Segment and Geographic Information (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
|---|
| Segment Reporting [Abstract] |
|
| Segment Reporting Information |
Segment Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
(in thousands) |
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Wholesale sales |
|
$ |
1,301,428 |
|
|
$ |
1,132,111 |
|
|
$ |
2,833,636 |
|
|
$ |
2,553,809 |
|
Cost of sales |
|
|
763,041 |
|
|
|
635,129 |
|
|
|
1,620,079 |
|
|
|
1,420,787 |
|
Gross profit |
|
|
538,387 |
|
|
|
496,982 |
|
|
|
1,213,557 |
|
|
|
1,133,022 |
|
Gross margin |
|
|
41.4 |
% |
|
|
43.9 |
% |
|
|
42.8 |
% |
|
|
44.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct-to-Consumer sales |
|
$ |
1,138,596 |
|
|
$ |
1,025,532 |
|
|
$ |
2,017,959 |
|
|
$ |
1,855,421 |
|
Cost of sales |
|
|
375,680 |
|
|
|
338,077 |
|
|
|
675,839 |
|
|
|
622,372 |
|
Gross profit |
|
|
762,916 |
|
|
|
687,455 |
|
|
|
1,342,120 |
|
|
|
1,233,049 |
|
Gross margin |
|
|
67.0 |
% |
|
|
67.0 |
% |
|
|
66.5 |
% |
|
|
66.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total sales |
|
$ |
2,440,024 |
|
|
$ |
2,157,643 |
|
|
$ |
4,851,595 |
|
|
$ |
4,409,230 |
|
Cost of sales |
|
|
1,138,721 |
|
|
|
973,206 |
|
|
|
2,295,918 |
|
|
|
2,043,159 |
|
Gross profit |
|
|
1,301,303 |
|
|
|
1,184,437 |
|
|
|
2,555,677 |
|
|
|
2,366,071 |
|
Gross margin |
|
|
53.3 |
% |
|
|
54.9 |
% |
|
|
52.7 |
% |
|
|
53.7 |
% |
|
|
|
|
|
|
|
|
|
(in thousands) |
|
As of
June 30, 2025 |
|
|
As of
December 31, 2024 |
|
Identifiable assets |
|
|
|
|
|
|
Wholesale |
|
$ |
4,287,423 |
|
|
$ |
3,915,362 |
|
Direct-to-Consumer |
|
|
4,990,693 |
|
|
|
4,540,396 |
|
Total |
|
$ |
9,278,116 |
|
|
$ |
8,455,758 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
(in thousands) |
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Additions to property, plant and equipment |
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale |
|
$ |
117,668 |
|
|
$ |
64,598 |
|
|
$ |
220,202 |
|
|
$ |
97,361 |
|
Direct-to-Consumer |
|
|
65,954 |
|
|
|
47,852 |
|
|
|
110,521 |
|
|
|
72,176 |
|
Total |
|
$ |
183,622 |
|
|
$ |
112,450 |
|
|
$ |
330,723 |
|
|
$ |
169,537 |
|
|
| Geographic Information |
Geographic Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
(in thousands) |
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Geographic sales |
|
|
|
|
|
|
|
|
|
|
|
|
Domestic Wholesale |
|
$ |
413,293 |
|
|
$ |
446,915 |
|
|
$ |
909,460 |
|
|
$ |
922,865 |
|
Domestic Direct-to-Consumer |
|
|
448,767 |
|
|
|
416,930 |
|
|
|
806,303 |
|
|
|
739,784 |
|
Total domestic sales |
|
|
862,060 |
|
|
|
863,845 |
|
|
|
1,715,763 |
|
|
|
1,662,649 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International Wholesale |
|
|
888,135 |
|
|
|
685,196 |
|
|
|
1,924,176 |
|
|
|
1,630,944 |
|
International Direct-to-Consumer |
|
|
689,829 |
|
|
|
608,602 |
|
|
|
1,211,656 |
|
|
|
1,115,637 |
|
Total international sales |
|
|
1,577,964 |
|
|
|
1,293,798 |
|
|
|
3,135,832 |
|
|
|
2,746,581 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total sales |
|
$ |
2,440,024 |
|
|
$ |
2,157,643 |
|
|
$ |
4,851,595 |
|
|
$ |
4,409,230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
(in thousands) |
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Regional sales |
|
|
|
|
|
|
|
|
|
|
|
|
Americas (AMER) |
|
$ |
1,112,991 |
|
|
$ |
1,100,929 |
|
|
$ |
2,217,361 |
|
|
$ |
2,120,397 |
|
Europe, Middle East & Africa (EMEA) |
|
|
731,551 |
|
|
|
492,534 |
|
|
|
1,449,762 |
|
|
|
1,120,186 |
|
Asia Pacific (APAC) |
|
|
595,482 |
|
|
|
564,180 |
|
|
|
1,184,472 |
|
|
|
1,168,647 |
|
Total sales |
|
$ |
2,440,024 |
|
|
$ |
2,157,643 |
|
|
$ |
4,851,595 |
|
|
$ |
4,409,230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
China sales |
|
$ |
287,154 |
|
|
$ |
312,742 |
|
|
$ |
555,815 |
|
|
$ |
632,256 |
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
As of
June 30, 2025 |
|
|
As of
December 31, 2024 |
|
Property, plant and equipment, net |
|
|
|
|
|
|
Domestic |
|
$ |
1,395,313 |
|
|
$ |
1,236,882 |
|
International |
|
|
679,943 |
|
|
|
598,048 |
|
Total |
|
$ |
2,075,256 |
|
|
$ |
1,834,930 |
|
|
|
|
|
|
|
|
China property plant and equipment, net |
|
$ |
337,651 |
|
|
$ |
303,607 |
|
|
| Summary of Accounts Receivables Excluding Allowances for Bad Debts and Chargebacks |
The Company’s accounts receivables, excluding allowances for credit losses and chargebacks, by geography are summarized as follows:
|
|
|
|
|
|
|
|
|
(in thousands) |
|
As of
June 30, 2025 |
|
|
As of
December 31, 2024 |
|
Domestic accounts receivable |
|
$ |
347,494 |
|
|
$ |
345,488 |
|
International accounts receivable |
|
|
877,506 |
|
|
|
711,686 |
|
|
| Company's Top Five Manufacturers Produced |
The Company’s top five manufacturers produced the following percentages of total production:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
(percentage of total production) |
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Manufacturer #1 |
|
21.1 |
|
|
|
19.5 |
|
|
|
20.9 |
|
|
|
19.8 |
|
Manufacturer #2 |
|
6.2 |
|
|
|
6.5 |
|
|
|
6.0 |
|
|
|
7.6 |
|
Manufacturer #3 |
|
4.6 |
|
|
|
6.3 |
|
|
|
4.8 |
|
|
|
5.7 |
|
Manufacturer #4 |
|
3.5 |
|
|
|
6.0 |
|
|
|
3.7 |
|
|
|
5.7 |
|
Manufacturer #5 |
|
3.3 |
|
|
|
4.3 |
|
|
|
3.5 |
|
|
|
3.9 |
|
Total |
|
38.7 |
|
|
|
42.6 |
|
|
|
38.9 |
|
|
|
42.7 |
|
|