Steve Madden (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 fourth
quarter and full year ended December 31, 2021.
Amounts referred to as “Adjusted”
exclude the items defined as “Non-GAAP Adjustments” in the
“Non-GAAP Reconciliation” section.
Fourth Quarter 2021 Review
- Revenue increased 63.9% to $578.5
million compared to $353.0 million in the same period of 2020.
- Gross profit as a percentage of
revenue increased to 41.2% compared to 38.3% in the same period of
2020. Adjusted gross profit as a percentage of revenue was 38.2% in
fourth quarter 2020.
- Operating expenses as a percentage
of revenue decreased to 27.0% compared to 31.8% in the same period
of 2020. Adjusted operating expenses as a percentage of revenue
decreased to 26.2% compared to 30.9% in fourth quarter 2020.
- Income from operations was $79.4
million, or 13.7% of revenue, compared to $21.3 million, or 6.0% of
revenue, in the same period of 2020. Adjusted income from
operations was $86.9 million, or 15.0% of revenue, compared to
$25.6 million, or 7.3% of revenue, in fourth quarter 2020.
- Net income
attributable to Steven Madden, Ltd. was $66.0 million, or $0.81 per
diluted share, compared to $22.6 million, or $0.28 per diluted
share, in the same period of 2020. Adjusted net income attributable
to Steven Madden, Ltd. was $70.4 million, or $0.87 per diluted
share, compared to $21.8 million, or $0.27 per diluted share, in
fourth quarter 2020.
Edward Rosenfeld, Chairman and Chief Executive
Officer, commented, “We delivered outstanding results in the fourth
quarter, with revenue increasing 38% and diluted EPS more than
doubling compared to 2019 – performance that reflects the strength
of our brands and the robust consumer demand for the on-trend
merchandise assortments created by Steve and our design teams. The
exceptional momentum in our direct-to-consumer business continued,
with revenue up 63% compared to 2019, and our wholesale business
accelerated significantly, with revenue increasing 31% compared to
2019.
“Overall, 2021 was a record year for Steve
Madden, as we recorded the highest annual revenue and earnings in
our history. Looking ahead, we are confident that, by building on
the strong momentum in our business and continuing the disciplined
execution of our strategic initiatives, we can drive robust top-
and bottom-line growth in 2022 and beyond.”
Fourth Quarter 2021 Segment
Results
Revenue for the wholesale business was $410.5
million, a 56.1% increase compared to the fourth quarter of 2020,
with a 61.9% increase in wholesale footwear and a 41.7% increase in
wholesale accessories/apparel. Gross profit as a percentage of
wholesale revenue rose to 31.8% compared to 28.3% in the fourth
quarter of 2020.
Direct-to-consumer revenue was $164.7 million, a
91.3% increase compared to the fourth quarter of 2020. Gross profit
as a percentage of retail revenue declined to 63.5% compared to
66.2% in the fourth quarter of 2020. Adjusted gross profit as a
percentage of direct-to-consumer revenue was 65.6% in fourth
quarter of 2020.
The Company ended the quarter with 214
brick-and-mortar retail stores and 6 e-commerce websites, as well
as 17 company-operated concessions in international markets.
Full Year Ended December 31, 2021
Review
For the full year ended December 31, 2021,
revenue increased 55.3% to $1.9 billion from $1.2 billion in
2020.
Net income attributable to Steven Madden, Ltd.
was $190.7 million, or $2.34 per diluted share, for the year ended
December 31, 2021 compared to a net loss attributable to Steven
Madden, Ltd. of ($18.4) million, or ($0.23) per basic share, for
the year ended December 31, 2020. On an Adjusted basis, net income
attributable to Steven Madden, Ltd. was $203.7 million, or $2.50
per diluted share, for the year ended December 31, 2021 compared to
net income attributable to Steven Madden, Ltd. of $51.8 million, or
$0.64 per diluted share, for the year ended December 31, 2020.
