- On reports strong results for the first nine months of 2023,
reaching CHF 1,345.0 million in net sales YTD. Q3 2023 net sales
increased by 46.5%, or by approximately 58% on a constant currency
basis when compared to the same period in 2022. Growth in the
three-month period was driven by On's direct-to-consumer (“DTC”)
channel, recording a growth of 54.6% when compared to the same
period in 2022, reflecting the strength of the On brand and ongoing
ambition for DTC to outgrow wholesale.
- Q3 2023 presents On's strongest quarter in history across
numerous measures. Net sales of CHF 480.5 million, net income of
CHF 58.7 million, adjusted EBITDA of CHF 81.3 million, as well as a
significant positive cash flow offer a showcase of On's ambition to
combine strong growth with attractive and increasing
profitability.
- On reaches its highest gross profit margin since its IPO two
years ago, increasing to 59.9% in the third quarter 2023 from 57.1%
in the comparable period in 2022. The increase was driven by the
continued high full-price sales, the increased DTC share versus the
prior year comparison period, favorable freight and FX rates, as
well as the discontinuation of extraordinary airfreight usage.
- Based on the strong results in the first nine months of 2023
and the confidence in the ongoing strength and demand for the On
brand, On is raising its previous net sales outlook for the full
year 2023 to CHF 1.79 billion. In addition, On now expects to reach
a higher gross profit margin of at least 59.0% for the full year
2023, while maintaining the outlook for a 15.0% adjusted EBITDA
margin.
- Supported by exceptional athlete successes, the On brand
continues to gain popularity and performance credibility across the
globe. A highlight in recent weeks was Hellen Obiri's win at the
New York City Marathon, becoming the first woman in 34 years to win
the marathon in New York and Boston in the same season. In
addition, On athletes and tennis sensations Iga Świątek and Ben
Shelton each finished off their season with a tournament victory,
in Iga's case reclaiming the women's world number 1 position.
On Holding AG (NYSE: ONON) (“On,” “On Holding AG,” the
“Company,” “we,” “our,” “ours,” or “us”), has announced its
financial results for the third quarter and nine-month period ended
September 30, 2023.
Martin Hoffmann, Co-CEO and CFO of On, said: “The third quarter
has not only been the seventh consecutive record top-line quarter,
but also our most successful quarter in history across numerous
measures. We are extremely grateful for the hard work that our team
is putting behind our joint mission. The brand momentum for On’s
footwear, apparel and accessories continues to convert into high
sales growth across all channels. We are planning to add less
additional wholesale doors in the future and to focus on our
existing wholesale partners and our own DTC channels, E-com and own
retail. With the increased outlook for the full year 2023 and our
recently announced Dream On vision for 2026, we are heading into
the holiday season with a lot of confidence and are very excited
for the road ahead."
Caspar Coppetti, Co-Founder and Executive Co-Chairman of On,
said: “We are thrilled about the ongoing strength and momentum of
the On brand as we follow our vision to be the most premium global
sportswear brand. Innovation and performance are at the core of On,
and we are extremely excited about how these elements have once
again come to life in the third quarter. We've seen exceptional On
athlete performances on the streets, trails, tracks and tennis
courts, alongside a number of innovative and exciting product
launches. Hellen Obiri's win at the New York City Marathon was of
course a huge highlight, and makes our team even more excited for
the Paris Olympics 2024."
