Crocs, Inc. Reports Record 2024 Results with Annual Revenues of $4.1 Billion, Growing 4% Over 2023

PR Newswire

02-13

Full-Year 2024 Diluted EPS Up 24% to $15.88 and Adjusted Diluted EPS Up 9% to $13.17 Expects 2025 To Be Another Year of Positive Revenue Growth for Crocs, Inc., Led by the Crocs Brand Upsizes Share ...

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Reports Record 2024 Results with Annual Revenues of $4.1 Billion, Growing 4% Over 2023","media":"PR Newswire","content":"<div>\n<p>Full-Year 2024 Diluted EPS Up 24% to $15.88 and Adjusted Diluted EPS Up 9% to $13.17\nExpects 2025 To Be Another Year of Positive Revenue Growth for Crocs, Inc., Led by the Crocs Brand\nUpsizes Share ...</p>\n\n<a href=\"https://finance.yahoo.com/news/crocs-inc-reports-record-2024-120000148.html\">网页链接</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Crocs, Inc. Reports Record 2024 Results with Annual Revenues of $4.1 Billion, Growing 4% Over 2023</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCrocs, Inc. Reports Record 2024 Results with Annual Revenues of $4.1 Billion, Growing 4% Over 2023\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-02-13 20:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/crocs-inc-reports-record-2024-120000148.html><strong>PR Newswire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Full-Year 2024 Diluted EPS Up 24% to $15.88 and Adjusted Diluted EPS Up 9% to $13.17\nExpects 2025 To Be Another Year of Positive Revenue Growth for Crocs, Inc., Led by the Crocs Brand\nUpsizes Share ...</p>\n\n<a href=\"https://finance.yahoo.com/news/crocs-inc-reports-record-2024-120000148.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CROX","symbol_name":"卡骆驰","start_time":0,"source_url":"https://finance.yahoo.com/news/crocs-inc-reports-record-2024-120000148.html","article_id":"2511541316","we_media_id":null,"thumbnails":[],"rights":{"source":"yahoofinance","url":"https://finance.yahoo.com/news/crocs-inc-reports-record-2024-120000148.html","rn_cache_url":null,"customStyle":"img, svg { display: none !important; }","selectors":"article","filters":"","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2511541316","pubTimestamp":1739448000,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Full-Year 2024 Diluted EPS Up 24% to $15.88 and Adjusted Diluted EPS Up 9% to $13.17. Expects 2025 To Be Another Year of Positive Revenue Growth for Crocs, Inc., Led by the Crocs Brand. Upsizes Share Repurchase Authorization by $1 Billion Resulting in Total Authorization Outstanding of Approximately $1.3 Billion. BROOMFIELD, Colo., Feb. 13, 2025 /PRNewswire/ --Crocs, Inc. , a world leader in innovative casual footwear for all, today announced its fourth quarter and full year 2024 financial results.\"We delivered another record year for Crocs, Inc. highlighted by revenue growth of 4% to $4.1 billion and adjusted earnings-per-share growth of 9%. We generated exceptional operating cashflow of approximately $990 million, which enabled us to return value to shareholders through more than $550 million in share repurchases, while fortifying our balance sheet through the pay down of approximately $320 million of debt,\" said Andrew Rees, Chief Executive Officer.Mr. Rees continued, \"Our fourth qu","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"CROX":"卡骆驰"},"translate_title":"Crocs,Inc.公布2024年创纪录业绩，年收入达41亿美元，比2023年增长4%","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CROX":1},"content_text":"Full-Year 2024 Diluted EPS Up 24% to $15.88 and Adjusted Diluted EPS Up 9% to $13.17\nExpects 2025 To Be Another Year of Positive Revenue Growth for Crocs, Inc., Led by the Crocs Brand\nUpsizes Share Repurchase Authorization by $1 Billion Resulting in Total Authorization Outstanding of Approximately $1.3 Billion\n\nBROOMFIELD, Colo., Feb. 13, 2025 /PRNewswire/ -- Crocs, Inc. (NASDAQ: CROX), a world leader in innovative casual footwear for all, today announced its fourth quarter and full year 2024 financial results.\n\"We delivered another record year for Crocs, Inc. highlighted by revenue growth of 4% to $4.1 billion and adjusted earnings-per-share growth of 9%. We generated exceptional operating cash flow of approximately $990 million, which enabled us to return value to shareholders through more than $550 million in share repurchases, while fortifying our balance sheet through the pay down of approximately $320 million of debt,\" said Andrew Rees, Chief Executive Officer.\nMr. Rees continued, \"Our fourth quarter performance exceeded expectations across all metrics led by Crocs Brand growth of 4%, as the North American business outperformed our plan and China growth accelerated from the third quarter. HEYDUDE revenue was flat to last year, higher than anticipated as direct-to-consumer sales inflected to growth.\"\n\"For 2025, we are expecting another year of revenue growth, led by mid-single digit growth in the Crocs Brand. We are pleased by the early signs of progress we made for HEYDUDE during the fourth quarter and are taking a prudent approach to how we shape 2025 guidance for HEYDUDE as we focus on reigniting the brand.\"\nSusan Healy, Chief Financial Officer added, \"In 2024, we stepped up our investment in our brands while driving industry leading margins. We expect operating margin to be approximately 24.0% for 2025, and beyond this year, we are committed to maintaining an annual operating margin at or above this level. We believe that our continued investments in our brands and exceptional cash flow generation will support Crocs, Inc. for sustained growth and value creation over the long-term.