(State or other jurisdiction of | (I.R.S. Employer Identification No.) | |
incorporation or organization) | ||
x | Accelerated filer | ☐ | Emerging growth company | ||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||
Title of each class | Trading symbol(s) | Name of each exchange on which registered |
June 30, 2019 | December 31, 2018 | June 30, 2018 | ||||||||||
(unaudited) | (unaudited) | |||||||||||
ASSETS | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | $ | $ | |||||||||
Accounts receivable, net of allowances of $12,570, $10,849 and $1,292 | ||||||||||||
Factor accounts receivable | ||||||||||||
Inventories | ||||||||||||
Marketable securities – available for sale | ||||||||||||
Prepaid expenses and other current assets | ||||||||||||
Prepaid taxes | ||||||||||||
Total current assets | ||||||||||||
Note receivable – related party | ||||||||||||
Property and equipment, net | ||||||||||||
Operating lease right-of-use asset | ||||||||||||
Deposits and other | ||||||||||||
Marketable securities – available for sale | ||||||||||||
Deferred taxes | ||||||||||||
Goodwill – net | ||||||||||||
Intangibles – net | ||||||||||||
Total Assets | $ | $ | $ | |||||||||
LIABILITIES | ||||||||||||
Current liabilities: | ||||||||||||
Accounts payable | $ | $ | $ | |||||||||
Accrued expenses | ||||||||||||
Operating leases - current portion | ||||||||||||
Contingent payment liability – current portion | ||||||||||||
Accrued incentive compensation | ||||||||||||
Total current liabilities | ||||||||||||
Contingent payment liability | ||||||||||||
Deferred rent | ||||||||||||
Operating leases - long-term portion | ||||||||||||
Deferred taxes | ||||||||||||
Other liabilities | ||||||||||||
Total Liabilities | ||||||||||||
Commitments, contingencies and other (Note N) | ||||||||||||
STOCKHOLDERS’ EQUITY | ||||||||||||
Preferred stock – $.0001 par value, 5,000 shares authorized; none issued; Series A Junior Participating preferred stock – $.0001 par value, 60 shares authorized; none issued | ||||||||||||
Common stock – $.0001 par value, 245,000 shares authorized, 132,681, 131,991 and 131,778 shares issued, 84,821, 85,715 and 87,726 shares outstanding | ||||||||||||
Additional paid-in capital | ||||||||||||
Retained earnings | ||||||||||||
Accumulated other comprehensive loss | ( | ) | ( | ) | ( | ) | ||||||
Treasury stock 47,860, 46,276 and 44,052 shares at cost | ( | ) | ( | ) | ( | ) | ||||||
Total Steven Madden, Ltd. stockholders’ equity | ||||||||||||
Noncontrolling interest | ||||||||||||
Total stockholders’ equity | ||||||||||||
Total Liabilities and Stockholders’ Equity | $ | $ | $ | |||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Net sales | $ | $ | $ | $ | ||||||||||||
Cost of sales | ||||||||||||||||
Gross profit | ||||||||||||||||
Commission and licensing fee income – net | ||||||||||||||||
Operating expenses | ||||||||||||||||
Impairment charges | — | |||||||||||||||
Income from operations | ||||||||||||||||
Interest and other income – net | ||||||||||||||||
Income before provision for income taxes | ||||||||||||||||
Provision for income taxes (Note J) | ||||||||||||||||
Net income | ||||||||||||||||
Less: net (loss)/income attributable to noncontrolling interest | ( | ) | ||||||||||||||
Net income attributable to Steven Madden, Ltd. | $ | $ | $ | $ | ||||||||||||
Basic net income per share | $ | $ | $ | $ | ||||||||||||
Diluted net income per share | $ | $ | $ | $ | ||||||||||||
Basic weighted average common shares outstanding | ||||||||||||||||
Effect of dilutive securities – options/restricted stock | ||||||||||||||||
Diluted weighted average common shares outstanding | ||||||||||||||||
Cash dividends declared per common share | $ | $ | $ | $ | ||||||||||||
Three Months Ended June 30, 2019 | Six Months Ended June 30, 2019 | |||||||||||||||||||||||
Pre-tax amounts | Tax benefit/(expense) | After-tax amounts | Pre-tax amounts | Tax benefit/(expense) | After-tax amounts | |||||||||||||||||||
Net income | $ | $ | ||||||||||||||||||||||
Other comprehensive income: | ||||||||||||||||||||||||
Foreign currency translation adjustment | $ | $ | $ | $ | ||||||||||||||||||||
(Loss) on cash flow hedging derivatives | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||
Unrealized gain on marketable securities | ( | ) | ( | ) | ||||||||||||||||||||
Total other comprehensive income | $ | $ | $ | $ | ||||||||||||||||||||
Comprehensive income | ||||||||||||||||||||||||
Less: comprehensive (loss)/income attributable to noncontrolling interests | ( | ) | ||||||||||||||||||||||
Comprehensive income attributable to Steven Madden, Ltd. | $ | $ | ||||||||||||||||||||||
Three Months Ended June 30, 2018 | Six Months Ended June 30, 2018 | |||||||||||||||||||||||
Pre-tax amounts | Tax (expense) | After-tax amounts | Pre-tax amounts | Tax (expense) | After-tax amounts | |||||||||||||||||||
Net income | $ | $ | ||||||||||||||||||||||
Other comprehensive (loss): | ||||||||||||||||||||||||
Foreign currency translation adjustment | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||||||||||
Gain on cash flow hedging derivatives | ( | ) | ( | ) | ||||||||||||||||||||
Unrealized gain on marketable securities | ( | ) | ( | ) | ||||||||||||||||||||
Total other comprehensive (loss) | $ | ( | ) | $ | ( | ) | ( | ) | $ | ( | ) | $ | ( | ) | ( | ) | ||||||||
Comprehensive income | ||||||||||||||||||||||||
Less: comprehensive income attributable to noncontrolling interests | ||||||||||||||||||||||||
Comprehensive income attributable to Steven Madden, Ltd. | $ | $ | ||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) | Treasury Stock | Non-Controlling Interest | Total Stockholders' Equity | ||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||
Balance - March 31, 2019 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | |||||||||||||||||||||||
Share repurchases | ( | ) | — | — | — | — | ( | ) | — | ( | ) | |||||||||||||||||||||||
Exercise of stock options | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Issuance of restricted stock, net of forfeitures | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | ( | ) | ||||||||||||||||||||||||||
Unrealized holding gain on securities (net of tax expense of $4) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Cash flow hedge (net of tax benefit of $136) | — | — | — | — | ( | ) | — | — | — | ( | ) | |||||||||||||||||||||||
Dividends on common stock ($0.14 per share) | — | — | — | ( | ) | — | — | — | — | ( | ) | |||||||||||||||||||||||
Distributions to non-controlling interests, net | — | — | — | — | — | — | — | ( | ) | ( | ) | |||||||||||||||||||||||
Net income/(loss) | — | — | — | — | — | — | ( | ) | ||||||||||||||||||||||||||
Balance - June 30, 2019 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | |||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) | Treasury Stock | Non-Controlling Interest | Total Stockholders' Equity | ||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||
Balance - December 31, 2018 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | |||||||||||||||||||||||
Share repurchases | ( | ) | — | — | — | — | ( | ) | — | ( | ) | |||||||||||||||||||||||
Exercise of stock options | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Issuance of restricted stock, net of forfeitures | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | ( | ) | ||||||||||||||||||||||||||
Unrealized holding gain on securities (net of tax expense of $21) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Cash flow hedge (net of tax benefit of $196) | — | — | — | — | ( | ) | — | — | — | ( | ) | |||||||||||||||||||||||
Dividends on common stock ($0.28 per share) | — | — | — | ( | ) | — | — | — | — | ( | ) | |||||||||||||||||||||||
Distributions to non-controlling interests, net | — | — | — | — | — | — | — | ( | ) | ( | ) | |||||||||||||||||||||||
Non-controlling investment in JV | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Balance - June 30, 2019 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | |||||||||||||||||||||||
Common Stock | Additional Paid‑in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) | Treasury Stock | Non-Controlling Interest | Total Stockholders' Equity | ||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||
Balance - March 31, 2018 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | |||||||||||||||||||||||
Share repurchases | ( | ) | — | — | — | — | ( | ) | — | ( | ) | |||||||||||||||||||||||
Exercise of stock options | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Issuance of restricted stock, net of forfeitures | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | ( | ) | — | — | ( | ) | ||||||||||||||||||||||||
Unrealized holding gain on securities (net of tax expense of $21) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Cash flow hedge (net of tax expense of $136) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Dividends on common stock ($0.13 per share) | — | — | — | ( | ) | — | — | — | — | ( | ) | |||||||||||||||||||||||
Net income | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Balance - June 30, 2018 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | |||||||||||||||||||||||
Common Stock | Additional Paid‑in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) | Treasury Stock | Non-Controlling Interest | Total Stockholders' Equity | ||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||
Balance - December 31, 2017 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | |||||||||||||||||||||||
Share repurchases | ( | ) | — | — | — | — | ( | ) | — | ( | ) | |||||||||||||||||||||||
Exercise of stock options | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Issuance of restricted stock, net of forfeitures | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | ( | ) | — | — | ( | ) | ||||||||||||||||||||||||
Unrealized holding gain on securities (net of tax expense of $18) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Cash flow hedge (net of tax expense of $369) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Dividends on common stock ($0.26 per share) | — | — | — | ( | ) | — | — | — | — | ( | ) | |||||||||||||||||||||||
Net income | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Balance - June 30, 2018 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | |||||||||||||||||||||||
Six Months Ended June 30, | ||||||||
2019 | 2018 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | $ | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Stock-based compensation | ||||||||
Depreciation and amortization | ||||||||
Loss/(gain) on disposal of fixed assets | ( | ) | ||||||
Impairment of intangible | ||||||||
Deferred taxes | ||||||||
Accrued interest on note receivable - related party | ( | ) | ( | ) | ||||
Deferred rent benefit | ( | ) | ||||||
Realized loss on sale of marketable securities | ||||||||
Net benefit in connection with the reversal of a contingent liability partially offset by the acceleration of amortization related to the termination of the Kate Spade license agreement | ( | ) | ||||||
Recovery, net of provisions for bad debt expense, related to the Payless ShoeSource bankruptcy | ( | ) | ||||||
Changes, net of acquisitions, in: | ||||||||
Accounts receivable | ( | ) | ||||||
Factor accounts receivable | ( | ) | ( | ) | ||||
Notes receivable - related party | ||||||||
Inventories | ( | ) | ( | ) | ||||
Prepaid expenses, prepaid taxes, deposits and other | ( | ) | ||||||
Accounts payable and accrued expenses | ||||||||
Accrued incentive compensation | ( | ) | ( | ) | ||||
Lease and other liabilities | ( | ) | ( | ) | ||||
Net cash provided by operating activities | ||||||||
Cash flows from investing activities: | ||||||||
Capital expenditures | ( | ) | ( | ) | ||||
Purchases of marketable securities | ( | ) | ( | ) | ||||
Maturity/sale of marketable securities | ||||||||
Net cash provided by investing activities | ||||||||
Cash flows from financing activities: | ||||||||
Proceeds from exercise of stock options | ||||||||
Investment of noncontrolling interest | ||||||||
Distribution of noncontrolling interest earnings | ( | ) | ||||||
Payment of contingent liability | ( | ) | ||||||
Common stock purchased for treasury | ( | ) | ( | ) | ||||
Cash dividends paid on common stock | ( | ) | ( | ) | ||||
Net cash (used in) financing activities | ( | ) | ( | ) | ||||
Effect of exchange rate changes on cash and cash equivalents | ( | ) | ||||||
Net increase in cash and cash equivalents | ||||||||
Cash and cash equivalents – beginning of period | ||||||||
Cash and cash equivalents – end of period | $ | $ | ||||||
Maturities as of June 30, 2019 | Maturities as of December 31, 2018 | ||||||||||||||
1 Year or Less | 1 to 4 Years | 1 Year or Less | 1 to 4 Years | ||||||||||||
Corporate bonds | $ | $ | $ | $ | |||||||||||
Certificates of deposit | |||||||||||||||
Total | $ | $ | $ | $ | |||||||||||
• | 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. |
June 30, 2019 | ||||||||||||||||
Fair Value Measurements | ||||||||||||||||
Fair value | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | ||||||||||||||||
Cash equivalents | $ | $ | $ | $ | ||||||||||||
Current marketable securities – available for sale | ||||||||||||||||
Total assets | $ | $ | $ | $ | ||||||||||||
Liabilities: | ||||||||||||||||
Forward contracts | $ | $ | $ | $ | ||||||||||||
Total liabilities | $ | $ | $ | $ | ||||||||||||
December 31, 2018 | ||||||||||||||||
Fair Value Measurements | ||||||||||||||||
Fair value | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | ||||||||||||||||
Cash equivalents | $ | $ | $ | $ | ||||||||||||
Current marketable securities – available for sale | ||||||||||||||||
Forward contracts | — | — | ||||||||||||||
Total assets | $ | $ | $ | $ | ||||||||||||
Liabilities: | ||||||||||||||||
Contingent consideration | $ | $ | $ | $ | ||||||||||||
Total liabilities | $ | $ | $ | $ | ||||||||||||
Balance at January 1, | Payments | Acquisitions | Change in estimate | Balance at June 30, | ||||||||||||
2019 | ||||||||||||||||
Liabilities: | ||||||||||||||||
Contingent consideration | $ | — | — | ( | ) | $ | ||||||||||
Balance at January 1, | Payments | Acquisitions | Change in estimate | Balance at December 31, | ||||||||||||
2018 | ||||||||||||||||
Liabilities: | ||||||||||||||||
Contingent consideration | $ | ( | ) | — | 3,000 | |||||||||||
Classification on the Balance Sheet | June 30, 2019 | ||||
Assets | |||||
Noncurrent | Operating lease right-of-use asset | $ | |||
Liabilities | |||||
Current | Operating leases - current portion | $ | |||
