{"id":905839,"date":"2025-11-05T09:00:07","date_gmt":"2025-11-05T14:00:07","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/steve-madden-announces-third-quarter-2025-results\/"},"modified":"2025-11-05T09:00:07","modified_gmt":"2025-11-05T14:00:07","slug":"steve-madden-announces-third-quarter-2025-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/steve-madden-announces-third-quarter-2025-results\/","title":{"rendered":"Steve Madden Announces Third Quarter 2025 Results"},"content":{"rendered":"<h2>\n~ Provides Fourth Quarter 2025 Guidance ~<br \/>\n<\/h2>\n<div class=\"mw_release\">\n<p align=\"justify\">LONG ISLAND CITY, N.Y., Nov.  05, 2025  (GLOBE NEWSWIRE) &#8212; Steven Madden, Ltd. (Nasdaq: SHOO), a leading designer and marketer of fashion-forward footwear, accessories and apparel, today announced financial results for the third quarter ended September 30, 2025.<\/p>\n<p align=\"justify\">\n        <strong><br \/>\n          <em>Amounts referred to as \u201cAdjusted\u201d are non-GAAP measures that exclude the items defined as \u201cNon-GAAP Adjustments\u201d in the \u201cNon-GAAP Reconciliation\u201d section. <\/em><br \/>\n        <\/strong>\n      <\/p>\n<p align=\"justify\">\n        <strong>Third<\/strong><br \/>\n        <strong> Quarter <\/strong><br \/>\n        <strong>2025<\/strong><br \/>\n        <strong> Results<\/strong>\n      <\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:7.2pt;margin-bottom:7.2pt;text-align:justify\">Revenue increased 6.9% to $667.9\u00a0million, compared to $624.7 million in the same period of 2024.<\/li>\n<li style=\"margin-top:7.2pt;margin-bottom:7.2pt;text-align:justify\">Gross profit as a percentage of revenue was 41.5%, flat to the same period of 2024. Adjusted gross profit as a percentage of revenue was 43.4%, compared to 41.6% in the same period of 2024.<\/li>\n<li style=\"margin-top:7.2pt;margin-bottom:7.2pt;text-align:justify\">Operating expenses as a percentage of revenue were 36.8%, compared to 28.6% in the same period of 2024. Adjusted operating expenses as a percentage of revenue were 36.4%, compared to 27.9% in the same period of 2024.<\/li>\n<li style=\"margin-top:7.2pt;margin-bottom:7.2pt;text-align:justify\">Income from operations totaled $31.4\u00a0million, or 4.7% of revenue, compared to $74.6\u00a0million, or 11.9% of revenue, in the same period of 2024. Adjusted income from operations totaled $46.3 million, or 6.9% of revenue, compared to $85.4 million, or 13.7% of revenue, in the same period of 2024.<\/li>\n<li style=\"margin-top:7.2pt;margin-bottom:7.2pt;text-align:justify\">Net income attributable to Steven Madden, Ltd. was $20.5\u00a0million, or $0.29 per diluted share, compared to $55.3\u00a0million, or $0.77 per diluted share, in the same period of 2024. Adjusted net income attributable to Steven Madden, Ltd. was $30.4 million, or $0.43 per diluted share, compared to $64.8 million, or $0.91 per diluted share, in the same period of 2024.\n<\/li>\n<\/ul>\n<p align=\"justify\">Edward Rosenfeld, Chairman and Chief Executive Officer, commented, \u201cAs anticipated, the third quarter was challenging, driven largely by the impact of new tariffs on goods imported into the United States. That said, we are pleased with underlying demand for our brands and products. Consumers have responded favorably to our Fall assortments, particularly in our flagship Steve Madden brand. The improved trend in Steve Madden, together with our tariff mitigation strategies and the contribution from our recent acquisition Kurt Geiger, position us to deliver stronger financial results beginning in the fourth quarter.\u201d<\/p>\n<p align=\"justify\">\n        <strong>Third<\/strong><br \/>\n        <strong> Quarter <\/strong><br \/>\n        <strong>2025<\/strong><br \/>\n        <strong> Channel Results<\/strong>\n      <\/p>\n<p align=\"justify\">Revenue for the wholesale business in the third quarter of 2025 was $442.7\u00a0million, a 10.7% decrease compared to the third quarter of 2024. Excluding the recently acquired Kurt Geiger, wholesale revenue declined 19.0%. Wholesale footwear revenue decreased 10.9%, or 16.7% excluding Kurt Geiger. Wholesale accessories\/apparel revenue decreased 10.3%, or 22.5% excluding Kurt Geiger. Gross profit as a percentage of wholesale revenue was 32.7% in the third quarter of 2025, compared to 35.5% in the third quarter of 2024. Adjusted gross profit as a percentage of wholesale revenue was 33.6%, compared to 35.5% in the third quarter of 2024, as a result of the impact of new tariffs on goods imported into the United States.<\/p>\n<p align=\"justify\">Direct-to-consumer revenue in the third quarter of 2025 was $221.5\u00a0million, a 76.6% increase compared to the third quarter of 2024. Excluding Kurt Geiger, direct-to-consumer revenue increased 1.5%. Gross profit as a percentage of direct-to-consumer revenue was 58.3%, compared to 64.0% in the third quarter of 2024. Adjusted gross profit as a percentage of direct-to-consumer revenue was 61.9%, compared to 64.0% in the third quarter of 2024, as a result of the impact of new tariffs on goods imported into the United States and the addition of the Kurt Geiger concessions business.<\/p>\n<p align=\"justify\">The company ended the quarter with 397 company-operated brick-and-mortar retail stores, including 99 outlets, as well as seven e-commerce websites and 133 company-operated concessions in international markets.<\/p>\n<p align=\"justify\">\n        <strong>Balance Sheet and Cash Flow Highlights<\/strong>\n      <\/p>\n<p align=\"justify\">As of September\u00a030, 2025, total debt outstanding was $293.8\u00a0million, and cash, cash equivalents and short-term investments were $108.9\u00a0million, for net debt of $185.0 million.<\/p>\n<p align=\"justify\">During the third quarter of 2025, the company did not repurchase any shares of its common stock in the open market.<\/p>\n<p align=\"justify\">\n        <strong>Quarterly Cash Dividend<\/strong>\n      <\/p>\n<p align=\"justify\">The company\u2019s Board of Directors approved a quarterly cash dividend of $0.21 per share. The dividend is payable on December 26, 2025 to stockholders of record as of the close of business on December 15, 2025.<\/p>\n<p align=\"justify\">\n        <strong>Fourth Quarter 2025 Outlook<\/strong>\n      <\/p>\n<p align=\"justify\">For the fourth quarter of 2025, the company expects revenue will increase 27% to 30% compared to the same period of 2024. The company expects diluted EPS will be in the range of $0.30 to $0.35. The company expects Adjusted diluted EPS will be in the range of $0.41 to $0.46.<\/p>\n<p align=\"justify\">\n        <strong>Conference Call Information<\/strong>\n      <\/p>\n<p align=\"justify\">Interested stockholders are invited to listen to the conference call scheduled for today, November 5, 2025, at 8:30 a.m. Eastern Time, which will include a discussion of the company&#8217;s third quarter 2025 earnings results and fourth quarter outlook. The call will be webcast live on the company\u2019s website at <u><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=KJ8EMsrGKZ2bwJ5-UPqHARSGYJ3GeSI7bAbui9d35fH58rMnAUO1z6bGdTXNQhB8LSLDWu8sL4XOh4oZ3WywHU7FIUgY6cgu2om6Q2qCWC8eGjHF_v8Uf_HX9dqaTkQh\" rel=\"nofollow\" target=\"_blank\">https:\/\/investor.stevemadden.com<\/a><\/u>. A webcast replay of the conference call will be available on the company&#8217;s website or via the following webcast link <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=KJ8EMsrGKZ2bwJ5-UPqHAfDB_SgCFtxBa7qR7VzeYS_p_VV3EkX4dOHdJXHfOm76XBdQiTAN3ZedhFST6L8v4HXaF9vmgSBpEgavcBOs-W7RswQeEOesUU2pWj3HFJEnXKrnMnCxcgQtTE-y3JYANX1nRnpvQ6-T45uEl70KG9XeL3AAWqpnyLvjKKTDIlSKGjRuOUk50GdytzMTXZ3dsVFdZ7KtDAFDlETmgd727ti1gspInQxIFHEUFiW5pJwvupJSGptZig-twGp2GQD5JMksDauyvNQBObOtwPxRlxpFDzUGc-BhnkVlIy80eVKSR91VVeAM1kgqPvgnbg4Np8BqVWclSbmihq2hFXKgNWZ6Ag5tKXS5_Ia7ZN7ty4mIM_FrPztTSwiMu2WT_60yIL5jt6OkdPNcpweANC5B3OiH3gRAIBDr70bkCqEs-Nh1zY8nnqQRmmJ8_9u_uZEY1DhUfzsKvn2nybeMr1c996C5ysPAz2n16rIyuie3nu2-tjV_j4_34BcbcvcRpa9sXMMb08m4Y367-chm_RYf0Cs3UZW2JCgKXw-akXVhgkBqFBE5ua_fEO5CPXeV5MZ9zWjZ45lJEuN89Y0xa_ny5DeNPCrxNB3UZ_FC0rYTTIeu9u-35fVvgouRPNpt73gL9TKDbXY557s61YfgIQGxDf6JK8UPWnP6OTy8V3MgUvp9rsV5DZvof-H95EODVH0Cpw==\" rel=\"nofollow\" target=\"_blank\"><u>https:\/\/edge.media-server.com\/mmc\/p\/f3725r4k<\/u><\/a> beginning today at approximately 10:00 a.m. Eastern Time.<\/p>\n<p align=\"justify\">\n        <strong>About Steve Madden <\/strong>\n      <\/p>\n<p align=\"justify\">Steve Madden designs, sources and markets fashion-forward footwear, accessories and apparel. In addition to marketing products under its own brands including Steve Madden<sup>\u00ae<\/sup>, Kurt Geiger London<sup>\u00ae<\/sup>, Dolce Vita<sup>\u00ae<\/sup>, Betsey Johnson<sup>\u00ae<\/sup>, Carvela<sup>\u00ae<\/sup>, Blondo<sup>\u00ae<\/sup> and ATM<sup>\u00ae<\/sup>, Steve Madden licenses footwear, handbags and other accessory categories for the Anne Klein<sup>\u00ae<\/sup> brand. Steve Madden also designs and sources products under private label brand names for various retailers. Steve Madden\u2019s wholesale distribution includes department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers and independent stores. Steve Madden also directly operates brick-and-mortar retail stores and e-commerce websites. In addition, Steve Madden licenses certain of its brands to third parties for the marketing and sale of certain products in the apparel, accessory and home categories.<\/p>\n<p align=\"justify\">\n        <strong>Safe Harbor Statement Under the U.S. Private Securities Litigation Reform Act of 1995<\/strong>\n      <\/p>\n<p align=\"justify\">This press release contains \u201cforward-looking statements\u201d within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include, among others, statements regarding revenue and earnings guidance, plans, strategies, objectives, expectations and intentions. Forward-looking statements can be identified by words such as: \u201cmay\u201d, \u201cwill\u201d, \u201cexpect\u201d, \u201cbelieve\u201d, \u201cshould\u201d, \u201canticipate\u201d, \u201cproject\u201d, \u201cpredict\u201d, \u201cplan\u201d, \u201cintend\u201d, \u201cestimate\u201d, or \u201cconfident\u201d and similar expressions or the negative of these expressions. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they represent the company\u2019s current beliefs, expectations, and assumptions regarding anticipated events and trends affecting its business and industry based on information available as of the time such statements are made. Investors are cautioned that such forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which may be outside of the company\u2019s control. The company\u2019s actual results and financial condition may differ materially from those indicated in these forward-looking statements. The company does not undertake, and disclaims, any obligation to publicly update any forward-looking statement, including, without limitation, any guidance regarding revenue or earnings, whether as a result of new information, future developments, or otherwise.