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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Crocs Inc | NASDAQ:CROX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-2.20 | -1.74% | 124.50 | 124.50 | 162.25 | 129.59 | 123.08 | 129.59 | 1,423,388 | 05:00:04 |
Exceeded All Guidance Metrics; Increased Full-Year Guidance
Crocs, Inc. (NASDAQ: CROX), a world leader in innovative casual footwear for men, women, and children, today announced its first quarter 2018 financial results.
Andrew Rees, President and Chief Executive Officer, said, “The year is off to a strong start, with first quarter results exceeding guidance on all metrics. Our Spring/Summer 2018 collection is being well-received, and our LiteRide launch surpassed our expectations. We continue to successfully execute against our strategic priorities and are increasing our guidance. We now expect full year revenues to be up low single digits, as double-digit e-commerce growth and moderate wholesale growth more than offset the decline in retail revenues associated with our store closure plan.”
First Quarter 2018 Operating Results:
Balance Sheet and Cash Flow Highlights:
Share Repurchase Activity:
During the first quarter of 2018, the Company repurchased 1.4 million shares of its common stock for $20.1 million, at an average price of $14.32 per share. At March 31, 2018, $198.8 million of the Company’s $500 million share repurchase authorization remained available for future share repurchases.
Closure of Company-Operated Mexico Manufacturing and Distribution Facilities:
In connection with ongoing efforts to simplify the business and improve profitability, the Company has made the decision to close its manufacturing and distribution facilities in Mexico. Manufacturing has ceased, and the distribution center will be closed by the end of the third quarter. Related one-time charges are identified in the Company’s second quarter and full year SG&A guidance.
Financial Outlook:
Second Quarter 2018:
With respect to the second quarter of 2018, the Company expects:
Full Year 2018:
With respect to 2018, the Company now expects:
Conference Call Information:
A conference call to discuss first quarter 2018 results is scheduled for today, Tuesday, May 8, 2018 at 8:30 a.m. EDT. The call participation number is (888) 771-4371. A replay of the conference call will be available two hours after the completion of the call at (888) 843-7419. International participants can dial (847) 585-4405 to take part in the conference call, and can access a replay of the call at (630) 652-3042. All of the above calls will require the input of the conference identification number 46719244. 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 May 8, 2019.
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. Every pair of shoes within Crocs’ collection contains Croslite™ material, a proprietary, molded footwear technology, delivering extraordinary comfort with each step.
In 2018, Crocs reinforces its mission of “everyone comfortable in their own shoes” with the second year of its global Come As You Are™ campaign. To learn more about Crocs or Come As You Are, please visit www.crocs.com or follow @Crocs on Facebook, Instagram and Twitter.
Forward Looking Statements:
This news release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements regarding prospects, expectations and our revenue, gross margin, SG&A, income from operations, depreciation and amortization, and tax expense outlook. 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: 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. 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 speaks as of May 8, 2018. We do not undertake any obligation to update publicly any forward-looking statements, including, without limitation, any estimates provided in the “Financial Outlook” section above, whether as a result of the receipt of new information, future events, or otherwise.
