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Crocs, Inc. Reports Record First Quarter Revenue and Raises 2021 Guidance

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First Quarter Revenues Grew 64% to $460 million

Operating Income Increased $104 million to $125 million

First Quarter Diluted EPS of $1.47 Up from $0.16

BROOMFIELD, Colo., April 27, 2021 /PRNewswire/ -- Crocs, Inc. (NASDAQ: CROX), a world leader in innovative casual footwear for women, men, and children, today announced its first quarter 2021 financial results.

Andrew Rees, Chief Executive Officer, said, "Demand for the Crocs brand is stronger than ever with expected 2021 revenue growth of 40% to 50%. In the first quarter we achieved record revenues and profitability, with growth in all regions and all channels. We have raised full year guidance as we continue to see consumer demand for our product accelerate globally."

First Quarter 2021 Highlights

  • Record first quarter revenues of $460.1 million increased 63.6%, or 60.5% on a constant currency basis, with growth in all regions and channels.

  • Digital sales grew 75.3% to represent 32.3% of revenue versus 30.1% last year.

  • Asia achieved strong double-digit growth of 26.2%, or 20.1% on a constant currency basis.

  • Sandals revenues increased 17.1% to represent 17.3% of footwear sales.

  • Operating income increased to $124.7 million from $20.8 million last year and operating margins expanded significantly to 27.1% versus 7.4% in 2020.

  • Diluted earnings per share were $1.47 compared to $0.16 for the same period last year.

Amounts referred to as "Adjusted" 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.

First Quarter 2021 Operating Results

  • Revenues were $460.1 million, an increase of 63.6% from the same period last year, or 60.5% on a constant currency basis. Direct-to-consumer ("DTC") grew 93.3% and wholesale revenues grew 50.1%.

  • Gross margin of 55.0% increased 730 basis points compared to 47.7% in the same period last year. Adjusted gross margin of 55.2% rose 720 basis points from the same period last year.

  • SG&A expenses of $128.5 million increased from $113.4 million in the same period last year and SG&A as a percent of revenues improved to 27.9% from 40.3%. Adjusted SG&A improved to 27.9% of revenues versus 38.7% for the same period last year.

  • Income from operations grew to $124.7 million from $20.8 million for the same period last year, while operating margin expanded to 27.1% from 7.4%. Adjusted income from operations rose 376.9% to $125.7 million and adjusted operating margin was 27.3% compared to 9.4% for the same period last year.

  • Diluted earnings per share increased 818.8% to a quarterly record of $1.47, as compared to $0.16 for the same period last year. Adjusted diluted earnings per share were $1.49, or 577.3% above the $0.22 for the same period last year.

First Quarter 2021 Geographic Summary

  • Americas: Revenues of $276.4 million increased 87.5% on a constant currency basis.

  • Asia Pacific: Revenues of $82.6 million increased 20.1% on a constant currency basis.

  • EMEA: Revenues of $101.1 million increased 41.0% on a constant currency basis.

First Quarter 2021 Channel Summary

  • DTC: Revenues increased 93.3% to $170.1 million compared to $88.0 million for the same period last year.

  • Wholesale: Revenues increased 50.1% to $290.0 million compared to $193.2 million for the same period last year.

Balance Sheet and Cash Flow

  • Cash and cash equivalents were $255.9 million as of March 31, 2021, compared to $135.8 million as of December 31, 2020.

  • Inventories increased to $196.5 million as of March 31, 2021, compared to $175.1 million as of December 31,

  • 2020 and $195.8 million as of March 31, 2020.

  • Capital expenditures during the three months ended March 31, 2021 were $8.0 million, compared to $16.1 million for the same period last year.

  • Borrowings at March 31, 2021 were $341.1 million. During the first quarter, we issued $350.0 million of 4.250% senior notes due 2029 and repaid the balance on our senior revolving credit facility with a portion of the proceeds. The senior notes are reported on our balance sheet at face value, less unamortized issuance costs. Our liquidity position remains strong with $499.7 million in available borrowing capacity.

Share Repurchase Activity

During the first quarter and excluding the impact of the fourth quarter 2020 final accelerated share repurchase settlement in January 2021, we repurchased approximately 0.6 million shares of our common stock for $50.0 million at an average price of $76.95 per share.

