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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 | 124.96 | 129.59 | 123.08 | 129.59 | 1,423,388 | 00:59:51 |
|
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 September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Revenues
|
$
|
243,273
|
|
|
$
|
245,888
|
|
|
$
|
824,401
|
|
|
$
|
848,856
|
|
Cost of sales
|
119,810
|
|
|
123,454
|
|
|
397,547
|
|
|
427,416
|
|
||||
Gross profit
|
123,463
|
|
|
122,434
|
|
|
426,854
|
|
|
421,440
|
|
||||
Selling, general and administrative expenses
|
120,778
|
|
|
123,649
|
|
|
379,141
|
|
|
387,807
|
|
||||
Income (loss) from operations
|
2,685
|
|
|
(1,215
|
)
|
|
47,713
|
|
|
33,633
|
|
||||
Foreign currency gain (loss), net
|
(257
|
)
|
|
1,379
|
|
|
181
|
|
|
(1,568
|
)
|
||||
Interest income
|
269
|
|
|
178
|
|
|
576
|
|
|
558
|
|
||||
Interest expense
|
(167
|
)
|
|
(184
|
)
|
|
(539
|
)
|
|
(661
|
)
|
||||
Other income (expense)
|
54
|
|
|
(1
|
)
|
|
187
|
|
|
(108
|
)
|
||||
Income before income taxes
|
2,584
|
|
|
157
|
|
|
48,118
|
|
|
31,854
|
|
||||
Income tax expense
|
955
|
|
|
1,690
|
|
|
13,519
|
|
|
7,704
|
|
||||
Net income (loss)
|
1,629
|
|
|
(1,533
|
)
|
|
34,599
|
|
|
24,150
|
|
||||
Dividends on Series A convertible preferred stock
|
(3,000
|
)
|
|
(3,000
|
)
|
|
(9,000
|
)
|
|
(9,000
|
)
|
||||
Dividend equivalents on Series A convertible preferred shares related to redemption value accretion and beneficial conversion feature
|
(892
|
)
|
|
(819
|
)
|
|
(2,621
|
)
|
|
(2,406
|
)
|
||||
Net income (loss) attributable to common stockholders
|
$
|
(2,263
|
)
|
|
$
|
(5,352
|
)
|
|
$
|
22,978
|
|
|
$
|
12,744
|
|
Net income (loss) per common share:
|
|
|
|
|
|
|
|
|
|
||||||
Basic
|
$
|
(0.03
|
)
|
|
$
|
(0.07
|
)
|
|
$
|
0.26
|
|
|
$
|
0.15
|
|
Diluted
|
$
|
(0.03
|
)
|
|
$
|
(0.07
|
)
|
|
$
|
0.26
|
|
|
$
|
0.14
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding - basic
|
71,895
|
|
|
73,493
|
|
|
73,212
|
|
|
73,323
|
|
||||
Weighted average common shares outstanding - diluted
|
71,895
|
|
|
73,493
|
|
|
74,160
|
|
|
74,730
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net income (loss)
|
$
|
1,629
|
|
|
$
|
(1,533
|
)
|
|
$
|
34,599
|
|
|
$
|
24,150
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
||||||
Foreign currency gain (loss), net
|
4,124
|
|
|
(140
|
)
|
|
11,589
|
|
|
6,531
|
|
||||
Total comprehensive income (loss)
|
$
|
5,753
|
|
|
$
|
(1,673
|
)
|
|
$
|
46,188
|
|
|
$
|
30,681
|
|
|
September 30,
2017 |
|
December 31,
2016 |
||||
ASSETS
|
|
|
|
|
|
||
Current assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
178,189
|
|
|
$
|
147,565
|
|
Accounts receivable, net of allowances of $49,360 and $48,138, respectively
|
92,708
|
|
|
78,297
|
|
||
Inventories
|
140,282
|
|
|
147,029
|
|
||
Income tax receivable
|
7,421
|
|
|
2,995
|
|
||
Other receivables
|
14,547
|
|
|
14,642
|
|
||
Restricted cash - current
|
2,175
|
|
|
2,534
|
|
||
Prepaid expenses and other assets
|
24,416
|
|
|
32,413
|
|
||
Total current assets
|
459,738
|
|
|
425,475
|
|
||
Property and equipment, net of accumulated depreciation and amortization of $95,512 and $88,603, respectively
|
38,412
|
|
|
44,090
|
|
||
Intangible assets, net
|
66,505
|
|
|
72,700
|
|
||
Goodwill
|
1,663
|
|
|
1,480
|
|
||
Deferred tax assets, net
|
7,098
|
|
|
6,825
|
|
||
Restricted cash
|
2,895
|
|
|
2,547
|
|
||
Other assets
|
13,342
|
|
|
13,273
|
|
||
Total assets
|
$
|
589,653
|
|
|
$
|
566,390
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
||
Accounts payable
|
$
|
55,181
|
|
|
$
|
61,927
|
|
Accrued expenses and other liabilities
|
84,836
|
|
|
78,282
|
|
||
Income taxes payable
|
14,096
|
|
|
6,593
|
|
||
Current portion of borrowings and capital lease obligations
|
1,070
|
|
|
2,338
|
|
||
Total current liabilities
|
155,183
|
|
|
149,140
|
|
||
Long-term income tax payable
|
4,926
|
|
|
4,464
|
|
||
Long-term capital lease obligations
|
35
|
|
|
40
|
|
||
Other liabilities
|
13,931
|
|
|
13,462
|
|
||
Total liabilities
|
174,075
|
|
|
167,106
|
|
||
Commitments and contingencies
|
|
|
|
|
|
||
Series A convertible preferred stock, 1.0 million authorized, 0.2 million shares outstanding, liquidation preference $203 million
|
181,522
|
|
|
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, 71.0 million and 73.6 million shares outstanding, respectively
|
95
|
|
|
94
|
|
||
Treasury stock, at cost, 23.7 million and 20.3 million shares, respectively
|
(311,302
|
)
|
|
(284,237
|
)
|
||
Additional paid-in capital
|
370,567
|
|
|
364,397
|
|
||
Retained earnings
|
218,703
|
|
|
195,725
|
|
||
Accumulated other comprehensive loss
|
(44,007
|
)
|
|
(55,596
|
)
|
||
Total stockholders’ equity
|
234,056
|
|
|
220,383
|
|
||
Total liabilities and stockholders’ equity
|
$
|
589,653
|
|
|
$
|
566,390
|
|
|
Nine Months Ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
Cash flows from operating activities:
|
|
|
|
|
|
||
Net income
|
$
|
34,599
|
|
|
$
|
24,150
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||
Depreciation and amortization
