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, 2022 and provided its 2023
outlook.
Amounts referred to as “Adjusted” are
non-GAAP measures that exclude the items defined as “Non-GAAP
Adjustments” in the “Non-GAAP Reconciliation” section.
Full Year 2022
Results
- Revenue increased 13.7% to $2,122.0
million compared to $1,866.1 million in 2021.
- Gross profit as a percentage of
revenue increased to 41.2% compared to 41.1% in 2021.
- Operating expenses as a percentage
of revenue were 27.9%, flat to 2021. Adjusted operating expenses as
a percentage of revenue were 27.9% compared to 27.1% in 2021.
- Income from operations was $281.6
million, or 13.3% of revenue, compared to $243.6 million, or 13.1%
of revenue, in 2021. Adjusted income from operations was $282.6
million, or 13.3% of revenue, compared to $261.9 million, or 14.0%
of revenue, in 2021.
- Net income attributable to Steven
Madden, Ltd. was $216.1 million, or $2.77 per diluted share,
compared to $190.7 million, or $2.34 per diluted share, in 2021.
Adjusted net income attributable to Steven Madden, Ltd. was $218.3
million, or $2.80 per diluted share, compared to $203.7 million, or
$2.50 per diluted share, in 2021.
Fourth Quarter 2022 Results
- Revenue decreased 18.6% to $470.6
million compared to $578.5 million in the same period of 2021.
- Gross profit as a percentage of
revenue increased to 42.2% compared to 41.2% in the same period of
2021.
- Operating expenses as a percentage
of revenue were 33.8% compared to 27.0% in the same period of 2021.
Adjusted operating expenses as a percentage of revenue were 33.2%
compared to 26.2% in the fourth quarter of 2021.
- Income from operations was $39.8
million, or 8.4% of revenue, compared to $79.4 million, or 13.7% of
revenue, in the same period of 2021. Adjusted income from
operations was $42.2 million, or 9.0% of revenue, compared to $86.9
million, or 15.0% of revenue, in the fourth quarter of 2021.
- Net income attributable to Steven
Madden, Ltd. was $31.8 million, or $0.42 per diluted share,
compared to $66.0 million, or $0.81 per diluted share, in the same
period of 2021. Adjusted net income attributable to Steven Madden,
Ltd. was $33.7 million, or $0.44 per diluted share, compared to
$70.4 million, or $0.87 per diluted share, in the fourth quarter of
2021.
Edward Rosenfeld, Chairman and Chief Executive
Officer, commented, “We are pleased to have delivered earnings
results in line with our expectations for the fourth quarter and
full year 2022 despite an increasingly challenging backdrop. 2022
was a record year for the Company, with double-digit percentage
growth in both revenue and earnings, reflecting the power of our
brands, the strength of our business model and the successful
execution of our strategic initiatives.
“Looking ahead, we are cautious on the near-term
outlook due to the challenging operating environment and
conservative initial Spring orders from our wholesale customers as
they prioritize inventory control. That said, we have a proven
ability to navigate difficult market conditions with our agile
business model, which combines our test-and-react strategy and
industry-leading speed-to-market capability. Looking out further,
we are confident that our unique competitive advantages and the
continued execution of our strategy will enable us to drive
sustainable growth and value creation over the long term.”
Fourth Quarter
2022 Channel Results
Revenue for the wholesale business was $308.8
million, a 24.8% decrease compared to the fourth quarter of 2021,
when wholesale revenue experienced outsized growth of 30.8% versus
pre-COVID fourth quarter of 2019. Wholesale footwear revenue
decreased 25.5% compared to the fourth quarter of 2021, when
wholesale footwear revenue increased 29.9% versus pre-COVID fourth
quarter of 2019. Wholesale accessories/apparel revenue decreased
22.8% compared to the fourth quarter of 2021, when wholesale
accessories/apparel revenue increased 33.3% versus pre-COVID fourth
quarter of 2019. Gross profit as a percentage of wholesale revenue
declined to 30.5% compared to 31.8% in the fourth quarter of 2021
as a result of increased closeouts compared to the prior year
period, when closeout activity was unusually low.
