What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2024-05-07 compared with 2023-11-07 · 229 added, 254 removed, 225 unchanged (68% of the section changed)

Financial Statements

In our opinion, the accompanying unaudited

consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary to present

fairly our financial position, results of operations and cash flows for the interim periods presented.

We have condensed such financial

statements in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”).

such financial statements do not include all disclosures required by accounting principles generally accepted in the United States

In preparing these consolidated financial statements, the Company has evaluated events and transactions for potential

recognition or disclosure through the date the consolidated financial statements were issued by filing with the SEC.

These financial

statements should be read in conjunction with our audited financial statements for the year ended December 31, 2022, included

in our annual report filed on Form 10-K.

The results of operations for the nine months

ended September 30, 2023, are not necessarily indicative of the results to be expected for the entire fiscal year.

our opinion, the accompanying unaudited consolidated financial statements contain all adjustments (consisting only of normal recurring

adjustments) necessary to present fairly our financial position, results of operations and cash flows for the interim periods

We have condensed such financial statements in accordance with the rules and regulations of the Securities and Exchange

Commission (“SEC”).

Therefore, such financial statements do not include all disclosures required by accounting principles

generally accepted in the United States of America.

In preparing these consolidated financial statements, the Company has evaluated

events and transactions for potential recognition or disclosure through the date the consolidated financial statements were issued

by filing with the SEC.

These financial statements should be read in conjunction with our audited financial statements for the

year ended December 31, 2023, included in our annual report filed on Form 10-K.

results of operations for the three months ended March 31, 2024, are not necessarily indicative of the results to be expected

for the entire fiscal year.

INTER PARFUMS, INC.

AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands except share and per share

September 30,

BALANCE SHEETS

thousands except share and per share data)

Current assets:

27 unchanged sentences

authorized 100,000,000 shares;

outstanding 31,980,805 and 31,967,300 shares at September 30, 2023 and December

outstanding 32,023,640 and 32,004,660 shares at March 31, 2024 and December 31,

2023, respectively

2 unchanged sentences

Accumulated other comprehensive loss

Treasury stock, at cost, 9,949,865 and 9,864,805 shares at September 30, 2023 and December 31, 2022, respectively

Treasury stock, at cost, 9,981,665 and 9,981,665 shares at March 31, 2024 and December 31, 2023, respectively

Total Inter Parfums, Inc.

2 unchanged sentences

Total liabilities and equity

See notes to consolidated financial statements.

notes to consolidated financial statements.

INTER PARFUMS, INC.

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In thousands except per share data)

STATEMENTS OF INCOME

thousands except per share data)

Three Months Ended

September 30,

Nine Months Ended

September 30,

Cost of sales

5 unchanged sentences

Interest and investment income

Other (income) expense

Nonoperating expense (income)

Other expense (income)

Nonoperating Income (Expense)

Income before income taxes

6 unchanged sentences

Dividends declared per share

See notes to consolidated financial statements.

notes to consolidated financial statements.

INTER PARFUMS, INC.

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE

(In thousands)

STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended

September 30,

Nine Months Ended

September 30,

Comprehensive income:

Other comprehensive income:

Net derivative instrument (loss) gain, net of tax

Net derivative instrument loss, net of tax

Transfer from OCI into earnings

3 unchanged sentences

Other comprehensive income:

Net derivative instrument (loss) gain, net of tax

Net derivative instrument loss, net of tax

Translation adjustments, net of tax

1 unchanged sentence

Comprehensive income attributable to Inter Parfums, Inc.

See notes to consolidated financial statements.

notes to consolidated financial statements.

INTER PARFUMS, INC.

