Cover Page
Cover Page - $ / shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 29, 2024 | |
Cover [Abstract] | ||
Document Period End Date | Jun. 30, 2024 | |
Entity Incorporation, State or Country Code | DE | |
Title of 12(g) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | SHOO | |
Security Exchange Name | NASDAQ | |
Entity Registrant Name | STEVEN MADDEN, LTD. | |
Entity Address, Address Line One | 52-16 Barnett Avenue | |
Entity Address, City or Town | Long Island City | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 11104 | |
City Area Code | 718 | |
Local Phone Number | 446-1800 | |
Entity Interactive Data Current | Yes | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 72,616,666 | |
Amendment Flag | false | |
Entity Central Index Key | 0000913241 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Transition Report | false | |
Entity File Number | 0-23702 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Entity Tax Identification Number | 13-3588231 | |
Entity Listing, Par Value Per Share | $ 0.0001 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Current assets: | |||
Cash and cash equivalents | $ 180,457 | $ 204,640 | $ 258,056 |
Short-term Investments | 11,761 | 15,173 | 16,358 |
Accounts receivable, net of allowances of $3,204, $4,828 and $6,057 | 36,624 | 40,246 | 41,332 |
Factor accounts receivable | 341,967 | 320,723 | 256,627 |
Inventories | 241,643 | 228,990 | 207,839 |
Prepaid expenses and other current assets | 28,448 | 29,009 | 24,282 |
Income tax receivable and prepaid income taxes | 19,208 | 16,051 | 23,405 |
Total current assets | 860,108 | 854,832 | 827,899 |
Property and equipment, net | 49,056 | 47,199 | 42,267 |
Operating lease right-of-use asset | 143,480 | 122,783 | 116,871 |
Deposits and other | 15,553 | 16,250 | 10,858 |
Deferred tax assets | 609 | 609 | 2,135 |
Goodwill | 183,374 | 180,003 | 168,967 |
Intangibles, net | 122,884 | 126,267 | 101,047 |
Assets, Total | 1,375,064 | 1,347,943 | 1,270,245 |
Current liabilities: | |||
Accounts payable | 189,772 | 161,140 | 130,417 |
Accrued expenses | 143,127 | 154,751 | 134,469 |
Operating leases – current portion | 44,961 | 40,342 | 36,593 |
Income taxes payable | 7,204 | 5,998 | 7,773 |
Contingent payment liability – current portion | 11,957 | 3,325 | 1,153 |
Accrued incentive compensation | 8,909 | 12,068 | 7,237 |
Total current liabilities | 405,930 | 377,624 | 317,642 |
Contingent payment liability – long-term portion | 9,543 | 9,975 | 0 |
Operating leases – long-term portion | 112,988 | 98,536 | 96,277 |
Deferred tax liabilities | 9,078 | 8,606 | 3,923 |
Other liabilities | 5,169 | 5,170 | 10,686 |
Liabilities | 542,708 | 499,911 | 428,528 |
Common stock – $0.0001 par value, 245,000 shares authorized,137,180, 136,471 and 134,826 shares issued, 72,606, 73,681 and 75,303 shares outstanding | 7 | 7 | 8 |
Additional paid-in capital | 600,222 | 586,155 | 533,550 |
Retained earnings | 1,728,102 | 1,679,500 | 1,610,487 |
Accumulated other comprehensive loss | (36,746) | (29,046) | (30,984) |
Treasury stock – 64,574, 62,790 and 59,523 shares at cost | (1,483,306) | (1,407,018) | (1,288,545) |
Total Steven Madden, Ltd. stockholders’ equity | 808,279 | 829,598 | 824,516 |
Noncontrolling interest | 24,077 | 18,434 | 17,201 |
Total stockholders’ equity | 832,356 | 848,032 | 841,717 |
Total Liabilities and Stockholders’ Equity | 1,375,064 | 1,347,943 | 1,270,245 |
Note Receivable, Related Party | 0 | 0 | 201 |
Preferred Stock | |||
Current liabilities: | |||
Preferred stock – $0.0001 par value, 5,000 shares authorized; none issued; Series A Junior Participating preferred stock – $0.0001 par value, 60 shares authorized; none issued | $ 0 | $ 0 | $ 0 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Accounts receivable, allowances | $ 3,204 | $ 4,828 | $ 6,057 |
Common stock, par or stated value per share (in dollars per share) | $ 0.0001 | ||
Common stock, shares authorized (in shares) | 245,000,000 | ||
Common stock, shares issued (in shares) | 137,180,000 | 136,471,000 | 134,826,000 |
Common stock, outstanding (in shares) | 72,606,000 | 73,681,000 | 75,303,000 |
Treasury stock, common (in shares) | 64,574,000 | 62,790,000 | 59,523,000 |
Preferred Class A | |||
Preferred stock-par value (in dollars per share) | $ 0.0001 | ||
Preferred stock- shares authorized (in shares) | 5,000,000 | ||
Preferred stock-issued | 0 | ||
Preferred Class B | |||
Preferred stock-par value (in dollars per share) | $ 0.0001 | ||
Preferred stock- shares authorized (in shares) | 60,000 | ||
Preferred stock-issued | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net sales | $ 521,709 | $ 442,837 | $ 1,072,276 | $ 904,574 |
Licensing fee income | 1,844 | 2,465 | 3,658 | 4,562 |
Total revenue | 523,553 | 445,302 | 1,075,934 | 909,136 |
Cost of sales (exclusive of depreciation and amortization) | 306,424 | 255,432 | 633,990 | 524,174 |
Gross profit | 217,129 | 189,870 | 441,944 | 384,962 |
Operating expenses | 163,709 | 145,830 | 328,428 | 294,411 |
Change in valuation of contingent payment liability | 6,550 | 0 | 8,200 | 0 |
Impairment of intangible | 0 | 0 | 1,700 | 0 |
Income from operations | 46,870 | 44,040 | 103,616 | 90,551 |
Interest and other income – net | 1,354 | 1,956 | 2,909 | 3,976 |
Income before provision for income taxes | 48,224 | 45,996 | 106,525 | 94,527 |
Provision for income taxes | 11,276 | 10,923 | 25,015 | 22,668 |
Net income | $ 36,948 | $ 35,073 | $ 81,510 | $ 71,859 |
Basic net income per share (in dollars per share) | $ 0.50 | $ 0.47 | $ 1.10 | $ 0.96 |
Diluted net income per share (in dollars per share) | $ 0.49 | $ 0.46 | $ 1.09 | $ 0.95 |
Basic weighted average common shares outstanding | 71,458 | 73,613 | 71,875 | 74,053 |
Effect of dilutive securities – options/restricted stock | 546 | 1,270 | 555 | 1,308 |
Diluted weighted average common shares outstanding | 72,004 | 74,883 | 72,430 | 75,361 |
Cash dividends declared per common share | $ 0.21 | $ 0.21 | $ 0.42 | $ 0.42 |
Noncontrolling Interest | ||||
Less: net income attributable to noncontrolling interest | $ 1,572 | $ 544 | $ 2,200 | $ 600 |
Retained Earnings | ||||
Net income attributable to Steven Madden, Ltd. | $ 35,376 | $ 34,529 | $ 79,310 | $ 71,259 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 36,948 | $ 35,073 | $ 81,510 | $ 71,859 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | (5,939) | 4,140 | (9,365) | 5,079 |
Foreign currency translation adjustment, Tax | 0 | 0 | 0 | 0 |
Foreign currency translation adjustment, After-tax | (5,939) | 4,140 | (9,365) | 5,079 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | (124) | (489) | 1,525 | (886) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 31 | 133 | (386) | 241 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | (93) | (356) | 1,139 | (645) |
Other Comprehensive Income (Loss), before Tax | (6,063) | 3,651 | (7,840) | 4,193 |
Total other comprehensive (loss), Tax | 31 | 133 | (386) | 241 |
Other Comprehensive Income (Loss), Net of Tax | (6,032) | 3,784 | (8,226) | 4,434 |
Comprehensive income | 30,916 | 38,857 | 73,284 | 76,293 |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 1,737 | 449 | 1,674 | 309 |
Comprehensive income attributable to Steven Madden, Ltd. | $ 29,179 | $ 38,408 | $ 71,610 | $ 75,984 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Equity Statement - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | AOCI Attributable to Parent | Noncontrolling Interest | Treasury Stock, Common |
Treasury stock, common (in shares) | 57,660 | ||||||
Additional paid-in capital | $ 520,441 | ||||||
Retained earnings | $ 1,571,123 | ||||||
Accumulated other comprehensive loss | $ (35,709) | ||||||
Treasury stock – 64,574, 62,790 and 59,523 shares at cost | $ (1,224,310) | ||||||
Noncontrolling interest | $ 12,310 | ||||||
Total stockholders’ equity | $ 843,863 | ||||||
Common Stock, Shares, Outstanding, Beginning Balance at Dec. 31, 2022 | 76,796 | ||||||
Common Stock, beginning balance at Dec. 31, 2022 | $ 8 | ||||||
Stock Repurchased And Net Settlements Of Restricted Stock Awards, Shares | (1,863) | (1,863) | |||||
Stock repurchased and net settlements of restricted stock awards, value | $ 64,235 | $ 64,235 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 37 | 37 | |||||
Stock Issued During Period, Value, Stock Options Exercised | $ 870 | 870 | |||||
Proceeds from exercise of stock options | 870 | ||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 333 | ||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 12,239 | 12,239 | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | 5,370 | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax, Portion Attributable to Noncontrolling Interest | (291) | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 5,079 | ||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | (645) | (645) | |||||
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | (645) | ||||||
Dividends, Common Stock, Cash | (31,895) | (31,895) | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | 4,582 | 4,582 | |||||
Net Income (Loss) Attributable to Parent | 71,259 | ||||||
Less: net income attributable to noncontrolling interest | 600 | ||||||
Net income | $ 71,859 | ||||||
Common Stock, Shares, Outstanding, Ending Balance at Jun. 30, 2023 | 75,303 | 75,303 | |||||
Common Stock, ending balance at Jun. 30, 2023 | $ 8 | $ 8 | |||||
Treasury stock, common (in shares) | 58,735 | ||||||
Additional paid-in capital | 526,844 | ||||||
Retained earnings | 1,591,814 | ||||||
Accumulated other comprehensive loss | (34,863) | ||||||
Treasury stock – 64,574, 62,790 and 59,523 shares at cost | $ (1,262,761) | ||||||
Noncontrolling interest | 16,656 | ||||||
Total stockholders’ equity | 837,698 | ||||||
Common Stock, Shares, Outstanding, Beginning Balance at Mar. 31, 2023 | 76,011 | ||||||
Common Stock, beginning balance at Mar. 31, 2023 | $ 8 | ||||||
Stock Repurchased And Net Settlements Of Restricted Stock Awards, Shares | (788) | (788) | |||||
Stock repurchased and net settlements of restricted stock awards, value | 25,784 | $ 25,784 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 26 | ||||||
Stock Issued During Period, Value, Stock Options Exercised | 606 | 606 | |||||
Proceeds from exercise of stock options | 606 | ||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 54 | ||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 6,100 | 6,100 | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | 4,235 | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax, Portion Attributable to Noncontrolling Interest | 95 | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 4,140 | ||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | (356) | (356) | |||||
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | (356) | ||||||
Dividends, Common Stock, Cash | (15,856) | (15,856) | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | 96 | 96 | |||||
Net Income (Loss) Attributable to Parent | 34,529 | ||||||
Less: net income attributable to noncontrolling interest | 544 | ||||||
Net income | $ 35,073 | ||||||
Common Stock, Shares, Outstanding, Ending Balance at Jun. 30, 2023 | 75,303 | 75,303 | |||||
Common Stock, ending balance at Jun. 30, 2023 | $ 8 | $ 8 | |||||
Treasury stock, common (in shares) | 59,523 | 59,523 | |||||
Additional paid-in capital | $ 533,550 | 533,550 | |||||
Retained earnings | 1,610,487 | 1,610,487 | |||||
Accumulated other comprehensive loss | (30,984) | (30,984) | |||||
Treasury stock – 64,574, 62,790 and 59,523 shares at cost | 1,288,545 | $ (1,288,545) | |||||
Noncontrolling interest | 17,201 | 17,201 | |||||
Total stockholders’ equity | $ 841,717 | ||||||
Treasury stock, common (in shares) | 62,790 | 62,790 | |||||
Additional paid-in capital | $ 586,155 | 586,155 | |||||
Retained earnings | 1,679,500 | 1,679,500 | |||||
Accumulated other comprehensive loss | (29,046) | (29,046) | |||||
Treasury stock – 64,574, 62,790 and 59,523 shares at cost | 1,407,018 | $ (1,407,018) | |||||
Noncontrolling interest | 18,434 | 18,434 | |||||
Total stockholders’ equity | $ 848,032 | ||||||
Common Stock, Shares, Outstanding, Beginning Balance at Dec. 31, 2023 | 73,681 | ||||||
Common Stock, beginning balance at Dec. 31, 2023 | $ 7 | $ 7 | |||||
Stock Repurchased And Net Settlements Of Restricted Stock Awards, Shares | (1,764) | (1,764) | |||||
Stock repurchased and net settlements of restricted stock awards, value | $ 75,442 | $ 75,442 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 46 | 26 | 20 | ||||
Stock Issued During Period, Value, Stock Options Exercised | $ (642) | 1,488 | |||||
Proceeds from exercise of stock options | $ 749 | $ 846 | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 663 | ||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $ 12,579 | 12,579 | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | (8,839) | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax, Portion Attributable to Noncontrolling Interest | 526 | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (9,365) | ||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 1,139 | 1,139 | |||||
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | 1,139 | ||||||
Dividends, Common Stock, Cash | (30,708) | (30,708) | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | 3,969 | 3,969 | |||||
Net Income (Loss) Attributable to Parent | 79,310 | ||||||
Less: net income attributable to noncontrolling interest | 2,200 | ||||||
Net income | $ 81,510 | ||||||
Common Stock, Shares, Outstanding, Ending Balance at Jun. 30, 2024 | 72,606 | 72,606 | |||||
Common Stock, ending balance at Jun. 30, 2024 | $ 7 | $ 7 | |||||
Treasury stock, common (in shares) | 63,672 | ||||||
Additional paid-in capital | 592,115 | ||||||
Retained earnings | 1,708,018 | ||||||
Accumulated other comprehensive loss | (30,549) | ||||||
Treasury stock – 64,574, 62,790 and 59,523 shares at cost | $ (1,444,355) | ||||||
Noncontrolling interest | 18,371 | ||||||
Total stockholders’ equity | 843,607 | ||||||
Common Stock, Shares, Outstanding, Beginning Balance at Mar. 31, 2024 | 73,324 | ||||||
Common Stock, beginning balance at Mar. 31, 2024 | $ 7 | ||||||
Stock Repurchased And Net Settlements Of Restricted Stock Awards, Shares | (882) | (882) | |||||
Stock repurchased and net settlements of restricted stock awards, value | (38,105) | $ (38,105) | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 17 | 20 | |||||
Stock Issued During Period, Value, Stock Options Exercised | 420 | 1,266 | |||||
Proceeds from exercise of stock options | 527 | $ (846) | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 147 | ||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 6,841 | 6,841 | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | (6,104) | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax, Portion Attributable to Noncontrolling Interest | (165) | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (5,939) | ||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | (93) | (93) | |||||
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | (93) | ||||||
Dividends, Common Stock, Cash | (15,292) | (15,292) | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | 3,969 | 3,969 | |||||
Net Income (Loss) Attributable to Parent | 35,376 | ||||||
Less: net income attributable to noncontrolling interest | 1,572 | ||||||
Net income | $ 36,948 | ||||||
Common Stock, Shares, Outstanding, Ending Balance at Jun. 30, 2024 | 72,606 | 72,606 | |||||
Common Stock, ending balance at Jun. 30, 2024 | $ 7 | $ 7 | |||||
Treasury stock, common (in shares) | 64,574 | 64,574 | |||||
Additional paid-in capital | $ 600,222 | $ 600,222 | |||||
Retained earnings | 1,728,102 | $ 1,728,102 | |||||
Accumulated other comprehensive loss | (36,746) | $ (36,746) | |||||
Treasury stock – 64,574, 62,790 and 59,523 shares at cost | 1,483,306 | $ (1,483,306) | |||||
Noncontrolling interest | 24,077 | $ 24,077 | |||||