Third Quarter 2023 Financial and Operating Metrics
Key highlights for the three-month period ended September 30,
2023 compared to the three-month period ended September 30, 2022
include:
- net sales increased 46.5% to CHF 480.5 million;
- net sales through the direct-to-consumer (“DTC”) sales channel
increased 54.6% to CHF 164.7 million;
- net sales through the wholesale sales channel increased 42.6%
to CHF 315.7 million;
- net sales in Europe, Middle East and Africa (“EMEA”), Americas
and Asia-Pacific increased 19.9% to CHF 144.0 million, 60.5% to CHF
294.9 million and 71.5% to CHF 41.6 million, respectively;
- net sales from shoes, apparel and accessories increased 47.0%
to CHF 456.9 million, 31.8% to 20.1 million and 84.2% to 3.5
million, respectively;
- gross profit increased 53.5% to CHF 287.7 million from CHF
187.4 million;
- gross profit margin increased to 59.9% from 57.1%;
- net income increased 184.4% to CHF 58.7 million from CHF 20.6
million;
- net income margin increased to 12.2% from 6.3%;
- basic earnings per share (“EPS”) Class A (CHF) increased to CHF
0.18 from CHF 0.07;
- diluted EPS Class A (CHF) increased to CHF 0.18 from CHF
0.06;
- adjusted EBITDA increased 44.3% to CHF 81.3 million from CHF
56.3 million;
- adjusted EBITDA margin decreased to 16.9% from 17.2%;
- adjusted net income increased to CHF 65.5 million from CHF 22.3
million;
- adjusted basic EPS Class A (CHF) increased to CHF 0.21 from CHF
0.07; and
- adjusted diluted EPS Class A (CHF) increased to CHF 0.20 from
CHF 0.07.
Key highlights for nine-month period ended September 30, 2023
compared to the nine-month period ended September 30, 2022
include:
- net sales increased 57.2% to CHF 1,345.0 million;
- net sales through the DTC sales channel increased 57.4% to CHF
465.2 million;
- net sales through the wholesale sales channel increased 57.2%
to CHF 879.8 million;
- net sales in EMEA, Americas and Asia-Pacific increased 31.3% to
CHF 376.3 million, 68.9% to CHF 861.7 million and 82.7% to CHF
107.0 million, respectively;
- net sales from shoes, apparel and accessories increased 57.9%
to CHF 1,285.6 million, 40.9% to CHF 50.4 million and 60.9% to CHF
8.9 million, respectively
- gross profit increased 69.5% to CHF 797.1 million from CHF
470.3 million;
- gross profit margin increased to 59.3% from 55.0%;
- net income increased 26.4% to CHF 106.3 million from CHF 84.1
million;
- net income margin decreased to 7.9% from 9.8%;
- basic EPS Class A (CHF) increased to CHF 0.33 from CHF
0.27;
- diluted EPS Class A (CHF) increased to CHF 0.33 from CHF
0.26;
- adjusted EBITDA increased 98.1% to CHF 205.0 million from CHF
103.5 million;
- adjusted EBITDA margin increased to 15.2% from 12.1%;
- adjusted net income increased 50.0% to CHF 126.1 million from
CHF 84.1 million;
- adjusted basic EPS Class A (CHF) increased to CHF 0.40 from CHF
0.27; and
- adjusted diluted EPS Class A (CHF) increased to CHF 0.39 from
CHF 0.26.
Key highlights as of September 30, 2023 compared to December 31,
2022 included:
- cash and cash equivalents increased by 16.4% to CHF 432.0
million from CHF 371.0 million; and
- net working capital was CHF 581.7 million as of September 30,
2023, which reflects an increase of 26.7% compared to December 31,
2022.
Adjusted EBITDA, adjusted EBITDA margin, adjusted net income,
adjusted basic EPS, adjusted diluted EPS and net working capital
are non-IFRS measures used by us to evaluate our performance.
Furthermore, we believe adjusted EBITDA, adjusted EBITDA margin,
adjusted net income, adjusted basic EPS, adjusted diluted EPS and
net working capital enhance investor understanding of our financial
and operating performance from period to period because they
enhance the comparability of results between each period, help
identify trends in operating results and provide additional insight
and transparency on how management evaluates the business. Adjusted
EBITDA, adjusted EBITDA margin, adjusted net income, adjusted basic
EPS, adjusted diluted EPS and net working capital should not be
considered in isolation or as a substitute for other financial
measures calculated and presented in accordance with IFRS. For a
detailed description and a reconciliation to the nearest IFRS
measure, see the section below titled “Non-IFRS Measures”.
