• Steve Madden Announces Record Third Quarter 2021 Results

    Source: Nasdaq GlobeNewswire / 03 Nov 2021 06:59:01   America/New_York

    ~ Raises Fiscal 2021 Guidance ~
    ~ Increases Share Repurchase Authorization ~

    LONG ISLAND CITY, N.Y., Nov. 03, 2021 (GLOBE NEWSWIRE) -- Steven Madden, Ltd. (Nasdaq: SHOO), a leading designer and marketer of fashion-forward footwear, accessories and apparel for women, men and children, today announced financial results for the third quarter ended September 30, 2021.

    Amounts referred to as “Adjusted” exclude the items that are described under the heading “Non-GAAP Adjustments.”

    Third Quarter 2021 Review

    • Revenue increased 52.4% to $528.7 million compared to $346.9 million in the same period of 2020.
    • Gross profit as a percentage of revenue increased to 41.6% compared to 40.3% in the same period of 2020.
    • Operating expenses as a percentage of revenue decreased to 24.9% compared to 29.7% in the same period of 2020. Adjusted operating expenses as a percentage of revenue were 27.0% in third quarter 2020.
    • Income from operations totaled $88.4 million, or 16.7% of revenue, compared to a loss from operations of ($3.0) million, or (0.9%) of revenue, in the same period of 2020. Adjusted income from operations totaled $46.2 million, or 13.3% of revenue, in the third quarter of 2020.
    • Net income attributable to Steven Madden, Ltd. was $66.6 million, or $0.82 per diluted share, compared to net loss attributable to Steven Madden, Ltd. of ($7.0) million, or ($0.09) per diluted share, in the same period of 2020. Adjusted net income attributable to Steven Madden, Ltd. was $31.8 million, or $0.39 per diluted share, in the third quarter of 2020.

    Edward Rosenfeld, Chairman and Chief Executive Officer, commented, “In the third quarter, we delivered the highest quarterly sales and earnings in our history, as the trend-right merchandise assortments created by Steve and his design teams continue to drive strong consumer demand for our brands and products. Our retail segment was again the standout, with outstanding results in both digital and brick-and-mortar channels, and our wholesale business showed strong sequential improvement and is poised to return to growth in the fourth quarter compared to 2019. Looking ahead, we are confident that – based on the strength of our brands, business model and people – we are well-positioned to drive profitable growth and enhance value for our stakeholders over the long term.”

    Third Quarter 2021 Segment Results

    Revenue for the wholesale business was $402.0 million, a 41.6% increase compared to the third quarter of 2020, with a 42.6% increase in wholesale footwear and a 38.7% increase in wholesale accessories/apparel. Gross profit as a percentage of wholesale revenue declined to 33.6% compared to 34.6% in the third quarter of 2020.

    Retail revenue was $123.1 million, a 108.6% increase compared to the third quarter of 2020. Gross profit as a percentage of retail revenue rose to 65.9% compared to 63.8% in the third quarter of 2020.

    The Company ended the quarter with 216 company-operated retail stores, including six e-commerce websites, as well as 17 company-operated concessions in international markets.

    Balance Sheet and Cash Flow

    During the third quarter of 2021, the Company repurchased 773,063 shares of the Company’s common stock for approximately $31.9 million, which includes shares acquired through the net settlement of employees’ stock awards. On November 2, 2021, the Board of Directors approved an increase in the Company's share repurchase authorization of approximately $200 million, bringing the total to $250.0 million.

    As of September 30, 2021, cash, cash equivalents and short-term investments totaled $259.9 million.

    Quarterly Cash Dividend

    The Company’s Board of Directors approved a quarterly cash dividend of $0.15 per share. The dividend is payable on December 27, 2021 to stockholders of record as of the close of business on December 17, 2021.

    Updated Fiscal 2021 Outlook

    The Company is raising its fiscal 2021 guidance. For fiscal 2021, the Company now expects revenue will increase 50% to 52% over fiscal 2020. The Company now expects diluted EPS will be in the range of $2.21 to $2.26 and Adjusted diluted EPS will be in the range of $2.30 to $2.35.

