Non-GAAP weighted average common shares outstanding - basic for the three months and year ended December 31, 2018 assumes the Conversion. The call participation number is (877) 790-7808. A replay of the conference call will be available two hours after the completion of the call at (800) 585-8367. International participants can dial (647) 689-5638 to take part in the conference call, and can access a replay of the call at (416) 621-4642. At December 31, 2019, there were $205.0 million of borrowings outstanding on our $450.0 million credit facility. With respect to the fourth quarter of 2019, the Company expects: With respect to 2019, the Company now expects: With respect to 2020 revenues, the Company expects 12% to 14% growth over 2019 revenues. September 30, 2018 We anticipate 2020 revenues will be negatively impacted by $40 to $60 million as a result of disruptions to our Asia business from the coronavirus and approximately $10 million of currency; An operating margin of between 11% and 13%, which includes expenses associated with our new distribution center in the Netherlands and charges for store closures and other provisions in Asia as a result of business disruptions from the coronavirus; Interest expense of approximately $9 million; and. Crocs, Inc. (8), Non-GAAP weighted average common shares outstanding - diluted --(BUSINESS WIRE)-- (303) 848-7322 Non-GAAP earnings per share reconciliation: (1), GAAP net income (loss) attributable to common stockholders, Preferred share dividends and dividend equivalents (2), Non-GAAP selling, general and administrative expenses adjustments (4), Non-GAAP net income (loss) attributable to common stockholders, GAAP weighted average common shares outstanding - basic, Plus: GAAP dilutive effect of stock options and unvested restricted stock units in both periods and Series A Preferred in 2018, GAAP weighted average common shares outstanding - diluted, Non-GAAP weighted average converted common shares outstanding adjustment (7), Non-GAAP weighted average common shares outstanding - basic (8), Plus: dilutive effect of stock options and unvested restricted stock units (9), Non-GAAP weighted average common shares outstanding - diluted (10). Adjusted operating margin for 2019 was 11.6% compared to 7.7% in 2018. www.crocs.com remained of the Company’s share repurchase authorization. See ‘Non-GAAP income tax expense (benefit) and effective tax rate reconciliation’ above for more information. Learn more. Our diluted net income per common share was $0.29 for the fourth quarter of 2019, compared to a diluted net loss per common share of $1.72 in the fourth quarter of 2018. 8:30 a.m. On December 5, 2018, all issued and outstanding shares of Series A Convertible Preferred Stock were repurchased in exchange for cash or converted to common stock. Melissa Layton 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. $522 million Non-GAAP earnings per share reconciliation: Securities and Exchange Commission Crocs offers a broad portfolio of all-season products, while remaining true to its core molded footwear heritage. Comparable retail sales and direct to consumer sales by operating segment were: Direct-to-consumer comparable store sales (includes retail and e-commerce): Gross margin was 50.1% compared to 51.5% in 2018, while gross profit increased $56.9 million. 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 and Series A Convertible Preferred Stock cash dividends paid of $9.0 million and $12.0 million paid to induce conversion for the year ended December 31, 2018. With respect to 2019, the Company expects: Revenues to be up 5% to 7% over 2018 revenues of $1,088.2 million. 169,520 . Calculation assumes no repayments and no financing fees. December 31, 2017 View the latest CROX financial statements, income statements and financial ratios. The call will also be streamed live on the Crocs website, the United States of America September 30, 2018 (1) Non-GAAP net income (loss) per common share: Non-GAAP earnings per share calculation for the three months and year ended December 31, 2018 assumes the repurchase and conversion of the Series A Convertible Preferred Stock occurred on December 31, 2017 (“the Conversion”). PR Contact: Sign up for Crocs Club & get 20% off your next purchase. The vast majority of shoes within Crocs’ collection contains Croslite™ material, a proprietary, molded footwear technology, delivering extraordinary comfort with each step. Selling, general and administrative expenses (“SG&A”) were $117.9 million compared to $113.8 million in the fourth quarter of 2018. See ‘Non-GAAP income (loss) from operations and operating margin reconciliation’ above for more details. Non-recurring charges during the quarter are expected to be immaterial compared to, Revenues