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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________________________________
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File No. 000-51754
_____________________________________________________________
CROCS, INC.
(Exact name of registrant as specified in its charter) | | | | | | | | |
Delaware | | 20-2164234 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
13601 Via Varra, Broomfield, Colorado 80020
(Address, including zip code, of registrant’s principal executive offices)
(303) 848-7000
(Registrant’s telephone number, including area code)
_____________________________________________________________
Securities registered pursuant to Section 12(b) of the Act: | | | | | | | | | | | | | | |
| Title of each class: | Trading symbol: | Name of each exchange on which registered: | |
| Common Stock, par value $0.001 per share | CROX | The Nasdaq Global Select Market | |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer | Accelerated filer | Non-accelerated filer | Smaller reporting company | Emerging growth company |
☒ | ☐ | ☐ | ☐ | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of October 26, 2023, Crocs, Inc. had 60,566,623 shares of its common stock, par value $0.001 per share, outstanding.
Cautionary Note Regarding Forward-Looking Statements
This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. From time to time, we may also provide oral or written forward-looking statements in other materials we release to the public. Such forward-looking statements are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995.
Statements that refer to industry trends, projections of our future financial performance, anticipated trends in our business and other characterizations of future events or circumstances are forward-looking statements. These statements, which express management’s current views concerning future events or results, use words like “anticipate,” “assume,” “believe,” “continue,” “estimate,” “expect,” “future,” “intend,” “plan,” “project,” “strive,” and future or conditional tense verbs like “could,” “may,” “might,” “should,” “will,” “would,” and similar expressions or variations. Examples of forward-looking statements include, but are not limited to, statements we make regarding
•our expectations regarding future trends, expectations, and performance of our business;
•our expectations regarding the impact on our business of economic trends;
•our belief that we have sufficient liquidity to fund our business operations during the next twelve months;
•the amount and timing of our capital expenditures; and
•our expectations about the impact of our strategic plans.
Forward-looking statements are subject to risks, uncertainties, and other factors, which may cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from the forward-looking statements include, without limitation, those described in the section entitled “Risk Factors” under Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2022 and our subsequent filings with the Securities and Exchange Commission, including those described in the section entitled “Risk Factors” under Item 1A in this report. Caution should be taken not to place undue reliance on any such forward-looking statements. Moreover, such forward-looking statements speak only as of the date of this report. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements, except as required by applicable law.
Crocs, Inc.
Table of Contents to the Quarterly Report on Form 10-Q
For the Quarterly Period Ended September 30, 2023
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PART I — Financial Information | |
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PART I — Financial Information
ITEM 1. Financial Statements
CROCS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(in thousands, except per share data)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
Revenues | $ | 1,045,717 | | | $ | 985,094 | | | $ | 3,002,250 | | | $ | 2,609,823 | |
Cost of sales | 464,081 | | | 443,792 | | | 1,322,937 | | | 1,245,864 | |
Gross profit | 581,636 | | | 541,302 | | | 1,679,313 | | | 1,363,959 | |
Selling, general and administrative expenses | 307,784 | | | 277,239 | | | 852,044 | | | 733,255 | |
Income from operations | 273,852 | | | 264,063 | | | 827,269 | | | 630,704 | |
Foreign currency losses, net | (1,770) | | | (393) | | | (1,622) | | | (1,115) | |
Interest income | 506 | | | 31 | | | 1,225 | | | 219 | |
Interest expense | (39,207) | | | (34,142) | | | (124,907) | | | (86,357) | |
Other income (expense), net | 24 | | | 16 | | | 448 | | | (512) | |
Income before income taxes | 233,405 | | | 229,575 | | | 702,413 | | | 542,939 | |
Income tax expense | 56,380 | | | 60,226 | | | 163,433 | | | 140,515 | |
Net income | $ | 177,025 | | | $ | 169,349 | | | $ | 538,980 | | | $ | 402,424 | |
Net income per common share: | | | | | | | |
Basic | $ | 2.90 | | | $ | 2.75 | | | $ | 8.74 | | | $ | 6.59 | |
Diluted | $ | 2.87 | | | $ | 2.72 | | | $ | 8.65 | | | $ | 6.51 | |
Weighted average common shares outstanding: | | | | | | | |
Basic | 61,143 | | | 61,693 | | | 61,670 | | | 61,042 | |
Diluted | 61,615 | | | 62,367 | | | 62,280 | | | 61,840 | |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
CROCS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
(in thousands)
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| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
Net income | $ | 177,025 | | | $ | 169,349 | | | $ | 538,980 | | | $ | 402,424 | |
Other comprehensive income (loss), net of tax: | | | | | | | |
Derivatives designated as hedging instruments: | | | | | | | |
Unrealized gains (losses) on derivative instruments | (363) | | | 568 | | | (519) | | | 568 | |
Reclassification adjustment for realized (gains) losses on derivative instruments | 247 | | | — | | | 847 | | | — | |
Net increase (decrease) from derivatives designated as hedging instruments | (116) | | | 568 | | | 328 | | | 568 | |
Foreign currency translation losses, net | (17,564) | | | (34,285) | | | (12,421) | | | (70,788) | |
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Total comprehensive income, net of tax | $ | 159,345 | | | $ | 135,632 | | | $ | 526,887 | | | $ | 332,204 | |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
CROCS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in thousands, except share and par value amounts) | | | | | | | | | | | |
| September 30, 2023 | | December 31, 2022 |
ASSETS | | | |
Current assets: | | | |
Cash and cash equivalents | $ | 127,320 | | | $ | 191,629 | |
Restricted cash - current | 2 | | | 2 | |
Accounts receivable, net of allowances of $27,305 and $24,493, respectively | 391,207 | | | 295,594 | |
Inventories | 390,163 | | | 471,551 | |
Income taxes receivable | 3,047 | | | 14,752 | |
Other receivables | 23,419 | | | 18,842 | |
Prepaid expenses and other assets | 44,024 | | | 33,605 | |
Total current assets | 979,182 | | | 1,025,975 | |
Property and equipment, net | 223,061 | | | 181,529 | |
Intangible assets, net of accumulated amortization of $142,661 and $125,014, respectively | 1,793,704 | | | 1,800,167 | |
Goodwill | 711,885 | | | 714,814 | |
Deferred tax assets, net | 527,678 | | | 528,278 | |
Restricted cash | 3,707 | | | 3,254 | |
Right-of-use assets | 313,608 | | | 239,905 | |
Other assets | 28,539 | | | 7,875 | |
Total assets | $ | 4,581,364 | | | $ | 4,501,797 | |
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LIABILITIES AND STOCKHOLDERS’ EQUITY | | | |
Current liabilities: | | | |
Accounts payable | $ | 209,890 | | | $ | 230,821 | |
Accrued expenses and other liabilities | 248,160 | | | 239,424 | |
Income taxes payable | 108,716 | | | 89,211 | |
Current borrowings | 20,000 | | | 24,362 | |
Current operating lease liabilities | 61,111 | | | 57,456 | |
Total current liabilities | 647,877 | | | 641,274 | |
Deferred tax liabilities, net | 299,296 | | | 302,030 | |
Long-term income taxes payable | 226,006 | | | 224,837 | |
Long-term borrowings | 1,918,668 | | | 2,298,027 | |
Long-term operating lease liabilities | 286,910 | | | 215,119 | |
Other liabilities | 2,349 | | | 2,579 | |
Total liabilities | 3,381,106 | | | 3,683,866 | |
Commitments and contingencies | | | |
Stockholders’ equity: | | | |
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Common stock, par value $0.001 per share, 250.0 million shares authorized, 110.0 million and 109.5 million issued, 60.8 million and 61.7 million outstanding, respectively | 110 | | | 110 | |
Treasury stock, at cost, 49.3 million and 47.7 million shares, respectively | (1,863,567) | | | (1,695,501) | |
Additional paid-in capital | 821,120 | | | 797,614 | |
Retained earnings | 2,358,179 | | | 1,819,199 | |
Accumulated other comprehensive loss | (115,584) | | | (103,491) | |
Total stockholders’ equity | 1,200,258 | | | 817,931 | |
Total liabilities and stockholders’ equity | $ | 4,581,364 | | | $ | 4,501,797 | |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
CROCS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(UNAUDITED)
(in thousands)
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| Common Stock | | Treasury Stock | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Loss | | Total Stockholders' Equity |
| Shares | | Amount | | Shares | | Amount | | | | |
Balance at June 30, 2023 | 62,067 | | | $ | 110 | | | 47,825 | | | $ | (1,707,136) | | | $ | 813,466 | | | $ | 2,181,154 | | | $ | (97,904) | | | $ | 1,189,690 | |
Share-based compensation | — | | | — | | | — | | | — | | | 7,655 | | | — | | | — | | | 7,655 | |
Exercises of stock options, issuance of restricted stock awards, and vests of restricted stock units, net of shares withheld for taxes | 102 | | | — | | | 52 | | | (5,398) | | | (1) | | | — | | | — | | | (5,399) | |
Repurchases of common stock, including excise tax | (1,391) | | | — | | | 1,391 | | | (151,033) | | | — | | | — | | | — | | | (151,033) | |
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Net income | — | | | — | | | — | | | — | | | — | | | 177,025 | | | — | | | 177,025 | |
Other comprehensive loss | — | | | — | | | — | | | — | | | — | | | — | | | (17,680) | | | (17,680) | |
Balance at September 30, 2023 | 60,778 | | | $ | 110 | | | 49,268 | | | $ | (1,863,567) | | | $ | 821,120 | | | $ | 2,358,179 | | | $ | (115,584) | | | $ | 1,200,258 | |
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| Common Stock | | Treasury Stock | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Loss | | Total Stockholders' Equity |
| Shares | | Amount | | Shares | | Amount | | | | |
Balance at June 30, 2022 | 61,627 | | | $ | 109 | | | 47,667 | | | $ | (1,690,780) | | | $ | 783,862 | | | $ | 1,512,115 | | | $ | (113,341) | | | $ | 491,965 | |
Share-based compensation | — | | | — | | | — | | | — | | | 7,888 | | | — | | | — | | | 7,888 | |
Exercises of stock options, issuance of restricted stock awards, and vests of restricted stock units, net of shares withheld for taxes | 118 | | | — | | | 62 | | | (4,683) | | | — | | | — | | | — | | | (4,683) | |
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Net income | — | | | — | | | — | | | — | | | — | | | 169,349 | | | — | | | 169,349 | |
Other comprehensive loss | — | | | — | | | — | | | — | | | — | | | — | | | (33,717) | | | (33,717) | |
Balance at September 30, 2022 | 61,745 | | | $ | 109 | | | 47,729 | | | $ | (1,695,463) | | | $ | 791,750 | | | $ | 1,681,464 | | | $ | (147,058) | | | $ | 630,802 | |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
CROCS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(UNAUDITED)
(in thousands)
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| Common Stock | | Treasury Stock | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Loss | | Total Stockholders' Equity |
| Shares | | Amount | | Shares | | Amount | | | | |
Balance at December 31, 2022 | 61,749 | | | $ | 110 | | | 47,730 | | | $ | (1,695,501) | | | $ | 797,614 | | | $ | 1,819,199 | | | $ | (103,491) | | | $ | 817,931 | |
Share-based compensation | — | | | — | | | — | | | — | | | 23,507 | | | — | | | — | | | 23,507 | |
Exercises of stock options, issuance of restricted stock awards, and vests of restricted stock units, net of shares withheld for taxes | 420 | | | — | | | 147 | | | (17,033) | | | (1) | | | — | | | — | | | (17,034) | |
Repurchases of common stock, including excise tax | (1,391) | | | — | | | 1,391 | | | (151,033) | | | — | | | — | | | — | | | (151,033) | |
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Net income | — | | | — | | | — | | | — | | | — | | | 538,980 | | | — | | | 538,980 | |
Other comprehensive loss | — | | | — | | | — | | | — | | | — | | | — | | | (12,093) | | | (12,093) | |
Balance at September 30, 2023 | 60,778 | | | $ | 110 | | | 49,268 | | | $ | (1,863,567) | | | $ | 821,120 | | | $ | 2,358,179 | | | $ | (115,584) | | | $ | 1,200,258 | |
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| Common Stock | | Treasury Stock | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Loss | | Total Stockholders' Equity |
| Shares | | Amount | | Shares | | Amount | | | | |
Balance at December 31, 2021 | 58,330 | | | $ | 106 | | | 47,583 | | | $ | (1,684,262) | | | $ | 496,036 | | | $ | 1,279,040 | | | $ | (76,838) | | | $ | 14,082 | |
Share-based compensation | — | | | — | | | — | | | — | | | 25,463 | | | — | | | — | | | 25,463 | |
Exercises of stock options, issuance of restricted stock awards, and vests of restricted stock units, net of shares withheld for taxes | 563 | | | — | | | 146 | | | (11,201) | | | (142) | | | — | | | — | | | (11,343) | |
Share issuance at Acquisition | 2,852 | | | 3 | | | — | | | — | | | 270,393 | | | — | | | — | | | 270,396 | |
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Net income | — | | | — | | | — | | | — | | | — | | | 402,424 | | | — | | | 402,424 | |
Other comprehensive loss | — | | | — | | | — | | | — | | | — | | | — | | | (70,220) | | | (70,220) | |
Balance at September 30, 2022 | 61,745 | | | $ | 109 | | | 47,729 | | | $ | (1,695,463) | | | $ | 791,750 | | | $ | 1,681,464 | | | $ | (147,058) | | | $ | 630,802 | |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
CROCS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
| | | | | | | | | | | |
| Nine Months Ended September 30, |
| 2023 | | 2022 |
Cash flows from operating activities: | | | |
Net income | $ | 538,980 | | | $ | 402,424 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | |
Depreciation and amortization | 40,531 | | | 26,498 | |
Operating lease cost | 56,880 | | | 47,945 | |
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Share-based compensation | 23,507 | | | 25,463 | |
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Other non-cash items | 7,411 | | | 12,568 | |
Changes in operating assets and liabilities, net of acquired assets and assumed liabilities: | | | |
Accounts receivable | (99,912) | | | (166,864) | |
Inventories | 77,915 | | | (139,682) | |
Prepaid expenses and other assets | (30,714) | | | (20,526) | |
Accounts payable, accrued expenses and other liabilities | (4,935) | | | 51,608 | |
Right-of-use assets and operating lease liabilities | (54,287) | | | (45,824) | |
Income taxes | 25,350 | | | 53,075 | |
Cash provided by operating activities | 580,726 | | | 246,685 | |
Cash flows from investing activities: | | | |
Purchases of property, equipment, and software | (86,378) | | | (89,588) | |
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Acquisition of HEYDUDE, net of cash acquired | — | | | (2,046,881) | |
Other | (90) | | | (20) | |
Cash used in investing activities | (86,468) | | | (2,136,489) | |
Cash flows from financing activities: | | | |
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Proceeds from borrowings | 214,634 | | | 2,240,677 | |
Repayments of borrowings | (603,703) | | | (350,285) | |
Deferred debt issuance costs | (1,736) | | | (51,395) | |
Repurchases of common stock | (150,013) | | | — | |
Repurchases of common stock for tax withholding | (17,034) | | | (11,439) | |
Other | — | | | 95 | |
Cash provided by (used in) financing activities | (557,852) | | | 1,827,653 | |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (262) | | | (8,821) | |
Net change in cash, cash equivalents, and restricted cash | (63,856) | | | (70,972) | |
Cash, cash equivalents, and restricted cash—beginning of period | 194,885 | | | 216,925 | |
Cash, cash equivalents, and restricted cash—end of period | $ | 131,029 | | | $ | 145,953 | |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
CROCS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Unless otherwise noted in this report, any description of the “Company,” “we,” “us,” or “our” includes Crocs, Inc. and our consolidated subsidiaries within our reportable operating segments and corporate operations. We are engaged in the design, development, worldwide marketing, distribution, and sale of casual lifestyle footwear and accessories for women, men, and children. We strive to be the global leader in the sale of casual footwear characterized by functionality, comfort, color, and lightweight design.
Our reportable operating segments include: (i) North America for the Crocs Brand, operating throughout the United States and Canada; (ii) Asia Pacific for the Crocs Brand, operating throughout Asia, Australia, and New Zealand; (iii) Europe, Middle East, Africa, and Latin America (“EMEALA”) for the Crocs Brand; and (iv) the HEYDUDE Brand. See Note 14 — Operating Segments and Geographic Information for additional information.
The accompanying unaudited condensed consolidated interim financial statements include our accounts and those of our wholly-owned subsidiaries and reflect all adjustments which are necessary for a fair statement of the financial position, results of operations, and cash flows for the periods presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Such unaudited condensed consolidated interim financial statements have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The year-end condensed balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP.
These unaudited condensed consolidated interim financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2022 (“Annual Report”) and have been prepared on a consistent basis with the accounting policies described in Note 1 of the Notes to Consolidated Financial Statements included in our Annual Report. Our accounting policies did not change during the nine months ended September 30, 2023, other than with respect to the new accounting pronouncements adopted as described in Note 2 — Recent Accounting Pronouncements.
Reclassifications
We have reclassified certain amounts in Note 4 — Accrued Expenses and Other Liabilities to conform to current period presentation.
Use of Estimates
U.S. GAAP requires us to make certain estimates, judgments, and assumptions. We believe that the estimates, judgments, and assumptions used to determine certain amounts that affect the financial statements are reasonable, based on information available at the time they are made. Management believes that the estimates, judgments, and assumptions made when accounting for items and matters such as, but not limited to, the allowance for doubtful accounts, customer rebates, sales returns, impairment assessments and charges, recoverability of long-lived assets, deferred tax assets, valuation allowances, uncertain tax positions, income tax expense, share-based compensation expense, the assessment of lower of cost or net realizable value on inventory, useful lives assigned to long-lived assets, depreciation and amortization are reasonable based on information available at the time they are made. To the extent there are differences between these estimates and actual results, our condensed consolidated financial statements may be materially affected.
Condensed Consolidated Statements of Cash Flows - Supplemental Disclosures
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| Nine Months Ended September 30, |
| 2023 | | 2022 |
| (in thousands) |
Cash paid for interest | $ | 125,130 | | | $ | 89,080 | |
Cash paid for income taxes | 141,393 | | | 89,306 | |
Cash paid for operating leases | 53,679 | | | 45,192 | |
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Non-Cash Investing and Financing Activities: | | | |
Right-of-use assets obtained in exchange for operating lease liabilities, net of terminations | $ | 122,534 | | | $ | 96,292 | |
Accrued purchases of property, equipment, and software (1) | 9,445 | | | 6,341 | |
Share issuance at Acquisition (2) | — | | | 270,396 | |
(1) In the three months ended September 30, 2023, management identified an error in its quarterly condensed consolidated statement of cash flows for the nine months ended September 30, 2022 of $73.8 million within the amount reported in ‘Accrued purchases of property, equipment, and software.’ This amount represents noncash investing activity and had no impact on cash flows from operating, investing, or financing activities. We have corrected this amount here for the nine months ended September 30, 2022. Management has evaluated the materiality of this error from quantitative and qualitative perspectives and concluded the error was not material to the prior period.
(2) On February 17, 2022 (the “Acquisition Date”), we acquired (the “Acquisition”) 100% of the equity of a privately-owned casual footwear brand business (“HEYDUDE”), pursuant to a securities purchase agreement (the “SPA”) entered into on December 22, 2021.
2. RECENT ACCOUNTING PRONOUNCEMENTS
New Accounting Pronouncement Adopted
Income Taxes
The CHIPS and Science Act of 2022 (“CHIPS”) and the Inflation Reduction Act of 2022 (“IRA”) were signed into law on August 9, 2022 and August 16, 2022, respectively. The legislation introduces new options for monetizing certain credits, a corporate alternative minimum tax, and a stock repurchase excise tax. The corporate alternative minimum tax and stock repurchase excise tax were effective as of January 1, 2023 and are the main provisions that are applicable to us. The Company is currently monitoring the impact of both the CHIPS and IRA but does not expect that any of the provisions included in these acts would result in a material impact to our deferred tax assets, liabilities, or income taxes payable. Additionally, we resumed our share repurchase program in July 2023. As such, we began recognizing an accrual for the stock repurchase excise tax, which did not have a material impact on our consolidated financial position.
New Accounting Pronouncement Not Yet Adopted
Pillar Two Global Minimum Tax
On October 8, 2021, the Organization for Economic Co-operation and Development (“OECD”) released a statement on the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting, which agreed to a two-pillar solution to address tax challenges of the digital economy. On December 20, 2021, the OECD released Pillar Two model rules defining a 15% global minimum tax rate for large multinational corporations. The OECD continues to release additional guidance and countries are implementing legislation with widespread adoption of the Pillar Two Framework expected by 2024. We are continuing to evaluate the Pillar Two Framework and its potential impact on future periods.
Other new pronouncements issued but not effective until after September 30, 2023 are not expected to have a material impact on our condensed consolidated financial statements.
3. PROPERTY AND EQUIPMENT, NET
‘Property and equipment, net’ consists of the following:
| | | | | | | | | | | |
| September 30, 2023 | | December 31, 2022 |
| (in thousands) |
Machinery and equipment | $ | 161,627 | | | $ | 146,821 | |
Leasehold improvements | 92,825 | | | 76,363 | |
Construction-in-progress | 54,931 | | | 28,699 | |
Furniture, fixtures, and other | 32,377 | | | 26,782 | |
Property and equipment | 341,760 | | | 278,665 | |
Less: Accumulated depreciation and amortization | (118,699) | | | (97,136) | |
Property and equipment, net | $ | 223,061 | | | $ | 181,529 | |
4. ACCRUED EXPENSES AND OTHER LIABILITIES
Amounts reported in ‘Accrued expenses and other liabilities’ in the condensed consolidated balance sheets were:
| | | | | | | | | | | |
| September 30, 2023 | | December 31, 2022 |
| (in thousands) |
Accrued compensation and benefits | $ | 60,150 | | | $ | 55,474 | |
Professional services | 62,958 | | | 45,351 | |
Fulfillment, freight, and duties | 29,797 | | | 41,646 | |
Return liabilities | 24,946 | | | 27,651 | |
Sales/use and value added taxes payable | 26,736 | | | 27,249 | |
Royalties payable and deferred revenue | 12,297 | | | 10,528 | |
Accrued rent and occupancy | 8,724 | | | 8,972 | |
Accrued legal fees (1) | 4,251 | | | 2,602 | |
Other (1) | 18,301 | | | 19,951 | |
Total accrued expenses and other liabilities | $ | 248,160 | | | $ | 239,424 | |
(1) Amounts as of December 31, 2022 have been reclassified to conform to current period presentation.
5. LEASES
Right-of-Use Assets and Operating Lease Liabilities
Amounts reported in the condensed consolidated balance sheets were: | | | | | | | | | | | |
| September 30, 2023 | | December 31, 2022 |
| (in thousands) |
Assets: | | | |
Right-of-use assets | $ | 313,608 | | | $ | 239,905 | |
Liabilities: | | | |
Current operating lease liabilities | $ | 61,111 | | | $ | 57,456 | |
Long-term operating lease liabilities | 286,910 | | | 215,119 | |
Total operating lease liabilities | $ | 348,021 | | | $ | 272,575 | |
We expect to move from our current corporate headquarters in the three months ended December 31, 2023. As of September 30, 2023, we estimated impairment losses of up to a maximum of approximately $16 million to our right-of-use-asset and property and equipment associated with our current corporate headquarters to be recognized in the three months ended December 31, 2023. This estimate is subject to change in the near term.
Lease Costs and Other Information
Lease-related costs reported within ‘Cost of sales’ and ‘Selling, general and administrative expenses’ in our condensed consolidated statements of income were:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
| (in thousands) |
Operating lease cost | $ | 20,288 | | | $ | 17,058 | | | $ | 56,880 | | | $ | 47,945 | |
Short-term lease cost | 3,102 | | | 2,490 | | | 10,336 | | | 7,493 | |
Variable lease cost | 15,130 | | | 12,161 | | | 35,248 | | | 28,726 | |
Total lease costs | $ | 38,520 | | | $ | 31,709 | | | $ | 102,464 | | | $ | 84,164 | |
The weighted average remaining lease term and discount rate related to our lease liabilities as of September 30, 2023 were 7.2 years and 5.5%, respectively. As of September 30, 2022, the weighted average remaining lease term and discount rate related to our lease liabilities were 7.2 years and 3.6%, respectively.
Maturities
The maturities of our operating lease liabilities were:
| | | | | |
| As of September 30, 2023 |
| (in thousands) |
2023 (remainder of year) | $ | 13,269 | |
2024 | 76,434 | |
2025 | 60,750 | |
2026 | 52,309 | |
2027 | 45,767 | |
Thereafter | 179,532 | |
Total future minimum lease payments | 428,061 | |
Less: imputed interest | (80,040) | |
Total operating lease liabilities | $ | 348,021 | |
6. FAIR VALUE MEASUREMENTS
Recurring Fair Value Measurements
All of our derivative instruments are classified as Level 2 of the fair value hierarchy and are reported in the condensed consolidated balance sheets within either ‘Prepaid expenses and other assets’ or ‘Accrued expenses and other liabilities’ at September 30, 2023 and December 31, 2022. The fair values of our derivative instruments were an insignificant liability at September 30, 2023 and an insignificant asset and insignificant liability at December 31, 2022. See Note 7 — Derivative Financial Instruments for more information.
The carrying amounts of our cash, cash equivalents, and restricted cash, accounts receivable, accounts payable, current accrued expenses and other liabilities, and our Asia revolving facilities approximate their fair value as recorded due to the short-term maturity of these instruments.
