Iconix Brand Group, Inc. (Nasdaq: ICON) ("Iconix" or the "Company")
today reported financial results for the second quarter ended June
30, 2020.
Bob Galvin, CEO commented, “With the onset of COVID-19 during
the first quarter, we quickly responded to remove costs and
preserve liquidity. During the second quarter while we
continued those efforts, we also continued to develop our pipeline
of future business, as we have signed 92 deals during 2020 for
aggregate guaranteed minimum royalties of approximately $69
million. As we move forward, if we experience a slower
recovery, or if further disruptions occur later in the year, we
will be vigilant in an attempt to identify additional areas for
cost savings.”
Galvin continued, “In late July, we closed the previously
announced sale of Umbro China and realized net proceeds of over $59
million. Seventy five percent of the net proceeds were used
to repay our Senior Secured Term Loan. We continue to look
for other opportunities within our portfolio of brands to realize
value.”
As previously disclosed, on July 10, 2020, the Company’s Board
of Directors determined to commence a process to broaden its
exploration of strategic alternatives available to the Company to
enhance shareholder value. The Board has authorized
management and its external advisors to consider a broader range of
strategic alternatives, including a potential sale of the Company,
merger or other business combination, a recapitalization of its
existing capital structure, financings or re-financings of its
existing indebtedness, sales of equity and equity-linked
securities, dispositions of discrete brands and related assets,
licensing or other strategic transactions involving the Company, or
any combination of the foregoing. This is in addition to the
Company’s previously announced executed definitive agreements to
sell the rights to the UMBRO and STARTER brands in China. In
connection with such strategic review, the Company retained Ducera
Partners LLC as a financial advisor, together with Dechert LLP, its
existing legal counsel, to assist in this effort. There can
be no assurance that the exploration of strategic alternatives will
result in any transaction or specific course of action. The Company
does not intend to disclose developments with respect to the
exploration of strategic alternatives unless and until its Board of
Directors has approved a specific transaction or course of action
or the Company has otherwise determined that further disclosure is
appropriate or required by law
second Quarter 2020Financial Results
GAAP Revenue by Segment(000’s)
|
|
For the
Three Months |
|
For the Six
Months |
Ended
June 30, |
Ended
June 30, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
Licensing revenue: |
|
|
|
|
|
|
|
|
Women's |
|
$ |
4,409 |
|
$ |
8,171 |
|
$ |
10,887 |
|
$ |
16,538 |
Men's |
|
|
2,957 |
|
|
6,614 |
|
|
9,713 |
|
|
17,550 |
Home |
|
|
3,787 |
|
|
4,285 |
|
|
6,949 |
|
|
7,775 |
International |
|
|
11,124 |
|
|
15,324 |
|
|
22,677 |
|
|
28,473 |
|
|
$ |
22,277 |
|
$ |
34,394 |
|
$ |
50,226 |
|
$ |
70,336 |
|
|
|
|
|
|
|
|
|
For the second quarter of 2020, total revenue was $22.3 million,
a 35% decline, compared to $34.4 million in the second quarter of
2019. Revenue across all segments was primarily negatively impacted
by the effects of the COVID-19 pandemic on the global economy. The
46% decrease in revenue in our Women’s segment was principally as a
result of a decrease in licensing revenue from our Mudd and Candies
brands. Revenue from the Men’s segment decreased 55% in the Current
Quarter mainly due to a decrease in licensing revenue from our
Buffalo and Umbro brands. Sales in our Home segment declined 12%
principally due to a decrease in licensing revenue from our Cannon
brand. Our International segment revenue declined 27% in the
current quarter mainly due to decreases in Latin America and
Europe.
SG&A Expenses:Total SG&A expenses in
the second quarter of 2020 were $15.0 million, a 9% decline
compared to $16.4 million in the second quarter of 2019. The
decline for the quarter was primarily driven by a decrease in
advertising and compensation expense somewhat offset by an increase
in bad debt expense.
Trademark and Investment Impairment:In the
second quarter of 2020, the Company recorded a non-cash trademark
impairment charge of $5.2 million. The charge for the second
quarter of 2020 was based on the impact of the COVID-19 pandemic
and related Sears/Kmart store closures on current and estimated
future cash flows primarily on the fair value of the Joe Boxer and
Cannon indefinite-lived trademarks.
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 2020 was $3.5
million, as compared to operating income of $18.6 million for the
second quarter of 2019. The second quarter 2020 results
include $5.2 million of charges related to trademark impairments.
