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22.07.2021 13:00:00
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Crocs, Inc. Reports Record Second Quarter Revenue and Commits to Net Zero Emissions by 2030
BROOMFIELD, Colo., July 22, 2021 /PRNewswire/ -- Crocs, Inc. (NASDAQ: CROX), a world leader in innovative casual footwear for women, men, and children, today announced its second quarter 2021 financial results.
"We continue to see strong consumer demand for the Crocs brand globally. On the back of record second quarter results and continued momentum, we are raising our full year 2021 guidance," said Andrew Rees, Chief Executive Officer. "We are also committing to net zero emissions by 2030, enabling us to provide 'comfort without carbon' to our customers worldwide. I believe we can deliver sustained, highly profitable growth while having a positive impact on our planet and our communities."
Second Quarter 2021 Highlights
- Record revenues of $640.8 million increased 93.3%, or 88.4% on a constant currency basis as compared to 2020. Revenue growth was strong in all regions, with the Americas up 135.6%, Asia Pacific up 27.1% and Europe, Middle East, and Africa ("EMEA") up 52.6% on a constant currency basis versus prior year.
- Digital sales grew 25.4% to represent 36.4% of revenue versus 56.1% and 32.6% of revenue in 2020 and 2019, respectively.
- Direct-to-consumer ("DTC") sales grew 78.6% compared to 2020 and 86.4% compared to 2019, to represent 52.0% of second quarter revenues.
- Operating income more than tripled to $195.3 million as compared to 2020 and operating margins expanded to 30.5%.
Commitment to Net Zero Emissions by 2030
As one of the world's largest footwear companies, we strive to make a positive impact on the global footwear industry and our planet by committing to transparent, socially conscious, and sustainable business practices. This week Crocs committed to becoming a net zero emissions company by 2030, prioritizing the mitigation of Scope 1, 2 and 3 CO2 equivalent emissions. The plan we are implementing to achieve this commitment centers on the transition to sustainable ingredients, minimizing packaging, responsible resource use, and exploring innovative product afterlife solutions. Additionally, we remain committed to community and inclusivity, rooted in a culture of governance, transparency, and accountability. Please visit www.crocs.com/crocs-purpose to learn more ahead of our annual ESG report that will be published in early 2022.
Second Quarter 2021 Operating Results
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.
- Revenues were $640.8 million, an increase of 93.3% from the same period last year, or 88.4% on a constant currency basis. DTC revenues grew 78.6% and wholesale revenues grew 112.1%.
- Gross margin of 61.7% increased 740 basis points compared to 54.3% in the same period last year. Adjusted gross margin of 61.8% rose 660 basis points compared to the same period last year.
- SG&A expenses of $199.9 million increased from $123.3 million in the same period last year and SG&A as a percent of revenues improved to 31.2% from 37.2%. Adjusted SG&A improved to 31.2% of revenues versus 33.0% for the same period last year.
- Income from operations grew to $195.3 million from $56.6 million for the same period last year, while operating margin expanded to 30.5% from 17.1%. Adjusted income from operations rose 166.1% to $196.4 million and adjusted operating margin was 30.7% compared to 22.3% for the same period last year.
- Diluted earnings per share were $4.93, as compared to $0.83 for the same period last year. Adjusted diluted earnings per share were $2.23, up $1.22 compared to $1.01 for the same period last year.
Second Quarter 2021 Geographic Summary
- Americas: Revenues of $405.7 million increased 135.6% on a constant currency basis.
- Asia Pacific: Revenues of $126.8 million increased 27.1% on a constant currency basis.
- EMEA: Revenues of $108.3 million increased 52.6% on a constant currency basis.
Second Quarter 2021 Channel Summary
- DTC: Revenues increased 78.6% to $333.4 million compared to $186.7 million for the same period last year.
- Wholesale: Revenues increased 112.1% to $307.3 million compared to $144.9 million for the same period last year.
Balance Sheet and Cash Flow
- Cash and cash equivalents were $197.9 million as of June 30, 2021, compared to $135.8 million as of December 31, 2020.
- Inventories increased to $209.1 million as of June 30, 2021, compared to $175.1 million as of December 31,
- 2020 and $146.8 million as of June 30, 2020.
