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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 | |
---|---|---|---|---|---|---|---|---|---|---|
2.82 | 2.27% | 127.10 | 127.10 | 127.55 | 128.24 | 125.5301 | 125.90 | 1,799,446 | 00:57:25 |
|
Delaware
(State or other jurisdiction of
incorporation or organization)
|
|
20-2164234
(I.R.S. Employer
Identification No.)
|
Large accelerated filer
ý
|
Accelerated filer
o
|
Non-accelerated filer
o
(do not check if a
smaller reporting company)
|
Smaller reporting company
o
|
Emerging growth company
o
|
|
•
|
our expectations regarding future trends, expectations and performance of our business;
|
•
|
our belief that we have sufficient liquidity to fund our business operations during the next twelve months;
|
•
|
our expectations about the impact of our strategic plans; and
|
•
|
our expectations regarding our level of capital expenditures in
2017
.
|
PART I — Financial Information
|
|
|
|
|
|
|
||
|
||
|
||
|
||
|
||
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Revenues
|
$
|
313,221
|
|
|
$
|
323,828
|
|
|
$
|
581,128
|
|
|
$
|
602,968
|
|
Cost of sales
|
143,414
|
|
|
154,188
|
|
|
277,737
|
|
|
303,962
|
|
||||
Gross profit
|
169,807
|
|
|
169,640
|
|
|
303,391
|
|
|
299,006
|
|
||||
Selling, general and administrative expenses
|
140,361
|
|
|
149,035
|
|
|
258,363
|
|
|
264,158
|
|
||||
Income from operations
|
29,446
|
|
|
20,605
|
|
|
45,028
|
|
|
34,848
|
|
||||
Foreign currency gain (loss), net
|
162
|
|
|
(1,700
|
)
|
|
438
|
|
|
(2,947
|
)
|
||||
Interest income
|
157
|
|
|
164
|
|
|
307
|
|
|
380
|
|
||||
Interest expense
|
(188
|
)
|
|
(234
|
)
|
|
(372
|
)
|
|
(477
|
)
|
||||
Other income (loss)
|
9
|
|
|
(189
|
)
|
|
133
|
|
|
(107
|
)
|
||||
Income before income taxes
|
29,586
|
|
|
18,646
|
|
|
45,534
|
|
|
31,697
|
|
||||
Income tax expense
|
7,627
|
|
|
3,109
|
|
|
12,564
|
|
|
6,014
|
|
||||
Net income
|
21,959
|
|
|
15,537
|
|
|
32,970
|
|
|
25,683
|
|
||||
Dividends on Series A convertible preferred stock
|
(3,000
|
)
|
|
(3,000
|
)
|
|
(6,000
|
)
|
|
(6,000
|
)
|
||||
Dividend equivalents on Series A convertible preferred shares related to redemption value accretion and beneficial conversion feature
|
(873
|
)
|
|
(802
|
)
|
|
(1,729
|
)
|
|
(1,587
|
)
|
||||
Net income attributable to common stockholders
|
$
|
18,086
|
|
|
$
|
11,735
|
|
|
$
|
25,241
|
|
|
$
|
18,096
|
|
Net income per common share:
|
|
|
|
|
|
|
|
|
|
||||||
Basic
|
$
|
0.21
|
|
|
$
|
0.13
|
|
|
$
|
0.29
|
|
|
$
|
0.21
|
|
Diluted
|
$
|
0.20
|
|
|
$
|
0.13
|
|
|
$
|
0.29
|
|
|
$
|
0.20
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding - basic
|
73,953
|
|
|
73,389
|
|
|
73,882
|
|
|
73,238
|
|
||||
Weighted average common shares outstanding - diluted
|
74,572
|
|
|
74,243
|
|
|
74,625
|
|
|
74,389
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net income
|
$
|
21,959
|
|
|
$
|
15,537
|
|
|
$
|
32,970
|
|
|
$
|
25,683
|
|
Other comprehensive income:
|
|
|
|
|
|
|
|
|
|
||||||
Foreign currency translation gain, net
|
2,951
|
|
|
1,871
|
|
|
7,465
|
|
|
6,671
|
|
||||
Total comprehensive income
|
$
|
24,910
|
|
|
$
|
17,408
|
|
|
$
|
40,435
|
|
|
$
|
32,354
|
|
|
June 30,
2017 |
|
December 31,
2016 |
||||
ASSETS
|
|
|
|
|
|
||
Current assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
156,962
|
|
|
$
|
147,565
|
|
Accounts receivable, net of allowances of $50,700 and $48,138, respectively
|
135,893
|
|
|
78,297
|
|
||
Inventories
|
155,749
|
|
|
147,029
|
|
||
Income tax receivable
|
5,830
|
|
|
2,995
|
|
||
Other receivables
|
14,219
|
|
|
14,642
|
|
||
Restricted cash - current
|
2,461
|
|
|
2,534
|
|
||
Prepaid expenses and other assets
|
25,052
|
|
|
32,413
|
|
||
Total current assets
|
496,166
|
|
|
425,475
|
|
||
Property and equipment, net of accumulated depreciation and amortization of $93,929, and $88,603, respectively
|
41,018
|
|
|
44,090
|
|
||
Intangible assets, net
|
68,411
|
|
|
72,700
|
|
||
Goodwill
|
1,615
|
|
|
1,480
|
|
||
Deferred tax assets, net
|
7,079
|
|
|
6,825
|
|
||
Restricted cash
|
2,856
|
|
|
2,547
|
|
||
Other assets
|
13,449
|
|
|
13,273
|
|
||
Total assets
|
$
|
630,594
|
|
|
$
|
566,390
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
||
Accounts payable
|
$
|
82,980
|
|
|
$
|
61,927
|
|
Accrued expenses and other liabilities
|
84,900
|
|
|
78,282
|
|
||
Income taxes payable
|
14,978
|
|
|
6,593
|
|
||
Current portion of borrowings and capital lease obligations
|
1,722
|
|
|
2,338
|
|
||
Total current liabilities
|
184,580
|
|
|
149,140
|
|
||
Long-term income tax payable
|
4,865
|
|
|
4,464
|
|
||
Long-term capital lease obligations
|
40
|
|
|
40
|
|
||
Other liabilities
|
13,766
|
|
|
13,462
|
|
||
Total liabilities
|
203,251
|
|
|
167,106
|
|
||
Commitments and contingencies
|
|
|
|
|
|
||
Series A convertible preferred stock, 1.0 million authorized, 0.2 million shares outstanding, liquidation preference $203 million
|
180,629
|
|
|
178,901
|
|
||
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, 94.7 million and 93.9 million issued, 73.0 million and 73.6 million shares outstanding, respectively
|
95
|
|
|
94
|
|
||
Treasury stock, at cost, 21.7 million and 20.3 million shares, respectively
|
(294,252
|
)
|
|
(284,237
|
)
|
||
Additional paid-in capital
|
368,036
|
|
|
364,397
|
|
||
Retained earnings
|
220,966
|
|
|
195,725
