#1crocs TM INVESTOR PRESENTATION February 2021 OLIO#2FORWARD-LOOKING STATEMENT Some information provided in this document will be forward-looking, and accordingly, is subject to the Safe Harbor provisions of the federal securities law. These statements include, but are not limited to, statements regarding potential impacts to our business related to the COVID-19 pandemic, our financial condition, brand and liquidity outlook and expectations regarding our future revenue, tax rate, inventory and capital expenditures. 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 outbreak and related government, private sector, and individual consumer responsive actions; current global financial conditions, including economic impacts resulting from the COVID-19 outbreak; 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. Crocs is not obligated to update these forward-looking statements to reflect the impact of future events. 2#3crocs™ CONTENT • 2020 Highlights • Positioned for Global Growth Financial Results • Appendix 3#4Executive Summary Highest quarterly revenue in company history achieved in the fourth quarter Record 2020 revenue of $1.4bn, up over 12%, which was in line with pre-COVID guidance 2020 Digital revenue growth +50% resulting in record digital penetration of 42%; DTC comparable sales +39% 2020 adjusted operating margin of 19% Doubled adjusted diluted EPS to record $3.22 Record cash flow generation Accelerated revenue growth of 20-25% anticipated for 2021 Comprehensive ESG framework to be rolled out in 2021 FN ACHIEVEMENT AWARDS BRAND OF THE YEAR CROCS crocs™ Source: Images from Footwear News. 4#52020 HIGHLIGHTS Source: Images from Instagram, Twitter.#62020 HIGHLIGHTS Incredible Year for Crocs VOGUE Record revenue of $1.4bn in 2020, +13% amidst the COVID-19 pandemic Awarded Footwear News Achievement Awards (FNAA) 2020 Brand of the Year Increased brand desirability, relevance and consideration by double digits for 4th consecutive year Accelerated digital growth of 50% to represent an estimated 42% of 2020 revenue Donated >860,000 pairs of shoes, ~$40M retail value, to frontline healthcare workers Significantly increased EBITDA and operating margins Record cash flow generation FASHION BEAUTY ARTS & LIFESTYLE RUNWAY crocs™ Source: Image from Vogue UK. NEWS VIDEO BRITAIN V SUBSCI MISS VOGUE Crocs Have Infiltrated The Blackpink Wardrobe BY NAOMI PIKE 30 NOVEMBER 2020 f Ρ CO 6#72020 HIGHLIGHTS Exceptional Revenue Growth and Adjusted Operating Margin YOY Growth $1,231 $1,088 11.6% 7.7% Double-Digit CAGR $1,730 $1,660 $1,386 18.9% ~18-19% 2018 2019 2020 2021E +6.3% +13.1% +12.6% +20-25% Note: Revenue in USD millions. 7#82020 HIGHLIGHTS Best in Class Marketing Activations: 4Q 2020 P M SOLD OUT Aniy SOLD OUT SOLD OUT BRAND COLLABORATION POST MALONE crocs™ Our fifth collaboration with Post Malone does a double take with two colorways. Take your pick of pink or black, both in the Duet Max Clog II. BRAND COLLABORATION GFLIP G Flip rocks her Crocs from awards shows to live shows-it was about time she created her own. In collaboration with this Australian musician we designed a clog as vibrant as her personality adorned with one-of-a-kind Jibbitz" charms that fans are sure to rock at shows around the world. BRAND COLLABORATION (nicolemclaughlin) Repel down into these limited-edition Nicole McLaughlin X Crocs Campsite Classic Clogs, the final piece in the Project Greenhouse collaboration. Each pair of clogs is fashioned with functional gear you might really use after a climb with friends Sold Out ALIEN BEING NICE! SOLD OUT 207 crocs™ BRAND COLLABORATION 샌드박스 X 크록스 Don't miss this Jibbitz" charm collaboration with Korean network, Sandbox! Enjoy all 5 Jibbitz collections inspired by the larger than life personalities of five content creators. ARTIST COLLABORATION LUKE GOMBS × crocs Luke Combs is back, and this time with more fuzz. The Luke Combs X Crocs Classic Lined Clog features Luke's "Skully" graphic, black fuzz lining, and new Jibbitz" charms. BRAND COLLABORATION PIZZASLIME It wouldn't be Croc Day 2020 without an over-the-top riff on the Classic Clog, because more is more, and Croc Day deserves something big. 8#975 RRR! crocs LOXO MOTI 2020 HIGHLIGHTS Accelerated Digital Growth in 2020 2020 Digital revenue +50% with growth in all regions Strong 2020 e-commerce growth of +58% Double-digit growth across multiple e-tail platforms 29% 39% 2020 Digital Penetration 28% 55% 40% 39% 42% Americas Asia Pacific EMEA 2019 2020 -2019 Global 2020 Global 31% 9#10SK8 39 crocs ZAP! POSITIONED FOR GLOBAL GROWTH COVID-19 IS IMPACTING US ALL CLICK HERE TO LEARN HOW IT IS IMPACTING CROCS crocs WOMEN MEN KIDS JEBITE CHURNS CROCS AT WORK SALE COME AS YOU ARE SELECT STYLES 2 FOR $45 SHARING A FREE PAIR FOR HEALTHCARE J Tik Tok COV Continue to Request SHOP NOW SHOP WOMEN'S SHOP MEN'S SHOP KIDS SHOP CROCS AT WORK NEW SEASON, NEW COLORS w-new spring color splashes and se-dye patterns our new options are Classics in the SHOP CLASSIC Four Key Product Pillars Clogs: Innovate & grow clog relevance Sandals: Significant long-term growth potential Personalization Visible Comfort Technology crocs™ Powerful Social & Digital Marketing Digital and social focus globally Come As You Are Brand ambassadors Social influencers Collaborations Select growth drivers highlighted in today's presentation. Digital-Led Route to Market E-commerce: Double-digit plus growth continues Retail: Prioritize outlets as most profitable retail format Wholesale: Strong growth opportunities within e-tail accounts; long-term growth potential with distributors Largest Long-Term Growth Opportunity in Asia Americas: Strong growth momentum EMEA: Solid growth on brand heat Asia: Largest long-term growth potential 10#11veg Clues - POSITIONED FOR GLOBAL GROWTH Significant Long-Term Growth Potential in Sandals $30B global category growing ~4% p.a. Fragmented market with no clear leader - Crocs opportunity is to grow our share • Consistent track record of growth - - 18% of footwear sales in 2020 Pre-COVID, three consecutive years of double-digit growth Key drivers of sandal growth are: - Targeting female explorers - Marketing to support awareness - Higher purchase frequency to address multiple wearing occasions Source: L.E.K. Consulting and internal estimates. 11#12POSITIONED FOR GLOBAL GROWTH Capitalize on Personalization Trend with Jibbitz TM Charms • Personalization is a global megatrend • Optimistic story-telling and personalization will be even more critical post COVID-19 • Offers newness and inspiration at a compelling price point at point of sale • Enhances average selling price (ASP) Jibbitz audience has ~2x customer lifetime value* Berity F Veg • Drives relevance for the Crocs brand and supports clog and sandal sales • ⚫ Jibbitz revenues nearly doubled in 2020 crocs™ Represents behavior of global crocs.com customers for trailing twelve months as of November 2020. Actual CLV calculated using average order value and order frequency over last 365 days. Customers who purchased at least 5 Jibbitz over the last 365 days qualify as a Jibbitz shopper. 12#13POSITIONED FOR GLOBAL GROWTH Digital-Led Route to Market 17% 15% 13% 11% 31% 42% 2015 2016 2017 E-Commerce Penetration 2018 E-Tail Penetration 2019 2020 4Q 2020 represented 15th consecutive quarter of double-digit e-commerce revenue growth crocs™ Note: Chart reflects digital sales (e-commerce and e-tail) as a percentage of total sales. 13#14TM CS POSITIONED FOR GLOBAL GROWTH The China Opportunity Significant Whitespace 2nd largest footwear market in the world Underpenetrated with only ~5% of our 2019 sales in China Investing for Growth Building brand awareness in second year with Yang Mi Developing local-for-local marketing and collaborations Changing brand image through new concept stores Focusing on key T1 and T2 cities with high spending power and participation of Gen Z consumers Repositioning to a higher quality partner store network Accelerating strong e-commerce presence through marketplaces (JD, Tmall, VIP) Maintaining focus through Board oversight committee We anticipate accelerated growth in 2022 14#15FINANCIAL RESULTS 0 15#16FINANCIAL RESULTS 2020: A Very Successful Year . Robust revenue growth (+13%) Improved quality of revenues. - Fewer discounts and promotions . Expanded margins - Higher prices Fewer discounts and promotions - Favorable product mix - Leveraged SG&A, while supporting growth • Invested to support future growth - - Doubled E-com distribution capacity in the US Relocating EMEA DC in 2021 • • Strengthened balance sheet crocs™ Source: Image from Forbes. Forbes EDITORS' PICK | Dec 7, 2020, 06:38pm EST | 9,996 views How Crocs Devoured 2020 Deniz Çam Forbes Staff Billionaires I cover the world's richest people. fin Hungry for More: Crocs released its fifth collaboration with Post Malone on December 8. DAVID BRANDON GEETING/CROCS 16#17heidiklum 7.8m followers View More on Instagram 69,957 likes heidiklum ↑ Who is walking who...? View Profile FINANCIAL RESULTS 2020 Q4 Financial Results Revenue Q4 $411.5 vs. PY +56.1%* Gross Margin Adj. Gross Margin** 55.7% +770 bp 56.0% +670 bp Adj. SG&A as % of Revenue** 34.9% +950 bp Operating Margin 15.7% +1,250 bp Adj. Operating Margin** 21.1% +1,620 bp ☐ Diluted EPS Adj. Diluted EPS** $2.69 +827% $1.06 +783% * ** Revenue growth on a constant currency basis. See reconciliation to GAAP equivalents in Appendix 17#18FINANCIAL RESULTS 2020 Financial Results Revenue Gross Margin Adj. Gross Margin** 2020 $1,386.0 vs. PY +13.5%* 54.1% +400 bp 54.6% +350 bp Adj. SG&A as % of Revenue** 35.6% +390 bp Operating Margin 15.4% +490 bp Adj. Operating Margin** 18.9% +730 bp KOREA W Diluted EPS Adj. Diluted EPS** crocs™ * ** Revenue growth on a constant currency basis. See reconciliation to GAAP equivalents in Appendix $4.56 +175% $3.22 +100% 18#19FINANCIAL RESULTS Shareholder Returns: Share Repurchase • Since 2016, we have repurchased $431M in shares at an average price of $22.65 per share % of Basic WASO Avg. Repurchase Price $63 $50 $147 $171 $0 2016 2017 2018 2019 2020 7.8% 8.6% 8.6% 5.5% $8.82 $17.44 $24.20 $46.50 68,831 73,336 68,268 65,440 Share Count (10-K Filing) 73,691 Note: Share repurchase in USD millions. Basic weighted average shares outstanding (WASO) per Income Statement. Ending share count in thousands as published on Form 10-K. 19#20FINANCIAL RESULTS 2020 Tax Restructure • • In Q4, we completed a series of transactions resulting in changes to our international legal structure, including a transfer of certain intellectual property (IP) rights to the Netherlands, primarily to align with current and future international operations The transfer resulted in a step-up in tax basis of IP rights and a correlated increase in foreign deferred tax assets based on the fair value of the transferred intellectual property rights A net deferred tax asset of $127.7M was recognized along with a corresponding foreign deferred income tax benefit This change is anticipated to generate $25M of annual cash tax savings for the foreseeable future ⚫ GAAP requires that we take the net present value of these cash savings upfront, which is why we will provide a non-GAAP tax rate to better reflect our cash tax rate For the foreseeable future, we anticipate: GAAP effective tax rate of approximately 25% Non-GAAP effective tax rate of approximately 16% to 18% • Please refer to our Form 10-K filing for additional detail crocs™ 20#21FINANCIAL RESULTS 2021 Reporting Changes To reflect the importance of Direct to Consumer (DTC), we will report two channels - DTC and Wholesale Combining Retail and E-Com channels into a new DTC channel - Reporting DTC Revenue and DTC Comp only - Continuing to report Digital as a % Revenue Reportable operating segments of Americas, Asia Pacific, and EMEA remain unchanged Company-operated full-price retail and outlet stores, kiosks, and store-in-store crocs™ DTC Wholesale Crocs.com Third-party marketplaces (e.g., Tmall, eBay) e-tailers (e.g., Amazon, Zappos, Zalando) Digital Distributors, multi-brand, and brick-and-mortar retailers 21#22FINANCIAL RESULTS 2021 Outlook Assuming no impact of future COVID-related shutdowns in major markets, we expect: Q1 2021E FY 2021E Revenue Growth 40-50% 20-25% Non-GAAP Adjustments to Gross Margin $3M $12-15M Adjusted Operating Margin 17-18% 18-19% GAAP Tax Rate 25% Non-GAAP Tax Rate Capital Expenditures Crocs long-term growth plan to be communicated during our Investor Day in Q3 16-18% $100-$130M crocs™ Note: All figures are approximate. USD millions where noted. 22 22#23Key Investment Highlights • • • . Leading Global Footwear Brand Anchored by Iconic Product with Democratic Appeal Market Leader in Clog Category with Significant Whitespace in Sandals and Personalization Accelerating Our Industry Leading Digital Penetration Global Footprint with Opportunity to Grow and Scale International Markets • Authentic, Come As You Are Culture with Commitment to ESG • . Strong Financial Profile and Exceptional Free Cash Flow Generation Best-in-Class Management Team with Deep Industry Knowledge and Expertise 22249 crocs™ A 23 23#24APPENDIX#25COMPREHENSIVE ESG COMMITMENT Environment • Sustainable Ingredients Resource Use Social ⚫ Human Capital • Social Capital • Packaging End of Life • Community Involvement / Crocs Cares We plan to share more details as 2021 progresses Governance • Board and Management Business Ethics / Risk Management Accounting Practices / Internal Controls crocs™ 25 45#26• Select ESG Data Environment Joined Sustainable Apparel Coalition (SAC) Exploring environmentally-friendly raw materials Currently rework -45% of our Croslite production waste back into our production processes Over 98% of our product line is currently Vegan with a goal of being a 100% Vegan brand by the end of 2021 In 2020, over 85% of our product has been sold without shoe boxes Over the past 5 years, we've been able to save almost 250M shoe boxes from entering the market Partner with several organizations to keep unsellable product and samples out of the landfill, with >90,000 pairs of shoes donated in 2020 • • • • . • • Social Diverse workforce with diversity recruiting strategy Female: 52% Management / 68% All Other URG*: 23% Management / 57% All Other Culture of learning & development Regular engagement / employee listening Implemented pay equity practices Established CAYA* Councils and CAYA Series Maintain a factory Social Compliance Code of Conduct and Certification Process Social compliance audits in accordance with WRAP* principles Monitor ~600 chemicals in our supply chain for compliance with legal/regulatory requirements Crocs Cares provides shoes, funds and time, with ~1 million pairs donated in the past 5 years • Governance Remains an area of strength evidenced by ISS and MSCI rankings Diverse Board: 38% Female / 13% URG* Responsible and performance-driven compensation programs Effective Enterprise Risk Management (ERM) and Ethics & Compliance program frameworks Established an ESG/sustainability management and oversight framework Strong internal controls, accounting and audit practices crocs™ Note: URG represents underrepresented groups. CAYA represents "Come as You Are". WRAP represents Worldwide Responsible Accredited Production. 26#27NON-GAAP RECONCILIATION Non-GAAP cost of sales, gross profit, and gross margin reconciliation: Three Months Ended December 31, Year Ended December 31, Non-GAAP selling, general and administrative expenses reconciliation: Three Months Ended December 31, Year Ended December 31, 2020 2019 2020 2019 2020 2019 2020 2019 GAAP revenues $ 411,506 $ (in thousands) 262,979 $ 1,385,951 $ 1,230,593 GAAP revenues $ 411,506 $ (in thousands) 262,979 $ $ 1,385,951 1,230,593 GAAP cost of sales New distribution centers (1) COVID-19 inventory write-off (2) Other Total adjustments Non-GAAP cost of sales $ 182,422 (1,550) $ 136,741 (3,413) $ 636,003 (4,186) $ 613,537 (11,394) GAAP selling, general and administrative expenses Donations of inventory $ 164,453 $ 117,882 $ 535,824 $ 488,407 70 (9,900) (2,396) 84 (119) (1,550) $ 180,872 $ (3,329) 133,412 (6,701) $ 629,302 $ (91) (11,485) 602,052 COVID-19 severance costs COVID-19 impact of bad debt Other COVID-19 costs (2) (2,403) (1) expense 315 (4,118) (18) (845) Asset impairments (3) (21,071) (21,071) Duplicate headquarters rent (4) (154) (1,274) GAAP gross profit GAAP gross margin Non-GAAP gross profit Non-GAAP gross margin 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. $ 229,084 55.7 % $ 126,238 $ 48.0 % 749,948 54.1 % $ 617,056 Non-recurring expenses associated with cost 50.1% reduction initiatives in 2019 (584) (2,282) Offering fees (5) (589) (589) $ 230,634 56.0 % $ 129,567 $ 756,649 $ 628,541 Other (6) 8 49.3 % 54.6 % 51.1 % Total adjustments (20,850) (1,173) (2,125) (41,736) (2,871) (1) Represents expenses, including expansion costs, related to our distribution centers in Dayton, Ohio and Dordrecht, the Netherlands and 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% 39.79 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. crocs™ (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 severance costs, and various other immaterial items. -owned retail stores in Australia, employee (7) Non-GAAP selling, general and administrative expenses are presented gross of tax. 27#28NON-GAAP RECONCILIATION (cont'd) Non-GAAP income from operations and operating margin reconciliation: Three Months Ended December Non-GAAP income tax expense (benefit) and effective tax rate reconciliation: 31, Year Ended December 31, Three Months Ended December 31, Year Ended December 31, 2020 2019 2020 2019 2020 GAAP revenues $ 411,506 $ (in thousands) 262,979 2019 (in thousands) 2020 2019 $ 1,385,951 $ 1,230,593 GAAP income from operations $ GAAP income before income taxes 64,631 $ 63,423 206,979 8,356 $ 214,124 $ 128,649 6,220 119,322 GAAP income from operations $ Non-GAAP cost of sales adjustments (1) 64,631 1,550 $ 8,356 3,329 $ 214,124 $ 6,701 128,649 11,485 Non-GAAP selling, general and administrative expenses adjustments (2) 20,850 Non-GAAP income from operations $ 87,031 $ 1,173 12,858 $ 41,736 262,561 $ 2,871 143,005 Non-GAAP income from operations (1) GAAP non-operating income (expenses): Foreign currency gains (losses), net Interest income $ 87,031 $ 12,858 $ 262,561 $ 143,005 306 26 (430) 108 (1,128) 215 (1,323) 601 Interest expense (1,149) (1,893) GAAP operating margin 15.7% 3.2 % 15.4 % 10.5° Other income (expense), net Non-GAAP operating margin 21.1 % 4.9% 18.9% 11.6° Non-GAAP income before income taxes $ (391) 85,823 $ 79 10,722 $ (6,742) 510 255,416 $ 133,678 (8,636) 31 (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. GAAP income tax benefit Tax effect of non-GAAP operating adjustments Benefit of U.S. deferred tax assets previously subject to valuation allowance in 2019 $ (119,907) $ 6,014 (13,693) 1,126 $ (105,882) $ 12,123 (175) 3,589 14,655 14,655 Intra-entity IP transfer (2) Non-GAAP income tax expense $ 127,718 13,825 $ 127,718 2,088 $ 33,959 $ 18,069 GAAP effective income tax rate Non-GAAP effective income tax rate (189.1)% 16.1 % (220.1)% 19.5 % (51.2)% (0.1)º 13.3 % 13.59 crocs™ (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. 28#29NON-GAAP RECONCILIATION (cont'd) Non-GAAP earnings per share reconciliation: Three Months Ended Numerator: GAAP net income Non-GAAP cost of sales adjustments (1) Non-GAAP selling, general and administrative expenses adjustments (2) Non-GAAP other income adjustment (3) Tax effect of non-GAAP adjustments (4) Non-GAAP net income RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL GUIDANCE December 31, 2020 2019 Year Ended December 31, First Quarter 2021: 2020 2019 (in thousands, except per share data) Non-GAAP operating margin reconciliation: GAAP operating margin Non-GAAP adjustments associated with distribution center investments Non-GAAP operating margin $ 183,330 $ 1,550 19,913 $ 312,861 $ 3,329 6,701 119,497 11,485 20,850 1,173 41,736 2,871 Full Year 2021: (133,466) $ 72,264 $ (15,781) 8,634 $ (919) (139,841) 220,538 (18,244) $ 115,609 GAAP operating margin Approximately 16% to 17% 1% 17% to 18% Non-GAAP operating margin reconciliation: Non-GAAP adjustments associated with distribution center investments Non-GAAP operating margin Non-GAAP effective tax rate reconciliation: Non-GAAP adjustments associated with amortization of IP Non-GAAP effective tax rate Approximately 17% to 18% 1% 18% to 19% 25% (7)% to (9)% 16% to 18% 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 effective tax rate GAAP weighted average common shares outstanding - diluted 68,054 69,843 68,544 71,771 GAAP net income per common share: Basic Diluted $ $ 2.69 2.75 $ $ 0.29 $ 4.64 $ 1.70 0.29 $ 4.56 $ 1.66 Non-GAAP net income per common share: Basic $ Diluted $ 1.08 $ 1.06 $ 0.13 $ 0.12 $ 3.27 $ 1.64 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. crocs™ 29 29#30ШТА Frei T 9