Direct-to-consumer revenue was $159.3 million, a
3.2% decrease compared to the fourth quarter of 2021 driven by a
decline in the brick-and-mortar business, partially offset by a
modest increase in the e-commerce business. Gross profit as a
percentage of direct-to-consumer revenue increased to 64.0%
compared to 63.5% in the fourth quarter of 2021 driven by a
reduction in air freight expense.
The Company ended the quarter with 232
Company-operated brick-and-mortar retail stores and six e-commerce
websites, as well as 20 Company-operated concessions in
international markets.
Balance Sheet and Cash Flow
Highlights
As of December 31, 2022, cash, cash equivalents
and short-term investments totaled $289.8 million.
During the fourth quarter and full year of 2022,
the Company repurchased approximately $36.8 million and $148.9
million, respectively, of the Company's common stock, which
includes shares acquired through the net settlement of employee
stock awards.
Quarterly Cash Dividend
The Company's Board of Directors approved a
quarterly cash dividend of $0.21 per share. The dividend is payable
on March 24, 2023 to stockholders of record as of the close of
business on March 10, 2023.
2023 Outlook
For 2023, the Company expects revenue will
decrease 6.5% to 8.0% compared to 2022. The Company expects diluted
EPS will be in the range of $2.40 to $2.50.
Conference Call Information
Interested stockholders are invited to listen to
the conference call scheduled for today, February 23, 2023 at 8:30
a.m. Eastern Time, which will include a discussion of the Company's
fourth quarter and fiscal year end 2022 earnings results and fiscal
year 2023 outlook. The call will be webcast live on the Company’s
website at https://investor.stevemadden.com. A webcast replay of
the conference call will be available on the Company's website or
via the following webcast link
https://edge.media-server.com/mmc/p/9ax7kfno beginning today at
approximately 10:00 a.m. Eastern Time.
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®, and GREATS®, Steve Madden licenses footwear and handbag
categories for the Anne Klein® brand. 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 directly operates
brick-and-mortar retail stores and e-commerce websites. Steve
Madden also licenses certain of its brands to third parties for the
marketing and sale of certain products in the apparel, accessory
and home categories. For local store information and the latest
boots, booties, dress shoes, fashion sneakers, sandals, slippers
and more, please visit
www.stevemadden.com, www.dolcevita.com and our other
branded websites.
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 navigate
shifting macro-economic environments including inflation and the
potential for recessionary conditions;
- 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;
- supply chain disruptions to product
delivery systems and logistics, and the Company’s ability to
properly manage inventory;
- 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;
- the Company’s dependence on the
retention and hiring of key personnel;
- the Company’s ability to
successfully implement growth strategies;
- 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;
- the Company’s ability to adequately
protect its trademarks and other intellectual property rights;
- the Company’s ability to maintain