- Capital expenditures during the six months ended June 30, 2021 were $21.3 million, compared to $24.3 million for the same period last year.
- Borrowings at June 30, 2021 were $386.4 million, including $350.0 million of senior notes issued in March 2021. Our liquidity position remains strong with $454.7 million in available borrowing capacity.
Share Repurchase Activity
During the second quarter we executed a $300.0 million accelerated share repurchase whereby we repurchased approximately 2.9 million shares of our common stock at an average price of $103.79 per share.
Financial Outlook
Third Quarter 2021
With respect to the third quarter of 2021, we expect:
- Revenue growth to be between 60% and 70% compared to third quarter 2020 revenues of $361.7 million.
- Non-GAAP adjustments of approximately $3 million related to distribution center investments that will negatively impact gross margin.
- Non-GAAP operating margin to be between 24% and 26%.
Full Year 2021
With respect to 2021, we expect:
- Revenue growth to be between 60% and 65% compared to 2020 revenues of $1,386.0 million.
- Non-GAAP adjustments of approximately $8 to $10 million related to distribution center investments that will negatively impact gross margin.
- Non-GAAP operating margin of approximately 25%.
- Non-GAAP effective tax rate of approximately 23%, excluding a GAAP tax credit of $175.7 million.
- Capital expenditures of $80 to $100 million for supply chain investments to support growth.
Conference Call Information
A conference call to discuss second quarter 2021 results is scheduled for today, Thursday, July 22, 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 July 22, 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 press release includes estimates, projections, and statements relating to our business plans, commitments, objectives, and expected operating results that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements regarding potential impacts to our business related to our commitment and ability to achieve net zero emissions by 2030, the COVID-19 pandemic, our financial condition, brand and liquidity outlook, and expectations regarding our future revenue, tax rate, capital expenditures, operating margin, non-GAAP adjustments and ability to deliver sustained, highly profitable growth. 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: the COVID-19 pandemic and related government, private sector, and individual consumer responsive actions; current global financial conditions, including economic impacts resulting from the COVID-19 pandemic; 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 speak only as of the date of this press release. We do not undertake any obligation to update publicly any forward-looking statements.
Category:Investors
CROCS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share data) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
Revenues | $ | 640,773 | $ | 331,549 | $ | 1,100,871 | $ | 612,709 | |||||||
Cost of sales | 245,592 | 151,616 | 452,471 | 298,614 | |||||||||||
Gross profit | 395,181 | 179,933 | 648,400 | 314,095 | |||||||||||
Selling, general and administrative expenses | 199,859 | 123,338 | 328,392 | 236,688 | |||||||||||
Income from operations | 195,322 | 56,595 | 320,008 | 77,407 | |||||||||||
Foreign currency losses, net | (117) | (687) | (621) | (918) | |||||||||||
Interest income | 71 | 49 | 98 | 146 | |||||||||||
Interest expense | (4,712) | (2,170) | (6,344) | (4,091) | |||||||||||
Other income, net | 2 | 907 | 13 | 928 | |||||||||||
Income before income taxes | 190,566 | 54,694 | 313,154 | 73,472 | |||||||||||
Income tax expense (benefit) | (128,388) | (1,857) | (104,198) | 5,830 | |||||||||||
Net income | $ | 318,954 | $ | 56,551 | $ | 417,352 | $ | 67,642 | |||||||
