Iconix Brand Group, Inc. (Nasdaq: ICON) ("Iconix" or the "Company")
today reported financial results for the fourth quarter and full
year ended December 31, 2020.
Bob Galvin, CEO commented, “Our entire organization committed to
delivering the best possible results for our licensees and our
shareholders this past year and I want to thank each of our
associates for their dedication during this very difficult period.
We operated at a high level throughout the pandemic due to our
consistent focus on our business objectives. While we are hopeful
that the pandemic will subside in 2021, we will continue to address
the many pandemic-related challenges we face between now and then,
and, at the same time, continue to focus on realizing the
opportunity that exists for our brands through focusing on building
our pipeline of future business. We had great success during this
pandemic year, as we signed 190 deals for aggregate guaranteed
minimum royalties of approximately $134 million, approximately the
same amount that we signed in 2019.
Galvin continued, “We have also made great strides to de-lever
our balance sheet. From December 31, 2019 to today, through
proceeds from assets sales and cash flow, we have reduced our Term
Loan balance by over 52%, or approximately $92 million.”
Fourth Quarter & Full Year 2020 Financial Results
GAAP Revenue by Segment(000’s)
|
|
For the Three MonthsEnded
December 31, |
|
For the Twelve MonthsEnded
December 31, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Licensing
revenue: |
|
|
|
|
|
|
|
|
Women's |
|
$ |
8,443 |
|
$ |
10,637 |
|
$ |
25,248 |
|
$ |
37,491 |
Men's |
|
|
7,318 |
|
|
11,302 |
|
|
22,737 |
|
|
36,793 |
Home |
|
|
5,758 |
|
|
3,548 |
|
|
16,194 |
|
|
14,753 |
International |
|
|
12,369 |
|
|
17,691 |
|
|
44,397 |
|
|
59,947 |
|
|
$ |
33,888 |
|
$ |
43,178 |
|
$ |
108,576 |
|
$ |
148,984 |
For the fourth quarter of 2020, total revenue was $33.9 million,
a 22% decline, compared to $43.2 million in the fourth quarter of
2019. Revenue across all segments, except our Home segment, was
primarily negatively impacted by the effects of the COVID-19
pandemic on the global economy. The 21% decrease in revenue in our
Women’s segment was principally as a result of a decrease in
licensing revenue from our Mudd and London Fog brands partially
offset by an increase in our Danskin Brand. Revenue from the Men’s
segment decreased 35% mainly due to a decrease in licensing revenue
from our Buffalo and Ecko Unltd brands partly offset by an increase
in our Umbro brand. Sales in our Home segment improved by 62%
principally due to an increase in licensing revenue from our
Charisma and Cannon brands, partially offset by a decrease in our
Fieldcrest brand. Our International segment revenue declined 30%
mainly due to decreases in Latin America and Europe.
For the twelve months ended December 31, 2020, total
revenue was $108.6 million, a 27% decline, compared to $149.0
million in the twelve months ended December 31, 2019. The
decrease was primarily driven by decreases in our Woman’s, Men’s
and International segments as a result of the negative impacts of
the COVID-19 pandemic on the global economy.
SG&A Expenses:Total SG&A expenses in
the fourth quarter of 2020 were $17.4 million, a 27% decline
compared to $23.9 million in the fourth quarter of 2019. The
decline for the quarter was primarily driven by a decrease in
professional fees, advertising costs and bad debt expense.
Total SG&A expenses in the twelve months ended December 31,
2020 were $59.4 million, a 30% decline compared to $84.7 million in
the twelve months ended December 31, 2019, as we have aligned our
costs to the current business level. The decline was primarily due
to decreases in advertising expense, compensation costs and
professional fees.
Trademark, Investment and Asset Impairment:In
the fourth quarter of 2020, the Company recorded a non-cash
trademark impairment charge of $11.3 million. The charge for the
fourth quarter of 2020 was mostly based on the current and
estimated future cash flows on the fair value of the Candies and
Rampage indefinite-lived trademarks. The Company recorded
investment impairments of $2.4 million in the fourth quarter of
2020 as a result of a reduction in the fair value of our Candies
joint venture in China. In the fourth quarter of 2019, the Company
recorded a non-cash trademark impairment charge of $65.6 million,
primarily related to the write-down in the Joe Boxer and Mudd
trademarks in the Women’s segment and Fieldcrest in the Home
segment. The Company also recorded a non-cash investment impairment
charge of $9.6 million in the fourth quarter of 2019 due to
impairment of the Company’s investment in MG Icon, which owns the
Material Girl trademark, and an asset impairment charge of $1.8
million related to the consolidation and partial sublease of our
New York office space.
