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Crocs, Inc. Reports Record Second Quarter Revenue and Commits to Net Zero Emissions by 2030

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Second Quarter Revenues Grew 93% to $641 million

Operating Income Increased $139 million to $195 million

Raises Full Year Revenue Growth and Operating Margin Guidance

BROOMFIELD, Colo., July 22, 2021 /PRNewswire/ -- Crocs, Inc. (NASDAQ: CROX), a world leader in innovative casual footwear for women, men, and children, today announced its second quarter 2021 financial results.

"We continue to see strong consumer demand for the Crocs brand globally. On the back of record second quarter results and continued momentum, we are raising our full year 2021 guidance," said Andrew Rees, Chief Executive Officer. "We are also committing to net zero emissions by 2030, enabling us to provide 'comfort without carbon' to our customers worldwide. I believe we can deliver sustained, highly profitable growth while having a positive impact on our planet and our communities."

Second Quarter 2021 Highlights

  • Record revenues of $640.8 million increased 93.3%, or 88.4% on a constant currency basis as compared to 2020. Revenue growth was strong in all regions, with the Americas up 135.6%, Asia Pacific up 27.1% and Europe, Middle East, and Africa ("EMEA") up 52.6% on a constant currency basis versus prior year.

  • Digital sales grew 25.4% to represent 36.4% of revenue versus 56.1% and 32.6% of revenue in 2020 and 2019, respectively.

  • Direct-to-consumer ("DTC") sales grew 78.6% compared to 2020 and 86.4% compared to 2019, to represent 52.0% of second quarter revenues.

  • Operating income more than tripled to $195.3 million as compared to 2020 and operating margins expanded to 30.5%.

Commitment to Net Zero Emissions by 2030

As one of the world's largest footwear companies, we strive to make a positive impact on the global footwear industry and our planet by committing to transparent, socially conscious, and sustainable business practices. This week Crocs committed to becoming a net zero emissions company by 2030, prioritizing the mitigation of Scope 1, 2 and 3 CO2 equivalent emissions. The plan we are implementing to achieve this commitment centers on the transition to sustainable ingredients, minimizing packaging, responsible resource use, and exploring innovative product afterlife solutions. Additionally, we remain committed to community and inclusivity, rooted in a culture of governance, transparency, and accountability. Please visit www.crocs.com/crocs-purpose to learn more ahead of our annual ESG report that will be published in early 2022.

Second Quarter 2021 Operating Results

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.

  • Revenues were $640.8 million, an increase of 93.3% from the same period last year, or 88.4% on a constant currency basis. DTC revenues grew 78.6% and wholesale revenues grew 112.1%.

  • Gross margin of 61.7% increased 740 basis points compared to 54.3% in the same period last year. Adjusted gross margin of 61.8% rose 660 basis points compared to the same period last year.

  • SG&A expenses of $199.9 million increased from $123.3 million in the same period last year and SG&A as a percent of revenues improved to 31.2% from 37.2%. Adjusted SG&A improved to 31.2% of revenues versus 33.0% for the same period last year.

  • Income from operations grew to $195.3 million from $56.6 million for the same period last year, while operating margin expanded to 30.5% from 17.1%. Adjusted income from operations rose 166.1% to $196.4 million and adjusted operating margin was 30.7% compared to 22.3% for the same period last year.

  • Diluted earnings per share were $4.93, as compared to $0.83 for the same period last year. Adjusted diluted earnings per share were $2.23, up $1.22 compared to $1.01 for the same period last year.

Second Quarter 2021 Geographic Summary

  • Americas: Revenues of $405.7 million increased 135.6% on a constant currency basis.

  • Asia Pacific: Revenues of $126.8 million increased 27.1% on a constant currency basis.

  • EMEA: Revenues of $108.3 million increased 52.6% on a constant currency basis.

Second Quarter 2021 Channel Summary

  • DTC: Revenues increased 78.6% to $333.4 million compared to $186.7 million for the same period last year.

  • Wholesale: Revenues increased 112.1% to $307.3 million compared to $144.9 million for the same period last year.

Balance Sheet and Cash Flow

  • Cash and cash equivalents were $197.9 million as of June 30, 2021, compared to $135.8 million as of December 31, 2020.

  • Inventories increased to $209.1 million as of June 30, 2021, compared to $175.1 million as of December 31,

  • 2020 and $146.8 million as of June 30, 2020.