|
|
||
Accumulated other comprehensive loss
|
(48,131
|
)
|
|
(55,596
|
)
|
||
Total stockholders’ equity
|
246,714
|
|
|
220,383
|
|
||
Total liabilities and stockholders’ equity
|
$
|
630,594
|
|
|
$
|
566,390
|
|
|
Six Months Ended June 30,
|
||||||
|
2017
|
|
2016
|
||||
Cash flows from operating activities:
|
|
|
|
|
|
||
Net income
|
$
|
32,970
|
|
|
$
|
25,683
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||
Depreciation and amortization
|
16,815
|
|
|
17,031
|
|
||
Unrealized gains on foreign exchange, net
|
(1,744
|
)
|
|
(4,884
|
)
|
||
Share-based compensation
|
3,945
|
|
|
5,898
|
|
||
Other non-cash items
|
(2,872
|
)
|
|
1,685
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
|||
Accounts receivable, net of allowances
|
(53,086
|
)
|
|
(47,129
|
)
|
||
Inventories
|
(4,743
|
)
|
|
2,148
|
|
||
Prepaid expenses and other assets
|
12,567
|
|
|
(5,107
|
)
|
||
Accounts payable, accrued expenses and other liabilities
|
35,528
|
|
|
24,493
|
|
||
Cash provided by operating activities
|
39,380
|
|
|
19,818
|
|
||
Cash flows from investing activities:
|
|
|
|
|
|
||
Cash paid for purchases of property and equipment
|
(4,958
|
)
|
|
(10,280
|
)
|
||
Proceeds from disposal of property and equipment
|
1,506
|
|
|
2,428
|
|
||
Cash paid for intangible assets
|
(7,273
|
)
|
|
(2,561
|
)
|
||
Change in restricted cash
|
30
|
|
|
(845
|
)
|
||
Cash used in investing activities
|
(10,695
|
)
|
|
(11,258
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
|
||
Proceeds from bank borrowings
|
5,500
|
|
|
29,582
|
|
||
Repayments of bank borrowings and capital lease obligations
|
(7,565
|
)
|
|
(30,662
|
)
|
||
Dividends—Series A preferred stock
|
(6,000
|
)
|
|
(6,000
|
)
|
||
Repurchases of common stock
|
(10,000
|
)
|
|
—
|
|
||
Other
|
(240
|
)
|
|
(363
|
)
|
||
Cash used in financing activities
|
(18,305
|
)
|
|
(7,443
|
)
|
||
Effect of exchange rate changes on cash
|
(983
|
)
|
|
2,204
|
|
||
Net change in cash and cash equivalents
|
9,397
|
|
|
3,321
|
|
||
Cash and cash equivalents—beginning of period
|
147,565
|
|
|
143,341
|
|
||
Cash and cash equivalents—end of period
|
$
|
156,962
|
|
|
$
|
146,662
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in thousands)
|
||||||||||||||
Advertising, production, promotional and agency expenses
|
$
|
27,656
|
|
|
$
|
29,342
|
|
|
$
|
39,668
|
|
|
$
|
37,598
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in thousands)
|
||||||||||||||
Property and equipment:
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative expenses
|
$
|
3,151
|
|
|
$
|
3,509
|
|
|
$
|
6,342
|
|
|
$
|
6,808
|
|
Cost of sales
|
570
|
|
|
420
|
|
|
1,123
|
|
|
806
|
|
||||
Total depreciation and amortization expense
|
3,721
|
|
|
3,929
|
|
|
7,465
|
|
|
7,614
|
|
||||
Intangibles:
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative expenses
|
3,463
|
|
|
3,188
|
|
|
6,947
|
|
|
6,748
|
|
||||
Cost of sales
|
1,185
|
|
|
1,334
|
|
|
2,403
|
|
|
2,669
|
|
||||
Total amortization expense
|
4,648
|
|
|
4,522
|
|
|
9,350
|
|
|
9,417
|
|
||||
Total depreciation and amortization expense
|
$
|
8,369
|
|
|
$
|
8,451
|
|
|
$
|
16,815
|
|
|
$
|
17,031
|
|
|
June 30,
2017 |
|
December 31,
2016 |
||||
|
(in thousands)
|
||||||
Finished goods
|
$
|
151,639
|
|
|
$
|
142,333
|
|
Raw materials
|
3,290
|
|
|
4,042
|
|
||
Work-in-progress
|
820
|
|
|
654
|
|
||
Total inventories
|
$
|
155,749
|
|
|
$
|
147,029
|
|
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
|
Useful Life
|
|
Gross
|
|
Accum. Amortiz.
|
|
Net
|
|
Gross
|
|
Accum. Amortiz.
|
|
Net
|
||||||||||||
|
(Years)
|
|
(in thousands)
|
||||||||||||||||||||||
Intangible assets subject to amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capitalized software
|
2 - 7
|
|
$
|
144,461
|
|
|
$
|
(83,892
|
)
|
|
$
|
60,569
|
|
|
$
|
142,358
|
|
|
$
|
(74,530
|
)
|
|
$
|
67,828
|
|
Patents, copyrights, and trademarks
|
6 - 25
|
|
6,493
|
|
|
(5,626
|
)
|
|
867
|
|
|
6,438
|
|
|
(5,471
|
)
|
|
967
|
|
||||||
Other
|
|
|
2,235
|
|
|
(2,235
|
)
|
|
—
|
|
|
2,855
|
|
|
(2,855
|
)
|
|
—
|
|
||||||
Intangible assets not subject to amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
In progress (1)
|
|
|
6,663
|
|
|
—
|
|
|
6,663
|
|
|
3,616
|
|
|
—
|
|
|
3,616
|
|
||||||
Trademarks and other
|
|
|
312
|
|
|
—
|
|
|
312
|
|
|
289
|
|
|
—
|
|
|
289
|
|
||||||
Total
|
|
|
$
|
160,164
|
|
|
$
|
(91,753
|
)
|
|
$
|
68,411
|
|
|
$
|
155,556
|
|
|
$
|
(82,856
|
)
|
|
$
|
72,700
|
|
|
|
June 30, 2017
|
||
|
|
(in thousands)
|
||
2017 (remainder of year)
|
|
$
|
8,829
|
|
2018
|
|
16,175
|
|
|
2019
|
|
13,809
|
|
|
2020
|
|
11,094
|
|
|
2021
|
|
10,701
|
|
|
Thereafter
|
|
828
|
|
|
Total
|
|
$
|
61,436
|
|
|
June 30,
2017 |
|
December 31,
2016 |
||||
|
(in thousands)
|
||||||
Accrued compensation and benefits
|
$
|
29,716
|
|
|
$
|
20,898
|
|
Fulfillment, freight and duties (1)
|
12,661
|
|
|
14,572
|
|
||
Professional Services
|
8,840
|
|
|
10,900
|
|
||
Sales/use and value added tax payable
|
6,430
|
|
|
4,978
|
|
||
Accrued rent and occupancy
|
7,721
|
|
|
7,335
|
|
||
Royalties payable and deferred revenue
|
7,250
|
|
|
7,475
|
|
||
Other (2)
|
12,282
|
|
|
12,124
|
|
||
Total accrued expenses and other current liabilities
|
$
|
84,900
|
|
|
$
|
78,282
|
|
Level 1
|
Unadjusted quoted prices in active markets for identical assets and liabilities.