Balance Sheet and Cash Flow
As of December 31, 2021, cash, cash equivalents
and short-term investments totaled $263.5 million.
During the fourth quarter of 2021, the Company
repurchased 1,038,061 shares of the Company's common stock for
approximately $48.5 million, which includes shares acquired through
the net settlement of employee stock awards. For the full year
ended December 31, 2021, the Company repurchased 2,841,405 shares
of the Company's common stock for approximately $123.2 million,
which includes shares acquired through the net settlement of
employee stock awards.
Increased Quarterly Cash
Dividend
The Company's Board of Directors approved a
quarterly cash dividend of $0.21 per share, reflecting a 40%
increase over the previous quarterly dividend. The dividend is
payable on March 25, 2022 to stockholders of record as of the close
of business on March 11, 2022.
Fiscal 2022 Outlook
For fiscal 2022, the Company expects revenue
will increase 10% to 13% over fiscal 2021. The Company expects
diluted EPS will be in the range of $2.66 to $2.76. The Company
expects Adjusted diluted EPS will be in the range of $2.73 to
$2.83.
Conference Call Information
Interested stockholders are invited to listen to
the conference call scheduled for today, February 24, 2022 at 8:30
a.m. Eastern Time relating to fourth quarter and fiscal year 2021
earnings and fiscal 2022 outlook. 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, mass merchants, off-price
retailers, shoe chains, online retailers, national chains,
specialty retailers and independent stores. 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, eyewear,
hosiery, jewelry, hair accessories, sunglasses, swimwear,
activewear, fragrance, luggage, bedding and bath products as well
as other select product categories. For local store information and
the latest Steve Madden boots, booties, dress shoes, fashion
sneakers, sandals, slippers and more, please visit
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”, “estimate”, or “confident” 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 the ongoing COVID-19 pandemic, 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 STATEMENT OF OPERATIONS
DATA |
|
(In thousands, except per share amounts) |
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
December 31, 2021 |
|
December 31, 2020 |
|
December 31, 2021 |
|
December 31, 2020 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
Net sales |
|
$ |
575,137 |
|
|
$ |
349,066 |
|
|
$ |
1,853,902 |
|
|
$ |
1,188,943 |
|
Commission and licensing fee
income |
|
|
3,344 |
|
|
|
3,901 |
|
|
|
12,240 |
|
|
|
12,871 |
|
Total revenue |
|
|
578,481 |
|
|
|
352,967 |
|
|
|
1,866,142 |
|
|
|
1,201,814 |
|
Cost of sales |
|
|
340,141 |
|
|
|
217,655 |
|
|
|
1,098,645 |
|
|
|
737,273 |
|
Gross profit |
|
|
238,340 |
|
|
|
135,312 |
|
|
|
767,497 |
|
|
|
464,541 |
|
Operating expenses |
|
|
155,960 |
|
|
|
112,224 |
|
|
|
519,848 |
|
|
|
414,978 |
|
Impairment of intangibles |
|
|
2,620 |
|
|
|
1,745 |
|
|
|
2,620 |
|
|
|
44,273 |
|
Impairment of lease
right-of-use assets and fixed assets |
|
|
343 |
|
|
|
— |
|
|
|
1,432 |
|
|
|
36,895 |
|
Income / (loss) from
operations |
|
|
