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 income (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 income tax rate
Non-GAAP effective income tax rate
crocs™
Three Months Ended December 31,
2021
2020
$ 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 %
$
$
(in thousands)
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 %
$
2021
Year Ended
December 31,
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%
2020
$ 214,124
206,979
$ 262,561
(1,128)
215
(6,742)
510
$ 255,416
$ (105,882)
12,123
127,718
33,959
$
(51.2)%
13.3%
(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, including the
release of the 2020 valuation allowance as a result of a tax law change.
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