Our borrowing instruments are recorded at their carrying values in the condensed consolidated balance sheets, which may differ from their respective fair values. The Term Loan B Facility (as defined below) and the Notes (as defined below) are classified as Level 1 of the fair value hierarchy and are reported in our condensed consolidated balance sheet at face value, less unamortized issuance costs. The fair value of our Revolving Facility (as defined below) approximates its carrying value at
September 30, 2023 and December 31, 2022 based on interest rates currently available to us for similar borrowings. The carrying value and fair value of our borrowing instruments as of September 30, 2023 and December 31, 2022 were:
| | | | | | | | | | | | | | | | | | | | | | | |
| September 30, 2023 | | December 31, 2022 |
| Carrying Value | | Fair Value | | Carrying Value | | Fair Value |
| (in thousands) |
Term Loan B Facility | $ | 1,090,000 | | | $ | 1,094,088 | | | $ | 1,675,000 | | | $ | 1,642,547 | |
2029 Notes | 350,000 | | | 290,210 | | | 350,000 | | | 297,596 | |
2031 Notes | 350,000 | | | 270,643 | | | 350,000 | | | 284,240 | |
Revolving Facility | 200,000 | | | 200,000 | | | — | | | — | |
Non-Financial Assets and Liabilities
Our non-financial assets, which primarily consist of property and equipment, right-of-use assets, goodwill, and other intangible assets, are not required to be carried at fair value on a recurring basis and are reported at carrying value. The fair values of these assets are determined, as required, based on Level 3 measurements, including estimates of the amount and timing of future cash flows based upon historical experience, expected market conditions, and management’s plans.
7. DERIVATIVE FINANCIAL INSTRUMENTS
We transact business in various foreign entities and are therefore exposed to foreign currency exchange rate risk that impacts the reported U.S. Dollar (“USD”) amounts of revenues, expenses, and certain foreign currency monetary assets and liabilities. In order to manage exposure to fluctuations in foreign currency and to reduce the volatility in earnings caused by fluctuations in foreign exchange rates, we may enter into forward contracts to buy and sell foreign currency. By policy, we do not enter into these contracts for trading purposes or speculation.
Counterparty default risk is considered low because the forward contracts we enter into are over-the-counter instruments transacted with highly-rated financial institutions. We were not required to and did not post collateral as of September 30, 2023 or December 31, 2022.
Our derivative instruments are recorded at fair value as a derivative asset or liability in the condensed consolidated balance sheets within either ‘Prepaid expenses and other assets’ or ‘Accrued expenses and other liabilities’ at September 30, 2023 and December 31, 2022. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged transactions in a cash flow hedge. We may enter into derivative contracts that are intended to economically hedge certain components of its risk, even though hedge accounting does not apply, or we elect not to apply hedge accounting.
We report derivative instruments with the same counterparty on a net basis when a master netting arrangement is in place. For the condensed consolidated statements of cash flows, we classify cash flows from derivative instruments at settlement in the same category as the cash flows from the related hedged items within ‘Cash provided by operating activities.’
As of September 30, 2023, we have derivatives not designated as hedging instruments (“non-hedged derivatives”), which consist of foreign currency forward contracts primarily used to hedge monetary assets and liabilities denominated in non-functional currencies. For our non-hedged derivatives, changes in fair value are recognized within ‘Foreign currency gains (losses), net’ in the condensed consolidated statements of income.
We also have cash flow hedges (“hedged derivatives”) as of September 30, 2023. We are exposed to fluctuations in various foreign currencies against our functional currency, the U.S. Dollar. Specifically, we have subsidiaries that transact in currencies other than their functional currency. We use cash flow hedges to minimize the variability in cash flows caused by fluctuations in foreign currency exchange rates related to our external sales and external purchases of inventory. Currency forward agreements involve fixing the exchange rates for delivery of a specified amount of foreign currency on a specified date. The currency forward agreements are typically cash settled in USD for their fair value at or close to their settlement date. We may
also use currency option contracts under which we will pay a premium for the right to sell a specified amount of a foreign currency prior to the maturity date of the option.
For derivatives designated and that qualify as cash flow hedges of foreign exchange risk, the gain or loss on the derivative is recorded in ‘Accumulated other comprehensive loss’ in the condensed consolidated balance sheets. In the period during which the hedged transaction affects earnings, the related gain or loss is subsequently reclassified to ‘Revenues’ or ‘Cost of sales’ in the condensed consolidated statement of income, which is consistent with the nature of the hedged transaction. During the three and nine months ended September 30, 2023, there was a gain of $0.3 million and loss of $0.5 million, respectively, recognized due to reclassification from ‘Accumulated other comprehensive loss’ to ‘Revenues’ or ‘Cost of sales’ related to our hedged derivatives. During the next twelve months, we estimate that a loss of approximately less than $0.1 million will be reclassified to our condensed consolidated statement of income.
The fair values of derivative assets and liabilities, net, all of which are classified as Level 2, reported within either ‘Accrued expenses and other liabilities’ or ‘Prepaid expenses and other assets’ in the condensed consolidated balance sheets, were:
| | | | | | | | | | | | | | | | | | | | | | | |
| September 30, 2023 | | December 31, 2022 |
| Derivative Assets | | Derivative Liabilities | | Derivative Assets | | Derivative Liabilities |
| (in thousands) |
Non-hedged derivatives: | | | | | | | |
Forward foreign currency exchange contracts | $ | 3,159 | | | $ | (3,626) | | | $ | 345 | | | $ | (360) | |
| | | | | | | |
| | | | | | | |
Hedged derivatives: | | | | | | | |
Cash flow foreign currency contracts | 5 | | | (30) | | | 348 | | | (1,116) | |
Total derivatives | 3,164 | | | (3,656) | | | 693 | | | (1,476) | |
Netting of counterparty contracts | (3,164) | | | 3,164 | | | (345) | | | 345 | |
| | | | | | | |
Total derivatives, net of counterparty contracts | $ | — | | | $ | (492) | | | $ | 348 | | | $ | (1,131) | |
The notional amounts of outstanding foreign currency forward exchange contracts presented below report the total U.S. Dollar equivalent position and the net contract fair values for each foreign currency position.
| | | | | | | | | | | | | | | | | | | | | | | |
| September 30, 2023 | | December 31, 2022 |
| Notional | | Fair Value | | Notional | | Fair Value |
| (in thousands) |
Non-hedged derivatives: | | | | | | | |
Singapore Dollar | $ | 48,296 | | | $ | (1,652) | | | $ | 26,760 | | | $ | 207 | |
Indian Rupee | 15,517 | | | 104 | | | 24,945 | | | (10) | |
South Korean Won | 16,823 | | | 1,094 | | | 18,403 | | | (320) | |
British Pound Sterling | 22,702 | | | 1,380 | | | 14,509 | | | 128 | |
Japanese Yen | 5,407 | | | 370 | | | 8,953 | | | 9 | |
Euro | 32,684 | | | (1,919) | | | 5,068 | | | (29) | |
Other currencies | 2,735 | | | 156 | | | — | | | — | |
Total non-hedged derivatives | 144,164 | | | (467) | | | 98,638 | | | (15) | |
Hedged derivatives: | | | | | | | |
Euro | 10,143 | | | 5 | | | 51,914 | | | (360) | |
British Pound Sterling | 4,874 | | | (17) | | | 23,025 | | | 235 | |
South Korean Won | 2,317 | | | (1) | | | 12,285 | | | (756) | |
Indian Rupee | 3,770 | | | (12) | | | 7,203 | | | 113 | |
Total hedged derivatives | 21,104 | | | (25) | | | 94,427 | | | (768) | |
Total derivatives | $ | 165,268 | | | $ | (492) | | | $ | 193,065 | | | $ | (783) | |
| | | | | | | |
Latest maturity date, non-hedged derivatives | October 2023 | | April 2023 |
Latest maturity date, hedged derivatives | December 2023 | | June 2023 |
Amounts reported in ‘Foreign currency losses, net’ in the condensed consolidated statements of income include both realized and unrealized gains (losses) from foreign currency transactions and derivative contracts and were:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
| (in thousands) |
Non-hedged derivatives: | | | | | | | |
Foreign currency transaction losses | $ | (781) | | | $ | (2,126) | | | $ | (1,150) | | | $ | (6,178) | |
Foreign currency forward exchange contracts gains (losses) | (989) | | | 1,733 | | | (472) | | | 5,063 | |
Foreign currency losses, net | $ | (1,770) | | | $ | (393) | | | $ | (1,622) | | | $ | (1,115) | |
8. BORROWINGS
Our long-term borrowings were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Maturity | | Stated Interest Rate | | Effective Interest Rate | | September 30, 2023 | | December 31, 2022 |
| | | | | | | | (in thousands) |
Notes issuance of $350.0 million | | 2029 | | 4.250 | % | | 4.64 | % | | $ | 350,000 | | | $ | 350,000 | |
Notes issuance of $350.0 million | | 2031 | | 4.125 | % | | 4.35 | % | | 350,000 | | | 350,000 | |
Term Loan B Facility | | 2029 | | | | | | 1,090,000 | | | 1,675,000 | |
Revolving Facility | | | | | | | | 200,000 | | | — | |
Total face value of long-term borrowings | | | | | | | | 1,990,000 | | | 2,375,000 | |
Less: | | | | | | | | | | |
Unamortized issuance costs | | | | | | | | 51,332 | | | 56,973 | |
Current portion of long-term borrowings (1) | | | | | | | | 20,000 | | | 20,000 | |
Total long-term borrowings | | | | | | | | $ | 1,918,668 | | | $ | 2,298,027 | |
(1) Represents the current portion of the borrowings under the Term Loan B facility.
At September 30, 2023 and December 31, 2022, $3.2 million and $10.8 million, respectively, of accrued interest related to our borrowings was reported in ‘Accounts payable’ in the condensed consolidated balance sheets.
Senior Revolving Credit Facility
In July 2019, the Company and certain of its subsidiaries (the “Borrowers”) entered into a Second Amended and Restated Credit Agreement (as amended, the “Credit Agreement”), with the lenders named therein and PNC Bank, National Association, as a lender and administrative agent for the lenders. Since that time, we have amended the Credit Agreement, which, as amended to date, provides for a revolving credit facility of $750.0 million, which can be increased by an additional $250.0 million subject to certain conditions (the “Revolving Facility”). Borrowings under the Credit Agreement bear interest at a variable interest rate based on (A) a Base Rate (defined as the highest of (i) the Overnight Bank Funding Rate (as defined in the Credit Agreement), plus 0.25%, (ii) the Prime Rate (as defined in the Credit Agreement), and (iii) the Daily Simple SOFR (as defined in the Credit Agreement), plus 1.00%), plus an applicable margin ranging from 0.25% to 0.875% based on our leverage ratio or 1.35% to 1.975% for the Daily Simple SOFR based on the leverage ratio, or (B) the Term SOFR Rate (as defined in the Credit Agreement), plus an applicable margin ranging from 1.35% to 1.975% based on our leverage ratio for one-month interest periods and 1.40% to 2.025% based on our leverage ratio for three month interest periods. Borrowings under the Credit Agreement are secured by all of the assets of the Borrowers and guaranteed by certain other subsidiaries of the Borrowers.
The Credit Agreement requires us to maintain a minimum interest coverage ratio of 3.00 to 1.00, and a maximum leverage ratio of (i) 4.00 to 1.00 from the quarter ended March 31, 2022 through, and including, the quarter ending December 31, 2023, (ii) 3.75 to 1.00 for the quarter ending March 31, 2024, (iii) 3.50 to 1.00 for the quarter ending June 30, 2024, and (iv) 3.25 to 1.00 for the quarter ending September 30, 2024 and thereafter (subject to adjustment in certain circumstances). The Credit Agreement permits, among other things, (i) stock repurchases subject to certain restrictions, including after giving effect to such stock repurchases, the maximum leverage ratio does not exceed certain levels; and (ii) certain acquisitions so long as there is borrowing availability under the Credit Agreement of at least $40.0 million. As of September 30, 2023, we were in compliance with all financial covenants under the Credit Agreement.
As of September 30, 2023, the total commitments available from the lenders under the Revolving Facility were $750.0 million. At September 30, 2023, we had $200.0 million in outstanding borrowings and $1.3 million in outstanding letters of credit under the Revolving Facility, which reduces amounts available for borrowing under the Revolving Facility. As of September 30, 2023 and December 31, 2022, we had $548.7 million and $748.7 million, respectively, of available borrowing capacity under the Revolving Facility, which matures November 2027.
Term Loan B Facility
On February 17, 2022, the Company entered into a credit agreement (the “Original Term Loan B Credit Agreement”) with Citibank, N.A., as administrative agent and lender, to among other things, finance a portion of the cash consideration for the Acquisition, which was amended (the "Amendment") on August 8, 2023 (the Original Term Loan B Credit Agreement, as amended by the Amendment, the “Term Loan B Credit Agreement”).
The Original Term Loan B Credit Agreement provided for an aggregate term loan B facility in the principal amount of $2.0 billion. Among other things, the Amendment provided for a new $1.18 billion tranche of term loans (the “2023 Refinancing Term Loans” and, such facility, the "Term Loan B Facility"), which is secured by substantially all of the Company’s and each subsidiary guarantor’s assets on a pari passu basis with their obligations arising from the Credit Agreement and is scheduled to mature on February 17, 2029, subject to certain exceptions set forth in the Term Loan B Credit Agreement. Additionally, subject to certain conditions, including, without limitation, satisfying certain leverage ratios, the Company may, at any time, on one or more occasions, add one or more new classes of term facilities and/or increase the principal amount of the loans of any existing class by requesting one or more incremental term facilities.
Pursuant to the reduced interest rate margins applicable to the 2023 Refinancing Term Loans, each term loan borrowing which is an alternate base rate borrowing bears interest at a rate per annum equal to the Alternate Base Rate (as defined in the Term Loan B Credit Agreement), plus 2.00%. Each term loan borrowing which is a term benchmark borrowing bears interest at a rate per annum equal to the Adjusted Term SOFR Rate (as defined in the Term Loan B Credit Agreement) plus 3.00%.
Outstanding principal under the Term Loan B Facility is payable on the last business day of each March, June, September and December, in a quarterly aggregate principal amount of $5.0 million. Quarterly aggregate principal payments began on June 30, 2022, with the remaining principal amount due on February 17, 2029, the maturity date. The 2023 Refinancing Term Loans replaced and refinanced all outstanding term loans under the Original Term Loan B Credit Agreement. As of September 30, 2023, we had $1,090.0 million in outstanding principal and the Term Loan B Facility was fully drawn with no remaining borrowing capacity.
The Term Loan B Credit Agreement also contains customary affirmative and negative covenants, incurrence financial covenants, representations and warranties, events of default and other provisions. As of September 30, 2023, we were in compliance with all financial covenants under the Term Loan B Credit Agreement.
Asia Revolving Credit Facilities
During the nine months ended September 30, 2023, we had two revolving credit facilities in Asia, the revolving credit facility with China Merchants Bank Company Limited, Shanghai Branch (the “CMBC Facility”), which matured in January 2023 and provided up to 10.0 million RMB, or $1.5 million using current exchange rates as of January 2023, and the revolving credit facility with Citibank (China) Company Limited, Shanghai Branch (the “Citibank Facility”), which, as amended, provides up to an equivalent of $15.0 million.
As of September 30, 2023, we had no borrowings outstanding on the Citibank Facility. As of December 31, 2022, we had no outstanding borrowings on the CMBC Facility, and we had borrowings outstanding of $4.3 million on the Citibank Facility.
Senior Notes Issuances
In March 2021, the Company completed the issuance and sale of $350.0 million aggregate principal amount of 4.250% Senior Notes due March 15, 2029 (the “2029 Notes”), pursuant to the indenture related thereto (as amended and/or supplemented to date, the “2029 Notes Indenture”). Additionally, in August 2021, the Company completed the issuance and sale of $350.0 million aggregate principal amount of 4.125% Senior Notes due August 15, 2031 (the “2031 Notes”), pursuant to the indenture related thereto (as amended and/or supplemented to date, “the 2031 Notes Indenture” and, together with the 2029 Notes Indenture, the “Indentures” and, each, an “Indenture”). Interest on each of the 2029 Notes and the 2031 Notes (collectively, the “Notes”) is payable semi-annually.
The Company will have the option to redeem all or any portion of the 2029 Notes, at once or over time, at any time on or after March 15, 2024, at a redemption price equal to 100% of the principal amount thereof, plus a premium declining ratably on an annual basis to par and accrued and unpaid interest, if any, to, but excluding, the date of redemption. The Company will also have the option to redeem some or all of the 2029 Notes at any time before March 15, 2024 at a redemption price of 100% of the principal amount to be redeemed, plus a “make-whole” premium and accrued and unpaid interest, if any, to, but excluding, the date of redemption. In addition, at any time before March 15, 2024, the Company may redeem up to 40% of the aggregate
principal amount of the 2029 Notes at a redemption price of 104.250% of the principal amount with the proceeds from certain equity issuances, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption.
The Company will have the option to redeem all or any portion of the 2031 Notes, at once or over time, at any time on or after August 15, 2026, at a redemption price equal to 100% of the principal amount thereof, plus a premium declining ratably on an annual basis to par and accrued and unpaid interest, if any, to, but excluding, the date of redemption. The Company will also have the option to redeem some or all of the 2031 Notes at any time before August 15, 2026 at a redemption price of 100% of the principal amount to be redeemed, plus a “make-whole” premium and accrued and unpaid interest, if any, to, but excluding, the date of redemption. In addition, at any time before August 15, 2024, the Company may redeem up to 40% of the aggregate principal amount of the 2031 Notes at a redemption price of 104.125% of the principal amount with the proceeds from certain equity issuances, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption.
The Notes rank pari passu in right of payment with all of the Company’s existing and future senior debt, including the Credit Agreement, and are senior in right of payment to any of the Company’s future debt that is, by its term, expressly subordinated in right of payment to the Notes. The Notes are unconditionally guaranteed by each of the Company’s restricted subsidiaries that is a borrower or guarantor under the Credit Agreement and by each of the Company’s wholly-owned restricted subsidiaries that guarantees any debt of the Company or any guarantor under any syndicated credit facility or capital markets debt in an aggregate principal amount in excess of $25.0 million.
The Indentures contain covenants that, among other things, limit the ability of the Company and its restricted subsidiaries to incur additional debt or issue certain preferred stock; pay dividends or repurchase or redeem capital stock or make other restricted payments; declare or pay dividends or other payments; incur liens; enter into certain types of transactions with the Company’s affiliates; and consolidate or merge with or into other companies. As of September 30, 2023, we were in compliance with all financial covenants under the Notes.
9. COMMON STOCK REPURCHASE PROGRAM
During the three and nine months ended September 30, 2023, we repurchased 1.4 million shares of our common stock at a cost of $150.0 million, including commissions. As of September 30, 2023, we also have recorded an accrual for the stock repurchase excise tax, which is reported in ‘Accrued expenses and other liabilities’ and ‘Treasury stock’ in our condensed consolidated balance sheet. During the three and nine months ended September 30, 2022, we did not repurchase any shares of our common stock.
As of September 30, 2023, we had remaining authorization to repurchase $900.0 million of our common stock, subject to restrictions under our Indentures, Credit Agreement, and Term Loan B Credit Agreement.
10. REVENUES
Revenues by channel and brand were:
| | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, 2023 |
| Crocs Brand | | HEYDUDE Brand | | Total |
| (in thousands) |
Channel: | | | | | |
Wholesale | $ | 369,177 | | | $ | 146,501 | | | $ | 515,678 | |
Direct-to-consumer | 429,592 | | | 100,447 | | | 530,039 | |
Total revenues | $ | 798,769 | | | $ | 246,948 | | | $ | 1,045,717 | |
| | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, 2022 |
| Crocs Brand | | HEYDUDE Brand | | Total |
| (in thousands) |
Channel: | | | | | |
Wholesale | $ | 353,304 | | | $ | 181,768 | | | $ | 535,072 | |
Direct-to-consumer | 362,403 | | | 87,619 | | | 450,022 | |
Total revenues | $ | 715,707 | | | $ | 269,387 | | | $ | 985,094 | |
| | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2023 |
| Crocs Brand | | HEYDUDE Brand | | Total |
| (in thousands) |
Channel: | | | | | |
Wholesale | $ | 1,187,081 | | | $ | 463,189 | | | $ | 1,650,270 | |
Direct-to-consumer | 1,093,416 | | | 258,564 | | | 1,351,980 | |
Total revenues | $ | 2,280,497 | | | $ | 721,753 | | | $ | 3,002,250 | |
| | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2022 |
| Crocs Brand | | HEYDUDE Brand | | Total |
| (in thousands) |
Channel: | | | | | |
Wholesale | $ | 1,090,073 | | | $ | 431,186 | | | $ | 1,521,259 | |
Direct-to-consumer | 903,075 | | | 185,489 | | | 1,088,564 | |
Total revenues | $ | 1,993,148 | | | $ | 616,675 | | | $ | 2,609,823 | |
For information on revenues by reportable operating segment, see Note 14 — Operating Segments and Geographic Information.
11. INCOME TAXES
Income tax expense and effective tax rates were:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
| (in thousands, except effective tax rate) |
Income before income taxes | $ | 233,405 | | | $ | 229,575 | | | $ | 702,413 | | | $ | 542,939 | |
Income tax expense | 56,380 | | | 60,226 | | | 163,433 | | | 140,515 | |
Effective tax rate | 24.2 | % | | 26.2 | % | | 23.3 | % | | 25.9 | % |
The decrease in the effective tax rate for the three months ended September 30, 2023, compared to the same period in 2022, was primarily driven by a shift in the mix of the Company's domestic and foreign earnings. Our effective income tax rate, for each period presented, also differs from the federal U.S. statutory rate due to differences in income tax rates between U.S. and foreign jurisdictions. We had unrecognized tax benefits of $218.4 million and $219.4 million at September 30, 2023 and December 31, 2022, respectively, and we do not expect any significant changes in tax benefits in the next twelve months.
During the nine months ended September 30, 2023, income tax expense increased $22.9 million compared to the same period in 2022. The effective tax rate for the nine months ended September 30, 2023 was 23.3% compared to an effective tax rate of 25.9% for the same period in 2022, a 2.6% decrease. This decrease in the effective tax rate was primarily driven by a shift in the mix of the Company's domestic and foreign earnings. Our effective income tax rate, for each period presented, also differs from the federal U.S. statutory rate due to differences in income tax rates between U.S. and foreign jurisdictions.
Our tax rate is volatile and may increase or decrease with changes in, among other things, the amount of income or loss by jurisdiction, our ability to utilize net operating losses and foreign tax credits, changes in tax laws, and the movement of liabilities established pursuant to accounting guidance for uncertain tax positions as statutes of limitations expire, positions are effectively settled, or when additional information becomes available.
12. EARNINGS PER SHARE
Basic and diluted earnings per common share (“EPS”) for the nine months ended September 30, 2023 and 2022 were:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
| (in thousands, except per share data) |
Numerator: | | | | | | | |
Net income | $ | 177,025 | | | $ | 169,349 | | | $ | 538,980 | | | $ | 402,424 | |
Denominator: | | | | | | | |
Weighted average common shares outstanding - basic | 61,143 | | | 61,693 | | | 61,670 | | | 61,042 | |
Plus: Dilutive effect of stock options and unvested restricted stock units | 472 | | | 674 | | | 610 | | | 798 | |
Weighted average common shares outstanding - diluted | 61,615 | | | 62,367 | | | 62,280 | | | 61,840 | |
| | | | | | | |
Net income per common share: | | | | | | | |
Basic | $ | 2.90 | | | $ | 2.75 | | | $ | 8.74 | | | $ | 6.59 | |
Diluted | $ | 2.87 | | | $ | 2.72 | | | $ | 8.65 | | | $ | 6.51 | |
In the three and nine months ended September 30, 2023 and 2022, an insignificant number of outstanding shares issued under share-based compensation awards were anti-dilutive and, therefore, excluded from the calculation of diluted EPS.
13. COMMITMENTS AND CONTINGENCIES
Purchase Commitments
As of September 30, 2023, we had purchase commitments to third-party manufacturers, primarily for materials and supplies used in the manufacture of our products, for an aggregate of $276.4 million. We expect to fulfill our commitments under these agreements in the normal course of business, and as such, no liability has been recorded.
Other
We are regularly subject to, and are currently undergoing, audits by various tax authorities in the United States and several foreign jurisdictions, including customs duties, import, and other taxes for prior tax years.
During our normal course of business, we may make certain indemnities, commitments, and guarantees under which we may be required to make payments. We cannot determine a range of estimated future payments and have not recorded any liability for indemnities, commitments, and guarantees in the accompanying condensed consolidated balance sheets.
We are also subject to litigation from time to time in the ordinary course of business, including employment, intellectual property, and product liability claims. Other than as set forth below, we are not party to any other pending legal proceedings that we believe would reasonably have a material adverse impact on our business, financial results, and cash flows.
For all claims and disputes, we have accrued estimated losses of $2.7 million within ‘Accrued expenses and other liabilities’ in the condensed consolidated balance sheet as of September 30, 2023. As we are able, we estimate reasonably possible losses or a range of reasonably possible losses. As of September 30, 2023, we estimated that reasonably possible losses associated with these claims and other disputes could potentially exceed amounts accrued by $0.7 million.
14. OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION
We have four reportable operating segments. For the Crocs Brand, we have three reportable operating segments based on the geographic nature of our operations: North America, Asia Pacific, and EMEALA. Our HEYDUDE Brand is also a reportable operating segment. Each of the reportable operating segments derives its revenues from the sale of footwear, apparel, and accessories to external customers.
Additionally, Crocs ‘Brand corporate’ costs represent operating expense that includes product creation, design, and marketing expenses centrally managed for the Crocs Brand, as well as certain royalty income. Crocs Brand corporate costs are included within the Crocs Brand for presentation purposes to align with the way management views the Company. ‘Enterprise corporate’ costs include global corporate costs associated with both brands, including legal, information technology, human resources, and finance, as well as costs associated with global digital operations.
Each segment’s performance is evaluated based on segment results without allocating Brand corporate or Enterprise corporate expenses. Segment profits or losses include adjustments to eliminate inter-segment sales. Reconciling items between segment income from operations and income from operations consist of unallocated brand and enterprise corporate and other expenses, as well as inter-segment eliminations.
We do not report asset information by segment because that information is not used to evaluate performance or allocate resources between segments.
