Segment and Geographic Information (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Segment Reporting [Abstract] |
|
| Segment Reporting Information |
Segment Information
|
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|
|
|
|
|
|
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|
Year Ended December 31, |
|
(in thousands) |
|
2024 |
|
|
2023 |
|
|
2022 |
|
Wholesale sales |
|
$ |
5,100,479 |
|
|
$ |
4,504,776 |
|
|
$ |
4,632,429 |
|
Cost of sales |
|
|
2,892,883 |
|
|
|
2,657,957 |
|
|
|
2,963,153 |
|
Gross profit |
|
|
2,207,596 |
|
|
|
1,846,819 |
|
|
|
1,669,276 |
|
Gross margin |
|
|
43.3 |
% |
|
|
41.0 |
% |
|
|
36.0 |
% |
|
|
|
|
|
|
|
|
|
|
Direct-to-Consumer sales |
|
$ |
3,868,872 |
|
|
$ |
3,495,566 |
|
|
$ |
2,812,121 |
|
Cost of sales |
|
|
1,309,029 |
|
|
|
1,189,981 |
|
|
|
966,040 |
|
Gross profit |
|
|
2,559,843 |
|
|
|
2,305,585 |
|
|
|
1,846,081 |
|
Gross margin |
|
|
66.2 |
% |
|
|
66.0 |
% |
|
|
65.6 |
% |
|
|
|
|
|
|
|
|
|
|
Total sales |
|
$ |
8,969,351 |
|
|
$ |
8,000,342 |
|
|
$ |
7,444,550 |
|
Cost of sales |
|
|
4,201,912 |
|
|
|
3,847,938 |
|
|
|
3,929,193 |
|
Gross profit |
|
|
4,767,439 |
|
|
|
4,152,404 |
|
|
|
3,515,357 |
|
Gross margin |
|
|
53.2 |
% |
|
|
51.9 |
% |
|
|
47.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
(in thousands) |
|
2024 |
|
|
2023 |
|
Identifiable assets |
|
|
|
|
|
|
Wholesale |
|
$ |
3,915,362 |
|
|
$ |
3,607,537 |
|
Direct-to-Consumer |
|
|
4,540,396 |
|
|
|
3,939,814 |
|
Total |
|
$ |
8,455,758 |
|
|
$ |
7,547,351 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
(in thousands) |
|
2024 |
|
|
2023 |
|
|
2022 |
|
Additions to property, plant and equipment |
|
|
|
|
|
|
|
|
|
Wholesale |
|
$ |
236,968 |
|
|
$ |
225,217 |
|
|
$ |
255,311 |
|
Direct-to-Consumer |
|
|
179,826 |
|
|
|
98,505 |
|
|
|
103,681 |
|
Total |
|
$ |
416,794 |
|
|
$ |
323,722 |
|
|
$ |
358,992 |
|
|
| Geographic Information |
Geographic Information
|
|
|
|
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|
Year Ended December 31, |
|
(in thousands) |
|
2024 |
|
|
2023 |
|
|
2022 |
|
Geographic sales |
|
|
|
|
|
|
|
|
|
Domestic Wholesale |
|
$ |
1,867,183 |
|
|
$ |
1,567,806 |
|
|
$ |
1,831,642 |
|
Domestic Direct-to-Consumer |
|
|
1,553,021 |
|
|
|
1,482,392 |
|
|
|
1,243,511 |
|
Total domestic sales |
|
|
3,420,204 |
|
|
|
3,050,198 |
|
|
|
3,075,153 |
|
|
|
|
|
|
|
|
|
|
|
International Wholesale |
|
|
3,233,296 |
|
|
|
2,936,970 |
|
|
|
2,800,787 |
|
International Direct-to-Consumer |
|
|
2,315,851 |
|
|
|
2,013,174 |
|
|
|
1,568,610 |
|
Total international sales |
|
|
5,549,147 |
|
|
|
4,950,144 |
|
|
|
4,369,397 |
|
|
|
|
|
|
|
|
|
|
|
Total sales |
|
$ |
8,969,351 |
|
|
$ |
8,000,342 |
|
|
$ |
7,444,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional Sales |
|
|
|
|
|
|
|
|
|
Americas (AMER) |
|
$ |
4,367,887 |
|
|
$ |
3,945,735 |
|
|
$ |
3,854,392 |
|
Europe, Middle East & Africa (EMEA) |
|
|
2,224,390 |
|
|
|
1,831,848 |
|
|
|
1,699,215 |
|
Asia Pacific (APAC) |
|
|
2,377,074 |
|
|
|
2,222,759 |
|
|
|
1,890,943 |
|
Total sales |
|
$ |
8,969,351 |
|
|
$ |
8,000,342 |
|
|
$ |
7,444,550 |
|
|
|
|
|
|
|
|
|
|
|
China sales |
|
$ |
1,218,186 |
|
|
$ |
1,228,630 |
|
|
$ |
1,062,724 |
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
(in thousands) |
|
2024 |
|
|
2023 |
|
Property, plant and equipment, net |
|
|
|
|
|
|
Domestic |
|
$ |
1,236,882 |
|
|
$ |
957,569 |
|
International |
|
|
598,048 |
|
|
|
549,121 |
|
Total |
|
$ |
1,834,930 |
|
|
$ |
1,506,690 |
|
|
|
|
|
|
|
|
China property plant and equipment, net |
|
$ |
303,607 |
|
|
$ |
286,854 |
|
|
| Summary of Accounts Receivables Excluding Allowances for Credit Losses and Chargebacks |
The Company’s accounts receivables, excluding allowances for credit losses and chargebacks, by geography are summarized as follows:
|
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|
|
|
|
|
|
As of December 31, |
|
(in thousands) |
|
2024 |
|
|
2023 |
|
Domestic accounts receivable |
|
$ |
345,488 |
|
|
$ |
276,918 |
|
International accounts receivable |
|
|
711,686 |
|
|
|
641,249 |
|
|
| Company's Top Five Manufacturers Produced |
The Company’s top five manufacturers produced the following:
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|
Year Ended December 31, |
|
(percentage of total production) |
|
2024 |
|
|
2023 |
|
|
2022 |
|
Manufacturer #1 |
|
|
20.4 |
|
|
|
21.4 |
|
|
|
16.5 |
|
Manufacturer #2 |
|
|
6.5 |
|
|
|
7.5 |
|
|
|
7.0 |
|
Manufacturer #3 |
|
|
6.3 |
|
|
|
6.7 |
|
|
|
5.2 |
|
Manufacturer #4 |
|
|
5.6 |
|
|
|
5.6 |
|
|
|
5.2 |
|
Manufacturer #5 |
|
|
3.6 |
|
|
|
4.5 |
|
|
|
5.1 |
|
Total |
|
|
42.4 |
|
|
|
45.7 |
|
|
|
39.0 |
|
|