Outlook
Supported by the continuously increasing popularity and
awareness of the On brand, On has achieved three record quarters in
the first nine months of 2023 and a YTD net sales growth rate of
57.2%. On is heading into the holiday season with confidence in the
strength of the On brand and in the strength of our products.
Following On's outperformance versus expectations, as well as
the visibility into the fourth quarter, On is increasing its net
sales outlook for the year ending December 31, 2023 by CHF 30
million, and now expects to reach CHF 1.79 billion, implying a
full-year growth rate of over 46%. The updated outlook further
implies a reported growth rate of 21% in the fourth quarter of 2023
(over 30% on a constant currency basis), which will again be driven
by On's DTC channel. Due to a number of transitory impacts, On
anticipates a fourth quarter wholesale growth rate of high single
digits. These transitory impacts include the early holiday shipment
of some wholesale orders recorded in the third quarter of 2023,
resulting in an element of pull forward of Q4 volumes. In addition,
the fourth quarter will see the initial impacts of the announced
strategic wholesale door closures in the EMEA region. Finally,
wholesale volumes in the prior year period had further been shifted
to the fourth quarter given a disruption of operations in the third
quarter of 2022, resulting in a more challenging comparison period
for the fourth quarter.
Going forward, the ability for DTC to outgrow wholesale on an
ongoing basis will be driven by the strength of On's existing own
channels, supported by On's accelerated rollout of its own retail
store concepts, as announced at the recent Investor Day. In
addition, the trend will be supported by the lower number of new
wholesale channel door additions in relation to the overall door
count, implying reduced incremental growth from new wholesale
channel doors.
The higher DTC share, alongside On's premium positioning and
ongoing high full-price share will further support the achievement
of higher gross profit margins in the future. The very strong gross
profit margin YTD, as well as the outlook for a further increase in
DTC share in the fourth quarter, gives On additional confidence to
exceed its previously stated gross profit margin ambition for the
full year 2023. On now expects to reach at least 59.0% gross profit
margin for the year, with the ability to drive beyond this
threshold in case of a continued favorable environment.
The increased net sales and gross profit margin outlook allow On
to invest in additional brand building opportunities in the fourth
quarter, while maintaining the full year outlook on adjusted EBITDA
margin at 15.0%.
Other than with respect to IFRS net-sales and gross profit
margin, On only provides guidance on a non-IFRS basis. The Company
does not provide a reconciliation of forward-looking adjusted
EBITDA to IFRS net income due to the inherent difficulty in
forecasting and quantifying certain amounts that are necessary for
such reconciliation. As a result, we are not able to forecast with
reasonable certainty all deductions needed in order to provide a
reconciliation to net income. The above outlook is based on current
market conditions and reflects the Company’s current and
preliminary estimates of market and operating conditions and
customer demand, which are all subject to change. Actual results
and the timing of events could differ materially from those
anticipated in these forward-looking statements as a result of
risks and uncertainties, including those stated below and in our
filings with the U.S. Securities and Exchange Commission (the
"SEC").
High-res images available for download here.
Conference Call Information
A conference call to discuss third quarter results is scheduled
for November 14, 2023 at 8 a.m. U.S. Eastern time (2 p.m. Central
European Time). Those interested in participating in the call are
invited to dial the following numbers:
United States: +1 646 307 19 63 United Kingdom: +44 203 481 42
47 Switzerland: +41 43 210 51 63
No access code necessary.
Additionally, a live webcast of the conference call will be
available on the Company's investor relations website and under the
following link. Following the conclusion of the call, a replay of
the conference call will be available on the Company's website.
About On
On was born in the Swiss Alps with one goal: to revolutionize
the sensation of running by empowering all to run on clouds.
Thirteen years after market launch, On delivers industry-disrupting
innovation in premium footwear, apparel, and accessories for
high-performance running, outdoor, training, all-day activities and
tennis. Fueled by customer-recommendation, On’s award-winning
CloudTec® innovation, purposeful design and groundbreaking strides
in sportswear’s circular economy have attracted a fast-growing
global fanbase — inspiring humans to explore, discover and Dream
On.
