G III APPAREL GROUP LTD DE
For the period ended Jan 31, 2024. Filed Mar 25, 2024.
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FY2024 · Filed Mar 25, 2024
GIII$32.20-0.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|
| · · Year Ended January 31, | |||||||||
| · 2024 · 2023 · 2022 | |||||||||
| · · (In thousands) | |||||||||
| Cash flows from operating activities | | | | | | | | | |
| Net income (loss) attributable to G-III Apparel Group, Ltd. | | $176,168 | | $(133,061) | | $200,593 | |||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities, net of assets and liabilities acquired: | | | | | | | | | |
| Depreciation and amortization | | | 27,523 | | | 27,762 | | | 27,626 |
| Loss on disposal of fixed assets | | | 102 | | | 210 | | | 136 |
| Non-cash operating lease costs | | | 58,804 | | | 54,492 | | | 43,351 |
| Asset impairments | | | 6,758 | | | 349,686 | | | 1,455 |
| Dividend received from unconsolidated affiliate | | | — | | | — | | | (1,352) |
| Equity gain (loss) in unconsolidated affiliates | | | 5,607 | | | (674) | | | (8,118) |
| Change in fair value of equity investment | | | (1,009) | | | (1,258) | | | (1,636) |
| Share-based compensation | | | 17,164 | | | 32,475 | | | 17,424 |
| Deferred financing charges and debt discount amortization | | | 7,090 | | | 10,239 | | | 9,677 |
| Deferred income taxes | | | 3,744 | | | (55,147) | | | 21,117 |
| Non-cash gain on fair value of prior minority ownership of Karl Lagerfeld | | | — | | | (27,071) | | | — |
| Changes in operating assets and liabilities: | | | | | | | | | |
| Accounts receivable, net | | | 112,600 | | | (40,990) | | | (112,814) |
| Inventories | | | 188,919 | | | (163,671) | | | (95,652) |
| Income taxes, net | | | 4,331 | | | 12,588 | | | 9,742 |
| Prepaid expenses and other current assets | | | 3,588 | | | (11,398) | | | 8,373 |
| Other assets, net | | | 5,860 | | | 1,520 | | | 752 |
| Customer refund liabilities | | | (5,706) | | | 2,972 | | | (12,567) |
| Operating lease liabilities | | | (58,928) | | | (56,092) | | | (46,922) |
| Accounts payable, accrued expenses and other liabilities | | | 34,967 | | | (107,181) | | | 124,613 |
| Net cash provided by (used in) operating activities | | | 587,582 | | | (104,599) | | | 185,798 |
| | | | | | | | | | |
| Cash flows from investing activities | | | | | | | | | |
| Operating lease assets initial direct costs | | | (52) | | | (84) | | | — |
| Investment in e-commerce retailer | | | (3,600) | | | (25,000) | | | (25,000) |
| Investment in equity securities | | | — | | | (22,378) | | | — |
| Sale of equity securities | | | — | | | 22,434 | | | — |
| Sale of portion of investment in e-commerce retailer | | | — | | | — | | | 5,000 |
| Capital expenditures | | | (24,679) | | | (21,528) | | | (18,261) |
| Acquisition of KLH, net of cash acquired | | | — | | | (168,592) | | | — |
| Acquisition of other foreign business, net of cash acquired | | | — | | | (2,810) | | | — |
| Investment in brand acquisition | | | — | | | — | | | (13,244) |
| Net cash used in investing activities | | | (28,331) | | | (217,958) | | | (51,505) |
| | | | | | | | | | |
| Cash flows from financing activities | | | | | | | | | |
| Repayment of borrowings - revolving credit facility | | | (112,826) | | | (507,166) | | | — |
| Proceeds from borrowings - revolving credit facility | | | 32,738 | | | 587,254 | | | — |
| Repayment of borrowings - foreign facilities | | | (139,429) | | | (75,496) | | | (1,483) |
| Proceeds from borrowings - foreign facilities | | | 136,850 | | | 83,794 | | | — |
| Repayment of borrowings - unsecured term loan | | | — | | | — | | | (549) |
| Proceeds from borrowings - unsecured term loan | | | — | | | — | | | 230 |
| Repayment of borrowings - LVMH Note | | | (125,000) | | | — | | | — |
| Purchase of treasury shares | | | (26,100) | | | (26,949) | | | (17,300) |
| Taxes paid for net share settlements | | | (10,866) | | | (9,805) | | | (4,340) |
| Net cash provided by (used in) financing activities | | | (244,633) | | | 51,632 | | | (23,442) |
| | | | | | | | | | |
| Foreign currency translation adjustments | | | 1,559 | | | (3,407) | | | 3,199 |
| Net increase (decrease) in cash and cash equivalents | | | 316,177 | | | (274,332) | | | 114,050 |
| Cash and cash equivalents at beginning of year | | | 191,652 | | | 465,984 | | | 351,934 |
| Cash and cash equivalents at end of year | | $507,829 | | $191,652 | | $465,984 | |||
| Supplemental disclosures of cash flow information | | | | | | | | | |
| Cash payments: | | | | | | | | | |
| Interest, net | | $30,237 | | $44,108 | | $54,393 | |||
| Income tax payments, net | | $57,856 | | $38,071 | | $39,821 | |||
| Stock received from licensing agreement | | $— | | $— | | $4,831 | |||
G-III Apparel Group, Ltd. And Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
January 31, 2024, 2023 and 2022
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