Noncurrent | Operating leases - long-term portion | ||||
Total operating lease liabilities | $ | ||||
Weighted-average remaining lease term | |||||
Weighted-average discount rate(1) | % | ||||
Three Months Ended June 30, 2019 | Six Months Ended June 30, 2019 | ||||||
Operating lease cost | $ | $ | |||||
Short-term lease cost | |||||||
Less: Sublease Income | |||||||
Total lease cost | $ | $ | |||||
Six Months Ended June 30, 2019 | |||
Cash paid for amounts included in the measurement of lease liabilities | |||
Operating cash flows used for operating leases | $ | ||
Operating Leases | |||
2019 (remaining six months) | $ | ||
2020 | |||
2021 | |||
2022 | |||
2023 | |||
Thereafter | |||
Total minimum lease payments | |||
Less: interest | |||
Present value of lease liabilities | $ | ||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Income before provision for income taxes | $ | $ | $ | $ | |||||||||||
Provision for income taxes | $ | $ | $ | $ | |||||||||||
Effective tax rate | % | % | % | % | |||||||||||
Common stock authorized | ||
Stock-based awards, including restricted stock and stock options granted, net of expired or cancelled | ( | ) |
Common stock available for grant of stock-based awards as of June 30, 2019 | ||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Restricted stock | $ | $ | $ | $ | |||||||||||
Stock options | |||||||||||||||
Total | $ | $ | $ | $ | |||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Proceeds from stock options exercised | $ | $ | $ | $ | |||||||||||
Intrinsic value of stock options exercised | $ | $ | $ | $ | |||||||||||
2019 | 2018 | |||
Volatility | 32.0% to 33.4% | 25.1% to 27.2% | ||
Risk free interest rate | 2.3% to 2.5% | 2.1% to 2.7% | ||
Expected life in years | 3.0 to 5.0 | 3.0 to 5.0 | ||
Dividend yield | ||||
Weighted average fair value | $ | $ | ||
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||
Outstanding at January 1, 2019 | $ | ||||||||||||
Granted | |||||||||||||
Exercised | ( | ) | |||||||||||
Outstanding at June 30, 2019 | $ | $ | |||||||||||
Exercisable at June 30, 2019 | $ | $ | |||||||||||
2019 | 2018 | |||||||||||||
Number of Shares | Weighted Average Fair Value at Grant Date | Number of Shares | Weighted Average Fair Value at Grant Date | |||||||||||
Outstanding at January 1, | $ | $ | ||||||||||||
Granted | ||||||||||||||
Vested | ( | ) | ( | ) | ||||||||||
Forfeited | ( | ) | ( | ) | ||||||||||
Outstanding at June 30, | $ | $ | ||||||||||||
Wholesale | Net Carrying Amount | |||||||||||||||
Footwear | Accessories | Retail | ||||||||||||||
Balance at January 1, 2019 | $ | $ | $ | $ | ||||||||||||
Translation and other | ||||||||||||||||
Balance at June 30, 2019 | $ | $ | $ | $ | ||||||||||||
Estimated Lives | Cost Basis | Accumulated Amortization (1) | Impairment (2) (3) | Net Carrying Amount | ||||||||||||||
Trade names | 6–10 years | $ | $ | $ | — | $ | ||||||||||||
Customer relationships | — | |||||||||||||||||
License agreements | 3–6 years | — | ||||||||||||||||
Non-compete agreement | — | |||||||||||||||||
Re-acquired right | — | |||||||||||||||||
Other | — | |||||||||||||||||
Re-acquired right | indefinite | — | ||||||||||||||||
Trademarks | indefinite | 8,095 | ||||||||||||||||
$ | $ | $ | 8,095 | $ | ||||||||||||||
2019 (remaining six months) | $ | ||
2020 | |||
2021 | |||
2022 | |||
2023 | |||
Thereafter | |||
$ | |||
As of and for the three months ended, | Wholesale Footwear | Wholesale Accessories | Total Wholesale | Retail | First Cost | Licensing | Consolidated | |||||||||||||||||||||
June 30, 2019 | ||||||||||||||||||||||||||||
Net sales to external customers | $ | $ | $ | $ | $ | — | $ | — | $ | |||||||||||||||||||
Gross profit | — | — | ||||||||||||||||||||||||||
Commissions and licensing fees – net | ||||||||||||||||||||||||||||
Income/(loss) from operations | ( | ) | ||||||||||||||||||||||||||
Segment assets | $ | $ | ||||||||||||||||||||||||||
Capital expenditures | $ | $ | $ | $ | $ | |||||||||||||||||||||||
June 30, 2018 | ||||||||||||||||||||||||||||
Net sales to external customers | $ | $ | $ | $ | $ | — | $ | — | $ | |||||||||||||||||||
Gross profit | — | — | ||||||||||||||||||||||||||
Commissions and licensing fees – net | — | |||||||||||||||||||||||||||
Income from operations | ||||||||||||||||||||||||||||
Segment assets | $ | $ | ||||||||||||||||||||||||||
Capital expenditures | $ | $ | $ | $ | $ | |||||||||||||||||||||||
As of and for the six months ended, | Wholesale Footwear | Wholesale Accessories | Total Wholesale | Retail | First Cost | Licensing | Consolidated | |||||||||||||||||||||
June 30, 2019 | ||||||||||||||||||||||||||||
Net sales to external customers | $ | $ | $ | $ | $ | — | $ | — | $ | |||||||||||||||||||
Gross profit | — | — | ||||||||||||||||||||||||||
Commissions and licensing fees – net | ||||||||||||||||||||||||||||
Income/(loss) from operations | ( | ) | ||||||||||||||||||||||||||
Segment assets | $ | $ | ||||||||||||||||||||||||||
Capital expenditures | $ | $ | $ | $ | $ | |||||||||||||||||||||||
June 30, 2018 | ||||||||||||||||||||||||||||
Net sales to external customers | $ | $ | $ | $ | $ | — | $ | — | $ | |||||||||||||||||||
Gross profit | — | — | ||||||||||||||||||||||||||
Commissions and licensing fees – net | — | |||||||||||||||||||||||||||
Income/(loss) from operations | ( | ) | ||||||||||||||||||||||||||
Segment assets | $ | $ | ||||||||||||||||||||||||||
Capital expenditures | $ | $ | $ | $ | $ | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Domestic (a) | $ | $ | $ | $ | ||||||||||||
International | ||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||
(a) Includes revenues of $99,284 and $174,106 for the three and six months ended June 30, 2019, respectively, and $93,655 and $190,688 for the comparable periods in 2018 related to sales to U.S. customers where the title is transferred outside the U.S. and the sale is recorded by our international business. | ||||||||||||||||
• | net sales |
• | gross profit margin |
• | operating expenses |
• | income from operations |
• | adjusted EBITDA |
• | adjusted EBIT |
• | inventory turnover |
• | accounts receivable average collection days |
• | cash flow and liquidity determined by the Company’s working capital and free cash flow |
• | store metrics, such as same store sales, sales per square foot, average unit retail, conversion, average units per transaction, and contribution margin. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
($ in thousands) | |||||||||||||||
Net Income | $ | 36,111 | $ | 32,445 | $ | 71,376 | $ | 61,643 | |||||||
Add back: | |||||||||||||||
Provision for income taxes | 9,784 | 10,172 | 20,371 | 18,128 | |||||||||||
Provision for legal charges | — | — | — | 2,837 | |||||||||||
Provision for early lease termination charges | 1,543 | 1,241 | 2,292 | 1,241 | |||||||||||
(Recovery) and provisions for bad debt expense, net of recovery related to the Payless ShoeSource bankruptcy (in First Cost segment) | (143 | ) | — | 1,409 | — | ||||||||||
Recovery related to the Payless ShoeSource bankruptcy (in Wholesale Footwear segment) | (1,668 | ) | — | (1,668 | ) | — | |||||||||
Schwartz & Benjamin acquisition integration charges and related restructuring | — | 1,131 | — | 1,381 | |||||||||||
Net benefit in connection with the reversal of a contingent liability partially offset by the acceleration of amortization related to the termination of the Kate Spade license agreement | — | — | (1,868 | ) | — | ||||||||||
Impairment of the Brian Atwood trademark | 4,050 | — | 4,050 | — | |||||||||||
Divisional headquarters relocation expenses | 669 | — | 669 | — | |||||||||||
Deduct: | |||||||||||||||
Interest and other income – net* | 1,262 | 1,033 | 2,454 | 1,630 | |||||||||||
Adjusted EBIT | 49,084 | 43,956 | 94,177 | 83,600 | |||||||||||
Add back: | |||||||||||||||
Depreciation and amortization | 5,325 | 5,385 | 10,545 | 10,727 | |||||||||||
Loss/(gain) on disposal of fixed assets | 412 | (143 | ) | 737 | (14 | ) | |||||||||
Adjusted EBITDA | $ | 54,821 | $ | 49,198 | $ | 105,459 | $ | 94,313 | |||||||
2019 | 2018 | |||||||||||||
CONSOLIDATED: | ||||||||||||||
Net sales | $ | 444,974 | 100.0 | % | $ | 395,753 | 100.0 | % | ||||||
Cost of sales | 279,629 | 62.8 | % | 247,979 | 62.7 | % | ||||||||
Gross profit | 165,345 | 37.2 | % | 147,774 | 37.3 | % | ||||||||
Commission and licensing fee income – net of expenses | 3,147 | 0.7 | % | 2,244 | 0.6 | % | ||||||||
Operating expenses | 119,809 | 26.9 | % | 108,434 | 27.4 | % | ||||||||
Impairment charges | 4,050 | 0.9 | % | — | — | % | ||||||||
Income from operations | 44,633 | 10.0 | % | 41,584 | 10.5 | % | ||||||||
Interest and other income – net | 1,262 | 0.3 | % | 1,033 | 0.3 | % | ||||||||
Income before income taxes | 45,895 | 10.3 | % | 42,617 | 10.8 | % | ||||||||
Net income attributable to Steven Madden, Ltd. | $ | 36,572 | 8.2 | % | $ | 32,410 | 8.2 | % | ||||||
By Segment: | ||||||||||||||
WHOLESALE FOOTWEAR SEGMENT: | ||||||||||||||
Net sales | $ | 286,237 | 100.0 | % | $ | 252,134 | 100.0 | % | ||||||
Cost of sales | 191,580 | 66.9 | % | 173,178 | 68.7 | % | ||||||||
Gross profit | 94,657 | 33.1 | % | 78,956 | 31.3 | % | ||||||||
Operating expenses | 52,178 | 18.2 | % | 50,040 | 19.8 | % | ||||||||
Impairment charges | 4,050 | 1.4 | % | — | — | % | ||||||||
Income from operations | $ | 38,429 | 13.4 | % | $ | 28,916 | 11.5 | % | ||||||
WHOLESALE ACCESSORIES SEGMENT: | ||||||||||||||
Net sales | $ | 77,265 | 100.0 | % | $ | 69,271 | 100.0 | % | ||||||
Cost of sales | 55,253 | 71.5 | % | 47,226 | 68.2 | % | ||||||||
Gross profit | 22,012 | 28.5 | % | 22,045 | 31.8 | % | ||||||||
Operating expenses | 17,262 | 22.3 | % | 15,528 | 22.4 | % | ||||||||
Income from operations | $ | 4,750 | 6.1 | % | $ | 6,517 | 9.4 | % | ||||||
RETAIL SEGMENT: | ||||||||||||||
Net sales | $ | 81,472 | 100.0 | % | $ | 74,348 | 100.0 | % | ||||||
Cost of sales | 32,796 | 40.3 | % | 27,575 | 37.1 | % | ||||||||
Gross profit | 48,676 | 59.7 | % | 46,773 | 62.9 | % | ||||||||
Operating expenses | 50,369 | 61.8 | % | 42,866 | 57.7 | % | ||||||||
(Loss)/income from operations | $ | (1,693 | ) | (2.1 | )% | $ | 3,907 | 5.3 | % | |||||
Number of stores | 224 | 208 | ||||||||||||
FIRST COST SEGMENT: | ||||||||||||||
Other commission income – net of expenses | $ | 951 | 100.0 | % | $ | 623 | 100.0 | % | ||||||
LICENSING SEGMENT: | ||||||||||||||
Licensing income – net of expenses | $ | 2,196 | 100.0 | % | $ | 1,621 | 100.0 | % | ||||||
2019 | 2018 | |||||||||||||
CONSOLIDATED: | ||||||||||||||
Net sales | $ | 855,914 | 100.0 | % | $ | 784,767 | 100.0 | % | ||||||
Cost of sales | 533,572 | 62.3 | % | 496,260 | 63.2 | % | ||||||||
Gross profit | 322,342 | 37.7 | % | 288,507 | 36.8 | % | ||||||||
Commission and licensing fee income – net of expenses | 4,374 | 0.5 | % | 5,903 | 0.8 | % | ||||||||
Operating expenses | 233,373 | 27.3 | % | 216,269 | 27.6 | % | ||||||||
Impairment charges | 4,050 | 0.5 | % | — | — | % | ||||||||
Income from operations | 89,293 | 10.4 | % | 78,141 | 10.0 | % | ||||||||
Interest and other income – net | 2,454 | 0.3 | % | 1,630 | 0.2 | % | ||||||||
Income before income taxes | 91,747 | 10.7 | % | 79,771 | 10.2 | % | ||||||||
Net income attributable to Steven Madden, Ltd. | $ | 71,097 | 8.3 | % | $ | 61,083 | 7.8 | % | ||||||
By Segment: | ||||||||||||||
WHOLESALE FOOTWEAR SEGMENT: | ||||||||||||||
Net sales | $ | 562,825 | 100.0 | % | $ | 527,190 | 100.0 | % | ||||||
Cost of sales | 369,847 | 65.7 | % | 357,946 | 67.9 | % | ||||||||
Gross profit | 192,978 | 34.3 | % | 169,244 | 32.1 | % | ||||||||
Operating expenses | 102,227 | 18.2 | % | 101,951 | 19.3 | % | ||||||||
Impairment charges | 4,050 | 0.7 | % | — | — | % | ||||||||
Income from operations | $ | 86,701 | 15.4 | % | $ | 67,293 | 12.8 | % | ||||||
WHOLESALE ACCESSORIES SEGMENT: | ||||||||||||||
Net sales | $ | 148,772 | 100.0 | % | $ | 125,370 | 100.0 | % | ||||||
Cost of sales | 104,844 | 70.5 | % | 85,710 | 68.4 | % | ||||||||
Gross profit | 43,928 | 29.5 | % | 39,660 | 31.6 | % | ||||||||
Operating expenses | 34,311 | 23.1 | % | 30,734 | 24.5 | % | ||||||||
Income from operations | $ | 9,617 | 6.5 | % | $ | 8,926 | 7.1 | % | ||||||
RETAIL SEGMENT: | ||||||||||||||
Net sales | $ | 144,317 | 100.0 | % | $ | 132,207 | 100.0 | % | ||||||
Cost of sales | 58,881 | 40.8 | % | 52,604 | 39.8 | % | ||||||||
Gross profit | 85,436 | 59.2 | % | 79,603 | 60.2 | % | ||||||||
Operating expenses | 96,835 | 67.1 | % | 83,584 | 63.2 | % | ||||||||
(Loss) from operations | $ | (11,399 | ) | (7.9 | )% | $ | (3,981 | ) | (3.0 | )% | ||||
Number of stores | 224 | 208 | ||||||||||||
FIRST COST SEGMENT: | ||||||||||||||
Other commission income – net of expenses | $ | 535 | 100.0 | % | $ | 1,491 | 100.0 | % | ||||||
LICENSING SEGMENT: | ||||||||||||||
Licensing income – net of expenses | $ | 3,839 | 100.0 | % | $ | 4,412 | 100.0 | % | ||||||
Payment due by period | ||||||||||||||||||||
Contractual Obligations | Total | Remainder of 2019 | 2020-2021 | 2022-2023 | 2024 and after | |||||||||||||||
Operating lease obligations | $ | 219,693 | $ | 23,422 | $ | 84,433 | $ | 53,159 | $ | 58,679 | ||||||||||
Purchase obligations | 91,099 | 91,099 | — | — | — | |||||||||||||||
Future minimum royalty and advertising payments | 34,150 | 5,355 | 16,910 | 11,885 | — | |||||||||||||||
Transition tax | 17,973 | 1,563 | 3,126 | 4,493 | 8,791 | |||||||||||||||
Total | $ | 362,915 | $ | 121,439 | $ | 104,469 | $ | 69,537 | $ | 67,470 | ||||||||||
Period | Total Number of Shares Purchased (1) | Average Price Paid per Share (1) | Total Number of Shares Purchased as part of Publicly Announced Plans or Programs | Maximum Dollar Amount of Shares that May Yet Be Purchased Under the Plans or Programs | |||||||||
4/1/2019 - 4/30/2019 | 9,415 | $ | 33.99 | — | $ | 200,000 | |||||||
5/1/2019 - 5/31/2019 | 568,011 | $ | 32.28 | 565,695 | $ | 181,751 | |||||||
6/1/2019 - 6/30/2019 | 481,270 | $ | 31.89 | 470,333 | $ | 166,754 | |||||||
Total | 1,058,696 | $ | 32.12 | 1,036,028 | $ | 166,754 | |||||||
101 | The following materials from Steven Madden, Ltd.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019, formatted in XBRL (Extensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Income, (iii) the Condensed Consolidated Statements of Comprehensive Income, (iv) the Condensed Consolidated Statements of Changes in Stockholders' Equity, (v) the Condensed Consolidated Statements of Cash Flows, and (vi) Notes to Condensed Consolidated Financial Statements, tagged as blocks of text* |
† | Filed herewith |
