- Total revenue of $35.5 million
compared with $46.2 million from the prior year
quarter.
- GAAP Operating Income- reports $8.1 million loss as
compared to $12.1 million of income in the prior year
quarter.
- Adjusted EBITDA increases 30% from the prior year
quarter, while Adjusted EBITDA margin improves to 59% from 35% in
the prior year quarter.
- Signed 155 license deals year to date, representing
$126 million of aggregate guaranteed minimum royalties over the
life of these contracts.
Iconix Brand Group, Inc. (Nasdaq: ICON) ("Iconix" or the
"Company") today reported financial results for the third quarter
ended September 30, 2019.
Bob Galvin, CEO commented, “Results for the third quarter of
2019 were consistent with managements’ expectations, as we continue
to stabilize the business and our operational cost structure.
Our focus on the business and costs continue to help improve our
Adjusted EBITDA margin. We continue to develop our pipeline
of future business, as we have signed 155 deals year to date for
aggregate guaranteed minimum royalties of approximately $126
million. Additionally, we have entered into an agreement regarding
our shareholder class action litigation and an agreement in
principle regarding the SEC investigation, potentially putting both
of these lingering legacy matters behind us.”
Third Quarter 2019 Financial Results
GAAP Revenue by Segment(000’s)
|
|
For the Three MonthsEnded
September 30, |
|
|
For the Nine MonthsEnded
September 30, |
|
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
Licensing
revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Women's |
|
$ |
10,317 |
|
|
$ |
15,201 |
|
|
$ |
26,855 |
|
|
$ |
48,670 |
|
|
Men's |
|
|
7,942 |
|
|
|
7,282 |
|
|
|
25,491 |
|
|
|
27,752 |
|
|
Home |
|
|
3,430 |
|
|
|
7,060 |
|
|
|
11,205 |
|
|
|
20,533 |
|
|
International |
|
|
13,782 |
|
|
|
16,681 |
|
|
|
42,255 |
|
|
|
48,029 |
|
|
|
|
$ |
35,471 |
|
|
$ |
46,224 |
|
|
$ |
105,806 |
|
|
$ |
144,984 |
|
|
For the third quarter of 2019, total revenue was $35.5 million,
a 23% decline, compared to $46.2 million in the third 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
third 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 increased 9% in the third
quarter of 2019, compared to the prior year quarter primarily from
the Buffalo and Starter brands. Our International segment
declined 17% in the third quarter of 2019 primarily as a result of
poor performance of Umbro in China and Umbro and Lee Cooper in
Europe.
For the nine months ended September 30, 2019, total revenue
was $105.8 million, a 27% decline, compared to $145 million in the
nine months ended September 30, 2018.
SG&A Expenses:
Total SG&A expenses in the third quarter of 2019 were $26.3
million, a 13% decline compared to $30.2 million in the third
quarter of 2018. Most of the decline for the quarter was a decrease
in advertising and bad debt expense somewhat offset by the cost
related to the potential SEC settlement and the impairment of the
contract assets. Total SG&A expenses in the nine months ended
September 30, 2019 were $60.8 million, a 34% decline compared
to $92.4 million in the nine months ended September 30,
2018.
Operating Income and Adjusted EBITDA (1):
Adjusted EBITDA is a non-GAAP metric, and a reconciliation table
is included below.
Operating loss for the third quarter of 2019 was $8.1 million,
as compared to operating income of $12.1 million in the third
quarter of 2018. Third quarter results include a $17 million
impairment charge related to our investment in Marcy Media.
Adjusted EBITDA in the third quarter of 2019 was $20.9 million
which represents an operating loss of $8.1 million excluding net
charges of $29.0 million. Adjusted EBITDA in the third
quarter of 2018 was $16.1 million which represents operating income
of $12.1 million excluding net charges of $4.0 million. The
change period over period in Adjusted EBITDA is primarily as a
result of the cost reduction initiative, somewhat offset by the
change in revenue as outlined above. Refer to footnote 1 below for
a full detailed reconciliation of operating income to Adjusted
EBITDA.
Operating income for the nine months ended September 30,
2019 was $28.9 million, as compared to an operating loss of $66.9
million in the nine months ended September 30, 2018.
Adjusted EBITDA for the nine months ended September 30, 2019
was $59.7 which represents operating income of $28.9 million
excluding net charges of $30.8 million. Adjusted EBITDA for
the nine months ended September 30, 2018 was $63.2 million
which represents operating loss of $66.9 million excluding net
charges of $130.1 million. The change period over period in
Adjusted EBITDA is primarily as a result of the change in revenue
as outlined above, mostly offset by the 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
Iconix Brand Group, Inc. and exclude the results related to
non-controlling interest. Certain numbers may not add due to
rounding.
