8-K

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORTPURSUANT TO SECTION 13 OR 15(d) OFTHE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): April 16, 2025

MOVADO GROUP, INC.
(Exact name of registrant as specified in its charter)
New York	1-16497	13-2595932
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(State or other jurisdiction<br><br>of incorporation)	(Commission<br><br>File Number)	(I.R.S. Employer<br><br>Identification No.)
650 FROM ROAD, SUITE 375<br><br> <br>PARAMUS, NJ 07652-3556
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(Address of principal executive offices) (Zip Code)
(201) 267-8000
(Registrant’s Telephone Number, Including Area Code)
NOT APPLICABLE
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange<br><br> <br>on which registered
Common stock, par value $0.01 per share	MOV	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.	Results of Operations and Financial Condition.

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On April 16, 2025, Movado Group, Inc. issued a press release announcing fourth quarter and fiscal year 2025 results for the periods ended January 31, 2025. The press release is attached hereto as Exhibit 99.1.

Item 9.01.	Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Press Release issued April 16, 2025 announcing fourth quarter and fiscal year 2025 results for the periods ended January 31, 2025.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: April 16, 2025

MOVADO GROUP, INC.
By:	/s/ Mitchell<br> Sussis
Name:	Mitchell Sussis
Title:	Senior Vice President, General Counsel and Secretary

EXHIBIT 99.1

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CONTACT:	ICR, Inc.
	Allison Malkin
	203-682-8225

MOVADO GROUP, INC. ANNOUNCES FOURTH QUARTER ANDFISCAL YEAR 2025 RESULTS

~ Fiscal 2025 Net Sales of $653.4 million~

~ Fiscal 2025 Operating Income of $20.0 millionand Adjusted Operating Income of $27.1 million ~

~ Fiscal 2025 EPS of $0.81 and Fiscal 2025Adjusted EPS of $1.12 ~

~ Fourth Quarter Net Sales of $181.5 million~

~ Fourth Quarter EPS of $0.36 and Fourth QuarterAdjusted EPS of $0.51 ~

~ Board Declared Quarterly Dividend of $0.35Per Share ~

Paramus, NJ – April 16, 2025 -- Movado Group, Inc. (NYSE: MOV) today announced fourth quarter and fiscal year 2025 results for the periods ended January 31, 2025. As previously announced, on April 11, 2025, the Company filed a Current Report on Form 8-K in which it presented restated prior-period financial results for each of the three fiscal years ended January 31, 2024, and the interim periods within fiscal years 2025 and 2024. As a result, the historical periods presented in this press release incorporate the restated financial results.

Fiscal Year 2025 Highlights (See attached tablefor GAAP and Non-GAAP measures)

·	Net sales of $653.4 million vs. $664.4 million in fiscal 2024;
·	Operating income of $20.0 million compared to $48.5 million in the prior year period;
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·	Adjusted operating income of $27.1 million in fiscal 2025;
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·	Diluted earnings per share of $0.81 compared to $1.83 in the prior year period;
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·	Adjusted diluted earnings per share of $1.12 in fiscal 2025; and
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·	Ended the year with cash of $208.5 million and no debt.
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Efraim Grinberg, Chairman and Chief Executive Officer, stated: “Despite a challenging macroeconomic backdrop, we delivered net sales growth in the fourth quarter and also expanded gross profit margin while increasing marketing spend in support of future growth. As we communicated when reporting third quarter results in December, we increased our focus on reducing go-forward operating expenses. As of our fiscal

year end, we had already implemented actions that are expected to deliver $10 million in annualized savings while increasing efficiency across our enterprise in order to generate higher productivity and profitability. Additionally, we will bring our marketing spend to be more in line with sales in fiscal 2026, with planned spend being reduced by a range of $15 million to $20 million relative to fiscal 2025.”

“Given the ongoing uncertainty within the global retail environment, tariffs, and economic unrest that may ensue, we will continue to focus on the areas that we can control. We have always prided ourselves on strong execution, delivering innovation for our customers and brands, and driving demand through effective marketing messaging across our brand portfolio.”

