Crocs, Inc. Reports Record Annual Revenue of $1.4 billion, Up 13%

BROOMFIELD, Colo., Feb. 23, 2021 /PRNewswire/ -- Crocs, Inc. (NASDAQ: CROX) a world leader in innovative casual footwear for women, men, and children, today announced its fourth quarter and full year 2020 financial results.

Andrew Rees, Chief Executive Officer, said, "We achieved record fourth quarter revenues and profitability and finished 2020 with very strong brand momentum. We are looking forward to an exceptional 2021 with accelerated revenue growth as we invest in digital, China, and our supply chain to support future growth. I am confident in our ability to continue to deliver outstanding profitability and strong cash flow. The Crocs brand has never been stronger and I am very excited about our future."

Amounts referred to as "Adjusted" are Non-GAAP measures and include adjustments that are described under the heading "Reconciliation of GAAP Measures to Non-GAAP Measures." A reconciliation of these amounts to their GAAP counterparts are contained in the schedules below.

Fourth Quarter and Full Year 2020 Highlights

  • Highest quarterly revenues in company history were achieved in the fourth quarter.
  • Record 2020 revenues of $1.4 billion increased 12.6% over last year.
  • Digital sales, which includes sales through our company-owned website, third party marketplaces, and e-tailers, grew 50.2% in 2020 to represent 41.5% of revenue versus 31.1% last year with growth in all regions.
  • Direct-to-consumer comparable sales, which includes retail and e-commerce, increased 39.2% in 2020.
  • 2020 operating margin rose from 10.5% to 15.4% and adjusted operating margin grew from 11.6% to 18.9%.
  • Full year diluted EPS was $4.56 per share. On a non-GAAP basis, diluted EPS doubled to $3.22.

Fourth Quarter 2020 Operating Results 

  • Revenues were $411.5 million, an increase of 56.5% from the same period last year, or 56.1% on a constant currency basis. E-commerce revenues grew 92.0%, wholesale revenues rose 52.2%, and retail comparable store sales increased 40.9%.
  • Gross margin of 55.7% increased 770 basis points compared to 48.0% in the same period last year. Adjusted gross margin of 56.0% rose 670 basis points from the same period last year.
  • SG&A expenses of $164.5 million increased from $117.9 million in the same period last year and SG&A as a percent of revenues improved by 480 basis points to 40.0%. Adjusted SG&A improved to 34.9% of revenues versus 44.4% for the same period last year.
  • Income from operations increased 673.5% to $64.6 million from $8.4 million for the same period last year. Operating margin rose to 15.7% from 3.2%. Adjusted income from operations rose 576.9% to $87.0 million and adjusted operating margin was 21.1% compared to 4.9% for the same period last year.
  • Diluted earnings per share increased to $2.69 compared to $0.29 for the same period last year. Adjusted diluted earnings per share were exceptional at $1.06 compared to $0.12 for the same period last year.

2020 Operating Results

  • Revenues were $1,386.0 million, an increase of 12.6% from the same period last year, or 13.5% on a constant currency basis. E-commerce revenues grew 58.2%, wholesale revenues rose 5.6%, and retail comparable store sales grew 21.2%.
  • Gross margin of 54.1% increased 400 basis points compared to 50.1% last year. Adjusted gross margin of 54.6% rose 350 basis points from last year.
  • SG&A expenses of $535.8 million increased from $488.4 million last year and SG&A as a percent of revenues improved by 100 basis points to 38.7%. Adjusted SG&A improved to 35.6% of revenues versus 39.5% for the same period last year.
  • Income from operations increased 66.4% to $214.1 million from $128.6 million last year. Operating margin rose 490 basis points to 15.4%. Adjusted income from operations rose 83.6% to $262.6 million and adjusted operating margin was 18.9% compared to 11.6% last year.
  • Diluted earnings per share increased 174.7% to $4.56 compared to $1.66 last year. Adjusted diluted earnings per share doubled to $3.22 compared to $1.61 for the same period last year.

