$VNCE
VINCE HOLDING CORP.

2020 Q2 Form 10-Q Financial Statement

#000156459020035016 Filed on July 31, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $39.02M $74.02M
YoY Change -47.29% 35.81%
Cost Of Revenue $23.02M $36.13M
YoY Change -36.28% 24.57%
Gross Profit $16.00M $37.89M
YoY Change -57.77% 48.6%
Gross Profit Margin 41.01% 51.19%
Selling, General & Admin $38.54M $44.12M
YoY Change -12.64% 47.57%
% of Gross Profit 240.9% 116.44%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.998M $2.733M
YoY Change -26.89% 32.09%
% of Gross Profit 12.49% 7.21%
Operating Expenses $38.54M $44.12M
YoY Change -12.64% 47.57%
Operating Profit -$49.42M -$6.231M
YoY Change 693.1% 42.78%
Interest Expense $1.025M $1.359M
YoY Change -24.58% 5.43%
% of Operating Profit
Other Income/Expense, Net $2.307M -$110.0K
YoY Change -2197.27% -271.88%
Pretax Income -$48.14M -$7.700M
YoY Change 525.14% 37.77%
Income Tax $42.00K $47.00K
% Of Pretax Income
Net Earnings -$48.18M -$7.747M
YoY Change 521.89% 37.43%
Net Earnings / Revenue -123.48% -10.47%
Basic Earnings Per Share -$4.12 -$0.67
Diluted Earnings Per Share -$4.120M -$0.67
COMMON SHARES
Basic Shares Outstanding 11.63M
Diluted Shares Outstanding 11.63M

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $26.70M $100.0K
YoY Change 26600.0% -98.08%
Cash & Equivalents $26.65M $1.016M
Short-Term Investments
Other Short-Term Assets $4.100M $7.800M
YoY Change -47.44% 4.0%
Inventory $67.34M $50.30M
Prepaid Expenses
Receivables $16.52M $15.80M
Other Receivables $0.00 $0.00
Total Short-Term Assets $114.6M $74.00M
YoY Change 54.83% -1.2%
LONG-TERM ASSETS
Property, Plant & Equipment $19.90M $104.3M
YoY Change -80.92% 247.67%
Goodwill $31.97M
YoY Change
Intangibles $76.98M
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.386M $3.300M
YoY Change 63.21% 22.22%
Total Long-Term Assets $216.2M $225.4M
YoY Change -4.07% 49.17%
TOTAL ASSETS
Total Short-Term Assets $114.6M $74.00M
Total Long-Term Assets $216.2M $225.4M
Total Assets $330.8M $299.4M
YoY Change 10.49% 32.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $31.65M $21.60M
YoY Change 46.51% 7.46%
Accrued Expenses $43.30M $29.80M
YoY Change 45.3% 124.06%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.750M $2.800M
YoY Change -1.79% -65.0%
Total Short-Term Liabilities $77.70M $54.10M
YoY Change 43.62% 30.68%
LONG-TERM LIABILITIES
Long-Term Debt $84.65M $41.50M
YoY Change 103.97% -0.24%
Other Long-Term Liabilities $187.0K $137.1M
YoY Change -99.86% 86.28%
Total Long-Term Liabilities $84.83M $178.6M
YoY Change -52.5% 55.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $77.70M $54.10M
Total Long-Term Liabilities $84.83M $178.6M
Total Liabilities $162.5M $232.7M
YoY Change -30.15% 48.6%
SHAREHOLDERS EQUITY
Retained Earnings -$1.055B
YoY Change
Common Stock $1.138B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $82.90M $91.03M
YoY Change
Total Liabilities & Shareholders Equity $330.8M $299.4M
YoY Change 10.49% 32.48%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$48.18M -$7.747M
YoY Change 521.89% 37.43%
Depreciation, Depletion And Amortization $1.998M $2.733M
YoY Change -26.89% 32.09%
Cash From Operating Activities -$8.780M $3.466M
YoY Change -353.32% -770.41%
INVESTING ACTIVITIES
Capital Expenditures -$700.0K -$720.0K
YoY Change -2.78% 188.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$695.0K -$720.0K
YoY Change -3.47% 188.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 35.67M -1.936M
YoY Change -1942.61% -411.25%
NET CHANGE
Cash From Operating Activities -8.780M 3.466M
Cash From Investing Activities -695.0K -720.0K
Cash From Financing Activities 35.67M -1.936M
Net Change In Cash 26.20M 810.0K
YoY Change 3134.32% -658.62%
FREE CASH FLOW
Cash From Operating Activities -$8.780M $3.466M
Capital Expenditures -$700.0K -$720.0K
Free Cash Flow -$8.080M $4.186M
YoY Change -293.02% -1667.79%

