Crocs, in a regulatory Monday, adjusted up its 2020 revenue guidance, indicating the firm expects revenue to grow more than 12%. View 4,000+ financial data types. $9.0 million (1) Based on the strength of our recent performance and start to the fourth quarter, we are raising our full year guidance to 11% to 12% revenue growth over 2018, which would result in record annual sales for our Company. Our Adjustment represents the incremental increase in weighted average common shares outstanding for the three months and year ended December 31, 2018 resulting from the Conversion. $3.0 million Non-GAAP income tax expense (benefit) and effective tax rate reconciliation: Non-GAAP income (loss) from operations (1), Non-GAAP income (loss) before income taxes, Tax effect of non-GAAP operating adjustments and benefit of U.S. deferred tax assets previously subject to valuation allowance (2). Comparable store sales include the revenues of stores that have been in operation for more than twelve months. (303) 848-7885 Adjusted gross margin rose 310 basis points, driven by favorable product mix, price increases on certain products, lower levels of promotions and discounts, and greater volume helping to leverage our fixed costs. See 'Non-GAAP cost of sales reconciliation' above for more details. Crocs, Inc. Marisa Jacobs (1) . This estimate assumes that currency will negatively impact results by approximately A replay of the conference call will be available approximately two hours after the completion of the call at (800) 585-8367. International participants can dial (647) 689-5638 to take part in the conference call and can access a replay of the call at (416) 621-4642. (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. assumes the Conversion and the non-GAAP income attributable to common shareholders. clin@crocs.com. In 2019, we entered into a lease to relocate our distribution center in the Netherlands to a larger facility in 2021. All of these calls will require the use of the conference identification number 8095853. Revenue; Consumer Discretionary: Textile - Apparel Manufacturing: $4.507B: $1.231B: Crocs, Inc. is a world leader in innovative casual footwear for men, women and children. Adjusted gross margin, which excluded 90 basis points of expenses primarily related to the relocation of our distribution centers in the U.S. and the Netherlands, was 51.1%. September 30, 2018 Andrew Rees, President and Chief Executive Officer, said, “Our record fourth quarter and full year top-line combined with our double-digit operating margin underscores the progress we have made executing our key strategic initiatives. Reflects period over period change as if the current period results were in constant currency, which is a non-GAAP financial measure. PR Contact: Expects 2019 Revenues to Grow 11% to 12% and Reach Record Levels; Expects 2020 Revenues to Grow 12% to 14%. Retail comparable store sales on a constant currency basis grew 10.5% upon re-opening. , approximately We believe that these non-GAAP measures are useful to investors and other users of our consolidated financial statements as an additional tool for evaluating operating performance and trends. Crocs generated a total of $1 billion revenues during 2016. Investors should not consider these non-GAAP measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. The fourth quarter guidance also tops the Q3 revenue total of $362.7 million, which beat Crocs’ previous quarterly sales record of $312.8 million from Q3 2019. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2019 . Crocs reported a revenue growth of -5% year-over-year during 2016. Income from operations of $128.6 million grew 104.4%, compared to $62.9 million in 2018, and operating margin was 10.5%, compared to 5.8% in 2018. Represents non-recurring expenses associated with the 2018 closures of Mexico and Italy manufacturing and distribution facilities. . RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES. Shop the Crocs™ official website for casual shoes, sandals & more. Excluding expenses primarily incurred in connection with the relocation of our distribution centers in the U.S. and the Netherlands and non-recurring SG&A charges, adjustments to income tax expense (benefit), and pro forma adjustments related to our previously outstanding Series A Preferred Stock, our adjusted diluted net income per common share was $1.61 compared to $0.86 in 2018, as detailed on the ‘Non-GAAP earnings per share reconciliation’ schedule below. Wednesday, October 30, 2019 Excluding non-recurring charges, adjusted SG&A as a percent of revenues was 39.5%, an improvement of 430 basis points over 2018. The call will also be streamed live on the Crocs website, 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. Here's why investors are ditching the stock. For a reconciliation of SG&A to adjusted SG&A, see the ‘Non-GAAP selling, general and administrative expenses reconciliation’ schedule below. CROCS, INC. Revenues $ 358,899 $ 328,004 $ 654,848 $ 611,152 . Looking further ahead, Crocs said it expects accelerated full year 2021 revenue growth of 20% to 25% compared to 2020. 