Steven Madden, Ltd. (Nasdaq: SHOO), a leading designer and marketer of fashion-forward footwear, accessories and apparel for women, men and children, today announced financial results for the third quarter ended September 30, 2021.

Amounts referred to as “Adjusted” exclude the items that are described under the heading “Non-GAAP Adjustments.”

Third Quarter 2021 Review

  • Revenue increased 52.4% to $528.7 million compared to $346.9 million in the same period of 2020.
  • Gross profit as a percentage of revenue increased to 41.6% compared to 40.3% in the same period of 2020.
  • Operating expenses as a percentage of revenue decreased to 24.9% compared to 29.7% in the same period of 2020. Adjusted operating expenses as a percentage of revenue were 27.0% in third quarter 2020.
  • Income from operations totaled $88.4 million, or 16.7% of revenue, compared to a loss from operations of ($3.0) million, or (0.9%) of revenue, in the same period of 2020. Adjusted income from operations totaled $46.2 million, or 13.3% of revenue, in the third quarter of 2020.
  • Net income attributable to Steven Madden, Ltd. was $66.6 million, or $0.82 per diluted share, compared to net loss attributable to Steven Madden, Ltd. of ($7.0) million, or ($0.09) per diluted share, in the same period of 2020. Adjusted net income attributable to Steven Madden, Ltd. was $31.8 million, or $0.39 per diluted share, in the third quarter of 2020.

Edward Rosenfeld, Chairman and Chief Executive Officer, commented, “In the third quarter, we delivered the highest quarterly sales and earnings in our history, as the trend-right merchandise assortments created by Steve and his design teams continue to drive strong consumer demand for our brands and products. Our retail segment was again the standout, with outstanding results in both digital and brick-and-mortar channels, and our wholesale business showed strong sequential improvement and is poised to return to growth in the fourth quarter compared to 2019. Looking ahead, we are confident that – based on the strength of our brands, business model and people – we are well-positioned to drive profitable growth and enhance value for our stakeholders over the long term.”

Third Quarter 2021 Segment Results

Revenue for the wholesale business was $402.0 million, a 41.6% increase compared to the third quarter of 2020, with a 42.6% increase in wholesale footwear and a 38.7% increase in wholesale accessories/apparel. Gross profit as a percentage of wholesale revenue declined to 33.6% compared to 34.6% in the third quarter of 2020.

Retail revenue was $123.1 million, a 108.6% increase compared to the third quarter of 2020. Gross profit as a percentage of retail revenue rose to 65.9% compared to 63.8% in the third quarter of 2020.

The Company ended the quarter with 216 company-operated retail stores, including six e-commerce websites, as well as 17 company-operated concessions in international markets.

Balance Sheet and Cash Flow

During the third quarter of 2021, the Company repurchased 773,063 shares of the Company’s common stock for approximately $31.9 million, which includes shares acquired through the net settlement of employees’ stock awards. On November 2, 2021, the Board of Directors approved an increase in the Company's share repurchase authorization of approximately $200 million, bringing the total to $250.0 million.

As of September 30, 2021, cash, cash equivalents and short-term investments totaled $259.9 million.

Quarterly Cash Dividend

The Company’s Board of Directors approved a quarterly cash dividend of $0.15 per share. The dividend is payable on December 27, 2021 to stockholders of record as of the close of business on December 17, 2021.

Updated Fiscal 2021 Outlook

The Company is raising its fiscal 2021 guidance. For fiscal 2021, the Company now expects revenue will increase 50% to 52% over fiscal 2020. The Company now expects diluted EPS will be in the range of $2.21 to $2.26 and Adjusted diluted EPS will be in the range of $2.30 to $2.35.

Non-GAAP Adjustments

Amounts referred to as “Adjusted” exclude the items below.

For the third quarter of 2021:

  • There were no non-GAAP adjustments.