\"\nAmounts referred to as \"Adjusted\" or \"Non-GAAP\" are Non-GAAP measures and include adjustments that are described under the heading \"Reconciliation of GAAP Measures to Non-GAAP Measures.\" A reconciliation of these amounts to their GAAP counterparts are contained in the schedules below.\nFourth Quarter 2024 Operating Results (Compared to the Same Period Last Year)\n\nConsolidated revenues were $990 million, an increase of 3.1%, or 3.8% on a constant currency basis. Direct-to-consumer (\"DTC\") revenues grew 5.5%, or 6.1% on a constant currency basis. Wholesale revenues contracted 0.2%, or grew 0.7% on a constant currency basis.\nGross margin was 57.9% compared to 55.3%. Adjusted gross margin improved 220 basis points to 57.9% compared to 55.7%.\nSelling, general, and administrative expenses (\"SG&A\") of $373 million increased 16.1% from $321 million, and represented 37.7% of revenues compared to 33.5%. Adjusted SG&A of $373 million increased 23.0% from $303 million, and represented 37.7% of revenues compared to 31.6%.\nIncome from operations of $200 million decreased 4.6% from $210 million, resulting in operating margin of 20.2% compared to 21.8%. Adjusted income from operations of $200 million decreased 13.5% from $231 million, resulting in adjusted operating margin of 20.2% compared to 24.1%.\nDiluted earnings per share of $6.36 increased 52.9% from $4.16. Adjusted diluted earnings per share of $2.52 decreased 2.3% from $2.58, which excludes the current period tax impact of intra-entity transactions.\nDuring the quarter, we repaid $75 million of debt. We repurchased approximately 2.0 million shares for $225 million at the average share price of $111.51, and at quarter-end, $324 million of share repurchase authorization remained available for future repurchases.\n\n2024 Operating Results (Compared to Last Year)\n\nConsolidated revenues were $4,102 million, an increase of 3.5%, or 4.3% on a constant currency basis. DTC revenues grew 7.2%, or 7.8% on a constant currency basis. Wholesale revenues grew 0.2%, or 1.1% on a constant currency basis.\nGross margin was 58.8% compared to 55.8%. Adjusted gross margin improved 230 basis points to 58.8% compared to 56.5%.\nSG&A of $1,388 million increased 18.3% from $1,173 million, and represented 33.8% of revenues compared to 29.6%. Adjusted SG&A of $1,363 million increased 19.7% from $1,139 million, and represented 33.2% of revenues compared to 28.7%.\nIncome from operations of $1,022 million decreased 1% from $1,037 million, resulting in operating margin of 24.9% compared to 26.2%. Adjusted income from operations of $1,050 million decreased 4% from $1,099 million, resulting in adjusted operating margin of 25.6% compared to 27.7%.\nDiluted earnings per share of $15.88 increased 24.2% from $12.79. Adjusted diluted earnings per share of $13.17 increased 9.5% from $12.03, which excludes the current period tax impact of intra-entity transactions.\nDuring the year, we repaid $323 million of debt. We repurchased approximately 4.3 million shares for $551 million at an average share price of $127.94, and at year-end, $324 million of share repurchase authorization remained available for future repurchases.\n\nFourth Quarter 2024 Brand Summary (Compared to the Same Period Last Year)\n\nCrocs Brand: Revenues increased 4.0% to $762 million, or 4.9% on a constant currency basis.\n   \nChannel\n\nDTC revenues increased 5.0% to $447 million, or 5.7% on a constant currency basis.\nWholesale revenues increased 2.7% to $315 million, or 3.8% on a constant currency basis.\n\nGeography\n\nNorth America revenues were flat at $471 million, and flat on a constant currency basis.\nInternational revenues increased 11.5% to $291 million, or 13.7% on a constant currency basis.\n\n\nHEYDUDE Brand: Revenues were flat at $228 million.\n   \nChannel\n\nDTC revenues increased 7.2% to $133 million.\nWholesale revenues decreased 8.6% to $95 million.\n\n\n\n2024 Brand Summary (Compared to Last Year)\n\nCrocs Brand: Revenues increased 8.8% to $3,278 million, or 9.8% on a constant currency basis.\n   \nChannel\n\nDTC revenues increased 9.9% to $1,670 million, or 10.7% on a constant currency basis.\nWholesale revenues increased 7.6% to $1,608 million, or 8.8% on a constant currency basis.\n\nGeography\n\nNorth America revenues increased 3.1% to $1,833 million, or 3.2% on a constant currency basis.\nInternational revenues increased 17.0% to $1,445 million, or 19.2% on a constant currency basis.\n\n\nHEYDUDE Brand: Revenues decreased 13.2% to $824 million.\n   \nChannel\n\nDTC revenues decreased 3.9% to $368 million.\nWholesale revenues decreased 19.5% to $456 million.\n\n\n\n Balance Sheet and Cash Flow (December 31, 2024 as compared to December 31, 2023)\n\nCash and cash equivalents were $180 million compared to $149 million.\nInventories were $356 million compared to $385 million.\nTotal borrowings were $1,349 million compared to $1,664 million.\nCapital expenditures were $69 million compared to $116 million.\n\nCrocs, Inc. Upsizes Share Repurchase Authorization To $1.3 Billion\nEarlier this month, the Board approved a $1.0 billion increase to our share repurchase authorization, after which approximately $1.3 billion remained available for future common stock repurchases.\nFinancial Outlook\nFirst Quarter 2025\nWith respect to the first quarter of 2025, we expect:\n\nRevenues to be down approximately 3.5% compared to the first quarter of 2024, at currency rates as of February 10, 2025. This includes an anticipated negative impact of approximately $19 million from foreign currency.\n   \nCrocs Brand to be down approximately 1% to flat compared to the first quarter of 2024.\nHEYDUDE Brand to be down approximately 16% to 14% compared to the first quarter of 2024.