Second Quarter Financial Highlights
- Net revenue was
$302.0 million for the second quarter of 2026, an increase of$7.9 million or 2.7% from$294.1 million during the second quarter of 2025.
U.S . Digital Segment Net revenue was$268.9 million for the second quarter of 2026, an increase of$13.6 million or 5.3% from$255.3 million in the second quarter of 2025.
U.S . eCommerce Net revenue was$182.4 million for the second quarter of 2026, an increase of$15.1 million or 9.0% from$167.3 million in the second quarter of 2025. The increase was primarily driven by carryover shipments from the temporary disruption associated with the rollout of the new warehouse management system in the first quarter of 2026.- Outfitters Net revenue was
$69.3 million for the second quarter of 2026, an increase of$2.9 million or 4.4% from$66.4 million in the second quarter of 2025. The increase was driven by enterprise accounts which more than offset the impact of warehouse management system challenges affecting the processing of value-added service products in our school uniform business. - Third Party Net revenue was
$17.2 million , for the second quarter of 2026, a decrease of$4.4 million or 20.4% from$21.6 million during the second quarter of 2025. The decrease was primarily due to prioritizing profitable high-quality sales and brand quality over lower-value promotional volume.
Europe eCommerce Net revenue was$19.7 million for the second quarter of 2026, an increase of$0.1 million or 0.5%, from$19.6 million during the second quarter of 2025. The increase was primarily due to a strategic shift to a franchise-first assortment simplifying the business and improving product margins.
- Gross profit was
$157.0 million for the second quarter of 2026, an increase of$13.6 million or 9.5% from$143.4 million during the second quarter of 2025. Gross margin increased approximately 320 basis points to 52.0% in the second quarter of 2026, compared with 48.8% in the second quarter of 2025. The gross margin increase was primarily driven by the IEEPA tariff refunds, partially offset by the new royalty structure associated with the JV, and temporary costs associated with our new warehouse management system. - Selling and administrative expenses increased
$5.9 million to$135.3 million or 44.8% of Net revenue in the second quarter of 2026, compared with$129.4 million or 44.0% of Net revenue in the second quarter of 2025. The approximately 80 basis point increase was driven by investment in digital marketing focused on new customer acquisition and operational inefficiencies from the temporary disruption of the new warehouse management system partially offset by leverage from higher net revenue. - Net income was
$3.5 million , and$0.11 earnings per diluted share in the second quarter of 2026 compared to Net loss of$3.7 million and$0.12 loss per diluted share in the second quarter of 2025. - Adjusted net income was
$2.7 million and Adjusted diluted earnings per share was$0.09 in the second quarter of 2026, compared to Adjusted net loss of$1.1 million and Adjusted diluted loss per share of$0.04 in the second quarter of 2025. - Adjusted EBITDA was
$11.3 million in the second quarter of 2026, a decrease of 25% compared to$15.1 million in the second quarter of 2025.
Balance Sheet and Cash Flow Highlights
Cash and cash equivalents were
Inventories were
Net cash used in operating activities was
As previously announced, the Company used the majority of the
As of
During the second quarter of 2026, the Company repurchased
Outlook
The Company’s guidance reflects current conditions, including tariffs at currently implemented rates and prevailing macroeconomic factors.
For Third Quarter fiscal 2026 the Company expects:
- Net revenue to be between
$300.0 million and$330.0 million . - Net loss to be between
$1.0 million and net income of$3.0 million and diluted loss per share to be between$0.03 and diluted earnings per share of$0.10 . - Adjusted net income to be between
$2.0 million and$6.0 million and Adjusted diluted earnings per share to be between$0.07 and$0.20 . - Adjusted EBITDA in the range of
$14.0 million to$18.0 million .
For fiscal 2026 the Company now expects:
- Net revenue to be between
$1.30 billion and$1.35 billion . - Net income to be between
$317.0 million and$325.0 million and diluted earnings per share to be between$10.87 and$11.14 . - Adjusted net income to be between
$13.0 million and$21.0 million and Adjusted diluted earnings per share to be between$0.44 and$0.72 . - Adjusted EBITDA in the range of
$62.0 million to$70.0 million .