Mr. Grinberg concluded, “Introducing innovation across our watch and jewelry brands globally, executing with discipline, and leveraging our strong balance sheet with $208.5 million in cash and no debt will continue to serve us well as we navigate the current uncertain global economic environment. We are pleased that last Friday we announced that our board had declared a quarterly dividend of $0.35 per share, and we remain committed to prioritizing returning value to shareholders through ongoing quarterly cash dividends and our share repurchase program.”

Fiscal Fourth Quarter Highlights (See attachedtable for GAAP and Non-GAAP measures)

·	Net sales of $181.5 million versus $175.8 million in the fourth quarter of fiscal 2024;
·	Gross margin of 54.2% as compared to 53.5% in the prior year period;
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·	Operating income of $9.2 million as compared to $10.8 million in the prior year period;
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·	Adjusted operating income of $13.5 million in the fourth quarter of fiscal 2025;
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·	Diluted earnings per share of $0.36 as compared to $0.43 in the prior year period; and
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·	Adjusted diluted earnings per share was $0.51 in the fourth quarter of fiscal 2025.
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Non-GAAP Items (See attached table for GAAPand Non-GAAP measures)

Fiscal 2025 results of operations included the following items:

·	a fourth quarter pre-tax charge of $1.8 million, or $1.5 million after tax, representing $0.07 per diluted<br>share, associated with the establishment of a provision associated with a corporate cost-savings initiative. For the full fiscal year,<br>the pre-tax charge was $4.6 million, or $3.7 million after tax, representing $0.16 per diluted share.
·	a fourth quarter and full year pre-tax charge of $2.5 million, or $1.9 million after tax, representing<br>$0.08 per diluted share, associated with professional fees related to the investigation of conduct by certain employees of the Company’s<br>Dubai branch.
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·	a full year after tax charge of $1.5 million, representing $0.07 per diluted share, associated with the<br>tax impact of repatriation of foreign earnings, primarily related to foreign currency gains.
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In this press release, references to “adjusted” results exclude the impact of the above charges. Please refer to the attached GAAP and Non-GAAP measures table for a detailed reconciliation of the Company’s reported results to its adjusted, non-GAAP results.

Fourth Quarter Fiscal 2025 Results (See attachedtable for GAAP and Non-GAAP measures)

·	Net sales increased 3.3% to $181.5 million, or increased 5.0% on a constant dollar basis, compared to<br>$175.8 million in the fourth quarter of fiscal 2024. The increase in net sales reflected growth in international wholesale channels and<br>online retail, partially offset by declines in U.S. wholesale customers’ brick and mortar stores and Movado Company Stores, as well<br>as the negative impact of fluctuations in foreign exchange rates. U.S. net sales decreased 2.9% as compared to the fourth quarter of last<br>year. International net sales increased 8.8% (an increase of 12.2% on a constant dollar basis) as compared to the fourth quarter of last<br>year.
·	Gross profit was $98.3 million, or 54.2% of net sales, compared to $94.1 million, or 53.5% of net sales<br>in the fourth quarter of fiscal 2024. The increase in gross margin percentage was primarily the result of favorable changes in channel<br>and product mix and the increased leverage of lower fixed costs over higher sales, partially offset by the unfavorable impact of foreign<br>currency exchange rates.
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·	Operating expenses were $89.1 million in the fourth quarter of fiscal 2025 compared to $83.3 million in<br>the fourth quarter of fiscal 2024. Adjusted operating expenses were $84.8 million for the fourth quarter of fiscal 2025. The change in<br>operating expenses was primarily due to higher marketing expenses and the charges described above under “Non-GAAP Items,”<br>partially offset by lower payroll and related expenses.
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·	Operating income was $9.2 million compared to $10.8 million in the fourth quarter of fiscal 2024. Adjusted<br>operating income was $13.5 million for the fourth quarter of fiscal 2025.
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·	The Company recorded a tax provision of $2.2 million, as compared to a tax provision of $2.3 million in<br>the fourth quarter of fiscal 2024. Based on adjusted pre-tax income, the adjusted tax provision was $3.1 million, or an adjusted tax rate<br>of 20.6%, as compared to a tax rate of 18.9%, in the fourth quarter of fiscal 2024.
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·	Net income for the fourth quarter of fiscal 2025 was $8.1 million, or $0.36 per diluted share, compared<br>to net income of $9.8 million, or $0.43 per diluted share, in the fourth quarter of fiscal 2024. Adjusted net income for the fiscal 2025<br>period was $11.5 million, or $0.51 per diluted share.
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Full Year Fiscal 2025 Results (See attachedtable for GAAP and Non-GAAP measures)

