Comparable Companies Analysis - Lululemon Athletica Inc.

($ USD in Millions Except Per Share Amounts in USD as Stated and Per Unit Amounts)
Lululemon - DCF Assumptions
Company Name Ticker Market Cap EV/Revenue EV/EBITDA
Under Armour NYSE: UAA 4,208.97 0.8 12.2
Ralph Lauren NYSE: RL 7,844.28 1.4 9.2
Levi Strauss NYSE: LEVI 7,036.11 1.4 9.6
VF Corp NYSE: VFC 10,206.13 1.5 11.7
Adidas ETR: ADS 28,246.34 1.3 10.2
Average 11,508.37 1.29 10.56

Implied EV: FY2022 Revenue FY2022 EBITDA

Lululemon 7,467.79 1,860.79 9,603.58 19,653.67
Comparable Companies Analysis - Lululemon Athletica Inc.
($ USD in Millions Except Per Share Amounts in USD as Stated and Per Unit Amounts)
Lululemon - DCF Assumptions
Target Buyer Year EV/EBITDA
Tiffany LVMH 2021 21.5
DTLR JD Sports 2021 10.9
Fox Head Vista Outdoors 2022 10.6
Claire's Shoes Elliott Management 2018 3.2
Amer Sports ANTA Sports 2019 15.1
Average 12.27

Implied EV: FY2022 EBITDA

Lululemon 1,685.22 20,670.88
DCF Analysis - Costco Wholesale Corporation
($ USD in Millions Except Per Share Amounts in USD as Stated and Per Unit Amounts)

Lululemon - DCF Assumptions

Company Name
Ticker

Effective Tax Rate

Discount Rate

Share Price
Outstanding Shares (in millions)

Current Equity Value:

(-) Cash & Investments:
(+) Debt:
(+) Preferred Stock:
(+) Noncontrolling Interests:
Current Enterprise Value:

Beta: Levered Beta Debt/Equity

Under Armour 1.52 0.37
Ralph Lauren 1.40 0.37
Levi Strauss 1.18 0.42
VF Corp 1.46 0.24
Average 1.39 0.35
Lululemon Beta

% Debt
Pre-Tax Cost of Debt:
% Equity
Cost of Equity
Risk-free Rate
Market Risk Premium
Leveraged Beta
Discount Rate (WACC):

Historicals:
Assumptions & Drivers: 2020 2021 2022

Revenue: 4,401.9 6,256.6 7,467.8

% Growth 42.14% 19.36%
 (-) COGS: 1,937.9 2,648.1 3,266.9
% Revenue 44.02% 42.32% 43.75%

(-) Operating Expenses: 1,651.3 2,233.8 2,605.1

% Revenue 37.51% 35.70% 34.88%

Operating Income (EBIT): 812.7 1,374.7 1,595.8

Net Operating Profit After Taxes (NOPAT): 812.7 1,374.7 1,595.8

(+) Depreciation & Amortization: 168.9 138.5 89.4

% PP&E 12.41% 9.35% 5.16%

(+/-) Net Change in Working Capital: (53.7) 31.7 (101.8)

% Revenue -1.22% 0.51% -1.36%

(-) Capital Expenditures: 288.1 389.2 427.3

% PP&E 21.16% 26.29% 24.68%

Unlevered Free Cash Flow:

PV (UFCF):
 Lululemon Terminal Value - Perpetuity Growth Method:
(NASDAQ: LULU)
Long-Term Growth Rate: 3.00%
WACC:
Terminal Value:

(+) PV of Terminal Value:

(+) PV of UFCFs:
Implied Enterprise Value:

(-) Cash & Investments:

(+) Debt:
(+) Preferred Stock:
(+) Noncontrolling Interests:
Implied Equity Value:

Implied Share Price from DCF: #DIV/0!

Unlevered Beta
1.11
1.02
0.83
1.18
1.03

1 2 3 4 5 6
Projected:
2023 2024 2025 2026 2027 2028

9,219.0 11,171.4 13,283.5 15,493.0 17,718.0 19,860.0

23.45% 21.18% 18.91% 16.63% 14.36% 12.09%
4,084.9 4,902.3 5,809.6 6,765.9 7,727.1 8,703.8
44.31% 43.88% 43.74% 43.67% 43.61% 43.83%

3,218.3 3,909.0 4,675.0 5,495.5 6,227.7 6,966.8

34.91% 34.99% 35.19% 35.47% 35.15% 35.08%

1,915.8 2,360.1 2,798.9 3,231.7 3,763.2 4,189.4

1,915.8 2,360.1 2,798.9 3,231.7 3,763.2 4,189.4

250.2 347.5 405.4 517.1 672.8 915.1

12.09% 11.91% 10.19% 9.74% 9.82% 10.75%

1,035.2 (129.2) (250.1) (212.9) (198.1) (325.4)

11.23% -1.16% -1.88% -1.37% -1.12% -1.64%

1,098.4 1,409.9 1,734.1 2,060.7 2,334.1 2,495.1

53.08% 48.33% 43.57% 38.82% 34.06% 29.31%
 Terminal Value - Exit Multiple Approach:

Terminal EBITDA:
Exit Multiple:
Terminal Value:

(+) PV of Terminal Value:

(+) PV of UFCFs:
Implied Enterprise Value:

(+) Cash & Investments:

(-) Debt:
(+) Preferred Stock:
(+) Noncontrolling Interests:
Implied Equity Value:

Implied Share Price from DCF: #DIV/0!

7 8 9 10

2029 2030 2031 2032

21,809.6 23,455.0 24,691.6 25,432.4

9.82% 7.54% 5.27% 3.00%
9,561.2 10,264.1 10,800.3 11,124.5
43.84% 43.76% 43.74% 43.74%

7,662.0 8,248.8 8,691.0 8,952.0

35.13% 35.17% 35.20% 35.20%

4,586.5 4,942.1 5,200.3 5,355.9

4,586.5 4,942.1 5,200.3 5,355.9

1,057.9 1,173.8 1,286.8 1,361.2

10.48% 10.19% 10.20% 10.29%

95.7 (158.1) (137.3) (74.0)

0.44% -0.67% -0.56% -0.29%

2,478.2 2,279.5 1,898.3 1,361.2

24.55% 19.80% 15.04% 10.29%
Costco Wholesale Corporation (NasdaqGS: COST > Financials > Income Statement
In Millions of the reported currency, except per share items. Template: Standard Restatement: Latest Filings
Period Type: Annual Order: Latest on Right
Currency: Reported Currency Conversion: Historical
Units: S&P Capital IQ (De Decimals: Capital IQ (Default)
Source: Capital IQ & Propr

Income Statement
For the Fiscal Period Ending
2017 2018 2019 2020 2021 2022

Revenue 2,649.2 3,288.3 3,979.3 4,401.9 6,256.6 7,467.8

Growth % - 24.13% 21.01% 10.62% 42.14% 19.36%
Total Revenue 2,649.2 3,288.3 3,979.3 4,401.9 6,256.6 7,467.8