\n\nAdjusted operating margin of approximately 21.5%, including an anticipated negative impact of approximately 80 bps from both foreign currency and announced and pending tariffs.\nAdjusted diluted earnings per share of $2.38 to $2.52. Adjusted diluted earnings per share guidance does not assume any impact from potential future share repurchases.\n\nFull Year 2025\nWith respect to 2025, we expect:\n\nRevenue growth of approximately 2% to 2.5% compared to full year 2024, at currency rates as of February 10, 2025. This includes an anticipated negative impact of approximately $62 million from foreign currency.\n   \nCrocs Brand to grow approximately 4.5% compared to full year 2024.\nHEYDUDE Brand to be down approximately 9% to 7% compared to full year 2024.\n\nAdjusted operating margin of approximately 24.0%, including an anticipated negative impact of approximately 60 bps from both foreign currency and announced and pending tariffs.\nCombined GAAP tax rate of approximately 21.5% and non-GAAP effective tax rate of approximately 18.0%.\nAdjusted diluted earnings per share of $12.70 to $13.15. Adjusted diluted earnings per share guidance does not assume any impact from potential future share repurchases.\nCapital expenditures of $80 million to $100 million.\n\nConference Call Information\nA conference call to discuss fourth quarter and full-year 2024 results is scheduled for today, Thursday, February 13, 2025, 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 13, 2026 at this site.\nAbout Crocs, Inc.: \nCrocs, 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.\nForward Looking Statements\nThis press release includes estimates, projections, and statements relating to our business plans, commitments, objectives, and expected operating results 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.\nThese statements include, but are not limited to, statements regarding our financial condition, brand and liquidity outlook, and expectations regarding our future financial results, share repurchases, our strategy, plans, objectives, expectations (financial or otherwise) and intentions, future financial results and growth potential, statements regarding first quarter and full year 2025 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 the 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.\nAll information in this document speaks only as of February 13, 2025. 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.\nCategory:Investors\n\n\n\n\nCROCS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (in thousands, except per share data) \n\n\n\n\n\n\nThree Months Ended December 31, \n\nYear Ended December 31, \n\n\n\n2024 \n\n2023 \n\n2024 \n\n2023 \n\n\nRevenues \n$                   989,773 \n\n$                   960,097 \n\n$                4,102,108 \n\n$                3,962,347 \n\n\nCost of sales \n416,847 \n\n429,400 \n\n1,691,850 \n\n1,752,337 \n\n\nGross profit \n572,926 \n\n530,697 \n\n2,410,258 \n\n2,210,010 \n\n\nSelling, general and administrative expenses \n373,011 \n\n321,183 \n\n1,388,347 \n\n1,173,227 \n\n\nIncome from operations \n199,915 \n\n209,514 \n\n1,021,911 \n\n1,036,783 \n\n\nForeign currency losses, net \n(2,849) \n\n382 \n\n(6,777) \n\n(1,240) \n\n\nInterest income \n576 \n\n1,181 \n\n3,484 \n\n2,406 \n\n\nInterest expense \n(23,337) \n\n(36,444) \n\n(109,264) \n\n(161,351) \n\n\nOther income, net \n929 \n\n(774) \n\n1,231 \n\n(326) \n\n\nIncome before income taxes \n175,234 \n\n173,859 \n\n910,585 \n\n876,272 \n\n\nIncome tax expense  \n(193,675) \n\n(79,727) \n\n(39,486) \n\n83,706 \n\n\nNet income  \n$                   368,909 \n\n$                   253,586 \n\n$                   950,071 \n\n$                   792,566 \n\n\nNet income per common share: \n\n\n\n\n\n\n\n\n\nBasic \n$                         6.40 \n\n$                         4.19 \n\n$                       16.00 \n\n$                       12.91 \n\n\nDiluted \n$                         6.36 \n\n$                         4.16 \n\n$                       15.88 \n\n$                       12.79 \n\n\nWeighted average common shares outstanding: \n\n\n\n\n\n\n\n\n\nBasic \n57,615 \n\n60,543 \n\n59,381 \n\n61,386 \n\n\nDiluted \n58,027 \n\n60,977 \n\n59,832 \n\n61,952 \n\n\n\n\n\n\n\n\nCROCS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share and par value amounts) \n\n\n\n\n\n\nDecember 31,2024 \n\nDecember 31,2023 \n\n\nASSETS \n\n\n\n\n\nCurrent assets: \n\n\n\n\n\nCash and cash equivalents \n$          180,485 \n\n$          149,288 \n\n\nRestricted cash — current \n— \n\n2 \n\n\nAccounts receivable, net of allowances of $31,579 and $27,591, respectively \n257,657 \n\n305,747 \n\n\nInventories \n356,254 \n\n385,054 \n\n\nIncome taxes receivable \n4,046 \n\n4,413 \n\n\nOther receivables \n22,204 \n\n21,071 \n\n\nPrepaid expenses and other assets \n51,623 \n\n45,129 \n\n\nTotal current assets \n872,269 \n\n910,704 \n\n\nProperty and equipment, net \n244,335 \n\n238,315 \n\n\nIntangible assets, net \n1,777,080 \n\n1,792,562 \n\n\nGoodwill \n711,491 \n\n711,588 \n\n\nDeferred tax assets, net \n872,350 \n\n667,972 \n\n\nRestricted cash \n3,193 \n\n3,807 \n\n\nRight-of-use assets \n307,228 \n\n287,440 \n\n\nOther assets \n24,207 \n\n31,446 \n\n\nTotal assets \n$       4,812,153 \n\n$       4,643,834 \n\n\nLIABILITIES AND STOCKHOLDERS' EQUITY \n\n\n\n\n\nCurrent liabilities: \n\n\n\n\n\nAccounts payable \n$          264,901 \n\n$          260,978 \n\n\nAccrued expenses and other liabilities \n298,068 \n\n285,771 \n\n\nIncome taxes payable \n108,688 \n\n65,952 \n\n\nCurrent borrowings \n— \n\n23,328 \n\n\nCurrent operating lease