxes 0.00% 0.13% 0.12% 0.50% 0.18% 0.13% 0.09% 0.06% 0.04% 0.03% 9.81% -32.31% Total liabilities 22.61% 22.28% 20.06% 21.97% 24.38% 25.94% 27.08% 28.94% 30.92% 33.03% 1.90% 6.22% Common stock (no par value); 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Retained earnings 73.39% 74.11% 75.04% 72.11% 70.03% 79.83% 90.36% 100.20% 109.90% 119.35% -1.16% 10.58% Accumulated other comprehensive income 3.61% 3.39% 3.20% 2.20% 0.88% 0.67% 0.50% 0.38% 0.28% 0.21% -29.66% -25.10% Total Columbia Sportswear Company shareholders’ equity 77.39% 77.72% 79.94% 77.57% 74.97% 73.31% 72.05% 70.07% 67.94% 65.68% -0.79% -2.71% Non-controlling interest 0.00% 0.00% 0.00% 0.46% 0.65% 0.75% 0.86% 0.99% 1.13% 1.29% 8.76% 14.56% Total equity 0.00% 0.00% 0.00% 78.03% 75.62% 74.06% 72.92% 71.06% 69.08% 66.97% -0.78% -2.48% Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 0.00% 0.00% Growth  of  Income  Statement  Items Hist CAGR FC CAGR Net sales 19.25% 14.19% -1.44% 0.92% 24.66% 11.05% 11.05% 11.05% 11.05% 11.05% 6.39% 0.00% Cost of sales 18.64% 12.24% -0.57% -1.24% 21.70% 9.74% 9.74% 9.74% 9.74% 9.74% 3.88% 0.00% Gross profit 20.10% 16.83% -2.57% 3.81% 28.41% 12.62% 12.58% 12.54% 12.50% 12.47% 9.04% -0.30% Selling, general and administrative expenses 20.09% 15.09% -2.93% 4.86% 21.96% 11.40% 11.40% 11.40% 11.40% 11.40% 2.25% 0.00% Net licensing income -4.86% 97.17% -12.61% 0.19% -49.58% -3.70% -3.70% -3.70% -3.70% -3.70% 78.73% 0.00% Income from operations 17.74% 32.01% -2.11% -1.30% 50.87% 16.71% 16.41% 16.13% 15.87% 15.64% 30.14% -1.64% Interest income, net -25.10% -18.54% -70.25% 32.72% 99.60% -13.62% -13.62% -13.62% -13.62% -13.62% 41.15% 0.00% Interest expense on note payable to related party 0.00% 0.00% 0.00% Other non-operating expense 0.00% 0.00% 0.00% 0.00% -68.54% -43.91% -43.91% -43.91% -43.91% -43.91% 0.00% 0.00% Income before income tax 16.74% 31.26% -2.74% -1.85% 51.05% 17.26% 16.34% 16.07% 15.82% 15.59% 32.15% -2.50% Income tax expense 22.01% 22.79% -0.45% 11.09% 49.81% 15.08% 14.35% 14.08% 13.84% 13.62% 22.65% -2.52% Net income 14.94% 34.32% -3.50% -6.26% 51.55% 110.06% 15.90% 15.64% 15.40% 15.18% 36.28% -39.06% Growth  of  Balance  Sheet  Items Cash and cash equivalents -39.42% 2.89% 20.64% 50.45% -5.47% 1.70% 1.70% 1.70% 1.70% 1.70% -38.96% 0.00% Short-term investments 202.35% -95.82% 1451.81% 105.45% -70.28% 4.62% 4.62% 4.62% 4.62% 4.62% -23.23% 0.00% Accounts receivable, net 32.50% 17.11% -4.90% -8.21% 12.22% 11.04% 11.04% 11.04% 11.04% 11.04% -21.69% 0.00% Inventories 41.47% 16.20% -0.51% -9.38% 16.83% 14.71% 14.71% 14.71% 14.71% 14.71% -20.18% 0.00% Deferred income taxes 42.92% 16.40% -2.96% 2.18% 9.53% 15.94% 15.94% 15.94% 15.94% 15.94% -31.35% 0.00% Prepaid expenses and other current assets -11.83% 28.86% 6.02% -14.26% 18.42% 5.16% 5.16% 5.16% 5.16% 5.16% 11.71% 0.00% Total current assets 7.50% 5.92% 6.96% 11.39% 1.25% 9.00% 9.29% 9.57% 9.85% 10.12% -36.18% 2.96% Property, plant, and equipment, net -5.79% 13.12% 3.83% 7.24% 4.36% 5.49% 5.49% 5.49% 5.49% 5.49% -6.82% 0.00% Intangible assets, net -6.15% -3.47% -3.59% -3.54% 296.08% -4.19% -4.19% -4.19% -4.19% -4.19% 163.41% 0.00% Goodwill 14.31% -0.22% 0.00% 0.00% 375.09% 3.34% 3.34% 3.34% 3.34% 3.34% 126.28% 0.00% Other non-current assets 0.00% 5.45% -17.41% 5.74% -10.94% -4.84% -4.84% -4.84% -4.84% -4.84% 19.04% 0.00% Total assets 6.75% 6.78% 5.52% 10.06% 11.62% 6.98% 7.34% 7.68% 8.03% 8.36% 14.55% 4.60% Accounts payable 27.45% 14.05% -4.52% 