Crocs Investor Presentation Deck
NON-GAAP RECONCILIATION
Non-GAAP cost of sales and gross margin reconciliation:
GAAP revenues
GAAP cost of sales
New distribution centers (1)
Other
Total adjustments
Non-GAAP cost of sales
GAAP gross margin
GAAP gross margin as a percent of revenues
$
crocs™
$
$
$
Three Months Ended
December 31,
$
2019
262,979 $
136,741
(3,413)
84
(3,329)
133,412 $
$
126,238 $
48.0%
2018
(in thousands)
215,989 $
129,567 $
116,167
$
116,167 $
99,822 $
46.2%
Year Ended
December 31,
2019
99,822 $
1,230,593 $
Non-GAAP gross margin
Non-GAAP gross margin as a percent of revenues
49.3%
46.2%
51.1%
(1) Primarily represents expenses related to our new distribution centers in Dayton, Ohio and Dordrecht, the Netherlands.
617,056 $
613,537 $
(11,394)
(91)
(11,485)
602,052 $ 528,051
50.1%
2018
628,541 $
1,088,205
528,051
560,154
51.5%
560,154
51.5%
Non-GAAP selling, general and administrative expenses reconciliation:
GAAP revenues
(4) $
GAAP selling, general and administrative expenses
Closure of manufacturing and distribution facilities
(1)
Non-recurring expenses associated with cost
reduction initiatives (2)
Accelerated depreciation of assets (3)
Offering fees (4)
Total adjustments
Non-GAAP selling, general and administrative
expenses (5)
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
December 31,
2019
262,979
117,882
(584)
$
44.8%
$
(589)
(1,173)
116,709 $
113,759
2018
(in thousands)
215,989 $ 1,230,593 $ 1,088,205
(741)
(2,509)
(1,306)
(4,556)
109,203 $
52.7%
$
Year Ended
December 31,
2018
50.6%
2019
488,407
(2,282)
$
(589)
(2,871)
485,536 $
39.7%
497,210
(13,712)
(6,082)
(1,306)
(21,100)
476,110
45.7%
44.4%
39.5%
(1) Represents non-recurring expenses associated with the 2018 closures of Mexico and Italy manufacturing and distribution facilities.
(2) Represents non-recurring expenses associated with cost reduction initiatives in 2019 and our SG&A reduction plan in 2018.
(3) Represents non-recurring expenses related to the relocation of the Crocs corporate headquarters planned for March 2020.
(4) Represents fees associated with the November 4, 2019 underwritten public offering, in which certain investment funds affiliated with The
Blackstone Group Inc. sold 6.9 million shares of the Company's stock to Morgan Stanley & Co. LLC. The Company did not receive any
proceeds from this sale.
(5) Non-GAAP selling, general and administrative expenses are presented gross of tax.
43.8%
24View entire presentation