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8-K
ICONIX BRAND GROUP, INC. filed this Form 8-K on 11/09/2018
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Forecasted Reconciliation of Net Income: (2)        
($, 000's)  Year Ending 
   Dec. 31, 2018 
   Low   High 
         
Forecasted GAAP Net Income, excluding mark to market adjustment   (114,987)   (104,987)
           
Adjustment for non-cash interest related to ASC 470   3,000    3,000 
Trademark and goodwill impairment   115,534    115,534 
Gain on extinguishment of debt   (4,473)   (4,473)
Special charges   8,000    8,000 
Loss on termination of licenses   5,650    5,650 
Costs associated with recent debt financings   8,344    8,344 
Non-cash gain related to investment in joint venture   (8,411)   (8,411)
Gain on sale of Investment   (958)   (958)
Foreign currency translation   301    301 
Tax on non-GAAP items & valuation allowance/ foreign tax credit   (7,000)   (7,000)
Net Adjustments   119,987    119,987 
Forecasted Non-GAAP Net Income   5,000    15,000 

 

 

Forecasted Reconciliation of Free Cash Flow: (3)        
($, 000's)  Year Ending 
   Dec. 31, 2018 
   Low   High 
Net cash provided by operating activities  $52,380   $58,880 
  Plus: Cash from sale of trademarks and notes receivable   2,000    5,500 
  Plus: Cash from notes receivable from licensees   1,409    1,409 
  Plus: Net Cash related to Badgley and Sharper   1,211    1,211 
  Less: Capital Expenditures   (1,000)   (1,000)
  Less: Distributions to non-controlling interests   (16,000)   (16,000)
           
Free Cash Flow Guidance  $40,000   $50,000 

 

Footnotes

 

(1) Adjusted operating income is a non-GAAP financial measure which represents operating income excluding non-cash impairment charges, non-recurring gains and charges, and charges related to professional fees incurred as a result of the correspondence with the Staff of the SEC, the SEC investigation, internal investigations, the previously disclosed class action and derivative litigations, and costs related to the transition of Iconix management. The Company believes these are useful financial measures in evaluating its financial condition because they are more reflective of the Company's business purpose, operations and cash expenses.

 

 

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