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES

(In thousands)

( Unaudited )

September 30,

stock, beginning and end of period

Additional paid-in

capital, beginning of period

Shares issued

upon exercise of stock options

of subsidiary shares

paid-in capital, end of period

STATEMENTS OF CHANGES IN EQUITY

Three months ended

Common stock, beginning and end of period

Additional paid-in capital, beginning of period

Shares issued upon exercise of stock options

Share-based compensation

Transfer of subsidiary shares purchased

Additional paid-in capital, end of period

Retained earnings, beginning of period

Retained earnings,

end of period

Accumulated other

comprehensive loss, beginning of period

currency translation adjustment, net of tax

from other comprehensive income into earnings

derivative instrument loss, net of tax

other comprehensive loss, end of period

Share-based compensation

Retained earnings, end of period

Accumulated other comprehensive loss, beginning of period

Foreign currency translation adjustment, net of tax

Transfer from other comprehensive income into earnings

Net derivative instrument loss, net of tax

Accumulated other comprehensive loss, end of period

Treasury stock, beginning of period

Treasury stock,

end of period

Shares repurchased

Treasury stock, end of period

Noncontrolling interest, beginning of period

currency translation adjustment, net of tax

derivative instrument loss, net of tax

compensation (adjustment)

Purchase of subsidiary

Transfer of subsidiary

shares purchased

Noncontrolling

interest, end of period

See notes to consolidated financial statements.

Foreign currency translation adjustment, net of tax

Net derivative instrument loss, net of tax

Share-based compensation

Transfer of subsidiary shares purchased

Noncontrolling interest, end of period

notes to consolidated financial statements.

INTER PARFUMS, INC.

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

Nine months ended

September 30,

STATEMENTS OF CASH FLOWS

Three months ended

Cash flows from operating activities:

Adjustments to reconcile net income to net cash provided

by (used in) operating activities:

Adjustments to reconcile net income to net cash

used in operating activities:

Depreciation and amortization

3 unchanged sentences

Noncash lease expense

Deferred tax benefit

Deferred tax provision

Change in fair value of derivatives

3 unchanged sentences

Income taxes, net

Net cash provided by (used in) operating activities

Net cash used in operating activities

Cash flows from investing activities:

3 unchanged sentences

Payment for intangible assets acquired

Net cash provided by (used in) investing activities

Net cash provided by investing activities

Cash flows from financing activities:

3 unchanged sentences

Proceeds from exercise of options

Purchase of subsidiary shares from noncontrolling interest

Dividends paid

3 unchanged sentences

Effect of exchange rate changes on cash

Net decrease in cash and cash equivalents

Net (decrease) increase in cash and cash equivalents

Cash and cash equivalents - beginning of period

2 unchanged sentences

Cash paid for:

See notes to consolidated financial statements.

PARFUMS, INC.

notes to consolidated financial statements.

INTER PARFUMS, INC.

AND SUBSIDIARIES

3 unchanged sentences

was filed with the Securities and Exchange Commission for the year ended December 31, 2023.

of COVID-19 Pandemic:

business has continued to significantly improve throughout 2022 and the first three quarters of 2023 after the disastrous effects

of the COVID-19 Pandemic starting in early 2020, as retail stores reopened, and consumers increased online purchasing.

COVID-19 Pandemic had significantly restricted international travel, the travel retail business has picked up.

Lastly, we experienced

significant strains on our supply chain causing disruptions affecting the procurement of components, the ability to transport

goods, and related cost increases.

These disruptions came at a time when demand for our product lines has never been stronger

or more sustained.

We have addressed this issue since the beginning of 2021, by ordering well in advance of need and in larger

Since 2021, we have strived to carry more inventory overall, source the same components from multiple suppliers and

when possible, manufacture products closer to where they are sold.

The supply chain bottlenecks have been improving and while

lead times remain longer than pre-COVID, we do not expect significant disruptions going forward.

2023, we announced our agreement to distribute Abercrombie & Fitch’s number one men’s fragrance , Fierce , in selected

The first phase of the agreement, which became effective on September 1, 2023, covers Fierce distribution in certain

major markets, including Europe, Mexico and Australia.

The second phase, which activated in February 2024, covers distribution

in additional markets in Western Europe and Latin America, and may include other flankers of the Fierce family of products.

July 2023, we closed a transaction agreement with Roberto Cavalli, whereby an exclusive and worldwide license was granted for

4 unchanged sentences

effective in July 2023 and will last for 6.5 years.

