Inter Parfums, Inc. (IPAR) posted first-quarter 2024 results, wherein the bottom line declined year over year and fell short of the Zacks Consensus Estimate. However, sales increased due to strength in U.S.-based operations.The fragrance market stays vibrant, with major brands consistently experiencing robust sell-out rates and receiving positive feedback from retailers and consumers. Continued momentum in the fragrance market and the successful initial shipments of Lacoste and Cavalli fragrances drove resu ...

For the quarter ended March 2024, Inter Parfums (IPAR) reported revenue of $323.96 million, up 3.9% over the same period last year. EPS came in at $1.27, compared to $1.68 in the year-ago quarter.The reported revenue represents a surprise of -2.18% over the Zacks Consensus Estimate of $331.17 million. With the consensus EPS estimate being $1.56, the EPS surprise was -18.59%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine ...

Exhibit 99.1 FOR IMMEDIATE RELEASE INTER PARFUMS, INC. REPORTS 2024 FIRST QUARTER RESULTS Results in-line with Expectations; Reaf irms 2024 Sales and Earnings Guidance New York, New York, May 7, 2024, Inter Parfums, Inc. (NASDAQ GS: IPAR) today reported results for the first quarter ended March 31, 2024. | First Quarter 2024 Highlights: ($ in millions, except per share amounts) | Three Months Ended March 31, | | | | --- | --- | --- | --- | | | 2024 | 2023 | % Change | | Net Sales | $324 | $312 | 4% | | Gros ...

[Part I. Financial Information](index=4&type=section&id=Part%20I.%20Financial%20Information) [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The unaudited consolidated financial statements for Q1 2024 show a slight decrease in total assets, increased net sales, but a decline in net income and diluted EPS, with a significant increase in cash used in operations [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) Total assets slightly decreased to **$1.349 billion** as of March 31, 2024, primarily due to reduced cash, while total equity increased to **$907.9 million** Consolidated Balance Sheet Highlights | Account | March 31, 2024 ($ thousands) | December 31, 2023 ($ thousands) | | :--- | :--- | :--- | | **Total Current Assets** | 832,667 | 839,026 | | Cash and cash equivalents | 20,976 | 88,462 | | Inventories | 400,209 | 371,859 | | **Total Assets** | **1,349,176** | **1,369,329** | | **Total Current Liabilities** | 302,458 | 324,745 | | **Total Liabilities** | 441,289 | 477,159 | | **Total Equity** | **907,887** | **892,170** | [Consolidated Statements of Income](index=6&type=section&id=Consolidated%20Statements%20of%20Income) Net sales increased by **4%** to **$324.0 million** in Q1 2024, but operating income and net income declined significantly due to higher costs and SG&A expenses Consolidated Income Statement Highlights | Metric | Q1 2024 ($ thousands) | Q1 2023 ($ thousands) | Change | | :--- | :--- | :--- | :--- | | Net Sales | 323,963 | 311,723 | +3.9% | | Gross Margin | 202,385 | 202,957 | -0.3% | | Income from Operations | 67,973 | 90,279 | -24.7% | | Net Income Attributable to Inter Parfums, Inc. | 41,048 | 54,068 | -24.1% | | Diluted EPS | $1.27 | $1.68 | -24.4% | - Dividends declared per share increased to **$0.75** in Q1 2024 from **$0.625** in Q1 2023[17](index=17&type=chunk) [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities significantly increased to **$52.0 million** in Q1 2024, primarily due to higher receivables and inventories, resulting in a **$67.5 million** net decrease in cash Consolidated Cash Flow Highlights | Cash Flow Activity | Q1 2024 ($ thousands) | Q1 2023 ($ thousands) | | :--- | :--- | :--- | | Net cash used in operating activities | (51,960) | (7,358) | | Net cash provided by investing activities | 13,922 | 61,644 | | Net cash used in financing activities | (28,131) | (12,555) | | **Net (decrease) increase in cash** | **(67,486)** | **44,342** | [Notes to Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section details new licensing agreements, segment performance showing European dominance but faster US growth, and the company's use of derivative instruments for risk management - The company began shipping Roberto Cavalli products in February 2024 and Lacoste fragrances in January 2024 under new worldwide license agreements[31](index=31&type=chunk)[32](index=32&type=chunk) - The Dunhill fragrance license expired on September 30, 2023, and was not renewed; the company has a twelve-month sell-off period for remaining inventory[33](index=33&type=chunk) Segment Performance and Assets | Segment | Net Sales Q1 2024 ($ thousands) | Net Sales Q1 2023 ($ thousands) | Total Assets Mar 31, 2024 ($ thousands) | | :--- | :--- | :--- | :--- | | United States | 95,768 | 81,454 | 337,876 | | Europe | 230,957 | 230,269 | 1,069,258 | [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=19&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Net sales increased by **4%** in Q1 2024, driven by U.S. growth and the Lacoste launch, but gross margin and operating income declined due to unfavorable mix and higher SG&A expenses - The company's growth strategy involves adding new brands through licenses or acquisitions and introducing new products while