# | Indicates management contract or compensatory plan or arrangement required to be identified pursuant to Item 6 of this Quarterly Report on Form 10-Q. |
* | This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof and irrespective of any general incorporation language in any filing, except to the extent the Company specifically incorporates it by reference. |
STEVEN MADDEN, LTD. |
/s/ EDWARD R. ROSENFELD |
Edward R. Rosenfeld |
Chairman and Chief Executive Officer |
/s/ ARVIND DHARIA |
Arvind Dharia |
Chief Financial Officer |
NAME | MAILING ADDRESS |
Alan N. Forman, Esq. | Berlack, Israels & Liberman LLP |
120 West 45th Street | |
New York, NY 10036 | |
/s/ ALAN N. FORMAN |
Alan N. Forman, Incorporator |
52-16 Barnett Avenue |
Long Island City, NY 11104 |
By: /s/Steven Madden |
Name: Steven Madden |
Title President & CEO |
By: /s/Steven Madden |
Name: Steven Madden |
Title President & CEO |
(a) | to select the Eligible Employees, Consultants and Non-Employee Directors to whom Awards may from time to time be granted hereunder; |
(b) | to determine whether and to what extent Awards, or any combination thereof, are to be granted hereunder to one or more Eligible Employees, Consultants or Non-Employee Directors; |
(c) | to determine the number of shares of Common Stock to be covered by each Award granted hereunder; |
(d) | to determine the terms and conditions, not inconsistent with the terms of this Plan, of any Award granted hereunder (including, but not limited to, the exercise or purchase price (if any), any restriction or limitation, any vesting schedule or acceleration thereof, or any forfeiture restrictions or waiver thereof, regarding any |
(e) | to determine whether, to what extent and under what circumstances grants of Options and other Awards under this Plan are to operate on a tandem basis and/or in conjunction with or apart from other awards made by the Company outside of this Plan; |
(f) | to determine whether and under what circumstances a Stock Option may be settled in cash, Common Stock and/or Restricted Stock under Section 6.3(d); |
(g) | to determine whether, to what extent and under what circumstances Common Stock and other amounts payable with respect to an Award under this Plan shall be deferred either automatically or at the election of the Participant in any case, in a manner intended to comply with, Section 409A of the Code; |
(h) | to determine whether a Stock Option is an Incentive Stock Option or Non-Qualified Stock Option; |
(i) | to determine whether to require a Participant, as a condition of the granting of any Award, to not sell or otherwise dispose of shares acquired pursuant to the exercise of an Award for a period of time as determined by the Committee, in its sole discretion, following the date of the acquisition of such Award; and |
(j) | to set the performance criteria and the Performance Period with respect to any Award for which the grant, vesting or payment of such Award is conditioned upon the attainment of specified performance criteria and to certify the attainment of any such performance criteria. |
(a) | The Committee may, in its sole discretion, designate employees of the Company and professional advisors to assist the Committee in the administration of this Plan and (to the extent permitted by applicable law and applicable exchange rules) may grant authority to officers to grant Awards and/or execute agreements or other documents on behalf of the Committee. |
(b) | The Committee may, in its sole discretion, employ such legal counsel, consultants and agents as it may deem desirable for the administration of this Plan and may rely upon any opinion received from any such counsel or consultant and any computation received from any such consultant or agent. Expenses incurred by the Committee or the Board in the engagement of any such counsel, consultant or agent shall be paid by the Company. The Committee, its members and any person designated pursuant to sub-section (a) above shall not be liable for any action or determination made in good faith with respect to this Plan. To the maximum extent permitted by applicable law, no officer of the Company or member or former member of the Committee or of the Board shall be liable for any action or determination made in good faith with respect to this Plan or any Award granted under it. |
(a) | General Limitations. The aggregate number of shares of Common Stock that may be issued or used for reference purposes or with respect to which Awards may be granted under this Plan shall not exceed 11,000,000 shares (subject to any increase or decrease pursuant to Section 4.2), which may be either authorized and unissued Common Stock or Common Stock held in or acquired for the treasury of the Company or both. Any shares of Common Stock that are subject to Awards that are not Appreciation Awards shall be counted against this limit as 3.0 shares for every share granted. If any Appreciation Award granted under this Plan expires, terminates, is cancelled or is forfeited for any reason, the number of shares of Common Stock underlying any such Award shall again be available for the purpose of Awards under this Plan and added back to the aggregate maximum limit. If any Awards that are not Appreciation Awards granted under this Plan to a Participant expire, terminate, are cancelled or are forfeited for any reason, 3.0 shares of Common Stock shall again be available for the purposes of Awards under this Plan and added back to the aggregate maximum limit. If a Tandem Stock Appreciation Right or a Limited Stock Appreciation Right is granted in tandem with an Option, such grant shall only apply once against the maximum number of shares of Common Stock which may be issued under this Plan. The number of shares of Common Stock available for the purpose of Awards under this Plan shall be reduced by (i) the total number of Stock Options or Stock Appreciation Rights exercised, regardless of whether any of the shares of Common Stock underlying such Awards are not actually issued to the Participant as the result of a net settlement, (ii) any shares of Common Stock used to pay any exercise price or tax withholding obligation with respect to any Award and (iii) any shares of Common Stock repurchased by the Company on the open market with the proceeds of an Stock Option exercise price. |
(b) | Individual Participant Limitations. |
(a) | The existence of this Plan and the Awards granted hereunder shall not affect in any way the right or power of the Board or the stockholders of the Company to make or authorize (i) any adjustment, recapitalization, reorganization or other change in the Company’s capital structure or its business, (ii) any merger or consolidation of the Company or any Affiliate, (iii) any issuance of bonds, debentures, preferred or prior preference stock ahead of or affecting the Common Stock, (iv) the dissolution or liquidation of the Company or any Affiliate, (v) any sale or transfer of all or part of the assets or business of the Company or any Affiliate or (vi) any other corporate act or proceeding. |
(b) | Subject to the provisions of Section 4.2(d), if there shall occur any such change in the capital structure of the Company by reason of any stock split, reverse stock split, stock dividend, subdivision, combination or reclassification of shares that may be issued under the Plan, any recapitalization, any merger, any consolidation, any spin off, any reorganization or any partial or complete liquidation, or any other corporate transaction or event having an effect similar to any of the foregoing (a “Section 4.2 Event”), then (i) the aggregate number and/or kind of shares that thereafter may be issued under the Plan, (ii) the number and/or kind of shares or other property (including cash) to be issued upon exercise of an outstanding Award or under other Awards granted under the Plan, (iii) the purchase price thereof, and/or (iv) the individual Participant limitations set forth in Section 4.1(b) (other than those based on cash limitations) shall be appropriately adjusted. In addition, subject to Section 4.2(d), if there shall occur any change in the capital structure or the business of the Company that is not a Section 4.2 Event (an “Other Extraordinary Event”), including by reason of any extraordinary dividend (whether cash or stock), any conversion, any adjustment, any issuance of any class of securities convertible or exercisable |
(c) | Fractional shares of Common Stock resulting from any adjustment in Awards pursuant to Section 4.2(a) or (b) shall be aggregated until, and eliminated at, the time of exercise by rounding-down for fractions less than one-half and rounding-up for fractions equal to or greater than one-half. No cash settlements shall be made with respect to fractional shares eliminated by rounding. Notice of any adjustment shall be given by the Committee to each Participant whose Award has been adjusted and such adjustment (whether or not such notice is given) shall be effective and binding for all purposes of this Plan. |
(d) | In the event of an Acquisition Event, the Committee may, in its sole discretion, terminate all outstanding and unexercised Stock Options or Stock Appreciation Rights or any Other Stock Based Award that provides for a Participant-elected exercise effective as of the date of the Acquisition Event, by delivering notice of termination to each Participant at least 20 days prior to the date of consummation of the Acquisition Event, in which case during the period from the date on which such notice of termination is delivered to the consummation of the Acquisition Event, each such Participant shall have the right to exercise in full all of his or her vested Stock Options or Stock Appreciation Rights that are then outstanding (without regard to any limitations on exercisability otherwise contained in the Award agreements), but any such exercise shall be contingent on the occurrence of the Acquisition Event, and, provided that, if the Acquisition Event does not take place within a specified period after giving such notice for any reason whatsoever, the notice and exercise pursuant thereto shall be null and void. |
(a) | Exercise Price. The exercise price per share of Common Stock subject to a Stock Option shall be determined by the Committee at the time of grant, provided that the per share exercise price of a Stock Option shall not be less than 100% (or, in the case of an Incentive Stock Option granted to a Ten Percent Stockholder, 110%) of the Fair Market Value of the Common Stock at the time of grant. |
(b) | Stock Option Term. The term of each Stock Option shall be fixed by the Committee, provided that no Stock Option shall be exercisable more than seven (7) years after the date the Option is granted; and provided further that the term of an Incentive Stock Option granted to a Ten Percent Stockholder shall not exceed five (5) years. |
(c) | Exercisability. (i) Stock Options shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Committee at grant. |
(d) | Method of Exercise. Subject to whatever installment exercise and waiting period provisions apply under subsection (c) above, to the extent vested, Stock Options may be exercised in whole or in part at any time during the Option term, by giving written notice of exercise to the Company specifying the number of shares of Common Stock to be purchased. Such notice shall be in a form acceptable to the Company and shall be accompanied by payment in full of the purchase price as follows: (i) in cash or by check, bank draft or money order payable to the order of the Company; (ii) solely to the extent permitted by applicable law, if the Common Stock is traded on The Nasdaq Stock Market or another national securities exchange |
(e) | Non-Transferability of Options. No Stock Option shall be Transferable by the Participant other than by will or by the laws of descent and distribution, and all Stock Options shall be exercisable, during the Participant’s lifetime, only by the Participant. Notwithstanding the foregoing, the Committee may determine, in its sole discretion, at the time of grant or thereafter that a Non-Qualified Stock Option that is otherwise not Transferable pursuant to this Section is Transferable to a Family Member in whole or in part and in such circumstances, and under such conditions, as determined by the Committee, in its sole discretion. A Non-Qualified Stock Option that is Transferred to a Family Member pursuant to the preceding sentence (i) may not be subsequently Transferred otherwise than by will or by the laws of descent and distribution and (ii) remains subject to the terms of this Plan and the applicable Award agreement. Any shares of Common Stock acquired upon the exercise of a Non-Qualified Stock Option by a permissible transferee of a Non-Qualified Stock Option or a permissible transferee pursuant to a Transfer after the exercise of the Non-Qualified Stock Option shall be subject to the terms of this Plan and the applicable Award agreement. |
(f) | Incentive Stock Option Limitations. To the extent that the aggregate Fair Market Value (determined as of the time of grant) of the Common Stock with respect to which Incentive Stock Options are exercisable for the first time by an Eligible Employee during any calendar year under this Plan and/or any other stock option plan of the Company, any Subsidiary or any Parent exceeds $100,000, such Options shall be treated as Non-Qualified Stock Options. Should any provision of this Plan not be necessary in order for the Stock Options to qualify as Incentive Stock Options, or should any additional provisions be required, the Committee may, in its sole discretion, amend this Plan accordingly, without the necessity of obtaining the approval of the stockholders of the Company. |
(g) | Form, Modification, Extension and Renewal of Stock Options. Subject to the terms and conditions and within the limitations of this Plan, Stock Options shall be evidenced by such form of agreement or grant as is approved by the Committee, and the Committee may, in its sole discretion (i) modify or extend outstanding Stock Options granted under this Plan (provided that the rights of a Participant are not reduced without his or her consent and provided further that such action does not |