As of March 31, 2021, $287.8 million of our $1.0 billion share repurchase authorization remained available for future repurchases. In April 2021, the Board approved an increase to our repurchase authorization such that $1.0 billion remains available today for future common stock repurchases.

Financial Outlook

Second Quarter 2021

With respect to the second quarter of 2021, we expect:

  • Revenue growth to be between 60% and 70% compared to second quarter 2020 revenues of $331.5 million.

  • Non-GAAP adjustments of approximately $3 million related to distribution center investments that will impact gross margin.

  • Non-GAAP operating margin to be between 21% and 23%.

Full Year 2021

With respect to 2021, we expect:

  • Revenue growth to be between 40% and 50% compared to 2020 revenues of $1,386.0 million.

  • Non-GAAP adjustments of approximately $12 to $15 million related to distribution center investments that will impact gross margin.

  • Non-GAAP operating margin to be between 22% and 24%.

  • GAAP tax rate and non-GAAP effective tax rate of approximately 20%.

  • Capital expenditures of approximately $100 to $130 million for supply chain investments to support growth.

Conference Call Information

A conference call to discuss first quarter 2021 results is scheduled for today, Tuesday, April 27, 2021, 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 April 27, 2022 at this site.

About Crocs, Inc.

Crocs, Inc. (Nasdaq: CROX) is a world leader in innovative casual footwear for women, men, and children, combining comfort and style with a value that consumers know and love. The vast majority of shoes within Crocs' collection contains Croslite™ material, a proprietary, molded footwear technology, delivering extraordinary comfort with each step.

In 2021, Crocs declares that expressing yourself and being comfortable are not mutually exclusive. To learn more about Crocs or our global Come As You Are™ campaign, please visit www.crocs.com or follow @Crocs on Facebook, Instagram, and Twitter.

Forward Looking Statements

This press release includes estimates, projections, and statements relating to our business plans, objectives, and expected operating results 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, and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements regarding potential impacts to our business related to the COVID-19 pandemic, our financial condition, brand and liquidity outlook, and expectations regarding our future revenue, tax rate, capital expenditures, and operating margin. 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: the COVID-19 pandemic and related government, private sector, and individual consumer responsive actions; current global financial conditions, including economic impacts resulting from the COVID-19 pandemic; 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 speak only as of the date of this press release. We do not undertake any obligation to update publicly any forward-looking statements.

Category:Investors

CROCS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

(in thousands, except per share data)



Three Months Ended March 31,


2021


2020

Revenues

$

460,098



$

281,160


Cost of sales

206,879



146,998


Gross profit

253,219



134,162


Selling, general and administrative expenses

128,533



113,350


Income from operations

124,686



20,812


Foreign currency losses, net

(504)



(231)


Interest income

27



97


Interest expense

(1,632)



(1,921)


Other income, net

11



21


Income before income taxes

122,588



18,778


Income tax expense

24,190



7,687


Net income

$

98,398



$

11,091


Net income per common share:




Basic

$

1.50



$

0.16


Diluted

$

1.47



$

0.16


Weighted average common shares outstanding:




Basic

65,458



67,931


Diluted

66,848



69,218


CROCS, INC. AND SUBSIDIARIES

EARNINGS PER SHARE

(UNAUDITED)

(in thousands, except per share data)



Three Months Ended March 31,


2021


2020

Numerator:




Net income

$

98,398



$

11,091


Denominator:




Weighted average common shares outstanding - basic

65,458



67,931


Plus: Dilutive effect of stock options and unvested restricted stock units

1,390



1,287


Weighted average common shares outstanding - diluted

66,848



69,218






Net income per common share:




Basic

$

1.50



$

0.16


Diluted

$

1.47



$

0.16


CROCS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(in thousands, except share and par value amounts)



March 31,
2021


December 31,
2020

ASSETS




Current assets:




Cash and cash equivalents

$

255,869



$

135,802


Restricted cash - current

1,473



1,542


Accounts receivable, net of allowances of $18,615 and $21,093, respectively

228,717



149,847


Inventories

196,477



175,121


Income taxes receivable

3,830



1,857


Other receivables

19,912



10,816


Prepaid expenses and other assets

20,904



17,856


Total current assets

727,182



492,841


Property and equipment, net of accumulated depreciation and amortization of $83,429 and
$86,305, respectively