2020 Geographic Summary

  • Americas: Revenues of $863.6 million increased 35.7% on a constant currency basis.
  • Asia Pacific: Revenues of $278.5 million decreased 19.2% on a constant currency basis.
  • EMEA: Revenues of $243.7 million increased 1.5% on a constant currency basis.

2020 Channel Summary

  • Wholesale: Revenues increased 5.6% to $692.9 million compared to $656.2 million for the same period last year.
  • Retail: Revenues decreased 3.8% to $334.0 million compared to $347.4 million for the same period last year due to COVID-19 store closures.
  • E-commerce: Revenues increased 58.2% to $359.0 million compared to $227.0 million for the same period last year.
  • Digital sales grew 50.2% to 41.5% of total revenues versus 31.1% for the same period last year.
  • Direct-to-consumer comparable sales grew 39.2% compared to 16.0% for the same period last year.

Balance Sheet and Cash Flow

  • Cash and cash equivalents were $135.8 million as of December 31, 2020, up from $108.3 million as of December 31, 2019.
  • Inventories increased to $175.1 million as of December 31, 2020 compared to $172.0 million as of December 31, 2019.
  • Cash provided by operating activities rose 196.7% to $266.9 million during 2020 compared to $90.0 million during 2019.
  • Capital expenditures were $42.0 million during 2020 compared to $36.6 million during 2019.
  • Borrowings at December 31, 2020 were $180.0 million. Our liquidity position remains strong with $319.4 million in available borrowing capacity.

Share Repurchase Activity

During the fourth quarter of 2020, we repurchased 1.7 million shares of our common stock for $131.7 million, which included a $125 million accelerated share repurchase ("ASR"). For the full year, we repurchased 3.2 million shares of our common stock for $170.8 million. Including the impact of the final ASR share delivery in January 2021, the average price for share repurchase in 2020 was $46.50 per share. At year end, $337.8 million of our $1.0 billion share repurchase authorization remained available for future repurchases.

Financial Outlook

First Quarter 2021

With respect to the first quarter of 2021, we expect:

  • Revenue growth to be between 40% and 50% compared to first quarter 2020 revenues of $281.2 million
  • Non-GAAP adjustments of approximately $3 million related to distribution center investments that will impact gross margin
  • Adjusted operating margin to be between 17% and 18%

Full Year 2021

With respect to 2021, we expect:

  • Revenue growth to be between 20% and 25% compared to 2020 revenues of $1,386.0 million
  • Non-GAAP adjustments of approximately $12 to $15 million related to distribution center investments that will impact gross margin
  • Adjusted operating margin to be between 18% and 19%
  • GAAP tax rate of approximately 25% and non-GAAP effective tax rate of approximately 16% to 18%
  • Capital expenditures of approximately $100 to $130 million for supply chain investments to support growth

Conference Call Information:

A conference call to discuss fourth quarter and full year 2020 results is scheduled for today, February 23, 2021, at 8:30 am ET. To receive conference call details, please register at the Investor Relations section of the Crocs website, investors.crocs.com. The webcast will also be available live and on replay through February 23, 2022 at this site.

About Crocs, Inc.:

Crocs, Inc. (Nasdaq: CROX) is a world leader in innovative casual footwear for women, men, and children, combining comfort and style with a value that consumers know and love. The vast majority of shoes within Crocs' collection contains Croslite™ material, a proprietary, molded footwear technology, delivering extraordinary comfort with each step.

In 2021, Crocs declares that expressing yourself and being comfortable are not mutually exclusive. To learn more about Crocs or our global Come As You Are™ campaign, please visit www.crocs.com or follow @Crocs on Facebook, Instagram and Twitter.

Forward Looking Statements:

This news release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements regarding full year and first quarter 2021 financial outlook and future profitability, cash flows, and brand strength. These statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements to be materially different from any future results, performances, or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, the following: current global financial conditions; the effect of competition in our industry; our ability to effectively manage our future growth or declines in revenues; changing consumer preferences; our ability to maintain and expand revenues and gross margin; our ability to accurately forecast consumer demand for our products; our ability to successfully implement our strategic plans; our ability to develop and sell new products; our ability to obtain and protect intellectual property rights; the effect of potential adverse currency exchange rate fluctuations and other international operating risks; and other factors described in our most recent Annual Report on Form 10-K under the heading "Risk Factors" and our subsequent filings with the Securities and Exchange Commission. Readers are encouraged to review that section and all other disclosures appearing in our filings with the Securities and Exchange Commission.

