WOLVERINE WORLD WIDE INC DE
For the period ended Feb 21, 2024. Filed Feb 21, 2024.
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Feb 21, 2024 · Filed Feb 21, 2024
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Contents
EX-99.1 · TO ADJUSTED OPERATING MARGIN
TO ADJUSTED OPERATING MARGIN
| GAAP Basis | Adjustments (1) | Divestiture (2) | As Adjusted | |
|---|---|---|---|---|
| Operating Profit - Fiscal 2023 Q4 | $(186.9) | $168.8 | $— | $(18.1) |
| Operating margin | (35.5)% | (3.5)% | ||
| Operating Profit - Fiscal 2022 Q4 | $(454.7) | $441.6 | $1.9 | $(11.2) |
| Operating margin | (68.4)% | (1.8)% | ||
| (1)Q4 2023 adjustments reflect $129.4 million for non-cash impairments of long-lived assets, $31.3 million of reorganization costs, $17.6 million of environmental and other related costs net of recoveries, $3.1 million of costs associated with divestitures, partially offset by $12.6 million gain on the sale of businesses, trademarks and long-lived assets. Q4 2022 adjustments reflect $428.7 million for a non-cash impairment of the Sperry® trade name and the Sweaty Betty® trade name and goodwill, $9.1 million for reorganization costs, $1.1 million of environmental and other related costs net of recoveries, $1.9 million of costs associated with Sweaty Betty® integration and $0.8 of receivables securitization transaction costs. | ||||
| (2)Q4 2023 adjustments reflect the Wolverine Leathers business results included in the consolidated condensed statement of operations. Q4 2022 adjustments reflect results for the Keds business, Wolverine Leathers business and Hush Puppies prior to the license model change included in the consolidated condensed statement of operations. | ||||
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