Levi Strauss & Co. (LEVI) · 10+ Years of Financial statements

Income Statement	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Sales/Revenue/Turnover	4,754	4,494	4,553	4,904	5,575	5,763	4,453	5,764	6,169	6,179
+ Sales & Services Revenue	4,754	4,494	4,553	4,904	5,575	5,763	4,453	5,764	6,169	6,179
- Cost of Revenue	2,406	2,226	2,224	2,341	2,577	2,662	2,100	2,417	2,620	2,663
+ Cost of Goods & Services	2,406	2,226	2,224	2,341	2,577	2,662	2,100	2,417	2,620	2,663
Gross Profit	2,348	2,269	2,329	2,563	2,998	3,101	2,353	3,347	3,549	3,516
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	1,906	1,824	1,866	2,096	2,461	2,535	2,348	2,652	2,893	3,071
+ Selling, General & Admin	1,906	1,824	1,866	2,096	2,461	2,535	2,348	2,652	2,893	3,071
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	442	445	463	467	537	567	5	694	656	445
- Non-Operating (Income) Loss	288	135	55	118	37	89	195	114	6	180
+ Interest Expense, Net	116	80	72	65	46	49	74	70	26	46
+ Interest Expense	118	81	73	69	55	66	82	73	26	46
- Interest Income	2	1	1	3	9	17	8	3	- -	- -
+ Other Non-Op (Income) Loss	173	55	-17	53	-9	40	121	44	-20	134
Pretax Income	154	310	407	349	500	478	-190	580	650	265
- Income Tax Expense (Benefit)	50	101	116	64	215	83	-63	27	80	16
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	104	210	291	285	285	395	-127	554	569	250
- Net Extraordinary Losses (Gains)	-4	1	- -	6	4	1	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	-4	1	- -	6	4	1	- -	- -	- -	- -
Income (Loss) Incl. MI	108	209	291	278	281	394	-127	554	569	250
- Minority Interest	2	- -	- -	-3	-2	- -	- -	- -	- -	- -
Net Income, GAAP	106	209	291	281	283	395	-127	554	569	250
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	106	209	291	281	283	395	-127	554	569	250
Basic Weighted Avg Shares	377	377	385	377	377	389	397	400	397	397
Basic EPS, GAAP	0.28	0.56	0.76	0.75	0.75	1.01	-0.32	1.38	1.43	0.63
Basic EPS from Cont Ops	0.28	0.56	0.76	0.75	0.76	1.02	-0.32	1.38	1.43	0.63
Diluted Weighted Avg Shares	393	393	385	393	393	408	397	400	404	402
Diluted EPS, GAAP	0.27	0.53	0.76	0.72	0.72	0.97	-0.32	1.38	1.41	0.62
Diluted EPS from Cont Ops	0.27	0.53	0.76	0.72	0.73	0.97	-0.32	1.38	1.41	0.62
EBITDA	552	547	566	585	657	691	147	838	814	610
EBITDA Margin (%)	11.61	12.17	12.44	11.92	11.79	11.98	3.3	14.53	13.2	9.87
EBITA	442	445	463	467	537	567	5	694	656	445
EBIT	442	445	463	467	537	567	5	694	656	445
Gross Margin (%)	49.4	50.48	51.16	52.26	53.77	53.81	52.84	58.06	57.53	56.9
Operating Margin (%)	9.3	9.9	10.16	9.53	9.63	9.83	0.12	12.05	10.63	7.2
Profit Margin (%)	2.23	4.66	6.39	5.74	5.08	6.85	-2.86	9.6	9.23	4.04
Sales per Employee	- -	- -	- -	- -	- -	364,752	300,852	347,225	342,700	323,508
Dividend per Share	0.08	0.13	0.16	0.19	0.24	0.29	0.16	0.26	0.44	0.48
Depreciation Expense	109	102	104	117	120	124	142	143	159	165