to grow 11% to 12% over 2018 revenues of, Adjusted gross margin to be approximately 51%, compared to prior guidance of 50.5%, reflecting the increased strength of the, SG&A to be approximately 40% of revenues, unchanged from prior guidance. The vast majority of shoes within Crocs’ collection contains Croslite™ material, a proprietary, molded footwear technology, delivering extraordinary comfort with each step. Revenue can be defined as the amount of money a company receives from its customers in exchange for the sales of goods or services. At Crocs, Inc., we promise to treat your data with respect and will not share your information with any third party. . Non-GAAP cost of sales and gross margin reconciliation: GAAP gross margin as a percent of revenues, Non-GAAP gross margin as a percent of revenues. resulting from the Conversion. As a result, amounts reported for the three months and year ended December 31, 2018, include amounts resulting from the repurchase and conversion, in addition to dividends, payments to induce conversion, and accretion of dividend equivalents prior to December 5, 2018. www.crocs.com Adjusted gross margin declined 40 basis points, driven by reduced purchasing power related to currency, offset in part by a higher margin product mix, price increases on certain products, and lower levels of promotions and discounts. 2019 . RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL GUIDANCE, Non-recurring charges associated with the Company’s new distribution center, Non-recurring charges associated with the Company’s new distribution center and certain SG&A costs. 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. View source version on 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 Adjusted gross margin, which excludes 130 basis points of expenses primarily related to the relocation of our distribution centers in the U.S. and the Netherlands, was 49.3%. Non-GAAP net income per common share - basic for the three and nine months ended Find out the revenue, expenses and profit or loss over the last fiscal year. ... 12/31/2019. See 'Non-GAAP cost of sales and gross margin reconciliation' above for more information. , management believes it is helpful to evaluate our results excluding the impacts of the Series A Preferred Stock transaction and various adjustments relating to special or non-recurring items. The Company anticipates 2019 revenues will be negatively impacted by approximately $20 million resulting from store closures and approximately $20 million of … Dayton, Ohio (2) Adjustment adds back dividends and dividend equivalents for Series A Convertible Preferred Stock in calculating non-GAAP net income attributable to common stockholders for the three months and year ended December 31, 2018. Retail comparable store sales on a constant currency basis grew 10.5% upon re-opening. mlayton@crocs.com, Cori Lin RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES. September 30, 2018 Non-GAAP selling, general and administrative expenses reconciliation: GAAP selling, general and administrative expenses, Closure of manufacturing and distribution facilities (1), Non-recurring expenses associated with cost reduction initiatives (2), Non-GAAP selling, general and administrative expenses (5), GAAP selling, general and administrative expenses as a percent of revenues, Non-GAAP selling, general and administrative expenses as a percent of revenues. You must click the activation link in order to complete your subscription. and For a reconciliation of SG&A to adjusted SG&A, see the ‘Non-GAAP selling, general and administrative expenses reconciliation’ schedule below. (303) 848-7885 … assumes the Conversion. October 30, 2019 VP, Corporate Finance September 30, 2018 We do not undertake any obligation to update publicly any forward-looking statements, including, without limitation, any estimates provided in the “Financial Outlook” section above, whether as a result of the receipt of new information, future events, or otherwise. Based on the strength of our recent performance and start to the fourth quarter, we are raising our full year guidance to 11% to 12% revenue growth over 2018, which would result in record annual sales for our Company. All information in this document speaks as of (3) With respect to the first quarter of 2020, we expect: A conference call to discuss fourth quarter and full year 2019 results is scheduled for today, Thursday, February 27, 2020, at 8:30 a.m. EST. RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES. Represents non-recurring expenses associated with cost reduction initiatives in 2019 and our SG&A reduction plan in 2018. In 2019, Crocs' revenue increased by 13.1 percent compared to the same period in 2018. Net income (loss) attributable to common