<\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"16\" style=\"width:99.9093%;text-align: center;vertical-align: middle\">\n            <strong>STEVEN MADDEN, LTD. AND SUBSIDIARIES<\/strong><\/p>\n<p>            <strong><br \/>\n              <u>CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS<\/u><br \/>\n            <\/strong><\/p>\n<p>(In thousands, except per share amounts)<br \/>(Unaudited)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width:39.2015%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"width:30.0363%;text-align: center;vertical-align: middle;vertical-align: bottom\">Three Months Ended<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"6\" style=\"width:30.127%;text-align: center;vertical-align: middle;vertical-align: bottom\">Nine Months Ended<\/td>\n<\/tr>\n<tr>\n<td style=\"width:39.2015%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:14.882%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <u>September 30, 2025<\/u>\n          <\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:14.882%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <u>September 30, 2024<\/u>\n          <\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:14.9728%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <u>September 30, 2025<\/u>\n          <\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:14.882%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <u>September 30, 2024<\/u>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:39.2015%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:14.882%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:14.882%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:14.9728%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:14.882%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:39.2015%;vertical-align: bottom\">Net sales<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.2686%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"width:10.98%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">664,200<\/td>\n<td style=\"width:1.63339%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.2686%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"width:10.98%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">621,170<\/td>\n<td style=\"width:1.63339%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.99637%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"width:11.5245%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,771,672<\/td>\n<td style=\"width:1.45191%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.17786%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"width:12.7042%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,693,446<\/td>\n<\/tr>\n<tr>\n<td style=\"width:39.2015%;vertical-align: bottom\">Licensing fee income<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.2686%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.98%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,675<\/td>\n<td style=\"width:1.63339%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.2686%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.98%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,505<\/td>\n<td style=\"width:1.63339%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.99637%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.5245%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">8,737<\/td>\n<td style=\"width:1.45191%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.17786%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:12.7042%;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">7,163<\/td>\n<\/tr>\n<tr>\n<td style=\"width:39.2015%;vertical-align: bottom\">Total revenue<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.2686%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.98%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">667,875<\/td>\n<td style=\"width:1.63339%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.2686%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.98%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">624,675<\/td>\n<td style=\"width:1.63339%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.99637%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.5245%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,780,409<\/td>\n<td style=\"width:1.45191%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.17786%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:12.7042%;border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,700,609<\/td>\n<\/tr>\n<tr>\n<td style=\"width:39.2015%;vertical-align: bottom\">Cost of sales<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.2686%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.98%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">390,500<\/td>\n<td style=\"width:1.63339%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.2686%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.98%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">365,131<\/td>\n<td style=\"width:1.63339%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.99637%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.5245%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,050,740<\/td>\n<td style=\"width:1.45191%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.17786%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:12.7042%;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">999,121<\/td>\n<\/tr>\n<tr>\n<td style=\"width:39.2015%;vertical-align: bottom\">Gross profit<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.2686%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.98%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">277,375<\/td>\n<td style=\"width:1.63339%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.2686%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.98%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">259,544<\/td>\n<td style=\"width:1.63339%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.99637%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.5245%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">729,669<\/td>\n<td style=\"width:1.45191%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.17786%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:12.7042%;border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">701,488<\/td>\n<\/tr>\n<tr>\n<td style=\"width:39.2015%;vertical-align: bottom\">Operating expenses<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.2686%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.98%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">246,017<\/td>\n<td style=\"width:1.63339%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.2686%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.98%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">178,915<\/td>\n<td style=\"width:1.63339%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.99637%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.5245%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">687,145<\/td>\n<td style=\"width:1.45191%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.17786%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:12.7042%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">507,343<\/td>\n<\/tr>\n<tr>\n<td style=\"width:39.2015%;vertical-align: bottom\">Change in valuation of contingent payment liability<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.2686%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.98%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"width:1.63339%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.2686%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.98%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(2,584<\/td>\n<td style=\"width:1.63339%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.99637%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.5245%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(2,075<\/td>\n<td style=\"width:1.45191%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.17786%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:12.7042%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,616<\/td>\n<\/tr>\n<tr>\n<td style=\"width:39.2015%;vertical-align: bottom\">Impairment of intangibles<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.2686%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.98%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"width:1.63339%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.2686%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.98%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">8,635<\/td>\n<td style=\"width:1.63339%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.99637%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.5245%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"width:1.45191%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.17786%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:12.7042%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">10,335<\/td>\n<\/tr>\n<tr>\n<td style=\"width:39.2015%;vertical-align: bottom\">Income from operations<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.2686%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.98%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">31,358<\/td>\n<td style=\"width:1.63339%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.2686%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.98%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">74,578<\/td>\n<td style=\"width:1.63339%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.99637%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.5245%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">44,599<\/td>\n<td style=\"width:1.45191%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.17786%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:12.7042%;border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">178,194<\/td>\n<\/tr>\n<tr>\n<td style=\"width:39.2015%;vertical-align: bottom\">Gain on derivative<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.2686%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.98%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"width:1.63339%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.2686%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.98%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"width:1.63339%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.99637%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.5245%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9,252<\/td>\n<td