Total trademark, investment and asset impairment for the twelve
months ended December 31, 2020 was $54.7 million as compared to
$94.0 million for the twelve months ended December 31, 2019.
Operating Income and Adjusted EBITDA (1):
Adjusted EBITDA is a non-GAAP metric, and a reconciliation table
is included below.
Operating income for the fourth quarter of 2020 was $2.6
million, as compared to operating loss of $60.4 million for the
fourth quarter of 2019. The fourth quarter 2020 results
include $13.8 million of charges related to impairments. Adjusted
EBITDA in the fourth quarter of 2020 was $18.4 million, which
represents operating income of $2.6 million excluding net
adjustments of $15.8 million. Adjusted EBITDA in the fourth quarter
of 2019 was $21.1 million, which represents operating loss of $60.4
million excluding net charges of $81.5 million. The change period
over period in Adjusted EBITDA was primarily as a result of reduced
revenue largely driven by the impact of the COVID-19 pandemic 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 December 31, |
|
|
|
For the Year Ended December 31, |
|
(000's) |
2020 |
|
2019 |
|
% Change |
|
|
|
2020 |
|
2019 |
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Women's |
$ |
6,880 |
|
$ |
9,139 |
|
|
-25 |
% |
|
|
$ |
23,332 |
|
$ |
35,493 |
|
|
-34 |
% |
Men's |
|
4,543 |
|
|
4,778 |
|
|
-5 |
% |
|
|
|
10,400 |
|
|
15,625 |
|
|
-33 |
% |
Home |
|
4,974 |
|
|
3,081 |
|
|
61 |
% |
|
|
|
14,644 |
|
|
12,871 |
|
|
14 |
% |
International |
|
7,367 |
|
|
11,247 |
|
|
-34 |
% |
|
|
|
25,036 |
|
|
37,567 |
|
|
-33 |
% |
Corporate |
|
(5,382 |
) |
|
(7,145 |
) |
|
25 |
% |
|
|
|
(18,279 |
) |
|
(20,785 |
) |
|
12 |
% |
Adjusted
EBITDA |
$ |
18,382 |
|
$ |
21,100 |
|
|
-13 |
% |
|
|
$ |
55,133 |
|
$ |
80,771 |
|
|
-32 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA Margin
(2) |
|
54 |
% |
|
49 |
% |
|
|
|
|
|
|
51 |
% |
|
54 |
% |
|
|
|
Adjusted EBITDA margin in the fourth quarter of 2020 was 54% as
compared to Adjusted EBITDA margin in the fourth quarter of 2019 of
49%. The change period over period in Adjusted EBITDA margin is
primarily a result of the Company’s expenses decreasing at a faster
rate than revenue.
Interest Expense and Other Loss, net:
Interest expense in the fourth quarter of 2020 was $15.4 million
as compared to $13.5 million in the fourth 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 was primarily the result of
the step up in interest for the securitization. In the fourth
quarter of 2020, Other loss was $1.7 million as compared to a loss
of $12.1 million in the fourth quarter of 2019. This result is
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.
Interest expense in the twelve months ended December 31, 2020
was $67.7 million as compared to $56.9 million for the twelve
months ended December 31, 2019. For Other loss, net for the twelve
months ended December 31, 2020, the Company recognized a $3.6
million loss as compared to a $5.3 million in the prior year
period.
Provision for Income Taxes:
The effective income tax rate for the fourth quarter of 2020 was
14.4%, which resulted in a $2.2 million income tax benefit, as
compared to an effective income tax rate of -5.1% in the fourth
quarter of 2019, which resulted in a $4.4 million income tax
expense. The income tax benefit for the fourth quarter of
2020, was primarily driven by a decrease in foreign taxes and a
consolidated pretax loss for the quarter. The income tax expense
for the fourth quarter of 2019 was primarily driven by the increase
in foreign withholding taxes.
The effective tax rate for the twelve months ended December 31,
2020 was 42.6%, which resulted in a 2.2 million tax benefit as
compared to an effective income tax rate of -6.0% for the twelve
months ended December 31, 2019, which resulted in a $5.7 million
tax expense. The increase in the effective tax rate was primarily
due to a $6.7 million tax benefit generated during the current year
related to the CARES Act which was calculated against a pre-tax
loss as compared to the prior year where the Company calculated a
current tax expense due to foreign withholding taxes calculated
against a pre-tax loss.
