Rocky Brands, Inc. (NASDAQ:RCKY) Q4 2023 Earnings Conference Call February 28, 2024 4:30 PM ET Company Participants Brendon Frey - ICR, Inc. Jason Brooks - CEO Thomas Robertson - CFO and COO Conference Call Participants Janine Stichter - BTIG Jeff Lick - B. Riley Financial Jonathan Komp - Baird Operator Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to the Rocky Brands Fourth Quarter and Full Year 2023 Earnings Conference Call. At this time, all participants are in a listen-onl ...

Mr. Brooks continued, "While it was a challenging year from a sell-in perspective as many of our wholesale accounts worked to rebalance their overall inventory levels, retail sell-through and the performance of our own ecommerce websites underscores that consumer demand for our brands remains solid. Equally important, we made great progress strengthening our balance sheet throughout 2023 highlighted by a $66.2 million reduction in inventories and an $83.8 million decline in our debt levels compared with the ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-34382 ROCKY BRANDS, INC. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or organizati ...

Rocky Brands, Inc. (NASDAQ:RCKY) Q3 2023 Earnings Conference Call November 1, 2023 4:30 PM ET Company Participants Brendon Frey - ICR, Inc. Jason Brooks - Chief Executive Officer Thomas Robertson - Chief Financial Officer and Chief Operating Officer Conference Call Participants Jeff Lick - B. Riley Financial Jonathan Komp - Baird Ethan Saghi - BTIG Operator Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to the Rocky Brands Third Quarter 2023 Earnings Conference Call. At this ti ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-34382 ROCKY BRANDS, INC. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) ( ...

Rocky Brands, Inc. (NASDAQ:RCKY) Q2 2023 Earnings Conference Call August 1, 2023 4:30 PM ET Company Participants Brendon Frey - ICR, IR Jason Brooks - Chief Executive Officer Tom Robertson - Chief Operating Officer Sarah O'Connor - Chief Financial Officer Conference Call Participants Ethan Saghi - BTIG Jeff Lick - B. Riley Financials Operator Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to the Rocky Brands Second Quarter 2023 Earnings Conference Call. At this time, all partic ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-34382 ROCKY BRANDS, INC. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) ...

Rocky Brands, Inc. (NASDAQ:RCKY) Q1 2023 Results Conference Call May 2, 2023 4:30 PM ET Company Participants Cody McAllister - ICR Jason Brooks - Chairman & Chief Executive Officer Tom Robertson - Executive Vice President & Chief Financial Officer Conference Call Participants Jonathan Komp - Baird Janie Stichter - BCRG Jeff Lick - B. Riley Financials Operator Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to the Rocky Brands First Quarter 2023 Earnings Conference Call. At this ...