70,150



57,467


Intangible assets, net of accumulated amortization of $99,513 and $95,426, respectively

34,762



37,636


Goodwill

1,651



1,719


Deferred tax assets, net

336,590



350,784


Restricted cash

3,904



1,929


Right-of-use assets

179,785



167,421


Other assets

8,299



8,926


Total assets

$

1,362,323



$

1,118,723






LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




Accounts payable

$

141,942



$

112,778


Accrued expenses and other liabilities

111,159



126,704


Income taxes payable

24,317



5,038


Current operating lease liabilities

48,330



47,064


Total current liabilities

325,748



291,584


Long-term income taxes payable

198,769



205,974


Long-term borrowings

341,103



180,000


Long-term operating lease liabilities

165,818



146,401


Other liabilities

4,654



4,131


Total liabilities

1,036,092



828,090


Commitments and contingencies




Stockholders' equity:




Preferred stock, par value $0.001 per share, 5.0 million shares authorized including
1.0 million authorized as Series A Convertible Preferred Stock, none outstanding




Common stock, par value $0.001 per share, 250.0 million shares authorized, 105.6 million
and 105.0 million issued, 65.2 million and 65.9 million outstanding, respectively

106



105


Treasury stock, at cost, 40.4 million and 39.1 million shares, respectively

(783,926)



(688,849)


Additional paid-in capital

525,289



482,385


Retained earnings

651,744



553,346


Accumulated other comprehensive loss

(66,982)



(56,354)


Total stockholders' equity

326,231



290,633


Total liabilities and stockholders' equity

$

1,362,323



$

1,118,723


CROCS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(in thousands)



Three Months Ended March 31,


2021


2020

Cash flows from operating activities:




Net income

$

98,398



$

11,091


Adjustments to reconcile net income to net cash provided by operating activities:




Depreciation and amortization

8,054



6,907


Operating lease cost

14,832



14,994


Share-based compensation

8,054



3,964


Other non-cash items

(1,844)



5,877


Changes in operating assets and liabilities:




Accounts receivable

(81,186)



(73,232)


Inventories

(23,795)



(29,268)


Prepaid expenses and other assets

16,599



3,294


Accounts payable, accrued expenses and other liabilities

6,332



(16,218)


Operating lease liabilities

(15,294)



(12,323)


Cash provided by (used in) operating activities

30,150



(84,914)


Cash flows from investing activities:




Purchases of property, equipment, and software

(7,983)



(16,076)


Proceeds from disposal of property and equipment



25


Other



(116)


Cash used in investing activities

(7,983)



(16,167)


Cash flows from financing activities:




Proceeds from notes issuance

350,000




Proceeds from bank borrowings

40,000



145,000


Repayments of bank borrowings

(220,000)




Deferred debt issuance costs

(7,531)



(475)


Repurchases of common stock

(50,000)



(39,159)


Repurchases of common stock for tax withholding

(10,462)



(2,573)


Other

236



331


Cash provided by financing activities

102,243



103,124


Effect of exchange rate changes on cash, cash equivalents, and restricted cash

(2,437)



(3,496)


Net change in cash, cash equivalents, and restricted cash

121,973



(1,453)


Cash, cash equivalents, and restricted cash—beginning of period

139,273



112,045


Cash, cash equivalents, and restricted cash—end of period

$

261,246



$

110,592


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 cost of sales," "Non-GAAP gross profit," "Non-GAAP gross margin," "Non-GAAP selling, general, and administrative expenses," "Non-GAAP income from operations", "Non-GAAP operating margin," "Non-GAAP income tax expense (benefit)," "Non-GAAP effective tax rate," "Non-GAAP net income," "Non-GAAP weighted average common shares outstanding - basic and diluted," and "Non-GAAP basic and diluted net income per common share," which are non-GAAP financial measures. We also present future period guidance for "Non-GAAP adjusted operating margin" and "Non-GAAP effective tax rate." 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 are useful to investors and other users of our condensed consolidated financial statements as an additional tool for evaluating operating performance and trends. For the three months ended March 31, 2021, 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

(UNAUDITED)


