Crocs Investor Presentation Deck
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APPENDIX
NON-GAAP RECONCILIATION (CONT'D)
Non-GAAP Income Tax Expense (Benefit) and Effective Tax Rate Reconciliation:
Year Ended
December 31,
GAAP income from operations
GAAP income before income taxes
Non-GAAP income from operations (1)
GAAP non-operating income (expenses):
Foreign currency loss, net
Interest income
Interest expense
Other income (loss), net
Non-GAAP income before income taxes
GAAP income tax expense (benefit)
Tax effect of non-GAAP operating adjustments
Impact of intra-entity IP transfers (2)
Non-GAAP income tax expense
GAAP effective tax rate
Non-GAAP effective tax rate
Three Months Ended December
31,
2022
220,052
175,569
245,790
4,343
801
(49,801)
174
$ 201,307 $
37,834 $
4,629
(6,737)
35,726
21.5 %
17.7%
$
2021
(in thousands)
159,988
152,959
168,055
(56)
62
(8,817)
1,782
161,026 $
(1,894) $
439
33,076
31,621
(1.2)%
19.6 %
2022
$
850,756
718,508
986,332
3,228
1,020
(136,158)
(338)
854,084
$
24.8 %
20.7 %
$
178,349 $
23,418
(25,011)
176,756 $
2021
683,064
663,849
695,262
(140)
775
(21,647)
1,797
676,047
(61,845)
1,477
206,579
146,211
(9.3)%
21.6%
(1) See 'Non-GAAP income from operations and operating margin reconciliation' above for more details.
(2) In the fourth quarter of 2020, and subsequently in the fourth quarter of 2021, 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 transfers resulted in a step-up in the tax basis of intellectual property rights and correlated increases in foreign deferred tax assets
based on the fair value of the transferred intellectual property rights. This adjustment represents the current period impact of these transfers. The prior year adjustment also includes the release of the
valuation allowance as a result of a tax law change.
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