The following tables set forth information related to reportable operating segments: | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
| (in thousands) |
Revenues: | | | | | | | |
North America | $ | 480,744 | | | $ | 445,327 | | | $ | 1,306,609 | | | $ | 1,187,713 | |
Asia Pacific | 175,199 | | | 138,450 | | | 513,459 | | | 383,187 | |
EMEALA | 142,826 | | | 131,929 | | | 460,429 | | | 422,226 | |
Brand corporate | — | | | 1 | | | — | | | 22 | |
Total Crocs Brand | 798,769 | | | 715,707 | | | 2,280,497 | | | 1,993,148 | |
HEYDUDE Brand (1) | 246,948 | | | 269,387 | | | 721,753 | | | 616,675 | |
Total consolidated revenues | $ | 1,045,717 | | | $ | 985,094 | | | $ | 3,002,250 | | | $ | 2,609,823 | |
Income from operations: | | | | | | | |
North America | $ | 218,018 | | | $ | 191,438 | | | $ | 560,358 | | | $ | 498,413 | |
Asia Pacific | 69,762 | | | 40,286 | | | 203,203 | | | 121,823 | |
EMEALA | 49,939 | | | 40,506 | | | 176,844 | | | 128,819 | |
Brand corporate | (40,263) | | | (36,896) | | | (107,260) | | | (95,864) | |
Total Crocs Brand | 297,456 | | | 235,334 | | | 833,145 | | | 653,191 | |
HEYDUDE Brand (1) | 31,776 | | | 79,056 | | | 173,905 | | | 136,381 | |
Reconciliation of total segment income from operations to income before income taxes: | | | | | | | |
| | | | | | | |
Enterprise corporate | (55,380) | | | (50,327) | | | (179,781) | | | (158,868) | |
Income from operations | 273,852 | | | 264,063 | | | 827,269 | | | 630,704 | |
Foreign currency losses, net | (1,770) | | | (393) | | | (1,622) | | | (1,115) | |
Interest income | 506 | | | 31 | | | 1,225 | | | 219 | |
Interest expense | (39,207) | | | (34,142) | | | (124,907) | | | (86,357) | |
Other income (expense), net | 24 | | | 16 | | | 448 | | | (512) | |
Income before income taxes | $ | 233,405 | | | $ | 229,575 | | | $ | 702,413 | | | $ | 542,939 | |
| | | | | | | |
Depreciation and amortization: | | | | | | | |
North America | $ | 6,394 | | | $ | 2,705 | | | $ | 15,179 | | | $ | 7,514 | |
Asia Pacific | 696 | | | 508 | | | 1,995 | | | 1,528 | |
EMEALA | 1,416 | | | 746 | | | 3,997 | | | 2,166 | |
Brand corporate | 186 | | | 164 | | | 2,057 | | | 529 | |
Total Crocs Brand | 8,692 | | | 4,123 | | | 23,228 | | | 11,737 | |
HEYDUDE Brand (1) | 3,919 | | | 3,500 | | | 10,987 | | | 8,750 | |
| | | | | | | |
Enterprise corporate | 2,140 | | | 2,121 | | | 6,316 | | | 6,011 | |
Total consolidated depreciation and amortization | $ | 14,751 | | | $ | 9,744 | | | $ | 40,531 | | | $ | 26,498 | |
(1) We acquired HEYDUDE on February 17, 2022 and in connection therewith added the HEYDUDE Brand as a new operating segment. Therefore, the amounts shown above for the nine months ended September 30, 2022 represent results during the partial period beginning February 17, 2022 through September 30, 2022.
15. ACQUISITION OF HEYDUDE
On February 17, 2022, we acquired 100% of the equity of HEYDUDE, pursuant to the SPA. HEYDUDE is engaged in the business of distributing and selling casual footwear under the brand name “HEYDUDE.” The Acquisition has allowed us to diversify and expand our business by adding a second brand to the Crocs, Inc. portfolio.
The aggregate preliminary purchase price at the closing of the Acquisition was $2.3 billion. We paid aggregate consideration of $2.05 billion in cash (the “Cash Consideration”), subject to adjustment based on, among other things, the cash, indebtedness, transaction expenses, and working capital of the companies comprising HEYDUDE and their respective subsidiaries as of the Acquisition Date, and issued 2,852,280 shares of the Company’s common stock to one of the sellers (the “Equity Consideration Shares”). The Equity Consideration Shares were subject to a lock-up period beginning on the Acquisition Date, which has since expired so all of the Equity Consideration Shares have been released from the lock-up. The purchase price paid to the sellers is final.
The Cash Consideration was financed via the Company’s entry into the $2.0 billion Term Loan B Facility and $50.0 million of borrowings under the Revolving Facility. As a result of the Acquisition, HEYDUDE became wholly owned by Crocs, Inc. Accordingly, the results of HEYDUDE are included in our condensed consolidated financial statements from the Acquisition Date and are reported in the HEYDUDE Brand operating segment. HEYDUDE contributed revenue of $616.7 million and income from operations of $136.4 million from the Acquisition Date through September 30, 2022.
Purchase Price Allocation
The Acquisition was accounted for in accordance with the ASC Topic 805 Business Combinations. As a result, we applied acquisition accounting, which requires, among other things, that the assets acquired and liabilities assumed be recognized at their estimated fair values as of the Acquisition Date. For certain assets and liabilities, those fair values were consistent with historical carrying values. The fair value of inventory was determined using both a market approach and a cost approach. With respect to intangible assets, the estimated fair value was based on the Multi Period Excess Earnings approach for the trademark and the distributor method for the customer relationships. These models used primarily Level 2 and Level 3 inputs, including an estimate of future revenues, future cash flows, and discount rates.
The following table summarizes the final allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed on the Acquisition Date:
| | | | | | |
| February 17, 2022 | |
| (in thousands) | |
Cash and cash equivalents | $ | 6,232 | | |
Accounts receivable, net | 68,698 | | |
Inventories | 155,773 | | |
Prepaid expenses and other assets | 7,880 | | |
Intangible assets | 1,780,000 | | |
Goodwill | 710,034 | | |
Right-of-use assets | 2,844 | | |
Accounts payable | (30,017) | | |
Accrued expenses and other liabilities | (18,860) | | |
Income taxes payable | (30,572) | | |
Long-term deferred tax liability | (312,656) | | |
Long-term income taxes payable | (13,004) | | |
Operating lease liabilities | (2,843) | | |
Net assets acquired | $ | 2,323,509 | | |
Intangible Assets
The components of intangible assets acquired in connection with the Acquisition were as follows:
| | | | | | | | | | | |
| Weighted-Average Useful Life | Amortization Method | Estimated Fair Value |
| | | (in thousands) |
Customer relationships | 15 | Straight-line | $ | 210,000 | |
Trademark | Indefinite | — | 1,570,000 | |
Total intangible assets | | | $ | 1,780,000 | |
Goodwill
The excess of the purchase price over the fair value of the acquired business's net assets represents goodwill. The goodwill amount of $710.0 million at September 30, 2023 includes an aggregate adjustment of $3.3 million recorded in the three months ended March 31, 2023 as a result of changes to preliminary valuation estimates. The purchase price allocation was finalized during the three months ended March 31, 2023.
Goodwill largely consists of the acquired workforce and economies of scale resulting from the Acquisition. The total goodwill amount acquired was assigned to the HEYDUDE operating segment. None of the goodwill will be deductible for income tax purposes.
Escrow and Holdback Amounts
Additionally, $125.0 million of the Cash Consideration (the “Escrow Amount”) was placed in an escrow account to partially secure the indemnification obligations of the sellers. As of September 30, 2023, a substantial portion of the Escrow Amount remained in the escrow account in connection with claims that were noticed prior to the date that was 18 months after the Acquisition Date but not yet resolved by that date, as provided in the SPA. Further, $8.5 million of the Cash Consideration (the “Adjustment Holdback Amount”) was held back and retained as security (but not as the sole source of recovery) for any downward adjustments to the purchase price made in accordance with the SPA. During the year ended December 31, 2022, the Adjustment Holdback Amount was paid to the sellers.
Acquisition-related Costs
Costs incurred to complete the Acquisition are expensed as incurred and included in ‘Selling, general, and administrative expenses’ in our condensed consolidated statement of income. During the nine months ended September 30, 2023, no Acquisition-related costs were recognized. During the nine months ended September 30, 2022, $20.6 million of Acquisition-related costs were recognized.
Unaudited Pro Forma Information
The following unaudited pro forma financial information for the three and nine months ended September 30, 2022 combines the historical results of Crocs and HEYDUDE, assuming that the companies were combined as of January 1, 2021 and include business combination accounting effects from the Acquisition, including amortization charges from acquired intangible assets, adjustments to the fair value of inventory, interest expense on the financing transactions used to fund the Acquisition, and Acquisition-related transaction costs and tax-related effects. The pro forma information as presented below is for informational purposes only and is not indicative of the results of operations that would have been achieved if the Acquisition had taken place on January 1, 2021.
| | | | | | | | | | | |
| Three Months Ended September 30, | Nine Months Ended September 30, |
| 2022 | | 2022 |
| (in thousands) |
Revenues | $ | 985,094 | | | $ | 2,700,129 | |
Net income | 169,349 | | | 472,071 | |
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Business Overview
Crocs, Inc. and our consolidated subsidiaries (collectively the “Company,” “we,” “us,” or “our”) are engaged in the design, development, worldwide marketing, distribution, and sale of casual lifestyle footwear and accessories for women, men, and children. We strive to be the world leader in innovative casual footwear for women, men, and children, combining comfort and style with a value that consumers want.
Known or Anticipated Trends
Based on our recent operating results and current perspectives on our operating environment, we anticipate certain trends will continue to impact our operating results:
•We are operating with greater uncertainty than when we started the year with persistent inflation, higher interest rates, and escalating geopolitical tensions across the globe, among other things. While consumer spending was resilient during the back-to-school season, we saw a pronounced shift during the last month of the quarter, and we are taking a cautious approach to the holiday season. We are focused on making the right decisions for the health of our brands, maintaining tight inventory control, and investing in initiatives to support durable long-term growth.
•The Crocs Brand continues to deliver strong revenue growth after building clog, sandal, and brand relevance across the globe over the last several years. Our strong product and marketing efforts continue to deliver newness and excitement to current brand fans. Asia, which is a strategic initiative for the Crocs Brand, continues to show growth, particularly in China.
•We acquired HEYDUDE in February 2022. Since the closing of the acquisition, we have acquired new customers, gained share in strategic wholesale accounts, and improved brand awareness. We have also started to expand the HEYDUDE Brand internationally, specifically in Europe, where we have begun testing in a few direct markets, including the United Kingdom, Germany, and the Netherlands, as well as a few distributor markets. While we still anticipate annual revenue growth for the brand on a reported basis compared to the prior year, we are seeing some headwinds from non-comparable sales due to rapid expansion to U.S. strategic customers in 2022 and more cautious order patterns from several of our wholesale partners in the current year based on the overall macro-economic outlook. Additionally, to prioritize long-term marketplace health, we made a conscious decision in September to stop price matching against grey market sellers on Amazon. While we expect this to have a negative impact on revenues initially, we believe this move will protect the brand and better position us in the market in 2024.
•We expect to move from our current corporate headquarters in the three months ended December 31, 2023. As of September 30, 2023, we have estimated impairment losses of up to a maximum of approximately $16 million to our right-of-use-asset and property and equipment associated with our current corporate headquarters to be recognized in the three months ended December 31, 2023. This estimate is subject to change in the near term.
•Our liquidity position remains strong with $127.3 million in cash and cash equivalents and $563.7 million in available borrowing capacity as of September 30, 2023. In the nine months ended September 30, 2023, we paid down $389.1 million of net borrowings, reducing total borrowings to $1.94 billion as of September 30, 2023. We also resumed our share repurchase program in July 2023, repurchasing $150.0 million of our common stock during the quarter.
Use of Non-GAAP Financial Measures
In addition to financial measures presented on the basis of accounting principles generally accepted in the United States of America (“U.S. GAAP”), we present certain information related to our 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 U.S. GAAP. Constant currency represents current period results that have been retranslated using prior year average foreign exchange rates for the comparative period to enhance the visibility of the underlying business trends, excluding the impact of foreign currency exchange rates on reported amounts.
Management uses constant currency to assist in comparing business trends from period to period on a consistent basis in communications with the Board, stockholders, analysts, and investors concerning our financial performance. We believe constant currency is useful to investors and other users of our condensed consolidated financial statements as an additional tool to evaluate operating performance and trends. Investors should not consider constant currency in isolation from, or as a substitute for, financial information prepared in accordance with U.S. GAAP.
Third Quarter 2023 Financial and Operational Highlights
Revenues were $1,045.7 million for the third quarter of 2023, a 6.2% increase compared to the third quarter of 2022. The increase was due to the net effects of: (i) higher average selling price on a constant currency basis (“ASP”), which increased revenues by $68.4 million, or 6.9%, driven primarily by product mix, less discounting and increased pricing, and channel mix for the Crocs Brand, partially offset by increased discounting for the HEYDUDE Brand; (ii) favorable changes in exchange rates, which increased revenues by $4.3 million, or 0.5%; and (iii) lower unit sales volume in both brands, which decreased revenues by $12.1 million, or 1.2%.
The following were significant developments affecting our businesses and capital structure during the three months ended September 30, 2023:
•We grew revenues in the Crocs Brand, in both the direct-to-consumer (“DTC”) channel and wholesale channel. Revenues also grew 14.6% in the DTC channel for the HEYDUDE Brand. For the Crocs Brand, the overall increase of 11.6% in revenues was led by our Asia Pacific segment, which grew revenues by 26.5%, or 28.6% on a constant currency basis. Our EMEALA segment also increased by 8.3%, or 2.7% on a constant currency basis, and our North America segment grew revenues by 8.0%, or 8.2% on a constant currency basis, compared to the third quarter of 2022. HEYDUDE Brand revenues decreased 8.3%, primarily driven by the impact of increased discounting in the DTC channel on revenues. Lower volume also contributed to the decrease in the HEYDUDE Brand revenues.
•We sold 29.0 million pairs of shoes for the Crocs Brand in the third quarter of 2023, a decrease of 4.3% from the third quarter of 2022. This decrease is due in large part to the termination of our relationship with a significant distributor in our EMEALA segment in the previous quarter. We sold 8.3 million pairs of shoes for the HEYDUDE Brand in the third quarter of 2023, a decrease of 10.7% compared to the third quarter of 2022. This decrease is described in further detail in the ‘HEYDUDE Brand’ section below.
•Gross margin was 55.6%, an increase of 70 basis points from last year’s third quarter. This was in part due to lower freight costs, partially due to higher air freight incurred in the prior year, and lower promotional activity for the Crocs Brand. This was offset by lower margins in the HEYDUDE Brand, driven by higher product costs, primarily due to distribution costs associated with the move to our new HEYDUDE distribution center in Las Vegas, Nevada.
•Selling, general and administrative expenses (“SG&A”) were $307.8 million compared to $277.2 million in the third quarter of 2022, as a result of an increase in marketing expense and investments in talent in both brands. As a percent of revenues, SG&A increased to 29.4% of revenues compared to 28.1% of revenues in the third quarter of 2022.
•Income from operations increased to $273.9 million from $264.1 million in last year’s third quarter. Net income was $177.0 million, or $2.87 per diluted share, compared to $169.3 million, or $2.72 per diluted share, in last year’s third quarter.
Results of Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, | | % Change Favorable (Unfavorable) |
| | | | | |
| 2023 | | 2022 | | 2023 | | 2022 | | Q3 2023-2022 | | YTD 2023-2022 |
| (in thousands, except per share, margin, and average selling price data) |
Revenues | $ | 1,045,717 | | | $ | 985,094 | | | $ | 3,002,250 | | | $ | 2,609,823 | | | 6.2 | % | | 15.0 | % |
Cost of sales | 464,081 | | | 443,792 | | | 1,322,937 | | | 1,245,864 | | | (4.6) | % | | (6.2) | % |
Gross profit | 581,636 | | | 541,302 | | | 1,679,313 | | | 1,363,959 | | | 7.5 | % | | 23.1 | % |
Selling, general and administrative expenses | 307,784 | | | 277,239 | | | 852,044 | | | 733,255 | | | (11.0) | % | | (16.2) | % |
Income from operations | 273,852 | | | 264,063 | | | 827,269 | | | 630,704 | | | 3.7 | % | | 31.2 | % |
Foreign currency losses, net | (1,770) | | | (393) | | | (1,622) | | | (1,115) | | | (350.4) | % | | (45.5) | % |
Interest income | 506 | | | 31 | | | 1,225 | | | 219 | | | 1,532.3 | % | | 459.4 | % |
Interest expense | (39,207) | | | (34,142) | | | (124,907) | | | (86,357) | | | (14.8) | % | | (44.6) | % |
Other income (expense), net | 24 | | | 16 | | | 448 | | | (512) | | | 50.0 | % | | 187.5 | % |
Income before income taxes | 233,405 | | | 229,575 | | | 702,413 | | | 542,939 | | | 1.7 | % | | 29.4 | % |
Income tax expense | 56,380 | | | 60,226 | | | 163,433 | | | 140,515 | | | 6.4 | % | | (16.3) | % |
Net income | $ | 177,025 | | | $ | 169,349 | | | $ | 538,980 | | | $ | 402,424 | | | 4.5 | % | | 33.9 | % |
Net income per common share: | | | | | | | | | | | |
Basic | $ | 2.90 | | | $ | 2.75 | | | $ | 8.74 | | | $ | 6.59 | | | 5.5 | % | | 32.6 | % |
Diluted | $ | 2.87 | | | $ | 2.72 | | | $ | 8.65 | | | $ | 6.51 | | | 5.5 | % | | 32.9 | % |
| | | | | | | | | | | |
Gross margin (1) | 55.6 | % | | 54.9 | % | | 55.9 | % | | 52.3 | % | | 70 | bp | | 360 | bp |
Operating margin (1) | 26.2 | % | | 26.8 | % | | 27.6 | % | | 24.2 | % | | (60) | bp | | 340 | bp |
Footwear unit sales: | | | | | | | | | | | |
Crocs Brand | 29,001 | | | 30,292 | | | 92,628 | | | 88,304 | | | (4.3) | % | | 4.9 | % |
HEYDUDE Brand (3) | 8,321 | | | 9,317 | | | 25,541 | | | 21,423 | | | (10.7) | % | | 19.2 | % |
Average footwear selling price - nominal basis (2): | | | | | | | | | | | |
Crocs Brand | $ | 27.25 | | | $ | 23.33 | | | $ | 24.38 | | | $ | 22.34 | | | 16.8 | % | | 9.1 | % |
HEYDUDE Brand (3) | $ | 29.68 | | | $ | 28.91 | | | $ | 28.26 | | | $ | 28.79 | | | 2.7 | % | | (1.8) | % |
(1) Changes for gross margin and operating margin are shown in basis points (“bp”).
(2) Average footwear selling price is calculated as footwear and charms revenues divided by footwear units, as applicable.
(3) We acquired HEYDUDE on February 17, 2022 and, as a result, added the HEYDUDE Brand as a new operating segment. Therefore, the amounts shown above for the nine months ended September 30, 2022 represent results during the Partial Period, as defined below. Additionally, ‘Footwear unit sales’ and ‘Average footwear selling price - nominal basis’ for the HEYDUDE Brand have been revised by an immaterial amount in the three and nine months ended September 30, 2022 as a result of a calculation update.
Revenues By Channel
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, | | % Change | | Constant Currency % Change (1) |
| | | Favorable (Unfavorable) |
| 2023 | | 2022 | | 2023 | | 2022 | | Q3 2023-2022 | | YTD 2023-2022 | | Q3 2023-2022 | | YTD 2023-2022 |
| (in thousands) |
Crocs Brand: | | | | | | | | | | | | | | | |
Wholesale | $ | 369,177 | | | $ | 353,304 | | | $ | 1,187,081 | | | $ | 1,090,073 | | | 4.5 | % | | 8.9 | % | | 3.6 | % | | 9.9 | % |
Direct-to-consumer | 429,592 | | | 362,403 | | | 1,093,416 | | | 903,075 | | | 18.5 | % | | 21.1 | % | | 18.4 | % | | 22.0 | % |
Total Crocs Brand | 798,769 | | | 715,707 | | | 2,280,497 | | | 1,993,148 | | | 11.6 | % | | 14.4 | % | | 11.1 | % | | 15.3 | % |
HEYDUDE Brand (2): | | | | | | | | | | | | | | | |
Wholesale | 146,501 | | | 181,768 | | | 463,189 | | | 431,186 | | | (19.4) | % | | 7.4 | % | | (19.7) | % | | 7.5 | % |
Direct-to-consumer | 100,447 | | | 87,619 | | | 258,564 | | | 185,489 | | | 14.6 | % | | 39.4 | % | | 14.6 | % | | 39.4 | % |
Total HEYDUDE Brand | 246,948 | | | 269,387 | | | 721,753 | | | 616,675 | | | (8.3) | % | | 17.0 | % | | (8.5) | % | | 17.0 | % |
Total consolidated revenues (2) | $ | 1,045,717 | | | $ | 985,094 | | | $ | 3,002,250 | | | $ | 2,609,823 | | | 6.2 | % | | 15.0 | % | | 5.8 | % | | 15.7 | % |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
(1) Reflects year over year change as if the current period results were in constant currency, which is a non-GAAP financial measure. See “Use of Non-GAAP Financial Measures” above for more information.
(2) We acquired HEYDUDE on February 17, 2022 and, as a result, added the HEYDUDE Brand as a new operating segment. Therefore, the amounts shown above for the nine months ended September 30, 2022 represent results during the Partial Period.
The primary drivers of changes in revenue were:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, 2023 vs. 2022 |
| Volume | | Price (1) | | Foreign Exchange | | Total |
| $ Change | | % Change | | $ Change | | % Change | | $ Change | | % Change | | $ Change | | % Change |
| (in thousands) |
Total revenues | $ | (12,130) | | | (1.2) | % | | $ | 68,425 | | | 6.9 | % | | $ | 4,328 | | | 0.5 | % | | $ | 60,623 | | | 6.2 | % |
(1) The change due to price is based on the change in ASP, as defined earlier in this section.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2023 vs. 2022 (1) |
| Volume | | Price (2) | | Foreign Exchange | | Total |
| $ Change | | % Change | | $ Change | | % Change | | $ Change | | % Change | | $ Change | | % Change |
| (in thousands) |
Total revenues | $ | 323,688 | | | 12.4 | % | | $ | 87,798 | | | 3.4 | % | | $ | (19,059) | | | (0.8) | % | | $ | 392,427 | | | 15.0 | % |
(1) We acquired HEYDUDE on February 17, 2022 and, as a result, added the HEYDUDE Brand as a new operating segment. Therefore, the amounts shown above for total revenues include a comparison of HEYDUDE results for the nine months ended September 30, 2023 to results during the Partial Period in 2022.
(2) The change due to price is based on the change in ASP.
Revenues. In the three months ended September 30, 2023, revenues increased compared to the same period in 2022. This was primarily due to higher ASP in the Crocs Brand, largely due to a combination of product mix, less discounting and increased pricing, and channel mix, partially offset by lower ASP in the HEYDUDE Brand as a result of more discounting than prior year. While our HEYDUDE Brand ASP of $29.68, as shown in the table above, increased 2.7% over the third quarter of 2022, this is a basic average and is not adjusted for channel dynamics. Looking at channel dynamics, pricing pressure was the largest contributor to the brand’s revenue decline. Favorable foreign currency fluctuations, most significantly in the Euro, also increased revenues. The overall increase was offset in part by lower volume in both brands. For the Crocs Brand, volume decreased in our distributor markets due in large part to the termination of our relationship with a significant distributor in our EMEALA segment in the previous quarter after finding evidence of product diversion to the gray market outside of its approved territories. For the HEYDUDE Brand, volume decreased due to higher volumes in the prior year as a result of rapid
expansion to strategic wholesale customers and more cautious order patterns from several of our wholesale partners in the current year.
Revenues also increased in the nine months ended September 30, 2023, primarily due to higher volume. The higher volume was driven in part by greater demand for the Crocs Brand and in part by operating HEYDUDE for a full nine months in 2023 compared to the partial period from the acquisition date of February 17, 2022 through September 30, 2022 (the “Partial Period”). Higher ASP in the Crocs Brand, primarily due to increased pricing, was partially offset by lower ASP in the HEYDUDE Brand as a result of increased promotions and discounting. Unfavorable foreign currency fluctuations, most significantly the Chinese Yuan and Korean Won, also decreased revenues.
Cost of sales. In the three months ended September 30, 2023, compared to the same period in 2022, cost of sales increased $20.3 million, or 4.6%. This was primarily driven by higher average cost per unit on a constant currency basis (“AUC”) of $34.6 million, or 7.8%, primarily due to increased distribution costs associated with the move to our new HEYDUDE distribution center in Las Vegas, Nevada and increased product costs for the HEYDUDE Brand. This increase was partially offset by lower volume of $9.1 million, or 2.0%, and favorable foreign currency fluctuations of $5.2 million, or 1.2%. In the three months ended September 30, 2023 and 2022, respectively, cost of sales includes $148.1 million and $103.3 million of distribution expenses primarily related to receiving, inspecting, warehousing, and packaging product in owned and third-party warehouses, combined with transportation costs associated with delivering products from distribution centers to wholesale partners, retail stores and end customers.
In the nine months ended September 30, 2023, compared to the same period in 2022, cost of sales increased $77.1 million, or 6.2%, due to higher volume of $148.3 million, or 11.9%. This increase was offset in part due to lower AUC of $49.4 million, or 4.0%, primarily due to prior year adjustments of $62.2 million to the fair value of inventory costs upon close of the acquisition of HEYDUDE, partially offset by increased distribution costs associated with the move to our new HEYDUDE distribution center in Las Vegas, Nevada. Favorable foreign currency fluctuations decreased cost of sales by $21.9 million, or 1.7%. In the nine months ended September 30, 2023 and 2022, respectively, cost of sales includes $376.0 million and $326.0 million of distribution expenses primarily related to receiving, inspecting, warehousing, and packaging product in owned and third-party warehouses, combined with transportation costs associated with delivering products from distribution centers to wholesale partners, retail stores and end customers.
Gross profit. Gross margin increased in the three months ended September 30, 2023 to 55.6% compared to 54.9% in the same period in 2022. This was primarily due to lower freight costs, partially due to higher air freight incurred in the prior year, and lower promotional activity for the Crocs Brand, offset in part by higher distribution costs and product cost for the HEYDUDE Brand.
Gross profit increased $40.3 million, or 7.5%, in the three months ended September 30, 2023 compared to the same period in 2022, due to the net impact of higher ASP and higher AUC, as described above, of $33.9 million, or 6.3%, favorable foreign currency changes of $9.5 million, or 1.8%. Lower volume of $3.1 million, or 0.6% slightly decreased gross profit.