stockholders (1), Weighted average common shares outstanding - basic, Plus: dilutive effect of stock options and unvested restricted stock units, Weighted average common shares outstanding - diluted. A conference call to discuss third quarter 2019 results is scheduled for today, (303) 848-7885 and COVID-19: Treasury COVID-19 Resources and Information Learn more. See “Reconciliation of GAAP Measures to Non-GAAP Measures” for more information. Non-GAAP earnings per share calculation for the three and nine months ended Non-GAAP net income (loss) per common share - basic for the three months and years ended December 31, 2019 and 2018 uses the non-GAAP income (loss) attributable to common stockholders and for the year ended December 31, 2018 assumes the Conversion. See 'Non-GAAP selling, general and administrative expenses reconciliation' above for more information. AND SUBSIDIARIES 12/31/2018. Export Data Save Image Print Image For advanced charting, view our full-featured Fundamental Chart. Our diluted net income per common share was $1.66 in 2019 compared to diluted net loss per common share of $1.01 in 2018. $120.0 million Despite this difficult situation, we continue to be very optimistic about our long-term growth prospects in China and our Asia region.”. Including the non-recurring charges associated with the new. Crocs (CROX) delivered earnings and revenue surprises of 14.58% and 0.47%, respectively, for the quarter ended June 2019. $80,956 Revenue is the top line item on an income statement from which all costs … manufacturing and distribution facilities. View and export this data going back to 2002. mlayton@crocs.com, Cori Lin Excluding expenses primarily incurred in connection with the relocation of our distribution centers in the U.S. and the Netherlands and non-recurring SG&A charges, adjustments to income tax expense (benefit), and pro forma adjustments related to our previously outstanding Series A Preferred Stock, our adjusted diluted net income per common share was $1.61 compared to $0.86 in 2018, as detailed on the ‘Non-GAAP earnings per share reconciliation’ schedule below. Pro forma interest for the three and nine months ended , Taxes Site - Michigan Taxes, tax, income tax, business tax, sales tax, tax form, 1040, w9, treasury, withholding The increase primarily reflects expenditures for the relocation of our U.S. distribution center from California to Ohio. Weighted average common shares outstanding: Less: Net income allocable to Series A Convertible Preferred stockholders ET. For a reconciliation of gross margin to adjusted gross margin, see the ‘Non-GAAP cost of sales and gross margin reconciliation’ schedule below. $23.99 $0.001 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. Non-recurring expenses associated with cost reduction initiatives in 2019 and the SG&A reduction plan in 2018. These statements include, but are not limited to, statements regarding prospects, expectations and our revenues, gross margin, SG&A, operating margin, tax, and capital expenditure outlook. Pro forma interest for the three months and year ended December 31, 2018 assumes borrowings of $120.0 million were outstanding for all of 2018 at a rate of 4.69% to partially finance the Conversion. , approximately Non-GAAP selling, general and administrative expenses reconciliation: GAAP selling, general and administrative expenses, Closure of manufacturing and distribution facilities 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. For a reconciliation of gross margin to adjusted gross margin, see the ‘Non-GAAP cost of sales and gross margin reconciliation’ schedule below. By providing your email address below, you are providing consent to Crocs, Inc. to send you the requested Investor Email Alert updates. 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. These statements include, but are not limited to, statements regarding full year and first quarter 2020 financial outlook. Non-GAAP income tax expense (benefit) and effective tax rate reconciliation: Non-GAAP income (loss) from operations (1), Non-GAAP income (loss) before income taxes, Tax effect of non-GAAP operating adjustments and benefit of U.S. deferred tax assets previously subject to valuation allowance (2). COMPARABLE RETAIL STORE SALES AND DIRECT TO CONSUMER COMPARABLE STORE SALES. Crocs, which belongs to the Zacks Textile - Apparel industry, posted revenues of $312.77 million for the quarter ended September 2019, surpassing the … Excluding expenses primarily incurred in connection with the relocation of our distribution centers in the U.S. and the Netherlands and non-recurring SG&A charges, adjustments to income tax expense (benefit), and pro forma adjustments related to our previously outstanding Series A Preferred Stock, our adjusted