#1crocs CREATING A LEADER IN GLOBAL CASUAL FOOTWEAR JANUARY 2022#2FORWARD LOOKING STATEMENTS This document includes estimates, projections, and statements relating to our plans, commitments, objectives, and expectations 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 the anticipated consummation of the acquisition of HEYDUDE and the timing and benefits thereof, Crocs' strategy, plans, objectives, expectations (financial or otherwise) and intentions, future financial results and growth potential, anticipated product portfolio and our ability to create and deliver shareholder value. 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: risks related to Crocs' ability to complete the transaction on the proposed terms and schedule or at all; whether the closing conditions will be satisfied; the failure (or delay) to receive the required regulatory approvals relating to the transaction; risks associated with acquisitions, such as the risk that the businesses will not be integrated successfully, that such integration may be more difficult, time-consuming or costly than expected or that the expected benefits of the transaction will not occur; risks related to future opportunities and plans for HEYDUDE and its products, including uncertainty of the expected financial performance of HEYDUDE and its products; disruption from the proposed transaction, making it more difficult to conduct business as usual or maintain relationships with customers, employees or suppliers; the occurrence of any event, change or other circumstance that could give rise to the termination of the acquisition agreement; the possibility that if Crocs does not achieve the perceived benefits of the proposed transaction as rapidly or to the extent anticipated by financial analysts or investors, the market price of Crocs' shares could decline; 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, except as required by applicable law. crocs™ 2#3BUSINESS UPDATE ANDREW REES, CHIEF EXECUTIVE OFFICER A BRAU MO $#4● ● ● CROCS HAD AN INCREDIBLE 2021 Crocs had an amazing year in 2021E* ~67% Revenue growth to $2.3B* Best-in-class non-GAAP operating margins of nearly 30% ▬▬▬▬▬▬▬▬ - $1B of share repurchase Fully committed to grow Crocs Brand revenues to $5B+ by 2026 HEYDUDE adds a second high growth, highly profitable brand 397 HEYDUDE is expected to be immediately accretive to revenue, operating margins and EPS crocs™ C Together, the Crocs and HEYDUDE brands are expected to generate significant cash flow * FY 2021E reflects estimated actuals for revenues and non-GAAP operating margin. Non-GAAP operating margin expected to be nearly 30%. Full 2021 financial results to be announced in February 2022. See reconciliation to GAAP equivalents in Appendix.#5INDUSTRY-LEADING GROWTH, OPERATING MARGINS & RETURNS ~67% -30% 2021E Revenue Growth* crocs™ 2021E non-GAAP Operating Margin* ICONIC $1B to Topy 2021 Share Repurchase * FY 2021E reflects estimated actuals for revenues and non-GAAP operating margin. Non-GAAP operating margin expected to be nearly 30%. See reconciliation to GAAP equivalents in Appendix 5#6crocs™ CROCS BRAND AMBITION UNCHANGED $5B+ ~$2.3B 2021E* 17%+ CAGR * Reflects Crocs Brand revenues, excluding HEYDUDE. FY 2021E reflects estimated actuals. 