Adjusted EBITDA in the second quarter of 2020 was $11.4 million,
which represents operating income of $3.5 million excluding net
charges of $7.9 million. Adjusted EBITDA in the second
quarter of 2019 was $20.3 million, which represents operating
income of $18.6 million excluding net charges of $1.8
million. The change period over period in Adjusted EBITDA is
primarily as a result of reduced revenue largely driven by the
impact of COVID-19 on our business, somewhat offset by reduced
expenses driven by the Company’s cost reduction initiative. Refer
to footnote 1 below for a full detailed reconciliation of operating
income to Adjusted EBITDA.
Note: All items in the following tables are attributable to the
Company’s interest in its subsidiaries and joint ventures, as
applicable, and exclude the results related to any non-controlling
interest in such entities. Certain numbers may not add due to
rounding.
Adjusted EBITDA by Segment (1) |
For the
Three Months Ended
June 30, |
|
|
|
For the Six
Months Ended
June 30, |
|
(000's) |
2020 |
|
2019 |
|
%
Change |
|
|
|
2020 |
|
2019 |
|
%
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Women's |
$ |
4,126 |
|
$ |
8,622 |
|
|
-52 |
% |
|
|
$ |
9,675 |
|
$ |
16,249 |
|
|
-40 |
% |
Men's |
|
2,016 |
|
|
3,478 |
|
|
-42 |
% |
|
|
|
4,429 |
|
|
7,545 |
|
|
-41 |
% |
Home |
|
3,517 |
|
|
3,783 |
|
|
-7 |
% |
|
|
|
6,081 |
|
|
6,789 |
|
|
-10 |
% |
International |
|
5,165 |
|
|
9,306 |
|
|
-44 |
% |
|
|
|
11,075 |
|
|
17,299 |
|
|
-36 |
% |
Corporate |
|
(3,398 |
) |
|
(4,858 |
) |
|
30 |
% |
|
|
|
(8,224 |
) |
|
(9,109 |
) |
|
10 |
% |
Adjusted EBITDA |
$ |
11,426 |
|
$ |
20,331 |
|
|
-44 |
% |
|
|
$ |
23,036 |
|
$ |
38,773 |
|
|
-41 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA Margin (2) |
|
51 |
% |
|
59 |
% |
|
|
|
|
|
|
46 |
% |
|
55 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA margin in the second quarter of 2020 was 51% as
compared to Adjusted EBITDA margin in the second quarter of 2019 of
59%. The change period over period in Adjusted EBITDA margin
is primarily as a result of the Company’s decrease in
revenue.
Interest Expense and Other (Income) Loss,
net:
Interest expense in the second quarter of 2020 was $17.0 million
as compared to $14.5 million in the second quarter of 2019. The
legal final maturity date of the Securitization Notes is in January
of 2043. The Company did not repay or refinance the Securitization
Notes prior to the anticipated repayment date. Therefore, beginning
January 2020, the Company accrues additional interest on the
Securitization Notes that is not payable until 2043. The increase
in interest expense period over period is primarily the result of
the step up in interest for the securitization. In the second
quarter of 2020, Other (income) loss was a loss of $2.9 million as
compared to $1.1 million in the second quarter of 2019. This
loss results primarily 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 consolidated income statement.
Provision for Income Taxes:
The effective income tax rate for the second quarter of 2020 is
approximately 5.3%, which resulted in a $0.9 million income tax
benefit, as compared to an effective income tax rate of -3.9% in
the second quarter of 2019, which resulted in a $0.1 million income
tax benefit. The increase in the tax benefit is a result of a
decrease in foreign withholding tax for the second quarter of
2020.
GAAP Net Income and GAAP Diluted EPS:
GAAP net income attributable to Iconix for the second quarter of
2020 reflected a loss of $17.4 million, compared to net income of
$1.3 million for the second quarter of 2019. GAAP diluted EPS for
the second quarter of 2020 reflected a loss of $1.46 per share,
compared to income of $0.12 per share for the second quarter of
2019.
Adjusted EBITDA (1):
Adjusted EBITDA for the second quarter of 2020 was $11.4
million, compared to $20.3 million for the second quarter of
2019.