22.02% 23.46% 15.89% 15.89% 15.89% 15.89% 15.89% -3.85% 0.00% Accrued liabilities 52.74% 1.64% 0.66% 14.46% 19.84% 16.47% 16.47% 16.47% 16.47% 16.47% -21.68% 0.00% Income taxes payable 132.96% -21.56% -64.97% 64.57% 98.43% 15.89% 15.89% 15.89% 15.89% 15.89% -7.24% 0.00% Deferred income taxes -17.10% -55.69% -92.98% -26.87% 244.90% -42.10% -42.10% -42.10% -42.10% -42.10% 94.54% 0.00% Total current liabilities 40.35% 6.11% -5.60% 19.52% 23.86% 16.09% 16.10% 16.11% 16.12% 16.12% -12.31% 0.04% Note payable to related party 0.00% 0.00% 0.00% 0.00% -100.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0% 0% Other long-term liabilities 8.20% 11.17% 13.91% 8.67% 20.01% 12.31% 12.31% 12.31% 12.31% 12.31% 24.98% 0.00% Income taxes payable 1218.47% -21.88% -24.37% 20.16% -32.87% 44.43% 44.43% 44.43% 44.43% 44.43% -59.47% 0.00% Deferred income taxes -100.00% 0.00% 3.08% 340.45% -58.49% -26.15% -26.15% -26.15% -26.15% -26.15% -12.55% 0.00% Total liabilities 35.76% 5.20% -4.97% 20.52% 23.89% 15.49% 12.74% 16.65% 16.95% 17.28% -9.60% 2.76% Common stock (no par value); 504.31% -39.89% 717.06% 110.87% 38.94% 144.27% 144.27% 144.27% 144.27% 144.27% -47.29% 0.00% Retained earnings -0.29% 7.83% 6.84% 5.76% 8.41% 23.74% 22.24% 21.04% 20.06% 19.24% 132.52% -5.12% Accumulated other comprehensive income 7.53% 0.39% -0.50% -24.22% -55.22% -18.28% -18.28% -18.28% -18.28% -18.28% 64.57% 0.00% Total Columbia Sportswear Company shareholders’ equity 0.48% 7.24% 8.53% 6.80% 7.88% 6.14% 6.14% 6.14% 6.14% 6.14% 101.74% 0.00% Non-controlling interest 0.00% 0.00% 0.00% 0.00% 56.20% 24.98% 24.98% 24.98% 24.98% 24.98% 0.00% 0.00% Total equity 0.00% 0.00% 0.00% 0.00% 8.17% 6.31% 6.33% 6.37% 6.41% 6.45% 0.00% 0.58% Total liabilities and equity 6.75% 6.78% 5.52% 10.06% 11.62% 8.55% 8.00% 9.15% 9.46% 9.80% 14.55% 3.48% Useful  Ratios  &  Other  Figures Hist CAGR FC CAGR GM  (Gross  Margin) 0.42 0.43 0.43 0.44 0.45 0.46 0.47 0.47 0.48 0.49 1.74% 1.33% OM  (Operating  Margin) 0.74 0.77 0.75 0.79 0.83 0.86 0.88 0.90 0.92 0.95 3.13% 2.54% PM  (Profit  Margin  AKA  Net  Profit  Margin) 0.05 0.06 0.06 0.06 0.07 0.13 0.13 0.14 0.14 0.15 6.79% 4.04% TAT  (Total  Asset  Turnover) 0.87 0.82 0.87 0.95 0.85 0.82 0.79 0.77 0.75 0.73 -0.57% -2.88% EM  (Equity  Multiplier) 1.29 1.29 1.25 1.29 1.33 1.34 1.36 1.38 1.40 1.43 0.80% 1.61% ROE  (Return  on  Equity) 0.08 0.10 0.09 0.08 0.11 0.21 0.23 0.25 0.27 0.29 8.25% 8.84% ROA  (Return  on  Assets) 0.06 0.07 0.07 0.06 0.08 0.16 0.17 0.18 0.19 0.20 7.40% 7.12% d  (Dividend  Payout  Ratio) b  (Retention  Ratio  AKA  Ploughback  Ratio) 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 0.00% 0.00% SGR  (Sustainable  Growth  Rate) 0.08 0.10 0.09 0.08 0.11 0.21 0.23 0.25 0.27 0.29 8.25% 8.84% IGR  (Internal  Growth  Rate) 3.71 3.99 3.92 3.48 3.51 3.56 3.62 3.69 3.75 3.82 -1.38% 1.79% TIE  (Times  Interest  Earned  Ratio  AKA  Interest  Coverage  Ratio) 6.09 5.39 5.37 5.64 4.80 4.63 4.48 4.34 4.22 4.10 -5.77% -3.01% DOL  (Degree  of  Operating  Leverage)  -­‐  point  estimate 6.09 5.39 5.37 5.64 4.80 4.63 4.48 4.34 4.22 4.10 -5.77% -3.01% EPS  (Earnings  Per  Share) 246.24 557.78 67.28 32.20 28.89 13.14 5.97 2.71 1.23 0.56 -41.47% -54.54% Days  of  sales  in  cash 57.64 51.94 63.57 94.77 71.86 65.81 60.27 55.19 50.55 46.29 5.67% -8.42% Inventory  Turnover 5.53 4.99 4.58 4.87 5.89 5.65 5.47 5.29 5.12 4.96 1.56% -3.19% Receivables  Turnover Purchases 761983.00 907776.00 955043.00 975438.00 