STEVEN MADDEN, LTD.
For the period ended Jun 30, 2025. Filed Aug 5, 2025.
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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.
Jun 30, 2025 · Filed Aug 5, 2025
SHOO$39.50+1.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-09.
0001628280-25-024142
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-05.
0001628280-25-037646
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 124 previous paragraphs and 151 current paragraphs.
69 unchanged; 30 reworded; 51 added; 25 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 2 previous and 3 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (51)
Current report
•our exposure to risks related to integrating the operations, systems, processes, reporting, supply chains, and personnel of Kurt Geiger into our business;
Current report
•our exposure to risks associated with increased indebtedness used to finance the acquisition of Kurt Geiger, including related debt service requirements;
Current report
•our ability to manage risks associated with substantial goodwill and intangible assets recorded from the acquisition of Kurt Geiger, which could subsequently become impaired upon adverse changes to the business environment in which we operate;
Current report
Acquisition of Kurt Geiger. On May 6, 2025, we completed our previously-announced acquisition of the entire issued share capital of Mercury Acquisitions Topco Limited (“MATL”) for an aggregate preliminary purchase price of $405,348, pursuant to the terms of the sale and purchase deed. The purchase price included payments for the settlement of MATL’s previously outstanding third-party bank debt and the reimbursement of certain seller-incurred transaction costs.
Current report
MATL is the ultimate parent company of the Kurt Geiger business (“Kurt Geiger”), which operates primarily in the United Kingdom (the “UK”), U.S., and Europe. Kurt Geiger designs and sells footwear and accessories under its own brands – including Kurt Geiger London, KG Kurt Geiger, and Carvela – through its direct-to-consumer channel, which consists of directly-operated retail stores and e-commerce, as well as through the wholesale channel, and operates third-party concessions in premium and luxury department stores primarily in the UK. Kurt Geiger was founded in 1963 and is headquartered in London, UK. For the twelve months ended February 1, 2025, Kurt Geiger had revenue of approximately $511,758.
Current report
The acquisition was funded through a combination of debt financing and cash on hand. In connection with the debt financing, effective as of May 6, 2025, the Company amended and restated its original credit agreement in its entirety, replacing it with a new term loan facility in the amount of $300,000 and a new revolving credit facility with a total capacity of $250,000.
Current report
Our business operations, and industry as a whole, remain challenged by a complex and evolving macroeconomic environment. Tariff-related tensions have continued in the quarter, and the implementation of previously-announced tariff policies has been delayed in several cases, and continued uncertainty has necessitated more flexible sourcing and supply chain strategies. In response, many companies, including ours, continue to diversify their supplier base and implement selective pricing and cost containment actions to help manage revenue and margin pressures. The lack of clarity surrounding current and future trade policies continues to present challenges for multinational businesses with respect to global sourcing and supply chain planning.
Current report
Structural changes in the retail industry continue to accelerate. The department store channel remains under pressure due to consolidations, store closures, and shifting consumer preferences toward e-commerce and omnichannel experiences. At the same time, digital engagement and direct-to-consumer channels continue to gain market share, underscoring the need for continued innovation and investment in technology, customer experience, and data-driven decision-making. These trends present both opportunities and risks as we continue the strategic evolution of our go-to-market strategies.
Current report
•Strengthen the core U.S. wholesale footwear business. Continue leveraging product innovation and speed to market to grow our diversified business across all distribution tiers.
Current report
Total revenue for the three months ended June 30, 2025 increased 6.8% to $559,000, compared to $523,553 in the comparable period in the prior year, primarily attributable to incremental revenue from the newly acquired Kurt Geiger business, partially offset by a decline in the organic business primarily attributable to tariff-related impacts.
Current report
Gross profit for the three months ended June 30, 2025 was $226,027, or 40.4% of total revenue, compared to $217,129, or 41.5% of total revenue, in the comparable period in the prior year. The current-year period decrease in gross profit as a percentage of total revenue was primarily driven by tariff-related impacts affecting our Wholesale Footwear, Wholesale Accessories/Apparel, and Direct-to-Consumer segments, and a purchase accounting fair value adjustment of inventory related to Kurt Geiger, partially offset by a greater mix of the higher-margin direct-to-consumer business. Gross profit in both periods included $8,251 and $126, respectively, related to the purchase accounting fair value adjustment of inventory from acquired businesses.
Current report
Operating expenses for the three months ended June 30, 2025 were $263,865, or 47.2% of total revenue, compared to $163,709, or 31.3% of total revenue, in the comparable period in the prior year. The increase in operating expenses as a percentage of total revenue was primarily attributable to the acquisition of the Kurt Geiger business due to certain acquisition-related transaction costs. The current-year period included $38,819 of compensation expense as a result of acquisition-related sellers proceeds which were reallocated from institutional sellers to management sellers in excess of their respective pre-acquisition equity ownership. The current-year period also included $8,135 of costs related to acquisitions and the formation of new international joint ventures, $4,741 related to legal costs as a result of litigation settlements, and $522 related to certain severances and termination benefits. In addition, the current-year period included $2,420 related to the change in valuation of contingent payment liabilities. The comparable period in the prior year included a charge of $6,550 related to the change in valuation of a contingent payment liability.
Current report
Loss from operations for the three months ended June 30, 2025 was $40,258, or (7.2%) of total revenue, compared to income from operations of $46,870, or 9.0% of total revenue, in the comparable period in the prior year. The effective tax rate for the three months ended June 30, 2025 was (11.2)% compared to 23.4%, in the comparable period in the prior year. The difference between the Company’s effective tax rates was primarily due to certain non-deductible expenses related to the acquisition of the Kurt Geiger business.
Current report
Net loss attributable to Steven Madden, Ltd. for the three months ended June 30, 2025 was $39,477, compared to net income attributable to Steven Madden, Ltd. of $35,376, in the comparable period in the prior year.
Current report
Revenue from the Wholesale Footwear segment for the three months ended June 30, 2025 was $220,139, or 39.4% of total revenue, compared to $237,024, or 45.3% of total revenue, in the comparable period in the prior year. The decrease of 7.1% was primarily driven by tariff-related impacts in our off-price and mass merchant businesses, partially offset by incremental revenue from the newly acquired Kurt Geiger business.