supporting established ones[82](index=82&type=chunk) Key Brand Contribution to Net Sales | Brand | % of Net Sales Q1 2024 | % of Net Sales Q1 2023 | | :--- | :--- | :--- | | Montblanc | 18% | 20% | | Coach | 15% | 15% | | Jimmy Choo | 15% | 20% | | GUESS | 10% | 9% | | Donna Karan/DKNY | 6% | 4% | [Results of Operations](index=21&type=section&id=Results%20of%20Operations) Net sales increased by **4%** to **$324.0 million** in Q1 2024, driven by U.S. growth and the Lacoste launch, but gross margin and operating margin declined due to higher SG&A expenses Net Sales by Segment | Segment | Net Sales Q1 2024 ($ millions) | % Change YoY | | :--- | :--- | :--- | | European based | 231.0 | +0.3% | | United States based | 95.8 | +17.6% | | **Total** | **324.0** | **+3.9%** | - The launch of the Lacoste brand added **$20 million** in sales during the first quarter of 2024[92](index=92&type=chunk) - Gross margin decreased to **62.5%** from **65.1%** due to unfavorable segment/geographic mix, increased trade spending, and slight cost inflation on raw materials[101](index=101&type=chunk) - Promotion and advertising expenses increased to **$48.3 million** (**14.9% of sales**) in Q1 2024, up from **$35.2 million** (**11.3% of sales**) in Q1 2023, reflecting a strategic shift to increase spending in the first half of the year[109](index=109&type=chunk) [Liquidity and Capital Resources](index=26&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with **$97 million** in cash and **$530 million** in working capital, despite increased cash usage in operations due to higher receivables and inventory, and an increased annual dividend - As of March 31, 2024, the company had **$97 million** in cash, cash equivalents, and short-term investments[123](index=123&type=chunk) - Cash used in operating activities was **$52.0 million**, driven by a **$50.4 million** increase in accounts receivable and a **$34.4 million** increase in inventories to support sales growth[130](index=130&type=chunk)[25](index=25&type=chunk) - In February 2024, the Board of Directors increased the annual dividend to **$3.00 per share** from **$2.50 per share**[137](index=137&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=29&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages market risks, including foreign currency and interest rate exposures, through derivative financial instruments like forward exchange contracts and interest rate swaps - The company uses foreign currency forward exchange contracts to hedge exposure from receivables and future sales denominated in foreign currencies[143](index=143&type=chunk) - As of March 31, 2024, the company had outstanding forward exchange contracts of approximately U.S. **$78.0 million** and GB **£4.7 million**, all with maturities of less than one year[146](index=146&type=chunk) - Interest rate risk is managed by monitoring rates and using swaps to manage exposure on its variable-rate debt[147](index=147&type=chunk) [Controls and Procedures](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures) The CEO and CFO concluded that disclosure controls and procedures were effective as of March 31, 2024, with no material changes to internal control over financial reporting - The CEO and CFO concluded that as of the end of the quarter, the company's disclosure controls and procedures were effective[150](index=150&type=chunk) - No changes occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[151](index=151&type=chunk) [Part II. Other Information](index=30&type=section&id=Part%20II.%20Other%20Information) [Unregistered Sales of Equity Securities and Use of Proceeds](index=30&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase shares in Q1 2024, but the Board authorized the continuation of a share repurchase program for up to **130,000 shares** in 2024 - In February 2024, the Board of Directors authorized the company to continue repurchasing up to **130,000 shares** of its common stock throughout 2024[153](index=153&type=chunk) Share Repurchase Activity | Period | Total Number of Shares Purchased | | :--- | :--- | | January 1-31 | 0 | | February 1-29 | 0 | | March 1-31 | 0 | | **Total** | **0** | [Other Information](index=30&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q1 2024 - No director or officer adopted or terminated any "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement" during the first quarter of 2024[155](index=155&type=chunk) [Exhibits](index=31&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications required by the Sarbanes-Oxley Act - The exhibits filed with the report include CEO and CFO certifications required by Rule 13a-14(a) and Section 906 of the Sarbanes-Oxley Act[158](index=158&type=chunk)

Inter Parfums, Inc. (IPAR) is likely to see a bottom-line decline when it reports first-quarter 2024 earnings on May 7. The consensus mark for quarterly earnings has declined by 4.9% in the past 30 days to $1.56 per share. This indicates a decrease of 7.1% from the year-ago quarter’s reported figure. However, IPAR has a trailing four-quarter earnings surprise of 16.4%, on average.Factors to NoteInter Parfums has been battling elevated SG&A costs for a while. The company has been undertaking heightened inves ...