For the third quarter of 2020:

  • $8.7 million pre-tax ($6.7 million after-tax) expense in connection with payments and provisions for early lease termination charges, included in operating expenses.
  • $6.9 million pre-tax ($5.2 million after-tax) expense associated with the impairment of fixed assets and lease right-of-use assets.
  • $1.0 million pre-tax ($0.7 million after-tax) expense in connection with restructuring and related charges, included in operating expenses.
  • $0.4 million pre-tax ($0.3 million after-tax) benefit in connection with the change in valuation of contingent considerations, included in operating expenses.
  • $33.0 million pre-tax ($25.2 million after-tax) expense associated with the impairment of certain trademarks.
  • $1.2 million loss in connection with the impairment of store fixed assets, impairment of lease right-of-use assets, restructuring and related charges attributable to noncontrolling interest.
  • $2.4 million tax expense in connection with deferred and foreign uncertain tax position adjustments.

Reconciliations of amounts on a GAAP basis to Adjusted amounts are presented in the Non-GAAP Reconciliation tables at the end of this release and identify and quantify all excluded items.

Conference Call Information

Interested stockholders are invited to listen to the third quarter 2021 earnings conference call scheduled for today, November 3, 2021, at 8:30 a.m. Eastern Time. The call will be broadcast live over the Internet and can be accessed by logging onto https://investor.stevemadden.com. An online archive of the broadcast will be available within two hours of the conclusion of the call and will remain available for 12 months following the live call.

About Steve Madden

Steve Madden designs, sources and markets fashion-forward footwear, accessories and apparel for women, men and children. In addition to marketing products under its own brands including Steve Madden®, Dolce Vita®, Betsey Johnson®, Blondo®, GREATS®, BB Dakota® and Mad Love®, Steve Madden is a licensee of various brands, including Anne Klein® and Superga®. Steve Madden also designs and sources products under private label brand names for various retailers. Steve Madden’s wholesale distribution includes department stores, specialty stores, luxury retailers, national chains, mass merchants and online retailers. Steve Madden also operates retail stores and e-commerce websites. Steve Madden licenses certain of its brands to third parties for the marketing and sale of certain products, including outerwear, loungewear, eyewear, hosiery, jewelry, watches, sunglasses, fragrance, luggage, bedding and bath products. For local store information and the latest Steve Madden boots, booties, pumps, fashion sneakers, dress shoes, sandals, slippers and more, visit http://www.stevemadden.com.

Safe Harbor Statement Under the U.S. Private Securities Litigation Reform Act of 1995

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include, among others, statements regarding revenue and earnings guidance, plans, strategies, objectives, expectations and intentions. Forward-looking statements can be identified by words such as: “may”, “will”, “expect”, “believe”, “should”, “anticipate”, “project”, “predict”, “plan”, “intend”, or “estimate”, and similar expressions or the negative of these expressions. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they represent the Company’s current beliefs, expectations and assumptions regarding anticipated events and trends affecting its business and industry based on information available as of the time such statements are made. Investors are cautioned that such forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which may be outside of the Company’s control. The Company’s actual results and financial condition may differ materially from those indicated in these forward-looking statements. As such, investors should not rely upon them. Important risk factors include:

  • the Company’s ability to maintain adequate liquidity when negatively impacted by unforeseen events such as an epidemic or pandemic (COVID-19), which may cause disruption to the Company’s business operations for an indeterminable period of time;
  • the Company’s ability to accurately anticipate fashion trends and promptly respond to consumer demand;
  • the Company’s ability to compete effectively in a highly competitive market;
  • the Company’s ability to adapt its business model to rapid changes in the retail industry;
  • the Company’s dependence on the retention and hiring of key personnel;
  • the Company’s ability to successfully implement growth strategies and integrate acquired businesses;
  • the Company’s reliance on independent manufacturers to produce and deliver products in a timely manner, especially when faced with adversities such as work stoppages, transportation delays, public health emergencies, social unrest, changes in local economic conditions, and political upheavals as well as meet the Company’s quality standards;
  • changes in trade policies and tariffs imposed by the United States government and the governments of other nations in which the Company manufactures and sells products;
  • disruptions to product delivery systems and the Company’s ability to properly manage inventory;
  • the Company’s ability to adequately protect its trademarks and other intellectual property rights;
  • legal, regulatory, political and economic risks that may affect the Company’s sales in international markets;
  • changes in U.S. and foreign tax laws that could have an adverse effect on the Company’s financial results;
  • additional tax liabilities resulting from audits by various taxing authorities;
  • the Company’s ability to achieve operating results that are consistent with prior financial guidance; and
  • other risks and uncertainties indicated from time to time in the Company’s filings with the Securities and Exchange Commission.