Current report
Gross profit was $68,485, or 31.1% of Wholesale Footwear revenue, compared to $79,110, or 33.4%, in the comparable period in the prior year. The decrease in gross profit as a percentage of revenue was driven by the impact of new tariffs on goods imported into the United States. Gross profit in the current-year period also included $1,443 related to the purchase accounting fair value adjustment of inventory from the acquisition of the Kurt Geiger business.
Current report
Operating expenses for the three months ended June 30, 2025 were $43,580, or 19.8% of Wholesale Footwear revenue, compared to $40,171, or 16.9% of Wholesale Footwear revenue, in the comparable period in the prior year. The increase in operating expenses as a percentage of Wholesale Footwear revenue was primarily attributable to the deleveraging of operating expenses on a lower revenue base, the addition of the Kurt Geiger business and higher marketing investment. The current-year period included $350 related to certain severances and termination benefits, and $8 of acquisition costs related to the formation of new international joint ventures. The comparable period in the prior year included an expense of $865 due to acquisition costs and formation of joint ventures.
Current report
Income from operations for the three months ended June 30, 2025 totaled $24,905, or 11.3% of Wholesale Footwear revenue, compared to $38,939, or 16.4% of Wholesale Footwear revenue in the comparable period in the prior year.
Current report
Revenue from the Wholesale Accessories/Apparel segment for the three months ended June 30, 2025 was $140,449, or 25.1% of total revenue, compared to $148,276, or 28.3% of total revenue, in the comparable period in the prior year. The decrease of 5.3% was primarily driven by tariff-related impacts and a decline in our off-price business, partially offset by incremental revenue from the newly acquired Kurt Geiger business.
Current report
Gross profit was $39,809, or 28.3% of Wholesale Accessories/Apparel revenue, for the three months ended June 30, 2025, compared to $48,444, or 32.7% of Wholesale Accessories/Apparel revenue, in the comparable period in the prior year. The decrease in gross profit as a percentage of revenue was driven by the impact of new tariffs on goods imported into the United States. Gross profit in both periods also included $1,814 and $126, respectively, related to the purchase accounting fair value adjustment of inventory from acquired businesses.
Current report
Operating expenses for the three months ended June 30, 2025 were $31,480, or 22.4% of Wholesale Accessories/Apparel revenue, compared to $26,340, or 17.8% of Wholesale Accessories/Apparel revenue, in the comparable period in the prior year. The increase in operating expenses as a percentage of Wholesale Accessories/Apparel revenue was primarily attributable to the deleverage of operating expenses on a lower revenue base, the addition of the Kurt Geiger business, and higher marketing investment. The current-year period also included $791 related to legal costs as a result of litigation settlements, and $223 related to certain severances and termination benefits. The current-year period and the comparable period in the prior year included expenses of $2,420 and $6,550, respectively, related to the change in valuation of contingent payment liabilities.
Current report
Income from operations for the three months ended June 30, 2025 was $5,909, or 4.2% of Wholesale Accessories/Apparel revenue, compared to $15,554, or 10.5% of Wholesale Accessories/Apparel revenue, in the comparable period in the prior year.
Current report
Gross profit for the three months ended June 30, 2025 was $114,823, or 58.7% of Direct-to-Consumer revenue, compared to $87,731, or 64.3% of Direct-to-Consumer revenue, in the comparable period in the prior year. The decrease in gross profit as a percentage of revenue was primarily driven by the addition of the relatively lower gross margin concession business related to the newly acquired Kurt Geiger business and the impact of new tariffs on goods imported into the United States. Gross margin also included a purchase accounting fair value adjustment of $4,994 of the inventory from the acquisition of the Kurt Geiger business.
Current report
Operating expenses for the three months ended June 30, 2025 were $159,157, or 81.4% of Direct-to-Consumer revenue, compared to $72,649, or 53.3% of Direct-to-Consumer revenue, in the comparable period in the prior year. The increase in operating expenses as a percentage of revenue was primarily attributable to the acquisition of the Kurt Geiger business due to certain acquisition-related transaction costs. The current-year period included $38,819 of compensation expense as a result of acquisition-related sellers proceeds which were reallocated from institutional sellers to management sellers in excess of their respective pre-acquisition equity ownership. The current-year period also included $7,222 of costs related to acquisitions and the formation of new international joint ventures, and $1,450 related to legal costs as a result of litigation settlements.
Current report
Loss from operations for the three months ended June 30, 2025 was $44,334, or (22.7%) of Direct-to-Consumer revenue, compared to income from operations of $15,082, or 11.1% of Direct-to-Consumer revenue, in the comparable period in the prior year.
Current report
Results of Operations
Current report
Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024
Current report
Consolidated
Current report
Total revenue for the six months ended June 30, 2025 increased 3.4% to $1,112,534, compared to $1,075,934 in the comparable period in the prior year, primarily attributable to incremental revenue from the newly acquired Kurt Geiger business, partially offset by a decline in the organic business primarily attributable to tariff-related impacts.
Current report
Gross profit for the six months ended June 30, 2025 was $452,294, or 40.7% of total revenue, compared to $441,944, or 41.1% of total revenue, in the comparable period in the prior year. In the current period, the decrease in gross profit as a percentage of total revenue was driven by tariff-related impacts and a purchase accounting fair value adjustment of inventory related to Kurt Geiger, partially offset by a greater mix of the higher-margin direct-to-consumer business. Gross profit in both periods included $8,530 and $333, respectively, related to the purchase accounting fair value adjustment of inventory from acquired businesses.
Current report
Income from operations for the six months ended June 30, 2025 was $13,241, or 1.2% of total revenue, compared to $103,616, or 9.6% of total revenue, in the comparable period in the prior year. The effective tax rate for the six months ended June 30, 2025 was 87.0%, compared to 23.5% in the comparable period in the prior year. The difference between the Company’s effective tax rates was primarily due to certain non-deductible expenses treated as discrete items related to the acquisition of the Kurt Geiger business.
Current report
Wholesale Footwear Segment
Current report
Revenue from the Wholesale Footwear segment for the six months ended June 30, 2025 was $516,284, or 46.4% of total revenue, compared to $532,685, or 49.5% of total revenue, in the comparable period in the prior year. The decrease of 3.1% was primarily driven by tariff-related impacts in our off-price and mass merchant businesses, partially offset by incremental revenue from the newly acquired Kurt Geiger business.
