2021 Q3 Form 10-Q Financial Statement
#000156459021047478 Filed on September 09, 2021
Income Statement
| Concept | 2021 Q3 | 2020 Q3 |
|---|---|---|
| Revenue | $78.67M | $37.02M |
| YoY Change | 112.5% | -48.11% |
| Cost Of Revenue | $43.30M | $23.68M |
| YoY Change | 82.82% | -51.57% |
| Gross Profit | $35.38M | $13.34M |
| YoY Change | 165.2% | -69.23% |
| Gross Profit Margin | 44.97% | 36.03% |
| Selling, General & Admin | $32.74M | $27.35M |
| YoY Change | 19.73% | -34.31% |
| % of Gross Profit | 92.55% | 205.01% |
| Research & Development | ||
| YoY Change | ||
| % of Gross Profit | ||
| Depreciation & Amortization | $1.481M | $1.650M |
| YoY Change | -10.24% | -38.2% |
| % of Gross Profit | 4.19% | 12.37% |
| Operating Expenses | $32.74M | $27.35M |
| YoY Change | 19.73% | -34.31% |
| Operating Profit | $2.635M | -$14.01M |
| YoY Change | -118.81% | -23.9% |
| Interest Expense | -$1.927M | $1.022M |
| YoY Change | -288.55% | -16.3% |
| % of Operating Profit | -73.13% | |
| Other Income/Expense, Net | $0.00 | -$4.000K |
| YoY Change | -100.0% | -55.56% |
| Pretax Income | $708.0K | -$15.03M |
| YoY Change | -104.71% | -23.44% |
| Income Tax | $1.298M | $28.00K |
| % Of Pretax Income | 183.33% | |
| Net Earnings | -$590.0K | -$15.06M |
| YoY Change | -96.08% | -22.92% |
| Net Earnings / Revenue | -0.75% | -40.68% |
| Basic Earnings Per Share | -$0.05 | -$1.28 |
| Diluted Earnings Per Share | -$49.59K | -$1.28 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 11.90M | 11.78M |
| Diluted Shares Outstanding | 11.90M | 11.78M |
Balance Sheet
| Concept | 2021 Q3 | 2020 Q3 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $1.524M | $800.0K |
| YoY Change | 90.5% | 300.0% |
| Cash & Equivalents | $1.524M | $782.0K |
| Short-Term Investments | ||
| Other Short-Term Assets | $5.614M | $3.500M |
| YoY Change | 60.4% | -49.28% |
| Inventory | $74.34M | $92.10M |
| Prepaid Expenses | ||
| Receivables | $31.16M | $18.60M |
| Other Receivables | $0.00 | $0.00 |
| Total Short-Term Assets | $112.6M | $115.0M |
| YoY Change | -2.06% | 20.42% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $106.7M | $107.8M |
| YoY Change | -1.04% | -1.01% |
| Goodwill | $31.97M | |
| YoY Change | ||
| Intangibles | $76.16M | |
| YoY Change | ||
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | $3.745M | $5.100M |
| YoY Change | -26.57% | 59.38% |
| Total Long-Term Assets | $218.6M | $221.7M |
| YoY Change | -1.42% | -3.48% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $112.6M | $115.0M |
| Total Long-Term Assets | $218.6M | $221.7M |
| Total Assets | $331.2M | $336.7M |
| YoY Change | -1.64% | 3.54% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $50.79M | $58.50M |
| YoY Change | -13.18% | 71.55% |
| Accrued Expenses | $41.95M | $39.50M |
| YoY Change | 6.2% | 30.79% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | $1.375M | $2.100M |
| YoY Change | -34.52% | -23.64% |
| Total Short-Term Liabilities | $94.11M | $100.0M |
| YoY Change | -5.89% | 49.13% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $84.76M | $72.90M |
| YoY Change | 16.27% | 51.54% |
| Other Long-Term Liabilities | $91.86M | $95.50M |
| YoY Change | -3.82% | 63.88% |
| Total Long-Term Liabilities | $84.76M | $168.4M |
| YoY Change | -49.67% | 58.3% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $94.11M | $100.0M |
| Total Long-Term Liabilities | $84.76M | $168.4M |
| Total Liabilities | $276.3M | $268.3M |
| YoY Change | 2.98% | 54.7% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | ||
| YoY Change | ||
| Common Stock | ||
| YoY Change | ||
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $54.90M | $68.37M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $331.2M | $336.7M |
| YoY Change | -1.64% | 3.54% |
Cashflow Statement
| Concept | 2021 Q3 | 2020 Q3 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | -$590.0K | -$15.06M |
| YoY Change | -96.08% | -22.92% |
| Depreciation, Depletion And Amortization | $1.481M | $1.650M |
| YoY Change | -10.24% | -38.2% |
| Cash From Operating Activities | $2.504M | -$12.47M |
| YoY Change | -120.08% | 41.87% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | -$1.443M | -$900.0K |
| YoY Change | 60.33% | -21.05% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | ||
| YoY Change | ||
| Cash From Investing Activities | -$1.443M | -$900.0K |
| YoY Change | 60.33% | -21.05% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | -908.0K | -12.59M |
| YoY Change | -92.79% | -230.6% |
| NET CHANGE | ||
| Cash From Operating Activities | 2.504M | -12.47M |
| Cash From Investing Activities | -1.443M | -900.0K |
| Cash From Financing Activities | -908.0K | -12.59M |
| Net Change In Cash | 153.0K | -25.96M |
| YoY Change | -100.59% | 8851.72% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | $2.504M | -$12.47M |
| Capital Expenditures | -$1.443M | -$900.0K |
| Free Cash Flow | $3.947M | -$11.57M |