Adjusted EBITDA: (1) |
|
|
|
|
(000's) |
|
|
|
|
|
For the
Three Months Ended
June 30, |
|
|
|
2020 |
|
|
2019 |
|
%
Change |
|
|
|
|
|
|
GAAP
Operating Income (Loss) |
$ |
3,549 |
|
$ |
18,572 |
|
|
|
Add: |
|
|
|
|
stock-based compensation expense |
|
240 |
|
|
259 |
|
|
|
depreciation and amortization |
|
306 |
|
|
482 |
|
|
|
contract asset write offs, net |
|
117 |
|
|
- |
|
|
|
impairment charges |
|
5,262 |
|
|
- |
|
|
|
Gain on Sale of Investments |
|
(1,600 |
) |
|
- |
|
|
|
special charges |
|
5,307 |
|
|
3,198 |
|
|
|
non-controlling interest |
|
(1,755 |
) |
|
(2,174 |
) |
|
|
non-controlling interest related to D&A and impairment |
|
- |
|
|
(7 |
) |
|
|
|
|
7,877 |
|
|
1,758 |
|
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
11,426 |
|
$ |
20,331 |
|
-44 |
% |
|
Adjusted EBITDA Margin (2) |
|
51 |
% |
|
59 |
% |
|
|
|
|
|
|
|
Adjusted EBITDA: (1) |
|
|
|
|
(000's) |
|
|
|
|
|
For the Six
Months Ended
June 30, |
|
|
|
2020 |
|
|
2019 |
|
%
Change |
|
|
|
|
|
|
GAAP
Operating Income (Loss) |
$ |
(1,303 |
) |
$ |
36,971 |
|
|
|
Add: |
|
|
|
|
stock-based compensation expense |
|
412 |
|
|
398 |
|
|
|
depreciation and amortization |
|
579 |
|
|
974 |
|
|
|
gain on sale of investments |
|
(1,600 |
) |
|
- |
|
|
|
contract asset write offs, net |
|
119 |
|
|
- |
|
|
|
impairment charges |
|
18,995 |
|
|
- |
|
|
|
special charges |
|
8,843 |
|
|
5,978 |
|
|
|
non-controlling interest |
|
(2,579 |
) |
|
(5,535 |
) |
|
|
non-controlling interest related to D&A and impairment |
|
(430 |
) |
|
(14 |
) |
|
|
|
|
24,339 |
|
|
1,801 |
|
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
23,036 |
|
$ |
38,773 |
|
-41 |
% |
|
Adjusted EBITDA Margin (2) |
|
46 |
% |
|
55 |
% |
|
|
|
|
|
|
|
Balance Sheet and Liquidity:
(000's) |
June 30,
2020 |
|
December 31,
2019 |
|
Cash
Summary: |
|
|
|
|
Unrestricted Domestic, Canada and China (Wholly Owned) |
$ |
28,924 |
|
$ |
29,144 |
|
Unrestricted
Luxembourg (Wholly Owned) |
|
14,287 |
|
|
17,023 |
|
Unrestricted
in consolidated JV's |
|
7,440 |
|
|
9,298 |
|
Restricted
Cash |
|
11,666 |
|
|
15,946 |
|
Total
Cash |
$ |
62,317 |
|
$ |
71,411 |
|
|
|
|
|
|
Debt
Summary: |
|
|
|
|
Senior
Secured Notes due January 2043* |
$ |
328,818 |
|
$ |
338,130 |
|
Variable
Funding Note due January 2043 |
|
100,000 |
|
|
100,000 |
|
5.75%
Convertible Notes due August 2023 |
|
94,430 |
|
|
94,430 |
|
Senior
Secured Term Loan due August 2022 ** |
|
165,959 |
|
|
175,600 |
|
Payroll
Protection Plan Loan |
|
1,307 |
|
|
- |
|
Total Debt
(Face Value) |
$ |
690,514 |
|
$ |
708,160 |
|
|
|
|
|
|
*- The legal final maturity of the Securitization Notes is in
January of 2043, as the Company did not repay or refinance the
Securitization Notes prior to the anticipated repayment date.
Therefore, beginning in January 2020, the Company is no longer
required to make previously designated contractual principal
payments. Future principal payments are formulaically based on a
percentage of receipts of royalty revenue, and as such are subject
to market factors outside of the Company’s control. There can be no
assurance that all or any future principal payments projected for
the Senior Secured Notes will be made in accordance with the
projections provided. |
|
**- As a result of the completion of the sale of Umbro China, the
Company received $59.6 million of net proceeds, and on August 7,
2020, repaid $44.7 million of loan principal. |
|
|
|
Fiscal 2020 Outlook
Due to the impact that COVID-19 is having across the globe, and
the rapid and continuous economic developments, we are not
providing guidance for fiscal year 2020 at this time. The impact of
COVID-19 on our business could be material to our operating
results, cash flows and financial condition. Due to the evolving
and uncertain nature of this situation, we are not able to estimate
the full extent of the impact on Iconix’s operating results, cash
flows and financial condition. We will provide additional updates
as the situation warrants.