Total stockholders’ equity | $ 832,356 |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | $ 31 | $ 133 | $ (386) | $ 241 |
Cash dividends declared per common share | $ 0.21 | $ 0.21 | $ 0.42 | $ 0.42 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities: | ||
Net income | $ 81,510 | $ 71,859 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Stock-based compensation | 12,579 | 12,239 |
Depreciation and amortization | 9,569 | 7,257 |
Loss on disposal of fixed assets | 75 | 193 |
Impairment of lease right-of-use asset | 0 | 95 |
Accrued interest on note receivable - related party | 0 | (4) |
Notes receivable - related party | 0 | 204 |
Change in valuation of contingent payment liability | 8,200 | 0 |
Other operating activities | 238 | 26 |
Changes, net of acquisitions, in: | ||
Accounts receivable | 2,787 | (3,395) |
Factor accounts receivable | 22,988 | 6,256 |
Inventories | (10,938) | 22,417 |
Prepaid expenses, income tax receivables, prepaid taxes, and other assets | (4,700) | (8,572) |
Accounts payable and accrued expenses | 18,122 | (7,316) |
Accrued incentive compensation | (3,109) | (4,551) |
Leases and other liabilities | 756 | (1,939) |
Net Cash Provided by (Used in) Operating Activities | 93,801 | 82,257 |
Cash flows from investing activities: | ||
Capital expenditures | 9,272 | 7,793 |
Purchases of short-term investments | 10,510 | 11,406 |
Maturity/sale of short-term investments | 13,485 | 10,445 |
Other investing activities | 371 | |
Net cash used in investing activities | (10,185) | (8,754) |
Cash flows from financing activities: | ||
Common stock purchased for treasury | (75,549) | (64,235) |
Proceeds from exercise of stock options | 749 | 870 |
Investment of noncontrolling interest | 0 | 4,582 |
Cash dividends paid on common stock | (30,708) | (31,895) |
Net cash used in financing activities | (105,508) | (90,678) |
Effect of exchange rate changes on cash and cash equivalents | (2,291) | 518 |
Net decrease in cash and cash equivalents | (24,183) | (16,657) |
Cash and cash equivalents | 180,457 | 258,056 |
Impairment of intangible | 1,700 | $ 0 |
Payments to Acquire Businesses, Gross | $ (4,259) |
Basis of Reporting
Basis of Reporting | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Reporting | The accompanying unaudited condensed consolidated financial statements of Steven Madden, Ltd. and subsidiaries (the “Company”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) that are considered necessary for a fair presentation of the financial position of the Company, the results of its operations and cash flows for the periods presented. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the operating results for the full year. These financial statements should be read in conjunction with the financial statements and related disclosures for the year ended December 31, 2023 included in the Annual Report of Steven Madden, Ltd. on Form 10-K filed with the SEC on March 4, 2024. |
Sale of Minority Noncontrolling
Sale of Minority Noncontrolling Interest | 6 Months Ended |
Jun. 30, 2024 | |
Acquisitions [Abstract] | |
Acqusitions | Almost Famous On October 20, 2023, Daniel M. Friedman & Associates, Inc. (“Buyer”), a New York corporation and a wholly-owned subsidiary of the Company, acquired substantially all of the assets and certain liabilities (the “Business”) of Turn On Products Inc. d/b/a Almost Famous (“Seller” or “Almost Famous”), pursuant to an Asset Purchase Agreement, by and among Buyer, the Company, Seller, and the holders of capital stock of Seller. Almost Famous is a designer and marketer of women’s junior apparel. Almost Famous distributes its products to wholesale customers, including mass merchants, department stores, off-price retailers, and chain stores within the United States. Almost Famous markets products under its own brands, primarily Almost Famous, as well as private label brands for various retailers. This Business was acquired for cash consideration of $73,228 and a future payment contingent on the Almost Famous business achieving certain earnings before interest and tax ("EBIT") targets. In connection therewith, we recorded an initial short-term liability of $3,325 and a long-term liability of $9,975 as of the date of acquisition to reflect the estimated fair value of the contingent purchase price. The fair value of the contingent payments liability was estimated on the date of acquisition using the risk neutral simulation method, which included significant unobservable Level 3 inputs, such as projected EBIT over the earn-out period and a discount rate of 20.3%. Changes in these significant unobservable inputs might result in a significantly higher or lower fair value measurement. The maximum consideration which can be paid over the consideration period of four years is $68,000 and there are no minimum payments required. The liability will be remeasured at each reporting period with changes in fair value recorded in earnings. After the effect of closing adjustments, the total purchase price of the acquisition was $86,528. The results of the Business have been included in the consolidated financial statements since the date of acquisition within the Wholesale Accessories/Apparel segment. The following table summarizes the fair value of the assets acquired and liabilities assumed as of the October 20, 2023 acquisition date: (in thousands) Fair Value Accounts receivable $ 1,394 Inventories 22,718 Factor accounts receivable 51,940 Operating lease right-of-use asset 2,902 Prepaid expenses and other current assets 172 Property and equipment, net 248 Intangibles, net (1) 32,950 Accounts payable (31,857) Accrued expenses (1,699) Operating leases - current portion (474) Operating leases - long-term portion (2,703) Total fair value excluding goodwill $ 75,591 Goodwill 10,937 Net assets acquired $ 86,528 (1) Consists of a Trademark of $9,050 and customer relationships of $23,900, both of which are amortized over 20 years. The acquisition was accounted for in accordance with FASB Topic ASC 805 ("Business Combinations"), which requires that the total cost of an acquisition be allocated to tangible and intangible assets acquired and liabilities assumed based upon their respective fair values at the date of acquisition. The Company recorded goodwill for the acquisition based on the amount by which the purchase price exceeded the fair value of the net assets acquired, which consists largely of the synergies expected from the acquisitions. For tax purposes, goodwill will be amortized over a 15 year period. Preliminary estimates of the fair value of identifiable assets acquired and liabilities assumed are subject to revision, which may result in adjustments to the preliminary values recorded during the measurement period (a period not to exceed 12 months from acquisition date). The fair value of the trademark was estimated using the relief-from-royalty method, which presumes the owner of the asset avoids hypothetical royalty payments that would need to be made for the use of the asset if the asset was not owned. Key assumptions and estimates used are forecasted revenue, a royalty rate of 3.0%, and a discount rate of 21.8%. Such assumptions included significant unobservable inputs and changes in these significant unobservable inputs might result in a significantly higher or lower fair value measurement. The useful life of the trademark was estimated to be 20 years and amortization for the trademark has been recorded in operating expenses in our Consolidated Statements of Income. The fair value of the customer relationships was estimated using the multi-period excess earnings method. The excess earnings methodology is an income approach methodology that estimates the projected cash flows of the business attributable to the customer relationships, net of charges for the use of other identifiable assets of the business including working capital, fixed assets, and other intangible assets. Key assumptions and estimates used in deriving the projected cash flows are forecasted revenue, earnings before interest, taxes, depreciation, and amortization ("EBITDA") margin of 8.8%, customer attrition rate of 5.0%, and discount rates in the range of 21.0% to 23.5%. Such assumptions include significant unobservable inputs and such changes in these significant unobservable inputs might result in a significantly higher or lower fair value measurement. The useful life of the customer relationships was estimated to be 20 years and amortization for these intangible assets has been recorded in operating expenses in our Consolidated Statements of Income. Transaction costs of $1,505 for the year ended December 31, 2023 have been recorded within operating expenses in the Consolidated Statements of Income. Hosiery Business On March 1, 2024 Daniel M. Friedman & Associates, Inc. acquired the Steve Madden and Betsey Johnson hosiery division ("hosiery business") of Gina Group LLC (“Gina”). Gina has been the exclusive licensee of the hosiery category for Steve Madden and Betsey Johnson brands and such license agreements were terminated in conjunction with the acquisition. The assets of the hosiery business were acquired for a cash consideration of $4,259 and the assets acquired included inventories of $2,168, reacquired rights of $1,450, and goodwill of $641. The results of the business have been included in the consolidated financial statements since the date of acquisition within the Wholesale Accessories/Apparel segment. Joint Ventures On May 15, 2024, the Company, through its subsidiary, Madden Europe Holding BV, formed a joint venture ("SM Fashion d.o.o. Beograd") with Milija Babovic. The Company owns 50.01% interest in SM Fashion d.o.o. Beograd and paid an initial nominal contribution. SM Fashion d.o.o. is the exclusive distributor of the Company's products in various countries throughout Southeastern Europe. Since the Company has a controlling financial interest in the joint venture, the assets, liabilities and results of operations of SM Fashion d.o.o. Beograd are consolidated and included in the Company’s consolidated financial statements. The other member's interest is reflected in “Net income attributable to noncontrolling interests” in the Consolidated Statements of Income and “Noncontrolling interests” in the Consolidated Balance Sheets. On June 1, 2024, the Company, through its subsidiary, Madden Asia Holding Limited, formed a joint venture ("SM Distribution Latin America S. de R.L.") with Steve International Inc. The Company owns 51.0% interest in SM Distribution Latin America S. de R.L. and paid a contribution of $4,131. SM Distribution Latin America S. de R.L. is the exclusive distributor of the Company's products in various countries throughout Latin America. Since the Company has a controlling financial interest in the joint venture, the assets, liabilities and results of operations of SM Distribution Latin America S. de R.L. are consolidated and included in the Company’s consolidated financial statements. The other member's interest is reflected in “Net income attributable to noncontrolling interests” in the Consolidated Statements of Income and “Noncontrolling interests” in the Consolidated Balance Sheets. |
Use of Estimates
Use of Estimates | 6 Months Ended |
Jun. 30, 2024 | |
Use of Estimates [Abstract] | |
Use of Estimates | The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant areas involving management estimates include variable consideration included in revenue, allowances for bad debts, inventory valuation, and valuation of goodwill and intangible assets. The Company estimates variable consideration for future customer chargebacks and markdown allowances, discounts, returns, and other miscellaneous compliance-related deductions that relate to current-period sales. The Company evaluates anticipated chargebacks by reviewing several performance indicators of its major customers. These performance indicators, which include retailers’ inventory levels, sell-through rates, and gross margin levels, are analyzed by management to estimate the amount of the anticipated customer allowances. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2024 | |
Business Combination and Asset Acquisition [Abstract] | |
Acqusitions | Almost Famous On October 20, 2023, Daniel M. Friedman & Associates, Inc. (“Buyer”), a New York corporation and a wholly-owned subsidiary of the Company, acquired substantially all of the assets and certain liabilities (the “Business”) of Turn On Products Inc. d/b/a Almost Famous (“Seller” or “Almost Famous”), pursuant to an Asset Purchase Agreement, by and among Buyer, the Company, Seller, and the holders of capital stock of Seller. Almost Famous is a designer and marketer of women’s junior apparel. Almost Famous distributes its products to wholesale customers, including mass merchants, department stores, off-price retailers, and chain stores within the United States. Almost Famous markets products under its own brands, primarily Almost Famous, as well as private label brands for various retailers. This Business was acquired for cash consideration of $73,228 and a future payment contingent on the Almost Famous business achieving certain earnings before interest and tax ("EBIT") targets. In connection therewith, we recorded an initial short-term liability of $3,325 and a long-term liability of $9,975 as of the date of acquisition to reflect the estimated fair value of the contingent purchase price. The fair value of the contingent payments liability was estimated on the date of acquisition using the risk neutral simulation method, which included significant unobservable Level 3 inputs, such as projected EBIT over the earn-out period and a discount rate of 20.3%. Changes in these significant unobservable inputs might result in a significantly higher or lower fair value measurement. The maximum consideration which can be paid over the consideration period of four years is $68,000 and there are no minimum payments required. The liability will be remeasured at each reporting period with changes in fair value recorded in earnings. After the effect of closing adjustments, the total purchase price of the acquisition was $86,528. The results of the Business have been included in the consolidated financial statements since the date of acquisition within the Wholesale Accessories/Apparel segment. The following table summarizes the fair value of the assets acquired and liabilities assumed as of the October 20, 2023 acquisition date: (in thousands) Fair Value Accounts receivable $ 1,394 Inventories 22,718 Factor accounts receivable 51,940 Operating lease right-of-use asset 2,902 Prepaid expenses and other current assets 172 Property and equipment, net 248 Intangibles, net (1) 32,950 Accounts payable (31,857) Accrued expenses (1,699) Operating leases - current portion (474) Operating leases - long-term portion (2,703) Total fair value excluding goodwill $ 75,591 Goodwill 10,937 Net assets acquired $ 86,528 (1) Consists of a Trademark of $9,050 and customer relationships of $23,900, both of which are amortized over 20 years. The acquisition was accounted for in accordance with FASB Topic ASC 805 ("Business Combinations"), which requires that the total cost of an acquisition be allocated to tangible and intangible assets acquired and liabilities assumed based upon their respective fair values at the date of acquisition. The Company recorded goodwill for the acquisition based on the amount by which the purchase price exceeded the fair value of the net assets acquired, which consists largely of the synergies expected from the acquisitions. For tax purposes, goodwill will be amortized over a 15 year period. Preliminary estimates of the fair value of identifiable assets acquired and liabilities assumed are subject to revision, which may result in adjustments to the preliminary values recorded during the measurement period (a period not to exceed 12 months from acquisition date). The fair value of the trademark