  • Capital expenditures during the six months ended June 30, 2021 were $21.3 million, compared to $24.3 million for the same period last year.

  • Borrowings at June 30, 2021 were $386.4 million, including $350.0 million of senior notes issued in March 2021. Our liquidity position remains strong with $454.7 million in available borrowing capacity.

Share Repurchase Activity

During the second quarter we executed a $300.0 million accelerated share repurchase whereby we repurchased approximately 2.9 million shares of our common stock at an average price of $103.79 per share.

Financial Outlook

Third Quarter 2021

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

  • Revenue growth to be between 60% and 70% compared to third quarter 2020 revenues of $361.7 million.

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

  • Non-GAAP operating margin to be between 24% and 26%.

Full Year 2021

With respect to 2021, we expect:

  • Revenue growth to be between 60% and 65% compared to 2020 revenues of $1,386.0 million.

  • Non-GAAP adjustments of approximately $8 to $10 million related to distribution center investments that will negatively impact gross margin.

  • Non-GAAP operating margin of approximately 25%.

  • Non-GAAP effective tax rate of approximately 23%, excluding a GAAP tax credit of $175.7 million.

  • Capital expenditures of $80 to $100 million for supply chain investments to support growth.

Conference Call Information

A conference call to discuss second quarter 2021 results is scheduled for today, Thursday, July 22, 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 July 22, 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, commitments, 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 our commitment and ability to achieve net zero emissions by 2030, the COVID-19 pandemic, our financial condition, brand and liquidity outlook, and expectations regarding our future revenue, tax rate, capital expenditures, operating margin, non-GAAP adjustments and ability to deliver sustained, highly profitable growth. 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 June 30,


Six Months Ended June 30,


2021


2020


2021


2020

Revenues

$

640,773



$

331,549



$

1,100,871



$

612,709


Cost of sales

245,592



151,616



452,471



298,614


Gross profit

395,181



179,933



648,400



314,095


Selling, general and administrative expenses

199,859



123,338



328,392



236,688


Income from operations

195,322



56,595



320,008



77,407


Foreign currency losses, net

(117)



(687)



(621)



(918)


Interest income

71



49



98



146


Interest expense

(4,712)



(2,170)



(6,344)



(4,091)


Other income, net

2



907



13



928


Income before income taxes

190,566



54,694



313,154



73,472


Income tax expense (benefit)

(128,388)



(1,857)



(104,198)



5,830


Net income

$

318,954



$

56,551



$

417,352



$

67,642


Net income per common share:








Basic

$

5.02



$

0.84



$

6.47



$

1.00


Diluted

$

4.93



$

0.83



$

6.35



$

0.99


Weighted average common shares outstanding:








Basic

63,595



67,416



64,526



67,674


Diluted

64,640



68,038



65,744



68,664


CROCS, INC. AND SUBSIDIARIES

EARNINGS PER SHARE

(UNAUDITED)

(in thousands, except per share data)



Three Months Ended June 30,


Six Months Ended June 30,


2021


2020


2021


2020

Numerator:








Net income

$

318,954



$

56,551



$

417,352



$

67,642


Denominator:








Weighted average common shares outstanding - basic

63,595



67,416



64,526



67,674


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

1,045



622



1,218



990


Weighted average common shares outstanding - diluted

64,640



68,038



65,744



68,664










Net income per common share:








Basic

$

5.02



$

0.84



$

6.47



$

1.00


Diluted

$

4.93



$

0.83



$

6.35



$

0.99


CROCS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(in thousands, except share and par value amounts)



June 30,
2021


December 31,
2020

ASSETS




Current assets:




Cash and cash equivalents

$

197,853



$

135,802


Restricted cash - current

1,469



1,542


Accounts receivable, net of allowances of $22,508 and $21,093, respectively

233,262



149,847


Inventories

209,089



175,121


Income taxes receivable

1,352



1,857


Other receivables

14,438



10,816


Prepaid expenses and other assets

21,052



17,856


Total current assets

678,515



492,841


Property and equipment, net of accumulated depreciation and amortization of $85,351 and
$86,305, respectively

76,949



57,467


Intangible assets, net of accumulated amortization of $103,741 and $95,426, respectively

33,731



37,636


Goodwill

1,669



1,719


Deferred tax assets, net

515,667



350,784


Restricted cash

3,857



1,929


Right-of-use assets

175,378



167,421


Other assets

8,036



8,926


Total assets

$

1,493,802



$

1,118,723






LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




Accounts payable

$

166,817



$

112,778


Accrued expenses and other liabilities

156,565



126,704


Income taxes payable

11,814



5,038


Current operating lease liabilities

45,726



47,064


Total current liabilities

380,922



291,584


Long-term income taxes payable

200,969



205,974


Long-term borrowings

386,383



180,000


Long-term operating lease liabilities

162,552



146,401


Other liabilities

4,212



4,131


Total liabilities

1,135,038



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, 105.7
million and 105.0 million issued, 62.4 million and 65.9 million outstanding, respectively

106



105


Treasury stock, at cost, 43.3 million and 39.1 million shares, respectively

(1,078,857)



(688,849)


Additional paid-in capital

530,357



482,385


Retained earnings

970,698



553,346


Accumulated other comprehensive loss

(63,540)



(56,354)


Total stockholders' equity

358,764



290,633


Total liabilities and stockholders' equity

$

1,493,802



$

1,118,723


CROCS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(in thousands)



Six Months Ended June 30,


2021


2020

Cash flows from operating activities:




Net income

$

417,352



$

67,642


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




Depreciation and amortization

15,749



13,499


Operating lease cost

29,758



30,213


Inventory donations

641



8,821


Provision for (recovery of) doubtful accounts, net

(2,556)



6,507


Share-based compensation

19,348



5,942


Deferred income taxes

(176,862)




Other non-cash items

836



2,029


Changes in operating assets and liabilities:




Accounts receivable

(82,621)



(62,146)


Inventories

(36,099)



11,240


Prepaid expenses and other assets

4,059



1,002


Accounts payable, accrued expenses and other liabilities

75,520



(15,316)


Right-of-use assets and operating lease liabilities

(22,759)



(29,166)


Cash provided by operating activities

242,366



40,267


Cash flows from investing activities:




Purchases of property, equipment, and software

(21,329)



(24,328)


Proceeds from disposal of property and equipment

6



434


Other



(116)


Cash used in investing activities

(21,323)



(24,010)


Cash flows from financing activities:




Proceeds from notes issuance

350,000




Proceeds from bank borrowings

170,000



150,000


Repayments of bank borrowings

(305,000)



(80,000)


Repurchases of common stock

(350,000)



(39,159)


Repurchases of common stock for tax withholding

(11,619)



(2,573)


Other

(8,725)



609


Cash provided by (used in) financing activities

(155,344)



28,877


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

(1,793)



(2,360)


Net change in cash, cash equivalents, and restricted cash

63,906



42,774


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

139,273



112,045


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

$

203,179



$

154,819


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 selling, general and administrative expenses as a percent of revenues," "Non-GAAP income from operations", "Non-GAAP operating margin," "Non-GAAP income tax expense (benefit)," "Non-GAAP effective tax rate," "Non-GAAP net income," 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 and six months ended June 30, 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 June 30,


Six Months Ended June 30,


2021


2020


2021


2020


(in thousands)

GAAP revenues

$

640,773



$

331,549



$

1,100,871



$

612,709










GAAP cost of sales

$

245,592



$

151,616



$

452,471


$

298,614


New distribution centers (1)

(1,115)



(812)



(2,100)


(1,739)


COVID-19 inventory write-off (2)



(2,396)




(2,396)


Total adjustments

(1,115)



(3,208)



(2,100)


(4,135)


Non-GAAP cost of sales

$

244,477



$

148,408



$

450,371


$

294,479










GAAP gross profit

$

395,181



$

179,933



$

648,400


$

314,095


GAAP gross margin

61.7

%


54.3

%


58.9%


51.3

%









Non-GAAP gross profit

$

396,296



$

183,141



$

650,500


$

318,230


Non-GAAP gross margin

61.8

%


55.2

%


59.1%


51.9

%


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

(2) Represents an inventory write-off in our Asia Pacific segment associated with the impact of COVID-19.

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



Three Months Ended June 30,


Six Months Ended June 30,


2021


2020


2021


2020


(in thousands)

GAAP revenues

$

640,773



$

331,549



$

1,100,871



$

612,709










GAAP selling, general and administrative expenses

$

199,859



$

123,338



$

328,392



$

236,688


Donations of inventory



(8,218)





(9,920)


COVID-19 severance costs



(2,403)





(2,403)


COVID-19 impact of bad debt expense (1)



(1,708)





(4,481)


Other COVID-19 costs (2)



(644)





(644)


Duplicate headquarters rent (3)



(487)





(694)


Other



(550)





(481)


Total adjustments



(14,010)





(18,623)


Non-GAAP selling, general and administrative expenses (4)

$

199,859



$

109,328



$

328,392



$

218,065










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

31.2

%


37.2

%


29.8

%


38.6

%

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

31.2

%


33.0

%


29.8

%


35.6

%


(1) Represents bad debt expense associated with the impact of COVID-19 on wholesale partners in our Asia Pacific and Americas segments.

(2) Represents costs incurred in response to the COVID-19, including hazard pay, cleaning costs, and legal costs.

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

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

Non-GAAP income from operations and operating margin reconciliation:



Three Months Ended June 30,


Six Months Ended June 30,


2021


2020


2021


2020


(in thousands)

GAAP revenues

$

640,773



$

331,549



$

1,100,871



$

612,709










GAAP income from operations

$

195,322



$

56,595



$

320,008



$

77,407


Non-GAAP cost of sales adjustments (1)

1,115


...

3,208



2,100



4,135


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



14,010





18,623


Non-GAAP income from operations

$

196,437



$

73,813



$

322,108



$

100,165










GAAP operating margin

30.5

%


17.1

%


29.1

%


12.6

%

Non-GAAP operating margin

30.7

%


22.3

%


29.3

%


16.3

%


(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 and selling, general and administrative expenses as a percent of revenues reconciliation' above for more details.

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



Three Months Ended June 30,


Six Months Ended June 30,


2021


2020


2021


2020


(in thousands)

GAAP income from operations

$

195,322



$

56,595



$

320,008



$

77,407


GAAP income before income taxes

190,566



54,694



313,154



73,472










Non-GAAP income from operations (1)

$

196,437



$

73,813



$

322,108



$

100,165


GAAP non-operating income (expenses):








Foreign currency losses, net

(117)



(687)



(621)



(918)


Interest income

71



49



98



146


Interest expense

(4,712)



(2,170)



(6,344)



(4,091)


Other income, net

2



907



13



928


Non-GAAP income before income taxes

$

191,681



$

71,912



$

315,254



$

96,230










GAAP income tax expense

$

(128,388)



$

(1,857)



$

(104,198)



$

5,830


Tax effect of non-GAAP operating adjustments

279



4,075



528



5,460


Impact of 2020 intra-entity IP transfer (2)

175,411





175,059




Non-GAAP income tax expense

$

47,302



$

2,218



$

71,389



$

11,290










GAAP effective income tax rate

(67.4)

%


(3.4)

%


(33.3)

%


7.9

%

Non-GAAP effective income tax rate

24.7

%


3.1

%


22.6

%


11.7

%


(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, including the release of the valuation allowance as a result of a tax law change.

Non-GAAP earnings per share reconciliation:



Three Months Ended June 30,


Six Months Ended June 30,


2021


2020


2021


2020


(in thousands, except per share data)

Numerator:








GAAP net income

$

318,954



$

56,551



$

417,352



$

67,642


Non-GAAP cost of sales adjustments (1)

1,115



3,208



2,100



4,135


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



14,010





18,623


Non-GAAP other income adjustment (3)



(919)





(919)


Tax effect of non-GAAP adjustments

(175,690)



(4,075)



(175,587)



(5,460)


Non-GAAP net income

$

144,379



$

68,775



$

243,865



$

84,021


Denominator:








GAAP weighted average common shares outstanding - basic

63,595



67,416



64,526



67,674


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

1,045



622



1,218



990


GAAP weighted average common shares outstanding - diluted

64,640



68,038



65,744



68,664










GAAP net income per common share:








Basic

$

5.02



$

0.84



$

6.47



$

1.00


Diluted

$

4.93



$

0.83



$

6.35



$

0.99










Non-GAAP net income per common share:








Basic

$

2.27



$

1.02



$

3.78



$

1.24


Diluted

$

2.23



$

1.01



$

3.71



$

1.22



(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 and selling, general and administrative expenses as a percent of revenues reconciliation' above for more information.