For the full year, the Company’s guidance includes approximately
Conference Call
The Company will host a conference call on
About
Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties, including statements regarding the future of the Company, brand strength, customer loyalty, customer engagement, digital capabilities and new customers; ensuring the right infrastructure, technology and customer acquisition capabilities, and the Company’s positioning; expectations regarding inventory, revenue and tariffs; the share repurchase program and its anticipated scale and impact; distribution center operations; confidence in the long-term value of the Company; execution through the holiday season and long-term value creation; and the Company’s Q3 and full fiscal year 2026 outlook and expectations as to Net revenue, Net income (loss), Adjusted net income, diluted earnings (loss) per share, Adjusted EBITDA and capital expenditures. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: the stock repurchase program may not be executed to the full extent within its duration, due to business or market conditions; risks associated with the Company’s license agreement relating to the
CONTACTS
Chief Financial Officer
(608) 935-4100
Investor Relations:
(646) 277-1235
Tom.Filandro@icrinc.com
-Financial Tables Follow-
Condensed Consolidated Balance Sheets (Unaudited) | ||||||||||||
| (in thousands, except per share data) | 2025 | 2026* | ||||||||||
| ASSETS | ||||||||||||
| Current assets | ||||||||||||
| Cash and cash equivalents | $ | 16,113 | $ | 21,255 | $ | 17,694 | ||||||
| Restricted cash | 590 | 2,291 | 589 | |||||||||
| Accounts receivable, net | 38,329 | 39,028 | 41,265 | |||||||||
| Inventories | 342,040 | 301,797 | 268,803 | |||||||||
| Prepaid expenses | 30,243 | 30,400 | 27,856 | |||||||||
| Other current assets | 452 | 10,291 | 4,798 | |||||||||
| Total current assets | 427,767 | 405,062 | 361,005 | |||||||||
| Property and equipment, net | 128,576 | 117,205 | 115,701 | |||||||||
| Operating lease right-of-use asset | 13,995 | 18,856 | 15,680 | |||||||||
| Equity method investment | 377,589 | — | — | |||||||||
| Intangible asset | — | 257,000 | — | |||||||||
| Asset held for sale | — | — | 257,000 | |||||||||
| Other assets | 1,639 | 2,518 | 1,680 | |||||||||
| TOTAL ASSETS | $ | 949,566 | $ | 800,641 | $ | 751,066 | ||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
| Current liabilities | ||||||||||||
| Current portion of long-term debt | $ | — | $ | 13,000 | $ | 13,000 | ||||||
| Accounts payable | 162,346 | 147,846 | 115,436 | |||||||||
| Lease liability – current | 4,540 | 4,609 | 4,434 | |||||||||
| Accrued expenses and other current liabilities | 103,985 | 85,084 | 91,068 | |||||||||
| Total current liabilities | 270,871 | 250,539 | 223,938 | |||||||||
| Long-term borrowings under ABL Facility | 60,000 | 35,000 | — | |||||||||
| Long-term debt, net | — | 219,550 | 214,211 | |||||||||
| Lease liability – long-term | 12,128 | 17,986 | 14,264 | |||||||||
| Deferred tax liabilities | 109,339 | 50,319 | 52,392 | |||||||||
| Other liabilities | 4,358 | 2,123 | 1,966 | |||||||||
| TOTAL LIABILITIES | 456,696 | 575,517 | 506,771 | |||||||||
| STOCKHOLDERS’ EQUITY | ||||||||||||
| Common stock, par value issued and outstanding: 30,023, 30,517 and 30,575, respectively | 301 | 306 | 306 | |||||||||
| Additional paid-in capital | 338,876 | 346,841 | 349,429 | |||||||||
| Retained earnings (accumulated deficit) | 170,095 | (106,287 | ) | (88,850 | ) | |||||||
| Accumulated other comprehensive loss | (16,402 | ) | (15,736 | ) | (16,590 | ) | ||||||
| TOTAL STOCKHOLDERS’ EQUITY | 492,870 | 225,124 | 244,295 | |||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 949,566 | $ | 800,641 | $ | 751,066 | ||||||
* Derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended
Condensed Consolidated Statements of Operations (Unaudited) | ||||||||||||||||
| 13 Weeks Ended | 26 Weeks Ended | |||||||||||||||
| (in thousands, except per share data) | 2026 | 2025 | 2026 | |||||||||||||
| Net revenue | $ | 302,038 | $ | 294,079 | $ | 540,954 | $ | 555,287 | ||||||||
| Cost of sales (exclusive of depreciation and amortization) | 145,023 | 150,661 | 272,427 | 279,143 | ||||||||||||
| Gross profit | 157,015 | 143,418 | 268,527 | 276,144 | ||||||||||||
| Selling and administrative | 135,250 | 129,356 | 261,702 | 252,818 | ||||||||||||
| Depreciation and amortization | 6,147 | 7,656 | 12,247 | 15,947 | ||||||||||||
| Equity method investment income | (4,243 | ) | — | (4,439 | ) | — | ||||||||||
| Other operating expense, net | 11,674 | 2,423 | 34,938 | 5,766 | ||||||||||||
| Operating income (loss) | 8,187 | 3,983 | (35,921 | ) | 1,613 | |||||||||||
| Interest expense | 1,021 | 9,262 | 6,535 | 18,527 | ||||||||||||
| Gain on WHP Transaction | — | — | (491,622 | ) | — | |||||||||||
| Loss on extinguishment of debt | — | — | 9,172 | — | ||||||||||||
| Other income, net | (1,051 | ) | (3 | ) | (915 | ) | (14 | ) | ||||||||
| Income (loss) before income taxes | 8,217 | (5,276 | ) | 440,909 | (16,900 | ) | ||||||||||
| Income tax expense (benefit) | 4,766 | (1,609 | ) | 106,765 | (4,971 | ) | ||||||||||
| NET INCOME (LOSS) | $ | 3,451 | $ | (3,667 | ) | $ | 334,144 | $ | (11,929 | ) | ||||||
| Earnings (loss) per common share | ||||||||||||||||
| Basic | $ | 0.12 | $ | (0.12 | ) | $ | 11.12 | $ | (0.39 | ) | ||||||
| Diluted | $ | 0.11 | $ | (0.12 | ) | $ | 10.96 | $ | (0.39 | ) | ||||||
| Weighted average common shares outstanding | ||||||||||||||||
| Basic | 29,902 | 30,743 | 30,052 | 30,721 | ||||||||||||
| Diluted | 30,108 | 30,743 | 30,498 | 30,721 | ||||||||||||
Definitions, Reconciliations and Uses of Non-GAAP Financial Measures
In addition to our Net income (loss) determined in accordance with GAAP, for purposes of evaluating operating performance, we report the following non-GAAP measures: Adjusted net income (loss) and Adjusted EBITDA. Adjusted net income (loss) is also expressed on a diluted per share basis.
We believe presenting non-GAAP financial measures provides useful information to investors, allowing them to assess how the business performed excluding the effects of significant non-recurring or non-operational amounts. We believe the use of the non-GAAP financial measures facilitates comparing the results being reported against past and future results by eliminating amounts that we believe are not comparable between periods and assists investors in evaluating the effectiveness of our operations and underlying business trends in a manner that is consistent with management’s own methods for evaluating business performance.
Our management uses Adjusted net income (loss) and Adjusted EBITDA to evaluate the operating performance of our business for comparable periods and to discuss our business with our Board of Directors, institutional investors and other market participants. Adjusted EBITDA is also used as the basis for a performance measure used in executive incentive compensation.
The methods we use to calculate our non-GAAP financial measures may differ significantly from methods other companies use to compute similar measures. As a result, any non-GAAP financial measures presented herein may not be comparable to similar measures provided by other companies. Adjusted net income (loss) and Adjusted EBITDA should not be used by investors or other third parties as the sole basis for formulating investment decisions as these measures may exclude a number of important cash and non-cash recurring items.