Inter Parfums (IPAR) is expected to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended March 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on May 7. On ...

Inter Parfums, Inc. (IPAR) has once again demonstrated its resilience and strength in the fragrance market, reporting decent net sales for the first quarter of 2024. This producer and distributor of a wide array of prestige fragrance and fragrance-related products has delivered noteworthy results, reporting a 4% year-over-year increase in net sales for the quarter, reaching $324 million.According to Jean Madar, the chairman & chief executive officer of Inter Parfums, the decent performance in the quarter wa ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark one) ☒ Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2023 or pro (Exact name of registrant as specified in its charter) | Delaware | 13-3275609 | | --- | --- | | (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | | 551 Fifth Avenue, New York, New York | 10176 | | (Address of Principal Executi ...

Financial Data and Key Metrics Changes - Consolidated gross profit increased by 29% to $235 million, with a gross margin decline of 90 basis points in European operations due to an unfavorable product mix [10][11] - SG&A as a percentage of net sales decreased to 40.2% from 41.9% in the quarter, and year-to-date SG&A also declined by 190 basis points to 39.8% [11][22] - Working capital at the end of the quarter was $514 million, including approximately $184 million in cash and cash equivalents [12] - Full year 2023 net sales guidance affirmed at $1.3 billion, representing a 20% growth from fiscal year 2022, with earnings per diluted share guidance increased to $4.75 from $4.55 [13] Business Line Data and Key Metrics Changes - Owned brands saw strong sales, with Rochas fragrance sales growing by 21% to surpass $30 million year-to-date, while Lanvin sales increased by 6% [5] - GUESS fragrance sales surged by 59% during the quarter, building on a 45% increase in the same period last year [14] - U.S.-based operations net sales grew by 64%, driven by a 200% increase in Donna Karan and DKNY fragrance sales [35] Market Data and Key Metrics Changes - North America, the largest market, grew sales by 29%, while Western Europe saw a 24% increase [30] - Eastern Europe sales increased by 73%, Middle East by 48%, and Latin America by 42% [31] - Asia Pacific market grew by 20%, driven by sales in Australia and New Zealand [32] Company Strategy and Development Direction - The company aims to maintain a conservative approach in China, monitoring retail inventory levels closely [32][38] - Focus on five major franchises (Montblanc, Coach, Ferragamo, Jimmy Choo, and GUESS) for 2024, with plans for blockbuster launches [60] - The company is committed to investing in advertising and marketing to ensure sell-through at retail levels, despite potential top-line pressures [68] Management's Comments on Operating Environment and Future Outlook - Management noted the fragrance market is no longer growing at double-digit rates but emphasized the company's year-to-date sales growth of 27% [28] - The geopolitical tensions and economic instability are acknowledged, leading to a conservative guidance approach for the remainder of the year [67] - The company remains optimistic about travel retail, with improvements noted in airport traffic and sales [66] Other Important Information - Inventory levels increased by 26% from year-end 2022 to support sales growth, with lessons learned from past supply chain issues [20] - Promotion and advertising expenses increased significantly, representing 17.1% of net sales for the current quarter [22] Q&A Session Summary Question: Will gross margin improve in Q4 due to less gift sets? - Management prefers to maintain the same gross margin as the first three quarters, emphasizing significant advertising spend in Q4 [41] Question: Can Roberto Cavalli and Lacoste together add $100 million in revenue? - Management indicated that this is a fair estimate based on previous disclosures about the brands [42] Question: What is the current pricing strategy? - A modest pricing increase of around 5% was taken earlier in 2023, which offset inflationary expenses, with no further pricing actions expected at this time [53] Question: How is the current retail inventory level in China? - Management reported improved retail inventory levels in China, monitoring them weekly and seeing positive trends [51] Question: What are the key focuses for next year beyond Cavalli and Lacoste? - The focus will be on the five major franchises, with plans for blockbuster launches in 2024 [60]