Current report
Gross profit for the six months ended June 30, 2025 was $177,176, or 34.3% of Wholesale Footwear revenue, compared to $187,408, or 35.2% of Wholesale Footwear revenue, in the comparable period in the prior year. The decrease in gross profit as a percentage of revenue was driven by the impact of new tariffs on goods imported into the United States and an unfavorable mix of our branded business. Gross profit in the current-year period also included $1,443 related to the purchase accounting fair value adjustment of inventory from the acquisition of the Kurt Geiger business.
Current report
Operating expenses for the six months ended June 30, 2025 were $89,183, or 17.3% of Wholesale Footwear revenue, compared to $85,354, or 16.0% of Wholesale Footwear revenue, in the comparable period in the prior year. The current-year period included $946 related to certain severances and termination benefits, and $80 of acquisition costs related to the formation of new international joint ventures. The comparable period in the prior year included an expense of $1,030 related to acquisition costs and the formation of joint ventures.
Current report
Income from operations for the six months ended June 30, 2025 totaled $87,993, or 17.0% of Wholesale Footwear revenue, compared to $102,054, or 19.2% of Wholesale Footwear revenue, in the comparable period in the prior year.
Current report
Wholesale Accessories/Apparel Segment
Current report
Revenue from the Wholesale Accessories/Apparel segment for the six months ended June 30, 2025 was $283,622, or 25.5% of total revenue, compared to $290,852, or 27.0% of total revenue, in the comparable period in the prior year. The decrease of 2.5% was primarily driven by tariff-related impacts and a decline in our off-price business, partially offset by incremental revenue from the newly acquired Kurt Geiger business.
Current report
Gross profit for the six months ended June 30, 2025 was $87,858, or 31.0% of Wholesale Accessories/Apparel revenue, compared to $93,594, or 32.2% of Wholesale Accessories/Apparel revenue, in the comparable period in the prior year. The decrease in gross profit as a percentage of revenue was driven by the impact of new tariffs on goods imported into the United States. Gross profit in both periods included $2,093 and $333, respectively, related to the purchase accounting fair value adjustment of inventory from acquired businesses.
Current report
Income from operations for the Wholesale Accessories/Apparel segment for the six months ended June 30, 2025 was $28,321, or 10.0% of Wholesale Accessories/Apparel revenue, compared to $33,517, or 11.5% of Wholesale Accessories/Apparel revenue, in the comparable period in the prior year.
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Removed paragraphs (25)
Previous report
Australia Joint Venture. In January 2025, we entered into a joint venture agreement with GFN Two Pty Ltd., a leading distributor of luxury and retail goods in Australia and New Zealand. We acquired a 50.1% controlling financial interest in the newly formed entity, SM Fashion Australia Pty Ltd., through a capital contribution of $1,899. The acquisition resulted in the recognition of goodwill of $1,393. This joint venture was formed to expand the distribution of our products across Australia and New Zealand through wholesale and direct-to-consumer channels. The results of this joint venture are included within the Wholesale Footwear, Wholesale Accessories/Apparel, and Direct-to-Consumer segments.
Previous report
Malaysia Joint Venture. In January 2025, we entered into an agreement with Envico Enterprise Sdn. Bhd., a leading distributor of luxury and retail goods in Southeast Asia, to acquire an additional 2.0% equity interest in SM Distribution Malaysia Sdn. Bhd. for cash consideration of $5. This joint venture was originally formed in July 2022, at which time we held a 49.0% non-controlling interest. With the acquisition of the additional 2.0% interest, we hold a 51.0% controlling financial interest and has consolidated the joint venture’s financial results beginning in the first quarter of 2025 in this Quarterly Report. The acquisition resulted in the recognition of goodwill of $1,829. This joint venture engages in the distribution of our products across Malaysia through the direct-to-consumer channel. The results of this joint venture are included within the Direct-to-Consumer segment.
Previous report
Acquisition of Kurt Geiger. On May 6, 2025, we completed our previously-announced acquisition of UK-based Kurt Geiger from a group led by international private equity firm Cinven for an enterprise value of approximately £289,000 in cash. For the twelve months ended February 1, 2025, Kurt Geiger had revenue of approximately £400,000. In connection with the acquisition, we entered into a new credit agreement which provides for a $300,000 term loan facility and a $250,000 revolving credit facility. We funded the acquisition and acquisition-related costs with borrowings under the amended and restated credit agreement and cash on hand.
Previous report
In response to the headwinds from the evolving global trade environment and implementation of tariffs across key sourcing regions, many companies, including ours, were prompted to re-evaluate sourcing strategies, assess supplier diversification, and consider selective pricing actions to mitigate cost pressures. These efforts are part of the broader focus on maintaining operational agility in an increasingly uncertain macroeconomic and regulatory landscape. These actions have also intensified competitive dynamics within the industry.
Previous report
The department store sector continues to experience structural change, with continued consolidations, restructurings, bankruptcies, and store closures. Meanwhile, shifting consumer preferences toward digital and omnichannel experiences are reshaping traditional retail models. These trends present both opportunities and risks as we continue to evolve our go-to-market strategies.
Previous report
Tariffs
Previous report
Throughout the first quarter of 2025, continued developments in global trade policies have led to the implementation of new tariffs across key jurisdictions where we source our products, including China, Cambodia, Vietnam, Brazil, India, Bangladesh, and various other countries. These ever-evolving trade dynamics have increased uncertainty and introduced additional cost pressures to our global supply chain. In response, we are actively assessing our sourcing strategies, evaluating opportunities for supplier diversification, and considering pricing and other cost-mitigation measures. While we are diligently taking steps to manage the impact of tariffs and trade restrictions, the full effect of these changes remains uncertain and could materially and adversely affect our business, financial condition, and results of operations. For further discussion of related risks, see Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024.
Previous report
Total revenue for the three months ended March 31, 2025 increased 0.2% to $553,534, compared to $552,381 in the comparable period in the prior year, primarily driven by increases in the Wholesale Footwear, Wholesale Accessories/Apparel, and Licensing segments, partially offset by a decline in the Direct-to-Consumer segment.
