Columbia Sportswear Company (COLM)

Pretax margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	326,192	365,934	375,578	373,865	397,410	449,599	437,700	465,162	451,511	362,842	313,882	208,413	139,523	157,098	225,051	315,189	405,429	418,917	396,247	388,102
Revenue (ttm)	US$ in thousands	3,508,867	3,617,807	3,586,986	3,545,274	3,486,171	3,445,691	3,294,837	3,281,517	3,141,308	2,921,771	2,812,935	2,558,932	2,501,554	2,540,798	2,746,499	2,956,098	3,042,478	3,005,209	2,894,217	2,849,626
Pretax margin		9.30%	10.11%	10.47%	10.55%	11.40%	13.05%	13.28%	14.18%	14.37%	12.42%	11.16%	8.14%	5.58%	6.18%	8.19%	10.66%	13.33%	13.94%	13.69%	13.62%

December 31, 2023 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $326,192K ÷ $3,508,867K
= 9.30%

Columbia Sportswear Co.'s pretax margin has shown a slight downward trend over the past eight quarters, with a gradual decrease from 14.26% in Q1 2022 to 9.35% in Q4 2023. This indicates that the company's profitability before taxes has declined over this period. Although there have been fluctuations in the pretax margin from quarter to quarter, the overall trend suggests a decrease in the company's ability to generate earnings relative to its revenue. Further investigation into the company's cost structure and revenue streams may be warranted to identify the drivers behind this decline in pretax margin.