style=\"width:1.45191%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.17786%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:12.7042%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<\/tr>\n<tr>\n<td style=\"width:39.2015%;vertical-align: bottom\">Interest and other (expense) \/ income, net<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.2686%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.98%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(4,947<\/td>\n<td style=\"width:1.63339%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.2686%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.98%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,400<\/td>\n<td style=\"width:1.63339%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.99637%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.5245%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(7,913<\/td>\n<td style=\"width:1.45191%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.17786%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:12.7042%;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,309<\/td>\n<\/tr>\n<tr>\n<td style=\"width:39.2015%;vertical-align: bottom\">Income before provision for income taxes<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.2686%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.98%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">26,411<\/td>\n<td style=\"width:1.63339%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.2686%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.98%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">75,978<\/td>\n<td style=\"width:1.63339%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.99637%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.5245%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">45,938<\/td>\n<td style=\"width:1.45191%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.17786%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:12.7042%;border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">182,503<\/td>\n<\/tr>\n<tr>\n<td style=\"width:39.2015%;vertical-align: bottom\">Provision for income taxes<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.2686%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.98%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,593<\/td>\n<td style=\"width:1.63339%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.2686%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.98%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">19,390<\/td>\n<td style=\"width:1.63339%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.99637%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.5245%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">21,572<\/td>\n<td style=\"width:1.45191%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.17786%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:12.7042%;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">44,404<\/td>\n<\/tr>\n<tr>\n<td style=\"width:39.2015%;vertical-align: bottom\">Net income<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.2686%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.98%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">21,818<\/td>\n<td style=\"width:1.63339%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.2686%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.98%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">56,588<\/td>\n<td style=\"width:1.63339%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.99637%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.5245%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">24,366<\/td>\n<td style=\"width:1.45191%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.17786%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:12.7042%;border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">138,099<\/td>\n<\/tr>\n<tr>\n<td style=\"width:39.2015%;vertical-align: bottom\">Less: net income attributable to noncontrolling interest<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.2686%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.98%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,290<\/td>\n<td style=\"width:1.63339%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.2686%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.98%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,310<\/td>\n<td style=\"width:1.63339%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.99637%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.5245%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,892<\/td>\n<td style=\"width:1.45191%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.17786%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:12.7042%;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,510<\/td>\n<\/tr>\n<tr>\n<td style=\"width:39.2015%;vertical-align: bottom\">Net income attributable to Steven Madden, Ltd.<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.2686%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"width:10.98%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">20,528<\/td>\n<td style=\"width:1.63339%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.2686%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"width:10.98%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">55,278<\/td>\n<td style=\"width:1.63339%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.99637%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"width:11.5245%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">21,474<\/td>\n<td style=\"width:1.45191%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.17786%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"width:12.7042%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">134,589<\/td>\n<\/tr>\n<tr>\n<td style=\"width:39.2015%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:14.882%;border-top: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:14.882%;border-top: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:14.9728%;border-top: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:14.882%;border-top: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:39.2015%;vertical-align: bottom\">Basic income per share<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.2686%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"width:10.98%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.29<\/td>\n<td style=\"width:1.63339%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.2686%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"width:10.98%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.78<\/td>\n<td style=\"width:1.63339%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.99637%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"width:11.5245%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.30<\/td>\n<td style=\"width:1.45191%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.17786%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"width:12.7042%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1.88<\/td>\n<\/tr>\n<tr>\n<td style=\"width:39.2015%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:14.882%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:14.882%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:14.9728%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:14.882%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:39.2015%;vertical-align: bottom\">Diluted income per share<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.2686%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"width:10.98%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.29<\/td>\n<td style=\"width:1.63339%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.2686%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"width:10.98%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.77<\/td>\n<td style=\"width:1.63339%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.99637%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"width:11.5245%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.30<\/td>\n<td style=\"width:1.45191%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.17786%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"width:12.7042%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1.87<\/td>\n<\/tr>\n<tr>\n<td style=\"width:39.2015%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:14.882%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:14.882%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:14.9728%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:14.882%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:39.2015%;vertical-align: bottom\">Basic weighted average common shares outstanding<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.2686%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.98%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">70,906<\/td>\n<td style=\"width:1.63339%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.2686%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.98%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">70,806<\/td>\n<td style=\"width:1.63339%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.99637%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.5245%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">70,850<\/td>\n<td style=\"width:1.45191%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.17786%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:12.7042%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">71,516<\/td>\n<\/tr>\n<tr>\n<td style=\"width:39.2015%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:14.882%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:14.882%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:14.9728%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:14.882%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:39.2015%;vertical-align: bottom\">Diluted weighted average common shares outstanding<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.2686%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.98%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">71,157<\/td>\n<td style=\"width:1.63339%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.2686%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.98%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">71,569<\/td>\n<td style=\"width:1.63339%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.99637%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.5245%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">71,022<\/td>\n<td