was estimated using the relief-from-royalty method, which presumes the owner of the asset avoids hypothetical royalty payments that would need to be made for the use of the asset if the asset was not owned. Key assumptions and estimates used are forecasted revenue, a royalty rate of 3.0%, and a discount rate of 21.8%. Such assumptions included significant unobservable inputs and changes in these significant unobservable inputs might result in a significantly higher or lower fair value measurement. The useful life of the trademark was estimated to be 20 years and amortization for the trademark has been recorded in operating expenses in our Consolidated Statements of Income. The fair value of the customer relationships was estimated using the multi-period excess earnings method. The excess earnings methodology is an income approach methodology that estimates the projected cash flows of the business attributable to the customer relationships, net of charges for the use of other identifiable assets of the business including working capital, fixed assets, and other intangible assets. Key assumptions and estimates used in deriving the projected cash flows are forecasted revenue, earnings before interest, taxes, depreciation, and amortization ("EBITDA") margin of 8.8%, customer attrition rate of 5.0%, and discount rates in the range of 21.0% to 23.5%. Such assumptions include significant unobservable inputs and such changes in these significant unobservable inputs might result in a significantly higher or lower fair value measurement. The useful life of the customer relationships was estimated to be 20 years and amortization for these intangible assets has been recorded in operating expenses in our Consolidated Statements of Income. Transaction costs of $1,505 for the year ended December 31, 2023 have been recorded within operating expenses in the Consolidated Statements of Income. Hosiery Business On March 1, 2024 Daniel M. Friedman & Associates, Inc. acquired the Steve Madden and Betsey Johnson hosiery division ("hosiery business") of Gina Group LLC (“Gina”). Gina has been the exclusive licensee of the hosiery category for Steve Madden and Betsey Johnson brands and such license agreements were terminated in conjunction with the acquisition. The assets of the hosiery business were acquired for a cash consideration of $4,259 and the assets acquired included inventories of $2,168, reacquired rights of $1,450, and goodwill of $641. The results of the business have been included in the consolidated financial statements since the date of acquisition within the Wholesale Accessories/Apparel segment. Joint Ventures On May 15, 2024, the Company, through its subsidiary, Madden Europe Holding BV, formed a joint venture ("SM Fashion d.o.o. Beograd") with Milija Babovic. The Company owns 50.01% interest in SM Fashion d.o.o. Beograd and paid an initial nominal contribution. SM Fashion d.o.o. is the exclusive distributor of the Company's products in various countries throughout Southeastern Europe. Since the Company has a controlling financial interest in the joint venture, the assets, liabilities and results of operations of SM Fashion d.o.o. Beograd are consolidated and included in the Company’s consolidated financial statements. The other member's interest is reflected in “Net income attributable to noncontrolling interests” in the Consolidated Statements of Income and “Noncontrolling interests” in the Consolidated Balance Sheets. On June 1, 2024, the Company, through its subsidiary, Madden Asia Holding Limited, formed a joint venture ("SM Distribution Latin America S. de R.L.") with Steve International Inc. The Company owns 51.0% interest in SM Distribution Latin America S. de R.L. and paid a contribution of $4,131. SM Distribution Latin America S. de R.L. is the exclusive distributor of the Company's products in various countries throughout Latin America. Since the Company has a controlling financial interest in the joint venture, the assets, liabilities and results of operations of SM Distribution Latin America S. de R.L. are consolidated and included in the Company’s consolidated financial statements. The other member's interest is reflected in “Net income attributable to noncontrolling interests” in the Consolidated Statements of Income and “Noncontrolling interests” in the Consolidated Balance Sheets. |
Short-Term Investments
Short-Term Investments | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Short-Term Investments | As of June 30, 2024 and December 31, 2023, short-term investments consisted of certificates of deposit. These securities are classified as current based upon their maturities. As of June 30, 2024 and December 31, 2023, short-term investments amounted to $11,761 and $15,173, respectively, and as of the balance sheet date have original maturities less than or equal to one year. |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | The accounting guidance under Accounting Standards Codification 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), requires the Company to make disclosures about the fair value of certain of its assets and liabilities. ASC 820-10 clarifies the principle that fair value should be based on the assumptions market participants would use when pricing an asset or liability and establishes a fair value hierarchy that prioritizes the information used to develop those assumptions. ASC 820-10 utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. A brief description of those three levels is as follows: • Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. • Level 3: Significant unobservable inputs; inputs to the valuation methodology based on unobservable prices or valuation techniques that are significant to the fair value measurement. The Company’s financial assets and liabilities subject to fair value measurements as of June 30, 2024 and December 31, 2023 were as follows: June 30, 2024 December 31, 2023 Fair value Level 1 Level 2 Level 3 Fair value Level 1 Level 2 Level 3 Assets: Forward contracts 648 — 648 — 708 — 708 — Total assets $ 648 $ — $ 648 $ — $ 708 $ — $ 708 $ — Liabilities: Contingent payment liability (1)(2) $ 21,500 $ — $ — $ 21,500 $ 13,300 $ — $ — $ 13,300 Forward contracts 249 — 249 — 1,904 — 1,904 — Total liabilities $ 21,749 $ — $ 249 $ 21,500 $ 15,204 $ — $ 1,904 $ 13,300 (1) On June 30, 2024, $11,957 was recorded in Contingent payment liability - current portion and $9,543 was recorded in Contingent payment liability - long-term portion. (2) On December 31, 2023, $3,325 was recorded in Contingent payment liability - current portion and $9,975 was recorded in Contingent payment liability - long-term portion. Forward contracts are used to manage the risk associated with the volatility of future cash flows (see Note L – Derivative Instruments). Fair value of these instruments is based on observable market transactions of spot and forward rates. The Company's recurring Level 3 balance consists of a contingent payment liability related to an acquisition. The changes in the Company's Level 3 liabilities for the periods ended June 30, 2024 and December 31, 2023 were as follows: Balance at Acquisitions Adjustments (1) Balance at 2024 Liabilities: Contingent payment liability $ 13,300 $ — $ 8,200 $ 21,500 2023 Balance at Acquisitions Adjustments Balance at Liabilities: Contingent payment liability $ — $ 13,300 $ — $ 13,300 (1) In 2024, amount consists of an adjustment of $8,200 that was included as an expense related to the change in valuation of the contingent payment liability in connection with the acquisition of Almost Famous. The adjustment was recorded in the Wholesale Accessories/Apparel segment. At June 30, 2024 and December 31, 2023, the fair value of the contingent payment liability was $21,500 and $13,300, respectively, in connection with the October 20, 2023 acquisition of Almost Famous. The fair value of the contingent payments was estimated using a risk neutral simulation method to model the probability of different financial results of Almost Famous during the earn-out period, utilizing a discount rate of 19.5% and 20.3% at June 30, 2024 and December 31, 2023, respectively. The change in valuation for the contingent payment liability was a result of updates to the forecasted operating results for the earn-out period. The fair values of goodwill and intangibles are measured on a non-recurring basis and are determined using Level 3 inputs, including forecasted cash flows, discount rates, and implied royalty rates (see Note C – Acquisitions and Joint Ventures and Note K – Goodwill and Intangible Assets ). The fair values of lease right-of-use assets and fixed assets related to company-owned retail stores are measured on a non-recurring basis and are determined using Level 3 inputs, including estimated discounted future cash flows associated with the assets using sales trends, market rents and market participant assumptions (see Note F – Leases). The carrying value of certain financial instruments such as cash equivalents, certificates of deposit, accounts receivable, factor accounts receivable, and accounts payable approximates their fair values due to the short-term nature of their underlying terms. Fair value of the notes receivable held by the Company approximates their carrying value based upon their imputed or actual interest rate, which approximates applicable current market interest rates. Some assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances (non-recurring). These assets can include long-lived assets that have been reduced to fair value when impaired. Assets that are written down to fair value when impaired are not subsequently adjusted to fair value unless further impairment occurs. |
Leases (Notes)
Leases (Notes) | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Leases | Note F – Leases The Company leases office space, sample production space, warehouses, showrooms, storage units, and retail stores pursuant to operating leases. The Company’s portfolio of leases is primarily related to real estate. Since most of its leases do not provide a readily determinable implicit rate, the Company estimates its incremental borrowing rate to discount the lease payments based on information available at lease commencement. Some of the Company’s retail store leases provide for variable lease payments based on sales volumes at the leased location, which are not measurable at the inception of the lease and are therefore not included in the measurement of the right-of-use assets and lease liabilities. Under Topic 842, these variable lease costs are expensed as incurred. Lease Position The following table presents the lease-related assets and liabilities recorded on the Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023: Classification on the Balance Sheet June 30, 2024 December 31, 2023 Assets Noncurrent (1) Operating lease right-of-use asset $ 143,480 $ 122,783 Liabilities Current Operating leases – current portion $ 44,961 $ 40,342 Noncurrent Operating leases – long-term portion 112,988 98,536 Total operating lease liabilities $ 157,949 $ 138,878 Weighted-average remaining lease term 4.7 years 4.5 years Weighted-average discount rate 5.2 % 5.1 % (1) During the three and six months ended June 30, 2023, the Company recorded a pre-tax impairment charge related to its right-of-use assets of $0 and $95, recorded in the Wholesale Footwear Segment. Lease Costs The following table presents the composition of lease costs during the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Operating lease cost $ 11,802 $ 10,565 $ 23,311 $ 19,703 Variable lease cost 952 1,107 1,582 1,846 Less: sublease income — 66 64 132 Total lease cost $ 12,754 $ 11,606 $ 24,829 $ 21,417 Other Information The following table presents supplemental cash and non-cash information related to the Company's operating leases during the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used for operating leases $ 12,326 $ 11,379 $ 24,086 $ 21,393 Noncash transactions Right-of-use asset obtained in exchange for new operating lease liabilities $ 26,692 $ 14,061 $ 42,720 $ 44,589 Right-of-use asset amortization expense (1) $ 10,676 $ 9,691 $ 22,023 $ 17,887 (1) Included in "Leases and other liabilities" in the Consolidated Statement of Cash Flows. Future Minimum Lease Payments The following table presents future minimum lease payments for each of the first five years and the total for the remaining years as of June 30, 2024: 2024 (remaining six months) $ 25,137 2025 45,714 2026 36,627 2027 25,147 2028 18,213 Thereafter 28,325 Total minimum lease payments 179,163 Less: interest 21,214 Total lease liabilities $ 157,949 |
Net Income Per Share of Common
Net Income Per Share of Common Stock | 6 Months Ended |
Jun. 30, 2024 | |
Net Income Per Share of Common Stock [Abstract] | |
Net Income Per Share of Common Stock | Basic net income per share is based on the weighted average number of shares of common stock outstanding during the period, which does not include unvested restricted common stock subject to forfeiture of 1,629 shares for the period ended June 30, 2024, compared to 2,145 shares for the period ended June 30, 2023. Diluted net income per share reflects: (a) the potential dilution assuming shares of common stock were issued upon the exercise of outstanding in-the-money options and the assumed proceeds, which are deemed to be the proceeds from the exercise plus compensation cost not yet recognized attributable to future services using the treasury method, were used to purchase shares of the Company’s common stock at the average market price during the period, and (b) the vesting of granted non-vested restricted stock awards for which the assumed proceeds upon vesting are deemed to be the amount of compensation cost not yet recognized attributable to future services using the treasury stock method, to the extent dilutive. Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net income attributable to Steven Madden, Ltd. $ 35,376 $ 34,529 $ 79,310 $ 71,259 Basic net income per share $ 0.50 $ 0.47 $ 1.10 $ 0.96 Diluted net income per share $ 0.49 $ 0.46 $ 1.09 $ 0.95 Weighted average common shares outstanding: Basic 71,458 73,613 71,875 74,053 Effect of dilutive securities: Stock awards and options to purchase shares of common stock 546 1,270 555 1,308 Diluted 72,004 74,883 72,430 75,361 For the three and six months ended June 30, 2024, options to purchase approximately 24 and 12 shares of common stock have been excluded from the calculation of diluted net income per share as the result would have been anti-dilutive. For the three and six months ended June 30, 2023, options to purchase approximately 17 and 9 shares of common stock have been excluded from the calculation of diluted net income per share as the result would have been anti-dilutive. For the three and six months ended June 30, 2024, 1 and 5 restricted shares were excluded from the calculation of diluted net income per share, as compared to approximately 79 and 61 shares that were excluded from the calculation of diluted net income per share for the three and six months ended June 30, 2023, as the result would have been anti-dilutive. The Company had contingently issuable performance awards outstanding that did not meet the performance conditions as of June 30, 2024 and 2023 and, therefore, were excluded from the calculation of diluted net income per common share for the three and six months ended June 30, 2024 and 2023. The number of potentially dilutive shares that could be issued upon vesting for these performance awards were immaterial as of both June 30, 2024 and 2023. These amounts were also excluded from the computation of weighted average potentially dilutive securities. |
Income Taxes (Notes)