Cost Of Goods Sold 1,241.7 1,472.0 1,755.9 1,937.9 2,648.1 3,266.9

% of Revenue 46.87% 44.77% 44.13% 44.02% 42.32% 43.75%
Gross Profit 1,407.5 1,816.3 2,223.4 2,464.0 3,608.6 4,200.9

Selling General & Admin Exp. 911.6 1,110.4 1,334.2 1,646.1 2,225.0 2,596.3
% of Revenue 34.41% 33.77% 33.53% 37.40% 35.56% 34.77%
R & D Exp. - - - - - -
Depreciation & Amort. - - - - - -
Amort. of Goodwill and Intangibles - 0.1 0.0 5.2 8.8 8.8
Other Operating Expense/(Income) - - - - - -

Other Operating Exp., Total 911.6 1,110.5 1,334.3 1,651.3 2,233.8 2,605.1

Operating Income 495.9 705.8 889.1 812.7 1,374.7 1,595.8

% Operating Margin 18.72% 21.46% 22.34% 18.46% 21.97% 21.37%

Interest Expense - - - - - -
Interest and Invest. Income - - - - - -
Net Interest Exp. - - - - - -

Currency Exchange Gains (Loss) (6.8) - - - - -

Other Non-Operating Inc. (Exp.) 18.1 9.4 8.3 (0.6) 0.5 0.6
EBT Excl. Unusual Items 507.2 715.3 897.4 812.1 1,375.3 1,596.4

Restructuring Charges (47.2) - - - - -

Merger & Related Restruct. Charges - - - (29.8) (41.4) (1.5)
Impairment of Goodwill - - - - - -
Gain (Loss) On Sale Of Assets - - - - - 10.2
Other Unusual Items - - - 37.1 - -
EBT Incl. Unusual Items 460.0 715.3 897.4 819.4 1,333.9 1,605.2

Income Tax Expense 201.3 231.4 251.8 230.4 358.5 435.7

Tax Rate 44% 32% 28% 28% 27% 27%
Earnings from Cont. Ops. 258.7 483.8 645.6 588.9 975.3 1,169.5

Earnings of Discontinued Ops. - - - - - -

Extraord. Item & Account. Change - - - - - -
Net Income to Company 258.7 483.8 645.6 588.9 975.3 1,169.5

Minority Int. in Earnings - - - - - -

Net Income 258.7 483.8 645.6 588.9 975.3 1,169.5

Pref. Dividends and Other Adj. - - - - - -

NI to Common Incl Extra Items 258.7 483.8 645.6 588.9 975.3 1,169.5
NI to Common Excl. Extra Items 258.7 483.8 645.6 588.9 975.3 1,169.5

Per Share Items

Basic EPS $1.9 $3.63 $4.95 $4.52 $7.52 $9.13
Basic EPS Excl. Extra Items 1.9 3.63 4.95 4.52 7.52 9.13
Weighted Avg. Basic Shares Out. 136.0 133.4 130.4 130.3 129.8 128.1

Diluted EPS $1.9 $3.61 $4.93 $4.5 $7.49 $9.11

Diluted EPS Excl. Extra Items 1.9 3.61 4.93 4.5 7.49 9.11
Weighted Avg. Diluted Shares Out. 136.2 134.0 131.0 130.9 130.3 128.4

Normalized Basic EPS $2.33 $3.35 $4.3 $3.9 $6.62 $7.79

Normalized Diluted EPS 2.33 3.34 4.28 3.88 6.6 7.77

Dividends per Share NA NA NA NA NA NA

Supplemental Items
EBITDA 600.4 828.3 1,051.0 998.2 1,599.0 1,869.6
EBITA 495.9 705.9 889.1 817.9 1,383.5 1,604.6
EBIT 495.9 705.8 889.1 812.7 1,374.7 1,595.8
EBITDAR 747.7 1,003.0 1,307.7 1,264.4 1,917.7 NA
Effective Tax Rate % 43.8% 32.4% 28.1% 28.1% 26.9% 27.1%
Current Domestic Taxes 91.3 89.4 57.2 10.5 43.3 43.3
Current Foreign Taxes 109.3 123.1 170.2 185.8 322.1 322.1
Total Current Taxes 200.6 212.5 227.4 196.3 365.4 365.4
Deferred Domestic Taxes 18.4 (21.6) (5.8) 25.7 6.9 6.9
Deferred Foreign Taxes (17.7) 40.6 30.2 8.4 (13.8) (13.8)
Total Deferred Taxes 0.7 19.0 24.4 34.1 (6.9) (6.9)

Normalized Net Income 317.0 447.0 560.9 507.6 859.5 997.8

Filing Date Mar-26-2020 Mar-30-2021 Mar-29-2022 Mar-29-2022 Mar-29-2022 Dec-08-2022
Restatement Type NC RC RC NC O O
Calculation Type REP REP REP REP REP LTM

Supplemental Operating Expense Items

Net Rental Exp. 147.3 174.7 256.7 266.2 318.8 NA

Stock-Based Comp., SG&A Exp. - 29.6 46.1 56.6 69.1 76.7

Stock-Based Comp., Unallocated 17.6 - - - - -
Stock-Based Comp., Total 17.6 29.6 46.1 56.6 69.1 76.7

Note: For multiple class companies, per share items are primary class equivalent, and for foreign companies listed as primary ADRs, per share items are ADR-equivalent.
 2023 2024 2025 2026 2027 2028 2029 2030 2031

9,219.02 11,171.44 13,283.49 15,493.01 17,718.02 19,859.96 21,809.57 23,455.00 24,691.61

23.45% 21.18% 18.91% 16.63% 14.36% 12.09% 9.82% 7.54% 5.27%
9,219.02 11,171.44 13,283.49 15,493.01 17,718.02 19,859.96 21,809.57 23,455.00 24,691.61

4,084.9 4,902.3 5,809.6 6,765.9 7,727.1 8,703.8 9,561.2 10,264.1 10,800.3

44.31% 43.88% 43.74% 43.67% 43.61% 43.83% 43.84% 43.76% 43.74%
5,134.12 6,269.12 7,473.89 8,727.15 9,990.94 11,156.13 12,248.42 13,190.89 13,891.36

3,217.93 3,908.65 4,674.64 5,495.10 6,227.36 6,966.43 7,661.61 8,248.41 8,690.66

34.91% 34.99% 35.19% 35.47% 35.15% 35.08% 35.13% 35.17% 35.20%
- - - - - - - - -
- - - - - - - - -

- - - - - - - - -

3,218.28 3,909.00 4,674.99 5,495.46 6,227.71 6,966.78 7,661.97 8,248.77 8,691.01

1,915.84 2,360.11 2,798.90 3,231.70 3,763.22 4,189.36 4,586.45 4,942.12 5,200.34

20.72% 21.06% 20.99% 20.76% 21.14% 21.01% 20.95% 20.98% 20.97%

- - - - - - - - -
- - - - - - - - -
0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
1,915.8 2,360.1 2,798.9 3,231.7 3,763.2 4,189.4 4,586.5 4,942.1 5,200.3

