UNIFI INC. Files 2024 10-K Report

TL;DR

UNIFI INC. 2024 10-K is in. Check financials for FY ending 06/30/24.

AI Summary

UNIFI INC. filed its 2024 10-K report on August 23, 2024, detailing its fiscal year ending June 30, 2024. The company, formerly known as AUTOMATED ENVIRONMENTAL SYSTEMS INC, operates in the textile mill products sector. Key financial data and operational segments, including its Brazil operations, are presented for fiscal years 2021 through 2023.

Why It Matters

This filing provides a comprehensive overview of UNIFI INC.'s financial performance and business operations for the past fiscal year, crucial for investors and stakeholders to assess the company's health and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently contain new, high-risk information.

Key Numbers

• 2021-2023 — Fiscal Years Reported (Data presented for these years in the filing.)
• 0703 — Fiscal Year End (Indicates the end of the company's fiscal year.)

Key Players & Entities

• UNIFI INC. (company) — Filer of the 10-K report
• AUTOMATED ENVIRONMENTAL SYSTEMS INC (company) — Former name of UNIFI INC.
• 20240630 (date) — Fiscal year end date
• 20240823 (date) — Filing date of the 10-K
• TEXTILE MILL PRODUCTS [2200] (industry) — Standard Industrial Classification
• ufi:BrazilSegmentMember (segment) — Operating segment mentioned

FAQ

Key Financial Figures

• $0.10 — ch registered Common Stock, par value $0.10 per share UFI New York Stock Exchan
• $293,080 — r sales comprised 36%, 30%, and 32%, or $293,080, $186,161, and $188,517, respectively.
• $186,161 — mprised 36%, 30%, and 32%, or $293,080, $186,161, and $188,517, respectively. The lower
• $188,517 — 0%, and 32%, or $293,080, $186,161, and $188,517, respectively. The lower REPREVE Fiber
• $100,000 — our planned investment of approximately $100,000 into the Americas and Brazil Segments f
• $10,000 — iscal 2025, we expect to invest between $10,000 and $12,000 in capital projects, includ
• $12,000 — we expect to invest between $10,000 and $12,000 in capital projects, including making f
• $50,000 — ch UNIFI is authorized to acquire up to $50,000 of its common stock. Under the 2018 SRP
• $15.90 — its common stock at an average price of $15.90 per share, none of which occurred in fi
• $38,859 — which occurred in fiscal 2024, leaving $38,859 available for repurchases under the 201
• $64.8 billion — ry's total shipments were approximately $64.8 billion for calendar 2023 as the U.S. textile a
• $29.7 billion — le and apparel industry exported nearly $29.7 billion of textile and apparel products. The U.

Filing Documents

• ufi-20240630.htm (10-K) — 4400KB
• ufi-ex19.htm (EX-19) — 49KB
• ufi-ex21.htm (EX-21) — 52KB
• ufi-ex23.htm (EX-23) — 3KB
• ufi-ex31_1.htm (EX-31.1) — 14KB
• ufi-ex31_2.htm (EX-31.2) — 14KB
• ufi-ex32.htm (EX-32) — 12KB
• ufi-ex97.htm (EX-97) — 55KB
• img115494424_0.jpg (GRAPHIC) — 70KB
• 0000950170-24-100146.txt ( ) — 19879KB
• ufi-20240630.xsd (EX-101.SCH) — 2302KB
• ufi-20240630_htm.xml (XML) — 4351KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This report contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that relate to our plans, objectives, estimates, and goals. Statements expressing expectations regarding our future, or projections or estimates relating to products, sales, revenues, expenditures, costs, strategies, initiatives, or earnings, are typical of such statements and are made under the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management's beliefs, assumptions and expectations about our future performance, considering the information currently available to management. The words "believe," "may," "could," "will," "should," "would," "anticipate," "plan," "estimate," "project," "expect," "intend," "seek," "strive," and words of similar import, or the negative of such words, identify or signal the presence of forward-looking statements. These statements are not statements of historical fact; they involve risks and uncertainties that may cause our actual results, performance, or financial condition to differ materially from the expectations of future results, performance, or financial condition that we express or imply in any forward-looking statement. Factors that could contribute to such differences include, but are not limited to: the competitive nature of the textile industry and the impact of global competition; changes in the trade regulatory environment and governmental policies and legislation; the availability, sourcing, and pricing of raw materials; general domestic and international economic and industry conditions in markets where the Company competes, including economic and political factors over which the Company has no control; changes in consumer spending, customer preferences, fashion trends, and end-uses for the Company's products; the financial condition of the Co