adequate liquidity when negatively impacted by unforeseen events
such as an epidemic or a pandemic, which may cause disruption to
the Company’s business operations for an indeterminable period of
time;
- 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;
- cybersecurity risks and costs of
defending against, mitigating, and responding to data security
threats and breaches impacting the Company;
- 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, and disclaims,
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
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENT OF
OPERATIONS DATA(In thousands, except per share
amounts) |
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
December 31, 2022 |
|
December 31, 2021 |
|
December 31, 2022 |
|
December 31, 2021 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
Net sales |
|
$ |
468,152 |
|
|
$ |
575,137 |
|
|
$ |
2,111,296 |
|
|
$ |
1,853,902 |
|
Commission and licensing fee
income |
|
|
2,491 |
|
|
|
3,344 |
|
|
|
10,713 |
|
|
|
12,240 |
|
Total revenue |
|
|
470,643 |
|
|
|
578,481 |
|
|
|
2,122,009 |
|
|
|
1,866,142 |
|
Cost of sales |
|
|
271,946 |
|
|
|
340,141 |
|
|
|
1,248,173 |
|
|
|
1,098,645 |
|
Gross profit |
|
|
198,697 |
|
|
|
238,340 |
|
|
|
873,836 |
|
|
|
767,497 |
|
Operating expenses |
|
|
158,940 |
|
|
|
155,960 |
|
|
|
592,192 |
|
|
|
519,848 |
|
Impairment of intangibles |
|
|
— |
|
|
|
2,620 |
|
|
|
— |
|
|
|
2,620 |
|
Impairment of lease
right-of-use assets and fixed assets |
|
|
— |
|
|
|
343 |
|
|
|
— |
|
|
|
1,432 |
|
Income from operations |
|
|
39,757 |
|
|
|
79,417 |
|
|
|
281,644 |
|
|
|
243,597 |
|
Interest and other income /
(expense), net |
|
|
570 |
|
|
|
(513 |
) |
|
|
676 |
|
|
|
(1,529 |
) |
Income before provision for
income taxes |
|
|
40,327 |
|
|
|
78,904 |
|
|
|
282,320 |
|
|
|
242,068 |
|
Provision for income
taxes |
|
|
8,375 |
|
|
|
12,781 |
|
|
|
65,103 |
|
|
|
49,609 |
|
Net income |
|
|
31,952 |
|
|
|
66,123 |
|
|
|
217,217 |
|
|
|
192,459 |
|
Less: net income attributable
to noncontrolling interest |
|
|
161 |
|
|
|
136 |
|
|
|
1,156 |
|
|
|
1,781 |
|
Net income attributable to
Steven Madden, Ltd. |
|
$ |
31,791 |
|
|
$ |
65,987 |
|
|
$ |
216,061 |
|
|
$ |
190,678 |
|
|
|
|
|
|
|
|
|
|
Basic income per share |
|
$ |
0.43 |
|
|
$ |
0.85 |
|
|
$ |
2.84 |
|
|
$ |
2.43 |
|
|
|
|
|
|
|
|
|
|
Diluted income per share |
|
$ |
0.42 |
|
|
$ |
0.81 |
|
|
$ |
2.77 |
|
|
$ |
2.34 |
|
|
|
|
|
|
|
|
|
|
Basic weighted average common
shares outstanding |
|
|
74,710 |
|
|
|
77,718 |
|
|
|
76,021 |
|
|
|
78,442 |
|
|
|
|
|
|
|
|
|
|
Diluted weighted average
common shares outstanding |
|
|
76,575 |
|
|
|
81,207 |
|
|
|
78,069 |
|
|
|
81,628 |
|
|
|
|
|
|
|
|
|
|
Cash dividends declared per
common share |
|
$ |
0.21 |
|
|
$ |
0.15 |
|
|
$ |
0.84 |
|
|
$ |
0.60 |
|
STEVEN MADDEN, LTD. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEET
DATA(In thousands) |
|
|
As of |
|
|
December 31, 2022 |
|
December 31, 2021 |
|
|
(Unaudited) |
|
|
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
274,713 |
|
|
$ |
219,499 |
|
Short-term investments |
|
|
15,085 |
|
|
|
44,037 |
|
Accounts receivable, net of
allowances |
|
|
37,937 |
|
|
|
26,546 |
|
Factor accounts
receivable |
|
|
248,228 |
|
|
|
364,982 |
|
Inventories |
|
|
228,752 |
|
|
|
255,213 |
|
Prepaid expenses and other
current assets |
|
|
22,989 |
|
|
|
20,845 |
|
