- Total revenue of $34.4 million compared with $50.2
million from the prior year quarter.
- GAAP Operating Income improves to income of $18.6
million from a loss of $94.6 million in the prior year
quarter. Adjusted EBITDA margin improves to 59% from 49% in
the prior year quarter.
- Signed 111 license deals year to date, representing $79
million of aggregate guaranteed minimum royalties.
Iconix Brand Group, Inc. (Nasdaq: ICON) ("Iconix" or the
"Company") today reported financial results for the second quarter
ended June 30, 2019.
Bob Galvin, CEO commented, “Results for the second quarter of
2019 were as expected, as we continue to stabilize the business and
our operational cost structure. Our focus on the business and
costs helped to improve our EBITDA margin to 59% from 49% in the
prior year quarter. We also continue to build the pipeline of
our future business, as we have signed 111 deals year to date for
aggregate guaranteed minimum royalties of approximately $79
million.”
Second Quarter 2019 Financial Results
GAAP Revenue by Segment(000’s)
|
For the Three MonthsEnded
June 30, |
|
|
For the Six MonthsEnded
June 30, |
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
Licensing revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Women's |
$ |
8,171 |
|
|
$ |
16,871 |
|
|
$ |
16,538 |
|
|
$ |
33,469 |
Men's |
|
6,614 |
|
|
|
10,526 |
|
|
|
17,550 |
|
|
|
20,470 |
Home |
|
4,285 |
|
|
|
6,961 |
|
|
|
7,775 |
|
|
|
13,473 |
International |
|
15,324 |
|
|
|
15,854 |
|
|
|
28,473 |
|
|
|
31,349 |
|
$ |
34,394 |
|
|
$ |
50,212 |
|
|
$ |
70,336 |
|
|
$ |
98,761 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the second quarter of 2019, total revenue was $34.4 million,
a 31% decline, compared to $50.2 million in the second quarter of
2018. Such decline was expected, principally as a result of the
transition of our Danskin and Mossimo direct to retail licenses in
our Women’s segment, as previously announced. Our revenue for the
second quarter of 2019 was also impacted by the effect of the Sears
bankruptcy on our Joe Boxer and Bongo brands in Women’s and the
Cannon brand in Home. While we recently signed new agreements with
the new Sears and Kmart for the Cannon and Joe Boxer brands, the
overall revenue for the Cannon and Joe Boxer brands was down year
over year. Our Men’s segment revenue decreased 37% in the second
quarter of 2019, compared to the prior year quarter primarily from
the Buffalo brand. Our International segment declined 3% in
the second quarter of 2019 primarily as a result of performance in
China.
For the six months ended June 30, 2019, total revenue was
$70.3 million, a 29% decline, compared to $98.8 million
in the six months ended June 30, 2018.
SG&A Expenses:
Total SG&A expenses in the second quarter of 2019 were $16.4
million, a 43% decline compared to $28.6 million in the second
quarter of 2018. Most of the decline for the quarter was a decrease
in compensation, advertising, bad debt expense and professional
expenses. The decrease in compensation was part of the Company’s
continued efforts to reduce costs as well as the prior year
included severance costs related to the former CEO. Additionally,
expenses for the second quarter of 2018 included $2.9 million in
costs associated with a debt refinancing. Total SG&A expenses
in the six months ended June 30, 2019 were $34.5 million,
a 45% decline compared to $62.2 million in the six months
ended June 30, 2018.
Operating Income and Adjusted EBITDA (1):
Adjusted EBITDA is a non-GAAP metric, and a reconciliation table
is included below.
Operating income for the second quarter of 2019 was
$18.6 million, as compared to operating loss of $94.6 million
in the second quarter of 2018. Adjusted EBITDA in
the second quarter of 2019 was $20.3 million which represents
operating income of $18.6 million excluding net charges of
$1.7 million. Adjusted EBITDA in the second quarter of
2018 was $24.6 million which represents operating loss of
$94.6 million excluding net charges of $119.2 million, which was
primarily related to impairment charges of $111.1 million.