December 2022, we closed a transaction agreement with Lacoste, whereby an exclusive and worldwide license was granted for the

production and distribution of Lacoste brand perfumes and cosmetics.

Our rights under this license are subject to certain minimum

advertising expenditures and royalty payments as are customary in our industry.

The license becomes effective in January 2024

and will last for 15 years.

Dunhill fragrance license has expired on September 30, 2023 and will not be renewed.

The Company has now entered the twelve month

sell-off period during which it will maintain the right to sell-off remaining Dunhill fragrance inventory, which is customary

in the fragrance industry.

All usable components have been converted to finished goods, and any remaining components will be destroyed.

Karan and DKNY

In September 2021, we entered

into a long-term global licensing agreement for the creation, development and distribution of fragrances and fragrance related

products under the Donna Karan and DKNY brands.

We began shipping Roberto Cavalli perfumes and fragrance related products in February 2024.

In December 2022, we closed

a transaction agreement with Lacoste, whereby an exclusive and worldwide license was granted for the production and distribution

of Lacoste brand perfumes and cosmetics.

Our rights under this license are subject to certain minimum advertising expenditures

and royalty payments as are customary in our industry.

With this agreement, we have gained several well-established and valuable

fragrance franchises, most notably Donna Karan Cashmere

Mist and DKNY Be Delicious , as well as a significant loyal consumer base around the world.

In connection with the grant

of license, we issued 65,342 shares of Inter Parfums, Inc.

common stock to the licensor valued at $5.0 million.

The exclusive

license became effective July 1, 2022, and we are planning to launch new fragrances under these brands in 2024.

PARFUMS, INC.

The license became effective in January 2024 and will last for 15 years.

We began shipping Lacoste fragrances in January 2024.

Dunhill fragrance license expired on September 30, 2023 and was not renewed.

The Company has a twelve-month sell-off period during

which it will maintain the right to sell-off remaining Dunhill fragrance inventory, which is customary in the fragrance industry.

All usable components have been converted to finished goods, and any remaining components will be destroyed.

As a result of operational challenges

faced by the Rochas Fashion business in prior years, we took a $2.4 million impairment charge and a $6.8 million impairment charge

on our Rochas fashion trademark in the first quarter of 2021 and the fourth quarter of 2022, respectively.

In 2023, the Rochas

teams underwent a strategic shift to take over their own brand operations, exiting contracts with manufacturers and distributors

to make this new structure operational beginning in 2024.

An independent expert concluded that the valuation based on this new

business model would not require additional impairments as of December 31, 2023.

There have been no triggering events in the first

quarter of 2024 to require additional impairment analysis.

INTER PARFUMS, INC.

AND SUBSIDIARIES

to Consolidated Financial Statements

January 1, 2021, we entered into a new license agreement modifying our Rochas fashion business model.

The new agreement calls

for a reduction in royalties to be received.

As a result, in the first quarter of 2021, we took a $2.4 million impairment charge

on our Rochas fashion trademark.

In the fourth quarter of 2022, we again took a $6.8 million impairment charge on the Rochas fashion

trademark after an independent expert concluded that the valuation of the trademark was $11.3 million.

The new license also contains

an option for the licensee to buy-out the Rochas fashion trademarks in June 2025 at its then fair market value.

and Building Acquisition - Headquarters in Paris

4 unchanged sentences

purchase price included the complete renovation of the site.

As of September 30, 2023, $ 148.1 million of the purchase price, including

approximately $ 3 million of acquisition costs, is included in property, equipment and leasehold improvements on the accompanying

balance sheet.

The purchase price has been allocated approximately $ 60.7 million to land and $ 87.4 million to the building.

building, which was delivered on February 28, 2022, includes the building structure, development of the property, façade

waterproofing, general and technical installations and interior fittings that will be depreciated over a range of 7 to 50 years.

The Company has elected to depreciate the building cost based on the useful lives of its components.