·	Net sales decreased 1.7% to $653.4 million, or decreased 1.5% on a constant dollar basis, compared to<br>$664.4 million in fiscal 2024. The decrease in net sales reflected declines in U.S. wholesale customers’ brick and mortar stores<br>and Movado Company Stores, as well as the negative impact of fluctuations in foreign exchange rates, partially offset by growth in online<br>retail in the U.S. and in international wholesale channels. Net sales decreased 4.0% in the U.S. as compared to fiscal 2024. International<br>net sales increased 0.2% (an increase of 0.6% on a constant dollar basis) as compared to fiscal 2024.
·	Gross profit was $353.1 million, or 54.0% of net sales, compared to gross profit of $364.2 million, or<br>54.8% of net sales in fiscal 2024. The decrease in gross margin percentage was primarily the result of unfavorable changes in channel<br>and product mix, the decreased leverage of higher fixed costs over lower sales and the unfavorable impact of foreign currency exchange<br>rates, partially offset by reduced shipping costs.
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·	Operating expenses were $333.1 million in fiscal 2025 compared to $315.7 million in fiscal 2024. For fiscal<br>2025, adjusted operating expenses were $326.1 million. This increase was primarily due to higher marketing expense and the charges described<br>above under “Non-GAAP Items,” partially offset by lower performance-based compensation.
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·	Operating income was $20.0 million in fiscal 2025 as compared to operating income of $48.5 million in<br>fiscal 2024. Adjusted operating income for fiscal 2025 was $27.1 million.
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·	The Company recorded a tax provision of $7.4 million in fiscal 2025 compared to a tax provision of $11.8<br>million in fiscal 2024. Based on adjusted pre-tax income, the adjusted tax provision was $7.4 million, or an adjusted tax rate of 22.0%,<br>as compared to a tax rate of 21.9% in fiscal 2024.
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·	Net income was $18.4 million, or $0.81 per diluted share, for fiscal 2025, compared to net income of $41.3<br>million, or $1.83 per diluted share, for fiscal 2024. Adjusted net income in fiscal 2025 was $25.4 million or $1.12 per diluted share.
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Fiscal 2026 Outlook

Given the current economic uncertainty and the unpredictable impact of recent tariff developments on the Company’s business, the Company has elected not to provide a fiscal 2026 outlook at this time. However, the Company is planning to take actions to partially mitigate the impact of the recent tariff changes, including select price increases at the wholesale and retail levels.

Quarterly Dividend and ShareRepurchase Program

The Company also announced on April 11, 2025, that the Board of Directors approved the payment on May 6, 2025, of a cash dividend in the amount of $0.35 for each share of the Company’s outstanding common stock and class A common stock held by shareholders of record as of the close of business on April 22, 2025.

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During fiscal year 2025, the Company repurchased approximately 120,000 shares under its November 23, 2021, share repurchase program which expired on November 23, 2024. As of year-end, the Company had $50.0 million remaining available under its December 5, 2024 share repurchase program.

Conference Call

The Company’s management will host a conference call and audio webcast to discuss its results today, April 16, 2025, at 9:00 a.m. Eastern Time. The conference call may be accessed by dialing (877) 407-0784. Additionally, a live webcast of the call can be accessed at www.movadogroup.com. The webcast will be archived on the Company’s website approximately one hour after the conclusion of the call. Additionally, a telephonic replay of the call will be available from 1:00 p.m. ET on April 16, 2025, until 11:59 p.m. ET on April 30, 2025, and can be accessed by dialing (844) 512-2921 and entering replay pin number 13752902.

