Attached files
| file | filename |
|---|---|
| EX-31.2 - EX-31.2 - ICONIX BRAND GROUP, INC. | d707767dex312.htm |
| EX-31.1 - EX-31.1 - ICONIX BRAND GROUP, INC. | d707767dex311.htm |
| 10-K/A - FORM 10-K AMENDMENT NO.1 - ICONIX BRAND GROUP, INC. | d707767d10ka.htm |
Exhibit 10.56
| (Unaudited) | ||||||||
| Year ended | ||||||||
| Diluted EPS reconciliation |
Dec. 31, 2013 |
Dec. 31, 2012 |
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| Non-GAAP diluted EPS (1) |
$ | 2.39 | $ | 1.70 | ||||
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| GAAP diluted EPS |
$ | 2.11 | $ | 1.52 | ||||
| Adjustments for non-cash interest related to ASC 470, net of tax, and incremental dilutive shares covered by hedges |
$ | 0.28 | $ | 0.18 | ||||
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| Non-GAAP diluted EPS |
$ | 2.39 | $ | 1.70 | ||||
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| (1) | 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 and non-cash non-recurring gains and charges, net of tax, and any incremental dilutive shares related to our convertible notes that are covered by their respective hedges. The Company believes these are useful financial measures in evaluating its financial condition because they are representative of only actual cash results. |
| (Unaudited) | ||||||||
| EBITDA Reconciliation from Net Income |
Year ended | |||||||
| Dec. 31, 2013 |
Dec. 31, 2012 |
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| EBITDA (2) |
$ | 262,943 | $ | 216,963 | ||||
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| Reconciliation of EBITDA: |
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| Net Income |
128,048 | 109,408 | ||||||
| Add: Income taxes |
58,075 | 58,963 | ||||||
| Add: Net interest and other expense |
67,995 | 41,826 | ||||||
| Add: Depreciation and amortization of certain intangibles |
8,825 | 6,766 | ||||||
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| EBITDA |
$ | 262,943 | $ | 216,963 | ||||
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| (Unaudited) | ||||||||
| EBITDA Reconciliation from Cash Flow from Operations |
Year ended | |||||||
| Dec. 31, 2013 | Dec. 31, 2012 | |||||||
| EBITDA (2) |
$ | 262,943 | $ | 216,963 | ||||
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| Reconciliation of EBITDA: |
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| Net cash provided by operating activities |
232,789 | 204,434 | ||||||
| Add / (Less): |
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| Cash interest expense, net |
39,224 | 20,503 | ||||||
| Cash taxes |
26,659 | 34,578 | ||||||
| Other |
1,963 | 4,514 | ||||||
| Net income attributable to non-controlling interest |
(14,539 | ) | (14,101 | ) | ||||
| Stock compensation expense |
(20,018 | ) | (11,491 | ) | ||||
| Provision for doubtful accounts |
(9,461 | ) | (4,839 | ) | ||||
| Net change in balance sheet items |
6,326 | (16,635 | ) | |||||
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| EBITDA |
$ | 262,943 | $ | 216,963 | ||||
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| (2) | EBITDA, a non-GAAP financial measure, represents net income before income taxes, interest, other non-operating gains and losses, depreciation and amortization expenses. The Company believes EBITDA provides additional information for determining its ability to meet future debt service requirements, investing and capital expenditures and is useful because it provides supplemental information to assist investors in evaluating Company’s financial condition. |
| (Unaudited) | ||||||||
| Year ended | ||||||||
| Dec. 31, 2013 | Dec. 31, 2012 | |||||||
| Free Cash Flow (3) |
$ | 229,902 | $ | 180,485 | ||||
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| Reconciliation of Free Cash Flow: |
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| Net income |
128,048 | 109,408 | ||||||
| Add/(Less): |
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| Depreciation and amortization of intangibles |
8,825 | 6,766 | ||||||
| Amortization of convertible note |
24,838 | 20,098 | ||||||
| Amortization of finance fees |
4,816 | 3,263 | ||||||
| Non-cash compensation expense |
20,018 | 11,492 | ||||||
| Provision for doubtful accounts |
9,461 | 4,839 | ||||||
| Non-cash income taxes |
34,280 | 29,617 | ||||||
| Other |
825 | (3,400 | ) | |||||
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| subtotal |
103,063 | 72,675 | ||||||
| Less: Capital expenditures |
(1,209 | ) | (1,598 | ) | ||||
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| Free Cash Flow |
$ | 229,902 | $ | 180,485 | ||||
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| (Unaudited) | ||||||||
| Free Cash Flow Reconciliation from Cash Flow from Operations |
Year ended | |||||||
| Dec. 31, 2013 | Dec. 31, 2012 | |||||||
| Free Cash Flow (3) |
$ | 229,902 | $ | 180,485 | ||||
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| Reconciliation of Free Cash Flow: |
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| Net cash provided by operating activities |
232,789 | 204,434 | ||||||
| Add / (Less) |
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| Gain on sale of securities |
5,395 | — | ||||||
| Non-cash deferred tax items |
2,864 | 5,232 | ||||||
| Net income attributable to non-controlling interest |
(14,539 | ) | (14,101 | ) | ||||
| Capital expenditures |
(1,209 | ) | (1,598 | ) | ||||
| Other |
(1,724 | ) | 3,153 | |||||
| Net change in balance sheet items |
6,326 | (16,635 | ) | |||||
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| Free Cash Flow |
$ | 229,902 | $ | 180,485 | ||||
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| (3) | Free Cash Flow, a non-GAAP financial measure, represents net income before depreciation, amortization, non-cash compensation expense, bad debt expense, net equity earnings from certain joint ventures, non-cash income taxes, non-cash interest related to convertible debt, non-cash non-recurring gains and charges, less capital expenditures. Free Cash Flow excludes any changes in Balance Sheet items, 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 supplemental information to assist investors in evaluating the Company’s financial condition. |