CROCS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share data) Three Months EndedMarch 31, 2018 2017 Revenues $ 283,148 $ 267,907 Cost of sales 143,275 134,323 Gross profit 139,873 133,584 Selling, general and administrative expenses 113,951 118,002 Income from operations 25,922 15,582 Foreign currency gains, net 1,071 276 Interest income 279 150 Interest expense (113 ) (184 ) Other income, net 53 124 Income before income taxes 27,212 15,948 Income tax expense 10,758 4,938 Net income 16,454 11,010 Dividends on Series A convertible preferred stock (3,000 ) (3,000 )Dividend equivalents on Series A convertible preferred shares related to redemption value accretion and beneficial conversion feature
(931 ) (855 ) Net income attributable to common stockholders $ 12,523 $ 7,155 Net income per common share: Basic $ 0.15 $ 0.08 Diluted $ 0.15 $ 0.08 Weighted average common shares outstanding: Basic 68,705 73,810 Diluted 71,668 74,561 EARNINGS PER SHARE (UNAUDITED) (in thousands, except per share data)Three Months EndedMarch 31,
2018 2017 Numerator: Net income attributable to common stockholders $ 12,523 $ 7,155 Less: Net income allocable to Series A convertible preferred stockholders (1) (2,094 ) (1,127 ) Adjusted net income available to common stockholders - basic and diluted $ 10,429 $ 6,028 Denominator: Weighted average common shares outstanding - basic 68,705 73,810 Plus: dilutive effect of stock options and unvested restricted stock units 2,963 751 Weighted average common shares outstanding - diluted 71,668 74,561 Net income per common share: Basic $ 0.15 $ 0.08 Diluted $ 0.15 $ 0.08 (1) Represents the amount which would have been paid to preferred stockholders in the event the Company had declared a dividend on its common stock. CROCS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share and par value amounts)March 31, 2018
December 31, 2017 ASSETS Current assets: Cash and cash equivalents $ 101,953 $ 172,128 Accounts receivable, net of allowances of $30,380 and $31,389, respectively 169,954 83,518 Inventories 148,187 130,347 Income taxes receivable 7,781 3,652 Other receivables 11,554 10,664 Restricted cash - current 2,359 2,144 Prepaid expenses and other assets 21,981 22,596Total current assets
463,769 425,049 Property and equipment, net of accumulated depreciation and amortization of $90,554 and $91,806, respectively 30,746 35,032 Intangible assets, net 53,023 56,427 Goodwill 1,734 1,688 Deferred tax assets, net 10,097 10,174 Restricted cash 2,513 2,783 Other assets 11,001 12,542 Total assets $ 572,883 $ 543,695 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 87,751 $ 66,381 Accrued expenses and other liabilities 85,448 84,446 Income taxes payable 15,142 5,515 Current portion of borrowings and capital lease obligations 281 676 Total current liabilities 188,622 157,018 Long-term income taxes payable 6,195 6,081 Other liabilities 11,218 12,298 Total liabilities 206,035 175,397 Commitments and contingencies: Series A convertible preferred stock, 1.0 million shares authorized, 0.2 million outstanding, liquidation preference $203 million 183,364 182,433 Stockholders’ equity: Preferred stock, par value $0.001 per share, 4.0 million shares authorized, none outstanding — — Common stock, par value $0.001 per share, 250 million shares authorized, 95.7 million and 94.8 million issued, 68.3 million and 68.8 million outstanding, respectively 96 95 Treasury stock, at cost, 27.4 million and 26.0 million shares, respectively (355,209 ) (334,312 ) Additional paid-in capital 376,808 373,045 Retained earnings 202,954 190,431 Accumulated other comprehensive loss (41,165 ) (43,394 ) Total stockholders’ equity 183,484 185,865 Total liabilities and stockholders’ equity $ 572,883 $ 543,695 CROCS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands)Three Months EndedMarch 31,
2018 2017 Cash flows from operating activities: Net income $ 16,454 $ 11,010 Adjustments to reconcile net income to net cash used in operating activities: Depreciation and amortization 7,643 8,446 Unrealized foreign currency (gain) loss, net (787 ) 856 Share-based compensation 2,674 2,611 Other non-cash items 941 (689 ) Changes in operating assets and liabilities: Accounts receivable, net of allowances (86,850 ) (66,917 ) Inventories (20,853 ) (28,591 ) Prepaid expenses and other assets 5,112 9,618 Accounts payable, accrued expenses and other liabilities 29,065 13,766 Cash used in operating activities (46,601 ) (49,890 ) Cash flows from investing activities: Purchases of property, equipment, and software (1,668 ) (5,410 ) Proceeds from disposal of property and equipment 16 12 Cash used in investing activities (1,652 ) (5,398 ) Cash flows from financing activities: Proceeds from bank borrowings — 5,500 Repayments of bank borrowings and capital lease obligations (400 ) (3,376 ) Dividends—Series A preferred stock (3,000 ) (3,000 ) Repurchases of common stock (20,061 ) — Other (692 ) (240 ) Cash used in financing activities (24,153 ) (1,116 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash 2,176 (1,389 ) Net change in cash, cash equivalents, and restricted cash (70,230 ) (57,793 ) Cash, cash equivalents, and restricted cash—beginning of period 177,055 152,646 Cash, cash equivalents, and restricted cash—end of period $ 106,825 $ 94,853CROCS, INC. AND SUBSIDIARIESNON-GAAP MEASURES(UNAUDITED)
In addition to financial measures presented on the basis of accounting principles generally accepted in the United States of America (“U.S. GAAP”), we 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 U.S. 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. We believe they also provide a useful baseline for analyzing trends in our operations. Investors should not consider these non-GAAP measures in isolation from, or as a substitute for, financial information prepared in accordance with U.S. GAAP.
CROCS, INC. AND SUBSIDIARIES REVENUES BY CHANNEL (UNAUDITED)Three Months EndedMarch 31,
% ChangeConstantCurrency %Change (1)
2018 2017 (in thousands) Wholesale: Americas $ 72,674 $ 71,023 2.3 % 2.5 % Asia Pacific 71,733 70,935 1.1 % (5.2 )% Europe 49,877 40,583 22.9 % 7.6 % Other businesses 313 190 64.7 % 46.3 % Total wholesale 194,597 182,731 6.5 % 0.7 % Retail: Americas 34,716 32,829 5.7 % 5.6 % Asia Pacific 17,614 21,532 (18.2 )% (22.4 )% Europe 7,176 7,419 (3.3 )% (12.7 )% Total retail 59,506 61,780 (3.7 )% (6.4 )% E-commerce: Americas 16,440 13,869 18.5 % 18.0 % Asia Pacific 7,815 5,877 33.0 % 24.3 % Europe 4,790 3,650 31.2 % 15.0 % Total e-commerce 29,045 23,396 24.1 % 19.1 % Total revenues $ 283,148 $ 267,907 5.7 % 0.7 % (1)Reflects year over year change as if the current period results were in constant currency, which is a non-GAAP financial measure. See “Non-GAAP Measures” for more information.
CROCS, INC. AND SUBSIDIARIES RETAIL STORE COUNTS (UNAUDITED)December 31,2017
Opened ClosedMarch 31,2018
Company-operated retail locations: Type: Kiosk/store-in-store 71 — — 71 Retail stores 161 — 16 145 Outlet stores 215 — 6 209 Total 447 — 22 425 Operating segment: Americas 175 — 1 174 Asia Pacific 186 — 9 177 Europe 86 — 12 74 Total 447 — 22 425CROCS, INC. AND SUBSIDIARIESCOMPARABLE RETAIL STORE SALES AND DIRECT TO CONSUMER COMPARABLE STORE SALES(UNAUDITED)
Comparable retail sales and direct to consumer sales by operating segment were:
Constant Currency (1)Three Months EndedMarch 31,
2018 2017 Comparable retail store sales: (2) Americas 10.9 % (6.0 )% Asia Pacific 4.7 % (1.4 )% Europe (2.6 )% (7.7 )% Global 7.6 % (4.8 )% Constant Currency (1)Three Months EndedMarch 31,
2018 2017 Direct to consumer comparable store sales (includes retail and e-commerce): (2) Americas 13.1 % (5.0 )% Asia Pacific 10.4 % 5.5 % Europe 4.2 % (5.2 )% Global 11.2 % (2.2 )% (1)Reflects period over period change as if the current period results were in constant currency, which is a non-GAAP financial measure. See “Non-GAAP Measures” 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. 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180508005549/en/
Crocs, Inc.Investor Contact:Marisa Jacobs, 303-848-7322mjacobs@crocs.comorMedia Contact:Ryan Roccaforte, 303-848-7116rroccaforte@crocs.com
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