Reiterates Full Year 2024 Revenue Growth of 3%
to 5%
BROOMFIELD, Colo., Feb. 15,
2024 /PRNewswire/ -- Crocs, Inc. (NASDAQ: CROX), a
world leader in innovative casual footwear for all, today announced
its fourth quarter and full year 2023 financial results.
"We delivered a record year for Crocs Inc. capped off by a
strong fourth quarter that exceeded expectations across all
metrics. Revenues of nearly $4
billion grew over 11% underpinned by industry-leading
operating margins and double-digit earnings per share growth. Crocs
Brand grew across all regions and channels, highlighting the power
of our strategy and disciplined execution. We made good progress in
the fourth quarter towards returning our HEYDUDE Brand to a
pull-market position resulting in improved gross margins and
healthy inventory levels exiting the year," said Andrew Rees, Chief Executive Officer. "We are
starting off 2024 from a position of strength and taking the
opportunity to reinvest into several key strategic areas as we
continue to lay the foundation for durable market share gains."
Amounts referred to as "Adjusted" or "Non-GAAP" are Non-GAAP
measures and include adjustments that are described under the
heading "Reconciliation of GAAP Measures to Non-GAAP Measures." A
reconciliation of these amounts to their GAAP counterparts are
contained in the schedules below.
Fourth Quarter 2023 Operating
Results
- Revenues were $960 million, an
increase of 1.6% from the same period last year, or 1.5% on a
constant currency basis. Direct-to-consumer ("DTC") revenues grew
6.8% and wholesale revenues contracted 4.6%. By brand, Crocs
revenues were $732 million, an
increase of 10.0% from the same period last year, or 9.9% on a
constant currency basis. HEYDUDE revenues were $228 million, a decrease of 18.5% from the same
period last year, or 18.7% on a constant currency basis.
- Gross margin was 55.3% compared to 52.5% in the prior year.
Adjusted gross margin improved 240 basis points to 55.7% compared
to 53.3% in the same period last year.
- Selling, general, and administrative expenses ("SG&A") of
$321 million increased from
$276 million in the same period last
year, and SG&A as a percent of revenues rose to 33.5% from
29.2% in prior year. Adjusted SG&A increased to 31.6% of
revenues versus 27.3% for the same period last year.
- Income from operations decreased 4.8% to $210 million and operating margin fell to 21.8%,
compared to 23.3% for the same period last year. Adjusted income
from operations fell 6.0% to $231
million and adjusted operating margin fell to 24.1% from
26.0%.
- Diluted earnings per share were $4.16 as compared to $2.20 for the same period last year due to an
increased tax benefit. Adjusted diluted earnings per share
decreased 2.6% to $2.58 compared to
$2.65 for the same period last
year.
- During the quarter $277 million
of debt was repaid, and we reduced gross leverage to 1.5x and net
leverage to 1.3x. We repurchased approximately 0.3 million shares
for $25 million at an average share
price of $86.34. At year end,
$875 million of share repurchase
authorization remained available for future repurchases.
2023 Operating Results
- Record revenues of nearly $4.0
billion increased 11.5%, or 12.0% on a constant currency
basis, over 2022.
- Gross margin of 55.8% increased 350 basis points compared to
52.3% last year. Adjusted gross margin of 56.5% rose 210 basis
points from last year.
- SG&A expenses of $1,173
million increased from $1,010
million last year and as a percent of revenues increased by
120 basis points to 29.6%. Adjusted SG&A increased to 28.7% of
revenues versus 26.7% last year.
- Income from operations increased 21.9% to $1,037 million from $851
million last year. Operating margin increased 230 basis
points to 26.2% from 23.9% compared to last year. Adjusted income
from operations increased 11.4% to $1,099
million and adjusted operating margin was flat at 27.7%
compared to last year.
- Diluted earnings per share increased 46.8% to $12.79 per share. Adjusted diluted earnings per
share increased 10.2% to $12.03,
which excludes the fourth-quarter tax benefit.
2023 Brand Summary
- Crocs Brand: Revenues increased 13.3%, or 14.0% on a
constant currency basis, to $3.0
billion. Wholesale revenues increased 8.4%, or 9.3% on a
constant currency basis. DTC revenues rose 18.5%, or 19.0% on a
constant currency basis.
- North America: Revenues of
$1.8 billion increased 8.1%, or 8.3%
on a constant currency basis.
- International: Revenues of $1.2
billion increased 21.7%, or 23.2% on a constant currency
basis.
- HEYDUDE Brand: Revenues increased 6.0% to $949 million. Wholesale revenues decreased 1.3%
and DTC revenues increased 18.9%. Including the period prior to the
acquisition in February 2022,
revenues contracted 3.7%.
Balance Sheet and Cash Flow
- Cash and cash equivalents were $149
million as of December 31,
2023, down from $192 million
as of December 31, 2022.
- Inventories decreased 18.3% to $385
million as of December 31,
2023 compared to $472 million
as of December 31, 2022.
- Cash provided by operating activities rose 54.3% to
$930 million during 2023 compared to
$603 million during 2022.
- Capital expenditures were $116
million during 2023 compared to $104
million during 2022.
- Borrowings as of December 31,
2023 were $1.66 billion,
compared to $2.32 billion as of
December 31, 2022, as we repaid
$666 million of debt in 2023. Our
liquidity position remains strong with $149
million in cash and cash equivalents and $570 million in available borrowing capacity as
of December 31, 2023.