All information in this document speaks as of February 23, 2021. We do not undertake any obligation to update publicly any forward-looking statements, including, without limitation, any estimate regarding revenues, margins, capital expenditures, or SG&A, whether as a result of the receipt of new information, future events, or otherwise.

Category:Investors

 

CROCS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)



Three Months Ended
December 31,


Year Ended
December 31,


2020


2019


2020


2019

Revenues

$

411,506



$

262,979



$

1,385,951



$

1,230,593


Cost of sales

182,422



136,741



636,003



613,537


Gross profit

229,084



126,238



749,948



617,056


Selling, general and administrative expenses

164,453



117,882



535,824



488,407


Income from operations

64,631



8,356



214,124



128,649


Foreign currency gains (losses), net

306



(430)



(1,128)



(1,323)


Interest income

26



108



215



601


Interest expense

(1,149)



(1,893)



(6,742)



(8,636)


Other income (expense), net

(391)



79



510



31


Income before income taxes

63,423



6,220



206,979



119,322


Income tax benefit

(119,907)



(13,693)



(105,882)



(175)


Net income

$

183,330



$

19,913



$

312,861



$

119,497


Net income per common share:








Basic

$

2.75



$

0.29



$

4.64



$

1.70


Diluted

$

2.69



$

0.29



$

4.56



$

1.66


Weighted average common shares outstanding:








Basic

66,729



68,441



67,386



70,357


Diluted

68,054



69,843



68,544



71,771










Gross margin

55.7

%


48.0

%


54.1

%


50.1

%

Operating margin

15.7

%


3.2

%


15.4

%


10.5

%

Selling, general and administrative expenses as a percentage of revenues

40.0

%


44.8

%


38.7

%


39.7

%

 

CROCS, INC. AND SUBSIDIARIES

EARNINGS PER SHARE

(in thousands, except per share data)



Three Months Ended
December 31,


Year Ended
December 31,


2020


2019


2020


2019

Numerator:








Net income

$

183,330



$

19,913



$

312,861



$

119,497


Denominator:








Weighted average common shares outstanding - basic

66,729



68,441



67,386



70,357


Plus: Dilutive effect of stock options and unvested restricted stock units

1,325



1,402



1,158



1,414


Weighted average common shares outstanding - diluted

68,054



69,843



68,544



71,771










Net income per common share:








Basic

$

2.75



$

0.29



$

4.64



$

1.70


Diluted

$

2.69



$

0.29



$

4.56



$

1.66


 

CROCS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and par value amounts)



December 31,


2020


2019

ASSETS




Current assets:




Cash and cash equivalents

$

135,802



$

108,253


Restricted cash — current

1,542



1,500


Accounts receivable, net of allowances of $21,093 and $18,797, respectively

149,847



108,199


Inventories

175,121



172,028


Income taxes receivable

1,857



1,341


Other receivables

10,816



8,711


Prepaid expenses and other assets

17,856



25,350


Total current assets

492,841



425,382


Property and equipment, net

57,467



47,405


Intangible assets, net

37,636



47,095


Goodwill

1,719



1,578


Deferred tax assets, net

350,784



24,747


Restricted cash

1,929



2,292


Right-of-use assets

167,421



182,228


Other assets

8,926



8,075


Total assets

$

1,118,723



$

738,802






LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




Accounts payable

$

112,778



$

95,754


Accrued expenses and other liabilities

126,704



108,677


Income taxes payable

5,038



4,207


Current operating lease liabilities

47,064



48,585


Total current liabilities

291,584



257,223


Long-term income taxes payable

205,974



4,522


Long-term borrowings

180,000



205,000


Long-term operating lease liabilities

146,401



140,148


Other liabilities

4,131



4


Total liabilities

828,090



606,897


Commitments and contingencies




Stockholders' equity:




Common stock, par value $0.001 per share, 105.0 million and 104.0 million issued, 65.9
million and 68.2 million shares outstanding, respectively

105



104


Treasury stock, at cost, 39.1 million and 35.8 million shares, respectively

(688,849)



(546,208)


Additional paid-in capital

482,385



495,903


Retained earnings

553,346



240,485


Accumulated other comprehensive loss

(56,354)



(58,379)


Total stockholders' equity

290,633



131,905


Total liabilities and stockholders' equity

$

1,118,723



$

738,802


 

CROCS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)



Year Ended December 31,


2020


2019

Cash flows from operating activities:




Net income

$

312,861



$

119,497


Adjustments to reconcile net income to net cash provided by operating activities:




Depreciation and amortization

27,619



24,213


Operating lease cost

61,583



60,142


Inventory donations

8,994



109


Provision for doubtful accounts, net

5,779



1,566


Share-based compensation

16,361



14,412


Unrealized foreign currency gain, net

126



(1,140)


Loss (gain) on disposals of assets

340



(213)


Asset impairments

21,071




Deferred taxes

(325,061)



(16,259)


Other non-cash items

4,841



(1,072)


Changes in operating assets and liabilities:




Accounts receivable, net of allowances

(47,045)



(15,015)


Inventories

(13,462)



(48,156)


Prepaid expenses and other assets

5,007



(4,012)


Accounts payable

23,229



6,032


Accrued expenses and other liabilities

22,358



13,265


Operating lease liabilities

(61,178)



(64,313)


Income taxes

203,479



902


Cash provided by operating activities

266,902



89,958


Cash flows from investing activities:




Purchases of property, equipment, and software

(42,033)



(36,576)


Proceeds from disposal of property and equipment

463



616


Other

(192)



(276)


Cash used in investing activities

(41,762)



(36,236)


Cash flows from financing activities:




Proceeds from borrowings

210,000



315,000


Repayments of borrowings

(235,000)



(230,000)


Dividends — Series A convertible preferred stock (1)



(2,985)


Repurchases of common stock

(170,832)



(147,190)


Other

(2,206)



(3,463)


Cash used in financing activities

(198,038)



(68,638)


Effect of exchange rate changes on cash, cash equivalents, and restricted cash

126



(569)


Net change in cash, cash equivalents, and restricted cash

27,228



(15,485)


Cash, cash equivalents, and restricted cash — beginning of year

112,045



127,530


Cash, cash equivalents, and restricted cash — end of year

$

139,273



$

112,045






Cash paid for interest

$

6,658



$

7,519


Cash paid for income taxes

20,816



16,050



(1)  Represents $3.0 million paid to induce conversion of the Series A Convertible Preferred Stock to common stock during the year ended 
      December 31, 2019.

CROCS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES

In addition to financial measures presented on the basis of accounting principles generally accepted in the United States of America ("GAAP"), we present "Non-GAAP cost of sales," "Non-GAAP gross profit," "Non-GAAP gross margin," "Non-GAAP selling, general, and administrative expenses," "Non-GAAP income from operations and operating margin," "Non-GAAP income tax expense (benefit) and effective tax rate," "Non-GAAP net income," "Non-GAAP weighted average common shares outstanding - basic and diluted," and "Non-GAAP basic and diluted net income per common share," which are non-GAAP financial measures. We also present future period guidance for "Non-GAAP adjusted operating margin" and "Non-GAAP effective tax rate." Non-GAAP results and guidance exclude the impact of items that management believes affect the comparability or underlying business trends in our consolidated financial statements for the periods presented.

We also present certain information related to our current period results of operations through "constant currency," which is a non-GAAP financial measure and should be viewed as a supplement to our results of operations and presentation of reportable segments under GAAP. Constant currency represents current period results that have been retranslated using exchange rates used in the prior year comparative period. We believe the use of constant currency enhances the visibility of the underlying business trends excluding the impact of foreign currency exchange rate fluctuations.

