Crocs Investor Presentation Deck
NON-GAAP RECONCILIATION (cont'd)
Reconciliation of GAAP to Non-GAAP Financial Guidance
Full Year 2021:
Non-GAAP operating margin reconciliation:
GAAP operating margin
Non-GAAP adjustments associated with distribution center investments
Non-GAAP operating margin
Non-GAAP effective tax rate reconciliation:
GAAP effective tax rate
Non-GAAP adjustments associated with the 2020 intra-entity IP transfer
Non-GAAP effective tax rate
Full Year 2022:
Non-GAAP operating margin reconciliation:
GAAP operating margin
Non-GAAP adjustments associated with air freight
Non-GAAP operating margin
Approximately:
27%
1%
28%
(3)%
26%
23%
Approximately:
25%
3%
28%
Our guidance for "Adjusted Operating Margin" and "Non-GAAP Tax Rate" are non-GAAP financial measures that exclude or otherwise have been adjusted for special items from our U.S. GAAP financial statements, such as inventory write-offs,
duplicate rent costs, bad debt expense. We consider these items to be necessary adjustments for purposes of evaluating our ongoing business performance and are often considered non-recurring. Such adjustments are subjective and involve
significant management judgment. We are unable to reconcile the above described 2026E guidance measures to their nearest U.S. GAAP measures without unreasonable efforts because we are unable to predict with a reasonable degree of
certainty the actual impact of the special and other non-core items. By their very nature, special and other non-core items are difficult to anticipate with precision because they are generally associated with unexpected and unplanned events that
impact our company and its financial results. Therefore, we are unable to provide a reconciliation of these measures.
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