Global Business Update and Q3 Financial Results
NON-GAAP RECONCILIATION (cont'd)
Non-GAAP income from operations and operating margin reconciliation:
Non-GAAP earnings per share reconciliation:
Three Months Ended September 30,
2020
2019
Nine Months Ended September 30,
2020
2019
Three Months Ended September 30,
2020
2019
Nine Months Ended September 30,
2020
2019
GAAP revenues
$
361,736 $
(in thousands)
312,766 $
974,445
$
967,614
(in thousands, except per share data)
Numerator:
GAAP income from operations
GAAP net income
$
$
Non-GAAP cost of sales adjustments
(1)
72,086 $
1,016
39,884
3,720
$
149,493
5,151
$
120,293
8,156
Non-GAAP selling, general and
Non-GAAP cost of sales adjustments (¹)
Non-GAAP selling, general and
61,889
1,016
$
35,676 $
3,720
129,531 S
5,151
99,584
8,156
administrative expenses adjustments (2)
2,263
Non-GAAP income from operations
$
75,365
$
809
44,413
$
20,886
175,530
$
1,698
130,147
GAAP operating margin
Non-GAAP operating margin
19.9%
20.8 %
12.8%
15.3 %
12.49
administrative expenses adjustments (2)
Non-GAAP other income adjustment (3)
Tax effect of non-GAAP adjustments (4)
Non-GAAP net income
2,263
809
20,886
1,698
(919)
(649)
(6,109)
$
64,519
$
40,205
$
148,540
$
109,438
14.2 %
18.0 %
13.5%
Denominator:
GAAP weighted average common shares
(1) See 'Non-GAAP cost of sales, gross profit, and gross margin reconciliation' above for more details.
(2) See 'Non-GAAP selling, general and administrative expenses reconciliation' above for more details.
outstanding - basic
67,473
69,097
67,606
71,003
Plus: GAAP dilutive effect of stock options and
unvested restricted stock units
912
1,079
1,002
1,339
GAAP weighted average common shares
outstanding - diluted
68,385
70,176
68,608
72,342
GAAP net income per common share:
Basic
$
0.92
Diluted
$
0.91
$
$
0.52 $
0.51 $
1.92
$
1.40
1.89
$
1.38
Non-GAAP net income per common share:
Basic
$
0.96 $
Diluted
$
0.94 $
0.58 $
0.57 $
2.20 $
1.54
2.17
$
1.51
(1) See 'Non-GAAP cost of sales, gross profit, and gross margin reconciliation' above for more information.
(2) See 'Non-GAAP selling, general and administrative expenses reconciliation' above for more information.
(3) Represents a fair value adjustment associated with our donations of inventory.
crocs™
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(4) In the three months and nine months ended September 30, 2019, non-GAAP adjustments were in jurisdictions subject to a full valuation
allowance, and thus had no material net tax impact.View entire presentation