\nMovado Group, Inc. (NYSE: MOV) today announced first quarter fiscal 2024 results for the period ended April 30, 2023.<\/p>\n
Fiscal 2024 First Quarter Highlights <\/span>(See attached table for GAAP and Non-GAAP measures)<\/span><\/b><\/p>\n \nEfraim Grinberg, Chairman and Chief Executive Officer, stated, \u201cWe began the year in line with our expectations amidst a challenging macro environment and following our best-ever first quarter performance last year. Despite this backdrop, our teams continued to execute against our strategic priorities to maximize the power of our brands with exceptional innovation.\u201d<\/p>\n \nMr. Grinberg continued, \u201cAs we look ahead, we continue to believe we will face a difficult consumer environment in the U.S. and Europe, our two largest regions. However, we believe we are well positioned to capture the opportunities in the marketplace and will continue to execute with discipline. We are excited about our product innovation pipeline across our owned and licensed brands, and we will continue to invest in support of our teams, regions and brands with continued focus on Movado\u2019s refreshed marketing message as we build on its strength and heritage. We will do all this while controlling costs and leveraging the strength of our balance sheet with $198 million in cash and no debt as of quarter end.\u201d<\/p>\n Non-GAAP Items <\/span>(See attached table for GAAP and Non-GAAP measures)<\/span><\/b><\/p>\n \nFirst quarter fiscal 2024 results of operations included the following charge:<\/p>\n \nFirst quarter fiscal 2023 results of operations included the following charge:<\/p>\n \nIn this press release, reference to \u201cadjusted\u201d results exclude the impact of the above charges from the first quarter of fiscal years 2024 and 2023. Please refer to the attached table of GAAP and Non-GAAP measures for a detailed reconciliation of the Company\u2019s reported results to its adjusted, non-GAAP results.<\/p>\n First Quarter Fiscal 2024 Results<\/span><\/b><\/p>\n Fiscal 2024 Outlook<\/span><\/b><\/p>\n \nThe Company continues to expect fiscal 2024 net sales to be in a range of approximately $725.0 million to $750.0 million, gross profit of approximately 56.0% of net sales, and operating income in a range of $80.0 million to $85.0 million. Assuming no changes to the current tax regulations, the Company anticipates an effective tax rate of approximately 22% for the fiscal year and earnings of $2.70 to $2.90 per diluted share. The outlook excludes approximately $2.1 million of amortization of acquired intangible assets for fiscal 2024 related to the Olivia Burton and MVMT brands. For the first half of fiscal 2024, the Company continues to expect sales to decline in a range of 9% to 12% relative to the prior-year period as it anniversaries the record first half results of fiscal 2023. This outlook does not contemplate further deterioration due to the impact of economic uncertainty and assumes no further significant fluctuations from prevailing foreign currency exchange rates.<\/p>\n Quarterly Dividend and Share Repurchase Program<\/span><\/b><\/p>\n \nThe Company also announced that on May 25, 2023, the Board of Directors approved the payment on June 21, 2023 of a cash dividend in the amount of $0.35 for each share of the Company\u2019s outstanding common stock and class A common stock held by shareholders of record as of the close of business on June 7, 2023.<\/p>\n \nDuring the first quarter of fiscal 2024, the Company repurchased approximately 14,000 shares under its share repurchase program. As of April 30, 2023 , the Company had $20.6 million remaining available under the share repurchase program.<\/p>\n Conference Call<\/span><\/b><\/p>\n \nThe Company\u2019s management will host a conference call and audio webcast to discuss its results today, May 25th<\/sup>, at 9:00 a.m. Eastern Time. The conference call may be accessed by dialing (877) 407-0784. Additionally, a live webcast of the call can be accessed at www.movadogroup.com<\/b><\/a>.The webcast will be archived on the Company\u2019s website approximately one hour after the conclusion of the call. Additionally, a telephonic re-play of the call will be available from 12:00 p.m. ET on May 25, 2023 until 11:59 p.m. ET on June 8, 2023 and can be accessed by dialing (844) 512-2921 and entering replay pin number 13738816.<\/p>\n \nMovado Group, Inc. designs, sources, and distributes MOVADO\u00ae, MVMT\u00ae, OLIVIA BURTON\u00ae, EBEL\u00ae, CONCORD\u00ae, CALVIN KLEIN\u00ae, COACH\u00ae, TOMMY HILFIGER\u00ae, HUGO BOSS\u00ae, and LACOSTE\u00ae, watches, and, to a lesser extent jewelry and other accessories, and operates Movado Company Stores in the United States and Canada.<\/p>\n In this release, the Company presents certain financial measures that are not calculated according to generally accepted accounting principles in the United States (\u201cGAAP\u201d). Specifically, the Company is presenting adjusted gross profit, adjusted gross margin, adjusted operating expenses and adjusted operating income, which are gross profit, gross margin, operating expenses and operating income, respectively, under GAAP, adjusted to eliminate the amortization of acquisition accounting adjustments related to the Olivia Burton and MVMT acquisitions. The Company is also presenting adjusted tax provision, which is the tax provision under GAAP, adjusted to eliminate the impact of charges for the Olivia Burton and MVMT acquisitions. The Company believes these adjusted measures are useful because they give investors information about the Company\u2019s financial performance without the effect of certain items that the Company believes are not characteristic of its usual