Wolverine World Wide, Inc. · NYSE:WWW
Wolverine World Wide — Q4 2024 Earnings Presentation
27 slides from Wolverine World Wide's earnings presentation, Feb 19, 2025
Slide 1: Investor Presentation | Fourth Quarter 2024
Investor Presentation | Fourth Quarter 2024
Slide 2: Forward-Looking Statements
+ Investor Presentation | 4Q24 Forward-Looking Statements This presentation contains forward-looking statements, including statements regarding the Company’s turnaround and transformation; the Company's outlook for 2025 including, among others: reported, adjusted and constant currency revenue; repor
Slide 3: Overview
+ Investor Presentation | 4Q24 Overview $1.75B FY24 Adjusted Revenue1 +507% FY24 vs. FY23 Adjusted EPS1 +154% FY24 Total Shareholder Return2 BRANDS MARKETS CHANNELS Performance footwear and apparel brands with Global business diversified across all key Balanced distribution with strong wholesale and
Slide 4: Driving an Inflection
+ Investor Presentation | 4Q24 Driving an Inflection In 2024, we stabilized the business, drove significant progress in transforming the organization to win in today’s marketplace, and positioned our brands for an inflection growth – which we achieved in 4Q24. In 2025, we expect to begin to accelera
Slide 5: Shareholder Value Creation Model
+ Investor Presentation | 4Q24 Shareholder Value Creation Model Over time, the Company aspires to deliver top-quartile total shareholder return as follows: FINANCIAL ASPIRATION CAPITAL ALLOCATION RESULTING SHAREHOLDER RETURN Growth Investments Organic Revenue Growth EPS Growth Mid- to High-Single-Di
Slide 6: Key Strategic Advantages
+ Investor Presentation | 4Q24 Key Strategic Advantages ATTRACTIVE MARKETS Our brands are positioned in attractive performance categories aligned to consumer macro trends with significant opportunity to penetrate broader lifestyle wearing occasions AUTHENTIC, INNOVATIVE BRANDS Our brands possess dee
Slide 7: Strategic Advantages: Attractive Markets
+ Investor Presentation | 4Q24 Strategic Advantages: Attractive Markets Our brands possess authenticity in attractive performance categories with significant opportunity to penetrate broader lifestyle wearing occasions MARKET OPPORTUNITY (Size of circles represents estimated global market size1) Run
Slide 8: Strategic Advantages: Authentic, Innovative Brands
+ Investor Presentation | 4Q24 Strategic Advantages: Authentic, Innovative Brands Global outdoor performance Original running brand Premium women’s Original work brand with and lifestyle brand with renowned innovation activewear brand trusted comfort technology Est. 1983 Est. 1898 Est. 1998 Est. 188
Slide 9: Strategic Advantages: Extensive Global Distribution Network
+ Investor Presentation | 4Q24 Strategic Advantages: Extensive Global Distribution Network Our brands are marketed in approximately 170 countries and territories around the world via a network of compelling direct-to-consumer experiences, leading retailers, and best-in-class distributor partners BRA
Slide 10: Financial Results & Outlook
+ Investor Presentation | 4Q24 Financial Results & Outlook 10
Slide 11: 4Q24 Financial Results
+ Investor Presentation | 4Q24 4Q24 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. Wo
Slide 12: 4Q24 and FY24 Financial Results
+ Investor Presentation | 4Q24 4Q24 and FY24 Financial Results Financial results for ongoing business¹ as of December 28, 2024: 4Q24 FY24 RESULTS GUIDANCE² RESULTS GUIDANCE² Adjusted $495M $475 - $490M $1,750M $1,730 - $1,745M Revenue³ Y/Y: +3.0% // C$4 +3.3% Y/Y: -12.1% // C$4 -12.3% Adjusted 44.0%
Slide 13: Revenue Performance & Outlook by Group
+ Investor Presentation | 4Q24 Revenue Performance & Outlook by Group Active Work FY24 Results: $1,246 million (-13.4% Y/Y) FY24 Results: $455 million (-5.3% Y/Y) 4Q24 Results: $332 million (-2.8% Y/Y) 4Q24 Results: $151 million (+20.6% Y/Y) Group FY25 Outlook: Grow mid-single-digits Y/Y Grow high-s
Slide 14: 4Q24 Performance Table
+ Investor Presentation | 4Q24 4Q24 Performance Table (in millions) December 28, 2024 December 30, 2023 Y/Y Change Constant Currency Change Reported Segment Revenue Results: Active Group $331.7 $341.3 (2.8%) (3.2%) Work Group $151.1 $125.3 20.6% 21.4% Other $11.9 $60.1 (80.2%) (77.4%) Total Revenue
Slide 15: FY24 Performance Table
+ Investor Presentation | 4Q24 FY24 Performance Table (in millions) December 28, 2024 December 30, 2023 Y/Y Change Constant Currency Change Reported Segment Revenue Results: Active Group $1,246.1 $1,439.1 (13.4%) (13.8%) Work Group $455.3 $480.6 (5.3%) (5.1%) Other $53.6 $323.2 (83.4%) (83.0%) Total
Slide 16: FY25 Guidance for Ongoing Business
+ Investor Presentation | 4Q24 FY25 Guidance for Ongoing1 Business The outlook for 2025, and comparable results from 2024, in each case, for our ongoing business now also exclude the impact of Sperry, which was sold in January 2024, and reflects the licensing model announced in May 2024 for our Merr
Slide 17: Revenue Bridges
+ Investor Presentation | 4Q24 Revenue Bridges 1Q Full Year REVENUE ($M) $395 $1,810 $391 $1,750 2024 Business Foreign 53rd Week Organic 2025 Guidance 2024 Business Foreign Organic 2025 Guidance Model Currency Growth (mid-point) Model Currency Growth (mid-point) Changes Headwinds Changes Headwinds 1
Slide 18: Supplemental & Non-GAAP Reconciliation Tables
+ Investor Presentation | 4Q24 Supplemental & Non-GAAP Reconciliation Tables 18
Slide 19: Non-GAAP Information
+ Investor Presentation | 4Q24 Non-GAAP Information Measures referred to in this release as “adjusted” financial results and the financial results of the "ongoing business" are non-GAAP measures. Adjusted financial results exclude environmental and other related costs net of recoveries, non-cash imp
Slide 20: Non-GAAP Reconciliations
+ Investor Presentation | 4Q24 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 21: Non-GAAP Reconciliations
+ Investor Presentation | 4Q24 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 Divestiture (2) As Adjusted GAAP Basis Ad
Slide 22: Non-GAAP Reconciliations
+ Investor Presentation | 4Q24 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 23: Non-GAAP Reconciliations
+ Investor Presentation | 4Q24 Non-GAAP Reconciliations RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED 2025 GUIDANCE RECONCILIATION TABLES RECONCILIATION OF REPORTED GUIDANCE TO ADJUSTED TO GUIDANCE, REPORTED DILUTED EPS GUIDANCE TO ADJUSTED DILUTED EPS DILUTED EPS ON A CONSTANT CURRENCY BASIS*
Slide 24: Divestiture and Business Model Changes
+ Investor Presentation | 4Q24 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 25: Divestiture and Business Model Changes
+ Investor Presentation | 4Q24 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 26: Investor Relations Contact Information
+ Investor Presentation | 4Q24 Investor Relations Contact Information investor.relations@wwwinc.com 26
Slide 27: Investor Presentation | Fourth Quarter 2024
Investor Presentation | Fourth Quarter 2024