Previous report
Gross profit for the three months ended March 31, 2025 was $226,267, or 40.9% of total revenue, compared to $224,815, or 40.7% of total revenue, in the comparable period in the prior year. The increase in gross profit as a percentage of total revenue was driven by gross margin expansion in both our Wholesale Footwear and Wholesale Accessories/Apparel segments. Gross profit in both periods included $280 and $208, respectively, related to the purchase accounting fair value adjustment of inventory from acquired businesses.
Previous report
Income from operations for the three months ended March 31, 2025 increased to $53,499, or 9.7% of total revenue, compared to income from operations of $56,746, or 10.3% of total revenue, in the comparable period in the prior year. The effective tax rate for the three months ended March 31, 2025 was 24.1%, compared to 23.6% in the comparable period in the prior year.
Previous report
Revenue from the Wholesale Footwear segment for the three months ended March 31, 2025 was $296,145, or 53.5% of total revenue, compared to $295,660, or 53.5% of total revenue, in the comparable period in the prior year. The increase of 0.2% was primarily driven by growth in our branded business, partially offset by a decline in our private label business.
Previous report
Gross profit for the three months ended March 31, 2025 was $108,691, or 36.7% of Wholesale Footwear revenue, compared to $108,297, or 36.6% of Wholesale Footwear revenue, in the comparable period in the prior year. The increase in gross profit as a percentage of revenue was primarily attributable to a favorable mix of our branded business.
Previous report
Operating expenses for the three months ended March 31, 2025 were $45,603, or 15.4% of Wholesale Footwear revenue, compared to $45,182, or 15.3% of Wholesale Footwear revenue, in the comparable period in the prior year. The current-year period included $644 related to certain severances and termination benefits, and $72 of acquisition costs related to the formation of new international joint ventures.
Previous report
Income from operations for the three months ended March 31, 2025 totaled $63,088, or 21.3% of Wholesale Footwear revenue, compared to $63,115, or 21.3% of Wholesale Footwear revenue, in the comparable period in the prior year.
Previous report
Revenue from the Wholesale Accessories/Apparel segment for the three months ended March 31, 2025 was $143,173, or 25.9% of total revenue, compared to $142,576, or 25.8% of total revenue, in the comparable period in the prior year. The increase of 0.4% was primarily driven by growth in our branded business, partially offset by a decline in our private label business.
Previous report
Gross profit for the three months ended March 31, 2025 was $48,049, or 33.6% of Wholesale Accessories/Apparel revenue, compared to $45,150, or 31.7% of Wholesale Accessories/Apparel revenue, in the comparable period in the prior year.
Previous report
The increase in gross profit as a percentage of revenue was primarily attributable to a favorable mix of our branded business. Gross profit in both periods included $280 and $208, respectively, related to the purchase accounting fair value adjustment of inventory from acquired businesses.
Previous report
Income from operations for the Wholesale Accessories/Apparel segment for the three months ended March 31, 2025 was $22,412, or 15.7% of Wholesale Accessories/Apparel revenue, compared to $18,171, or 12.7% of Wholesale Accessories/Apparel revenue, in the comparable period in the prior year.
Previous report
Gross profit for the three months ended March 31, 2025 was $67,375, or 60.1% of Direct-to-Consumer revenue, compared to $69,554, or 61.9% of Direct-to-Consumer revenue, in the comparable period in the prior year. The decrease in gross profit as a percentage of revenue was primarily due to an increase in promotional activity.
Previous report
Loss from operations for the three months ended March 31, 2025 was $6,228, or 5.6% of Direct-to-Consumer revenue, compared to a loss from operations of $2,225, or 2.0% of Direct-to-Consumer revenue, in the comparable period in the prior year.
Previous report
On July 22, 2020, we entered into a $150,000, five-year, asset-based revolving credit facility with various lenders and Citizens Bank (the “Credit Agreement”). On March 25, 2022, we entered into an amendment to the Credit Agreement, which replaced the London Interbank Offering Rate (“LIBOR”) with the Bloomberg Short-Term Bank Yield Index (“BSBY”) as the interest rate benchmark, among other changes. On April 3, 2023, we entered into a second amendment to the Credit Agreement, which reflects CIT Group/Commercial Services, Inc. (“CIT”) as an additional receivables collection agent for us and certain guarantors. Further, on October 23, 2023, we entered into a third amendment to the Credit Agreement in order to accommodate certain changes made to our existing factoring arrangement with CIT.
Previous report
Acquisition of Kurt Geiger and Amended and Restated Credit Agreement
Previous report
On May 6, 2025, Steven Madden, Ltd. completed the previously-announced acquisition of the entire issued share capital of Mercury Acquisitions Topco Limited, a private limited company incorporated under the laws of Jersey and the holding company for the Kurt Geiger business (the “Target”), pursuant to the terms of that certain sale and purchase deed (the “Purchase Agreement”) by and among SML UK Holding Ltd., an English limited company and indirect, wholly-owned subsidiary of Steven Madden, Ltd. (the “Purchaser”), various entities comprising the Fifth Cinven Fund (the “Cinven Sellers”), Bain & Company, Inc. (“Bain”), Squam Lake Investors X LP (BGPI) (“Squam Lake”, and together with the Cinven Sellers and Bain, the “Institutional Sellers”), certain individuals (the “Individual Sellers” and together with the Institutional Sellers, the “Sellers”), and Steven Madden, Ltd., as guarantor.
Previous report
Pursuant to the terms of the Purchase Agreement, the Purchaser purchased the entire issued share capital of the Target at an enterprise value of approximately £289,000 pursuant to a “locked box” arrangement that resulted in the payment of £202,000 in net equity value at closing, repayment of specified third party debt in the Target business, and redemption of the loan notes outstanding from Mercury Midco 1 Limited, a private limited company incorporated under the laws of England and Wales and a wholly-owned subsidiary of the Target (“Midco 1”), which were payable to certain Sellers (the “Transaction”).
Previous report
In connection with and concurrently with the acquisition of Kurt Geiger (the "Transaction"), we have entered into a new credit agreement on May 6, 2025, with various lenders and Citizens Bank, as administrative agent, pursuant to which, among other things, to provide debt financing for the Transaction and further strengthen and enhance the Company’s liquidity.