Net income per common share: | |||||||||||||||
Basic | $ | 5.02 | $ | 0.84 | $ | 6.47 | $ | 1.00 | |||||||
Diluted | $ | 4.93 | $ | 0.83 | $ | 6.35 | $ | 0.99 | |||||||
Weighted average common shares outstanding: | |||||||||||||||
Basic | 63,595 | 67,416 | 64,526 | 67,674 | |||||||||||
Diluted | 64,640 | 68,038 | 65,744 | 68,664 | |||||||||||
CROCS, INC. AND SUBSIDIARIES EARNINGS PER SHARE (UNAUDITED) (in thousands, except per share data) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
Numerator: | |||||||||||||||
Net income | $ | 318,954 | $ | 56,551 | $ | 417,352 | $ | 67,642 | |||||||
Denominator: | |||||||||||||||
Weighted average common shares outstanding - basic | 63,595 | 67,416 | 64,526 | 67,674 | |||||||||||
Plus: Dilutive effect of stock options and unvested restricted stock units | 1,045 | 622 | 1,218 | 990 | |||||||||||
Weighted average common shares outstanding - diluted | 64,640 | 68,038 | 65,744 | 68,664 | |||||||||||
Net income per common share: | |||||||||||||||
Basic | $ | 5.02 | $ | 0.84 | $ | 6.47 | $ | 1.00 | |||||||
Diluted | $ | 4.93 | $ | 0.83 | $ | 6.35 | $ | 0.99 | |||||||
CROCS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share and par value amounts) | |||||||
June 30, | December 31, | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 197,853 | $ | 135,802 | |||
Restricted cash - current | 1,469 | 1,542 | |||||
Accounts receivable, net of allowances of $22,508 and $21,093, respectively | 233,262 | 149,847 | |||||
Inventories | 209,089 | 175,121 | |||||
Income taxes receivable | 1,352 | 1,857 | |||||
Other receivables | 14,438 | 10,816 | |||||
Prepaid expenses and other assets | 21,052 | 17,856 | |||||
Total current assets | 678,515 | 492,841 | |||||
Property and equipment, net of accumulated depreciation and amortization of $85,351 and | 76,949 | 57,467 | |||||
Intangible assets, net of accumulated amortization of $103,741 and $95,426, respectively | 33,731 | 37,636 | |||||
Goodwill | 1,669 | 1,719 | |||||
Deferred tax assets, net | 515,667 | 350,784 | |||||
Restricted cash | 3,857 | 1,929 | |||||
Right-of-use assets | 175,378 | 167,421 | |||||
Other assets | 8,036 | 8,926 | |||||
Total assets | $ | 1,493,802 | $ | 1,118,723 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 166,817 | $ | 112,778 | |||
Accrued expenses and other liabilities | 156,565 | 126,704 | |||||
Income taxes payable | 11,814 | 5,038 | |||||
Current operating lease liabilities | 45,726 | 47,064 | |||||
Total current liabilities | 380,922 | 291,584 | |||||
Long-term income taxes payable | 200,969 | 205,974 | |||||
Long-term borrowings | 386,383 | 180,000 | |||||
Long-term operating lease liabilities | 162,552 | 146,401 | |||||
Other liabilities | 4,212 | 4,131 | |||||
Total liabilities | 1,135,038 | 828,090 | |||||
Commitments and contingencies | |||||||
Stockholders' equity: | |||||||
Preferred stock, par value $0.001 per share, 5.0 million shares authorized including | — | — | |||||
Common stock, par value $0.001 per share, 250.0 million shares authorized, 105.7 | 106 | 105 | |||||
Treasury stock, at cost, 43.3 million and 39.1 million shares, respectively | (1,078,857) | (688,849) | |||||
Additional paid-in capital | 530,357 | 482,385 | |||||
Retained earnings | 970,698 | 553,346 | |||||
Accumulated other comprehensive loss | (63,540) | (56,354) | |||||
Total stockholders' equity | 358,764 | 290,633 | |||||
Total liabilities and stockholders' equity | $ | 1,493,802 | $ | 1,118,723 | |||
CROCS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands) | |||||||
Six Months Ended June 30, | |||||||
2021 | 2020 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 417,352 | $ | 67,642 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 15,749 | 13,499 | |||||