Financial Outlook
First Quarter 2024
With respect to the first quarter of 2024, we expect:
- Revenues to be down 1.5% to up 0.5% compared to first quarter
2023
- Crocs Brand to grow 6% to 8% compared to first quarter
2023
- HEYDUDE Brand to contract 23% to 20% compared to first quarter
2023
- Adjusted operating margin of approximately 22%
- Adjusted diluted earnings per share of $2.15 to $2.25
Full Year 2024
With respect to 2024, we continue to expect:
- Revenue growth of 3% to 5% compared to 2023 at currency rates
as of December 31, 2023
- Revenues for the Crocs Brand to grow 4% to 6%
- Revenues for the HEYDUDE Brand flat to slightly up
- Adjusted operating margin of approximately 25%
- Non-GAAP adjustments of approximately $10 million primarily related to HEYDUDE's
distribution and logistics project, impacting cost of goods
sold
- Combined GAAP tax rate of approximately 21.5% and Non-GAAP
effective tax rate of approximately 18%
- Adjusted diluted earnings per share of $12.05 to $12.50.
Adjusted diluted earnings per share guidance does not assume any
impact from potential future share repurchases
- Capital expenditures of approximately $120 to $130
million
Segment Reporting Change
In the fourth quarter of 2023, to reflect changes in the way
management evaluates performance, makes operating decisions, and
allocates resources, we updated our reportable operating segments
to be (i) Crocs Brand and (ii) HEYDUDE Brand. Our 'North America,' 'Asia Pacific,' and 'EMEALA' segments as well
as revenues and expenses related to Crocs 'Brand corporate' have
been consolidated to the 'Crocs Brand.' Please refer to our Form
10-K for more detailed information.
Conference Call Information:
A conference call to discuss fourth quarter and full year 2023
results is scheduled for today, February 15, 2024, at
8:30 am ET. To receive conference
call details, please register at the Investor Relations section of
the Crocs website, investors.crocs.com. The webcast will also be
available live and on replay through February 15, 2025 at this
site.
About Crocs, Inc.:
Crocs, Inc. (Nasdaq: CROX), headquartered in Broomfield, Colorado, is a world leader in
innovative casual footwear for all, combining comfort and style
with a value that consumers know and love. The Company's brands
include Crocs and HEYDUDE, and its products are sold in more than
80 countries through wholesale and direct-to-consumer channels. For
more information on Crocs, Inc. visit investors.crocs.com. To learn
more about our brands, visit www.crocs.com or www.heydude.com.
Individuals can also visit
https://investors.crocs.com/news-and-events/ and follow both Crocs
and HEYDUDE on their social platforms.
Forward Looking Statements:
This press release includes estimates, projections, and
statements relating to our plans, commitments, objectives, and
expectations that are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995,
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended.
These statements include, but are not limited to, statements
regarding potential impacts to our business related to our supply
chain challenges, cost inflation, our financial condition, brand
and liquidity outlook, and expectations regarding our future
revenue, margins, non-GAAP adjustments, tax rate, earnings per
share, debt ratios and capital expenditures, share repurchases, the
acquisition of HEYDUDE and benefits thereof, our strategy, plans,
objectives, expectations (financial or otherwise) and intentions,
future financial results and growth potential, statements regarding
first quarter and full year 2024 financial outlook and future
profitability, cash flows, and brand strength, anticipated product
portfolio and our ability to deliver sustained, highly profitable
growth and create significant shareholder value. These statements
involve known and unknown risks, uncertainties, and other factors,
which may cause our actual results, performance, or achievements to
be materially different from any future results, performances, or
achievements expressed or implied by the forward-looking
statements. These risks and uncertainties include, but are not
limited to, the following: our expectations regarding supply chain
disruptions; cost inflation; current global financial conditions;
the effect of competition in our industry; our ability to
effectively manage our future growth or declines in revenues;
changing consumer preferences; our ability to maintain and expand
revenues and gross margin; our ability to accurately forecast
consumer demand for our products; our ability to successfully
implement our strategic plans; our ability to develop and sell new
products; our ability to obtain and protect intellectual property
rights; the effect of potential adverse currency exchange rate
fluctuations and other international operating risks; and other
factors described in our most recent Annual Report on Form 10-K
under the heading "Risk Factors" and our subsequent filings with
the Securities and Exchange Commission. Readers are encouraged to
review that section and all other disclosures appearing in our
filings with the Securities and Exchange Commission.
All information in this document speaks as of February 15,
2024. We do not undertake any obligation to update publicly any
forward-looking statements, whether as a result of the receipt of
new information, future events, or otherwise, except as required by
applicable law.
Category:Investors
|
CROCS, INC. AND
SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands,
except per share data)
|
|
|
Three Months
Ended
December 31,
|
|
Year
Ended
December
31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
Revenues
|
$ 960,097
|
|
$ 945,162
|
|
$
3,962,347
|
|
$
3,554,985
|
|
Cost of
sales
|
429,400
|
|
448,839
|
|
1,752,337
|
|
1,694,703
|
|
Gross
profit
|
530,697
|
|
496,323
|
|
2,210,010
|
|
1,860,282
|
|
Selling, general and
administrative expenses
|
321,183
|
|
276,271
|
|
1,173,227
|
|
1,009,526