style=\"width:1.45191%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.17786%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:12.7042%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">72,135<\/td>\n<\/tr>\n<tr>\n<td style=\"width:39.2015%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:14.882%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:14.882%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:14.9728%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:14.882%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:39.2015%;vertical-align: bottom\">Cash dividends declared per common share<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.2686%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"width:10.98%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.21<\/td>\n<td style=\"width:1.63339%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.2686%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"width:10.98%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.21<\/td>\n<td style=\"width:1.63339%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.99637%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"width:11.5245%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.63<\/td>\n<td style=\"width:1.45191%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.272232%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.17786%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"width:12.7042%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.63<\/td>\n<\/tr>\n<tr>\n<td style=\"width:39.2015%\">\u00a0<\/td>\n<td style=\"width:0.272232%\">\u00a0<\/td>\n<td style=\"width:2.2686%\">\u00a0<\/td>\n<td style=\"width:10.98%\">\u00a0<\/td>\n<td style=\"width:1.63339%\">\u00a0<\/td>\n<td style=\"width:0.272232%\">\u00a0<\/td>\n<td style=\"width:2.2686%\">\u00a0<\/td>\n<td style=\"width:10.98%\">\u00a0<\/td>\n<td style=\"width:1.63339%\">\u00a0<\/td>\n<td style=\"width:0.272232%\">\u00a0<\/td>\n<td style=\"width:1.99637%\">\u00a0<\/td>\n<td style=\"width:11.5245%\">\u00a0<\/td>\n<td style=\"width:1.45191%\">\u00a0<\/td>\n<td style=\"width:0.272232%\">\u00a0<\/td>\n<td style=\"width:2.17786%\">\u00a0<\/td>\n<td style=\"width:12.7042%\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"center\">\n        \n      <\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"10\" style=\"width:100%;text-align: center;vertical-align: middle\">\n            <strong>STEVEN MADDEN, LTD. AND SUBSIDIARIES<\/p>\n<p><\/strong><br \/>\n            <strong><br \/>\n              <u>CONDENSED CONSOLIDATED BALANCE SHEETS<\/u><br \/>\n            <\/strong><\/p>\n<p>(In thousands)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width:40.8348%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.907441%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:18.784%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:18.6933%;text-align: center;vertical-align: middle;vertical-align: bottom\">As of<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:18.784%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:40.8348%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.907441%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:18.784%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <u>September 30, 2025<\/u>\n          <\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:18.6933%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <u>December 31, 2024<\/u>\n          <\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:18.784%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <u>September 30, 2024<\/u>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:40.8348%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.907441%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:18.784%;text-align: center;vertical-align: middle;vertical-align: bottom\">(Unaudited)<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:18.6933%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:18.784%;text-align: center;vertical-align: middle;vertical-align: bottom\">(Unaudited)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:40.8348%;vertical-align: bottom\">\n            <strong><br \/>\n              <u>ASSETS<\/u><br \/>\n            <\/strong>\n          <\/td>\n<td style=\"width:0.907441%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:18.784%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:18.6933%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:18.784%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:40.8348%;vertical-align: bottom\">Current assets:<\/td>\n<td style=\"width:0.907441%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:18.784%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:18.6933%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:18.784%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:40.8348%;vertical-align: bottom\">Cash and cash equivalents<\/td>\n<td style=\"width:0.907441%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"width:17.2414%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">108,722<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"width:17.1506%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">189,924<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"width:17.2414%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">139,414<\/td>\n<\/tr>\n<tr>\n<td style=\"width:40.8348%;vertical-align: bottom\">Short-term investments<\/td>\n<td style=\"width:0.907441%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">140<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.1506%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">13,484<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">11,064<\/td>\n<\/tr>\n<tr>\n<td style=\"width:40.8348%;vertical-align: bottom\">Accounts receivable, net of allowances<\/td>\n<td style=\"width:0.907441%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">91,285<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.1506%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">45,653<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">56,297<\/td>\n<\/tr>\n<tr>\n<td style=\"width:40.8348%;vertical-align: bottom\">Factor accounts receivable<\/td>\n<td style=\"width:0.907441%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">333,198<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.1506%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">348,659<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">426,408<\/td>\n<\/tr>\n<tr>\n<td style=\"width:40.8348%;vertical-align: bottom\">Inventories<\/td>\n<td style=\"width:0.907441%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">476,027<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.1506%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">257,625<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">268,669<\/td>\n<\/tr>\n<tr>\n<td style=\"width:40.8348%;vertical-align: bottom\">Prepaid expenses and other current assets<\/td>\n<td style=\"width:0.907441%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">56,760<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.1506%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">34,463<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">28,041<\/td>\n<\/tr>\n<tr>\n<td style=\"width:40.8348%;vertical-align: bottom\">Income tax receivable and prepaid income taxes<\/td>\n<td style=\"width:0.907441%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">26,582<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.1506%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,887<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">14,950<\/td>\n<\/tr>\n<tr>\n<td style=\"width:40.8348%;vertical-align: bottom\">Total current assets<\/td>\n<td style=\"width:0.907441%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,092,714<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.1506%;border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">894,695<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">944,843<\/td>\n<\/tr>\n<tr>\n<td style=\"width:40.8348%;vertical-align: bottom\">Property and equipment, net<\/td>\n<td style=\"width:0.907441%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">112,301<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.1506%;border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">57,388<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">52,906<\/td>\n<\/tr>\n<tr>\n<td style=\"width:40.8348%;vertical-align: bottom\">Operating lease right-of-use asset<\/td>\n<td style=\"width:0.907441%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">220,656<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.1506%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">139,695<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">148,391<\/td>\n<\/tr>\n<tr>\n<td style=\"width:40.8348%;vertical-align: bottom\">Deposits and other<\/td>\n<td style=\"width:0.907441%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">21,363<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.1506%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">22,214<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">20,166<\/td>\n<\/tr>\n<tr>\n<td style=\"width:40.8348%;vertical-align: bottom\">Deferred tax assets<\/td>\n<td style=\"width:0.907441%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,389<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.1506%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">610<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">609<\/td>\n<\/tr>\n<tr>\n<td style=\"width:40.8348%;vertical-align: bottom\">Goodwill<\/td>\n<td style=\"width:0.907441%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">273,836<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.1506%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">183,737<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">181,905<\/td>\n<\/tr>\n<tr>\n<td style=\"width:40.8348%;vertical-align: bottom\">Intangibles, net<\/td>\n<td style=\"width:0.907441%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">277,268<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.1506%;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">113,432<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">108,308<\/td>\n<\/tr>\n<tr>\n<td style=\"width:40.8348%;vertical-align: bottom\">Total Assets<\/td>\n<td style=\"width:0.907441%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"width:17.2414%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,999,527<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"width:17.1506%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,411,771<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"width:17.2414%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,457,128<\/td>\n<\/tr>\n<tr>\n<td