    Non-GAAP Adjustments

    Amounts referred to as “Adjusted” exclude the items below.

    For the third quarter of 2021:

    • There were no non-GAAP adjustments.

    For the third quarter of 2020:

    • $8.7 million pre-tax ($6.7 million after-tax) expense in connection with payments and provisions for early lease termination charges, included in operating expenses.
    • $6.9 million pre-tax ($5.2 million after-tax) expense associated with the impairment of fixed assets and lease right-of-use assets.
    • $1.0 million pre-tax ($0.7 million after-tax) expense in connection with restructuring and related charges, included in operating expenses.
    • $0.4 million pre-tax ($0.3 million after-tax) benefit in connection with the change in valuation of contingent considerations, included in operating expenses.
    • $33.0 million pre-tax ($25.2 million after-tax) expense associated with the impairment of certain trademarks.
    • $1.2 million loss in connection with the impairment of store fixed assets, impairment of lease right-of-use assets, restructuring and related charges attributable to noncontrolling interest.
    • $2.4 million tax expense in connection with deferred and foreign uncertain tax position adjustments.

    Reconciliations of amounts on a GAAP basis to Adjusted amounts are presented in the Non-GAAP Reconciliation tables at the end of this release and identify and quantify all excluded items.

    Conference Call Information

    Interested stockholders are invited to listen to the third quarter 2021 earnings conference call scheduled for today, November 3, 2021, at 8:30 a.m. Eastern Time. The call will be broadcast live over the Internet and can be accessed by logging onto https://investor.stevemadden.com. An online archive of the broadcast will be available within two hours of the conclusion of the call and will remain available for 12 months following the live call.

    About Steve Madden

    Steve Madden designs, sources and markets fashion-forward footwear, accessories and apparel for women, men and children. In addition to marketing products under its own brands including Steve Madden®, Dolce Vita®, Betsey Johnson®, Blondo®, GREATS®, BB Dakota® and Mad Love®, Steve Madden is a licensee of various brands, including Anne Klein® and Superga®. Steve Madden also designs and sources products under private label brand names for various retailers. Steve Madden’s wholesale distribution includes department stores, specialty stores, luxury retailers, national chains, mass merchants and online retailers. Steve Madden also operates retail stores and e-commerce websites. Steve Madden licenses certain of its brands to third parties for the marketing and sale of certain products, including outerwear, loungewear, eyewear, hosiery, jewelry, watches, sunglasses, fragrance, luggage, bedding and bath products. For local store information and the latest Steve Madden boots, booties, pumps, fashion sneakers, dress shoes, sandals, slippers and more, visit http://www.stevemadden.com.

    Safe Harbor Statement Under the U.S. Private Securities Litigation Reform Act of 1995

    This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include, among others, statements regarding revenue and earnings guidance, plans, strategies, objectives, expectations and intentions. Forward-looking statements can be identified by words such as: “may”, “will”, “expect”, “believe”, “should”, “anticipate”, “project”, “predict”, “plan”, “intend”, or “estimate”, and similar expressions or the negative of these expressions. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they represent the Company’s current beliefs, expectations and assumptions regarding anticipated events and trends affecting its business and industry based on information available as of the time such statements are made. Investors are cautioned that such forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which may be outside of the Company’s control. The Company’s actual results and financial condition may differ materially from those indicated in these forward-looking statements. As such, investors should not rely upon them. Important risk factors include:

    • the Company’s ability to maintain adequate liquidity when negatively impacted by unforeseen events such as an epidemic or pandemic (COVID-19), which may cause disruption to the Company’s business operations for an indeterminable period of time;
    • the Company’s ability to accurately anticipate fashion trends and promptly respond to consumer demand;
    • the Company’s ability to compete effectively in a highly competitive market;
    • the Company’s ability to adapt its business model to rapid changes in the retail industry;
    • the Company’s dependence on the retention and hiring of key personnel;
    • the Company’s ability to successfully implement growth strategies and integrate acquired businesses;
    • the Company’s reliance on independent manufacturers to produce and deliver products in a timely manner, especially when faced with adversities such as work stoppages, transportation delays, public health emergencies, social unrest, changes in local economic conditions, and political upheavals as well as meet the Company’s quality standards;
    • changes in trade policies and tariffs imposed by the United States government and the governments of other nations in which the Company manufactures and sells products;
    • disruptions to product delivery systems and the Company’s ability to properly manage inventory;
    • the Company’s ability to adequately protect its trademarks and other intellectual property rights;
    • legal, regulatory, political and economic risks that may affect the Company’s sales in international markets;
    • changes in U.S. and foreign tax laws that could have an adverse effect on the Company’s financial results;
    • additional tax liabilities resulting from audits by various taxing authorities;
    • the Company’s ability to achieve operating results that are consistent with prior financial guidance; and
    • other risks and uncertainties indicated from time to time in the Company’s filings with the Securities and Exchange Commission.

    The Company does not undertake any obligation to publicly update any forward-looking statement, including, without limitation, any guidance regarding revenue or earnings, whether as a result of new information, future developments or otherwise.

    STEVEN MADDEN, LTD. AND SUBSIDIARIES

    CONDENSED CONSOLIDATED STATEMENTS OF INCOME/(LOSS)

    (In thousands, except per share amounts)

    (Unaudited)

     Three Months Ended Nine Months Ended
     September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020
            
    Net sales$525,067  $342,830  $1,278,765  $839,877 
    Commission and licensing fee income3,675  4,037  8,896  8,970 
    Total revenue528,742  346,867  1,287,661  848,847 
    Cost of sales308,744  206,990  758,504  519,618 
    Gross profit219,998  139,877  529,157  329,229 
    Operating expenses131,580  102,968  363,888  302,753 
    Impairment of fixed assets and lease right-of-use assets—  6,897  1,089  36,896 
    Impairment of intangibles—  33,010  —  42,528 
    Income/(loss) from operations88,418  (2,998) 164,180  (52,948)
    Interest and other (expense)/income – net(202) 88  (1,016) 1,491 
    Income/(loss) before provision (benefit) for income taxes88,216  (2,910) 163,164  (51,457)
    Provision/(benefit) for income taxes21,551  4,236  36,827  (9,366)
    Net income/(loss)66,665  (7,146) 126,337  (42,091)
    Less: net income/(loss) attributable to noncontrolling interest22  (195) 1,645  (1,103)
    Net income/(loss) attributable to Steven Madden, Ltd.$66,643  $(6,951) $124,692  $(40,988)
            
    Basic net income/(loss) per share$0.85  $(0.09) $1.58  $(0.52)
            
    Diluted net income/(loss) per share$0.82  $(0.09) $1.53  $(0.52)
            
    Basic weighted average common shares outstanding78,129  78,560  78,686  78,650 
            
    Diluted weighted average common shares outstanding81,307  78,560  81,754  78,650 
            
    Cash dividends declared per common share$0.15  $—  $0.45  $0.15 
                    

    STEVEN MADDEN, LTD. AND SUBSIDIARIES

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (In thousands)

       As of  
     September 30, 2021 December 31, 2020 September 30, 2020
     (Unaudited)   (Unaudited)
          