Income Taxes (Notes) | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note I – Income Taxes The Company’s provision for income taxes for the three and six months ended June 30, 2024 and 2023 is based on the estimated annual effective tax rate, plus or minus discrete items. The following table presents the provision for income taxes and the effective tax rates for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Income before provision for income taxes $ 48,224 $ 45,996 $ 106,525 $ 94,527 Income tax expense $ 11,276 $ 10,923 $ 25,015 $ 22,668 Effective tax rate 23.4% 23.7% 23.5% 24.0% The difference between the Company’s effective tax rates of 23.4% and 23.7% and 23.5% and 24.0% for the three and six months ended June 30, 2024 and 2023, respectively, is primarily due to a decrease in pre-tax income in jurisdictions with higher tax rates. The Company recognizes interest and penalties, if any, related to uncertain income tax positions in income tax expense. Accrued interest and penalties on unrecognized tax benefits, and interest and penalty expense are immaterial to the consolidated financial statements. The Company files income tax returns in the U.S. for federal, state, and local purposes, and in certain foreign jurisdictions. The Company's tax years 2020 through 2023 remain open to examination by most taxing authorities. On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was signed into law, which contains certain revisions to the Internal Revenue Code, including a 15% corporate minimum income tax for tax years beginning after December 31, 2022. While the 15% corporate minimum income tax has no effect on the Company’s results of operations in the near term, we will continue to evaluate its impact on future years. The IRA also assesses a 1% excise tax on repurchases of corporate stock which impacts the Company’s stock repurchases effective January 1, 2023. The excise tax is recorded as an incremental cost in treasury stock on the Company's Condensed Consolidated Balance Sheets and was $331 and $598 for the three and six months ended June 30, 2024. The Organization for Economic Cooperation and Development (“OECD”) has implemented the global minimum tax rate of at least 15% for large multinational companies as of 2024 (“Pillar Two”). Under Pillar Two, a top-up tax will be required for any jurisdiction who has enacted Pillar Two and whose effective tax rate falls below the 15% global minimum rate. Additionally, the OECD issued administrative guidance providing transition and safe harbor rules around the implementation of the Pillar Two global minimum tax. Under the safe harbor, companies would be excluded from Pillar Two requirements provided certain criteria are met. Based on preliminary analysis, the enactment of Pillar Two legislation is not expected to have a material effect on the Company’s financial position. The Company will continue to monitor and reflect the impact of such legislative changes in future periods, as appropriate. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | The following is a summary of the carrying amount of goodwill by reporting unit as of June 30, 2024: Wholesale Net Carrying Amount Footwear Accessories/ Apparel Direct-to-Consumer Balance at January 1, 2024 $ 90,663 $ 73,625 $ 15,715 $ 180,003 Acquisitions — 641 3,083 3,724 Translation 237 — (590) (353) Balance at June 30, 2024 $ 90,900 $ 74,266 $ 18,208 $ 183,374 The following table details identifiable intangible assets as of June 30, 2024: Estimated Lives Cost Basis (2) Accumulated Amortization Impairment & Other (1)(3) Net Carrying Amount Trademarks 10 - 20 years $ 32,195 $ (16,487) $ (2,909) $ 12,799 Customer relationships 10–20 years 62,580 (28,699) (1,681) 32,200 Re-acquired rights 2 years 1,450 (264) — 1,186 96,225 (45,450) (4,590) 46,185 Re-acquired right indefinite 35,200 — (9,413) 25,787 Trademarks indefinite 58,833 — (7,921) 50,912 $ 190,258 $ (45,450) $ (21,924) $ 122,884 (1) During the three and six months ended June 30, 2024, the Company recorded impairment charges of $0 and $1,700 related to the GREATS ® trademark. (2) During the first quarter of 2024, the Company changed its estimate of useful life of its GREATS ® trademark to 10 years and the remaining balance of $4,450 of the GREATS ® trademark is amortized over that time frame from the second quarter of 2024. (3) Includes the effect of foreign currency translation related primarily to the movements of the Canadian dollar and Mexican peso in relation to the U.S. dollar. The following table details identifiable intangible assets as of December 31, 2023: Estimated Lives Cost Basis (1) Accumulated Amortization Impairment & Other (2)(3) Net Carrying Amount Trademarks 20 years $ 27,745 $ (16,263) $ (2,545) $ 8,937 Customer relationships 10–20 years 62,580 (27,267) (1,382) 33,931 90,325 (43,530) (3,927) 42,868 Re-acquired right indefinite 35,200 — (8,862) 26,338 Trademarks indefinite 63,283 — (6,222) 57,061 $ 188,808 $ (43,530) $ (19,011) $ 126,267 (1) During the year ended December 31, 2023, the Company acquired Almost Famous, which consisted of a trademark of $9,050 and customer relationships of $23,900, both of which are amortized over 20 years. (2) During the year ended December 31, 2023, the Company recorded impairment charges of $6,520 related to the GREATS ® trademark. (3) Includes the effect of foreign currency translation related primarily to the movements of the Canadian dollar and Mexican peso in relation to the U.S. dollar. The Company evaluates its goodwill and indefinite-lived intangible assets for impairment at least annually in the beginning of the third quarter of each year and whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. The Company also periodically performs a quantitative test to assess its goodwill and indefinite-lived intangibles for impairment in lieu of using the qualitative approach in order to reassess the fair values of its reporting units and indefinite-lived intangible assets. A quantitative assessment of goodwill and indefinite-lived intangible assets was performed as of July 1, 2023. In conducting the quantitative impairment assessments for goodwill and indefinite-lived intangibles, the Company concluded that the fair values of its reporting units exceeded their carrying values and the fair values of its indefinite-lived intangibles exceeded their respective carrying values. In the fourth quarter of 2023, certain circumstances occurred that indicated potential impairment and the Company performed a valuation of the GREATS ® trademark. The estimated fair value of this trademark was determined using an excess earnings method, incorporating the use of projected financial information and a discount rate of 14.8% which was developed using market participant based assumptions. Changes in these significant unobservable inputs might result in a significantly higher or lower fair value measurement. As a result of this assessment, the GREATS ® trademark was written down from the carrying value of $12,670 to its fair value of $6,150, resulting in a pre-tax non-cash impairment charge of $6,520. Subsequently, in the first quarter of 2024, circumstances occurred that caused a change in the estimated useful life of the GREATS ® trademark from an indefinite life to an estimated useful life of 10 years, and as a result, the Company performed an impairment test. The estimated fair value of this trademark was determined using an excess earnings method, incorporating the use of projected financial information and a discount rate of 14.0% which was developed using market participant based assumptions. Changes in these significant unobservable inputs might result in a significantly higher or lower fair value measurement. As a result of this assessment, the GREATS ® trademark was written down from the carrying value of $6,150 to its fair value of $4,450, resulting in a pre-tax non-cash impairment charge of $1,700. These impairment charges were recorded in impairment of intangibles in the Company’s Consolidated Statements of Income and recognized in the Direct-to-Consumer segment. A quantitative assessment of goodwill and indefinite-lived intangible assets was performed as of July 1, 2023. In conducting the quantitative impairment assessments for goodwill and indefinite-lived intangibles, the Company concluded that the fair values of its reporting units exceeded their carrying values and the fair values of its indefinite-lived intangibles exceeded their respective carrying values. In conducting the qualitative impairment assessment for goodwill and indefinite-lived intangibles, the Company concluded that it is more likely than not that the fair values of its reporting units exceeded their carrying values and the fair values of its indefinite-lived intangibles exceeded their respective carrying values. Therefore, in 2023, as a result of the annual test, no impairment charges were recorded for goodwill and intangibles. The amortization of intangible assets amounted to $1,182 and $2,123 for the three and six months ended June 30, 2024 compared to $461 and $884 for the three and six months ended June 30, 2023 and is included in operating expenses in the Company's Condensed Consolidated Statements of Income. The estimated future amortization expense for intangibles as of June 30, 2024 was as follows: 2024 (remaining six months) $ 2,293 2025 4,586 2026 3,827 2027 3,580 2028 3,545 Thereafter 28,354 Total $ 46,185 |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | The Company uses derivative instruments, specifically, forward foreign exchange contracts, to manage the risk associated with the volatility of future cash flows. The foreign exchange contracts are used to mitigate the impact of exchange rate fluctuations on certain forecasted purchases of inventory and are designated as cash flow hedging instruments. As of June 30, 2024, the Company's entire net forward contracts hedging portfolio consisted of a notional amount of $68,402, with current maturity dates ranging from July 2024 to June 2025 and the fair value included on the Company's Condensed Consolidated Balance Sheets in other current assets of $648 and other current liabilities of $249. For the three and six months ended June 30, 2024, a gain of $33 and $23 was reclassified from accumulated other comprehensive income and recognized in cost of sales on the Consolidated Statements of Income. For the three and six months ended June 30, 2024 and 2023, the Company's hedging activities were considered effective, and, thus, no ineffectiveness from hedging activities was recognized during the first and second quarters of 2024 and 2023. |
Commitments, Contingencies and
Commitments, Contingencies and Other | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Other | Future Minimum Royalty and Advertising Payments: The Company has minimum commitments related to a license agreement. The Company sources, distributes, advertises, and sells certain of its products pursuant to a license agreement with an unaffiliated licensor. Royalty amounts under the license agreement are based on stipulated minimum net sales and the payment of minimum annual royalty amounts. The license agreement has various terms and renewal options, provided that minimum sales levels, and certain other conditions are achieved. As of June 30, 2024, the Company had future minimum royalty and advertising payments of $15,000. Royalty expenses are recognized in cost of sales on the Consolidated Statements of Income. Legal Proceedings: The Company has been named as a defendant in certain lawsuits in the normal course of business. In the opinion of management, after consulting with legal counsel, the liabilities, if any, resulting from these matters should not have a material effect in the Company's financial position or results of operations. Letters of Credit: As of June 30, 2024, the Company had $504 in letters of credit outstanding unrelated to the Company's Credit Agreement. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Debt Disclosure | On July 22, 2020, the Company entered into a $150,000 secured revolving credit agreement (as amended to date, the “Credit Agreement”) with various lenders and Citizens Bank, N.A., as administrative agent (the “Agent”), which replaced the Company’s existing credit facility provided by Rosenthal & Rosenthal, Inc. (“Rosenthal”). The Credit Agreement provides for a revolving credit facility (the “Credit Facility”) scheduled to mature on July 22, 2025. The initial $150,000 maximum availability under the Credit Facility is subject to a borrowing base calculation consisting of certain eligible accounts receivable, credit card receivables, inventory, and in-transit inventory. Availability under the Credit Facility is reduced by outstanding letters of credit. The Company may from time-to-time increase the maximum availability under the Credit Agreement by up to $100,000 if certain conditions are satisfied. On March 25, 2022, an amendment to the Credit Agreement (the “Amendment”) replaced the London Interbank Offering Rate (“LIBOR”) with the Bloomberg Short-Term Bank Yield Index (“BSBY”) as the interest rate benchmark. Borrowings under the Credit Agreement generally bear interest at a variable rate equal to a specified margin, which is based upon the average availability under the Credit Facility from time to time, plus, at the Company’s election (i) BSBY for the applicable interest period, or (ii) the base rate (which is the highest of (a) the prime rate announced by the Agent, (b) the sum of the federal funds effective rate plus 0.50%, and (c) the sum of the one-month BSBY rate plus 1.00%). Furthermore, the Amendment reduced the specified margin used to determine the interest rate under the Credit Agreement and reduced the commitment fee paid by the Company to the Agent, for the account of each lender. Additionally, the Amendment reduced the frequency of the Company’s borrowing base reporting requirements when no loans are outstanding. The Amendment also extended the maturity date of the Credit Agreement to March 20, 2027. As amended on April 3, 2023, on October 23, 2023, the Credit Agreement was further amended to accommodate changes made to the Company’s factoring arrangement with CIT pursuant to the Notification Factoring Rider as described in Note P – Factoring Agreements. Under the Credit Agreement, the Company must also pay (i) a commitment fee to the Agent, for the account of each lender, which accrues at a rate equal to 0.25% per annum on the average daily unused amount of the commitment of such lender, (ii) a letter of credit participation fee to the Agent, for the account of each lender, ranging from 1.25% to 2.50% per annum, based upon average availability under the Credit Facility from time to time, multiplied by the average daily amount available to be drawn under the applicable letter of credit, and (iii) a letter of credit fronting fee to each issuer of a letter of credit under the Credit Agreement, which will accrue at a rate per annum separately agreed upon between the Company and such issuer. The Credit Agreement contains various restrictions and covenants applicable to the Company and its subsidiaries. Among other requirements, availability under the Credit Facility must, at all times, (i) prior to the occurrence of the permanent borrowing base trigger (as defined in the Credit Agreement), equal or exceed the greater of $22,500 and 15% of the line cap (as defined in the Credit Agreement), and (ii) after the occurrence of the permanent borrowing base trigger, equal or exceed the greater of $15,000 and 10% of the line cap (as defined in the Credit Agreement). Other than this minimum availability requirement, the Credit Agreement does not include any financial maintenance covenants. The Credit Agreement requires the Company and various subsidiaries of the Company to guarantee each other’s obligations arising from time to time under the Credit Facility, as well as obligations arising in respect of certain cash management and hedging transactions. Subject to customary exceptions and limitations, all borrowings under the Credit Agreement are secured by a lien on all or substantially all of the assets of the Company and each subsidiary guarantor. The Credit Agreement also contains customary events of default. If an event of default under the Credit Agreement occurs and is continuing, then the Agent may, and at the request of the required lenders shall, terminate the loan commitments under the Credit Agreement, declare any outstanding obligations under the Credit Agreement to be immediately due and payable, or require the Company to adequately cash collateralize outstanding letter of credit obligations. If the Company or, with certain exceptions, a subsidiary becomes the subject of a proceeding under any bankruptcy, insolvency, or similar law, then the loan commitments under the Credit Agreement will automatically terminate, and any outstanding obligations under the Credit Agreement and the cash collateral required under the Credit Agreement for any outstanding letter of credit obligations will become immediately due and payable. As of June 30, 2024, the Company had no cash borrowings and no letters of credit outstanding under the Credit Agreement |