Income tax receivable and
prepaid income taxes |
|
|
15,853 |
|
|
|
13,538 |
|
Total current assets |
|
|
843,557 |
|
|
|
944,660 |
|
Note receivable – related
party |
|
|
401 |
|
|
|
794 |
|
Property and equipment,
net |
|
|
40,664 |
|
|
|
35,790 |
|
Operating lease right-of-use
asset |
|
|
90,264 |
|
|
|
85,449 |
|
Deferred tax assets |
|
|
1,755 |
|
|
|
4,581 |
|
Deposits and other |
|
|
12,070 |
|
|
|
4,180 |
|
Goodwill – net |
|
|
168,085 |
|
|
|
167,995 |
|
Intangibles – net |
|
|
101,192 |
|
|
|
112,093 |
|
Total Assets |
|
$ |
1,257,988 |
|
|
$ |
1,355,542 |
|
LIABILITIES |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
130,542 |
|
|
$ |
136,766 |
|
Accrued expenses |
|
|
138,523 |
|
|
|
243,163 |
|
Operating leases - current
portion |
|
|
29,499 |
|
|
|
30,759 |
|
Income taxes payable |
|
|
9,403 |
|
|
|
4,522 |
|
Contingent payment liability –
current portion |
|
|
1,153 |
|
|
|
5,109 |
|
Accrued incentive
compensation |
|
|
11,788 |
|
|
|
14,871 |
|
Total current liabilities |
|
|
320,908 |
|
|
|
435,190 |
|
Contingent payment
liability |
|
|
— |
|
|
|
6,960 |
|
Operating leases – long-term
portion |
|
|
79,128 |
|
|
|
80,072 |
|
Deferred tax liabilities |
|
|
3,923 |
|
|
|
3,378 |
|
Other liabilities |
|
|
10,166 |
|
|
|
9,404 |
|
Total Liabilities |
|
|
414,125 |
|
|
|
535,004 |
|
STOCKHOLDERS’
EQUITY |
|
|
|
|
Total Steven Madden, Ltd.
stockholders’ equity |
|
|
831,553 |
|
|
|
812,098 |
|
Noncontrolling interest |
|
|
12,310 |
|
|
|
8,440 |
|
Total stockholders’
equity |
|
|
843,863 |
|
|
|
820,538 |
|
Total Liabilities and
Stockholders’ Equity |
|
$ |
1,257,988 |
|
|
$ |
1,355,542 |
|
STEVEN MADDEN, LTD. AND
SUBSIDIARIESCONDENSED CONSOLIDATED CASH FLOW
DATA(In thousands) |
|
|
Twelve Months Ended |
|
|
December 31, 2022 |
|
December 31, 2021 |
|
|
(Unaudited) |
|
|
Cash flows from
operating activities: |
|
|
|
|
Net income |
|
$ |
217,217 |
|
|
$ |
192,459 |
|
Adjustments to reconcile net income to net cash provided by
operating activities |
|
|
|
|
Stock-based compensation |
|
|
24,396 |
|
|
|
22,278 |
|
Depreciation and amortization |
|
|
20,576 |
|
|
|
15,208 |
|
Loss on disposal of fixed assets |
|
|
11 |
|
|
|
526 |
|
Impairment of intangibles |
|
|
— |
|
|
|
2,620 |
|
Impairment of lease right-of-use asset and fixed assets |
|
|
— |
|
|
|
1,432 |
|
Deferred taxes |
|
|
3,601 |
|
|
|
1,280 |
|
Accrued interest on note receivable – related party |
|
|
(16 |
) |
|
|
(23 |
) |
Note receivable – related party |
|
|
409 |
|
|
|
409 |
|
Change in valuation of contingent liability |
|
|
(5,807 |
) |
|
|
11,862 |
|
Gain on sale of trademark |
|
|
— |
|
|
|
(8,000 |
) |
Other operating activities |
|
|
(2,716 |
) |
|
|
— |
|
Recovery of receivables, related to the Payless ShoeSource
bankruptcy |
|
|
— |
|
|
|
(919 |
) |
Changes, net of acquisitions, in: |
|
|
|
|
Accounts receivable |
|
|
(9,683 |
) |
|
|
(583 |
) |
Factor accounts receivable |
|
|
116,141 |
|
|
|
(112,311 |
) |
Inventories |
|
|
29,071 |
|
|
|
(153,793 |
) |
Prepaid expenses, income tax receivables, prepaid taxes, and other
assets |
|
|
(4,205 |
) |
|
|
(1,899 |
) |
Accounts payable and accrued expenses |
|
|
(108,788 |
) |
|
|
185,741 |
|
Accrued incentive compensation |
|
|
(3,083 |
) |
|
|
10,998 |
|
Leases and other liabilities |
|
|
(8,902 |
) |
|
|
(7,822 |
) |
Payment of contingent consideration |
|
|
(339 |
) |
|
|
— |
|