GAAP Net Loss and GAAP Diluted EPS:
GAAP net loss attributable to Iconix for the fourth quarter of
2020 reflected a net loss of $14.1 million, compared to a net loss
of $93.0 million for the fourth quarter of 2019. GAAP diluted EPS
for the fourth quarter of 2020 reflected a loss of $1.06 per share,
compared to a loss of $7.94 per share for the fourth quarter of
2019.
GAAP net loss attributable to Iconix for the twelve months ended
December 31, 2020 reflected a net loss of $7.3 million, compared to
a net loss of $109.5 million for the twelve months ended December
31, 2019. GAAP diluted EPS for the twelve months ended December 31,
2020 reflected a loss of $0.60 per share compared to a loss of
$10.37 per share for the twelve months ended December 31, 2019.
Adjusted EBITDA (1):
Adjusted EBITDA for the fourth quarter of 2020 was $18.4
million, compared to $21.1 million for the fourth quarter of
2019.
Adjusted EBITDA:
(1) |
|
|
|
|
(000's) |
|
|
|
|
|
For the Three Months Ended December 31, |
|
|
|
2020 |
|
|
2019 |
|
% Change |
|
|
|
|
|
|
GAAP Operating Income
(Loss) |
$ |
2,553 |
|
$ |
(60,388 |
) |
|
|
Add: |
|
|
|
|
stock-based compensation expense |
|
196 |
|
|
209 |
|
|
|
depreciation and amortization |
|
302 |
|
|
423 |
|
|
|
contract asset write offs, net |
|
137 |
|
|
136 |
|
|
|
impairment charges |
|
13,768 |
|
|
76,966 |
|
|
|
special charges |
|
2,513 |
|
|
4,805 |
|
|
|
non-controlling interest |
|
(807 |
) |
|
(2,580 |
) |
|
|
non-controlling interest related to D&A and impairment |
|
(280 |
) |
|
1,529 |
|
|
|
|
|
15,829 |
|
|
81,488 |
|
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
18,382 |
|
$ |
21,100 |
|
-13 |
% |
|
Adjusted EBITDA Margin
(2) |
|
54 |
% |
|
49 |
% |
|
|
|
|
|
|
|
Adjusted EBITDA:
(1) |
|
|
|
|
(000's) |
|
|
|
|
|
For the Year Ended December 31, |
|
|
|
2020 |
|
|
2019 |
|
% Change |
|
|
|
|
|
|
GAAP Operating Income
(Loss) |
$ |
67,601 |
|
$ |
(31,532 |
) |
|
|
Add: |
|
|
|
|
stock-based compensation expense |
|
804 |
|
|
971 |
|
|
|
depreciation and amortization |
|
1,196 |
|
|
1,816 |
|
|
|
gain on sale of trademarks and investments |
|
(75,705 |
) |
|
- |
|
|
|
contract asset write offs, net |
|
837 |
|
|
3,769 |
|
|
|
impairment charges |
|
54,722 |
|
|
93,966 |
|
|
|
special charges |
|
11,816 |
|
|
19,868 |
|
|
|
non-controlling interest |
|
(4,362 |
) |
|
(9,597 |
) |
|
|
non-controlling interest related to D&A and impairment |
|
(1,776 |
) |
|
1,510 |
|
|
|
|
|
(12,468 |
) |
|
112,303 |
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
$ |
55,133 |
|
$ |
80,771 |
|
-32 |
% |
|
Adjusted EBITDA Margin
(2) |
|
51 |
% |
|
54 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet and Liquidity:
(000's) |
December 31, 2020 |
|
December 31, 2019 |
|
Cash
Summary: |
|
|
|
|
Unrestricted Domestic, Canada and China (Wholly Owned) |
$ |
29,477 |
|
$ |
29,144 |
|
Unrestricted Luxembourg
(Wholly Owned) |
|
12,832 |
|
|
17,023 |
|
Unrestricted in consolidated
JV's |
|
7,488 |
|
|
9,298 |
|
Restricted Cash |
|
9,380 |
|
|
15,946 |
|
Total Cash |
$ |
59,177 |
|
$ |
71,411 |
|
|
|
|
|
|
Debt
Summary: |
|
|
|
|
Senior Secured Notes due
January 2043* |
$ |
317,856 |
|
$ |
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 ** |