Factor Receivable
Factor Receivable | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Financing Receivables | In conjunction with the Credit Agreement described in Note O – Credit Agreement, on July 22, 2020, the Company and certain of its subsidiaries (collectively, the “Madden Entities”) entered into an Amended and Restated Deferred Purchase Factoring Agreement (the “Factoring Agreement”) with Rosenthal & Rosenthal, Inc. ("Rosenthal"). Pursuant to the Factoring Agreement, Rosenthal serves as the collection agent with respect to certain receivables of the Madden Entities and is entitled to receive a base commission of 0.20% of the gross invoice amount of each receivable assigned for collection, plus certain additional fees and expenses, subject to certain minimum annual commissions. Rosenthal will generally assume the credit risk resulting from a customer’s financial inability to make payment of credit-approved receivables, which are classified as Factor Receivables. The initial term of the Factoring Agreement is twelve months, subject to automatic renewal for additional twelve-month periods, and the Factoring Agreement may be terminated at any time by Rosenthal or the Madden Entities on 60 days' notice and upon the occurrence of certain other events. The Madden Entities pledged all of their rights under the Factoring Agreement to the Agent under the Credit Agreement to secure obligations arising under the Credit Agreement. On April 3, 2023, in conjunction with a related amendment to the Credit Agreement, the Madden Entities also entered into a Credit Approved Receivables Purchasing Agreement (the “CARPA”) with CIT Group/Commercial Services, Inc. (“CIT”). Pursuant to the CARPA, in addition to Rosenthal, CIT will serve as a non-exclusive collection agent with respect to certain of the Madden Entities’ receivables and will generally assume the credit risk resulting from a customer’s financial inability to make payment with respect to credit approved receivables. Additionally, CIT shall compensate the Madden Entities for 50% of the losses sustained for limiting or revoking a credit line during production for any made-to-order goods that have work-in-progress coverage. For its services, CIT will be entitled to receive (1) a base fee of 0.15% of the gross face amount of each receivable assigned for collection having standard payment terms, (2) certain additional fees for receivables with non-standard payment terms or arising from sales to customers outside of the United States, and (3) reimbursement for certain expenses incurred in connection with the CARPA. The Company, on behalf of the Madden Entities, and CIT may each terminate the CARPA as of the last day of the month occurring one year after the date of the CARPA and at any time thereafter by giving the other party at least 60 days’ notice. CIT may also terminate the CARPA immediately upon the occurrence of certain events. The Madden Entities pledged all of their right, title, and interest in and to monies due and to become due under the CARPA in favor of the Agent to secure obligations arising under or in connection with the Credit Agreement. On October 23, 2023, the Company and Daniel M. Friedman & Associates, Inc. (“DMFA”), a wholly-owned subsidiary of the Company, entered into a Notification Factoring Rider to the Credit Approved Receivables Purchasing Agreement (“Notification Factoring Rider”) that amended and supplemented the Factoring Agreement, dated April 3, 2023, among the Company, DMFA and certain of the Company’s other subsidiaries party thereto (collectively with the Company, the “Madden Entities”), and added CIT. The Notification Factoring Rider enables certain receivables generated from assets acquired by DMFA from Turn On Products Inc. d/b/a Almost Famous (“Post-Acquisition Receivables”), which assets were acquired by DMFA on October 20, 2023, to be subject to the Factoring Agreement. The Notification Factoring Rider modifies the Factoring Agreement to require, in respect of certain Post-Acquisition Receivables, payment to CIT of a base fee ranging from 0.10% to 0.20% of the gross face amount of such Post-Acquisition Receivables assigned to CIT for collection. CIT will generally assume the credit risk resulting from a customer’s financial inability to make payment with respect to certain credit approved Post-Acquisition Receivables. The Company or DMFA may terminate the Notification Factoring Rider, separately from the Factoring Agreement, by giving CIT at least 10 days’ prior written notice of termination. As with monies due and to become due under the Factoring Agreement generally, monies due and to become due to the Company and DMFA under the Notification Factoring Rider are pledged in favor of the Agent to secure obligations under or in connection with the Credit Agreement. |
Accounting Policies
Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Recently Adopted Accounting Standards [Abstract] |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Non-Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Reporting (Policies)
Basis of Reporting (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy | The accompanying unaudited condensed consolidated financial statements of Steven Madden, Ltd. and subsidiaries (the “Company”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) that are considered necessary for a fair presentation of the financial position of the Company, the results of its operations and cash flows for the periods presented. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the operating results for the full year. These financial statements should be read in conjunction with the financial statements and related disclosures for the year ended December 31, 2023 included in the Annual Report of Steven Madden, Ltd. on Form 10-K filed with the SEC on March 4, 2024. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy | Recently Issued Accounting Pronouncements Not Yet Adopted In August 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-05, "Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement," which is intended to provide guidance for the formation of a joint venture, including the initial measurement of assets and liabilities, the formation date, and basis of accounting. This new standard will be effective for annual reporting periods beginning on or after January 1, 2025, with early adoption permitted. The Company is currently evaluating the impact of ASU 2023-05; however, at the current time, the Company does not believe this ASU will have a material impact on its consolidated financial statements. In November 2023, the FASB issued ASU No. 2023-07, "Segment Reporting (Topic 280)," which is intended to enhance the disclosures on reportable segments. This new standard will be effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of ASU 2023-07; however, at the current time, the Company does not believe this ASU will have a material impact on its consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740)," which is intended to provide greater transparency in various income tax components that affect the rate reconciliation based on the applicable taxing jurisdictions, as well as the qualitative and quantitative aspects of those components. This new standard will be effective for annual reporting periods beginning on or after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of ASU 2023-09; however, at the current time, the Company does not believe this ASU will have a material impact on its consolidated financial statements. In March 2024, the SEC issued Release Nos. 33-11275 and 34-99678 "The Enhancement and Standardization of Climate-Related Disclosures for Investors" to improve the consistency, comparability, and reliability of disclosures on the financial effects of climate-related risks on a registrant's operations and how it manages these risks. The compliance date for this release will be fiscal year 2025 for large accelerated filers. On April 4, 2024, the SEC issued an order staying the newly adopted rules. We are currently evaluating the impact of this release on our financial disclosures. The Company has considered all new accounting pronouncements and has concluded that there are no additional pronouncements that may have a material impact on its results of operations, financial condition, and cash flows. |
Business Combinations and Asset
Business Combinations and Asset Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Purchase Price Allocation [Table Text Block] | The following table summarizes the fair value of the assets acquired and liabilities assumed as of the October 20, 2023 acquisition date: (in thousands) Fair Value Accounts receivable $ 1,394 Inventories 22,718 Factor accounts receivable 51,940 Operating lease right-of-use asset 2,902 Prepaid expenses and other current assets 172 Property and equipment, net 248 Intangibles, net (1) 32,950 Accounts payable (31,857) Accrued expenses (1,699) Operating leases - current portion (474) Operating leases - long-term portion (2,703) Total fair value excluding goodwill $ 75,591 Goodwill 10,937 Net assets acquired $ 86,528 (1) Consists of a Trademark of $9,050 and customer relationships of $23,900, both of which are amortized over 20 years. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities | The Company’s financial assets and liabilities subject to fair value measurements as of June 30, 2024 and December 31, 2023 were as follows: June 30, 2024 December 31, 2023 Fair value Level 1 Level 2 Level 3 Fair value Level 1 Level 2 Level 3 Assets: Forward contracts 648 — 648 — 708 — 708 — Total assets $ 648 $ — $ 648 $ — $ 708 $ — $ 708 $ — Liabilities: Contingent payment liability (1)(2) $ 21,500 $ — $ — $ 21,500 $ 13,300 $ — $ — $ 13,300 Forward contracts 249 — 249 — 1,904 — 1,904 — Total liabilities $ 21,749 $ — $ 249 $ 21,500 $ 15,204 $ — $ 1,904 $ 13,300 (1) On June 30, 2024, $11,957 was recorded in Contingent payment liability - current portion and $9,543 was recorded in Contingent payment liability - long-term portion. (2) On December 31, 2023, $3,325 was recorded in Contingent payment liability - current portion and $9,975 was recorded in Contingent payment liability - long-term portion. Balance at Acquisitions Adjustments (1) Balance at 2024 Liabilities: Contingent payment liability $ 13,300 $ — $ 8,200 $ 21,500 2023 Balance at Acquisitions Adjustments Balance at Liabilities: Contingent payment liability $ — $ 13,300 $ — $ 13,300 (1) In 2024, amount consists of an adjustment of $8,200 that was included as an expense related to the change in valuation of the contingent payment liability in connection with the acquisition of Almost Famous. The adjustment was recorded in the Wholesale Accessories/Apparel segment. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Operating Lease, Supplemental Balance Sheet | The following table presents the lease-related assets and liabilities recorded on the Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023: Classification on the Balance Sheet June 30, 2024 December 31, 2023 Assets Noncurrent (1) Operating lease right-of-use asset $ 143,480 $ 122,783 Liabilities Current Operating leases – current portion $ 44,961 $ 40,342 Noncurrent Operating leases – long-term portion 112,988 98,536 Total operating lease liabilities $ 157,949 $ 138,878 Weighted-average remaining lease term 4.7 years 4.5 years Weighted-average discount rate 5.2 % 5.1 % (1) During the three and six months ended June 30, 2023, the Company recorded a pre-tax impairment charge related to its right-of-use assets of $0 and $95, recorded in the Wholesale Footwear Segment. |
Schedule of Lease Costs | The following table presents the composition of lease costs during the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Operating lease cost $ 11,802 $ 10,565 $ 23,311 $ 19,703 Variable lease cost 952 1,107 1,582 1,846 Less: sublease income — 66 64 132 Total lease cost $ 12,754 $ 11,606 $ 24,829 $ 21,417 |
Schedule of Leases Supplemental Cash Flows | The following table presents supplemental cash and non-cash information related to the Company's operating leases during the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used for operating leases $ 12,326 $ 11,379 $ 24,086 $ 21,393 Noncash transactions Right-of-use asset obtained in exchange for new operating lease liabilities $ 26,692 $ 14,061 $ 42,720 $ 44,589 Right-of-use asset amortization expense (1) $ 10,676 $ 9,691 $ 22,023 $ 17,887 (1) |
Schedule of Future Minimum Lease Payments | The following table presents future minimum lease payments for each of the first five years and the total for the remaining years as of June 30, 2024: 2024 (remaining six months) $ 25,137 2025 45,714 2026 36,627 2027 25,147 2028 18,213 Thereafter 28,325 Total minimum lease payments 179,163 Less: interest 21,214 Total lease liabilities $ 157,949 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Taxes | The following table presents the provision for income taxes and the effective tax rates for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Income before provision for income taxes $ 48,224 $ 45,996 $ 106,525 $ 94,527 Income tax expense $ 11,276 $ 10,923 $ 25,015 $ 22,668 Effective tax rate 23.4% 23.7% 23.5% 24.0% |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Intangible Assets, Future Amortization Expense | The estimated future amortization expense for intangibles as of June 30, 2024 was as follows: 2024 (remaining six months) $ 2,293 2025 4,586 2026 3,827 2027 3,580 2028 3,545 Thereafter 28,354 Total $ 46,185 |
Schedule of Goodwill | The following is a summary of the carrying amount of goodwill by reporting unit as of June 30, 2024: Wholesale Net Carrying Amount Footwear Accessories/ Apparel Direct-to-Consumer Balance at January 1, 2024 $ 90,663 $ 73,625 $ 15,715 $ 180,003 Acquisitions — 641 3,083 3,724 Translation 237 — (590) (353) Balance at June 30, 2024 $ 90,900 $ 74,266 $ 18,208 $ 183,374 |