79,417 |
|
|
|
21,343 |
|
|
|
243,597 |
|
|
|
(31,605 |
) |
Interest and other (expense) /
income, net |
|
|
(513 |
) |
|
|
129 |
|
|
|
(1,529 |
) |
|
|
1,620 |
|
Income / (loss) before
provision / (benefit) for income taxes |
|
|
78,904 |
|
|
|
21,472 |
|
|
|
242,068 |
|
|
|
(29,985 |
) |
Provision / (benefit) for
income taxes |
|
|
12,781 |
|
|
|
(2,338 |
) |
|
|
49,609 |
|
|
|
(11,704 |
) |
Net income / (loss) |
|
|
66,123 |
|
|
|
23,810 |
|
|
|
192,459 |
|
|
|
(18,281 |
) |
Less: net income attributable
to noncontrolling interest |
|
|
136 |
|
|
|
1,219 |
|
|
|
1,781 |
|
|
|
116 |
|
Net income / (loss)
attributable to Steven Madden, Ltd. |
|
$ |
65,987 |
|
|
$ |
22,591 |
|
|
$ |
190,678 |
|
|
$ |
(18,397 |
) |
|
|
|
|
|
|
|
|
|
Basic income / (loss) per
share |
|
$ |
0.85 |
|
|
$ |
0.29 |
|
|
$ |
2.43 |
|
|
$ |
(0.23 |
) |
|
|
|
|
|
|
|
|
|
Diluted income / (loss) per
share |
|
$ |
0.81 |
|
|
$ |
0.28 |
|
|
$ |
2.34 |
|
|
$ |
(0.23 |
) |
|
|
|
|
|
|
|
|
|
Basic weighted average common
shares outstanding |
|
|
77,718 |
|
|
|
78,588 |
|
|
|
78,442 |
|
|
|
78,635 |
|
|
|
|
|
|
|
|
|
|
Diluted weighted average
common shares outstanding |
|
|
81,207 |
|
|
|
81,414 |
|
|
|
81,628 |
|
|
|
78,635 |
|
|
|
|
|
|
|
|
|
|
Cash dividends declared per
common share |
|
$ |
0.15 |
|
|
$ |
— |
|
|
$ |
0.60 |
|
|
$ |
0.15 |
|
STEVEN MADDEN, LTD. AND SUBSIDIARIES |
|
CONDENSED CONSOLIDATED BALANCE SHEET DATA |
|
(In thousands) |
|
|
|
As of |
|
|
|
|
December 31, 2021 |
|
December 31, 2020 |
|
|
(Unaudited) |
|
|
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
219,499 |
|
$ |
247,864 |
Short-term investments |
|
|
44,037 |
|
|
39,302 |
Accounts receivable, net of
allowances |
|
|
26,546 |
|
|
25,044 |
Factor accounts
receivable |
|
|
364,982 |
|
|
252,671 |
Inventories |
|
|
255,213 |
|
|
101,420 |
Prepaid expenses and other
current assets |
|
|
20,845 |
|
|
17,415 |
Income tax receivable and
prepaid income taxes |
|
|
13,538 |
|
|
14,525 |
Total current assets |
|
|
944,660 |
|
|
698,241 |
Note receivable – related
party |
|
|
794 |
|
|
1,180 |
Property and equipment,
net |
|
|
35,790 |
|
|
43,268 |
Operating lease right-of-use
asset |
|
|
85,449 |
|
|
101,379 |
Deferred tax assets |
|
|
4,581 |
|
|
5,415 |
Deposits and other |
|
|
4,180 |
|
|
4,822 |
Goodwill – net |
|
|
167,995 |
|
|
168,265 |
Intangibles – net |
|
|
112,093 |
|
|
115,191 |
Total Assets |
|
$ |
1,355,542 |
|
$ |
1,137,761 |
LIABILITIES |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
136,766 |
|
$ |
73,904 |
Accrued expenses |
|
|
243,163 |
|
|
118,083 |
Operating leases - current
portion |
|
|
30,759 |
|
|
34,257 |
Income taxes payable |
|
|
4,522 |
|
|
5,799 |
Contingent payment liability –
current portion |
|
|
5,109 |
|
|
— |
Accrued incentive
compensation |
|
|
14,871 |
|
|
3,873 |
Total current liabilities |
|
|
435,190 |
|
|
235,916 |
Contingent payment
liability |
|
|
6,960 |
|
|
207 |
Operating leases – long-term
portion |
|
|
80,072 |
|
|
98,592 |
Deferred tax liabilities |
|
|
3,378 |
|
|
2,562 |
Other liabilities |
|
|
9,404 |
|
|
10,115 |
Total Liabilities |
|
|
535,004 |
|
|
347,392 |
STOCKHOLDERS’
EQUITY |
|
|
|
|
Total Steven Madden, Ltd.
