Crocs (CROX) closed the latest trading day at $100.66, indicating a +0.46% change from the previous session's end. This change lagged the S&P 500's 0.53% gain on the day. Elsewhere, the Dow saw an upswing of 0.64%, while the tech-heavy Nasdaq appreciated by 0.19%.Prior to today's trading, shares of the footwear company had gained 6.02% over the past month. This has outpaced the Consumer Discretionary sector's gain of 0.31% and the S&P 500's gain of 2.48% in that time.The upcoming earnings release of Crocs w ...

Crocs, Inc. (NASDAQ:CROX) Q3 2023 Earnings Conference Call November 2, 2023 8:30 AM ET Company Participants Erinn Murphy - Senior Vice President of Investor Relations and Corporate Strategy Andrew Rees - Chief Executive Officer Anne Mehlman - Executive Vice President and Chief Financial Officer Conference Call Participants Jonathan Komp - Robert W. Baird Jim Duffy - Stifel Nicolaus Abbie Zvejnieks - Piper Sandler Tom Nickik - Wedbush Securities Samuel Poser - Williams Trading Rick Patel - Raymond James Laur ...

Forward Looking Statement All information in this document speaks only as of November 2, 2023. 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. • Q3 Highlights Q3 Highlights We delivered a strong third quarter, exceeding the high-end of our guidance, led by doubledigit revenue growth in our Crocs Brand supported by healthy full-price selling and indus ...

Table of Contents Commission File No. 000-51754 _____________________________________________________________ CROCS, INC. (Exact name of registrant as specified in its charter) Delaware 20-2164234 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding ...

Crocs, Inc. (NASDAQ:CROX) Q2 2023 Earnings Conference Call July 27, 2023 8:30 AM ET Company Participants Cori Lin - Vice President, Corporate Finance Andrew Rees - Chief Executive Officer Anne Mehlman - Executive Vice President & Chief Financial Officer Conference Call Participants Jonathan Komp - Baird Abbie Zvejnieks - Piper Sandler Jay Sole - UBS Jeff Lick - B. Riley Financial Jim Duffy - Steffel Rick Patel - Raymond James Operator Good day, and welcome to the Crocs' Second Quarter 2023 Earnings Conferen ...

Q2 2023 Investor Presentation 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, the acquisition of HEYDUDE and benefits thereof, Crocs' strategy, plans, objectives, expectations (financial or otherwise ...

Table of Contents | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------|-------|-------------------------------|-------|-------|------------------------------------------------|--------|---------------------------------------------------|----------------------| | Cash provided by operating activities \nCash used in investing activities | $ | 2023 \n330,613 \n(51,645) | $ | (in | 2022 \n thousands) \n84,744 ...

Crocs, Inc. (NASDAQ:CROX) Q1 2023 Results Conference Call April 27, 2023 8:30 AM ET Company Participants Cori Lin - Vice President, Corporate Finance Andrew Rees - Chief Executive Officer Anne Mehlman - Executive Vice President & Chief Financial Officer Conference Call Participants Abbie Zvejnieks - Piper Sandler Jonathan Komp - Baird Tom Nikic - Wedbush Securities Jeff Lick - B. Riley Financial Jay Sole - UBS Laura Champine - LOOP Jim Duffy - Stifel Mitch Kummetz - Seaport Aubrey Tianello - BNP Paribas Hal ...

