Crocs Investor Presentation Deck
NON-GAAP RECONCILIATION
Non-GAAP cost of sales, gross profit, and gross margin reconciliation:
Three Months Ended June 30,
2020
2019
GAAP revenues
GAAP cost of sales
New distribution centers (1)
COVID-19 inventory write-off (2)
Other
Total adjustments
Non-GAAP cost of sales
GAAP gross profit
GAAP gross margin
Non-GAAP gross profit
Non-GAAP gross margin
$
crocs™
$
$
$
331,549 $
$
151,616 $
(812) $
(2,396)
(3,208)
148,408
$
179,933 $
54.3 %
183,141
$
(in thousands)
358,899
169,520
(3,138)
(23)
(3,161)
166,359
189,379
52.8%
192,540
$
53.6%
$
$
Six Months Ended June 30,
2020
2019
$
612,709
298,614
(1,739)
(2,396)
(4,135)
294,479
$
318,230 $
51.9%
55.2%
(1) Represents non-recurring expenses, including expansion costs, related to our distribution centers in Dayton, Ohio and Dordrecht, the
Netherlands.
(2) Represents an inventory write-off in our Asia Pacific segment associated with the impact of COVID-19.
$
314,095 $
51.3%
654,848
327,854
(4,303)
(133)
(4,436)
323,418
326,994
49.9%
331,430
50.6%
Non-GAAP selling, general and administrative expenses reconciliation:
Three Months Ended June 30,
2020
2019
GAAP revenues
GAAP selling, general and administrative
expenses
Donations of inventory
COVID-19 severance costs
(2)
COVID-19 impact of bad debt
Other COVID-19 costs
Duplicate headquarters rent (³)
Non-recurring expenses associated
with cost reduction initiatives in
Other
Total adjustments
Non-GAAP selling, general and
administrative expenses (4)
GAAP selling, general and administrative
expenses as a percent of revenues
Non-GAAP selling, general and
administrative expenses as a percent of
revenues
$
$
331,549 $
123,338
(8,218)
(2,403)
(1,708)
(644)
(487)
(550)
(14,010)
109,328
37.2%
$
$
(in thousands)
358,899 $
141,548 $
|||||||
(204)
(204)
141,344
39.4%
Six Months Ended June 30,
2020
2019
$
612,709
236,688
(9,920)
(2,403)
(4,481)
(644)
(694)
(481)
(18,623)
$
38.6%
$
218,065 $
654,848
246,585
(889)
(889)
245,696
37.7%
33.0%
39.4%
35.6%
37.5%
(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.
(3) 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 in Niwot, Colorado.
(4) Non-GAAP selling, general and administrative expenses are presented gross of tax.
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