On is present in more than 60 countries globally and engages
with a digital community on www.on.com.
Non-IFRS Measures
Adjusted EBITDA, adjusted EBITDA margin, adjusted net income,
adjusted basic EPS, adjusted diluted EPS and net working capital
are financial measures that are not defined under IFRS. We use
these non-IFRS measures when evaluating our performance, including
when making financial and operating decisions, and as a key
component in the determination of variable incentive compensation
for employees. We believe that, in addition to conventional
measures prepared in accordance with IFRS, these non-IFRS measures
enhance investor understanding of our financial and operating
performance from period to period, because they enhance the
comparability of results between each period, help identify trends
in operating results and provide additional insight and
transparency on how management evaluates the business. In
particular, we believe adjusted EBITDA, adjusted EBITDA margin,
adjusted net income and net working capital are measures commonly
used by investors to evaluate companies in the sportswear
industry.
However, adjusted EBITDA, adjusted EBITDA margin, adjusted net
income, adjusted basic EPS, adjusted diluted EPS and net working
capital should not be considered in isolation or as a substitute
for other financial measures calculated and presented in accordance
with IFRS and may not be comparable to similarly titled non-IFRS
measures used by other companies. The tables below reconcile each
non-IFRS measure to its most directly comparable IFRS measure.
As noted above, we do not provide a reconciliation of
forward-looking adjusted EBITDA to IFRS net income due to the
inherent difficulty in forecasting and quantifying certain amounts
that are necessary for such reconciliation. The amount of these
deductions may be material and, therefore, could result in
projected net income being materially less than projected adjusted
EBITDA. These statements represent forward-looking information and
may represent a financial outlook, and actual results may vary.
Please see the risks and assumptions referred to in the
Forward-Looking Statements section of this news release.
We also present certain information related to our current
period results of operations through “constant currency,” which is
a non-IFRS financial measure and should be viewed as a supplement
to our results of operations under IFRS. Constant currency
represents current period results that have been retranslated using
exchange rates used in the prior year comparative period to enhance
the visibility of the underlying business trends excluding the
impact of foreign currency exchange rate fluctuations.
Forward-Looking Statements
This press release includes estimates, projections, statements
relating to the Company's business plans, objectives, and expected
operating results that are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995,
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. In many cases, you can identify
forward-looking statements by terms such as "may," "will,"
"should," "expects," "plans," "anticipates," "outlook," "believes,"
"intends," "estimates," "predicts," "potential" or the negative of
these terms or other comparable terminology. These forward-looking
statements also include the Company's guidance and outlook
statements. These statements are based on management's current
expectations but they involve a number of risks and uncertainties.