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 10 Item 1B. Unresolved Staff Comments 15 Item 1C. Cybersecurity 15 Item 2.

Properties

Properties 16 Item 3.

Legal Proceedings

Legal Proceedings 16 Item 4. Mine Safety Disclosures 16 Information About our Executive Officers 17 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 18 Item 6. [Reserved] 19 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 37 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 39 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 39 Item 9A.

Controls and Procedures

Controls and Procedures 39 Item 9B. Other Information 39 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 39 PART III Item 10. Directors, Executive Officers and Corporate Governance 40 Item 11.

Executive Compensation

Executive Compensation 40 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 40 Item 13. Certain Relationships and Related Transactions, and Director Independence 40 Item 14. Principal Accountant Fees and Services 40 PART IV Item 15. Exhibits and Financial Statement Schedules 41 Item 16. Form 10-K Summary 45

Signatures

Signatures 46 Consolidated Financial Statements F-i Fiscal Year The fiscal year for Unifi, Inc., its domestic subsidiaries, and its subsidiary in El Salvador ends on the Sunday in June or July nearest to June 30 of each year. Unifi, Inc.'s fiscal 2024, 2023, and 2022 ended on June 30, 2024, July 2, 2023, and July 3, 2022, respectively. Unifi, Inc.'s remaining material operating subsidiaries' fiscal years end on June 30. For fiscal 2023 and 2022, there were no significant transactions or events that occurred between Unifi, Inc.'s fiscal year end and such wholly owned subsidiaries' fiscal year ends. Unifi, Inc.'s fiscal 2024 and 2023 each consisted of 52 weeks, while its fiscal 2022 consisted of 53 weeks. Presentation All amounts, except per share amounts, are presented in thousands (000s), unless otherwise noted. 1 PAR T I

Business

Item 1. Business Unifi, Inc., a New York corporation formed in 1969 (together with its subsidiaries, "UNIFI," the "Company," "we," "us," or "our"), is a multinational company that manufactures and sells innovative recycled and synthetic products, made from polyester and nylon, primarily to other yarn manufacturers and knitters and weavers (UNIFI's "direct customers") that produce yarn and/or fabric for the apparel, hosiery, home furnishings, automotive, industrial, medical, and other end-use markets (UNIFI's "indirect customers"). We sometimes refer to these indirect customers as "brand partners." Polyester products include partially oriented yarn ("POY") and textured, solution and package dyed, twisted, beamed, and draw wound yarns, and each is available in virgin or recycled varieties. Recycled solutions, made from both pre-consumer and post-consumer waste, include plastic bottle flake ("Flake"), polyester polymer beads ("Chip"), and staple fiber. Nylon products include virgin or recycled textured, solution dyed, and spandex covered yarns. UNIFI maintains one of the textile industry's most comprehensive product offerings that includes a range of specialized, value-added and commodity solutions, with principal geographic markets in North America, Central America, South America, Asia, and Europe. UNIFI has direct manufacturing operations in four countries and participates in a joint venture operating in the United States (the "U.S."). UNIFI has three reportable segments based on the primary geographies in which UNIFI distributes its products: The Americas Segment primarily manufactures and sells recycled and synthetic products to yarn manufacturers, knitters and weavers that produce yarn and/or fabric for the apparel, hosiery, home furnishings, automotive, industrial, medical, and other enduse markets principally in North and Central America. The Americas Segment consists of sales and manufacturing operations in the U.S., El Salvador, and Colombia. The Bra

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