0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
1,915.84 2,360.11 2,798.90 3,231.70 3,763.22 4,189.36 4,586.45 4,942.12 5,200.34

594.97 682.94 793.94 918.37 1,071.25 1,203.63 1,329.87 1,416.03 1,487.55

 31% 29% 28% 28% 28% 29% 29% 29% 29%
1,320.86 1,677.18 2,004.96 2,313.33 2,691.97 2,985.72 3,256.59 3,526.10 3,712.80

0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
1,320.86 1,677.18 2,004.96 2,313.33 2,691.97 2,985.72 3,256.59 3,526.10 3,712.80

0 0 0 0 0 0 0 0 0
1,320.86 1,677.18 2,004.96 2,313.33 2,691.97 2,985.72 3,256.59 3,526.10 3,712.80
alent.
 2032

25,432.36
3.00%
25,432.36

11,124.5
43.74%
14,307.88

8,951.62
35.20%
-
-

8,951.97

5,355.92
20.97%

-
-
0

0
0
5,355.9

0
0
0
0
0
5,355.92

1,534.18
 29%
3,821.74

0
0
3,821.74

0
3,821.74
Lululemon Athletica Inc. (NasdaqGS:LULU) > Financials > Cash Flow
In Millions of the reported currency, except per share items. Template: Standard Restatement: Latest Filings
Period Type: Annual Order: Latest on Right
Currency: Reported Currency Conversion: Historical
Units: S&P Capital IQ (De Decimals: Capital IQ (Default)
Source: Capital IQ & Propr

Cash Flow
For the Fiscal Period Ending
2017 2018 2019 2020 2021 2022

Net Income 258.7 483.8 645.6 588.9 975.3 1,169.5

Depreciation & Amort. 104.5 122.4 161.9 180.3 215.4 265.0
Amort. of Goodwill and Intangibles - 0.1 0.0 5.2 8.8 8.8
Depreciation & Amort., Total 104.5 122.5 161.9 185.5 224.2 273.7

(Gain) Loss From Sale Of Assets - - - - - (10.2)

Asset Writedown & Restructuring Costs 15.3 - - - - -
Stock-Based Compensation 17.6 28.6 45.6 50.8 69.1 76.7
Other Operating Activities (11.4) (4.9) 10.3 25.7 (8.7) (58.3)
Change in Acc. Recievable
Change In Inventories (21.2) (85.9) (117.6) (96.5) (323.6) (866.8)
Change in Prepaid Expenses
Change in Other Current Assets
Change in Acc. Payable (1.6) 72.0 (14.8) 82.7 117.7 93.3
Change in Accrued Expenses
Change in Unearned Rev. 17.3 24.9 33.3 48.0 71.4 56.9
Change in Inc. Taxes 64.0 46.0 (69.9) (78.1) 140.9 (19.9)
Change in Other Current Liabiltiies
Change in Other Net Operating Assets 46.0 56.0 (25.0) (3.5) 122.8 (63.8)
Cash from Ops. 489.3 742.8 669.3 803.3 1,389.1 651.2

Capital Expenditure (157.9) (225.8) (283.0) (229.2) (394.5) (559.2)

Cash Acquisitions - - - (452.6) - -
Divestitures - - - - - -
Invest. in Marketable & Equity Securt. - - - - - -
Net (Inc.) Dec. in Loans Originated/Sold - - - - - -
Other Investing Activities (15.5) (17.0) 4.6 (13.7) (33.4) 57.9
Cash from Investing (173.4) (242.8) (278.4) (695.5) (427.9) (501.3)

Short Term Debt Issued - - - - - -

Long-Term Debt Issued - - - - - -
Total Debt Issued - - - - - -
Short Term Debt Repaid - - - - - -
Long-Term Debt Repaid - - - - - -
Total Debt Repaid - - - - - -
Issuance of Common Stock 5.6 17.7 18.2 15.3 18.2 10.8
Repurchase of Common Stock (103.5) (607.1) (195.3) (96.1) (862.4) (731.3)

Total Dividends Paid - - - - - -

Special Dividend Paid - - - - - -

Other Financing Activities - (0.7) - - (0.8) (0.8)
Cash from Financing (97.9) (590.2) (177.2) (80.8) (845.0) (721.2)

Foreign Exchange Rate Adj. 37.6 (19.0) (1.6) 30.0 (6.9) (69.6)
Net Change in Cash 255.7 (109.2) 212.2 57.0 109.4 (641.0)

Supplemental Items
Cash Interest Paid 0.0 1.4 0.3 0.1 0.0 0.0
Cash Taxes Paid 137.8 177.0 305.5 260.9 245.2 245.2
Levered Free Cash Flow 306.9 473.1 305.7 486.5 876.2 17.0
Unlevered Free Cash Flow 306.9 473.1 305.7 486.5 876.2 17.0
Change in Net Working Capital (32.7) (105.7) 175.0 34.3 (118.1) 771.7
Net Debt Issued NA NA NA NA NA NA
Filing Date Mar-26-2020 Mar-30-2021 Mar-29-2022 Mar-29-2022 Mar-29-2022 Dec-08-2022
Restatement Type NC NC NC NC O O
Calculation Type REP REP REP REP REP LTM
 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032

1,320.9 1,677.2 2,005.0 2,313.3 2,692.0 2,985.7 3,256.6 3,526.1 3,712.8 3,821.7
250.2 347.5 405.4 517.1 672.8 915.1 1057.9 1173.8 1286.8 1361.2

250.2 347.5 405.4 517.1 672.8 915.1 1057.9 1173.8 1286.8 1361.2

-7.7 -29.5 -27.5 -31.9 -22.6 -25.5 -20.9 -22.7 -15.8 -9.2
333.9 -346.4 -404.9 -441.5 -434.4 -424.0 -124.4 -315.0 -243.2 -146.2
-29.9 -40.6 -41.5 -47.8 -44.0 -30.2 -37.7 -33.4 -24.5 -14.7
47.0 (67.7) (93.3) (92.7) (49.6) (83.1) (32.3) (62.6) (48.5) (24.9)
(14.5) 98.4 84.4 116.9 80.4 50.6 55.2 75.0 51.6 31.6
113.8 137.2 136.7 150.7 139.3 109.9 130.2 109.7 79.3 47.0
115.3 58.9 61.6 68.8 54.6 53.2 80.7 47.6 35.1 20.7
20.9 31.1 7.0 32.7 55.5 (1.9) 24.1 20.6 12.9 12.6
0 0 0 0 0 0 0 0 0 0

2149.8 1865.9 2132.7 2585.6 3144.0 3549.8 4389.3 4519.2 4846.5 5099.7

-1098.4 -1409.9 -1734.1 -2060.7 -2334.1 -2495.1 -2478.2 -2279.5 -1898.3 -1361.2

-1098.4 -1409.9 -1734.1 -2060.7 -2334.1 -2495.1 -2478.2 -2279.5 -1898.3 -1361.2
1051.4 456.0 398.6 524.9 809.9 1054.7 1911.0 2239.7 2948.1 3738.5
 2017 2018 2019 2020 2021 2022
PP&E Beginning of Year 473.6 567.2 1361.4 1480.5 1731.3
(+) CapEx 155.1 910.6 288.1 389.2 427.3
(-) D&A 61.5 116.5 168.9 138.5 89.4
PP&E End of Year 473.642 567.2 1361.4 1480.5 1731.3 2069.2