operations. The Company is also presenting adjusted net income, adjusted earnings per share and adjusted effective tax rate, which are net income, earnings per share and effective tax rate, respectively, under GAAP, adjusted to eliminate the after-tax impact of amortization of acquisition accounting adjustments related to the Olivia Burton and MVMT acquisitions. The Company believes that adjusted net income, adjusted earnings per share and adjusted effective tax rate are useful measures of performance because they give investors information about the Company\u2019s financial performance without the effect of certain items that the Company believes are not characteristic of its usual operations. Additionally, the Company is presenting constant currency information to provide a framework to assess how its business performed excluding the effects of foreign currency exchange rate fluctuations in the current period. Comparisons of financial results on a constant dollar basis are calculated by translating each foreign currency at the same U.S. dollar exchange rate as in effect for the prior-year period for both periods being compared.<\/i>The Company believes this information is useful to investors to facilitate comparisons of operating results. These non-GAAP financial measures are designed to complement the GAAP financial information presented in this release. The non-GAAP financial measures presented should not be considered in isolation from or as a substitute for the comparable GAAP financial measures, and the methods of their calculation may differ substantially from similarly titled measures used by other companies.<\/i><\/p>\n This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as \u201cexpects,\u201d \u201canticipates,\u201d \u201cbelieves,\u201d \u201ctargets,\u201d \u201cgoals,\u201d \u201cprojects,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cseeks,\u201d \u201cestimates,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cshould\u201d and variations of such words and similar expressions. Similarly, statements in this press release that describe the Company’s business strategy, outlook, objectives, plans, intentions or goals are also forward-looking statements. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the Company’s actual results, performance or achievements and levels of future dividends to differ materially from those expressed in, or implied by, these statements. These risks and uncertainties may include, but are not limited to general economic and business conditions which may impact disposable income of consumers in the United States and the other significant markets (including Europe) where the Company\u2019s products are sold, uncertainty regarding such economic and business conditions, including inflation, increased commodity prices and tightness in the labor market, trends in consumer debt levels and bad debt write-offs, general uncertainty related to possible terrorist attacks, natural disasters and pandemics, including the effect of the COVID-19 pandemic and other diseases on travel and traffic in the Company\u2019s retail stores and the stores of its wholesale customers, supply disruptions, delivery delays and increased shipping costs, adverse impact on the Company\u2019s wholesale customers and customer traffic in the Company\u2019s stores as a result of increased uncertainty and economic disruption caused by the COVID-19 pandemic,the impact of international hostilities, including the Russian invasion of Ukraine, on global markets, economies and consumer spending, on energy and shipping costs and on the Company\u2019s supply chain and suppliers, defaults on or downgrades of sovereign debt and the impact of any of those events on consumer spending,changes in consumer preferences and popularity of particular designs, new product development and introduction, decrease in mall traffic and increase in e-commerce, the ability of the Company to successfully implement its business strategies, competitive products and pricing, including price increases to offset increased costs, the impact of \u201csmart\u201d watches and other wearable tech products on the traditional watch market, seasonality, availability of alternative sources of supply in the case of the loss of any significant supplier or any supplier\u2019s inability to fulfill the Company\u2019s orders, the loss of or curtailed sales to significant customers, the Company\u2019s dependence on key employees and officers, the ability to successfully integrate the operations of acquired businesses without disruption to other business activities, the possible impairment of acquired intangible assets, risks associated with the Company\u2019s minority investments in early-stage growth companies and venture capital funds that invest in such companies; the continuation of the Company\u2019s major warehouse and distribution centers, the continuation of licensing arrangements with third parties, losses possible from pending or future litigation and administrative proceedings, the ability to secure and protect trademarks, patents and other intellectual property rights, the ability to lease new stores on suitable terms in desired markets and to complete construction on a timely basis, the ability of the Company to successfully manage its expenses on a continuing basis, information systems failure or breaches of network security, complex and quickly-evolving regulations regarding privacy and data protection, the continued availability to the Company of financing and credit on favorable terms, business disruptions, and general risks associated with doing business outside the United States including, without limitation, import duties, tariffs (including retaliatory tariffs), quotas, political and economic stability, changes to existing laws or regulations, and success of hedging strategies with respect to currency exchange rate fluctuations, and the other factors discussed in the Company\u2019s Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. These statements reflect the Company’s current beliefs and are based upon information currently available to it. Be advised that developments subsequent to this press release are likely to cause these statements to become outdated with the passage of time. The Company assumes no duty to update its forward looking statements and this release shall not be construed to indicate the assumption by the Company of any duty to update its outlook in the future.<\/i><\/p>\n \n(Tables to follow)<\/p>\n \n\u00a0<\/p>\n 2023<\/span><\/b><\/p>\n<\/td>\n 2022<\/span><\/b><\/p>\n<\/td>\n<\/tr>\n \nNet sales<\/p>\n<\/td>\n \n\u00a0$<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0 144,905<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0$<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0 163,424<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCost of sales<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 62,902<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 66,739<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nGross profit<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 82,003<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 96,685<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal operating expenses\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 71,104<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 71,391<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOperating income<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 10,899<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 25,294<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,025<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 83<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (113<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (112<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 11,811<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 25,265<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,534<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,011<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 9,277<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 19,254<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 149<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 741<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0$<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 9,128<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0$<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0 18,513<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0$<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.40<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0$<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.79<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 22,672<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 23,397<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\u00a0<\/p>\n 2023<\/span><\/b><\/p>\n<\/td>\n 2022<\/span><\/b><\/p>\n<\/td>\n \n\u00a0$<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0 144,905<\/p>\n<\/td>\n \n\u00a0$<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0 163,424<\/p>\n<\/td>\n \n-11.3<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0$<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0 146,851<\/p>\n<\/td>\n \n\u00a0$<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0 163,424<\/p>\n<\/td>\n \n-10.1<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\u00a0<\/p>\n \n\u00a0$<\/p>\n<\/td>\n \n144,905<\/p>\n<\/td>\n \n\u00a0$<\/p>\n<\/td>\n \n82,003<\/p>\n<\/td>\n \n\u00a0$<\/p>\n<\/td>\n \n71,104<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0$<\/p>\n<\/td>\n \n10,899<\/p>\n<\/td>\n \n\u00a0$<\/p>\n<\/td>\n \n11,811<\/p>\n<\/td>\n \n\u00a0$<\/p>\n<\/td>\n \n2,534<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n9,128<\/p>\n<\/td>\n \n\u00a0$<\/p>\n<\/td>\n \n0.40<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n–\u00a0\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–\u00a0\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(707<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n707<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n707<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n170<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n537<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.03<\/p>\n<\/td>\n<\/tr>\n \n\u00a0$<\/p>\n<\/td>\n \n144,905<\/p>\n<\/td>\n \n\u00a0$<\/p>\n<\/td>\n \n82,003<\/p>\n<\/td>\n \n\u00a0$<\/p>\n<\/td>\n \n70,397<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0$<\/p>\n<\/td>\n \n11,606<\/p>\n<\/td>\n \n\u00a0$<\/p>\n<\/td>\n \n12,518<\/p>\n<\/td>\n \n\u00a0$<\/p>\n<\/td>\n \n2,704<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n9,665<\/p>\n<\/td>\n \n\u00a0$<\/p>\n<\/td>\n \n0.43<\/p>\n<\/td>\n<\/tr>\n \n\u00a0$<\/p>\n<\/td>\n \n163,424<\/p>\n<\/td>\n \n\u00a0$<\/p>\n<\/td>\n \n96,685<\/p>\n<\/td>\n \n\u00a0$<\/p>\n<\/td>\n \n71,391<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0$<\/p>\n<\/td>\n \n25,294<\/p>\n<\/td>\n \n\u00a0$<\/p>\n<\/td>\n \n25,265<\/p>\n<\/td>\n \n\u00a0$<\/p>\n<\/td>\n \n6,011<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n18,513<\/p>\n<\/td>\n \n\u00a0$<\/p>\n<\/td>\n \n0.79<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 –\u00a0\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 –\u00a0\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(769<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n769<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n769<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n151<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n618<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.03<\/p>\n<\/td>\n<\/tr>\n \n\u00a0$<\/p>\n<\/td>\n \n163,424<\/p>\n<\/td>\n \n\u00a0$<\/p>\n<\/td>\n \n96,685<\/p>\n<\/td>\n \n\u00a0$<\/p>\n<\/td>\n \n70,622<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0$<\/p>\n<\/td>\n \n26,063<\/p>\n<\/td>\n \n\u00a0$<\/p>\n<\/td>\n \n26,034<\/p>\n<\/td>\n \n\u00a0$<\/p>\n<\/td>\n \n6,162<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n19,131<\/p>\n<\/td>\n \n\u00a0$<\/p>\n<\/td>\n \n0.82<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0<\/p>\n 2023<\/span><\/b><\/p>\n<\/td>\n 2023<\/span><\/b><\/p>\n<\/td>\n 2022<\/span><\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0$<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 198,257<\/p>\n<\/td>\n \n\u00a0$<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 251,584<\/p>\n<\/td>\n \n\u00a0$<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 225,256<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 94,037<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 94,282<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 92,744<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 195,235<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 186,203<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 180,003<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 25,804<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 24,212<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 23,558<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 12,057<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 10,908<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,421<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 525,390<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 567,189<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 524,982<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 19,075<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 18,699<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 18,434<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 76,194<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 80,897<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 79,717<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 45,049<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 44,490<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 42,854<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,996<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 9,642<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 11,990<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 66,792<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 66,788<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 62,007<\/p>\n<\/td>\n<\/tr>\n \n\u00a0$<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 741,496<\/p>\n<\/td>\n \n\u00a0$<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 787,705<\/p>\n<\/td>\n \n\u00a0$<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 739,984<\/p>\n<\/td>\n<\/tr>\n \n\u00a0$<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 24,443<\/p>\n<\/td>\n \n\u00a0$<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 32,085<\/p>\n<\/td>\n \n\u00a0$<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 44,140<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 48,858<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 46,720<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 54,698<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,597<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 17,343<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,822<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 17,558<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 17,681<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 16,588<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 17,557<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 28,591<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 15,141<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 116,013<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 142,420<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 138,389<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 14,540<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 15,163<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 19,385<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 66,743<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 70,910<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 70,440<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 49,287<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 48,668<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 47,301<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 –\u00a0\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 –\u00a0\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,251<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 491,971<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 507,606<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 459,650<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,942<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,938<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,568<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 494,913<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 510,544<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 462,218<\/p>\n<\/td>\n<\/tr>\n \n\u00a0$<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 