Slide 1: Wolverine Worldwide Investor Presentation Second Quarter 2024
Wolverine Worldwide Investor Presentation | Second Quarter 2024 Ending June 29th, 2024
Slide 2: Forward-Looking Statements
+ Investor Presentation | 2Q24 Forward-Looking Statements This presentation contains forward-looking statements, including statements regarding: the commercial drivers, competitive advantages and efficiencies of the Company’s global platforms; the pace and urgency of the Company’s strategic turnarou
Slide 3: Vision: Consumer-Obsessed, Global Brand Builders
+ Investor Presentation | 2Q24 Vision: Consumer-Obsessed, Global Brand Builders Portfolio of Authentic + Global Distribution Network & Innovative Brands & Powerful Platforms Positioned in attractive categories and Enabling our brands to focus on focused on helping our consumers live consumers, produ
Slide 4: Authentic & Innovative Brands
+ Investor Presentation | 2Q24 Authentic & Innovative Brands Additional Brands: Global outdoor performance Category-leading Premium women’s Trusted work and lifestyle brand running innovation activewear comfort technology Est. 1983 Est. 1898 Est. 1998 Est. 1883 #1 Top #1 Hike 10 Work Run Boots Moab
Slide 5: Global Platforms Enabling Consumer Focus
+ Investor Presentation | 2Q24 Global Platforms Enabling Consumer Focus Commercial Drivers Insights & creative expertise to fuel innovation & storytelling Competitive Advantage Enabler Lean Corporate Functions Creative Insights & & PR In-house Innovation Studio In-market knowledge Model & category e
Slide 6: Strategic Turnaround Unleashing Profitable Growth
+ Investor Presentation | 2Q24 Strategic Turnaround Unleashing Profitable Growth The Company is executing its turnaround with great pace and urgency in three chapters: 1. Stabilization 2. Transformation 3. Inflection to Growth Simplified and focused the business Redesigning the organization Investme
Slide 7: Transformation
+ Investor Presentation | 2Q24 Transformation Redesigning the Organization Expand Profitability Investing in Brand Building Establishing a cost structure that Proactive initiatives in 2023 enabling This new cost structure also allows for enables improved profitability and expanded profitability, imp
Slide 8: Shareholder Value Creation
+ Investor Presentation | 2Q24 Shareholder Value Creation The Company aspires to deliver top-quartile TSR over time as follows: Aspirational Financial Goals Capital Allocation Resulting TSR Growth Investments Organic Revenue Growth Growth Brands: +7% - 10% Funder Brands: +2% - 5% EPS Growth Debt Pay
Slide 9: 2Q24 Financial Results & FY24 Outlook
2Q24 Financial Results & FY24 Outlook
Slide 10: 2Q24 Financial Results
+ Investor Presentation | 2Q24 2Q24 Financial Results Financial results for 2024, and comparable results from 2023, in each case, for our ongoing business, exclude the impact of Keds, which was sold in February 2023, the U.S. Wolverine Leathers business, which was sold in August 2023, the non-U.S. W
Slide 11: 2Q24 Financial Results
+ Investor Presentation | 2Q24 2Q24 Financial Results Financial results for ongoing business¹ as of June 29, 2024: 2Q24 Results 2Q24 Guidance² Adjusted $425 million $410 million Revenue³ Y/Y: -18.4% // C$ -18.3% Adjusted 43.1% Approximately 43% Gross Margin³ Y/Y: +400 bps Adjusted 6.3% Approximately
Slide 12: Revenue Performance & Outlook by Group