We use non-GAAP results to assist in comparing business trends from period to period on a consistent basis in communications with the board of directors, stockholders, analysts, and investors concerning our financial performance. We believe that these non-GAAP measures are useful to investors and other users of our consolidated financial statements as an additional tool for evaluating operating performance and trends. For the three months and year ended December 31, 2020, we believe it is helpful to evaluate our results excluding the impacts of excluding the impacts of various adjustments relating to special or nonrecurring items. Investors should not consider these non-GAAP measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.

CROCS, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES


Non-GAAP cost of sales, gross profit, and gross margin reconciliation:



Three Months Ended
December 31,


Year Ended
December 31,


2020


2019


2020


2019


(in thousands)

GAAP revenues

$

411,506



$

262,979



$

1,385,951



$

1,230,593










GAAP cost of sales

$

182,422



$

136,741



$

636,003



$

613,537


New distribution centers (1)

(1,550)



(3,413)



(4,186)



(11,394)


COVID-19 inventory write-off (2)





(2,396)




Other



84



(119)



(91)


Total adjustments

(1,550)



(3,329)



(6,701)



(11,485)


Non-GAAP cost of sales

$

180,872



$

133,412



$

629,302



$

602,052










GAAP gross profit

$

229,084



$

126,238



$

749,948



$

617,056


GAAP gross margin

55.7

%


48.0

%


54.1

%


50.1

%









Non-GAAP gross profit

$

230,634



$

129,567



$

756,649



$

628,541


Non-GAAP gross margin

56.0

%


49.3

%


54.6

%


51.1

%


(1)  Represents expenses, including expansion costs, related to our distribution centers in Dayton, Ohio and Dordrecht, the Netherlands and 
         initial costs for our new third-party operated distribution center in Chiba, Japan.

(2)  Represents an inventory write-off in our Asia Pacific segment associated with the impact of COVID-19.

 

Non-GAAP selling, general and administrative expenses reconciliation:



Three Months Ended
December 31,


Year Ended
December 31,


2020


2019


2020


2019


(in thousands)

GAAP revenues

$

411,506



$

262,979



$

1,385,951



$

1,230,593










GAAP selling, general and administrative expenses

$

164,453



$

117,882



$

535,824



$

488,407


Donations of inventory

70





(9,900)




COVID-19 severance costs





(2,403)




COVID-19 impact of bad debt expense (1)

315





(4,118)




Other COVID-19 costs (2)

(18)





(845)




Asset impairments (3)

(21,071)





(21,071)




Duplicate headquarters rent (4)

(154)





(1,274)




Non-recurring expenses associated with cost reduction initiatives in 2019



(584)





(2,282)


Offering fees (5)



(589)





(589)


Other (6)

8





(2,125)




Total adjustments

(20,850)



(1,173)



(41,736)



(2,871)


Non-GAAP selling, general and administrative expenses (7)

$

143,603



$

116,709



$

494,088



$

485,536










GAAP selling, general and administrative expenses as a percent of revenues

40.0

%


44.8

%


38.7

%


39.7

%

Non-GAAP selling, general and administrative expenses as a percent of revenues

34.9

%


44.4

%


35.6

%


39.5

%


(1)  Represents bad debt expense associated with the impact of COVID-19 on wholesale partners in our Asia Pacific and Americas segments.

(2)  Represents costs incurred in response to the COVID-19, including hazard pay, cleaning costs, and legal costs.

(3)  Represents impairments to our long-lived assets for a retail store in New York City and for our former corporate headquarters in Niwot, 
         Colorado.

(4)  Represents ongoing duplicate rent costs associated with our move to our new headquarters in Broomfield, Colorado, while we conclude the 
         lease for our former headquarters.

(5)  Represents fees associated with the November 4, 2019 underwritten public offering, in which certain investment funds affiliated with 
         The Blackstone Group Inc. sold 6.9 million shares of our stock to Morgan Stanley & Co. LLC. We did not receive any proceeds from this sale.

(6)  Represents non-recoverable duties, non-recurring costs related to the closure of company-owned retail stores in Australia, employee 
         severance costs, and various other immaterial items.