Net cash provided by operating activities |
|
|
267,883 |
|
|
|
159,463 |
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
Capital expenditures |
|
|
(16,351 |
) |
|
|
(6,608 |
) |
Purchases of short-term investments |
|
|
(45,130 |
) |
|
|
(68,471 |
) |
Maturity/sale of marketable securities and short-term
investments |
|
|
73,998 |
|
|
|
63,867 |
|
(Purchase)/sale of a trademark |
|
|
(2,000 |
) |
|
|
8,000 |
|
Other investing activities |
|
|
(5,000 |
) |
|
|
— |
|
Net cash provided by/(used in) investing activities |
|
|
5,517 |
|
|
|
(3,212 |
) |
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
Proceeds from exercise of stock options |
|
|
602 |
|
|
|
9,732 |
|
Investment of noncontrolling interest |
|
|
2,500 |
|
|
|
— |
|
Acquisition of incremental ownership of joint ventures |
|
|
— |
|
|
|
(18,942 |
) |
Distributions to noncontrolling interest earnings |
|
|
(294 |
) |
|
|
(3,121 |
) |
Sale of minority interest of a subsidiary |
|
|
1,017 |
|
|
|
— |
|
Common stock purchased for treasury |
|
|
(148,878 |
) |
|
|
(123,161 |
) |
Cash dividends paid on common stock |
|
|
(66,005 |
) |
|
|
(49,161 |
) |
Payment of contingent consideration |
|
|
(4,770 |
) |
|
|
— |
|
Net cash used in financing activities |
|
|
(215,828 |
) |
|
|
(184,653 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
|
(2,358 |
) |
|
|
37 |
|
Net increase/(decrease) in cash, cash equivalents |
|
|
55,214 |
|
|
|
(28,365 |
) |
Cash and cash equivalents –
beginning of year |
|
|
219,499 |
|
|
|
247,864 |
|
Cash and cash
equivalents – end of year |
|
$ |
274,713 |
|
|
$ |
219,499 |
|
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 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. The following reconciles
the Company’s reported results and outlook in accordance with GAAP
with the non-GAAP information that the Company also presents.
Additional information regarding Non-GAAP Adjustments is presented
below.
Table 1 - Reconciliation of GAAP operating expenses to Adjusted
operating expenses |
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
December 31, 2022 |
|
December 31, 2021 |
|
December 31, 2022 |
|
December 31, 2021 |
GAAP operating expenses |
|
$ |
158,940 |
|
|
$ |
155,960 |
|
|
$ |
592,192 |
|
|
$ |
519,848 |
|
Non-GAAP Adjustments |
|
|
(2,476 |
) |
|
|
(4,499 |
) |
|
|
(924 |
) |
|
|
(14,216 |
) |
Adjusted operating expenses |
|
$ |
156,464 |
|
|
$ |
151,461 |
|
|
$ |
591,268 |
|
|
$ |
505,632 |
|
Table 2 - Reconciliation of GAAP income from operations to Adjusted
income from operations |
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
December 31, 2022 |
|
December 31, 2021 |
|
December 31, 2022 |
|
December 31, 2021 |
GAAP income from operations |
|
$ |
39,757 |
|
|
$ |
79,417 |
|
|
$ |
281,644 |
|
|
$ |
243,597 |
|
Non-GAAP Adjustments |
|
|
2,476 |
|
|
|
7,462 |
|
|
|
924 |
|
|
|
18,267 |
|
Adjusted income from operations |
|
$ |
42,233 |
|
|
$ |
86,879 |
|
|
$ |
282,568 |
|
|
$ |
261,864 |
|
Table 3 - Reconciliation of GAAP interest and other income /
(expense), net to Adjusted interest and other income / (expense),
net |
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
December 31, 2022 |
|
December 31, 2021 |
|
December 31, 2022 |
|
December 31, 2021 |
GAAP interest and other income / (expense), net |
|
$ |
570 |
|
|
$ |
(513 |
) |
|
$ |
676 |
|
|
$ |
(1,529 |
) |