Adjusted net income (loss) is defined as net income (loss) excluding significant non-recurring or non-operational items as set forth below. Adjusted net income (loss) is also presented on a diluted per share basis. While Adjusted net income (loss) is a non-GAAP measurement, management believes that it is an important indicator of operating performance and useful to investors.
- Other significant non-recurring or non-operational items, while periodically affecting our results, may vary significantly from period to period and have a disproportionate effect in a given period, which affects comparability of results and are described below:
- Corporate restructuring and other – composed of costs related to the strategic alternative process and completion and severance and benefit costs for the 13 and 26 weeks ended
July 31, 2026 andAugust 1, 2025 as well as costs related to the transition of executive leadership for the 13 and 26 weeks endedJuly 31, 2026 . - Unmitigated tariff costs – unmitigated incremental product costs, net of the impact of vendor negotiations, incurred pursuant to International Emergency Economic Powers Act (“IEEPA”) tariffs that were subsequently ruled unlawful by the
Supreme Court of the United States onFebruary 20, 2026 for the 13 and 26 weeks endedJuly 31, 2026 andAugust 1, 2025 . - JV intangible asset amortization – Lands’ End’s proportionate share of intangible asset amortization expense recorded within the JV’s financial results for the 13 and 26 weeks ended
July 31, 2026 . - Unmitigated tariff recovery – unmitigated incremental product costs, net of the impact of vendor negotiations, incurred pursuant to International Emergency Economic Powers Act (“IEEPA”) tariffs that were subsequently ruled unlawful by the
Supreme Court of the United States onFebruary 20, 2026 recovered for the 13 and 26 weeks endedJuly 31, 2026 . - Loss on extinguishment of debt – prepayment premium associated with the repayment of the Term Loan Facility before the scheduled maturity date and the write off of related unamortized debt issuance costs of the Term Loan Facility for the 26 weeks ended
July 31, 2026 . - Exit costs – charges associated to exit kids and footwear lines of business including inventory excess and obsolescence reserves, inventory discounts and operational charges recorded in the 26 weeks ended
August 1, 2025 in conjunction with our licensing arrangements commencing in Fiscal 2024. - Gain on WHP Transaction – Gain recognized in conjunction with the transfer of the
Lands’ End intellectual property to the JV, and immediately thereafter, sale of a 50% controlling ownership stake in the JV to WHP Global for the 26 weeks endedJuly 31, 2026 .
- Corporate restructuring and other – composed of costs related to the strategic alternative process and completion and severance and benefit costs for the 13 and 26 weeks ended
The following table sets forth, for the periods indicated, a reconciliation of Net income (loss) to Adjusted net income (loss) and Adjusted diluted earnings (loss) per share:
| Unaudited | 13 Weeks Ended | |||||||
| (in thousands, except per share amounts) | ||||||||
| Net income (loss) | $ | 3,451 | $ | (3,667 | ) | |||
| Corporate restructuring and other | 11,677 | 2,434 | ||||||
| Unmitigated tariff costs(1) | 5,100 | 1,000 | ||||||
| JV intangible asset amortization | 5,090 | — | ||||||
| Unmitigated tariff recovery | (24,900 | ) | — | |||||
| Tax effects on adjustments(2) | 2,261 | (873 | ) | |||||
| ADJUSTED NET INCOME (LOSS) | $ | 2,679 | $ | (1,106 | ) | |||
| ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE | $ | 0.09 | $ | (0.04 | ) | |||
| Diluted weighted average common shares outstanding | 30,108 | 30,743 | ||||||
(1) Beginning in Fourth Quarter 2025, the Company adjusts for unmitigated tariff costs. Prior-period amounts have been recast on a comparable basis to reflect this adjustment.