[Part I. Financial Information](index=3&type=section&id=Part%20I.%20Financial%20Information) This section presents the company's unaudited consolidated financial statements, management's discussion and analysis of financial condition, market risk disclosures, and internal controls [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The unaudited consolidated financial statements for the period ended September 30, 2023, show a significant increase in total assets to **$1.39 billion** from **$1.31 billion** at year-end 2022, with net sales for the first nine months of 2023 rising to **$988.9 million**, a **27% increase** year-over-year, driving net income attributable to the company to **$142.2 million**, up from **$104.3 million** in the prior year period, and cash flow from operations improving to a provision of **$24.3 million** from a use of **$8.2 million** in the same period last year [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) This statement details the company's financial position, showing total assets increased to **$1.39 billion** and total equity to **$876.8 million** as of September 30, 2023 Consolidated Balance Sheets (in thousands USD) | Account | Sep 30, 2023 (in thousands USD) | Dec 31, 2022 (in thousands USD) | | :--- | :--- | :--- | | **Total Assets** | **$1,394,397** | **$1,308,542** | | Total Current Assets | $876,854 | $787,724 | | **Total Liabilities** | **$517,530** | **$520,396** | | Total Current Liabilities | $363,095 | $344,567 | | **Total Equity** | **$876,867** | **$788,146** | - Key changes in the balance sheet from December 31, 2022, to September 30, 2023, include a significant increase in Accounts Receivable (from **$197.6 million** to **$288.1 million**) and Inventories (from **$290.0 million** to **$364.3 million**), reflecting higher sales activity[16](index=16&type=chunk) - Cash and short-term investments decreased from a combined **$255.5 million** to **$183.5 million**[16](index=16&type=chunk) [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) This statement presents the company's financial performance, highlighting **27.5% growth in net sales** to **$988.9 million** and a **36.3% increase in net income** for the nine months ended September 30, 2023 Consolidated Statements of Income (Nine Months Ended Sep 30, in thousands USD) | Metric | Nine Months Ended Sep 30, 2023 (in thousands USD) | Nine Months Ended Sep 30, 2022 (in thousands USD) | YoY Change | | :--- | :--- | :--- | :--- | | Net Sales | $988,936 | $775,865 | +27.5% | | Gross Margin | $626,368 | $494,340 | +26.7% | | Income from Operations | $232,502 | $171,091 | +35.9% | | Net Income Attributable to Inter Parfums, Inc. | $142,234 | $104,339 | +36.3% | | Diluted EPS | $4.42 | $3.26 | +35.6% | Consolidated Statements of Income (Three Months Ended Sep 30, in thousands USD) | Metric | Three Months Ended Sep 30, 2023 (in thousands USD) | Three Months Ended Sep 30, 2022 (in thousands USD) | YoY Change | | :--- | :--- | :--- | :--- | | Net Sales | $367,969 | $280,462 | +31.2% | | Income from Operations | $87,202 | $64,476 | +35.2% | | Net Income Attributable to Inter Parfums, Inc. | $53,214 | $41,423 | +28.5% | | Diluted EPS | $1.66 | $1.30 | +27.7% | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) This statement outlines the sources and uses of cash, showing a significant improvement in cash provided by operating activities to **$24.3 million** for the nine months ended September 30, 2023 Consolidated Statements of Cash Flows (Nine Months Ended Sep 30, in thousands USD) | Cash Flow Activity (Nine Months Ended Sep 30) | 2023 (in thousands USD) | 2022 (in thousands USD) | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $24,278 | $(8,175) | | Net cash provided by (used in) investing activities | $40,504 | $(33,888) | | Net cash used in financing activities | $(90,471) | $(80,634) | | **Net decrease in cash and cash equivalents** | **$(24,949)** | **$(127,110)** | - The significant improvement in operating cash flow was primarily driven by higher net income, despite increased cash usage for accounts receivable and inventories[25](index=25&type=chunk) - Investing activities provided cash due to net proceeds from short-term investments, contrasting with cash used for property purchases in the prior year[25](index=25&type=chunk) - Financing activities used more cash due to increased dividend payments