stockholders’ equity |
|
|
812,098 |
|
|
776,586 |
Noncontrolling interest |
|
|
8,440 |
|
|
13,783 |
Total stockholders’
equity |
|
|
820,538 |
|
|
790,369 |
Total Liabilities and
Stockholders’ Equity |
|
$ |
1,355,542 |
|
$ |
1,137,761 |
STEVEN MADDEN, LTD. AND SUBSIDIARIES |
|
CONDENSED CONSOLIDATED CASH FLOW DATA |
|
(In thousands) |
|
|
|
Twelve Months Ended |
|
|
December 31, 2021 |
|
December 31, 2020 |
|
|
(Unaudited) |
|
|
Cash flows from
operating activities: |
|
|
|
|
Net income/(loss) |
|
$ |
192,459 |
|
|
$ |
(18,281 |
) |
Adjustments to reconcile net income/(loss) to net cash provided by
operating activities |
|
|
|
|
Stock-based compensation |
|
|
22,278 |
|
|
|
22,639 |
|
Depreciation and amortization |
|
|
15,208 |
|
|
|
17,360 |
|
Loss on disposal of fixed assets |
|
|
526 |
|
|
|
561 |
|
Impairment of intangibles |
|
|
2,620 |
|
|
|
44,273 |
|
Impairment of lease right-of-use asset and fixed assets |
|
|
1,432 |
|
|
|
36,895 |
|
Deferred taxes |
|
|
1,280 |
|
|
|
(8,353 |
) |
Accrued interest on note receivable – related party |
|
|
(23 |
) |
|
|
(31 |
) |
Note receivable – related party |
|
|
409 |
|
|
|
409 |
|
Change in valuation of contingent liability |
|
|
11,862 |
|
|
|
(8,917 |
) |
Gain on sale of trademark |
|
|
(8,000 |
) |
|
|
— |
|
Recovery of receivables, related to the Payless ShoeSource
bankruptcy |
|
|
(919 |
) |
|
|
— |
|
Changes, net of acquisitions, in: |
|
|
|
|
Accounts receivable |
|
|
(583 |
) |
|
|
13,122 |
|
Factor accounts receivable |
|
|
(112,311 |
) |
|
|
(36,200 |
) |
Inventories |
|
|
(153,793 |
) |
|
|
35,476 |
|
Prepaid expenses, income tax receivables, prepaid taxes, and other
current assets |
|
|
(1,899 |
) |
|
|
(10,129 |
) |
Accounts payable and accrued expenses |
|
|
185,741 |
|
|
|
(34,207 |
) |
Accrued incentive compensation |
|
|
10,998 |
|
|
|
(7,061 |
) |
Leases and other liabilities |
|
|
(7,822 |
) |
|
|
(3,350 |
) |
Net cash provided by operating
activities |
|
|
159,463 |
|
|
|
44,206 |
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
Capital expenditures |
|
|
(6,608 |
) |
|
|
(6,562 |
) |
Purchases of short-term investments |
|
|
(68,471 |
) |
|
|
(73,792 |
) |
Maturity/sale of marketable securities and short-term
investments |
|
|
63,867 |
|
|
|
75,470 |
|
Proceeds from sale of a trademark |
|
|
8,000 |
|
|
|
— |
|
Net cash used in investing activities |
|
|
(3,212 |
) |
|
|
(4,884 |
) |
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
Proceeds from exercise of stock options |
|
|
9,732 |
|
|
|
1,609 |
|
Investment of noncontrolling interest |
|
|
— |
|
|
|
359 |
|
Acquisition of incremental ownership of joint ventures |
|
|
(18,942 |
) |
|
|
— |
|
Distributions to noncontrolling interest earnings |
|
|
(3,121 |
) |
|
|
— |
|
Common stock purchased for treasury |
|
|
(123,161 |
) |
|
|
(46,583 |
) |
Cash dividends paid on common stock |
|
|
(49,161 |
) |
|
|
(12,459 |
) |