Operating lease cost | 29,758 | 30,213 | |||||
Inventory donations | 641 | 8,821 | |||||
Provision for (recovery of) doubtful accounts, net | (2,556) | 6,507 | |||||
Share-based compensation | 19,348 | 5,942 | |||||
Deferred income taxes | (176,862) | — | |||||
Other non-cash items | 836 | 2,029 | |||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | (82,621) | (62,146) | |||||
Inventories | (36,099) | 11,240 | |||||
Prepaid expenses and other assets | 4,059 | 1,002 | |||||
Accounts payable, accrued expenses and other liabilities | 75,520 | (15,316) | |||||
Right-of-use assets and operating lease liabilities | (22,759) | (29,166) | |||||
Cash provided by operating activities | 242,366 | 40,267 | |||||
Cash flows from investing activities: | |||||||
Purchases of property, equipment, and software | (21,329) | (24,328) | |||||
Proceeds from disposal of property and equipment | 6 | 434 | |||||
Other | — | (116) | |||||
Cash used in investing activities | (21,323) | (24,010) | |||||
Cash flows from financing activities: | |||||||
Proceeds from notes issuance | 350,000 | — | |||||
Proceeds from bank borrowings | 170,000 | 150,000 | |||||
Repayments of bank borrowings | (305,000) | (80,000) | |||||
Repurchases of common stock | (350,000) | (39,159) | |||||
Repurchases of common stock for tax withholding | (11,619) | (2,573) | |||||
Other | (8,725) | 609 | |||||
Cash provided by (used in) financing activities | (155,344) | 28,877 | |||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (1,793) | (2,360) | |||||
Net change in cash, cash equivalents, and restricted cash | 63,906 | 42,774 | |||||
Cash, cash equivalents, and restricted cash—beginning of period | 139,273 | 112,045 | |||||
Cash, cash equivalents, and restricted cash—end of period | $ | 203,179 | $ | 154,819 | |||
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 selling, general and administrative expenses as a percent of revenues," "Non-GAAP income from operations", "Non-GAAP operating margin," "Non-GAAP income tax expense (benefit)," "Non-GAAP effective tax rate," "Non-GAAP net income," 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 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 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 to enhance the visibility of the underlying business trends excluding the impact of foreign currency exchange rate fluctuations.
Management uses 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 condensed consolidated financial statements as an additional tool for evaluating operating performance and trends. For the three and six months ended June 30, 2021, management believes it is helpful to evaluate our results excluding the impacts of various adjustments relating to special or non-recurring 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 (UNAUDITED) | |||||||||||||||
Non-GAAP cost of sales, gross profit, and gross margin reconciliation: | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
(in thousands) | |||||||||||||||
GAAP revenues | $ | 640,773 | $ | 331,549 | $ | 1,100,871 | $ | 612,709 | |||||||
GAAP cost of sales | $ | 245,592 | $ | 151,616 | $ | 452,471 | $ | 298,614 | |||||||
New distribution centers (1) | (1,115) | (812) | (2,100) | (1,739) | |||||||||||
COVID-19 inventory write-off (2) | — | (2,396) | — | (2,396) | |||||||||||
Total adjustments | (1,115) | (3,208) | (2,100) | (4,135) | |||||||||||
Non-GAAP cost of sales | $ | 244,477 | $ | 148,408 | $ | 450,371 | $ | 294,479 | |||||||
GAAP gross profit | $ | 395,181 | $ | 179,933 | $ | 648,400 | $ | 314,095 | |||||||
GAAP gross margin | 61.7 | % | 54.3 | % | 58.9% | 51.3 | % | ||||||||
Non-GAAP gross profit | $ | 396,296 | $ | 183,141 | $ | 650,500 | $ | 318,230 | |||||||
Non-GAAP gross margin | 61.8 | % | 55.2 | % | 59.1% | 51.9 | % | ||||||||