style=\"width:40.8348%;vertical-align: bottom\">\n            <strong><br \/>\n              <u>LIABILITIES<\/u><br \/>\n            <\/strong>\n          <\/td>\n<td style=\"width:0.907441%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:18.784%;border-top: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:18.6933%;border-top: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:18.784%;border-top: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:40.8348%;vertical-align: bottom\">Current liabilities:<\/td>\n<td style=\"width:0.907441%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:18.784%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:18.6933%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:18.784%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:40.8348%;vertical-align: bottom\">Accounts payable<\/td>\n<td style=\"width:0.907441%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"width:17.2414%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">254,346<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"width:17.1506%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">206,889<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"width:17.2414%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">225,586<\/td>\n<\/tr>\n<tr>\n<td style=\"width:40.8348%;vertical-align: bottom\">Accrued expenses and other current liabilities<\/td>\n<td style=\"width:0.907441%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">237,736<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.1506%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">142,452<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">150,067<\/td>\n<\/tr>\n<tr>\n<td style=\"width:40.8348%;vertical-align: bottom\">Operating leases &#8211; current portion<\/td>\n<td style=\"width:0.907441%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">55,957<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.1506%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">43,172<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">43,812<\/td>\n<\/tr>\n<tr>\n<td style=\"width:40.8348%;vertical-align: bottom\">Income taxes payable<\/td>\n<td style=\"width:0.907441%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">16,351<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.1506%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">6,147<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">12,435<\/td>\n<\/tr>\n<tr>\n<td style=\"width:40.8348%;vertical-align: bottom\">Contingent payment liability &#8211; current portion<\/td>\n<td style=\"width:0.907441%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,221<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.1506%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">7,716<\/td>\n<\/tr>\n<tr>\n<td style=\"width:40.8348%;vertical-align: bottom\">Accrued incentive compensation<\/td>\n<td style=\"width:0.907441%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,591<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.1506%;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">15,061<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">13,347<\/td>\n<\/tr>\n<tr>\n<td style=\"width:40.8348%;vertical-align: bottom\">Total current liabilities<\/td>\n<td style=\"width:0.907441%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">572,202<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.1506%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">413,721<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">452,963<\/td>\n<\/tr>\n<tr>\n<td style=\"width:40.8348%;vertical-align: bottom\">Contingent payment liability &#8211; long-term portion<\/td>\n<td style=\"width:0.907441%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">15,164<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.1506%;border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">7,565<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">11,200<\/td>\n<\/tr>\n<tr>\n<td style=\"width:40.8348%;vertical-align: bottom\">Operating leases &#8211; long-term portion<\/td>\n<td style=\"width:0.907441%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">190,459<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.1506%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">109,816<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">118,674<\/td>\n<\/tr>\n<tr>\n<td style=\"width:40.8348%;vertical-align: bottom\">Long-term debt<\/td>\n<td style=\"width:0.907441%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">293,828<\/td>\n<td style=\"width:0.998185%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.1506%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"width:0.998185%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<\/tr>\n<tr>\n<td style=\"width:40.8348%;vertical-align: bottom\">Deferred tax liabilities<\/td>\n<td style=\"width:0.907441%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">39,867<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.1506%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,628<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">8,777<\/td>\n<\/tr>\n<tr>\n<td style=\"width:40.8348%;vertical-align: bottom\">Other liabilities<\/td>\n<td style=\"width:0.907441%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,872<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.1506%;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">44<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,448<\/td>\n<\/tr>\n<tr>\n<td style=\"width:40.8348%;vertical-align: bottom\">Total Liabilities<\/td>\n<td style=\"width:0.907441%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,113,392<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.1506%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">535,774<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">597,062<\/td>\n<\/tr>\n<tr>\n<td style=\"width:40.8348%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.907441%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:18.784%;border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:18.6933%;border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:18.784%;border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:40.8348%;vertical-align: bottom\">\n            <strong><br \/>\n              <u>STOCKHOLDERS\u2019 EQUITY<\/u><br \/>\n            <\/strong>\n          <\/td>\n<td style=\"width:0.907441%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:18.784%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:18.6933%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:18.784%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:40.8348%;vertical-align: bottom\">Total Steven Madden, Ltd. stockholders\u2019 equity<\/td>\n<td style=\"width:0.907441%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">850,841<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.1506%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">847,719<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">833,923<\/td>\n<\/tr>\n<tr>\n<td style=\"width:40.8348%;vertical-align: bottom\">Noncontrolling interest<\/td>\n<td style=\"width:0.907441%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">35,294<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.1506%;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">28,278<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">26,143<\/td>\n<\/tr>\n<tr>\n<td style=\"width:40.8348%;vertical-align: bottom\">Total stockholders\u2019 equity<\/td>\n<td style=\"width:0.907441%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">886,135<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.1506%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">875,997<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:17.2414%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">860,066<\/td>\n<\/tr>\n<tr>\n<td style=\"width:40.8348%;vertical-align: bottom\">Total Liabilities and Stockholders\u2019 Equity<\/td>\n<td style=\"width:0.907441%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"width:17.2414%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,999,527<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"width:17.1506%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,411,771<\/td>\n<td style=\"width:0.998185%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.54265%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"width:17.2414%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,457,128<\/td>\n<\/tr>\n<tr>\n<td style=\"width:40.8348%\">\u00a0<\/td>\n<td style=\"width:0.907441%\">\u00a0<\/td>\n<td style=\"width:1.54265%\">\u00a0<\/td>\n<td style=\"width:17.2414%\">\u00a0<\/td>\n<td style=\"width:0.998185%\">\u00a0<\/td>\n<td style=\"width:1.54265%\">\u00a0<\/td>\n<td style=\"width:17.1506%\">\u00a0<\/td>\n<td style=\"width:0.998185%\">\u00a0<\/td>\n<td style=\"width:1.54265%\">\u00a0<\/td>\n<td style=\"width:17.2414%\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"center\">\n        \n      <\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"9\" style=\"width:100%;text-align: center;vertical-align: middle\">\n            <strong>STEVEN MADDEN, LTD. AND SUBSIDIARIES<\/p>\n<p><u>CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS<\/u><br \/><\/strong><br \/>\n            <br \/>(In thousands)<br \/>(Unaudited)\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"width:34.755%;text-align: center;vertical-align: middle;vertical-align: bottom\">Nine Months Ended<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9691%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <u>September 30, 2025<\/u>\n          <\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9691%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <u>September 30, 2024<\/u>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;vertical-align: bottom\">\n            <strong>Cash flows from operating activities:<\/strong>\n          <\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9691%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9691%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Net income<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">24,366<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">138,099<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Adjustments to reconcile net income to net cash provided by operating activities:<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9691%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9691%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Stock-based