|
|||
Level 2
|
Unadjusted quoted prices in active markets for similar assets and liabilities;
|
|||
|
Unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active; or
|
|||
|
Inputs other than quoted prices that are observable for the asset or liability.
|
|||
Level 3
|
Unobservable inputs for the asset or liability.
|
|
June 30, 2017
|
|
December 31, 2016
|
||||||||||||
|
Carrying Value
|
|
Fair Value
|
|
Carrying Value
|
|
Fair Value
|
||||||||
|
(in thousands)
|
||||||||||||||
Borrowings and capital lease obligations
|
$
|
1,762
|
|
|
$
|
1,762
|
|
|
$
|
2,378
|
|
|
$
|
2,378
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
(in thousands)
|
||||||||||||||
Retail store asset impairment
|
|
$
|
—
|
|
|
$
|
572
|
|
|
$
|
—
|
|
|
$
|
765
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||||||||||
|
Derivative Assets
|
|
Derivative Liabilities
|
|
Derivative Assets
|
|
Derivative Liabilities
|
||||||||
|
(in thousands)
|
||||||||||||||
Forward foreign exchange contracts
|
|
|
|
|
|
|
|
||||||||
Level 1
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Level 2
|
4,350
|
|
|
(1,597
|
)
|
|
6,541
|
|
|
(6,698
|
)
|
||||
Level 3
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
4,350
|
|
|
(1,597
|
)
|
|
6,541
|
|
|
(6,698
|
)
|
||||
Netting of counterparty contracts
|
(1,597
|
)
|
|
1,597
|
|
|
(6,541
|
)
|
|
6,541
|
|
||||
Foreign currency forward contract derivatives
|
$
|
2,753
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(157
|
)
|
|
June 30, 2017
|
|
December 31, 2016
|
||||||||||||
|
Notional
|
|
Fair Value
|
|
Notional
|
|
Fair Value
|
||||||||
|
(in thousands)
|
||||||||||||||
Japanese Yen
|
$
|
64,840
|
|
|
$
|
1,722
|
|
|
$
|
87,171
|
|
|
$
|
4,180
|
|
Euro
|
53,732
|
|
|
611
|
|
|
94,763
|
|
|
(2,611
|
)
|
||||
Singapore Dollar
|
33,618
|
|
|
427
|
|
|
71,228
|
|
|
(1,441
|
)
|
||||
South Korean Won
|
16,243
|
|
|
38
|
|
|
14,332
|
|
|
(660
|
)
|
||||
British Pound Sterling
|
8,833
|
|
|
(4
|
)
|
|
8,278
|
|
|
407
|
|
||||
Other currencies
|
62,418
|
|
|
(41
|
)
|
|
52,449
|
|
|
(32
|
)
|
||||
Total
|
$
|
239,684
|
|
|
$
|
2,753
|
|
|
$
|
328,221
|
|
|
$
|
(157
|
)
|
|
|
|
|
|
|
|
|
||||||||
Latest maturity date
|
July 2017
|
|
|
|
|
January 2017
|
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in thousands)
|
||||||||||||||
Foreign currency transaction gain (loss)
|
$
|
(1,417
|
)
|
|
$
|
6,503
|
|
|
$
|
1,794
|
|
|
$
|
8,765
|
|
Foreign currency forward exchange contracts gain (loss)
|
1,579
|
|
|
(8,203
|
)
|
|
(1,356
|
)
|
|
(11,712
|
)
|
||||
Foreign currency transaction gain (loss), net
|
$
|
162
|
|
|
$
|
(1,700
|
)
|
|
$
|
438
|
|
|
$
|
(2,947
|
)
|
|
June 30,
2017 |
|
December 31,
2016 |
||||
|
(in thousands)
|
||||||
Notes payable
|
$
|
1,712
|
|
|
$
|
2,329
|
|
Capital lease obligations
|
50
|
|
|
49
|
|
||
Total borrowings and capital lease obligations
|
1,762
|
|
|
2,378
|
|
||
Less: Current portion of borrowings and capital lease obligations
|
1,722
|
|
|
2,338
|
|
||
Total long-term capital lease obligations
|
$
|
40
|
|
|
$
|
40
|
|
|
June 30, 2017
|
||
|
(in thousands)
|
||
2017 (remainder of year)
|
$
|
1,722
|
|
2018
|
13
|
|
|
2019
|
13
|
|
|
2020
|
11
|
|
|
2021
|
3
|
|
|
Total principal debt maturities and capital lease obligations
|
1,762
|
|
|
Less: current portion
|
1,722
|
|
|
Non-current portion
|
$
|
40
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in thousands)
|
||||||||||||||
Cost of sales
|
$
|
111
|
|
|
$
|
123
|
|
|
$
|
200
|
|
|
$
|
251
|
|
Selling general and administrative expenses
|
1,225
|
|
|
2,949
|
|
|
3,745
|
|
|
5,647
|
|
||||
Total share-based compensation expense
|
$
|
1,336
|
|
|
$
|
3,072
|
|
|
$
|
3,945
|
|
|
$
|
5,898
|
|
|
Number of Options
|
|
Outstanding December 31, 2016
|
518,252
|
|
Granted
|
200,000
|
|
Exercised
|
—
|
|
Forfeited or expired
|
(113,450
|
)
|
Outstanding June 30, 2017
|
604,802
|
|
|
Restricted Stock Awards
|
|
Restricted Stock Units
|
||||||||||
|
Shares
|
|
Weighted Average Grant Date Fair Value
|
|
Shares
|
|
Weighted Average Grant Date Fair Value
|
||||||
Unvested at December 31, 2016
|
11,430
|
|
|
$
|
10.28
|
|
|
3,855,368
|
|
|
$
|
10.31
|
|
Granted
|
35,114
|
|
|
6.84
|
|
|
2,399,876
|
|
|
6.80
|
|
||
Vested
|
(11,430
|
)
|
|
10.28
|
|
|
(652,076
|
)
|
|
10.69
|
|
||
Forfeited
|
—
|
|
|
—
|
|
|
(1,663,792
|
)
|
|
9.64
|
|
||
Unvested at June 30, 2017
|
35,114
|
|
|
$
|
6.84
|
|
|
3,939,376
|
|
|
$
|
8.39
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in thousands, except effective tax rate)
|
||||||||||||||
Income before income taxes
|
$
|
29,586
|
|
|
$
|
18,646
|
|
|
$
|
45,534
|
|
|
$
|
31,697
|
|
Income tax expense
|
7,627
|
|
|
3,109
|
|
|
12,564
|
|
|
6,014
|
|
||||
Effective tax rate
|
25.8
|
%
|
|
16.7
|
%
|
|
27.6
|
%
|
|
19.0
|
%
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in thousands)
|
||||||||||||||
Numerator:
|
|
|
|
|
|
|
|
|
|
||||||
Net income attributable to common stockholders
|
$
|
18,086
|
|
|
$
|
11,735
|
|
|
$
|
25,241
|
|
|
$
|
18,096
|
|
Less: adjustment for income allocated to participating securities
|
(2,843
|
)
|
|
(1,857
|
)
|
|
(3,971
|
)
|
|
(2,868
|
)
|
||||
Net income attributable to common stockholders - basic and diluted
|
$
|
15,243
|
|
|
$
|
9,878
|
|
|
$
|
21,270
|
|
|
$
|
15,228
|
|
Denominator:
|
|
|
|
|
|
|
|
|
|
||||||
Weighted average common shares outstanding - basic