Schedule of Indentifiable Intangible Assets | The following table details identifiable intangible assets as of June 30, 2024: Estimated Lives Cost Basis (2) Accumulated Amortization Impairment & Other (1)(3) Net Carrying Amount Trademarks 10 - 20 years $ 32,195 $ (16,487) $ (2,909) $ 12,799 Customer relationships 10–20 years 62,580 (28,699) (1,681) 32,200 Re-acquired rights 2 years 1,450 (264) — 1,186 96,225 (45,450) (4,590) 46,185 Re-acquired right indefinite 35,200 — (9,413) 25,787 Trademarks indefinite 58,833 — (7,921) 50,912 $ 190,258 $ (45,450) $ (21,924) $ 122,884 (1) During the three and six months ended June 30, 2024, the Company recorded impairment charges of $0 and $1,700 related to the GREATS ® trademark. (2) During the first quarter of 2024, the Company changed its estimate of useful life of its GREATS ® trademark to 10 years and the remaining balance of $4,450 of the GREATS ® trademark is amortized over that time frame from the second quarter of 2024. (3) Includes the effect of foreign currency translation related primarily to the movements of the Canadian dollar and Mexican peso in relation to the U.S. dollar. The following table details identifiable intangible assets as of December 31, 2023: Estimated Lives Cost Basis (1) Accumulated Amortization Impairment & Other (2)(3) Net Carrying Amount Trademarks 20 years $ 27,745 $ (16,263) $ (2,545) $ 8,937 Customer relationships 10–20 years 62,580 (27,267) (1,382) 33,931 90,325 (43,530) (3,927) 42,868 Re-acquired right indefinite 35,200 — (8,862) 26,338 Trademarks indefinite 63,283 — (6,222) 57,061 $ 188,808 $ (43,530) $ (19,011) $ 126,267 (1) During the year ended December 31, 2023, the Company acquired Almost Famous, which consisted of a trademark of $9,050 and customer relationships of $23,900, both of which are amortized over 20 years. (2) During the year ended December 31, 2023, the Company recorded impairment charges of $6,520 related to the GREATS ® trademark. (3) Includes the effect of foreign currency translation related primarily to the movements of the Canadian dollar and Mexican peso in relation to the U.S. dollar. The Company evaluates its goodwill and indefinite-lived intangible assets for impairment at least annually in the beginning of the third quarter of each year and whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. The Company also periodically performs a quantitative test to assess its goodwill and indefinite-lived intangibles for impairment in lieu of using the qualitative approach in order to reassess the fair values of its reporting units and indefinite-lived intangible assets. A quantitative assessment of goodwill and indefinite-lived intangible assets was performed as of July 1, 2023. In conducting the quantitative impairment assessments for goodwill and indefinite-lived intangibles, the Company concluded that the fair values of its reporting units exceeded their carrying values and the fair values of its indefinite-lived intangibles exceeded their respective carrying values. In the fourth quarter of 2023, certain circumstances occurred that indicated potential impairment and the Company performed a valuation of the GREATS ® trademark. The estimated fair value of this trademark was determined using an excess earnings method, incorporating the use of projected financial information and a discount rate of 14.8% which was developed using market participant based assumptions. Changes in these significant unobservable inputs might result in a significantly higher or lower fair value measurement. As a result of this assessment, the GREATS ® trademark was written down from the carrying value of $12,670 to its fair value of $6,150, resulting in a pre-tax non-cash impairment charge of $6,520. Subsequently, in the first quarter of 2024, circumstances occurred that caused a change in the estimated useful life of the GREATS ® trademark from an indefinite life to an estimated useful life of 10 years, and as a result, the Company performed an impairment test. The estimated fair value of this trademark was determined using an excess earnings method, incorporating the use of projected financial information and a discount rate of 14.0% which was developed using market participant based assumptions. Changes in these significant unobservable inputs might result in a significantly higher or lower fair value measurement. As a result of this assessment, the GREATS ® trademark was written down from the carrying value of $6,150 to its fair value of $4,450, resulting in a pre-tax non-cash impairment charge of $1,700. These impairment charges were recorded in impairment of intangibles in the Company’s Consolidated Statements of Income and recognized in the Direct-to-Consumer segment. A quantitative assessment of goodwill and indefinite-lived intangible assets was performed as of July 1, 2023. In conducting the quantitative impairment assessments for goodwill and indefinite-lived intangibles, the Company concluded that the fair values of its reporting units exceeded their carrying values and the fair values of its indefinite-lived intangibles exceeded their respective carrying values. In conducting the qualitative impairment assessment for goodwill and indefinite-lived intangibles, the Company concluded that it is more likely than not that the fair values of its reporting units exceeded their carrying values and the fair values of its indefinite-lived intangibles exceeded their respective carrying values. Therefore, in 2023, as a result of the annual test, no impairment charges were recorded for goodwill and intangibles. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following is a summary of the carrying amount of goodwill by reporting unit as of June 30, 2024: Wholesale Net Carrying Amount Footwear Accessories/ Apparel Direct-to-Consumer Balance at January 1, 2024 $ 90,663 $ 73,625 $ 15,715 $ 180,003 Acquisitions — 641 3,083 3,724 Translation 237 — (590) (353) Balance at June 30, 2024 $ 90,900 $ 74,266 $ 18,208 $ 183,374 |
Schedule of Indentifiable Intangible Assets | The following table details identifiable intangible assets as of June 30, 2024: Estimated Lives Cost Basis (2) Accumulated Amortization Impairment & Other (1)(3) Net Carrying Amount Trademarks 10 - 20 years $ 32,195 $ (16,487) $ (2,909) $ 12,799 Customer relationships 10–20 years 62,580 (28,699) (1,681) 32,200 Re-acquired rights 2 years 1,450 (264) — 1,186 96,225 (45,450) (4,590) 46,185 Re-acquired right indefinite 35,200 — (9,413) 25,787 Trademarks indefinite 58,833 — (7,921) 50,912 $ 190,258 $ (45,450) $ (21,924) $ 122,884 (1) During the three and six months ended June 30, 2024, the Company recorded impairment charges of $0 and $1,700 related to the GREATS ® trademark. (2) During the first quarter of 2024, the Company changed its estimate of useful life of its GREATS ® trademark to 10 years and the remaining balance of $4,450 of the GREATS ® trademark is amortized over that time frame from the second quarter of 2024. (3) Includes the effect of foreign currency translation related primarily to the movements of the Canadian dollar and Mexican peso in relation to the U.S. dollar. The following table details identifiable intangible assets as of December 31, 2023: Estimated Lives Cost Basis (1) Accumulated Amortization Impairment & Other (2)(3) Net Carrying Amount Trademarks 20 years $ 27,745 $ (16,263) $ (2,545) $ 8,937 Customer relationships 10–20 years 62,580 (27,267) (1,382) 33,931 90,325 (43,530) (3,927) 42,868 Re-acquired right indefinite 35,200 — (8,862) 26,338 Trademarks indefinite 63,283 — (6,222) 57,061 $ 188,808 $ (43,530) $ (19,011) $ 126,267 (1) During the year ended December 31, 2023, the Company acquired Almost Famous, which consisted of a trademark of $9,050 and customer relationships of $23,900, both of which are amortized over 20 years. (2) During the year ended December 31, 2023, the Company recorded impairment charges of $6,520 related to the GREATS ® trademark. (3) Includes the effect of foreign currency translation related primarily to the movements of the Canadian dollar and Mexican peso in relation to the U.S. dollar. The Company evaluates its goodwill and indefinite-lived intangible assets for impairment at least annually in the beginning of the third quarter of each year and whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. The Company also periodically performs a quantitative test to assess its goodwill and indefinite-lived intangibles for impairment in lieu of using the qualitative approach in order to reassess the fair values of its reporting units and indefinite-lived intangible assets. A quantitative assessment of goodwill and indefinite-lived intangible assets was performed as of July 1, 2023. In conducting the quantitative impairment assessments for goodwill and indefinite-lived intangibles, the Company concluded that the fair values of its reporting units exceeded their carrying values and the fair values of its indefinite-lived intangibles exceeded their respective carrying values. In the fourth quarter of 2023, certain circumstances occurred that indicated potential impairment and the Company performed a valuation of the GREATS ® trademark. The estimated fair value of this trademark was determined using an excess earnings method, incorporating the use of projected financial information and a discount rate of 14.8% which was developed using market participant based assumptions. Changes in these significant unobservable inputs might result in a significantly higher or lower fair value measurement. As a result of this assessment, the GREATS ® trademark was written down from the carrying value of $12,670 to its fair value of $6,150, resulting in a pre-tax non-cash impairment charge of $6,520. Subsequently, in the first quarter of 2024, circumstances occurred that caused a change in the estimated useful life of the GREATS ® trademark from an indefinite life to an estimated useful life of 10 years, and as a result, the Company performed an impairment test. The estimated fair value of this trademark was determined using an excess earnings method, incorporating the use of projected financial information and a discount rate of 14.0% which was developed using market participant based assumptions. Changes in these significant unobservable inputs might result in a significantly higher or lower fair value measurement. As a result of this assessment, the GREATS ® trademark was written down from the carrying value of $6,150 to its fair value of $4,450, resulting in a pre-tax non-cash impairment charge of $1,700. These impairment charges were recorded in impairment of intangibles in the Company’s Consolidated Statements of Income and recognized in the Direct-to-Consumer segment. A quantitative assessment of goodwill and indefinite-lived intangible assets was performed as of July 1, 2023. In conducting the quantitative impairment assessments for goodwill and indefinite-lived intangibles, the Company concluded that the fair values of its reporting units exceeded their carrying values and the fair values of its indefinite-lived intangibles exceeded their respective carrying values. In conducting the qualitative impairment assessment for goodwill and indefinite-lived intangibles, the Company concluded that it is more likely than not that the fair values of its reporting units exceeded their carrying values and the fair values of its indefinite-lived intangibles exceeded their respective carrying values. Therefore, in 2023, as a result of the annual test, no impairment charges were recorded for goodwill and intangibles. |
Schedule of Intangible Assets, Future Amortization Expense | The estimated future amortization expense for intangibles as of June 30, 2024 was as follows: 2024 (remaining six months) $ 2,293 2025 4,586 2026 3,827 2027 3,580 2028 3,545 Thereafter 28,354 Total $ 46,185 |
Business Combinations and Ass_2
Business Combinations and Asset Acquisitions (Details) $ in Thousands | 6 Months Ended | |||||||
Oct. 23, 2023 | Oct. 20, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 01, 2024 USD ($) | May 15, 2024 | Mar. 01, 2024 USD ($) | Dec. 31, 2023 USD ($) | Jun. 30, 2023 USD ($) | |
Asset Acquisition [Line Items] | ||||||||
Goodwill | $ 183,374 | $ 180,003 | $ 168,967 | |||||
Contingent payment liability – long-term portion | 9,543 | 9,975 | 0 | |||||
Measurement Period Of Preliminary Estimates Of Identifiable Assets Acquired And Liabilities Assumed | 12 months | |||||||
Payments to Acquire Businesses, Gross | 4,259 | |||||||
Contingent payment liability – current portion | $ 11,957 | 3,325 | $ 1,153 | |||||
SM Fashion d.o.o. Beograd | ||||||||
Asset Acquisition [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 50.01% | |||||||
SM Distribution Latin America S. de R.L. | ||||||||
Asset Acquisition [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 51% | |||||||
Equity Method Investment, Aggregate Cost | $ 4,131 | |||||||
Customer Relationships [Member] | Measurement Input, EBITDA Multiple | ||||||||
Asset Acquisition [Line Items] | ||||||||
Level 3 Unobservable Inputs For Estimating Fair Value | 8.80% | |||||||
Customer Relationships [Member] | Measurement Input, Customer Attrition Rate | ||||||||
Asset Acquisition [Line Items] | ||||||||
Level 3 Unobservable Inputs For Estimating Fair Value | 5% | |||||||
Customer Relationships [Member] | Measurement Input, Discount Rate | Minimum | ||||||||
Asset Acquisition [Line Items] | ||||||||
Level 3 Unobservable Inputs For Estimating Fair Value | 21% | |||||||
Customer Relationships [Member] | Measurement Input, Discount Rate | Maximum | ||||||||
Asset Acquisition [Line Items] | ||||||||
Level 3 Unobservable Inputs For Estimating Fair Value | 23.50% | |||||||
Trade names [Member] | Maximum | ||||||||
Asset Acquisition [Line Items] | ||||||||
Estimated Lives | 20 years | |||||||
Almost Famous | ||||||||
Asset Acquisition [Line Items] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | $ 1,394 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 22,718 | |||||||
Business Combination, Recognized Identifiable Asset Acquired And Liability Assumed, Current Assets, Other Receivables | 51,940 | |||||||
Business Combination, Recognized Identifiable Asset Acquired And Liability Assumed, Operating Lease Right Of Use | 2,902 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 172 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 248 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 32,950 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | (31,857) | |||||||
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Accrued Liabilities | (1,699) | |||||||
Business Combination, Recognized Identifiable Asset Acquired and Liability Assumed, Operating Lease, Current | (474) | |||||||
Business Combination, Recognized Identifiable Asset Acquired And Liability Assumed, Operating Lease, Noncurrent | (2,703) | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 75,591 | |||||||
Goodwill | 10,937 | |||||||
Business Acquisition, Transaction Costs | $ 1,505 | |||||||
Contingent payment liability – long-term portion | 9,975 | |||||||
Business combination, consideration transferred | 86,528 | |||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 86,528 | |||||||
Payments to Acquire Businesses, Gross | 73,228 | |||||||
Contingent payment liability – current portion | 3,325 | |||||||
Level 3 Maximum Contingent Consideration Over 4 Year Period | $ 68,000 | |||||||
Purchase Consideration, Excess Fair Value, Goodwill, Amortization Period | 15 years | |||||||
Level 3 Minimum Contingent Consideration Over 4 Year Period | $ 0 | |||||||
Almost Famous | Trademarks [Member] | ||||||||
Asset Acquisition [Line Items] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 9,050 | |||||||
Almost Famous | Trademarks [Member] | Measurement Input, Royalty Rate | ||||||||
Asset Acquisition [Line Items] | ||||||||
Level 3 Unobservable Inputs For Estimating Fair Value | 3% | |||||||
Almost Famous | Trademarks [Member] | Measurement Input, Discount Rate | ||||||||
Asset Acquisition [Line Items] | ||||||||
Level 3 Unobservable Inputs For Estimating Fair Value | 21.80% | |||||||
Level 3 Unobservable Inputs for Estimating Contingent Payment Liability | 0.195 | 0.203 | ||||||
Almost Famous | Customer Relationships [Member] | ||||||||
Asset Acquisition [Line Items] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 23,900 | |||||||
Estimated Lives | 20 years | |||||||
Almost Famous | Customer Relationships [Member] | Minimum | ||||||||
Asset Acquisition [Line Items] | ||||||||
Estimated Lives | 10 years | |||||||
Almost Famous | Customer Relationships [Member] | Maximum | ||||||||
Asset Acquisition [Line Items] | ||||||||
Estimated Lives | 20 years | |||||||
Almost Famous | Trade names [Member] | ||||||||
Asset Acquisition [Line Items] | ||||||||
Estimated Lives | 20 years | 20 years | ||||||
Gina Group | ||||||||
Asset Acquisition [Line Items] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | $ 2,168 | |||||||
Business Combination, Recognized Identifiable Assets Acquired , Reacquired Rights | 1,450 | |||||||
Goodwill | $ 641 | |||||||
Payments to Acquire Businesses, Gross | $ 4,259 |
Business Acquisitions - Summary
Business Acquisitions - Summary of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | 6 Months Ended | ||||
Oct. 20, 2023 | Jun. 30, 2024 | Dec. 31, 2023 | Oct. 23, 2023 | Jun. 30, 2023 | |
Asset Acquisition [Line Items] | |||||
Contingent payment liability – current portion | $ 11,957 | $ 3,325 | $ 1,153 | ||
Payments to Acquire Businesses, Gross | 4,259 | ||||
Goodwill | 183,374 | 180,003 | 168,967 | ||
Contingent payment liability – long-term portion | $ 9,543 | $ 9,975 | $ 0 | ||
Maximum | Trade names [Member] | |||||
Asset Acquisition [Line Items] | |||||
Estimated Lives | 20 years | ||||
Measurement Input, Discount Rate | Minimum | Customer Relationships [Member] | |||||
Asset Acquisition [Line Items] | |||||
Level 3 Unobservable Inputs For Estimating Fair Value | 21% | ||||
Measurement Input, Discount Rate | Maximum | Customer Relationships [Member] | |||||
Asset Acquisition [Line Items] | |||||
Level 3 Unobservable Inputs For Estimating Fair Value | 23.50% | ||||
Measurement Input, EBITDA Multiple | Customer Relationships [Member] | |||||
Asset Acquisition [Line Items] | |||||
Level 3 Unobservable Inputs For Estimating Fair Value | 8.80% | ||||
Measurement Input, Customer Attrition Rate | Customer Relationships [Member] | |||||
Asset Acquisition [Line Items] | |||||
Level 3 Unobservable Inputs For Estimating Fair Value | 5% | ||||
Almost Famous | |||||
Asset Acquisition [Line Items] | |||||
Contingent payment liability – current portion | $ 3,325 | ||||
Purchase Consideration, Excess Fair Value, Goodwill, Amortization Period | 15 years | ||||
Payments to Acquire Businesses, Gross | $ 73,228 | ||||
Business combination, consideration transferred | 86,528 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 1,394 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 22,718 | ||||
Business Combination, Recognized Identifiable Asset Acquired And Liability Assumed, Current Assets, Other Receivables | 51,940 | ||||
Business Combination, Recognized Identifiable Asset Acquired And Liability Assumed, Operating Lease Right Of Use | 2,902 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 172 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 248 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 32,950 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | (31,857) | ||||
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Accrued Liabilities | (1,699) | ||||
Business Combination, Recognized Identifiable Asset Acquired and Liability Assumed, Operating Lease, Current | (474) | ||||
Business Combination, Recognized Identifiable Asset Acquired And Liability Assumed, Operating Lease, Noncurrent | (2,703) | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 75,591 | ||||
Goodwill | 10,937 | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 86,528 | ||||
Contingent payment liability – long-term portion | 9,975 | ||||
Almost Famous | Trademarks [Member] | |||||
Asset Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 9,050 | ||||
Almost Famous | Customer Relationships [Member] | |||||
Asset Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 23,900 | ||||
Estimated Lives | 20 years | ||||
Almost Famous | Trade names [Member] | |||||
Asset Acquisition [Line Items] | |||||
Estimated Lives | 20 years | 20 years | |||
Almost Famous | Minimum | Customer Relationships [Member] | |||||
Asset Acquisition [Line Items] | |||||
Estimated Lives | 10 years | ||||
Almost Famous | Maximum | Customer Relationships [Member] | |||||
Asset Acquisition [Line Items] | |||||
Estimated Lives | 20 years | ||||
Almost Famous | Measurement Input, Royalty Rate | Trademarks [Member] | |||||
Asset Acquisition [Line Items] | |||||
Level 3 Unobservable Inputs For Estimating Fair Value | 3% | ||||
Almost Famous | Measurement Input, Discount Rate | Trademarks [Member] | |||||
Asset Acquisition [Line Items] | |||||
Level 3 Unobservable Inputs For Estimating Fair Value | 21.80% |
Short-Term Investments (Details
Short-Term Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Investments, Debt and Equity Securities [Abstract] | |||
Short-term Investments | $ 11,761 | $ 15,173 | $ 16,358 |
Fair Value Measurement (Detail)
Fair Value Measurement (Detail) - (Table) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2024 USD ($) | Dec. 31, 2023 USD ($) | Oct. 20, 2023 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Assets: | |||||
Forward contracts | $ 648 | $ 708 | |||
Total assets | 648 | 708 | |||
Liabilities: | |||||
Business Combination, Contingent Consideration, Liability | 21,500 | 13,300 | $ 0 | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 249 | 1,904 | |||
Total liabilities | 21,749 | 15,204 | |||
Business Acquisition, Contingent Consideration, Acquisition | 0 | ||||
Contingent payment liability – current portion | 11,957 | 3,325 | $ 1,153 | ||
Contingent payment liability – long-term portion | 9,543 | $ 9,975 | $ 0 | ||
Business Acquisition, Contingent Consideration, Change in Estimate | $ 8,200 | ||||
Almost Famous | |||||
Liabilities: | |||||
Contingent payment liability – current portion | $ 3,325 | ||||
Contingent payment liability – long-term portion | $ 9,975 | ||||
Almost Famous | Trademarks [Member] | Measurement Input, Discount Rate | |||||
Liabilities: | |||||
Level 3 Unobservable Inputs for Estimating Contingent Payment Liability | 0.195 | 0.203 | |||
Fair Value, Inputs, Level 3 [Member] | |||||
Assets: | |||||
Total assets | $ 0 | $ 0 | |||
Liabilities: | |||||
Business Combination, Contingent Consideration, Liability | 21,500 | 13,300 | |||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | 0 | |||
Total liabilities | 21,500 | 13,300 | |||
Fair Value, Inputs, Level 2 [Member] | |||||
Assets: | |||||
Forward contracts | 648 | 708 | |||
Total assets | 648 | 708 | |||
Liabilities: | |||||
Business Combination, Contingent Consideration, Liability | 0 | 0 | |||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 249 | 1,904 | |||
Total liabilities | 249 | 1,904 | |||
Fair Value, Inputs, Level 1 [Member] | |||||
Assets: | |||||
Total assets | 0 | 0 | |||
Liabilities: | |||||
Business Combination, Contingent Consideration, Liability | 0 | 0 | |||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | 0 | |||
Total liabilities | 0 | 0 | |||
Portion at Other than Fair Value Measurement [Member] | |||||
Liabilities: | |||||
Business Combination, Contingent Consideration, Liability | $ 21,500 | ||||
Business Acquisition, Contingent Consideration, Acquisition | $ 13,300 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Lessee, Lease, Description [Line Items] | |||||
Variable Lease, Cost | $ (952) | $ (1,107) | $ (1,582) | $ (1,846) | |
Operating Lease, Payments | 12,326 | 11,379 | 24,086 | 21,393 | |
Lessee, Operating Lease, Liability, Payments, Due | 25,137 | 25,137 | |||
Operating Lease, Cost | 11,802 | 10,565 | 23,311 | 19,703 | |
Sublease Income | 0 | 66 | 64 | 132 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 26,692 | 14,061 | 42,720 | 44,589 | |
Finance Lease, Right-of-Use Asset, Amortization | 10,676 | 9,691 | 22,023 | 17,887 | |
Operating lease right-of-use asset | 143,480 | 116,871 | 143,480 | 116,871 | $ 122,783 |
Operating Lease, Impairment Loss | 0 | 95 | |||
Operating lease right-of-use asset | $ 143,480 | 116,871 | $ 143,480 | 116,871 | $ 122,783 |
Operating Lease, Weighted Average Remaining Lease Term | 4 years 8 months 12 days | 4 years 8 months 12 days | 4 years 6 months | ||
Operating Lease, Weighted Average Discount Rate, Percent | 5.20% | 5.20% | 5.10% | ||
Operating leases – current portion | $ 44,961 | 36,593 | $ 44,961 | 36,593 | $ 40,342 |
Operating leases – long-term portion | 112,988 | 96,277 | 112,988 | 96,277 | 98,536 |
Operating Lease, Liability | 157,949 | 157,949 | $ 138,878 | ||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 26,692 | 14,061 | 42,720 | 44,589 | |
Lease, Cost | 12,754 | $ 11,606 | 24,829 | $ 21,417 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 45,714 | 45,714 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 36,627 | 36,627 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 25,147 | 25,147 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 18,213 | 18,213 | |||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 28,325 | 28,325 | |||
Lessee, Operating Lease, Liability, Payments, Due | 179,163 | 179,163 | |||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 21,214 | 21,214 | |||
Operating Lease, Liability | $ 157,949 | $ 157,949 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 45,000 | 45,000 |
Share Repurchase Program Share
Share Repurchase Program Share Repurchse Program (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | May 08, 2023 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 105,302 | $ 105,302 | $ 189,900 | ||
Stock Repurchase Program, Authorized Amount | $ 250,000 | ||||
Treasury Stock Acquired, Average Cost Per Share | $ 42.48 | $ 34.55 | $ 42.69 | $ 35.78 | |
Stock Repurchased During Period, Value | $ 37,515 | $ 70,159 | |||
Shares Paid for Tax Withholding for Share Based Compensation | 34 | 16 | 143 | 124 | |
Payments Related to Tax Withholding for Share-based Compensation | $ 1,436 | $ 553 | $ 6,129 | ||
Common Stock | |||||
Stock Repurchased During Period, Shares | 868 | 773 | 1,641 | 1,739 | |
Treasury Stock Acquired, Average Cost Per Share | $ 43.22 | $ 32.66 | $ 42.76 | $ 34.39 | |
Stock Repurchased During Period, Value | $ 25,230 | $ 59,811 | |||
Payments Related to Tax Withholding for Share-based Compensation | $ 4,424 |
Net Income Per Share of Commo_2
Net Income Per Share of Common Stock (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Employee Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 24,000 | 17,000 | 12,000 | 9,000 |
Restricted Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,000 | 79,000 | 5,000 | 61,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ 48,224 | $ 45,996 | $ 106,525 | $ 94,527 |
Income Tax Expense (Benefit) | $ (11,276) | $ (10,923) | $ (25,015) | $ (22,668) |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 23.40% | 23.70% | 23.50% | 24% |
Excise and Sales Taxes | $ 331 | $ 598 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Detail) - (Table 1) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | May 24, 2019 | |
Share-Based Payment Arrangement [Abstract] | |||||||
Stock-based awards, including restricted stock and stock options granted, net of expired or cancelled | (8,637,000) | ||||||
Share Based Compensation Arrangement By Share Based Payment Award Options Vested In Period | 65,000 | 70,000 | 138,000 | 149,000 | |||
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable During Period Weighted Average Exercise Price (in Dollars per share) | $ 31.94 | $ 36.51 | $ 32.28 | $ 36.57 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,629,000 | 2,145,000 | 1,629,000 | 2,145,000 | 1,278,000 | 2,111,000 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock available for grant of stock-based awards as of June 30, 2012 | 10,363,000 | 10,363,000 | |||||
Common stock authorized | 19,000,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 200,000 | 200,000 | |||||
Share Based Compensation Arrangement By Share-Based Payment Award Equity Options Nonvested Number | 278,000 | 278,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 34.10% | 40.60% | |||||
Outstanding at June 30, 2012 | 3 years 2 months 12 days | 2 years | |||||
Exercisable at June 30, 2012 | 1,026,000 | 2,426,000 | 1,026,000 | 2,426,000 | |||
Exercisable at June 30, 2012 | 2 years 8 months 12 days | 1 year 7 months 6 days | |||||
Dividend yield | 2% | 2.50% | |||||
Exercised | (46,000) | (37,000) | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested Options Forfeited, Number of Shares | 2,000 | ||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 32.18 | $ 23.29 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 46.28 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 47.40% | 48.10% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 4% | 3.70% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 4.60% | 4% | |||||
Weighted average fair value | $ 13.22 | $ 10.95 | |||||
Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Expected life in years | 4 years | 5 years | |||||
Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Expected life in years | 3 years | 3 years | |||||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 50,930 | $ 50,930 | |||||
Restricted And Performance Based Stock Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Allocated Share-based Compensation Expense | 6,238 | $ 5,406 | 11,430 | $ 10,799 | |||
Employee Stock Option [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Allocated Share-based Compensation Expense | 603 | $ 694 | 1,149 | $ 1,440 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 2,712 | $ 2,712 |
Stock-Based Compensation (Det_2
Stock-Based Compensation (Detail) - (Table 2) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Total | $ 6,841 | $ 6,100 | $ 12,579 | $ 12,239 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 45,000 | 45,000 | ||
Stock Options [Member] | ||||
Allocated Share-based Compensation Expense | $ 603 | $ 694 | $ 1,149 | $ 1,440 |
Stock-Based Compensation (Det_3
Stock-Based Compensation (Detail) - (Table 3) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | ||||
Proceeds from stock options exercised | $ 527 | $ 606 | $ 749 | $ 870 |
Intrinsic value of stock options exercised | $ 364 | $ 224 | $ 506 | $ 358 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 4% | 3.70% | ||
Exercisable at June 30, 2012 (in Dollars per share) | $ 35.59 | $ 29.01 | $ 35.59 | $ 29.01 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 10,732 | $ 10,395 |
Stock-Based Compensation (Det_4
Stock-Based Compensation (Detail) - (Table 4) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | ||||
May 15, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted | 86 | 683,000 | 357,000 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 41.32 | $ 30.72 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 32.18 | 23.29 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 46.28 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 7,687 | $ 13,284 | |||
Forfeited | (20,000) | (24,000) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 4% | 3.70% | |||
Weighted average fair value | $ 13.22 | $ 10.95 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $ 7,296 | $ 12,779 | |||
Granted (in Dollars per share) | $ 42.11 | $ 33.19 | |||
Vested (in Dollars per share) | $ 34.42 | $ 34.78 | |||
Vested | (312,000) | (299,000) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 37.09 | $ 39.87 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 38.39 | $ 28.23 | $ 35.44 | $ 28.45 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 3 years 6 months | ||||
Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 2 months 12 days | ||||
Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expected life in years | 3 years | 3 years | |||
Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expected life in years | 4 years | 5 years |
Stock-Based Compensation (Det_5
Stock-Based Compensation (Detail) - (Table 5) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding at January 1, 2012 | 1,119 | 2,766 |
Outstanding at January 1, 2012 (in Dollars per share) | $ 35.62 | $ 29.82 |
Granted | 233 | 235 |
Exercised | (46) | (37) |
Outstanding at June 30, 2012 | 1,304 | 2,733 |