(2) The tax impact of adjustments is calculated at the applicable
| Unaudited | 26 Weeks Ended | |||||||
| (in thousands, except per share amounts) | ||||||||
| Net income (loss) | $ | 334,144 | $ | (11,929 | ) | |||
| Corporate restructuring and other | 34,967 | 5,766 | ||||||
| Unmitigated tariff costs(1) | 11,900 | 1,000 | ||||||
| Loss on extinguishment of debt | 9,172 | — | ||||||
| JV intangible asset amortization | 6,787 | — | ||||||
| Unmitigated tariff recovery | (24,900 | ) | — | |||||
| Gain on WHP Transaction | (491,622 | ) | — | |||||
| Exit costs | — | 257 | ||||||
| Tax effects on adjustments(2) | 118,721 | (1,619 | ) | |||||
| ADJUSTED NET LOSS | $ | (831 | ) | $ | (6,525 | ) | ||
| ADJUSTED DILUTED LOSS PER SHARE | $ | (0.03 | ) | $ | (0.21 | ) | ||
| Diluted weighted average common shares outstanding | 30,498 | 30,721 | ||||||
(1) Beginning in Fourth Quarter 2025, the Company adjusts for unmitigated tariff costs. Prior-period amounts have been recast on a comparable basis to reflect this adjustment.
(2) The tax impact of adjustments is calculated at the applicable
While Adjusted EBITDA is a non-GAAP measurement, management believes that it is an important indicator of operating performance, and is useful to investors, because EBITDA excludes the effects of financings, investing activities and tax structure by eliminating the effects of interest, depreciation and income tax.
- Other significant items, while periodically affecting our results, may vary significantly from period to period and have a disproportionate effect in a given period, which affects comparability of results and are described below:
- Corporate restructuring and other – composed of costs related to the strategic alternative process and completion and severance and benefit costs for the 13 and 26 weeks ended
July 31, 2026 andAugust 1, 2025 as well as costs related to the transition of executive leadership for the 13 and 26 weeks endedJuly 31, 2026 . - Unmitigated tariff costs – unmitigated incremental product costs, net of the impact of vendor negotiations, incurred pursuant to International Emergency Economic Powers Act (“IEEPA”) tariffs that were subsequently ruled unlawful by the
Supreme Court of the United States onFebruary 20, 2026 for the 13 and 26 weeks endedJuly 31, 2026 andAugust 1, 2025 . - JV intangible asset amortization – Lands’ End’s proportionate share of intangible asset amortization expense recorded within the JV’s financial results for the 13 and 26 weeks ended
July 31, 2026 . - Unmitigated tariff recovery – unmitigated incremental product costs, net of the impact of vendor negotiations, incurred pursuant to International Emergency Economic Powers Act (“IEEPA”) tariffs that were subsequently ruled unlawful by the
Supreme Court of the United States onFebruary 20, 2026 recovered for the 13 and 26 weeks endedJuly 31, 2026 . - Net gain on disposal of property and equipment – disposal of property and equipment for the 13 and 26 weeks ended
July 31, 2026 andAugust 1, 2025 . - Exit costs - charges associated to exit kids and footwear lines of business including inventory excess and obsolescence reserves, inventory discounts and operational charges recorded in the 26 weeks ended
August 1, 2025 in conjunction with our licensing arrangements commencing in Fiscal 2024.
- Corporate restructuring and other – composed of costs related to the strategic alternative process and completion and severance and benefit costs for the 13 and 26 weeks ended
The following table sets forth, for the periods indicated, selected income statement data, both in dollars and as a percentage of Net revenue and a reconciliation of Net income (loss) to Adjusted EBITDA:
| Unaudited | 13 Weeks Ended | |||||||||||||||
| (in thousands) | ||||||||||||||||
| Net income (loss) | $ | 3,451 | 1.1 | % | $ | (3,667 | ) | (1.2 | )% | |||||||
| Income tax expense (benefit) | 4,766 | 1.6 | % | (1,609 | ) | (0.5 | )% | |||||||||
| Interest expense | 1,021 | 0.3 | % | 9,262 | 3.1 | % | ||||||||||
| Other income, net | (1,051 | ) | (0.3 | )% | (3 | ) | (0.0 | )% | ||||||||
| Operating income | 8,187 | 2.7 | % | 3,983 | 1.4 | % | ||||||||||
| Depreciation and amortization | 6,147 | 2.0 | % | 7,656 | 2.6 | % | ||||||||||
| Corporate restructuring and other | 11,677 | 3.9 | % | 2,434 | 0.8 | % | ||||||||||
| Unmitigated tariff costs(1) | 5,100 | 1.7 | % | 1,000 | 0.3 | % | ||||||||||
| JV intangible asset amortization | 5,090 | 1.7 | % | — | — | % | ||||||||||
| Unmitigated tariff recovery | (24,900 | ) | (8.2 | )% | — | — | % | |||||||||
| Gain on disposal of property and equipment | (3 | ) | (0.0 | )% | (11 | ) | (0.0 | )% | ||||||||
| Adjusted EBITDA | $ | 11,298 | 3.7 | % | $ | 15,062 | 5.1 | % | ||||||||
(1) Beginning in Fourth Quarter 2025, the Company adjusts for unmitigated tariff costs. Prior-period amounts have been recast on a comparable basis to reflect this adjustment.
