Canada Goose Holdings Inc. (GOOS) Earnings Call Transcript & Summary

Good morning, everyone. This is Dani Reiss, Chairman and Chief Executive Officer of Canada Goose. In behalf of our management team, directors and employees worldwide, it is my pleasure to welcome you to our Annual Meeting of Shareholders. First, I want to take this moment to say how proud I am of our team. The dedication and energy and passion of our employees embodied this year has helped to drive our success, and that success is a testament to the craftsmanship and functionality of our products and the strength of the brand. We continue to execute against operating imperatives, and we're making great progress. First, setting the foundation for the next phase of our brand and product evolution. To accomplish this, in May, we announced our first ever Creative Director, Haider Ackermann, and launched his novel design, which represented our best ever marketing campaign performance, and there's so much more to come. Second, implementing best-in-class retail execution to maximize the positive platform we generated for a more consistent, excellent customer experience and greater sales of products in the [indiscernible] and profitability over the year. And third, simplify the way we operate to become a more efficient and more effective organization. As well, we continue to deliver against our promise to keep the planet cold and the people on it warm. It's clearer the role that business must play in today's world and our responsibility to drive change, and our entire organization shares our passion and commitment to create a more sustainable future and the progress we continue to make. On behalf of our entire company, thank you for your support and belief in our brands and the journey ahead. I will now turn it over to David Forrest, General Counsel, who will share the remainder of the meeting.

