ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On April 28, 2022, Columbia Sportswear Company (the "Company") issued a press
release reporting its first quarter 2022 financial results, updating its full
year 2022 financial outlook, and announcing a quarterly dividend and $500
million increase in its share repurchase authorization. A copy of the Company's
press release is attached hereto as Exhibit 99.1 and is incorporated herein by
reference. The information in this report shall not be treated as filed for
purposes of the Securities Exchange Act of 1934, as amended.
Attached hereto as Exhibit 99.2 and incorporated by reference herein is the CFO
Commentary and Financial Review presentation by Jim A. Swanson, Executive Vice
President and Chief Financial Officer of the Company, on the first quarter 2022
financial results and 2022 financial outlook, as posted on the Company's
investor relations website, http://investor.columbia.com, on April 28, 2022. The
information in this report shall not be treated as filed for purposes of the
Securities Exchange Act of 1934, as amended.
ITEM 7.01 REGULATION FD DISCLOSURE
In its April 28, 2022 press release, the Company announced that its Board of
Directors declared a quarterly cash dividend of $0.30 per share of common stock
to be paid on June 2, 2022 to its shareholders of record on May 19, 2022.
ITEM 8.01 OTHER EVENTS
Share Repurchase Authorization
In its April 28, 2022 press release, the Company announced that its Board of
Directors has authorized the repurchase of up to an additional $500 million of
Company common stock in market or negotiated transactions, in addition to the
approximately $99 million remaining available as of March 31, 2022 under the
prior share repurchase authorization. The share repurchase program does not
obligate the Company to acquire any specific number of shares or acquire shares
over any specified period of time, and the share repurchase program may be
commenced, modified, suspended, or discontinued at any time by the Company at
its discretion.
Russian Presence
The Company does not have any direct operations in Russia and for many years
product sales in Russia have been made through a contract with a third-party
international distributor on an advance order basis. The Company paused taking
any new orders from this Russia-based distributor following the invasion of
Ukraine by Russian forces. However, prior to the conflict, the Company had
already taken Fall '22 orders from this Russia-based distributor under its
contract, which have the potential to be realized. Given the uncertainty
surrounding these orders, for purposes of the Company's financial outlook
provided in the press release and CFO Commentary and Financial Review
Presentation attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, any
future sales from the Russia-based international distributor have been removed.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
99.1 Press Release, dated April 28, 2022 (furnished pursuant to Items 2.02 and 7.01
hereof).
99.2 CFO Commentary and Financial Review Presentation, dated April 28, 2022 (furnished
pursuant to Items 2.02 and 7.01 hereof).
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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