|
|
Income from
operations
|
209,514
|
|
220,052
|
|
1,036,783
|
|
850,756
|
|
Foreign currency gains
(losses), net
|
382
|
|
4,343
|
|
(1,240)
|
|
3,228
|
|
Interest
income
|
1,181
|
|
801
|
|
2,406
|
|
1,020
|
|
Interest
expense
|
(36,444)
|
|
(49,801)
|
|
(161,351)
|
|
(136,158)
|
|
Other income
(expense), net
|
(774)
|
|
174
|
|
(326)
|
|
(338)
|
|
Income before income
taxes
|
173,859
|
|
175,569
|
|
876,272
|
|
718,508
|
|
Income tax expense
(benefit)
|
(79,727)
|
|
37,834
|
|
83,706
|
|
178,349
|
|
Net income
|
$ 253,586
|
|
$ 137,735
|
|
$ 792,566
|
|
$ 540,159
|
|
Net income per common
share:
|
|
|
|
|
|
|
|
|
Basic
|
$
4.19
|
|
$
2.23
|
|
$
12.91
|
|
$
8.82
|
|
Diluted
|
$
4.16
|
|
$
2.20
|
|
$
12.79
|
|
$
8.71
|
|
Weighted average common
shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
60,543
|
|
61,747
|
|
61,386
|
|
61,220
|
|
Diluted
|
60,977
|
|
62,501
|
|
61,952
|
|
62,006
|
|
|
|
|
|
|
|
|
|
Gross margin
|
55.3 %
|
|
52.5 %
|
|
55.8 %
|
|
52.3 %
|
|
Operating
margin
|
21.8 %
|
|
23.3 %
|
|
26.2 %
|
|
23.9 %
|
|
Selling, general and
administrative expenses as a
percentage of revenues
|
33.5 %
|
|
29.2 %
|
|
29.6 %
|
|
28.4 %
|
|
CROCS, INC. AND
SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(in thousands,
except share and par value amounts)
|
|
|
December
31,
|
|
2023
|
|
2022
|
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
149,288
|
|
$
191,629
|
|
Restricted cash —
current
|
2
|
|
2
|
|
Accounts receivable,
net of allowances of $27,591 and $24,493, respectively
|
305,747
|
|
295,594
|
|
Inventories
|
385,054
|
|
471,551
|
|
Income taxes
receivable
|
4,413
|
|
14,752
|
|
Other
receivables
|
21,071
|
|
18,842
|
|
Prepaid expenses and
other assets
|
45,129
|
|
33,605
|
|
Total current
assets
|
910,704
|
|
1,025,975
|
|
Property and equipment,
net
|
238,315
|
|
181,529
|
|
Intangible assets,
net
|
1,792,562
|
|
1,800,167
|
|
Goodwill
|
711,588
|
|
714,814
|
|
Deferred tax assets,
net
|
667,972
|
|
528,278
|
|
Restricted
cash
|
3,807
|
|
3,254
|
|
Right-of-use
assets
|
287,440
|
|
239,905
|
|
Other assets
|
31,446
|
|
7,875
|
|
Total
assets
|
$
4,643,834
|
|
$
4,501,797
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$
260,978
|
|
$
230,821
|
|
Accrued expenses and
other liabilities
|
285,771
|
|
239,424
|
|
Income taxes
payable
|
65,952
|
|
89,211
|
|
Current
borrowings
|
23,328
|
|
24,362
|
|
Current operating
lease liabilities
|
62,267
|
|
57,456
|
|
Total current
liabilities
|
698,296
|
|
641,274
|
|
Deferred tax
liabilities, net
|
12,912
|
|
302,030
|
|
Long-term income taxes
payable
|
565,171
|
|
224,837
|
|
Long-term
borrowings
|
1,640,996
|
|
2,298,027
|
|
Long-term operating
lease liabilities
|
269,769
|
|
215,119
|
|
Other
liabilities
|
2,767
|
|
2,579
|
|
Total
liabilities
|
3,189,911
|
|
3,683,866
|
|
Stockholders'
equity:
|
|
|
|
|
Common stock, par
value $0.001 per share, 110.1 million and 109.5 million issued,
60.5
million and 61.7 million shares outstanding,
respectively
|
110
|
|
110
|
|
Treasury stock, at
cost, 49.6 million and 47.7 million shares, respectively
|
(1,888,869)
|
|
(1,695,501)
|
|
Additional paid-in
capital
|
826,685
|
|
797,614
|
|
Retained
earnings
|
2,611,765
|
|
1,819,199
|
|
Accumulated other
comprehensive loss
|
(95,768)
|
|
(103,491)
|
|
Total stockholders'
equity
|
1,453,923
|
|
817,931
|
|
Total liabilities and
stockholders' equity
|
$
4,643,834
|
|
$
4,501,797
|
|
CROCS, INC. AND
SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in
thousands)
|
|
|
Year Ended December
31,
|
|
2023
|
|
2022
|
|
Cash flows from
operating activities:
|
|
|
|
|
Net income
|
$
792,566
|
|
$
540,159
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
Depreciation and
amortization
|
54,304
|
|
39,229
|
|
Loss on disposal of
assets
|
419
|
|
9,063
|
|
Operating lease
cost
|
79,543
|
|
66,012
|
|
Inventory
donations
|
2,078
|
|
2,770
|
|
Provision (recovery)
for doubtful accounts, net
|
3,568
|
|
1,101
|
|
Share-based
compensation
|
29,072
|
|
31,303
|
|
Asset
impairments
|
9,287
|
|
—
|
|
Deferred
taxes
|
(410,319)
|
|
(4,760)
|
|
Other non-cash
items
|
3,401
|
|
9,947
|
|
Changes in operating
assets and liabilities, net of acquired assets and assumed
liabilities:
|
|
|
|
|
Accounts receivable,
net of allowances
|
(13,317)
|
|
(56,766)
|
|
Inventories
|
86,350
|
|
(91,614)
|
|
Prepaid expenses and
other assets
|
(31,839)
|
|
(14,435)
|
|
Accounts
payable
|
37,197
|
|
41,701
|
|
Accrued expenses and
other liabilities
|
46,695
|
|
38,629
|
|
Right-of-use assets
and operating lease liabilities
|
(75,107)
|
|
(63,355)
|
|
Income
taxes
|
316,546
|
|
54,158
|
|
Cash provided by
operating activities
|
930,444
|
|
603,142
|
|
Cash flows from
investing activities:
|
|
|
|
|
Purchases of property,
equipment, and software
|
(115,625)
|
|
(104,190)
|
|
Acquisition of
HEYDUDE, net of cash acquired
|
—
|
|
(2,046,881)
|
|
Other
|
(46)
|
|
(20)
|
|
Cash used in investing
activities
|
(115,671)
|
|
(2,151,091)
|
|
Cash flows from
financing activities:
|
|
|
|
|
Proceeds from bank
borrowings
|
257,905
|
|
2,169,898
|
|
Repayments of bank
borrowings
|
(923,703)
|
|
(575,285)
|
|
Deferred debt issuance
costs
|
(1,736)
|
|
(53,596)
|
|
Repurchases of common
stock
|
(175,019)
|
|
—
|
|
Repurchases of common
stock for tax withholding
|
(17,086)
|
|
(11,477)
|
|
Other
|
—
|
|
119
|
|
Cash provided by (used
in) financing activities
|
(859,639)
|
|
1,529,659
|
|
Effect of exchange
rate changes on cash, cash equivalents, and restricted
cash
|
3,078
|
|
(3,750)
|
|
Net change in cash,
cash equivalents, and restricted cash
|
(41,788)
|
|
(22,040)
|
|
Cash, cash
equivalents, and restricted cash — beginning of year
|
194,885
|
|
216,925
|
|
Cash, cash
equivalents, and restricted cash — end of year
|
$
153,097
|
|
$
194,885
|
|
|
|
|
|
Cash paid for
interest
|
$
151,621
|
|
$
127,809
|
|
Cash paid for income
taxes
|
179,721
|
|
130,084
|
|
Cash paid for
operating leases
|
74,729
|
|
62,852
|
|
Right-of-use assets