| YoY Change | -134.11% | 51.24% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(A) Description of Business:<span 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 </span><span style="Background-color:#FFFFFF;color:#000000;font-weight:normal;">contemporary womenswear line lauded for its signature prints, romantic detailing and vintage inspired aesthetic, reimagined for a modern era</span><span style="font-weight:normal;">.</span><span style="Background-color:#FFFFFF;color:#555555;font-family:Arial;font-weight:normal;"> </span><span style="font-weight:normal;">Parker, founded in 2008 in New York City, is a contemporary women’s fashion brand that is trend focused. </span><span style="Background-color:#FFFFFF;color:#000000;font-weight:normal;">While we continue to believe that the Parker brand complements our portfolio, during the first half of fiscal 2020 the Company decided to pause the creation of new products to focus resources on the operations of the Vince and Rebecca Taylor brands and to preserve liquidity.</span><span style="font-weight:normal;"> </span></p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company reaches its customers through a variety of channels, specifically through major wholesale department stores and specialty stores in the United States (“U.S.”) and select international markets, as well as through the Company’s branded retail locations and the Company’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’s product specifications and labor standards.<span style="font-weight:bold;color:#FF0000;"> </span> </p> | ||
| us-gaap |
Use Of Estimates
UseOfEstimates
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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<span style="font-weight:normal;">: </span><span style="color:#000000;font-weight:normal;"> 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. </span></p> <p style="margin-top:6pt;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 (“COVID-19”) related impacts to its estimates including the impairment of property and equipment and operating lease right-of-use (“ROU”) assets, the impairment of goodwill and intangible assets, accounts </p> <p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p> <p style="margin-top:6pt;margin-bottom:0pt;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">receivable and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">inventory valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the liability associated with our </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">tax receivable agreement,</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the assessment of our liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">. </span><span style="color:#212529;">These estimates may change as the current situation evolves or new events occur. </span></p> | ||
| CY2021 | us-gaap |
Goodwill And Intangible Asset Impairment
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|
13848000 | |
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76491000 | |
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164000 | |
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Amortization Of Intangible Assets
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328000 | ||
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1564000 | |
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|
2021-01-31 | |
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Goodwill
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|
31973000 | |
| CY2021Q3 | us-gaap |
Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
|
101845000 | |
| CY2021Q3 | us-gaap |
Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
|
155441000 | |
| CY2021Q3 | us-gaap |
Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
|
21450000 | |
| CY2021Q3 | vnce |
Indefinite Lived Intangible Assets Excluding Goodwill Accumulated Impairment Loss
IndefiniteLivedIntangibleAssetsExcludingGoodwillAccumulatedImpairmentLoss
|
57828000 | |
| CY2021Q3 | us-gaap |
Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
|
76163000 | |
| CY2021Q1 | us-gaap |
Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
|
155441000 | |
| CY2021Q1 | us-gaap |
Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
|
21122000 | |
| CY2021Q1 | vnce |
Indefinite Lived Intangible Assets Excluding Goodwill Accumulated Impairment Loss
IndefiniteLivedIntangibleAssetsExcludingGoodwillAccumulatedImpairmentLoss
|
57828000 | |
| CY2021Q3 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
|
655000 | |
| CY2021Q3 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
|
655000 | |
| CY2021Q3 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
|
655000 | |
| CY2021Q3 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
|
655000 | |
| CY2021Q3 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
|
655000 | |
| CY2021Q3 | vnce |
Non Financial Assets Fair Value Disclosure
NonFinancialAssetsFairValueDisclosure
|
0 | |
| CY2021Q1 | vnce |
Non Financial Assets Fair Value Disclosure