liabilities \n68,551 \n\n62,267 \n\n\nTotal current liabilities \n740,208 \n\n698,296 \n\n\nDeferred tax liabilities, net \n4,086 \n\n12,912 \n\n\nLong-term income taxes payable \n595,434 \n\n565,171 \n\n\nLong-term borrowings \n1,349,339 \n\n1,640,996 \n\n\nLong-term operating lease liabilities \n283,406 \n\n269,769 \n\n\nOther liabilities  \n3,948 \n\n2,767 \n\n\nTotal liabilities \n2,976,421 \n\n3,189,911 \n\n\nCommitments and contingencies \n\n\n\n\n\nStockholders' equity: \n\n\n\n\n\nCommon stock, par value $0.001 per share, 110.4 million and 110.1 million issued, 56.5 million and 60.5 million shares outstanding, respectively \n110 \n\n110 \n\n\nTreasury stock, at cost, 53.9 million and 49.6 million shares, respectively \n(2,453,473) \n\n(1,888,869) \n\n\nAdditional paid-in capital \n859,904 \n\n826,685 \n\n\nRetained earnings \n3,561,836 \n\n2,611,765 \n\n\nAccumulated other comprehensive loss \n(132,645) \n\n(95,768) \n\n\nTotal stockholders' equity \n1,835,732 \n\n1,453,923 \n\n\nTotal liabilities and stockholders' equity \n$       4,812,153 \n\n$       4,643,834 \n\n\n\n\n\n\n\n\nCROCS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands) \n\n\n\n\n\n\nYear Ended December 31, \n\n\n\n2024 \n\n2023 \n\n\nCash flows from operating activities: \n\n\n\n\n\nNet income \n$                    950,071 \n\n$                 792,566 \n\n\nAdjustments to reconcile net income to net cash provided by operating activities: \n\n\n\n\n\nDepreciation and amortization \n69,840 \n\n54,304 \n\n\nLoss on disposal of assets \n958 \n\n419 \n\n\nOperating lease cost \n85,130 \n\n79,543 \n\n\nInventory donations \n812 \n\n2,078 \n\n\nProvision for doubtful accounts, net \n1,352 \n\n3,568 \n\n\nShare-based compensation \n33,053 \n\n29,072 \n\n\nAsset impairments \n24,081 \n\n9,287 \n\n\nDeferred taxes \n(254,454) \n\n(410,319) \n\n\nOther non-cash items \n13,213 \n\n3,401 \n\n\nChanges in operating assets and liabilities, net of acquired assets and assumed liabilities: \n\n\n\n\n\nAccounts receivable, net of allowances \n42,587 \n\n(13,317) \n\n\nInventories \n22,055 \n\n86,350 \n\n\nPrepaid expenses and other assets \n(13,892) \n\n(31,839) \n\n\nAccounts payable \n3,951 \n\n37,197 \n\n\nAccrued expenses and other liabilities \n9,971 \n\n46,695 \n\n\nRight-of-use assets and operating lease liabilities \n(88,772) \n\n(75,107) \n\n\nIncome taxes \n92,530 \n\n316,546 \n\n\nCash provided by operating activities \n992,486 \n\n930,444 \n\n\nCash flows from investing activities: \n\n\n\n\n\nPurchases of property, equipment, and software \n(69,347) \n\n(115,625) \n\n\nOther \n— \n\n(46) \n\n\nCash used in investing activities \n(69,347) \n\n(115,671) \n\n\nCash flows from financing activities: \n\n\n\n\n\nProceeds from bank borrowings \n102,156 \n\n257,905 \n\n\nRepayments of bank borrowings \n(425,405) \n\n(923,703) \n\n\nDeferred debt issuance costs \n(2,277) \n\n(1,736) \n\n\nRepurchases of common stock, including excise taxes paid \n(552,451) \n\n(175,019) \n\n\nRepurchases of common stock for tax withholding \n(8,239) \n\n(17,086) \n\n\nOther \n168 \n\n— \n\n\nCash provided by (used in) financing activities \n(886,048) \n\n(859,639) \n\n\nEffect of exchange rate changes on cash, cash equivalents, and restricted cash \n(6,510) \n\n3,078 \n\n\nNet change in cash, cash equivalents, and restricted cash \n30,581 \n\n(41,788) \n\n\nCash, cash equivalents, and restricted cash — beginning of year \n153,097 \n\n194,885 \n\n\nCash, cash equivalents, and restricted cash — end of year \n$                    183,678 \n\n$                 153,097 \n\n\n\n\nCROCS, INC. AND SUBSIDIARIESRECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES\nIn addition to financial measures presented on the basis of accounting principles generally accepted in the United States of America (\"GAAP\"), we present \"Non-GAAP gross profit,\" \"Non-GAAP gross margin,\" \"Non-GAAP gross margin by brand,\" \"Non-GAAP selling, general, and administrative expenses,\" \"Non-GAAP selling, general and administrative expenses as a percent of revenues,\" \"Non-GAAP income from operations,\" \"Non-GAAP operating margin,\" \"Non-GAAP income before income taxes,\" \"Non-GAAP income tax expense,\" \"Non-GAAP effective tax rate,\" \"Non-GAAP net income,\" and \"Non-GAAP basic and diluted net income per common share,\" which are non-GAAP financial measures. We also present future period guidance for \"Non-GAAP operating margin,\" \"Non-GAAP effective tax rate,\" \"Non-GAAP diluted earnings per share,\" and \"Free cash flow.\" Non-GAAP results exclude the impact of items that management believes affect the comparability or underlying business trends in our condensed consolidated financial statements in the periods presented.\nWe also present certain information related to our current period results of operations through \"constant currency,\" which is a non-GAAP financial measure and should be viewed as a supplement to our results of operations and presentation of reportable segments under GAAP. Constant currency represents current period results that have been retranslated using exchange rates used in the prior year comparative period to enhance the visibility of the underlying business trends excluding the impact of foreign currency exchange rate fluctuations.