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Operating Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The following tables set forth information related to the Company's segments:
For the three months ended, |  | Wholesale Footwear |  | Wholesale Accessories/Apparel |  | Direct-to-Consumer |  | Licensing |  | Total
September 30, 2025 |  |  |  |  |  |  |  |  |  |
Total revenue(1) |  | $ | 266,543 |  |  | $ | 176,152 |  |  | $ | 221,505 |  |  | $ | 3,675 |  |  | $ | 667,875 |
Less: Cost of sales(2) |  | 174,859 |  |  | 123,186 |  |  | 92,455 |  |  | — |  |  | 390,500 |
Gross profit |  | 91,684 |  |  | 52,966 |  |  | 129,050 |  |  | 3,675 |  |  | 277,375 |
Less: Salaries and related expense(2) |  | 18,153 |  |  | 15,499 |  |  | 35,111 |  |  | 242 |  |  | 69,005 |
Less: Other segment items(3) |  | 33,417 |  |  | 21,864 |  |  | 98,379 |  |  | (25) |  |  | 153,635 |
Income/(loss) from operations |  | $ | 40,114 |  |  | $ | 15,603 |  |  | $ | (4,440) |  |  | $ | 3,458 |  |  | $ | 54,735 |
(1) There were no inter-segment revenue transactions during any of the periods presented, and therefore, total segment revenue represents consolidated revenue. (2) The significant expense categories and amounts align with segment-level information that is regularly provided to the CODM. (3) Other segment items in the Wholesale Footwear, Wholesale Accessories/Apparel, and Direct-to-Consumer segments consist of the following: warehouse and shipping, advertising and promotion, occupancy, depreciation and amortization, certain transaction related costs, and other miscellaneous costs. Other segment items in the Licensing segment consists of advertising and promotion and other miscellaneous costs.
For the three months ended, |  | Wholesale Footwear |  | Wholesale Accessories/Apparel |  | Direct-to-Consumer |  | Licensing |  | Total
September 30, 2024 |  |  |  |  |  |  |  |  |  |
Total revenue(1) |  | $ | 299,315 |  |  | $ | 196,400 |  |  | $ | 125,455 |  |  | $ | 3,505 |  |  | $ | 624,675 |
Less: Cost of sales(2) |  | 188,537 |  |  | 131,437 |  |  | 45,157 |  |  | — |  |  | 365,131 |
Gross profit |  | 110,778 |  |  | 64,963 |  |  | 80,298 |  |  | 3,505 |  |  | 259,544 |
Less: Change in valuation of contingent consideration liability(2) |  | — |  |  | (2,584) |  |  | — |  |  | — |  |  | (2,584) |
Less: Impairment of intangibles(2) |  | — |  |  | 8,635 |  |  | — |  |  | — |  |  | 8,635 |
Less: Salaries and related expense(2) |  | 17,866 |  |  | 13,625 |  |  | 18,794 |  |  | 299 |  |  | 50,584 |
Less: Other segment items(3) |  | 28,657 |  |  | 14,626 |  |  | 60,005 |  |  | (22) |  |  | 103,266 |
Income from operations |  | $ | 64,255 |  |  | $ | 30,661 |  |  | $ | 1,499 |  |  | $ | 3,228 |  |  | $ | 99,643 |
(1) There were no inter-segment revenue transactions during any of the periods presented, and therefore, total segment revenue represents consolidated revenue. (2) The significant expense categories and amounts align with segment-level information that is regularly provided to the CODM. (3) Other segment items in the Wholesale Footwear, Wholesale Accessories/Apparel, and Direct-to-Consumer segments consist of the following: warehouse and shipping, advertising and promotion, occupancy, depreciation and amortization, and other miscellaneous costs. Other segment items in the Licensing segment consists of advertising and promotion and other miscellaneous costs.
For the nine months ended, |  | Wholesale Footwear |  | Wholesale Accessories/Apparel |  | Direct-to-Consumer |  | Licensing |  | Total
September 30, 2025 |  |  |  |  |  |  |  |  |  |
Total revenue(1) |  | $ | 782,827 |  |  | $ | 459,774 |  |  | $ | 529,071 |  |  | $ | 8,737 |  |  | $ | 1,780,409 |
Less: Cost of sales(2) |  | 513,967 |  |  | 318,950 |  |  | 217,823 |  |  | — |  |  | 1,050,740 |
Gross profit |  | 268,860 |  |  | 140,824 |  |  | 311,248 |  |  | 8,737 |  |  | 729,669 |
Less: Change in valuation of contingent payment liability(2) |  | — |  |  | (2,075) |  |  | — |  |  | — |  |  | (2,075) |
Less: Salaries and related expense(2) |  | 53,082 |  |  | 42,632 |  |  | 81,768 |  |  | 753 |  |  | 178,235 |
Less: Other segment items(3) |  | 87,671 |  |  | 56,343 |  |  | 284,482 |  |  | 344 |  |  | 428,840 |
Income / (loss) from operations |  | $ | 128,107 |  |  | $ | 43,924 |  |  | $ | (55,002) |  |  | $ | 7,640 |  |  | $ | 124,669 |
(1) There were no inter-segment revenue transactions during any of the periods presented, and therefore, total segment revenue represents consolidated revenue. (2) The significant expense categories and amounts align with segment-level information that is regularly provided to the CODM. (3) Other segment items in the Wholesale Footwear, Wholesale Accessories/Apparel, and Direct-to-Consumer segments consist of the following: warehouse and shipping, advertising and promotion, occupancy, depreciation and amortization, certain transaction related costs, and other miscellaneous costs. Other segment items in the Licensing segment consists of advertising and promotion and other miscellaneous costs.