NonFinancialAssetsFairValueDisclosure
|
0 | |
| CY2021Q3 | us-gaap |
Nonfinancial Liabilities Fair Value Disclosure
NonfinancialLiabilitiesFairValueDisclosure
|
0 | |
| CY2021Q1 | us-gaap |
Nonfinancial Liabilities Fair Value Disclosure
NonfinancialLiabilitiesFairValueDisclosure
|
0 | |
| CY2021Q3 | us-gaap |
Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
|
87339000 | |
| us-gaap |
Goodwill Impairment Loss
GoodwillImpairmentLoss
|
9462000 | ||
| CY2021Q1 | us-gaap |
Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
|
85897000 | |
| CY2021Q3 | us-gaap |
Long Term Debt Current
LongTermDebtCurrent
|
1375000 | |
| CY2021Q3 | us-gaap |
Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
|
1205000 | |
| CY2021Q3 | us-gaap |
Long Term Debt Noncurrent
LongTermDebtNoncurrent
|
84759000 | |
| CY2021Q1 | us-gaap |
Long Term Debt Noncurrent
LongTermDebtNoncurrent
|
84485000 | |
| CY2020Q2 | us-gaap |
Debt Instrument Basis Spread On Variable Rate1
DebtInstrumentBasisSpreadOnVariableRate1
|
0 | |
| CY2021Q3 | us-gaap |
Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
|
74336000 | |
| CY2021Q1 | us-gaap |
Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
|
68226000 | |
| CY2021Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
58 | |
| CY2021Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
38.77 | |
| CY2021Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
58 | |
| CY2021Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
38.77 | |
| CY2021Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
58 | |
| CY2021Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
|
38.77 | |
| CY2020Q3 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
525000 | |
| CY2020Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
11784007 | |
| us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
11855535 | ||
| us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
11739061 | ||
| us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
11739061 | ||
| CY2020Q3 | us-gaap |
Loss Contingency Claims Dismissed Number
LossContingencyClaimsDismissedNumber
|
2 | |
| CY2021Q3 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
1298000 | |
| CY2021Q3 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
1.833 | |
| CY2021Q3 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.21 | |
| CY2020Q3 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.002 | |
| CY2020Q3 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.21 | |
| us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
3941000 | ||
| vnce |
Provision For Income Taxes Included Correction Of Error Related To State Tax Impact Of Non Cash Deferred Tax Expense
ProvisionForIncomeTaxesIncludedCorrectionOfErrorRelatedToStateTaxImpactOfNonCashDeferredTaxExpense
|
882000 | ||
| vnce |
Provision For Income Taxes Included Correction Of Error Related To State Tax Impact Of Non Cash Deferred Tax Expense
ProvisionForIncomeTaxesIncludedCorrectionOfErrorRelatedToStateTaxImpactOfNonCashDeferredTaxExpense
|
882000 | ||
| us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.476 | ||
| us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
70000 | ||
| us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.001 | ||
| us-gaap |
Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
|
The Company leases various office spaces, showrooms and retail stores. Although the Company’s more recent leases are subject to shorter terms as a result of the implementation of the strategy to pursue shorter lease terms, many of the Company’s leases have initial terms of 10 years, and in many instances can be extended for an additional term. | ||
| CY2021Q3 | us-gaap |
Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
|
P10Y | |
| CY2021Q3 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
5919000 | |
| CY2021Q3 | vnce |
Variable Lease Cost Income
VariableLeaseCostIncome
|
-1011000 | |
| CY2021Q3 | us-gaap |
Lease Cost
LeaseCost
|
4908000 | |
| us-gaap |
Number Of Reportable Segments
NumberOfReportableSegments
|
3 | ||
| CY2021Q3 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
78673000 | |
| CY2021Q3 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
708000 | |
| CY2020Q3 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
37022000 | |
| CY2020Q3 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-15034000 | |
| us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
136206000 | ||
| us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-8271000 | ||
| us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
76040000 | ||
| us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-63170000 | ||
| CY2021Q3 | us-gaap |
Assets
Assets
|
331192000 | |
| CY2021Q1 | us-gaap |
Assets
Assets
|
332944000 | |
| vnce |
Adjustment To Tax Receivable Agreement Obligation
AdjustmentToTaxReceivableAgreementObligation
|
2320000 | ||
| vnce |
Adjustment To Tax Receivable Agreement Liability
AdjustmentToTaxReceivableAgreementLiability
|
2320000 |