Approximately $ 1.2 million

of cash held in escrow is also included in property, equipment and leasehold improvements on the accompanying balance sheet as

of September 30, 2023.

As of March 31, 2024, $ 151 million (€ 139 million) of the purchase

price, including approximately $ 3.1 million of acquisition costs, is included in property, equipment and leasehold improvements

on the accompanying consolidated balance sheet.

The purchase price has been allocated approximately $ 61.9 million (€ 57 million)

to land and $ 88.8 million (€ 82 million) to the building.

The building, which was delivered on February 28, 2022, includes

the building structure, development of the property, façade waterproofing, general and technical installations and interior

fittings that will be depreciated over a range of 7 to 50 years.

The Company has elected to depreciate the building cost based

on the useful lives of its components.

As of March 31, 2024, there was no cash held in escrow included in property, equipment

and leasehold improvements on the accompanying consolidated balance sheet.

acquisition was financed by a 10 -year € 120 million (approximately $ 129.7 million) bank loan which bears interest at one-month

5 unchanged sentences

are no recent accounting pronouncements issued but not yet adopted that would have a material effect on our consolidated financial

PARFUMS, INC.

AND SUBSIDIARIES

to Consolidated Financial Statements

consist of the following:

(In thousands)

Raw materials

and component parts

Raw materials and component parts

Finished goods

INTER PARFUMS, INC.

AND SUBSIDIARIES

to Consolidated Financial Statements

Value Measurement:

2 unchanged sentences

The fair value hierarchy has three levels based on the reliability of the inputs used to determine

Value Measurements at September 30, 2023

currency forward exchange contracts not accounted for using hedge accounting

currency forward exchange contracts accounted for using hedge accounting

PARFUMS, INC.

AND SUBSIDIARIES

to Consolidated Financial Statements

Value Measurements at December 31, 2022

currency forward exchange contracts accounted for using hedge accounting

currency forward exchange contracts not accounted for using hedge accounting

carrying amount of cash and cash equivalents including money market funds, short-term investments, accounts receivable, other

receivables, cash held in escrow, accounts payable and accrued expenses approximate fair value due to the short terms to maturity

of these instruments.

carrying amount of loans payable approximates fair value as the interest rates on the Company’s indebtedness approximate

Fair Value Measurements at March 31, 2024

Quoted Prices in

Active Markets for

Identical Assets

Significant Other

Short-term investments

Interest rate swaps

Foreign currency forward exchange contracts not accounted for using hedge accounting

Foreign currency forward exchange contracts accounted for using hedge accounting

Fair Value Measurements at December 31, 2023

Active Markets for

Identical Assets

Interest rate swaps

Foreign currency forward

exchange contracts not accounted for using hedge accounting

Foreign currency forward

exchange contracts accounted for using hedge accounting

The carrying amount of cash

and cash equivalents, short-term investments including money market funds and marketable equity securities, accounts receivable,

other receivables, accounts payable and accrued expenses approximate fair value due to the short terms to maturity of these instruments.

The carrying amount of loans payable approximates fair value as the interest rates on the Company’s indebtedness approximate

current market rates.

1 unchanged sentence

companies for debt with the same remaining maturities and is approximately equal to its carrying value.

INTER PARFUMS, INC.

AND SUBSIDIARIES

to Consolidated Financial Statements

currency forward exchange contracts are valued based on quotations from financial institutions and the value of interest rate

swaps are the discounted net present value of the swaps using third party quotes from financial institutions.

swaps is the discounted net present value of the swaps using third party quotes from financial institutions.

Financial Instruments:

15 unchanged sentences

in other comprehensive income are reclassified to current-period earnings.

PARFUMS, INC.

AND SUBSIDIARIES

to Consolidated Financial Statements

December 2022, to finance the acquisition of the Lacoste trademark, the Company entered into a € 50 million (approximately

$ 54.1 million ) 4 -year term loan with a variable interest rate.

This variable rate debt was swapped for variable interest rate debt

with a maximum rate of 2 % per annum.

This swap is a hedged derivative instrument and is therefore recorded at fair value and changes

in fair value are reflected in other comprehensive income.