|
99,862 |
|
|
175,600 |
|
Payroll Protection Plan
Loan |
|
1,307 |
|
|
- |
|
Total Debt (Face Value) |
$ |
613,455 |
|
$ |
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. |
|
**- The Senior
Secured Term Loan Balance at March 31, 2020 is approximately $83
million, reflecting the required principal repayment from the
proceeds of the Lee Cooper China sale and the regularly scheduled
principal payment on March 31, 2021. |
|
Fiscal 2021 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 2021 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, 2020 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)
|
|
Three Months Ended |
|
|
Three Months Ended |
|
|
Year Ended |
|
|
Year Ended |
|
|
|
|
December 31,2020 |
|
|
December 31,2019 |
|
|
December 31,2020 |
|
|
December 31,2019 |
|
|
Licensing revenue |
|
$ |
33,888 |
|
|
$ |
43,178 |
|
|
$ |
108,576 |
|
|
$ |
148,984 |
|
|
Selling, general and
administrative expenses |
|
|
17,355 |
|
|
|
23,902 |
|
|
|
59,398 |
|
|
|
84,748 |
|
|
Depreciation and
amortization |
|
|
302 |
|
|
|
422 |
|
|
|
1,196 |
|
|
|
1,816 |
|
|
Equity (earnings) loss on
joint ventures |
|
|
(90 |
) |
|
|
2,276 |
|
|
|
1,364 |
|
|
|
(14 |
) |
|
Gain on sale of
investment |
|
|
— |
|
|
|
— |
|
|
|
(1,600 |
) |
|
|
— |
|
|
Gain on sale of
trademarks |
|
|
— |
|
|
|
— |
|
|
|
(74,105 |
) |
|
|
— |
|
|
Asset impairment |
|
|
62 |
|
|
|
1,766 |
|
|
|
62 |
|
|
|
1,766 |
|
|
Investment impairment |
|
|
2,362 |
|
|
|
9,613 |
|
|
|
19,607 |
|
|
|
26,613 |
|
|
Trademark impairment |
|
|
11,344 |
|
|
|
65,587 |
|
|
|
35,053 |
|
|
|
65,587 |
|
|
Operating income (loss) |
|
|
2,553 |
|
|
|
(60,388 |
) |
|
|
67,601 |
|
|
|
(31,532 |
) |
|
Other expenses (income): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
15,445 |
|
|
|
13,521 |
|
|
|
67,694 |
|
|
|
56,921 |
|
|
Interest income |
|
|
(2 |
) |
|
|
(102 |
) |
|
|
(52 |
) |
|
|
(360 |
) |
|
Other loss, net |
|
|
1,718 |
|
|
|
12,116 |
|
|
|
3,570 |
|
|
|
5,291 |
|
|
Foreign currency translation loss |
|
|
974 |
|
|
|
98 |
|
|
|
1,570 |
|
|
|
858 |
|
|
Other expenses – net |
|
|
18,135 |
|
|
|
25,633 |
|
|
|
72,782 |
|
|
|
62,710 |
|
|
Loss before income taxes |
|
|
(15,582 |
) |
|
|
(86,021 |
) |
|
|
(5,181 |
) |
|
|
(94,242 |
) |
|
(Benefit) Provision for income
taxes |
|
|
(2,244 |
) |
|
|
4,429 |
|
|
|
(2,205 |
) |
|
|
5,683 |
|
|
Net loss |
|
|
(13,338 |
) |
|
|
(90,450 |
) |
|
|
(2,976 |
) |
|
|
(99,925 |
) |
|
Less: Net income attributable
to non-controlling interest |
|
|
806 |
|
|
|
2,579 |
|
|
|
4,360 |
|
|
|
9,597 |
|
|
Net loss attributable to
Iconix Brand Group, Inc. |
|
$ |
(14,144 |
) |
|
$ |
(93,029 |
) |
|
$ |
(7,336 |
) |
|
$ |
(109,522 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(1.06 |
) |
|
$ |
(7.94 |
) |
|
$ |
(0.60 |
) |
|
$ |
(10.37 |
) |
|
Diluted |
|
$ |
(1.06 |
) |
|
$ |
(7.94 |
) |
|
$ |
(0.60 |
) |
|
$ |
(10.37 |
) |
|
Weighted average number of
common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
13,175 |
|
|
|
11,716 |
|
|
|
12,334 |
|
|
|
10,559 |
|
|
Diluted |
|
|
13,175 |
|
|
|
11,716 |
|
|
|
12,334 |
|
|
|
10,559 |
|
|
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, 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 and costs related to the transition of