Movado Group, Inc. designs, sources, and globally distributes and sells MOVADO®, MVMT®, OLIVIA BURTON®, EBEL®, CONCORD®, CALVIN KLEIN®, COACH®, TOMMY HILFIGER®, HUGO BOSS®, and LACOSTE® watches and, to a lesser extent, jewelry and other accessories, and operates Movado Company Stores in the United States and Canada.

In this release,the Company presents certain financial measures that are not calculated according to generally accepted accounting principles in theUnited States (“GAAP”). Specifically, the Company is presenting adjusted operating expenses, diluted earnings per share,adjusted diluted earnings per share, adjusted operating income, adjusted pre-tax income, adjusted tax provision and adjusted net income,which are operating expenses, operating income, pre-tax income, tax provision and net income, respectively, under GAAP, adjusted to eliminatethe establishment of a provision associated with a cost-savings initiative, professional fees related to the investigation referred toabove and the impact of the repatriation of foreign earnings. The Company believes these adjusted measures are useful because they giveinvestors information about the Company’s financial performance without the effect of certain items that the Company believes arenot characteristic of its usual operations. Additionally, the Company is presenting constant currency information to provide a frameworkto assess how its business performed excluding the effects of foreign currency exchange rate fluctuations in the current period. Comparisonsof financial results on a constant dollar basis are calculated by translating each foreign currency at the same U.S. dollar exchangerate as in effect for the prior-year period for both periods being compared. The Company believes this information is useful to investorsto facilitate comparisons of operating results. These non-GAAP financial measures are designed to complement the GAAP financial informationpresented in this release. The non-GAAP financial measures presented should not be considered in isolation from or as a substitute forthe comparable GAAP financial measures, and the methods of their calculation may differ substantially from similarly titled measuresused by other companies.

This press releasecontains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company hastried, whenever possible, to identify these forward-looking statements using words such as “expects,” “anticipates,”“believes,” “targets,” “goals,” “projects,” “intends,” “plans,”“seeks,” “estimates,” “may,” “will,” “should” and variations of such wordsand similar expressions. Similarly, statements in this press release that describe the Company's business strategy, outlook, objectives,plans, intentions or goals are also forward-looking statements. Accordingly, such forward-looking statements involve known and unknownrisks, uncertainties and other factors that could cause the Company's actual results, performance or achievements and levels of futuredividends to differ materially from those expressed in, or implied by, these statements. These risks and uncertainties may include, butare not limited to, the Company’s ability to implement and maintain effective internal control over financial reporting in thefuture, plans to remediate the material weakness with respect to the Company’s internal control over financial reporting and disclosurecontrols and procedures, general economic and business conditions which may impact disposable income of consumers in the United Statesand the other significant markets (including Europe) where the Company’s products are sold, uncertainty regarding such economicand business conditions, including inflation, elevated interest rates, increased commodity prices and tightness in the labor market,trends in consumer debt levels and bad debt write-offs, general uncertainty related to geopolitical concerns, the impact of internationalhostilities, including the Russian invasion of Ukraine and war in the Middle East, on global markets, economies and consumer spending,on energy and shipping costs, and on the Company’s supply chain and suppliers, supply disruptions, delivery delays and increasedshipping costs, defaults on or downgrades of sovereign debt and the impact of any of those events on consumer spending, evolving stakeholderexpectations and emerging complex laws on environmental, social, and governance matters, changes in consumer preferences and popularityof particular designs, new product development and introduction, decrease in mall traffic and increase in e-commerce, the ability ofthe Company to successfully implement its business strategies, competitive products and pricing, including price increases to offsetincreased costs, the impact of “smart” watches and other wearable tech products on the traditional watch market, seasonality,availability of alternative sources of supply in the case of the loss of any significant supplier or any supplier’s inability tofulfill the Company’s orders, the loss of or curtailed sales to significant customers, the Company’s dependence on key employeesand officers, the ability to successfully integrate the operations of acquired businesses without disruption to other business activities,the possible impairment of acquired intangible assets, risks associated with the Company’s minority investments in early-stagegrowth companies and venture capital funds that invest in such companies, the continuation of the Company’s major warehouse anddistribution centers, the continuation of licensing arrangements with third parties, losses possible from pending or future litigationand administrative proceedings, the ability to secure and protect trademarks, patents and other intellectual property rights, the abilityto lease new stores on suitable terms in desired markets and to complete construction on a timely basis, the ability of the Company tosuccessfully manage its expenses on a continuing basis, information systems failure or breaches of network security, complex and quickly-evolvingregulations regarding privacy and data protection, the continued availability to the Company of financing and credit on favorable terms,business disruptions, and general risks associated with doing business internationally, including, without limitation, import duties,tariffs (including retaliatory tariffs), quotas, political and economic stability, changes to existing laws or regulations, and impactsof currency exchange rate fluctuations and the success of hedging strategies related thereto, and the other factors discussed in theCompany’s Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. These statements reflect theCompany's current beliefs and are based upon information currently available to it. Be advised that developments subsequent to this pressrelease are likely to cause these statements to become outdated with the passage of time. The Company assumes no duty to update its forward-lookingstatements and this release shall not be construed to indicate the assumption by the Company of any duty to update its outlook in thefuture.