This variable rate debt was swapped for variable interest rate

debt with a maximum rate of 2 % per annum.

This swap is a hedged derivative instrument and is therefore recorded at fair value

and changes in fair value are reflected in other comprehensive income.

connection with the April 2021 acquisition of the office building complex in Paris, € 120 million (approximately $ 129.7 million)

3 unchanged sentences

derivative instrument is recorded at fair value and changes in fair value are reflected in the accompanying consolidated statements

and losses in derivatives designated as hedges are accumulated in other comprehensive income and gains and losses in derivatives

not designated as hedges are included in (gain) loss on foreign currency on the accompanying income statements.

Such gains and

losses were immaterial for the three and nine months ended September 30, 2023 and 2022.

derivative instruments are reported as either assets or liabilities on the balance sheet measured at fair value.

and losses in derivatives designated as hedges are accumulated in other comprehensive income (loss) and gains and losses in derivatives

not designated as hedges are included in (gain) loss on foreign currency on the accompanying consolidated statements of income.

Such gains and losses were immaterial for both the three months ended March 31, 2024 and 2023.

derivative instruments are reported as either assets or liabilities on the consolidated balance sheet measured at fair value.

The valuation of interest rate swaps is included in long-term debt on the accompanying consolidated balance sheets.

The valuation

of interest rate swaps is included in other assets on the accompanying balance sheets.

The valuation of foreign currency forward

exchange contracts at September 30, 2023 resulted in a net asset and is included in other current assets on the accompanying balance

September 30, 2023, we had foreign currency contracts in the form of forward exchange contracts in the amount of approximately

of foreign currency forward exchange contracts at March 31, 2024, resulted in a net asset and is included in other current assets

on the accompanying consolidated balance sheet.

INTER PARFUMS, INC.

AND SUBSIDIARIES

to Consolidated Financial Statements

March 31, 2024, the Company had foreign currency contracts in the form of forward exchange contracts with notional amounts of

approximately U.S.

$ 78.0 million and GB £ 4.7 million which all have maturities of less than one year.

13 unchanged sentences

the present value of lease payments.

PARFUMS, INC.

AND SUBSIDIARIES

to Consolidated Financial Statements

of September 30, 2023, the weighted average remaining lease term was 5.4 years and the weighted average discount rate used to

determine the operating lease liability was 3.0 %.

Rental expense related to operating leases was $ 1.5 million and $ 4.5 million

for the three and nine months ended September 30, 2023, respectively, as compared to $ 1.2 million and $ 4.3 million for the corresponding

periods of the prior year.

Operating lease payments included in operating cash flows totaled $ 4.0 million and $ 3.9 million for

the nine months ended September 30, 2023 and 2022, respectively, and noncash additions to operating lease assets totaled $ 5.7

million and $ 0.5 million for the nine months ended September 30, 2023 and 2022, respectively.

of March 31, 2024, the weighted average remaining lease term was 4.8 years and the weighted average discount rate used to determine

the operating lease liability was 3 %.

Rental expense related to operating leases was $ 1.6 million and $ 1.4 million for the three

months ended March 31, 2024 and 2023, respectively.

Operating lease payments included in operating cash flows totaled $ 1.5

million and $ 1.3 million for the three months ended March 31, 2024 and 2023, respectively.

There were $0.2 million of noncash

additions to operating lease assets for the three months ended March 31, 2024 and no noncash additions to operating lease assets

for the three months ended March 31, 2023.

Company maintains a stock option program for key employees, executives and directors.

3 unchanged sentences

have a six-year term and vest over a four to five -year period.

The fair value of shares vested during the nine months ended September

The fair value of shares vested during the three months ended March

31, 2024 and 2023 aggregated $ 0.04 million and $ 0.09 million , respectively.

Compensation cost, net of forfeitures, is recognized

on a straight-line basis over the requisite service period for the entire award.

Forfeitures are estimated based on historic trends.

Compensation cost, net of estimated forfeitures, is

recognized on a straight-line basis over the requisite service period for the entire award.