(7)  Non-GAAP selling, general and administrative expenses are presented gross of tax.

 

Non-GAAP income from operations and operating margin reconciliation:



Three Months Ended
December 31,


Year Ended
December 31,


2020


2019


2020


2019


(in thousands)

GAAP revenues

$

411,506



$

262,979



$

1,385,951



$

1,230,593










GAAP income from operations

$

64,631



$

8,356



$

214,124



$

128,649


Non-GAAP cost of sales adjustments (1)

1,550



3,329



6,701



11,485


Non-GAAP selling, general and administrative expenses adjustments (2)

20,850



1,173



41,736



2,871


Non-GAAP income from operations

$

87,031



$

12,858



$

262,561



$

143,005










GAAP operating margin

15.7

%


3.2

%


15.4

%


10.5

%

Non-GAAP operating margin

21.1

%


4.9

%


18.9

%


11.6

%


(1)  See 'Non-GAAP cost of sales and gross margin reconciliation' above for more details.

(2)  See 'Non-GAAP selling, general and administrative expenses reconciliation' above for more details.

 

Non-GAAP income tax expense (benefit) and effective tax rate reconciliation:



Three Months Ended
December 31,


Year Ended
December 31,


2020


2019


2020


2019


(in thousands)

GAAP income from operations

$

64,631



$

8,356



$

214,124



$

128,649


GAAP income before income taxes

63,423



6,220



206,979



119,322










Non-GAAP income from operations (1)

$

87,031



$

12,858



$

262,561



$

143,005


GAAP non-operating income (expenses):








Foreign currency gains (losses), net

306



(430)



(1,128)



(1,323)


Interest income

26



108



215



601


Interest expense

(1,149)



(1,893)



(6,742)



(8,636)


Other income (expense), net

(391)



79



510



31


Non-GAAP income before income taxes

$

85,823



$

10,722



$

255,416



$

133,678










GAAP income tax benefit

$

(119,907)



$

(13,693)



$

(105,882)



$

(175)


Tax effect of non-GAAP operating adjustments

6,014



1,126



12,123



3,589


Benefit of U.S. deferred tax assets previously subject to valuation allowance in 2019



14,655





14,655


Intra-entity IP transfer (2)

127,718





127,718




Non-GAAP income tax expense

$

13,825



$

2,088



$

33,959



$

18,069










GAAP effective income tax rate

(189.1)

%


(220.1)

%


(51.2)

%


(0.1)

%

Non-GAAP effective income tax rate

16.1

%


19.5

%


13.3

%


13.5

%


(1)  See 'Non-GAAP income from operations and operating margin reconciliation' above for more details.

(2)  Represents changes to our international legal structure, including an intra-entity transfer of certain intellectual property rights, primarily to 
        align with current and future international operations. The transfer resulted in a step-up in tax basis of intellectual property rights and a 
        correlated increase in foreign deferred tax assets based on the fair value of the transferred intellectual property rights.

 

Non-GAAP earnings per share reconciliation:



Three Months Ended
December 31,


Year Ended
December 31,


2020


2019


2020


2019


(in thousands, except per share data)

Numerator:








GAAP net income

$

183,330



$

19,913



$

312,861



$

119,497


Non-GAAP cost of sales adjustments (1)

1,550



3,329



6,701



11,485


Non-GAAP selling, general and administrative expenses adjustments (2)

20,850



1,173



41,736



2,871


Non-GAAP other income adjustment (3)





(919)




Tax effect of non-GAAP adjustments (4)

(133,732)



(15,781)



(139,841)



(18,244)


Non-GAAP net income

$

71,998



$

8,634



$

220,538



$

115,609


Denominator:








GAAP weighted average common shares outstanding - basic

66,729



68,441



67,386



70,357


Plus: GAAP dilutive effect of stock options and unvested restricted stock units

1,325



1,402



1,158



1,414


GAAP weighted average common shares outstanding - diluted

68,054



69,843



68,544



71,771










GAAP net income per common share:








Basic

$

2.75



$

0.29



$

4.64



$

1.70


Diluted

$

2.69



$

0.29



$

4.56



$

1.66










Non-GAAP net income per common share:








Basic

$

1.08



$

0.13



$

3.27



$

1.64


Diluted

$

1.06



$

0.12



$

3.22



$

1.61



(1)  See 'Non-GAAP cost of sales, gross profit, and gross margin reconciliation' above for more information.