Actual results and the timing of events could differ materially
from those anticipated in the forward-looking statements as a
result of risks and uncertainties, which include, without
limitation: the strength of our brand and our ability to maintain
our reputation and brand image; our ability and the ability of our
independent manufacturers and other suppliers to follow responsible
business practices; our ability to implement our growth strategy;
the concentration of our business in a single, discretionary
product category, namely footwear, apparel and accessories; our
ability to continue to innovate and meet consumer expectations;
changes in consumer tastes and preferences including in products
and sustainability, and our ability to connect with our consumer
base; our generation of net losses in the past and potentially in
the future; our limited operating experience in new markets; our
ability to open new stores at locations that will attract customers
to our premium products; our ability to compete and conduct our
business in the future; health epidemics, pandemics and similar
outbreaks, including the COVID-19 pandemic; general economic,
political, demographic and business conditions worldwide, including
geopolitical uncertainty and instability, such as the
Russia-Ukraine conflict; the success of operating initiatives,
including advertising and promotional efforts and new product and
concept development by us and our competitors; our ability to
strengthen our DTC channel; our ability to execute on our
sustainability strategy and achieve our sustainability-related
goals and targets, including sustainable product offerings; our
third-party suppliers, manufacturers and other partners, including
their financial stability and our ability to find suitable partners
to implement our growth strategy; supply chain disruptions,
inflation and increased costs in supplies, goods and
transportation; the availability of qualified personnel and the
ability to retain such personnel, including our extended founder
team; our ability to accurately forecast demand for our products
and manage product manufacturing decisions; our ability to
distribute products through our wholesale channel; changes in
commodity, material, labor, distribution and other operating costs;
our international operations; our ability to protect our
intellectual property and defend against allegations of violations
of third-party intellectual property by us; security breaches and
other disruptions to our IT systems; increased hacking activity
against the critical infrastructure of any nation or organization
that retaliates against Russia for its invasion of Ukraine; our
reliance on complex IT systems; financial accounting and tax
matters; any material weaknesses identified in our internal control
over financial reporting and remediation efforts; the potential
impact of, and our compliance with, new and existing laws and
regulations; other factors that may affect our financial condition,
liquidity and results of operations; and other risks and
uncertainties set out in filings made from time to time with the
SEC and available at www.sec.gov, including, without limitation,
our most recent reports on Form 20-F and Form 6-K. You are urged to
consider these factors carefully in evaluating the forward-looking
statements contained herein and are cautioned not to place undue
reliance on such forward-looking statements, which are qualified in
their entirety by these cautionary statements. The forward-looking
statements made herein speak only as of the date of this press
release and the Company undertakes no obligation to publicly update
such forward-looking statements to reflect subsequent events or
circumstances, except as may be required by law.
Source: On Category: Earnings
Consolidated Financial
Information
Consolidated interim statements of
income
(unaudited)
Three-month period ended
September 30,
Nine-month period ended
September 30,
(CHF in millions)
2023
2022
2023
2022
Net sales
480.5
328.0
1,345.0
855.4
Cost of sales
(192.8)
(140.6)
(547.9)
(385.0)
Gross profit
287.7
187.4
797.1
470.3
Selling, general and administrative
expenses
(229.9)
(146.7)
(657.6)
(399.9)
Operating result
57.8
40.7
139.5
70.4
Financial income
1.0
1.9
7.3
3.3
Financial expenses
(3.2)
(2.5)
(6.8)
(5.5)
Foreign exchange result