(h) | Early Exercise. The Committee may provide that a Stock Option include a provision whereby the Participant may elect at any time before the Participant’s Termination to exercise the Stock Option as to any part or all of the shares of Common Stock subject to the Stock Option prior to the full vesting of the Stock Option, and such shares shall be subject to the provisions of Article VIII and treated as Restricted Stock. Any unvested shares of Common Stock so purchased may be subject to a repurchase option in favor of the Company or to any other restriction the Committee determines to be appropriate. |
(i) | Other Terms and Conditions. Stock Options may contain such other provisions, which shall not be inconsistent with any of the terms of this Plan, as the Committee shall, in its sole discretion, deem appropriate. |
(a) | Base Price. The exercise price per share of Common Stock subject to a Tandem Stock Appreciation Right shall be determined by the Committee at the time of grant, provided that the per share base price of a Tandem Stock Appreciation Right shall not be less than 100% of the Fair Market Value of the Common Stock at the time of grant. |
(b) | Term. A Tandem Stock Appreciation Right or applicable portion thereof granted with respect to a Reference Stock Option shall terminate and no longer be exercisable upon the termination or exercise of the Reference Stock Option, except that, unless otherwise determined by the Committee, in its sole discretion, at the time of grant, a Tandem Stock Appreciation Right granted with respect to less than the full number of shares covered by the Reference Stock Option shall not be reduced until and then only to the extent the exercise or termination of the Reference Stock Option causes the number of shares covered by the Tandem Stock Appreciation Right to equal or exceed the number of shares remaining available and unexercised under the Reference Stock Option. |
(c) | Exercisability. Tandem Stock Appreciation Rights shall be exercisable only at such time or times and to the extent that the Reference Stock Options to which they relate shall be exercisable in accordance with the provisions of Article VI, and shall be subject to the provisions of Section 6.3(c). |
(d) | Method of Exercise. A Tandem Stock Appreciation Right may be exercised by the Participant by surrendering the applicable portion of the Reference Stock Option. Upon such exercise and surrender, the Participant shall be entitled to receive an amount determined in the manner prescribed in this Section 7.2. Stock Options which have been so surrendered, in whole or in part, shall no longer be exercisable to the extent the related Tandem Stock Appreciation Rights have been exercised. |
(e) | Payment. Upon the exercise of a Tandem Stock Appreciation Right, a Participant shall be entitled to receive up to, but no more than, an amount in cash or a number of shares of Common Stock (as determined by the Committee, in its sole discretion, on the date of grant) equal in value to the excess of the Fair Market Value of one share of Common Stock over the Option exercise price per share specified in the Reference Stock Option agreement, multiplied by the number of shares in respect of which the Tandem Stock Appreciation Right shall have been exercised. |
(f) | Deemed Exercise of Reference Stock Option. Upon the exercise of a Tandem Stock Appreciation Right, the Reference Stock Option or part thereof to which such Stock Appreciation Right is related shall be deemed to have been exercised for the purpose of the limitation set forth in Article IV of the Plan on the number of shares of Common Stock to be issued under the Plan. |
(g) | Non-Transferability. Tandem Stock Appreciation Rights shall be Transferable only when and to the extent that the underlying Stock Option would be Transferable under Section 6.3(e) of the Plan. |
(a) | Exercise Price. The base price per share of Common Stock subject to a Non-Tandem Stock Appreciation Right shall be determined by the Committee at the time of grant, provided that the per share base price of a Non-Tandem Stock Appreciation Right shall not be less than 100% of the Fair Market Value of the Common Stock at the time of grant. |
(b) | Term. The term of each Non-Tandem Stock Appreciation Right shall be fixed by the Committee, but shall not be greater than 7 years after the date the right is granted. |
(c) | Exercisability. Non-Tandem Stock Appreciation Rights shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Committee at grant. Notwithstanding any other provision of this Plan to the contrary, the vesting period with respect to any such right shall be no less than (A) one year, if the vesting is based (in whole or in part) on the attainment of one or more Performance Goals, and (B) three years, if the vesting is based solely on the continued performance of services by the Participant (with vesting as to no more than one-third of the shares of Common Stock subject thereto on each of the first three anniversaries of the date of grant). |
(d) | Method of Exercise. Subject to whatever installment exercise and waiting period provisions apply under subsection (c) above, Non-Tandem Stock Appreciation Rights may be exercised in whole or in part at any time in accordance with the applicable Award agreement, by giving written notice of exercise to the Company specifying the number of Non-Tandem Stock Appreciation Rights to be exercised. |
(e) | Payment. Upon the exercise of a Non-Tandem Stock Appreciation Right, a Participant shall be entitled to receive, for each right exercised, up to, but no more than, an amount in cash or a number of shares of Common Stock (as determined by the Committee, in its sole discretion, on the date of grant) equal in value to the excess of the Fair Market Value of one share of Common Stock on the date the right is exercised over the Fair Market Value of one share of Common Stock on the date the right was awarded to the Participant. |
(f) | Non-Transferability. No Non-Tandem Stock Appreciation Rights shall be Transferable by the Participant otherwise than by will or by the laws of descent and distribution, and all such rights shall be exercisable, during the Participant’s lifetime, only by the Participant. |
(a) | Purchase Price. The purchase price of Restricted Stock, if any, shall be fixed by the Committee. Subject to Section 4.3, the purchase price for shares of Restricted Stock may be zero to the extent permitted by applicable law, and, to the extent not so permitted, such purchase price may not be less than par value. |
(b) | Acceptance. Awards of Restricted Stock must be accepted within a period of 60 days (or such other period as the Committee may specify) after the grant date, by execution of a Restricted Stock agreement and by payment of the purchase price (if any) the Committee has designated thereunder. |
(c) | Legend. Each Participant receiving Restricted Stock shall be issued a stock certificate in respect of such shares of Restricted Stock, unless the Committee elects to use another system, such as book entries by the transfer agent, as evidencing ownership of shares of Restricted Stock. Such certificate shall be registered in the name of such Participant, and shall, in addition to such legends required by applicable securities laws, bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Award, substantially in the following form: |
(d) | Custody. If stock certificates are issued in respect of shares of Restricted Stock, the Committee may require that any stock certificates evidencing such shares be held in custody by the Company until the restrictions thereon shall have lapsed, and that, as a condition of any grant of Restricted Stock, the Participant shall have delivered a duly signed stock power, endorsed in blank, relating to the Common Stock covered by such Award. |
(a) | Restriction Period. (b) General. The Participant shall not be permitted to Transfer shares of Restricted Stock awarded under this Plan during the period or periods set by the Committee (the “Restriction Period”) commencing on the date of such Award, as set forth in a Restricted Stock Award agreement, and such agreement shall set forth a vesting schedule and any events which would accelerate vesting of the shares of Restricted Stock. Within those limits, the Committee may condition the grant or provide for the lapse of such restrictions in installments in whole or in part, or may accelerate the vesting of Restricted Stock. |
(c) | Rights as a Stockholder. Except as provided in this subsection (b) and subsection (a) above and as otherwise determined by the Committee, the Participant shall have, with respect to the shares of Restricted Stock, all of the rights of a holder of shares of Common Stock of the Company including, without limitation, the right to receive any dividends, the right to vote such shares and, subject to and conditioned upon the full vesting of shares of Restricted Stock, the right to tender such shares. The Committee may, in its sole discretion, determine at the time of grant that dividends shall be accumulated and payment deferred until, and conditioned upon, the expiration of the applicable Restriction Period. |
(d) | Lapse of Restrictions. If and when the Restriction Period expires without a prior forfeiture of the Restricted Stock, the certificates for such shares shall be delivered to the Participant. All legends shall be removed from said certificates at the time of delivery to the Participant, except as otherwise required by applicable law or other limitations imposed by the Committee. |
(a) | General. Restricted Stock Units shall be subject to such limits and conditions as are set forth in an Award Agreement, which shall set forth a vesting schedule and any events which would accelerate vesting of the Restricted Stock Units. Notwithstanding any other provision of this Plan to the contrary, the vesting period with respect to any Restricted Stock Unit shall be no less than (A) one year, if the vesting is based (in whole or in part) on the attainment of one or more Performance Goals, and (B) three years, if the vesting is based solely on the continued performance of services by the Participant (with vesting as to no more than one-third of the shares of Common Stock subject thereto on each of the first three anniversaries of the date of grant. |
(b) | Objective Performance Goals, Formulae or Standards. If the grant or vesting of Restricted Stock Units is based on the attainment of Performance Goals, the Committee shall establish the Performance Goals and the applicable vesting percentage of the Restricted Stock Unit Award applicable to each Participant or class of Participants in writing prior to the beginning of the applicable Performance Period or at such later date as otherwise determined by the Committee. Such Performance Goals may incorporate provisions for disregarding (or adjusting for) changes in accounting methods, corporate transactions (including, without limitation, dispositions and acquisitions) and other similar type events or circumstances. The applicable Performance Goals shall be based on one or more of the performance criteria set forth in Exhibit A hereto or such other criteria as the Committee may determine from time to time. |
(c) | Acceleration. Subject to the terms of this Plan, the Committee shall be authorized (at the time of grant or thereafter) to provide for the earlier lapsing of restrictions in the event of a Participant’s Retirement, death or Disability. |
(a) | Earning of Performance Share Award. At the expiration of the applicable Performance Period, the Committee shall determine the extent to which the Performance Goals established pursuant to Section 10.2(c) are achieved and the percentage of each Performance Share Award that has been earned. |
(b) | Non-Transferability. Subject to the applicable provisions of the Award agreement and this Plan, Performance Shares may not be Transferred during the Performance Period. |
(c) | Objective Performance Goals, Formulae or Standards. The Committee shall establish the objective Performance Goals for the earning of Performance Shares based on a Performance Period applicable to each Participant or class of Participants in writing prior to the beginning of the applicable Performance Period or at such later date as the Committee shall determine. Such Performance Goals may incorporate provisions for disregarding (or adjusting for) changes in accounting methods, corporate transactions (including, without limitation, dispositions and acquisitions) and other similar type events or circumstances. The applicable Performance Goals shall be based on one or more of the performance criteria set forth in Exhibit A hereto or such other performance criteria as the Committee shall establish. |
(d) | Dividends. Unless otherwise determined by the Committee at the time of grant, amounts equal to any dividends declared during the Performance Period with respect to the number of shares of Common Stock covered by a Performance Share will not be paid to the Participant. |
(e) | Payment. Following the Committee’s determination in accordance with subsection (a) above, shares of Common Stock or, as determined by the Committee in its sole discretion, the cash equivalent of such shares shall be delivered to the Eligible Employee, Consultant or Non-Employee Director, or his legal representative, in an amount equal to such individual’s earned Performance Shares. Notwithstanding the foregoing, the Committee may, in its sole discretion, award an amount less than the earned Performance Shares and/or subject the payment of all or part of any Performance Shares to additional vesting, forfeiture and deferral conditions as it deems appropriate. |
(f) | Vesting. |
(a) | Non-Transferability. Subject to the applicable provisions of the Award agreement and this Plan, shares of Common Stock subject to Awards made under this Article XI may not be Transferred prior to the date on which the shares are issued, or, if later, the date on which any applicable restriction, performance or deferral period lapses. |
(b) | Dividends. Unless otherwise determined by the Committee at the time of Award, subject to the provisions of the Award agreement and this Plan, the recipient of an Award under this Article XI shall not be entitled to receive, currently or on a deferred basis, dividends or dividend equivalents with respect to the number of shares of Common Stock covered by the Award. |
(c) | Vesting. |
(d) | Price. Common Stock issued on a bonus basis under this Article XI may be issued for no cash consideration; Common Stock purchased pursuant to a purchase right awarded under this Article XI shall be priced, as determined by the Committee in its sole discretion. |
(e) | Payment. The form of payment for the Other Stock-Based Award shall be specified in the Award agreement. |
(a) | Vesting of Performance-Based Cash Award. (i) General. The vesting schedule with respect to any Performance Share Award shall be no less than one year, and shall be based in whole or in part on the attainment of one or more Performance Goals. |
(b) | Objective Performance Goals, Formulae or Standards. |
(c) | Payment. Following the Committee’s determination and certification in accordance with subsection (a) above, the Performance-Based Cash Award amount shall be delivered to the Eligible Employee, Consultant or Non-Employee Director, or his legal representative, in accordance with the terms and conditions of the Award agreement. If the Award agreement does not provide when such amount will be paid, except as provided in the next sentence, such amount shall be paid by no later than the later of: (i) March 15 of the year following the year in which the applicable Performance Period ends; or (ii) two and one-half (2½) months after the expiration of the fiscal year of the Company in which the applicable Performance Period ends. Notwithstanding the foregoing, the Committee may place such conditions on the payment of the payment of all or any portion of any Performance-Based Cash Award as the Committee may determine and the Committee may (x) provide that the payment of all or any portion of any Performance-Based Cash Award shall be deferred and (y) permit a Participant to elect to defer receipt of all or a portion of any Performance-Based Cash Award. To the extent applicable, any deferral under this Section 12.2(d) shall be made in a manner intended to comply with the applicable requirements of Section 409A of the Code. |
(a) | Rules Applicable to Stock Options and Stock Appreciation Rights. Unless otherwise determined by the Committee at grant (or, if no rights of the Participant are reduced, thereafter): |
(b) | Rules Applicable to Restricted Stock, Restricted Stock Units, Performance Shares, Other Stock-Based Awards and Performance-Based Cash Awards. Unless otherwise determined by the Committee at grant or thereafter, and except as otherwise provided in Article XIV, upon a Participant’s Termination for any reason: (i) during the relevant Restriction Period, all Restricted Stock still subject to restriction shall be forfeited; and (ii) any unvested Restricted Stock Units, Performance Shares, Other Stock-Based Awards or Performance-Based Cash Awards shall be forfeited. |
(a) | increase the aggregate number of shares of Common Stock that may be issued under this Plan pursuant to Section 4.1 (except by operation of Section 4.2); |
(b) | increase the maximum individual Participant limitations for a fiscal year under Section 4.1(b) (except by operation of Section 4.2); |
(c) | change the classification of Eligible Employees or Consultants eligible to receive Awards under this Plan; |
(d) | decrease the minimum option price of any Stock Option or Stock Appreciation Right; |
(e) | extend the maximum option period under Section 6.3; |
(f) | other than adjustments or substitutions in accordance with Section 4.2, amend the terms of outstanding Awards to reduce the exercise price or base amount of outstanding Stock Options or Stock Appreciation Rights or to cancel outstanding Stock Options or Stock Appreciation Rights in exchange for cash, other Awards or Stock Options or Stock Appreciation Rights with an exercise price or base amount that is less than the exercise price or base amount of the original Stock Options or Stock Appreciation Rights; |
(g) | award any Stock Option or Stock Appreciation Right in replacement of a canceled Stock Option or Stock Appreciation Right with a higher exercise price, except in accordance with Section 6.3(g); or |
(h) | require stockholder approval in order for this Plan to continue to comply with the applicable provisions of Section 422 of the Code. |
(a) | Unless otherwise determined by the Committee, as long as the Common Stock is listed on a national securities exchange or quoted in the over-the-counter market, the issuance of any shares of Common Stock pursuant to an Award shall be conditioned upon such shares being listed on such exchange or quoted in such market. The Company shall have no obligation to issue such shares unless and until such shares are so listed or quoted, and the right to exercise any Option or other Award with respect to such shares shall be suspended until such listing has been effected. |
(b) | If at any time counsel to the Company shall be of the opinion that any sale or delivery of shares of Common Stock pursuant to an Option or other Award is or may in the circumstances be unlawful or result in the imposition of excise taxes on the Company under the statutes, rules or regulations of any applicable jurisdiction, the Company shall have no obligation to make such sale or delivery, or to make any application or to effect or to maintain any qualification or registration under the Securities Act or otherwise, with respect to shares of Common Stock or Awards, and the right to exercise any Option or other Award shall be suspended until, in the opinion of said |
(c) | Upon termination of any period of suspension under this Section 17.6, any Award affected by such suspension which shall not then have expired or terminated shall be reinstated as to all shares available before such suspension and as to shares which would otherwise have become available during the period of such suspension, but no such suspension shall extend the term of any Award. |
(d) | A Participant shall be required to supply the Company with any certificates, representations and information that the Company requests and otherwise cooperate with the Company in obtaining any listing, registration, qualification, exemption, consent or approval the Company deems necessary or appropriate. |
1. | Performance goals established for purposes of the grant or vesting of Awards shall be based on the attainment of certain target levels of, or a specified increase or decrease (as applicable) in one or more of the following performance goals (“Performance Goals”): |
(a) | earnings per share; |
(b) | operating income; |
(c) | net income; |
(d) | cash flow; |
(e) | gross profit; |
(f) | gross profit return on investment; |
(g) | gross margin return on investment; |
(h) | gross margin; |
(i) | working capital; |
(j) | earnings before interest and taxes; |
(k) | earnings before interest, tax, depreciation and amortization; |
(l) | return on equity; |
(m) | return on assets; |
(n) | return on capital; |
(o) | revenue growth; |
(p) | total shareholder return; |
(q) | economic value added; |
(r) | specified objectives with regard to limiting the level of increase in all or a portion of the Company’s bank debt or other long-term or short-term public or private debt or other similar financial obligations of the Company, which may be calculated net of cash balances and/or other offsets and adjustments as may be established by the Committee in its sole discretion; |
(s) | the Fair Market Value of the shares of the Company’s Common Stock; |
(t) | the growth in the value of an investment in the Company’s Common Stock assuming the reinvestment of dividends; |
(u) | reduction in expenses; |
(v) | customer satisfaction; |
(w) | customer loyalty; |
(x) | style indexes; |
(y) | number of new patents; |
(z) | employee retention; |
(aa) | market share; |
(bb) | market segment share; |
(cc) | product release schedules; |
(dd) | new product innovation; |
(ee) | new product introduction; |
(ff) | product cost reduction through advanced technology; |
(gg) | brand recognition and/or acceptance; |
(hh) | ship targets; or |
2. | The Committee may, in its sole discretion, also exclude, or adjust to reflect, the impact of an event or occurrence which the Committee determines should be appropriately excluded or adjusted, including: |
(a) | restructurings, discontinued operations, extraordinary items or events, and other unusual or non-recurring charges as described in Accounting Standards Codification (ASC) 225 and/or ASC 360 and/or management’s discussion and analysis of financial condition and results of operations appearing or incorporated by reference in the Company’s Form 10-K for the applicable year; |
(b) | an event either not directly related to the operations of the Company or not within the reasonable control of the Company’s management; or |
(c) | a change in tax law or accounting standards required by GAAP. |
3. | Performance goals may also be based upon individual Participant performance goals, as determined by the Committee, in its sole discretion. |
4. | In addition, such Performance Goals may be based upon the attainment of specified levels of Company (or subsidiary, division, other operational unit or administrative department of the Company) performance under one or more of the measures described above relative to the performance of other corporations. The Committee may: |
(a) | designate additional business criteria on which the performance goals may be based; or |
(b) | adjust, modify or amend the aforementioned business criteria. |
1. | I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2019 of Steven Madden, Ltd.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ EDWARD R. ROSENFELD |
Edward R. Rosenfeld |
Chairman and Chief Executive Officer |
August 5, 2019 |
1. | I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2019 of Steven Madden, Ltd.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ ARVIND DHARIA |
Arvind Dharia |
Chief Financial Officer |
August 5, 2019 |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ EDWARD R. ROSENFELD |
Edward R. Rosenfeld |
Chairman and Chief Executive Officer |
August 5, 2019 |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ ARVIND DHARIA |
Arvind Dharia |
Chief Financial Officer |
August 5, 2019 |
Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
Jun. 30, 2018 |
|---|---|---|---|
| Allowances for Accounts Receivable (in dollars) | $ 12,570 | $ 10,849 | $ 1,292 |
| Preferred stock-issued | 0 | 0 | 0 |
| Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | $ 0.0001 |
| Common stock, shares authorized | 245,000,000 | 135,000,000 | 135,000,000 |
| Common stock, shares issued | 132,681,000 | 131,991,000 | 131,778,000 |
| Common stock, shares outstanding | 84,821,000 | 85,715,000 | 87,726,000 |
| Treasury stock-shares at cost | 47,860,000 | 46,276,000 | 44,052,000 |
| Preferred Class A [Member] | |||
| Preferred stock-par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
| Preferred stock- shares authorized | 5,000,000 | 5,000,000 | 5,000,000 |
| Preferred Class B [Member] | |||
| Preferred stock-par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
| Preferred stock- shares authorized | 60,000 | 60,000 | 60,000 |
Condensed Consolidated Statements of Income - USD ($) shares in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Income Statement [Abstract] | ||||
| Net sales to external customers | $ 444,974,000 | $ 395,753,000 | $ 855,914,000 | $ 784,767,000 |
| Cost of Goods and Services Sold | 279,629,000 | 247,979,000 | 533,572,000 | 496,260,000 |
| Gross profit | 165,345,000 | 147,774,000 | 322,342,000 | 288,507,000 |
| Commission and licensing fee income – net | 3,147,000 | 2,244,000 | 4,374,000 | 5,903,000 |
| Operating expenses | 119,809,000 | 108,434,000 | 233,373,000 | 216,269,000 |
| Impairment charges | (4,050,000) | 0 | (4,050,000) | 0 |
| Income from operations | 44,633,000 | 41,584,000 | 89,293,000 | 78,141,000 |
| Interest and other income – net | 1,262,000 | 1,033,000 | 2,454,000 | 1,630,000 |
| Income before provision for income taxes | 45,895,000 | 42,617,000 | 91,747,000 | 79,771,000 |
| Provision for income taxes (Note J) | 9,784,000 | 10,172,000 | 20,371,000 | 18,128,000 |
| Net income | 36,111,000 | 32,445,000 | 71,376,000 | 61,643,000 |
| Less: net (loss)/income attributable to noncontrolling interest | (461,000) | 35,000 | 279,000 | 560,000 |
| Net income attributable to Steven Madden, Ltd. | $ 36,572,000 | $ 32,410,000 | $ 71,097,000 | $ 61,083,000 |
| Basic net income per share (in dollars per share) | $ 0.46 | $ 0.40 | $ 0.89 | $ 0.75 |
| Diluted net income per share (in dollars per share) | $ 0.44 | $ 0.38 | $ 0.85 | $ 0.71 |
| Basic weighted average common shares outstanding | 79,951 | 81,681 | 80,241 | 81,885 |
| Effect of dilutive securities – options/restricted stock | 3,918 | 4,577 | 3,823 | 4,238 |
| Diluted weighted average common shares outstanding | 83,869 | 86,258 | 84,064 | 86,123 |
| Common Stock, Dividends, Per Share, Cash Paid | $ 0.14 | $ 0.13 | $ 0.28 | $ 0.26 |
Basis of Reporting |
6 Months Ended |
|---|---|
Jun. 30, 2019 | |
| Accounting Policies [Abstract] | |
| Basis of Reporting | 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 (the “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) which are considered necessary for a fair presentation of the financial position of the Company and the results of its operations and cash flows for the periods presented. Certain adjustments were made to prior years' amounts to conform to the 2019 presentation and to reflect the three-for-two stock split (see Note B). The results of operations for the three and six month periods ended June 30, 2019 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, 2018 included in the Annual Report of Steven Madden, Ltd. on Form 10-K filed with the SEC on February 28, 2019.
|
Stock Split (Notes) |
6 Months Ended |
|---|---|
Jun. 30, 2019 | |
| Statement of Stockholders' Equity [Abstract] | |
| Shareholders' Equity and Share-based Payments [Text Block] | Stock Split On September 17, 2018, the Company announced that on September 11, 2018 its Board of Directors declared a three-for-two stock split of the Company's outstanding shares of common stock, effected in the form of a stock dividend on the Company's outstanding common stock. Stockholders of record at the close of business on October 1, 2018 received one additional share of Steven Madden, Ltd. common stock for every two shares of common stock owned on that date. The additional shares were distributed on October 11, 2018. Stockholders received cash in lieu of any fractional shares of common stock they otherwise would have received in connection with the dividend. All share and per share data provided herein gives effect to this stock split, applied retroactively.