Gross margin in the nine months ended September 30, 2023 was 55.9% compared to 52.3% in 2022. This was due in part to higher air freight incurred in the prior year as well as 240 basis points from adjustments in the prior year related to the fair value of inventory costs upon close of the acquisition of HEYDUDE.
Gross profit increased $315.4 million, or 23.1%, in the nine months ended September 30, 2023 compared to the same period in 2022, primarily as a result of higher volume of $175.4 million, or 12.9%, and the net impact of higher ASP and lower AUC, as described above, of $137.2 million, or 10.0%. Favorable foreign currency changes of $2.8 million, or 0.2%, also contributed to the increase in gross profit.
Selling, general and administrative expenses. SG&A increased $30.5 million, or 11.0%, in the three months ended September 30, 2023 compared to the same period in 2022. This is in part due to higher compensation expense of $16.7 million primarily associated with an investment in talent. There was also an increase in marketing expenses of $9.1 million and an increase in facilities of $5.0 million. Additionally, there was a $5.9 million increase in other costs, including variable costs associated with higher revenues. The overall increase was partially offset by $6.2 million of lower costs in 2023, primarily associated with the prior year HEYDUDE integration.
SG&A expenses increased $118.8 million, or 16.2%, during the nine months ended September 30, 2023 compared to the same period in 2022. There were higher compensation costs of $46.7 million, primarily associated with an investment in talent. There were also higher marketing costs of $41.7 million as we continue to invest in marketing to fuel growth, mostly associated with the HEYDUDE Brand. Various other costs, including variable costs associated with higher revenues and information
technology costs, also increased SG&A by $61.6 million. These increases were offset in part by $31.2 million of lower costs in 2023 associated with the prior year HEYDUDE acquisition and integration.
Foreign currency losses, net. Foreign currency losses, net, consist of realized and unrealized foreign currency gains and losses from the remeasurement and settlement of monetary assets and liabilities denominated in non-functional currencies as well as realized and unrealized gains and losses on foreign currency derivative instruments. During the three months ended September 30, 2023, we recognized realized and unrealized net foreign currency losses of $1.8 million compared to losses of $0.4 million during the three months ended September 30, 2022.
During the nine months ended September 30, 2023, we recognized realized and unrealized net foreign currency losses of $1.6 million compared to losses of $1.1 million during the nine months ended September 30, 2022.
Income tax expense. During the three months ended September 30, 2023, income tax expense decreased $3.8 million compared to the same period in 2022. The effective tax rate for the three months ended September 30, 2023 was 24.2% compared to an effective tax rate of 26.2% for the same period in 2022, a 2.0% decrease. This decrease in the effective tax rate was primarily driven by a shift in the mix of the Company's domestic and foreign earnings. Our effective income tax rate, for each period presented, also differs from the federal U.S. statutory rate due to differences in income tax rates between U.S. and foreign jurisdictions.
During the nine months ended September 30, 2023, income tax expense increased $22.9 million compared to the same period in 2022. The effective tax rate for the nine months ended September 30, 2023 was 23.3% compared to an effective tax rate of 25.9% for the same period in 2022, a 2.6% decrease. This decrease in the effective tax rate was primarily driven by a shift in the mix of the Company's domestic and foreign earnings. Our effective income tax rate for each period presented also differs from the federal U.S. statutory rate due differences in income tax rates between U.S. and foreign jurisdictions.
Reportable Operating Segments
The following table sets forth information related to our reportable operating segments, including a comparison of revenues and operating income by segment:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, | | % Change | | Constant Currency % Change (1) |
| | | Favorable (Unfavorable) |
| 2023 | | 2022 | | 2023 | | 2022 | | Q3 2023-2022 | | YTD 2023-2022 | | Q3 2023-2022 | | YTD 2023-2022 |
| (in thousands) | | |
Revenues: | | | | | | | | | | | | | | | |
North America | $ | 480,744 | | | $ | 445,327 | | | $ | 1,306,609 | | | $ | 1,187,713 | | | 8.0 | % | | 10.0 | % | | 8.2 | % | | 10.3 | % |
Asia Pacific | 175,199 | | | 138,450 | | | 513,459 | | | 383,187 | | | 26.5 | % | | 34.0 | % | | 28.6 | % | | 39.2 | % |
EMEALA | 142,826 | | | 131,929 | | | 460,429 | | | 422,226 | | | 8.3 | % | | 9.0 | % | | 2.7 | % | | 8.0 | % |
Brand corporate | — | | | 1 | | | — | | | 22 | | | (100.0) | % | | (100.0) | % | | (100.0) | % | | (100.0) | % |
Crocs Brand revenues | 798,769 | | | 715,707 | | | 2,280,497 | | | 1,993,148 | | | 11.6 | % | | 14.4 | % | | 11.1 | % | | 15.3 | % |
HEYDUDE Brand revenues (2) | 246,948 | | | 269,387 | | | 721,753 | | | 616,675 | | | (8.3) | % | | 17.0 | % | | (8.5) | % | | 17.0 | % |
Total consolidated revenues | $ | 1,045,717 | | | $ | 985,094 | | | $ | 3,002,250 | | | $ | 2,609,823 | | | 6.2 | % | | 15.0 | % | | 5.8 | % | | 15.7 | % |
| | | | | | | | | | | | | | | |
Income from operations: | | | | | | | | | | | | | | | |
North America | $ | 218,018 | | | $ | 191,438 | | | $ | 560,358 | | | $ | 498,413 | | | 13.9 | % | | 12.4 | % | | 14.0 | % | | 12.6 | % |
Asia Pacific | 69,762 | | | 40,286 | | | 203,203 | | | 121,823 | | | 73.2 | % | | 66.8 | % | | 66.6 | % | | 67.1 | % |
EMEALA | 49,939 | | | 40,506 | | | 176,844 | | | 128,819 | | | 23.3 | % | | 37.3 | % | | 7.7 | % | | 30.4 | % |
Brand corporate | (40,263) | | | (36,896) | | | (107,260) | | | (95,864) | | | (9.1) | % | | (11.9) | % | | (8.7) | % | | (11.9) | % |
Crocs Brand income from operations | 297,456 | | | 235,334 | | | 833,145 | | | 653,191 | | | 26.4 | % | | 27.5 | % | | 22.7 | % | | 26.3 | % |
HEYDUDE Brand income from operations (2) | 31,776 | | | 79,056 | | | 173,905 | | | 136,381 | | | (59.8) | % | | 27.5 | % | | (60.0) | % | | 27.7 | % |
Enterprise corporate | (55,380) | | | (50,327) | | | (179,781) | | | (158,868) | | | (10.0) | % | | (13.2) | % | | (10.0) | % | | (13.2) | % |
Total consolidated income from operations | $ | 273,852 | | | $ | 264,063 | | | $ | 827,269 | | | $ | 630,704 | | | 3.7 | % | | 31.2 | % | | 0.3 | % | | 30.0 | % |
(1) Reflects year over year change as if the current period results were in constant currency, which is a non-GAAP financial measure. See “Use of Non-GAAP Financial Measures” for more information.
(2) We acquired HEYDUDE on February 17, 2022 and, as a result, added the HEYDUDE Brand as a new operating segment. Therefore, the amounts shown above for the nine months ended September 30, 2022 represent results during the Partial Period.
The primary drivers of changes in revenues by operating segment were:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, 2023 vs. 2022 |
| Volume | | Price (1) | | Foreign Exchange | | Total |
| $ Change | | % Change | | $ Change | | % Change | | $ Change | | % Change | | $ Change | | % Change |
| (in thousands) |
Segment Revenues: | | | | | | | | | | | | | | | |
Crocs Brand: | | | | | | | | | | | | | | | |
North America | $ | 3,374 | | | 0.8 | % | | $ | 32,822 | | | 7.4 | % | | $ | (779) | | | (0.2) | % | | $ | 35,417 | | | 8.0 | % |
Asia Pacific | 4,466 | | | 3.1 | % | | 35,237 | | | 25.5 | % | | (2,954) | | | (2.1) | % | | 36,749 | | | 26.5 | % |
EMEALA | (16,551) | | | (12.5) | % | | 19,996 | | | 15.2 | % | | 7,452 | | | 5.6 | % | | 10,897 | | | 8.3 | % |
HEYDUDE Brand | (3,418) | | | (1.3) | % | | (19,630) | | | (7.3) | % | | 609 | | | 0.3 | % | | (22,439) | | | (8.3) | % |
Total segment revenues | $ | (12,129) | | | (1.3) | % | | $ | 68,425 | | | 6.9 | % | | $ | 4,328 | | | 0.6 | % | | $ | 60,624 | | | 6.2 | % |
(1) The change due to price for revenues is based on ASP, as defined earlier in this section.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2023 vs. 2022 |
| Volume | | Price (1) | | Foreign Exchange | | Total |
| $ Change | | % Change | | $ Change | | % Change | | $ Change | | % Change | | $ Change | | % Change |
| (in thousands) |
Segment Revenues: | | | | | | | | | | | | | | | |
Crocs Brand: | | | | | | | | | | | | | | | |
North America | $ | 117,972 | | | 9.9 | % | | $ | 4,116 | | | 0.4 | % | | $ | (3,192) | | | (0.3) | % | | $ | 118,896 | | | 10.0 | % |
Asia Pacific | 57,771 | | | 15.1 | % | | 92,412 | | | 24.1 | % | | (19,911) | | | (5.2) | % | | 130,272 | | | 34.0 | % |
EMEALA | (27,443) | | | (6.5) | % | | 61,333 | | | 14.5 | % | | 4,313 | | | 1.0 | % | | 38,203 | | | 9.0 | % |
HEYDUDE Brand (2) | 175,410 | | | 28.4 | % | | (70,063) | | | (11.4) | % | | (269) | | | — | % | | 105,078 | | | 17.0 | % |
Total segment revenues | $ | 323,710 | | | 12.4 | % | | $ | 87,798 | | | 3.4 | % | | $ | (19,059) | | | (0.8) | % | | $ | 392,449 | | | 15.0 | % |
(1) The change due to price for revenues is based on ASP, as defined earlier in this section.
(2) We acquired HEYDUDE on February 17, 2022 and, as a result, added the HEYDUDE Brand as a new operating segment. Therefore, the amounts shown above for the nine months ended September 30, 2022 represent results during the Partial Period.
Crocs Brand
North America Operating Segment
Revenues. Despite a declining U.S. footwear market, North America revenues increased in the three months ended September 30, 2023 compared to the same period in 2022. This was due primarily to higher ASP as a result of product mix, a decrease in discounting, and channel mix. Increases in volume in our DTC channel were partially offset by decreases in volume in our wholesale channel as a result of strategic shifts in our distribution model with Amazon.
The increase in North America revenues in the nine months ended September 30, 2023 compared to the same period in 2022 is primarily due to an increase in volume, driven by both channels, and higher ASP primarily as a result of product mix, a decrease in promotional activity, and channel mix.
Income from Operations. Income from operations for our North America segment was $218.0 million for the three months ended September 30, 2023, an increase of $26.6 million, or 13.9%, compared to the same period in 2022. Gross profit increased by $41.0 million, or 15.2%, compared to prior year, mostly as a result of higher ASP. Higher volume, particularly in the DTC channel, also contributed to the increase in gross profit.
SG&A for our North America segment increased $14.4 million, or 18.2%, during the three months ended September 30, 2023 compared to the same period in 2022. This increase was primarily due to higher compensation costs as a result of higher wages for hourly employees and higher variable expenses related to higher revenues in the DTC channel.
During the nine months ended September 30, 2023, income from operations for our North America segment was $560.4 million, an increase of $61.9 million, or 12.4%, compared to the same period in 2022. Gross profit increased $93.1 million, or 13.0%, primarily due to higher volume and lower AUC, primarily as a result of lower freight costs, partially due to higher air freight incurred in the prior year.
SG&A for our North America segment increased $31.2 million, or 14.5%, during the nine months ended September 30, 2023 compared to the same period in 2022, primarily due to higher compensation costs as a result of higher wages for hourly employees and higher variable expenses related to higher revenues in the DTC channel.
Asia Pacific Operating Segment
Revenues. Revenues in our Asia Pacific segment increased 26.5% in the three months ended September 30, 2023 compared to the same period in 2022, and was up in most countries in the region, driven by growth in Australia and China, in part as a result of the relaxation of COVID-19 restrictions in China. Additionally, there was notable growth in South Korea and Southeast Asia. The increase in revenues is largely due to higher ASP, primarily as a result of increased pricing, less discounting, and an increased share of charms compared to the prior year. The overall increase was partially offset by unfavorable foreign currency changes, most significantly in the Chinese Yuan.
Revenues in our Asia Pacific segment increased in the nine months ended September 30, 2023 compared to the same period in 2022, as a result of ASP increases, as a result of less discounting and increased pricing, and volume increases due to increased consumer demand. Unfavorable foreign currency fluctuations in most currencies, but most significantly the Chinese Yuan and Korean Won, partially offset ASP and volume increases.
Income from Operations. Income from operations for the Asia Pacific segment was $69.8 million for the three months ended September 30, 2023, an increase of $29.5 million, or 73.2%, compared to the same period in 2022. Gross profit increased by $35.8 million, or 43.1%, as a result of higher ASP, as described above. Higher volume and favorable foreign currency changes also contributed to the increase in gross profit.
SG&A for our Asia Pacific segment increased $6.3 million, or 14.8%, during the three months ended September 30, 2023 compared to the same period in 2022, primarily due to increased variable expenses associated with higher revenues.
Income from operations for the Asia Pacific segment was $203.2 million for the nine months ended September 30, 2023, an increase of $81.4 million, or 66.8%, compared to the same period in 2022. Gross profit increased by $105.8 million, or 45.4%, primarily due to higher ASP, as described above, offset partially by higher AUC. Higher volume also increased gross profit, while changes in foreign currency slightly offset these increases.
SG&A for our Asia Pacific segment increased $24.4 million, or 21.9%, in the nine months ended September 30, 2023 compared to the same period in 2022, mostly due to increased variable expenses associated with higher revenues and investments in marketing.
EMEALA Operating Segment
Revenues. Revenues increased in the EMEALA segment in the three months ended September 30, 2023 compared to the same period in 2022, primarily as a result of higher ASPs, favorable foreign currency changes, primarily in the Euro, largely offset by decreased volume. Both the increased ASP and lower volume are due in part to the termination of a relationship with a significant distributor in Africa after finding evidence of product diversion to the gray market outside of its approved territories.
During the nine months ended September 30, 2023, EMEALA revenues increased compared to the same period in 2022, due to higher ASP, favorable foreign currency changes, primarily in the Euro, offset by decreased volume. Both the increased ASP and lower volume are due in part to the termination of a relationship with a significant distributor in Africa, as described above.
Income from Operations. Income from operations for the EMEALA segment was $49.9 million for the three months ended September 30, 2023, an increase of $9.4 million, or 23.3%, compared to the same period in 2022. Gross profit increased $14.3 million, or 23.4%, mostly as a result of higher ASP, as described above, offset partially by higher AUC driven by product mix. Favorable foreign currency fluctuations, mainly in the Euro, also increased gross profit. These increases were offset in part by decreased volume.
SG&A for our EMEALA segment increased $4.9 million, or 23.6%, during the three months ended September 30, 2023 compared to the same period in 2022, primarily due to an investment in marketing.
Income from operations for the EMEALA segment was $176.8 million for the nine months ended September 30, 2023, an increase of $48.0 million, or 37.3%, compared to the same period in 2022. Gross profit increased $55.4 million, or 28.3%, primarily due to higher ASPs. Favorable foreign currency changes also increased gross profit while lower volume partially offset the overall increase.
SG&A for our EMEALA segment increased $7.4 million, or 11.1%, during the nine months ended September 30, 2023 compared to the same period in 2022. This was primarily due to an increase in marketing costs and variable costs associated with higher revenues, partially offset by various costs associated with the prior year shutdown of our direct operations in Russia that did not recur in the current year.
Crocs Brand Corporate
During the three months ended September 30, 2023, total net costs within ‘Brand corporate’ increased $3.4 million, or 9.1%, compared to the same period in 2022.
During the nine months ended September 30, 2023, total net costs within ‘Brand corporate’ increased $11.4 million, or 11.9%, compared to the same period in 2022, due in part to investments in brand marketing.
HEYDUDE Brand
Revenues. For the three months ended September 30, 2023, revenues decreased compared to 2022. The decrease was primarily related to lower ASP, driven by increased discounting in the DTC channel. While our ASP of $29.68, as shown in the table within the ‘Results of Operations’ section above, increased 2.7% over the third quarter of 2022, this is a basic average and is not adjusted for channel dynamics. Looking at channel dynamics, pricing pressure was the largest contributor to the brand’s revenue decline. The decrease in revenues was also driven by a decrease in volume due to higher volumes in the prior year as a result of rapid expansion to strategic wholesale customers and more cautious order patterns from several of our wholesale partners in the current year.
During the nine months ended September 30, 2023, revenues increased compared to the Partial Period in 2022, primarily due to higher volume, driven in part by operating HEYDUDE for a full nine months in 2023 compared to 2022. Partially offsetting this increase was lower ASP driven by increased promotions, primarily in our DTC channel.
Income from Operations. Income from operations for the HEYDUDE segment was $31.8 million for the three months ended September 30, 2023, a decrease of $47.3 million, or 59.8%, compared to 2022. Gross profit decreased $43.5 million, or 33.1%, due primarily to higher AUC, primarily due to lower ASP, as described above, increased distribution costs associated with the move to our new HEYDUDE distribution center in Las Vegas, Nevada and increased product costs.
SG&A for the HEYDUDE Brand segment increased $3.8 million, or 7.2%, during the three months ended September 30, 2023 compared to the same period in 2022. This increase was primarily due to investments in talent made over the past year since the acquisition in February 2022.
Income from operations for the HEYDUDE segment was $173.9 million for the nine months ended September 30, 2023, an increase of $37.5 million, or 27.5%, compared to the Partial Period in 2022. Gross profit increased $81.0 million, or 34.3%, primarily due to higher volume, as described above. This increase was offset in part due to lower ASP, as described above, which was partially offset by lower AUC, primarily driven by prior year adjustments to the fair value of inventory costs upon close of the acquisition that did not recur in the current year.
SG&A for the HEYDUDE Brand segment increased $43.5 million, or 43.5%, during the nine months ended September 30, 2023 compared to the Partial Period in 2022. This is primarily due to investments in marketing and talent made over the past year since the acquisition in February 2022 as well as an increase in store-related costs as a result of launching outlet retail stores in the current year.
Enterprise Corporate
During the three months ended September 30, 2023, total net costs within ‘Enterprise corporate’ increased $5.1 million, or 10.0%, compared to the same period in 2022. This increase was primarily due to increases in compensation costs from a larger investment in talent, offset in part by prior year statutory costs associated with the HEYDUDE acquisition.
During the nine months ended September 30, 2023, total net costs within ‘Enterprise corporate’ increased $20.9 million, or 13.2%, compared to the same period in 2022. This was primarily due to increases in compensation costs, professional services costs, information technology costs, and building costs. These increases were offset in part by lower costs in 2023 associated with the prior year HEYDUDE acquisition and integration.
Store Locations and Digital Sales Percentage
The tables below illustrate the overall change in the number of our company-operated retail locations by reportable operating segment for the three and nine months ended September 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | |
| June 30, 2023 | | Opened | | Closed | | September 30, 2023 |
Company-operated retail locations: | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
North America | 175 | | | — | | | 2 | | | 173 | |
Asia Pacific | 156 | | | 2 | | | 1 | | | 157 | |
EMEALA | 15 | | | 2 | | | — | | | 17 | |
Total Crocs Brand | 346 | | | 4 | | | 3 | | | 347 | |
HEYDUDE Brand | 9 | | | 2 | | | — | | | 11 | |
Total | 355 | | | 6 | | | 3 | | | 358 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| December 31, 2022 | | Opened | | Closed | | September 30, 2023 |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Company-operated retail locations: | | | | | | | |
North America | 171 | | | 4 | | | 2 | | | 173 | |
Asia Pacific | 151 | | | 10 | | | 4 | | | 157 | |
EMEALA | 18 | | | 2 | | | 3 | | | 17 | |
Total Crocs Brand | 340 | | | 16 | | | 9 | | | 347 | |
HEYDUDE Brand | 5 | | | 6 | | | — | | | 11 | |
Total | 345 | | | 22 | | | 9 | | | 358 | |
Digital sales, which includes sales through our company-owned websites, third party marketplaces, and e-tailers (which are reported in our wholesale channel), as a percent of total revenues, by operating segment were:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
Digital sales as a percent of total revenues: | | | | | | | |
Crocs Brand | 35.9 | % | | 37.4 | % | | 34.9 | % | | 36.0 | % |
HEYDUDE Brand (1) | 41.6 | % | | 35.9 | % | | 37.9 | % | | 32.4 | % |
Total | 37.3 | % | | 37.0 | % | | 35.6 | % | | 35.2 | % |
(1) We acquired HEYDUDE on February 17, 2022 and, as a result, added the HEYDUDE Brand as a new operating segment. Therefore, the amounts shown above for the nine months ended September 30, 2022 represent results during the Partial Period.
Direct-to-consumer (“DTC”) comparable sales were as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| Constant Currency (1) |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
Direct-to-consumer comparable sales: (2) | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Crocs Brand | 15.3 | % | | 18.2 | % | | 18.4 | % | | 13.6 | % |
HEYDUDE Brand (3) | 8.1 | % | | N/A | | 16.5 | % | | N/A |
(1) Reflects 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.
(2) Comparable 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.
(3) We acquired HEYDUDE on February 17, 2022 and, as a result, added the HEYDUDE Brand as a new operating segment. As such, in the three and nine months ended September 30, 2022, we did not disclose DTC comparable sales for the HEYDUDE Brand.
Financial Condition, Capital Resources, and Liquidity
Liquidity
Our liquidity position as of September 30, 2023 was:
| | | | | |
| September 30, 2023 |
| (in thousands) |
Cash and cash equivalents | $ | 127,320 | |
Available borrowings | 563,689 | |
As of September 30, 2023, we had $127.3 million in cash and cash equivalents and up to $563.7 million of available borrowings, including $548.7 million of remaining borrowing availability under the Revolving Facility (as defined below) and $15.0 million of remaining borrowing availability under the Asia revolving facilities. As of September 30, 2023, the Term Loan B Facility (as defined below) was fully drawn and there was no available borrowing capacity. We believe that cash flows from operations, our cash and cash equivalents on hand, and available borrowings under our Revolving Facility will be sufficient to meet our ongoing liquidity needs and capital expenditure requirements for at least the next twelve months.
In July 2023, we resumed our share repurchase program. Our capital allocation priorities will remain flexible between debt repayment and share repurchases as we approach our long-term net leverage targets.
Additional future financing may be necessary to fund our operations and there can be no assurance that, if needed, we will be able to secure additional debt or equity financing on terms acceptable to us or at all. Although we believe we have adequate sources of liquidity over the long term, the success of our operations, global economic conditions, and the pace of sustainable growth in our markets, among other things, could each impact our business and liquidity.
Repatriation of Cash
As a global business, we have cash balances in various countries and amounts are denominated in various currencies. Fluctuations in foreign currency exchange rates impact our results of operations and cash positions. Future fluctuations in foreign currencies may have a material impact on our cash flows and capital resources. Cash balances held in foreign countries may have additional restrictions and covenants associated with them which could adversely impact our liquidity and our ability to timely access and transfer cash balances between entities.
All of the cash held outside of the U.S. could be repatriated to the U.S. as of September 30, 2023 without incurring additional U.S. federal income taxes. In some countries, repatriation of certain foreign balances is restricted by local laws. These limitations may affect our ability to fully utilize our cash resources for needs in the U.S. or other countries and could adversely
affect our liquidity. As of September 30, 2023, we held $72.5 million of our total $127.3 million in cash in international locations. This cash is primarily used for the ongoing operations of the business in the locations in which the cash is held. Of the $72.5 million, $3.0 million could potentially be restricted by local laws.
Senior Revolving Credit Facility
In July 2019, the Company and certain of its subsidiaries (the “Borrowers”) entered into a Second Amended and Restated Credit Agreement (as amended, the “Credit Agreement”), with the lenders named therein and PNC Bank, National Association, as a lender and administrative agent for the lenders. Since that time, we have amended the Credit Agreement, which, as amended to date, provides for a revolving credit facility of $750.0 million, which can be increased by an additional $250.0 million subject to certain conditions (the “Revolving Facility”). Borrowings under the Credit Agreement bear interest at a variable interest rate based on (A) a Base Rate (defined as the highest of (i) the Overnight Bank Funding Rate (as defined in the Credit Agreement), plus 0.25%, (ii) the Prime Rate (as defined in the Credit Agreement), and (iii) the Daily Simple SOFR (as defined in the Credit Agreement), plus 1.00%), plus an applicable margin ranging from 0.25% to 0.875% based on our leverage ratio or 1.35% to 1.975% for the Daily Simple SOFR based on the leverage ratio, or (B) the Term SOFR Rate (as defined in the Credit Agreement), plus an applicable margin ranging from 1.35% to 1.975% based on our leverage ratio for one-month interest periods and 1.40% to 2.025% based on our leverage ratio for three month interest periods. Borrowings under the Credit Agreement are secured by all of the assets of the Borrowers and guaranteed by certain other subsidiaries of the Borrowers.
The Credit Agreement requires us to maintain a minimum interest coverage ratio of 3.00 to 1.00, and a maximum leverage ratio of (i) 4.00 to 1.00 from the quarter ended March 31, 2022 through, and including, the quarter ending December 31, 2023, (ii) 3.75 to 1.00 for the quarter ending March 31, 2024, (iii) 3.50 to 1.00 for the quarter ending June 30, 2024, and (iv) 3.25 to 1.00 for the quarter ending September 30, 2024 and thereafter (subject to adjustment in certain circumstances). The Credit Agreement permits, among other things, (i) stock repurchases subject to certain restrictions, including after giving effect to such stock repurchases, the maximum leverage ratio does not exceed certain levels; and (ii) certain acquisitions so long as there is borrowing availability under the Credit Agreement of at least $40.0 million. As of September 30, 2023, we were in compliance with all financial covenants under the Credit Agreement.