13.8
(15.3)
(25.9)
34.1
Income before taxes
69.3
24.7
114.1
102.3
Income tax expense
(10.6)
(4.1)
(7.7)
(18.2)
Net income
58.7
20.6
106.3
84.1
Earnings per share
Basic EPS Class A (CHF)
0.18
0.07
0.33
0.27
Basic EPS Class B (CHF)
0.02
0.01
0.03
0.03
Diluted EPS Class A (CHF)
0.18
0.06
0.33
0.26
Diluted EPS Class B (CHF)
0.02
0.01
0.03
0.03
Consolidated interim balance
sheets
(unaudited)
(CHF in millions)
9/30/2023
12/31/2022
Cash and cash equivalents
432.0
371.0
Trade receivables
256.9
174.6
Inventories
424.5
395.6
Other current financial assets
51.9
33.2
Other current operating assets
83.9
77.0
Current assets
1,249.3
1,051.5
Property, plant and equipment
86.6
77.2
Right-of-use assets
233.1
151.6
Intangible assets
65.6
70.3
Deferred tax assets
70.9
31.7
Non-current assets
456.1
330.9
Assets
1,705.4
1,382.4
Trade payables
99.8
111.0
Other current financial liabilities
47.8
31.2
Other current operating liabilities
180.7
81.7
Current provisions
9.1
5.0
Income tax liabilities
35.3
13.9
Current liabilities
372.6
242.7
Employee benefit obligations
4.9
6.3
Non-current provisions
8.8
7.2
Other non-current financial
liabilities
207.8
138.8
Deferred tax liabilities
17.7
17.9
Non-current liabilities
239.2
170.2
Share capital
33.5
33.5
Treasury shares
(26.4
)
(26.1
)
Capital reserves
1,125.4
1,105.1
Other reserves
(2.3
)
0.0
Accumulated losses
(36.6
)
(142.9
)
Equity
1,093.5
969.5
Equity and liabilities
1,705.4
1,382.4
Consolidated interim statements of cash
flows
(unaudited)
Nine-month period ended
September 30,
(CHF in millions)
2023
2022
Net income
106.3
84.1
Share-based compensation
14.8
2.7
Employee benefit expenses
(2.5
)
0.8
Depreciation and amortization
44.5
33.7
Loss on disposal of assets
0.4
1.8
Interest income and expenses
(3.1
)
1.1
Net exchange differences
18.8
(45.7
)
Income taxes
7.7
18.2
Change in provisions
5.6
(8.9
)
Change in working capital
(135.2
)
(186.1
)
Trade receivables
(85.1
)
(74.9
)
Inventories
(38.7
)
(123.0
)
Trade payables
(11.3
)
11.9
Change in other current assets /
liabilities
72.8
(34.6
)
Interests received
7.0
3.2
Income taxes paid
(26.5
)
(27.5
)
Cash inflow / (outflow) from operating
activities
110.7
(157.1
)
Purchase of tangible assets
(26.5
)
(43.7
)
Purchase of intangible assets
(2.6
)
(5.6
)
Cash (outflow) from investing
activities
(29.1
)
(49.3
)
Payments of lease liabilities
(16.2
)
(10.4
)
Proceeds on sale of treasury shares
related to share-based compensation
6.4
24.7
Interests paid
(3.8
)
(4.3
)
Cash inflow / (outflow) from financing
activities
(13.6
)
10.0
Change in net cash and cash
equivalents
68.0
(196.4
)
Net cash and cash equivalents at January
1
371.0
653.1
Net impact of foreign exchange rate
differences
(7.0
)
36.3
Net cash and cash equivalents at September
30
432.0
493.0
Reconciliation of Non-IFRS measures Adjusted EBITDA
and Adjusted EBITDA Margin
The table below reconciles net income to adjusted EBITDA for the
periods presented. Adjusted EBITDA margin is equal to adjusted
EBITDA for the period presented as a percentage of net sales for
the same period.
Three-month period ended
September
Nine-month period ended
September
(CHF in millions)
2023
2022
% Change
2023
2022
% Change
Net income
58.7
20.6
184.4
%
106.3
84.1
26.4
%
Exclude the impact of:
Income taxes
10.6
4.1
158.4
%
7.7
18.2
(57.5
)%
Financial income
(1.0
)
(1.9
)
(47.6
)%
(7.3
)
(3.3
)
123.6
%
Financial expenses
3.2
2.5
30.8
%
6.8
5.5
23.8
%
Foreign exchange result
(13.8
)
15.3
(190.0
)%
25.9
(34.1
)
175.9
%
Depreciation and amortization
16.6
13.7
20.7
%
44.5
33.7
32.3
%
Share-based compensation(1)
7.0
1.9
261.8
%
21.0
(0.6
)
3575.4
%
Adjusted EBITDA
81.3
56.3
44.3
%
205.0
103.5
98.1
%
Adjusted EBITDA Margin
16.9
%
17.2
%
(1.5
)%
15.2
%
12.1
%
26.0
%
(1)
Represents non-cash share-based
compensation expense.
Adjusted Net Income, Adjusted Basic EPS and Adjusted Diluted
EPS
We use adjusted net income, adjusted basic EPS and adjusted
diluted EPS as measures of operating performance in conjunction
with related IFRS measures.
Adjusted basic EPS is used in conjunction with other non-IFRS
measures and excludes certain items (as listed below) in order to
increase comparability of the metric from period to period, which
we believe makes it useful for management, our audit committee and
investors to assess our financial performance over time.