|
24,701
|
|
|
25,473
|
|
||
Unrealized foreign currency gain (loss), net
|
1,017
|
|
|
(7,863
|
)
|
||
Share-based compensation
|
6,851
|
|
|
8,006
|
|
||
Other non-cash items
|
(1,208
|
)
|
|
3,669
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
|||
Accounts receivable, net of allowances
|
(9,068
|
)
|
|
(15,762
|
)
|
||
Inventories
|
12,435
|
|
|
3,750
|
|
||
Prepaid expenses and other assets
|
12,997
|
|
|
(7,559
|
)
|
||
Accounts payable, accrued expenses and other liabilities
|
(1,909
|
)
|
|
(4,510
|
)
|
||
Cash provided by operating activities
|
80,415
|
|
|
29,354
|
|
||
Cash flows from investing activities:
|
|
|
|
|
|
||
Cash paid for purchases of property and equipment
|
(6,553
|
)
|
|
(12,651
|
)
|
||
Proceeds from disposal of property and equipment
|
1,562
|
|
|
2,425
|
|
||
Cash paid for intangible assets
|
(7,710
|
)
|
|
(5,598
|
)
|
||
Change in restricted cash
|
383
|
|
|
953
|
|
||
Cash used in investing activities
|
(12,318
|
)
|
|
(14,871
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
|
||
Proceeds from bank borrowings
|
5,500
|
|
|
29,582
|
|
||
Repayments of bank borrowings and capital lease obligations
|
(8,222
|
)
|
|
(32,378
|
)
|
||
Dividends—Series A preferred stock
|
(9,000
|
)
|
|
(9,000
|
)
|
||
Repurchases of common stock
|
(25,645
|
)
|
|
—
|
|
||
Other
|
(233
|
)
|
|
(338
|
)
|
||
Cash used in financing activities
|
(37,600
|
)
|
|
(12,134
|
)
|
||
Effect of exchange rate changes on cash
|
127
|
|
|
4,526
|
|
||
Net change in cash and cash equivalents
|
30,624
|
|
|
6,875
|
|
||
Cash and cash equivalents—beginning of period
|
147,565
|
|
|
143,341
|
|
||
Cash and cash equivalents—end of period
|
$
|
178,189
|
|
|
$
|
150,216
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in thousands)
|
||||||||||||||
Advertising, production, promotional, and agency expenses
|
$
|
9,946
|
|
|
$
|
11,066
|
|
|
$
|
49,614
|
|
|
$
|
48,664
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in thousands)
|
||||||||||||||
Property and equipment:
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative expenses
|
$
|
2,945
|
|
|
$
|
3,179
|
|
|
$
|
9,287
|
|
|
$
|
9,987
|
|
Cost of sales
|
554
|
|
|
420
|
|
|
1,677
|
|
|
1,226
|
|
||||
Total depreciation and amortization expense
|
3,499
|
|
|
3,599
|
|
|
10,964
|
|
|
11,213
|
|
||||
Intangibles:
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative expenses
|
3,304
|
|
|
3,637
|
|
|
10,251
|
|
|
10,385
|
|
||||
Cost of sales
|
1,083
|
|
|
1,206
|
|
|
3,486
|
|
|
3,875
|
|
||||
Total amortization expense
|
4,387
|
|
|
4,843
|
|
|
13,737
|
|
|
14,260
|
|
||||
Total depreciation and amortization expense
|
$
|
7,886
|
|
|
$
|
8,442
|
|
|
$
|
24,701
|
|
|
$
|
25,473
|
|
|
September 30,
2017 |
|
December 31,
2016 |
||||
|
(in thousands)
|
||||||
Finished goods
|
$
|
136,665
|
|
|
$
|
142,333
|
|
Raw materials
|
2,772
|
|
|
4,042
|
|
||
Work-in-progress
|
845
|
|
|
654
|
|
||
Total inventories
|
$
|
140,282
|
|
|
$
|
147,029
|
|
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
|
Useful Life
|
|
Gross
|
|
Accum. Amortiz.
|
|
Net
|
|
Gross
|
|
Accum. Amortiz.
|
|
Net
|
||||||||||||
|
(in years)
|
|
(in thousands)
|
||||||||||||||||||||||
Intangible assets subject to amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capitalized software
|
2 - 7
|
|
$
|
145,247
|
|
|
$
|
(87,948
|
)
|
|
$
|
57,299
|
|
|
$
|
142,358
|
|
|
$
|
(74,530
|
)
|
|
$
|
67,828
|
|
Patents, copyrights, and trademarks
|
6 - 25
|
|
6,498
|
|
|
(5,700
|
)
|
|
798
|
|
|
6,438
|
|
|
(5,471
|
)
|
|
967
|
|
||||||
Other
|
|
|
2,243
|
|
|
(2,243
|
)
|
|
—
|
|
|
2,855
|
|
|
(2,855
|
)
|
|
—
|
|
||||||
Intangible assets not subject to amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
In progress
(1)
|
|
|
8,086
|
|
|
—
|
|
|
8,086
|
|
|
3,616
|
|
|
—
|
|
|
3,616
|
|
||||||
Trademarks and other
|
|
|
322
|
|
|
—
|
|
|
322
|
|
|
289
|
|
|
—
|
|
|
289
|
|
||||||
Total
|
|
|
$
|
162,396
|
|
|
$
|
(95,891
|
)
|
|
$
|
66,505
|
|
|
$
|
155,556
|
|
|
$
|
(82,856
|
)
|
|
$
|
72,700
|
|
|
|
September 30, 2017
|
||
|
|
(in thousands)
|
||
2017 (remainder of year)
|
|
$
|
4,404
|
|
2018
|
|
16,284
|
|
|
2019
|
|
14,005
|
|
|
2020
|
|
11,309
|
|
|
2021
|
|
10,944
|
|
|
Thereafter
|
|
1,151
|
|
|
Total
|
|
$
|
58,097
|
|
|
September 30,
2017 |
|
December 31,
2016 |
||||
|
(in thousands)
|
||||||
Accrued compensation and benefits
|
$
|
31,010
|
|
|
$
|
20,898
|
|
Fulfillment, freight, and duties
(1)
|
11,784
|
|
|
14,572
|
|
||
Professional services
|
11,578
|
|
|
10,900
|
|
||
Sales/use and value added taxes payable
|
5,027
|
|
|
4,978
|
|
||
Accrued rent and occupancy
|
6,551
|
|
|
7,335
|
|
||
Royalties payable and deferred revenue
|
6,758
|
|
|
7,475
|
|
||
Other
(2)
|
12,128
|
|
|
12,124
|
|
||
Total accrued expenses and other liabilities
|
$
|
84,836
|
|
|
$
|
78,282
|
|
Level
|
|
Inputs
|
|
|
|
1
|
|
Unadjusted quoted prices in active markets for identical assets and liabilities.
|
|||
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.
|
|||
3
|
|
Unobservable inputs for the asset or liability.