(Tables to follow)

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MOVADO GROUP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

	Three Months Ended						Twelve Months Ended
	January 31,						January 31,
	2025			2024			2025			2024
				(As<br> Restated)						(As<br> Restated)
Net sales	$	181,475		$	175,753		$	653,378		$	664,389
Cost of sales		83,137			81,659			300,238			300,230
Gross profit		98,338			94,094			353,140			364,159
Total operating expenses		89,116			83,311			333,125			315,689
Operating income		9,222			10,783			20,015			48,470
Non-operating income/(expense):
Other income, net		1,554			1,800			7,125			5,994
Interest expense		(117	)		(136	)		(489	)		(497	)
Income before income taxes		10,659			12,447			26,651			53,967
Provision for income taxes		2,201			2,348			7,442			11,792
Net income		8,458			10,099			19,209			42,175
Less: Net income attributable to noncontrolling interests		405			262			845			830
Net income attributable to Movado Group, Inc.	$	8,053		$	9,837		$	18,364		$	41,345
Diluted Income Per Share Information
Net income per share attributable to Movado Group, Inc.	$	0.36		$	0.43		$	0.81		$	1.83
Weighted diluted average shares outstanding		22,534			22,708			22,603			22,641

MOVADO GROUP, INC.

GAAP AND NON-GAAP MEASURES

(In thousands, except for percentage data)

(Unaudited)

	Three Months Ended
	January 31,				% Change
	2025		2024
			(As Restated)
Total net sales, as reported	$	181,475	$	175,753		3.3	%
Total net sales, constant dollar basis	$	184,561	$	175,753		5.0	%
	Twelve Months Ended
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	January 31,				% Change
	2025		2024
			(As Restated)
Total net sales, as reported	$	653,378	$	664,389		-1.7	%
Total net sales, constant dollar basis	$	654,728	$	664,389		-1.5	%

MOVADO GROUP, INC.

GAAP AND NON-GAAP MEASURES

(In thousands, except per share data)

(Unaudited)