(1) Represents expenses, including expansion costs, related to our distribution centers in Dayton, Ohio and Dordrecht, the Netherlands. | |||||||||||||||
(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 and selling, general and administrative expenses as a percent of revenues reconciliation: | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
(in thousands) | |||||||||||||||
GAAP revenues | $ | 640,773 | $ | 331,549 | $ | 1,100,871 | $ | 612,709 | |||||||
GAAP selling, general and administrative expenses | $ | 199,859 | $ | 123,338 | $ | 328,392 | $ | 236,688 | |||||||
Donations of inventory | — | (8,218) | — | (9,920) | |||||||||||
COVID-19 severance costs | — | (2,403) | — | (2,403) | |||||||||||
COVID-19 impact of bad debt expense (1) | — | (1,708) | — | (4,481) | |||||||||||
Other COVID-19 costs (2) | — | (644) | — | (644) | |||||||||||
Duplicate headquarters rent (3) | — | (487) | — | (694) | |||||||||||
Other | — | (550) | — | (481) | |||||||||||
Total adjustments | — | (14,010) | — | (18,623) | |||||||||||
Non-GAAP selling, general and administrative expenses (4) | $ | 199,859 | $ | 109,328 | $ | 328,392 | $ | 218,065 | |||||||
GAAP selling, general and administrative expenses as a percent of revenues | 31.2 | % | 37.2 | % | 29.8 | % | 38.6 | % | |||||||
Non-GAAP selling, general and administrative expenses as a percent of revenues | 31.2 | % | 33.0 | % | 29.8 | % | 35.6 | % | |||||||
(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 duplicate rent costs associated with our move to our new headquarters in Broomfield, Colorado. | |||||||||||||||
(4) Non-GAAP selling, general and administrative expenses are presented gross of tax. | |||||||||||||||
Non-GAAP income from operations and operating margin reconciliation: | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
(in thousands) | |||||||||||||||
GAAP revenues | $ | 640,773 | $ | 331,549 | $ | 1,100,871 | $ | 612,709 | |||||||
GAAP income from operations | $ | 195,322 | $ | 56,595 | $ | 320,008 | $ | 77,407 | |||||||
Non-GAAP cost of sales adjustments (1) | 1,115 | 3,208 | 2,100 | 4,135 | |||||||||||
Non-GAAP selling, general and administrative expenses adjustments (2) | — | 14,010 | — | 18,623 | |||||||||||
Non-GAAP income from operations | $ | 196,437 | $ | 73,813 | $ | 322,108 | $ | 100,165 | |||||||
GAAP operating margin | 30.5 | % | 17.1 | % | 29.1 | % | 12.6 | % | |||||||
Non-GAAP operating margin | 30.7 | % | 22.3 | % | 29.3 | % | 16.3 | % | |||||||
(1) See 'Non-GAAP cost of sales, gross profit, and gross margin reconciliation' above for more details. | |||||||||||||||
(2) See 'Non-GAAP selling, general and administrative expenses and selling, general and administrative expenses as a percent of revenues reconciliation' above for more details. | |||||||||||||||
Non-GAAP income tax expense (benefit) and effective tax rate reconciliation: | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
(in thousands) | |||||||||||||||
GAAP income from operations | $ | 195,322 | $ | 56,595 | $ | 320,008 | $ | 77,407 | |||||||
GAAP income before income taxes | 190,566 | 54,694 | 313,154 | 73,472 | |||||||||||
Non-GAAP income from operations (1) | $ | 196,437 | $ | 73,813 | $ | 322,108 | $ | 100,165 | |||||||
GAAP non-operating income (expenses): | |||||||||||||||
Foreign currency losses, net | (117) | (687) | (621) | (918) | |||||||||||
Interest income | 71 | 49 | 98 | 146 | |||||||||||
Interest expense | (4,712) | (2,170) | (6,344) | (4,091) | |||||||||||
Other income, net | 2 | 907 | 13 | 928 | |||||||||||
Non-GAAP income before income taxes | $ | 191,681 | $ | 71,912 | $ | 315,254 | $ | 96,230 | |||||||
GAAP income tax expense | $ | (128,388) | $ | (1,857) | $ | (104,198) | $ | 5,830 | |||||||