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||
|
Carrying Value
|
|
Fair Value
|
|
Carrying Value
|
|
Fair Value
|
||||||||
|
(in thousands)
|
||||||||||||||
Borrowings and capital lease obligations
|
$
|
1,105
|
|
|
$
|
1,105
|
|
|
$
|
2,378
|
|
|
$
|
2,378
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in thousands)
|
||||||||||||||
Retail store asset impairment
|
$
|
150
|
|
|
$
|
930
|
|
|
$
|
150
|
|
|
$
|
1,695
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||
|
Derivative Assets
|
|
Derivative Liabilities
|
|
Derivative Assets
|
|
Derivative Liabilities
|
||||||||
|
(in thousands)
|
||||||||||||||
Foreign currency transaction gains (losses)
|
$
|
1,118
|
|
|
$
|
(833
|
)
|
|
$
|
6,541
|
|
|
$
|
(6,698
|
)
|
Netting of counterparty contracts
|
(833
|
)
|
|
833
|
|
|
(6,541
|
)
|
|
6,541
|
|
||||
Foreign currency forward contract derivatives
|
$
|
285
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(157
|
)
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||
|
Notional
|
|
Fair Value
|
|
Notional
|
|
Fair Value
|
||||||||
|
(in thousands)
|
||||||||||||||
Euro
|
$
|
41,271
|
|
|
$
|
(159
|
)
|
|
$
|
71,228
|
|
|
$
|
(1,441
|
)
|
Japanese Yen
|
36,616
|
|
|
(25
|
)
|
|
87,171
|
|
|
4,180
|
|
||||
Singapore Dollar
|
31,689
|
|
|
245
|
|
|
94,763
|
|
|
(2,611
|
)
|
||||
South Korean Won
|
26,380
|
|
|
98
|
|
|
8,278
|
|
|
407
|
|
||||
British Pound Sterling
|
6,195
|
|
|
73
|
|
|
14,332
|
|
|
(660
|
)
|
||||
Other currencies
|
50,218
|
|
|
53
|
|
|
52,449
|
|
|
(32
|
)
|
||||
Total
|
$
|
192,369
|
|
|
$
|
285
|
|
|
$
|
328,221
|
|
|
$
|
(157
|
)
|
|
|
|
|
|
|
|
|
||||||||
Latest maturity date
|
October 2017
|
|
|
January 2017
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in thousands)
|
||||||||||||||
Foreign currency transaction gains (losses)
|
$
|
(674
|
)
|
|
$
|
3,039
|
|
|
$
|
1,120
|
|
|
$
|
11,804
|
|
Foreign currency forward exchange contracts gains
|
|
|
|
|
|
|
|
||||||||
(losses)
|
417
|
|
|
(1,660
|
)
|
|
(939
|
)
|
|
(13,372
|
)
|
||||
Foreign currency gain (loss), net
|
$
|
(257
|
)
|
|
$
|
1,379
|
|
|
$
|
181
|
|
|
$
|
(1,568
|
)
|
|
September 30,
2017 |
|
December 31,
2016 |
||||
|
(in thousands)
|
||||||
Notes payable
|
$
|
1,058
|
|
|
$
|
2,329
|
|
Capital lease obligations
|
47
|
|
|
49
|
|
||
Total borrowings and capital lease obligations
|
1,105
|
|
|
2,378
|
|
||
Less: Current portion of borrowings and capital lease obligations
|
1,070
|
|
|
2,338
|
|
||
Total long-term capital lease obligations
|
$
|
35
|
|
|
$
|
40
|
|
|
September 30, 2017
|
||
|
(in thousands)
|
||
2017 (remainder of year)
|
$
|
1,065
|
|
2018
|
13
|
|
|
2019
|
13
|
|
|
2020
|
11
|
|
|
2021
|
3
|
|
|
Total principal debt maturities and capital lease obligations
|
1,105
|
|
|
Less: current portion
|
1,070
|
|
|
Non-current portion
|
$
|
35
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in thousands)
|
||||||||||||||
Cost of sales
|
$
|
93
|
|
|
$
|
135
|
|
|
$
|
293
|
|
|
$
|
386
|
|
Selling, general and administrative expenses
|
2,813
|
|
|
1,973
|
|
|
6,558
|
|
|
7,620
|
|
||||
Total share-based compensation expense
|
$
|
2,906
|
|
|
$
|
2,108
|
|
|
$
|
6,851
|
|
|
$
|
8,006
|
|
|
Number of Options
|
|
Outstanding December 31, 2016
|
518,252
|
|
Granted
|
200,000
|
|
Exercised
|
(1,500
|
)
|
Forfeited or expired
|
(156,720
|
)
|
Outstanding September 30, 2017
|
560,032
|
|
|
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
|
|
|
2,433,601
|
|
|
6.84
|
|
||
Vested
|
(20,208
|
)
|
|
8.78
|
|
|
(717,302
|
)
|
|
10.90
|
|
||
Forfeited
|
—
|
|
|
—
|
|
|
(1,720,629
|
)
|
|
9.61
|
|
||
Unvested at September 30, 2017
|
26,336
|
|
|
$
|
6.84
|
|
|
3,851,038
|
|
|
$
|
8.00
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in thousands, except effective tax rate)
|
||||||||||||||
Income before income taxes
|
$
|
2,584
|
|
|
$
|
157
|
|
|
$
|
48,118
|
|
|
$
|
31,854
|
|
Income tax expense
|
955
|
|
|
1,690
|
|
|
13,519
|
|
|
7,704
|
|
||||
Effective tax rate
|
37.0
|
%
|
|
1,076.4
|
%
|
|
28.1
|
%
|
|
24.2
|
%
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in thousands)
|
||||||||||||||
Numerator:
|
|
|
|
|
|
|
|
|
|
||||||
Net income (loss) attributable to common
|
|
|
|
|
|
|
|
||||||||
stockholders
|
$
|
(2,263
|
)
|
|
$
|
(5,352
|
)
|
|
$
|
22,978
|
|
|
$
|
12,744
|
|
Less: adjustment for income allocated to participating
|
|
|
|
|
|
|
|
||||||||
securities
|
—
|
|
|
—
|
|
|
(3,642
|
)
|
|
(2,018
|
)
|
||||
Net income (loss) attributable to common
|
|
|
|
|
|
|
|
||||||||
stockholders - basic and diluted