Non-GAAP cost of sales, gross profit, and gross margin reconciliation:









Three Months Ended March 31,


2021


2020


(in thousands)

GAAP revenues

$

460,098



$

281,160






GAAP cost of sales

$

206,879



$

146,998


Adjustments for new distribution centers (1)

(985)



(927)


Non-GAAP cost of sales

$

205,894



$

146,071






GAAP gross profit

$

253,219



$

134,162


GAAP gross margin

55.0

%


47.7

%





Non-GAAP gross profit

$

254,204



$

135,089


Non-GAAP gross margin

55.2

%


48.0

%


(1) Represents expenses, including expansion costs, related to our distribution centers in Dayton, Ohio and Dordrecht, the Netherlands.

Non-GAAP selling, general and administrative expenses reconciliation:



Three Months Ended March 31,


2021


2020


(in thousands)

GAAP revenues

$

460,098



$

281,160






GAAP selling, general and administrative expenses

$

128,533



$

113,350


Donations of inventory



(1,702)


COVID-19 impact of bad debt expense (1)



(2,773)


Duplicate headquarters rent (2)



(207)


Other



69


Total adjustments



(4,613)


Non-GAAP selling, general and administrative expenses (3)

$

128,533



$

108,737






GAAP selling, general and administrative expenses as a percent of revenues

27.9

%


40.3

%

Non-GAAP selling, general and administrative expenses as a percent of revenues

27.9

%


38.7

%


(1) Represents prior year bad debt expense associated with the impact of COVID-19 on wholesale partners in our Asia Pacific segment.

(2) Represents prior year duplicate rent costs associated with our prior year move to our new headquarters in Broomfield, Colorado.

(3) Non-GAAP selling, general and administrative expenses are presented gross of tax.

Non-GAAP income from operations and operating margin reconciliation:



Three Months Ended March 31,


2021


2020


(in thousands)

GAAP revenues

$

460,098



$

281,160






GAAP income from operations

$

124,686



$

20,812


Non-GAAP cost of sales adjustments (1)

985



927


Non-GAAP selling, general and administrative expenses adjustments (2)



4,613


Non-GAAP income from operations

$

125,671



$

26,352






GAAP operating margin

27.1

%


7.4

%

Non-GAAP operating margin

27.3

%


9.4

%


(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.

Non-GAAP income tax expense (benefit) and effective tax rate reconciliation:


Three Months Ended March 31,


2021


2020


(in thousands)

GAAP income from operations

$

124,686



$

20,812


GAAP income before income taxes

122,588



18,778






Non-GAAP income from operations (1)

$

125,671



$

26,352


GAAP non-operating income (expenses):




Foreign currency losses, net

(504)



(231)


Interest income

27



97


Interest expense

(1,632)



(1,921)


Other income, net

11



21


Non-GAAP income before income taxes

$

123,573



$

24,318






GAAP income tax expense

$

24,190



$

7,687


Tax effect of non-GAAP operating adjustments

249



1,385


Impact of 2020 intra-entity IP transfer (2)

(352)




Non-GAAP income tax expense

$

24,087



$

9,072






GAAP effective income tax rate

19.7

%


40.9

%

Non-GAAP effective income tax rate

19.5

%


37.3

%


(1) See 'Non-GAAP income from operations and operating margin reconciliation' above for more details.

(2) In the fourth quarter of 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 transfer resulted in a step-up in the tax basis of
intellectual property rights and a correlated increase in foreign deferred tax assets based on the fair value of the transferred intellectual
property rights. This adjustment represents the current period impact of this transfer, net of the realization of deferred tax assets that were
subject to a valuation allowance.