Diluted EPS is calculated by dividing net income by the weighted
average number of ordinary shares outstanding during the period on
a fully diluted basis. For the purpose of operational performance
measurement, we calculate adjusted net income, adjusted basic EPS
and adjusted diluted EPS in a manner that fully excludes the impact
of any costs related to share-based compensation and includes the
tax effect on the tax deductible portion of the non-IFRS
adjustments.
The table below provides a reconciliation between net income to
adjusted net income, adjusted basic EPS and adjusted diluted EPS
for the periods presented:
Three-month period ended
September 30,
(CHF in millions, except per share
data)
2023
2023
2022
2022
Class A
Class B
Class A
Class B
Net income
52.3
6.4
18.4
2.2
Exclude the impact of:
Share-based compensation(1)
6.2
0.8
1.7
0.2
Tax effect of adjustments(2)
(0.1
)
—
(0.3
)
—
Adjusted net income
58.4
7.1
19.9
2.4
Weighted number of outstanding
shares
284,492,782
345,437,500
282,649,491
345,437,500
Weighted number of shares with dilutive
effects
3,538,697
11,950,456
1,847,761
6,460,989
Weighted number of outstanding shares
(diluted and undiluted)(3)
288,031,479
357,387,956
284,497,253
351,898,489
Adjusted basic EPS (CHF)
0.21
0.02
0.07
0.01
Adjusted diluted EPS (CHF)
0.20
0.02
0.07
0.01
(1)
Represents non-cash share-based
compensation expense.
(2)
The tax effect has been calculated by
applying the local tax rate on the tax deductible portion of the
respective adjustments.
(3)
Weighted number of outstanding shares
(diluted and undiluted) are presented herein in order to calculate
Adjusted EPS as Adjusted net income for such periods.
Nine-month period ended
September 30,
(CHF in millions, except per share
data)
2023
2023
2022
2022
Class A
Class B
Class A
Class B
Net income
94.8
11.5
74.9
9.2
Exclude the impact of:
Share-based compensation(1)
18.7
2.3
(0.5
)
(0.1
)
Tax effect of adjustments(2)
(1.1
)
(0.1
)
0.5
0.1
Adjusted net income
112.4
13.7
74.9
9.2
Weighted number of outstanding
shares
284,083,292
345,437,500
281,890.71
345,437.50
Weighted number of shares with dilutive
effects
3,370,615
11,485,662
2,535.82
6,961.18
Weighted number of outstanding shares
(diluted and undiluted)(3)
287,453,907
356,923,162
284,426.53
352,398.68
Adjusted basic EPS (CHF)
0.40
0.04
0.27
0.03
Adjusted diluted EPS (CHF)
0.39
0.04
0.26
0.03
(1)
Represents non-cash share-based
compensation expense.
(2)
The tax effect has been calculated by
applying the local tax rate on the tax deductible portion of the
respective adjustments.
(3)
Weighted number of outstanding shares
(diluted and undiluted) are presented herein in order to calculate
Adjusted EPS as Adjusted net income for such periods.
Net Working Capital
Net working capital is a financial measure that is not defined
under IFRS. We use, and believe that certain investors and
analysts, use this information to assess liquidity and management
use of net working capital resources. We define net working capital
as trade receivables, plus inventories, minus trade payables. This
measure should not be considered in isolation or as a substitute
for any standardized measure under IFRS. Other companies in our
industry may calculate this measure differently than we do,
limiting its usefulness as a comparative measure.
As of September
As of December 31,
(CHF in millions)
2023
2022
% Change
Accounts receivables
256.9
174.6
47.1
%
Inventories
424.5
395.6
7.3
%
Trade payables
(99.8)
(111.0)
(10.1)
%
Net working capital
581.7
459.2
26.7
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231114205346/en/
Investors: On Holding AG Jerrit Peter
investorrelations@on.com or ICR, Inc. Brendon Frey
brendon.frey@icrinc.com
Media: On Holding AG Vesna Stimac press@on.com
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