obtained in exchange for operating lease liabilities, net of
terminations
|
120,865
|
|
137,554
|
|
Accrued purchases of
property, equipment, and software
|
7,668
|
|
18,245
|
|
Share issuance at
Acquisition
|
—
|
|
270,396
|
CROCS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP
MEASURES TO NON-GAAP MEASURES
In addition to financial measures presented on the basis of
accounting principles generally accepted in the United States of America ("GAAP"), we
present "Non-GAAP gross profit," "Non-GAAP gross margin," "Non-GAAP
gross margin by brand," "Non-GAAP selling, general, and
administrative expenses," "Non-GAAP selling, general and
administrative expenses as a percent of revenues," "Non-GAAP
selling,general and administrative expenses as a percent of
revenues by brand," "Non-GAAP income from operations," "Non-GAAP
operating margin," "Non-GAAP operating margin by brand," "Non-GAAP
tax rate," "Non-GAAP diluted net income per common share,"
"Non-GAAP income before income taxes," "Non-GAAP income tax
expense," "Non-GAAP effective tax rate," "Non-GAAP net income,"
"Non-GAAP basic and diluted net income per common share," and "net
leverage" which are non-GAAP financial measures. We also present
future period guidance for "Non-GAAP operating margin," "Non-GAAP
income from operations," "Non-GAAP effective tax rate," "Non-GAAP
diluted earnings per share," and "net leverage." Non-GAAP results
exclude the impact of items that management believes affect the
comparability or underlying business trends in our condensed
consolidated financial statements in the periods presented.
We also present certain information related to our current
period results of operations through "constant currency," which is
a non-GAAP financial measure and should be viewed as a supplement
to our results of operations and presentation of reportable
segments under GAAP. Constant currency represents current period
results that have been retranslated using exchange rates used in
the prior year comparative period to enhance the visibility of the
underlying business trends excluding the impact of foreign currency
exchange rate fluctuations.
Management uses non-GAAP results to assist in comparing business
trends from period to period on a consistent basis in
communications with the board of directors, stockholders, analysts,
and investors concerning our financial performance. We believe that
these non-GAAP measures, in addition to corresponding GAAP
measures, are useful to investors and other users of our condensed
consolidated financial statements as an additional tool for
evaluating operating performance and trends by providing meaningful
information about operations compared to our peers by excluding the
impacts of various differences.
Management believes Non-GAAP gross profit, Non-GAAP gross
margin, and Non-GAAP gross margin by brand are useful performance
measures for investors because they provide investors with a means
of comparing these measures between periods without the impact of
certain expenses that we believe are not indicative of our routine
cost of sales. Our routine cost of sales includes core product
costs and distribution expenses primarily related to receiving,
inspecting, warehousing, and packaging product and transportation
costs associated with delivering products from distribution
centers. Costs not indicative of our routine cost of sales may or
may not be recurring in nature and include costs to expand and
transition to new distribution centers.
Management believes Non-GAAP selling, general and administrative
expenses and Non-GAAP selling, general and administrative expenses
as a percent of revenues are useful performance measures for
investors because they provide a more meaningful comparison to
prior periods and may be indicative of the level of such expenses
to be incurred in future periods. These measures exclude the impact
of certain expenses not related to our normal operations, such as
costs related to the acquisition and integration of HEYDUDE and
other costs that are expected to be non-recurring in nature.
Non-GAAP income from operations, Non-GAAP operating margin, and
Non-GAAP operating margin by brand reflect the impact of Non-GAAP
gross profit and Non-GAAP selling, general, and administrative
expenses, as discussed above. We believe these are useful
performance measures for investors because they provide a useful
basis to compare performance in the period to prior periods.
Non-GAAP income before income taxes reflects the impact of
Non-GAAP income from operations, as discussed above. We believe
this is a useful performance measure for investors because it
provides a useful basis to compare performance in the period to
prior periods.
Management believes Non-GAAP income tax expense is a useful
performance measure for investors because it provides a basis to
compare our tax rates to historical tax rates, and because the
adjustment is necessary in order to calculate Non-GAAP net
income.
Management believes Non-GAAP effective tax rate is a useful
performance measure for investors because it provides an ongoing
effective tax rate that they can use for historical comparisons and
forecasting.
Management believes Non-GAAP net income is a useful performance
measure for investors because it focuses on underlying operating
results and trends and improves the comparability of our results to
prior periods. This measure reflects the impact of Non-GAAP gross
profit, Non-GAAP selling, general, and administrative expenses, and
Non-GAAP income tax expense, as described above.
Management believes Non-GAAP basic and diluted net income per
common share are useful performance measures for investors because
they focus on underlying operating results and trends and improve
the comparability of our results to prior periods. These measures
reflect the impact of Non-GAAP gross profit, Non-GAAP selling,
general, and administrative expenses, and Non-GAAP income tax
expense, as described above.
