2025财年第一季度盈利业绩会 拨款书99.2 2024年9月29日(未经审计的结果)(金额和美元数以百万计,除非另有说明)UNIFI,INC。
警示性陈述前瞻性陈述本文中包含的某些声明属于《联邦证券法》所规定的“前瞻性声明”,涉及公司的财务状况和经营业绩,这些声明基于管理层对未来经济绩效的信念、假设和期望,考虑了目前管理层所掌握的信息。此类前瞻性声明的示例包括有关我们财务展望的指导。"相信"、"可能"、"可能"、"将"、"应该"、"会"、"反映"、"计划"、"估计"、"项目"、"期望"、"意图"、"寻求"、"奋斗"等词语或类似词语,或者这些词语的否定形式,识别或暗示前瞻性声明的存在。这些声明不是历史事实的陈述,它们涉及风险和不确定性,可能导致我们的实际结果、业绩或财务状况与我们在任何前瞻性声明中表达或暗示的未来结果、业绩或财务状况存在重大差异。造成这种差异的因素包括但不限于:纺织业的竞争性质和全球竞争的影响;贸易监管环境和政府政策和立法的变化;原材料的供应、采购和定价;公司所竞争的市场的一般国内和国际经济和行业情况,包括公司无法控制的经济和政治因素;消费者支出、顾客偏好、时尚趋势以及仪化宇辉产品的最终用途的变化;公司客户的财务状况;重要客户或品牌合作伙伴的流失;自然灾害、工业事故、电力或水资源短缺;极端天气条件以及我们某个设施发生的其他干扰;由于灾害性或非凡事件(包括但不限于流行病或大流行病)导致的营运、全球需求或财务绩效的中断;公司战略业务举措的成功;金融和信贷市场的波动,包括反对方风险(例如存款集中和最近存款者的情绪和活动)的影响;履行负债和资金支出以及战略业务举措的能力;以合理条件获得和获得信贷的能力;外汇兑换、利息和通胀率的变动;生产成本的波动;保护知识产权的能力;我们品牌的实力和声誉;雇员关系;吸引、保留和激励关键员工的能力;气候变化或环境、健康和安全法规的影响;税法的影响,对税法的司法或行政解释和/或这些法律或解释的变化。所有这些因素均难以预测,包含可能对实际结果产生重大影响的不确定性,并可能超出我们的控制范围。新因素不时出现,管理层无法预测所有这些因素,也无法评估每个因素对公司的影响。任何前瞻性声明仅在发表该声明的日期时有效,我们不承担更新任何前瞻性声明以反映该声明发表日期后发生的事件或情况的任何义务,除非《联邦证券法》可能要求。上述及其他风险和不确定性的描述可在公司最近的《Form 10-K年度报告》中找到,其他风险或不确定性可能不时在公司按照1934年修订版的《证券交易法》向证券交易委员会提交的其他报告中描述。非GAAP财务指标某些非GAAP财务指标旨在补充按照GAAP提供的财务信息,这些非GAAP财务指标包括利息、税收、折旧和摊销前(EBITDA)、调整后EBITDA、调整后净(亏损)收入、调整后每股收益、调整后工作资本和净债务(统称“非GAAP财务指标”)。非GAAP财务指标未按照GAAP确定,不应视为根据GAAP确定的绩效指标的替代品。非GAAP财务指标的计算是主观的,基于管理层对哪些项目应包含或排除以提供业务基础营运绩效最合理和可比看法的信念。公司可能不时修改用于确定其非GAAP财务指标的金额。我们相信这些非GAAP财务指标更好地反映了公司的基本业务和绩效,并且作为运营绩效指标使用,为投资者和分析师提供了一种不受资本结构、资本投资周期和相关资产年龄差异影响的操作结果指标,可以比较其他公司。在评价非GAAP财务指标时,投资者应注意,将来,我们可能发生与此处包括的调整类似的费用。我们对非GAAP财务指标的汇报不应被解释为指示我们的未来结果不会受到不寻常或非经常性项目的影响。每个我们的非GAAP财务指标作为分析工具都有其局限性,您不应仅作为分析我们根据GAAP报告的结果或现金流量科目,而应使用这些指标作为附加信息。其中一些限制是:(i)它没有调整所有反映在我们现金流量表中的非现金收入或支出物品;(ii)它不反映因我们认为不反映我们持续经营的事项而产生的收益或费用的影响;(iii)它不反映我们的营运资本需求的变化或现金要求;(iv)它不反映支付我们的债务所需的现金要求;(v)它不反映用于进行资本支出或履行合同承诺的未来要求;(vi)它不反映转移我们子公司的收益的限制或相关成本;以及(vii)我们行业中的其他公司可能以与我们不同的方式计算这一指标,这限制了它作为比较指标的效用。由于这些限制,这些非GAAP财务指标不应被视为衡量我们可用于投资业务增长的自由现金或作为衡量可用于履行我们义务的现金的指标。您应该通过主要依赖我们的GAAP结果并将这些指标仅用作补充信息来弥补这些局限。
Today’s Speakers Al Carey Executive Chairman Eddie Ingle CEO and Director A.J. Eaker EVP, CFO, and Treasurer 3
Consolidated Revenue $147.4M (+6.1%) EPS ($0.42) (+42.5%) Adjusted EBITDA1 $3.3M (+100.0%) REPREVE® Fiber % of Sales 30% (-100 bps) Q1 Fiscal 2025 Overview Note: REPREVE Fiber represents UNIFI’s collection of fiber products on its recycled platform, with or without added technologies. 1 Adjusted EBITDA is a non-GAAP financial measure described on Slide 2 and reconciled within the Earnings Release dated October 30, 2024. Performance improvement in both Americas and Brazil Segments vs. prior year Innovation focus and strategic plan support return to growth in fiscal 2025 and beyond Benefits of Profitability Improvement Plan to continue materializing through calendar 2024 (compared to Q1 Fiscal 2024) 4
As a % of Net Sales REPREVE® Fiber Sales Note: REPREVE Fiber represents UNIFI’s collection of fiber products on its recycled platform, with or without added technologies. $180 $186 $246 $293 $186 $186 $246 $293 $186 $189 5 $186 $293 $186 $189
Marketing Highlights 6
Consolidated Highlights Q1 FY25 Q4 FY24 QoQ Change Q1 FY24 YoY Change Net Sales $147.4 $157.5 (6.4)% $138.8 6.1% Gross Profit (Loss) $9.5 $10.8 (12.4)% ($0.6) 1,745% Gross Margin 6.4% 6.9% (50) bps (0.4)% 680 bps Highlights/Drivers Net sales and gross profit increased vs. prior year, primarily due to higher sales volumes in all segments, favorable pricing and cost dynamics in Brazil, and continued benefits from the previously announced Profitability Improvement Plan. Note: Q1 FY25 ended on September 29, 2024; Q4 FY24 ended on June 30, 2024; Q1 FY24 ended on October 1, 2023; and each contained 13 weeks. 7