and treasury stock repurchases[25](index=25&type=chunk) [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed explanations of significant accounting policies, new license agreements, inventory changes, and segment information supporting the consolidated financial statements - The company closed a new worldwide license agreement with Roberto Cavalli, effective July 2023, and is preparing for the Lacoste license to become effective in January 2024[30](index=30&type=chunk)[31](index=31&type=chunk) - Conversely, the Dunhill fragrance license expired on September 30, 2023, and entered a 12-month sell-off period[32](index=32&type=chunk) - Inventories increased to **$364.3 million** as of September 30, 2023, from **$290.0 million** at year-end 2022, with finished goods growing from **$143.2 million** to **$212.9 million** to support sales growth and mitigate supply chain risks[42](index=42&type=chunk) Segment Performance (Nine Months Ended Sep 30, 2023, in thousands USD) | Segment (Nine Months Ended Sep 30, 2023) | Net Sales (in thousands USD) | Net Income Attributable to Inter Parfums, Inc. (in thousands USD) | | :--- | :--- | :--- | | United States | $327,359 | $46,067 | | Europe | $661,577 | $96,167 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management reports exceptionally strong performance for the first nine months of 2023, with net sales increasing **27%** to **$988.9 million**, driven by both the European (up **21%**) and U.S. (up **43%**) segments, with key brands like Coach, Montblanc, Jimmy Choo, and GUESS performing well, and the newly added Donna Karan/DKNY brands contributing significantly, leading to an improved operating margin of **23.5%** from **22.1%** year-over-year due to strong sales growth allowing for better absorption of fixed costs, while maintaining a strong liquidity position with **$183.5 million** in cash and short-term investments and continuing to invest in brand growth and return capital to shareholders through increased dividends [Overview](index=19&type=section&id=Overview) This section provides an overview of the company's business segments, key brand contributions, and strategic approach to growth through new licenses and product introductions - The company operates in two segments: European based operations (**67%** of 9M 2023 sales) and United States based operations (**33%** of 9M 2023 sales)[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk) Brand Contribution to Net Sales | Brand | % of Net Sales (Nine Months Ended Sep 30, 2023) | % of Net Sales (Nine Months Ended Sep 30, 2022) | | :--- | :--- | :--- | | Montblanc | 18% | 19% | | Jimmy Choo | 17% | 18% | | Coach | 15% | 15% | | GUESS | 11% | 11% | | Donna Karan/DKNY | 7% | 1% | | Ferragamo | 5% | 5% | - The company's growth strategy involves adding new brands through licenses or acquisitions and introducing new products for existing brands, supported by advertising and merchandising[90](index=90&type=chunk) [Results of Operations](index=21&type=section&id=Results%20of%20Operations) This section analyzes the company's financial performance, detailing sales growth by segment, gross margin trends, and improvements in operating margin due to sales leverage Segment Sales Performance (in millions USD) | Segment | Q3 2023 Sales (in millions USD) | YoY Change | 9M 2023 Sales (in millions USD) | YoY Change | | :--- | :--- | :--- | :--- | :--- | | European based | $233.5 | +18% | $661.5 | +21% | | United States based | $134.5 | +64% | $327.4 | +43% | | **Total** | **$368.0** | **+31%** | **$988.9** | **+27%** | - Gross margin for the first nine months of 2023 was **63.3%**, slightly down from **63.7%** in 2022[108](index=108&type=chunk) - European operations' margin decreased due to one-time inventory reserves, while U.S. operations' margin expanded significantly due to price increases, favorable product mix, and better absorption of fixed costs[109](index=109&type=chunk)[110](index=110&type=chunk) - Selling, general and administrative (SG&A) expenses as a percentage of net sales decreased to **39.8%** for the first nine months of 2023 from **41.7%** in the prior year, driven by sales leverage over fixed costs[114](index=114&type=chunk) - Operating margin for the first nine months of 2023 improved to **23.5%** from **22.1%** in the same period of 2022, reflecting strong sales growth and operational leverage[119](index=119&type=chunk) [Liquidity and Capital Resources](index=27&type=section&id=Liquidity%20and%20Capital%20Resources) This section discusses the