Management believes net leverage is a useful performance measure
for investors because it allows for a direct comparison of this
measure between periods and is reflective of outstanding borrowings
after using all available cash and cash equivalents to reduce
borrowings.
For the three and twelve months ended December 31, 2023, management believes it is
helpful to evaluate our results excluding the impacts of various
adjustments relating to special or non-recurring items. Investors
should not consider these non-GAAP measures in isolation from, or
as a substitute for, financial information prepared in accordance
with GAAP.
|
CROCS, INC. AND
SUBSIDIARIES
RECONCILIATION OF
GAAP MEASURES TO NON-GAAP MEASURES
|
|
Non-GAAP gross
profit and gross margin reconciliation:
|
|
|
Three Months
Ended
December 31,
|
|
Year
Ended
December
31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(in
thousands)
|
|
GAAP
revenues
|
$ 960,097
|
|
$ 945,162
|
|
$
3,962,347
|
|
$
3,554,985
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit
|
$ 530,697
|
|
$ 496,323
|
|
$
2,210,010
|
|
$
1,860,282
|
|
Distribution centers
(1)
|
3,667
|
|
6,162
|
|
27,331
|
|
11,058
|
|
HEYDUDE inventory fair
value step-up (2)
|
—
|
|
—
|
|
—
|
|
62,238
|
|
Inventory reserve in
Russia (3)
|
—
|
|
(590)
|
|
—
|
|
(390)
|
|
Other
|
—
|
|
1,930
|
|
—
|
|
1,930
|
|
Total
adjustments
|
3,667
|
|
7,502
|
|
27,331
|
|
74,836
|
|
Non-GAAP gross
profit
|
$ 534,364
|
|
$ 503,825
|
|
$
2,237,341
|
|
$
1,935,118
|
|
|
|
|
|
|
|
|
|
GAAP gross
margin
|
55.3 %
|
|
52.5 %
|
|
55.8 %
|
|
52.3 %
|
|
Non-GAAP gross
margin
|
55.7 %
|
|
53.3 %
|
|
56.5 %
|
|
54.4 %
|
|
(1)
|
Represents expenses,
including expansion costs and duplicate rent costs, primarily
related to our distribution centers in Dayton, Ohio, Dordrecht, the
Netherlands, and Las Vegas, Nevada.
|
|
(2)
|
Primarily represents a
step-up of HEYDUDE inventory costs to fair value upon the close of
the acquisition on February 17, 2022.
|
|
(3)
|
Represents the net
impact of an inventory reserve expense in our Crocs Brand segment
associated with the shutdown of our direct operations in
Russia.
|
|
Non-GAAP gross
margin reconciliation by brand:
Crocs
Brand:
|
|
|
Three Months
Ended
December 31,
|
|
Year
Ended
December
31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(in
thousands)
|
|
GAAP Crocs Brand gross
margin
|
59.4 %
|
|
55.3 %
|
|
60.0 %
|
|
56.3 %
|
|
Non-GAAP
adjustments:
|
|
|
|
|
|
|
|
|
Distribution
centers (1)
|
0.1 %
|
|
0.9 %
|
|
0.2 %
|
|
0.4 %
|
|
Inventory
reserve in Russia (2)
|
— %
|
|
(0.1) %
|
|
— %
|
|
less than
1%
|
|
Non-GAAP Crocs Brand
gross margin
|
59.5 %
|
|
56.1 %
|
|
60.2 %
|
|
56.7 %
|
|
(1)
|
Represents expenses,
including expansion costs and duplicate rent costs, related to our
distribution centers in Dayton, Ohio and Dordrecht, the
Netherlands.
|
|
(2)
|
Represents the net
impact of an inventory reserve expense in our Crocs Brand segment
associated with the shutdown of our direct operations in
Russia.
|
|
HEYDUDE
Brand:
|
|
|
Three Months
Ended
December 31,
|
|
Year
Ended
December
31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(in
thousands)
|
|
GAAP HEYDUDE Brand
gross margin (1)
|
44.3 %
|
|
46.4 %
|
|
44.0 %
|
|
40.8 %
|
|
Non-GAAP
adjustments:
|
|
|
|
|
|
|
|
|
Distribution
centers (2)
|
1.2 %
|
|
0.1 %
|
|
2.2 %
|
|
less than
0.1%
|
|
Inventory fair
value step-up (3)
|
— %
|
|
— %
|
|
— %
|
|
6.9 %
|
|
Other
|
— %
|
|
0.7 %
|
|
— %
|
|
0.2 %
|
|
Non-GAAP HEYDUDE Brand
gross margin (1)
|
45.5 %
|
|
47.2 %
|
|
46.2 %
|
|
48.0 %
|
|
(1)
|
We acquired HEYDUDE on
February 17, 2022 and, as a result, added the HEYDUDE Brand as a
new reportable operating segment. Therefore, the amounts shown
above for the year ended December 31, 2022 represents results
during the partial period from the acquisition date of February 17,
2022 through December 31, 2022.
|
|
(2)
|
Represents a step-up
of HEYDUDE inventory costs to fair value upon the close of the
acquisition on February 17, 2022.
|
|
(3)
|
Represents expenses
related to our distribution center in Las Vegas, Nevada.