|
73,953
|
|
|
73,389
|
|
|
73,882
|
|
|
73,238
|
|
||||
Plus: dilutive effect of stock options and unvested restricted stock units
|
619
|
|
|
854
|
|
|
743
|
|
|
1,151
|
|
||||
Weighted average common shares outstanding - diluted
|
74,572
|
|
|
74,243
|
|
|
74,625
|
|
|
74,389
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net income per common share:
|
|
|
|
|
|
|
|
|
|
||||||
Basic
|
$
|
0.21
|
|
|
$
|
0.13
|
|
|
$
|
0.29
|
|
|
$
|
0.21
|
|
Diluted
|
$
|
0.20
|
|
|
$
|
0.13
|
|
|
$
|
0.29
|
|
|
$
|
0.20
|
|
|
June 30, 2017
|
||
|
(in thousands)
|
||
2017 (remainder of year)
|
$
|
38,784
|
|
2018
|
66,144
|
|
|
2019
|
39,172
|
|
|
2020
|
27,723
|
|
|
2021
|
22,453
|
|
|
Thereafter
|
68,175
|
|
|
Total minimum lease payments
|
$
|
262,451
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in thousands)
|
||||||||||||||
Minimum rentals (1)
|
$
|
20,403
|
|
|
$
|
22,588
|
|
|
$
|
41,188
|
|
|
$
|
44,983
|
|
Contingent rentals
|
5,562
|
|
|
5,430
|
|
|
7,822
|
|
|
7,560
|
|
||||
Less: Sublease rental income
|
(52
|
)
|
|
(71
|
)
|
|
(89
|
)
|
|
(73
|
)
|
||||
Total rent expense
|
$
|
25,913
|
|
|
$
|
27,947
|
|
|
$
|
48,921
|
|
|
$
|
52,470
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in thousands)
|
||||||||||||||
Revenues: (1)
|
|
|
|
|
|
|
|
||||||||
Americas
|
$
|
136,154
|
|
|
$
|
135,097
|
|
|
$
|
253,877
|
|
|
$
|
259,227
|
|
Asia Pacific
|
124,644
|
|
|
130,846
|
|
|
222,989
|
|
|
235,347
|
|
||||
Europe
|
52,320
|
|
|
57,660
|
|
|
103,971
|
|
|
107,997
|
|
||||
Total segment revenues
|
313,118
|
|
|
323,603
|
|
|
580,837
|
|
|
602,571
|
|
||||
Other businesses
|
103
|
|
|
225
|
|
|
291
|
|
|
397
|
|
||||
Total consolidated revenues
|
$
|
313,221
|
|
|
$
|
323,828
|
|
|
$
|
581,128
|
|
|
$
|
602,968
|
|
Operating income: (1)
|
|
|
|
|
|
|
|
||||||||
Americas
|
$
|
25,205
|
|
|
$
|
18,015
|
|
|
$
|
47,207
|
|
|
$
|
34,592
|
|
Asia Pacific
|
33,305
|
|
|
34,533
|
|
|
60,030
|
|
|
60,383
|
|
||||
Europe
|
10,031
|
|
|
8,437
|
|
|
22,305
|
|
|
14,960
|
|
||||
Total segment income from operations
|
68,541
|
|
|
60,985
|
|
|
129,542
|
|
|
109,935
|
|
||||
Reconciliation of total segment income from operations to income before income taxes:
|
|
|
|
|
|
|
|
|
|
||||||
Other businesses
|
(5,035
|
)
|
|
(6,038
|
)
|
|
(10,650
|
)
|
|
(12,111
|
)
|
||||
Unallocated corporate and other
|
(34,060
|
)
|
|
(34,342
|
)
|
|
(73,864
|
)
|
|
(62,976
|
)
|
||||
Income from operations
|
29,446
|
|
|
20,605
|
|
|
45,028
|
|
|
34,848
|
|
||||
Foreign currency gain (loss), net
|
162
|
|
|
(1,700
|
)
|
|
438
|
|
|
(2,947
|
)
|
||||
Interest income
|
157
|
|
|
164
|
|
|
307
|
|
|
380
|
|
||||
Interest expense
|
(188
|
)
|
|
(234
|
)
|
|
(372
|
)
|
|
(477
|
)
|
||||
Other income
|
9
|
|
|
(189
|
)
|
|
133
|
|
|
(107
|
)
|
||||
Income before income taxes
|
$
|
29,586
|
|
|
$
|
18,646
|
|
|
$
|
45,534
|
|
|
$
|
31,697
|
|
Depreciation and amortization:
|
|
|
|
|
|
|
|
||||||||
Americas
|
$
|
1,347
|
|
|
$
|
1,504
|
|
|
$
|
2,692
|
|
|
$
|
2,982
|
|
Asia Pacific
|
920
|
|
|
992
|
|
|
1,847
|
|
|
2,070
|
|
||||
Europe
|
379
|
|
|
718
|
|
|
764
|
|
|
1,497
|
|
||||
Total segment depreciation and amortization
|
2,646
|
|
|
3,214
|
|
|
5,303
|
|
|
6,549
|
|
||||
Other businesses
|
1,741
|
|
|
1,736
|
|
|
3,488
|
|
|
3,446
|
|
||||
Unallocated corporate and other
|
3,982
|
|
|
3,501
|
|
|
8,024
|
|
|
7,036
|
|
||||
Total consolidated depreciation and amortization
|
$
|
8,369
|
|
|
$
|
8,451
|
|
|
$
|
16,815
|
|
|
$
|
17,031
|
|
•
|
Continued softening in select global regional economies and a cautious retail environment may negatively affect customer purchasing trends.
|
•
|
Foreign exchange rate volatility may continue to impact our reported U.S. dollar results from our foreign operations for the foreseeable future.
|
•
|
Consumer spending preferences continue to shift toward
e-commerce
and away from brick and mortar stores. This has resulted in continued sales growth in our e-commerce channel, as well as on various e-tail sites operated by wholesalers, and contributed to declining foot traffic in our retail locations.
|
•
|
We anticipate lower retail revenues and selling, general and administrative expenses (“
SG&A
”) as we close less productive stores as leases expire and transfer select company-operated stores to distributors. Distributor revenues are reported within our wholesale channel.
|
•
|
We anticipate that our annual gross margin for 2017 will trend to approximately 50%, as our seasonal sale volumes are lower in our third and fourth quarters.
|
•
|
We have identified reductions in SG&A in the amount of $75 to $85 million. These actions are projected to generate an annual $30 to $35 million improvement in earnings before interest and taxes by 2019. We expect to achieve approximately $30 million of these SG&A reductions in 2017. We expect to incur charges of approximately $10 to $15 million over the next two years to achieve these SG&A reductions, with approximately $7 to $10 million of that being incurred in 2017. We anticipate closing or transferring approximately 90 and 70 company-operated retail stores in 2017 and 2018, respectively, thereby reducing our total store count to approximately 400 from 558 at the end of 2016. The majority of company-operated store closures will occur as store leases expire.