Adjusted EBITDA by
Segment (1) |
For the Three Months Ended
September 30, |
|
|
|
For the Nine Months Ended
September 30, |
|
|
(000's) |
2019 |
|
2018 |
|
%
Change |
|
|
|
2019 |
|
2018 |
|
%
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Women's |
$ |
10,105 |
|
$ |
7,662 |
|
|
32 |
% |
|
|
$ |
26,354 |
|
$ |
37,683 |
|
|
-30 |
% |
|
Men's |
|
3,303 |
|
|
1,236 |
|
|
167 |
% |
|
|
|
10,848 |
|
|
7,920 |
|
|
37 |
% |
|
Home |
|
2,999 |
|
|
3,574 |
|
|
-16 |
% |
|
|
|
9,789 |
|
|
15,921 |
|
|
-39 |
% |
|
International |
|
9,021 |
|
|
9,013 |
|
|
0 |
% |
|
|
|
26,321 |
|
|
21,719 |
|
|
21 |
% |
|
Corporate |
|
(4,530 |
) |
|
(5,405 |
) |
|
16 |
% |
|
|
|
(13,638 |
) |
|
(20,068 |
) |
|
32 |
% |
|
Adjusted
EBITDA |
$ |
20,898 |
|
$ |
16,080 |
|
|
30 |
% |
|
|
$ |
59,674 |
|
$ |
63,175 |
|
|
-6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA Margin
(2) |
|
59 |
% |
|
35 |
% |
|
|
|
|
|
|
56 |
% |
|
44 |
% |
|
|
|
|
Adjusted EBITDA margin in the third quarter of 2019 was
59% as compared to adjusted EBITDA margin in the third
quarter of 2018 of 35%. 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 nine months ended
September 30, 2019 was 56% as compared to adjusted
EBITDA margin in the nine months ended September 30,
2018 of 44%. 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) Loss,
net:
Interest expense in the third quarter of 2019 was
$ 14.4 million as compared to $ 14.9 million in
the third quarter of 2018. In the third quarter of
2019, Other income (loss) was a $12.0 million loss as compared to a
$25.8 million gain in the third quarter of 2018. This gain or loss
results 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 nine months ended
September 30, 2019 was $ 43.4 million as compared to
$ 44.3 million in the nine months ended
September 30, 2018. For Other (Income) Loss, net for the nine
months ended September 30, 2019, the Company recognized a $6.8
million gain as compared to a $84.0 million gain in the prior year
period.
Provision for Income Taxes:
The effective income tax rate for the third quarter of
2019 is approximately 2%, which resulted in a $0.6
million income tax benefit, as compared to an effective income
tax rate of 4.5% in the third quarter of 2018, which
resulted in a $1.0 million income tax provision. The
decrease in the effective tax rate is due to expenses recorded in
the third quarter of 2019 for which no tax benefit was able to be
recognized and to a trademark impairment recorded in the third
quarter of 2018, for which the Company recognized a tax
benefit.
The effective income tax rate for the nine months ended
September 30, 2019 is approximately -15%, which resulted
in a $1.3 million income tax provision, as compared to
an effective income tax rate of 0.6% in the nine months
ended September 30, 2018, which resulted in a $0.1
million income tax benefit. The increase in tax expense
is due to expenses recorded in the nine months ended
September 30, 2019 for which no tax benefit was able to be
recognized and to trademark impairment recorded in the prior year
nine months, for which the Company recognized a tax benefit.
GAAP Net Income and GAAP Diluted EPS:
GAAP net income attributable to Iconix for the third
quarter of 2019 reflects a loss of $ 35.7 million, compared to
income of $ 20.2 million for the third quarter of 2018.
GAAP diluted EPS for the third quarter of 2019 reflects a loss of
$ 3.07, compared to income of $ 0.26 for the third
quarter of 2018.
GAAP net income attributable to Iconix for the nine months ended
September 30, 2019 reflects a loss of $ 16.5 million,
compared to a loss of $ 31.4 million for the nine months
ended September 30, 2018. GAAP diluted EPS for the nine
months ended September 30, 2019 reflects a loss of $ 1.62
compared to a loss of $ 7.35 for the nine months ended
September 30, 2018.