|
Use of Estimates |
6 Months Ended |
|---|---|
Jun. 30, 2019 | |
| Use of Estimates [Abstract] | |
| Use of Estimates | 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, valuation of intangible assets, litigation reserves and contingent payment liabilities. The Company estimates variable consideration on trade accounts receivables and factor receivables for future customer chargebacks and markdown allowances, discounts, returns and other miscellaneous compliance-related deductions that relate to the 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 allowance.
|
Factor Receivable |
6 Months Ended |
|---|---|
Jun. 30, 2019 | |
| Due To and From Factor [Abstract] | |
| Due To And From Factor | Factor Receivable The Company has a collection agency agreement with Rosenthal & Rosenthal, Inc. (“Rosenthal”). The agreement can be terminated by the Company or Rosenthal at any time upon 60 days prior written notice. Under the agreement, the Company can request advances from Rosenthal of up to 85% of aggregate receivables submitted to Rosenthal. The agreement provides the Company with a $30,000 credit facility with a $15,000 sub-limit for letters of credit at an interest rate based, at the Company’s election, upon a calculation that utilizes either the prime rate minus 0.5% or LIBOR plus 2.5%. As of June 30, 2019 and 2018, no borrowings were outstanding under the credit facility. As of June 30, 2019 there were no open letters of credit and as of June 30, 2018 there were open letters of credit of $110. The Company also pays Rosenthal a fee based on a percentage of the gross invoice amount submitted to Rosenthal. With respect to receivables related to our private label business, the fee is 0.14% of the gross invoice amount. With respect to all other receivables, the fee is 0.20% of the gross invoice amount. Rosenthal assumes the credit risk on a substantial portion of the receivables that the Company submits to it and, to the extent of any loans made to the Company, Rosenthal maintains a lien on the Company’s receivables to secure the Company’s obligations.
|
Marketable Securities |
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Marketable Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Marketable Securities | Marketable Securities Marketable securities consist primarily of certificates of deposit and corporate bonds with maturities greater than three months and up to four years at the time of purchase. These securities, which are classified as available-for-sale, are carried at fair value, with unrealized gains and losses, net of any tax effect, reported in stockholders’ equity as accumulated other comprehensive income/(loss). These securities are classified as current and non-current marketable securities based upon their maturities. Amortization of premiums and discounts is included in interest income. For the three and six months ended June 30, 2019 and 2018, the amortization of bond premiums totaled $88 and $218 compared to $183 and $382, respectively. The value of these securities may fluctuate as a result of changes in market interest rates and credit risk. The schedule of maturities at June 30, 2019 and December 31, 2018 is as follows:
For the three and six months ended June 30, 2019, losses of $5 and $5 were reclassified from accumulated other comprehensive income and recognized in the Condensed Consolidated Statements of Income in interest and other income compared to losses of $49 and $182 for the comparable periods in 2018. For the six months ended June 30, 2019, current marketable securities included immaterial unrealized losses and no non-current marketable securities were held by the Company. For the comparable period in 2018, current marketable securities included unrealized losses of $114 while non-current marketable securities included unrealized losses of $21.
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Fair Value Measurement |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurement | Fair Value Measurement 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:
The Company’s financial assets and liabilities subject to fair value measurements as of June 30, 2019 and December 31, 2018 are as follows:
Our level 3 balance consists of contingent consideration related to an acquisition. The changes in our level 3 liabilities for the periods ended June 30, 2019 and December 31, 2018 are as follows:
Forward contracts are entered into to manage the risk associated with the volatility of future cash flows (see Note M - Derivative Instruments). Fair value of these instruments is based on observable market transactions of spot and forward rates. The Company recorded a liability for potential contingent consideration in connection with the January 30, 2017 acquisition of Schwartz & Benjamin. Pursuant to the terms of an earn-out provision contained in the equity purchase agreement, as amended, between the Company and the sellers of Schwartz & Benjamin, earn-out payments are based on the performance of certain specified license agreements. The fair value of the contingent payments was estimated using the present value of the payments based on management’s projections of the financial results of Schwartz & Benjamin during the earn-out period. An earn-out payment in the aggregate amount of $7,000 was paid to the sellers of Schwartz & Benjamin in the first quarter of 2018, leaving a remaining balance of $3,000 at December 31, 2018, which, in the first quarter of 2019, the Company reversed because it will not need to pay based on the termination of the Kate Spade license agreement, which will occur by the end of the current fiscal year. Accounting guidance permits entities to choose to measure financial instruments and certain other items at fair value that are not currently required to be measured at fair value. The accounting guidance also establishes presentation and disclosure requirements designed to facilitate comparisons between entities that chose different measurement attributes for similar assets and liabilities. The Company has elected not to measure any eligible items at fair value. The carrying value of certain financial instruments such as accounts receivable, factor accounts receivable and accounts payable approximates their fair values due to the short-term nature of their underlying terms. The fair values of investments in marketable securities available for sale are determined by reference to publicly quoted prices in an active market. 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.
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Leases (Notes) |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lessee, Operating Leases [Text Block] | – Leases During the first quarter 2019, the Company adopted ASU No. 2016-02, “Leases (Topic 842),” which requires leases with durations greater than twelve months to be recognized on the balance sheet. The Company adopted the standard using the modified retrospective approach with an effective date as of January 1, 2019. The Company did not apply the new standard to comparative periods and therefore, those amounts are not presented below. The Company elected the package of three practical expedients. As such, the Company did not reassess whether expired or existing contracts are or contain a lease and did not need to reassess the lease classifications or reassess the initial direct costs associated with expired or existing leases. The Company did not elect the hindsight practical expedient and the land easement practical expedient, neither of which are applicable to the Company. Also, the Company has elected to take the practical expedient to not separate lease and non-lease components for all asset classes. The Company leases office space, sample production space, warehouses, showrooms, storage, and retail stores under operating leases. The Company’s portfolio of leases is primarily related to real estate and since most our leases do not provide a readily determinable implicit rate, the Company estimated its incremental borrowing rate to discount the lease payments based on information available at lease commencement. Lease Position The table below presents the lease-related assets and liabilities recorded on the balance sheet as of June 30, 2019:
(1) Upon adoption of the new lease standard, discount rates used for existing leases were established at January 1, 2019. Lease Costs The table below presents certain information related to lease costs for leases during the three and six months ended June 30, 2019:
Other Information The table below presents supplemental cash flow information related to leases as of the six months ended June 30, 2019:
Undiscounted Cash Flows The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the lease liabilities recorded on the balance sheet as of June 30, 2019:
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Share Repurchase Program |
6 Months Ended |
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Jun. 30, 2019 | |
| Equity [Abstract] | |
| Share Repurchase Program [Text Block] | Share Repurchase Program The Company's Board of Directors authorized a share repurchase program (the “Share Repurchase Program”), effective as of January 1, 2004. The Share Repurchase Program does not have a fixed expiration or termination date and may be modified or terminated by the Board of Directors at any time. On several occasions the Board of Directors has increased the amount authorized for repurchase of the Company's common stock. Most recently, on April 24, 2019, the Board of Directors approved the extension of the Company's Share Repurchase Program for up to $200,000 in repurchases of the Company's common stock, which includes the amount remaining under the prior authorization. The Share Repurchase Program permits the Company to effect repurchases from time to time through a combination of open market repurchases or in privately negotiated transactions at such prices and times as are determined to be in the best interest of the Company. During the six months ended June 30, 2019, an aggregate of 1,494,171 shares of the Company's common stock were repurchased under the Share Repurchase Program, at a weighted average price per share of $32.26, for an aggregate purchase price of approximately $48,206, which includes the amount remaining under the prior authorization. As of June 30, 2019, approximately $166,754 remained available for future repurchases under the Share Repurchase Program. The Steven Madden, Ltd. 2019 Incentive Compensation Plan provides the Company with the right to deduct or withhold, or require employees to remit to the Company, an amount sufficient to satisfy any applicable tax withholding obligations applicable to stock-based compensation awards. To the extent permitted, employees may elect to satisfy all or part of such withholding obligations by tendering to the Company previously owned shares or by having the Company withhold shares having a fair market value equal to the employee's withholding tax obligation. During the six months ended June 30, 2019, an aggregate of 90,016 shares were withheld in connection with the settlement of vested restricted stock to satisfy tax withholding requirements, at an average price per share of $32.77, for an aggregate purchase price of approximately $2,950.
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Net Income Per Share of Common Stock |
6 Months Ended |
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Jun. 30, 2019 | |
| Net Income Per Share of Common Stock [Abstract] | |
| Net Income Per Share of Common Stock | 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 5,464,000 shares for the period ended June 30, 2019, compared to 5,918,000 shares for the period ended June 30, 2018. 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 proceeds thereof 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. For the three and six months ended June 30, 2019, options to purchase approximately 48,000 and 56,000 shares of common stock, respectively, have been excluded from the calculation of diluted net income per share as compared to approximately 41,000 and 21,000 shares that were excluded for the three and six months ended June 30, 2018, as the result would have been anti-dilutive. For the three and six months ended June 30, 2019 and 2018, all unvested restricted stock awards were dilutive.
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Income Taxes (Notes) |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Text Block] | Note J – Income Taxes The Company’s provision for income taxes for the three and six months ended June 30, 2019 and 2018, respectively, 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, 2019 and 2018:
The primary differences between the Company’s effective tax rates for the three and six months ended June 30, 2019 and 2018 are due to a decrease in the amount of Global Intangible Low-Taxed Income (“GILTI”) tax incurred, a decrease in the state taxes incurred, and a partially offsetting increase in 2019 pre-tax income in jurisdictions with high 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 was immaterial to the consolidated financial statements for all periods presented. The unrecognized tax benefits have not materially changed for the six months ended June 30, 2019. 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 2015 through 2018 remain open to examination by most taxing authorities. During 2017, the U.S. Internal Revenue Service completed its audit of the Company's 2014 U.S. income tax return.
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Stock-Based Compensation |
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation | Equity-Based Compensation In February 2019, the Company's Board of Directors approved the Steven Madden, Ltd. 2019 Incentive Compensation Plan (the “2019 Plan”), under which nonqualified stock options, stock appreciation rights, performance shares, restricted stock, other stock-based awards and performance-based cash awards may be granted to employees, consultants and non-employee directors. The 2019 Plan is the successor to the Company's Amended and Restated 2006 Stock Incentive Plan, as amended (the "2006 Plan"), the term of which expired on April 6, 2019. The Company's stockholders approved the 2019 Plan at the Company's annual meeting of stockholders held on May 24, 2019. The following table summarizes the number of shares of common stock authorized for use under the 2019 Plan, the number of stock-based awards granted (net of expired or cancelled awards) under the 2019 Plan and the number of shares of common stock available for the grant of stock-based awards under the 2019 Plan:
Total equity-based compensation for the three and six months ended June 30, 2019 and 2018 is as follows:
Equity-based compensation is included in operating expenses on the Company’s Condensed Consolidated Statements of Income. Stock Options Cash proceeds and intrinsic values related to total stock options exercised during the three and six months ended June 30, 2019 and 2018 are as follows:
During the three and six months ended June 30, 2019, options to purchase approximately 77,075 shares of common stock with a weighted average exercise price of $33.77 and options to purchase approximately 480,762 shares of common stock with a weighted average exercise price of $27.68 vested, respectively. During the three and six months ended June 30, 2018, options to purchase approximately 79,901 shares of common stock with a weighted average exercise price of $25.94 and options to purchase approximately 566,429 shares of common stock with a weighted average exercise price of $24.62 vested, respectively. As of June 30, 2019, there were unvested options relating to 1,203,775 shares of common stock outstanding with a total of $6,088 of unrecognized compensation cost and an average vesting period of 2.4. The Company uses the Black-Scholes option-pricing model to estimate the fair value of options granted, which requires several assumptions. The expected term of the options represents the estimated period of time until exercise and is based on the historical experience of similar awards. Expected volatility is based on the historical volatility of the Company’s common stock. The risk free interest rate is based on the U.S. Treasury yield curve in effect at the time of the grant. The dividend yield is based on the Company's annualized dividend per share amount divided by the Company's stock price. The following weighted average assumptions were used for stock options granted during the six months ended June 30, 2019 and 2018:
Activity relating to stock options granted under the Company’s plans and outside the plans during the six months ended June 30, 2019 is as follows:
Restricted Stock The following table summarizes restricted stock activity during the six months ended June 30, 2019 and 2018:
As of June 30, 2019, the Company had $64,058 of total unrecognized compensation cost related to restricted stock awards granted under the 2019 Plan and the 2006 Plan. This cost is expected to be recognized over a weighted average of 4.3 years. The Company determines the fair value of its restricted stock awards based on the market price of its common stock on the date of grant. On March 25, 2019, pursuant to an amendment of the employment agreement between the Company and its Creative and Design Chief, Steven Madden, which effected the extension of the term of the agreement for three years through December 31, 2026, Mr. Madden was granted 200,000 restricted shares of the Company's common stock. The restricted stock award will vest in three nearly equal annual installments commencing on December 31, 2024. As of June 30, 2019, Mr. Madden has options unexercised for 675,000 shares of the Company's common stock and 4,134,238 restricted shares of the Company's common stock.