Balance Sheet	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Current Assets	- -	1,528	1,686	1,994	2,288	2,870	3,126	2,710	2,828	2,638
+ Cash, Cash Equivalents & STI	- -	319	376	634	713	1,015	1,594	902	500	399
+ Cash & Cash Equivalents	- -	319	376	634	713	934	1,497	810	430	399
+ ST Investments	- -	- -	- -	- -	- -	81	97	92	71	- -
+ Accounts & Notes Receiv	- -	498	479	485	534	783	540	708	697	753
+ Accounts Receivable, Net	- -	498	479	485	534	783	540	708	697	753
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	- -	607	716	759	884	884	818	898	1,417	1,290
+ Raw Materials	- -	3	2	4	4	5	4	9	12	15
+ Work In Process	- -	3	3	3	3	3	5	4	5	4
+ Finished Goods	- -	600	711	753	877	876	809	885	1,400	1,271
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	- -	105	115	116	157	188	175	203	214	196
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	- -	1,356	1,301	1,360	1,255	1,362	2,515	3,190	3,210	3,416
+ Property, Plant & Equip, Net	- -	391	394	424	461	530	340	476	371	1,715
+ Property, Plant & Equip	- -	1,202	1,250	1,376	1,435	1,584	1,443	1,606	1,593	2,997
- Accumulated Depreciation	- -	811	857	951	974	1,054	1,103	1,131	1,222	1,283
+ LT Investments & Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	- -	965	907	936	794	833	2,175	2,715	2,839	1,701
+ Total Intangible Assets	- -	278	277	280	279	279	312	678	652	571
+ Goodwill	- -	235	234	237	236	236	265	387	366	304
+ Other Intangible Assets	- -	43	43	43	43	43	47	291	287	268
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	- -	687	630	656	515	554	1,863	2,036	2,186	1,130
Total Assets	- -	2,884	2,987	3,355	3,543	4,232	5,641	5,900	6,038	6,054
+ Payables & Accruals	- -	678	718	838	1,130	1,160	1,239	1,599	1,746	1,520
+ Accounts Payable	- -	238	270	290	351	360	375	525	657	568
+ Accrued Taxes	- -	7	10	16	15	24	22	14	66	105
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	- -	434	438	533	763	775	842	1,060	1,022	847
+ ST Debt	- -	148	39	38	32	8	255	251	236	258
+ ST Borrowings	- -	148	39	38	32	8	18	6	12	12
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	237	245	236	246
+ Other ST Liabilities	- -	20	5	1	- -	- -	55	19	- -	9
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	- -	20	5	1	- -	- -	55	19	- -	9
Total Current Liabilities	- -	846	762	878	1,162	1,167	1,549	1,870	1,982	1,788
+ LT Debt	- -	1,017	1,022	1,055	1,020	1,007	2,405	1,990	1,844	1,922
+ LT Borrowings	- -	1,005	1,006	1,039	1,020	1,007	1,547	1,021	984	1,009
+ LT Finance Leases	- -	12	15	17	- -	- -	858	969	859	913
+ Other LT Liabilities	- -	620	613	592	504	487	388	375	309	297
+ Accrued Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Pension Liabilities	- -	464	455	404	270	257	229	207	149	145
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	- -	157	157	188	234	230	159	168	160	152
Total Noncurrent Liabilities	- -	1,638	1,634	1,648	1,524	1,494	2,793	2,365	2,152	2,220
Total Liabilities	- -	2,484	2,396	2,525	2,686	2,661	4,342	4,234	4,134	4,007
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	- -	4	2	- -	- -	658	627	585	626	687
+ Common Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Additional Paid in Capital	- -	3	1	- -	- -	658	626	585	626	687
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	- -	-379	-427	1,101	974	1,310	1,114	1,475	1,699	1,750
+ Other Equity	- -	706	935	-404	-425	-405	-441	-394	-422	-391
Equity Before Minority Interest	- -	399	589	824	849	1,564	1,299	1,666	1,904	2,046
+ Minority/Non Controlling Interest	- -	2	2	5	7	8	- -	- -	- -	- -
Total Equity	- -	401	591	829	857	1,572	1,299	1,666	1,904	2,046
Total Liabilities & Equity	- -	2,884	2,987	3,355	3,543	4,232	5,641	5,900	6,038	6,054
Shares Outstanding	393	393	385	393	385	394	398	400	394	397
Capital Leases - Total	- -	12	15	17	- -	- -	1,095	1,215	1,095	1,159
Net Debt	- -	834	670	444	339	80	67	216	567	623
Net Debt to Equity	- -	208.16	113.28	53.49	39.58	5.1	5.17	12.99	29.76	30.45
Tangible Common Equity Ratio	- -	4.69	11.58	17.86	17.7	32.7	18.53	18.91	23.24	26.91
Current Ratio	- -	1.81	2.21	2.27	1.97	2.46	2.02	1.45	1.43	1.48
Cash Conversion Cycle	- -	54.64	107.97	108.07	106.44	114.14	136.11	103.25	134.08	140.16
Number of Employees	- -	- -	- -	- -	- -	15,800	14,800	16,600	18,000	19,100