Adjusted EBITDA (1):
Adjusted EBITDA for the third quarter of 2019
was $20.9 million, compared to $16.1 million for the third
quarter of 2018. Adjusted EBITDA for the nine months ended
September 30, 2019 was $59.7 million, compared to $63.2
million for the nine months ended September 30, 2018.
Adjusted EBITDA:
(1) |
|
|
|
|
(000's) |
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
September 30, |
|
|
|
2019 |
|
|
2018 |
|
% Change |
|
|
|
|
|
|
GAAP Operating Income
(Loss) |
$ |
(8,115 |
) |
$ |
12,106 |
|
|
|
|
|
|
|
|
Add: |
|
|
|
|
stock-based compensation expense |
|
362 |
|
|
(1,626 |
) |
|
|
depreciation and amortization |
|
421 |
|
|
503 |
|
|
|
contract asset impairment charges |
|
3,634 |
|
|
405 |
|
|
|
other impairment charges |
|
17,000 |
|
|
4,386 |
|
|
|
special charges |
|
9,084 |
|
|
1,799 |
|
|
|
non-controlling interest |
|
(1,482 |
) |
|
(1,487 |
) |
|
|
non-controlling interest related to D&A |
|
(6 |
) |
|
(7 |
) |
|
|
|
|
29,013 |
|
|
3,973 |
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
$ |
20,898 |
|
$ |
16,080 |
|
30 |
% |
|
Adjusted EBITDA Margin
(2) |
|
59 |
% |
|
35 |
% |
|
|
|
|
|
|
|
Adjusted EBITDA:
(1) |
|
|
|
|
(000's) |
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended
September 30, |
|
|
|
2019 |
|
|
2018 |
|
% Change |
|
|
|
|
|
|
GAAP Operating Income
(Loss) |
$ |
28,857 |
|
$ |
(66,944 |
) |
|
|
|
|
|
|
|
Add: |
|
|
|
|
stock-based compensation expense |
|
760 |
|
|
(109 |
) |
|
|
depreciation and amortization |
|
1,395 |
|
|
1,788 |
|
|
|
costs associated with debt financings |
|
- |
|
|
8,344 |
|
|
|
loss on termination of licenses |
|
- |
|
|
5,650 |
|
|
|
contract asset impairment charges |
|
3,634 |
|
|
405 |
|
|
|
other impairment charges |
|
17,000 |
|
|
115,534 |
|
|
|
special charges |
|
15,063 |
|
|
7,181 |
|
|
|
non-controlling interest |
|
(7,018 |
) |
|
(8,635 |
) |
|
|
non-controlling interest related to D&A |
|
(18 |
) |
|
(40 |
) |
|
|
|
|
30,816 |
|
|
130,118 |
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
$ |
59,674 |
|
$ |
63,175 |
|
-6 |
% |
|
Adjusted EBITDA Margin
(2) |
|
56 |
% |
|
44 |
% |
|
|
|
|
|
|
|
Balance Sheet and Liquidity:
(000's) |
September 30, 2019 |
|
December 31, 2018 |
|
Cash
Summary: |
|
|
|
|
Unrestricted Domestic, Canada
and China (Wholly Owned) |
$ |
19,602 |
|
$ |
45,936 |
|
Unrestricted Luxembourg
(Wholly Owned) |
|
13,281 |
|
|
12,213 |
|
Unrestricted in consolidated
JV's |
|
11,158 |
|
|
8,460 |
|
Restricted Cash |
|
15,134 |
|
|
16,026 |
|
|
|
|
|
|
Total Cash |
$ |
59,175 |
|
$ |
82,635 |
|
|
|
|
|
|
Debt
Summary: |
|
|
|
|
Senior Secured Notes due
January 2043* |
$ |
345,861 |
|
$ |
365,481 |
|
5.75% Convertible Notes due
August 2023 |
|
94,430 |
|
|
109,715 |
|
Variable Funding Note due
January 2043 |
|
100,000 |
|
|
100,000 |
|
Senior Secured Term Loan due
August 2022 |
|
182,671 |
|
|
189,421 |
|
|
|
|
|
|
Total Debt (Face Value) |
$ |
722,962 |
|
$ |
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: 6388576). 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