Capex % of PP&E 33% 161% 21% 26% 25%

D&A % of PP&E 13% 21% 12% 9% 5%
 2023 2024 2025 2026 2027 2028 2029 2030
2069.2 2917.4 3979.8 5308.6 6852.2 8513.5 10093.5 11513.9
1098.4 1409.9 1734.1 2060.7 2334.1 2495.1 2478.2 2279.5
250.2 347.5 405.4 517.1 672.8 915.1 1057.9 1173.8
2917.4 3979.8 5308.6 6852.2 8513.5 10093.5 11513.9 12619.6

53% 48% 44% 39% 34% 29% 25% 20%

12% 12% 10% 10% 10% 11% 10% 10%
 2031 2032
12619.6 13231.2
1898.3 1361.2
1286.8 1361.2
13231.2 13231.2

15% 10%
10% 10%
Lululemon Athletica Inc. (NasdaqGS:LULU) > Financials > Balance Sheet
In Millions of the reported currency, except per share items. Template: Standard Restatement: Latest Filings
Period Type: Annual Order: Latest on Right
Currency: Reported Currency Conversion: Historical
Units: S&P Capital IQ (De Decimals: Capital IQ (Default)
Source: Capital IQ & Propr

Balance Sheet
For the Fiscal Period Ending
2017 2018 2019 2020 2021 2022
ASSETS
Cash And Equivalents 990.5 881.3 1,093.5 1,150.5 1,259.9 352.6
Total Cash & ST Investments 990.5 881.3 1,093.5 1,150.5 1,259.9 352.6

Accounts Receivable 19.2 35.8 40.2 62.4 77.0 96.2

Total Receivables 19.2 35.8 40.2 62.4 77.0 96.2

Inventory 329.6 404.8 518.5 647.2 966.5 1,741.7

Prepaid Exp. 40.2 57.4 64.6 82.2 140.9 136.6
Other Current Assets 56.8 49.9 91.1 182.1 170.6 307.0
Total Current Assets 1,436.3 1,429.3 1,807.9 2,124.4 2,614.9 2,634.2

Gross Property, Plant & Equipment 817.4 972.5 1,883.0 2,171.1 2,560.4 2,987.6
Accumulated Depreciation (343.7) (405.2) (521.7) (690.6) (829.1) (918.5)
Net Property, Plant & Equipment 473.6 567.2 1,361.4 1,480.5 1,731.3 2,069.2

Goodwill 24.6 - 24.2 386.9 386.9 386.5

Other Intangibles 0.1 26.6 0.2 154.7 160.6 169.9
Deferred Tax Assets, LT 32.5 26.5 31.4 6.7 6.1 5.6
Deferred Charges, LT - 9.3 - - - -
Other Long-Term Assets 31.4 25.7 56.2 32.0 42.8 44.0
Total Assets 1,998.5 2,084.7 3,281.4 4,185.2 4,942.5 5,309.4

LIABILITIES
Accounts Payable 24.6 95.5 80.0 172.2 289.7 300.9
Accrued Exp. 135.7 198.8 232.4 283.7 449.1 447.7
Curr. Port. of Leases - - 128.5 166.1 189.0 188.1
Curr. Income Taxes Payable 15.7 67.4 26.4 8.4 133.9 80.9
Unearned Revenue, Current 85.1 107.5 120.4 155.8 208.2 171.7
Other Current Liabilities 31.4 31.3 32.7 97.0 135.4 133.5
Total Current Liabilities 292.6 500.5 620.4 883.2 1,405.3 1,322.8

Long-Term Leases - - 611.5 632.6 692.1 850.4

Def. Tax Liability, Non-Curr. 1.3 14.2 43.4 58.8 53.4 50.9
Other Non-Current Liabilities 107.6 124.0 53.8 52.1 51.7 46.1
Total Liabilities 401.5 638.7 1,329.1 1,626.6 2,202.4 2,270.2
Common Stock 0.6 0.6 0.6 0.6 0.6 0.6
Additional Paid In Capital 284.3 315.3 355.5 388.7 422.5 455.4
Retained Earnings 1,455.0 1,346.9 1,820.6 2,346.4 2,512.8 2,875.0
Treasury Stock - - - - - -
Comprehensive Inc. and Other (142.9) (216.8) (224.6) (177.2) (195.9) (291.8)
Total Common Equity 1,597.0 1,446.0 1,952.2 2,558.6 2,740.0 3,039.2

Total Equity 1,597.0 1,446.0 1,952.2 2,558.6 2,740.0 3,039.2

Total Liabilities And Equity 1,998.5 2,084.7 3,281.4 4,185.2 4,942.5 5,309.4

Supplemental Items
Total Shares Out. on Filing Date 135.4 130.9 130.2 130.4 127.9 127.5
Total Shares Out. on Balance Sheet Date 135.4 130.9 130.3 130.4 128.5 127.5
Book Value/Share $11.79 $11.04 $14.98 $19.63 $21.32 $23.83
Tangible Book Value 1,572.3 1,419.3 1,927.8 2,017.0 2,192.5 2,482.8
Tangible Book Value/Share $11.61 $10.84 $14.79 $15.47 $17.06 $19.47
Total Debt 0 0 740.0 798.7 881.1 1,038.5
Net Debt (990.5) (881.3) (353.5) (351.8) (378.8) 685.9
Debt Equivalent Oper. Leases 1,178.5 1,397.5 2,053.5 2,129.7 2,550.1 NA
Inventory Method Avg Cost Avg Cost Avg Cost Avg Cost Avg Cost NA
Finished Goods Inventory 344.7 420.9 NA NA NA NA
Other Inventory Accounts NA NA 540.6 678.2 1,004.5 1,815.4
Land 83.0 78.6 71.8 74.3 74.3 69.2
Buildings 39.3 38.0 30.2 30.9 30.9 26.8
Machinery 168.3 188.3 224.5 250.7 278.7 309.8
Construction in Progress 51.3 74.3 40.9 69.8 163.4 208.6
Leasehold Improvements 301.4 362.6 489.2 583.3 676.8 743.8
Full Time Employees 13,400 15,700 19,000 25,000 29,000 NA
Filing Date Mar-26-2020 Mar-30-2021 Mar-29-2022 Mar-29-2022 Mar-29-2022 Dec-08-2022
Restatement Type NC NC NC NC O O
Calculation Type RUP RUP RUP REP REP REP

Note: For multiple class companies, total share counts are primary class equivalent, and for foreign companies listed as primary ADRs, total share counts are ADR-equivalent.