(2)  See 'Non-GAAP selling, general and administrative expenses reconciliation' above for more information.

(3)  Represents a fair value adjustment associated with our donations of inventory.

(4)  See 'Non-GAAP income tax expense (benefit) and effective tax rate reconciliation' above for more information.

 

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL GUIDANCE


First Quarter 2021:



Approximately:

Non-GAAP operating margin reconciliation:


GAAP operating margin

16% to 17%

Non-GAAP adjustments associated with distribution center investments

1%

Non-GAAP operating margin

17% to 18%



Full Year 2021:



Approximately:

Non-GAAP operating margin reconciliation:


GAAP operating margin

17% to 18%

Non-GAAP adjustments associated with distribution center investments

1%

Non-GAAP operating margin

18% to 19%

Non-GAAP effective tax rate reconciliation:


GAAP effective tax rate

25%

Non-GAAP adjustments associated with amortization of IP

(7)% to (9)%

Non-GAAP effective tax rate

16% to 18%

 

CROCS, INC. AND SUBSIDIARIES

REVENUES BY CHANNEL



Three Months Ended
December 31,


Year Ended
December 31,


% Change


Constant Currency

% Change (1)


2020


2019


2020


2019


Q4 '20-'19


2020-2019


Q4 '20-'19


2020-2019


($ in thousands)

Wholesale:
















Americas

$

134,671



$

58,438



$

390,930



$

275,284



130.5

%


42.0

%


134.1

%


44.0

%

Asia Pacific

23,712



37,937



133,416



207,405



(37.5)

%


(35.7)

%


(38.5)

%


(34.7)

%

EMEA

31,902



28,795



168,410



173,480



10.8

%


(2.9)

%


6.9

%


(2.0)

%

Other businesses

57



(117)



163



58



(148.7)

%


181.0

%


(148.7)

%


181.0

%

  Total wholesale

190,342



125,053



692,919



656,227



52.2

%


5.6

%


52.7

%


7.0

%

Retail:
















Americas

90,651



59,578



249,238



241,694



52.2

%


3.1

%


52.2

%


3.1

%

Asia Pacific

13,145



13,892



64,789



74,793



(5.4)

%


(13.4)

%


(9.1)

%


(12.5)

%

EMEA

4,019



5,422



19,989



30,875



(25.9)

%


(35.3)

%


(23.0)

%


(33.7)

%

  Total retail

107,815



78,892



334,016



347,362



36.7

%


(3.8)

%


36.2

%


(3.5)

%

E-commerce:
















Americas

84,936



37,741



223,445



123,537



125.0

%


80.9

%


124.9

%


81.0

%

Asia Pacific

14,922



12,521



80,310



65,874



19.2

%


21.9

%


13.1

%


22.2

%

EMEA

13,491



8,772



55,261



37,593



53.8

%


47.0

%


47.7

%


46.8

%

Total e-commerce

113,349



59,034



359,016



227,004



92.0

%


58.2

%


89.7

%


58.3

%

Total revenues

$

411,506



$

262,979



$

1,385,951



$

1,230,593



56.5

%


12.6

%


56.1

%


13.5

%

















Total by segment:
















Americas

$

310,258



$

155,757



$

863,613



$

640,515



99.2

%


34.8

%


100.5

%


35.7

%

Asia Pacific

51,779



64,350



278,515



348,072



(19.5)

%


(20.0)

%


(22.1)

%


(19.2)

%

EMEA

49,412



42,989



243,660



241,948



14.9

%


0.7

%


11.4

%


1.5

%

Other businesses

57



(117)



163



58



(148.7)

%


181.0

%


(148.7)

%


181.0

%

Total revenues

$

411,506



$

262,979



1,385,951



$

1,230,593



56.5

%


12.6

%


56.1

%


13.5

%


(1) Reflects year over year change as if the current period results were in constant currency, which is a non-GAAP financial measure. See 
       "Reconciliation of GAAP Measures to Non-GAAP Measures" for more information.