1090217.00 1200599.87 1314678.05 1439449.13 1575893.29 1725077.21 9.37% 9.48% Payables  Turnover 3.78 3.73 3.81 3.60 3.34 3.10 2.92 2.75 2.60 2.45 -3.03% -5.72% Days  in  inventory 65.99 73.21 79.63 75.01 62.02 64.62 66.75 68.95 71.22 73.57 -1.54% 3.30% Days  in  receivables Operating  cycle Days  in  payables 96.58 97.89 95.72 101.29 109.23 117.80 124.92 132.50 140.54 149.10 3.13% 6.07% Cash  cycle Damodaran  uses  various  formulas  for  his  cash  flows: FCFF  =  NI  +  Int(1-­‐t)  +  Depr  -­‐  ΔGFA  -­‐  ΔncNOWC FCFE  =  NI  +  Depr  -­‐  ΔGFA  -­‐  ΔncNOWC  +  ΔDebt  -­‐  PfdCF FCFF  =  FCFE  +  Int(1-­‐t)  -­‐  ΔDebt  +  PfdCF FCFE  =  FCFF  -­‐  Int(1-­‐t)  +  ΔDebt  -­‐  PfdCF I  find  these  to  be  the  least  prone  to  distortion: FCFF  =  OpInc(1-­‐t)+Depr-­‐ΔGFA-­‐ΔncNOWC CASH  FLOW  COMPUTATIONS 2010 2011 2012 2013 2014 FC2015 FC2016 FC2017 FC2018 FC2019 Hist  CAGR Hist  CAGR NOTES Revenue 1,483,524 1,693,985 1,669,563 1,684,996 2,100,590 2,332,619 2,590,278 2,876,398 3,194,123 3,546,943 9% 11% Operating  Margin 74% 77% 75% 79% 83% 86% 88% 90% 92% 95% 3% 3% Operating  Income 87,762                                       1,564                                           1,274                                     379                                           503                                           1,004                                     867                                           749                                           647                                           559                                           -­‐72% -­‐14% Tax  Rate 27% 25% 25% 29% 29% 28% 28% 27% 27% 26% -­‐1.7% -­‐2% NOPAT  =  OpInc(1-­‐t)  [NOTE:  Use  OpInc  instead  of  EBIT] 1533 1176 950 270 360 723 628 546 475 413 -­‐30% -­‐13% add  Depr/Amort  expense 41,761 50,045 42,474 50,215 54,498 60,048 66,218 73,064 80,651 89,049 7% 10% OCF 43294 51221 43424 50485 54858 60771 66847 73611 81126 89462 6% 10% subtract  ΔGFA -­‐28,838 -­‐78,404 -­‐50,491 -­‐69,443 -­‐60,283 -­‐67,973 -­‐76,644 -­‐86,421 -­‐97,445 -­‐109,876 20% 13% subtract  Δnon-­‐cash  NOWC 149,236 36,493 38,273 -­‐68,034 -­‐32,366 46,924 51,333 56,118 61,289 66,858 -­‐32% 9% FCFF 77104 93132 55642 187962 147507 81819 92158 103914 117282 132480 18% 13% add  Δdebt 0 0 156 -­‐156 0 0 0 0 0 0 0% 0% subtract  Interest(1-­‐t) 0 0 0 0 -­‐753 0 0 0 0 0 0% 0% subtract  Preferred  cash  outflows 0 0 0 0 0 0 0 0 0 0 0% 0% FCFE 77104 93132 55798 187806 148260 81819 92158 103914 117282 132480 18% 13% DCF  Analysis  -­‐  Equity  Cash  Flow  Method:  FCFE//Ke Ke 12.84% Terminal  Growth  Rate 10.00% Forecast  Year  -­‐> 1 2 3 4 5 Terminal  Value FCFE  -­‐> 81819 92158 103914 117282 132480 5135615 PV  of  future  FCFE//Ke 72511 72381 72329 72346 72424 2807523 Sum  of  PV  of  FCFE//Ke 3169514 discounted  values add  cash  from  balance  sheet 413558 add  MV  of  non-­‐operating  assets 27267 Rf 2.35% Total  Equity  Intrinsic  Value 3610339 β   1.67 divide  by  shares  outstanding 69910 Rm 11.53% Intrinsic  Value  per  Share 51.64 MRP 6.28% SENSITIVITY  ANALYSIS:  Growth  vs  Cost  of  Equity New Terminal  Growth  Rate Ke 8.5% 9.0% 9.5% 10.0% 10.5% 11.0% 11.5% 10.46% 75.75 98.09 143.80 289.67 -­‐2902.87 -­‐223.47 -­‐111.30 11.01% 60.41 72.81 93.45 134.60 256.95 18813.48 -­‐242.34 11.59% 50.17 57.83 69.16 87.64 123.12 219.17 1432.92 12.20% 42.87 47.93 54.87 64.97 81.03 110.52 182.41 12.84% 37.40 40.91 45.47 51.64 60.45 74.06 97.84 13.48% 33.34 35.90 39.10 43.23 48.74 56.48 68.12 14.15% 30.07 31.98 34.31 37.20 40.88 45.72 52.39 14.86% 27.38 28.84 30.58 32.67 35.23 38.47 42.66 15.60% 25.14 26.27 27.59 29.14 30.99 33.25 36.06 DCF  Analysis  -­‐  Corporate  Valuation  Method:  FCFF//WACC WACC 12.84% Terminal  Growth  Rate 10.0% Forecast  Year  -­‐> FCFF  -­‐> 1 2 3 4 5 Terminal  Value 81819 92158 103914 117282 132480 5135615 PV  of  future  FCFF//WACC 72511 72381 72329 72346 72424 2807523 discounted  values Table 1