Cash Flow Statement	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
+ Net Income	104	210	291	285	285	395	-127	554	569	250
+ Depreciation & Amortization	109	102	104	117	120	124	142	143	159	165
+ Non-Cash Items	59	80	70	117	154	57	72	64	50	129
+ Stock-Based Compensation	12	15	9	26	18	55	51	60	61	74
+ Deferred Income Taxes	-28	58	66	- -	134	-15	-95	-88	-60	-104
+ Asset Impairment Charge	7	- -	4	- -	2	2	67	22	38	157
+ Other Non-Cash Adj	69	7	-9	91	-1	14	50	70	12	2
+ Chg in Non-Cash Work Cap	-40	-174	-159	7	-139	-164	383	-24	-550	-108
+ (Inc) Dec in Accts Receiv	-51	4	6	4	-60	-82	234	-182	- -	- -
+ (Inc) Dec in Inventories	-6	29	-121	-14	-147	-22	93	-85	- -	- -
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	-53	-135	1	29	108	-28	-59	252	- -	- -
+ Inc (Dec) in Other	70	-72	-44	-11	-38	-31	114	-10	-550	-108
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	233	218	307	526	420	412	470	737	228	436
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-73	-105	-103	-119	-159	-175	-130	-167	-267	-316
+ Acq of Fixed Prod Assets	-73	-105	-103	-119	-159	-175	-130	-167	-267	-316
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Change in LT Investment	- -	- -	- -	- -	-20	-80	-4	-14	33	87
+ Dec in LT Investment	- -	- -	- -	- -	- -	34	106	127	105	87
+ Inc in LT Investment	- -	- -	- -	- -	-20	-114	-110	-141	-73	- -
+ Net Cash From Acq & Div	- -	- -	- -	- -	- -	- -	-55	-391	- -	-12
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	- -	- -	- -	- -	- -	- -	-55	-391	- -	-12
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	2	24	35	-6	- -	12	- -	- -	-1	- -
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-72	-81	-68	-124	-179	-243	-189	-572	-236	-241
+ Dividends Paid	-30	-50	-60	-70	-90	-114	-64	-104	-174	-190
+ Net Cash From Debt	-306	-36	-114	-23	-1	-23	513	-546	7	- -
+ Cash From Debt	289	869	223	538	27	30	813	489	411	200
+ Repayments of Debt	-595	-905	-337	-561	-28	-53	-300	-1,036	-404	-200
+ Cash (Repurchase) of Equity	-5	-4	-3	-25	-56	210	-56	-78	-176	-8
+ Increase in Capital Stock	- -	- -	- -	- -	- -	254	- -	8	- -	- -
+ Decrease in Capital Stock	-5	-4	-3	-25	-56	-44	-56	-86	-176	-8
+ Other Financing Activities	-1	-5	3	-34	-1	-18	-107	-112	-23	-16
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-342	-95	-174	-152	-148	55	286	-841	-365	-214
Effect of Foreign Exchange Rates	-10	-22	-8	8	-13	-3	-4	-12	-8	-12
Net Changes in Cash	-181	43	65	250	93	224	567	-675	-373	-19
EBITDA	552	547	566	585	657	691	147	838	814	610
EBITDA Margin (%)	11.61	12.17	12.44	11.92	11.79	11.98	3.3	14.53	13.2	9.87
Net Cash Paid for Acquisitions	- -	- -	- -	- -	- -	- -	55	391	- -	12
Free Cash Flow	160	114	204	407	261	237	339	570	-39	120
Free Cash Flow to Firm	239	169	256	463	293	292	- -	640	-16	163
Free Cash Flow to Equity	- -	78	89	384	260	214	852	24	-32	120
Free Cash Flow per Basic Share	0.42	0.3	0.53	1.08	0.69	0.61	0.85	1.43	-0.1	0.3
Price/Free Cash Flow	- -	- -	- -	- -	- -	11.83	12.71	11.62	13.32	8.23
Cash Flow to Net Income	2.2	1.04	1.05	1.87	1.48	1.04	-3.69	1.33	0.4	1.74

Levi Strauss & Co.

LEVI US

23.38