Crocs Investor Presentation Deck
NON-GAAP RECONCILIATION (cont'd)
Non-GAAP income tax expense (benefit) and effective tax rate reconciliation:
GAAP income from operations
GAAP income before income taxes
Non-GAAP income from operations (1)
GAAP non-operating income (expenses):
Foreign currency losses, net
Interest income
Interest expense
Other income, net
Non-GAAP income before income taxes
GAAP income tax expense
Tax effect of non-GAAP operating adjustments
Impact of 2020 intra-entity IP transfer (2)
Non-GAAP income tax expense
GAAP effective income tax rate
Non-GAAP effective income tax rate
crocs™
Three Months Ended June 30,
2021
2020
195,322
190,566
196,437
(117)
71
(4,712)
2
191,681
(128,388)
279
175,411
47,302
(67.4)%
24.7 %
$
(in thousands)
56,595 $
54,694
73,813 $
(687)
49
(2,170)
907
71,912
(1,857)
4,075
2,218
(3.4)%
3.1 %
Six Months Ended June 30,
2021
320,008
313,154
322,108
(621)
98
(6,344)
13
315,254
(104,198)
528
175,059
71,389
(33.3)%
22.6 %
2020
77,407
73,472
100, 165
(918)
146
(4,091)
928
96,230
5,830
5,460
11,290
(1) See 'Non-GAAP income from operations and operating margin reconciliation' above for more details.
(2) In the fourth quarter of 2020, we made changes to our international legal structure, including an intra-entity transfer of certain intellectual property rights, primarily to align with current
and future international operations. The transfer resulted in a step-up in the tax basis of intellectual property rights and a correlated increase in foreign deferred tax assets based on
the fair value of the transferred intellectual property rights. This adjustment represents the current period impact of this transfer, including the release of the valuation allowance as a
result of a tax law change.
7.9 %
11.7%
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