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Goodwill and Intangible Assets |
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| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets | Goodwill and Intangible Assets The following is a summary of the carrying amount of goodwill by segment as of June 30, 2019:
The following table details identifiable intangible assets as of June 30, 2019:
(1) 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. Includes acceleration of accumulated amortization of the trade names of $1,132, related to the termination of the Kate Spade license agreement which will occur by the end of the current fiscal year. (2) An impairment charge of $3,045 was recorded in the first quarter of 2015, and a final impairment charge of $1,000 was recorded in the fourth quarter of 2017 related to the Company's Wild Pair trademark. The impairment was triggered by a loss of future anticipated cash flows from a significant customer. (3) An impairment charge of $4,050 was recorded in the second quarter of 2019 related to the Company's Brian Atwood trademark. The impairment was triggered by the Company's decision to discontinue distribution of the brand as the Company explores alternatives. The amortization of intangible assets amounted to $1,333 and $2,667 for the three and six months ended June 30, 2019, respectively, compared to $1,327 and $2,631 for the three and six months ended June 30, 2018 and is included in operating expenses in the Company's Condensed Consolidated Statements of Income. The estimated future amortization expense of purchased intangibles as of June 30, 2019 is as follows:
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Derivative Instruments |
6 Months Ended |
|---|---|
Jun. 30, 2019 | |
| Derivative Instruments Disclosure [Abstract] | |
| Derivative Instruments and Hedging Activities Disclosure [Text Block] | Derivative Instruments 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, 2019, the fair value of the Company's foreign currency derivatives, which is included on the Condensed Consolidated Balance Sheets in other liabilities, is $139. As of June 30, 2019, $98 of losses related to cash flow hedges are recorded in accumulated other comprehensive loss, before tax, and are expected to be recognized in earnings at the same time the hedged items affect earnings. As of June 30, 2018, $759 of gains related to cash flow hedges were recorded in accumulated other comprehensive income, before tax. As of June 30, 2019, the Company's hedging activities was considered effective and, thus, no ineffectiveness from hedging activities were recognized in the Condensed Consolidated Statements of Income. For the three and six months ended June 30, 2019, losses of $8 and $8 were reclassified from accumulated other comprehensive income and recognized in the income statement in cost of sales, as compared to losses of $29 and $26 for the three and six months ended June 30, 2018.
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Commitments, Contingencies and Other |
6 Months Ended |
|---|---|
Jun. 30, 2019 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments, Contingencies and Other | Commitments, Contingencies and Other Future Minimum Royalty and Advertising Payments: The Company has minimum commitments related to the Company’s license agreements. The Company sources, distributes, advertises and sells pursuant to its exclusive license agreements with unaffiliated licensors. Royalty amounts under the license agreements are generally based on a stipulated percentage of sales, although most of these agreements contain provisions for the payment of minimum annual royalty amounts. The license agreements have various terms and some have additional renewal options, provided that minimum sales levels are achieved. As of June 30, 2019 the Company had future minimum royalty and advertising payments of $34,150. 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 on the Company's financial position or results of operations. It is the policy of management to disclose the amount or range of reasonably possible losses in excess of recorded amounts or cash flows.
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Operating Segment Information |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating Segment Information | Operating Segment Information The Company operates the following business segments: Wholesale Footwear, Wholesale Accessories, Retail, First Cost and Licensing. The Wholesale Footwear segment, through sales to department stores, mid-tier retailers, mass market merchants, online retailers and specialty stores, derives revenue, both domestically and internationally (via our International business), from sales of branded and private label women’s, men’s, girls’ and children’s footwear. The Wholesale Accessories segment, which includes branded and private label handbags, belts and small leather goods as well as cold weather and selected other fashion accessories, derives revenue, both domestically and internationally, from sales to department stores, mid-tier retailers, mass market merchants, online retailers and specialty stores. Our Wholesale Footwear and Wholesale Accessories segments, through our International business, derive revenue from certain territories within Asia, Europe, North America (excluding the United States) and Africa and, under special distribution arrangements, in various other territories within Australia, the Middle East, India, South and Central America and New Zealand and pursuant to a partnership agreement in Singapore. The Retail segment, through the operation of Company-owned retail stores in the United States, Canada and Mexico, our joint ventures in South Africa, China, Taiwan and Israel and the Company’s websites, derives revenue from sales of branded women’s, men’s and children’s footwear, accessories and licensed products to consumers. The First Cost segment represents activities of a subsidiary that earns commissions and design fees for serving as a buying agent of footwear products to mass-market merchandisers, mid-tier department stores and other retailers with respect to their purchase of footwear. In the Licensing segment, the Company generates revenue by licensing its Steve Madden®, Steven by Steve Madden® and Madden Girl® trademarks and other trademark rights for use in connection with the manufacture, marketing and sale of eyewear, outerwear, hosiery, activewear, sleepwear, jewelry, watches, hair accessories, umbrellas, bedding, luggage, fragrance and men’s leather accessories. In addition, this segment licenses the Betsey Johnson® trademark for use in connection with the manufacture, marketing and sale of women's and children's apparel, hosiery, outerwear, sleepwear, activewear, jewelry, watches, bedding, luggage, umbrellas and household goods. The Licensing segment also licenses the Dolce Vita® trademark for use in connection with the manufacture, marketing and sale of swimwear.
Revenues by geographic area for the three and six months ended June 30, 2019 and 2018 are as follows:
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Recent Accounting Pronouncements (Notes) |
6 Months Ended |
|---|---|
Jun. 30, 2019 | |
| Recent Accounting Pronouncements [Abstract] | |
| Recently Adopted Accounting Standards [Abstract] | Note P – Recent Accounting Pronouncements Recently Adopted In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2016-02 ("ASU 2016-02"), "Leases," as amended, which is effective January 1, 2019. Under ASU 2016-02, lessees will be required to recognize for all leases with terms longer than twelve months, at the commencement date of the lease, a lease liability, which is a lessee’s obligation to make lease payments arising from a lease measured on a discounted basis, and a right-to-use asset, which is an asset that represents the lessee’s right to use or control the use of a specified asset for the lease term. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition. The Company adopted the new standard on the effective date January 1, 2019. A modified retrospective transition approach was used, applying the new standard to all leases existing at the date of initial application. The Company applied ASC-840, including disclosure requirements, in the comparative periods in the year the Company adopted the new guidance. (See Note G - Leases) In February 2018, the FASB issued Accounting Standards Update No. 2018-02 ("ASU 2018-02"), "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income," which allows for stranded tax effects in accumulated other comprehensive income resulting from the U.S. Tax Cuts and Jobs Act to be reclassified to retained earnings. ASU 2018-02 is effective January 1, 2019 and did not have any significant impact on the Company’s financial position or results of operations. Not Yet Adopted In August 2018, the FASB issued Accounting Standards Update No. 2018-15, “Intangibles-Goodwill and Other-Internal-Use Software (Topic 350): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract.” This new guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This new guidance is effective for the Company on a prospective or retrospective basis beginning on January 1, 2020, with early adoption permitted. While the Company is currently assessing the impact of the new guidance, it is not expected to have a material impact on the Company’s consolidated financial statements. In August 2018, the FASB issued Accounting Standards Update No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.” This new guidance removes certain disclosure requirements related to the fair value hierarchy, modifies existing disclosure requirements related to measurement uncertainty and adds new disclosure requirements. The new disclosure requirements include disclosing the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. This new guidance is effective for the Company beginning on January 1, 2020, with early adoption permitted. Certain disclosures in the new guidance will need to be applied on a retrospective basis and others on a prospective basis. While the Company is currently assessing the impact of the new guidance, it is not expected to have a material impact on the Company’s consolidated financial statements. In June 2016, the FASB issued Accounting Standards Update 2016-13 ("ASU 2016-13"), "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." ASU 2016-13 replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The new guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently evaluating the effect that the new guidance will have on its financial statements and related disclosures.
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Basis of Reporting (Policies) |
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| Basis of Accounting, Policy | 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 (the “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) which are considered necessary for a fair presentation of the financial position of the Company and the results of its operations and cash flows for the periods presented. Certain adjustments were made to prior years' amounts to conform to the 2019 presentation and to reflect the three-for-two stock split (see Note B). The results of operations for the three and six month periods ended June 30, 2019 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, 2018 included in the Annual Report of Steven Madden, Ltd. on Form 10-K filed with the SEC on February 28, 2019.
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| Use of Estimates, Policy [Policy Text Block] | Significant areas involving management estimates include variable consideration included in revenue, allowances for bad debts, inventory valuation, valuation of intangible assets, litigation reserves and contingent payment liabilities. The Company estimates variable consideration on trade accounts receivables and factor receivables for future customer chargebacks and markdown allowances, discounts, returns and other miscellaneous compliance-related deductions that relate to the 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 allowance.
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| Marketable Securities, Policy [Policy Text Block] | Marketable Securities Marketable securities consist primarily of certificates of deposit and corporate bonds with maturities greater than three months and up to four years at the time of purchase. These securities, which are classified as available-for-sale, are carried at fair value, with unrealized gains and losses, net of any tax effect, reported in stockholders’ equity as accumulated other comprehensive income/(loss). These securities are classified as current and non-current marketable securities based upon their maturities. Amortization of premiums and discounts is included in interest income. For the three and six months ended June 30, 2019 and 2018, the amortization of bond premiums totaled $88 and $218 compared to $183 and $382, respectively. The value of these securities may fluctuate as a result of changes in market interest rates and credit risk. The schedule of maturities at June 30, 2019 and December 31, 2018 is as follows:
For the three and six months ended June 30, 2019, losses of $5 and $5 were reclassified from accumulated other comprehensive income and recognized in the Condensed Consolidated Statements of Income in interest and other income compared to losses of $49 and $182 for the comparable periods in 2018. For the six months ended June 30, 2019, current marketable securities included immaterial unrealized losses and no non-current marketable securities were held by the Company. For the comparable period in 2018, current marketable securities included unrealized losses of $114 while non-current marketable securities included unrealized losses of $21.
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Marketable Securities Marketable Securities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Marketable Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Available-for-sale Securities [Table Text Block] | The schedule of maturities at June 30, 2019 and December 31, 2018 is as follows:
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Fair Value Measurement (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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, 2019 and December 31, 2018 are as follows:
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Leases (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lessee, Operating Lease, Disclosure [Table Text Block] | Lease Position The table below presents the lease-related assets and liabilities recorded on the balance sheet as of June 30, 2019:
(1) Upon adoption of the new lease standard, discount rates used for existing leases were established at January 1, 2019.