The Company does not undertake any obligation to publicly update any forward-looking statement, including, without limitation, any guidance regarding revenue or earnings, whether as a result of new information, future developments or otherwise.

STEVEN MADDEN, LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME/(LOSS)

(In thousands, except per share amounts)

(Unaudited)

  Three Months Ended   Nine Months Ended
  September 30, 2021   September 30, 2020   September 30, 2021   September 30, 2020
               
Net sales $ 525,067     $ 342,830     $ 1,278,765     $ 839,877  
Commission and licensing fee income 3,675     4,037     8,896     8,970  
Total revenue 528,742     346,867     1,287,661     848,847  
Cost of sales 308,744     206,990     758,504     519,618  
Gross profit 219,998     139,877     529,157     329,229  
Operating expenses 131,580     102,968     363,888     302,753  
Impairment of fixed assets and lease right-of-use assets     6,897     1,089     36,896  
Impairment of intangibles     33,010         42,528  
Income/(loss) from operations 88,418     (2,998 )   164,180     (52,948 )
Interest and other (expense)/income – net (202 )   88     (1,016 )   1,491  
Income/(loss) before provision (benefit) for income taxes 88,216     (2,910 )   163,164     (51,457 )
Provision/(benefit) for income taxes 21,551     4,236     36,827     (9,366 )
Net income/(loss) 66,665     (7,146 )   126,337     (42,091 )
Less: net income/(loss) attributable to noncontrolling interest 22     (195 )   1,645     (1,103 )
Net income/(loss) attributable to Steven Madden, Ltd. $ 66,643     $ (6,951 )   $ 124,692     $ (40,988 )
               
Basic net income/(loss) per share $ 0.85     $ (0.09 )   $ 1.58     $ (0.52 )
               
Diluted net income/(loss) per share $ 0.82     $ (0.09 )   $ 1.53     $ (0.52 )
               
Basic weighted average common shares outstanding 78,129     78,560     78,686     78,650  
               
Diluted weighted average common shares outstanding 81,307     78,560     81,754     78,650  
               
Cash dividends declared per common share $ 0.15     $     $ 0.45     $ 0.15  
                               

STEVEN MADDEN, LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

      As of    
  September 30, 2021   December 31, 2020   September 30, 2020
  (Unaudited)       (Unaudited)
           
ASSETS          
Current assets:          
Cash and cash equivalents $ 219,523     $ 247,864     $ 223,820  
Short-term investments 40,390     39,302     33,332  
Accounts receivable, net of allowances 36,524     25,044     33,526  
Factor accounts receivable 347,748     252,671     232,876  
Inventories 201,198     101,420     109,683  
Prepaid expenses and other current assets 19,182     17,415     13,477  
Income tax receivable and prepaid taxes 16,536     14,525     1,120  
Total current assets 881,101     698,241     647,834  
Note receivable – related party 891     1,180     1,274  
Property and equipment, net 36,843     43,268     43,130  
Operating lease right-of-use asset 90,832     101,379     111,732  
Deposits and other 4,332     4,822     2,660  
Deferred taxes 4,964     5,415     14,686  
Goodwill – net 167,957     168,265     166,794  
Intangibles – net 113,140     115,191     116,300  
Total Assets $ 1,300,060     $ 1,137,761     $ 1,104,410  
LIABILITIES          
Current liabilities:          
Accounts payable $ 121,838     $ 73,904     $ 65,666  
Accrued expenses 210,985     118,083     112,579  
Operating leases – current portion 32,063     34,257     36,212  
Income taxes payable 7,194     5,799      
Contingent considerations – current portion 3,660          
Accrued incentive compensation 12,834     3,873     3,615  
Total current liabilities 388,574     235,916     218,072  
Contingent considerations – long term portion 4,381     207     1,420  
Operating leases – long-term portion 85,358     98,592     107,973  
Deferred taxes 2,563     2,562     3,054  
Other liabilities 12,004     10,115     6,151  
Total Liabilities 492,880     347,392     336,670  
           