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 occurrence of any strategic
transaction and the impact of any potential strategic transaction,
including acquisitions or dispositions, 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, the
impact of COVID-19 on our and our licensees’ business, results of
operations, financial condition and liquidity and the impact of
COVID-19 on global production, manufacturing, distribution and
sales 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, 2019 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.com212-730-0030
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, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Licensing revenue |
|
$ |
22,277 |
|
|
$ |
34,394 |
|
|
$ |
50,226 |
|
|
$ |
70,336 |
|
Selling,
general and administrative expenses |
|
|
14,978 |
|
|
|
16,435 |
|
|
|
32,128 |
|
|
|
34,528 |
|
Depreciation
and amortization |
|
|
306 |
|
|
|
482 |
|
|
|
579 |
|
|
|
974 |
|
Equity
(earnings) loss on joint ventures |
|
|
(218 |
) |
|
|
(1,095 |
) |
|
|
1,427 |
|
|
|
(2,137 |
) |
Gain on sale
of investment |
|
|
(1,600 |
) |
|
|
— |
|
|
|
(1,600 |
) |
|
|
— |
|
Investment
impairment |
|
|
100 |
|
|
|
— |
|
|
|
100 |
|
|
|
— |
|
Trademark
impairment |
|
|
5,162 |
|
|
|
— |
|
|
|
18,895 |
|
|
|
— |
|
Operating
income (loss) |
|
|
3,549 |
|
|
|
18,572 |
|
|
|
(1,303 |
) |
|
|
36,971 |
|
Other
expenses (income): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
17,047 |
|
|
|
14,465 |
|
|
|
33,760 |
|
|
|
28,970 |
|
Interest income |
|
|
(10 |
) |
|
|
(90 |
) |
|
|
(50 |
) |
|
|
(162 |
) |
Other (income) loss, net |
|
|
2,933 |
|
|
|
1,140 |
|
|
|
2,136 |
|
|
|
(18,795 |
) |
Foreign currency translation (gain) loss |
|
|
130 |
|
|
|
(258 |
) |
|
|
66 |
|
|
|
369 |
|
Other expenses (income) – net |
|
|
20,100 |
|
|
|
15,257 |
|
|
|
35,912 |
|
|
|
10,382 |
|
Income
(loss) before income taxes |
|
|
(16,551 |
) |
|
|
3,315 |
|
|
|
(37,215 |
) |
|
|
26,589 |
|
(Benefit)
Provision for income taxes |
|
|
(871 |
) |
|
|
(130 |
) |
|
|
(876 |
) |
|
|
1,838 |
|
Net income
(loss) |
|
|
(15,680 |
) |
|
|
3,445 |
|
|
|
(36,339 |
) |
|
|
24,751 |
|
Less: Net
income attributable to non-controlling interest |
|
|
1,755 |
|
|
|
2,174 |
|
|
|
2,579 |
|
|
|
5,535 |
|
Net income
(loss) attributable to Iconix Brand Group, Inc. |
|
$ |
(17,435 |
) |
|
$ |
1,271 |
|
|
$ |
(38,918 |
) |
|
$ |
19,216 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(1.46 |
) |
|
$ |
0.12 |
|
|
$ |
(3.32 |
) |
|
$ |
2.04 |
|
Diluted |
|
$ |
(1.46 |
) |
|
$ |
0.12 |
|
|
$ |
(3.32 |
) |
|
$ |
0.08 |
|
Weighted
average number of common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
11,859 |
|
|
|
10,377 |
|
|
|
11,816 |
|
|
|
9,426 |
|
Diluted |
|
|
11,859 |
|
|
|
10,377 |
|
|
|
11,816 |
|
|
|
44,779 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Footnotes
(1) Adjusted EBITDA is a non-GAAP financial measure, which
represents operating income excluding stock-based compensation
(benefit) expense, depreciation and amortization, impairment