[PART I — Financial Information](index=5&type=section&id=PART%20I%20%E2%80%94%20Financial%20Information) [Item 1. Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements for Q1 2023, including income, balance sheets, and cash flows, with accompanying notes [Condensed Consolidated Statements of Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Revenues increased 33.9% to **$884.2 million** in Q1 2023, with net income rising to **$149.5 million** and diluted EPS reaching **$2.39** Condensed Consolidated Statements of Income (Q1 2023 vs Q1 2022) | Financial Metric | Three Months Ended March 31, 2023 (in thousands) | Three Months Ended March 31, 2022 (in thousands) | | :--- | :--- | :--- | | **Revenues** | $884,166 | $660,148 | | Gross profit | $476,370 | $324,924 | | Income from operations | $234,928 | $118,677 | | Income before income taxes | $191,766 | $99,060 | | **Net income** | $149,543 | $72,760 | | **Diluted EPS** | $2.39 | $1.19 | [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$4.60 billion** as of March 31, 2023, while total liabilities decreased to **$3.63 billion**, and stockholders' equity rose to **$968.5 million** Condensed Consolidated Balance Sheet Highlights | Balance Sheet Item | March 31, 2023 (in thousands) | December 31, 2022 (in thousands) | | :--- | :--- | :--- | | Total current assets | $1,114,662 | $1,025,975 | | **Total assets** | $4,595,635 | $4,501,797 | | Total current liabilities | $634,366 | $641,274 | | Long-term borrowings | $2,250,288 | $2,298,027 | | **Total liabilities** | $3,627,135 | $3,683,866 | | **Total stockholders' equity** | $968,500 | $817,931 | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow improved to a **$9.9 million** inflow in Q1 2023 from a **$68.8 million** outflow, while investing and financing activities reflect reduced acquisition-related spending Cash Flow Summary (Q1 2023 vs Q1 2022) | Cash Flow Activity | Three Months Ended March 31, 2023 (in thousands) | Three Months Ended March 31, 2022 (in thousands) | | :--- | :--- | :--- | | Cash provided by (used in) operating activities | $9,931 | $(68,765) | | Cash used in investing activities | $(27,581) | $(2,071,466) | | Cash provided by (used in) financing activities | $(52,306) | $2,099,484 | | Net change in cash | $(65,956) | $(41,557) | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Detailed notes cover accounting policies, the **HEYDUDE acquisition**, segment reporting, and the company's **$2.33 billion** long-term debt structure - The company has four reportable operating segments: Crocs Brand (North America, Asia Pacific, EMEALA) and the HEYDUDE Brand[36](index=36&type=chunk)[122](index=122&type=chunk) - The acquisition of HEYDUDE was completed on February 17, 2022, for an aggregate price of **$2.3 billion**, consisting of **$2.05 billion** in cash and **2.85 million** shares of common stock[23](index=23&type=chunk)[105](index=105&type=chunk) - As of March 31, 2023, total long-term borrowings had a face value of **$2.325 billion**, including a **$1.425 billion** Term Loan B Facility and **$700 million** in Senior Notes[82](index=82&type=chunk) - The company had remaining authorization to repurchase approximately **$1.05 billion** of its common stock as of March 31, 2023[67](index=67&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2023 financial results, highlighting **33.9% revenue growth** to **$884.2 million**, improved margins, and brand performance, alongside liquidity and capital resources - Key trends include the integration of HEYDUDE, with plans for a new distribution center and ERP system, and caution regarding consumer confidence in Western markets due to macroeconomic pressures[150](index=150&type=chunk) Q1 2023 vs Q1 2022 Key Metrics | Metric | Q1 2023 | Q1 2022 | % Change | | :--- | :--- | :--- | :--- | | Revenues | $884.2M | $660.1M | 33.9% | | Gross Margin | 53.9% | 49.2% | +470 bp | | Operating Margin | 26.6% | 18.0% | +860 bp | | Diluted EPS | $2.39 | $1.19 | 100.8% | - Revenue growth of **33.9%** was driven by a **37.8%** increase in unit sales volume, partially offset by a **2.3%** decrease from unfavorable currency exchange rates and a **1.6%** decrease from lower average selling prices[135](index=135&type=chunk)[156](index=156&type=chunk) - The company paid down **$41.4 million** of net borrowings during the quarter, reducing total borrowings to **$2.28 billion**[150](index=150&type=chunk) [Results of Operations](index=27&type=section&id=Results%20of%20Operations) Consolidated revenues rose **33.9%** to **$884.2 million**, driven by strong growth in both Crocs and HEYDUDE brands, leading to improved gross margin and operating income Revenues by Brand and Channel (Q1 2023 vs Q1 2022) | Brand / Channel | Q1 2023 (in thousands) | Q1 2022 (in thousands) | % Change | | :--- | :--- | :--- | :--- | | **Crocs Brand** | **$648,778** | **$545,225** | **19.0%** | | - Wholesale | $410,563 | $344,258 | 19.3% | | - DTC | $238,215 | $200,967 | 18.5% | | **HEYDUDE Brand** | **$235,388** | **$114,923** | **104.8%** | | - Wholesale | $167,863 | $86,919 | 93.1% | | - DTC | $67,525 | $28,004 | 141.1% | | **Total Revenues** | **$884,166** | **$660,148** | **33.9%** | - Gross margin increased to **53.9%** from **49.2%** in Q1 2022, partly due to higher air freight in the prior year and a **420 basis point** benefit from adjustments to the fair value of HEYDUDE inventory costs upon acquisition in 2022[153](index=153&type=chunk)[157](index=157&type=chunk)[181](index=181&type=chunk) - SG&A as a percentage of revenues decreased to **27.3%** from **31.2%** in Q1 2022, mainly because prior year costs associated