|
|
Non-GAAP selling,
general and administrative expenses reconciliation:
|
|
|
Three Months
Ended
December 31,
|
|
Year
Ended
December
31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(in
thousands)
|
|
GAAP
revenues
|
$ 960,097
|
|
$ 945,162
|
|
$
3,962,347
|
|
$
3,554,985
|
|
|
|
|
|
|
|
|
|
GAAP selling, general
and administrative expenses
|
$ 321,183
|
|
$ 276,271
|
|
$
1,173,227
|
|
$
1,009,526
|
|
Headquarters
relocation (1)
|
(9,992)
|
|
(973)
|
|
(13,161)
|
|
(3,348)
|
|
Information technology
project discontinuation
|
—
|
|
—
|
|
(4,119)
|
|
—
|
|
HEYDUDE acquisition
and integration costs (2)
|
(1,064)
|
|
(4,992)
|
|
(3,025)
|
|
(38,197)
|
|
Impact of shutdown of
Russia direct operations (3)
|
—
|
|
(8,489)
|
|
—
|
|
(14,286)
|
|
Other
(4)
|
(6,861)
|
|
(3,782)
|
|
(14,218)
|
|
(4,909)
|
|
Total
adjustments
|
(17,917)
|
|
(18,236)
|
|
(34,523)
|
|
(60,740)
|
|
Non-GAAP selling,
general and administrative
expenses (5)
|
$ 303,266
|
|
$ 258,035
|
|
$
1,138,704
|
|
$ 948,786
|
|
|
|
|
|
|
|
|
|
GAAP selling, general
and administrative expenses as a
percent of revenues
|
33.5 %
|
|
29.2 %
|
|
29.6 %
|
|
28.4 %
|
|
Non-GAAP selling,
general and administrative expenses
as a percent of revenues
|
31.6 %
|
|
27.3 %
|
|
28.7 %
|
|
26.7 %
|
|
(1)
|
Represents a $9.3
million impairment in the three months ended December 31, 2023 to
our former corporate headquarters and the related long-lived
assets, as well as the duplicate rent costs associated with our
move to a new headquarters.
|
|
(2)
|
Represents costs
related to the integration of HEYDUDE in the year ended
December 31, 2023, and costs related to the acquisition and
integration of HEYDUDE in the partial period from acquisition date
of February 17, 2022 through December 31, 2022.
|
|
(3)
|
Represents various
costs in the prior year associated with the shutdown of our direct
operations in Russia, including the recognition of cumulative
translation adjustments into earnings, severance, and lease exit
costs and penalties.
|
|
(4)
|
Includes various
restructuring costs, as well as costs associated with the
implementation of a new enterprise resource planning
system.
|
|
(5)
|
Non-GAAP selling,
general and administrative expenses are presented gross of
tax.
|
|
Non-GAAP income from
operations and operating margin reconciliation:
|
|
|
Three Months
Ended
December 31,
|
|
Year
Ended
December
31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(in
thousands)
|
|
GAAP
revenues
|
$ 960,097
|
|
$ 945,162
|
|
$
3,962,347
|
|
$
3,554,985
|
|
|
|
|
|
|
|
|
|
GAAP income from
operations
|
$ 209,514
|
|
$ 220,052
|
|
$
1,036,783
|
|
$ 850,756
|
|
Non-GAAP gross profit
adjustments (1)
|
3,667
|
|
7,502
|
|
27,331
|
|
74,836
|
|
Non-GAAP selling,
general and administrative
expenses adjustments (2)
|
17,917
|
|
18,236
|
|
34,523
|
|
60,740
|
|
Non-GAAP income from
operations
|
$ 231,098
|
|
$ 245,790
|
|
$
1,098,637
|
|
$ 986,332
|
|
|
|
|
|
|
|
|
|
GAAP operating
margin
|
21.8 %
|
|
23.3 %
|
|
26.2 %
|
|
23.9 %
|
|
Non-GAAP operating
margin
|
24.1 %
|
|
26.0 %
|
|
27.7 %
|
|
27.7 %
|
|
(1)
|
See 'Non-GAAP gross
profit and gross margin reconciliation' above for more
details.
|
|
(2)
|
See 'Non-GAAP selling,
general and administrative expenses reconciliation' above for more
details.
|
|
Non-GAAP income tax
expense (benefit) and effective tax rate
reconciliation:
|
|
|
Three Months
Ended
December 31,
|
|
Year
Ended
December
31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(in
thousands)
|
|
GAAP income from
operations
|
$ 209,514
|
|
$ 220,052
|
|
$
1,036,783
|
|
$ 850,756
|
|
GAAP income before
income taxes
|
173,859
|
|
175,569
|
|
876,272
|
|
718,508
|
|
|
|
|
|
|
|
|
|
Non-GAAP income from
operations (1)
|
$ 231,098
|
|
$ 245,790
|
|
$
1,098,637
|
|
$ 986,332
|
|
GAAP non-operating
income (expenses):
|
|
|
|
|
|
|
|
|
Foreign currency gains
(losses), net
|
382
|
|
4,343
|
|
(1,240)
|
|
3,228
|
|
Interest
income
|
1,181
|
|
801
|
|
2,406
|
|
1,020
|
|
Interest
expense
|
(36,444)
|
|
(49,801)
|
|
(161,351)
|
|
(136,158)
|
|
Other income
(expense), net
|
(774)
|
|
174
|
|
(326)
|
|
(338)
|
|
Non-GAAP income before
income taxes
|
$ 195,443
|
|
$ 201,307
|
|
$ 938,126
|
|
$ 854,084
|
|
|
|
|
|
|
|
|
|
GAAP income tax expense
(benefit)
|
$
(79,727)
|
|
$
37,834
|
|
$
83,706
|
|
$ 178,349
|
|
Tax effect of non-GAAP
operating adjustments
|
5,515
|
|
4,629
|
|
15,591
|
|
23,418
|
|
Impact of intra-entity
IP transfers (2)
|
112,483
|
|
(6,737)
|
|
93,250
|
|
(25,011)
|
|
Non-GAAP income tax
expense
|
$
38,271
|
|
$
35,726
|
|
$ 192,547
|
|
$ 176,756
|
|
|
|
|
|
|
|
|
|
GAAP effective income
tax rate
|
(45.9) %
|
|
21.5 %
|
|
9.6 %
|
|
24.8 %
|
|
Non-GAAP effective
income tax rate
|
19.6 %
|
|
17.7 %
|
|
20.5 %
|
|
20.7 %
|
|
(1)
|
See 'Non-GAAP income
from operations and operating margin reconciliation' above for more
details.
|
|
(2)
|
In the fourth quarter
of 2023, and previously in 2021 and 2020, 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.