For the nine months ended, |  | Wholesale Footwear |  | Wholesale Accessories/Apparel |  | Direct-to-Consumer |  | Licensing |  | Total
September 30, 2024 |  |  |  |  |  |  |  |  |  |
Total revenue(1) |  | $ | 832,000 |  |  | $ | 487,252 |  |  | $ | 374,194 |  |  | $ | 7,163 |  |  | $ | 1,700,609 |
Less: Cost of sales(2) |  | 533,814 |  |  | 328,694 |  |  | 136,613 |  |  | — |  |  | 999,121 |
Gross profit |  | 298,186 |  |  | 158,558 |  |  | 237,581 |  |  | 7,163 |  |  | 701,488 |
Less: Change in valuation of contingent payment liability(2) |  | — |  |  | 5,616 |  |  | — |  |  | — |  |  | 5,616 |
Less: Impairment of intangibles(2) |  | — |  |  | 8,635 |  |  | 1,700 |  |  | — |  |  | 10,335 |
Less: Salaries and related expense(2) |  | 52,561 |  |  | 39,070 |  |  | 55,103 |  |  | 923 |  |  | 147,657 |
Less: Other segment items(3) |  | 79,316 |  |  | 41,059 |  |  | 166,214 |  |  | 316 |  |  | 286,905 |
Income from operations |  | $ | 166,309 |  |  | $ | 64,178 |  |  | $ | 14,564 |  |  | $ | 5,924 |  |  | $ | 250,975 |
(1) There were no inter-segment revenue transactions during any of the periods presented, and therefore, total segment revenue represents consolidated revenue. (2) The significant expense categories and amounts align with segment-level information that is regularly provided to the CODM. (3) Other segment items in the Wholesale Footwear, Wholesale Accessories/Apparel, and Direct-to-Consumer segments consist of the following: warehouse and shipping, advertising and promotion, occupancy, depreciation and amortization, and other miscellaneous costs. Other segment items in the Licensing segment consists of advertising and promotion and other miscellaneous costs.
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | The following table reconciles total segment income from operations to income before provision for income taxes.
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Total segment income from operations |  | $ | 54,735 |  |  | $ | 99,643 |  |  | $ | 124,669 |  |  | $ | 250,975 |
Corporate costs |  | (23,377) |  |  | (25,065) |  |  | (80,070) |  |  | (72,781) |
Gain on derivative |  | — |  |  | — |  |  | 9,252 |  |  | — |
Interest and other (expense) / income – net |  | (4,947) |  |  | 1,400 |  |  | (7,913) |  |  | 4,309 |
Income before provision for income taxes |  | $ | 26,411 |  |  | $ | 75,978 |  |  | $ | 45,938 |  |  | $ | 182,503 |
The following table presents capital expenditures by segment:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Wholesale Footwear | $ | 988 |  |  | $ | 682 |  |  | $ | 3,389 |  |  | $ | 2,304 |
Wholesale Accessories/Apparel | 1,105 |  |  | 10 |  |  | 1,630 |  |  | 198 |
Direct-to-Consumer | 8,882 |  |  | 6,033 |  |  | 20,559 |  |  | 12,277 |
Corporate(1) | 588 |  |  | 645 |  |  | 3,501 |  |  | 1,863 |
Total | $ | 11,563 |  |  | $ | 7,370 |  |  | $ | 29,079 |  |  | $ | 16,642 |
(1) Corporate does not constitute a reportable segment and includes costs not directly attributable to the segments. These costs are primarily related to expenses associated with corporate executives, corporate finance, corporate social responsibility, legal, human resources, information technology, cybersecurity, and other shared services.
Depreciation and amortization | The following table presents depreciation and amortization by segment:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Wholesale Footwear | $ | 774 |  |  | $ | 855 |  |  | $ | 1,766 |  |  | $ | 2,230 |
Wholesale Accessories/Apparel | 874 |  |  | 1,154 |  |  | 1,813 |  |  | 3,445 |
Direct-to-Consumer | 6,767 |  |  | 1,816 |  |  | 14,179 |  |  | 4,796 |
Corporate(1) | 2,767 |  |  | 1,342 |  |  | 7,350 |  |  | 4,265 |
Total | $ | 11,182 |  |  | $ | 5,167 |  |  | $ | 25,108 |  |  | $ | 14,736 |
(1) Corporate does not constitute a reportable segment and includes costs not directly attributable to the segments. These costs are primarily related to expenses associated with corporate executives, corporate finance, corporate social responsibility, legal, human resources, information technology, cybersecurity, and other shared services.
Revenue from External Customers by Geographic Areas | The following table summarizes revenue by geographic areas:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Domestic (1) |  | $ | 411,991 |  |  | $ | 503,269 |  |  | $ | 1,230,790 |  |  | $ | 1,386,593 |
International |  | 255,884 |  |  | 121,406 |  |  | 549,619 |  |  | 314,016 |
Total |  | $ | 667,875 |  |  | $ | 624,675 |  |  | $ | 1,780,409 |  |  | $ | 1,700,609 |
(1) Includes revenues of $62,449 and $221,949, respectively, for the three and nine months ended September 30, 2025 and $77,005 and $245,128, respectively, for the comparable period in 2024 related to sales to U.S. customers where the title is transferred outside the U.S. and the sale is recorded by the Company's international entities.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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