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| Lease, Cost [Table Text Block] | Lease Costs The table below presents certain information related to lease costs for leases during the three and six months ended June 30, 2019:
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| Schedule of Leases Supplemental Cash Flows | Other Information The table below presents supplemental cash flow information related to leases as of the six months ended June 30, 2019:
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| Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Undiscounted Cash Flows The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the lease liabilities recorded on the balance sheet as of June 30, 2019:
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Stock-Based Compensation (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Share Based Compensation Shares Authorized Under Stock Plans Issued And Avaliability | The following table summarizes the number of shares of common stock authorized for use under the 2019 Plan, the number of stock-based awards granted (net of expired or cancelled awards) under the 2019 Plan and the number of shares of common stock available for the grant of stock-based awards under the 2019 Plan:
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| Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | Total equity-based compensation for the three and six months ended June 30, 2019 and 2018 is as follows:
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| Schedule Of Cash Proceeds And Intrinsic Values For Stock Options Exercised | Cash proceeds and intrinsic values related to total stock options exercised during the three and six months ended June 30, 2019 and 2018 are as follows:
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| Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used | The following weighted average assumptions were used for stock options granted during the six months ended June 30, 2019 and 2018:
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| Schedule of Share-based Compensation, Stock Options, Activity | Activity relating to stock options granted under the Company’s plans and outside the plans during the six months ended June 30, 2019 is as follows:
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| Schedule of Nonvested Share Activity | The following table summarizes restricted stock activity during the six months ended June 30, 2019 and 2018:
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Goodwill and Intangible Assets (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Goodwill | The following is a summary of the carrying amount of goodwill by segment as of June 30, 2019:
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| Schedule of Indentifiable Intangible Assets | The following table details identifiable intangible assets as of June 30, 2019:
(1) 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. Includes acceleration of accumulated amortization of the trade names of $1,132, related to the termination of the Kate Spade license agreement which will occur by the end of the current fiscal year. (2) An impairment charge of $3,045 was recorded in the first quarter of 2015, and a final impairment charge of $1,000 was recorded in the fourth quarter of 2017 related to the Company's Wild Pair trademark. The impairment was triggered by a loss of future anticipated cash flows from a significant customer. |
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| Schedule of Intangible Assets, Future Amortization Expense | The estimated future amortization expense of purchased intangibles as of June 30, 2019 is as follows:
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Operating Segment Information (Tables) |
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Segment Reporting Information, by Segment |
|
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| Schedule of Revenues, by Geographic Area |
Revenues by geographic area for the three and six months ended June 30, 2019 and 2018 are as follows:
|
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Factor Receivable (Detail) - USD ($) |
6 Months Ended | |
|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Line of Credit Facility, Collateral | 85.00% | |
| Line of Credit Facility, Maximum Borrowing Capacity | $ 30,000,000 | |
| Letters Of Credit SubLimit Capacity Amount | $ 15,000,000 | |
| Debt Instrument, Basis Spread on Variable Rate | 0.50% | |
| Open non-negotiated letters of credit | $ 110 | |
| Factoring Fee | 0.20% | |
| First Cost and Private Label business [Member] | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Factoring Fee | 0.14% | |
| London Interbank Offered Rate (LIBOR) [Member] | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Debt Instrument, Basis Spread on Variable Rate | 2.50% | |
Marketable Securities (Detail) - USD ($) |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Marketable Securities [Abstract] | ||||
| Available-for-sale Securities, Gross Realized Gains | $ 5,000 | $ 49,000 | $ 5 | $ 182 |
| Available-for-sale Securities, Gross Unrealized Loss | 114,000 | |||
| Investment Income, Amortization of Premium | $ 88,000 | $ 183,000 | $ 218,000 | $ 382,000 |
Marketable Securities Marketable Securities Table (Details) - USD ($) $ in Thousands |
6 Months Ended | ||
|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2019 |
Dec. 31, 2018 |
|
| Debt Securities, Available-for-sale [Line Items] | |||
| Available-for-sale Securities, Gross Unrealized Loss | $ 114 | ||
| Available-for-sale Securities, Current | 64,327 | $ 36,096 | $ 66,968 |
| Available-for-sale Securities, Noncurrent | 2,122 | 0 | 0 |
| Bonds [Member] | |||
| Debt Securities, Available-for-sale [Line Items] | |||
| Available-for-sale Securities, Current | 2,150 | 24,617 | |
| Available-for-sale Securities, Noncurrent | 0 | 0 | |
| Certificates of Deposit [Member] | |||
| Debt Securities, Available-for-sale [Line Items] | |||
| Available-for-sale Securities, Current | 33,946 | 42,351 | |
| Available-for-sale Securities, Noncurrent | $ 0 | $ 0 | |
| Other Long-term Investments [Member] | |||
| Debt Securities, Available-for-sale [Line Items] | |||
| Available-for-sale Securities, Gross Unrealized Loss | $ 21 |
Share Repurchase Program Share Repurchse Program (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Mar. 31, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Apr. 24, 2019 |
|
| Stock Repurchase Program, Authorized Amount | $ 166,754,000 | $ 166,754,000 | ||||
| Shares Paid for Tax Withholding for Share Based Compensation | 90,016 | |||||
| Stock Repurchased During Period, Shares | 1,059,000 | 289,000 | 1,584,000 | 1,140,000 | ||
| Stock Repurchased During Period, Value | $ 48,206 | |||||
| Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 200,000 | |||||
| Treasury Stock Acquired, Average Cost Per Share | $ 32.77 | |||||
| Payments Related to Tax Withholding for Share-based Compensation | $ 2,950 | |||||
| Common Stock [Member] | ||||||
| Stock Repurchased During Period, Shares | 1,494,171 | |||||
| Treasury Stock Acquired, Average Cost Per Share | $ 32.26 | |||||
| Trade Names [Member] | ||||||
| Amortization | $ 1,132 | |||||
Net Income Per Share of Common Stock (Detail) - shares |
3 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
| Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 103,000 | 85,000 | 610,000 | 316,000 | ||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 5,464,000 | 5,918,000 | 5,464,000 | 5,918,000 | 5,135,000 | 5,874,000 |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 48,000 | 41,000 | 56,000 | 21,000 | ||
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Income Tax Disclosure [Abstract] | ||||
| Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ 45,895 | $ 42,617 | $ 91,747 | $ 79,771 |
| Provision for income taxes (Note J) | $ 9,784 | $ 10,172 | $ 20,371 | $ 18,128 |
| Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 21.30% | 23.90% | 22.20% | 22.70% |
Stock-Based Compensation (Detail) - (Table 1) - shares |
6 Months Ended | |
|---|---|---|
Jun. 30, 2019 |
May 24, 2019 |
|
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
| Common stock authorized | 11,000,000 | |
| Stock-based awards, including restricted stock and stock options granted, net of expired or cancelled | (212,425) | |
| Common stock available for grant of stock-based awards as of June 30, 2012 | 10,787,575 |
Stock-Based Compensation (Detail) - (Table 2) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Total | $ 5,937 | $ 5,342 | $ 11,608 | $ 10,235 |
| Restricted Stock [Member] | ||||
| Allocated Share-based Compensation Expense | 4,938 | 4,212 | 9,555 | 8,138 |
| Stock Options [Member] | ||||
| Allocated Share-based Compensation Expense | $ 999 | $ 1,130 | $ 2,053 | $ 2,097 |
Stock-Based Compensation (Detail) - (Table 3) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
| Proceeds from stock options exercised | $ 1,077 | $ 9,596 | $ 1,799 | $ 11,115 |
| Intrinsic value of stock options exercised | $ 513 | $ 4,902 | $ 842 | $ 5,479 |
Stock-Based Compensation (Detail) - (Table 5) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
| Outstanding at January 1, 2012 | 2,815,000 | |||
| Outstanding at January 1, 2012 (in Dollars per share) | $ 26.03 | |||
| Granted | 34,000 | |||
| Granted (in Dollars per share) | $ 32.46 | |||
| Exercised | (48,000) | (432,000) | (80,000) | (503,000) |
| Exercised (in Dollars per share) | $ 22.53 | |||
| Outstanding at June 30, 2012 | 2,769,000 | 2,769,000 | ||
| Outstanding at June 30, 2012 (in Dollars per share) | $ 26.21 | $ 26.21 | ||
| Outstanding at June 30, 2012 | 4 years 3 months 18 days | |||
| Outstanding at June 30, 2012 (in Dollars) | $ 21,435 | $ 21,435 | ||
| Exercisable at June 30, 2012 | 1,565,000 | 1,565,000 | ||
| Exercisable at June 30, 2012 (in Dollars per share) | $ 26.15 | $ 26.15 | ||
| Exercisable at June 30, 2012 | 3 years 8 months 12 days | |||
| Exercisable at June 30, 2012 (in Dollars) | $ 12,211 | $ 12,211 | ||
Stock-Based Compensation (Detail) - (Table 6) - USD ($) |
6 Months Ended | |
|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| 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 | 5,135,000 | 5,874,000 |
| Non-vested at January 1 (in Dollars per share) | $ 18.42 | $ 17.37 |
| Granted | 625,000 | 330,000 |
| Granted (in Dollars per share) | $ 32.56 | $ 30.84 |
| Vested | (281,000) | (272,000) |
| Vested (in Dollars per share) | $ 26.03 | $ 23.56 |
| Forfeited | (15,000) | (14,000) |
| Forfeitures (in dollars per share) | $ 26.86 | $ 25.09 |
| Non-vested at March 31 | 5,464,000 | 5,918,000 |
| Non-vested at March 31 (in Dollars per share) | $ 19.60 | $ 17.81 |
Goodwill and Intangible Assets (Detail) - (Table 1) - USD ($) $ in Thousands |
6 Months Ended | ||
|---|---|---|---|
Jun. 30, 2019 |
Dec. 31, 2018 |
Jun. 30, 2018 |
|
| Goodwill – net | $ 148,566 | $ 148,112 | $ 148,142 |
| Goodwill [Roll Forward] | |||
| Goodwill, Foreign Currency Translation Gain (Loss) | 454 | ||
| Wholesale Footwear [Member] | |||
| Goodwill – net | 84,838 | 84,551 | |
| Goodwill [Roll Forward] | |||
| Goodwill, Foreign Currency Translation Gain (Loss) | 287 | ||
| Wholesale Accessories [Member] | |||
| Goodwill – net | 49,324 | 49,324 | |
| Goodwill [Roll Forward] | |||
| Goodwill, Foreign Currency Translation Gain (Loss) | 0 | ||
| Retail [Member] | |||
| Goodwill – net | 14,404 | $ 14,237 | |
| Goodwill [Roll Forward] | |||
| Goodwill, Foreign Currency Translation Gain (Loss) | $ 167 |
Derivative Instruments Derivative Instruments (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Derivative Instruments [Abstract] | ||||
| Foreign Currency Contract, Asset, Fair Value Disclosure | $ 139 | $ 139 | ||
| Accumulated Unrealized Gain (Loss) on Cash Flow Hedging Instruments | 98 | $ 759 | 98 | $ 759 |
| Gain (Loss) on Derivative Instruments, Net, Pretax | $ 8 | $ 29 | $ 8 | $ 26 |
Commitments, Contingencies and Other Commitments (Details) $ in Thousands |
Jun. 30, 2019
USD ($)
|
|---|---|
| Commitments and Contingencies Disclosure [Abstract] | |
| Other Commitment | $ 34,150 |
Operating Segment Information (Detail) - (Table 1) - USD ($) |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
| 6/30/2019 | |||||
| Net sales to external customers | $ 444,974,000 | $ 395,753,000 | $ 855,914,000 | $ 784,767,000 | |
| Gross profit | 165,345,000 | 147,774,000 | 322,342,000 | 288,507,000 | |
| Commissions and licensing fees – net | 3,147,000 | 2,244,000 | 4,374,000 | 5,903,000 | |
| Operating Income (Loss) | 44,633,000 | 41,584,000 | 89,293,000 | 78,141,000 | |
| Segment assets | 1,281,560,000 | 1,087,642,000 | 1,281,560,000 | 1,087,642,000 | $ 1,072,570,000 |
| Capital expenditures | 2,815,000 | 2,305,000 | 6,214,000 | 5,251,000 | |
| Wholesale Footwear [Member] | |||||
| 6/30/2019 | |||||
| Net sales to external customers | 286,237,000 | 252,134,000 | 562,825,000 | 527,190,000 | |
| Gross profit | 94,657,000 | 78,956,000 | 192,978,000 | 169,244,000 | |
| Commissions and licensing fees – net | 0 | 0 | 0 | 0 | |
| Operating Income (Loss) | 38,429,000 | 28,916,000 | 86,701,000 | 67,293,000 | |
| Segment assets | 911,077,000 | 769,028,000 | 911,077,000 | 769,028,000 | |
| Wholesale Accessories [Member] | |||||
| 6/30/2019 | |||||
| Net sales to external customers | 77,265,000 | 69,271,000 | 148,772,000 | 125,370,000 | |
| Gross profit | 22,012,000 | 22,045,000 | 43,928,000 | 39,660,000 | |
| Commissions and licensing fees – net | 0 | 0 | 0 | 0 | |
| Operating Income (Loss) | 4,750,000 | 6,517,000 | 9,617,000 | 8,926,000 | |
| Segment assets | 101,041,000 | 179,716,000 | 101,041,000 | 179,716,000 | |
| Total Wholesale [Member] | |||||
| 6/30/2019 | |||||
| Net sales to external customers | 363,502,000 | 321,405,000 | 711,597,000 | 652,560,000 | |
| Gross profit | 116,669,000 | 101,001,000 | 236,906,000 | 208,904,000 | |
| Commissions and licensing fees – net | 0 | 0 | 0 | 0 | |
| Operating Income (Loss) | 43,179,000 | 35,433,000 | 96,318,000 | 76,219,000 | |
| Segment assets | 1,012,118,000 | 948,744,000 | 1,012,118,000 | 948,744,000 | |
| Capital expenditures | 1,273,000 | 1,247,000 | 2,965,000 | 2,772,000 | |
| Retail [Member] | |||||
| 6/30/2019 | |||||
| Net sales to external customers | 81,472,000 | 74,348,000 | 144,317,000 | 132,207,000 | |
| Gross profit | 48,676,000 | 46,773,000 | 85,436,000 | 79,603,000 | |
| Commissions and licensing fees – net | 0 | 0 | |||
| Operating Income (Loss) | (1,693,000) | 3,907,000 | (11,399,000) | (3,981,000) | |
| Segment assets | 253,025,000 | 120,352,000 | 253,025,000 | 120,352,000 | |
| Capital expenditures | 1,542,000 | 1,058,000 | 3,249,000 | 2,479,000 | |
| First Cost Member | |||||
| 6/30/2019 | |||||
| Commissions and licensing fees – net | 951,000 | 623,000 | 535,000 | 1,491,000 | |
| Operating Income (Loss) | 951,000 | 623,000 | 535,000 | 1,491,000 | |
| Segment assets | 8,721,000 | 18,546,000 | 8,721,000 | 18,546,000 | |
| Capital expenditures | 0 | 0 | 0 | 0 | |
| Licensing [Member] | |||||
| 6/30/2019 | |||||
| Commissions and licensing fees – net | 2,196,000 | 1,621,000 | 3,839,000 | 4,412,000 | |
| Operating Income (Loss) | 2,196,000 | 1,621,000 | 3,839,000 | 4,412,000 | |
| Segment assets | 7,696,000 | 0 | 7,696,000 | 0 | |
| Capital expenditures | 0 | 0 | 0 | 0 | |
| Domestic Destination [Member] | |||||
| 6/30/2019 | |||||
| Net sales to external customers | 399,309,000 | 356,271,000 | 763,624,000 | 697,866,000 | |
| Non-US [Member] | |||||
| 6/30/2019 | |||||
| Net sales to external customers | $ 45,665,000 | $ 39,482,000 | $ 92,290,000 | $ 86,901,000 | |
Operating Segment Information (Detail) - (Table 2) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Segment Reporting Information [Line Items] | ||||
| Domestic | $ 444,974 | $ 395,753 | $ 855,914 | $ 784,767 |
| Domestic Destination [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Domestic | 399,309 | 356,271 | 763,624 | 697,866 |
| Non-US [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Domestic | 45,665 | 39,482 | 92,290 | 86,901 |
| Geographical [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Domestic | $ 99,284 | $ 93,655 | $ 174,106 | $ 190,688 |
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