STOCKHOLDERS’ EQUITY          
Total Steven Madden, Ltd. stockholders’ equity 798,830     776,586     756,120  
Noncontrolling interest 8,350     13,783     11,620  
Total stockholders’ equity 807,180     790,369     767,740  
Total Liabilities and Stockholders’ Equity $ 1,300,060     $ 1,137,761     $ 1,104,410  
                       

STEVEN MADDEN, LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

  Nine Months Ended
  September 30, 2021   September 30, 2020
       
Cash flows from operating activities:      
Net income/(loss) $ 126,337     $ (42,091 )
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:      
Stock-based compensation 16,696     16,939  
Depreciation and amortization 11,611     13,235  
Loss on disposal of fixed assets 449     473  
Impairment of intangibles     42,528  
Impairment of lease right-of-use asset and fixed assets 1,089     36,896  
Deferred taxes 452     (17,509 )
Accrued interest on note receivable - related party (18 )   (24 )
Notes receivable - related party 307     308  
Change in valuation of contingent considerations 7,834     (5,020 )
Gain on sale of trademark (8,000 )   —   
Recovery of receivables, related to the Payless ShoeSource bankruptcy (919 )    
Changes, net of acquisitions, in:      
Accounts receivable (10,561 )   4,640  
Factor accounts receivable (95,077 )   (16,405 )
Inventories (99,778 )   27,213  
Prepaid expenses, income tax receivables, prepaid taxes, and other current assets (2,638 )   7,691  
Accounts payable and accrued expenses 143,111     (54,156 )
Accrued incentive compensation 8,961     (7,319 )
Leases and other liabilities (3,672 )   (6,792 )
Net cash provided by operating activities 96,184     607  
       
Cash flows from investing activities:      
Capital expenditures (4,599 )   (5,496 )
Proceeds from sale of a trademark 8,000      
Purchases of short-term investments (43,376 )   (41,223 )
Maturity/sale of short-term investments 42,383     47,243  
Net cash provided by investing activities 2,408     524  
       
Cash flows from financing activities:      
Proceeds from exercise of stock options 7,232     960  
Investment of noncontrolling interest     359  
Distribution of noncontrolling interest earnings (2,859 )    
Acquisition of incremental ownership of joint ventures (19,127 )    
Common stock purchased for treasury (74,685 )   (29,796 )
Cash dividends paid on common stock (36,990 )   (12,459 )
Advances from factor     176,784  
Repayments of advances from factor     (176,784 )
Net cash used in financing activities (126,429 )   (40,936 )
Effect of exchange rate changes on cash and cash equivalents (504 )   (476 )
Net decrease in cash and cash equivalents (28,341 )   (40,281 )
Cash and cash equivalents – beginning of period 247,864     264,101  
       
Cash and cash equivalents – end of period $ 219,523     $ 223,820  
               

STEVEN MADDEN, LTD. AND SUBSIDIARIES

NON-GAAP RECONCILIATION

(In thousands, except per share amounts)

(Unaudited)

The Company uses non-GAAP financial information to evaluate its operating performance and in order to represent the manner in which the Company conducts and views its business. Additionally, the Company believes the information assists investors in comparing the Company’s performance across reporting periods on a consistent basis by excluding items that are not indicative of its core business. The non-GAAP financial information is provided in addition to, and not as an alternative to, the Company’s reported results prepared in accordance with GAAP.