Non-GAAP earnings per share reconciliation:



Three Months Ended March 31,


2021


2020


(in thousands, except per share data)

Numerator:




GAAP net income

$

98,398



$

11,091


Non-GAAP cost of sales adjustments (1)

985



927


Non-GAAP selling, general and administrative expenses adjustments (2)



4,613


Tax effect of non-GAAP adjustments

103



(1,385)


Non-GAAP net income

$

99,486



$

15,246


Denominator:




GAAP weighted average common shares outstanding - basic

65,458



67,931


Plus: GAAP dilutive effect of stock options and unvested restricted stock units

1,390



1,287


GAAP weighted average common shares outstanding - diluted

66,848



69,218






GAAP net income per common share:




Basic

$

1.50



$

0.16


Diluted

$

1.47



$

0.16






Non-GAAP net income per common share:




Basic

$

1.52



$

0.22


Diluted

$

1.49



$

0.22



(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.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL GUIDANCE


Second Quarter 2021:



Approximately:

Non-GAAP operating margin reconciliation:


GAAP operating margin

20% to 22%

Non-GAAP adjustments associated with distribution center investments

1%

Non-GAAP operating margin

21% to 23%



Full Year 2021:



Approximately:

Non-GAAP operating margin reconciliation:


GAAP operating margin

21% to 23%

Non-GAAP adjustments associated with distribution center investments

1%

Non-GAAP operating margin

22% to 24%

CROCS, INC. AND SUBSIDIARIES

REVENUES BY SEGMENT

(UNAUDITED)



Three Months Ended March 31,


% Change


Constant Currency %
Change (1)


2021


2020


Favorable (Unfavorable)


(in thousands)

Americas:









Wholesale

$

144,773



$

90,805



59.4

%



60.4

%

Direct-to-consumer (2)

131,636



56,918



131.3

%



130.9

%

Total Americas

276,409



147,723



87.1

%



87.5

%

Asia Pacific:









Wholesale

58,624



45,580



28.6

%



23.1

%

Direct-to-consumer

23,968



19,880



20.6

%



13.2

%

Total Asia Pacific

82,592



65,460



26.2

%



20.1

%

EMEA:









Wholesale

86,604



56,711



52.7

%



44.2

%

Direct-to-consumer

14,455



11,190



29.2

%



24.5

%

Total EMEA

101,059



67,901



48.8

%



41.0

%

Total segment revenues

460,060



281,084



63.7

%



60.6

%

Unallocated corporate and other

38



76



(50.0)

%



(50.0)

%

Total consolidated revenues

$

460,098



$

281,160



63.6

%



60.5

%










Total wholesale

$

290,039



$

193,172



50.1

%



46.8

%

Total direct-to-consumer

170,059



87,988



93.3

%



90.8

%

Total consolidated revenues

$

460,098



$

281,160



63.6

%



60.5

%


(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) Direct-to-consumer revenues consist of sales generated through our company-operated retail stores (previously our "Retail" channel) and
company-operated e-commerce websites and third-party e-commerce marketplaces (previously our "E-commerce" channel).

CROCS, INC. AND SUBSIDIARIES

RETAIL STORE COUNTS

(UNAUDITED)



December 31,
2020


Opened


Closed


March 31,
2021

Company-operated retail locations:








Americas

165







165


Asia Pacific

137





2



135


EMEA

49







49


Total

351





2



349


CROCS, INC. AND SUBSIDIARIES

DIGITAL SALES PERCENTAGE AND DIRECT-TO-CONSUMER COMPARABLE SALES

(UNAUDITED)


Digital sales, which includes sales through our company-owned websites, third party marketplaces, and e-tailers, as a percent of
total revenues, by operating segment were:



Three Months Ended March 31,


2021


2020

Digital sales as a percent of total revenues:




Americas

29.2

%


29.0

%

Asia Pacific

30.9

%


24.4

%

EMEA

41.8

%


38.2

%

Global

32.3

%


30.1

%



Comparable direct-to-consumer sales by operating segment are shown below.




Constant Currency (1)


Three Months Ended March 31,


2021


2020

Direct-to-consumer comparable sales: (2)




Americas

100.0

%


18.0

%

Asia Pacific

14.5

%


(6.1)

%

EMEA

49.9

%


16.6

%

Global

71.1

%


10.9

%


(1) Reflects period over period 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) Comparable store status 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 revenues are based on same site sales period
over period.


Investor Contact:

Cori Lin, Crocs, Inc.



(303) 848-5053



clin@crocs.com





PR Contact:

Melissa Layton, Crocs, Inc.



(303) 848-7885



mlayton@crocs.com

Crocs Logo (PRNewsfoto/Crocs, Inc.)
Crocs Logo (PRNewsfoto/Crocs, Inc.)
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SOURCE Crocs, Inc.