Forfeitures are estimated based on

historic trends.

It is generally our policy to issue new shares upon exercise of stock options.

following table sets forth information with respect to nonvested options for the nine months ended September 30, 2023:

options – beginning of period

following table sets forth information with respect to nonvested options for the three months ended March 31, 2024:

Number of Shares

Weighted Average Grant-Date Fair Value

Nonvested options – beginning of period

Nonvested options granted

options vested or forfeited

options – end of period

payment expense decreased income before income taxes by $ 0.62 million and $ 1.89 million for the three and nine months ended September

30, 2023, respectively, as compared to $ 0.47 million and $ 2.35 million for the corresponding periods of the prior year.

payment expense decreased income attributable to Inter Parfums, Inc.

by $ 0.41 million and $ 1.27 million for the three and nine

months ended September 30, 2023, respectively, as compared to $ 0.34 million and $ 1.52 million for the corresponding periods of

the prior year.

following table summarizes stock option information as of September 30, 2023:

Nonvested options vested or forfeited

Nonvested options – end of period

INTER PARFUMS, INC.

AND SUBSIDIARIES

to Consolidated Financial Statements

payment expense decreased income before income taxes by $ 0.59 million and $ 0.63 million for the three months ended March 31, 2024

and 2023, respectively, and decreased income attributable to Inter Parfums, Inc.

by $ 0.39 million and $ 0.43 million for the three

months ended March 31, 2024 and 2023, respectively.

following table summarizes stock option information as of March 31, 2024:

Weighted Average

Exercise Price

Outstanding at January 1, 2024

Options forfeited

Outstanding at

September 30, 2023

Options exercised

Outstanding at March 31, 2024

Options exercisable

Options available for

future grants

PARFUMS, INC.

AND SUBSIDIARIES

to Consolidated Financial Statements

of September 30, 2023, the weighted average remaining contractual life of options outstanding is 2.15 years ( 0.34 years for options

Options available for future grants

of March 31, 2024, the weighted average remaining contractual life of options outstanding is 2.69 years ( 0.5 years for options

exercisable);

2 unchanged sentences

and unrecognized compensation cost related to stock options outstanding aggregated $ 2.7 million.

proceeds, tax benefits and intrinsic value related to stock options exercised during the nine months ended September 30, 2023

and 2022 were as follows:

proceeds, tax benefits and intrinsic value related to stock options exercised during the three months ended March 31, 2024 and

2023 were as follows:

(In thousands)

Cash proceeds

from stock options exercised

Intrinsic value of

stock options exercised

were no options granted during the nine months ended September 30, 2023 and September 30, 2022.

Cash proceeds from stock options exercised

Intrinsic value of stock options exercised

were no options granted during the three months ended March 31, 2024 and March 31, 2023.

volatility is estimated based on historic volatility of the Company’s common stock.

3 unchanged sentences

Treasury yield curve in effect at the time of the grant of the

option and the dividend yield reflects the assumption that the dividend payout as authorized by the Board of Directors would increase

as the earnings of the Company and its stock price continues to increase.

December 2018, Interparfums SA approved a plan to grant an aggregate of 26,600 shares of its stock to employees with no performance

condition requirement, and an aggregate of 133,000 shares to officers and managers, subject to certain corporate performance conditions.

The corporate performance conditions were met and therefore in June 2022, 211,955 shares, adjusted for stock splits, were distributed.

The aggregate cost of the grant of approximately $ 4.8 million was recognized as compensation cost on a straight-line basis over

the requisite three-year service period.

March 2022, Interparfums SA approved an additional plan to grant an aggregate of 88,400 shares to all Interparfums SA employees

and corporate officers having more than six months of employment at grant date, subject to certain corporate performance conditions.

The shares, subject to adjustment for stock splits, will be distributed in June 2025 and will follow the same guidelines as the

December 2018 plan.

fair value of the grant had been determined based on the quoted stock price of Interparfums SA shares as reported by the NYSE

Euronext on the date of grant.

