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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.675 | -0.46% | 144.635 | 144.58 | 144.69 | 148.16 | 144.18 | 146.83 | 377,674 | 17:28:07 |
|
Delaware
(State or other jurisdiction of
incorporation or organization)
|
|
20-2164234
(I.R.S. Employer
Identification No.)
|
Large accelerated filer
o
|
Accelerated filer
ý
|
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; and
|
•
|
our expectations about the impact of our strategic plans
|
PART I — Financial Information
|
|
|
|
|
|
|
||
|
||
|
||
|
||
|
||
|
||
|
|
|
|
|
|
|
|
Three Months Ended
March 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
|
|
|
Three Months Ended
March 31,
|
||||||
|
2018
|
|
2017
|
||||
Net income
|
$
|
16,454
|
|
|
$
|
11,010
|
|
Other comprehensive income:
|
|
|
|
|
|
||
Foreign currency translation gain, net
|
2,229
|
|
|
4,514
|
|
||
Total comprehensive income
|
$
|
18,683
|
|
|
$
|
15,524
|
|
|
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
|
|
|
22,596
|
|
||
Total 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
|
|
|
Three Months Ended
March 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
|
|
|
$
|
94,853
|
|
|
|
December 31, 2017
|
|
Impact of Adoption
(1)
|
|
January 1, 2018
|
||||||
|
|
(in thousands)
|
||||||||||
Assets:
|
|
|
|
|
|
|
||||||
Accounts receivable, net
|
|
$
|
83,518
|
|
|
$
|
1,801
|
|
|
$
|
85,319
|
|
Prepaid expenses and other assets
|
|
22,596
|
|
|
1,555
|
|
|
24,151
|
|
|||
|
|
|
|
|
|
|
||||||
Liabilities:
|
|
|
|
|
|
|
||||||
Accrued expenses and other liabilities
|
|
84,446
|
|
|
3,356
|
|
|
87,802
|
|
|
|
March 31, 2018
|
||||||||||
|
|
Balances Without Adoption
|
|
Effects of New Guidance
(1)
|
|
As Reported
|
||||||
|
|
(in thousands)
|
||||||||||
Assets:
|
|
|
|
|
|
|
||||||
Accounts receivable, net
|
|
$
|
165,238
|
|
|
$
|
4,716
|
|
|
$
|
169,954
|
|
Prepaid expenses and other assets
|
|
18,937
|
|
|
3,044
|
|
|
21,981
|
|
|||
|
|
|
|
|
|
|
||||||
Liabilities:
|
|
|
|
|
|
|
||||||
Accrued expenses and other liabilities
|
|
77,688
|
|
|
7,760
|
|
|
85,448
|
|
|
March 31,
2018 |
|
December 31,
2017 |
||||
|
(in thousands)
|
||||||
Accrued compensation and benefits
|
$
|
21,960
|
|
|
$
|
34,955
|
|
Professional services
|
10,082
|
|
|
10,835
|
|
||
Accrued rent and occupancy
|
8,907
|
|
|
8,535
|
|
||
Fulfillment, freight, and duties
|
13,311
|
|
|
6,921
|
|
||
Royalties payable and deferred revenue
|
5,822
|
|
|
6,193
|
|
||
Sales/use and value added taxes payable
|
5,623
|
|
|
3,509
|
|
||
Return liabilities
(1)
|
7,760
|
|
|
—
|
|
||
Other
(2)
|
11,983
|
|
|
13,498
|
|
||
Total accrued expenses and other liabilities
|
$
|
85,448
|
|
|
$
|
84,446
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||||||
|
Carrying Value
|
|
Fair Value
|
|
Carrying Value
|
|
Fair Value
|
||||||||
|
(in thousands)
|
||||||||||||||
Borrowings and capital lease obligations
|
$
|
309
|
|
|
$
|
309
|
|
|
$
|
706
|
|
|
$
|
706
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||||||
|
Derivative Assets
|
|
Derivative Liabilities
|
|
Derivative Assets
|
|
Derivative Liabilities
|
||||||||
|
(in thousands)
|
||||||||||||||
Forward foreign currency exchange contracts
|
$
|
1,346
|
|
|
$
|
(1,469
|
)
|
|
$
|
1,241
|
|
|
$
|
(1,647
|
)
|
Netting of counterparty contracts
|
(1,346
|
)
|
|
1,346
|
|
|
(1,241
|
)
|
|
1,241
|
|
||||
Foreign currency forward contract derivatives
|
$
|
—
|
|
|
$
|
(123
|
)
|
|
$
|
—
|
|
|
$
|
(406
|
)
|
|
Three Months Ended
March 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(in thousands)
|
||||||
Foreign currency transaction gains
|
$
|
1,051
|
|
|
$
|
3,211
|
|
Foreign currency forward exchange contracts gains (losses)
|
20
|
|
|
(2,935
|
)
|
||
Foreign currency gains, net
|
$
|
1,071
|
|
|
$
|
276
|
|
|
March 31,
2018 |
|
December 31,
2017 |
||||
|
(in thousands)
|
||||||
Notes payable
|
$
|
266
|
|
|
$
|
662
|
|
Capital lease obligations
|
43
|
|
|
44
|
|
||
Total borrowings and capital lease obligations
|
309
|
|
|
706
|
|
||
Less: Current portion of borrowings and capital lease obligations
|
281
|
|
|
676
|
|
||
Total long-term capital lease obligations
|
$
|
28
|
|
|
$
|
30
|
|
|
As of March 31, 2018
|
||
|
(in thousands)
|
||
2018 (remainder of year)
|
$
|
277
|
|
2019
|
14
|
|
|
2020
|
12
|
|
|
2021
|
6
|
|
|
Total principal debt maturities and capital lease obligations
|
309
|
|
|
Less: current portion
|
281
|
|
|
Non-current portion
|
$
|
28
|
|
|
|
Three Months Ended March 31, 2018
|
||||||||||||||||||
|
|
Americas
|
|
Asia Pacific
|
|
Europe
|
|
Other Businesses
|
|
Total
|
||||||||||
|
|
(in thousands)
|
||||||||||||||||||
Wholesale
|
|
$
|
72,674
|
|
|
$
|
71,733
|
|
|
$
|
49,877
|
|
|
$
|
313
|
|
|
$
|
194,597
|
|
Retail
|
|
34,716
|
|
|
17,614
|
|
|
7,176
|
|
|
—
|
|
|
59,506
|
|
|||||
E-commerce
|
|
16,440
|
|
|
7,815
|
|
|
4,790
|
|
|
—
|
|
|
29,045
|
|
|||||
Total revenues
|
|
$
|
123,830
|
|
|
$
|
97,162
|
|
|
$
|
61,843
|
|
|
$
|
313
|
|
|
$
|
283,148
|
|
|
Three Months Ended
March 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(in thousands)
|
||||||
Cost of sales
|
$
|
79
|
|
|
$
|
89
|
|
Selling, general and administrative expenses
|
2,595
|
|
|
2,522
|
|
||
Total share-based compensation expense
|
$
|
2,674
|
|
|
$
|
2,611
|
|
|
Number of Options
|
|
|
(in thousands)
|
|
Outstanding December 31, 2017
|
541
|
|
Granted
|
—
|
|
Exercised
|
(26
|
)
|
Forfeited or expired
|
(11
|
)
|
Outstanding March 31, 2018
|
504
|
|
|
Restricted Stock Awards
|
|
Restricted Stock Units
|
||||||||||
|
Shares
|
|
Weighted Average Grant Date Fair Value
|
|
Shares
|
|
Weighted Average Grant Date Fair Value
|
||||||
|
(in thousands, except fair value data)
|
||||||||||||
Unvested at December 31, 2017
|
17
|
|
|
$
|
6.84
|
|
|
3,791
|
|
|
$
|
7.99
|
|
Granted
|
—
|
|
|
—
|
|
|
1,137
|
|
|
14.11
|
|
||
Vested
|
(8
|
)
|
|
6.84
|
|
|
(919
|
)
|
|
8.28
|
|
||
Forfeited
|
—
|
|
|
—
|
|
|
(761
|
)
|
|
6.96
|
|
||
Unvested at March 31, 2018
|
9
|
|
|
$
|
6.84
|
|
|
3,248
|
|
|
$
|
10.64
|
|
|
Three Months Ended March 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(in thousands, except effective tax rate)
|
||||||
Income before income taxes
|
$
|
27,212
|
|
|
$
|
15,948
|
|
Income tax expense
|
10,758
|
|
|
4,938
|
|
||
Effective tax rate
|
39.5
|
%
|
|
31.0
|
%
|
|
Three Months Ended
March 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(in thousands)
|
||||||
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
|
|
|
As of
March 31, 2018
|
||
|
(in thousands)
|
||
2018 (remainder of year)
|
$
|
38,831
|
|
2019
|
36,087
|
|
|
2020
|
28,726
|
|
|
2021
|
22,914
|
|
|
2022
|
16,510
|
|
|
Thereafter
|
52,356
|
|
|
Total minimum lease payments
|
$
|
195,424
|
|
|
Three Months Ended
March 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(in thousands)
|
||||||
Minimum rentals
(1)
|
$
|
18,279
|
|
|
$
|
20,786
|
|
Contingent rentals
|
2,160
|
|
|
2,260
|
|
||
Less: Sublease rentals
|
(40
|
)
|
|
(37
|
)
|
||
Total rent expense
|
$
|
20,399
|
|
|
$
|
23,009
|
|
|
Three Months Ended
March 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(in thousands)
|
||||||
Revenues:
|
|
|
|
||||
Americas
|
$
|
123,830
|
|
|
$
|
117,722
|
|
Asia Pacific
|
97,162
|
|
|
98,344
|
|
||
Europe
|
61,843
|
|
|
51,651
|
|
||
Total segment revenues
|
282,835
|
|
|
267,717
|
|
||
Other businesses
|
313
|
|
|
190
|
|
||
Total consolidated revenues
|
$
|
283,148
|
|
|
$
|
267,907
|
|
Income from operations:
|
|
|
|
||||
Americas
|
$
|
28,539
|
|
|
$
|
22,002
|
|
Asia Pacific
|
26,584
|
|
|
26,726
|
|
||
Europe
|
17,863
|
|
|
12,274
|
|
||
Total segment income from operations
|
72,986
|
|
|
61,002
|
|
||
Reconciliation of total segment income from operations to income before income taxes:
|
|
|
|
|
|
||
Other businesses
|
(10,934
|
)
|
|
(5,617
|
)
|
||
Unallocated corporate and other
|
(36,130
|
)
|
|
(39,803
|
)
|
||
Income from operations
|
25,922
|
|
|
15,582
|
|
||
Foreign currency gains, net
|
1,071
|
|
|
276
|
|
||
Interest income
|
279
|
|
|
150
|
|
||
Interest expense
|
(113
|
)
|
|
(184
|
)
|
||
Other income
|
53
|
|
|
124
|
|
||
Income before income taxes
|
$
|
27,212
|
|
|
$
|
15,948
|
|
Depreciation and amortization:
|
|
|
|
||||
Americas
|
$
|
1,304
|
|
|
$
|
1,345
|
|
Asia Pacific
|
696
|
|
|
926
|
|
||
Europe
|
352
|
|
|
385
|
|
||
Total segment depreciation and amortization
|
2,352
|
|
|
2,656
|
|
||
Other businesses
|
1,524
|
|
|
1,746
|
|
||
Unallocated corporate and other
|
3,767
|
|
|
4,044
|
|
||
Total consolidated depreciation and amortization
|
$
|
7,643
|
|
|
$
|
8,446
|
|
•
|
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.
|
•
|
Foreign exchange rate volatility impacts our reported U.S. Dollar results from our foreign operations.
|
•
|
In 2017 we identified annual reductions in SG&A in the amount of $75 to $85 million which, once implemented, are projected to generate an annual $30 to $35 million improvement in earnings before interest and taxes by 2019, compared to 2016. We achieved approximately $23 million of these SG&A reductions in 2017 while incurring approximately $10 million of costs related to variable compensation. We remain on track to achieve the targeted SG&A reductions by 2019. We incurred $11 million in non-recurring charges to achieve these SG&A reductions in 2017 and expect to incur approximately $5 million in additional non-recurring charges related to SG&A reductions in 2018. We reduced our company-operated retail stores by 111 in 2017 and anticipate an additional reduction of approximately 50 company-operated retail stores in 2018, thereby reducing our total store count to under 400 from 558 over a two year period. The majority of company-operated store closures are occurring as store leases expire. We completed
22
store closures in the first quarter of 2018.
|
•
|
We are prioritizing growth in our lower-priced, higher-margin molded styles, primarily in clog and sandal silhouettes, as we drive global alignment of our product portfolio and focus on sustainable, profitable revenue growth.
|
•
|
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 Company will execute plans to dispose of or redeploy facility assets, primarily during the second quarter. The distribution center will be closed by the end of the third quarter. The Company expects to record total charges related to these actions of approximately $10 million before taxes over the course of the second and third quarters of 2018. These charges are expected to include lease termination, facility closure and asset redeployment, expense recognition of cumulative translation adjustments, and employee-related costs. Approximately half of these charges will be non-cash.
|
•
|
Revenues were
$283.1 million
, an
increase
of
$15.2 million
, or
5.7%
, compared to the same period in 2017.
|
•
|
We sold
17.0 million
pairs of shoes worldwide, an increase of
3.9%
from
16.4 million
pairs in the
three months ended March 31, 2017
.
|
•
|
Gross margin was 49.4%, declining 50 basis points from last year’s first quarter. At the beginning of the first quarter, the Company changed its inventory costing methodology from average cost to first-in-first-out, or FIFO. This change resulted in a timing-related charge to cost of sales in the first quarter, but will have no impact on the full year. Absent this charge, first quarter gross margin would have been up modestly to prior year.
|
•
|
SG&A was
$114.0 million
, a
decrease
of
$4.1 million
, or
3.4%
, compared to the same period in 2017, and included $2.5 million of non-recurring costs associated with our SG&A reduction plan, compared to $2.2 million in the same period in 2017.
|
•
|
Income from operations improved
$10.3 million
to
$25.9 million
compared to
$15.6 million
for the
three months ended March 31, 2017
.
|
•
|
Net income attributable to common stockholders improved
$5.4 million
to
$12.5 million
compared to
$7.2 million
for the same period in
2017
. Basic and diluted net income per common share was
$0.15
for the
three months ended March 31, 2018
, compared to
$0.08
for the
three months ended March 31, 2017
.
|
•
|
We continued to focus on improving the efficiency and effectiveness of our operations, including carefully managing and reducing our retail fleet, especially full-priced retail stores, and enhancing the profitability of the retail channel. During the
three months ended March 31, 2018
, we opened
no
stores and closed
22
company-operated retail stores.
|
•
|
We repurchased
1.4 million
shares of common stock at an aggregate cost of
$20.1 million
.
|
|
Three Months Ended March 31,
|
|
|
|||||||
|
2018
|
|
2017
|
|
% Change
|
|||||
|
(in thousands, except per share, margin, and average selling price data)
|
|||||||||
Revenues
|
$
|
283,148
|
|
|
$
|
267,907
|
|
|
5.7
|
%
|
Cost of sales
|
143,275
|
|
|
134,323
|
|
|
(6.7
|
)%
|
||
Gross profit
|
139,873
|
|
|
133,584
|
|
|
4.7
|
%
|
||
Selling, general and administrative expenses
|
113,951
|
|
|
118,002
|
|
|
3.4
|
%
|
||
Income from operations
|
25,922
|
|
|
15,582
|
|
|
66.4
|
%
|
||
Foreign currency gains, net
|
1,071
|
|
|
276
|
|
|
288.0
|
%
|
||
Interest income
|
279
|
|
|
150
|
|
|
86.0
|
%
|
||
Interest expense
|
(113
|
)
|
|
(184
|
)
|
|
38.6
|
%
|
||
Other income
|
53
|
|
|
124
|
|
|
(57.3
|
)%
|
||
Income before income taxes
|
27,212
|
|
|
15,948
|
|
|
70.6
|
%
|
||
Income tax expense
|
10,758
|
|
|
4,938
|
|
|
(117.9
|
)%
|
||
Net income
|
16,454
|
|
|
11,010
|
|
|
49.4
|
%
|
||
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
|
)
|
|
(8.9
|
)%
|
||
Net income attributable to common stockholders
|
$
|
12,523
|
|
|
$
|
7,155
|
|
|
75.0
|
%
|
Net income per common share:
|
|
|
|
|
|
|||||
Basic
|
$
|
0.15
|
|
|
$
|
0.08
|
|
|
87.5
|
%
|
Diluted
|
$
|
0.15
|
|
|
$
|
0.08
|
|
|
87.5
|
%
|
|
|
|
|
|
|
|||||
Gross margin
(1)
|
49.4
|
%
|
|
49.9
|
%
|
|
(50
|
)bp
|
||
Operating margin
(1)
|
9.2
|
%
|
|
5.8
|
%
|
|
340
|
bp
|
||
Footwear unit sales
|
17,033
|
|
|
16,396
|
|
|
3.9
|
%
|
||
Average footwear selling price - nominal basis
|
$
|
16.28
|
|
|
$
|
16.11
|
|
|
1.1
|
%
|
Average footwear selling price - constant currency basis
(2)
|
$
|
15.50
|
|
|
$
|
16.11
|
|
|
(3.8
|