Reworded paragraphs (30)
Previous wording
The following discussion of our financial condition and results of operations for the three months ended March 31, 2025 should be read in conjunction with the unaudited Condensed Consolidated Financial Statements and notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q.
Current wording
The following discussion of our financial condition and results of operations for the three and six months ended June 30, 2025 should be read in conjunction with the unaudited Condensed Consolidated Financial Statements and notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q.
Previous wording
•other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission.
Current wording
•other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission (the "SEC").
Previous wording
Steven Madden, Ltd. and its subsidiaries designs, sources, and markets fashion-forward branded and private label footwear, accessories, and apparel. We distribute our products through the wholesale channel to department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers, independent stores, and clubs throughout the United States, Canada, Mexico, and Europe. Additionally, we operate in other international markets through its joint ventures in South Africa, the Middle East, Israel, various countries in Europe, Latin America, and certain countries in Asia, and through special distribution arrangements in various European countries, North Africa, South and Central America, and various countries within the Asia-Pacific region. We also distribute our products through our direct-to-consumer channel, which includes company-operated retail stores and e-commerce websites, in the United States, Canada, Mexico, South Africa, the Middle East, Israel, various countries in Europe, Latin America, and the Asia-Pacific region.
Current wording
Steven Madden, Ltd. and its subsidiaries designs, sources, and markets fashion-forward branded and private label footwear, accessories, and apparel. We distribute our products through the wholesale channel to department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers, independent stores, and clubs throughout the United States, United Kingdom, Canada, Mexico, and Europe. Additionally, we operate in other international markets through our joint ventures in South Africa, the Middle East, Israel, various countries in Europe, Latin America, and certain countries in Asia, and through special distribution arrangements in various European countries, North Africa, South and Central America, and various countries within the Asia-Pacific region. We also distribute our products through our direct-to-consumer channel, which includes company-operated retail stores and e-commerce websites, in the United States, United Kingdom, Canada, Mexico, South Africa, the Middle East, Israel, various countries in Europe, Latin America, and the Asia-Pacific region.
Previous wording
•Wholesale Footwear. This segment designs, sources, and markets our brands and sells our products to department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers, independent stores, and clubs throughout the United States, Canada, Mexico, and Europe, and through our joint ventures and international distributor network.
Current wording
•Wholesale Footwear. This segment designs, sources, and markets our brands and sells our products to department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers, independent stores, and clubs throughout the United States, United Kingdom, Canada, Mexico, and Europe, and through our joint ventures and international distributor network.
Previous wording
•Wholesale Accessories/Apparel. This segment designs, sources, and markets our brands and sells our products, primarily consisting of handbags and apparel, to department stores, mass merchants, off-price retailers, online retailers, specialty retailers, independent stores, and clubs throughout the United States, Canada, Mexico, and Europe, and through our joint ventures and international distributor network.
Current wording
•Wholesale Accessories/Apparel. This segment designs, sources, and markets our brands and sells our products, primarily consisting of handbags and apparel, to department stores, mass merchants, off-price retailers, online retailers, specialty retailers, independent stores, and clubs throughout the United States, United Kingdom, Canada, Mexico, and Europe, and through our joint ventures and international distributor network.
Previous wording
•Direct-to-Consumer. This segment engages in the sale of footwear, handbags, apparel, and other accessories through Steve Madden and Dolce Vita full-price retail stores, Steve Madden outlet stores, directly-operated concessions in international markets, and directly-operated e-commerce websites. We operate retail locations in regional malls and shopping centers, as well as high streets in various cities across the United States, Canada, Mexico, and Europe, as well as through our joint ventures in international markets.
Current wording
•Direct-to-Consumer. This segment engages in the sale of footwear, handbags, apparel, and other accessories through Steve Madden, Kurt Geiger, Dolce Vita, and Carvela full-price retail stores, Steve Madden, Kurt Geiger and Carvela outlet stores, directly-operated concessions in international markets, and directly-operated e-commerce websites. We operate retail locations in regional malls and shopping centers, as well as high streets in various cities across the United States, United Kingdom, Canada, Mexico, and Europe, as well as through our joint ventures in international markets.
Previous wording
•Licensing. This segment engages in the licensing of the Steve Madden® and Betsey Johnson® trademarks for use in the sale of select apparel, accessories, and home categories as well as various other non-core products.
Current wording
•Licensing. This segment engages in the licensing of the Steve Madden®, Betsey Johnson®and Kurt Geiger trademarks for use in the sale of select apparel, accessories, and home categories as well as various other non-core products.
Previous wording
The global economy and retail landscape continue to face significant challenges that affect business operations and consumer behavior. Recent tariff announcements across nearly all jurisdictions have introduced significant volatility and heightened uncertainty in global markets. The lack of clarity surrounding future trade policy developments has made global sourcing and supply chain planning increasingly complex, further complicating the operating environment for multinational businesses. Additionally, and although inflation has moderated in certain markets, it remains elevated relative to historical norms. Interest rates in the United States and key international markets remain high, contributing to tighter credit conditions and pressuring consumer discretionary spending. Furthermore, ongoing foreign currency volatility, lingering concerns about economic slowdown, and geopolitical tensions continue to impact consumer sentiment.
Current wording
While inflation has continued to moderate in many regions, it remains elevated relative to historical norms. Interest rates in the United States and key international markets have remained high through the second quarter of 2025, contributing to tighter credit conditions and pressuring consumer discretionary spending. Furthermore, ongoing foreign currency volatility, persistent geopolitical risks, and concerns around global growth continue to impact consumer sentiment.
Previous wording
The geopolitical environment remains unstable. New administrations, including in the United States and in key international markets, such as Canada and Mexico, ongoing military conflicts in Ukraine and the Middle East, and increased tensions with China have contributed to economic uncertainty, market volatility, inflationary pressures, unfavorable foreign currency impacts, disruptions in global supply chains, deteriorating trade relations, and declining consumer confidence. These factors could create headwinds for our global business performance.