|
•
|
Revenues for the
three months ended June 30, 2017
were
$313.2 million
, a
decrease
of
$10.6 million
, or
3.3%
, compared to the same period in 2016.
|
•
|
Cost of sales for the
three months ended June 30, 2017
was
$143.4 million
, a
decrease
of
$10.8 million
, or
7.0%
, compared to the same period in 2016.
|
•
|
Gross profit for the
three months ended June 30, 2017
was
$169.8 million
, an
increase
of
$0.2 million
, or
0.1%
. Gross margin increased
180
basis points to
54.2%
, compared to the same period in 2016.
|
•
|
Selling, general and administrative expenses
decreased
$8.7 million
, or
5.8%
, including
$1.8 million
in strategic consulting and reorganization costs, for the
three months ended June 30, 2017
compared to the same period in 2016.
|
•
|
Net income attributable to common stockholders
increased
$6.3 million
to
$18.1 million
compared to
$11.7 million
for the same period in
2016
. Basic and diluted net
earnings per common share
(“
EPS
”) were
$0.21
and
$0.20
respectively, for the
three months ended June 30, 2017
, compared to basic and diluted EPS of
$0.13
for the
three months ended June 30, 2016
.
|
|
Three Months Ended June 30,
|
|
Change
|
|||||||||||
|
2017
|
|
2016
|
|
$
|
|
%
|
|||||||
|
(in thousands, except per share, margin, unit sales and average selling price data)
|
|||||||||||||
Revenues
|
$
|
313,221
|
|
|
$
|
323,828
|
|
|
$
|
(10,607
|
)
|
|
(3.3
|
)%
|
Cost of sales
|
143,414
|
|
|
154,188
|
|
|
(10,774
|
)
|
|
(7.0
|
)%
|
|||
Gross profit
|
169,807
|
|
|
169,640
|
|
|
167
|
|
|
0.1
|
%
|
|||
Selling, general and administrative expenses
|
140,361
|
|
|
149,035
|
|
|
(8,674
|
)
|
|
(5.8
|
)%
|
|||
Income from operations
|
29,446
|
|
|
20,605
|
|
|
8,841
|
|
|
42.9
|
%
|
|||
Foreign currency gain (loss), net
|
162
|
|
|
(1,700
|
)
|
|
1,862
|
|
|
109.5
|
%
|
|||
Interest income
|
157
|
|
|
164
|
|
|
(7
|
)
|
|
(4.3
|
)%
|
|||
Interest expense
|
(188
|
)
|
|
(234
|
)
|
|
46
|
|
|
(19.7
|
)%
|
|||
Other income, net
|
9
|
|
|
(189
|
)
|
|
198
|
|
|
(104.8
|
)%
|
|||
Income before income taxes
|
29,586
|
|
|
18,646
|
|
|
10,940
|
|
|
58.7
|
%
|
|||
Income tax expense
|
7,627
|
|
|
3,109
|
|
|
4,518
|
|
|
145.3
|
%
|
|||
Net income
|
21,959
|
|
|
15,537
|
|
|
6,422
|
|
|
41.3
|
%
|
|||
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
|
(873
|
)
|
|
(802
|
)
|
|
(71
|
)
|
|
8.9
|
%
|
|||
Net income attributable to common stockholders
|
$
|
18,086
|
|
|
$
|
11,735
|
|
|
$
|
6,351
|
|
|
54.1
|
%
|
|
|
|
|
|
|
|
|
|||||||
Net income per common share:
|
|
|
|
|
|
|
|
|||||||
Basic
|
$
|
0.21
|
|
|
$
|
0.13
|
|
|
$
|
0.08
|
|
|
61.5
|
%
|
Diluted
|
$
|
0.20
|
|
|
$
|
0.13
|
|
|
$
|
0.07
|
|
|
53.8
|
%
|
|
|
|
|
|
|
|
|
|||||||
Gross margin
|
54.2
|
%
|
|
52.4
|
%
|
|
180
|
|
|
3.5
|
%
|
|||
Operating margin
|
9.4
|
%
|
|
6.4
|
%
|
|
300
|
|
|
46.9
|
%
|
|||
Footwear unit sales
|
17,422
|
|
|
17,734
|
|
|
(312
|
)
|
|
(1.8
|
)%
|
|||
Average footwear selling price
|
$
|
17.66
|
|
|
$
|
18.05
|
|
|
$
|
(0.39
|
)
|
|
(2.2
|
)%
|
|
Three Months Ended June 30,
|
|
Change
|
|
Constant Currency
Change (1)
|
||||||||||||||||
|
2017
|
|
2016
|
|
$
|
|
%
|
|
$
|
|
%
|
||||||||||
|
(in thousands)
|
||||||||||||||||||||
Wholesale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Americas
|
$
|
57,307
|
|
|
$
|
54,620
|
|
|
$
|
2,687
|
|
|
4.9
|
%
|
|
$
|
2,516
|
|
|
4.6
|
%
|
Asia Pacific
|
65,146
|
|
|
74,640
|
|
|
(9,494
|
)
|
|
(12.7
|
)%
|
|
(8,541
|
)
|
|
(11.4
|
)%
|
||||
Europe
|
30,947
|
|
|
36,192
|
|
|
(5,245
|
)
|
|
(14.5
|
)%
|
|
(5,234
|
)
|
|
(14.5
|
)%
|
||||
Other businesses
|
103
|
|
|
225
|
|
|
(122
|
)
|
|
(54.2
|
)%
|
|
(121
|
)
|
|
(53.8
|
)%
|
||||
Total wholesale
|
153,503
|
|
|
165,677
|
|
|
(12,174
|
)
|
|
(7.3
|
)%
|
|
(11,380
|
)
|
|
(6.9
|
)%
|
||||
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Americas
|
55,576
|
|
|
57,786
|
|
|
(2,210
|
)
|
|
(3.8
|
)%
|
|
(2,108
|
)
|
|
(3.6
|
)%
|
||||
Asia Pacific
|
39,429
|
|
|
41,319
|
|
|
(1,890
|
)
|
|
(4.6
|
)%
|
|
(1,566
|
)
|
|
(3.8
|
)%
|
||||
Europe
|
13,071
|
|
|
13,950
|
|
|
(879
|
)
|
|
(6.3
|
)%
|
|
(1,138
|
)
|
|
(8.2
|
)%
|
||||
Total retail
|
108,076
|
|
|
113,055
|
|
|
(4,979
|
)
|
|
(4.4
|
)%
|
|
(4,812
|
)
|
|
(4.3
|
)%
|
||||
E-commerce:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Americas
|
23,271
|
|
|
22,691
|
|
|
580
|
|
|
2.6
|
%
|
|
659
|
|
|
2.9
|
%
|
||||
Asia Pacific
|
20,069
|
|
|
14,887
|
|
|
5,182
|
|
|
34.8
|
%
|
|
6,008
|
|
|
40.4
|
%
|
||||
Europe
|
8,302
|
|
|