Good morning, everyone. My name is David Forrest, General Counsel of Canada Goose. And with consent of the meeting, I will also chair today's meeting. On behalf of our management, directors and employees worldwide, it's my pleasure to welcome you to the Annual Meeting of Shareholders. I would also like to take this opportunity to thank you, on behalf of our whole company, for your continued support and belief in our vision. I'd also like to introduce you to the people with me here today. You've already heard from Dani Reiss, our Chairman and Chief Executive Officer. Also with me is Neil Bowden, our Chief Financial Officer; Heidi Konnert, our in-house Legal Counsel; and a representative of Computershare, the company's transfer agent and this meeting's scrutineer. Please note that only registered holders of subordinate voting shares and multiple voting shares of record as of June 17, 2024, or the duly appointed proxy holders are permitted to participate and vote at this meeting. Following the formal portion of the meeting, time permitting, the members of management with me here today will be available to take a few questions. Shareholders who wish to communicate with the members of management team with me here today or who wish to present or ask a question in respect of a motion, may do so using the messaging function on the Lumi virtual interface. Please note that questions or comments submitted using the messaging function on the Lumi virtual interface will be read out loud and addressed during the question period at the end of the meeting in accordance with the rules for the orderly conduct of the meeting that I'll describe now. As this meeting is held virtually via live webcast, we think it is necessary to set out a few rules for the orderly conduct of the meeting. Questions can be submitted by any registered shareholder or duly appointed proxy holder using the messaging function on the Lumi virtual interface. When asking a question, please indicate your name, which entity you represent, if any, and confirm that you are a registered shareholder or duly appointed proxy holder. Questions will generally be read out loud and addressed during the question period at the end of the meeting, provided that questions regarding procedural matters are directly related to the motions before the meeting may be addressed during that meeting, if relevant. Questions or comments containing inappropriate language, profanities, hostilities or the otherwise disruptive to the orderly conduct of the meeting for all shareholders will not be read out loud or answered. Questions that were already answered or are redundant or repetitive will not be read out loud nor answered. Questions that are excessively long or partially redundant or repetitive may be summarized. For the purpose of today's meeting, voting on all matters will be conducted by a single electronic ballot. Registered shareholders and duly appointed proxy holders will be asked to vote on each business item at the same time. This will allow you to choose to vote on each resolution as soon as voting opens or wait until the conclusion of the discussion on each resolution prior to casting your votes. After you registered your votes for all business items of today's meeting, a scrutineer will compile the votes in respect of each business item. All dollar amounts referenced in today's meeting are in Canadian dollars. Any forward-looking statements made today, including any forward-looking statements made in the Q&A portion of the meeting, are subject to risks and uncertainties that could cause actual results to differ materially from those projected in such statements. Certain material factors and assumptions were considered and applied in making these forward-looking statements. Please refer to our annual earnings release and Q1 fiscal 2025 earnings release filed on SEDAR+ and EDGAR on May 16, 2024, and August 1, 2024, respectively, as well as the Risk Factors section in our most recent annual report filed on SEDAR+ and EDGAR. The forward-looking statements made today speak only as of today. We undertake no obligation to update or revise any of these statements. I call to order the annual meeting of the company's shareholders. With the consent of the meeting, I appoint Heidi Konnert, Counsel at Canada Goose, to act as Secretary of the meeting. In addition, I appoint our transfer agent, Computershare Investor Services Inc., through its representative, as scrutineer. The scrutineer will report on the number of subordinate voting shares and multiple voting shares represented in person and by proxy at this meeting and report on the voting results. The purposes of today's meeting are set out in the management information circular of the company dated June 17, 2024. Consistent with previous years, the company is using the notice and access regime enabled by Canadian Securities Laws to make its meeting materials available, and in this regard, sent a notice with all relevant information to all shareholders on or about June 26, 2024. As mentioned in such notice, the shareholders who have had access to the circular and Notice of Meeting on the company's Investor Relations website and on SEDAR+ website since June 26, 2024. Accordingly, I will dispense with the reading of the Notice of Meeting. Copies of the circular and other meeting materials may be downloaded at any time from the company's Investor Relations website or on the SEDAR+ website under the company's profile. Our transfer agent, Computershare, has attested to the proper mailing of notice calling this meeting. I direct that copies of the Notice of Meeting, the notice relating to the availability of the meeting materials, the form of proxy with proof of mailing be kept by the Secretary with the records of the meeting. The scrutineer's report indicates that shareholders holding in aggregate of more than 25% of the issued shares plus the majority of multiple voting shares entitled to be voted at the meeting are present in person or represented by proxy. This meets the quorum requirements in the company's articles and as such, we are permitted to proceed with the meeting. A copy of the final report on attendance will be filed with the records of the meeting. As previously mentioned, for purposes of the meeting today, voting on all matters will be conducted by a single electronic ballot. At the beginning of the formal part of the meeting, registered shareholders and duly appointed proxy holders will receive a message on the Lumi virtual interface, inviting you to register your votes as soon as the polls are opened. You may cast your votes as soon as the polls are opened or wait until the conclusion of the discussion on each resolution prior to casting your vote. You should know that proxies lodged before this meeting allow management of the company to cast a significant number of votes. Based on the number of shares represented at this meeting, the members of management with me today will be able to determine the outcome of all motions that will go to a vote today. I may therefore declare that motions which will go to a vote today as carried, even though all votes may not have been counted or a final report may not yet be available. I shall do this to keep up the pace of the meeting. To further expedite the formal part of the meeting, I will move all motions. In accordance to the articles of the company, no such motion will need to be seconded. I now declare this meeting was properly called and duly constituted for the transaction of business. Please note that the minutes of the last Annual Meeting of the Shareholders held in August 4, 2023, are available for review on demand. I will dispense with the reading of the minutes of the last annual meeting, and I direct a copy of such minutes to be inserted and kept in the minute books of the company. I will now continue with the first item of business for today's meeting. The first item of business is the presentation of the company's consolidated financial statements for the fiscal year ended March 30, 2024, as well as the auditor's report thereon. These financial statements and the auditors' report were included in the company's annual report on Form 20-F, and are made available under the company's profile on the SEDAR+ and EDGAR websites on May 16, 2024. With the consent of the meeting, I will dispense the reading of the auditor's report. Please note that we will answer any questions with respect to the financial statements in the general question period only. We now move to the next item on today's agenda. The first matter to be acted upon is the election of 10 individuals to the Board of Directors. The term of office of the directors is from today until the next Annual Meeting of Shareholders or until such time as their successors have been duly elected or appointed, whichever is sooner. The management information circular contains information on each of the 10 nominees recommended for election as directors. 10 nominees are presently directors of the company. Registered shareholders and duly appointed proxy holders may vote for each proposed director nominee individually. I nominate each of the following persons for election as director of the company to hold office until the close of the next Annual Meeting of Shareholders or until his or her successors are duly elected or appointed. They are Michael D. Armstrong, Jodi Butts, Maureen Chiquet, Ryan Cotton, Jennifer Davis, John Davison, Stephen Gunn, Dani Reiss, Gary Saage and Belinda Wong. Each of the persons nominated has confirmed that he or she is prepared to serve as a director, and each of them qualifies as a director under the provisions of the business -- British Columbia Business Corporations Act. The motion is now on the floor, and you may, therefore, cast your votes now, if not already done. We remind you that if you previously voted by proxy, you do not need to vote again on the platform. We'll now continue with the next item of business, which is the appointment of the company's auditors. The second matter to be acted upon at today's meeting is the appointment of the auditors of the company for the ensuing year and the authorizing of the directors of the company to fix the remuneration of the auditors. The Audit Committee of the company and the Board of Directors recommend the appointment of our existing auditors, Deloitte LLP, as the auditors of the company for the ensuing year. I move that Deloitte LLP be appointed auditors of the company until the next Annual Meeting of Shareholders and that the Board of Directors be authorized to fix their remuneration. The motion is now on the floor. As previously mentioned, voting today is being conducted by a single electronic ballot. Voting opened at the beginning of the formal part of today's meeting. If you have not yet cast your vote for the motions, please do so now. Please register your votes by accessing the voting tab and pressing on the For or Withheld buttons next to the name of each proposed director and next to the resolution with respect to the appointment of Deloitte LLP as the company's auditors. Once the electronic balloting closes, the voting page will disappear and your votes will automatically be submitted. We will wait a few moments for the completion of the electronic ballots and then move on with the remainder of the meeting. We will provide registered shareholders and duly appointed proxy holders approximately 30 seconds to complete the electronic ballots. [Voting]

Voting is now closed. Thank you all for submitting your vote. Now that voting is completed, I would ask that the scrutineer compile a report regarding the final voting results on all business matters. I direct that the results of the poll for the election of directors be included in the minutes of meeting. Detailed voting results for each motion put forth in front of the meeting will be available on SEDAR+ and EDGAR within the next 24 hours. Based on the proxies received to date, as evidenced by the preliminary scrutineers' report provided at the beginning of today's meeting, I confirm the following: each of the 10 nominees have been elected as directors of the company to serve until the next Annual Meeting of Shareholders or until their successors are elected or appointed; the appointment of Deloitte LLP as the auditors of the company has been approved. The Board of Directors has been authorized to fix their remuneration. The formal items of business, as set out in the Notice of Meeting, have now been dealt with. As there's no further business to come before the meeting, I declare the formal part of the meeting to be concluded. Since there are no registered shareholders or duly appointed proxy holders, other than Dani Reiss attending this meeting on the Lumi virtual interface at this time, we will forgo the Q&A portion of the meeting. On behalf of management, our Board of Directors and our employees, I would like to take this opportunity to thank everyone for attending our meeting today. I'd also like to thank all of our shareholders for their commitment and continued support. We look forward to your attendance again next year.