Crocs Results Presentation Deck
Appendix
Non-GAAP Reconciliation (Cont'd)
Non-GAAP Income Tax Expense (Benefit) and Effective Tax Rate Reconciliation:
Three Months Ended March 31,
2023
2022
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 expense, net
Non-GAAP income before income taxes
GAAP income tax expense
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
(in thousands)
234,928
191,766
247,041
(403)
171
(42,637)
(293)
203,879
42,223
3,070
(4,821)
40,472
22.0%
19.9%
118,677
99,060
175,463
480
102
(19,252)
(947)
155,846
26,300
7,622
(3,107)
30,815
26.5%
19.8%
(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. The prior year adjustment also includes the release of the
valuation allowance as a result of a tax law change.
CROCS inc
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