741,496<\/p>\n<\/td>\n \n\u00a0$<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 787,705<\/p>\n<\/td>\n \n\u00a0$<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 739,984<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\u00a0<\/p>\n Three Months Ended\u00a0<\/b><\/p>\n<\/td>\n<\/tr>\n \u00a0<\/b>April\u00a030,<\/b>\u00a0<\/b><\/p>\n<\/td>\n<\/tr>\n 2023<\/span><\/b><\/p>\n<\/td>\n 2022<\/span><\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 9,277<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0 19,254<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,557<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,932<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,917<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,239<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (36,022)<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (43,676)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 774<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (501)<\/p>\n<\/td>\n<\/tr>\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (21,497) <\/b><\/p>\n<\/td>\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (20,752) <\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (2,257)<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1,381)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (600)<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1,850)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (26)<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (22)<\/p>\n<\/td>\n<\/tr>\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (2,883) <\/b><\/p>\n<\/td>\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (3,253) <\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (29,901)<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (7,940)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (381)<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (14,439)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 –\u00a0\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (405)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 –\u00a0\u00a0<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (85)<\/p>\n<\/td>\n<\/tr>\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (30,282) <\/b><\/p>\n<\/td>\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (22,869) <\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,349<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (5,026)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (53,313)<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (51,900)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 252,179<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 277,716<\/p>\n<\/td>\n<\/tr>\n \u00a0$\u00a0\u00a0 198,866 <\/b><\/p>\n<\/td>\n \u00a0$\u00a0\u00a0 225,816 <\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0$\u00a0\u00a0\u00a0 198,257<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0 225,256<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 609<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 560<\/p>\n<\/td>\n<\/tr>\n \u00a0$\u00a0\u00a0 198,866 <\/b><\/p>\n<\/td>\n \u00a0$\u00a0\u00a0 225,816 <\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\u00a0<\/p>\n\n
\n
\n
\n
\n
\n MOVADO GROUP, INC.<\/b><\/td>\n<\/tr>\n \n CONSOLIDATED STATEMENTS OF OPERATIONS<\/b><\/td>\n<\/tr>\n \n (In thousands, except per share data)<\/b><\/td>\n<\/tr>\n \n (Unaudited)<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n Three Months Ended<\/b><\/td>\n<\/tr>\n \n \n \n \n April 30,<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Non-operating income\/(expense):<\/td>\n \n \n <\/tr>\n \n Other income, net<\/td>\n \n \n \n \n \n \n \n \n Interest expense<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Income before income taxes\u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Provision for income taxes\u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net income<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Less: Net income attributable to noncontrolling interests<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net income attributable to Movado Group, Inc.\u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Diluted Income Per Share Information\u00a0<\/b><\/td>\n \n \n \n <\/tr>\n \n Net income per share attributable to Movado Group, Inc.<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Weighted diluted average shares outstanding<\/td>\n \n \n \n \n \n \n \n \n
\n MOVADO GROUP, INC.<\/b><\/td>\n<\/tr>\n \n GAAP AND NON-GAAP MEASURES<\/b><\/td>\n<\/tr>\n \n (In thousands, except for percentage data)<\/b><\/td>\n<\/tr>\n \n (Unaudited)<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n Three Months Ended<\/b><\/td>\n \n <\/tr>\n \n \n \n April 30,<\/b><\/td>\n \n % Change<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \u00a0<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n <\/tr>\n \n \n \n <\/b><\/td>\n \n <\/b><\/td>\n \n \u00a0<\/b><\/td>\n<\/tr>\n \n Total net sales, as reported<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/b><\/td>\n<\/tr>\n \n Total net sales, constant dollar basis<\/td>\n \n \n \n \n \n \n \n \n \n \n
\n MOVADO GROUP, INC.<\/b><\/td>\n<\/tr>\n \n GAAP AND NON-GAAP MEASURES<\/b><\/td>\n<\/tr>\n \n (In thousands, except per share data)<\/b><\/td>\n<\/tr>\n \n (Unaudited)<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n Net Sales<\/b><\/td>\n \n Gross Profit<\/b><\/td>\n \n Total Operating Expenses<\/b><\/td>\n \n Operating Income<\/b><\/td>\n \n Pre-tax Income<\/b><\/td>\n \n Provision for Income Taxes<\/b><\/td>\n \n Net Income Attributable to Movado Group, Inc.<\/b><\/td>\n \n Diluted EPS<\/b><\/td>\n<\/tr>\n \n Three Months Ended April\u00a030, 2023<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n As Reported (GAAP)<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Olivia Burton and MVMT Costs (1)<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjusted Results (Non-GAAP)<\/b><\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Three Months Ended April\u00a030, 2022<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n As Reported (GAAP)<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Olivia Burton and MVMT Costs (1)<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjusted Results (Non-GAAP)<\/b><\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n (1) Related to the amortization of acquired intangible assets for Olivia Burton and MVMT and MVMT’s deferred compensation, where applicable.<\/td>\n<\/tr>\n<\/table>\n \n
\n MOVADO GROUP, INC.<\/b><\/td>\n<\/tr>\n \n CONSOLIDATED BALANCE SHEETS<\/b><\/td>\n<\/tr>\n \n (In thousands)<\/b><\/td>\n<\/tr>\n \n (Unaudited)<\/b><\/td>\n<\/tr>\n \n <\/tr>\n \n \n \n \n \n \n April\u00a030,<\/b><\/td>\n \n January\u00a031,<\/b><\/td>\n \n April\u00a030,<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n ASSETS<\/span><\/b><\/td>\n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n Cash and cash equivalents<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n Trade receivables, net<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Inventories<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Other current assets<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Income taxes receivable<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Total current assets<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n Property, plant and equipment, net<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Operating lease right-of-use assets<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Deferred and non-current income taxes<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Other intangibles, net<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Other non-current assets<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Total assets<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n LIABILITIES AND EQUITY<\/span><\/b><\/td>\n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n Accounts payable<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Accrued liabilities<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Accrued payroll and benefits<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Current operating lease liabilities<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Income taxes payable<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Total current liabilities<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n Deferred and non-current income taxes payable<\/td>\n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n Non-current operating lease liabilities<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Other non-current liabilities<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n Redeemable noncontrolling interest<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n Shareholders’ equity<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n Noncontrolling interest<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Total equity<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n Total liabilities, redeemable noncontrolling interest and equity<\/td>\n \n \n \n \n \n \n \n \n \n \n
\n MOVADO GROUP, INC.<\/b><\/td>\n<\/tr>\n \n CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS<\/b><\/td>\n<\/tr>\n \n (In thousands)<\/b><\/td>\n<\/tr>\n \n (Unaudited)<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \u00a0<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n Cash flows from operating activities:<\/b><\/td>\n \n \n \n \n \n <\/tr>\n \n Net income<\/td>\n \n \n \n \n \n \n \n Depreciation and amortization<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n Other non-cash adjustments<\/td>\n \n \n \n \n \n \n \n Changes in working capital<\/td>\n \n \n \n \n \n \n \n Changes in non-current assets and liabilities<\/td>\n \n \n \n \n \n \n \n Net cash used in operating activities<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Cash flows from investing activities:<\/b><\/td>\n \n \n \n \n \n <\/tr>\n \n Capital expenditures<\/td>\n \n \n \n \n \n \n \n Long-term investments<\/td>\n \n \n \n \n \n \n \n Trademarks and other intangibles<\/td>\n \n \n \n \n \n \n \n Net cash used in investing activities<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Cash flows from financing activities:<\/b><\/td>\n \n \n \n \n \n <\/tr>\n \n Dividends paid<\/td>\n \n \n \n \n \n \n \n Stock repurchase<\/td>\n \n \n \n \n \n \n \n Stock awards and options exercised and other changes\u00a0<\/td>\n \n \n \n \n \n \n \n Other\u00a0<\/td>\n \n \n \n \n \n \n \n Net cash used in financing activities<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/b><\/td>\n<\/tr>\n \n Effect of exchange rate changes on cash, cash equivalents, and restricted cash<\/td>\n \n \n \n \n \n \n Net change in cash, cash equivalents, and restricted cash<\/td>\n \n \n \n \n \n \n \n Cash, cash equivalents, and restricted cash at beginning of period<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Cash, cash equivalents, and restricted cash at end of period<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/b><\/td>\n<\/tr>\n \n Reconciliation of cash, cash equivalents, and restricted cash:<\/b><\/td>\n \n \n \n \n <\/tr>\n \n Cash and cash equivalents<\/td>\n \n \n \n \n \n \n \n Restricted cash included in other non-current assets<\/td>\n \n \n \n \n \n \n \n Cash, cash equivalents, and restricted cash<\/b><\/td>\n \n \n \n \n \n \n <\/p>\n