September 30, |
|
|
For the Nine Months Ended
September 30, |
|
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
Licensing revenue |
|
$ |
35,471 |
|
|
$ |
46,224 |
|
|
$ |
105,806 |
|
|
$ |
144,984 |
|
|
Selling, general and
administrative expenses |
|
|
26,318 |
|
|
|
30,197 |
|
|
|
60,846 |
|
|
|
92,437 |
|
|
Loss on termination of
licenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,650 |
|
|
Depreciation and
amortization |
|
|
421 |
|
|
|
502 |
|
|
|
1,393 |
|
|
|
1,788 |
|
|
Equity earnings on joint
ventures |
|
|
(153 |
) |
|
|
(967 |
) |
|
|
(2,290 |
) |
|
|
(2,212 |
) |
|
Gain on sale of
trademarks |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,268 |
) |
|
Goodwill impairment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
37,812 |
|
|
Trademark impairment |
|
|
— |
|
|
|
4,386 |
|
|
|
— |
|
|
|
77,721 |
|
|
Investment impairment |
|
|
17,000 |
|
|
|
— |
|
|
|
17,000 |
|
|
|
— |
|
|
Operating income (loss) |
|
|
(8,115 |
) |
|
|
12,106 |
|
|
|
28,857 |
|
|
|
(66,944 |
) |
|
Other expenses (income): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
14,430 |
|
|
|
14,944 |
|
|
|
43,399 |
|
|
|
44,320 |
|
|
Interest income |
|
|
(96 |
) |
|
|
(89 |
) |
|
|
(259 |
) |
|
|
(304 |
) |
|
Other (income) loss, net |
|
|
11,971 |
|
|
|
(25,787 |
) |
|
|
(6,821 |
) |
|
|
(84,001 |
) |
|
Gain on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,473 |
) |
|
Foreign currency translation (gain) loss |
|
|
391 |
|
|
|
301 |
|
|
|
760 |
|
|
|
453 |
|
|
Other expenses (income) – net |
|
|
26,696 |
|
|
|
(10,631 |
) |
|
|
37,079 |
|
|
|
(44,005 |
) |
|
Income (loss) before income
taxes |
|
|
(34,811 |
) |
|
|
22,737 |
|
|
|
(8,222 |
) |
|
|
(22,939 |
) |
|
(Benefit) provision for income
taxes |
|
|
(585 |
) |
|
|
1,026 |
|
|
|
1,253 |
|
|
|
(128 |
) |
|
Net income (loss) |
|
|
(34,226 |
) |
|
|
21,711 |
|
|
|
(9,475 |
) |
|
|
(22,811 |
) |
|
Less: Net income attributable
to non-controlling interest |
|
|
1,482 |
|
|
|
1,487 |
|
|
|
7,017 |
|
|
|
8,635 |
|
|
Net income (loss) attributable
to Iconix Brand Group, Inc. |
|
$ |
(35,708 |
) |
|
$ |
20,224 |
|
|
$ |
(16,492 |
) |
|
$ |
(31,446 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(3.07 |
) |
|
$ |
2.81 |
|
|
$ |
(1.62 |
) |
|
$ |
(4.87 |
) |
|
Diluted |
|
$ |
(3.07 |
) |
|
$ |
0.26 |
|
|
$ |
(1.62 |
) |
|
$ |
(7.35 |
) |
|
Weighted average number of
common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
11,631 |
|
|
|
7,184 |
|
|
|
10,169 |
|
|
|
6,458 |
|
|
Diluted |
|
|
11,631 |
|
|
|
17,591 |
|
|
|
10,169 |
|
|
|
12,310 |
|
|
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 recent 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
September 30,
(1): |
|
|
GAAP Operating Income |
|
ImpairmentCharges |
|
Special Charges |
|
Costs associated with debt financings |
|
Loss on Terminationof Licenses |
|
Depreciation & Amortization |
|
Stock Compensation |
|
|
|
Contract Asset Impairment |
|
Non-controlling Interest, net |
|
Adjusted EBITDA |
($, 000s) |