charges, costs associated with financings, special charges related
to potential settlement and professional fees incurred as a result
of cooperation 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 |
|
Impairment |
|
Special Charges |
|
Gain on sale of Investments |
|
Depreciation & Amortization |
|
Stock Compensation |
|
Contract Asset Impairment |
|
Non-controlling Interest, net |
|
Adjusted EBITDA |
Charges |
($, 000s) |
2020 |
2019 |
|
2020 |
2019 |
|
2020 |
2019 |
|
2020 |
2019 |
|
2020 |
2019 |
|
2020 |
2019 |
|
2020 |
2019 |
|
2020 |
2019 |
|
2020 |
2019 |
Women's |
686 |
8,622 |
|
3,380 |
- |
|
- |
- |
|
- |
- |
|
- |
- |
|
- |
- |
|
60 |
- |
|
- |
- |
|
4,126 |
8,622 |
Men's |
2,036 |
4,952 |
|
- |
- |
|
124 |
- |
|
- |
- |
|
- |
13 |
|
- |
- |
|
16 |
- |
|
(160) |
(1,487) |
|
2,016 |
3,478 |
Home |
1,735 |
3,782 |
|
1,782 |
- |
|
- |
- |
|
- |
- |
|
- |
- |
|
- |
1 |
|
- |
- |
|
- |
- |
|
3,517 |
3,783 |
International |
6,173 |
10,766 |
|
- |
- |
|
- |
- |
|
- |
- |
|
64 |
72 |
|
- |
3 |
|
41 |
- |
|
-1,113 |
-1,535 |
|
5,165 |
9,306 |
Corporate |
(7,081) |
(9,550) |
|
100 |
- |
|
5,183 |
3,198 |
|
(1,600) |
- |
|
242 |
397 |
|
240 |
255 |
|
- |
- |
|
-482 |
842 |
|
(3,398) |
(4,858) |
Total Income |
3,549 |
18,572 |
|
5,262 |
- |
|
5,307 |
3,198 |
|
(1,600) |
- |
|
306 |
482 |
|
240 |
259 |
|
117 |
- |
|
(1,755) |
(2,180) |
|
11,426 |
20,331 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA Reconciliation For the Six Months Ended
June 30, (1): |
|
GAAP Operating Income |
|
Impairment Charges |
|
Special Charges |
|
Gain on sale of Investments |
|
Depreciation & Amortization |
|
Stock Compensation |
|
Contract Asset Impairment |
|
Non-controlling Interest, net |
|
Adjusted EBITDA |
($,
000s) |
2020 |
2019 |
|
2020 |
2019 |
|
2020 |
2019 |
|
2020 |
2019 |
|
2020 |
2019 |
|
2020 |
2019 |
|
2019 |
2019 |
|
2020 |
2019 |
|
2020 |
2019 |
Women's |
-457 |
16,249 |
|
10,069 |
- |
|
- |
- |
|
- |
- |
|
- |
- |
|
- |
- |
|
63 |
- |
|
- |
- |
|
9,675 |
16,249 |
Men's |
5,842 |
12,498 |
|
104 |
- |
|
731 |
- |
|
- |
- |
|
4 |
26 |
|
- |
- |
|
16 |
- |
|
(2,268) |
(4,979) |
|
4,429 |
7,545 |
Home |
924 |
6,787 |
|
5,151 |
- |
|
- |
- |
|
- |
- |
|
- |
- |
|
1 |
2 |
|
5 |
- |
|
- |
- |
|
6,081 |
6,789 |
International |
8,013 |
19,189 |
|
3,548 |
- |
|
- |
- |
|
- |
- |
|
131 |
161 |
|
2 |
6 |
|
35 |
- |
|
(654) |
(2,057) |
|
11,075 |
17,299 |
Corporate |
(15,625) |
(17,752) |
|
123 |
- |
|
8,112 |
5,978 |
|
(1,600) |
- |
|
444 |
787 |
|
409 |
390 |
|
- |
- |
|
(87) |
1,488 |
|
(8,224) |
(9,109) |
Total Income |
(1,303) |
36,971 |
|
18,995 |
- |
|
8,843 |
5,978 |
|
(1,600) |
- |
|
579 |
974 |
|
412 |
398 |
|
119 |
- |
|
(3,009) |
(5,548) |
|
23,036 |
38,773 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
Iconix Brand (NASDAQ:ICON)
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From Mar 2024 to Apr 2024
Iconix Brand (NASDAQ:ICON)
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From Apr 2023 to Apr 2024