|
$
|
(2,263
|
)
|
|
$
|
(5,352
|
)
|
|
$
|
19,336
|
|
|
$
|
10,726
|
|
Denominator:
|
|
|
|
|
|
|
|
|
|
||||||
Weighted average common shares outstanding - basic
|
71,895
|
|
|
73,493
|
|
|
73,212
|
|
|
73,323
|
|
||||
Plus: dilutive effect of stock options and unvested
|
|
|
|
|
|
|
|
||||||||
restricted stock units
|
—
|
|
|
—
|
|
|
948
|
|
|
1,407
|
|
||||
Weighted average common shares outstanding -
|
|
|
|
|
|
|
|
||||||||
diluted
|
71,895
|
|
|
73,493
|
|
|
74,160
|
|
|
74,730
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net income (loss) per common share:
|
|
|
|
|
|
|
|
|
|
||||||
Basic
|
$
|
(0.03
|
)
|
|
$
|
(0.07
|
)
|
|
$
|
0.26
|
|
|
$
|
0.15
|
|
Diluted
|
$
|
(0.03
|
)
|
|
$
|
(0.07
|
)
|
|
$
|
0.26
|
|
|
$
|
0.14
|
|
|
September 30, 2017
|
||
|
(in thousands)
|
||
2017 (remainder of year)
|
$
|
14,992
|
|
2018
|
51,789
|
|
|
2019
|
36,534
|
|
|
2020
|
28,287
|
|
|
2021
|
22,514
|
|
|
Thereafter
|
68,658
|
|
|
Total minimum lease payments
|
$
|
222,774
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in thousands)
|
||||||||||||||
Minimum rentals
(1)
|
$
|
19,505
|
|
|
$
|
21,983
|
|
|
$
|
60,693
|
|
|
$
|
66,967
|
|
Contingent rentals
|
4,264
|
|
|
4,789
|
|
|
12,086
|
|
|
12,467
|
|
||||
Less: Sublease rentals
|
(55
|
)
|
|
(21
|
)
|
|
(144
|
)
|
|
(139
|
)
|
||||
Total rent expense
|
$
|
23,714
|
|
|
$
|
26,751
|
|
|
$
|
72,635
|
|
|
$
|
79,295
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in thousands)
|
||||||||||||||
Revenues:
(1)
|
|
|
|
|
|
|
|
||||||||
Americas
|
$
|
120,459
|
|
|
$
|
114,659
|
|
|
$
|
374,336
|
|
|
$
|
373,886
|
|
Asia Pacific
|
80,039
|
|
|
90,920
|
|
|
303,028
|
|
|
326,268
|
|
||||
Europe
|
42,521
|
|
|
40,038
|
|
|
146,492
|
|
|
148,035
|
|
||||
Total segment revenues
|
243,019
|
|
|
245,617
|
|
|
823,856
|
|
|
848,189
|
|
||||
Other businesses
|
254
|
|
|
271
|
|
|
545
|
|
|
667
|
|
||||
Total consolidated revenues
|
$
|
243,273
|
|
|
$
|
245,888
|
|
|
$
|
824,401
|
|
|
$
|
848,856
|
|
Operating income:
(1)
|
|
|
|
|
|
|
|
||||||||
Americas
|
$
|
24,102
|
|
|
$
|
16,329
|
|
|
$
|
71,309
|
|
|
$
|
50,919
|
|
Asia Pacific
|
13,264
|
|
|
17,303
|
|
|
73,294
|
|
|
77,687
|
|
||||
Europe
|
5,416
|
|
|
1,751
|
|
|
27,721
|
|
|
16,712
|
|
||||
Total segment income from operations
|
42,782
|
|
|
35,383
|
|
|
172,324
|
|
|
145,318
|
|
||||
Reconciliation of total segment income (loss) from
|
|
|
|
|
|
|
|
|
|
||||||
operations to income before income taxes:
|
|
|
|
|
|
|
|
||||||||
Other businesses
|
(6,233
|
)
|
|
(7,179
|
)
|
|
(16,883
|
)
|
|
(19,291
|
)
|
||||
Unallocated corporate and other
|
(33,864
|
)
|
|
(29,419
|
)
|
|
(107,728
|
)
|
|
(92,394
|
)
|
||||
Income (loss) from operations
|
2,685
|
|
|
(1,215
|
)
|
|
47,713
|
|
|
33,633
|
|
||||
Foreign currency gain (loss), net
|
(257
|
)
|
|
1,379
|
|
|
181
|
|
|
(1,568
|
)
|
||||
Interest income
|
269
|
|
|
178
|
|
|
576
|
|
|
558
|
|
||||
Interest expense
|
(167
|
)
|
|
(184
|
)
|
|
(539
|
)
|
|
(661
|
)
|
||||
Other income (loss)
|
54
|
|
|
(1
|
)
|
|
187
|
|
|
(108
|
)
|
||||
Income before income taxes
|
$
|
2,584
|
|
|
$
|
157
|
|
|
$
|
48,118
|
|
|
$
|
31,854
|
|
Depreciation and amortization:
|
|
|
|
|
|
|
|
||||||||
Americas
|
$
|
1,383
|
|
|
$
|
1,417
|
|
|
$
|
4,075
|
|
|
$
|
4,400
|
|
Asia Pacific
|
863
|
|
|
1,036
|
|
|
2,710
|
|
|
3,107
|
|
||||
Europe
|
374
|
|
|
319
|
|
|
1,138
|
|
|
1,815
|
|
||||
Total segment depreciation and amortization
|
2,620
|
|
|
2,772
|
|
|
7,923
|
|
|
9,322
|
|
||||
Other businesses
|
1,618
|
|
|
1,614
|
|
|
5,106
|
|
|
5,060
|
|
||||
Unallocated corporate and other
|
3,648
|
|
|
4,056
|
|
|
11,672
|
|
|
11,091
|
|
||||
Total consolidated depreciation and amortization
|
$
|
7,886
|
|
|
$
|
8,442
|
|
|
$
|
24,701
|
|
|
$
|
25,473
|
|
•
|
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.
|
•
|
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 sales volumes are lower in our third and fourth quarters.
|
•
|
We have identified reductions in SG&A in the amount of $75 to $85 million which are projected to generate an annual $30 to $35 million improvement in earnings before interest and taxes by 2019, compared to 2016. 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 $10 million of that being incurred in 2017, of which $7.6 million had been incurred through September 30, 2017. We anticipate closing or transferring approximately 95 and 65 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.
|
•
|
We anticipate lower retail revenues as we continue to optimize our sales channels.
|
•
|
Revenues for the
three months ended September 30, 2017
were
$243.3 million
, a
decrease
of
$2.6 million
, or
1.1%
, compared to the same period in 2016.
|
•
|
Cost of sales for the
three months ended September 30, 2017
was
$119.8 million
, a
decrease
of
$3.6 million
, or
3.0%
, compared to the same period in 2016.
|
•
|
Gross profit for the
three months ended September 30, 2017
was
$123.5 million
, an
increase
of
$1.0 million
, or
0.8%
. Gross margin increased
100
basis points to
50.8%
, compared to the same period in 2016.
|
•
|
SG&A
decreased
$2.9 million
, or
2.3%
, after the effects of $3.6 million in strategic consulting and reorganization costs, for the
three months ended September 30, 2017
compared to the same period in 2016.
|
•
|
Income from operations improved by
$3.9 million
, coming in at
$2.7 million
compared to last year’s third quarter loss of
$1.2 million
.
|
•
|
Net loss attributable to common stockholders improved
$3.1 million
to a loss of
$2.3 million
compared to a loss of
$5.4 million
for the same period in
2016
. Basic and diluted net loss per common share was
$0.03
for the
three months ended September 30, 2017
, compared to
$0.07
for the
three months ended September 30, 2016
.
|
|
Three Months Ended September 30,
|
|
Change
|
|||||||||||
|
2017
|
|
2016
|
|
$
|
|
%
|
|||||||
|
(in thousands, except per share, margin, unit sales, and average selling price data)
|
|||||||||||||
Revenues
|
$
|
243,273
|
|
|
$
|
245,888
|
|
|
$
|
(2,615
|
)
|
|
(1.1
|
)%
|
Cost of sales
|
119,810
|
|
|
123,454
|
|
|
(3,644
|
)
|
|
(3.0
|
)%
|
|||
Gross profit
|
123,463
|
|
|
122,434
|
|
|
1,029
|
|
|
0.8
|
%
|
|||
Selling, general and administrative expenses
|
120,778
|
|
|
123,649
|
|
|
(2,871
|
)
|
|
(2.3
|
)%
|
|||
Income (loss) from operations
|
2,685
|
|
|
(1,215
|
)
|
|
3,900
|
|
|
321.0
|
%
|
|||
Foreign currency gain (loss), net
|
(257
|
)
|
|
1,379
|
|
|
(1,636
|
)
|
|
(118.6
|
)%
|
|||
Interest income
|
269
|
|
|
178
|
|
|
91
|
|
|
51.1
|
%
|
|||
Interest expense
|
(167
|
)
|
|
(184
|
)
|
|
17
|
|
|
9.2
|
%
|
|||
Other income (expense)
|
54
|
|
|
(1
|
)
|
|
55
|
|
|
5,500.0
|
%
|
|||
Income before income taxes
|
2,584
|
|
|
157
|
|
|
2,427
|
|
|
1,545.9
|
%
|
|||
Income tax expense
|
955
|
|
|
1,690
|
|
|
(735
|
)
|
|
(43.5
|
)%
|
|||
Net income (loss)
|
1,629
|
|
|
(1,533
|
)
|
|
3,162
|
|
|
206.3
|
%
|
|||
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
|
(892
|
)
|
|
(819
|
)
|
|
(73
|
)
|
|
(8.9
|
)%
|
|||
Net loss attributable to common stockholders
|
$
|
(2,263
|
)
|
|
$
|
(5,352
|
)
|
|
$
|
3,089
|
|
|
57.7
|
%
|
Net loss per common share:
|
|
|
|
|
|
|
|
|
|
|||||
Basic
|
$
|
(0.03
|
)
|
|
$
|
(0.07
|
)
|
|
$
|
0.04
|
|
|
57.1
|
%
|
Diluted
|
$
|
(0.03
|
)
|
|
$
|
(0.07
|
)
|
|
$
|
0.04
|
|
|
57.1
|
%
|
|
|
|
|
|
|
|
|
|||||||
Gross margin
|
50.8
|
%
|
|
49.8
|
%
|
|
100
|
|
|
2.0
|
%
|
|||
Operating margin
|
1.1
|
%
|
|
(0.5
|
)%
|
|
160
|
|
|
320.0
|
%
|
|||
Footwear unit sales
|
13,050
|
|
|
12,135
|
|
|
915
|
|
|
7.5
|
%
|
|||
Average footwear selling price
|
$
|
18.17
|
|
|
$
|
19.96
|
|
|
$
|
(1.79
|
)
|
|
(9.0
|
)%
|
|
|
Three Months Ended September 30,
|
|
Change
|
|
Constant Currency
Change (1) |
||||||||||||||||
|
|
2017
|
|
2016
|
|
$
|
|
%
|
|
$
|
|
%
|
||||||||||
|
|
(in thousands)
|
||||||||||||||||||||
Wholesale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Americas
|
|
$
|
41,642
|
|
|
$
|
41,389
|
|
|
$
|
253
|
|
|
0.6
|
%
|
|
$
|
153
|
|
|
0.4
|
%
|
Asia Pacific
|
|
41,005
|
|
|
45,565
|
|
|
(4,560
|
)
|
|
(10.0
|
)%
|
|
(4,034
|
)
|
|
(8.9
|
)%
|
||||
Europe
|
|
23,857
|
|
|
21,909
|
|
|
1,948
|
|
|
8.9
|
%
|
|
604
|
|
|
2.8
|
%
|
||||
Other businesses
|
|
254
|
|
|
271
|
|
|
(17
|
)
|
|
(6.3
|
)%
|
|
(28
|
)
|
|
(10.3
|
)%
|
||||
Total wholesale
|
|
106,758
|
|
|
109,134
|
|
|
(2,376
|
)
|
|
(2.2
|
)%
|
|
(3,305
|
)
|
|
(3.0
|
)%
|
||||
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Americas
|
|
57,404
|
|
|
56,607
|
|
|
797
|
|
|
1.4
|
%
|
|
689
|
|
|
1.2
|
%
|
||||
Asia Pacific
|
|
29,497
|
|
|
37,259
|
|
|
(7,762
|
)
|
|
(20.8
|
)%
|
|
(7,213
|
)
|
|
(19.4
|
)%
|
||||
Europe
|
|
12,434
|
|
|
13,194
|
|
|
(760
|
)
|
|
(5.8
|
)%
|
|
(1,457
|
)
|
|
(11.0
|
)%
|
||||
Total retail
|
|
99,335
|
|
|
107,060
|
|
|
(7,725
|
)
|
|
(7.2
|
)%
|
|
(7,981
|
)
|
|
(7.5
|
)%
|
||||
E-commerce:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Americas
|
|
21,413
|
|
|
16,662
|
|
|
4,751
|
|
|
28.5
|
%
|
|
4,668
|
|
|
28.0
|
%
|
||||
Asia Pacific
|
|
9,537
|
|
|
8,096
|
|
|
1,441
|
|
|
17.8
|
%
|
|
1,708
|
|
|
21.1
|
%
|
||||
Europe
|
|
6,230
|
|
|
4,936
|
|
|
1,294
|
|
|
26.2
|
%
|
|
974
|
|
|
19.7
|
%
|
||||
Total e-commerce
|
|
37,180
|
|
|
29,694
|
|
|
7,486
|
|
|
25.2
|
%
|
|
7,350
|
|
|
24.8
|
%
|
||||
Total revenues
|
|
$
|
243,273
|
|
|
$
|
245,888
|
|
|
$
|
(2,615
|
)
|
|
(1.1
|
)%
|
|
$
|
(3,936
|
)
|
|
(1.6
|
)%
|
|
Three Months Ended September 30,
|
|
Change
|
|
Constant Currency
Change
(1)
|
||||||||||||||||
|
2017
|
|
2016
|
|
$
|
|
%
|
|
$
|
|
%
|
||||||||||
|
(in thousands)
|
||||||||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Americas
|
$
|
120,459
|
|
|
$
|
114,658
|
|
|
$
|
5,801
|
|
|
5.1
|
%
|
|
$
|
5,510
|
|
|
4.8
|
%
|
Asia Pacific
|
80,039
|
|
|
90,920
|
|
|
(10,881
|
)
|
|
(12.0
|
)%
|
|
(9,539
|
)
|
|
(10.5
|
)%
|
||||
Europe
|
42,521
|
|
|
40,039
|
|
|
2,482
|
|
|
6.2
|
%
|
|
121
|
|
|
0.3
|
%
|
||||
Total segment revenues
|
243,019
|
|
|
245,617
|
|
|
(2,598
|
)
|
|
(1.1
|
)%
|
|
(3,908
|
)
|
|
(1.6
|
)%
|
||||
Other businesses
|
254
|
|
|
271
|
|
|
(17
|
)
|
|
(6.3
|
)%
|
|
(28
|
)
|
|
(10.3
|
)%
|
||||
Total revenues
|
$
|
243,273
|
|
|
$
|
245,888
|
|
|
$
|
(2,615
|
)
|
|
(1.1
|
)%
|
|
$
|
(3,936
|
)
|
|
(1.6
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) from operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Americas
|
$
|
24,102
|
|
|
$
|
16,329
|
|
|
$
|
7,773
|
|
|
47.6
|
%
|
|
$
|
7,377
|
|
|
45.2
|
%
|
Asia Pacific
|
13,264
|
|
|
17,303
|
|
|
(4,039
|
)
|
|
(23.3
|
)%
|
|
606
|
|
|
3.5
|
%
|
||||
Europe
|
5,416
|
|
|
1,751
|
|
|
3,665
|
|
|
209.4
|
%
|
|
570
|
|
|
32.6
|
%
|
||||
Total segment operating income
|
42,782
|
|
|
35,383
|
|
|
7,399
|
|
|
20.9
|
%
|
|
8,553
|
|
|
24.2
|
%
|
||||
Other businesses
(2)
|
(6,233
|
)
|
|
(7,179
|
)
|
|
946
|
|
|
13.2
|
%
|
|
2,149
|
|
|
29.9
|
%
|
||||
Unallocated corporate and other
(3)
|
(33,864
|
)
|
|
(29,419
|
)
|
|
(4,445
|
)
|
|
(15.1
|
)%
|
|
(4,964
|
)
|
|
(16.9
|
)%
|
||||
Total operating income (loss)
|
$
|
2,685
|
|
|
$
|
(1,215
|
)
|
|
$
|
3,900
|
|
|
321.0
|
%
|
|
$
|
5,738
|
|
|
472.3
|
%
|
|
June 30, 2017
|
|
Opened
|
|
Closed
(1)
|
|
September 30, 2017
|
||||
Company-operated retail locations:
|
|
|
|
|
|
|
|
||||
Type:
|
|
|
|
|
|
|
|
||||
Kiosk/store-in-store
|
84
|
|
|
—
|
|
|
9
|
|
|
75
|
|
Retail stores
|
191
|
|
|
1
|
|
|
17
|
|
|
175
|
|
Outlet stores
|
228
|
|
|
3
|
|
|
7
|
|
|
224
|
|
Total
|
503
|
|
|
4
|
|
|
33
|
|
|
474
|
|
Operating segment:
|
|
|
|
|
|
|
|
||||
Americas
|
184
|
|
|
1
|
|
|
6
|
|
|
179
|
|
Asia Pacific
|
228
|
|
|
3
|
|
|
25
|
|
|
206
|
|
Europe
|
91
|
|
|
—
|
|
|
2
|
|
|
89
|
|
Total
|
503
|
|
|
4
|
|
|
33
|
|
|
474
|
|
|
Constant Currency
(1)
|
||||
|
Three Months Ended September 30,
|
||||
|
2017
|
|
2016
|
||
Comparable store sales (retail only):
(2)
|
|
|
|
||
Americas
|
2.8
|
%
|
|
(2.8
|
)%
|
Asia Pacific
|
(2.9
|
)%
|
|
(5.8
|
)%
|
Europe
|
(2.1
|
)%
|
|
(0.9
|
)%
|
Global
|
0.4
|
%
|
|
(3.5
|
)%
|
|
Constant Currency
(1)
|
||||
|
Three Months Ended September 30,
|
||||
|
2017
|
|
2016
|
||
Direct to consumer comparable store sales (includes retail and e-commerce):
(2)
|
|
|
|
||
Americas
|
9.2
|
%
|
|
(1.7
|
)%
|
Asia Pacific
|
3.7
|
%
|
|
(2.4
|
)%
|
Europe
|
4.8
|
%
|
|
(6.7
|
)%
|
Global
|
7.0
|
%
|
|
(2.6
|
)%
|
|
Nine Months Ended September 30,
|
|
|
|
|
|||||||||
|
|
Change
|
||||||||||||
|
2017
|
|
2016
|
|
$
|
|
%
|
|||||||
|
(in thousands, except per share, margin, unit sales and average selling price data)
|
|||||||||||||