Key Drivers
Days Accounts Receivable 2.64 3.97 3.69 5.17 4.49 4.70
Inventory % COGS 27% 28% 30% 33% 36% 53%
Prepaid Expenses % Revenue 2% 2% 2% 2% 2% 2%
Other Current Assets % Revenue 2% 2% 2% 4% 3% 4%

Days Accounts Payable % COGS 7.24 23.69 16.63 32.44 39.94 33.62
Accrued Expenses % OpEx 15% 18% 17% 17% 20% 17%
Unearned Revenue % Revenue 3% 3% 3% 4% 3% 2%
Taxes Payable 3% 9% 3% 1% 10% 5%

Net Working Capital 1,143.68 928.81 1,187.52 1,241.20 1,209.52 1,311.35

Change in NWC 214.88 (258.72) (53.68) 31.68 (101.83)
 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032

1,404.0 1,860.1 2,258.6 2,783.5 3,593.5 4,648.2 6,559.2 8,798.8 11,747.0 15,485.4
1,404.0 1,860.1 2,258.6 2,783.5 3,593.5 4,648.2 6,559.2 8,798.8 11,747.0 15,485.4

103.9 133.3 160.9 192.8 215.4 241.0 261.9 284.6 300.4 309.6
103.9 133.3 160.9 192.8 215.4 241.0 261.9 284.6 300.4 309.6

1407.8 1754.3 2159.1 2600.6 3035.0 3458.9 3583.3 3898.4 4141.5 4287.7
166.49 207.11 248.65 296.44 340.40 370.57 408.28 441.67 466.15 480.82
260.08 327.74 421.06 513.81 563.39 646.52 678.87 741.48 789.94 814.88
1,834.39 2,289.12 2,828.83 3,410.87 3,938.77 4,476.03 4,670.48 5,081.50 5,397.60 5,583.45

2917.4 3979.8 5308.6 6852.2 8513.5 10093.5 11513.9 12619.6 13231.2 13231.2

2917.4 3979.8 5308.6 6852.2 8513.5 10093.5 11513.9 12619.6 13231.2 13231.2

386.5 386.5 386.5 386.5 386.5 386.5 386.5 386.5 386.5 386.5
169.9 169.9 169.9 169.9 169.9 169.9 169.9 169.9 169.9 169.9
5.6 5.6 5.6 5.6 5.6 5.6 5.6 5.6 5.6 5.6

44.0 44.0 44.0 44.0 44.0 44.0 44.0 44.0 44.0 44.0
6,865.75 8,868.44 11,163.02 13,845.49 16,867.21 20,064.76 23,611.54 27,390.57 31,282.17 35,215.71

286.42 384.80 469.18 586.11 666.47 717.12 772.29 847.30 898.85 930.41
561.49 698.64 835.32 986.04 1,125.36 1,235.28 1,365.51 1,475.25 1,554.51 1,601.46
188.1 188.1 188.1 188.1 188.1 188.1 188.1 188.1 188.1 188.1
101.80 132.88 139.89 172.57 228.05 226.12 250.26 270.85 283.70 296.27
286.92 345.81 407.37 476.18 530.78 583.96 664.62 712.22 747.35 768.07
133.5 133.5 133.5 133.5 133.5 133.5 133.5 133.5 133.5 133.5
1,558.28 1,883.80 2,173.42 2,542.56 2,872.32 3,084.13 3,374.33 3,627.26 3,806.06 3,917.86

850.4 850.4 850.4 850.4 850.4 850.4 850.4 850.4 850.4 850.4
50.9 50.9 50.9 50.9 50.9 50.9 50.9 50.9 50.9 50.9
46.1 46.1 46.1 46.1 46.1 46.1 46.1 46.1 46.1 46.1
2,505.68 2,831.19 3,120.82 3,489.96 3,819.71 4,031.53 4,321.73 4,574.66 4,753.46 4,865.26
 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6
455.4 455.4 455.4 455.4 455.4 455.4 455.4 455.4 455.4 455.4
4,879.91 7,193.24 9,885.21 12,870.94 16,127.52 19,653.62 23,366.42 27,188.16 Err:509 Err:509

(291.8) (291.8) (291.8) (291.8) (291.8) (291.8) (291.8) (291.8) (291.8) (291.8)
5,044.2 7,357.5 10,049.5 13,035.2 16,291.8 19,817.9 23,530.7 27,352.4 Err:509 Err:509

5,044.2 7,357.5 10,049.5 13,035.2 16,291.8 19,817.9 23,530.7 27,352.4 Err:509 Err:509

7,549.85 10,188.69 13,170.29 16,525.15 20,111.49 23,849.41 27,852.40 31,927.08 Err:509 Err:509

quivalent.

4.11 4.36 4.42 4.54 4.44 4.43 4.38 4.43 4.44 4.44
34% 36% 37% 38% 39% 40% 37% 38% 38% 39%
2% 2% 2% 2% 2% 2% 2% 2% 2% 2%
3% 3% 3% 3% 3% 3% 3% 3% 3% 3%

25.59 28.65 29.48 31.62 31.48 30.07 29.48 30.13 30.38 30.53
17% 18% 18% 18% 18% 18% 18% 18% 18% 18%
3% 3% 3% 3% 3% 3% 3% 3% 3% 3%
5% 6% 5% 5% 6% 5% 5% 5% 5% 6%

276.11 405.33 655.42 868.31 1,066.45 1,391.89 1,296.16 1,454.24 1,591.54 1,665.58
1,035.24 (129.22) (250.09) (212.89) (198.14) (325.44) 95.74 (158.08) (137.30) (74.05)
Lululemon Athletica Inc. (NasdaqGS:LULU) > Financials > Multiples
View: Data Frequency: Quarterly
Order: Latest on Right Decimals: Capital IQ (Default)
Dilution: Basic

In Millions of the reported currency, except per share items.

For Quarter Ending Dec-31-2021 Mar-31-2022 Jun-30-2022 Sep-30-2022 Dec-30-2022

TEV/LTM Total Revenue Average 9.85x 7.13x 6.41x 5.88x 5.93x
High 11.16x 8.53x 8.21x 6.44x 7.03x
Low 8.16x 6.36x 5.21x 5.10x 5.28x
Close 8.62x 7.41x 5.28x 5.11x 5.56x

TEV/NTM Total Revenues Average 8.09x 6.04x 5.31x 4.93x 4.96x

High 9.12x 7.13x 6.78x 5.40x 5.87x
Low 6.82x 5.41x 4.30x 4.25x 4.41x
Close 7.21x 6.11x 4.40x 4.27x 4.71x

TEV/LTM EBITDA Average 32.95x 24.02x 21.01x 19.52x 19.76x

High 37.27x 28.79x 26.79x 21.40x 23.40x
Low 27.52x 21.46x 16.99x 16.91x 17.56x
Close 29.08x 24.16x 17.49x 17.00x 18.65x

TEV/NTM EBITDA Average 33.18x 24.47x 20.69x 19.36x 19.39x

High 37.43x 29.14x 26.23x 21.12x 22.93x
Low 27.86x 21.89x 16.59x 16.76x 17.22x
Close 29.44x 23.69x 17.48x 16.76x 18.42x