Tax effect of non-GAAP operating adjustments | 279 | 4,075 | 528 | 5,460 | |||||||||||
Impact of 2020 intra-entity IP transfer (2) | 175,411 | — | 175,059 | — | |||||||||||
Non-GAAP income tax expense | $ | 47,302 | $ | 2,218 | $ | 71,389 | $ | 11,290 | |||||||
GAAP effective income tax rate | (67.4) | % | (3.4) | % | (33.3) | % | 7.9 | % | |||||||
Non-GAAP effective income tax rate | 24.7 | % | 3.1 | % | 22.6 | % | 11.7 | % | |||||||
(1) See 'Non-GAAP income from operations and operating margin reconciliation' above for more details. | |||||||||||||||
(2) In the fourth quarter of 2020, we made changes to our international legal structure, including an intra-entity transfer of certain intellectual property rights, primarily to align with current and future | |||||||||||||||
Non-GAAP earnings per share reconciliation: | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
(in thousands, except per share data) | |||||||||||||||
Numerator: | |||||||||||||||
GAAP net income | $ | 318,954 | $ | 56,551 | $ | 417,352 | $ | 67,642 | |||||||
Non-GAAP cost of sales adjustments (1) | 1,115 | 3,208 | 2,100 | 4,135 | |||||||||||
Non-GAAP selling, general and administrative expenses adjustments (2) | — | 14,010 | — | 18,623 | |||||||||||
Non-GAAP other income adjustment (3) | — | (919) | — | (919) | |||||||||||
Tax effect of non-GAAP adjustments | (175,690) | (4,075) | (175,587) | (5,460) | |||||||||||
Non-GAAP net income | $ | 144,379 | $ | 68,775 | $ | 243,865 | $ | 84,021 | |||||||
Denominator: | |||||||||||||||
GAAP weighted average common shares outstanding - basic | 63,595 | 67,416 | 64,526 | 67,674 | |||||||||||
Plus: GAAP dilutive effect of stock options and unvested restricted stock units | 1,045 | 622 | 1,218 | 990 | |||||||||||
GAAP weighted average common shares outstanding - diluted | 64,640 | 68,038 | 65,744 | 68,664 | |||||||||||
GAAP net income per common share: | |||||||||||||||
Basic | $ | 5.02 | $ | 0.84 | $ | 6.47 | $ | 1.00 | |||||||
Diluted | $ | 4.93 | $ | 0.83 | $ | 6.35 | $ | 0.99 | |||||||
Non-GAAP net income per common share: | |||||||||||||||
Basic | $ | 2.27 | $ | 1.02 | $ | 3.78 | $ | 1.24 | |||||||
Diluted | $ | 2.23 | $ | 1.01 | $ | 3.71 | $ | 1.22 | |||||||
(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 and selling, general and administrative expenses as a percent of revenues reconciliation' above for more information. | |||||||||||||||
(3) Represents a prior year fair value adjustment associated with our donations of inventory. | |||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL GUIDANCE | |
Third Quarter 2021: | |
Approximately: | |
Non-GAAP operating margin reconciliation: | |
GAAP operating margin | 23% to 25% |
Non-GAAP adjustments associated with distribution center investments | 1% |
Non-GAAP operating margin | 24% to 26% |
Full Year 2021: | |
Approximately: | |
Non-GAAP operating margin reconciliation: | |
GAAP operating margin | 24% |
Non-GAAP adjustments associated with distribution center investments | 1% |
Non-GAAP operating margin | 25% |
Non-GAAP effective tax rate reconciliation: | |
GAAP effective tax rate | (3)% |
Non-GAAP adjustments associated with the 2020 intra-entity IP transfer | 26% |
Non-GAAP effective tax rate | 23% |
CROCS, INC. AND SUBSIDIARIES REVENUES BY SEGMENT (UNAUDITED) | |||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | % Change | Constant Currency % | ||||||||||||||||||||||||
Favorable (Unfavorable) | |||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | Q2 2021-2020 | YTD 2021-2020 | Q2 2021-2020 | YTD 2021-2020 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Americas: | |||||||||||||||||||||||||||
Wholesale | $ | 168,069 | $ | 67,428 | $ | 312,842 | $ | 158,233 | 149.3 | % | 97.7 | % | 148.7 | % | 98.0 | % | |||||||||||
Direct-to-consumer (2) | 237,611 | 104,156 | 369,247 | 161,075 | 128.1 | % | 129.2 | % | 127.2 | % | 128.5 | % | |||||||||||||||
Total Americas | 405,680 | 171,584 | 682,089 | 319,308 | 136.4 | % | 113.6 | % | 135.6 | % | 113.4 | % | |||||||||||||||
Asia Pacific: | |||||||||||||||||||||||||||
Wholesale | 62,268 | 35,282 | 120,891 | 80,863 | 76.5 | % | 49.5 | % | 67.5 | % | 42.5 | % | |||||||||||||||
Direct-to-consumer | 64,566 | 58,291 | 88,535 | 78,170 | 10.8 | % | 13.3 | % | 2.7 | % | 5.4 | % | |||||||||||||||
Total Asia Pacific | 126,834 | 93,573 | 209,426 | 159,033 | 35.5 | % | 31.7 | % | 27.1 | % | 24.3 | % | |||||||||||||||
EMEA: | |||||||||||||||||||||||||||
Wholesale | 76,981 | 42,166 | 163,585 | 98,877 | 82.6 | % | 65.4 | % | 70.2 | % | 55.3 | % | |||||||||||||||
Direct-to-consumer | 31,269 | 24,210 | 45,723 | 35,399 | 29.2 | % | 29.2 | % | 21.9 | % | 22.7 | % | |||||||||||||||
Total EMEA | 108,250 | 66,376 | 209,308 | 134,276 | 63.1 | % | 55.9 | % | 52.6 | % | 46.7 | % | |||||||||||||||
Total segment revenues | 640,764 | 331,533 | 1,100,823 | 612,617 | 93.3 | % | 79.7 | % | 88.4 | % | 75.6 | % | |||||||||||||||
Unallocated corporate and other | 9 | 16 | 48 | 92 | (43.8) | % | (47.8) | % | (43.8) | % | (47.8) | % | |||||||||||||||
Total consolidated revenues | $ | 640,773 | $ | 331,549 | $ | 1,100,871 | $ | 612,709 | 93.3 | % | 79.7 | % | 88.4 | % | 75.6 | % | |||||||||||
Total wholesale | $ | 307,327 | $ | 144,892 | $ | 597,366 | $ | 338,065 | 112.1 | % | 76.7 | % | 106.0 | % | 72.2 | % | |||||||||||
Total direct-to-consumer | 333,446 | 186,657 | 503,505 | 274,644 | 78.6 | % | 83.3 | % | 74.6 | % | 79.8 | % | |||||||||||||||
Total consolidated revenues | $ | 640,773 | $ | 331,549 | $ | 1,100,871 | $ | 612,709 | 93.3 | % | 79.7 | % | 88.4 | % | 75.6 | % | |||||||||||
(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' above for more information. | |||||||||||||||||||||||||||
(2) Direct-to-consumer revenues consist of sales generated through our company-operated retail stores (previously our "Retail" channel) and company-operated e-commerce websites and third-party e-commerce marketplaces | |||||||||||||||||||||||||||
CROCS, INC. AND SUBSIDIARIES RETAIL STORE COUNTS (UNAUDITED) | |||||||||||
March 31, | Opened | Closed | June 30, | ||||||||
Company-operated retail locations: | |||||||||||
Americas | 165 | — | 1 | 164 | |||||||
Asia Pacific | 135 | 7 | — | 142 | |||||||
EMEA | 49 | — | 3 | 46 | |||||||
Total | 349 | 7 | 4 | 352 | |||||||
December 31, | Opened | Closed | June 30, | ||||||||
Company-operated retail locations: | |||||||||||
Americas | 165 | — | 1 | 164 | |||||||
Asia Pacific | 137 | 7 | 2 | 142 | |||||||
EMEA | 49 | — | 3 | 46 | |||||||
Total | 351 | 7 | 6 | 352 | |||||||
CROCS, INC. AND SUBSIDIARIES DIGITAL SALES PERCENTAGE (UNAUDITED) | |||||||||||
Digital sales, which includes sales through our company-owned websites, third party marketplaces, and e-tailers, as a percent of total revenues, by operating segment were: | |||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||
Digital sales as a percent of total revenues: | |||||||||||
Americas | 30.9 | % | 58.4 | % | 30.2 | % | 44.8 | % | |||
Asia Pacific | 40.5 | % | 46.6 | % | 36.7 | % | 37.5 | % | |||
EMEA | 52.5 | % | 63.4 | % | 47.4 | % | 50.7 | % | |||
Global | 36.4 | % | 56.1 | % | 34.7 | % | 44.2 | % | |||
Investor Contact: | Cori Lin, Crocs, Inc. | |
(303) 848-5053 | ||
clin@crocs.com | ||
PR Contact: | Melissa Layton, Crocs, Inc. | |
(303) 848-7885 | ||
mlayton@crocs.com |
View original content to download multimedia:https://www.prnewswire.com/news-releases/crocs-inc-reports-record-second-quarter-revenue-and-commits-to-net-zero-emissions-by-2030-301339002.html
SOURCE Crocs, Inc.
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