diluted net income per common share was $0.12, compared to a non-GAAP diluted net loss per common share of $0.10 in the fourth quarter of 2018, as detailed on the ‘Non-GAAP earnings per share reconciliation’ schedule below. The move will be completed by 2020 . See “Reconciliation of GAAP to Non-GAAP Measures” for more information. Logo of jester cap with thought bubble. The fourth quarter guidance also tops the Q3 revenue total of $362.7 million, which beat Crocs’ previous quarterly sales record of $312.8 million from Q3 2019. MI Dept of Treasury - Treasury. Prior to the three months ended December 31, 2019, non-GAAP operating adjustments were in jurisdictions subject to a full valuation allowance, and thus had no material net tax impact. Comparable store sales include the revenues of stores that have been in operation for more than twelve months. PR Contact: (1) Crocs (CROX) Revenues And Revenue Growth From 2002 To 2016. Temporarily closed stores are excluded from the comparable store sales calculation during the month of closure. Crocs, Inc. (NASDAQ: CROX), a world leader in innovative casual footwear for men, women, and children, today announced its fourth quarter and full year 2019 financial results. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) Three Months Ended December 31, Year Ended December 31, 2019 2018 2019 2018. Securities and Exchange Commission Excluding expenses incurred in connection with the relocation of our distribution centers in the U.S. and the Netherlands and non-recurring SG&A charges, our adjusted income from operations was $12.9 million. Location closures in excess of three months are excluded until the thirteenth month post re-opening. brendon.frey@icrinc.com mjacobs@crocs.com Mexico per share, 4.0 million shares authorized, none outstanding, Common stock, par value You must click the activation link in order to complete your subscription. Gross margin was 48.0%, compared to 46.2% in last year’s fourth quarter. Shop the Crocs™ official website for casual shoes, sandals & more. See ‘Reconciliation of GAAP Measures to Non-GAAP Measures’ above for more information. (3), GAAP selling, general and administrative expenses as a percent of revenues, Non-GAAP selling, general and administrative expenses as a percent of revenues. $3.0 million (1) Crocs revenue from 2006 to 2020. (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. Get the detailed quarterly/annual income statement for Crocs, Inc. (CROX). . See insights on Crocs including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. Crocs generated a total of $1 billion revenues during 2016. Temporarily closed stores are excluded from the comparable store sales calculation during the month of closure. Global net revenue of Crocs from 2016 to 2019, by sales channel Salvatore Ferragamo: worldwide revenue share 2019, by product category Net revenue of ECCO Sko A/S 2010-2019 Revenue; Consumer Discretionary: Textile - Apparel Manufacturing: $4.507B: $1.231B: Crocs, Inc. is a world leader in innovative casual footwear for men, women and children. Crocs' revenue increased by 6.3 percent in 2018 compared to … (2), Non-GAAP selling, general and administrative expenses adjustments $20,921 Readers are encouraged to review that section and all other disclosures appearing in our filings with the Non-GAAP weighted average common shares outstanding - diluted for the three months and year ended December 31, 2018 assumes the Conversion. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the ‘unsubscribe’ section below. Represents non-recurring expenses associated with the 2018 closures of company-operated E-commerce revenue grew 67.7%, while wholesale revenue declined 19.5% and retail revenue declined 41.8% due to COVID-19 related store closures. (1), Effect of exchange rate changes on cash, cash equivalents, and restricted cash, Net change in cash, cash equivalents, and restricted cash, Cash, cash equivalents, and restricted cash—beginning of period, Cash, cash equivalents, and restricted cash—end of period. See ‘Non-GAAP selling, general and administrative expenses reconciliation’ above for more details. 