The change period over period in Adjusted EBITDA is primarily as a
result of the change in revenue as outlined above, which was
somewhat offset by the cost reduction initiative. Refer to footnote
1 below for a full detailed reconciliation of operating income to
Adjusted EBITDA.
Operating income for the six months ended
June 30, 2019 was $37.0 million, as compared to
operating loss of $79.1 million in the six months ended
June 30, 2018. Adjusted EBITDA for the six months
ended June 30, 2019 was $38.8 which represents
operating income of $37.0 million excluding net charges of
$1.8 million. Adjusted EBITDA for the six months ended
June 30, 2018 was $47.1 million which represents
operating loss of $79.1 million excluding net charges of
$126.0 million. The change period over period in Adjusted EBITDA is
primarily as a result of the change in revenue as outlined
above. Refer to footnote 1 below for a full detailed
reconciliation of operating income to Adjusted
EBITDA.
|
|
|
|
|
|
|
Adjusted EBITDA by
Segment (1) |
For the Three Months Ended
June 30, |
|
|
|
For the Six Months Ended
June 30, |
|
(000's) |
2019 |
|
2018 |
|
%
Change |
|
|
|
2019 |
|
2018 |
|
%
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Women's |
$ |
8,622 |
|
$ |
15,481 |
|
|
-44 |
% |
|
|
$ |
16,249 |
|
$ |
30,020 |
|
|
-46 |
% |
Men's |
|
3,478 |
|
|
3,259 |
|
|
7 |
% |
|
|
|
7,544 |
|
|
6,684 |
|
|
13 |
% |
Home |
|
3,783 |
|
|
6,596 |
|
|
-43 |
% |
|
|
|
6,790 |
|
|
12,347 |
|
|
-45 |
% |
International |
|
9,306 |
|
|
6,806 |
|
|
37 |
% |
|
|
|
17,300 |
|
|
12,707 |
|
|
36 |
% |
Corporate |
|
(4,860 |
) |
|
(7,516 |
) |
|
35 |
% |
|
|
|
(9,109 |
) |
|
(14,663 |
) |
|
38 |
% |
Adjusted
EBITDA |
$ |
20,329 |
|
$ |
24,626 |
|
|
-17 |
% |
|
|
$ |
38,774 |
|
$ |
47,095 |
|
|
-18 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA Margin
(2) |
|
59 |
% |
|
49 |
% |
|
|
|
|
|
|
55 |
% |
|
48 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA margin in the second quarter of 2019
was 59% as compared to adjusted EBITDA margin in
the second quarter of 2018 of 49%. The change
period over period in adjusted EBITDA margin is primarily as a
result of the Company’s decrease in expenses which outpaced the
decrease in revenues.
Adjusted EBITDA margin in the six months ended
June 30, 2019 was 55% as compared to adjusted EBITDA margin in
the six months ended June 30, 2018 of 48%. The
change period over period in adjusted EBITDA margin is primarily as
a result of the Company’s decrease in expenses which outpaced the
decrease in revenues.
Interest Expense and Other Income:
Interest expense in the second quarter of 2019 was $14.5
million as compared to $14.8 million in the second quarter of
2018. In the second quarter of 2019, the Company
recognized a $0.3 million gain as compared to a $32.1 million gain
in the second quarter of 2018. These gains result from the
Company's accounting for the 5.75% Convertible Notes, which
requires recording the fair value of this debt at the end of each
period with any change from the prior period accounted for as other
income or loss in the respective period's income statement.
Interest expense in the six months ended June 30, 2019 was
$29.0 million as compared to $29.4 million in the six months
ended June 30, 2018.
Provision for Income Taxes:
The effective income tax rate for the second quarter of 2019 is
approximately -4%, which resulted in a $0.1 million income
tax benefit, as compared to an effective income tax rate
of 4% in the second quarter of 2018, which resulted in
a $2.8 million income tax benefit. The change in
the effective tax rate was due to trademark impairment recorded in
the Prior Year Quarter, for which the Company recognized a tax
benefit against a pretax loss.