Advances from factor |
|
|
— |
|
|
|
176,784 |
|
Repayments of advances from factor |
|
|
— |
|
|
|
(176,784 |
) |
Net cash used in financing activities |
|
|
(184,653 |
) |
|
|
(57,074 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
|
37 |
|
|
|
1,515 |
|
Net decrease in cash, cash equivalents |
|
|
(28,365 |
) |
|
|
(16,237 |
) |
Cash and cash equivalents –
beginning of year |
|
|
247,864 |
|
|
|
264,101 |
|
Cash and cash
equivalents – end of year |
|
$ |
219,499 |
|
|
$ |
247,864 |
|
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 gross profit to Adjusted gross
profit |
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
December 31, 2021 |
|
|
December 31, 2020 |
|
December 31, 2021 |
|
|
December 31, 2020 |
GAAP gross profit |
|
$ |
238,340 |
|
|
$ |
135,312 |
|
|
$ |
767,497 |
|
|
$ |
464,541 |
|
Non-GAAP
Adjustments |
|
|
— |
|
|
|
(532 |
) |
|
|
— |
|
|
|
(532 |
) |
Adjusted gross profit |
|
$ |
238,340 |
|
|
$ |
134,780 |
|
|
$ |
767,497 |
|
|
$ |
464,009 |
|
Table 2 - Reconciliation of GAAP operating expenses to Adjusted
operating expenses |
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
December 31, 2021 |
|
December 31, 2020 |
|
December 31, 2021 |
|
December 31, 2020 |
GAAP operating expenses |
|
$ |
155,960 |
|
|
$ |
112,224 |
|
|
$ |
519,848 |
|
|
$ |
414,978 |
|
Non-GAAP
Adjustments |
|
|
(4,499 |
) |
|
|
(3,038 |
) |
|
|
(14,216 |
) |
|
|
(15,985 |
) |
Adjusted operating expenses |
|
$ |
151,461 |
|
|
$ |
109,186 |
|
|
$ |
505,632 |
|
|
$ |
398,993 |
|
Table 3 - Reconciliation of GAAP income / (loss) from operations to
Adjusted income from operations |
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
|
December 31, 2021 |
|
|
December 31, 2020 |
|
|
December 31, 2021 |
|
|
December 31, 2020 |
GAAP income / (loss) from operations |
|
$ |
79,417 |
|
|
$ |
21,343 |
|
|
$ |
243,597 |
|
|
$ |
(31,605 |
) |
Non-GAAP
Adjustments |
|
|
7,462 |
|
|
|
4,251 |
|
|
|
18,267 |
|
|
|
96,621 |
|
Adjusted income from operations |
|
$ |
86,879 |
|
|
$ |
25,594 |
|
|
$ |
261,864 |
|
|
$ |
65,016 |
|
Table 4 - Reconciliation of GAAP interest and other (expense) /
income, net to Adjusted interest and other (expense) / income,
net |
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
|
December 31, 2021 |
|
December 31, 2020 |
|
|
December 31, 2021 |
|
December 31, 2020 |
GAAP interest and other (expense) / income, net |
|
$ |
(513 |
) |
|
$ |
129 |
|
|
$ |
(1,529 |
) |
|
$ |
1,620 |
|
Non-GAAP
Adjustments |
|
|
— |
|
|
|
— |
|
|
|
500 |
|
|
|
— |
|
Adjusted interest and other (expense) / income, net |
|
$ |
(513 |
) |
|
$ |
129 |
|
|
$ |
(1,029 |
) |
|
$ |
1,620 |
|
Table 5 - Reconciliation of GAAP provision / (benefit) for income
taxes to Adjusted provision for income taxes |
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
December 31, 2021 |
|
|
December 31, 2020 |
|
December 31, 2021 |
|
|
December 31, 2020 |
GAAP provision / (benefit) for income taxes |