7,518
|
|
|
784
|
|
|
10.4
|
%
|
|
902
|
|
|
12.0
|
%
|
||||
Total e-commerce
|
51,642
|
|
|
45,096
|
|
|
6,546
|
|
|
14.5
|
%
|
|
7,569
|
|
|
16.8
|
%
|
||||
Total revenues
|
$
|
313,221
|
|
|
$
|
323,828
|
|
|
$
|
(10,607
|
)
|
|
(3.3
|
)%
|
|
$
|
(8,623
|
)
|
|
(2.7
|
)%
|
|
Three Months Ended June 30,
|
|
Change
|
|
Constant Currency
Change (1)
|
||||||||||||||||
|
2017
|
|
2016
|
|
$
|
|
%
|
|
$
|
|
%
|
||||||||||
|
(in thousands)
|
||||||||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Americas
|
$
|
136,154
|
|
|
$
|
135,097
|
|
|
$
|
1,057
|
|
|
0.8
|
%
|
|
$
|
1,067
|
|
|
0.8
|
%
|
Asia Pacific
|
124,644
|
|
|
130,846
|
|
|
(6,202
|
)
|
|
(4.7
|
)%
|
|
(4,099
|
)
|
|
(3.1
|
)%
|
||||
Europe
|
52,320
|
|
|
57,660
|
|
|
(5,340
|
)
|
|
(9.3
|
)%
|
|
(5,470
|
)
|
|
(9.5
|
)%
|
||||
Total segment revenues
|
313,118
|
|
|
323,603
|
|
|
(10,485
|
)
|
|
(3.2
|
)%
|
|
(8,502
|
)
|
|
(2.6
|
)%
|
||||
Other businesses
|
103
|
|
|
225
|
|
|
(122
|
)
|
|
(54.2
|
)%
|
|
(121
|
)
|
|
(53.8
|
)%
|
||||
Total revenues
|
$
|
313,221
|
|
|
$
|
323,828
|
|
|
$
|
(10,607
|
)
|
|
(3.3
|
)%
|
|
$
|
(8,623
|
)
|
|
(2.7
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income from operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Americas
|
$
|
25,205
|
|
|
$
|
18,015
|
|
|
$
|
7,190
|
|
|
39.9
|
%
|
|
$
|
7,294
|
|
|
40.5
|
%
|
Asia Pacific
|
33,305
|
|
|
34,533
|
|
|
(1,228
|
)
|
|
(3.6
|
)%
|
|
(654
|
)
|
|
(1.9
|
)%
|
||||
Europe
|
10,031
|
|
|
8,437
|
|
|
1,594
|
|
|
18.9
|
%
|
|
1,284
|
|
|
15.2
|
%
|
||||
Total segment operating income
|
68,541
|
|
|
60,985
|
|
|
7,556
|
|
|
12.4
|
%
|
|
7,924
|
|
|
13.0
|
%
|
||||
Other businesses (2)
|
(5,035
|
)
|
|
(6,038
|
)
|
|
1,003
|
|
|
(16.6
|
)%
|
|
1,008
|
|
|
(16.7
|
)%
|
||||
Unallocated corporate and other (3)
|
(34,060
|
)
|
|
(34,342
|
)
|
|
282
|
|
|
(0.8
|
)%
|
|
(41
|
)
|
|
0.1
|
%
|
||||
Total operating income
|
$
|
29,446
|
|
|
$
|
20,605
|
|
|
$
|
8,841
|
|
|
42.9
|
%
|
|
$
|
8,891
|
|
|
43.1
|
%
|
|
March 31, 2017
|
|
Opened
|
|
Closed (1)
|
|
June 30, 2017
|
||||
Company-operated retail locations:
|
|
|
|
|
|
|
|
||||
Type:
|
|
|
|
|
|
|
|
||||
Kiosk/store-in-store
|
90
|
|
|
—
|
|
|
6
|
|
|
84
|
|
Retail stores
|
219
|
|
|
1
|
|
|
29
|
|
|
191
|
|
Outlet stores
|
233
|
|
|
3
|
|
|
8
|
|
|
228
|
|
Total
|
542
|
|
|
4
|
|
|
43
|
|
|
503
|
|
Operating segment:
|
|
|
|
|
|
|
|
||||
Americas
|
186
|
|
|
—
|
|
|
2
|
|
|
184
|
|
Asia Pacific
|
260
|
|
|
3
|
|
|
35
|
|
|
228
|
|
Europe
|
96
|
|
|
1
|
|
|
6
|
|
|
91
|
|
Total
|
542
|
|
|
4
|
|
|
43
|
|
|
503
|
|
|
Constant Currency (1)
|
||||
|
Three Months Ended June 30,
|
||||
|
2017
|
|
2016
|
||
Comparable store sales (retail only): (2)
|
|
|
|
||
Americas
|
0.4
|
%
|
|
(2.5
|
)%
|
Asia Pacific
|
(0.9
|
)%
|
|
(6.8
|
)%
|
Europe
|
0.7
|
%
|
|
1.8
|
%
|
Global
|
0.0
|
%
|
|
(3.4
|
)%
|
|
Constant Currency (1)
|
||||
|
Three Months Ended June 30,
|
||||
|
2017
|
|
2016
|
||
Direct to consumer comparable store sales (includes retail and e-commerce): (2)
|
|
|
|
||
Americas
|
1.1
|
%
|
|
2.4
|
%
|
Asia Pacific
|
13.3
|
%
|
|
4.3
|
%
|
Europe
|
5.1
|
%
|
|
1.6
|
%
|
Global
|
5.7
|
%
|
|
2.9
|
%
|
|
Six Months Ended June 30,
|
|
Change
|
|||||||||||
|
2017
|
|
2016
|
|
$
|
|
%
|
|||||||
|
(in thousands, except per share, margin, unit sales and average selling price data)
|
|||||||||||||
Revenues
|
$
|
581,128
|
|
|
$
|
602,968
|
|
|
$
|
(21,840
|
)
|
|
(3.6
|
)%
|
Cost of sales
|
277,737
|
|
|
303,962
|
|
|
(26,225
|
)
|
|
(8.6
|
)%
|
|||
Gross profit
|
303,391
|
|
|
299,006
|
|
|
4,385
|
|
|
1.5
|
%
|
|||
Selling, general and administrative expenses
|
258,363
|
|
|
264,158
|
|
|
(5,795
|
)
|
|
(2.2
|
)%
|
|||
Income from operations
|
45,028
|
|
|
34,848
|
|
|
10,180
|
|
|
29.2
|
%
|
|||
Foreign currency transaction gain (loss), net
|
438
|
|
|
(2,947
|
)
|
|
3,385
|
|
|
(114.9
|
)%
|
|||
Interest income
|
307
|
|
|
380
|
|
|
(73
|
)
|
|
(19.2
|
)%
|
|||
Interest expense
|
(372
|
)
|
|
(477
|
)
|
|
105
|
|
|
(22.0
|
)%
|
|||
Other expense, net
|
133
|
|
|
(107
|
)
|
|
240
|
|
|
(224.3
|
)%
|
|||
Income before income taxes
|
45,534
|
|
|
31,697
|
|
|
13,837
|
|
|
43.7
|
%
|
|||
Income tax expense
|
12,564
|
|
|
6,014
|
|
|
6,550
|
|
|
108.9
|
%
|
|||
Net income
|
32,970
|
|
|
25,683
|
|
|
7,287
|
|
|
28.4
|
%
|
|||
Dividends on Series A convertible preferred stock
|
(6,000
|
)
|
|
(6,000
|
)
|
|
—
|
|
|
—
|
%
|
|||
Dividend equivalents on Series A convertible preferred shares related to redemption value accretion and beneficial conversion feature
|
(1,729
|
)
|
|
(1,587
|
)
|
|
(142
|
)
|
|
8.9
|
%
|
|||
Net income attributable to common stockholders
|
$
|
25,241
|
|
|
$
|
18,096
|
|
|
$
|
7,145
|
|
|
39.5
|
%
|
|
|
|
|
|
|
|
|
|||||||
Net income per common share:
|
|
|
|
|
|
|
|
|
||||||
Basic
|
$
|
0.29
|
|
|
$
|
0.21
|
|
|
$
|
0.08
|
|
|
38.1
|
%
|
Diluted
|
$
|
0.29
|
|
|
$
|
0.20
|
|
|
$
|
0.09
|
|
|
45.0
|
%
|
|
|
|
|
|
|
|
|
|||||||
Gross margin
|
52.2
|
%
|
|
49.6
|
%
|
|
260
|
|
|
5.3
|
%
|
|||
Operating margin
|
7.7
|
%
|
|
5.8
|
%
|
|
197
|
|
|
34.1
|
%
|
|||
Footwear unit sales
|
33,817
|
|
|
34,001
|
|
|
(184
|
)
|
|
(0.5
|
)%
|
|||
Average footwear selling price
|
$
|
16.91
|
|
|
$
|
17.48
|
|
|
$
|
(0.57
|
)
|
|
(3.3
|
)%
|
|
Six Months Ended June 30,
|
|
Change
|
|
Constant Currency
Change (1)
|
||||||||||||||||
|
2017
|
|
2016
|
|
$
|
|
%
|
|
$
|
|
%
|
||||||||||
|
(in thousands)
|
||||||||||||||||||||
Wholesale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Americas
|
$
|
128,333
|
|
|
$
|
128,775
|
|
|
$
|
(442
|
)
|
|
(0.3
|
)%
|
|
$
|
(1,762
|
)
|
|
(1.4
|
)%
|
Asia Pacific
|
136,081
|
|
|
151,793
|
|
|
(15,712
|
)
|
|
(10.4
|
)%
|
|
(14,760
|
)
|
|
(9.7
|
)%
|
||||
Europe
|
71,530
|
|
|
75,254
|
|
|
(3,724
|
)
|
|
(4.9
|
)%
|
|
(3,096
|
)
|
|
(4.1
|
)%
|
||||
Other businesses
|
291
|
|
|
397
|
|
|
(106
|
)
|
|
(26.7
|
)%
|
|
(100
|
)
|
|
(25.2
|
)%
|
||||
Total wholesale
|
336,235
|
|
|
356,219
|
|
|
(19,984
|
)
|
|
(5.6
|
)%
|
|
(19,718
|
)
|
|
(5.5
|
)%
|
||||
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Americas
|
88,405
|
|
|
93,535
|
|
|
(5,130
|
)
|
|
(5.5
|
)%
|
|
(5,066
|
)
|
|
(5.4
|
)%
|
||||
Asia Pacific
|
60,961
|
|
|
63,838
|
|
|
(2,877
|
)
|
|
(4.5
|
)%
|
|
(2,730
|
)
|
|
(4.3
|
)%
|
||||
Europe
|
20,490
|
|
|
21,505
|
|
|
(1,015
|
)
|
|
(4.7
|
)%
|
|
(1,549
|
)
|
|
(7.2
|
)%
|
||||
Total retail
|
169,856
|
|
|
178,878
|
|
|
(9,022
|
)
|
|
(5.0
|
)%
|
|
(9,345
|
)
|
|
(5.2
|
)%
|
||||
E-commerce:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Americas
|
37,139
|
|
|
36,917
|
|
|
222
|
|
|
0.6
|
%
|
|
267
|
|
|
0.7
|
%
|
||||
Asia Pacific
|
25,946
|
|
|
19,716
|
|
|
6,230
|
|
|
31.6
|
%
|
|
7,111
|
|
|
36.1
|
%
|
||||
Europe
|
11,952
|
|
|
11,238
|
|
|
714
|
|
|
6.4
|
%
|
|
869
|
|
|
7.7
|
%
|
||||
Total e-commerce
|
75,037
|
|
|
67,871
|
|
|
7,166
|
|
|
10.6
|
%
|
|
8,247
|
|
|
12.2
|
%
|
||||
Total revenues
|
$
|
581,128
|
|
|
$
|
602,968
|
|
|
$
|
(21,840
|
)
|
|
(3.6
|
)%
|
|
$
|
(20,816
|
)
|
|
(3.5
|
)%
|
|
Six Months Ended June 30,
|
|
Change
|
|
|
||||||||||||||||
|
2017
|
|
2016
|
|
$
|
|
%
|
|
$
|
|
%
|
||||||||||
|
|
||||||||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Americas
|
$
|
253,877
|
|
|
$
|
259,227
|
|
|
$
|
(5,350
|
)
|
|
(2.1
|
)%
|
|
$
|
(6,561
|
)
|
|
(2.5
|
)%
|
Asia Pacific
|
222,989
|
|
|
235,347
|
|
|
(12,358
|
)
|
|
(5.3
|
)%
|
|
(10,379
|
)
|
|
(4.4
|
)%
|
||||
Europe
|
103,971
|
|
|
107,997
|
|
|
(4,026
|
)
|
|
(3.7
|
)%
|
|
(3,776
|
)
|
|
(3.5
|
)%
|
||||
Total segment revenues
|
580,837
|
|
|
602,571
|
|
|
(21,734
|
)
|
|
(3.6
|
)%
|
|
(20,716
|
)
|
|
(3.4
|
)%
|
||||
Other businesses
|
291
|
|
|
397
|
|
|
(106
|
)
|
|
(26.7
|
)%
|
|
(100
|
)
|
|
(25.2
|
)%
|
||||
Total revenues
|
$
|
581,128
|
|
|
$
|
602,968
|
|
|
$
|
(21,840
|
)
|
|
(3.6
|
)%
|
|
$
|
(20,816
|
)
|
|
(3.5
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income from operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Americas
|
$
|
47,207
|
|
|
$
|
34,592
|
|
|
$
|
12,615
|
|
|
36.5
|
%
|
|
$
|
12,599
|
|
|
36.4
|
%
|
Asia Pacific
|
60,030
|
|
|
60,383
|
|
|
(353
|
)
|
|
(0.6
|
)%
|
|
165
|
|
|
0.3
|
%
|
||||
Europe
|
22,305
|
|
|
14,960
|
|
|
7,345
|
|
|
49.1
|
%
|
|
7,118
|
|
|
47.6
|
%
|
||||
Total segment operating income
|
129,542
|
|
|
109,935
|
|
|
19,607
|
|
|
17.8
|
%
|
|
19,882
|
|
|
18.1
|
%
|
||||
Other businesses (2)
|
$
|
(10,650
|
)
|
|
(12,111
|
)
|
|
1,461
|
|
|
(12.1
|
)%
|
|
1,430
|
|
|
(11.8
|
)%
|
|||
Unallocated corporate and other (3)
|
(73,864
|
)
|
|
(62,976
|
)
|
|
(10,889
|
)
|
|
17.3
|
%
|
|
28,593
|
|
|
(45.4
|
)%
|
||||
Total operating income
|
$
|
45,028
|
|
|
$
|
34,848
|
|
|
$
|
10,179
|
|
|
29.2
|
%
|
|
$
|
49,905
|
|
|
143.2
|
%
|
|
December 31, 2016
|
|
Opened
|
|
Closed (1)
|
|
June 30, 2017
|
||||
Company-operated retail locations:
|
|
|
|
|
|
|
|
||||
Type:
|
|
|
|
|
|
|
|
||||
Kiosk/store-in-store
|
98
|
|
|
—
|
|
|
14
|
|
|
84
|
|
Retail stores
|
228
|
|
|
4
|
|
|
41