Current wording
Geopolitical tensions remain elevated. The conflicts in Ukraine and the Middle East persist and tensions with China remain high, contributing to continued economic uncertainty, inflationary pressures, foreign currency volatility, disruptions in global supply chains, deteriorating trade relations, and declining consumer confidence. These factors contribute to broader market volatility and may create headwinds for our global business operations.
Previous wording
While navigating the challenging macroeconomic environment, we remain highly focused on executing the following key strategic initiatives which are aimed at driving long-term growth and creating shareholder value:
Current wording
While the macroeconomic environment is ever evolving, we remain steadfast in our commitment to executing the following key strategic initiatives which are aimed at driving long-term growth and creating shareholder value:
Previous wording
Although inflation has eased in some regions, elevated input costs – particularly for labor, raw materials, and freight – as well as increased macroeconomic, geopolitical, and regulatory uncertainties continue to pressure margins. These inflationary trends have affected both our wholesale and direct-to-consumer businesses and may persist despite central bank efforts globally to stabilize prices. We have historically mitigated inflationary impacts through price increases, supplier negotiations, cost containment, and operational efficiencies. However, continued inflation could negatively impact demand for our products or impair our ability to sustain historical margin levels, adversely impacting our profitability and overall financial performance.
Current wording
Although inflation has eased in some regions, elevated input costs – particularly for labor, raw materials, and freight – as well as increased macroeconomic, geopolitical, tariff policies and regulatory uncertainties continue to pressure margins. These inflationary trends have affected both our wholesale and direct-to-consumer businesses and may persist despite central bank efforts globally to stabilize prices. We have historically mitigated inflationary impacts through price increases, supplier negotiations, cost containment, and operational efficiencies. However, continued inflation could negatively impact demand for our products or impair our ability to sustain historical margin levels, adversely impacting our profitability and overall financial performance.
Previous wording
Total revenue for the quarter ended March 31, 2025 increased 0.2% to $553,534, compared to $552,381 in the same period of last year. Net income attributable to Steven Madden, Ltd. was $40,423 in the first quarter of 2025, compared to $43,934 in the same period of last year. Our effective tax rate for the first quarter of 2025 was 24.1%, compared to 23.6% in the first quarter of last year. Diluted earnings per share were $0.57 per share on 71,055 diluted weighted average shares outstanding, compared to diluted earnings per share of $0.60 per share on 72,865 diluted weighted average shares outstanding in the first quarter of last year.
Current wording
Total revenue for the quarter ended June 30, 2025 increased 6.8% to $559,000, compared to $523,553 in the same period of last year driven by the newly acquired Kurt Geiger business. Net loss attributable to Steven Madden, Ltd. was $39,477 in the second quarter of 2025, compared to net income of $35,376 in the same period of last year. Our effective tax rate for the second quarter of 2025 was (11.2)%, compared to 23.4% in the second quarter of last year. Basic loss per share was $0.56 per share on 70,870 basic weighted average shares outstanding, compared to basic earnings per share of $0.50 per share on 71,458 basic weighted average shares outstanding in the second quarter of last year.
Previous wording
Our inventory turnover (calculated on a trailing four quarter average) for the quarter ended March 31, 2025 was 5.3 times, compared to 5.7 times at March 31, 2024. Our total Company accounts receivable average collection days increased to 73 days in the first quarter of 2025, compared to 68 days in the first quarter of 2024. As of March 31, 2025, we had $147,242 in cash, cash equivalents, and short-term investments, no debt, and total stockholders’ equity of $903,676. Working capital was $491,459 as of March 31, 2025, compared to $474,782 as of March 31, 2024.
Current wording
Our inventory turnover (calculated on a trailing four quarter average) for the quarter ended June 30, 2025 was 4.6 times, compared to 5.7 times at June 30, 2024. Excluding the Kurt Geiger business, our inventory turnover for the quarter ended June 30, 2025 was 5.2 times. Our total Company accounts receivable average collection days decreased to 71 days in the second quarter of 2025, compared to 73 days in the second quarter of 2024. As of June 30, 2025, we had $111,854 in cash, cash equivalents, and short-term investments, and total stockholders’ equity of $863,363. Working capital was $501,184 as of June 30, 2025, compared to $454,178 as of June 30, 2024.
Previous wording
Revenue from the Direct-to-Consumer segment for the three months ended March 31, 2025 was $112,064, or 20.2% of total revenue, compared to $112,331, or 20.3% of total revenue, in the comparable period in the prior year. The decrease of 0.2% was driven by a decline in revenue in our brick-and-mortar stores, partially offset by an increase in our digital business. As of March 31, 2025, we operated 314 brick-and-mortar stores, five e-commerce websites, and 61 concessions in international markets, compared to 253 brick-and-mortar stores, five e-commerce websites, and 25 concessions in international markets as of March 31, 2024.
Current wording
Revenue from the Direct-to-Consumer segment for the three months ended June 30, 2025 was $195,502, or 35.0% of total revenue, compared to $136,409, or 26.1% of total revenue, in the comparable period in the prior year period. The increase of 43.3% was primarily driven by incremental revenue from our brick-and-mortar stores, concessions, and digital businesses related to the newly acquired Kurt Geiger business, partially offset by impacts from tariffs and systems implementations on the existing business. As of June 30, 2025, we operated 392 brick-and-mortar stores, seven e-commerce websites, and 130 concessions in international markets, compared to 273 brick-and-mortar stores, five e-commerce websites, and 27 concessions in international markets as of June 30, 2024. This includes 73 company-operated brick-and-mortar retail stores, including 27 outlets, as well as two e-commerce websites and 72 concessions related to Kurt Geiger.
Previous wording
Royalty income from the Licensing segment for the three months ended March 31, 2025 was $2,152, or 0.4% of total revenue, compared to $1,814, or 0.3% of total revenue, in the comparable period in the prior year. Operating expenses for the three months ended March 31, 2025 were $327, compared to $500 in the comparable period in the prior year. Income from operations for the three months ended March 31, 2025 was $1,825, compared to $1,314 in the comparable period in the prior year.
Current wording
Royalty income from the Licensing segment for the three months ended June 30, 2025 was $2,910, or 0.5% of total revenue, compared to $1,844, or 0.3% of total revenue, in the comparable period in the prior year. Operating expenses for the three months ended June 30, 2025 were $553, compared to $462 in the comparable period of the prior year. Income from operations for the three months ended June 30, 2025 was $2,357, compared to $1,382 in the comparable period in the prior year.