| Unaudited | 26 Weeks Ended | |||||||||||||||
| (in thousands) | ||||||||||||||||
| Net income (loss) | $ | 334,144 | 61.8 | % | $ | (11,929 | ) | (2.1 | )% | |||||||
| Income tax expense (benefit) | 106,765 | 19.7 | % | (4,971 | ) | (0.9 | )% | |||||||||
| Interest expense | 6,535 | 1.2 | % | 18,527 | 3.3 | % | ||||||||||
| Loss on extinguishment of debt | 9,172 | 1.7 | % | — | — | % | ||||||||||
| Gain on WHP Transaction | (491,622 | ) | (90.9 | )% | — | — | % | |||||||||
| Other income, net | (915 | ) | (0.2 | )% | (14 | ) | (0.0 | )% | ||||||||
| Operating (loss) income | (35,921 | ) | (6.6 | )% | 1,613 | 0.3 | % | |||||||||
| Depreciation and amortization | 12,247 | 2.3 | % | 15,947 | 2.9 | % | ||||||||||
| Corporate restructuring and other | 34,967 | 6.5 | % | 5,766 | 1.0 | % | ||||||||||
| Unmitigated tariff costs(1) | 11,900 | 2.2 | % | 1,000 | 0.2 | % | ||||||||||
| JV intangible asset amortization | 6,787 | 1.3 | % | — | — | % | ||||||||||
| Unmitigated tariff recovery | (24,900 | ) | (4.6 | )% | — | — | % | |||||||||
| Exit costs | — | — | % | 257 | 0.0 | % | ||||||||||
| Gain on disposal of property and equipment | (28 | ) | (0.0 | )% | — | — | % | |||||||||
| Adjusted EBITDA | $ | 5,052 | 0.9 | % | $ | 24,583 | 4.4 | % | ||||||||
(1) Beginning in Fourth Quarter 2025, the Company adjusts for unmitigated tariff costs. Prior-period amounts have been recast on a comparable basis to reflect this adjustment.