As of September 30, 2023, the total commitments available from the lenders under the Revolving Facility were $750.0 million. At September 30, 2023, we had $200.0 million in outstanding borrowings and $1.3 million in outstanding letters of credit under the Revolving Facility, which reduces amounts available for borrowing under the Revolving Facility. As of September 30, 2023 and December 31, 2022, we had $548.7 million and $748.7 million, respectively, of available borrowing capacity under the Revolving Facility, which matures November 2027.
Term Loan B Facility
On February 17, 2022, the Company entered into a credit agreement (the “Original Term Loan B Credit Agreement”) with Citibank, N.A., as administrative agent and lender, to among other things, finance a portion of the cash consideration for the Acquisition, which was amended (the "Amendment") on August 8, 2023 (the Original Term Loan B Credit Agreement, as amended by the Amendment, the “Term Loan B Credit Agreement”).
The Original Term Loan B Credit Agreement provided for an aggregate term loan B facility in the principal amount of $2.0 billion. Among other things, the Amendment provided for a new $1.18 billion tranche of term loans (the “2023 Refinancing Term Loans” and, such facility, the "Term Loan B Facility"), which is secured by substantially all of the Company’s and each subsidiary guarantor’s assets on a pari passu basis with their obligations arising from the Credit Agreement and is scheduled to mature on February 17, 2029, subject to certain exceptions set forth in the Term Loan B Credit Agreement. Additionally, subject to certain conditions, including, without limitation, satisfying certain leverage ratios, the Company may, at any time, on one or more occasions, add one or more new classes of term facilities and/or increase the principal amount of the loans of any existing class by requesting one or more incremental term facilities.
Pursuant to the reduced interest rate margins applicable to the 2023 Refinancing Term Loans, each term loan borrowing which is an alternate base rate borrowing bears interest at a rate per annum equal to the Alternate Base Rate (as defined in the Term Loan B Credit Agreement), plus 2.00%. Each term loan borrowing which is a term benchmark borrowing bears interest at a rate per annum equal to the Adjusted Term SOFR Rate (as defined in the Term Loan B Credit Agreement) plus 3.00%.
Outstanding principal under the Term Loan B Facility is payable on the last business day of each March, June, September and December, in a quarterly aggregate principal amount of $5.0 million. Quarterly aggregate principal payments began on June 30, 2022, with the remaining principal amount due on February 17, 2029, the maturity date. The 2023 Refinancing Term Loans replaced and refinanced all outstanding term loans under the Original Term Loan B Credit Agreement. As of September 30, 2023, we had $1,090.0 million in outstanding principal and the Term Loan B Facility was fully drawn with no remaining borrowing capacity.
The Term Loan B Credit Agreement also contains customary affirmative and negative covenants, incurrence financial covenants, representations and warranties, events of default and other provisions. As of September 30, 2023, we were in compliance with all financial covenants under the Term Loan B Credit Agreement.
Asia Revolving Credit Facilities
During the nine months ended September 30, 2023, we had two revolving credit facilities in Asia, the revolving credit facility with China Merchants Bank Company Limited, Shanghai Branch (the “CMBC Facility”), which matured in January 2023 and provided up to 10.0 million RMB, or $1.5 million using current exchange rates as of January 2023, and the revolving credit facility with Citibank (China) Company Limited, Shanghai Branch (the “Citibank Facility”), which, as amended, provides up to an equivalent of $15.0 million.
As of September 30, 2023, we had no borrowings outstanding on the Citibank Facility. As of December 31, 2022, we had no outstanding borrowings on the CMBC Facility, and we had borrowings outstanding of $4.3 million on the Citibank Facility.
Senior Notes Issuances
In March 2021, the Company completed the issuance and sale of $350.0 million aggregate principal amount of 4.250% Senior Notes due March 15, 2029 (the “2029 Notes”), pursuant to the indenture related thereto (as amended and/or supplemented to date, the “2029 Notes Indenture”). Additionally, in August 2021, the Company completed the issuance and sale of $350.0 million aggregate principal amount of 4.125% Senior Notes due August 15, 2031 (the “2031 Notes”), pursuant to the indenture related thereto (as amended and/or supplemented to date, “the 2031 Notes Indenture” and, together with the 2029 Notes Indenture, the “Indentures” and, each, an “Indenture”). Interest on each of the 2029 Notes and the 2031 Notes (collectively, the “Notes”) is payable semi-annually.
The Company will have the option to redeem all or any portion of the 2029 Notes, at once or over time, at any time on or after March 15, 2024, at a redemption price equal to 100% of the principal amount thereof, plus a premium declining ratably on an annual basis to par and accrued and unpaid interest, if any, to, but excluding, the date of redemption. The Company will also have the option to redeem some or all of the 2029 Notes at any time before March 15, 2024 at a redemption price of 100% of the principal amount to be redeemed, plus a “make-whole” premium and accrued and unpaid interest, if any, to, but excluding, the date of redemption. In addition, at any time before March 15, 2024, the Company may redeem up to 40% of the aggregate principal amount of the 2029 Notes at a redemption price of 104.250% of the principal amount with the proceeds from certain equity issuances, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption.
The Company will have the option to redeem all or any portion of the 2031 Notes, at once or over time, at any time on or after August 15, 2026, at a redemption price equal to 100% of the principal amount thereof, plus a premium declining ratably on an annual basis to par and accrued and unpaid interest, if any, to, but excluding, the date of redemption. The Company will also have the option to redeem some or all of the 2031 Notes at any time before August 15, 2026 at a redemption price of 100% of the principal amount to be redeemed, plus a “make-whole” premium and accrued and unpaid interest, if any, to, but excluding, the date of redemption. In addition, at any time before August 15, 2024, the Company may redeem up to 40% of the aggregate principal amount of the 2031 Notes at a redemption price of 104.125% of the principal amount with the proceeds from certain equity issuances, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption.
The Notes rank pari passu in right of payment with all of the Company’s existing and future senior debt, including the Credit Agreement, and are senior in right of payment to any of the Company’s future debt that is, by its term, expressly subordinated in right of payment to the Notes. The Notes are unconditionally guaranteed by each of the Company’s restricted subsidiaries that is a borrower or guarantor under the Credit Agreement and by each of the Company’s wholly-owned restricted subsidiaries that guarantees any debt of the Company or any guarantor under any syndicated credit facility or capital markets debt in an aggregate principal amount in excess of $25.0 million.
The Indentures contain covenants that, among other things, limit the ability of the Company and its restricted subsidiaries to incur additional debt or issue certain preferred stock; pay dividends or repurchase or redeem capital stock or make other
restricted payments; declare or pay dividends or other payments; incur liens; enter into certain types of transactions with the Company’s affiliates; and consolidate or merge with or into other companies. As of September 30, 2023, we were in compliance with all financial covenants under the Notes.
Cash Flows
| | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, | | $ Change | | % Change |
| 2023 | | 2022 | | Favorable (Unfavorable) |
| (in thousands) | | |
Cash provided by operating activities | $ | 580,726 | | | $ | 246,685 | | | $ | 334,041 | | | 135.4 | % |
Cash used in investing activities | (86,468) | | | (2,136,489) | | | 2,050,021 | | | 96.0 | % |
Cash provided by (used in) financing activities | (557,852) | | | 1,827,653 | | | (2,385,505) | | | (130.5) | % |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (262) | | | (8,821) | | | 8,559 | | | 97.0 | % |
Net change in cash, cash equivalents, and restricted cash | $ | (63,856) | | | $ | (70,972) | | | $ | 7,116 | | | 10.0 | % |
Operating Activities. Cash provided by operating activities consists of net income adjusted for noncash items and changes in working capital. Cash provided by operating activities increased $334.0 million for the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022, driven by higher net income, adjusted for non-cash items, of $152.4 million and increases in operating assets and liabilities of $181.6 million, primarily due to lower inventories.
Investing Activities. There was a $2,050.0 million decrease in cash used in investing activities for the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022. The decrease is primarily due to the cash paid for the acquisition, net of cash acquired, in the nine months ended September 30, 2022 that did not recur in the current year. Refer to Note 15 — Acquisition of HEYDUDE in the accompanying notes to the condensed consolidated financial statements included in Part I - Item 1. Financial Statements of this Quarterly Report on Form 10-Q.
Financing Activities. Cash provided by financing activities decreased by $2,385.5 million in the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022. The decrease was primarily due to a decrease of $2,026.1 million in proceeds from borrowings, which includes borrowings under the Term Loan B Facility of $2.0 billion used to fund the acquisition of HEYDUDE in part during the nine months ended September 30, 2022 that did not recur in the current year. Additionally, there was an increase of $253.4 million in repayments of borrowings, an increase of $150.0 million in repurchases of common stock, an increase of $5.6 million in repurchases of common stock for tax withholding, and a decrease in cash provided by financing activities of $0.1 million. The overall decrease was offset by a $49.7 million decrease in deferred debt issuance costs.
Contractual Obligations
There have been no significant changes to the contractual obligations reported in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, other than borrowings and repayments on the Term Loan B Facility, Revolving Facility, and Asia revolving credit facilities.
Off-Balance Sheet Arrangements
We had no material off-balance sheet arrangements as of September 30, 2023, other than certain purchase commitments, which are described in Note 13 — Commitments and Contingencies in the accompanying notes to the condensed consolidated financial statements included in Part I - Item 1. Financial Statements of this Quarterly Report on Form 10-Q.
Critical Accounting Policies and Estimates
The preparation of these condensed consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, sales, and expenses, and related disclosure of contingent assets and liabilities. We evaluate our assumptions and estimates on an on-going basis. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.
For a complete discussion of our critical accounting policies and estimates, please refer to our Annual Report on Form 10-K for the year ended December 31, 2022 and Note 2 — Recent Accounting Pronouncements in the accompanying notes to the condensed consolidated financial statements included in Part I - Item 1. Financial Statements of this Quarterly Report on Form 10-Q. There have been no other significant changes in our critical accounting policies or their application since December 31, 2022.
Recent Accounting Pronouncements
See Note 2 — Recent Accounting Pronouncements in the accompanying notes to the condensed consolidated financial statements included in Part I - Item 1. Financial Statements of this Quarterly Report on Form 10-Q for a description of recently adopted accounting pronouncements and issued accounting pronouncements that we believe may have an impact on our condensed consolidated financial statements when adopted.
ITEM 3. Quantitative and Qualitative Disclosures About Market Risk
Interest Rate Risk
We centrally manage our debt and investment portfolios considering investment opportunities and risks, tax consequences, and overall financing strategies. Our exposure to market risk includes interest rate fluctuations in connection with our Revolving Facility and certain financial instruments.
Borrowings under our Term Loan B Facility and Revolving Facility bear interest at a variable rate and are therefore subject to risk based upon prevailing market interest rates. Interest rates fluctuate as a result of many factors, including governmental monetary and tax policies, domestic and international economic and political considerations, and other factors that are beyond our control.
As of September 30, 2023, we had borrowings with a face value of $1,990.0 million, comprised of the Notes, which carry a fixed rate, the Term Loan B Facility, and borrowings under our Revolving Facility. We also had $1.3 million in outstanding letters of credit under our Revolving Facility as of September 30, 2023. As of December 31, 2022, we had long-term borrowings with a face value of $2,379.3 million and $1.3 million in outstanding letters of credit under our Revolving Facility.
A hypothetical increase of 1% in the interest rate on the variable rate borrowings under our Term Loan B Facility and Revolving Facility would have increased interest expense by $3.4 million and $11.6 million for the three and nine months ended September 30, 2023, respectively.
Foreign Currency Exchange Risk
Changes in exchange rates have a direct effect on our reported U.S. Dollar condensed consolidated financial statements because we translate the operating results and financial position of our international subsidiaries to U.S. Dollars using current period exchange rates. Specifically, we translate the statements of income of our foreign subsidiaries into the U.S. Dollar reporting currency using exchange rates in effect during each reporting period. As a result, comparisons of reported results between reporting periods may be impacted significantly due to differences in the exchange rates in effect at the time such exchange rates are used to translate the operating results of our international subsidiaries.
An increase of 1% of the value of the U.S. Dollar relative to foreign currencies when translating our financial results would have decreased our revenues and income before taxes during the three months ended September 30, 2023 by $5.9 million and $1.1 million, respectively. During the nine months ended September 30, 2023, an increase of 1% of the value of the U.S. Dollar relative to foreign currencies would have decreased our revenues and income before taxes by $17.7 million and $4.2 million, respectively. This analysis does not account for transactional fluctuations in accounts, such as those driven by purchasing power, which is defined as purchasing foreign goods in the U.S. Dollar but recognizing the cost in foreign currencies. The volatility of the exchange rates is dependent on many factors that cannot be forecasted with reliable accuracy.
In order to manage exposure to fluctuations in foreign currency and to reduce the volatility in earnings caused by fluctuations in foreign exchange rates, we may enter into forward foreign exchange contracts to buy or sell various foreign currencies. Changes in the fair value of these forward contracts are recognized in earnings in the period that the changes occur or in the period in which the hedged transaction affects earnings for derivatives classified as non-hedged or hedged, respectively, as defined in Note 7 — Derivative Financial Instruments in the accompanying notes to the condensed consolidated financial statements included in Part I - Item 1. Financial Statements of this Quarterly Report on Form 10-Q. As of September 30, 2023, the U.S. Dollar notional value of our outstanding foreign currency forward exchange contracts was approximately $165.3 million. The fair value of these contracts at September 30, 2023 was an insignificant liability.
We perform a sensitivity analysis to determine the effects that market risk exposures may have on the fair values of our foreign currency forward exchange contracts. To perform the sensitivity analysis, we assess the risk of changes in fair values from the effect of hypothetical changes in foreign currency exchange rates. This analysis assumes a like movement by the foreign currencies in our hedge portfolio against the U.S. Dollar. As of September 30, 2023, a 10% appreciation in the value of the U.S. Dollar would result in a net decrease in the fair value of our derivative portfolio of approximately $1.1 million.
See Part I - Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations of this Quarterly Report on Form 10-Q for a discussion of the impact of the change in foreign exchange rates on our U.S. Dollar condensed consolidated statements of income for the nine months ended September 30, 2023 and 2022.
ITEM 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of our disclosure controls and procedures as such item is defined under Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (“Exchange Act”) as of September 30, 2023. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of September 30, 2023, to provide reasonable assurance that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Management necessarily applies its judgment in assessing the costs and benefits of such controls and procedures that, by their nature, can only provide reasonable assurance regarding management’s control objectives.
Changes in Internal Control over Financial Reporting
In the three months ended March 31, 2022, we closed the Acquisition, as discussed in Note 15 — Acquisition of HEYDUDE, and as such, internal controls over the HEYDUDE financial processes have been integrated and will be included in Management’s Evaluation of Disclosure Controls and Procedures for the year ending December 31, 2023. There were no other changes in our internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f)) during the three months ended September 30, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II — Other Information
ITEM 1. Legal Proceedings
A discussion of legal matters is found in Note 13 — Commitments and Contingencies in the accompanying notes to the condensed consolidated financial statements included in Part I - Item 1. Financial Statements of this Quarterly Report on Form 10-Q.
ITEM 1A. Risk Factors
There have been no material changes to the risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2022.
ITEM 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities
| | | | | | | | | | | | | | | | | | | | | | | | | | |
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 (1) |
July 1 - 31, 2023 | | 986,504 | | | $ | 111.51 | | | 986,504 | | | $ | 940,015,076 | |
| | | | | | | | |
| | | | | | | | |
August 1 - 31, 2023 | | 404,495 | | | 98.91 | | | 404,495 | | | 900,015,149 | |
September 1 - 30, 2023 | | — | | | — | | | — | | | 900,015,149 | |
| | | | | | | | |
| | | | | | | | |
Total | | 1,390,999 | | | $ | 107.85 | | | 1,390,999 | | | $ | 900,015,149 | |
(1) On April 23, 2021, the Board approved and authorized a program to repurchase up to $1.0 billion of our common stock. Additionally, on September 23, 2021, the Board approved an increase of $1.0 billion to our share repurchase authorization. As of September 30, 2023, approximately $900.0 million remained available for repurchase under our share repurchase authorization. The number, price, structure and timing of the repurchases, if any, will be at our sole discretion and future repurchases will be evaluated by us depending on market conditions, liquidity needs, restrictions under our debt arrangements, and other factors. Share repurchases may be made in the open market or in privately negotiated transactions. The repurchase authorization does not have an expiration date and does not oblige us to acquire any particular amount of our common stock. The Board may suspend, modify, or terminate the repurchase program at any time without prior notice.
ITEM 5. Other Information
In the three months ended September 30, 2023, no directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
ITEM 6. Exhibits
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Exhibit Number | | Description |
3.1 | | |
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3.2 | | |
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3.3 | | |
| | |
3.4 | | |
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4.1 | | |
| | |
10.1* | | Refinancing Amendment, dated as of August 8, 2023, by and among Crocs, Inc., a Delaware corporation, the subsidiary guarantors party thereto, Citibank, N.A., as administrative agent, and each of the lenders party thereto (incorporated herein by reference to Exhibit 10.1 to Crocs, Inc.'s Current Report on Form 8-K, filed on August 8, 2023). |
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31.1† | | |
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31.2† | | |
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32+ | | |
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101.INS† | | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
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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. |
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101.PRE† | | XBRL Taxonomy Extension Presentation Linkbase Document. |
| | |
104 | | Cover Page Interactive Data File (embedded within the Inline XBRL document and contained in Exhibit 101). |
* Certain schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company hereby undertakes to supplementally furnish copies of any omitted schedules and exhibits to the Securities and Exchange Commission upon request.
† Filed herewith.
+ Furnished herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| | | | | | | | | | | | | | |
| | CROCS, INC. |
| | | |
Date: November 2, 2023 | | By: | /s/ Anne Mehlman |
| | | Name: | Anne Mehlman |
| | | Title: | Executive Vice President and Chief Financial Officer |
EXHIBIT 31.1
SECTION 302 CERTIFICATION
I, Andrew Rees, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Crocs, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | | | | |
Date: November 2, 2023 | | /s/ Andrew Rees |
| | Andrew Rees |
| | Chief Executive Officer |
EXHIBIT 31.2
SECTION 302 CERTIFICATION
I, Anne Mehlman, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Crocs, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | | | | |
Date: November 2, 2023 | | /s/ Anne Mehlman |
| | Anne Mehlman |
| | Executive Vice President and Chief Financial Officer |
| | |
EXHIBIT 32
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002
The undersigned, Chief Executive Officer and Executive Vice President and Chief Financial Officer of Crocs, Inc. (the “Company”), hereby certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that to the best of their knowledge:
(1) The Quarterly Report on Form 10-Q of the Company for the three months ended September 30, 2023 (“Form 10-Q”) fully complies with the requirements of Section 13(a) or section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)), and
(2) The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company for the period covered by this Form 10-Q.
| | | | | | | | |
Date: November 2, 2023 | | /s/ Andrew Rees |
| | Andrew Rees |
| | Chief Executive Officer |
| | |
| | /s/ Anne Mehlman |
| | Anne Mehlman |
| | Executive Vice President and Chief Financial Officer |
A signed original of this written statement required by Section 906 has been provided to Crocs, Inc. and will be retained by Crocs, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.
v3.23.3
Cover Page - shares
|
9 Months Ended |
|
Sep. 30, 2023 |
Oct. 26, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Document Quarterly Report |
true
|
|
Document Period End Date |
Sep. 30, 2023
|
|
Document Transition Report |
false
|
|
Entity File Number |
000-51754
|
|
Entity Registrant Name |
CROCS, INC.
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Tax Identification Number |
20-2164234
|
|
Entity Address, Address Line One |
13601 Via Varra
|
|
Entity Address, City or Town |
Broomfield
|
|
Entity Address, State or Province |
CO
|
|
Entity Address, Postal Zip Code |
80020
|
|
City Area Code |
303
|
|
Local Phone Number |
848-7000
|
|
Title of 12(b) Security |
Common Stock, par value $0.001 per share
|
|
Trading Symbol |
CROX
|
|
Security Exchange Name |
NASDAQ
|
|
Entity Current Reporting Status |
Yes
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Entity Interactive Data Current |
Yes
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Entity Filer Category |
Large Accelerated Filer
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false
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v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Revenues |
$ 1,045,717
|
$ 985,094
|
$ 3,002,250
|
$ 2,609,823
|
Cost of sales |
464,081
|
443,792
|
1,322,937
|
1,245,864
|
Gross profit |
581,636
|
541,302
|
1,679,313
|
1,363,959
|
Selling, general and administrative expenses |
307,784
|
277,239
|
852,044
|
733,255
|
Income from operations |
273,852
|
264,063
|
827,269
|
630,704
|
Foreign currency losses, net |
(1,770)
|
(393)
|
(1,622)
|
(1,115)
|
Interest income |
506
|
31
|
1,225
|
219
|
Interest expense |
(39,207)
|
(34,142)
|
(124,907)
|
(86,357)
|
Other income (expense), net |
24
|
16
|
448
|
(512)
|
Income before income taxes |
233,405
|
229,575
|
702,413
|
542,939
|
Income tax expense |
56,380
|
60,226
|
163,433
|
140,515
|
Net income |
$ 177,025
|
$ 169,349
|
$ 538,980
|
$ 402,424
|
Net income per common share: |
|
|
|
|
Basic (in dollars per share) |
$ 2.90
|
$ 2.75
|
$ 8.74
|
$ 6.59
|
Diluted (in dollars per share) |
$ 2.87
|
$ 2.72
|
$ 8.65
|
$ 6.51
|
Weighted average common shares outstanding: |
|
|
|
|
Basic (in shares) |
61,143
|
61,693
|
61,670
|
61,042
|
Diluted (in shares) |
61,615
|
62,367
|
62,280
|
61,840
|
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v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Statement of Comprehensive Income [Abstract] |
|
|
|
|
Net income |
$ 177,025
|
$ 169,349
|
$ 538,980
|
$ 402,424
|
Derivatives designated as hedging instruments: |
|
|
|
|
Unrealized gains (losses) on derivative instruments |
(363)
|
568
|
(519)
|
568
|
Reclassification adjustment for realized (gains) losses on derivative instruments |
247
|
0
|
847
|
0
|
Net increase (decrease) from derivatives designated as hedging instruments |
(116)
|
568
|
328
|
568
|
Foreign currency translation losses, net |
(17,564)
|
(34,285)
|
(12,421)
|
(70,788)
|
Total comprehensive income, net of tax |
$ 159,345
|
$ 135,632
|
$ 526,887
|
$ 332,204
|
X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.
