STEVEN MADDEN LTD
For the period ended Mar 31, 2024. Filed May 2, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 2, 2024
SHOO$42.53-0.7%Stored close · as of Nov 10, 2026
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Condensed Consolidated Statements of Cash Flows
| Three Months Ended March 31, | ||
|---|---|---|
| (in thousands) | 2024 | 2023 |
| Cash flows from operating activities: | ||
| Net income | $44,562 | $36,786 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Stock-based compensation | 5,738 | 6,139 |
| Depreciation and amortization | 4,631 | 3,366 |
| Loss on disposal of fixed assets | 74 | 15 |
| Impairment of intangible | 1,700 | — |
| Impairment of lease right-of-use asset | — | 95 |
| Deferred taxes | 410 | — |
| Accrued interest on note receivable - related party | — | (2) |
| Notes receivable - related party | — | 102 |
| Change in valuation of contingent payment liabilities | 1,650 | — |
| Other operating activities | 861 | 623 |
| Changes, net of acquisitions, in: | ||
| Accounts receivable | (5,681) | (8,201) |
| Factor accounts receivable | (60,006) | (35,665) |
| Inventories | 28,398 | 47,710 |
| Prepaid expenses, income tax receivables, prepaid taxes, and other assets | 6,539 | 4,791 |
| Accounts payable and accrued expenses | (37,160) | (60,461) |
| Accrued incentive compensation | (7,115) | (7,683) |
| Leases and other liabilities | (306) | (890) |
| Net cash used in operating activities | (15,705) | (13,275) |
| Cash flows from investing activities: | ||
| Capital expenditures | (3,979) | (3,791) |
| Purchases of short-term investments | (790) | (6,722) |
| Maturity/sale of short-term investments | 4,084 | 8,087 |
| Acquisition of business | (4,259) | — |
| Other investing activities | 326 | — |
| Net cash used in investing activities | (4,618) | (2,426) |
| Cash flows from financing activities: | ||
| Common stock repurchased and net settlements of stock awards | (37,337) | (38,451) |
| Proceeds from exercise of stock options | 222 | 264 |
| Investment of noncontrolling interest | — | 4,486 |
| Cash dividends paid on common stock | (15,416) | (16,039) |
| Net cash used in financing activities | (52,531) | (49,740) |
| Effect of exchange rate changes on cash and cash equivalents | (285) | 707 |
| Net decrease in cash and cash equivalents | (73,139) | (64,734) |
| Cash and cash equivalents – beginning of period | 204,640 | 274,713 |
| Cash and cash equivalents – end of period | $131,501 | $209,979 |
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