compensation<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">22,175<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">19,531<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">25,108<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">14,736<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Amortization of debt issuance costs<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">725<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Loss on disposal of fixed assets<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">180<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">112<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Impairment of intangibles<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">10,335<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Loss on divestiture of business<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,199<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Change in valuation of contingent payment liability<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(2,075<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,616<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Other operating activities<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(413<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(48<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Changes, net of acquisitions, in:<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9691%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9691%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Accounts receivable<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(10,962<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(15,794<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Factor accounts receivable<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">17,184<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(108,276<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Inventories<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,943<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(39,064<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Prepaid expenses, income tax receivables, prepaid taxes, and other assets<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(46,097<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(864<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Accounts payable, accrued expenses, and other current liabilities<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">48,906<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">66,853<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Accrued incentive compensation<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(10,574<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,382<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Leases and other liabilities<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(2,836<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,572<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9691%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9691%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Net cash provided by operating activities<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">67,630<\/td>\n<td style=\"width:0.998185%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">94,245<\/td>\n<td style=\"width:0.998185%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9691%;border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9691%;border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;vertical-align: bottom\">\n            <strong>Cash flows from investing activities:<\/strong>\n          <\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9691%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9691%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Capital expenditures<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(29,079<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(16,642<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Purchases of short-term investments<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(12,840<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Maturity \/ sale of short-term investments<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">13,410<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">16,654<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Acquisition of businesses, net of cash acquired<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(371,554<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(4,259<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Other investing activities<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(2,196<\/td>\n<td style=\"width:0.998185%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">372<\/td>\n<td style=\"width:0.998185%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Net cash used in investing activities<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(389,419<\/td>\n<td style=\"width:0.998185%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(16,715<\/td>\n<td style=\"width:0.998185%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9691%;border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9691%;border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;vertical-align: bottom\">\n            <strong>Cash flows from financing activities:<\/strong>\n          <\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9691%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9691%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Common stock repurchased and net settlements of stock awards<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(8,367<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(95,788<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Proceeds from exercise of stock options<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,086<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Investment of noncontrolling interest<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,500<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Borrowings, net of repayments<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">300,000<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Financing costs paid<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(8,955<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Cash dividends paid on common stock<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(45,692<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(45,880<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Distribution of noncontrolling interest<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(2,946<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Net cash provided by \/ (used in) financing activities<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">237,540<\/td>\n<td style=\"width:0.998185%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(140,582<\/td>\n<td style=\"width:0.998185%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Effect of exchange rate changes on cash and cash equivalents<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,047<\/td>\n<td style=\"width:0.998185%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(2,174<\/td>\n<td style=\"width:0.998185%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Net decrease in cash and cash equivalents<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(81,202<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(65,226<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;vertical-align: bottom\">Cash and cash equivalents \u2013 beginning of period<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">189,924<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:14.5191%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">204,640<\/td>\n<td style=\"width:0.998185%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9691%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.9691%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%;vertical-align: bottom\">Cash and cash equivalents \u2013 end of period<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"width:14.5191%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">108,722<\/td>\n<td style=\"width:0.998185%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.816697%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.45191%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"width:14.5191%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">139,414<\/td>\n<td style=\"width:0.998185%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%\">\u00a0<\/td>\n<td style=\"width:0.816697%\">\u00a0<\/td>\n<td style=\"width:1.45191%\">\u00a0<\/td>\n<td style=\"width:14.5191%\">\u00a0<\/td>\n<td style=\"width:0.998185%\">\u00a0<\/td>\n<td style=\"width:0.816697%\">\u00a0<\/td>\n<td style=\"width:1.45191%\">\u00a0<\/td>\n<td style=\"width:14.5191%\">\u00a0<\/td>\n<td style=\"width:0.998185%\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64.4283%\">\u00a0<\/td>\n<td style=\"width:0.816697%\">\u00a0<\/td>\n<td style=\"width:1.45191%\">\u00a0<\/td>\n<td style=\"width:14.5191%\">\u00a0<\/td>\n<td style=\"width:0.998185%\">\u00a0<\/td>\n<td style=\"width:0.816697%\">\u00a0<\/td>\n<td style=\"width:1.45191%\">\u00a0<\/td>\n<td style=\"width:14.5191%\">\u00a0<\/td>\n<td style=\"width:0.998185%\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"center\">\n        <strong>STEVEN MADDEN, LTD. AND SUBSIDIARIES<\/strong>\n      <\/p>\n<p align=\"center\">\n        <strong><br \/>\n          <u>NON-GAAP RECONCILIATION<\/u><br \/>\n        <\/strong>\n      <\/p>\n<p align=\"center\">(In thousands, except per share amounts)<\/p>\n<p align=\"center\">(Unaudited)<\/p>\n<p align=\"justify\">The company uses non-GAAP financial information to evaluate its operating performance and in order to represent the manner in which the company conducts and views its business. Additionally, the company believes the information assists investors in comparing the company\u2019s performance across reporting periods on a consistent basis by excluding items that are not indicative of its core business. The non-GAAP financial information is provided in addition to, and not as an alternative to, the company\u2019s reported results prepared in accordance with GAAP.