Facts In Submission

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<p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.13%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(C) Use of Estimates<font style="font-weight:normal;">:&#160;</font><font style="color:#000000;font-weight:normal;">&#160;The preparation of financial statements in conformity with GAAP requires that management make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements which affect revenues and expenses during the period reported. Estimates are adjusted when necessary to reflect actual experience. Significant estimates and assumptions may affect many items in the financial statements. Actual results could differ from estimates and assumptions in amounts that may be material to the consolidated financial statements.&nbsp;&nbsp;</font></p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.13%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company considered the novel coronavirus (&#8220;COVID-19&#8221;) related impacts to its estimates including the impairment of property and equipment and operating lease right-of-use (&#8220;ROU&#8221;) assets, the impairment of goodwill and intangible assets, accounts receivable and inventory valuation, the liability associated with our tax receivable agreement, and the assessment of our liquidity. <font style="color:#212529;">These estimates may change as the current situation evolves or new events occur.&nbsp;&nbsp;</font></p>
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<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;">(A) Description of Business:<font style="font-weight:normal;"> The Company is a global contemporary group, consisting of three brands: Vince, Rebecca Taylor, and Parker. Vince, established in 2002, is a leading global luxury apparel and accessories brand best known for creating elevated yet understated pieces for every day effortless style. Rebecca Taylor, founded in 1996 in New York City, is a high-end women&#8217;s contemporary lifestyle brand inspired by beauty in the everyday.</font><font style="Background-color:#FFFFFF;color:#555555;font-family:Arial;font-weight:normal;">&#160;</font><font style="font-weight:normal;">Parker, founded in 2008 in New York City, is a contemporary women&#8217;s fashion brand that is trend focused.</font><font style="Background-color:#FFFFFF;color:#555555;font-family:Arial;font-weight:normal;">&#160;</font><font style="font-weight:normal;">The Company reaches its customers through a variety of channels, specifically through major wholesale department stores and specialty stores in the United States (&#8220;U.S.&#8221;) and select international markets, as well as through the Company&#8217;s branded retail locations and the Company&#8217;s websites. The Company designs products in the U.S. and sources the vast majority of products from contract manufacturers outside the U.S., primarily in Asia. Products are manufactured to meet the Company&#8217;s product specifications and labor standards.</font><font style="color:#FF0000;"> </font><font style="font-size:12pt;font-weight:normal;">&#160;</font></p>
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
58
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
38.87
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
38.92
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
38.77
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
38.77
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y8M12D
CY2020Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y4M24D
CY2020Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y4M24D
CY2020Q2 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P10Y
CY2020Q2 vnce Lessee Operating Lease Additional Term Of Contract
LesseeOperatingLeaseAdditionalTermOfContract
P5Y
CY2020Q2 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
The Company has operating leases for real estate (primarily retail stores, storage, and office spaces) which generally have initial terms of 10 years and cannot be extended or can be extended for one additional 5-year term, with the exception of a few recent leases which are on shorter terms.
CY2020Q2 us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
true
CY2020Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y2M12D
CY2020Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.069
CY2020Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
6488000
CY2019Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
6201000
CY2020Q2 us-gaap Variable Lease Cost
VariableLeaseCost
33000
CY2019Q2 us-gaap Variable Lease Cost
VariableLeaseCost
47000
CY2020Q2 us-gaap Lease Cost
LeaseCost
6521000
CY2019Q2 us-gaap Lease Cost
LeaseCost
6248000
CY2020Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
7019000
CY2020Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
631000
CY2019Q2 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
0
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
20816000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
26069000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
23799000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
20160000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
17024000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
19688000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
127556000
CY2020Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
21294000
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
106262000
CY2020Q2 vnce Lessee Operating Lease Future Minimum Payment Lease Not Yet Commenced
LesseeOperatingLeaseFutureMinimumPaymentLeaseNotYetCommenced
0
CY2020Q2 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2020Q2 vnce Adjustment To Tax Receivable Agreement Obligation
AdjustmentToTaxReceivableAgreementObligation
2320000

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