|
|
Non-GAAP earnings
per share reconciliation:
|
|
|
Three Months
Ended
December 31,
|
|
Year
Ended
December
31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(in thousands,
except per share data)
|
|
Numerator:
|
|
|
|
|
|
|
|
|
GAAP net
income
|
$
253,586
|
|
$
137,735
|
|
$
792,566
|
|
$
540,159
|
|
Non-GAAP gross profit
adjustments (1)
|
3,667
|
|
7,502
|
|
27,331
|
|
74,836
|
|
Non-GAAP selling,
general and administrative
expenses adjustments (2)
|
17,917
|
|
18,236
|
|
34,523
|
|
60,740
|
|
Tax effect of non-GAAP
adjustments (3)
|
(117,998)
|
|
2,108
|
|
(108,841)
|
|
1,593
|
|
Non-GAAP net
income
|
$
157,172
|
|
$
165,581
|
|
$
745,579
|
|
$
677,328
|
|
Denominator:
|
|
|
|
|
|
|
|
|
GAAP weighted average
common shares outstanding
- basic
|
60,543
|
|
61,747
|
|
61,386
|
|
61,220
|
|
Plus: GAAP dilutive
effect of stock options and
unvested restricted stock units
|
434
|
|
754
|
|
566
|
|
786
|
|
GAAP weighted average
common shares outstanding
- diluted
|
60,977
|
|
62,501
|
|
61,952
|
|
62,006
|
|
|
|
|
|
|
|
|
|
GAAP net income per
common share:
|
|
|
|
|
|
|
|
|
Basic
|
$
4.19
|
|
$
2.23
|
|
$
12.91
|
|
$
8.82
|
|
Diluted
|
$
4.16
|
|
$
2.20
|
|
$
12.79
|
|
$
8.71
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income per
common share:
|
|
|
|
|
|
|
|
|
Basic
|
$
2.60
|
|
$
2.68
|
|
$
12.15
|
|
$
11.06
|
|
Diluted
|
$
2.58
|
|
$
2.65
|
|
$
12.03
|
|
$
10.92
|
|
(1)
|
See 'Non-GAAP 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)
|
See 'Non-GAAP income
tax expense (benefit) and effective tax rate reconciliation' above
for more information.
|
|
RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL GUIDANCE
|
|
|
Full Year
2024:
|
|
|
Approximately:
|
|
Non-GAAP operating
margin reconciliation:
|
|
|
GAAP operating
margin
|
25 %
|
|
Non-GAAP adjustments,
primarily related to capital investments to support growth
(1)
|
less than
1%
|
|
Non-GAAP
operating margin
|
25 %
|
|
Non-GAAP effective
tax rate reconciliation:
|
|
|
GAAP effective tax
rate
|
22 %
|
|
Non-GAAP adjustments
associated with amortization of intellectual property
(2)
|
(4) %
|
|
Non-GAAP
effective tax rate
|
18 %
|
|
Non-GAAP diluted
earnings per share reconciliation:
|
|
|
GAAP diluted earnings
per share
|
$11.40
to $11.85
|
|
Non-GAAP adjustments,
primarily related to capital investments to support growth and
amortization of
intellectual property
(1)(2)
|
$0.65
|
|
Non-GAAP
diluted earnings per share
|
$12.05
to $12.50
|
|
(1)
|
For the full year 2024,
we expect to incur $10 million in costs primarily related to
capital investments to support growth and to be primarily in cost
of goods sold
|
|
(2)
|
In the fourth quarter
of 2023, 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.
|
Non-GAAP Financial Guidance
Our forward-looking guidance for consolidated first quarter
"adjusted operating margin" and "adjusted diluted earnings per
share" represents non-GAAP financial measures that exclude or
otherwise have been adjusted for special items from our U.S. GAAP
financial statements. 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.
While we are able to estimate full year non-GAAP adjustments, we
are unable to reconcile forward-looking non-GAAP financial measures
to their nearest U.S. GAAP measure quarter-by-quarter because we
are unable to predict the timing of these adjustments with a
reasonable degree of certainty. Similarly, we are unable to
reconcile long-term net leverage and long-term adjusted operating
margin 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.
|
CROCS, INC. AND
SUBSIDIARIES
REVENUES BY SEGMENT,
CHANNEL, and GEOGRAPHY
|
|
|
Three Months
Ended
December 31,
|
|
Year
Ended
December
31,
|
|
%
Change
|
|
Constant Currency
%
Change (1)
|
|
|
|
Favorable
(Unfavorable)
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
Q4 2023-
2022
|
|
Full Year
2023-2022
|
|
Q4 2023-
2022
|
|
Full Year
2023-2022
|
|
($
in thousands)
|
|
Crocs Brand:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale
|
$
134,884
|
|
$
142,177
|
|
$
652,943
|
|
$
644,215
|
|
(5.1) %
|
|
1.4 %
|
|
(5.1) %
|
|
1.5 %
|
|
Direct-to-consumer
|
336,392
|
|
314,744
|
|
1,124,942
|
|
1,000,441
|
|
6.9 %
|
|
12.4 %
|
|
6.9 %
|
|
12.6 %
|
|
Total North
America (2)
|
471,276
|
|
456,921
|
|
1,777,885
|
|
1,644,656
|
|
3.1 %
|
|
8.1 %
|
|
3.1 %
|
|
8.3 %
|
|
International:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale
|
171,572
|
|
145,052
|
|
840,594
|
|
733,087
|
|
18.3 %
|
|
14.7 %
|
|
19.4 %
|
|
16.3 %
|
|
Direct-to-consumer
|
89,609
|
|
64,004
|
|
394,475
|
|
281,382
|
|
40.0 %
|
|
40.2 %
|
|
36.6 %
|
|
41.5 %
|
|
Total
International
|
261,181
|
|
209,056
|
|
1,235,069
|
|
1,014,469
|
|
24.9 %
|
|
21.7 %
|
|
24.6 %
|
|
23.2 %
|
|
Total Crocs
Brand
|
$
732,457
|
|
$
665,977
|
|
$ 3,012,954
|
|
$ 2,659,125
|
|
10.0 %
|
|
13.3 %
|
|
9.9 %
|
|