<\/p>\n<table style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"7\" style=\"border-top: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">\n            <u>Table 1 &#8211; Reconciliation of GAAP gross profit to Adjusted gross profit<\/u>\n          <\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">Three Months Ended<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">Nine Months Ended<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">September 30, 2025<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">September 30, 2024<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">September 30, 2025<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">September 30, 2024<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:36%;width:36%;min-width:36%;border-left: solid black 1pt;vertical-align: bottom\">GAAP gross profit<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:14%;width:14%;min-width:14%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">277,375<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:14%;width:14%;min-width:14%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">259,544<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:14%;width:14%;min-width:14%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">729,669<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:14%;width:14%;min-width:14%;border-right: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">701,488<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">Non-GAAP Adjustments<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">12,309<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">59<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">20,840<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">393<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">Adjusted gross profit<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">289,684<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">259,603<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">750,509<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">701,881<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"9\" style=\"border-top: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">\n            <u>Table 2 &#8211; Reconciliation of GAAP operating expenses to Adjusted operating expenses<\/u>\n          <\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">Three Months Ended<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">Nine Months Ended<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">September 30, 2025<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">September 30, 2024<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">September 30, 2025<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">September 30, 2024<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:36%;width:36%;min-width:36%;border-left: solid black 1pt;vertical-align: bottom\">GAAP operating expenses<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:13%;width:13%;min-width:13%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">246,017<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:13%;width:13%;min-width:13%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">178,915<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:13%;width:13%;min-width:13%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">687,145<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:13%;width:13%;min-width:13%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">507,343<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-right: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">Non-GAAP Adjustments<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(2,585<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(4,680<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(61,597<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(6,301<\/td>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">Adjusted operating expenses<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">243,432<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">174,235<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">625,548<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">501,042<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"13\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">\n            <u>Table 3 &#8211; Reconciliation of GAAP income from operations to Adjusted income from operations<\/u>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">Three Months Ended<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">Nine Months Ended<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">September 30, 2025<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">September 30, 2024<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">September 30, 2025<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">September 30, 2024<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:36%;width:36%;min-width:36%;border-left: solid black 1pt;vertical-align: bottom\">GAAP income from operations<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:14%;width:14%;min-width:14%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">31,358<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:14%;width:14%;min-width:14%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">74,578<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:14%;width:14%;min-width:14%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">44,599<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:14%;width:14%;min-width:14%;border-right: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">178,194<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">Non-GAAP Adjustments<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">14,895<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">10,790<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">80,360<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">22,645<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">Adjusted income from operations<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">46,253<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">85,368<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">124,959<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">200,839<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"15\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">\n            <u>Table 4 &#8211; Reconciliation of GAAP interest and other (expense) \/ income, net to Adjusted interest and other (expense) \/ income, net<\/u>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"6\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">Three Months Ended<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"6\" style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">Nine Months Ended<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">September 30, 2025<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">September 30, 2024<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">September 30, 2025<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">September 30, 2024<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:36%;width:36%;min-width:36%;border-left: solid black 1pt;vertical-align: bottom\">GAAP interest and other (expense) \/ income, net<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:13%;width:13%;min-width:13%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(4,947<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:13%;width:13%;min-width:13%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,400<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:14%;width:14%;min-width:14%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(7,913<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:14%;width:14%;min-width:14%;border-right: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,309<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">Non-GAAP Adjustments<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">840<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">Adjusted interest and other (expense) \/ income, net<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(4,947<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,400<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(7,073<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,309<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"13\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">\n            <u>Table 5 &#8211; Reconciliation of GAAP provision for income taxes to Adjusted provision for income taxes<\/u>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">Three Months Ended<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">Nine Months Ended<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">September 30, 2025<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">September 30, 2024<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">September 30, 2025<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">September 30, 2024<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:36%;width:36%;min-width:36%;border-left: solid black 1pt;vertical-align: bottom\">GAAP provision for income taxes<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:14%;width:14%;min-width:14%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,593<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:14%;width:14%;min-width:14%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">19,390<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:14%;width:14%;min-width:14%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">21,572<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:14%;width:14%;min-width:14%;border-right: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">44,404<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">Non-GAAP Adjustments<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,065<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,238<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">6,794<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,032<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">Adjusted provision for income taxes<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9,658<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">20,628<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">28,366<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">48,436<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"13\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">\n            <u>Table 6 &#8211; Reconciliation of GAAP net income attributable to noncontrolling interest to Adjusted net income attributable to noncontrolling interest<\/u>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">Three Months Ended<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">Nine Months Ended<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">September 30, 2025<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">September 30, 2024<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">September 30, 2025<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">September 30, 2024<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:36%;width:36%;min-width:36%;border-left: solid black 1pt;vertical-align: bottom\">GAAP net income attributable to noncontrolling interest<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:14%;width:14%;min-width:14%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,290<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:14%;width:14%;min-width:14%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,310<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:14%;width:14%;min-width:14%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,892<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:14%;width:14%;min-width:14%;border-right: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,510<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">Non-GAAP Adjustments<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">25<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">155<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">Adjusted net income attributable to noncontrolling interest<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,290<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,335<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,892<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,665<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"13\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">\n            <u>Table 7 &#8211; Reconciliation of GAAP net income attributable to Steven Madden, Ltd. to Adjusted net income attributable to Steven Madden, Ltd.