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. , President and Chief Executive Officer, said, “We delivered an excellent quarter highlighted by 20% top-line growth and record third quarter revenues of Non-GAAP selling, general and administrative expenses are presented gross of tax. See insights on Crocs including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. Adjustments to reconcile net income to net cash provided by operating activities: Changes in operating assets and liabilities: Purchases of property, equipment, and software, Proceeds from disposal of property and equipment, Dividends — Series A convertible preferred stock (1), Effect of exchange rate changes on cash, cash equivalents, and restricted cash, Net change in cash, cash equivalents, and restricted cash, Cash, cash equivalents, and restricted cash — beginning of year, Cash, cash equivalents, and restricted cash — end of year. During the third quarter of 2019, the Company repurchased approximately 1.0 million shares of its common stock for Non-GAAP weighted average common shares outstanding - diluted for the three and nine months ended CROCS, INC. AND SUBSIDIARIES. . Calculation assumes no repayments and no financing fees. Adjusted operating margin for 2019 was 11.6% compared to 7.7% in 2018. Sign up for Crocs Club & get 20% off your next purchase. resulting from the Conversion. Comparable store status is determined on a monthly basis. Crocs, Inc. In 2019, Crocs' net revenue in the Americas amounted to approximately 640.52 million U.S. dollars. These statements include, but are not limited to, statements regarding full year and first quarter 2020 financial outlook. We are also seeing the broader impact as we are experiencing traffic declines throughout many of our key countries in Asia. PR Contact: 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. September 30, 2019 September 30, 2018 As of Non-GAAP income from operations and operating margin reconciliation: Non-GAAP selling, general and administrative expenses adjustments Crocs, Inc. Reports Record Revenues for Fourth Quarter and Full Year 2019; Full Year Operating Income Increased 104.4% ; Operating Margin Improved to 10.5% Full Year EPS Increased to $1.66 If you experience any issues with this process, please contact us for further assistance. These risks and uncertainties include, but are not limited to, the following: 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. September 30, 2018 Looking ahead, Crocs is not expecting a sales slowdown in 2021. (7), Plus: Non-GAAP dilutive effect of stock options and unvested restricted stock units (in thousands, except share and par value amounts), Accounts receivable, net of allowances of $18,797 and $20,477, respectively, Common stock, par value $0.001 per share, 104.0 million and 103.0 million issued, 68.2 million and 73.3 million shares outstanding, respectively, Treasury stock, at cost, 35.8 million and 29.7 million shares, respectively, Total liabilities and stockholders’ equity. . The call will also be streamed live on the Crocs website, www.crocs.com, and that audio recording will be available at www.crocs.com through February 27, 2021. Capital expenditures, including accruals, during the year ended December 31, 2019 were $50.6 million compared to $10.9 million during 2018. $83,750 See ‘Non-GAAP income tax expense (benefit) and effective tax rate reconciliation’ above for more information. E-commerce revenue grew 67.7%, while wholesale revenue declined 19.5% and retail revenue declined 41.8% due to COVID-19 related store closures. VP, Corporate Finance Crocs Revenue (Annual): 1.231B for Dec. 31, 2019. . We anticipate 2020 revenues will be negatively impacted by $40 to $60 million as a result of disruptions to our Asia business from the coronavirus and approximately $10 million of currency; An operating margin of between 11% and 13%, which includes expenses associated with our new distribution center in the Netherlands and charges for store closures and other provisions in Asia as a result of business disruptions from the coronavirus; Interest expense of approximately $9 million; and. All of the above calls will require the input of the conference identification number 4936999. . During the fourth quarter of 2019, we repurchased 0.4 million shares of our common stock for $13.7 million, at an average price of $34.73 per share. Adjusted gross margin, which excludes 120 basis points of non-recurring expenditures related to the relocation of our, Selling, general and administrative expenses (“SG&A”) were, Net income attributable to common stockholders was, Capital expenditures during the nine months ended, Adjusted gross margin to be approximately 50% compared to 46.2% in the fourth quarter of 2018. stock, at cost, 35.4 million and 29.7 million shares, respectively, Total liabilities and stockholders’ equity, CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS. September 30, 2018 September 30, 2018 View the latest CROX financial statements, income statements and financial ratios.