2026E* 6#7crocs™ X-ING LIVE NOW CROCS GROWTH FRAMEWORK ♥♥GE OMG WHERE ARE U?!?? DIGITAL 287 VIEWERS SANDALS SOLO 1 FR 298 299 ASIA GREEN COMES IN EVERY COLOR PRODUCT & MARKETING INNOVATION 7#8● ● ● HEYDUDE WILL ADD ANOTHER HIGH GROWTH, HIGHLY PROFITABLE BRAND Creates a global, scaled leader in branded casual footwear Combines two fast-growing footwear brands and more than quadruples total addressable market to more than $160B* Diversifies product portfolio from single-brand to multi-brand Builds upon Crocs' already high digital penetration Ideal fit with Crocs and long-term consumer trends Opportunity to leverage Crocs' proven global playbook (e.g., global presence, marketing expertise, wholesale relationships) Expected to be accretive to Crocs' industry-leading growth and non-GAAP operating margins; also expected to be immediately accretive to EPS Building HEYDUDE to become a $1B+ brand by 2024 crocs™ TAM represents total addressable market. Casual footwear TAM based on management estimates. 8#9($ in bn) 8.0 6.0 4.0 2.0 0.0 CREATES GLOBAL, SCALED LEADER IN BRANDED CASUAL FOOTWEAR Full Year Pro Forma 2022E Revenue* crocs™ LI crocs™ + HEYDUDEⓇ Skechers Deckers Wolverine crocs Steve Madden Dr. Martens HEYDUDEⓇ * FactSet consensus estimates for competitors as of 1/6/2022. Crocs based on ~$2.3B 2021E revenues and guidance of 20%+ 2022 revenue growth. HEYDUDE based on midpoint of Crocs estimate for full year pro forma 2022E revenue of $700M to $750M. Allbirds 9#10crocs™ ney ADDS FAST-GROWING, SCALE BRAND IN CASUAL FOOTWEAR Significant Positions in ~$305B Casual Footwear Market comer Clogs ~$8B* * Total addressable market sizes based on management estimates. Casual ~$125B* 3 Sandals ~$30B* 10#11DIVERSIFIES PRODUCT PORTFOLIO FROM SINGLE-BRAND TO MULTI-BRAND Sandal 14% crocs™ Jibbitz 7% Other 5% crocs™ Clog 74% Full Year Pro Forma 2021E Other Sandal 11% Casual Footwear 20% Crocs reflects 2021E revenues by product category. HEYDUDE assumes all of 2021E revenue of $580M is casual footwear. Jibbitz 4% 6% crocs HEYDUDEⓇ TM Clog 59% 11#12crocs™ BUILDS UPON CROCS' ALREADY HIGH DIGITAL PENETRATION * crocs™ Digital 37% HEYDUDE Crocs PF 2021 reflects Crocs and HEYDUDE 2021E revenues and digital penetration. Ⓡ Digital 48% Full Year Pro Forma 2021E crocs™ + HEYDUDEⓇ Digital 39% 12#13crocs™ IDEAL FIT WITH CROCS AND LONG-TERM CONSUMER TRENDS CASUALIZATION COMFORT-LED FUNCTIONALITY SUSTAINABILITY F düd dua Versatile silhouette with many wearing occasions 1.2 PERSONALIZATION 13#14HEYDUDE'S RAPID REVENUE GROWTH SINCE 2018* 2017: HEYDUDE begins selling on Amazon 2018: Wendy style begins selling 2019: Secures significant distribution partnerships (e.g., The Buckle, Journeys, Shoe Show) 2020-2021: Continued penetration of new and existing accounts crocs™ YOY Growth $20 2018 $56 * Reflects HEYDUDE Brand unaudited revenues presented in millions. FY 2021E reflects estimated actuals. 2019 +180% $191 2020 +239% $580 2021E +204% 14#15crocs™ OPPORTUNITY TO LEVERAGE CROCS' PROVEN GLOBAL PLAYBOOK GLOBAL FOOTPRINT <5%/31% HEYDUDE vs. Crocs International Revenues* MARKETING EXPERTISE WHOLESALE RELATIONSHIPS -20%/92% 30% HEYDUDE vs. Crocs Brand Awareness** * Based on Crocs 2021E and HEYDUDE LTM 10/31/2021. Crocs international reflects Asia and EMEA regions. ** Brand awareness based on management research. HEYDUDE Account Overlap with Crocs Top 20 B&M WHL 15#16● ● ● BUILDING HEYDUDE TO $1BN+ BY 2024 crocs™ Invest in industry-leading marketing to build brand awareness Enhance digital capabilities to further accelerate digital Leverage Crocs strong wholesale relationships to enhance distribution Leverage Crocs distribution for global growth Invest to scale supply chain and gain efficiencies Test selective retail footprint for enhanced brand awareness 16#17NEW AMBITION OF $6B+ REVENUES* ~$2.3B crocs™ 2021E* $5B+ 2026E crocs™ ~$0.6B 2021E* $1B+ 2024E HEYDUDEⓇ ~$2.9B PF 2021E* $6B+ 2026E Crocs, Inc. * Reflects long-term revenues expectation for 2026E. FY 2021E reflects estimated actuals for Crocs and HEYDUDE. Crocs, Inc. full year pro forma 2021E is as if it had owned HEYDUDE for full year 2021. 17#18VALUE CREATION ROADMAP ANNE MEHLMAN, EVP & CHIEF FINANCIAL OFFICER A BRAU M $#19HK D 5 crocs™ 館 YOY Growth 8 ROBUST CROCS BRAND REVENUE GROWTH* 居酒屋 F $1.0 2017 (1.2%) DE 6F さん ろばた割烹 居酒屋本牌 $1.1 2018 +6.3% PEN Reflects Crocs Brand revenues presented in billions. FY 2021E reflects estimated actuals. $1.2 2019 +13.1% Wevent #nin $1.4 2020 +12.6% -$2.3 2021E -67% 24 19#20BROAD-BASED STRENGTH IN 2021E* Revenue Growth* crocs™ -86% Americas -46% EMEA *Reflects Crocs Brand revenues. FY 2021E reflects estimated actuals. -26% Asia 45% 4Q 2021E DTC Comparable Sales Growth* 37% 2021E Digital Penetration* 20#21crocs™ INDUSTRY-LEADING PROFITABILITY ~30% 2021E Non-GAAP Operating Margin* * Non-GAAP operating margin expected to be nearly 30% for 2021E. Please refer to appendix for reconciliation. 21#22crocs™ SIGNIFICANT SHAREHOLDER RETURNS 2021 Total Share Repurchase $1B 2021 Shares Repurchased 8.2M As of December 31, 2021, Crocs, Inc. had 58,329,856 shares of its common stock, par value $0.001 per share, outstanding. Pursuant to our Securities Purchase Agreement for HEYDUDE, we will issue 2,852,280 shares upon transaction close. 22#23crocs™ HEYDUDE ADDS A SECOND HIGH GROWTH, HIGHLY PROFITABLE BRAND Revenues Revenue Growth Non-GAAP Operating Margin * 9/30 LTM $467M 100%+ ~40% PF FY22E $700-750M 21 - 29% -26% Long Term* Long term for HEYDUDE for PF 2022E through 2024E. Please refer to Appendix for definitions and Non-GAAP reconciliations. $1B+ 20%+ We intend to invest to build HEYDUDE to $1B+ by 2024 26%+ 23#24crocs™ HEYDUDE ACCRETIVE IS EXPECTED TO BE TO CROCS' INDUSTRY- LEADING GROWTH & MARGINS Long-Term Revenue Growth* Long-Term non-GAAP Operating Margin* crocs™ 17%+ -26%+ HEYDUDE 20%+ -26%+ Attractive acquisition multiple of 13x Expected to be immediately accretive to Crocs EPS Ⓡ Acquisition multiple assumes LTM EBITDA of $193M as of September 30, 2021. The multiple is also 13x assuming the midpoint of FY22E HEYDUDE Revenues ($725M) and -26.5% EBITDA margin, which equates to $192M of 2022E EBITDA. Crocs long-term guidance provided here is on a pre-acquisition standalone basis. Long term for Crocs defined as expectation for 2022E through 2026E and for HEYDUDE for PF 2021E through 2024E. Please refer to Appendix for definitions and Non-GAAP reconciliations. 24#25crocs™ STRONG REVENUE OUTLOOK crocs™ HEYDUDEⓇ Pro Forma Crocs Company $ ~$2.8B FY22E $700-750M -$3.5B Growth 20%+ 21 - 29% 20 - 22% Long Term* $5B+ $1B+ $6B+ Crocs FY22E assumes 2021E Revenues of ~$2.3B grow by 20% during 2022E. Crocs long-term guidance provided here is on a pre-acquisition standalone basis. Long term for Crocs and Pro Forma Crocs Company defined as 2026E and for HEYDUDE defined as 2024E. Please refer to Appendix for definitions and Non-GAAP reconciliations. 25#26● 2022 TIMING CONSIDERATIONS HEYDUDE acquisition is expected to close in the second half of Q1 2022, subject to regulatory approval and customary closing conditions HEYDUDE financials will be included after close (i.e, ~10 months of 2022) and reported separately for transparency For the Crocs brand, the effect of Vietnam factory closures on revenues and elevated air freight expense should have the largest impact in Q1 Despite the Q1 impact, the Crocs brand revenues will not be significantly back-half weighted The Crocs brand will continue to benefit from 2021 pricing actions in H1 2022 crocs™ 26#27SIGNIFICANT CASH FLOW GENERATION FUELS RAPID DEBT REPAYMENT Net Debt / Adjusted EBITDA crocs™ 0.8x YE 2021E 2.9x PF YE 2021E for HEYDUDE ≤2.0x PF YE 2023E* Assumes excess free cash flow used to repay borrowings. Net Debt / EBITDA calculated as: (Total Debt - Cash and Cash Equivalents) / TTM Adjusted EBITDA. 27#28crocs™ SIGNIFICANT VALUE CREATION FROM BOTH BRANDS High Revenue Growth Industry Leading Profitability Exceptional Cash Flow Generation 28#29crocs™ APPENDIX 90 29#30Purchase Price (1) Valuation Multiple HEYDUDE Revenue Closing Financing Leverage Accretion HEYDUDE TRANSACTION OVERVIEW crocs™ $2.5 billion 13x Enterprise Value / LTM EBITDA as of 9/30 ~$580M Revenue for 2021E 1Q 2022, subject to customary closing conditions and regulatory approval Expected acquisition financing of: $2.0B Term Loan B $450M Crocs shares to be issued to the seller(²) $50M RCF draw ● ● ● ~3x Net Debt / PF 2021E EBITDA Commitment to use excess free cash flow for debt repayment No share repurchase in 2022 and until gross leverage is <2.0x Immediately accretive to Crocs earnings (3) Expect ~$700-$750M of PF 2022 revenue for HEYDUDE 1. Subject to customary closing adjustments 2. Plan to issue 2,852,280 shares based on the average of the daily volume-weighted average price of our stock for the 20 days immediately prior to signing. 3. Expected immediate accretion to earnings includes no synergy or integration cost assumptions between Crocs and HEYDUDE. 30#31DEFINITIONS AND NON-GAAP RECONCILIATIONS Non-GAAP Operating Margin: (GAAP income from operations adjusted for non-recurring items) / (GAAP revenues) Reconciliation of GAAP to Non-GAAP Financial Guidance: Full Year 2021E Non-GAAP operating margin reconciliation: GAAP operating margin Non-GAAP adjustments associated with distribution center investments & HEYDUDE acquisition Non-GAAP operating margin Approximately: 29% 1% 30% Our guidance for "Non-GAAP Operating Margin" is a non-GAAP financial measure that excludes or otherwise has been adjusted for special items from our U.S. GAAP financial statements, such as inventory write-offs, duplicate rent costs, bad debt expense, and the HEYDUDE acquisition. We consider these items to be necessary adjustments for purposes of evaluating our ongoing business performance and are often considered non-recurring. Such adjustments are subjective and involve significant management judgment. We are unable to reconcile Crocs 2022E through 2026E and HEYDUDE 2022E through 2024E non-GAAP operating margin guidance measures to their nearest U.S. GAAP measures without unreasonable efforts because we are unable to predict with a reasonable degree of certainty the actual impact of the special and other non-core items. By their very nature, special and other non-core items are difficult to anticipate with precision because they are generally associated with unexpected and unplanned events that impact our company and its financial results. Therefore, we are unable to provide a reconciliation of these measures. crocs™ 31#32S crocs 65