Americas Highlights Q1 FY25 Q4 FY24 QoQ Change Q1 FY24 YoY Change Net Sales $86.3 $91.0 (5.2)% $81.6 5.8% Gross (Loss) Profit ($1.4) $0.0 nm ($7.4) 81.3% Gross Margin (1.6)% 0.0% (160) bps (9.0)% 740 bps Highlights/Drivers Net sales and gross profit increased vs. prior year, primarily due to higher sales and production levels. 8 Note: Q1 FY25 ended on September 29, 2024; Q4 FY24 ended on June 30, 2024; Q1 FY24 ended on October 1, 2023; and each contained 13 weeks.
9 Brazil Highlights Q1 FY25 Q4 FY24 QoQ Change Q1 FY24 YoY Change Net Sales $34.3 $32.2 6.4% $29.9 14.7% Gross Profit $7.9 $5.6 41.4% $2.2 266.3% Gross Margin 23.1% 17.4% 570 bps 7.2% nm Highlights/Drivers Net sales and gross profit increased vs. prior year, primarily due to higher volumes due to market share gains, together with favorable pricing and cost dynamics. 9 Note: Q1 FY25 ended on September 29, 2024; Q4 FY24 ended on June 30, 2024; Q1 FY24 ended on October 1, 2023; and each contained 13 weeks.
Asia Highlights Q1 FY25 Q4 FY24 QoQ Change Q1 FY24 YoY Change Net Sales $26.8 $34.2 (21.7)% $27.4 (2.1)% Gross Profit $2.9 $5.2 (44.0)% $4.6 (37.5)% Gross Margin 10.8% 15.1% (430) bps 17.0% (620) bps Highlights/Drivers Net sales and gross profit decreased vs. prior year, primarily due to unfavorable economic conditions and pricing dynamics in the region. 10 Note: Q1 FY25 ended on September 29, 2024; Q4 FY24 ended on June 30, 2024; Q1 FY24 ended on October 1, 2023; and each contained 13 weeks.
FCF CapEx Net Debt1 Working Capital Balance Sheet 1 Net Debt is a non-GAAP financial measure described on Slide 2 and reconciled within the Earnings Release dated October 30, 2024. 11
Q1 2025 Financial Outlook Continued Focused on Long-Term Growth Q2 FY24 Results Q2 FY25 Outlook Net Sales $136.9 $140.0 to $145.0 Adjusted EBITDA1 ($5.5) $(4.0) to $(2.0) Effective Tax Rate (2.0)% Continued Volatility Capital Expenditures $3.0 $4.0 to $5.0 1 Adjusted EBITDA is a non-GAAP financial measure described on Slide 2 and reconciled within the Earnings Release dated October 30, 2024. 12
Fiscal 2025 Outlook Net sales expected to increase 10% over fiscal 2024, as underlying portfolio and REPREVE® Fiber momentum continues while macroeconomic and inflationary uncertainties remain pronounced until calendar 2025. Gross profit, gross margin, and Adjusted EBITDA1 expected to increase significantly from fiscal 2024 to fiscal 2025, benefiting from higher sales volumes, initiatives from the previously announced Profitability Improvement Plan, and portfolio strength. Capital expenditures of approximately $12.0 million. Well Positioned to Realize Profitable Growth Opportunities in Fiscal 2025 1 Adjusted EBITDA is a non-GAAP financial measure described on Slide 2 and reconciled within the Earnings Release dated October 30, 2024. 13
Prepared to Pivot to Growth 1. Transforming the sales process, including pricing, to streamline operational efficiencies and drive margin improvement. 2. Scrutinizing working capital to reduce interest expense and improve cash flows. 3. Leveraging the realignment of resources and key talent across the organization to drive growth and innovation. 4. Increasing customer engagement in all business segments to grow our global market share of the demand for sustainable inputs. 5. Pursuing new yarn sales opportunities to grow the REPREVE Fiber business, expand our value-added innovative product offerings, and build on our Beyond Apparel initiatives. 14 Fiscal 2025 Priorities
Contact Investor Relations: UFI@alpha-ir.com 15