    ASSETS     
    Current assets:     
    Cash and cash equivalents$219,523  $247,864  $223,820 
    Short-term investments40,390  39,302  33,332 
    Accounts receivable, net of allowances36,524  25,044  33,526 
    Factor accounts receivable347,748  252,671  232,876 
    Inventories201,198  101,420  109,683 
    Prepaid expenses and other current assets19,182  17,415  13,477 
    Income tax receivable and prepaid taxes16,536  14,525  1,120 
    Total current assets881,101  698,241  647,834 
    Note receivable – related party891  1,180  1,274 
    Property and equipment, net36,843  43,268  43,130 
    Operating lease right-of-use asset90,832  101,379  111,732 
    Deposits and other4,332  4,822  2,660 
    Deferred taxes4,964  5,415  14,686 
    Goodwill – net167,957  168,265  166,794 
    Intangibles – net113,140  115,191  116,300 
    Total Assets$1,300,060  $1,137,761  $1,104,410 
    LIABILITIES     
    Current liabilities:     
    Accounts payable$121,838  $73,904  $65,666 
    Accrued expenses210,985  118,083  112,579 
    Operating leases – current portion32,063  34,257  36,212 
    Income taxes payable7,194  5,799  — 
    Contingent considerations – current portion3,660  —  — 
    Accrued incentive compensation12,834  3,873  3,615 
    Total current liabilities388,574  235,916  218,072 
    Contingent considerations – long term portion4,381  207  1,420 
    Operating leases – long-term portion85,358  98,592  107,973 
    Deferred taxes2,563  2,562  3,054 
    Other liabilities12,004  10,115  6,151 
    Total Liabilities492,880  347,392  336,670 
          
    STOCKHOLDERS’ EQUITY     
    Total Steven Madden, Ltd. stockholders’ equity798,830  776,586  756,120 
    Noncontrolling interest8,350  13,783  11,620 
    Total stockholders’ equity807,180  790,369  767,740 
    Total Liabilities and Stockholders’ Equity$1,300,060  $1,137,761  $1,104,410 
                

    STEVEN MADDEN, LTD. AND SUBSIDIARIES

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (In thousands)

    (Unaudited)

     Nine Months Ended
     September 30, 2021 September 30, 2020
        
    Cash flows from operating activities:   
    Net income/(loss)$126,337  $(42,091)
    Adjustments to reconcile net income/(loss) to net cash provided by operating activities:   
    Stock-based compensation16,696  16,939 
    Depreciation and amortization11,611  13,235 
    Loss on disposal of fixed assets449  473 
    Impairment of intangibles—  42,528 
    Impairment of lease right-of-use asset and fixed assets1,089  36,896 
    Deferred taxes452  (17,509)
    Accrued interest on note receivable - related party(18) (24)
    Notes receivable - related party307  308 
    Change in valuation of contingent considerations7,834  (5,020)
    Gain on sale of trademark(8,000) —  
    Recovery of receivables, related to the Payless ShoeSource bankruptcy(919) — 
    Changes, net of acquisitions, in:   
    Accounts receivable(10,561) 4,640 
    Factor accounts receivable(95,077) (16,405)
    Inventories(99,778) 27,213 
    Prepaid expenses, income tax receivables, prepaid taxes, and other current assets(2,638) 7,691 
    Accounts payable and accrued expenses143,111  (54,156)
    Accrued incentive compensation8,961  (7,319)
    Leases and other liabilities(3,672) (6,792)
    Net cash provided by operating activities96,184  607 
        
    Cash flows from investing activities:   
    Capital expenditures(4,599) (5,496)
    Proceeds from sale of a trademark8,000  — 
    Purchases of short-term investments(43,376) (41,223)
    Maturity/sale of short-term investments42,383  47,243 
    Net cash provided by investing activities2,408  524 
        
    Cash flows from financing activities:   
    Proceeds from exercise of stock options7,232  960 
    Investment of noncontrolling interest—  359 
    Distribution of noncontrolling interest earnings(2,859) — 
    Acquisition of incremental ownership of joint ventures(19,127) — 
    Common stock purchased for treasury(74,685) (29,796)
    Cash dividends paid on common stock(36,990) (12,459)
    Advances from factor—  176,784 
    Repayments of advances from factor—  (176,784)
    Net cash used in financing activities(126,429) (40,936)
    Effect of exchange rate changes on cash and cash equivalents(504) (476)
    Net decrease in cash and cash equivalents(28,341) (40,281)
    Cash and cash equivalents – beginning of period247,864  264,101 
        
    Cash and cash equivalents – end of period$219,523  $223,820 
            

    STEVEN MADDEN, LTD. AND SUBSIDIARIES

    NON-GAAP RECONCILIATION

    (In thousands, except per share amounts)

    (Unaudited)

    The Company uses non-GAAP financial information to evaluate its operating performance and in order to represent the manner in which the Company conducts and views its business. Additionally, the Company believes the information assists investors in comparing the Company’s performance across reporting periods on a consistent basis by excluding items that are not indicative of its core business. The non-GAAP financial information is provided in addition to, and not as an alternative to, the Company’s reported results prepared in accordance with GAAP.

    Table 1 - Reconciliation of GAAP operating expenses to Adjusted operating expenses    
     Three Months Ended Nine Months Ended
     September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020
            
    GAAP operating expenses$131,580  $102,968  $363,888  $302,753 
            
    Expense in connection with payments related to rent restructuring of various leases and lease terminations—  (8,746) (9,505) (8,888)
            
    Recovery in connection with the Payless ShoeSource bankruptcy—  —  917  — 
            
    Expense in connection with restructuring and related charges—  (978) (1,294) (6,392)
            
    Benefit/(expense) in connection with the change in valuation of contingent considerations—  409  (7,834) 5,020 
            
    Expense in connection with benefits provided to furloughed employees—  —  —  (1,991)
            
    Expense in connection with loan receivable—  —  —  (697)
            
    Sale of trademark—  —  8,000  — 
            
    Adjusted operating expenses$131,580  $93,653  $354,172  $289,805 


    Table 2 - Reconciliation of GAAP income/(loss) from operations to Adjusted income from operations
     Three Months Ended Nine Months Ended
     September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020
            
    GAAP income/(loss) from operations$88,418  $(2,998) $164,180  $(52,948)
            
    Expense in connection with payments related to rent restructuring of various leases and lease terminations—  8,746  9,505  8,888 
            
    Recovery in connection with the Payless ShoeSource bankruptcy—  —  (917) — 
            
    Expense in connection with restructuring and related charges—  978  1,294  6,392 
            
    Impairment of fixed assets and lease right-of-use assets—  6,897  1,089  36,895 
            
    (Benefit)/expense in connection with the change in valuation of contingent considerations—  (409) 7,834  (5,020)
            
    Expense in connection with benefits provided to furloughed employees—  —  —  1,991 
            
    Expense in connection with loan receivable—  —  —  697 
            
    Sale of trademark—  —  (8,000) — 
            
    Impairment of certain trademarks—  33,010  —  42,528 
            
    Adjusted income from operations$88,418  $46,224  $174,985  $39,423 


    Table 3 - Reconciliation of GAAP interest and other (expense)/income, net to Adjusted interest and other (expense)/income, net
     Three Months Ended Nine Months Ended
     September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020
            
    GAAP interest and other (expense)/income, net$(202) $88  $(1,016) $1,491 
            
    Write-off of investment—  —  500  — 
            
    Adjusted interest and other (expense)/income, net$(202) $88  $(516) $1,491 


     
        
            
            
                    
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                    
    Table 4 - Reconciliation of GAAP provision/(benefit) for income taxes to Adjusted provision for income taxes
     
        
            
            
                    
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                    
     Three Months Ended Nine Months Ended
     
        
            
            
                    
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                    
     September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020
     
        
            
            
                    
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                    
            
     
        
            
            
                    
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                    
    GAAP provision/(benefit) for income taxes$21,551  $4,236  $36,827  $(9,366)
     
        
            
            
                    
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                    
            
     
        
            
            
                    
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                    
    Tax effect of expense in connection with payments related to rent restructuring of various leases and lease terminations—  2,071  2,251  2,105 
     
        
            
            
                    
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                    
            
     
        
            
            
                    
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                    
    Tax effect of recovery in connection with the Payless ShoeSource bankruptcy—  —  (201) — 
     
        
            
            
                    
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                    
            
     
        
            
            
                    
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                    
    Tax effect of expense in connection with restructuring and related charges—  232  305  1,515 
     
        
            
            
                    
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                    
            
     
        
            
            
                    
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                    
    Tax effect of impairment of fixed assets and lease right-of-use assets—  1,702  275  8,945 
     
        
            
            
                    
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                    
            
     
        
            
            
                    
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                    
    Tax effect of (benefit)/expense in connection with the change in valuation of contingent considerations—  (97) 1,853  (1,189)
     
        
            
            
                    
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                    
            
     
        
            
            
                    
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                    
    Tax effect of expense in connection with benefits provided to furloughed employees—  —  —  472 
     
        
            
            
                    
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                    
            
     
        
            
            
                    
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                    
    Tax effect of expense in connection with provision for loan receivable—  —  —  165 
     
        
            
            
                    
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                    
            
     
        
            
            
                    
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                    
    Tax effect of write-off of investment—  —  118  — 
     
        
            
            
                    
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                    
            
     
        
            
            
                    
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                    
    Tax effect of sale of trademark—  —  (1,893) — 
     
        
            
            
                    
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                    
            
     
        
            
            
                    
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                    
    Tax effect of impairment of certain trademarks—  7,817  —  10,071 
     
        
            
            
                    
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                    
            
     
        
            
            
                    
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                    
    Tax expense in connection with deferred and foreign uncertain tax position adjustments—  (2,393) —  (2,393)
     
        
            
            
                    
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                    
            
     
        
            
            
                    
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                
            
                    
    Adjusted provision for income taxes$21,551  $13,568  $39,535  $10,325 


    Table 5 - Reconciliation of GAAP net income/(loss) attributable to noncontrolling interest to Adjusted net income attributable to noncontrolling interest
     Three Months Ended Nine Months Ended
     September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020
            
    GAAP net income/(loss) attributable to noncontrolling interest$22  $(195) $1,645  $(1,103)
            
    Adjustments attributable to noncontrolling interest—  1,161  24  1,631 
            
    Adjusted net income attributable to noncontrolling interest$22  $966  $1,669  $528 


    Table 6 - Reconciliation of GAAP income/(loss) attributable to Steven Madden, Ltd. to Adjusted net income attributable to Steven Madden, Ltd.
     Three Months Ended Nine Months Ended
     September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020
            
    GAAP net income/(loss) attributable to Steven Madden, Ltd.$66,643  $(6,951) $124,692  $(40,988)
            
    After-tax impact of expense in connection with payments related to rent restructuring of various leases and lease terminations—  6,675  7,254  6,784 
            
    After-tax impact of recovery in connection with the Payless ShoeSource bankruptcy—  —  (716) — 
            
    After-tax impact of expense in connection with restructuring and related charges—  746  988  4,876 
            
    After-tax impact of impairment of fixed assets and lease right-of-use assets—  5,194  814  27,949 
            
    After-tax impact of (benefit)/expense in connection with the change in valuation of contingent considerations—  (312) 5,980  (3,831)
            
    After-tax impact of expense in connection with benefits provided to furloughed employees—  —  —  1,520 
            
    After-tax impact of expense in connection with provision for loan receivable—  —  —  532 
            
    After-tax impact of write-off of investment—  —  382  — 
            
    After-tax impact of sale of trademark—  —  (6,107) — 
            
    After-tax impact of impairment of certain trademarks—  25,193  —  32,458 
            
    Tax expense in connection with deferred and foreign uncertain tax position adjustments—  2,393  —  2,393 
            
    Less: Adjustments attributable to noncontrolling interest—  (1,161) (24) (1,631)
            
    Adjusted net income attributable to Steven Madden, Ltd.$66,643  $31,777  $133,263  $30,062 
            
    GAAP diluted income/(loss) per share$0.82  $(0.09) $1.53  $(0.52)
            
    Adjusted diluted income per share$0.82  $0.39  $1.63  $0.37 
            
    Adjusted diluted weighted average shares outstanding81,307  80,701  81,754  81,047 

    Contact

    Steven Madden, Ltd.
    Director of Corporate Development & Investor Relations
    Danielle McCoy
    718-308-2611
    InvestorRelations@stevemadden.com

     


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