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. Adjustment represents the incremental increase in weighted average common shares outstanding for the three months and year ended December 31, 2018 resulting from the Conversion. Crocs (NASDAQ: CROX) Q2 2019 Earnings Call Aug 01, 2019, 8:30 a.m. Represents non-recurring expenses related to our new distribution center in Free Shipping on online orders over $35. stock, at cost, 35.4 million and 29.7 million shares, respectively, Total liabilities and stockholders’ equity, CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS. Reflects period over period change as if the current period results were in constant currency, which is a non-GAAP financial measure. (9). September 30, 2018 Non-GAAP net income per common share - diluted for the three and nine months ended (2) Non-GAAP selling, general and administrative expenses are presented gross of tax. Our September 30, 2019 September 30, 2019 We are evaluating similar investments this year and beyond designed to support our anticipated growth. September 30, 2018 . COVID-19: Get the latest updates and resources from the State of Michigan. Non-GAAP selling, general and administrative expenses are presented gross of tax. COMPARABLE RETAIL STORE SALES AND DIRECT TO CONSUMER COMPARABLE STORE SALES, Direct-to-consumer comparable store sales (includes retail and e-commerce): (2). The company predicts it will achieve full year 2021 revenue growth of 20% to 25% compared to 2020. Looking ahead, Crocs is not expecting a sales slowdown in 2021. After submitting your request, you will receive an activation email to the requested email address. 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. . (2), Non-GAAP selling, general and administrative expenses Do the numbers hold clues to what lies ahead for the stock? Constant currency represents current period results that have been retranslated using exchange rates used in the prior year comparative period. Reflects period over period change as if the current period results were in constant currency, which is a non-GAAP financial measure. Adjustments to reconcile net income to net cash provided by operating activities: Changes in operating assets and liabilities: Accounts payable, accrued expenses and other liabilities, Purchases of property, equipment, and software, Proceeds from disposal of property and equipment, Dividends—Series A convertible preferred stock September 30, 2018 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. The call will also be streamed live on the Crocs website, www.crocs.com, and that audio recording will be available at www.crocs.com through February 27, 2021. We are also seeing the broader impact as we are experiencing traffic declines throughout many of our key countries in Asia. . Represents non-recurring expenses related to the relocation of the Crocs corporate headquarters planned for March 2020. CROCS, INC. AND SUBSIDIARIES. Non-GAAP results exclude the impact of items that management believes affect the comparability or underlying business trends in our condensed consolidated financial statements in the periods presented. We anticipate revenues for the first quarter of 2020 will be negatively impacted by approximately $20 to $30 million due to disruptions to our Asia business from COVID-19 (the “coronavirus”) and by approximately $3 million due to currency; Many of our partner stores in China are closed temporarily. (2). $20,477 Income from operations of $128.6 million grew 104.4%, compared to $62.9 million in 2018, and operating margin was 10.5%, compared to 5.8% in 2018. Cash provided by operating activities decreased 21.2% to $90.0 million during 2019 compared to $114.2 million during 2018. See ‘Reconciliation of GAAP Measures to Non-GAAP Measures’ above for more information. . Crocs, Inc. Reports Record Revenues for Fourth Quarter and Full Year 2019; Full Year Operating Income Increased 104.4%; Operating Margin Improved to 10.5%; Full Year EPS Increased to $1.66, https://www.businesswire.com/news/home/20200227005206/en/. (1), GAAP net income attributable to common stockholders, Less: GAAP adjustment for net income allocable to Series A Preferred stockholders, GAAP remaining net income available to common stockholders- basic and diluted, Preferred share dividends and dividend equivalents (7), Plus: Non-GAAP dilutive effect of stock options and unvested restricted stock units Net loss attributable to common stockholders for the three months and year ended December 31, 2018 reflects the repurchase and conversion of Series A Convertible Preferred Stock. If you experience any issues with this process, please contact us for further assistance. By providing your email address below, you are providing consent to Crocs, Inc. to send you the requested Investor Email Alert updates. www.crocs.com See ‘Non-GAAP cost of sales and gross margin reconciliation’ above for more information. Comparable store sales include the revenues of stores that have been in operation for more than twelve months. Crocs, Inc. Reports Record Revenues for Fourth Quarter and Full Year 2019; Full Year Operating Income Increased 104.4% ; Operating Margin Improved to 10.5% Full Year EPS Increased to $1.66 Adjustment reflects the dilutive impact of stock options and restricted stock units for the three months and year ended December 31, 2018. 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