Crocs Investor Presentation Deck
NON-GAAP RECONCILIATION (cont'd)
Non-GAAP income from operations and operating margin reconciliation:
GAAP revenues
GAAP income from operations
Non-GAAP cost of sales adjustments (1)
Non-GAAP selling, general and administrative
expenses adjustments (2)
Non-GAAP income from operations
Three Months Ended December
31.
crocs™
$
$
$
2020
411,506
64,631 $
1,550
20,850
87,031
$
15.7%
21.1%
2019
8,356
3,329
GAAP operating margin
Non-GAAP operating margin
(1) See 'Non-GAAP cost of sales and gross margin reconciliation' above for more details.
(2) See 'Non-GAAP selling, general and administrative expenses reconciliation' above for more details.
1,173
$ 12,858
(in thousands)
262,979 $ 1,385,951 $ 1,230,593
3.2%
4.9%
$
Year Ended
December 31,
$
2020
214,124 $
6,701
41,736
262,561
2019
15.4%
18.9%
128,649
11,485
2,871
$ 143,005
10.5 9
11.6%
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 gains (losses), net
Interest income
Interest expense
Other income (expense), net
Non-GAAP income before income taxes
GAAP income tax benefit
Tax effect of non-GAAP operating adjustments
Benefit of U.S. deferred tax assets previously subject
to valuation allowance in 2019
Intra-entity IP transfer (2)
Non-GAAP income tax expense
GAAP effective income tax rate
Non-GAAP effective income tax rate
Three Months Ended December
31,
$
$
$
2020
64,631 $
63,423
87,031
306
26
(1,149)
(391)
85,823
(119,907)
6,014
127,718
13,825
(189.1)%
16.1%
$
$
$
$
2019
12,858
(in thousands)
8,356 $ 214,124 $
6,220
206,979
(430)
108
(1,893)
79
10,722
2,088
$
(13,693) $
1,126
14,655
(220.1)%
19.5%
Year Ended
December 31,
2019
2020
$
262,561
(1,128)
215
(6,742)
510
$ 255,416 $
(105,882)
12,123
127,718
33,959
$
(51.2)%
13.3%
$
$
128,649
119,322
143,005
(1,323)
601
(8,636)
31
133,678
(175)
3,589
14,655
18,069
(0.1)⁰
13.5 9
(¹) See 'Non-GAAP income from operations and operating margin reconciliation' above for more details.
(2) Represents 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 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.
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