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UNIFI (UFI)

Unifi, Inc. is a global textile solutions provider and one of the world's leading innovators in manufacturing synthetic and recycled performance fibers. Through REPREVE®, one of Unifi's proprietary technologies and the global leader in branded recycled performance fibers, Unifi has transformed more than 23 billion plastic bottles into recycled fiber for new apparel, footwear, home goods and other consumer products. The Company's proprietary PROFIBER™ technologies offer increased performance, comfort, and style advantages, enabling customers to develop products that perform, look, and feel better. Unifi continually innovates technologies to meet consumer needs in moisture management, thermal regulation, antimicrobial protection, UV protection, stretch, water resistance, and enhanced softness. Unifi collaborates with many of the world's most influential brands in the sports apparel, fashion, home, automotive, and other industries.

Company profile

Ticker
UFI
Exchange
Website
CEO
Edmund Ingle
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
Subsidiaries
Unifi Asia Pacific (Hong Kong) Company, Limited • Unifi Vietnam Company Limited • Unifi Switzerland GmbH • Unifi Holding 1, BV • Unifi Holding 2, BV • Unifi Textiles Holding, SRL • Unifi do Brasil, Ltda. • Unifi Manufacturing, Inc. • Unifi Textured Polyester, LLC • Unifi Kinston, LLC ...
IRS number
112165495

UFI stock data

Calendar

4 May 22
19 Aug 22
3 Jul 23
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Jun 21 Jun 20 Jun 19 Jun 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 52.97M 52.97M 52.97M 52.97M 52.97M 52.97M
Cash burn (monthly) (no burn) 1.89M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) n/a 9.01M n/a n/a n/a n/a
Cash remaining n/a 43.96M n/a n/a n/a n/a
Runway (months of cash) n/a 23.3 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
16 Aug 22 Gregory K Sigmon Common Stock Buy Acquire P No No 13.12 460 6.04K 4,146
31 Jul 22 Lucas de Carvalho Rocha Common Stock Sale back to company Dispose D No No 13.86 2,043 28.32K 0
31 Jul 22 Lucas de Carvalho Rocha Common Stock Option exercise Acquire M No No 0 2,043 0 2,043
31 Jul 22 Lucas de Carvalho Rocha Common Stock Sale back to company Dispose D No No 13.86 1,554 21.54K 0
31 Jul 22 Lucas de Carvalho Rocha Common Stock Option exercise Acquire M No No 0 1,554 0 1,554
31 Jul 22 Lucas de Carvalho Rocha RSU Common Stock Option exercise Dispose M No No 0 2,043 0 0
31 Jul 22 Lucas de Carvalho Rocha RSU Common Stock Option exercise Dispose M No No 0 1,554 0 0
13 Jun 22 Archibald Cox JR Common Stock Gift Dispose G No No 0 9,500 0 116,155
18 May 22 Langone Kenneth G Common Stock Buy Acquire P No No 13.5736 50,000 678.68K 1,580,825
71.4% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 116 119 -2.5%
Opened positions 13 12 +8.3%
Closed positions 16 17 -5.9%
Increased positions 42 35 +20.0%
Reduced positions 39 48 -18.8%
13F shares Current Prev Q Change
Total value 185.46M 250.99M -26.1%
Total shares 13.19M 13.82M -4.6%
Total puts 0 0
Total calls 0 13.4K EXIT
Total put/call ratio
Largest owners Shares Value Change
BLK Blackrock 2.25M $31.6M -0.3%
Inclusive Capital Partners 1.92M $26.95M +35.3%
Dimensional Fund Advisors 1.44M $20.31M +2.5%
Vanguard 897.88K $12.62M -1.3%
Royce & Associates 769.11K $10.81M +8.3%
STT State Street 473.13K $6.65M +1.1%
Pinnacle Associates 462.47K $6.5M -0.9%
Azarias Capital Management 359.01K $5.05M +33.2%
Putnam Investments 283.21K $3.98M +16.0%
Impala Asset Management 267.24K $3.76M -80.5%
Largest transactions Shares Bought/sold Change
Impala Asset Management 267.24K -1.1M -80.5%
Inclusive Capital Partners 1.92M +500K +35.3%
IVZ Invesco 234.15K -303.92K -56.5%
First Eagle Investment Management 233.77K +128.06K +121.1%
Azarias Capital Management 359.01K +89.58K +33.2%
Parametric Portfolio Associates 0 -83.52K EXIT
MS Morgan Stanley 184.22K +63.08K +52.1%
Royce & Associates 769.11K +59K +8.3%
Susquehanna International 57.18K +57.18K NEW
Allspring Global Investments 250 -55.31K -99.6%