\nManagement uses non-GAAP results to assist in comparing business trends from period to period on a consistent basis in communications with the board of directors, stockholders, analysts, and investors concerning our financial performance. We believe that these non-GAAP measures, in addition to corresponding GAAP measures, are useful to investors and other users of our condensed consolidated financial statements as an additional tool for evaluating operating performance and trends by providing meaningful information about operations compared to our peers by excluding the impacts of various differences. The calculation of our non-GAAP financial metrics may vary from company to company. As a result, our calculation of these metrics may not be comparable to similarly titled metrics used by other companies.\nManagement believes Non-GAAP gross profit, Non-GAAP gross margin, and Non-GAAP gross margin by brand are useful performance measures for investors because they provide investors with a means of comparing these measures between periods without the impact of certain expenses that we believe are not indicative of our routine cost of sales. Our routine cost of sales includes core product costs and distribution expenses primarily related to receiving, inspecting, warehousing, and packaging product and transportation costs associated with delivering products from distribution centers. Costs not indicative of our routine cost of sales may or may not be recurring in nature and include costs to expand and transition to new distribution centers.\nManagement believes Non-GAAP selling, general and administrative expenses and Non-GAAP selling, general and administrative expenses as a percent of revenues are useful performance measures for investors because they provide a more meaningful comparison to prior periods and may be indicative of the level of such expenses to be incurred in future periods. These measures exclude the impact of certain expenses not related to our normal operations, such as costs related to the integration of HEYDUDE and other costs that are expected to be non-recurring in nature.\nNon-GAAP income from operations and Non-GAAP operating margin reflect the impact of Non-GAAP gross profit and Non-GAAP selling, general, and administrative expenses, as discussed above. We believe these are useful performance measures for investors because they provide a useful basis to compare performance in the period to prior periods.\nNon-GAAP income before income taxes reflects the impact of Non-GAAP income from operations, as discussed above. We believe this is a useful performance measure for investors because it provides a useful basis to compare performance in the period to prior periods.\nManagement believes Non-GAAP income tax expense is a useful performance measure for investors because it provides a basis to compare our tax rates to historical tax rates, and because the adjustment is necessary in order to calculate Non-GAAP net income.\nManagement believes Non-GAAP effective tax rate is a useful performance measure for investors because it provides an ongoing effective tax rate that they can use for historical comparisons and forecasting.\nManagement believes Non-GAAP net income is a useful performance measure for investors because it focuses on underlying operating results and trends and improves the comparability of our results to prior periods. This measure reflects the impact of Non-GAAP gross profit, Non-GAAP selling, general, and administrative expenses, and Non-GAAP income tax expense, as described above.\nManagement believes Non-GAAP basic and diluted net income per common share are useful performance measures for investors because they focus on underlying operating results and trends and improve the comparability of our results to prior periods. These measures reflect the impact of Non-GAAP gross profit, Non-GAAP selling, general, and administrative expenses, and Non-GAAP income tax expense, as described above.\nFree cash flow is calculated as 'Cash provided by operating activities' less 'Purchases of property, equipment, and software.' Management believes free cash flow is useful for investors because it provides a clear measure of our ability to generate cash for discretionary uses such as funding growth opportunities, repurchasing shares, and reducing debt.\nFor the three and twelve months ended December 31, 2024, management believes it is helpful to evaluate our results excluding the impacts of various adjustments relating to special or non-recurring items. Investors should not consider these non-GAAP measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.\nNon-GAAP Financial Guidance\nOur forward-looking guidance for consolidated \"adjusted operating margin\" and \"adjusted diluted earnings per share\" represents non-GAAP financial measures that may exclude or otherwise have been adjusted for special items from our U.S. GAAP financial statements. By their very nature, special and other non-core items are difficult to anticipate with precision because they are generally associated with unexpected and unplanned events that impact our company and its financial results. Therefore, we are unable to provide a reconciliation of these measures for the guidance related to the first quarter of 2025. As of the date hereof, we do not anticipate any adjustments to full year 2025 operating margin, combined tax rate, or earnings per share such that our guidance for full year 2025 \"adjusted operating margin,\" \"non-GAAP effective income tax rate,\" and \"adjusted diluted earnings per share\" is the equivalent of guidance to their respective most directly comparable GAAP financial measure. As a result, we have not included reconciliations of these non-GAAP financial measures to their respective most directly comparable GAAP financial measures.