Crocs Mergers and Acquisitions Presentation Deck
DEFINITIONS AND NON-GAAP RECONCILIATIONS
Adjusted Operating Margin: (GAAP income from operations adjusted for non-recurring items) / (GAAP revenues)
Reconciliation of GAAP to Non-GAAP Financial Guidance:
Full Year 2021
(as provided on October 21, 2021)
Non-GAAP operating margin reconciliation:
GAAP operating margin
Non-GAAP adjustments associated with distribution center investments
Non-GAAP operating margin
Non-GAAP effective tax rate reconciliation:
GAAP effective tax rate
Non-GAAP adjustments associated with the 2020 intra-entity IP transfer
Non-GAAP effective tax rate
Full Year 2022
(as provided on October 21, 2021)
Non-GAAP operating margin reconciliation:
GAAP operating margin
Non-GAAP adjustments associated with air freight
Non-GAAP operating margin
Approximately:
27%
1%
28%
crocs™
(3)%
26%
23%
Approximately:
25%
3%
28%
Our guidance for "Adjusted 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. 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 2026E and HEYDUDE 2024E adjusted 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.
22View entire presentation