Financial report summary

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Competition
TargetPVHNikeCostco WholesaleUnder ArmourGeneral MotorsExpressTarget
Risks
  • UNIFI faces intense competition from a number of domestic and foreign yarn producers and importers of foreign-sourced fabric, apparel and other textile products. Because UNIFI and the supply chains in which UNIFI conducts its business do not typically operate on the basis of long-term contracts with textile customers or brand partners, these competitive factors could cause UNIFI’s customers or brand partners to shift rapidly to other producers.
  • A significant portion of our sales is dependent upon demand from a few large brand partners.
  • Significant price volatility of UNIFI’s raw materials and rising energy costs may result in increased production costs. UNIFI attempts to pass such increases in production costs on to its customers through responsive price increases. However, any such price increases are effective only after a time lag that may span one or more quarters, during which UNIFI and its margins are negatively affected.
  • The success of UNIFI’s business is tied to the strength and reputation of its brands. If the reputation of one or more of our brands erodes significantly, it could have a material impact on our financial results.
  • UNIFI’s future success will depend in part on its ability to protect and preserve its intellectual property rights, and UNIFI’s inability to enforce these rights could cause it to lose sales, reduce any competitive advantage it has developed or otherwise harm its business.
  • UNIFI has significant foreign operations, and its consolidated results of operations and business may be adversely affected by the risks associated with doing business in foreign locations, including the risk of fluctuations in foreign currency exchange rates.
  • UNIFI may be subject to greater tax liabilities.
  • UNIFI requires cash to service its indebtedness and to fund capital expenditures and strategic initiatives, and its ability to generate sufficient cash for those purposes depends on many factors beyond its control.
  • UNIFI depends on limited sources for certain of its raw materials, and interruptions in supply could increase its costs of production, cause production inefficiencies or lead to a halt in production.
  • A disruption at one of our facilities could harm our business and result in significant losses, lead to a decline in sales and increase our costs and expenses.
  • Our business and operations could suffer in the event of cybersecurity breaches.
  • A decline or change in general economic conditions, political conditions, and/or levels of consumer spending, could cause a decline in demand for textile products, including UNIFI’s products.
  • Unfavorable changes in trade policies and/or violations of existing trade policies could weaken UNIFI’s competitive position significantly and have a material adverse effect on its business.
  • In order to compete effectively, we must attract, retain and motivate key employees, and our failure to do so could harm our business and our results of operations.
Management Discussion
  • In order to achieve further growth and continue as an industry leader when the COVID-19 pandemic pressures subside, UNIFI is committed to investing strategically and synergistically in technology, innovation and sustainability; high-quality brand and supplier relationships; and supply chain expansion and optimization. These initiatives complement UNIFI’s core competencies and are expected to strengthen our relationships with like-minded customers who value a premier supply chain and state-of-the-art equipment that offers technology-driven solutions backed by innovation and sustainability. As a result, these initiatives are expected to increase net sales, gross profit and operating income.
  • During the last four fiscal years, several key drivers affected our financial results. During fiscal 2018 and 2019, our operations in the U.S. were unfavorably impacted by (i) rising raw material costs and (ii) a surge of imported polyester textured yarn that depressed our pricing, market share, and fixed cost absorption. During fiscal 2020, our financial results began to improve following more stable import and raw material cost environments. However, the COVID-19 pandemic had a significant unfavorable impact to product demand and our annual profitability suffered accordingly. Near the end of fiscal 2020, we divested a minority interest investment and significantly improved our liquidity position, supporting business preservation and the ability to better capture long-term growth opportunities. Throughout fiscal 2021, our businesses experienced sequential improvement alongside global demand and economic recovery, and we capitalized on profitable opportunities that fueled strong consolidated results.
  • Once the COVID-19 pandemic subsides, we believe incremental revenue for the Polyester Segment will be generated from both the polyester textured yarn trade petition completed in early calendar 2020 and the actions currently pending with the ITC and Commerce Department, along with continued demand for innovative and sustainable products in the NACA region. The Asia Segment continues to capture demand for recycled products and serves as a significant component of future growth. The Brazil Segment performed extraordinarily well in fiscal 2021 and, while we expect pricing and margins to normalize near historical levels, the momentum captured in fiscal 2021 may provide a new, elevated level of long-term performance for the segment. The Nylon Segment performance continues to reflect the adverse impacts of (i) customers shifting certain programs to overseas garment production and (ii) the current global trend of declining demand for nylon socks, ladies’ hosiery and intimate apparel.

Content analysis

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H.S. freshman Avg
New words: advancing, advertising, attrition, avoid, conflict, conflicted, development, dynamic, flat, Indirectly, outpacing, pervasive, reclassification, resin, SFC, softer, timeline, unforeseen
Removed: absorption, alleging, carried, growing, maintained, polymer, supporting, synergistic