2025財年第一季度盈利業績會 撥款書99.2 2024年9月29日(未經審計的結果)(金額和美元數以百萬計,除非另有說明)UNIFI,INC。
警示性陳述前瞻性陳述本文中包含的某些聲明屬於《聯邦證券法》所規定的「前瞻性聲明」,涉及公司的財務狀況和經營業績,這些聲明基於管理層對未來經濟績效的信念、假設和期望,考慮了目前管理層所掌握的信息。此類前瞻性聲明的示例包括有關我們財務展望的指導。"相信"、"可能"、"可能"、"將"、"應該"、"會"、"反映"、"計劃"、"估計"、"項目"、"期望"、"意圖"、"尋求"、"奮鬥"等詞語或類似詞語,或者這些詞語的否定形式,識別或暗示前瞻性聲明的存在。這些聲明不是歷史事實的陳述,它們涉及風險和不確定性,可能導致我們的實際結果、業績或財務狀況與我們在任何前瞻性聲明中表達或暗示的未來結果、業績或財務狀況存在重大差異。造成這種差異的因素包括但不限於:紡織業的競爭性質和全球競爭的影響;貿易監管環境和政府政策和立法的變化;原材料的供應、採購和定價;公司所競爭的市場的一般國內和國際經濟和行業情況,包括公司無法控制的經濟和政治因素;消費者支出、顧客偏好、時尚趨勢以及儀化宇輝產品的最終用途的變化;公司客戶的財務狀況;重要客戶或品牌合作伙伴的流失;自然災害、工業事故、電力或水資源短缺;極端天氣條件以及我們某個設施發生的其他干擾;由於災害性或非凡事件(包括但不限於流行病或大流行病)導致的營運、全球需求或財務績效的中斷;公司戰略業務舉措的成功;金融和信貸市場的波動,包括反對方風險(例如存款集中和最近存款者的情緒和活動)的影響;履行負債和資金支出以及戰略業務舉措的能力;以合理條件獲得和獲得信貸的能力;外匯兌換、利息和通脹率的變動;生產成本的波動;保護知識產權的能力;我們品牌的實力和聲譽;僱員關係;吸引、保留和激勵關鍵員工的能力;氣候變化或環境、健康和安全法規的影響;稅法的影響,對稅法的司法或行政解釋和/或這些法律或解釋的變化。所有這些因素均難以預測,包含可能對實際結果產生重大影響的不確定性,並可能超出我們的控制範圍。新因素不時出現,管理層無法預測所有這些因素,也無法評估每個因素對公司的影響。任何前瞻性聲明僅在發表該聲明的日期時有效,我們不承擔更新任何前瞻性聲明以反映該聲明發表日期後發生的事件或情況的任何義務,除非《聯邦證券法》可能要求。上述及其他風險和不確定性的描述可在公司最近的《Form 10-K年度報告》中找到,其他風險或不確定性可能不時在公司按照1934年修訂版的《證券交易法》向證券交易委員會提交的其他報告中描述。非GAAP財務指標某些非GAAP財務指標旨在補充按照GAAP提供的財務信息,這些非GAAP財務指標包括利息、稅收、折舊和攤銷前(EBITDA)、調整後EBITDA、調整後淨(虧損)收入、調整後每股收益、調整後工作資本和淨債務(統稱「非GAAP財務指標」)。非GAAP財務指標未按照GAAP確定,不應視爲根據GAAP確定的績效指標的替代品。非GAAP財務指標的計算是主觀的,基於管理層對哪些項目應包含或排除以提供業務基礎營運績效最合理和可比看法的信念。公司可能不時修改用於確定其非GAAP財務指標的金額。我們相信這些非GAAP財務指標更好地反映了公司的基本業務和績效,並且作爲運營績效指標使用,爲投資者和分析師提供了一種不受資本結構、資本投資週期和相關資產年齡差異影響的操作結果指標,可以比較其他公司。在評價非GAAP財務指標時,投資者應注意,將來,我們可能發生與此處包括的調整類似的費用。我們對非GAAP財務指標的彙報不應被解釋爲指示我們的未來結果不會受到不尋常或非經常性項目的影響。每個我們的非GAAP財務指標作爲分析工具都有其侷限性,您不應僅作爲分析我們根據GAAP報告的結果或現金流量科目,而應使用這些指標作爲附加信息。其中一些限制是:(i)它沒有調整所有反映在我們現金流量表中的非現金收入或支出物品;(ii)它不反映因我們認爲不反映我們持續經營的事項而產生的收益或費用的影響;(iii)它不反映我們的營運資本需求的變化或現金要求;(iv)它不反映支付我們的債務所需的現金要求;(v)它不反映用於進行資本支出或履行合同承諾的未來要求;(vi)它不反映轉移我們子公司的收益的限制或相關成本;以及(vii)我們行業中的其他公司可能以與我們不同的方式計算這一指標,這限制了它作爲比較指標的效用。由於這些限制,這些非GAAP財務指標不應被視爲衡量我們可用於投資業務增長的自由現金或作爲衡量可用於履行我們義務的現金的指標。您應該通過主要依賴我們的GAAP結果並將這些指標僅用作補充信息來彌補這些侷限。
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