with the HEYDUDE acquisition did not recur[153](index=153&type=chunk) [Reportable Operating Segments](index=30&type=section&id=Reportable%20Operating%20Segments) Crocs Brand revenues grew across all regions, notably **Asia Pacific** at **46.1%**, while HEYDUDE Brand revenue surged **104.8%**, contributing to significant operating income increases for both brands Segment Revenues and Operating Income (Q1 2023 vs Q1 2022) | Segment | Revenue Q1 2023 (in thousands) | Revenue Q1 2022 (in thousands) | Operating Income Q1 2023 (in thousands) | Operating Income Q1 2022 (in thousands) | | :--- | :--- | :--- | :--- | :--- | | Crocs - North America | $351,308 | $319,450 | $127,783 | $129,611 | | Crocs - Asia Pacific | $140,002 | $95,847 | $56,605 | $30,106 | | Crocs - EMEALA | $157,467 | $129,921 | $65,776 | $34,927 | | **Total Crocs Brand** | **$648,778** | **$545,225** | **$218,007** | **$163,935** | | **HEYDUDE Brand** | **$235,388** | **$114,923** | **$76,620** | **$15,658** | - Asia Pacific revenue growth was driven by China (due to relief of COVID-19 restrictions), Australia, South Korea, and Southeast Asia distributors[167](index=167&type=chunk) - HEYDUDE's operating income increase of **389.3%** was partly due to prior year adjustments of **$27.9 million** to the fair value of inventory costs upon acquisition[220](index=220&type=chunk) [Financial Condition, Capital Resources, and Liquidity](index=34&type=section&id=Financial%20Condition,%20Capital%20Resources,%20and%20Liquidity) The company maintains a strong liquidity position with **$125.7 million** in cash and **$550.7 million** in available borrowings, supported by improved operating cash flow and compliance with debt covenants Liquidity Position as of March 31, 2023 | Component | Amount (in thousands) | | :--- | :--- | | Cash and cash equivalents | $125,687 | | Available borrowings | $550,719 | - Cash provided by operating activities increased by **$78.7 million** year-over-year, driven by higher net income and favorable changes in working capital[238](index=238&type=chunk) - Financing activities used **$52.3 million** in cash, a stark contrast to the **$2.1 billion** provided in Q1 2022, which was used to fund the HEYDUDE acquisition[33](index=33&type=chunk)[213](index=213&type=chunk) - The company is in compliance with all financial covenants for its debt facilities, which include a maximum leverage ratio and a minimum interest coverage ratio[59](index=59&type=chunk)[230](index=230&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks from interest rate fluctuations on variable-rate debt and foreign currency volatility, with mitigation strategies in place - The company is exposed to interest rate risk on its variable-rate Term Loan B Facility and Revolving Facility; a hypothetical **1%** rate increase would have raised Q1 2023 interest expense by **$4.2 million**[216](index=216&type=chunk)[244](index=244&type=chunk) - The company faces foreign currency exchange risk; a hypothetical **1%** appreciation of the U.S. Dollar would have reduced Q1 2023 revenues by **$3.3 million** and income before taxes by **$1.3 million**[245](index=245&type=chunk) - To manage currency risk, the company uses foreign currency forward contracts, with a notional value of approximately **$144.3 million** as of March 31, 2023[262](index=262&type=chunk) [Item 4. Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2023, with ongoing integration of HEYDUDE into internal control over financial reporting - Management concluded that disclosure controls and procedures were effective as of March 31, 2023[248](index=248&type=chunk) - The company is in the process of integrating HEYDUDE into its overall internal control over financial reporting and will complete the evaluation for the year ending December 31, 2023[249](index=249&type=chunk) [PART II — Other Information](index=42&type=section&id=PART%20II%20%E2%80%94%20Other%20Information) [Item 1. Legal Proceedings](index=42&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to ordinary course litigation but does not anticipate any pending legal proceedings to have a material adverse impact - A discussion of legal matters is provided in Note 12 — Commitments and Contingencies[268](index=268&type=chunk) - The company believes no pending legal proceedings would reasonably have a material adverse impact on its business, financial results, and cash flows[98](index=98&type=chunk) [Item 1A. Risk Factors](index=42&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2022 - There have been no material changes to the risk factors from the Annual Report on Form 10-K for the year ended December 31, 2022[269](index=269&type=chunk) [Item 6. Exhibits](index=43&type=section&id=ITEM%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including corporate documents, CEO/CFO certifications, and XBRL data files - The report includes certifications from the Chief Executive Officer and Chief Financial Officer pursuant to the Sarbanes-Oxley Act[251](index=251&type=chunk)[271](index=271&type=chunk) - Interactive Data Files (XBRL) are included as exhibits[251](index=251&type=chunk)

Crocs, Inc. (NASDAQ:CROX) Q4 2022 Earnings Conference Call February 16, 2023 8:30 AM ET Company Participants Cori Lin - Vice President, Corporate Finance Andrew Rees - Chief Executive Officer Anne Mehlman - Executive Vice President & Chief Financial Officer Conference Call Participants Jonathan Komp - Baird Tom Nikic - Wedbush Securities Abbie Zvejnieks - Piper Sandler Laura Champine - Loop Sam Poser - Williams Trading Jim Duffy - Stifel Mitch Kummetz - Seaport Research Mauricio Serna - UBS Aubrey Tianello ...