company's financial flexibility, highlighting its strong cash position, working capital, operating cash flow generation, and capital allocation strategies including dividends - As of September 30, 2023, the company had a strong liquidity position with **$183.5 million** in cash, cash equivalents, and short-term investments[130](index=130&type=chunk) - Working capital was **$514 million** with a current ratio of **2.4 to 1** as of September 30, 2023[131](index=131&type=chunk) - Cash provided by operating activities was **$24.3 million** for the first nine months of 2023, a significant improvement from the **$8.2 million** used in the same period of 2022, primarily due to higher net income[134](index=134&type=chunk) - The Board of Directors increased the annual dividend to **$2.50 per share** in February 2023, a **25% increase** from the prior year's **$2.00 per share**[140](index=140&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=29&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages financial exposures through a controlled risk management program, primarily using derivative financial instruments, with foreign exchange risk from receivables and future sales mitigated with foreign currency forward exchange contracts, holding contracts worth approximately U.S. **$58.0 million** and GB **£2.0 million** as of September 30, 2023, and interest rate risk managed by monitoring rates and using interest rate swaps to convert variable-rate debt to fixed-rate debt or vice versa when appropriate - The company uses foreign currency forward exchange contracts to hedge exposure from receivables and future sales denominated in foreign currencies[144](index=144&type=chunk)[145](index=145&type=chunk) - As of September 30, 2023, the company had outstanding forward exchange contracts of approximately U.S. **$58.0 million** and GB **£2.0 million**, all with maturities of less than one year[148](index=148&type=chunk) - Interest rate risk is mitigated by monitoring interest rates and using swaps to manage exposure on floating-rate debt[149](index=149&type=chunk) [Controls and Procedures](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures) Based on a review and evaluation as of the end of the third quarter of 2023, the Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective, and there were no changes in the company's internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, these controls - The CEO and CFO concluded that as of September 30, 2023, the company's disclosure controls and procedures were effective[152](index=152&type=chunk) - No material changes to the company's internal control over financial reporting occurred during the third quarter of 2023[153](index=153&type=chunk) [Part II. Other Information](index=30&type=section&id=Part%20II.%20Other%20Information) This section includes disclosures on equity security transactions, share repurchases, a list of exhibits filed, and the official signatures for the report [Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities](index=30&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%2C%20Use%20of%20Proceeds%2C%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Under a share repurchase program authorized in December 2022, the company repurchased **85,060 shares** of its common stock for **$11.3 million** during the first nine months of 2023, with no repurchases during the third quarter, and the remaining balance available for repurchase under the 2023 plan being **81,000 shares** - In the first nine months of 2023, the company repurchased **85,060 shares** at a cost of **$11.3 million** under its authorized share repurchase program[155](index=155&type=chunk) - No shares were repurchased during the three months ended September 30, 2023[155](index=155&type=chunk) - The company has **81,000 shares** remaining for repurchase under the current plan for 2023[155](index=155&type=chunk) [Exhibits](index=31&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, which include certifications from the Chief Executive Officer and Chief Financial Officer as required by the Sarbanes-Oxley Act, as well as interactive data files - The exhibits filed with this report include CEO and CFO certifications required by Rule 13a-14(a) and Section 906 of the Sarbanes-Oxley Act, along with interactive data files[159](index=159&type=chunk) [Signatures](index=32&type=section&id=Signatures) The report was duly authorized and signed on November 7, 2023, by Michel Atwood, the Chief Financial Officer of Inter Parfums, Inc