Non-GAAP Adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
500 |
|
Adjusted interest and other income / (expense), net |
|
$ |
570 |
|
|
$ |
(513 |
) |
|
$ |
676 |
|
|
$ |
(1,029 |
) |
Table 4 - Reconciliation of GAAP provision for income taxes to
Adjusted provision for income taxes |
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
December 31, 2022 |
|
December 31, 2021 |
|
December 31, 2022 |
|
December 31, 2021 |
GAAP provision for income taxes |
|
$ |
8,375 |
|
|
$ |
12,781 |
|
|
$ |
65,103 |
|
|
$ |
49,609 |
|
Non-GAAP Adjustments |
|
|
579 |
|
|
|
3,015 |
|
|
|
(1,308 |
) |
|
|
5,726 |
|
Adjusted provision for income taxes |
|
$ |
8,954 |
|
|
$ |
15,796 |
|
|
$ |
63,795 |
|
|
$ |
55,335 |
|
Table 5 - 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, 2022 |
|
December 31, 2021 |
|
December 31, 2022 |
|
December 31, 2021 |
GAAP net income attributable to noncontrolling interest |
|
$ |
161 |
|
|
$ |
136 |
|
|
$ |
1,156 |
|
|
$ |
1,781 |
|
Non-GAAP Adjustments |
|
|
— |
|
|
|
13 |
|
|
|
— |
|
|
|
37 |
|
Adjusted net income attributable to noncontrolling interest |
|
$ |
161 |
|
|
$ |
149 |
|
|
$ |
1,156 |
|
|
$ |
1,818 |
|
Table 6 - Reconciliation of GAAP net income attributable to Steve
Madden, Ltd. to Adjusted net income attributable to Steve Madden,
Ltd. |
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
December 31, 2022 |
|
December 31, 2021 |
|
December 31, 2022 |
|
December 31, 2021 |
GAAP net income attributable to Steven Madden, Ltd. |
|
$ |
31,791 |
|
|
$ |
65,987 |
|
|
$ |
216,061 |
|
|
$ |
190,678 |
|
Non-GAAP Adjustments |
|
|
1,897 |
|
|
|
4,433 |
|
|
|
2,232 |
|
|
|
13,004 |
|
Adjusted net income attributable to Steven Madden, Ltd. |
|
$ |
33,688 |
|
|
$ |
70,420 |
|
|
$ |
218,293 |
|
|
$ |
203,682 |
|
|
|
|
|
|
|
|
|
|
GAAP diluted income per share |
|
$ |
0.42 |
|
|
$ |
0.81 |
|
|
$ |
2.77 |
|
|
$ |
2.34 |
|
Adjusted diluted income per share |
|
$ |
0.44 |
|
|
$ |
0.87 |
|
|
$ |
2.80 |
|
|
$ |
2.50 |
|
Non-GAAP Adjustments include the items
below.
For the fourth quarter 2022:
- $1.8 million pre-tax ($1.3 million
after-tax) expense in connection with the accelerated amortization
of a trademark, included in operating expenses.
- $0.7 million pre-tax ($0.6 million
after-tax) expense in connection with the change in valuation of
contingent considerations, included in operating expenses.
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 full year 2022:
- $7.1 million pre-tax ($5.4 million
after-tax) expense in connection with the accelerated amortization
of a trademark, included in operating expenses.
- $5.8 million pre-tax ($4.4 million
after-tax) benefit in connection with the change in valuation of
contingent consideration, included in operating expenses.
- $0.3 million pre-tax ($0.2 million
after-tax) benefit in connection with the exit of a lease, included
in operating expenses.
- $1.5 million tax expense in
connection with a deferred tax adjustment.
For the full 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 from 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 income / (expense),
net.
- $1.3 million tax benefit in
connection with the release of a liability for an uncertain tax
position.
Contact
Steven Madden, Ltd.VP of Corporate Development & Investor
RelationsDanielle
McCoy718-308-2611InvestorRelations@stevemadden.com
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