2019 |
|
2018 |
|
|
2019 |
2018 |
|
2019 |
2018 |
|
2019 |
2018 |
|
2019 |
2018 |
|
2019 |
2018 |
|
2019 |
2018 |
|
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
2019 |
|
2018 |
|
Women's |
9,988 |
|
3,234 |
|
|
- |
4,386 |
|
- |
- |
|
- |
- |
|
- |
- |
|
- |
- |
|
- |
28 |
|
|
|
117 |
|
14 |
|
- |
|
- |
|
|
10,105 |
|
7,662 |
|
Men's |
5,277 |
|
1,855 |
|
|
- |
- |
|
- |
- |
|
- |
- |
|
- |
- |
|
13 |
13 |
|
- |
- |
|
|
|
(144 |
) |
86 |
|
(1,843 |
) |
(718 |
) |
|
3,303 |
|
1,236 |
|
Home |
2,990 |
|
3,555 |
|
|
- |
- |
|
- |
- |
|
- |
- |
|
- |
- |
|
- |
- |
|
1 |
7 |
|
|
|
8 |
|
12 |
|
- |
|
- |
|
|
2,999 |
|
3,574 |
|
International |
6,243 |
|
9,188 |
|
|
- |
- |
|
- |
- |
|
- |
- |
|
- |
- |
|
69 |
107 |
|
3 |
83 |
|
|
|
3,653 |
|
293 |
|
(947 |
) |
(658 |
) |
|
9,021 |
|
9,013 |
|
Corporate |
(32,613 |
) |
(5,726 |
) |
|
17,000 |
- |
|
9,084 |
1,799 |
|
- |
- |
|
- |
- |
|
339 |
383 |
|
358 |
(1,744 |
) |
|
|
- |
|
- |
|
1,302 |
|
(117 |
) |
|
(4,530 |
) |
(5,405 |
) |
Total Income |
(8,115 |
) |
12,106 |
|
|
17,000 |
4,386 |
|
9,084 |
1,799 |
|
- |
- |
|
- |
- |
|
421 |
503 |
|
362 |
(1,626 |
) |
|
|
3,634 |
|
405 |
|
(1,488 |
) |
(1,493 |
) |
|
20,898 |
|
16,080 |
|
Adjusted EBITDA Reconciliation For the
Nine Months Ended
September 30,
(1): |
|
GAAP Operating Income |
|
Impairment Charges |
|
Special Charges |
|
Costs associated with debt financings |
|
Loss on Terminationof
Licenses |
|
Depreciation & Amortization |
|
Stock Compensation |
|
|
Contract Asset Impairment |
|
Non-controlling Interest, net |
|
Adjusted EBITDA |
($, 000s) |
2019 |
|
2018 |
|
|
2019 |
2018 |
|
2019 |
2018 |
|
2019 |
2018 |
|
2019 |
2018 |
|
2019 |
2018 |
|
2019 |
2018 |
|
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
2019 |
|
2018 |
|
Women's |
26,237 |
|
(77,832 |
) |
|
- |
115,534 |
|
- |
- |
|
- |
- |
|
- |
- |
|
- |
- |
|
- |
84 |
|
|
|
117 |
|
14 |
|
- |
|
(117 |
) |
|
26,354 |
|
37,683 |
|
Men's |
17,775 |
|
8,393 |
|
|
- |
- |
|
- |
- |
|
- |
- |
|
- |
5,650 |
|
38 |
78 |
|
- |
- |
|
|
|
(144 |
) |
86 |
|
(6,821 |
) |
(6,287 |
) |
|
10,848 |
|
7,920 |
|
Home |
9,777 |
|
15,887 |
|
|
- |
- |
|
- |
- |
|
- |
- |
|
- |
- |
|
- |
- |
|
4 |
22 |
|
|
|
8 |
|
12 |
|
- |
|
- |
|
|
9,789 |
|
15,921 |
|
International |
25,432 |
|
23,757 |
|
|
- |
- |
|
- |
- |
|
- |
- |
|
- |
- |
|
230 |
354 |
|
10 |
230 |
|
|
|
3,653 |
|
293 |
|
(3,004 |
) |
(2,915 |
) |
|
26,321 |
|
21,719 |
|
Corporate |
(50,364 |
) |
(37,149 |
) |
|
17,000 |
- |
|
15,063 |
7,181 |
|
- |
8,344 |
|
- |
- |
|
1,127 |
1,356 |
|
746 |
(445 |
) |
|
|
- |
|
- |
|
2,790 |
|
645 |
|
|
(13,638 |
) |
(20,068 |
) |
Total
Income |
28,857 |
|
(66,944 |
) |
|
17,000 |
115,534 |
|
15,063 |
7,181 |
|
- |
8,344 |
|
- |
5,650 |
|
1,395 |
1,788 |
|
760 |
(109 |
) |
|
|
3,634 |
|
405 |
|
(7,035 |
) |
(8,674 |
) |
|
59,674 |
|
63,175 |
|
(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)
Historical Stock Chart
From Mar 2024 to Apr 2024
Iconix Brand (NASDAQ:ICON)
Historical Stock Chart
From Apr 2023 to Apr 2024