Table 1 - Reconciliation of GAAP operating expenses to Adjusted operating expenses        
  Three Months Ended   Nine Months Ended
  September 30, 2021   September 30, 2020   September 30, 2021   September 30, 2020
               
GAAP operating expenses $ 131,580     $ 102,968     $ 363,888     $ 302,753  
               
Expense in connection with payments related to rent restructuring of various leases and lease terminations     (8,746 )   (9,505 )   (8,888 )
               
Recovery in connection with the Payless ShoeSource bankruptcy         917      
               
Expense in connection with restructuring and related charges     (978 )   (1,294 )   (6,392 )
               
Benefit/(expense) in connection with the change in valuation of contingent considerations     409     (7,834 )   5,020  
               
Expense in connection with benefits provided to furloughed employees             (1,991 )
               
Expense in connection with loan receivable             (697 )
               
Sale of trademark         8,000      
               
Adjusted operating expenses $ 131,580     $ 93,653     $ 354,172     $ 289,805  
Table 2 - Reconciliation of GAAP income/(loss) from operations to Adjusted income from operations
  Three Months Ended   Nine Months Ended
  September 30, 2021   September 30, 2020   September 30, 2021   September 30, 2020
               
GAAP income/(loss) from operations $ 88,418     $ (2,998 )   $ 164,180     $ (52,948 )
               
Expense in connection with payments related to rent restructuring of various leases and lease terminations     8,746     9,505     8,888  
               
Recovery in connection with the Payless ShoeSource bankruptcy         (917 )    
               
Expense in connection with restructuring and related charges     978     1,294     6,392  
               
Impairment of fixed assets and lease right-of-use assets     6,897     1,089     36,895  
               
(Benefit)/expense in connection with the change in valuation of contingent considerations     (409 )   7,834     (5,020 )
               
Expense in connection with benefits provided to furloughed employees             1,991  
               
Expense in connection with loan receivable             697  
               
Sale of trademark         (8,000 )    
               
Impairment of certain trademarks     33,010         42,528  
               
Adjusted income from operations $ 88,418     $ 46,224     $ 174,985     $ 39,423  
Table 3 - Reconciliation of GAAP interest and other (expense)/income, net to Adjusted interest and other (expense)/income, net
  Three Months Ended   Nine Months Ended
  September 30, 2021   September 30, 2020   September 30, 2021   September 30, 2020
               
GAAP interest and other (expense)/income, net $ (202 )   $ 88     $ (1,016 )   $ 1,491  
               
Write-off of investment         500      
               
Adjusted interest and other (expense)/income, net $ (202 )   $ 88     $ (516 )   $ 1,491  
 
       
               
               
                               
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                               
Table 4 - Reconciliation of GAAP provision/(benefit) for income taxes to Adjusted provision for income taxes
 
       
               
               
                               
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                               
  Three Months Ended   Nine Months Ended
 
       
               
               
                               
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                               
  September 30, 2021   September 30, 2020   September 30, 2021   September 30, 2020
 
       
               
               
                               
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                               
               
 
       
               
               
                               
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                               
GAAP provision/(benefit) for income taxes $ 21,551     $ 4,236     $ 36,827     $ (9,366 )
 
       
               
               
                               
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                               
               
 
       
               
               
                               
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                               
Tax effect of expense in connection with payments related to rent restructuring of various leases and lease terminations     2,071     2,251     2,105  
 
       
               
               
                               
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                               
               
 
       
               
               
                               
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                               
Tax effect of recovery in connection with the Payless ShoeSource bankruptcy         (201 )    
 
       
               
               
                               
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                               
               
 
       
               
               
                               
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                               
Tax effect of expense in connection with restructuring and related charges     232     305     1,515  
 
       
               
               
                               
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                               
               
 
       
               
               
                               
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                               
Tax effect of impairment of fixed assets and lease right-of-use assets     1,702     275     8,945  
 
       
               
               
                               
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                               
               
 
       