Financial Position - As of December 31, 2022, the company had total debt of $259.6 million, comprising $116.3 million under the senior term facility and $143.3 million under the revolving credit facility[193]. - Total current assets decreased from $375.3 million in 2021 to $341.0 million in 2022[208]. - Total liabilities decreased from $426.7 million in 2021 to $366.9 million in 2022[208]. - Shareholders' equity increased from $197.9 million in 2021 to $215.5 million in 2022[208]. - The company reported a decrease in cash and cash equivalents of $190, ending the period with $5.719 million[215]. - Total outstanding shares increased to 7.339 million by December 31, 2022, compared to 7.302 million in 2021[212]. - The company maintained compliance with all covenants of the Term Facility as of December 31, 2022[290]. - Operating lease liabilities totaled $11.3 million as of December 31, 2022, with a weighted-average remaining lease term of 2.8 years[293]. - The total liabilities under the Dominican Plan were approximately $187,000 as of December 31, 2022, compared to $107,000 in 2021[301]. Revenue and Sales Performance - Net sales for the year ended December 31, 2022, were $615.475 million, a 19.7% increase from $514.227 million in 2021[210]. - Wholesale segment sales increased to $484.779 million in 2022, up 24% from $391.070 million in 2021[340]. - Retail segment sales rose to $115.354 million, reflecting a 21.8% increase from $94.658 million in 2021[340]. - Contract Manufacturing segment sales decreased to $15.342 million, down 46.1% from $28.499 million in 2021[340]. - Work footwear accounted for 41.6% of total sales in 2022, generating $256.162 million, down from 54.5% in 2021[341]. - Outdoor footwear sales surged to $183.121 million, representing 29.8% of total sales, compared to 14.8% in 2021[341]. Profitability - Gross margin increased to $225.219 million in 2022, up from $194.536 million in 2021, reflecting a gross margin percentage improvement[210]. - Net income for 2022 was $20.465 million, slightly down from $20.559 million in 2021, resulting in a diluted income per share of $2.78[210]. - Net income for 2022 was $23.250 million, a decrease of 42.5% compared to $40.248 million in 2021[265]. - The company incurred approximately $1.0 million in restructuring costs in 2022 as part of a cost savings review aimed at operational efficiencies[343]. Cash Flow - Cash flows from operating activities provided $19.123 million in 2022, a significant recovery from a cash outflow of $54.875 million in 2021[215]. Acquisitions - The acquisition of Honeywell's performance and lifestyle footwear business was completed for an adjusted purchase price of $212 million, with a preliminary closing price of approximately $207 million[250][251]. - The acquisition contributed net sales of $242.8 million and net income of $9.3 million to the consolidated operating results for the year ended December 31, 2022[256]. - Total identifiable net assets acquired in the acquisition amounted to $215.063 million[262]. - Goodwill allocated to the Wholesale and Retail reporting segments was $25.4 million and $24.8 million, respectively, as of December 31, 2022[230]. - Acquisition-related costs recognized were approximately $3.5 million, $11.9 million, and $0.7 million for the years ended December 31, 2022, 2021, and 2020, respectively[257]. - The company completed the sale of the NEOS brand for approximately $5.8 million, with $5.5 million received at closing[266]. Expenses - The company’s operating expenses rose to $181.181 million in 2022, compared to $158.564 million in 2021, indicating increased investment in operations[210]. - Advertising expenses for 2022 were approximately $15.4 million, a decrease from $17.9 million in 2021 due to reduced discretionary spending[239]. - Shipping costs totaled approximately $38.5 million in 2022, up from $25.1 million in 2021, attributed to increased freight rates and sales[240]. - The company incurred approximately $9.2 million in depreciation expense for the year 2022[269]. Market Risks - The company has established policies to mitigate market risks associated with interest rates, commodity pricing, and foreign exchange[191]. - The company does not hold any market risk sensitive instruments for trading purposes[194]. - The company has not entered into any interest rate management agreements as of December 31, 2022[195]. - A hypothetical increase of 1% in interest rates on borrowings would increase interest expense by approximately $2.6 million[193]. - Interest expense for the year ended December 31, 2022, was approximately $18.3 million, compared to $10.6 million in 2021 and $0.2 million in 2020[286]. - The effective interest rate for the Term Facility was 12.14% as of December 31, 2022, up from 8.00% in 2021, while the ABL Facility had an effective interest rate of 5.47%[289]. Employee Compensation - Contributions to the 401(k) Plan were approximately $1.8 million in 2022, an increase from $1.3 million in 2021 and $0.961 million in 2020[296]. - The company recognized share-based compensation expense of $1,230,000 in 2022, slightly down from $1,265,000 in 2021[311]. - The total unrecognized compensation cost related to non-vested stock options and restricted stock units was approximately $148,000 as of December 31, 2022[316]. - The company has a total of 341,436 stock options outstanding as of December 31, 2022, with a weighted average exercise price of $28.87[314]. - The weighted average grant date fair value per share for stock options granted in 2022 was $12.85, compared to $12.16 in 2021[313]. - The expected option term for stock options granted in 2022 was 5.1 years[313]. Tax and Deferred Tax - Total deferred tax assets increased from $5,185,000 in 2021 to $10,371,000 in 2022, reflecting a significant rise in asset valuation allowances and accrued expenses[305]. - As of December 31, 2022, the net deferred tax liability was $8,006,000, down from $10,293,000 in 2021[305]. - The company is subject to tax examinations in various jurisdictions, with the earliest exam years open for examination being 2017 for Puerto Rico and Canada[306].

Rocky Brands, Inc. (NASDAQ:RCKY) Q4 2022 Earnings Conference Call February 23, 2023 4:30 PM ET Company Participants Brendon Frey - Investor Relations Jason Brooks - Chairman & Chief Executive Officer Thomas Robertson - Executive Vice President & Chief Financial Officer Conference Call Participants Jonathan Komp - Baird Operator Greetings and welcome to the Rocky Brands Fourth Quarter Fiscal 2022 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my ...