+ Investor Presentation | 2Q24 Revenue Performance & Outlook by Group Active Work FY23 Results: $1,439 million (-8.3% Y/Y) FY23 Results: $481 million (-18.6% Y/Y) 2Q24 Results: $306 million (-20.2% Y/Y) 2Q24 Results: $105 million (-10.9% Y/Y) Group FY24 Outlook: 3Q24 Outlook: Decline mid-teens Y/Y D
Slide 13: 2Q24 Performance Table
+ Investor Presentation | 2Q24 2Q24 Performance Table (in millions) June 29, 2024 July 1, 2023 Y/Y Change Constant Currency Change Reported Segment Revenue Results: Active Group $305.9 $383.3 (20.2%) (20.0%) Work Group $105.0 $117.8 (10.9%) (11.0%) Other $14.3 $88.0 (83.8%) (83.8%) Total Revenue $42
Slide 14: FY24 Guidance for Ongoing Business
+ Investor Presentation | 2Q24 FY24 Guidance for Ongoing1 Business The outlook for 2024, and comparable results from 2023, in each case, for our ongoing business now also exclude the impact of Sperry, which was sold in January 2024, and reflects the new licensing model recently announced on May 1 fo
Slide 15: Supplemental & Non-GAAP Reconciliation Tables
Supplemental & Non-GAAP Reconciliation Tables
Slide 16: Non-GAAP Reconciliations
+ Investor Presentation | 2Q24 Non-GAAP Reconciliations RECONCILIATION OF REPORTED REVENUE TO ADJUSTED RECONCILIATION OF REPORTED REVENUE REVENUE ON A CONSTANT CURRENCY BASIS* TO ADJUSTED REVENUE* (Unaudited) (Unaudited) (In millions) (In millions) Constant Constant GAAP Basis Foreign GAAP Basis Rep
Slide 17: Non-GAAP Reconciliations
+ Investor Presentation | 2Q24 Non-GAAP Reconciliations RECONCILIATION OF REPORTED GROSS MARGIN RECONCILIATION OF REPORTED OPERATING MARGIN TO ADJUSTED GROSS MARGIN * TO ADJUSTED OPERATING MARGIN (Unaudited) (Unaudited) (In millions) (In millions) GAAP Basis Adjustments (1) Divestiture (2) As Adjust
Slide 18: Non-GAAP Reconciliations
+ Investor Presentation | 2Q24 Non-GAAP Reconciliations RECONCILIATION OF REPORTED INVENTORY TO ADJUSTED INVENTORY* (Unaudited) (In millions) GAAP Divestiture (1) As Adjusted Basis Inventory - 2024 Q2 $297.1 $— $297.1 Inventory - 2024 Q1 $354.3 $— $354.3 Inventory - 2023 Q4 $373.6 $— $373.6 Inventor
Slide 19: Non-GAAP Reconciliations
+ Investor Presentation | 2Q24 Non-GAAP Reconciliations RECONCILIATION OF 2023 REPORTED REVENUE RECONCILIATION OF REPORTED 2023 DILUTED EPS TO ADJUSTED TO ADJUSTED REVENUE FOR COMPARISON DILUTED EPS FOR COMPARISON TO 2024 GUIDANCE* TO 2024 GUIDANCE* (Unaudited) (Unaudited) (In millions) Keds and Ked
Slide 20: Non-GAAP Reconciliations
+ Investor Presentation | 2Q24 Non-GAAP Reconciliations 2024 GUIDANCE RECONCILIATION TABLES RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED RECONCILIATION OF REPORTED GUIDANCE TO ADJUSTED TO GUIDANCE, DILUTED EPS ON A CONSTANT CURRENCY BASIS* REPORTED DILUTED EPS GUIDANCE TO ADJUSTED DILUTED EPS
Slide 21: Divestiture and Business Model Changes
+ Investor Presentation | 2Q24 Divestiture and Business Model Changes Impact on Consolidated Revenue for 2022 and 2023 Consolidated Q1 Q2 Q3 Q4 FY 2022 Revenue Reported $614.8 $713.6 $691.4 $665.0 $2,684.8 Adjustment for divestitures(1): Leathers ($18.5) ($17.7) ($14.0) ($8.4) ($58.6) Keds ($20.4) (
Slide 22: Divestiture and Business Model Changes
+ Investor Presentation | 2Q24 Divestiture and Business Model Changes Impact on Brand and Segment Revenue for 2022 and 2023 Active Group Q1 Q2 Q3 Q4 FY Other Q1 Q2 Q3 Q4 FY 2022 Revenue 2022 Revenue Reported $346.1 $428.3 $398.2 $397.6 $1,570.2 Reported $22.1 $24.7 $17.7 $12.2 $76.6 (3) Adjustments
Slide 23: Thank you.
Thank you. investor.relations@wwwinc.com
Slide 24: Wolverine Worldwide
Wolverine Worldwide Investor Presentation | Second Quarter 2024 Ending June 29th, 2024