	Net Sales		Gross Profit		Total Operating Expenses			Operating Income		Pre-tax Income		Provision/<br><br> <br>(Benefit) for Income Taxes		Net Income Attributable to Movado Group, Inc.		Diluted EPS
Three Months Ended January 31, 2025
As Reported (GAAP)	$	181,475	$	98,338	$	89,116		$	9,222	$	10,659	$	2,201	$	8,053	$	0.36
Cost-Savings Initiative (1)		–		–		(1,817	)		1,817		1,817		277		1,540		0.07
Professional fees (2)		–		–		(2,500	)		2,500		2,500		608		1,892		0.08
Adjusted Results (Non-GAAP)	$	181,475	$	98,338	$	84,799		$	13,539	$	14,976	$	3,086	$	11,485	$	0.51
Three Months Ended January 31, 2024 (As Restated)
As Reported (GAAP)	$	175,753	$	94,094	$	83,311		$	10,783	$	12,447	$	2,348	$	9,837	$	0.43
	Net Sales		Gross Profit		Total Operating Expenses			Operating Income		Pre-tax Income		Provision/<br><br> <br>(Benefit) for Income Taxes			Net Income Attributable to Movado Group, Inc.		Diluted EPS
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Twelve Months Ended January 31, 2025
As Reported (GAAP)	$	653,378	$	353,140	$	333,125		$	20,015	$	26,651	$	7,442		$	18,364	$	0.81
Cost-Savings Initiative (1)		–		–		(4,552	)		4,552		4,552		838			3,714		0.16
Professional fees		–		–		(2,500	)		2,500		2,500		608			1,892		0.08
Repatriation of Foreign Earnings (3)		–		–		–			–		–		(1,458	)		1,458		0.07
Adjusted Results (Non-GAAP)	$	653,378	$	353,140	$	326,073		$	27,067	$	33,703	$	7,430		$	25,428	$	1.12
Twelve Months Ended January 31, 2024 (As Restated)
As Reported (GAAP)	$	664,389	$	364,159	$	315,689		$	48,470	$	53,967	$	11,792		$	41,345	$	1.83
(1)	Related to the establishment of provisions associated with a corporate cost-savings initiative.
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(2)	Professional fees related to the investigation of allegations of misconduct within the Dubai<br>branch of the Company's Swiss subsidiary that resulted in a restatement of previously issued financial statements.
(3)	Tax impact of repatriation of foreign earnings, primarily related to foreign currency gains.

MOVADO GROUP, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

	January 31,		January 31,
	2025		2024
			(As Restated)
ASSETS
Cash and cash equivalents	$	208,501	$	262,059
Trade receivables, net		93,382		86,044
Inventories		156,738		153,890
Other current assets		21,786		17,962
Income taxes receivable		9,534		11,339
Total current assets		489,941		531,294
Property, plant and equipment, net		19,920		19,436
Operating lease right-of-use assets		86,009		82,661
Deferred and non-current income taxes		41,330		43,016
Other intangibles, net		5,537		7,493
Other non-current assets		86,494		72,598
Total assets	$	729,231	$	756,498
LIABILITIES AND EQUITY
Accounts payable	$	34,312	$	32,775
Accrued liabilities		42,610		38,695
Accrued payroll and benefits		7,840		7,591
Current operating lease liabilities		19,263		15,696
Income taxes payable		8,935		16,642
Total current liabilities		112,960		111,399
Deferred and non-current income taxes payable		1,008		8,234
Non-current operating lease liabilities		75,508		76,396
Other non-current liabilities		56,176		52,420
Shareholders' equity		481,329		505,890
Noncontrolling interest		2,250		2,159
Total equity		483,579		508,049
Total liabilities and equity	$	729,231	$	756,498

MOVADO GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

	Twelve Months Ended
	January 31,
	2025			2024
Cash flows from operating activities:				(As<br> Restated)
Net income	$	19,209		$	42,175
Depreciation and amortization		9,312			9,644
Other non-cash adjustments		9,548			14,921
Changes in working capital		(34,884	)		8,770
Changes in non-current assets and liabilities		(4,689	)		1,268
Net cash (used in)/provided by operating activities		(1,504	)		76,778
Cash flows from investing activities:
Capital expenditures		(7,966	)		(8,223	)
Long-term investments		(5,667	)		(3,107	)
Trademarks and other intangibles		(109	)		(144	)
Net cash used in investing activities		(13,742	)		(11,474	)
Cash flows from financing activities:
Dividends paid		(31,069	)		(53,146	)
Stock repurchases		(2,628	)		(3,116	)
Distribution of noncontrolling interest earnings		(604	)		(1,431	)
Stock awards and options exercised and other changes		(1,101	)		97
Net cash used in financing activities		(35,402	)		(57,596	)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash		(2,952	)		2,927
Net change in cash, cash equivalents, and restricted cash		(53,600	)		10,635
Cash, cash equivalents, and restricted cash at beginning of period		262,814			252,179
Cash, cash equivalents, and restricted cash at end of period	$	209,214		$	262,814
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	$	208,501		$	262,059
Restricted cash included in other non-current assets		713			755
Cash, cash equivalents, and restricted cash	$	209,214		$	262,814