Outstanding at June 30, 2012 (in Dollars per share) | $ 36.74 | $ 29.45 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | 41.32 | 30.72 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 32.18 | $ 23.29 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Expirations in Period | (2) | (229) |
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | $ 46.47 | $ 36.01 |
Outstanding at June 30, 2012 | 3 years 2 months 12 days | 2 years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 7,687 | $ 13,284 |
Exercisable at June 30, 2012 | 1,026 | 2,426 |
Exercisable at June 30, 2012 (in Dollars per share) | $ 35.59 | $ 29.01 |
Exercisable at June 30, 2012 | 2 years 8 months 12 days | 1 year 7 months 6 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $ 7,296 | $ 12,779 |
Stock-Based Compensation (Det_6
Stock-Based Compensation (Detail) - (Table 6) - $ / shares shares in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||
Non-vested at January 1 | 1,278 | 2,111 |
Non-vested at January 1 (in Dollars per share) | $ 35.44 | $ 28.45 |
Non-vested at March 31 | 1,629 | 2,145 |
Non-vested at March 31 (in Dollars per share) | $ 38.39 | $ 28.23 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 37.09 | $ 39.87 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 3 years 6 months | |
Forfeited | (20) | (24) |
Stock-Based Compensation - Tabl
Stock-Based Compensation - Table 7 (Details) - shares | 6 Months Ended | ||
May 15, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |||
Non-vested at January 1 | 1,278,000 | 2,111,000 | |
Granted | 86 | 683,000 | 357,000 |
Vested | (312,000) | (299,000) | |
Non-vested at March 31 | 1,629,000 | 2,145,000 |
Stock-Based Compensation (Det_7
Stock-Based Compensation (Details) - shares | 6 Months Ended | ||
May 15, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |||
Granted | 86 | 683,000 | 357,000 |
Performance Shares Target Level | 185% |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Detail) - (Table 1) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Oct. 20, 2023 | |
Goodwill | $ 183,374,000 | $ 168,967,000 | $ 183,374,000 | $ 168,967,000 | $ 180,003,000 | ||
Acquisition of SM Canada | 3,724,000 | ||||||
Goodwill [Roll Forward] | |||||||
Goodwill, Foreign Currency Translation Gain (Loss) | (353,000) | ||||||
Amortization of Intangible Assets | 1,182,000 | 461,000 | 2,123,000 | 884,000 | |||
Intangible Impairment and Other | $ (19,011,000) | (21,924,000) | |||||
Amortization of Intangible Assets | 1,182,000 | $ 461,000 | 2,123,000 | $ 884,000 | |||
Almost Famous | |||||||
Goodwill | $ 10,937,000 | ||||||
Re-acquired right [Member] | |||||||
Goodwill [Roll Forward] | |||||||
Intangible Impairment and Other | (8,862,000) | (9,413,000) | |||||
Trademarks [Member] | |||||||
Goodwill [Roll Forward] | |||||||
Intangible Impairment and Other | (6,222,000) | (7,921,000) | |||||
Trade names [Member] | |||||||
Goodwill [Roll Forward] | |||||||
Intangible Impairment and Other | (2,545,000) | (2,909,000) | |||||
Customer relationships [Member] | |||||||
Goodwill [Roll Forward] | |||||||
Intangible Impairment and Other | (1,382,000) | (1,681,000) | |||||
Finite-Lived Intangible Assets | |||||||
Goodwill [Roll Forward] | |||||||
Intangible Impairment and Other | $ (3,927,000) | (4,590,000) | |||||
Customer Relationships [Member] | Almost Famous | |||||||
Goodwill [Roll Forward] | |||||||
Purchase of a trademark | 23,900 | ||||||
Wholesale Footwear | |||||||
Goodwill | 90,900,000 | 90,900,000 | 90,663,000 | ||||
Acquisition of SM Canada | 0 | ||||||
Goodwill [Roll Forward] | |||||||
Goodwill, Foreign Currency Translation Gain (Loss) | 237,000 | ||||||
Wholesale Accessories/Apparel | |||||||
Goodwill | 74,266,000 | 74,266,000 | 73,625,000 | ||||
Acquisition of SM Canada | 641,000 | ||||||
Goodwill [Roll Forward] | |||||||
Goodwill, Foreign Currency Translation Gain (Loss) | 0 | ||||||
Direct-to-Consumer | |||||||
Goodwill | 18,208,000 | 18,208,000 | $ 15,715,000 | ||||
Acquisition of SM Canada | $ 3,083,000 | ||||||
Goodwill [Roll Forward] | |||||||
Goodwill, Foreign Currency Translation Gain (Loss) | $ (590,000) |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Detail) - (Table 2) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Mar. 31, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | Oct. 23, 2023 | Oct. 20, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Finite-Lived Trade Names, Gross | $ 32,195 | $ 27,745 | |||||
Finite-Lived Customer Lists, Gross | 62,580 | 62,580 | |||||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 45,450 | 43,530 | |||||
Finite-Lived Intangible Assets, Net | 46,185 | ||||||
Finite-Lived Intangible Asserts (Excluding Goodwill) | 1,450 | ||||||
Intangible Impairment and Other | $ (19,011) | (21,924) | |||||
Indefinite-Lived Trademarks | 50,912 | 57,061 | |||||
Intangible Assets, Gross (Excluding Goodwill) | 190,258 | 188,808 | |||||
Intangibles, net | 122,884 | 126,267 | $ 101,047 | ||||
Re-acquired right [Member] | |||||||
Intangible Impairment and Other | (8,862) | (9,413) | |||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 35,200 | 35,200 | |||||
Trademarks [Member] | |||||||
Intangible Impairment and Other | (6,222) | (7,921) | |||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 58,833 | 63,283 | |||||
Trade names [Member] | |||||||
Finite-Lived Intangible Assets, Accumulated Amortization | 16,487 | 16,263 | |||||
Finite-Lived Intangible Assets, Net | 12,799 | 8,937 | |||||
Intangible Impairment and Other | (2,545) | (2,909) | |||||
Trade names [Member] | Almost Famous | |||||||
Estimated Lives | 20 years | 20 years | |||||
Customer relationships [Member] | |||||||
Finite-Lived Intangible Assets, Accumulated Amortization | 28,699 | $ 27,267 | |||||
Finite-Lived Intangible Assets, Net | 32,200 | $ 33,931 | |||||
Intangible Impairment and Other | $ (1,382) | (1,681) | |||||
Reacquired Rights | |||||||
Finite-Lived Intangible Assets, Accumulated Amortization | 264 | ||||||
Finite-Lived Intangible Assets, Net | 1,186 | ||||||
Intangible Impairment and Other | $ 0 | ||||||
Customer Relationships [Member] | Almost Famous | |||||||
Estimated Lives | 20 years | ||||||
Customer Relationships [Member] | Greats Brand Inc. | |||||||
Estimated Lives | 10 years | ||||||
Minimum | Customer relationships [Member] | |||||||
Estimated Lives | 2 years | ||||||
Minimum | Customer Relationships [Member] | Almost Famous | |||||||
Estimated Lives | 10 years | ||||||
Maximum | Trade names [Member] | |||||||
Estimated Lives | 20 years | ||||||
Maximum | Customer Relationships [Member] | Almost Famous | |||||||
Estimated Lives | 20 years |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets (Detail) - (Table 3) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | ||||||
2024 (remaining six months) | $ 2,293 | $ 2,293 | ||||
2025 | 4,586 | 4,586 | ||||
2026 | 3,827 | 3,827 | ||||
2027 | 3,580 | 3,580 | ||||
2028 | 3,545 | 3,545 | ||||
Thereafter | 28,354 | 28,354 | ||||
Total | 46,185 | 46,185 | ||||
Finite-Lived Intangible Assets, Accumulated Amortization | (45,450) | (45,450) | $ (43,530) | |||
Finite-Lived Intangible Assets, Gross | $ 96,225 | 90,325 | ||||
Accumulated amortization | (45,450) | (45,450) | (43,530) | |||
Indefinite-Lived Contractual Rights | 25,787 | 25,787 | 26,338 | |||
Indefinite-Lived Trademarks | 50,912 | 50,912 | 57,061 | |||
Intangibles, net | 122,884 | 122,884 | $ 101,047 | 126,267 | ||
Finite-Lived Intangible Assets, Net Of Amortization | 46,185 | 46,185 | 42,868 | |||
Intangible Impairment and Other | $ (19,011) | (21,924) | ||||
Finite-Lived Intangible Asserts (Excluding Goodwill) | 1,450 | |||||
Finite-Lived Customer Lists, Gross | $ 62,580 | 62,580 | ||||
Market Participant Discount Rate Assumption | 14% | 14.80% | ||||
Impairment of intangible | 1,700 | $ 0 | ||||
Greats Brand Inc. | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Indefinite-Lived Trademarks | $ 6,150 | $ 12,670 | ||||
Trademarks [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Accumulated amortization | 0 | 0 | 0 | |||
Intangible Impairment and Other | (6,222) | (7,921) | ||||
Trademarks [Member] | Greats Brand Inc. | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Impairment of intangible | 0 | 1,700 | 6,520 | |||
Re-acquired right [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Accumulated amortization | 0 | 0 | 0 | |||
Intangible Impairment and Other | (8,862) | (9,413) | ||||
Trade Names [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Total | 12,799 | 12,799 | 8,937 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | $ (16,487) | (16,487) | (16,263) | |||
Intangible Impairment and Other | (2,545) | $ (2,909) | ||||
Trade Names [Member] | Maximum | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Estimated Lives | 20 years | 20 years | ||||
Customer relationships [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Total | $ 32,200 | $ 32,200 | $ 33,931 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | (28,699) | (28,699) | $ (27,267) | |||
Intangible Impairment and Other | (1,382) | (1,681) | ||||
Customer relationships [Member] | Minimum | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Estimated Lives | 2 years | |||||
Finite-Lived Intangible Assets | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible Impairment and Other | $ (3,927) | (4,590) | ||||
Reacquired Rights | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Total | 1,186 | 1,186 | ||||
Finite-Lived Intangible Assets, Accumulated Amortization | $ (264) | (264) | ||||
Intangible Impairment and Other | $ 0 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Goodwill [Line Items] | ||||||
Amortization of Intangible Assets | $ 1,182,000 | $ 461,000 | $ 2,123,000 | $ 884,000 | ||
Indefinite-Lived Trademarks | 50,912,000 | 50,912,000 | $ 57,061,000 | |||
Impairment of intangible | $ 1,700,000 | $ 0 | ||||
Almost Famous | Trademarks [Member] | ||||||
Goodwill [Line Items] | ||||||
Purchase of a trademark | 9,050 | |||||
Almost Famous | Customer Relationships [Member] | ||||||
Goodwill [Line Items] | ||||||
Purchase of a trademark | 23,900 | |||||
Greats Brand Inc. | ||||||
Goodwill [Line Items] | ||||||
Indefinite-Lived Trademarks | $ 6,150,000 | 12,670,000 | ||||
Trademark Implied Fair Value | 4,450,000 | 6,150,000 | ||||
Greats Brand Inc. | Trademarks [Member] | ||||||
Goodwill [Line Items] | ||||||
Impairment of intangible | $ 0 | $ 1,700,000 | $ 6,520,000 |
Derivative Instruments Derivati
Derivative Instruments Derivative Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | |
Derivative Instruments [Abstract] | |||
Forward contracts | $ 648 | $ 648 | $ 708 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 249 | 249 | $ 1,904 |
Derivative, Notional Amount | 68,402 | 68,402 | |
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | $ 33 | $ 23 |
Commitments, Contingencies an_2
Commitments, Contingencies and Other Commitments (Details) | Jun. 30, 2024 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Other Commitment | $ 15,000,000 |
Letters of Credit Outstanding, Amount | $ 504,000 |
Operating Segment Information (
Operating Segment Information (Detail) - (Table 1) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenues | $ 523,553,000 | $ 445,302,000 | $ 1,075,934,000 | $ 909,136,000 |
Gross Profit | 217,129,000 | 189,870,000 | 441,944,000 | 384,962,000 |
Operating Income (Loss) | 46,870,000 | 44,040,000 | 103,616,000 | 90,551,000 |
Payments to Acquire Property, Plant, and Equipment | 5,294,000 | 4,003,000 | 9,272,000 | 7,793,000 |
Geographical [Member] | ||||
Revenues | 85,666,000 | 65,059,000 | 168,123,000 | 122,066,000 |
Corporate | ||||
Revenues | 0 | 0 | 0 | 0 |
Gross Profit | 0 | 0 | 0 | 0 |
Operating Income (Loss) | (24,087,000) | (22,667,000) | (47,716,000) | (45,221,000) |
Segment, Expenditure, Addition to Long-Lived Assets | 441,000 | 1,255,000 | 1,218,000 | 2,894,000 |
Wholesale Footwear | Operating Segments | ||||
Revenues | 237,024,000 | 234,908,000 | 532,685,000 | 517,229,000 |
Gross Profit | 79,110,000 | 79,045,000 | 187,408,000 | 186,567,000 |
Operating Income (Loss) | 38,939,000 | 43,726,000 | 102,054,000 | 105,782,000 |
Segment, Expenditure, Addition to Long-Lived Assets | 727,000 | 557,000 | 1,622,000 | 694,000 |
Wholesale Accessories/Apparel | Operating Segments | ||||
Revenues | 148,276,000 | 79,723,000 | 290,852,000 | 159,540,000 |
Gross Profit | 48,444,000 | 26,709,000 | 93,594,000 | 53,224,000 |
Operating Income (Loss) | 15,554,000 | 11,380,000 | 33,517,000 | 20,818,000 |
Segment, Expenditure, Addition to Long-Lived Assets | 94,000 | 31,000 | 188,000 | 91,000 |
Total Wholesale | Operating Segments | ||||
Revenues | 385,300,000 | 314,631,000 | 823,537,000 | 676,769,000 |
Gross Profit | 127,554,000 | 105,754,000 | 281,002,000 | 239,791,000 |
Operating Income (Loss) | 54,493,000 | 55,106,000 | 135,571,000 | 126,600,000 |
Segment, Expenditure, Addition to Long-Lived Assets | 821,000 | 588,000 | 1,810,000 | 785,000 |
Direct-to-Consumer | Operating Segments | ||||
Revenues | 136,409,000 | 128,205,000 | 248,739,000 | 227,805,000 |
Gross Profit | 87,731,000 | 81,650,000 | 157,284,000 | 140,609,000 |
Operating Income (Loss) | 15,082,000 | 10,330,000 | 13,065,000 | 6,082,000 |
Segment, Expenditure, Addition to Long-Lived Assets | 4,032,000 | 2,160,000 | 6,244,000 | 4,114,000 |
Licensing | Operating Segments | ||||
Revenues | 1,844,000 | 2,466,000 | 3,658,000 | 4,562,000 |
Gross Profit | 1,844,000 | 2,466,000 | 3,658,000 | 4,562,000 |
Operating Income (Loss) | 1,382,000 | 1,271,000 | 2,696,000 | 3,090,000 |
Segment, Expenditure, Addition to Long-Lived Assets | $ 0 | $ 0 | $ 0 | $ 0 |
Operating Segment Information_2
Operating Segment Information (Detail) - (Table 2) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting Information [Line Items] | ||||
Domestic | $ 523,553 | $ 445,302 | $ 1,075,934 | $ 909,136 |
Domestic Destination [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Domestic | 428,534 | 361,405 | 883,324 | 739,546 |
Non-US [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Domestic | 95,019 | 83,897 | 192,610 | 169,590 |
Geographical [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Domestic | $ 85,666 | $ 65,059 | $ 168,123 | $ 122,066 |
Debt (Details)
Debt (Details) - USD ($) | 6 Months Ended | ||
Mar. 25, 2022 | Jul. 22, 2020 | Jun. 30, 2024 | |
Line of Credit Facility [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||
Maximum Increase of Availability of Credit | $ 100,000,000 | ||
Line Cap Dollar Amount After Base Trigger | $ 15,000 | ||
Line of Credit Facility, Commitment Fee Percentage | 0.25% | ||
Line Cap Percentage After Base Trigger | $ 0.10 | ||
Line of credit facility, maximum borrowing capacity | 150,000,000 | ||
Line Cap Dollar Amount Before Base Trigger | 22,500,000 | ||
Line Cap Percentage Before Base Trigger | $ 0.15 | ||
Letters of credit outstanding | $ 504,000 | ||
Minimum | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Fee | 1.25 | ||
Maximum | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Fee | 2.50 | ||
Bloomberg Short-Term Bank | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1% | ||
Credit Agreement | Revolving Credit Facility | Line of Credit | |||
Line of Credit Facility [Line Items] | |||
Cash borrowings | 0 | ||
Letters of credit outstanding | $ 0 |
Factor Receivable (Detail)
Factor Receivable (Detail) - USD ($) | Apr. 03, 2023 | Jul. 22, 2020 | Jun. 30, 2024 | Oct. 23, 2023 |
Rosenthal | ||||
Factors Receivable [Line Items] | ||||
Termination Notice in Days | $ 60 | |||
Factoring Fee | 0.20% | |||
CIT Group | ||||
Factors Receivable [Line Items] | ||||
Termination Notice in Days | $ 60 | |||
Factoring Fee | 0.15% | |||
Credit Approved Receivables Purchasing Agreement, Percentage Of Loss Compensated | 50% | |||
CIT Group | Minimum | ||||
Factors Receivable [Line Items] | ||||
Credit Approved Receivables Purchasing Agreement, Base Fee, Percentage | 0.10% | |||
CIT Group | Maximum | ||||
Factors Receivable [Line Items] | ||||
Credit Approved Receivables Purchasing Agreement, Base Fee, Percentage | 0.20% |