(3) Represents a prior year fair value adjustment associated with our donations of inventory.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL GUIDANCE


Third Quarter 2021:



Approximately:

Non-GAAP operating margin reconciliation:


GAAP operating margin

23% to 25%

Non-GAAP adjustments associated with distribution center investments

1%

Non-GAAP operating margin

24% to 26%



Full Year 2021:



Approximately:

Non-GAAP operating margin reconciliation:


GAAP operating margin

24%

Non-GAAP adjustments associated with distribution center investments

1%

Non-GAAP operating margin

25%

Non-GAAP effective tax rate reconciliation:


GAAP effective tax rate

(3)%

Non-GAAP adjustments associated with the 2020 intra-entity IP transfer

26%

Non-GAAP effective tax rate

23%

CROCS, INC. AND SUBSIDIARIES

REVENUES BY SEGMENT

(UNAUDITED)



Three Months Ended June 30,


Six Months Ended June 30,


% Change


Constant Currency %
Change (1)


Favorable (Unfavorable)


2021


2020


2021


2020


Q2 2021-2020


YTD 2021-2020


Q2 2021-2020


YTD 2021-2020


(in thousands)

Americas:
















Wholesale

$

168,069



$

67,428



$

312,842



$

158,233



149.3

%


97.7

%


148.7

%


98.0

%

Direct-to-consumer (2)

237,611



104,156



369,247



161,075



128.1

%


129.2

%


127.2

%


128.5

%

Total Americas

405,680



171,584



682,089



319,308



136.4

%


113.6

%


135.6

%


113.4

%

Asia Pacific:
















Wholesale

62,268



35,282



120,891



80,863



76.5

%


49.5

%


67.5

%


42.5

%

Direct-to-consumer

64,566



58,291



88,535



78,170



10.8

%


13.3

%


2.7

%


5.4

%

Total Asia Pacific

126,834



93,573



209,426



159,033



35.5

%


31.7

%


27.1

%


24.3

%

EMEA:
















Wholesale

76,981



42,166



163,585



98,877



82.6

%


65.4

%


70.2

%


55.3

%

Direct-to-consumer

31,269



24,210



45,723



35,399



29.2

%


29.2

%


21.9

%


22.7

%

Total EMEA

108,250



66,376



209,308



134,276



63.1

%


55.9

%


52.6

%


46.7

%

Total segment revenues

640,764



331,533



1,100,823



612,617



93.3

%


79.7

%


88.4

%


75.6

%

Unallocated corporate and other

9



16



48



92



(43.8)

%


(47.8)

%


(43.8)

%


(47.8)

%

Total consolidated revenues

$

640,773



$

331,549



$

1,100,871



$

612,709



93.3

%


79.7

%


88.4

%


75.6

%

















Total wholesale

$

307,327



$

144,892



$

597,366



$

338,065



112.1

%


76.7

%


106.0

%


72.2

%

Total direct-to-consumer

333,446



186,657



503,505



274,644



78.6

%


83.3

%


74.6

%


79.8

%

Total consolidated revenues

$

640,773



$

331,549



$

1,100,871



$

612,709



93.3

%


79.7

%


88.4

%


75.6

%


(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)



March 31,
2021


Opened


Closed


June 30,
2021

Company-operated retail locations:








Americas

165



1


164

Asia Pacific

135


7



142

EMEA

49



3


46

Total

349


7


4


352














December 31,
2020


Opened


Closed


June 30,
2021

Company-operated retail locations:








Americas

165



1


164

Asia Pacific

137


7


2


142

EMEA

49



3


46

Total

351


7


6


352

CROCS, INC. AND SUBSIDIARIES

DIGITAL SALES PERCENTAGE

(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 June 30,


Six Months Ended June 30,


2021


2020


2021


2020

Digital sales as a percent of total revenues:








Americas

30.9

%


58.4

%


30.2

%


44.8

%

Asia Pacific

40.5

%


46.6

%


36.7

%


37.5

%

EMEA

52.5

%


63.4

%


47.4

%


50.7

%

Global

36.4

%


56.1

%


34.7

%


44.2

%


Investor Contact:

Cori Lin, Crocs, Inc.



(303) 848-5053



clin@crocs.com





PR Contact:

Melissa Layton, Crocs, Inc.



(303) 848-7885



mlayton@crocs.com

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