The effective income tax rate for the six months ended
June 30, 2019 is approximately 7%, which resulted in a
$1.8 million income tax provision, as compared to an effective
income tax rate of 3% in the six months ended June 30,
2018, which resulted in a $1.2 million income
tax benefit. The increase in tax expense is due to
trademark impairment recorded in the Prior Year Six Months, for
which the Company recognized a tax benefit.
GAAP Net Income and GAAP Diluted EPS:
GAAP net income attributable to Iconix for the second quarter of
2019 reflects income of $ 1.3 million, compared to loss of
$79.4 million for the second quarter of 2018. GAAP diluted EPS for
the second quarter of 2019 reflects income of $0.04,
compared to loss of $12.55 for the second quarter of 2018.
GAAP net income attributable to Iconix for the six months ended
June 30, 2019 reflects income of $19.2 million, compared to
a loss of $51.7 million for the six months ended
June 30, 2018. GAAP diluted EPS for the six months
ended June 30, 2019 reflects income of $0.10 compared to
a loss of $ 9.06 for the six months ended
June 30, 2018.
Adjusted EBITDA (1):
Adjusted EBITDA for the second quarter of 2019 was $20.3
million, compared to $24.6 million for the second quarter of
2018. Adjusted EBITDA for the six months ended June 30,
2019 was $38.8 million, compared to $47.1 million for the six
months ended June 30, 2018.
|
|
|
|
|
Adjusted EBITDA:
(1) |
|
|
|
|
(000's) |
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
June 30, |
|
|
2019 |
|
2018 |
|
% Change |
|
|
|
|
|
|
GAAP Operating Income (Loss) |
$18,572 |
|
$(94,586 |
) |
120% |
|
|
|
|
|
|
Add: |
|
|
|
|
stock-based compensation expense |
258 |
|
499 |
|
|
|
depreciation and amortization |
482 |
|
632 |
|
|
|
costs associated with debt financings |
- |
|
2,905 |
|
|
|
loss on termination of licenses |
- |
|
5,650 |
|
|
|
impairment charges |
- |
|
111,147 |
|
|
|
special charges |
3,198 |
|
2,677 |
|
|
|
non-controlling interest |
(2,174 |
) |
(4,291 |
) |
|
|
non-controlling interest related to D&A |
(7 |
) |
(7 |
) |
|
|
|
1,757 |
|
119,212 |
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
$20,329 |
|
$24,626 |
|
-17% |
|
Adjusted EBITDA Margin
(2) |
59 |
% |
49 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA:
(1) |
|
|
|
|
(000's) |
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended
June 30, |
|
|
2019 |
|
2018 |
|
% Change |
|
|
|
|
|
|
GAAP Operating Income (Loss) |
$36,971 |
|
$(79,050 |
) |
147% |
|
|
|
|
|
|
Add: |
|
|
|
|
stock-based compensation expense |
399 |
|
1,518 |
|
|
|
depreciation and amortization |
974 |
|
1,286 |
|
|
|
costs associated with debt financings |
- |
|
8,344 |
|
|
|
loss on termination of licenses |
- |
|
5,650 |
|
|
|
impairment charges |
- |
|
111,147 |
|
|
|
special charges |
5,978 |
|
5,382 |
|
|
|
non-controlling interest |
(5,535 |
) |
(7,148 |
) |
|
|
non-controlling interest related to D&A |
(13 |
) |
(34 |
) |
|
|
|
1,803 |
|
126,145 |
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
$38,774 |
|
$47,095 |
|
-18% |
|
Adjusted EBITDA Margin
(2) |
55 |
% |
48 |
% |
|
|
|
|
|
|
|
Balance Sheet and Liquidity:
(000's) |
June 30, 2019 |
|
December 31, 2018 |
|
Cash
Summary: |
|
|
|
|
Unrestricted Domestic Cash (wholly owned) |
$ |
33,944 |
|
$ |
45,936 |
|
Unrestricted Domestic Cash (in
consolidated JV's) |
|
8,896 |
|
|
8,460 |
|
Unrestricted International
Cash |
|
9,585 |
|
|
12,213 |
|
Restricted Cash |
|
14,633 |
|
|
16,026 |
|
|
|
|
|
|
Total Cash |
$ |
67,058 |
|
$ |
82,635 |
|
|
|
|
|
|
Debt Summary: |
|
|
|
|
Senior Secured Notes due January 2043* |