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v3.23.3
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Current assets: |
|
|
Cash and cash equivalents |
$ 127,320
|
$ 191,629
|
Restricted cash - current |
2
|
2
|
Accounts receivable, net of allowances of $27,305 and $24,493, respectively |
391,207
|
295,594
|
Inventories |
390,163
|
471,551
|
Income taxes receivable |
3,047
|
14,752
|
Other receivables |
23,419
|
18,842
|
Prepaid expenses and other assets |
44,024
|
33,605
|
Total current assets |
979,182
|
1,025,975
|
Property and equipment, net |
223,061
|
181,529
|
Intangible assets, net of accumulated amortization of $142,661 and $125,014, respectively |
1,793,704
|
1,800,167
|
Goodwill |
711,885
|
714,814
|
Deferred tax assets, net |
527,678
|
528,278
|
Restricted cash |
3,707
|
3,254
|
Right-of-use assets |
313,608
|
239,905
|
Other assets |
28,539
|
7,875
|
Total assets |
4,581,364
|
4,501,797
|
Current liabilities: |
|
|
Accounts payable |
209,890
|
230,821
|
Accrued expenses and other liabilities |
248,160
|
239,424
|
Income taxes payable |
108,716
|
89,211
|
Current borrowings |
20,000
|
24,362
|
Current operating lease liabilities |
61,111
|
57,456
|
Total current liabilities |
647,877
|
641,274
|
Deferred tax liabilities, net |
299,296
|
302,030
|
Long-term income taxes payable |
226,006
|
224,837
|
Long-term borrowings |
1,918,668
|
2,298,027
|
Long-term operating lease liabilities |
286,910
|
215,119
|
Other liabilities |
2,349
|
2,579
|
Total liabilities |
3,381,106
|
3,683,866
|
Commitments and contingencies |
|
|
Stockholders’ equity: |
|
|
Common stock, par value $0.001 per share, 250.0 million shares authorized, 110.0 million and 109.5 million issued, 60.8 million and 61.7 million outstanding, respectively |
110
|
110
|
Treasury stock, at cost, 49.3 million and 47.7 million shares, respectively |
(1,863,567)
|
(1,695,501)
|
Additional paid-in capital |
821,120
|
797,614
|
Retained earnings |
2,358,179
|
1,819,199
|
Accumulated other comprehensive loss |
(115,584)
|
(103,491)
|
Total stockholders’ equity |
1,200,258
|
817,931
|
Total liabilities and stockholders’ equity |
$ 4,581,364
|
$ 4,501,797
|
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v3.23.3
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Accounts receivable, net of allowance |
$ 27,305
|
$ 24,493
|
Intangible assets, net of accumulated amortization |
$ 142,661
|
$ 125,014
|
Common stock par value (in dollars per share) |
$ 0.001
|
$ 0.001
|
Common stock authorized (in shares) |
250,000,000
|
250,000,000
|
Common stock issued (in shares) |
110,000,000
|
109,500,000
|
Common stock outstanding (in shares) |
60,800,000
|
61,700,000
|
Treasury stock (in shares) |
49,300,000
|
47,700,000
|
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v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED) - USD ($) $ in Thousands |
Total |
Common Stock |
Treasury Stock |
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive Loss |
Beginning balance (in shares) at Dec. 31, 2021 |
|
58,330,000
|
|
|
|
|
Beginning balance at Dec. 31, 2021 |
$ 14,082
|
$ 106
|
$ (1,684,262)
|
$ 496,036
|
$ 1,279,040
|
$ (76,838)
|
Beginning balance (in shares) at Dec. 31, 2021 |
|
|
47,583,000
|
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
Share-based compensation |
25,463
|
|
|
25,463
|
|
|
Exercises of stock options, issuance of restricted stock awards, and vests of restricted stock units, net of shares withheld for taxes (in shares) |
|
563,000
|
146,000
|
|
|
|
Exercises of stock options, issuance of restricted stock awards, and vests of restricted stock units, net of shares withheld for taxes |
(11,343)
|
|
$ (11,201)
|
(142)
|
|
|
Repurchases of common stock, including excise tax (in shares) |
|
0
|
|
|
|
|
Share issuance at Acquisition (in shares) |
|
2,852,000
|
|
|
|
|
Share issuance at Acquisition |
270,396
|
$ 3
|
|
270,393
|
|
|
Net income |
402,424
|
|
|
|
402,424
|
|
Other comprehensive loss |
(70,220)
|
|
|
|
|
(70,220)
|
Ending balance (in shares) at Sep. 30, 2022 |
|
61,745,000
|
|
|
|
|
Ending balance at Sep. 30, 2022 |
630,802
|
$ 109
|
$ (1,695,463)
|
791,750
|
1,681,464
|
(147,058)
|
Ending balance (in shares) at Sep. 30, 2022 |
|
|
47,729,000
|
|
|
|
Beginning balance (in shares) at Jun. 30, 2022 |
|
61,627,000
|
|
|
|
|
Beginning balance at Jun. 30, 2022 |
491,965
|
$ 109
|
$ (1,690,780)
|
783,862
|
1,512,115
|
(113,341)
|
Beginning balance (in shares) at Jun. 30, 2022 |
|
|
47,667,000
|
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
Share-based compensation |
7,888
|
|
|
7,888
|
|
|
Exercises of stock options, issuance of restricted stock awards, and vests of restricted stock units, net of shares withheld for taxes (in shares) |
|
118,000
|
62,000
|
|
|
|
Exercises of stock options, issuance of restricted stock awards, and vests of restricted stock units, net of shares withheld for taxes |
(4,683)
|
|
$ (4,683)
|
|
|
|
Repurchases of common stock, including excise tax (in shares) |
|
0
|
|
|
|
|
Net income |
169,349
|
|
|
|
169,349
|
|
Other comprehensive loss |
(33,717)
|
|
|
|
|
(33,717)
|
Ending balance (in shares) at Sep. 30, 2022 |
|
61,745,000
|
|
|
|
|
Ending balance at Sep. 30, 2022 |
$ 630,802
|
$ 109
|
$ (1,695,463)
|
791,750
|
1,681,464
|
(147,058)
|
Ending balance (in shares) at Sep. 30, 2022 |
|
|
47,729,000
|
|
|
|
Beginning balance (in shares) at Dec. 31, 2022 |
61,700,000
|
61,749,000
|
|
|
|
|
Beginning balance at Dec. 31, 2022 |
$ 817,931
|
$ 110
|
$ (1,695,501)
|
797,614
|
1,819,199
|
(103,491)
|
Beginning balance (in shares) at Dec. 31, 2022 |
47,700,000
|
|
47,730,000
|
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
Share-based compensation |
$ 23,507
|
|
|
23,507
|
|
|
Exercises of stock options, issuance of restricted stock awards, and vests of restricted stock units, net of shares withheld for taxes (in shares) |
|
420,000
|
147,000
|
|
|
|
Exercises of stock options, issuance of restricted stock awards, and vests of restricted stock units, net of shares withheld for taxes |
(17,034)
|
|
$ (17,033)
|
(1)
|
|
|
Repurchases of common stock, including excise tax (in shares) |
|
(1,391,000)
|
1,391,000
|
|
|
|
Repurchases of common stock, including excise tax |
(151,033)
|
$ (150,000)
|
$ (151,033)
|
|
|
|
Net income |
538,980
|
|
|
|
538,980
|
|
Other comprehensive loss |
$ (12,093)
|
|
|
|
|
(12,093)
|
Ending balance (in shares) at Sep. 30, 2023 |
60,800,000
|
60,778,000
|
|
|
|
|
Ending balance at Sep. 30, 2023 |
$ 1,200,258
|
$ 110
|
$ (1,863,567)
|
821,120
|
2,358,179
|
(115,584)
|
Ending balance (in shares) at Sep. 30, 2023 |
49,300,000
|
|
49,268,000
|
|
|
|
Beginning balance (in shares) at Jun. 30, 2023 |
|
62,067,000
|
|
|
|
|
Beginning balance at Jun. 30, 2023 |
$ 1,189,690
|
$ 110
|
$ (1,707,136)
|
813,466
|
2,181,154
|
(97,904)
|
Beginning balance (in shares) at Jun. 30, 2023 |
|
|
47,825,000
|
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
Share-based compensation |
7,655
|
|
|
7,655
|
|
|
Exercises of stock options, issuance of restricted stock awards, and vests of restricted stock units, net of shares withheld for taxes (in shares) |
|
102,000
|
52,000
|
|
|
|
Exercises of stock options, issuance of restricted stock awards, and vests of restricted stock units, net of shares withheld for taxes |
(5,399)
|
|
$ (5,398)
|
(1)
|
|
|
Repurchases of common stock, including excise tax (in shares) |
|
(1,391,000)
|
1,391,000
|
|
|
|
Repurchases of common stock, including excise tax |
(151,033)
|
$ (150,000)
|
$ (151,033)
|
|
|
|
Net income |
177,025
|
|
|
|
177,025
|
|
Other comprehensive loss |
$ (17,680)
|
|
|
|
|
(17,680)
|
Ending balance (in shares) at Sep. 30, 2023 |
60,800,000
|
60,778,000
|
|
|
|
|
Ending balance at Sep. 30, 2023 |
$ 1,200,258
|
$ 110
|
$ (1,863,567)
|
$ 821,120
|
$ 2,358,179
|
$ (115,584)
|
Ending balance (in shares) at Sep. 30, 2023 |
49,300,000
|
|
49,268,000
|
|
|
|
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v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Cash flows from operating activities: |
|
|
Net income |
$ 538,980
|
$ 402,424
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
Depreciation and amortization |
40,531
|
26,498
|
Operating lease cost |
56,880
|
47,945
|
Share-based compensation |
23,507
|
25,463
|
Other non-cash items |
7,411
|
12,568
|
Changes in operating assets and liabilities, net of acquired assets and assumed liabilities: |
|
|
Accounts receivable |
(99,912)
|
(166,864)
|
Inventories |
77,915
|
(139,682)
|
Prepaid expenses and other assets |
(30,714)
|
(20,526)
|
Accounts payable, accrued expenses and other liabilities |
(4,935)
|
51,608
|
Right-of-use assets and operating lease liabilities |
(54,287)
|
(45,824)
|
Income taxes |
25,350
|
53,075
|
Cash provided by operating activities |
580,726
|
246,685
|
Cash flows from investing activities: |
|
|
Purchases of property, equipment, and software |
(86,378)
|
(89,588)
|
Acquisition of HEYDUDE, net of cash acquired |
0
|
(2,046,881)
|
Other |
(90)
|
(20)
|
Cash used in investing activities |
(86,468)
|
(2,136,489)
|
Cash flows from financing activities: |
|
|
Proceeds from borrowings |
214,634
|
2,240,677
|
Repayments of borrowings |
(603,703)
|
(350,285)
|
Deferred debt issuance costs |
(1,736)
|
(51,395)
|
Repurchases of common stock |
(150,013)
|
0
|
Repurchases of common stock for tax withholding |
(17,034)
|
(11,439)
|
Other |
0
|
95
|
Cash provided by (used in) financing activities |
(557,852)
|
1,827,653
|
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |
(262)
|
(8,821)
|
Net change in cash, cash equivalents, and restricted cash |
(63,856)
|
(70,972)
|
Cash, cash equivalents, and restricted cash—beginning of period |
194,885
|
216,925
|
Cash, cash equivalents, and restricted cash—end of period |
$ 131,029
|
$ 145,953
|
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v3.23.3
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Unless otherwise noted in this report, any description of the “Company,” “we,” “us,” or “our” includes Crocs, Inc. and our consolidated subsidiaries within our reportable operating segments and corporate operations. We are engaged in the design, development, worldwide marketing, distribution, and sale of casual lifestyle footwear and accessories for women, men, and children. We strive to be the global leader in the sale of casual footwear characterized by functionality, comfort, color, and lightweight design.
Our reportable operating segments include: (i) North America for the Crocs Brand, operating throughout the United States and Canada; (ii) Asia Pacific for the Crocs Brand, operating throughout Asia, Australia, and New Zealand; (iii) Europe, Middle East, Africa, and Latin America (“EMEALA”) for the Crocs Brand; and (iv) the HEYDUDE Brand. See Note 14 — Operating Segments and Geographic Information for additional information.
The accompanying unaudited condensed consolidated interim financial statements include our accounts and those of our wholly-owned subsidiaries and reflect all adjustments which are necessary for a fair statement of the financial position, results of operations, and cash flows for the periods presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Such unaudited condensed consolidated interim financial statements have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The year-end condensed balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP.
These unaudited condensed consolidated interim financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2022 (“Annual Report”) and have been prepared on a consistent basis with the accounting policies described in Note 1 of the Notes to Consolidated Financial Statements included in our Annual Report. Our accounting policies did not change during the nine months ended September 30, 2023, other than with respect to the new accounting pronouncements adopted as described in Note 2 — Recent Accounting Pronouncements.
Reclassifications
We have reclassified certain amounts in Note 4 — Accrued Expenses and Other Liabilities to conform to current period presentation.
Use of Estimates
U.S. GAAP requires us to make certain estimates, judgments, and assumptions. We believe that the estimates, judgments, and assumptions used to determine certain amounts that affect the financial statements are reasonable, based on information available at the time they are made. Management believes that the estimates, judgments, and assumptions made when accounting for items and matters such as, but not limited to, the allowance for doubtful accounts, customer rebates, sales returns, impairment assessments and charges, recoverability of long-lived assets, deferred tax assets, valuation allowances, uncertain tax positions, income tax expense, share-based compensation expense, the assessment of lower of cost or net realizable value on inventory, useful lives assigned to long-lived assets, depreciation and amortization are reasonable based on information available at the time they are made. To the extent there are differences between these estimates and actual results, our condensed consolidated financial statements may be materially affected. Condensed Consolidated Statements of Cash Flows - Supplemental Disclosures
| | | | | | | | | | | | | Nine Months Ended September 30, | | 2023 | | 2022 | | (in thousands) | Cash paid for interest | $ | 125,130 | | | $ | 89,080 | | Cash paid for income taxes | 141,393 | | | 89,306 | | Cash paid for operating leases | 53,679 | | | 45,192 | | | | | | Non-Cash Investing and Financing Activities: | | | | Right-of-use assets obtained in exchange for operating lease liabilities, net of terminations | $ | 122,534 | | | $ | 96,292 | | Accrued purchases of property, equipment, and software (1) | 9,445 | | | 6,341 | | Share issuance at Acquisition (2) | — | | | 270,396 | |
(1) In the three months ended September 30, 2023, management identified an error in its quarterly condensed consolidated statement of cash flows for the nine months ended September 30, 2022 of $73.8 million within the amount reported in ‘Accrued purchases of property, equipment, and software.’ This amount represents noncash investing activity and had no impact on cash flows from operating, investing, or financing activities. We have corrected this amount here for the nine months ended September 30, 2022. Management has evaluated the materiality of this error from quantitative and qualitative perspectives and concluded the error was not material to the prior period. (2) On February 17, 2022 (the “Acquisition Date”), we acquired (the “Acquisition”) 100% of the equity of a privately-owned casual footwear brand business (“HEYDUDE”), pursuant to a securities purchase agreement (the “SPA”) entered into on December 22, 2021.
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v3.23.3
RECENT ACCOUNTING PRONOUNCEMENTS
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
RECENT ACCOUNTING PRONOUNCEMENTS |
RECENT ACCOUNTING PRONOUNCEMENTS New Accounting Pronouncement Adopted
Income Taxes
The CHIPS and Science Act of 2022 (“CHIPS”) and the Inflation Reduction Act of 2022 (“IRA”) were signed into law on August 9, 2022 and August 16, 2022, respectively. The legislation introduces new options for monetizing certain credits, a corporate alternative minimum tax, and a stock repurchase excise tax. The corporate alternative minimum tax and stock repurchase excise tax were effective as of January 1, 2023 and are the main provisions that are applicable to us. The Company is currently monitoring the impact of both the CHIPS and IRA but does not expect that any of the provisions included in these acts would result in a material impact to our deferred tax assets, liabilities, or income taxes payable. Additionally, we resumed our share repurchase program in July 2023. As such, we began recognizing an accrual for the stock repurchase excise tax, which did not have a material impact on our consolidated financial position.
New Accounting Pronouncement Not Yet Adopted
Pillar Two Global Minimum Tax
On October 8, 2021, the Organization for Economic Co-operation and Development (“OECD”) released a statement on the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting, which agreed to a two-pillar solution to address tax challenges of the digital economy. On December 20, 2021, the OECD released Pillar Two model rules defining a 15% global minimum tax rate for large multinational corporations. The OECD continues to release additional guidance and countries are implementing legislation with widespread adoption of the Pillar Two Framework expected by 2024. We are continuing to evaluate the Pillar Two Framework and its potential impact on future periods.
Other new pronouncements issued but not effective until after September 30, 2023 are not expected to have a material impact on our condensed consolidated financial statements.
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v3.23.3
ACCRUED EXPENSES AND OTHER LIABILITIES
|
9 Months Ended |
Sep. 30, 2023 |
Payables and Accruals [Abstract] |
|
ACCRUED EXPENSES AND OTHER LIABILITIES |
ACCRUED EXPENSES AND OTHER LIABILITIES Amounts reported in ‘Accrued expenses and other liabilities’ in the condensed consolidated balance sheets were: | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | (in thousands) | Accrued compensation and benefits | $ | 60,150 | | | $ | 55,474 | | Professional services | 62,958 | | | 45,351 | | Fulfillment, freight, and duties | 29,797 | | | 41,646 | | Return liabilities | 24,946 | | | 27,651 | | Sales/use and value added taxes payable | 26,736 | | | 27,249 | | Royalties payable and deferred revenue | 12,297 | | | 10,528 | | Accrued rent and occupancy | 8,724 | | | 8,972 | | Accrued legal fees (1) | 4,251 | | | 2,602 | | Other (1) | 18,301 | | | 19,951 | | Total accrued expenses and other liabilities | $ | 248,160 | | | $ | 239,424 | |
(1) Amounts as of December 31, 2022 have been reclassified to conform to current period presentation.
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v3.23.3
LEASES
|
9 Months Ended |
Sep. 30, 2023 |
Leases [Abstract] |
|
LEASES |
LEASES Right-of-Use Assets and Operating Lease Liabilities
Amounts reported in the condensed consolidated balance sheets were: | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | (in thousands) | Assets: | | | | Right-of-use assets | $ | 313,608 | | | $ | 239,905 | | Liabilities: | | | | Current operating lease liabilities | $ | 61,111 | | | $ | 57,456 | | Long-term operating lease liabilities | 286,910 | | | 215,119 | | Total operating lease liabilities | $ | 348,021 | | | $ | 272,575 | |
We expect to move from our current corporate headquarters in the three months ended December 31, 2023. As of September 30, 2023, we estimated impairment losses of up to a maximum of approximately $16 million to our right-of-use-asset and property and equipment associated with our current corporate headquarters to be recognized in the three months ended December 31, 2023. This estimate is subject to change in the near term. Lease Costs and Other Information
Lease-related costs reported within ‘Cost of sales’ and ‘Selling, general and administrative expenses’ in our condensed consolidated statements of income were: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2023 | | 2022 | | 2023 | | 2022 | | (in thousands) | Operating lease cost | $ | 20,288 | | | $ | 17,058 | | | $ | 56,880 | | | $ | 47,945 | | Short-term lease cost | 3,102 | | | 2,490 | | | 10,336 | | | 7,493 | | Variable lease cost | 15,130 | | | 12,161 | | | 35,248 | | | 28,726 | | Total lease costs | $ | 38,520 | | | $ | 31,709 | | | $ | 102,464 | | | $ | 84,164 | |
The weighted average remaining lease term and discount rate related to our lease liabilities as of September 30, 2023 were 7.2 years and 5.5%, respectively. As of September 30, 2022, the weighted average remaining lease term and discount rate related to our lease liabilities were 7.2 years and 3.6%, respectively.
Maturities
The maturities of our operating lease liabilities were: | | | | | | | As of September 30, 2023 | | (in thousands) | 2023 (remainder of year) | $ | 13,269 | | 2024 | 76,434 | | 2025 | 60,750 | | 2026 | 52,309 | | 2027 | 45,767 | | Thereafter | 179,532 | | Total future minimum lease payments | 428,061 | | Less: imputed interest | (80,040) | | Total operating lease liabilities | $ | 348,021 | |
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v3.23.3
FAIR VALUE MEASUREMENTS
|
9 Months Ended |
Sep. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
FAIR VALUE MEASUREMENTS |
FAIR VALUE MEASUREMENTS Recurring Fair Value Measurements All of our derivative instruments are classified as Level 2 of the fair value hierarchy and are reported in the condensed consolidated balance sheets within either ‘Prepaid expenses and other assets’ or ‘Accrued expenses and other liabilities’ at September 30, 2023 and December 31, 2022. The fair values of our derivative instruments were an insignificant liability at September 30, 2023 and an insignificant asset and insignificant liability at December 31, 2022. See Note 7 — Derivative Financial Instruments for more information.
The carrying amounts of our cash, cash equivalents, and restricted cash, accounts receivable, accounts payable, current accrued expenses and other liabilities, and our Asia revolving facilities approximate their fair value as recorded due to the short-term maturity of these instruments.
Our borrowing instruments are recorded at their carrying values in the condensed consolidated balance sheets, which may differ from their respective fair values. The Term Loan B Facility (as defined below) and the Notes (as defined below) are classified as Level 1 of the fair value hierarchy and are reported in our condensed consolidated balance sheet at face value, less unamortized issuance costs. The fair value of our Revolving Facility (as defined below) approximates its carrying value at September 30, 2023 and December 31, 2022 based on interest rates currently available to us for similar borrowings. The carrying value and fair value of our borrowing instruments as of September 30, 2023 and December 31, 2022 were:
| | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | Carrying Value | | Fair Value | | Carrying Value | | Fair Value | | (in thousands) | Term Loan B Facility | $ | 1,090,000 | | | $ | 1,094,088 | | | $ | 1,675,000 | | | $ | 1,642,547 | | 2029 Notes | 350,000 | | | 290,210 | | | 350,000 | | | 297,596 | | 2031 Notes | 350,000 | | | 270,643 | | | 350,000 | | | 284,240 | | Revolving Facility | 200,000 | | | 200,000 | | | — | | | — | |
Non-Financial Assets and Liabilities
Our non-financial assets, which primarily consist of property and equipment, right-of-use assets, goodwill, and other intangible assets, are not required to be carried at fair value on a recurring basis and are reported at carrying value. The fair values of these assets are determined, as required, based on Level 3 measurements, including estimates of the amount and timing of future cash flows based upon historical experience, expected market conditions, and management’s plans.
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v3.23.3
DERIVATIVE FINANCIAL INSTRUMENTS
|
9 Months Ended |
Sep. 30, 2023 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
DERIVATIVE FINANCIAL INSTRUMENTS |
DERIVATIVE FINANCIAL INSTRUMENTS We transact business in various foreign entities and are therefore exposed to foreign currency exchange rate risk that impacts the reported U.S. Dollar (“USD”) amounts of revenues, expenses, and certain foreign currency monetary assets and liabilities. In order to manage exposure to fluctuations in foreign currency and to reduce the volatility in earnings caused by fluctuations in foreign exchange rates, we may enter into forward contracts to buy and sell foreign currency. By policy, we do not enter into these contracts for trading purposes or speculation.
Counterparty default risk is considered low because the forward contracts we enter into are over-the-counter instruments transacted with highly-rated financial institutions. We were not required to and did not post collateral as of September 30, 2023 or December 31, 2022.
Our derivative instruments are recorded at fair value as a derivative asset or liability in the condensed consolidated balance sheets within either ‘Prepaid expenses and other assets’ or ‘Accrued expenses and other liabilities’ at September 30, 2023 and December 31, 2022. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged transactions in a cash flow hedge. We may enter into derivative contracts that are intended to economically hedge certain components of its risk, even though hedge accounting does not apply, or we elect not to apply hedge accounting.
We report derivative instruments with the same counterparty on a net basis when a master netting arrangement is in place. For the condensed consolidated statements of cash flows, we classify cash flows from derivative instruments at settlement in the same category as the cash flows from the related hedged items within ‘Cash provided by operating activities.’
As of September 30, 2023, we have derivatives not designated as hedging instruments (“non-hedged derivatives”), which consist of foreign currency forward contracts primarily used to hedge monetary assets and liabilities denominated in non-functional currencies. For our non-hedged derivatives, changes in fair value are recognized within ‘Foreign currency gains (losses), net’ in the condensed consolidated statements of income.
We also have cash flow hedges (“hedged derivatives”) as of September 30, 2023. We are exposed to fluctuations in various foreign currencies against our functional currency, the U.S. Dollar. Specifically, we have subsidiaries that transact in currencies other than their functional currency. We use cash flow hedges to minimize the variability in cash flows caused by fluctuations in foreign currency exchange rates related to our external sales and external purchases of inventory. Currency forward agreements involve fixing the exchange rates for delivery of a specified amount of foreign currency on a specified date. The currency forward agreements are typically cash settled in USD for their fair value at or close to their settlement date. We may also use currency option contracts under which we will pay a premium for the right to sell a specified amount of a foreign currency prior to the maturity date of the option.
For derivatives designated and that qualify as cash flow hedges of foreign exchange risk, the gain or loss on the derivative is recorded in ‘Accumulated other comprehensive loss’ in the condensed consolidated balance sheets. In the period during which the hedged transaction affects earnings, the related gain or loss is subsequently reclassified to ‘Revenues’ or ‘Cost of sales’ in the condensed consolidated statement of income, which is consistent with the nature of the hedged transaction. During the three and nine months ended September 30, 2023, there was a gain of $0.3 million and loss of $0.5 million, respectively, recognized due to reclassification from ‘Accumulated other comprehensive loss’ to ‘Revenues’ or ‘Cost of sales’ related to our hedged derivatives. During the next twelve months, we estimate that a loss of approximately less than $0.1 million will be reclassified to our condensed consolidated statement of income.
The fair values of derivative assets and liabilities, net, all of which are classified as Level 2, reported within either ‘Accrued expenses and other liabilities’ or ‘Prepaid expenses and other assets’ in the condensed consolidated balance sheets, were: | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | Derivative Assets | | Derivative Liabilities | | Derivative Assets | | Derivative Liabilities | | (in thousands) | Non-hedged derivatives: | | | | | | | | Forward foreign currency exchange contracts | $ | 3,159 | | | $ | (3,626) | | | $ | 345 | | | $ | (360) | | | | | | | | | | | | | | | | | | Hedged derivatives: | | | | | | | | Cash flow foreign currency contracts | 5 | | | (30) | | | 348 | | | (1,116) | | Total derivatives | 3,164 | | | (3,656) | | | 693 | | | (1,476) | | Netting of counterparty contracts | (3,164) | | | 3,164 | | | (345) | | | 345 | | | | | | | | | | Total derivatives, net of counterparty contracts | $ | — | | | $ | (492) | | | $ | 348 | | | $ | (1,131) | |
The notional amounts of outstanding foreign currency forward exchange contracts presented below report the total U.S. Dollar equivalent position and the net contract fair values for each foreign currency position. | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | Notional | | Fair Value | | Notional | | Fair Value | | (in thousands) | Non-hedged derivatives: | | | | | | | | Singapore Dollar | $ | 48,296 | | | $ | (1,652) | | | $ | 26,760 | | | $ | 207 | | Indian Rupee | 15,517 | | | 104 | | | 24,945 | | | (10) | | South Korean Won | 16,823 | | | 1,094 | | | 18,403 | | | (320) | | British Pound Sterling | 22,702 | | | 1,380 | | | 14,509 | | | 128 | | Japanese Yen | 5,407 | | | 370 | | | 8,953 | | | 9 | | Euro | 32,684 | | | (1,919) | | | 5,068 | | | (29) | | Other currencies | 2,735 | | | 156 | | | — | | | — | | Total non-hedged derivatives | 144,164 | | | (467) | | | 98,638 | | | (15) | | Hedged derivatives: | | | | | | | | Euro | 10,143 | | | 5 | | | 51,914 | | | (360) | | British Pound Sterling | 4,874 | | | (17) | | | 23,025 | | | 235 | | South Korean Won | 2,317 | | | (1) | | | 12,285 | | | (756) | | Indian Rupee | 3,770 | | | (12) | | | 7,203 | | | 113 | | Total hedged derivatives | 21,104 | | | (25) | | | 94,427 | | | (768) | | Total derivatives | $ | 165,268 | | | $ | (492) | | | $ | 193,065 | | | $ | (783) | | | | | | | | | | Latest maturity date, non-hedged derivatives | October 2023 | | April 2023 | Latest maturity date, hedged derivatives | December 2023 | | June 2023 |
Amounts reported in ‘Foreign currency losses, net’ in the condensed consolidated statements of income include both realized and unrealized gains (losses) from foreign currency transactions and derivative contracts and were: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2023 | | 2022 | | 2023 | | 2022 | | (in thousands) | Non-hedged derivatives: | | | | | | | | Foreign currency transaction losses | $ | (781) | | | $ | (2,126) | | | $ | (1,150) | | | $ | (6,178) | | Foreign currency forward exchange contracts gains (losses) | (989) | | | 1,733 | | | (472) | | | 5,063 | | Foreign currency losses, net | $ | (1,770) | | | $ | (393) | | | $ | (1,622) | | | $ | (1,115) | |
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v3.23.3
BORROWINGS
|
9 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
BORROWINGS |
BORROWINGS Our long-term borrowings were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Maturity | | Stated Interest Rate | | Effective Interest Rate | | September 30, 2023 | | December 31, 2022 | | | | | | | | | (in thousands) | Notes issuance of $350.0 million | | 2029 | | 4.250 | % | | 4.64 | % | | $ | 350,000 | | | $ | 350,000 | | Notes issuance of $350.0 million | | 2031 | | 4.125 | % | | 4.35 | % | | 350,000 | | | 350,000 | | Term Loan B Facility | | 2029 | | | | | | 1,090,000 | | | 1,675,000 | | Revolving Facility | | | | | | | | 200,000 | | | — | | Total face value of long-term borrowings | | | | | | | | 1,990,000 | | | 2,375,000 | | Less: | | | | | | | | | | | Unamortized issuance costs | | | | | | | | 51,332 | | | 56,973 | | Current portion of long-term borrowings (1) | | | | | | | | 20,000 | | | 20,000 | | Total long-term borrowings | | | | | | | | $ | 1,918,668 | | | $ | 2,298,027 | |
(1) Represents the current portion of the borrowings under the Term Loan B facility.
