Significant Long-Term Growth Potential in Sandals
NON-GAAP RECONCILIATION (cont'd)
Non-GAAP income from operations and operating margin reconciliation:
Non-GAAP earnings per share reconciliation:
2020
Three Months Ended March 31,
2019
2020
GAAP revenues
GAAP income from operations
$
(in thousands)
281,160 $
295,949
Three Months Ended March 31,
2019
(in thousands, except per share
data)
Numerator:
20,812 $
Non-GAAP cost of sales adjustments (1)
927
32,578
1,275
GAAP net income
$
11,091 $
24,710
Non-GAAP selling, general and administrative expenses adjustments (2)
4,613
685
Non-GAAP income from operations
$
26,352 $
34,538
Non-GAAP cost of sales adjustments
Non-GAAP selling, general and administrative expenses adjustments
Tax effect of non-GAAP operating adjustments
(1)
927
1,275
(2)
4,613
685
(3)
(1,385)
Non-GAAP net income
S
15,246 $
26,670
GAAP operating margin
7.4%
11.0%
Denominator:
Non-GAAP operating margin
9.4%
11.7%
GAAP weighted average common shares outstanding - basic
67,931
73,009
(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 reconciliation' above for more details.
Plus: GAAP dilutive effect of stock options and unvested restricted stock units
GAAP weighted average common shares outstanding - diluted
1,287
1,866
69,218
74,875
GAAP net income per common share:
Basic
Diluted
0.16 $
0.34
$
0.16
$
0.33
Non-GAAP net income per common share:
Basic
$
0.22 $
0.37
Diluted
$
0.22 $
0.36
(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)
crocs™
In the three months ended March 31, 2019, non-GAAP operating adjustments were in jurisdictions subject to a full valuation allowance,
and thus had no material net tax impact.
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