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Crocs, Inc. (CROX) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, December 31, 2022

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Crocs, Inc.

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CIK: 1334036 Ticker: CROX

Exhibit 99.1
 
earningsrelease_imagea.gif
 
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, Inc. Reports Record Annual Revenues of $3.6 Billion, Growing 54% Over 2021
Full Year Operating Income of $851M and Adjusted Operating Income of $986M
Full Year Diluted EPS of $8.71 and Adjusted EPS of $10.92
____________________
 
BROOMFIELD, COLORADO — February 16, 2023 — Crocs, Inc. (NASDAQ: CROX) a world leader in innovative casual footwear for women, men, and children, today announced its fourth quarter and full year 2022 financial results.
 
“Consumer demand for the Crocs and HEYDUDE brands has been exceptional, fueling record 2022 revenues for both brands at a combined $3.6 billion and top-tier adjusted operating margin of 28%,” said Andrew Rees, Chief Executive Officer. “We anticipate another record year in 2023 with growth expected to be led by sandals and international for the Crocs Brand and increased US market penetration for HEYDUDE.”

“Crocs, Inc. has industry-leading operating margins and generates robust cash flow as a result of the simplicity of our product lines and the high penetration of molded product. Post the acquisition of HEYDUDE, we reduced outstanding debt by $550 million and gross leverage to 2.25 times,” said Anne Mehlman, Executive Vice President and Chief Financial Officer. “We remain confident in gross leverage being below 2.0 times by the middle of this year giving us greater flexibility with capital allocation.”

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 2022 Operating Results 
•Revenues were $945.2 million, an increase of 61.1% from the same period last year, or 64.8% on a constant currency basis. Direct-to-consumer (“DTC”), which includes retail and e-commerce, revenues grew 61.2% and wholesale revenues grew 61.1%.
•Gross margin of 52.5% declined 1,090 basis points and adjusted gross margin of 53.3% decreased 1,040 basis points compared to the same period last year. Approximately half of the decline in adjusted gross margin is related to the addition of the HEYDUDE Brand. Adjusted gross margin excludes $7.5 million of costs, primarily related to expansion costs and duplicate rent costs for our distribution centers.
•Selling, general and administrative expenses (“SG&A”) of $276.3 million increased from $212.0 million in the same period last year and as a percent of revenues improved by 690 basis points to 29.2% primarily due to leverage of shared services across both brands. Adjusted SG&A improved by 780 basis points compared to prior year at 27.3% of revenues. Adjusted SG&A excludes $18.2 million of costs, primarily related to the shutdown of Russia direct operations and the HEYDUDE acquisition and integration.
•Income from operations increased 37.5% to $220.1 million and operating margin was 23.3% compared to 27.3% for the same period last year, due to lower gross margin and HEYDUDE integration expenses. Adjusted income from operations rose 46.3% to $245.8 million and adjusted operating margin was 26.0%.
1
The following information was filed by Crocs, Inc. (CROX) on Thursday, February 16, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Crocs, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders??? Equity
Accrued Expenses And Other Liabilities
Accrued Expenses And Other Liabilities (Schedule Of Accrued Expenses &Amp; Other Current Liabilities) (Details)
Accrued Expenses And Other Liabilities (Tables)
Acquisition Of Heydude
Acquisition Of Heydude (Narrative) (Details)
Acquisition Of Heydude (Proforma Information) (Details)
Acquisition Of Heydude (Schedule Of Asset Acquired And Liabilities Assumed) (Details)
Acquisition Of Heydude (Schedule Of Intangible Assets) (Details)
Acquisition Of Heydude (Tables)
Basis Of Presentation And Summary Of Significant Accounting Policies
Basis Of Presentation And Summary Of Significant Accounting Policies (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies (Policies)
Basis Of Presentation And Summary Of Significant Accounting Policies (Tables)
Borrowings
Borrowings (Components Of Our Consolidated Debt And Capital Lease Obligations) (Details)
Borrowings (Revolving Credit Facilities And Notes Payable) (Details)
Borrowings (Tables)
Commitments And Contingencies
Commitments And Contingencies (Purchase Commitments) (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Fair Value Of Derivative Assets And Liabilities) (Details)
Derivative Financial Instruments (Losses On Foreign Currency Derivatives) (Details)
Derivative Financial Instruments (Narrative) (Details)
Derivative Financial Instruments (Summary Of Derivative Financial Instruments Notional Amounts On Outstanding Positions) (Details)
Derivative Financial Instruments (Tables)
Earnings Per Share
Earnings Per Share (Summary Of Basic And Diluted Earnings Per Share) (Details)
Earnings Per Share (Tables)
Employee Benefit Plan
Employee Benefit Plan (Details)
Equity
Equity (Details)
Fair Value Measurements
Fair Value Measurements (Narrative) (Details)
Fair Value Measurements (Schedule Of Assets And Liabilities At Fair Value) (Details)
Fair Value Measurements (Tables)
Goodwill And Intangible Assets, Net
Goodwill And Intangible Assets, Net (Goodwill Rollforward) (Details)
Goodwill And Intangible Assets, Net (Goodwill) (Narrative) (Details)
Goodwill And Intangible Assets, Net (Schedule Of Future Amortization Of Intangible Assets) (Details)
Goodwill And Intangible Assets, Net (Schedule Of Intangible Asset Amortization Expense) (Details)
Goodwill And Intangible Assets, Net (Summary Of Intangible Assets) (Details)
Goodwill And Intangible Assets, Net (Tables)
Income Taxes
Income Taxes (Components Of Income Tax Expense) (Details)
Income Taxes (Deferred Income Tax Assets And Liabilities) (Details)
Income Taxes (Effective Income Tax Reconciliation) (Details)
Income Taxes (Narrative) (Details)
Income Taxes (Reconciliation Of Unrecognized Tax Benefits) (Details)
Income Taxes (Tables)
Leases
Leases (Lease Costs And Other Information) (Details)
Leases (Maturities Of Company's Operating Lease Liabilities) (Details)
Leases (Narrative) (Details)
Leases (Right-Of-Use Assets And Operating Lease Liabilities) (Details)
Leases (Tables)
Operating Segments And Geographic Information
Operating Segments And Geographic Information (Information Related To Reportable Operating Business Segments) (Details)
Operating Segments And Geographic Information (Narrative) (Details)
Operating Segments And Geographic Information (Tables)
Property And Equipment, Net
Property And Equipment, Net (Narrative) (Details)
Property And Equipment, Net (Schedule Of Depreciation And Amortization Expense) (Details)
Property And Equipment, Net (Schedule Of Property And Equipment) (Details)
Property And Equipment, Net (Tables)
Recent Accounting Pronouncements
Revenues
Revenues (Narrative) (Details)
Revenues (Revenue By Reportable Operating Segment And By Channel) (Details)
Revenues (Tables)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (Details)
Share-Based Compensation
Share-Based Compensation (Narrative) (Details)
Share-Based Compensation (Restricted Stock Awards And Restricted Stock Units Activity Narrative) (Details)
Share-Based Compensation (Schedule Of Restricted Stock Award And Restricted Stock Unit Activity) (Details)
Share-Based Compensation (Stock Option Activity Narrative) (Details)
Share-Based Compensation (Stock Option Activity) (Details)
Share-Based Compensation (Tables)
Ticker: CROX
CIK: 1334036
Form Type: 10-K Annual Report
Accession Number: 0001334036-23-000015
Submitted to the SEC: Thu Feb 16 2023 2:31:26 PM EST
Accepted by the SEC: Thu Feb 16 2023
Period: Saturday, December 31, 2022
Industry: Rubber And Plastics Footwear

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