<\/u>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">Three Months Ended<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">Nine Months Ended<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">September 30, 2025<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">September 30, 2024<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">September 30, 2025<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">September 30, 2024<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:36%;width:36%;min-width:36%;border-left: solid black 1pt;vertical-align: bottom\">GAAP net income attributable to Steven Madden, Ltd.<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:14%;width:14%;min-width:14%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">20,528<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:14%;width:14%;min-width:14%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">55,278<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:14%;width:14%;min-width:14%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">21,474<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:14%;width:14%;min-width:14%;border-right: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">134,589<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">Non-GAAP Adjustments<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9,830<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9,527<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">65,155<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">18,459<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">Adjusted net income attributable to Steven Madden, Ltd.<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">30,358<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">64,805<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">86,629<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">153,048<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">GAAP diluted net income per share<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.29<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.77<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.30<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1.87<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">Adjusted diluted net income per share<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.43<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.91<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1.22<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2.12<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"7\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">\n            <u>Table 8 &#8211; Reconciliation of GAAP diluted net income per share to Adjusted diluted net income per share in Q4 2025 outlook<\/u>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">Fourth Quarter 2025 Outlook<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">Low End<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">High End<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">GAAP diluted net income per share<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.30<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-right: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.35<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">Non-GAAP Adjustments<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.11<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.11<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">Adjusted diluted net income per share<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.41<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.46<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <br \/>Non-GAAP Adjustments include the items below.<\/p>\n<p align=\"justify\">For the third quarter of 2025:<\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:3pt;margin-bottom:7.2pt;text-align:justify\">$12.3 million pre-tax ($9.2 million after-tax) expense in connection with the purchase accounting fair value adjustment of inventory from acquired businesses, included in cost of goods sold.<\/li>\n<li style=\"margin-top:3pt;margin-bottom:7.2pt;text-align:justify\">$1.1 million pre-tax ($0.8 million after-tax) expense in connection with severances and related charges, included in operating expenses.<\/li>\n<li style=\"margin-top:3pt;margin-bottom:7.2pt;text-align:justify\">$0.8 million pre-tax ($0.6 million after-tax) expense in connection with legal settlements and related fees, included in operating expenses.<\/li>\n<li style=\"margin-top:3pt;margin-bottom:7.2pt;text-align:justify\">$0.7 million pre-tax expense ($0.8 million after-tax benefit) in connection with acquisition costs and formation of joint ventures, included in operating expenses.\n<\/li>\n<\/ul>\n<p align=\"justify\">For the third quarter of 2024:<\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:3pt;margin-bottom:7.2pt;text-align:justify\">$3.2 million pre-tax ($3.7 million after-tax) expense in connection with a divestiture of a business, included in operating expenses.<\/li>\n<li style=\"margin-top:3pt;margin-bottom:7.2pt;text-align:justify\">$1.5 million pre-tax ($1.1 million after-tax) expense in connection with an acquisition and formation of joint ventures, included in operating expenses.<\/li>\n<li style=\"margin-top:3pt;margin-bottom:7.2pt;text-align:justify\">$8.6 million pre-tax ($6.6 million after-tax) expense in connection with a trademark impairment.<\/li>\n<li style=\"margin-top:3pt;margin-bottom:7.2pt;text-align:justify\">$2.6 million pre-tax ($2.0 million after-tax) benefit in connection with the change in valuation of a contingent consideration in connection with the acquisition of Almost Famous.\n<\/li>\n<\/ul>\n<p align=\"justify\">\n        <strong><br \/>\n          <u>Contact<\/u><br \/>\n        <\/strong>\n      <\/p>\n<p>Steven Madden, Ltd.<br \/>VP of Corporate Development &amp; Investor Relations<br \/>Danielle McCoy<br \/>718-308-2611<br \/>InvestorRelations@stevemadden.com<\/p>\n<p>      <img decoding=\"async\" alt=\"\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTU2OTA4MyM3MjQ1MTU1IzIwMDU0Nzc=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" alt=\"\" src=\"https:\/\/ml.globenewswire.com\/media\/ZTk0YzAwMmItMjQ2My00NmM0LThhMDQtZGM0MDE1M2YxZjk4LTEwMTcwNTAtMjAyNS0xMS0wNS1lbg==\/tiny\/Steve-Madden.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>~ Provides Fourth Quarter 2025 Guidance ~ LONG ISLAND CITY, N.Y., Nov. 05, 2025 (GLOBE NEWSWIRE) &#8212; Steven Madden, Ltd. (Nasdaq: SHOO), a leading designer and marketer of fashion-forward footwear, accessories and apparel, today announced financial results for the third quarter ended September 30, 2025. Amounts referred to as \u201cAdjusted\u201d are non-GAAP measures that exclude the items defined as \u201cNon-GAAP Adjustments\u201d in the \u201cNon-GAAP Reconciliation\u201d section. Third Quarter 2025 Results Revenue increased 6.9% to $667.9\u00a0million, compared to $624.7 million in the same period of 2024. Gross profit as a percentage of revenue was 41.5%, flat to the same period of 2024. Adjusted gross profit as a percentage of revenue was 43.4%, compared to 41.6% in the same period of 2024. &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/steve-madden-announces-third-quarter-2025-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Steve Madden Announces Third Quarter 2025 Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-905839","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Steve Madden Announces Third Quarter 2025 Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/steve-madden-announces-third-quarter-2025-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Steve Madden Announces Third Quarter 2025 Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"~ Provides Fourth Quarter 2025 Guidance ~ LONG ISLAND CITY, N.Y., Nov. 05, 2025 (GLOBE NEWSWIRE) &#8212; Steven Madden, Ltd. (Nasdaq: SHOO), a leading designer and marketer of fashion-forward footwear, accessories and apparel, today announced financial results for the third quarter ended September 30, 2025. Amounts referred to as \u201cAdjusted\u201d are non-GAAP measures that exclude the items defined as \u201cNon-GAAP Adjustments\u201d in the \u201cNon-GAAP Reconciliation\u201d section. Third Quarter 2025 Results Revenue increased 6.9% to $667.9\u00a0million, compared to $624.7 million in the same period of 2024. Gross profit as a percentage of revenue was 41.5%, flat to the same period of 2024. 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(Nasdaq: SHOO), a leading designer and marketer of fashion-forward footwear, accessories and apparel, today announced financial results for the third quarter ended September 30, 2025. Amounts referred to as \u201cAdjusted\u201d are non-GAAP measures that exclude the items defined as \u201cNon-GAAP Adjustments\u201d in the \u201cNon-GAAP Reconciliation\u201d section. Third Quarter 2025 Results Revenue increased 6.9% to $667.9\u00a0million, compared to $624.7 million in the same period of 2024. Gross profit as a percentage of revenue was 41.5%, flat to the same period of 2024. 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