|
$ |
12,781 |
|
|
$ |
(2,338 |
) |
|
$ |
49,609 |
|
|
$ |
(11,704 |
) |
Non-GAAP
Adjustments |
|
|
3,015 |
|
|
|
5,763 |
|
|
|
5,726 |
|
|
|
25,453 |
|
Adjusted provision for income taxes |
|
$ |
15,796 |
|
|
$ |
3,425 |
|
|
$ |
55,335 |
|
|
$ |
13,749 |
|
Table 6 - Reconciliation of GAAP net income attributable to
noncontrolling interest to Adjusted net income attributable to
noncontrolling interest |
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
December 31, 2021 |
|
|
December 31, 2020 |
|
December 31, 2021 |
|
|
December 31, 2020 |
GAAP net income attributable to noncontrolling interest |
|
$ |
136 |
|
|
$ |
1,219 |
|
|
$ |
1,781 |
|
|
$ |
116 |
|
Non-GAAP
Adjustments |
|
|
13 |
|
|
|
(698 |
) |
|
|
37 |
|
|
|
933 |
|
Adjusted net income attributable to noncontrolling interest |
|
$ |
149 |
|
|
$ |
521 |
|
|
$ |
1,818 |
|
|
$ |
1,049 |
|
Table 7 - Reconciliation of GAAP net income / (loss) attributable
to Steve Madden, Ltd. to Adjusted net income attributable to Steve
Madden, Ltd. |
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
December 31, 2021 |
|
|
December 31, 2020 |
|
December 31, 2021 |
|
|
December 31, 2020 |
GAAP net income / (loss) attributable to Steven Madden, Ltd. |
|
$ |
65,987 |
|
|
$ |
22,591 |
|
|
$ |
190,678 |
|
|
$ |
(18,397 |
) |
Non-GAAP
Adjustments |
|
|
4,433 |
|
|
|
(814 |
) |
|
|
13,004 |
|
|
|
70,233 |
|
Adjusted
net income attributable to Steven Madden, Ltd. |
|
$ |
70,420 |
|
|
$ |
21,777 |
|
|
$ |
203,682 |
|
|
$ |
51,836 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
diluted income / (loss) per share |
|
$ |
0.81 |
|
|
$ |
0.28 |
|
|
$ |
2.34 |
|
|
$ |
(0.23 |
) |
Adjusted diluted income per share |
|
$ |
0.87 |
|
|
$ |
0.27 |
|
|
$ |
2.50 |
|
|
$ |
0.64 |
|
Non-GAAP Adjustments include the items
below.
For the fourth quarter 2021:
- $4.0 million pre-tax ($3.1 million
after-tax) expense in connection with the change in valuation of
contingent considerations, included in operating expenses.
- $2.6 million pre-tax ($2.0 million
after-tax) expense in connection with the impairment of a
trademark.
- $0.4 million pre-tax ($0.2 million
after-tax) expense in connection with a sublease and related exit
costs, included in operating expenses.
- $0.3 million pre-tax ($0.3 million
after-tax) expense in connection with the impairment of fixed
assets and lease right-of-use assets.
- $0.1 million pre-tax ($0.1 million
after-tax) expense in connection with restructuring and related
charges, included in operating expenses.
- $1.3 million tax benefit in
connection with the release of a liability for an uncertain tax
position.
For the fourth quarter 2020:
- $5.1 million pre-tax ($3.9 million
after-tax) expense in connection with rent restructuring of various
leases, included in operating expenses.
- $1.7 million pre-tax ($1.4 million
after-tax) expense in connection with the impairment of a
trademark.