Iconix management. 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 December 31,
2020 |
|
GAAP Operating Income |
|
ImpairmentCharges |
|
Special Charges |
|
Gain on sale of Trademarks & Investments |
|
Depreciation & Amortization |
|
Stock Compensation |
|
Contract Asset Impairment |
|
Non-controlling Interest, net |
|
Adjusted EBITDA |
($, 000s) |
2020 |
|
2019 |
|
|
2020 |
2019 |
|
2020 |
2019 |
|
2020 |
|
2019 |
|
2020 |
2019 |
|
2020 |
2019 |
|
2020 |
2019 |
|
|
2020 |
|
2019 |
|
|
2020 |
|
2019 |
|
Women's |
(2,099) |
|
(27,198) |
|
|
8,979 |
35,281 |
|
- |
- |
|
- |
|
- |
|
- |
- |
|
- |
- |
|
- |
- |
|
|
- |
|
1,056 |
|
|
6,880 |
|
9,139 |
|
Men's |
5,510 |
|
7,103 |
|
|
849 |
872 |
|
- |
- |
|
- |
|
- |
|
- |
13 |
|
- |
- |
|
- |
- |
|
|
(1,816) |
|
(3,210) |
|
|
4,543 |
|
4,778 |
|
Home |
4,974 |
|
(14,709) |
|
|
- |
17,789 |
|
- |
- |
|
- |
|
- |
|
- |
|
|
- |
1 |
|
- |
- |
|
|
- |
|
- |
|
|
4,974 |
|
3,081 |
|
International |
6,052 |
|
(1,944) |
|
|
1,517 |
11,645 |
|
- |
- |
|
- |
|
- |
|
74 |
71 |
|
- |
3 |
|
137 |
136 |
|
|
(413) |
|
1,336 |
|
|
7,367 |
|
11,247 |
|
Corporate |
(11,884) |
|
(23,640) |
|
|
2,423 |
11,379 |
|
2,513 |
4,805 |
|
- |
|
- |
|
228 |
339 |
|
196 |
205 |
|
- |
- |
|
|
1,142 |
|
(233) |
|
|
(5,382) |
|
(7,145) |
|
Total
Income |
2,553 |
|
(60,388) |
|
|
13,768 |
76,966 |
|
2,513 |
4,805 |
|
- |
|
- |
|
302 |
423 |
|
196 |
209 |
|
137 |
136 |
|
|
(1,087) |
|
(1,051) |
|
|
18,382 |
|
21,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA Reconciliation For the Year Ended December 31,
2020 |
|
GAAP Operating Income |
|
Impairment Charges |
|
Special Charges |
|
Gain on sale of Trademarks & Investments |
|
Depreciation & Amortization |
|
Stock Compensation |
|
Contract Asset Impairment |
|
Non-controlling Interest, net |
|
Adjusted EBITDA |
($, 000s) |
2020 |
|
2019 |
|
|
2020 |
2019 |
|
2020 |
2019 |
|
2020 |
|
2019 |
|
2020 |
2019 |
|
2020 |
2019 |
|
2020 |
2019 |
|
|
2020 |
|
2019 |
|
|
2020 |
|
2019 |
|
Women's |
3,652 |
|
(961) |
|
|
19,617 |
35,281 |
|
- |
- |
|
- |
|
- |
|
- |
- |
|
- |
- |
|
63 |
117 |
|
|
- |
|
1,056 |
|
|
23,332 |
|
35,493 |
|
Men's |
10,103 |
|
24,878 |
|
|
5,197 |
872 |
|
637 |
- |
|
- |
|
- |
|
4 |
50 |
|
- |
- |
|
16 |
(144) |
|
|
(5,557) |
|
(10,031) |
|
|
10,400 |
|
15,625 |
|
Home |
9,486 |
|
(4,932) |
|
|
5,152 |
17,789 |
|
- |
- |
|
- |
|
- |
|
- |
- |
|
1 |
6 |
|
5 |
8 |
|
|
- |
|
- |
|
|
14,644 |
|
12,871 |
|
International |
20,621 |
|
23,487 |
|
|
5,065 |
11,645 |
|
- |
- |
|
- |
|
- |
|
272 |
301 |
|
2 |
14 |
|
753 |
3,788 |
|
|
(1,677) |
|
(1,668) |
|
|
25,036 |
|
37,567 |
|
Corporate |
23,739 |
|
(74,004) |
|
|
19,691 |
28,379 |
|
11,179 |
19,868 |
|
(75,705) |
|
- |
|
920 |
1,465 |
|
801 |
951 |
|
- |
- |
|
|
1,096 |
|
2,556 |
|
|
(18,279) |
|
(20,785) |
|
Total
Income |
67,601 |
|
(31,532) |
|
|
54,722 |
93,966 |
|
11,816 |
19,868 |
|
(75,705) |
|
- |
|
1,196 |
1,816 |
|
804 |
971 |
|
837 |
3,769 |
|
|
(6,138) |
|
(8,087) |
|
|
55,133 |
|
80,771 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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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