               
               
                               
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                               
Tax effect of (benefit)/expense in connection with the change in valuation of contingent considerations     (97 )   1,853     (1,189 )
 
       
               
               
                               
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                               
               
 
       
               
               
                               
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                               
Tax effect of expense in connection with benefits provided to furloughed employees             472  
 
       
               
               
                               
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                               
               
 
       
               
               
                               
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                               
Tax effect of expense in connection with provision for loan receivable             165  
 
       
               
               
                               
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                               
               
 
       
               
               
                               
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                               
Tax effect of write-off of investment         118      
 
       
               
               
                               
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                               
               
 
       
               
               
                               
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                               
Tax effect of sale of trademark         (1,893 )    
 
       
               
               
                               
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                               
               
 
       
               
               
                               
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                               
Tax effect of impairment of certain trademarks     7,817         10,071  
 
       
               
               
                               
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                               
               
 
       
               
               
                               
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                               
Tax expense in connection with deferred and foreign uncertain tax position adjustments     (2,393 )       (2,393 )
 
       
               
               
                               
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                               
               
 
       
               
               
                               
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                       
               
                               
Adjusted provision for income taxes $ 21,551     $ 13,568     $ 39,535     $ 10,325  
Table 5 - Reconciliation of GAAP net income/(loss) attributable to noncontrolling interest to Adjusted net income attributable to noncontrolling interest
  Three Months Ended   Nine Months Ended
  September 30, 2021   September 30, 2020   September 30, 2021   September 30, 2020
               
GAAP net income/(loss) attributable to noncontrolling interest $ 22     $ (195 )   $ 1,645     $ (1,103 )
               
Adjustments attributable to noncontrolling interest     1,161     24     1,631  
               
Adjusted net income attributable to noncontrolling interest $ 22     $ 966     $ 1,669     $ 528  
Table 6 - Reconciliation of GAAP income/(loss) attributable to Steven Madden, Ltd. to Adjusted net income attributable to Steven Madden, Ltd.
  Three Months Ended   Nine Months Ended
  September 30, 2021   September 30, 2020   September 30, 2021   September 30, 2020
               
GAAP net income/(loss) attributable to Steven Madden, Ltd. $ 66,643     $ (6,951 )   $ 124,692     $ (40,988 )
               
After-tax impact of expense in connection with payments related to rent restructuring of various leases and lease terminations     6,675     7,254     6,784  
               
After-tax impact of recovery in connection with the Payless ShoeSource bankruptcy         (716 )    
               
After-tax impact of expense in connection with restructuring and related charges     746     988     4,876  
               
After-tax impact of impairment of fixed assets and lease right-of-use assets     5,194     814     27,949  
               
After-tax impact of (benefit)/expense in connection with the change in valuation of contingent considerations     (312 )   5,980     (3,831 )
               
After-tax impact of expense in connection with benefits provided to furloughed employees             1,520  
               
After-tax impact of expense in connection with provision for loan receivable             532  
               
After-tax impact of write-off of investment         382      
               
After-tax impact of sale of trademark         (6,107 )    
               
After-tax impact of impairment of certain trademarks     25,193         32,458  
               
Tax expense in connection with deferred and foreign uncertain tax position adjustments     2,393         2,393  
               
Less: Adjustments attributable to noncontrolling interest     (1,161 )   (24 )   (1,631 )
               
Adjusted net income attributable to Steven Madden, Ltd. $ 66,643     $ 31,777     $ 133,263     $ 30,062  
               
GAAP diluted income/(loss) per share $ 0.82     $ (0.09 )   $ 1.53     $ (0.52 )
               
Adjusted diluted income per share $ 0.82     $ 0.39     $ 1.63     $ 0.37  
               
Adjusted diluted weighted average shares outstanding 81,307     80,701     81,754     81,047  

Contact

Steven Madden, Ltd.Director of Corporate Development & Investor RelationsDanielle McCoy718-308-2611InvestorRelations@stevemadden.com

 

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