14.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crocs Brand:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Wholesale
|
$
306,456
|
|
$
287,229
|
|
$ 1,493,537
|
|
$ 1,377,302
|
|
6.7 %
|
|
8.4 %
|
|
7.3 %
|
|
9.3 %
|
|
Total
Direct-to-consumer
|
426,001
|
|
378,748
|
|
1,519,417
|
|
1,281,823
|
|
12.5 %
|
|
18.5 %
|
|
12.0 %
|
|
19.0 %
|
|
Total
Crocs Brand
|
732,457
|
|
665,977
|
|
3,012,954
|
|
2,659,125
|
|
10.0 %
|
|
13.3 %
|
|
9.9 %
|
|
14.0 %
|
|
HEYDUDE
Brand:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Wholesale
|
103,748
|
|
142,954
|
|
566,937
|
|
574,140
|
|
(27.4) %
|
|
(1.3) %
|
|
(27.7) %
|
|
(1.3) %
|
|
Total
Direct-to-consumer
|
123,892
|
|
136,231
|
|
382,456
|
|
321,720
|
|
(9.1) %
|
|
18.9 %
|
|
(9.1) %
|
|
18.9 %
|
|
Total
HEYDUDE Brand (3)
|
227,640
|
|
279,185
|
|
949,393
|
|
895,860
|
|
(18.5) %
|
|
6.0 %
|
|
(18.7) %
|
|
6.0 %
|
|
Total
consolidated
revenues
|
$
960,097
|
|
$
945,162
|
|
$ 3,962,347
|
|
$ 3,554,985
|
|
1.6 %
|
|
11.5 %
|
|
1.5 %
|
|
12.0 %
|
|
(1)
|
Reflects year over year
change as if the current period results were in constant currency,
which is a non-GAAP financial measure. See 'Reconciliation of GAAP
Measures to Non-GAAP Measures' above for more
information.
|
|
(2)
|
North America includes
the United States and Canada.
|
|
(3)
|
We acquired HEYDUDE on
February 17, 2022 and, as a result, added the HEYDUDE Brand as a
new reportable operating segment. Therefore, the amounts shown
above for the year ended December 31, 2022 represent results during
the partial period from the acquisition date of February 17, 2022
through December 31, 2022 (the "Partial Period"). The vast majority
of HEYDUDE Brand revenues are derived from North
America.
|
|
CROCS, INC. AND
SUBSIDIARIES
DIGITAL SALES
PERCENTAGE AND DIRECT-TO-CONSUMER COMPARABLE SALES
|
|
Digital sales, which
includes sales through our company-owned website, third-party
marketplaces, and e-tailers (which are reported in our wholesale
channel), as a percent of total revenues, by operating segment
were:
|
|
|
Three Months
Ended
December 31,
|
|
Year
Ended
December
31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
Digital sales as a
percent of total revenues:
|
|
|
|
|
|
|
|
|
Crocs Brand
|
42.0 %
|
|
42.3 %
|
|
36.6 %
|
|
37.6 %
|
|
HEYDUDE Brand
(1)
|
54.2 %
|
|
51.6 %
|
|
41.8 %
|
|
38.5 %
|
|
Total
|
44.8 %
|
|
45.1 %
|
|
37.9 %
|
|
37.8 %
|
|
(1)
|
We acquired HEYDUDE on
February 17, 2022 and, as a result, added the HEYDUDE Brand as a
new reportable operating segment. Therefore, the amounts shown
above for the year ended December 31, 2022 represent results during
the Partial Period.
|
|
Direct-to-consumer
("DTC") comparable sales for the Crocs Brand are as
follows:
|
|
Constant Currency
(1)
|
|
Three Months
Ended
December 31,
|
|
Year Ended
December 31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
Direct-to-consumer
comparable sales: (2)
|
|
|
|
|
|
|
|
|
Crocs Brand
|
10.7 %
|
|
18.5 %
|
|
15.5 %
|
|
15.0 %
|
|
HEYDUDE Brand
(3)
|
(14.2) %
|
|
N/A
|
|
3.6 %
|
|
N/A
|
|
(1)
|
Reflects period over
period change on a constant currency basis, which is a non-GAAP
financial measure. See "Use of Non-GAAP Financial Measures" for
more information.
|
|
(2)
|
Comparable store
status, as included in the DTC comparable sales figures above,
is determined on a monthly basis. Comparable store sales include
the revenues of stores that have been in operation for more than
twelve months. Stores in which selling square footage has changed
more than 15% as a result of a remodel, expansion, or reduction are
excluded until the thirteenth month in which they have comparable
prior year sales. Temporarily closed stores are excluded from the
comparable store sales calculation during the month of closure and
in the same month in the following year. Location closures in
excess of three months are excluded until the thirteenth month post
re-opening. E-commerce comparable revenues are based on same site
sales period over period. E-commerce sites that are temporarily
offline or unable to transact or fulfill orders ("site disruption")
are excluded from the comparable sales calculation during the month
of site disruption and in the same month in the following year.
E-commerce site disruptions in excess of three months are excluded
until the thirteenth month after the site has re-opened.
|
|
(3)
|
We acquired HEYDUDE on
February 17, 2022 and, as a result, added the HEYDUDE Brand as a
new operating segment. As such, in the three months ended and year
ended December 31, 2022, we did not disclose DTC comparable sales
for the HEYDUDE Brand.
|
|
Investor
Contact:
|
Erinn Murphy, Crocs,
Inc.
|
|
|
(303)
848-7005
|
|
|
emurphy@crocs.com
|
|
|
|
|
PR
Contact:
|
Melissa Layton, Crocs,
Inc.
|
|
|
(303)
848-7885
|
|
|
mlayton@crocs.com
|
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SOURCE Crocs, Inc.