TEV/LTM EBIT Average 46.17x 33.41x 29.32x 27.25x 27.52x

High 52.34x 40.03x 37.38x 29.86x 32.56x
Low 38.27x 29.85x 23.70x 23.63x 24.44x
Close 40.44x 33.71x 24.45x 23.67x 26.03x

TEV/NTM EBIT Average 37.93x 28.07x 23.96x 22.58x 22.67x

High 42.92x 32.81x 30.45x 24.84x 26.80x
Low 31.37x 25.17x 19.28x 19.44x 20.13x
Close 33.14x 27.46x 20.11x 19.54x 21.59x

P/LTM EPS Average 66.82x 48.57x 42.18x 38.34x 37.89x

High 75.63x 58.18x 54.03x 42.36x 45.18x
Low 55.63x 43.42x 34.38x 32.72x 33.70x
Close 58.76x 48.76x 34.63x 32.72x 35.15x

P/NTM EPS Average 52.51x 38.78x 33.90x 31.19x 31.11x

High 59.42x 45.34x 43.35x 34.38x 36.89x
 Low 43.35x 34.74x 27.54x 26.80x 27.61x
Close 45.79x 39.23x 27.85x 26.80x 29.49x

P/LTM Normalized EPS Average 74.99x 54.25x 47.94x 43.88x 43.96x

High 85.00x 64.93x 61.34x 48.25x 52.23x
Low 62.08x 48.46x 39.04x 37.83x 39.08x
Close 65.58x 55.36x 39.45x 37.83x 41.24x

P/BV Average 20.78x 15.80x 15.13x 14.52x 14.46x

High 23.23x 18.86x 18.98x 15.99x 17.23x
Low 18.03x 14.07x 12.08x 12.48x 12.89x
Close 19.04x 17.13x 13.07x 12.48x 13.44x

P/Tangible BV Average 26.11x 19.88x 18.95x 18.20x 17.89x

High 29.18x 23.72x 23.72x 20.15x 21.38x
Low 22.68x 17.70x 15.09x 15.48x 15.77x
Close 23.96x 21.41x 16.47x 15.48x 16.46x

P/NTM CFPS Average 46.21x 30.40x 28.62x 24.87x 25.90x

High 54.05x 35.94x 36.85x 27.64x 30.24x
Low 34.37x 27.02x 21.71x 21.07x 22.63x
Close 36.30x 33.54x 21.81x 21.90x 26.14x

TEV/LTM Unlevered FCF Average 66.32x 47.28x 61.70x 142.63x 249.10x

High 75.61x 56.34x 95.21x 265.28x 290.03x
Low 53.86x 42.01x 37.19x 81.56x 217.66x
Close 56.90x 52.89x 84.40x 210.80x NM

Market Cap/LTM Levered FCF Average 66.70x 47.44x 61.80x 141.34x 246.44x
High 76.07x 56.49x 94.59x 262.62x 287.38x
Low 54.01x 42.16x 37.62x 80.95x 215.00x
Close 57.06x 53.32x 83.79x 208.14x NM

Average multiples are calculated using positive close values on each trading day within the frequency periods selected. Negative values are excluded from the calculation. When the Multiples are not meaningful, due to neg

When a mismatch exists between the currency of the equity listing and the reported financial results such results are translated into the currency of the listing at the exchange rate applicable on the financial period end date.

Historical Equity Pricing Data supplied by Interactive Data Pricing and

Reference Data LLC
Mar-01-2023
5.46x
5.71x
5.19x
5.38x

4.62x
4.84x
4.40x
4.55x

18.32x
19.15x
17.40x
18.02x

18.20x
18.91x
17.18x
17.92x

25.57x
26.74x
24.29x
25.16x

21.40x
22.26x
20.14x
21.25x

34.53x
36.13x
32.77x
33.96x

29.19x
30.32x
 27.48x
28.92x

40.51x
42.39x
38.45x
39.84x

13.20x
13.82x
12.53x
12.99x

16.16x
16.91x
15.34x
15.90x

26.02x
26.96x
24.37x
25.66x

NM
NM
NM
NM

NM
NM
NM
NM

ul, due to negative values, then they will not be displayed in the chart.

iod end date.

Lululemon Athletica Inc. (NasdaqGS:LULU) > Financials > Key Stats
In Millions of the trading currency, except per share items. Currency: Trading Currency Conversion: Historical
Order: Latest on Right Units: S&P Capital IQ (Default)
Decimals: Capital IQ (Default) Dilution: Basic

Key Financials¹
LTM²
For the Fiscal Period Ending 12 months 12 months 12 months 12 months 12 months 12 months†
Feb-03-2019A Feb-02-2020A Jan-31-2021A Jan-30-2022A Oct-30-2022A Jan-31-2023E
Currency USD USD USD USD USD USD

Total Revenue 3,288.3 3,979.3 4,401.9 6,256.6 7,467.8 8,034.05

Growth Over Prior Year 24.1% 21.0% 10.6% 42.1% 27.5% 28.41%

Gross Profit 1,816.3 2,223.4 2,464.0 3,608.6 4,200.9 -

Margin % 55.2% 55.9% 56.0% 57.7% 56.3% 56.16%

EBITDA 828.3 1,051.0 998.2 1,599.0 1,869.6 2,045.48

Margin % 25.2% 26.4% 22.7% 25.6% 25.0% 25.46%

EBIT 705.8 889.1 812.7 1,374.7 1,595.8 1,762.03

Margin % 21.5% 22.3% 18.5% 22.0% 21.4% 21.93%

Earnings from Cont. Ops. 483.8 645.6 588.9 975.3 1,169.5 -

Margin % 14.7% 16.2% 13.4% 15.6% 15.7% -

Net Income 483.8 645.6 588.9 975.3 1,169.5 1,268.82

Margin % 14.7% 16.2% 13.4% 15.6% 15.7% 15.79%

Diluted EPS Excl. Extra Items³ 3.61 4.93 4.5 7.49 9.11 9.92
Growth Over Prior Year 90.0% 36.6% (8.7%) 66.4% 36.8% 27.30%

Currency USD USD USD USD USD USD

Exchange Rate 1.0 1.0 1.0 1.0 1.0 1.0
Conversion Method H H H H H S

¹All results are taken from the most recently filed statement for each period. When there has been more than one, earlier filings can be viewed on the individual statement pages
²Growth rates for the LTM period are calculated against the LTM period ending 12 months before.
³All forward period figures are consensus mean estimates provided by the brokers and may not be on a comparable basis as financials.
†Growth rates for forward periods are calculated against prior period estimates or actual pro forma results as disclosed on the Estimates Consensus page.
Growth Rates are calculated in originally reported currency only and will not reflect any currency conversion selected above.
Latest Capitalization (Millions of USD)
Currency USD
Share Price $309.2
Shares Out. 127.5
Market Capitalization 39,427.6
Common Stock Shares Out 122.4
* Common Stock Share Price 309.2
= Common Stock Market Capitalization 37,845.7
+ Exchangeable Stock Shares Out 5.1
* Exchangeable Stock Share Price 309.2
= Exchangeable Stock Market Capitalization 1,581.9
- Cash & Short Term Investments 352.6
+ Total Debt 1,038.5
+ Pref. Equity -
+ Total Minority Interest -
- Long Term Marketable Securities -
= Total Enterprise Value (TEV) 40,113.4

Book Value of Common Equity 3,039.2

+ Pref. Equity -
+ Total Minority Interest -
+ Total Debt 1,038.5
= Total Capital 4,077.7

**For companies that have multiple share classes that publicly trade,
we are incorporating the different prices to calculate our company level
market capitalization. Please click on the value to see the detailed
calculation. Prices shown on this page are the close price of the
company’s primary stock class. Shares shown on this page are total
company as-reported share values.

