Crocs Investor Presentation Deck
Q3 2020 NON-GAAP RECONCILIATION
Non-GAAP cost of sales, gross profit, and gross margin reconciliation:
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
Three Months Ended September 30, Nine Months Ended September 30,
2020
2019
2020
2019
crocs™
$
$
$
$
$
361,736
154,967
(897)
(119)
(1,016)
153,951
$
207,785
57.4%
$
206,769 $
57.2%
$
(in thousands)
312,766 $
148,942
(3,678)
(42)
(3,720)
145,222
$
167,544
53.6%
$
163,824 $
52.4 %
$
974,445 $
453,581
(2,636)
(2,396)
(119)
(5,151)
448,430 $
$
520,864 $
53.5%
526,015 $
54.0%
967,614
476,796
(7,981)
(175)
(8,156)
468,640
490,818
50.79
498,974
(1) Represents 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.
51.69
Non-GAAP selling, general and administrative expenses reconciliation:
GAAP revenues
GAAP selling, general and administrative
expenses
Donations of inventory
COVID-19 severance costs
COVID-19 impact of bad debt expense
Other COVID-19 costs (2)
Duplicate headquarters rent (3)
Non-recurring expenses associated with
cost reduction initiatives in 2019
Other (4)
Total adjustments
Non-GAAP selling, general and
administrative expenses (5)
(1)
GAAP selling, general and administrative
expenses as a percent of revenues
Non-GAAP selling, general and
administrative expenses as a percent of
revenues
Three Months Ended September 30, Nine Months Ended September 30.
2020
2019
2020
2019
$
$
$
361,736 $
134,683
(50)
48
(183)
(426)
(1,652)
(2,263)
132,420
37.2 %
$
$
(in thousands)
312,766 $
123,940
| | | | ||
(809)
(809)
123,131
39.6%
$
$
974,445 $
371,371
(9,970)
(2,403)
(4,433)
(827)
(1,120)
(2,133)
(20,886)
350,485
38.1 %
$
$
967,614
370,525
(1,698)
(1,698)
368,827
38.3
38.1
36.6%
39.4%
36.0 %
(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) Represents non-recoverable duties, non-recurring costs related to the closure of company-owned retail stores in Australia, employee
severance costs, and various other immaterial items.
(5) Non-GAAP selling, general and administrative expenses are presented gross of tax.
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