| Third Quarter Fiscal 2026 Guidance Adjusted EBITDA | 13 Weeks Ended | |||||||
| (in millions) | ||||||||
| Net (loss) income | $ | (1.0 | ) | — | $ | 3.0 | ||
| Depreciation, interest, other income, taxes and other significant items | 15.0 | — | 15.0 | |||||
| Adjusted EBITDA | $ | 14.0 | — | $ | 18.0 | |||
| Third Quarter Fiscal 2026 Guidance Adjusted Net Income and Adjusted Diluted Earnings per Share | 13 Weeks Ended | |||||||
| (in millions) | ||||||||
| Net (loss) income | $ | (1.0 | ) | — | $ | 3.0 | ||
| Restructuring and other significant items | 3.0 | — | 3.0 | |||||
| Adjusted net income | $ | 2.0 | — | $ | 6.0 | |||
| Adjusted diluted earnings per share | $ | 0.07 | — | $ | 0.20 | |||
| Fiscal 2026 Guidance Adjusted EBITDA | 52 Weeks Ended | |||||||
| (in millions) | ||||||||
| Net income | $ | 317.0 | — | $ | 325.0 | |||
| Depreciation, interest, other income, taxes and other significant items | (255.0 | ) | — | (255.0 | ) | |||
| Adjusted EBITDA | $ | 62.0 | — | $ | 70.0 | |||
| Fiscal 2026 Guidance Adjusted Net Income and Adjusted Diluted Earnings per Share | 52 Weeks Ended | |||||||
| (in millions) | ||||||||
| Net income | $ | 317.0 | — | $ | 325.0 | |||
| Restructuring and other significant items | (304.0 | ) | — | (304.0 | ) | |||
| Adjusted net income | $ | 13.0 | — | $ | 21.0 | |||
| Adjusted diluted earnings per share | $ | 0.44 | — | $ | 0.72 | |||
Condensed Consolidated Statements of Cash Flows (Unaudited) | ||||||||
| 26 Weeks Ended | ||||||||
| (in thousands) | ||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
| Net income (loss) | $ | 334,144 | $ | (11,929 | ) | |||
| Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ||||||||
| Depreciation and amortization | 12,247 | 15,947 | ||||||
| Amortization of debt issuance costs | 424 | 1,391 | ||||||
| Gain on disposal of property and equipment | (28 | ) | — | |||||
| Equity method investment income | (4,439 | ) | — | |||||
| Distributions received from equity method investment | 2,411 | — | ||||||
| Gain on WHP Transaction | (491,622 | ) | — | |||||
| Loss on extinguishment of debt | 9,172 | — | ||||||
| Stock-based compensation | 2,867 | 2,250 | ||||||
| Deferred income taxes | 57,073 | (1,182 | ) | |||||
| Other | (346 | ) | (422 | ) | ||||
| Change in operating assets and liabilities: | ||||||||
| Accounts receivable, net | 2,745 | 9,363 | ||||||
| Inventories | (73,930 | ) | (35,420 | ) | ||||
| Accounts payable | 45,790 | 36,250 | ||||||
| Other operating assets | 3,387 | (1,343 | ) | |||||
| Other operating liabilities | 13,624 | (14,436 | ) | |||||
| Net cash (used in) provided by operating activities | (86,481 | ) | 469 | |||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
| Sales of property and equipment | 43 | 11 | ||||||
| Proceeds from WHP Transaction | 300,000 | — | ||||||
| Cash contribution to JV | (1,250 | ) | — | |||||
| Purchases of property and equipment | (24,013 | ) | (17,163 | ) | ||||
| Net cash provided by (used in) investing activities | 274,780 | (17,152 | ) | |||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
| Proceeds from borrowings under ABL Facility | 142,000 | 68,000 | ||||||
| Payments of borrowings under ABL Facility | (82,000 | ) | (33,000 | ) | ||||
| Payments on term loan | (234,000 | ) | (6,500 | ) | ||||
| Payments on debt extinguishment | (2,437 | ) | — | |||||
| Payments of debt issuance costs | — | (1,103 | ) | |||||
| Proceeds from exercise of stock options | 908 | — | ||||||
| Payments for taxes related to net share settlement of equity awards | (4,313 | ) | (810 | ) | ||||
| Purchases and retirement of common stock, including excise tax paid | (10,848 | ) | (4,513 | ) | ||||
| Net cash (used in) provided by financing activities | (190,690 | ) | 22,074 | |||||
| Effects of exchange rate changes on cash, cash equivalents and restricted cash | 811 | (657 | ) | |||||
| NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (1,580 | ) | 4,734 | |||||
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 18,283 | 18,812 | ||||||
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | $ | 16,703 | $ | 23,546 | ||||
| SUPPLEMENTAL CASH FLOW DATA | ||||||||
| Unpaid liability to acquire property and equipment | $ | 4,085 | $ | 1,725 | ||||
| Income taxes paid (refunded) | 25,988 | (153 | ) | |||||
| Interest paid | 6,710 | 17,172 | ||||||
| Operating lease right-of-use-assets obtained in exchange for lease liabilities | 148 | 386 | ||||||