The estimated number of shares to be distributed of 92,998 has been determined taking into account

employee turnover.

The aggregate cost of the grant of approximately $ 4.2 million will be recognized as compensation cost on a

straight-line basis over the requisite three and a quarter year service period.

to the December 2018 plan, in order to avoid dilution of the Company’s ownership of Interparfums SA, all shares distributed

or to be distributed pursuant to these plans will be pre-existing shares of Interparfums SA, purchased in the open market by Interparfums

As of September 30, 2023 the Company acquired 87,609 shares at an aggregate cost of $ 4.1 million .

share purchases and issuances have been classified as equity transactions on the accompanying balance sheet.

PARFUMS, INC.

option and the dividend yield reflects the assumption that the dividend payout as authorized by the Board of Directors maintain

its current payout ratio as a percentage of earnings.

In March 2022, Interparfums

SA, our 72% owned French Subsidiary, approved a plan to grant an aggregate of 88,400 shares of its stock to all Interparfums SA

employees and corporate officers having more than six months of employment at grant date, subject to certain corporate performance

The shares, subject to adjustment for stock splits, will be distributed in June 2025.

fair value of the grant had been determined based on the quoted stock price of Interparfums SA shares as reported by the Euronext

on the date of grant.

The estimated number of shares to be distributed of 93,612 has been determined taking into account employee

The aggregate cost of the grant of approximately $ 4.2 million will be recognized as compensation cost on a straight-line

basis over the requisite three and a quarter year service period.

INTER PARFUMS, INC.

AND SUBSIDIARIES

to Consolidated Financial Statements

order to avoid dilution of the Company’s ownership of Interparfums SA, all shares distributed or to be distributed pursuant

to these plans will be pre-existing shares of Interparfums SA, purchased in the open market by Interparfums SA.

As of March 31,

2024 the Company acquired 87,609 shares at an aggregate cost of $ 4.1 million .

share purchases and issuances have been classified as equity transactions on the accompanying balance sheet.

Income Attributable to Inter Parfums, Inc.

8 unchanged sentences

reconciliation between the numerators and denominators of the basic and diluted EPS computations is as follows:

income attributable to Inter Parfums, Inc.

average shares

of dilutive securities:

for diluted earnings per share

Three months ended

(In thousands)

Net income attributable to Inter Parfums, Inc.

Weighted average shares

Effect of dilutive securities:

Stock options

Denominator for diluted earnings per share

Earnings per share:

Net income attributable to Inter

1 unchanged sentence

common shareholders:

were no antidilutive potential common shares outstanding for the three and nine months ended September 30, 2023.

in the above computations are the effect of antidilutive potential common shares which consist of outstanding options to purchase

0.15 million shares of common stock for both the three and nine months ended September 30, 2022, respectively.

PARFUMS, INC.

included in the above computations are the effect of antidilutive potential common shares which consist of outstanding options

to purchase 0.05 million shares of common stock for the three months ended March 31, 2024.

There were no antidilutive potential

common shares outstanding for the three months ended March 31, 2023.

INTER PARFUMS, INC.

AND SUBSIDIARIES

1 unchanged sentence

and Geographic Areas:

Company manufactures and distributes one product line, fragrances and fragrance related products.

The Company manages its business

in two segments, European based operations and United States based operations.

The European assets are located, and operations

are primarily conducted, in France.

Both European operations and United States operations primarily represent the sale of prestige

brand name fragrances.

on our operations by geographical areas is as follows:

September 30,

income attributable to Inter Parfums, Inc.:

PARFUMS, INC.

The Company manufactures and

distributes one product line, fragrances and fragrance related products.

The Company manages its business in two segments, European

based operations and United States based operations.

The European assets are located, and operations are primarily conducted,

Both European based operations and United States based operations primarily represent the sale of prestige brand name

on our operations by segments is as follows:

(In thousands)

Three months ended

United States

Eliminations of intercompany sales

Net income attributable to Inter Parfums, Inc.:

United States

Total Assets:

United States

INTER PARFUMS, INC.

AND SUBSIDIARIES

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements