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8-K
ICONIX BRAND GROUP, INC. filed this Form 8-K on 11/09/2018
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Adjusted Operating Income Reconciliation for the Three Months Ended Sep 30:                            
  Gaap    Trademark and
Goodwill Impairment
  Special Charges   Debt Costs    Loss on Termination of
Licensees
  Gain on sale of
trademarks and JV
deconsolidation
  Adjusted Operating
Income
  2018 2017   2018 2017   2018 2017   2018 2017   2018 2017   2018 2017   2018 2017
Womens 3,234 (281,889)   4,386 301,502   - -   - -   - (600)   - -   7,620 19,013
Mens  1,855 (132,183)   - 137,462   - -   - -   - 3,350   - -   1,855 8,629
Home  3,555 (91,203)   - 97,878   - -   - -   - -   - -   3,555 6,675
International  9,188 (82,505)   - 88,688   - -   - -   - -   - -   9,188 6,183
Corporate  (5,726) (8,078)   - -   1,799 2,402   - -   - -   - (875)   (3,927) (6,551)
Total Income 12,106 (595,858)   4,386 625,530   1,799 2,402   - -   - 2,750   - (875)   18,291 33,949
                                         
                                         
Adjusted Operating Income Reconciliation for the Nine Months Ended Sep 30:                            
  Gaap    Trademark and
Goodwill Impairment
  Special Charges   Debt Costs    Loss on Termination of
Licensees
  Gain on sale of
trademarks and JV
deconsolidation
  Adjusted Operating
Income
  2018 2017   2018 2017   2018 2017   2018 2017   2018 2017   2018 2017   2018 2017
Womens (77,832) (232,259)   115,533 301,502   - -   - -   - 2,000   - -   37,701 71,243
Mens  8,393 (141,442)   - 137,462   - -   - -   5,650 23,980   - -   14,043 20,000
Home  15,887 (77,717)   - 97,878   - -   - -   - -   - -   15,887 20,161
International  23,757 (67,021)   - 88,688   - -   - -   - -   - -   23,757 21,667
Corporate  (37,149) (27,930)   - -   7,181 7,117   8,344 -   - -   (1,268) (4,647)   (22,892) (25,460)
Total Income (66,944) (546,369)   115,533 625,530   7,181 7,117   8,344 -   5,650 25,980   (1,268) (4,647)   68,496 107,611

  

(2) Non-GAAP net income and non-GAAP diluted EPS (along with non-GAAP weighted average diluted shares) are non-GAAP financial measures which represent net income excluding any non-cash interest related to ASC Topic 470, non-cash, non-recurring gains and charges, foreign currency translation gains and losses, 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, all net of tax. 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.

 

(3) Free Cash Flow, a non-GAAP financial measure, represents net cash provided by operating activities, plus cash received from the sale of trademarks and formation of joint ventures, less distributions to non-controlling interests and capital expenditures.  Free Cash Flow excludes notes receivable from sale of trademarks and the formation of joint ventures, cash used to acquire the membership interests of our joint venture partners, mandatory debt service requirements, and other non-discretionary expenditures. Free Cash Flow should not be considered in isolation, as a measure of residual cash flow available for discretionary purposes, or as an alternative to operating results presented in accordance with GAAP. The Company believes Free Cash Flow is useful because it provides information regarding actual cash received in a specific period from the Company's comprehensive business strategy of maximizing the value of its brands through traditional licensing, international joint ventures and other arrangements. We have excluded the cash used to buy back our joint venture membership interests from the above definition because we believe that, like other acquisitions, such actions are capital transactions. It also provides supplemental information to assist investors in evaluating the Company's financial condition and ability to pursue opportunities that enhance shareholder value.

 

 

 

 

 

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