At September 30, 2023 and December 31, 2022, $3.2 million and $10.8 million, respectively, of accrued interest related to our borrowings was reported in ‘Accounts payable’ in the condensed consolidated balance sheets.
Senior Revolving Credit Facility
In July 2019, the Company and certain of its subsidiaries (the “Borrowers”) entered into a Second Amended and Restated Credit Agreement (as amended, the “Credit Agreement”), with the lenders named therein and PNC Bank, National Association, as a lender and administrative agent for the lenders. Since that time, we have amended the Credit Agreement, which, as amended to date, provides for a revolving credit facility of $750.0 million, which can be increased by an additional $250.0 million subject to certain conditions (the “Revolving Facility”). Borrowings under the Credit Agreement bear interest at a variable interest rate based on (A) a Base Rate (defined as the highest of (i) the Overnight Bank Funding Rate (as defined in the Credit Agreement), plus 0.25%, (ii) the Prime Rate (as defined in the Credit Agreement), and (iii) the Daily Simple SOFR (as defined in the Credit Agreement), plus 1.00%), plus an applicable margin ranging from 0.25% to 0.875% based on our leverage ratio or 1.35% to 1.975% for the Daily Simple SOFR based on the leverage ratio, or (B) the Term SOFR Rate (as defined in the Credit Agreement), plus an applicable margin ranging from 1.35% to 1.975% based on our leverage ratio for one-month interest periods and 1.40% to 2.025% based on our leverage ratio for three month interest periods. Borrowings under the Credit Agreement are secured by all of the assets of the Borrowers and guaranteed by certain other subsidiaries of the Borrowers.
The Credit Agreement requires us to maintain a minimum interest coverage ratio of 3.00 to 1.00, and a maximum leverage ratio of (i) 4.00 to 1.00 from the quarter ended March 31, 2022 through, and including, the quarter ending December 31, 2023, (ii) 3.75 to 1.00 for the quarter ending March 31, 2024, (iii) 3.50 to 1.00 for the quarter ending June 30, 2024, and (iv) 3.25 to 1.00 for the quarter ending September 30, 2024 and thereafter (subject to adjustment in certain circumstances). The Credit Agreement permits, among other things, (i) stock repurchases subject to certain restrictions, including after giving effect to such stock repurchases, the maximum leverage ratio does not exceed certain levels; and (ii) certain acquisitions so long as there is borrowing availability under the Credit Agreement of at least $40.0 million. As of September 30, 2023, we were in compliance with all financial covenants under the Credit Agreement.
As of September 30, 2023, the total commitments available from the lenders under the Revolving Facility were $750.0 million. At September 30, 2023, we had $200.0 million in outstanding borrowings and $1.3 million in outstanding letters of credit under the Revolving Facility, which reduces amounts available for borrowing under the Revolving Facility. As of September 30, 2023 and December 31, 2022, we had $548.7 million and $748.7 million, respectively, of available borrowing capacity under the Revolving Facility, which matures November 2027. Term Loan B Facility
On February 17, 2022, the Company entered into a credit agreement (the “Original Term Loan B Credit Agreement”) with Citibank, N.A., as administrative agent and lender, to among other things, finance a portion of the cash consideration for the Acquisition, which was amended (the "Amendment") on August 8, 2023 (the Original Term Loan B Credit Agreement, as amended by the Amendment, the “Term Loan B Credit Agreement”).
The Original Term Loan B Credit Agreement provided for an aggregate term loan B facility in the principal amount of $2.0 billion. Among other things, the Amendment provided for a new $1.18 billion tranche of term loans (the “2023 Refinancing Term Loans” and, such facility, the "Term Loan B Facility"), which is secured by substantially all of the Company’s and each subsidiary guarantor’s assets on a pari passu basis with their obligations arising from the Credit Agreement and is scheduled to mature on February 17, 2029, subject to certain exceptions set forth in the Term Loan B Credit Agreement. Additionally, subject to certain conditions, including, without limitation, satisfying certain leverage ratios, the Company may, at any time, on one or more occasions, add one or more new classes of term facilities and/or increase the principal amount of the loans of any existing class by requesting one or more incremental term facilities.
Pursuant to the reduced interest rate margins applicable to the 2023 Refinancing Term Loans, each term loan borrowing which is an alternate base rate borrowing bears interest at a rate per annum equal to the Alternate Base Rate (as defined in the Term Loan B Credit Agreement), plus 2.00%. Each term loan borrowing which is a term benchmark borrowing bears interest at a rate per annum equal to the Adjusted Term SOFR Rate (as defined in the Term Loan B Credit Agreement) plus 3.00%.
Outstanding principal under the Term Loan B Facility is payable on the last business day of each March, June, September and December, in a quarterly aggregate principal amount of $5.0 million. Quarterly aggregate principal payments began on June 30, 2022, with the remaining principal amount due on February 17, 2029, the maturity date. The 2023 Refinancing Term Loans replaced and refinanced all outstanding term loans under the Original Term Loan B Credit Agreement. As of September 30, 2023, we had $1,090.0 million in outstanding principal and the Term Loan B Facility was fully drawn with no remaining borrowing capacity.
The Term Loan B Credit Agreement also contains customary affirmative and negative covenants, incurrence financial covenants, representations and warranties, events of default and other provisions. As of September 30, 2023, we were in compliance with all financial covenants under the Term Loan B Credit Agreement.
Asia Revolving Credit Facilities
During the nine months ended September 30, 2023, we had two revolving credit facilities in Asia, the revolving credit facility with China Merchants Bank Company Limited, Shanghai Branch (the “CMBC Facility”), which matured in January 2023 and provided up to 10.0 million RMB, or $1.5 million using current exchange rates as of January 2023, and the revolving credit facility with Citibank (China) Company Limited, Shanghai Branch (the “Citibank Facility”), which, as amended, provides up to an equivalent of $15.0 million.
As of September 30, 2023, we had no borrowings outstanding on the Citibank Facility. As of December 31, 2022, we had no outstanding borrowings on the CMBC Facility, and we had borrowings outstanding of $4.3 million on the Citibank Facility.
Senior Notes Issuances
In March 2021, the Company completed the issuance and sale of $350.0 million aggregate principal amount of 4.250% Senior Notes due March 15, 2029 (the “2029 Notes”), pursuant to the indenture related thereto (as amended and/or supplemented to date, the “2029 Notes Indenture”). Additionally, in August 2021, the Company completed the issuance and sale of $350.0 million aggregate principal amount of 4.125% Senior Notes due August 15, 2031 (the “2031 Notes”), pursuant to the indenture related thereto (as amended and/or supplemented to date, “the 2031 Notes Indenture” and, together with the 2029 Notes Indenture, the “Indentures” and, each, an “Indenture”). Interest on each of the 2029 Notes and the 2031 Notes (collectively, the “Notes”) is payable semi-annually.
The Company will have the option to redeem all or any portion of the 2029 Notes, at once or over time, at any time on or after March 15, 2024, at a redemption price equal to 100% of the principal amount thereof, plus a premium declining ratably on an annual basis to par and accrued and unpaid interest, if any, to, but excluding, the date of redemption. The Company will also have the option to redeem some or all of the 2029 Notes at any time before March 15, 2024 at a redemption price of 100% of the principal amount to be redeemed, plus a “make-whole” premium and accrued and unpaid interest, if any, to, but excluding, the date of redemption. In addition, at any time before March 15, 2024, the Company may redeem up to 40% of the aggregate principal amount of the 2029 Notes at a redemption price of 104.250% of the principal amount with the proceeds from certain equity issuances, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption.
The Company will have the option to redeem all or any portion of the 2031 Notes, at once or over time, at any time on or after August 15, 2026, at a redemption price equal to 100% of the principal amount thereof, plus a premium declining ratably on an annual basis to par and accrued and unpaid interest, if any, to, but excluding, the date of redemption. The Company will also have the option to redeem some or all of the 2031 Notes at any time before August 15, 2026 at a redemption price of 100% of the principal amount to be redeemed, plus a “make-whole” premium and accrued and unpaid interest, if any, to, but excluding, the date of redemption. In addition, at any time before August 15, 2024, the Company may redeem up to 40% of the aggregate principal amount of the 2031 Notes at a redemption price of 104.125% of the principal amount with the proceeds from certain equity issuances, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption.
The Notes rank pari passu in right of payment with all of the Company’s existing and future senior debt, including the Credit Agreement, and are senior in right of payment to any of the Company’s future debt that is, by its term, expressly subordinated in right of payment to the Notes. The Notes are unconditionally guaranteed by each of the Company’s restricted subsidiaries that is a borrower or guarantor under the Credit Agreement and by each of the Company’s wholly-owned restricted subsidiaries that guarantees any debt of the Company or any guarantor under any syndicated credit facility or capital markets debt in an aggregate principal amount in excess of $25.0 million.
The Indentures contain covenants that, among other things, limit the ability of the Company and its restricted subsidiaries to incur additional debt or issue certain preferred stock; pay dividends or repurchase or redeem capital stock or make other restricted payments; declare or pay dividends or other payments; incur liens; enter into certain types of transactions with the Company’s affiliates; and consolidate or merge with or into other companies. As of September 30, 2023, we were in compliance with all financial covenants under the Notes.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.23.3
COMMON STOCK REPURCHASE PROGRAM
|
9 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
COMMON STOCK REPURCHASE PROGRAM |
COMMON STOCK REPURCHASE PROGRAM During the three and nine months ended September 30, 2023, we repurchased 1.4 million shares of our common stock at a cost of $150.0 million, including commissions. As of September 30, 2023, we also have recorded an accrual for the stock repurchase excise tax, which is reported in ‘Accrued expenses and other liabilities’ and ‘Treasury stock’ in our condensed consolidated balance sheet. During the three and nine months ended September 30, 2022, we did not repurchase any shares of our common stock.
As of September 30, 2023, we had remaining authorization to repurchase $900.0 million of our common stock, subject to restrictions under our Indentures, Credit Agreement, and Term Loan B Credit Agreement.
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v3.23.3
REVENUES
|
9 Months Ended |
Sep. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
REVENUES |
REVENUES Revenues by channel and brand were:
| | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2023 | | Crocs Brand | | HEYDUDE Brand | | Total | | (in thousands) | Channel: | | | | | | Wholesale | $ | 369,177 | | | $ | 146,501 | | | $ | 515,678 | | Direct-to-consumer | 429,592 | | | 100,447 | | | 530,039 | | Total revenues | $ | 798,769 | | | $ | 246,948 | | | $ | 1,045,717 | |
| | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2022 | | Crocs Brand | | HEYDUDE Brand | | Total | | (in thousands) | Channel: | | | | | | Wholesale | $ | 353,304 | | | $ | 181,768 | | | $ | 535,072 | | Direct-to-consumer | 362,403 | | | 87,619 | | | 450,022 | | Total revenues | $ | 715,707 | | | $ | 269,387 | | | $ | 985,094 | |
| | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2023 | | Crocs Brand | | HEYDUDE Brand | | Total | | (in thousands) | Channel: | | | | | | Wholesale | $ | 1,187,081 | | | $ | 463,189 | | | $ | 1,650,270 | | Direct-to-consumer | 1,093,416 | | | 258,564 | | | 1,351,980 | | Total revenues | $ | 2,280,497 | | | $ | 721,753 | | | $ | 3,002,250 | |
| | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2022 | | Crocs Brand | | HEYDUDE Brand | | Total | | (in thousands) | Channel: | | | | | | Wholesale | $ | 1,090,073 | | | $ | 431,186 | | | $ | 1,521,259 | | Direct-to-consumer | 903,075 | | | 185,489 | | | 1,088,564 | | Total revenues | $ | 1,993,148 | | | $ | 616,675 | | | $ | 2,609,823 | |
For information on revenues by reportable operating segment, see Note 14 — Operating Segments and Geographic Information.
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v3.23.3
INCOME TAXES
|
9 Months Ended |
Sep. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
INCOME TAXES |
INCOME TAXES Income tax expense and effective tax rates were: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2023 | | 2022 | | 2023 | | 2022 | | (in thousands, except effective tax rate) | Income before income taxes | $ | 233,405 | | | $ | 229,575 | | | $ | 702,413 | | | $ | 542,939 | | Income tax expense | 56,380 | | | 60,226 | | | 163,433 | | | 140,515 | | Effective tax rate | 24.2 | % | | 26.2 | % | | 23.3 | % | | 25.9 | % |
The decrease in the effective tax rate for the three months ended September 30, 2023, compared to the same period in 2022, was primarily driven by a shift in the mix of the Company's domestic and foreign earnings. Our effective income tax rate, for each period presented, also differs from the federal U.S. statutory rate due to differences in income tax rates between U.S. and foreign jurisdictions. We had unrecognized tax benefits of $218.4 million and $219.4 million at September 30, 2023 and December 31, 2022, respectively, and we do not expect any significant changes in tax benefits in the next twelve months.
During the nine months ended September 30, 2023, income tax expense increased $22.9 million compared to the same period in 2022. The effective tax rate for the nine months ended September 30, 2023 was 23.3% compared to an effective tax rate of 25.9% for the same period in 2022, a 2.6% decrease. This decrease in the effective tax rate was primarily driven by a shift in the mix of the Company's domestic and foreign earnings. Our effective income tax rate, for each period presented, also differs from the federal U.S. statutory rate due to differences in income tax rates between U.S. and foreign jurisdictions.
Our tax rate is volatile and may increase or decrease with changes in, among other things, the amount of income or loss by jurisdiction, our ability to utilize net operating losses and foreign tax credits, changes in tax laws, and the movement of liabilities established pursuant to accounting guidance for uncertain tax positions as statutes of limitations expire, positions are effectively settled, or when additional information becomes available.
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v3.23.3
EARNINGS PER SHARE
|
9 Months Ended |
Sep. 30, 2023 |
Earnings Per Share [Abstract] |
|
EARNINGS PER SHARE |
EARNINGS PER SHARE Basic and diluted earnings per common share (“EPS”) for the nine months ended September 30, 2023 and 2022 were: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2023 | | 2022 | | 2023 | | 2022 | | (in thousands, except per share data) | Numerator: | | | | | | | | Net income | $ | 177,025 | | | $ | 169,349 | | | $ | 538,980 | | | $ | 402,424 | | Denominator: | | | | | | | | Weighted average common shares outstanding - basic | 61,143 | | | 61,693 | | | 61,670 | | | 61,042 | | Plus: Dilutive effect of stock options and unvested restricted stock units | 472 | | | 674 | | | 610 | | | 798 | | Weighted average common shares outstanding - diluted | 61,615 | | | 62,367 | | | 62,280 | | | 61,840 | | | | | | | | | | Net income per common share: | | | | | | | | Basic | $ | 2.90 | | | $ | 2.75 | | | $ | 8.74 | | | $ | 6.59 | | Diluted | $ | 2.87 | | | $ | 2.72 | | | $ | 8.65 | | | $ | 6.51 | |
In the three and nine months ended September 30, 2023 and 2022, an insignificant number of outstanding shares issued under share-based compensation awards were anti-dilutive and, therefore, excluded from the calculation of diluted EPS.
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v3.23.3
COMMITMENTS AND CONTINGENCIES
|
9 Months Ended |
Sep. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
COMMITMENTS AND CONTINGENCIES Purchase Commitments
As of September 30, 2023, we had purchase commitments to third-party manufacturers, primarily for materials and supplies used in the manufacture of our products, for an aggregate of $276.4 million. We expect to fulfill our commitments under these agreements in the normal course of business, and as such, no liability has been recorded.
Other
We are regularly subject to, and are currently undergoing, audits by various tax authorities in the United States and several foreign jurisdictions, including customs duties, import, and other taxes for prior tax years.
During our normal course of business, we may make certain indemnities, commitments, and guarantees under which we may be required to make payments. We cannot determine a range of estimated future payments and have not recorded any liability for indemnities, commitments, and guarantees in the accompanying condensed consolidated balance sheets.
We are also subject to litigation from time to time in the ordinary course of business, including employment, intellectual property, and product liability claims. Other than as set forth below, we are not party to any other pending legal proceedings that we believe would reasonably have a material adverse impact on our business, financial results, and cash flows.
For all claims and disputes, we have accrued estimated losses of $2.7 million within ‘Accrued expenses and other liabilities’ in the condensed consolidated balance sheet as of September 30, 2023. As we are able, we estimate reasonably possible losses or a range of reasonably possible losses. As of September 30, 2023, we estimated that reasonably possible losses associated with these claims and other disputes could potentially exceed amounts accrued by $0.7 million.
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v3.23.3
OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION
|
9 Months Ended |
Sep. 30, 2023 |
Segment Reporting [Abstract] |
|
OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION |
OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION We have four reportable operating segments. For the Crocs Brand, we have three reportable operating segments based on the geographic nature of our operations: North America, Asia Pacific, and EMEALA. Our HEYDUDE Brand is also a reportable operating segment. Each of the reportable operating segments derives its revenues from the sale of footwear, apparel, and accessories to external customers.
Additionally, Crocs ‘Brand corporate’ costs represent operating expense that includes product creation, design, and marketing expenses centrally managed for the Crocs Brand, as well as certain royalty income. Crocs Brand corporate costs are included within the Crocs Brand for presentation purposes to align with the way management views the Company. ‘Enterprise corporate’ costs include global corporate costs associated with both brands, including legal, information technology, human resources, and finance, as well as costs associated with global digital operations.
Each segment’s performance is evaluated based on segment results without allocating Brand corporate or Enterprise corporate expenses. Segment profits or losses include adjustments to eliminate inter-segment sales. Reconciling items between segment income from operations and income from operations consist of unallocated brand and enterprise corporate and other expenses, as well as inter-segment eliminations.
We do not report asset information by segment because that information is not used to evaluate performance or allocate resources between segments. The following tables set forth information related to reportable operating segments: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2023 | | 2022 | | 2023 | | 2022 | | (in thousands) | Revenues: | | | | | | | | North America | $ | 480,744 | | | $ | 445,327 | | | $ | 1,306,609 | | | $ | 1,187,713 | | Asia Pacific | 175,199 | | | 138,450 | | | 513,459 | | | 383,187 | | EMEALA | 142,826 | | | 131,929 | | | 460,429 | | | 422,226 | | Brand corporate | — | | | 1 | | | — | | | 22 | | Total Crocs Brand | 798,769 | | | 715,707 | | | 2,280,497 | | | 1,993,148 | | HEYDUDE Brand (1) | 246,948 | | | 269,387 | | | 721,753 | | | 616,675 | | Total consolidated revenues | $ | 1,045,717 | | | $ | 985,094 | | | $ | 3,002,250 | | | $ | 2,609,823 | | Income from operations: | | | | | | | | North America | $ | 218,018 | | | $ | 191,438 | | | $ | 560,358 | | | $ | 498,413 | | Asia Pacific | 69,762 | | | 40,286 | | | 203,203 | | | 121,823 | | EMEALA | 49,939 | | | 40,506 | | | 176,844 | | | 128,819 | | Brand corporate | (40,263) | | | (36,896) | | | (107,260) | | | (95,864) | | Total Crocs Brand | 297,456 | | | 235,334 | | | 833,145 | | | 653,191 | | HEYDUDE Brand (1) | 31,776 | | | 79,056 | | | 173,905 | | | 136,381 | | Reconciliation of total segment income from operations to income before income taxes: | | | | | | | | | | | | | | | | Enterprise corporate | (55,380) | | | (50,327) | | | (179,781) | | | (158,868) | | Income from operations | 273,852 | | | 264,063 | | | 827,269 | | | 630,704 | | Foreign currency losses, net | (1,770) | | | (393) | | | (1,622) | | | (1,115) | | Interest income | 506 | | | 31 | | | 1,225 | | | 219 | | Interest expense | (39,207) | | | (34,142) | | | (124,907) | | | (86,357) | | Other income (expense), net | 24 | | | 16 | | | 448 | | | (512) | | Income before income taxes | $ | 233,405 | | | $ | 229,575 | | | $ | 702,413 | | | $ | 542,939 | | | | | | | | | | Depreciation and amortization: | | | | | | | | North America | $ | 6,394 | | | $ | 2,705 | | | $ | 15,179 | | | $ | 7,514 | | Asia Pacific | 696 | | | 508 | | | 1,995 | | | 1,528 | | EMEALA | 1,416 | | | 746 | | | 3,997 | | | 2,166 | | Brand corporate | 186 | | | 164 | | | 2,057 | | | 529 | | Total Crocs Brand | 8,692 | | | 4,123 | | | 23,228 | | | 11,737 | | HEYDUDE Brand (1) | 3,919 | | | 3,500 | | | 10,987 | | | 8,750 | | | | | | | | | | Enterprise corporate | 2,140 | | | 2,121 | | | 6,316 | | | 6,011 | | Total consolidated depreciation and amortization | $ | 14,751 | | | $ | 9,744 | | | $ | 40,531 | | | $ | 26,498 | |
(1) We acquired HEYDUDE on February 17, 2022 and in connection therewith added the HEYDUDE Brand as a new operating segment. Therefore, the amounts shown above for the nine months ended September 30, 2022 represent results during the partial period beginning February 17, 2022 through September 30, 2022.
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v3.23.3
ACQUISITION OF HEYDUDE
|
9 Months Ended |
Sep. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
ACQUISITION OF HEYDUDE |
ACQUISITION OF HEYDUDEOn February 17, 2022, we acquired 100% of the equity of HEYDUDE, pursuant to the SPA. HEYDUDE is engaged in the business of distributing and selling casual footwear under the brand name “HEYDUDE.” The Acquisition has allowed us to diversify and expand our business by adding a second brand to the Crocs, Inc. portfolio. The aggregate preliminary purchase price at the closing of the Acquisition was $2.3 billion. We paid aggregate consideration of $2.05 billion in cash (the “Cash Consideration”), subject to adjustment based on, among other things, the cash, indebtedness, transaction expenses, and working capital of the companies comprising HEYDUDE and their respective subsidiaries as of the Acquisition Date, and issued 2,852,280 shares of the Company’s common stock to one of the sellers (the “Equity Consideration Shares”). The Equity Consideration Shares were subject to a lock-up period beginning on the Acquisition Date, which has since expired so all of the Equity Consideration Shares have been released from the lock-up. The purchase price paid to the sellers is final.
The Cash Consideration was financed via the Company’s entry into the $2.0 billion Term Loan B Facility and $50.0 million of borrowings under the Revolving Facility. As a result of the Acquisition, HEYDUDE became wholly owned by Crocs, Inc. Accordingly, the results of HEYDUDE are included in our condensed consolidated financial statements from the Acquisition Date and are reported in the HEYDUDE Brand operating segment. HEYDUDE contributed revenue of $616.7 million and income from operations of $136.4 million from the Acquisition Date through September 30, 2022.
Purchase Price Allocation
The Acquisition was accounted for in accordance with the ASC Topic 805 Business Combinations. As a result, we applied acquisition accounting, which requires, among other things, that the assets acquired and liabilities assumed be recognized at their estimated fair values as of the Acquisition Date. For certain assets and liabilities, those fair values were consistent with historical carrying values. The fair value of inventory was determined using both a market approach and a cost approach. With respect to intangible assets, the estimated fair value was based on the Multi Period Excess Earnings approach for the trademark and the distributor method for the customer relationships. These models used primarily Level 2 and Level 3 inputs, including an estimate of future revenues, future cash flows, and discount rates.
The following table summarizes the final allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed on the Acquisition Date: | | | | | | | | February 17, 2022 | | | (in thousands) | | Cash and cash equivalents | $ | 6,232 | | | Accounts receivable, net | 68,698 | | | Inventories | 155,773 | | | Prepaid expenses and other assets | 7,880 | | | Intangible assets | 1,780,000 | | | Goodwill | 710,034 | | | Right-of-use assets | 2,844 | | | Accounts payable | (30,017) | | | Accrued expenses and other liabilities | (18,860) | | | Income taxes payable | (30,572) | | | Long-term deferred tax liability | (312,656) | | | Long-term income taxes payable | (13,004) | | | Operating lease liabilities | (2,843) | | | Net assets acquired | $ | 2,323,509 | | |
Intangible Assets
The components of intangible assets acquired in connection with the Acquisition were as follows: | | | | | | | | | | | | | Weighted-Average Useful Life | Amortization Method | Estimated Fair Value | | | | (in thousands) | Customer relationships | 15 | Straight-line | $ | 210,000 | | Trademark | Indefinite | — | 1,570,000 | | Total intangible assets | | | $ | 1,780,000 | |
Goodwill
The excess of the purchase price over the fair value of the acquired business's net assets represents goodwill. The goodwill amount of $710.0 million at September 30, 2023 includes an aggregate adjustment of $3.3 million recorded in the three months ended March 31, 2023 as a result of changes to preliminary valuation estimates. The purchase price allocation was finalized during the three months ended March 31, 2023.
Goodwill largely consists of the acquired workforce and economies of scale resulting from the Acquisition. The total goodwill amount acquired was assigned to the HEYDUDE operating segment. None of the goodwill will be deductible for income tax purposes.
Escrow and Holdback Amounts
Additionally, $125.0 million of the Cash Consideration (the “Escrow Amount”) was placed in an escrow account to partially secure the indemnification obligations of the sellers. As of September 30, 2023, a substantial portion of the Escrow Amount remained in the escrow account in connection with claims that were noticed prior to the date that was 18 months after the Acquisition Date but not yet resolved by that date, as provided in the SPA. Further, $8.5 million of the Cash Consideration (the “Adjustment Holdback Amount”) was held back and retained as security (but not as the sole source of recovery) for any downward adjustments to the purchase price made in accordance with the SPA. During the year ended December 31, 2022, the Adjustment Holdback Amount was paid to the sellers.
Acquisition-related Costs
Costs incurred to complete the Acquisition are expensed as incurred and included in ‘Selling, general, and administrative expenses’ in our condensed consolidated statement of income. During the nine months ended September 30, 2023, no Acquisition-related costs were recognized. During the nine months ended September 30, 2022, $20.6 million of Acquisition-related costs were recognized.