Total Liability includes Total Debt, Minority Interest and Pref. Equity.
Net Liability includes Total Liability, net of Cash and Short Term Investments.
TEV includes Market Cap and Net Liability.
Total Capital includes Common Equity and Total Liability.
Valuation Multiples based on Current Capitalization
LTM
For the Fiscal Period Ending 12 months 12 months 12 months 12 months 12 months
Jan-30-2022A Oct-30-2022A Jan-31-2023E Jan-31-2024E Jan-31-2025E
TEV/Total Revenue 6.2x 5.4x 5.00x 4.38x 3.85x

TEV/EBITDA 20.4x 18.0x 19.63x 17.15x 14.87x

TEV/EBIT 28.4x 25.1x 22.79x 20.06x 17.21x

P/Diluted EPS Before Extra 41.3x 33.9x 31.21x 27.26x 23.11x

P/BV 14.5x 13.0x 11.86x 9.36x 7.48x

Price/Tang BV 18.1x 15.9x - - -

 12 months 12 months
Jan-31-2024E Jan-31-2025E
USD USD

9,168.67 10,436.61
14.12% 13.83%

- -
56.32% 56.91%

2,341.58 2,700.07
25.54% 25.87%

2,001.51 2,332.6
21.83% 22.35%

- -
- -

1,433.54 1,669.4
15.64% 16.00%

11.35 13.39
14.48% 17.98%

USD USD
1.0 1.0
S S

ment pages.
Lululemon Athletica Inc. (NasdaqGS:LULU) > Financials > Historical Capitalization
In Millions of the trading currency, except per share items. Frequency: Quarterly Order: Latest on Right
Currency: Trading Currency Conversion: Historical
Units: S&P Capital IQ (De Decimals: Capital IQ (Default)
Dilution: Basic

Historical Capitalization
Balance Sheet as of:
Aug-01-2021 Oct-31-2021 Jan-30-2022 May-01-2022 Jul-31-2022 Oct-30-2022
Pricing as of* Sep-08-2021 Dec-09-2021 Mar-29-2022 Jun-02-2022 Sep-01-2022 Dec-08-2022
Currency USD USD USD USD USD USD
Capitalization Detail
Share Price $380.85 $416.92 $343.97 $302.58 $294.45 $374.51
Shares Out. 129.8 129.3 127.9 127.6 127.5 127.5

Market Capitalization 49,439.5 53,905.2 43,998.4 38,622.2 37,544.2 47,755.5

- Cash & Short Term Investments 1,170.0 993.6 1,259.9 649.0 498.8 352.6
+ Total Debt 794.8 859.9 881.1 904.5 954.1 1,038.5
+ Pref. Equity - - - - - -
+ Total Minority Interest - - - - - -
- Long Term Marketable Securities - - - - - -
= Total Enterprise Value (TEV) 49,064.3 53,771.5 43,619.5 38,877.7 37,999.5 48,441.4

Book Value of Common Equity 2,671.2 2,658.5 2,740.0 2,668.1 2,857.8 3,039.2
+ Pref. Equity - - - - - -
+ Total Minority Interest - - - - - -
+ Total Debt 794.8 859.9 881.1 904.5 954.1 1,038.5
= Total Capital 3,466.0 3,518.4 3,621.1 3,572.6 3,811.9 4,077.7

* Pricing as of the filing date of the balance sheet period end date. For
TEV calculation purposes on this page Capital IQ only uses balance
sheet components from the original filing that is publicly available as of
a given pricing date and does not use restated balance sheet data from
a later filing. In the cases where a company did not disclose balance
sheet values for a particular period, TEV is calculated using balance
sheet components from the last reported balance sheet as of this date.
The table above is organized along period end dates.
** For companies that have multiple share classes that publicly trade,
we are incorporating the different prices to calculate our company level
market capitalization. Please click on the value to see the detailed
calculation. Prices shown on this page are the close price of the
company’s primary stock class. Shares shown on this page are total
company as-reported share values.

Historical Equity Pricing Data supplied by Interactive Data Pricing and

Reference Data LLC
Lululemon Athletica Inc. (NasdaqGS:LULU) > Financials > Capital Structure Summary
In Millions of the reported currency, except ratios and % of Total
values. Restatement: Latest Filings Period Type: Annual
Currency: Reported Currency Conversion: Historical
Units: S&P Capital IQ (De Decimals: Capital IQ (Default)
Order: Latest on Right

Capital Structure Data

For the Fiscal Period Ending
12 months Jan-31-2021 12 months Jan-30-2022 3 months Oct-30-2022
Currency USD USD USD
Units Millions % of Total Millions % of Total Millions % of Total

Total Debt 798.7 23.8% 881.1 24.3% 1,038.5 25.5%

Total Common Equity 2,558.6 76.2% 2,740.0 75.7% 3,039.2 74.5%
Total Capital 3,357.2 100.0% 3,621.1 100.0% 4,077.7 100.0%

Debt Summary Data

For the Fiscal Period Ending
12 months Jan-31-2021 12 months Jan-30-2022 3 months Oct-30-2022
Currency USD USD USD
Units Millions % of Total Millions % of Total Millions % of Total

Total Revolving Credit - - 0 0.0% 0 0.0%

Total Lease Liabilities 798.7 100.0% 881.1 100.0% 1,038.5 100.0%
Total Principal Due 798.7 100.0% 881.1 100.0% 1,038.5 100.0%

Total Debt Outstanding 798.7 100.0% 881.1 100.0% 1,038.5 100.0%

Available Credit
Undrawn Revolving Credit - - 397.0 - 394.8 -
Total Undrawn Credit - - 397.0 - 394.8 -