Revenues
|
$
|
824,401
|
|
|
$
|
848,856
|
|
|
$
|
(24,455
|
)
|
|
(2.9
|
)%
|
Cost of sales
|
397,547
|
|
|
427,416
|
|
|
(29,869
|
)
|
|
(7.0
|
)%
|
|||
Gross profit
|
426,854
|
|
|
421,440
|
|
|
5,414
|
|
|
1.3
|
%
|
|||
Selling, general and administrative expenses
|
379,141
|
|
|
387,807
|
|
|
(8,666
|
)
|
|
(2.2
|
)%
|
|||
Income from operations
|
47,713
|
|
|
33,633
|
|
|
14,080
|
|
|
41.9
|
%
|
|||
Foreign currency gain (loss), net
|
181
|
|
|
(1,568
|
)
|
|
1,749
|
|
|
111.5
|
%
|
|||
Interest income
|
576
|
|
|
558
|
|
|
18
|
|
|
3.2
|
%
|
|||
Interest expense
|
(539
|
)
|
|
(661
|
)
|
|
122
|
|
|
18.5
|
%
|
|||
Other income (expense), net
|
187
|
|
|
(108
|
)
|
|
295
|
|
|
273.1
|
%
|
|||
Income before income taxes
|
48,118
|
|
|
31,854
|
|
|
16,264
|
|
|
51.1
|
%
|
|||
Income tax expense
|
13,519
|
|
|
7,704
|
|
|
5,815
|
|
|
75.5
|
%
|
|||
Net income
|
34,599
|
|
|
24,150
|
|
|
10,449
|
|
|
43.3
|
%
|
|||
Dividends on Series A convertible preferred stock
|
(9,000
|
)
|
|
(9,000
|
)
|
|
—
|
|
|
—
|
%
|
|||
Dividend equivalents on Series A convertible preferred shares related to redemption value accretion and beneficial conversion feature
|
(2,621
|
)
|
|
(2,406
|
)
|
|
(215
|
)
|
|
(8.9
|
)%
|
|||
Net income attributable to common stockholders
|
$
|
22,978
|
|
|
$
|
12,744
|
|
|
$
|
10,234
|
|
|
80.3
|
%
|
Net income per common share:
|
|
|
|
|
|
|
|
|
||||||
Basic
|
$
|
0.26
|
|
|
$
|
0.15
|
|
|
$
|
0.11
|
|
|
73.3
|
%
|
Diluted
|
$
|
0.26
|
|
|
$
|
0.14
|
|
|
$
|
0.12
|
|
|
85.7
|
%
|
|
|
|
|
|
|
|
|
|||||||
Gross margin
|
51.8
|
%
|
|
49.6
|
%
|
|
220
|
|
|
4.3
|
%
|
|||
Operating margin
|
5.8
|
%
|
|
4.0
|
%
|
|
180
|
|
|
46.2
|
%
|
|||
Footwear unit sales
|
46,868
|
|
|
46,136
|
|
|
732
|
|
|
1.6
|
%
|
|||
Average footwear selling price
|
$
|
17.26
|
|
|
$
|
18.13
|
|
|
$
|
(0.87
|
)
|
|
(4.8
|
)%
|
|
|
Nine Months Ended September 30,
|
|
Change
|
|
Constant Currency
Change (1) |
||||||||||||||||
|
|
2017
|
|
2016
|
|
$
|
|
%
|
|
$
|
|
%
|
||||||||||
|
|
(in thousands)
|
||||||||||||||||||||
Wholesale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Americas
|
|
$
|
169,975
|
|
|
$
|
170,165
|
|
|
$
|
(190
|
)
|
|
(0.1
|
)%
|
|
$
|
(1,611
|
)
|
|
(0.9
|
)%
|
Asia Pacific
|
|
177,086
|
|
|
197,359
|
|
|
(20,273
|
)
|
|
(10.3
|
)%
|
|
(18,796
|
)
|
|
(9.5
|
)%
|
||||
Europe
|
|
95,387
|
|
|
97,163
|
|
|
(1,776
|
)
|
|
(1.8
|
)%
|
|
(2,493
|
)
|
|
(2.6
|
)%
|
||||
Other businesses
|
|
545
|
|
|
667
|
|
|
(122
|
)
|
|
(18.3
|
)%
|
|
(127
|
)
|
|
(19.0
|
)%
|
||||
Total wholesale
|
|
442,993
|
|
|
465,354
|
|
|
(22,361
|
)
|
|
(4.8
|
)%
|
|
(23,027
|
)
|
|
(4.9
|
)%
|
||||
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Americas
|
|
145,809
|
|
|
150,142
|
|
|
(4,333
|
)
|
|
(2.9
|
)%
|
|
(4,377
|
)
|
|
(2.9
|
)%
|
||||
Asia Pacific
|
|
90,458
|
|
|
101,097
|
|
|
(10,639
|
)
|
|
(10.5
|
)%
|
|
(9,943
|
)
|
|
(9.8
|
)%
|
||||
Europe
|
|
32,924
|
|
|
34,699
|
|
|
(1,775
|
)
|
|
(5.1
|
)%
|
|
(3,006
|
)
|
|
(8.7
|
)%
|
||||
Total retail
|
|
269,191
|
|
|
285,938
|
|
|
(16,747
|
)
|
|
(5.9
|
)%
|
|
(17,326
|
)
|
|
(6.1
|
)%
|
||||
E-commerce:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Americas
|
|
58,552
|
|
|
53,579
|
|
|
4,973
|
|
|
9.3
|
%
|
|
4,935
|
|
|
9.2
|
%
|
||||
Asia Pacific
|
|
35,483
|
|
|
27,812
|
|
|
7,671
|
|
|
27.6
|
%
|
|
8,819
|
|
|
31.7
|
%
|
||||
Europe
|
|
18,182
|
|
|
16,173
|
|
|
2,009
|
|
|
12.4
|
%
|
|
1,845
|
|
|
11.4
|
%
|
||||
Total e-commerce
|
|
112,217
|
|
|
97,564
|
|
|
14,653
|
|
|
15.0
|
%
|
|
15,599
|
|
|
16.0
|
%
|
||||
Total revenues
|
|
$
|
824,401
|
|
|
$
|
848,856
|
|
|
$
|
(24,455
|
)
|
|
(2.9
|
)%
|
|
$
|
(24,754
|
)
|
|
(2.9
|
)%
|
|
Nine Months Ended September 30,
|
|
Change
|
|
Constant Currency
Change
(1)
|
||||||||||||||||
|
2017
|
|
2016
|
|
$
|
|
%
|
|
$
|
|
%
|
||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Americas
|
$
|
374,336
|
|
|
$
|
373,886
|
|
|
$
|
450
|
|
|
0.1
|
%
|
|
$
|
(1,053
|
)
|
|
(0.3
|
)%
|
Asia Pacific
|
303,028
|
|
|
326,268
|
|
|
(23,241
|
)
|
|
(7.1
|
)%
|
|
(19,920
|
)
|
|
(6.1
|
)%
|
||||
Europe
|
146,492
|
|
|
148,035
|
|
|
(1,542
|
)
|
|
(1.0
|
)%
|
|
(3,654
|
)
|
|
(2.5
|
)%
|
||||
Total segment revenues
|
823,856
|
|
|
848,189
|
|
|
(24,333
|
)
|
|
(2.9
|
)%
|
|
(24,627
|
)
|
|
(8.9
|
)%
|
||||
Other businesses
|
545
|
|
|
667
|
|
|
(122
|
)
|
|
(18.3
|
)%
|
|
(127
|
)
|
|
(19.0
|
)%
|
||||
Total revenues
|
$
|
824,401
|
|
|
$
|
848,856
|
|
|
$
|
(24,455
|
)
|
|
(2.9
|
)%
|
|
$
|
(24,754
|
)
|
|
(2.9
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income from operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Americas
|
$
|
71,309
|
|
|
$
|
50,919
|
|
|
$
|
20,390
|
|
|
40.0
|
%
|
|
$
|
(3,728
|
)
|
|
(7.3
|
)%
|
Asia Pacific
|
73,294
|
|
|
77,687
|
|
|
(4,393
|
)
|
|
(5.7
|
)%
|
|
(17,139
|
)
|
|
(22.1
|
)%
|
||||
Europe
|
27,721
|
|
|
16,712
|
|
|
11,009
|
|
|
65.9
|
%
|
|
5,366
|
|
|
32.1
|
%
|
||||
Total segment operating income
|
172,324
|
|
|
145,318
|
|
|
27,006
|
|
|
18.6
|
%
|
|
(15,501
|
)
|
|
(10.7
|
)%
|
||||
Other businesses
(2)
|
(16,883
|
)
|
|
(19,291
|
)
|
|
2,408
|
|
|
12.5
|
%
|
|
8,610
|
|
|
44.6
|
%
|
||||
Unallocated corporate and other (3)
|
(107,728
|
)
|
|
(92,394
|
)
|
|
(15,334
|
)
|
|
(16.6
|
)%
|
|
58,011
|
|
|
62.8
|
%
|
||||
Total operating income
|
$
|
47,713
|
|
|
$
|
33,633
|
|
|
$
|
14,080
|
|
|
41.9
|
%
|
|
$
|
51,120
|
|
|
152.0
|
%
|
|
December 31, 2016
|
|
Opened
|
|
Closed
(1)
|
|
September 30, 2017
|
||||
Company-operated retail locations:
|
|
|
|
|
|
|
|
||||
Type:
|
|
|
|
|
|
|
|
||||
Kiosk/store-in-store
|
98
|
|
|
—
|
|
|
23
|
|
|
75
|
|
Retail stores
|
228
|
|
|
5
|
|
|
58
|
|
|
175
|
|
Outlet stores
|
232
|
|
|
13
|
|
|
21
|
|
|
224
|
|
Total
|
558
|
|
|
18
|
|
|
102
|
|
|
474
|
|
Operating segment:
|
|
|
|
|
|
|
|
||||
Americas
|
190
|
|
|
2
|
|
|
13
|
|
|
179
|
|
Asia Pacific
|
270
|
|
|
15
|
|
|
79
|
|
|
206
|
|
Europe
|
98
|
|
|
1
|
|
|
10
|
|
|
89
|
|
Total
|
558
|
|
|
18
|
|
|
102
|
|
|
474
|
|
|
Constant Currency
(1)
|
||||
|
Nine Months Ended September 30,
|
||||
|
2017
|
|
2016
|
||
Comparable store sales (retail only):
(2)
|
|
|
|
||
Americas
|
(0.3
|
)%
|
|
(1.4
|
)%
|
Asia Pacific
|
(1.7
|
)%
|
|
(4.4
|
)%
|
Europe
|
(2.3
|
)%
|
|
2.1
|
%
|
Global
|
(1.0
|
)%
|
|
(2.0
|
)%
|
|
Constant Currency
(1)
|
||||
|
Nine Months Ended September 30,
|
||||
|
2017
|
|
2016
|
||
Direct to consumer comparable store sales (includes retail and e-commerce):
(2)
|
|
|
|
||
Americas
|
2.4
|
%
|
|
3.0
|
%
|
Asia Pacific
|
8.4
|
%
|
|
2.3
|
%
|
Europe
|
2.6
|
%
|
|
0.3
|
%
|
Global
|
4.3
|
%
|
|
2.4
|
%
|
|
Nine Months Ended September 30,
|
||||||||||
|
2017
|
|
2016
|
|
Change
|
||||||
|
(in thousands)
|
||||||||||
Cash provided by operating activities
|
$
|
80,415
|
|
|
$
|
29,354
|
|
|
$
|
51,061
|
|
Cash used in investing activities
|
(12,318
|
)
|
|
(14,871
|
)
|
|
2,553
|
|
|||
Cash used in financing activities
|
(37,600
|
)
|
|
(12,134
|
)
|
|
(25,466
|
)
|
|||
Effect of exchange rate changes on cash
|
127
|
|
|
4,526
|
|
|
(4,399
|
)
|
|||
Net change in cash and cash equivalents
|
$
|
30,624
|
|
|
$
|
6,875
|
|
|
$
|
23,749
|
|
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
|
||||||
July 1 - July 31, 2017
|
|
1,200,000
|
|
|
$
|
7.70
|
|
|
1,200,000
|
|
|
$
|
99,469,575
|
|
August 1 - August 31, 2017
|
|
93,040
|
|
|
7.88
|
|
|
93,040
|
|
|
98,736,244
|
|
||
September 1 - September 30, 2017
(2)
|
|
758,500
|
|
|
9.34
|
|
|
758,500
|
|
|
91,653,599
|
|
||
Total
|
|
2,051,540
|
|
|
$
|
8.31
|
|
|
2,051,540
|
|
|
$
|
91,653,599
|
|
Exhibit Number
|
|
Description
|
3.1
|
|
|
|
|
|
3.2
|
|
|
|
|
|
3.3
|
|
|
|
|
|
3.4
|
|
|
|
|
|
4.1
|
|
|
|
|
|
31.1†
|
|
|
|
|
|
31.2†
|
|
|
|
|
|
32†
|
|
|
|
|
|
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: November 7, 2017
|
|
By:
|
/s/ Carrie W. Teffner
|
|
|
|
|
Name:
|
Carrie W. Teffner
|
|
|
|
Title:
|
Executive Vice President and Chief Financial Officer
|
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