)%
|
|
|
Three Months Ended March 31,
|
|
% Change
|
|
Constant Currency
% 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
|
%
|
|
Three Months Ended March 31,
|
|
% Change
|
|
Constant Currency
% Change
(1)
|
||||||||
|
2018
|
|
2017
|
|
|
||||||||
|
(in thousands)
|
||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||
Americas
|
$
|
123,830
|
|
|
$
|
117,722
|
|
|
5.2
|
%
|
|
5.2
|
%
|
Asia Pacific
|
97,162
|
|
|
98,344
|
|
|
(1.2
|
)%
|
|
(7.2
|
)%
|
||
Europe
|
61,843
|
|
|
51,651
|
|
|
19.7
|
%
|
|
5.2
|
%
|
||
Total segment revenues
|
282,835
|
|
|
267,717
|
|
|
5.6
|
%
|
|
0.7
|
%
|
||
Other businesses
|
313
|
|
|
190
|
|
|
64.7
|
%
|
|
46.3
|
%
|
||
Total consolidated revenues
|
$
|
283,148
|
|
|
$
|
267,907
|
|
|
5.7
|
%
|
|
0.7
|
%
|
|
|
|
|
|
|
|
|
||||||
Income from operations:
|
|
|
|
|
|
|
|
|
|
||||
Americas
|
$
|
28,539
|
|
|
$
|
22,002
|
|
|
29.7
|
%
|
|
30.0
|
%
|
Asia Pacific
|
26,584
|
|
|
26,726
|
|
|
(0.5
|
)%
|
|
(8.9
|
)%
|
||
Europe
|
17,863
|
|
|
12,274
|
|
|
45.5
|
%
|
|
23.6
|
%
|
||
Total segment income from operations
|
72,986
|
|
|
61,002
|
|
|
19.6
|
%
|
|
11.6
|
%
|
||
Other businesses
(2)
|
(10,934
|
)
|
|
(5,617
|
)
|
|
(94.7
|
)%
|
|
89.6
|
%
|
||
Unallocated corporate and other
(3)
|
(36,130
|
)
|
|
(39,803
|
)
|
|
9.2
|
%
|
|
(12.0
|
)%
|
||
Total consolidated income from operations
|
$
|
25,922
|
|
|
$
|
15,582
|
|
|
66.4
|
%
|
|
44.0
|
%
|
|
December 31, 2017
|
|
Opened
|
|
Closed
|
|
March 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
|
|
|
425
|
|
|
Constant Currency
(1)
|
||||
|
Three Months Ended March 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 Ended March 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
|
)%
|
|
|
March 31, 2018
|
||
|
|
(in thousands)
|
||
Cash, cash equivalents, and restricted cash
|
|
$
|
106,825
|
|
Available borrowings
|
|
99,386
|
|
|
Three Months Ended March 31,
|
|
|
|||||||||||
|
2018
|
|
2017
|
|
$ Change
|
|
% Change
|
|||||||
|
(in thousands)
|
|
|
|||||||||||
Cash used in operating activities
|
$
|
(46,601
|
)
|
|
$
|
(49,890
|
)
|
|
$
|
3,289
|
|
|
6.6
|
%
|
Cash used in investing activities
|
(1,652
|
)
|
|
(5,398
|
)
|
|
3,746
|
|
|
69.4
|
%
|
|||
Cash used in financing activities
|
(24,153
|
)
|
|
(1,116
|
)
|
|
(23,037
|
)
|
|
(2,064.2
|
)%
|
|||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
|
2,176
|
|
|
(1,389
|
)
|
|
3,565
|
|
|
256.7
|
%
|
|||
Net change in cash, cash equivalents, and restricted cash
|
$
|
(70,230
|
)
|
|
$
|
(57,793
|
)
|
|
$
|
(12,437
|
)
|
|
(21.5
|
)%
|
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
|
||||||
January 1 - January 31, 2018
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
218,796,140
|
|
February 1 - February 28, 2018
|
|
—
|
|
|
—
|
|
|
—
|
|
|
218,796,140
|
|
||
March 1 - March 31, 2018
|
|
1,398,932
|
|
|
14.32
|
|
|
1,398,932
|
|
|
198,759,463
|
|
||
Total
|
|
1,398,932
|
|
|
$
|
14.32
|
|
|
1,398,932
|
|
|
$
|
198,759,463
|
|
Exhibit Number
|
|
Description
|
3.1
|
|
|
|
|
|
3.2
|
|
|
|
|
|
3.3
|
|
|
|
|
|
3.4
|
|
|
|
|
|
4.1
|
|
|
|
|
|
18†
|
|
|
|
|
|
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: May 8, 2018
|
|
By:
|
/s/ Carrie W. Teffner
|
|
|
|
|
Name:
|
Carrie W. Teffner
|
|
|
|
Title:
|
Executive Vice President and Chief Financial Officer
|
1 Year Crocs Chart |
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