Additional Totals
Total Cash & ST Investments 1,150.5 - 1,259.9 - 352.6 -
Net Debt (351.8) - (378.8) - 685.9 -
Total Senior Debt 798.7 100.0% 881.1 100.0% 1,038.5 100.0%
Curr. Port. of LT Debt/Cap. Leases 166.1 20.8% 189.0 21.5% 188.1 18.1%
Long-Term Debt (Incl. Cap. Leases) 632.6 79.2% 692.1 78.5% 850.4 81.9%
Total Bank Debt - - 0 0.0% 0 0.0%
Total Secured Debt 798.7 100.0% 881.1 100.0% 1,038.5 100.0%
Total Senior Secured Debt 798.7 100.0% 881.1 100.0% 1,038.5 100.0%
Total Unsecured Debt - - 0 0.0% 0 0.0%
Variable Rate Debt - - 0 0.0% 0 0.0%
Credit Ratios
Net Debt/EBITDA NM - NM - 0.3x -
Total Debt/EBITDA 0.6x - 0.5x - 0.5x -
Total Senior Debt/EBITDA 0.6x - 0.5x - 0.5x -
Total Senior Secured/EBITDA 0.6x - 0.5x - 0.5x -
Net Debt/(EBITDA-CAPEX) NM - NM - 0.5x -
Total Debt/(EBITDA-CAPEX) 0.8x - 0.6x - 0.8x -
Total Senior Debt/(EBITDA-CAPEX) 0.8x - 0.6x - 0.8x -
Total Senior Secured/(EBITDA-CAPEX) 0.8x - 0.6x - 0.8x -

Fixed Payment Schedule

Operating Lease Commitment Due +1 189.9 - 211.0 - - -
Operating Lease Commitment Due +2 177.8 - 199.3 - - -
Operating Lease Commitment Due +3 151.7 - 177.6 - - -
Operating Lease Commitment Due +4 127.8 - 117.8 - - -
Operating Lease Commitment Due +5 71.7 - 72.6 - - -
Operating Lease Commitment Due, Next 5 Yrs 718.9 - 778.3 - - -
Operating Lease Commitment Due, After 5 Yrs 155.6 - 166.5 - - -

Contractual Obligations Due +1 552.7 - 974.5 - - -

Contractual Obligations Due + 2 34.1 - 19.7 - - -
Contractual Obligations Due + 3 14.2 - 30.5 - - -
Contractual Obligations Due + 4 28.3 - 20.6 - - -
Contractual Obligations Due + 5 18.2 - - - - -
Contractual Obligations Due, Next 5 Yrs 647.6 - 1,045.3 - - -
Contractual Obligations Due, After 5 Yrs 18.0 - 15.7 - - -
Total Contractual Obligations 665.6 - 1,060.9 - - -

Interest Rate Data

Filing Date Mar-29-2022 - Mar-29-2022 - Dec-08-2022 -
Lululemon Athletica Inc. (NasdaqGS:LULU) > Financials > Capital Structure Details
Principal Due in Millions of the
reported currency. Period Type: Annual Source: A 2022 filed Mar-29-2022
Currency: Reported Currency Conversion: Historical
Units: S&P Capital IQ (Def Decimals: Capital IQ (Default)

FY 2022 (Jan-30-2022) Capital Structure As Reported Details

Coupon/Base
Description Type Principal Due (USD) Rate Floating Rate Maturity Seniority Secured
China Mainland Revolving Revolving Credit - NA Prime Rate + 0.518% - Senior No
Credit Facility - Uncommitted
and Unsecured
Lease Liabilities Capital Lease 881.1 2.80% NA - Senior Yes
North America Revolving Credit Revolving Credit - 3.320% Benchmark Dec-14-2026 Senior No
Facility

FY 2021 (Jan-31-2021) Capital Structure As Reported Details

Coupon/Base
Description Type Principal Due (USD) Rate Floating Rate Maturity Seniority Secured
Lease Liabilities Capital Lease 798.7 2.800% NA - Senior Yes
 Repaymen
Convertible t Currency
No CNY

No USD
No USD

Repaymen
Convertible t Currency
No USD
Lululemon Athletica Inc. (NasdaqGS:LULU) > Financials > Segments
In Millions of the reported currency. View By: Line Items Restatement: Latest Filings
Period Type: Annual Order: Latest on Right
Currency: Reported Currency Conversion: Historical
Units: S&P Capital IQ (De Decimals: Capital IQ (Default)

Business Segments
Reclassified Reclassified Reclassified
For the Fiscal Period Ending 12 months 12 months 12 months 12 months 12 months 12 months
Jan-29-2017 Jan-28-2018 Feb-03-2019 Feb-02-2020 Jan-31-2021 Jan-30-2022
Currency USD USD USD USD USD USD
Revenues
Company-Operated Stores 1,704.4 1,837.1 2,126.4 2,501.1 1,658.8 2,821.5
Direct to Consumer 453.3 577.6 858.9 1,137.8 2,284.1 2,777.9
Other 186.7 234.5 303.1 340.4 459.0 657.2
Total Revenues 2,344.4 2,649.2 3,288.3 3,979.3 4,401.9 6,256.6

Operating Profit Before Tax

Company-Operated Stores 415.6 464.3 575.5 689.3 212.6 727.7
Direct to Consumer 180.0 224.1 357.5 484.1 1,029.1 1,216.5
Other 22.3 35.6 62.3 72.0 10.5 77.3
General Corporate Expenses (196.8) (220.8) (289.4) (356.4) (397.2) (638.0)
Unallocated Amortization of Intangible Assets - - (0.1) 0 (5.2) (8.8)
Total Operating Profit Before Tax 421.2 503.2 705.8 889.1 849.8 1,374.7

Depreciation & Amortization

Company-Operated Stores 59.6 64.9 76.3 97.9 100.8 116.1
Direct to Consumer 7.0 13.0 10.0 12.5 14.8 29.9
Corporate and Other 21.1 30.4 36.2 51.6 69.9 78.2
Total Depreciation & Amortization 87.7 108.2 122.5 161.9 185.5 224.2

Capital Expenditure
Company-Operated Stores (75.3) (80.2) (129.2) (171.5) (134.2) (189.6)
Direct to Consumer (11.5) (19.9) (6.4) (15.8) (37.2) (81.7)
Corporate and Other (62.7) (57.7) (90.2) (95.7) (57.8) (123.2)
Total Capital Expenditure (149.5) (157.9) (225.8) (283.0) (229.2) (394.5)

Filing Date Mar-27-2019 Mar-26-2020 Mar-30-2021 Mar-29-2022 Mar-29-2022 Mar-29-2022

Geographic Segments
Reclassified Reclassified Reclassified
For the Fiscal Period Ending 12 months 12 months 12 months 12 months 12 months 12 months
Jan-29-2017 Jan-28-2018 Feb-03-2019 Feb-02-2020 Jan-31-2021 Jan-30-2022
Currency USD USD USD USD USD USD
Revenues
United States 1,726.1 1,911.8 2,363.4 2,854.4 3,105.1 4,345.7
Canada 447.2 491.8 565.1 649.1 672.6 954.2
Outside of North America 171.1 245.6 359.8 475.8 624.1 956.7
Total Revenues 2,344.4 2,649.2 3,288.3 3,979.3 4,401.9 6,256.6

Assets
United States 170.7 161.7 217.9 259.5 267.3 418.3
Canada 217.0 271.4 303.1 346.3 394.9 392.2
Outside of North America 35.7 40.5 46.3 65.9 83.5 117.2
Total Assets 423.5 473.6 567.2 671.7 745.7 927.7

Filing Date Mar-27-2019 Mar-26-2020 Mar-30-2021 Mar-29-2022 Mar-29-2022 Mar-29-2022

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