|
|
|
191
|
|
Outlet stores
|
232
|
|
|
10
|
|
|
14
|
|
|
228
|
|
Total
|
558
|
|
|
14
|
|
|
69
|
|
|
503
|
|
Operating segment:
|
|
|
|
|
|
|
|
||||
Americas
|
190
|
|
|
1
|
|
|
7
|
|
|
184
|
|
Asia Pacific
|
270
|
|
|
12
|
|
|
54
|
|
|
228
|
|
Europe
|
98
|
|
|
1
|
|
|
8
|
|
|
91
|
|
Total
|
558
|
|
|
14
|
|
|
69
|
|
|
503
|
|
|
Constant Currency (1)
|
||||
|
Six Months Ended June 30,
|
||||
|
2017
|
|
2016
|
||
Comparable store sales (retail only): (2)
|
|
|
|
||
Americas
|
(2.1
|
)%
|
|
(0.5
|
)%
|
Asia Pacific
|
(1.1
|
)%
|
|
(3.7
|
)%
|
Europe
|
(2.5
|
)%
|
|
3.9
|
%
|
Global
|
(1.8
|
)%
|
|
(1.0
|
)%
|
|
Constant Currency (1)
|
||||
|
Six Months Ended June 30,
|
||||
|
2017
|
|
2016
|
||
Direct to consumer comparable store sales (includes retail and e-commerce): (2)
|
|
|
|
||
Americas
|
1.2
|
%
|
|
5.9
|
%
|
Asia Pacific
|
10.9
|
%
|
|
4.8
|
%
|
Europe
|
1.4
|
%
|
|
4.4
|
%
|
Global
|
2.9
|
%
|
|
5.4
|
%
|
|
Six Months Ended June 30,
|
||||||||||
|
2017
|
|
2016
|
|
Change
|
||||||
|
(in thousands)
|
||||||||||
Cash provided by operating activities
|
$
|
39,380
|
|
|
$
|
19,818
|
|
|
$
|
19,562
|
|
Cash used in investing activities
|
(10,695
|
)
|
|
(11,258
|
)
|
|
563
|
|
|||
Cash used in financing activities
|
(18,305
|
)
|
|
(7,443
|
)
|
|
(10,862
|
)
|
|||
Effect of exchange rate changes on cash
|
(983
|
)
|
|
2,204
|
|
|
(3,187
|
)
|
|||
Net change in cash and cash equivalents
|
$
|
9,397
|
|
|
$
|
3,321
|
|
|
$
|
6,076
|
|
Issuer Purchases of Equity Securities
|
||||||||||||||
Period
|
|
Total Number of Shares Purchased
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of Publicly
Announced Plans or Programs (1)
|
|
Maximum Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs
|
||||||
April 1 - April 30, 2017
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
118,679,553
|
|
May 1 - May 31, 2017
|
|
—
|
|
|
—
|
|
|
—
|
|
|
118,679,553
|
|
||
June 1 - June 30, 2017
|
|
1,371,470
|
|
|
7.27
|
|
|
1,371,470
|
|
|
108,710,137
|
|
||
Total
|
|
1,371,470
|
|
|
$
|
7.27
|
|
|
1,371,470
|
|
|
$
|
108,710,137
|
|
Exhibit Number
|
|
Description
|
3.1
|
|
Restated Certificate of Incorporation of Crocs, Inc. (incorporated herein by reference to Exhibit 4.1 to Crocs, Inc.’s Registration Statement on Form S-8, filed on March 9, 2006).
|
|
|
|
3.2
|
|
Certificate of Amendment to Restated Certificate of Incorporation of Crocs, Inc. (incorporated herein by reference to Exhibit 3.1 to Crocs, Inc.’s Current Report on Form 8-K, filed on July 12, 2007).
|
|
|
|
3.3
|
|
Amended and Restated Bylaws of Crocs, Inc. (incorporated herein by reference to Exhibit 4.2 to Crocs, Inc.’s Registration Statement on Form S-8, filed on March 9, 2006).
|
|
|
|
3.4
|
|
Certificate of Designations of Series A Convertible Preferred Stock of Crocs, Inc. (incorporated herein by reference to Exhibit 3.1 to Crocs, Inc.’s Current Report on Form 8-K, filed on January 27, 2014).
|
|
|
|
4.1
|
|
Specimen Common Stock Certificate (incorporated herein by reference to Exhibit 4.2 to Crocs, Inc.’s Registration Statement on Form S-1/A, filed on January 19, 2006).
|
|
|
|
10.1
|
|
Second Amendment to Investment Agreement, dated June 6, 2017, between Crocs Inc. and Blackstone Capital Partners VI L.P. (incorporated herein by reference to Exhibit 10.1 to Crocs, Inc.’s Current Report on Form 8-K, filed on June 7, 2017).
|
|
|
|
10.2*
|
|
Crocs Inc. 2008 Cash Income Plan (as amended and revised), (incorporated herein by reference to Exhibit 10.2 to Crocs, Inc.’s Current Report on Form 8-K, filed on June 7, 2017).
|
|
|
|
31.1†
|
|
Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act.
|
|
|
|
31.2†
|
|
Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934 as adopted pursuant to Section 302 of the Sarbanes- Oxley Act.
|
|
|
|
32†
|
|
Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act.
|
|
|
|
101.INS†
|
|
XBRL Instance Document.
|
|
|
|
101.SCH†
|
|
XBRL Taxonomy Extension Schema Document.
|
|
|
|
101.CAL†
|
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
|
|
101.DEF†
|
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
|
|
|
101.LAB†
|
|
XBRL Taxonomy Extension Label Linkbase Document.
|
|
|
|
101.PRE†
|
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
|
CROCS, INC.
|
||
|
|
|
|
|
Date: August 9, 2017
|
|
By:
|
/s/ Carrie Teffner
|
|
|
|
|
Name:
|
Carrie Teffner
|
|
|
|
Title:
|
Principal Financial and Accounting
|
|
|
|
|
Officer
|
1 Year Crocs Chart |
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