- $1.2 million pre-tax ($0.9 million
after-tax) benefit in connection with the change in valuation of
contingent considerations, included in operating expenses.
- $1.1 million pre-tax ($0.9 million
after-tax) benefit in connection with the recovery from the Payless
ShoeSource bankruptcy, included in operating expenses.
- $0.5 million pre-tax ($0.4 million
after-tax) benefit in connection with the termination of a joint
venture, included in cost of goods sold.
- $0.2 million pre-tax ($0.2 million
after-tax) expense in connection with restructuring and related
charges, included in operating expenses.
- $4.2 million tax benefit in
connection with the net operating loss carryback provision of the
CARES Act.
- $0.5 million tax benefit in
connection with the tax treatment of a prior-year bad debt.
- $0.7 million benefit in connection
with adjustments attributable to noncontrolling interest.
For the fiscal year 2021:
- $11.9 million pre-tax ($9.1 million
after-tax) expense in connection with the change in valuation of
contingent considerations, included in operating expenses.
- $9.9 million pre-tax ($7.4 million
after-tax) expense in connection with rent restructuring of various
leases, included in operating expenses.
- $8.0 million pre-tax ($6.1 million
after-tax) benefit in connection with the sale of a trademark,
included in operating expenses.
- $2.6 million pre-tax ($2.0 million
after-tax) expense in connection with the impairment of a
trademark.
- $1.5 million pre-tax ($1.2 million
after-tax) expense in connection with restructuring and related
charges, included in operating expenses.
- $1.4 million pre-tax ($0.9 million
after-tax) expense in connection with the impairment of fixed
assets and lease right-of-use assets.
- $0.9 million pre-tax ($0.7 million
after-tax) benefit in connection with a recovery in connection with
the Payless ShoeSource bankruptcy, included in operating
expenses.
- $0.5 million pre-tax ($0.4 million
after-tax) expense in connection with the write-off of an
investment, included in interest and other (expense) / income,
net.
- $1.3 million tax benefit in
connection with the release of a liability for an uncertain tax
position.
For the fiscal year 2020:
- $44.3 million pre-tax ($33.8
million after-tax) expense in connection with the impairment of
certain trademarks.
- $36.9 million pre-tax ($27.9
million after-tax) expense in connection with the impairment of
fixed assets and lease right-of-use assets.
- $13.5 million pre-tax ($10.3
million after-tax) expense in connection with rent restructuring of
various leases, included in operating expenses.
- $7.1 million pre-tax ($5.4 million
after-tax) expense in connection with restructuring and related
charges, included in operating expenses.
- $6.2 million pre-tax ($4.8 million
after-tax) benefit in connection with the change in valuation of
contingent considerations, included in operating expenses.
- $2.0 million pre-tax ($1.5 million
after-tax) expense in connection with benefits provided to
furloughed employees, included in operating expenses.
- $1.1 million pre-tax ($0.9 million
after-tax) benefit in connection with the recovery from the Payless
ShoeSource bankruptcy, included in operating expenses.
- $0.7 million pre-tax ($0.5 million
after-tax) expense in connection with a provision for a loan
receivable, included in operating expenses.
- $0.5 million pre-tax ($0.4 million
after-tax) benefit in connection with the termination of a joint
venture, included in cost of goods sold.
- $0.9 million loss in connection
with adjustments attributable to noncontrolling interest.
- $4.2 million tax benefit in
connection with the net operating loss carryback provision of the
CARES Act.
- $1.9 million net tax expense in
connection with deferred and foreign uncertain tax position
adjustments.
For the fiscal year 2022 outlook:
- $7.1 million
pre-tax ($5.3 million after-tax) expense in connection with the
accelerated amortization of a trademark.
Contact
Steven Madden, Ltd.Director of Corporate Development &
Investor RelationsDanielle
McCoy718-308-2611InvestorRelations@stevemadden.com
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