                                                                                                 

 

CROCS, INC. AND SUBSIDIARIES

RETAIL STORE COUNTS



September
30, 2020


Opened


Closed/Transferred


December 31,
2020

Type:








Outlet stores

186


1


1


186

Retail stores

100


1


1


100

Store-in-store

65




65

  Total

351


2


2


351

Operating segment:








Americas

165




165

Asia Pacific

136


2


1


137

EMEA

50



1


49

  Total

351


2


2


351




December 31,
2019


Opened


Closed/Transferred


December 31,
2020

Type:








Outlet stores

193


6


13


186

Retail stores

109


4


13


100

Store-in-store

65


1


1


65

  Total

367


11


27


351

Operating segment:









Americas

165


2


2


165

Asia Pacific

145


7


15


137

EMEA

57


2


10


49

  Total

367


11


27


351













 

CROCS, INC. AND SUBSIDIARIES

DIGITAL SALES PERCENTAGE, COMPARABLE RETAIL STORE SALES, AND DIRECT-TO-CONSUMER
COMPARABLE SALES


Digital sales, which includes sales through our company-owned website, third party marketplaces, and e-tailers, as a percent of total revenues, by operating segment were:



Three Months Ended
December 31,


Year Ended
December 31,


2020


2019


2020


2019

Digital sales as a percent of total revenues:








  Americas

37.9

%


34.0

%


38.5

%


29.5

%

  Asia Pacific

40.2

%


30.0

%


39.2

%


28.1

%

  EMEA

59.8

%


41.3

%


54.8

%


39.9

%

  Global

40.8

%


34.2

%


41.5

%


31.1

%



Comparable retail store sales and direct-to-consumer comparable sales by reportable operating segment are as follows:



Constant Currency (1)


Three Months Ended
December 31,


Year Ended
December 31,


2020


2019


2020


2019

Comparable retail store sales: (2)








Americas

54.4

%


24.2

%


32.8

%


18.8

%

Asia Pacific

(2.7)

%


(5.8)

%


(1.2)

%


(2.0)

%

EMEA

(4.5)

%


(1.4)

%


(5.4)

%


5.0

%

Global

40.9

%


16.0

%


21.2

%


12.4

%




Constant Currency (1)


Three Months Ended
December 31,


Year Ended
December 31,


2020


2019


2020


2019

Direct-to-consumer comparable sales (includes retail and e-commerce): (2)








Americas

84.4

%


28.1

%


54.4

%


21.0

%

Asia Pacific

4.5

%


5.7

%


9.6

%


5.6

%

EMEA

33.3

%


11.5

%


29.7

%


13.3

%

Global

63.8

%


21.7

%


39.2

%


16.0

%


(1)  Reflects period over period change as if the current period results were in constant currency, which is a non-GAAP financial measure. See 
        "Reconciliation of GAAP to Non-GAAP Measures" for more information.

(2)  Comparable store status is determined on a monthly basis. Comparable store sales include the revenues of stores that have been in operation 
        for more than twelve months. Stores in which selling square footage has changed more than 15% as a result of a remodel, expansion, or 
        reduction are excluded until the thirteenth month in which they have comparable prior year sales. Temporarily closed stores are excluded 
        from the comparable store sales calculation during the month of closure and in the same month in the following year. Location closures in 
        excess of three months are excluded until the thirteenth month post re-opening. E-commerce revenues are based on same site sales period 
        over period.

 

Investor Contact:

Cori Lin, Crocs, Inc.


(303) 848-5053


clin@crocs.com



PR Contact:

Melissa Layton, Crocs, Inc.


(303) 848-7885


mlayton@crocs.com

 

Crocs Logo (PRNewsfoto/Crocs, Inc.)

 

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SOURCE Crocs, Inc.

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