$ |
353,163 |
|
$ |
365,481 |
|
5.75% Convertible Notes due August 2023 |
|
94,580 |
|
|
109,715 |
|
Variable Funding Note due January 2043 |
|
100,000 |
|
|
100,000 |
|
2017 Senior Secured Term Loan due August 2022 |
|
187,492 |
|
|
189,421 |
|
|
|
|
|
|
Total Debt (Face Value) |
$ |
735,235 |
|
$ |
764,617 |
|
|
|
|
|
|
*- The Company’s
Senior Secured Notes include a test that measures the amount of
principal and interest required to be paid on the debt to the
approximate cash flow available to pay such principal and interest;
the test is referred to as the debt service coverage ratio
(“DSCR”). As a result of a decline in royalty collections
during the twelve months ended March 31, 2019, the DSCR fell below
1.10x as of March 31, 2019. Beginning April 1, 2019, the Senior
Secured Notes are in a Rapid Amortization Event pursuant to the
Securitization Notes Indenture. In rapid amortization, the
residual will immediately be used to pay down the principal.
Iconix will continue to receive its management fee from the
Securitization Notes and the Company does not believe the loss of
our residual, if any, will have a significant impact on our
operations. |
|
|
|
|
|
|
The Company currently projects compliance with its financial
covenants under its senior secured term loan and the interest only
DSCR under the Securitization indenture for 2019.
Conference Call
The Company will host a conference call today at 5:00 PM ET. The
call can be accessed on the Company's website at
www.iconixbrand.com or by telephone at 844-286-1555 or 270-823-1180
(conference ID: 8539908). A written transcript will be posted
online as soon as available.
About Iconix Brand Group, Inc.
Iconix Brand Group, Inc. owns, licenses and markets a portfolio
of consumer brands including: CANDIE'S ®, BONGO ®, JOE
BOXER ®, RAMPAGE ®, MUDD ®, MOSSIMO ®, LONDON
FOG ®, OCEAN PACIFIC ®, DANSKIN ®, ROCAWEAR ®,
CANNON ®, ROYAL VELVET ®, FIELDCREST ®,
CHARISMA ®, STARTER ®, WAVERLY ®, ZOO YORK ®,
UMBRO ®, LEE COOPER ®, ECKO UNLTD. ®, MARC
ECKO ®, ARTFUL DODGER ®, and HYDRAULIC®. In addition,
Iconix owns interests in the MATERIAL GIRL ®, ED HARDY ®,
TRUTH OR DARE ®, MODERN AMUSEMENT ®, BUFFALO ® and
PONY ® brands. The Company licenses its brands to a network of
retailers and manufacturers. Through its in-house business
development, merchandising, advertising and public relations
departments, Iconix manages its brands to drive greater consumer
awareness and brand loyalty.
Forward-Looking Statements
In addition to historical information, this press release
contains forward-looking statements within the meaning of the
federal securities laws. Such forward-looking statements include
projections regarding the Company's beliefs and expectations about
future performance and, in some cases, may be identified by words
like "anticipate," "assume," "believe," "continue," "could,"
"estimate," "expect," "intend," "may," "plan," "potential,"
"predict," "project," "future," "will," "seek" and similar terms or
phrases. These statements are based on the Company's beliefs and
assumptions, which in turn are based on information available as of
the date of this press release. Forward-looking statements involve
known and unknown risks and uncertainties, which could cause actual
results to differ materially from those contained in any
forward-looking statement and could harm the Company's business,
prospects, results of operations, liquidity and financial condition
and cause its stock price to decline significantly. Many of these
factors are beyond the Company's ability to control or predict.
Important factors that could cause the Company's actual results to
differ materially from those indicated in the forward-looking
statements include, among others: the ability of the Company's
licensees to maintain their license agreements or to produce and
market products bearing the Company's brand names, the Company's
ability to retain and negotiate favorable licenses, the Company's
ability to meet its outstanding debt obligations and the events and
risks referenced in the sections titled "Risk Factors" in the
Company's Annual Report on Form 10‑K for the year ended
December 31, 2018 and subsequent Quarterly Reports on
Form 10‑Q and in other documents filed or furnished with the
Securities and Exchange Commission. Our forward-looking statements
do not reflect the potential impact of any acquisitions, mergers,
dispositions, business development transactions, joint ventures or
investments we may enter into or make in the future. Given these
uncertainties, you should not place undue reliance on these
forward-looking statements. These forward-looking statements are
made only as of the date hereof and the Company undertakes no
obligation to update or revise publicly any forward-looking
statements, except as required by law.
Media contact: John T. McClain Executive Vice
President and Chief Financial Officer Iconix Brand
Group, Inc. jmcclain@iconixbrand.com
212-730-0030
Unaudited Consolidated Statement of
Operations(000’s, except earnings per share data)
|
For the Three Months Ended June 30, |
|
|
For the Six Months Ended June 30, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Licensing revenue |
$ |
34,394 |
|
|
$ |
50,212 |
|
|
$ |
70,336 |
|
|
$ |
98,761 |
|
Selling, general and
administrative expenses |
|
16,435 |
|
|
|
28,643 |
|
|
|
34,528 |
|
|
|
62,241 |
|
Loss on termination of
licenses |
|
— |
|
|
|
5,650 |
|
|
|
— |
|
|
|
5,650 |
|
Depreciation and
amortization |
|
482 |
|
|
|
632 |
|
|
|
974 |
|
|
|
1,286 |
|
Equity earnings on joint
ventures |
|
(1,095 |
) |
|
|
(1,149 |
) |
|
|
(2,137 |
) |
|
|
(1,245 |
) |
Gain on sale of
trademarks |
|
— |
|
|
|
(125 |
) |
|
|
— |
|
|
|
(1,268 |
) |
Goodwill impairment |
|
— |
|
|
|
37,812 |
|
|
|
— |
|
|
|
37,812 |
|
Trademark impairment |
|
— |
|
|
|
73,335 |
|
|
|
— |
|
|
|
73,335 |
|
Operating income (loss) |
|
18,572 |
|
|
|
(94,586 |
) |
|
|
36,971 |
|
|
|
(79,050 |
) |
Other expenses (income): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
14,465 |
|
|
|
14,827 |
|
|
|
28,970 |
|
|
|
29,376 |
|
Interest income |
|
(90 |
) |
|
|
(92 |
) |
|
|
(162 |
) |
|
|
(214 |
) |
Other income, net |
|
1,140 |
|
|
|
(32,083 |
) |
|
|
(18,795 |
) |
|
|
(58,215 |
) |
Gain on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,473 |
) |
Foreign currency translation (gain) loss |
|
(258 |
) |
|
|
704 |
|
|
|
369 |
|
|
|
152 |
|
Other expenses (income) – net |
|
15,257 |
|
|
|
(16,644 |
) |
|
|
10,382 |
|
|
|
(33,374 |
) |
Income (loss) before income
taxes |
|
3,315 |
|
|
|
(77,942 |
) |