Previous wording
Corporate does not constitute a reportable segment and includes costs not directly attributable to the segments. These expenses primarily related to corporate executives, corporate finance, corporate social responsibility, legal, human resources, information technology, cyber security, and other shared services. Corporate operating expenses for the three months ended March 31, 2025 were $27,598 or 5.0% of total revenue, compared to $23,629 or 4.3% of total revenue, in the comparable period in the prior year.
Current wording
Corporate does not constitute a reportable segment and includes costs not directly attributable to the segments. These expenses primarily related to corporate executives, corporate finance, corporate social responsibility, legal, human resources, information technology, cybersecurity, and other shared services. Corporate operating expenses for the three months ended June 30, 2025 were $29,095, or 5.2% of total revenue, compared to $24,087, or 4.6% of total revenue, in the comparable period in the prior year.
Previous wording
Operating expenses for the three months ended March 31, 2025 were $177,263, or 32.0% of total revenue, compared to $164,719, or 29.8% of total revenue, in the comparable period in the prior year. The increase in operating expenses as a percentage of total revenue was primarily attributable to our continued investment in marketing and advertising, and higher information technology related expenses. The current-year period also included $3,187 of acquisition costs related to acquisitions and the formation of new international joint ventures, $2,421 related to certain severances and termination benefits, and $1,188 related to legal costs as a result of litigation settlements. The current-year period also included a benefit of $4,495 related to the change in valuation of contingent payment liabilities. The comparable period in the prior year included a charge of $1,650 related to the change in valuation of a contingent payment liability and a charge of $1,700 related to the impairment of an intangible.
Current wording
Operating expenses for the six months ended June 30, 2025 were $441,128, or 39.7% of total revenue, compared to $328,428, or 30.5% of total revenue, in the comparable period in the prior year. The increase in operating expenses as a percentage of total revenue was primarily attributable to the acquisition of the Kurt Geiger business due to certain acquisition-related transaction cost. The current-year period included $38,819 of compensation expense as a result of acquisition-related sellers proceeds which were reallocated from institutional sellers to management sellers in excess of their respective pre-acquisition equity ownership. The current-year period also included $11,322 of acquisition costs related to acquisitions and the formation of new international joint ventures, $5,929 related to legal costs as a result of litigation settlements, and $2,943 related to certain severances and termination benefits. In addition, current-year period included a benefit of $2,075 related to the change in valuation of contingent payment liabilities. The comparable period in the prior year included an expense of $1,295 related to acquisition costs and the formation of joint ventures. In the comparable period in the prior year, we also recorded an expense of $8,200, due to the change in valuation of a contingent payment liability and a charge of $1,700 related to the impairment of an intangible asset.
Previous wording
Net income attributable to Steven Madden, Ltd. for the three months ended March 31, 2025 was $40,423, compared to $43,934 in the comparable prior-year period.
Current wording
Net income attributable to Steven Madden, Ltd. for the six months ended June 30, 2025 was $946, compared to net income of $79,310 in the comparable prior-year period.
Previous wording
Operating expenses for the three months ended March 31, 2025 were $30,132, or 21.0% of Wholesale Accessories/Apparel revenue, compared to $25,329, or 17.8% of Wholesale Accessories/Apparel revenue, in the comparable period in the prior year. The increase in operating expenses as a percentage of Wholesale Accessories/Apparel revenue was primarily attributable to our continued investment in marketing and advertising, and higher payroll related expenses. The current-year period also included $743 related to certain severances and termination benefits, and $549 related to legal costs as a result of an earnout-related litigation. The current-year period also includes a benefit of $4,495 related to the change in valuation of contingent payment liabilities. The comparable period in the prior year included a charge of $1,650 related to the change in valuation of a contingent payment liability.
Current wording
Operating expenses for the six months ended June 30, 2025 were $61,612, or 21.7% of Wholesale Accessories/Apparel revenue, compared to $51,877, or 17.8% of Wholesale Accessories/Apparel revenue, in the comparable period in the prior year. The increase in operating expenses as a percentage of Wholesale Accessories/Apparel revenue was primarily attributable to the deleverage of operating expenses on a lower revenue base, and our continued investment in marketing and advertising. The current-year period also included $1,979 related to legal costs as a result of litigation settlements, and $327 related to certain severances and termination benefits. The current-year period also includes a benefit of $2,075 related to the change in valuation of contingent payment liabilities. The comparable period in the prior year included a charge of $8,200 related to the change in valuation of a contingent payment liability.
Previous wording
Operating expenses for the three months ended March 31, 2025 were $73,603, or 65.7% of Direct-to-Consumer revenue, compared to $70,079, or 62.4% of Direct-to-Consumer revenue, in the comparable period in the prior year. The increase in operating expenses as a percentage of revenue was attributable to our continued investment in marketing and advertising, and higher occupancy-related costs. The current-year period also included $639 related to legal costs as a result of litigation settlements, $469 of acquisition costs related to the formation of new international joint ventures, and $301 related to certain severances and termination benefits. The comparable period in the prior year included a charge of $1,700 related to the impairment of an intangible.
Current wording
Operating expenses for the six months ended June 30, 2025 were $232,760, or 75.7% of Direct-to-Consumer revenue, compared to $142,519, or 57.3% of Direct-to-Consumer revenue, in the comparable period in the prior year. The increase in operating expenses as a percentage of revenue was primarily attributable to the acquisition of the Kurt Geiger business due to certain acquisition-related transaction costs. The current-year period included $38,819 of compensation expense as a result of acquisition-related sellers proceeds which were reallocated from institutional sellers to management sellers in excess of their respective pre-acquisition equity ownership. The current-year period also included $7,692 of costs related to acquisitions and the formation of new international joint ventures, $1,450 related to legal costs as a result of litigation settlements, and $915 related to certain severances and termination benefits. The comparable period in the prior year included a charge of $1,700 related to the impairment of an intangible.