  • 2. 2 Value  of  operations,  AKA  enterprise  value  (Sum  of  PV  of  FCFF//WACC) 3169514 Kpfd 0% add  cash  from  balance  sheet 413,558 Wpfd 0% add  MV  of  non-­‐operating  assets 27267 Ke 12.84% Value  of  the  Firm 3610339 We 100.00% subtract  MV  of  debt 0 Kd 0.00% Total  Equity  Intrinsic  Value 3610339 Wd 0.00% divide  by  shares  outstanding 69910 Tax  shield  (1-­‐t) 73% Intrinsic  Value  per  Share 51.64 SENSITIVITY  ANALYSIS:  Growth  vs  WACC New Terminal  Growth  Rate WACC 8.5% 9.0% 9.5% 10.0% 10.5% 11.0% 11.5% 10.46% 45.13 57.35 82.33 162.08 -­‐1583.21 -­‐118.45 -­‐57.13 11.01% 36.74 43.52 54.80 77.29 144.18 10288.61 -­‐128.77 11.59% 31.13 35.32 41.51 51.61 71.01 123.52 787.05 12.20% 27.13 29.90 33.69 39.21 47.99 64.12 103.41 12.84% 24.13 26.05 28.54 51.64 36.73 44.17 57.17 13.48% 21.90 23.30 25.05 27.31 30.32 34.55 40.91 14.15% 20.10 21.15 22.42 24.00 26.01 28.66 32.31 14.86% 18.63 19.43 20.37 21.51 22.92 24.69 26.98 15.60% 17.39 18.01 18.73 19.58 20.59 21.82 23.36 DCF  Analysis  -­‐  Adjusted  Present  Value  Method:  FCFF//Ku Ku 12.84% Terminal  Growth  Rate 10.0% Forecast  Year  -­‐> 1 2 3 4 5 Terminal  Value FCFF  -­‐> 81819 92158 103914 117282 132480 5135615 PV  of  future  FCFF//Ku 72511 72381 72329 72346 72424 2807523 discounted  values Unlevered  value  of  operations  (Sum  of  PV  of  FCFF//Ku) 3,169,514                     Tax  savings  from  interest  (Int  *  t) 0 0 0 0 0 0 PV  of  future  tax  savings 0 0 0 0 0 0 Value  of  tax  shield  (Sum  of  PV  of  tax  savings) -­‐                                             Value  of  operations,  AKA  enterprise  value  (sum  of  PVs  of  FCFF  &  tax  savings) 3169514 add  cash  from  balance  sheet 413,558 β  levered 1.67 add  MV  of  non-­‐operating  assets 27267 β  unlevered 0.83 Value  of  the  Firm 3610339 Rm 11.53% subtract  MV  of  debt 0 MRP 6.28% Total  Equity  Intrinsic  Value 3610339 divide  by  shares  outstanding 69910 Intrinsic  Value  per  Share 51.64 SENSITIVITY  ANALYSIS:  Growth  vs  Unlevered  Cost  of  Capital New Terminal  Growth  Rate Ku 8.5% 9.0% 9.5% 10.0% 10.5% 11.0% 11.5% 10.46% 45.13                                     57.35                                     82.33                                     162.08                               (1,583.21)                   (118.45)                           (57.13)                               11.01% 36.74                                     43.52                                     54.80                                     77.29                                     144.18                               10,288.61                     (128.77)                           11.59% 31.13                                     35.32                                     41.51                                     51.61                                     71.01                                     123.52                               787.05                               12.20% 27.13                                     29.90                                     33.69                                     39.21                                     47.99                                     64.12                                     103.41                               12.84% 24.13                                     26.05                                     28.54                                     51.64                                     36.73                                     44.17                                     57.17                                     13.48% 21.90                                     23.30                                     25.05                                     27.31                                     30.32                                     34.55                                     40.91                                     14.15% 20.10                                     21.15                                     22.42                                     24.00                                     26.01                                     28.66                                     32.31                                     14.86% 18.63                                     19.43                                     20.37                                     21.51                                     22.92                                     24.69                                     26.98                                     15.60% 17.39                                     18.01                                     18.73                                     19.58                                     20.59                                     21.82                                     23.36                                     RELATIVE  VALUATION 32.0 Comparable  P/E 2,995,296                     Total  Equity  Intrinsic  Value 42.84    $                           Per-­‐share  value  implied  by  P/E 2.9 Comparable  P/S 6091711.0 Total  Equity  Intrinsic  Value 87.14    $                           Per-­‐share  value  implied  by  P/S 12.4 Comparable  EV/EBITDA 3,614,719                     Enterprise  Value  implied  by  EV/EBITDA 413,558                           add  cash  from  balance  sheet 27,267                                 add  MV  of  non-­‐operating  assets 4,055,544                     Value  of  the  Firm -­‐                                             subtract  MV  of  debt 4,055,544                     Total  Equity  Intrinsic  Value 58.01    $                           Per-­‐share  value  implied  by  EV/EBITDA VALUATION  SUMMARY Recommendation: Hold/Buy   1-­‐Year  Target  Price: $87.14 %  Upside/Downside: 12.0% Camparison  Valuation  Methods Valuation Market  Price FCFE  Valuation 51.64    $                                                   66.18    $                                 FCFF  Valuation 51.64    $                                                   66.18    $                                 APV  Valuation 51.64    $                                                   66.18    $                                 Value  based  on  PE 42.84    $                                                   66.18    $                                 Value  based  on  P/S 87.14    $                                                   66.18    $                                 Value  based  on  EV/EBITDA 58.01    $                                                   66.18    $