|
|
26,589 |
|
|
|
(45,676 |
) |
(Benefit) provision for income
taxes |
|
(130 |
) |
|
|
(2,804 |
) |
|
|
1,838 |
|
|
|
(1,154 |
) |
Net income (loss) |
|
3,445 |
|
|
|
(75,138 |
) |
|
|
24,751 |
|
|
|
(44,522 |
) |
Less: Net income attributable
to non-controlling interest |
|
2,174 |
|
|
|
4,291 |
|
|
|
5,535 |
|
|
|
7,148 |
|
Net income (loss) attributable
to Iconix Brand Group, Inc. |
$ |
1,271 |
|
|
$ |
(79,429 |
) |
|
$ |
19,216 |
|
|
$ |
(51,670 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.04 |
|
|
$ |
(12.55 |
) |
|
$ |
2.13 |
|
|
$ |
(9.06 |
) |
Diluted |
$ |
0.04 |
|
|
$ |
(12.55 |
) |
|
$ |
0.10 |
|
|
$ |
(9.06 |
) |
Weighted average number of
common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
10,377 |
|
|
|
6,598 |
|
|
|
9,426 |
|
|
|
6,257 |
|
Diluted |
|
10,377 |
|
|
|
6,598 |
|
|
|
44,779 |
|
|
|
6,257 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Footnotes
(1) Adjusted EBITDA is a non-GAAP financial measure which
represents operating income excluding stock-based compensation
(benefit) expense, depreciation and amortization, costs associated
with recent financings, special charges related to professional
fees incurred as a result of the correspondence with the Staff of
the SEC, the SEC and related SDNY investigations, internal
investigations, the previously disclosed class action and
derivative litigations, costs related to the transition of Iconix
management, but including gains on sales of trademarks and
non-controlling interest. The Company believes Adjusted EBITDA is a
useful financial measure in evaluating its financial condition
because it is more reflective of the Company's business purpose,
operations and cash expenses. Uses of cash flows that are not
reflected in Adjusted EBITDA include interest payments and debt
principal repayments, which can be significant. As a result,
Adjusted EBITDA should not be considered as a measure of our
liquidity. Other companies that provide Adjusted EBITDA
information may calculate EBITDA and Adjusted EBITDA differently
than we do. The definition of Adjusted EBITDA may not be the same
as the definitions used in any of our debt agreements.
|
|
Adjusted EBITDA Reconciliation For the
Three Months Ended June 30,
(1): |
|
|
GAAP Operating Income |
|
ImpairmentCharges |
|
Special Charges |
|
Costsassociated with debt financings |
|
Loss on Terminationof
Licenses |
|
Depreciation & Amortization |
|
Stock Compensation |
|
Non-controlling Interest, net |
|
Adjusted EBITDA |
|
($, 000s) |
2019 |
|
2018 |
|
|
2019 |
2018 |
|
2019 |
2018 |
|
2019 |
2018 |
|
2019 |
2018 |
|
2019 |
2018 |
|
2019 |
2018 |
|
2019 |
|
2018 |
|
|
2019 |
|
2018 |
|
|
Women's |
8,622 |
|
(95,694 |
) |
|
- |
111,147 |
|
- |
- |
|
- |
- |
|
- |
- |
|
- |
- |
|
- |
28 |
|
- |
|
- |
|
|
8,622 |
|
15,481 |
|
|
Men's |
4,952 |
|
664 |
|
|
- |
- |
|
- |
- |
|
- |
- |
|
- |
5,650 |
|
13 |
13 |
|
- |
- |
|
(1,487 |
) |
(3,068 |
) |
|
3,478 |
|
3,259 |
|
|
Home |
3,782 |
|
6,589 |
|
|
- |
- |
|
- |
- |
|
- |
- |
|
- |
- |
|
- |
- |
|
1 |
7 |
|
- |
|
- |
|
|
3,783 |
|
6,596 |
|
|
International |
10,766 |
|
8,082 |
|
|
- |
- |
|
- |
- |
|
- |
- |
|
- |
- |
|
72 |
110 |
|
3 |
74 |
|
(1,535 |
) |
(1,460 |
) |
|
9,306 |
|
6,806 |
|
|
Corporate |
(9,550 |
) |
(14,227 |
) |
|
- |
- |
|
3,198 |
2,677 |
|
- |
2,905 |
|
- |
- |
|
397 |
509 |
|
254 |
390 |
|
841 |
|
230 |
|
|
(4,860 |
) |
(7,516 |
) |
|
Total
Income |
18,572 |
|
(94,586 |
) |
|
- |
111,147 |
|
3,198 |
2,677 |
|
- |
2,905 |
|
- |
5,650 |
|
482 |
632 |
|
258 |
499 |
|
(2,181 |
) |
(4,298 |
) |
|
20,329 |
|
24,626 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA Reconciliation For the Six
Months Ended June 30,
(1): |
|
|
GAAP Operating Income |
|
Impairment Charges |
|
Special Charges |
|
Costsassociated with debt financings |
|
Loss on Terminationof
Licenses |
|
Depreciation & Amortization |
|
Stock Compensation |
|
Non-controlling Interest, net |
|
Adjusted EBITDA |
|
($, 000s) |
2019 |
|
2018 |
|
|
2019 |
2018 |
|
2019 |
2018 |
|
2019 |
2018 |
|
2019 |
2018 |
|
2019 |
2018 |
|
2019 |
2018 |
|
2019 |
|
2018 |
|
|
2019 |
|
2018 |
|
|
Women's |
16,249 |
|
(81,066 |
) |
|
- |
111,147 |
|
- |
- |
|
- |
- |
|
- |
- |
|
- |
- |
|
- |
56 |
|
- |
|
(117 |
) |
|
16,249 |
|
30,020 |
|
|
Men's |
12,498 |
|
6,538 |
|
|
- |
- |
|
- |
- |
|
- |
- |
|
- |
5,650 |
|
25 |
65 |
|
- |
- |
|
(4,979 |
) |
(5,569 |
) |
|
7,544 |
|
6,684 |
|
|
Home |
6,787 |
|
12,332 |
|
|
- |
- |
|
- |
- |
|
- |
- |
|
- |
- |
|
- |
- |
|
3 |
15 |
|
- |
|
- |
|
|
6,790 |
|
12,347 |
|
|
International |
19,189 |
|
14,569 |
|
|
- |
- |
|
- |
- |
|
- |
- |
|
- |
- |
|
161 |
248 |
|
7 |
148 |
|
(2,057 |
) |
(2,258 |
) |
|
17,300 |
|
12,707 |
|
|
Corporate |
(17,752 |
) |
(31,423 |
) |
|
- |
- |
|
5,978 |
5,382 |
|
- |
8,344 |
|
- |
- |
|
788 |
973 |
|
389 |
1,299 |
|
1,488 |
|
762 |
|
|
(9,109 |
) |
(14,663 |
) |
|
Total
Income |
36,971 |
|
(79,050 |
) |
|
- |
111,147 |
|
5,978 |
5,382 |
|
- |
8,344 |
|
- |
5,650 |
|
974 |
1,286 |
|
399 |
1,518 |
|
(5,548 |
) |
(7,182 |
) |
|
38,774 |
|
47,095 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Adjusted EBITDA margin is a non-GAAP financial measure which
represents Adjusted EBITDA as a percentage of revenue. The
Company believes Adjusted EBITDA margin is a useful financial
measure in evaluating its financial condition because it is more
reflective of the Company's business purpose, operations and cash
expenses. Uses of cash flows that are not reflected in
Adjusted EBITDA margin include interest payments and debt principal
repayments, which can be significant. As a result, Adjusted
EBITDA margin should not be considered as a measure of our
liquidity. Other companies that provide Adjusted EBITDA
margin information may calculate EBITDA margin and Adjusted EBITDA
margin differently than we do. The definition of Adjusted EBITDA
margin may not be the same as the definitions used in any of our
debt agreements.
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