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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Apr. 30, 2024
Apr. 30, 2023
Jul. 31, 2024
Jul. 31, 2023
Oct. 31, 2024
Oct. 31, 2023
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Cash flows from operating activities:                  
Net income/(loss) $ 2,139 $ 9,903 $ 5,705 $ 16,579 $ 10,751 $ 32,076 $ 19,209 $ 42,175 $ 92,878
Adjustments to reconcile net income to net cash provided by operating activities:                  
Non-cash corporate initiatives               0 0
Depreciation and amortization 2,288 2,557 4,582 5,039 6,960 7,278 9,312 [1],[2] 9,644 [1] 10,809 [1]
Transactional (gains)/losses (1,434) (114) (75) 849 594 204 (388) 722 (18)
Provision for inventories and accounts receivable 1,210 904 2,292 1,916 4,489 3,803 4,588 5,418 4,091
Deferred income taxes (457) (1,029) (553) (1,564) (1,582) (2,032) 827 319 (712)
Stock-based compensation 1,838 1,597 2,855 3,579 4,094 5,529 4,108 7,442 5,726
Other 82 559 171 647 265 754 413 1,020 453
Changes in assets and liabilities:                  
Trade receivables 3,384 (1,224) (2,261) (96) (30,220) (37,682) (11,550) (899) 4,244
Inventories (15,687) (7,240) (32,298) 7,230 (26,031) 9,965 (11,725) 35,675 (31,821)
Other current assets (5,090) (1,985) (8,375) (700) (4,675) 4,107 (4,589) 5,962 (6,427)
Accounts payable 1,082 (7,949) 3,493 (2,995) (3,709) (7,492) 1,842 1,541 (13,740)
Accrued liabilities 2,817 3,739 6,108 2,206 11,224 12,336 3,102 (6,011) (1,127)
Accrued payroll and benefits (1,257) (9,844) 618 (6,529) 2,369 (7,039) 475 (9,922) (7,705)
Income taxes receivable 4,714 (1,159) 4,508 (5,985) 8,982 (4,515) 9,532 (3,744) 6,850
Income taxes payable (13,785) (10,986) (22,962) (12,245) (20,954) (10,487) (21,971) (13,832) (4,779)
Other non-current assets 95 635 276 1,003 (3,141) 1,293 (4,278) 1,877 (4,561)
Other non-current liabilities (13) 139 6 292 (43) (730) (411) (609) 180
Net cash (used in)/provided by operating activities (18,074) (21,497) (35,910) 9,226 (40,627) 7,368 (1,504) 76,778 54,341
Cash flows from investing activities:                  
Capital expenditures             (7,966) (8,223) (7,085)
Long-term investments             (5,667) (3,107) (3,263)
Trademarks and other intangibles             (109) (144) (202)
Net cash used in investing activities             (13,742) (11,474) (10,550)
Cash flows from financing activities:                  
Dividends paid             (31,069) (53,146) (31,363)
Stock repurchases             (2,628) (3,116) (31,413)
Purchase of incremental ownership of joint venture             0 0 (1,886)
Distribution of noncontrolling interest earnings             (604) (1,431) (1,056)
Stock awards and options exercised and other changes             (1,101) 97 489
Debt issuance cost             0 0 (85)
Net cash used in financing activities             (35,402) (57,596) (65,314)
Effect of exchange rate changes on cash, cash equivalents and restricted cash             (2,952) 2,927 (4,014)
Net (decrease)/increase in cash, cash equivalents and restricted cash             (53,600) 10,635 (25,537)
Cash, cash equivalents and restricted cash at beginning of year 262,814 252,179 262,814 252,179 262,814 252,179 262,814 252,179 277,716
Cash, cash equivalents and restricted cash at end of year             209,214 262,814 252,179
Reconciliation of cash, cash equivalents and restricted cash:                  
Cash and cash equivalents $ 225,372 $ 198,257 $ 198,251 $ 218,909 $ 181,548 $ 200,965 208,501 262,059 251,584
Restricted cash included in other non-current assets             713 755 595
Cash, cash equivalents, and restricted cash             $ 209,214 $ 262,814 $ 252,179
[1] The operating income in the Watch and Accessory Brands segment included $30.0 million, $30.8 million and $37.0 million of unallocated corporate expenses for the fiscal years ended January 31, 2025, 2024 and 2023, respectively, and $67.0 million, $71.5 million and $81.0 million of certain intercompany profits related to the Company's supply chain operations for the fiscal years ended January 31, 2025, 2024 and 2023, respectively.
[2] The operating income in the Watch and Accessory Brands segment included a pre-tax charge of $4.6 million related to the Company's cost-savings initiative for the fiscal year ended January 31, 2025 and a pre-tax charge of $2.5 million of professional fees related to the investigation of allegations of misconduct within the Dubai branch of the Company's Swiss subsidiary.