\n\n\n\n\nCROCS, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES (UNAUDITED) \n\n\n\n\n\nNon-GAAP gross profit and gross margin reconciliation: \n\n\n\n\n\n\nThree Months Ended December 31, \n\nYear Ended December 31, \n\n\n\n2024 \n\n2023 \n\n2024 \n\n2023 \n\n\n\n(in thousands) \n\n\nGAAP revenues \n$               989,773 \n\n$               960,097 \n\n$              4,102,108 \n\n$            3,962,347 \n\n\n\n\n\n\n\n\n\n\n\n\nGAAP gross profit \n$               572,926 \n\n$               530,697 \n\n$              2,410,258 \n\n$            2,210,010 \n\n\nDistribution centers (1) \n— \n\n3,667 \n\n3,242 \n\n27,331 \n\n\nNon-GAAP gross profit \n$               572,926 \n\n$               534,364 \n\n$              2,413,500 \n\n$            2,237,341 \n\n\n\n\n\n\n\n\n\n\n\n\nGAAP gross margin \n57.9 % \n\n55.3 % \n\n58.8 % \n\n55.8 % \n\n\nNon-GAAP gross margin \n57.9 % \n\n55.7 % \n\n58.8 % \n\n56.5 % \n\n\n\n\n\n\n\n\n\n\n\n\n(1) \nDuring the year ended December 31, 2024, adjustments primarily relate to costs to transition to our new HEYDUDE distribution center in Las Vegas, Nevada. During the three months and year ended December 31, 2023, adjustments represent expenses, including expansion costs and duplicate rent costs, related to our distribution centers in Dayton, Ohio and Las Vegas, Nevada. \n\n\n\n\n\n\n\n\nNon-GAAP gross margin reconciliation by brand: \n\n\n\n\n\nCrocs Brand: \n\n\n\n\n\n\nThree Months Ended December 31, \n\nYear Ended December 31, \n\n\n\n2024 \n\n2023 \n\n2024 \n\n2023 \n\n\nGAAP Crocs Brand gross margin \n60.9 % \n\n59.4 % \n\n61.6 % \n\n60.0 % \n\n\nNon-GAAP adjustments: \n\n\n\n\n\n\n\n\n\nDistribution centers (1) \n— % \n\n0.1 % \n\n— % \n\n0.2 % \n\n\nNon-GAAP Crocs Brand gross margin \n60.9 % \n\n59.5 % \n\n61.6 % \n\n60.2 % \n\n\n\n\n\n\n\n\n\n\n\n\n(1) \nRepresents prior year expenses, including expansion costs and duplicate rent costs, primarily related to our distribution centers in Dayton, Ohio. \n\n\n\n\n\n\n\n\nHEYDUDE Brand: \n\n\n\n\n\n\nThree Months Ended December 31, \n\nYear Ended December 31, \n\n\n\n2024 \n\n2023 \n\n2024 \n\n2023 \n\n\nGAAP HEYDUDE Brand gross margin \n47.7 % \n\n44.3 % \n\n47.7 % \n\n44.0 % \n\n\nNon-GAAP adjustments: \n\n\n\n\n\n\n\n\n\nDistribution centers (1) \n— % \n\n1.2 % \n\n0.4 % \n\n2.2 % \n\n\nNon-GAAP HEYDUDE Brand gross margin \n47.7 % \n\n45.5 % \n\n48.1 % \n\n46.2 % \n\n\n\n\n\n\n\n\n\n\n\n\n(1) \nRepresents prior year expenses, including expansion costs, duplicate rent costs, and transitional storage costs, related to our distribution center in Las Vegas, Nevada. \n\n\n\n\n\n\n\n\nNon-GAAP selling, general and administrative reconciliation: \n\n\n\n\n\n\nThree Months Ended December 31, \n\nYear Ended December 31, \n\n\n\n2024 \n\n2023 \n\n2024 \n\n2023 \n\n\n\n(in thousands) \n\n\nGAAP revenues \n$               989,773 \n\n$               960,097 \n\n$            4,102,108 \n\n$            3,962,347 \n\n\n\n\n\n\n\n\n\n\n\n\nGAAP selling, general and administrative expenses \n$               373,011 \n\n$               321,183 \n\n$            1,388,347 \n\n$            1,173,227 \n\n\nImpairment related to information technology systems (1) \n— \n\n— \n\n(18,172) \n\n\n\n\nImpairment related to distribution centers (2) \n— \n\n— \n\n(6,933) \n\n\n\n\nInformation technology project discontinuation \n— \n\n— \n\n— \n\n(4,119) \n\n\nHEYDUDE integration costs \n— \n\n(1,064) \n\n— \n\n(3,025) \n\n\nDuplicate headquarters rent (3) \n— \n\n(9,992) \n\n— \n\n(13,161) \n\n\nOther (4) \n— \n\n(6,861) \n\n— \n\n(14,218) \n\n\nTotal adjustments \n— \n\n(17,917) \n\n(25,105) \n\n(34,523) \n\n\nNon-GAAP selling, general and administrative expenses (5) \n$               373,011 \n\n$               303,266 \n\n$            1,363,242 \n\n$            1,138,704 \n\n\n\n\n\n\n\n\n\n\n\n\nGAAP selling, general and administrative expenses as a percent of revenues \n37.7 % \n\n33.5 % \n\n33.8 % \n\n29.6 % \n\n\nNon-GAAP selling, general and administrative expenses as a percent of revenues \n37.7 % \n\n31.6 % \n\n33.2 % \n\n28.7 % \n\n\n\n\n\n\n\n\n\n\n\n\n(1) \nRepresents an impairment of information technology systems related to the HEYDUDE integration. \n\n\n(2) \nPrimarily represents an impairment of the right-of-use assets for our former HEYDUDE Brand warehouses in Las Vegas, Nevada associated with our move to our new distribution center and an impairment of the right-of-use asset for our former Crocs Brand warehouse in Oudenbosch, the Netherlands. \n\n\n(3) \nRepresents duplicate rent costs associated with our move to a new headquarters. \n\n\n(4) \nIncludes various restructuring costs, as well as costs associated with the implementation of a new enterprise resource planning system. \n\n\n(5) \nNon-GAAP selling, general and administrative expenses are presented gross of tax. \n\n\n\n\n\n\n\n\nNon-GAAP income from operations and operating margin reconciliation: \n\n\n\n\n\n\nThree Months Ended December 31, \n\nYear Ended December 31, \n\n\n\n2024 \n\n2023 \n\n2024 \n\n2023 \n\n\n\n(in thousands) \n\n\nGAAP revenues \n$              989,773 \n\n$              960,097 \n\n$           4,102,108 \n\n$           3,962,347 \n\n\n\n\n\n\n\n\n\n\n\n\nGAAP income from operations \n$              199,915 \n\n$              209,514 \n\n$           1,021,911 \n\n$           1,036,783 \n\n\nNon-GAAP gross profit adjustments (1) \n— \n\n3,667 \n\n3,242 \n\n27,331 \n\n\nNon-GAAP selling, general and administrative expenses adjustments (2) \n— \n\n17,917 \n\n25,105 \n\n34,523 \n\n\nNon-GAAP income from operations \n$              199,915 \n\n$              231,098 \n\n$           1,050,258 \n\n$           1,098,637 \n\n\n\n\n\n\n\n\n\n\n\n\nGAAP operating margin \n20.2 % \n\n21.8 % \n\n24.9 % \n\n26.2 % \n\n\nNon-GAAP operating margin \n20.2 % \n\n24.1 % \n\n25.6 % \n\n27.7 % \n\n\n\n\n\n\n\n\n\n\n\n\n(1) \nSee 