Previous wording
Our primary sources of liquidity are cash flows from operations, cash, cash equivalents, and short-term investments. Cash, cash equivalents, and short-term investments totaled $147,242 and $203,408 at March 31, 2025 and December 31, 2024, respectively, and of the total cash, cash equivalents, and short-term investments as of March 31, 2025, $83,171, or approximately 56%, was held in our foreign subsidiaries, and of the total cash, cash equivalents, and short-term investments as of December 31, 2024, $119,569, or approximately 59%, was held in our foreign subsidiaries.
Current wording
Our primary sources of liquidity are cash flows from operations, cash, cash equivalents, short-term investments and borrowing capacity under our Credit Agreement. Cash, cash equivalents, and short-term investments totaled $111,854 and $203,408 at June 30, 2025 and December 31, 2024, respectively, and of the total cash, cash equivalents, and short-term investments as of June 30, 2025, $97,869, or approximately 87%, was held in our foreign subsidiaries, and of the total cash, cash equivalents, and short-term investments as of December 31, 2024, $119,569, or approximately 59%, was held in our foreign subsidiaries.
Previous wording
As of March 31, 2025, we had working capital of $491,459, cash and cash equivalents of $144,762, short-term investments of $2,480, no cash borrowing, and $829 in letters of credits outstanding.
Current wording
As of June 30, 2025, we had working capital of $501,184, cash and cash equivalents of $111,714, short-term investments of $140, and $829 in letters of credit outstanding.
Previous wording
We funded the cash consideration and the payment of Transaction-related expenses through borrowings under the Amended and Restated Credit Agreement (the “A&R Credit Agreement”) and cash on hand.
Current wording
On May 6, 2025 (the "Acquisition Date"), the Company, through its wholly owned subsidiary, SML UK Holding Ltd, completed the acquisition of the entire issued share capital of Mercury Acquisitions Topco Limited (“MATL”) for an aggregate preliminary purchase price of $405,348, pursuant to the terms of the sale and purchase deed. We funded the cash consideration and the payment of transaction-related expenses through borrowings under the Credit Agreement and cash on hand.
Previous wording
On May 6, 2025, we entered into the A&R Credit Agreement with various lenders and Citizens Bank, as administrative agent, which provides for a term loan facility in the amount of $300,000 and a revolving credit facility in the amount of $250,000. The A&R Credit Agreement amends and restates the original Credit Agreement in its entirety. Steven Madden, Ltd. funded the Transaction and the Transaction-related expenses with borrowings under the new A&R Credit Agreement and cash on hand. Steven Madden, Ltd. intends to use the revolving credit facility for general corporate purposes.
Current wording
On May 6, 2025, we entered into an Amended and Restated Credit Agreement (the "Credit Agreement") with various lenders and Citizens Bank, as administrative agent (in such capacity, the "Agent"), which provides for a term loan facility in the amount of $300,000 and a revolving credit facility in the amount of $250,000. The Credit Agreement amends and restates in its entirety the previous Credit Agreement, dated as of July 22, 2020, among the Company, the various lenders party thereto and Citizens Bank, as administrative agent. The Company also has used, and intends to continue to use, the revolving credit facility for general corporate purposes.
Previous wording
The A&R Credit Agreement provides for a term loan facility and a revolving credit facility scheduled to mature on May 6, 2030. We may from time to time increase the revolving commitments and/or request incremental term loans in an aggregate principal amount of up to $275,000 if certain conditions are satisfied, including (i) the absence of any default under the A&R Credit Agreement, and (ii) obtaining the consent of the lenders participating in each such increase.
Current wording
The Credit Agreement provides for a term loan facility and a revolving credit facility scheduled to mature on May 6, 2030. We may from time to time increase the revolving commitments and/or request incremental term loans in an aggregate principal amount of up to $275,000 if certain conditions are satisfied, including (i) the absence of any default under the Credit Agreement, and (ii) obtaining the consent of the lenders participating in each such increase.
Previous wording
We believe that based on our current financial position and available cash, cash equivalents, and short-term investments, we will meet all our financial commitments and operating needs for at least the next twelve months. In addition, our $150,000 asset-based revolving credit facility provides us with additional liquidity and flexibility on a long-term basis.
Current wording
We believe that based on our current financial position and available cash, cash equivalents, short-term investments, we will meet all our financial commitments and operating needs for at least the next twelve months. In addition, our $250,000 asset-based revolving credit facility provides us with additional liquidity and flexibility on a long-term basis.
Previous wording
A summary of our cash used in operating, investing, and financing activities was as follows:
Current wording
A summary of our cash provided by and used in operating, investing, and financing activities was as follows:
Previous wording
Cash used in operating activities was $18,832 for the three months ended March 31, 2025, compared to $15,705 in the same period of the prior year. The increase in cash used in operations was primarily driven by a decline in net income.
Current wording
Cash provided by operating activities was $47,635 for the six months ended June 30, 2025, compared to $93,801 in the same period of the prior year. The decrease in cash provided by operations was primarily driven by a decrease in net income and unfavorable changes to accounts payable, accrued expenses and other current liabilities, partially offset by favorable changes in accounts receivable.
Previous wording
Cash used in investing activities was $1,005 for the three months ended March 31, 2025, which primarily consisted of capital expenditures of $9,847 for leasehold improvements, new stores, and systems enhancements and $2,196 related to the acquisitions of joint ventures. This was partially offset by $11,038 related to proceeds from the sales of short-term investments.
Current wording
Cash used in investing activities was $377,856 for the six months ended June 30, 2025, which consisted of $371,554 related to the acquisition of the Kurt Geiger business (net of cash acquired), capital expenditures of $17,516 for leasehold improvements, new stores, and systems enhancements and $2,196 related to the acquisitions of joint ventures. This was partially offset by $13,410 related to proceeds from the sales of short-term investments.
Previous wording
Cash used in financing activities was $25,902 for the three months ended March 31, 2025, which primarily consisted of net settlements of stock awards of $7,770 and dividends paid of $15,186.
Current wording
Cash provided by financing activities was $249,466 for the six months ended June 30, 2025, which primarily consisted of net transaction-related borrowings of $300,000, partially offset by dividends paid of $30,435, financing costs paid of $8,955 in connection with the Credit Agreement, net settlements of stock awards of $8,198.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
The following tables set forth information on operations for the periods indicated: