FULL YEAR 2020 FINANCIAL GUIDANCE
NON-GAAP RECONCILIATION (CONT'D)
Non-GAAP earnings per share reconciliation: (1)
Three Months Ended
Numerator:
December 31,
2019
2018
Year Ended
December 31,
2019
2018
(in thousands, except per share data)
Three Months Ended
December 31,
2019
Year Ended
December 31,
2019
2018
2018
(in thousands, except per share data)
GAAP net income (loss) attributable to common
stockholders
$
Preferred share dividends and dividend equivalents (2)
19,913 $ (118,685) $
107,799
119,497 $
(69,216)
119,653
GAAP net income (loss) per common share:
Basic
$
Diluted
$
0.29 $
0.29 $
(1.72) $
(1.72) $
1.70 $
1.66 $
(1.01)
(1.01)
Non-GAAP cost of sales adjustments (3)
3,329
11,485
Non-GAAP selling, general and administrative
expenses adjustments (4)
Pro forma interest (5)
Non-GAAP net income (loss) per common share:
1,173
4,556
(1,407)
2,871
21,100
(5,628)
Basic (11)
$
0.13 $
(0.10) $
1.64 $
0.88
Diluted (12)
$
0.12 $
(0.10) $
1.61 $
0.86
Non-GAAP income tax adjustment (6)
(15,781)
(18,244)
Non-GAAP net income (loss) attributable to common
stockholders
$
8,634 $
(7,737) $
115,609 $
65,909
Denominator:
GAAP weighted average common shares outstanding
- basic
68,441
69,010
70,357
68,421
Plus: GAAP dilutive effect of stock options and
unvested restricted stock units in both periods and
Series A Preferred in 2018
1,402
1,414
GAAP weighted average common shares outstanding
- diluted
69,843
69,010
71,771
68,421
GAAP weighted average common shares outstanding
- basic
69,010
68,421
Non-GAAP weighted average converted common
shares outstanding adjustment (7)
4,723
6,349
Non-GAAP weighted average common shares
outstanding basic (8)
73,733
74,770
Plus: dilutive effect of stock options and unvested
restricted stock units (9)
1,936
Non-GAAP weighted average common shares
outstanding diluted (10)
73,733
76,706
crocs™
(1) 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").
(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.
(3) See 'Non-GAAP cost of sales and gross margin reconciliation' above for more information.
(4) See 'Non-GAAP selling, general and administrative expenses reconciliation' above for more information.
(5) Pro forma interest for the three months and year ended December 31, 2018 assumes borrowings of $120.0 million on were outstan ding for
all of 2018 at a rate of 4.69% to partially finance the Conversion. Calculation assumes no repayments and no financing fees.
(6) See 'Non-GAAP income tax expense (benefit) and effective tax rate reconciliation' above for more information.
(7) Adjustment represents the incremental increase in weighted average common shares outstanding for the three months and year en ded
December 31, 2018 resulting from the Conversion.
(8) Non-GAAP weighted average common shares outstanding - basic for the three months and year ended December 31, 2018 assumes the
Conversion.
(9) Adjustment reflects the dilutive impact of stock options and restricted stock units for the three months and year ended December 31, 2018.
(10) Non-GAAP weighted average common shares outstanding - diluted for the three months and year ended December 31, 2018 assumes the
Conversion.
(11) 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.
(12) Non-GAAP net income (loss) per common share - diluted 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.
26
46View entire presentation