'Non-GAAP gross profit and gross margin reconciliation' above for more details. \n\n\n(2) \nSee 'Non-GAAP selling, general and administrative expenses and selling, general and administrative expenses as a percent of revenues reconciliation' above for more details. \n\n\n\n\n\n\n\n\nNon-GAAP income tax expense (benefit) and effective tax rate reconciliation: \n\n\n\n\n\n\nThree Months Ended December 31, \n\nYear Ended December 31, \n\n\n\n2024 \n\n2023 \n\n2024 \n\n2023 \n\n\n\n(in thousands) \n\n\nGAAP income from operations \n$              199,915 \n\n$              209,514 \n\n$           1,021,911 \n\n$           1,036,783 \n\n\nGAAP income before income taxes \n175,234 \n\n173,859 \n\n910,585 \n\n876,272 \n\n\n\n\n\n\n\n\n\n\n\n\nNon-GAAP income from operations (1) \n$              199,915 \n\n$              231,098 \n\n$           1,050,258 \n\n$           1,098,637 \n\n\nGAAP non-operating income (expenses): \n\n\n\n\n\n\n\n\n\nForeign currency losses, net \n(2,849) \n\n382 \n\n(6,777) \n\n(1,240) \n\n\nInterest income \n576 \n\n1,181 \n\n3,484 \n\n2,406 \n\n\nInterest expense \n(23,337) \n\n(36,444) \n\n(109,264) \n\n(161,351) \n\n\nOther income, net \n929 \n\n(774) \n\n1,231 \n\n(326) \n\n\nNon-GAAP income before income taxes \n$              175,234 \n\n$              195,443 \n\n$              938,932 \n\n$              938,126 \n\n\n\n\n\n\n\n\n\n\n\n\nGAAP income tax expense \n$             (193,675) \n\n$               (79,727) \n\n$               (39,486) \n\n$                83,706 \n\n\nTax effect of non-GAAP operating adjustments \n(211) \n\n5,515 \n\n6,929 \n\n15,591 \n\n\nImpact of intra-entity IP transactions (2) \n222,117 \n\n112,483 \n\n182,785 \n\n93,250 \n\n\nNon-GAAP income tax expense \n$                28,231 \n\n$                38,271 \n\n$              150,228 \n\n$              192,547 \n\n\n\n\n\n\n\n\n\n\n\n\nGAAP effective income tax rate \n(110.5) % \n\n(45.9) % \n\n(4.3) % \n\n9.6 % \n\n\nNon-GAAP effective income tax rate \n16.1 % \n\n19.6 % \n\n16.0 % \n\n20.5 % \n\n\n\n\n\n\n\n\n\n\n\n\n(1) \nSee 'Non-GAAP income from operations and operating margin reconciliation' above for more details. \n\n\n(2) \nIn the fourth quarter of 2024, and previously in 2023, 2021 and 2020, we made changes to our international legal structure, including an intra-entity transaction related to certain intellectual property rights, primarily to align with current and future international operations. The transactions resulted in a step-up in the tax basis of intellectual property rights and correlated increases in foreign deferred tax assets based on the fair value of the transferred intellectual property rights. This adjustment represents the current period impact of these transactions. \n\n\n\n\n\n\n\n\nNon-GAAP net income per share reconciliation: \n\n\n\n\n\n\nThree Months Ended December 31, \n\nYear Ended December 31, \n\n\n\n2024 \n\n2023 \n\n2024 \n\n2023 \n\n\n\n(in thousands, except per share data) \n\n\nNumerator: \n\n\n\n\n\n\n\n\n\nGAAP net income \n$                   368,909 \n\n$                   253,586 \n\n$                   950,071 \n\n$                   792,566 \n\n\nNon-GAAP gross profit adjustments (1) \n— \n\n3,667 \n\n3,242 \n\n27,331 \n\n\nNon-GAAP selling, general and administrative expenses adjustments (2) \n— \n\n17,917 \n\n25,105 \n\n34,523 \n\n\nNon-GAAP other income adjustment (3) \n(842) \n\n— \n\n(842) \n\n— \n\n\nTax effect of non-GAAP adjustments (4) \n(221,906) \n\n(117,998) \n\n(189,714) \n\n(108,841) \n\n\nNon-GAAP net income \n$                   146,161 \n\n$                   157,172 \n\n$                   787,862 \n\n$                   745,579 \n\n\nDenominator: \n\n\n\n\n\n\n\n\n\nGAAP weighted average common shares outstanding - basic \n57,615 \n\n60,543 \n\n59,381 \n\n61,386 \n\n\nPlus: GAAP dilutive effect of stock options and unvested restricted stock units \n412 \n\n434 \n\n451 \n\n566 \n\n\n GAAP weighted average common shares outstanding - diluted \n58,027 \n\n60,977 \n\n59,832 \n\n61,952 \n\n\n\n\n\n\n\n\n\n\n\n\nGAAP net income per common share: \n\n\n\n\n\n\n\n\n\nBasic \n$                          6.40 \n\n$                          4.19 \n\n$                       16.00 \n\n$                       12.91 \n\n\nDiluted \n$                          6.36 \n\n$                          4.16 \n\n$                       15.88 \n\n$                       12.79 \n\n\n\n\n\n\n\n\n\n\n\n\nNon-GAAP net income per common share: \n\n\n\n\n\n\n\n\n\nBasic \n$                          2.54 \n\n$                          2.60 \n\n$                       13.27 \n\n$                       12.15 \n\n\nDiluted \n$                          2.52 \n\n$                          2.58 \n\n$                       13.17 \n\n$                       12.03 \n\n\n\n\n\n\n\n\n\n\n\n\n(1) \nSee 'Non-GAAP gross profit and gross margin reconciliation' above for more information. \n\n\n(2) \nSee 'Non-GAAP selling, general and administrative expenses and selling, general and administrative expenses as a percent of revenues reconciliation' above for more information. \n\n\n(3) \nRepresents the impact of the early lease termination for our former HEYDUDE Brand warehouse in Las Vegas, Nevada for which we previously recognized impairment associated with our move to our new distribution center. \n\n\n(4) \nSee 'Non-GAAP income tax expense (benefit) and effective tax rate reconciliation' above for more information. \n\n\n\n\n\n\n\n\nFree cash flow reconciliation: \n\n\n\n\n\n\nThree Months Ended December 31, \n\nYear Ended December 31, \n\n\n\n2024 \n\n2023 \n\n2024 \n\n2023 \n\n\n\n(in thousands) \n\n\nCash provided by operating activities \n$                   321,937 \n\n$                   349,718 \n\n$                  992,486 \n\n$                   930,444 \n\n\nPurchases of property, equipment, and software \n(18,490) \n\n(29,247) \n\n(69,347) \n\n(115,625) \n\n\nFree cash flow \n$                   303,447 \n\n$                   320,471 \n\n$                   923,139 \n\n$                   814,819 \n\n\n\n\n\n\n\n\nCROCS, INC. AND SUBSIDIARIES REVENUES BY SEGMENT, CHANNEL, AND GEOGRAPHY (UNAUDITED) \n\n\n\n\n\n\nThree Months EndedDecember 31, \n\nYear Ended December31, \n\n% Change \n\nConstant Currency % Change (1) \n\n\n\n\n\nFavorable (Unfavorable) \n\n\n\n2024 \n\n2023 \n\n2024 \n\n2023 \n\nQ4 2024-2023 \n\nYTD 2024-2023 \n\nQ4 2024-2023 \n\nYTD 2024-2023 \n\n\n\n($ in thousands) \n\n\nCrocs Brand: \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNorth America: \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n Wholesale \n$  128,084 \n\n$  134,884 \n\n$  644,511 \n\n$  652,943 \n\n(5.0) % \n\n(1.3) % \n\n(4.9) % \n\n(1.2) % \n\n\n Direct-to-consumer \n$  342,893 \n\n$  336,392 \n\n$  1,188,911 \n\n$  1,124,942 \n\n1.9 % \n\n5.7 % \n\n2.1 % \n\n5.8 % \n\n\nTotal North America (2) \n470,977 \n\n471,276 \n\n1,833,422 \n\n1,777,885 \n\n(0.1) % \n\n3.1 % \n\n0.1 % \n\n3.2 % \n\n\nInternational: \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n Wholesale \n186,615 \n\n171,572 \n\n963,035 \n\n840,594 \n\n8.8 % \n\n14.6 % \n\n10.7 % \n\n16.7 % \n\n\n Direct-to-consumer \n104,472 \n\n89,609 \n\n481,510 \n\n394,475 \n\n16.6 % \n\n22.1 % \n\n19.4 % \n\n24.7 % \n\n\nTotal International \n291,087 \n\n261,181 \n\n1,444,545 \n\n1,235,069 \n\n11.5 % \n\n17.0 % \n\n13.7 % \n\n19.2 % \n\n\nTotal Crocs Brand \n$  762,064 \n\n$  732,457 \n\n$  3,277,967 \n\n$  3,012,954 \n\n4.0 % \n\n8.8 % \n\n4.9 % \n\n9.8 % \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCrocs Brand: \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWholesale \n$  314,699 \n\n$  306,456 \n\n$  1,607,546 \n\n$  1,493,537 \n\n2.7 % \n\n7.6 % \n\n3.8 % \n\n8.8 % \n\n\nDirect-to-consumer \n447,365 \n\n426,001 \n\n1,670,421 \n\n1,519,417 \n\n5.0 % \n\n9.9 % \n\n5.7 % \n\n10.7 % \n\n\n Total Crocs Brand \n762,064 \n\n732,457 \n\n3,277,967 \n\n3,012,954 \n\n4.0 % \n\n8.8 % \n\n4.9 % \n\n9.8 % \n\n\nHEYDUDE Brand: \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWholesale \n94,872 \n\n103,748 \n\n456,472 \n\n566,937 \n\n(8.6) % \n\n(19.5) % \n\n(8.3) % \n\n(19.5) % \n\n\nDirect-to-consumer \n132,837 \n\n123,892 \n\n367,669 \n\n382,456 \n\n7.2 % \n\n(3.9) % \n\n7.2 % \n\n(3.9) % \n\n\n Total HEYDUDE Brand (3) \n227,709 \n\n227,640 \n\n824,141 \n\n949,393 \n\n— % \n\n(13.2) % \n\n0.1 % \n\n(13.2) % \n\n\nTotal consolidated revenues \n$  989,773 \n\n$  960,097 \n\n$  4,102,108 \n\n$  3,962,347 \n\n3.1 % \n\n3.5 % \n\n3.8 % \n\n4.3 % \n\n\n\n\n\n\n\n\n\n\n\n\n(1) \nReflects year over year change as if the current period results were in constant currency, which is a non-GAAP financial measure. See 'Reconciliation of GAAP Measures to Non-GAAP Measures' above for more information. \n\n\n(2) \nNorth America includes the United States and Canada. \n\n\n(3) \nThe vast majority of HEYDUDE Brand revenues are derived from North America. \n\n\n\n\n\n\n\n\nCROCS, INC. AND SUBSIDIARIES DIRECT-TO-CONSUMER COMPARABLE SALES (UNAUDITED) \n\n\n\n\n\nDirect-to-consumer (\"DTC\") comparable sales were as follows: \n\n\n\n\n\n\nConstant Currency (1) \n\n\n\nThree Months Ended December 31, \n\nYear Ended December 31, \n\n\n\n2024 \n\n2023 \n\n2024 \n\n2023 \n\n\nDirect-to-consumer comparable sales: (2) \n\n\n\n\n\n\n\n\n\nCrocs Brand  \n0.3 % \n\n10.7 % \n\n7.2 % \n\n15.5 % \n\n\nHEYDUDE Brand \n(8.3) % \n\n(14.2) % \n\n(14.6) % \n\n3.6 % \n\n\n\n\n\n\n\n\n\n\n\n\n(1) \nReflects period over period change on a constant currency basis, which is a non-GAAP financial measure. See \"Use of Non-GAAP Financial Measures\" for more information. \n\n\n(2) \nComparable store status, as included in the DTC comparable sales figures above, is determined on a monthly basis. Comparable store sales include the revenues of stores that have been in operation for more than twelve months. Stores in which selling square footage has changed more than 15% as a result of a remodel, expansion, or reduction are excluded until the thirteenth month in which they have comparable prior year sales. Temporarily closed stores are excluded from the comparable store sales calculation during the month of closure and in the same month in the following year. Location closures in excess of three months are excluded until the thirteenth month post re-opening. E-commerce comparable revenues are based on same site sales period over period. E-commerce sites that are temporarily offline or unable to transact or fulfill orders (\"site disruption\") are excluded from the comparable sales calculation during the month of site disruption and in the same month in the following year. E-commerce site disruptions in excess of three months are excluded until the thirteenth month after the site has re-opened. Additionally, comparable sales do not include leap days in leap years. \n\n\n\n\n\n\n\n\nInvestor Contact: \nErinn Murphy, Crocs, Inc. \n\n\n\n(303) 848-7005 \n\n\n\nemurphy@crocs.com \n\n\n\n\n\n\nPR Contact: \nMelissa Layton, Crocs, Inc. \n\n\n\n(303) 848-7885 \n\n\n\nmlayton@crocs.com \n\n\n\n\n\n\n\n\n\n View original content to download multimedia:https://www.prnewswire.com/news-releases/crocs-inc-reports-record-2024-results-with-annual-revenues-of-4-1-billion-growing-4-over-2023--302375429.html\nSOURCE Crocs, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"code":"91000000","status":"200"}}}