Crocs, Inc. Delivers Record Fourth Quarter and Full Year 2023 Revenue and EPS

• Crocs Brand: Revenues increased 13.3%, or 14.0% on a constant currency basis, to $3.0 billion. Wholesale revenues increased 8.4%, or 9.3% on a constant currency basis. DTC revenues rose 18.5%, or 19.0% on a constant currency basis.
  • North America: Revenues of $1.8 billion increased 8.1%, or 8.3% on a constant currency basis.
  • International: Revenues of $1.2 billion increased 21.7%, or 23.2% on a constant currency basis.
• HEYDUDE Brand: Revenues increased 6.0% to $949 million. Wholesale revenues decreased 1.3% and DTC revenues increased 18.9%. Including the period prior to the acquisition in February 2022, revenues contracted 3.7%.

Balance Sheet and Cash Flow

• Cash and cash equivalents were $149 million as of December 31, 2023, down from $192 million as of December 31, 2022.
• Inventories decreased 18.3% to $385 million as of December 31, 2023 compared to $472 million as of December 31, 2022.
• Cash provided by operating activities rose 54.3% to $930 million during 2023 compared to $603 million during 2022.
• Capital expenditures were $116 million during 2023 compared to $104 million during 2022.
• Borrowings as of December 31, 2023 were $1.66 billion, compared to $2.32 billion as of December 31, 2022, as we repaid $666 million of debt in 2023. Our liquidity position remains strong with $149 million in cash and cash equivalents and $570 million in available borrowing capacity as of December 31, 2023.

Financial Outlook

First Quarter 2024

With respect to the first quarter of 2024, we expect:

• Revenues to be down 1.5% to up 0.5% compared to first quarter 2023
  • Crocs Brand to grow 6% to 8% compared to first quarter 2023
  • HEYDUDE Brand to contract 23% to 20% compared to first quarter 2023
• Adjusted operating margin of approximately 22%
• Adjusted diluted earnings per share of $2.15 to $2.25

Full Year 2024

With respect to 2024, we continue to expect:

• Revenue growth of 3% to 5% compared to 2023 at currency rates as of December 31, 2023
  • Revenues for the Crocs Brand to grow 4% to 6%
  • Revenues for the HEYDUDE Brand flat to slightly up
• Adjusted operating margin of approximately 25%
• Non-GAAP adjustments of approximately $10 million primarily related to HEYDUDE's distribution and logistics project, impacting cost of goods sold
• Combined GAAP tax rate of approximately 21.5% and Non-GAAP effective tax rate of approximately 18%
• Adjusted diluted earnings per share of $12.05 to $12.50. Adjusted diluted earnings per share guidance does not assume any impact from potential future share repurchases
• Capital expenditures of approximately $120 to $130 million

Segment Reporting Change

In the fourth quarter of 2023, to reflect changes in the way management evaluates performance, makes operating decisions, and allocates resources, we updated our reportable operating segments to be (i) Crocs Brand and (ii) HEYDUDE Brand. Our 'North America,' 'Asia Pacific,' and 'EMEALA' segments as well as revenues and expenses related to Crocs 'Brand corporate' have been consolidated to the 'Crocs Brand.' Please refer to our Form 10-K for more detailed information.

Conference Call Information:

A conference call to discuss fourth quarter and full year 2023 results is scheduled for today, February 15, 2024, at 8:30 am ET. To receive conference call details, please register at the Investor Relations section of the Crocs website, investors.crocs.com. The webcast will also be available live and on replay through February 15, 2025 at this site.

About Crocs, Inc.:

Crocs, Inc. (Nasdaq: CROX), headquartered in Broomfield, Colorado, is a world leader in innovative casual footwear for all, combining comfort and style with a value that consumers know and love. The Company's brands include Crocs and HEYDUDE, and its products are sold in more than 80 countries through wholesale and direct-to-consumer channels. For more information on Crocs, Inc. visit investors.crocs.com. To learn more about our brands, visit www.crocs.com or www.heydude.com. Individuals can also visit https://investors.crocs.com/news-and-events/ and follow both Crocs and HEYDUDE on their social platforms.

Forward Looking Statements:

This press release includes estimates, projections, and statements relating to our plans, commitments, objectives, and expectations that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

These statements include, but are not limited to, statements regarding potential impacts to our business related to our supply chain challenges, cost inflation, our financial condition, brand and liquidity outlook, and expectations regarding our future revenue, margins, non-GAAP adjustments, tax rate, earnings per share, debt ratios and capital expenditures, share repurchases, the acquisition of HEYDUDE and benefits thereof, our strategy, plans, objectives, expectations (financial or otherwise) and intentions, future financial results and growth potential, statements regarding first quarter and full year 2024 financial outlook and future profitability, cash flows, and brand strength, anticipated product portfolio and our ability to deliver sustained, highly profitable growth and create significant shareholder value. These statements involve known and unknown risks, uncertainties, and other factors, which may cause our actual results, performance, or achievements to be materially different from any future results, performances, or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, the following: our expectations regarding supply chain disruptions; cost inflation; current global financial conditions; the effect of competition in our industry; our ability to effectively manage our future growth or declines in revenues; changing consumer preferences; our ability to maintain and expand revenues and gross margin; our ability to accurately forecast consumer demand for our products; our ability to successfully implement our strategic plans; our ability to develop and sell new products; our ability to obtain and protect intellectual property rights; the effect of potential adverse currency exchange rate fluctuations and other international operating risks; and other factors described in our most recent Annual Report on Form 10-K under the heading "Risk Factors" and our subsequent filings with the Securities and Exchange Commission. Readers are encouraged to review that section and all other disclosures appearing in our filings with the Securities and Exchange Commission.

All information in this document speaks as of February 15, 2024. We do not undertake any obligation to update publicly any forward-looking statements, whether as a result of the receipt of new information, future events, or otherwise, except as required by applicable law.

Category:Investors

CROCS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data)
	Three Months Ended December 31,				Year Ended December 31,
	2023		2022		2023		2022
Revenues	$      960,097		$      945,162		$   3,962,347		$   3,554,985
Cost of sales	429,400		448,839		1,752,337		1,694,703
Gross profit	530,697		496,323		2,210,010		1,860,282
Selling, general and administrative expenses	321,183		276,271		1,173,227		1,009,526
Income from operations	209,514		220,052		1,036,783		850,756
Foreign currency gains (losses), net	382		4,343		(1,240)		3,228
Interest income	1,181		801		2,406		1,020
Interest expense	(36,444)		(49,801)		(161,351)		(136,158)
Other income (expense), net	(774)		174		(326)		(338)
Income before income taxes	173,859		175,569		876,272		718,508
Income tax expense (benefit)	(79,727)		37,834		83,706		178,349
Net income	$      253,586		$      137,735		$      792,566		$      540,159
Net income per common share:
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