Unaudited Pro Forma Information
The following unaudited pro forma financial information for the three and nine months ended September 30, 2022 combines the historical results of Crocs and HEYDUDE, assuming that the companies were combined as of January 1, 2021 and include business combination accounting effects from the Acquisition, including amortization charges from acquired intangible assets, adjustments to the fair value of inventory, interest expense on the financing transactions used to fund the Acquisition, and Acquisition-related transaction costs and tax-related effects. The pro forma information as presented below is for informational purposes only and is not indicative of the results of operations that would have been achieved if the Acquisition had taken place on January 1, 2021. | | | | | | | | | | | | | Three Months Ended September 30, | Nine Months Ended September 30, | | 2022 | | 2022 | | (in thousands) | Revenues | $ | 985,094 | | | $ | 2,700,129 | | Net income | 169,349 | | | 472,071 | |
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v3.23.3
PROPERTY AND EQUIPMENT, NET
|
9 Months Ended |
Sep. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
PROPERTY AND EQUIPMENT, NET |
PROPERTY AND EQUIPMENT, NET ‘Property and equipment, net’ consists of the following: | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | (in thousands) | Machinery and equipment | $ | 161,627 | | | $ | 146,821 | | Leasehold improvements | 92,825 | | | 76,363 | | Construction-in-progress | 54,931 | | | 28,699 | | Furniture, fixtures, and other | 32,377 | | | 26,782 | | Property and equipment | 341,760 | | | 278,665 | | Less: Accumulated depreciation and amortization | (118,699) | | | (97,136) | | Property and equipment, net | $ | 223,061 | | | $ | 181,529 | |
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v3.23.3
Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Pay vs Performance Disclosure |
|
|
|
|
Net income |
$ 177,025
|
$ 169,349
|
$ 538,980
|
$ 402,424
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v3.23.3
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Basis of Presentation |
Unless otherwise noted in this report, any description of the “Company,” “we,” “us,” or “our” includes Crocs, Inc. and our consolidated subsidiaries within our reportable operating segments and corporate operations. We are engaged in the design, development, worldwide marketing, distribution, and sale of casual lifestyle footwear and accessories for women, men, and children. We strive to be the global leader in the sale of casual footwear characterized by functionality, comfort, color, and lightweight design.
|
Segment Reporting |
Our reportable operating segments include: (i) North America for the Crocs Brand, operating throughout the United States and Canada; (ii) Asia Pacific for the Crocs Brand, operating throughout Asia, Australia, and New Zealand; (iii) Europe, Middle East, Africa, and Latin America (“EMEALA”) for the Crocs Brand; and (iv) the HEYDUDE Brand. See Note 14 — Operating Segments and Geographic Information for additional information.
|
Principles of Consolidation |
The accompanying unaudited condensed consolidated interim financial statements include our accounts and those of our wholly-owned subsidiaries and reflect all adjustments which are necessary for a fair statement of the financial position, results of operations, and cash flows for the periods presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Such unaudited condensed consolidated interim financial statements have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The year-end condensed balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP.These unaudited condensed consolidated interim financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2022 (“Annual Report”) and have been prepared on a consistent basis with the accounting policies described in Note 1 of the Notes to Consolidated Financial Statements included in our Annual Report.
|
Reclassifications |
Reclassifications
We have reclassified certain amounts in Note 4 — Accrued Expenses and Other Liabilities to conform to current period presentation.
|
Use of Estimates |
Use of Estimates
U.S. GAAP requires us to make certain estimates, judgments, and assumptions. We believe that the estimates, judgments, and assumptions used to determine certain amounts that affect the financial statements are reasonable, based on information available at the time they are made. Management believes that the estimates, judgments, and assumptions made when accounting for items and matters such as, but not limited to, the allowance for doubtful accounts, customer rebates, sales returns, impairment assessments and charges, recoverability of long-lived assets, deferred tax assets, valuation allowances, uncertain tax positions, income tax expense, share-based compensation expense, the assessment of lower of cost or net realizable value on inventory, useful lives assigned to long-lived assets, depreciation and amortization are reasonable based on information available at the time they are made. To the extent there are differences between these estimates and actual results, our condensed consolidated financial statements may be materially affected.
|
New Accounting Pronouncement Adopted and Not Yet Adopted |
New Accounting Pronouncement Adopted
Income Taxes
The CHIPS and Science Act of 2022 (“CHIPS”) and the Inflation Reduction Act of 2022 (“IRA”) were signed into law on August 9, 2022 and August 16, 2022, respectively. The legislation introduces new options for monetizing certain credits, a corporate alternative minimum tax, and a stock repurchase excise tax. The corporate alternative minimum tax and stock repurchase excise tax were effective as of January 1, 2023 and are the main provisions that are applicable to us. The Company is currently monitoring the impact of both the CHIPS and IRA but does not expect that any of the provisions included in these acts would result in a material impact to our deferred tax assets, liabilities, or income taxes payable. Additionally, we resumed our share repurchase program in July 2023. As such, we began recognizing an accrual for the stock repurchase excise tax, which did not have a material impact on our consolidated financial position.
New Accounting Pronouncement Not Yet Adopted
Pillar Two Global Minimum Tax
On October 8, 2021, the Organization for Economic Co-operation and Development (“OECD”) released a statement on the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting, which agreed to a two-pillar solution to address tax challenges of the digital economy. On December 20, 2021, the OECD released Pillar Two model rules defining a 15% global minimum tax rate for large multinational corporations. The OECD continues to release additional guidance and countries are implementing legislation with widespread adoption of the Pillar Two Framework expected by 2024. We are continuing to evaluate the Pillar Two Framework and its potential impact on future periods.
Other new pronouncements issued but not effective until after September 30, 2023 are not expected to have a material impact on our condensed consolidated financial statements.
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Fair Value of Non-Financial Assets and Liabilities |
Non-Financial Assets and Liabilities
Our non-financial assets, which primarily consist of property and equipment, right-of-use assets, goodwill, and other intangible assets, are not required to be carried at fair value on a recurring basis and are reported at carrying value. The fair values of these assets are determined, as required, based on Level 3 measurements, including estimates of the amount and timing of future cash flows based upon historical experience, expected market conditions, and management’s plans.
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Derivatives Financial Instruments |
During the three and nine months ended September 30, 2023, there was a gain of $0.3 million and loss of $0.5 million, respectively, recognized due to reclassification from ‘Accumulated other comprehensive loss’ to ‘Revenues’ or ‘Cost of sales’ related to our hedged derivatives. During the next twelve months, we estimate that a loss of approximately less than $0.1 million will be reclassified to our condensed consolidated statement of income.
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v3.23.3
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
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9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
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Schedule of Supplemental Non-Cash Investing and Financing Activities |
Condensed Consolidated Statements of Cash Flows - Supplemental Disclosures
| | | | | | | | | | | | | Nine Months Ended September 30, | | 2023 | | 2022 | | (in thousands) | Cash paid for interest | $ | 125,130 | | | $ | 89,080 | | Cash paid for income taxes | 141,393 | | | 89,306 | | Cash paid for operating leases | 53,679 | | | 45,192 | | | | | | Non-Cash Investing and Financing Activities: | | | | Right-of-use assets obtained in exchange for operating lease liabilities, net of terminations | $ | 122,534 | | | $ | 96,292 | | Accrued purchases of property, equipment, and software (1) | 9,445 | | | 6,341 | | Share issuance at Acquisition (2) | — | | | 270,396 | |
(1) In the three months ended September 30, 2023, management identified an error in its quarterly condensed consolidated statement of cash flows for the nine months ended September 30, 2022 of $73.8 million within the amount reported in ‘Accrued purchases of property, equipment, and software.’ This amount represents noncash investing activity and had no impact on cash flows from operating, investing, or financing activities. We have corrected this amount here for the nine months ended September 30, 2022. Management has evaluated the materiality of this error from quantitative and qualitative perspectives and concluded the error was not material to the prior period. (2) On February 17, 2022 (the “Acquisition Date”), we acquired (the “Acquisition”) 100% of the equity of a privately-owned casual footwear brand business (“HEYDUDE”), pursuant to a securities purchase agreement (the “SPA”) entered into on December 22, 2021.
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v3.23.3
ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)
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9 Months Ended |
Sep. 30, 2023 |
Payables and Accruals [Abstract] |
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Schedule of Accrued Expenses and Other Liabilities |
Amounts reported in ‘Accrued expenses and other liabilities’ in the condensed consolidated balance sheets were: | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | (in thousands) | Accrued compensation and benefits | $ | 60,150 | | | $ | 55,474 | | Professional services | 62,958 | | | 45,351 | | Fulfillment, freight, and duties | 29,797 | | | 41,646 | | Return liabilities | 24,946 | | | 27,651 | | Sales/use and value added taxes payable | 26,736 | | | 27,249 | | Royalties payable and deferred revenue | 12,297 | | | 10,528 | | Accrued rent and occupancy | 8,724 | | | 8,972 | | Accrued legal fees (1) | 4,251 | | | 2,602 | | Other (1) | 18,301 | | | 19,951 | | Total accrued expenses and other liabilities | $ | 248,160 | | | $ | 239,424 | |
(1) Amounts as of December 31, 2022 have been reclassified to conform to current period presentation.
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v3.23.3
LEASES (Tables)
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9 Months Ended |
Sep. 30, 2023 |
Leases [Abstract] |
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Schedule of Rights-of-Use Assets and Operating Lease Liabilities |
Amounts reported in the condensed consolidated balance sheets were: | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | (in thousands) | Assets: | | | | Right-of-use assets | $ | 313,608 | | | $ | 239,905 | | Liabilities: | | | | Current operating lease liabilities | $ | 61,111 | | | $ | 57,456 | | Long-term operating lease liabilities | 286,910 | | | 215,119 | | Total operating lease liabilities | $ | 348,021 | | | $ | 272,575 | |
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Schedule of Lease Costs and Other Information |
Lease-related costs reported within ‘Cost of sales’ and ‘Selling, general and administrative expenses’ in our condensed consolidated statements of income were: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2023 | | 2022 | | 2023 | | 2022 | | (in thousands) | Operating lease cost | $ | 20,288 | | | $ | 17,058 | | | $ | 56,880 | | | $ | 47,945 | | Short-term lease cost | 3,102 | | | 2,490 | | | 10,336 | | | 7,493 | | Variable lease cost | 15,130 | | | 12,161 | | | 35,248 | | | 28,726 | | Total lease costs | $ | 38,520 | | | $ | 31,709 | | | $ | 102,464 | | | $ | 84,164 | |
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Schedule of Maturities of Operating Lease Liabilities |
The maturities of our operating lease liabilities were: | | | | | | | As of September 30, 2023 | | (in thousands) | 2023 (remainder of year) | $ | 13,269 | | 2024 | 76,434 | | 2025 | 60,750 | | 2026 | 52,309 | | 2027 | 45,767 | | Thereafter | 179,532 | | Total future minimum lease payments | 428,061 | | Less: imputed interest | (80,040) | | Total operating lease liabilities | $ | 348,021 | |
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v3.23.3
FAIR VALUE MEASUREMENTS (Tables)
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9 Months Ended |
Sep. 30, 2023 |
Fair Value Disclosures [Abstract] |
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Schedule of Fair Value of the Company's Outstanding Borrowings |
The carrying value and fair value of our borrowing instruments as of September 30, 2023 and December 31, 2022 were: | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | Carrying Value | | Fair Value | | Carrying Value | | Fair Value | | (in thousands) | Term Loan B Facility | $ | 1,090,000 | | | $ | 1,094,088 | | | $ | 1,675,000 | | | $ | 1,642,547 | | 2029 Notes | 350,000 | | | 290,210 | | | 350,000 | | | 297,596 | | 2031 Notes | 350,000 | | | 270,643 | | | 350,000 | | | 284,240 | | Revolving Facility | 200,000 | | | 200,000 | | | — | | | — | |
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v3.23.3
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
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9 Months Ended |
Sep. 30, 2023 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
Schedule of Fair Values of Derivative Assets and Liabilities |
The fair values of derivative assets and liabilities, net, all of which are classified as Level 2, reported within either ‘Accrued expenses and other liabilities’ or ‘Prepaid expenses and other assets’ in the condensed consolidated balance sheets, were: | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | Derivative Assets | | Derivative Liabilities | | Derivative Assets | | Derivative Liabilities | | (in thousands) | Non-hedged derivatives: | | | | | | | | Forward foreign currency exchange contracts | $ | 3,159 | | | $ | (3,626) | | | $ | 345 | | | $ | (360) | | | | | | | | | | | | | | | | | | Hedged derivatives: | | | | | | | | Cash flow foreign currency contracts | 5 | | | (30) | | | 348 | | | (1,116) | | Total derivatives | 3,164 | | | (3,656) | | | 693 | | | (1,476) | | Netting of counterparty contracts | (3,164) | | | 3,164 | | | (345) | | | 345 | | | | | | | | | | Total derivatives, net of counterparty contracts | $ | — | | | $ | (492) | | | $ | 348 | | | $ | (1,131) | |
|
Schedule of Derivative Financial Instruments Notional Amounts on Outstanding Positions |
The notional amounts of outstanding foreign currency forward exchange contracts presented below report the total U.S. Dollar equivalent position and the net contract fair values for each foreign currency position. | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | Notional | | Fair Value | | Notional | | Fair Value | | (in thousands) | Non-hedged derivatives: | | | | | | | | Singapore Dollar | $ | 48,296 | | | $ | (1,652) | | | $ | 26,760 | | | $ | 207 | | Indian Rupee | 15,517 | | | 104 | | | 24,945 | | | (10) | | South Korean Won | 16,823 | | | 1,094 | | | 18,403 | | | (320) | | British Pound Sterling | 22,702 | | | 1,380 | | | 14,509 | | | 128 | | Japanese Yen | 5,407 | | | 370 | | | 8,953 | | | 9 | | Euro | 32,684 | | | (1,919) | | | 5,068 | | | (29) | | Other currencies | 2,735 | | | 156 | | | — | | | — | | Total non-hedged derivatives | 144,164 | | | (467) | | | 98,638 | | | (15) | | Hedged derivatives: | | | | | | | | Euro | 10,143 | | | 5 | | | 51,914 | | | (360) | | British Pound Sterling | 4,874 | | | (17) | | | 23,025 | | | 235 | | South Korean Won | 2,317 | | | (1) | | | 12,285 | | | (756) | | Indian Rupee | 3,770 | | | (12) | | | 7,203 | | | 113 | | Total hedged derivatives | 21,104 | | | (25) | | | 94,427 | | | (768) | | Total derivatives | $ | 165,268 | | | $ | (492) | | | $ | 193,065 | | | $ | (783) | | | | | | | | | | Latest maturity date, non-hedged derivatives | October 2023 | | April 2023 | Latest maturity date, hedged derivatives | December 2023 | | June 2023 |
|
Schedule of Gain (Losses) from Foreign Currency Transactions and Derivative Contracts |
Amounts reported in ‘Foreign currency losses, net’ in the condensed consolidated statements of income include both realized and unrealized gains (losses) from foreign currency transactions and derivative contracts and were: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2023 | | 2022 | | 2023 | | 2022 | | (in thousands) | Non-hedged derivatives: | | | | | | | | Foreign currency transaction losses | $ | (781) | | | $ | (2,126) | | | $ | (1,150) | | | $ | (6,178) | | Foreign currency forward exchange contracts gains (losses) | (989) | | | 1,733 | | | (472) | | | 5,063 | | Foreign currency losses, net | $ | (1,770) | | | $ | (393) | | | $ | (1,622) | | | $ | (1,115) | |
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v3.23.3
BORROWINGS (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
Schedule of Other Term Borrowings |
Our long-term borrowings were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Maturity | | Stated Interest Rate | | Effective Interest Rate | | September 30, 2023 | | December 31, 2022 | | | | | | | | | (in thousands) | Notes issuance of $350.0 million | | 2029 | | 4.250 | % | | 4.64 | % | | $ | 350,000 | | | $ | 350,000 | | Notes issuance of $350.0 million | | 2031 | | 4.125 | % | | 4.35 | % | | 350,000 | | | 350,000 | | Term Loan B Facility | | 2029 | | | | | | 1,090,000 | | | 1,675,000 | | Revolving Facility | | | | | | | | 200,000 | | | — | | Total face value of long-term borrowings | | | | | | | | 1,990,000 | | | 2,375,000 | | Less: | | | | | | | | | | | Unamortized issuance costs | | | | | | | | 51,332 | | | 56,973 | | Current portion of long-term borrowings (1) | | | | | | | | 20,000 | | | 20,000 | | Total long-term borrowings | | | | | | | | $ | 1,918,668 | | | $ | 2,298,027 | |
(1) Represents the current portion of the borrowings under the Term Loan B facility.
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v3.23.3
REVENUES (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Schedule of Revenues by Channel and Brand |
Revenues by channel and brand were:
| | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2023 | | Crocs Brand | | HEYDUDE Brand | | Total | | (in thousands) | Channel: | | | | | | Wholesale | $ | 369,177 | | | $ | 146,501 | | | $ | 515,678 | | Direct-to-consumer | 429,592 | | | 100,447 | | | 530,039 | | Total revenues | $ | 798,769 | | | $ | 246,948 | | | $ | 1,045,717 | |
| | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2022 | | Crocs Brand | | HEYDUDE Brand | | Total | | (in thousands) | Channel: | | | | | | Wholesale | $ | 353,304 | | | $ | 181,768 | | | $ | 535,072 | | Direct-to-consumer | 362,403 | | | 87,619 | | | 450,022 | | Total revenues | $ | 715,707 | | | $ | 269,387 | | | $ | 985,094 | |
| | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2023 | | Crocs Brand | | HEYDUDE Brand | | Total | | (in thousands) | Channel: | | | | | | Wholesale | $ | 1,187,081 | | | $ | 463,189 | | | $ | 1,650,270 | | Direct-to-consumer | 1,093,416 | | | 258,564 | | | 1,351,980 | | Total revenues | $ | 2,280,497 | | | $ | 721,753 | | | $ | 3,002,250 | |
| | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2022 | | Crocs Brand | | HEYDUDE Brand | | Total | | (in thousands) | Channel: | | | | | | Wholesale | $ | 1,090,073 | | | $ | 431,186 | | | $ | 1,521,259 | | Direct-to-consumer | 903,075 | | | 185,489 | | | 1,088,564 | | Total revenues | $ | 1,993,148 | | | $ | 616,675 | | | $ | 2,609,823 | |
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v3.23.3
INCOME TAXES (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
Schedule of Income Tax Expense and Effective Tax Rates |
Income tax expense and effective tax rates were: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2023 | | 2022 | | 2023 | | 2022 | | (in thousands, except effective tax rate) | Income before income taxes | $ | 233,405 | | | $ | 229,575 | | | $ | 702,413 | | | $ | 542,939 | | Income tax expense | 56,380 | | | 60,226 | | | 163,433 | | | 140,515 | | Effective tax rate | 24.2 | % | | 26.2 | % | | 23.3 | % | | 25.9 | % |
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v3.23.3
EARNINGS PER SHARE (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Earnings Per Share [Abstract] |
|
Schedule of Basic and Diluted Earnings Per Share |
Basic and diluted earnings per common share (“EPS”) for the nine months ended September 30, 2023 and 2022 were: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2023 | | 2022 | | 2023 | | 2022 | | (in thousands, except per share data) | Numerator: | | | | | | | | Net income | $ | 177,025 | | | $ | 169,349 | | | $ | 538,980 | | | $ | 402,424 | | Denominator: | | | | | | | | Weighted average common shares outstanding - basic | 61,143 | | | 61,693 | | | 61,670 | | | 61,042 | | Plus: Dilutive effect of stock options and unvested restricted stock units | 472 | | | 674 | | | 610 | | | 798 | | Weighted average common shares outstanding - diluted | 61,615 | | | 62,367 | | | 62,280 | | | 61,840 | | | | | | | | | | Net income per common share: | | | | | | | | Basic | $ | 2.90 | | | $ | 2.75 | | | $ | 8.74 | | | $ | 6.59 | | Diluted | $ | 2.87 | | | $ | 2.72 | | | $ | 8.65 | | | $ | 6.51 | |
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v3.23.3
OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Segment Reporting [Abstract] |
|
Schedule of Information Related to Reportable Operating Segments |
The following tables set forth information related to reportable operating segments: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2023 | | 2022 | | 2023 | | 2022 | | (in thousands) | Revenues: | | | | | | | | North America | $ | 480,744 | | | $ | 445,327 | | | $ | 1,306,609 | | | $ | 1,187,713 | | Asia Pacific | 175,199 | | | 138,450 | | | 513,459 | | | 383,187 | | EMEALA | 142,826 | | | 131,929 | | | 460,429 | | | 422,226 | | Brand corporate | — | | | 1 | | | — | | | 22 | | Total Crocs Brand | 798,769 | | | 715,707 | | | 2,280,497 | | | 1,993,148 | | HEYDUDE Brand (1) | 246,948 | | | 269,387 | | | 721,753 | | | 616,675 | | Total consolidated revenues | $ | 1,045,717 | | | $ | 985,094 | | | $ | 3,002,250 | | | $ | 2,609,823 | | Income from operations: | | | | | | | | North America | $ | 218,018 | | | $ | 191,438 | | | $ | 560,358 | | | $ | 498,413 | | Asia Pacific | 69,762 | | | 40,286 | | | 203,203 | | | 121,823 | | EMEALA | 49,939 | | | 40,506 | | | 176,844 | | | 128,819 | | Brand corporate | (40,263) | | | (36,896) | | | (107,260) | | | (95,864) | | Total Crocs Brand | 297,456 | | | 235,334 | | | 833,145 | | | 653,191 | | HEYDUDE Brand (1) | 31,776 | | | 79,056 | | | 173,905 | | | 136,381 | | Reconciliation of total segment income from operations to income before income taxes: | | | | | | | | | | | | | | | | Enterprise corporate | (55,380) | | | (50,327) | | | (179,781) | | | (158,868) | | Income from operations | 273,852 | | | 264,063 | | | 827,269 | | | 630,704 | | Foreign currency losses, net | (1,770) | | | (393) | | | (1,622) | | | (1,115) | | Interest income | 506 | | | 31 | | | 1,225 | | | 219 | | Interest expense | (39,207) | | | (34,142) | | | (124,907) | | | (86,357) | | Other income (expense), net | 24 | | | 16 | | | 448 | | | (512) | | Income before income taxes | $ | 233,405 | | | $ | 229,575 | | | $ | 702,413 | | | $ | 542,939 | | | | | | | | | | Depreciation and amortization: | | | | | | | | North America | $ | 6,394 | | | $ | 2,705 | | | $ | 15,179 | | | $ | 7,514 | | Asia Pacific | 696 | | | 508 | | | 1,995 | | | 1,528 | | EMEALA | 1,416 | | | 746 | | | 3,997 | | | 2,166 | | Brand corporate | 186 | | | 164 | | | 2,057 | | | 529 | | Total Crocs Brand | 8,692 | | | 4,123 | | | 23,228 | | | 11,737 | | HEYDUDE Brand (1) | 3,919 | | | 3,500 | | | 10,987 | | | 8,750 | | | | | | | | | | Enterprise corporate | 2,140 | | | 2,121 | | | 6,316 | | | 6,011 | | Total consolidated depreciation and amortization | $ | 14,751 | | | $ | 9,744 | | | $ | 40,531 | | | $ | 26,498 | |
(1) We acquired HEYDUDE on February 17, 2022 and in connection therewith added the HEYDUDE Brand as a new operating segment. Therefore, the amounts shown above for the nine months ended September 30, 2022 represent results during the partial period beginning February 17, 2022 through September 30, 2022.
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v3.23.3
ACQUISITION OF HEYDUDE (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed |
The following table summarizes the final allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed on the Acquisition Date: | | | | | | | | February 17, 2022 | | | (in thousands) | | Cash and cash equivalents | $ | 6,232 | | | Accounts receivable, net | 68,698 | | | Inventories | 155,773 | | | Prepaid expenses and other assets | 7,880 | | | Intangible assets | 1,780,000 | | | Goodwill | 710,034 | | | Right-of-use assets | 2,844 | | | Accounts payable | (30,017) | | | Accrued expenses and other liabilities | (18,860) | | | Income taxes payable | (30,572) | | | Long-term deferred tax liability | (312,656) | | | Long-term income taxes payable | (13,004) | | | Operating lease liabilities | (2,843) | | | Net assets acquired | $ | 2,323,509 | | |
|
Schedule of Intangible Assets Acquired in Connection with the Acquisition |
The components of intangible assets acquired in connection with the Acquisition were as follows: | | | | | | | | | | | | | Weighted-Average Useful Life | Amortization Method | Estimated Fair Value | | | | (in thousands) | Customer relationships | 15 | Straight-line | $ | 210,000 | | Trademark | Indefinite | — | 1,570,000 | | Total intangible assets | | | $ | 1,780,000 | |
|
Schedule of Pro Forma Information |
The pro forma information as presented below is for informational purposes only and is not indicative of the results of operations that would have been achieved if the Acquisition had taken place on January 1, 2021. | | | | | | | | | | | | | Three Months Ended September 30, | Nine Months Ended September 30, | | 2022 | | 2022 | | (in thousands) | Revenues | $ | 985,094 | | | $ | 2,700,129 | | Net income | 169,349 | | | 472,071 | |
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v3.23.3
PROPERTY AND EQUIPMENT, NET (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
Schedule of Property, Plant and Equipment |
‘Property and equipment, net’ consists of the following: | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | (in thousands) | Machinery and equipment | $ | 161,627 | | | $ | 146,821 | | Leasehold improvements | 92,825 | | | 76,363 | | Construction-in-progress | 54,931 | | | 28,699 | | Furniture, fixtures, and other | 32,377 | | | 26,782 | | Property and equipment | 341,760 | | | 278,665 | | Less: Accumulated depreciation and amortization | (118,699) | | | (97,136) | | Property and equipment, net | $ | 223,061 | | | $ | 181,529 | |
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v3.23.3
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Feb. 17, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
|
Cash paid for interest |
|
$ 125,130
|
$ 89,080
|
|
Cash paid for income taxes |
|
141,393
|
89,306
|
|
Cash paid for operating leases |
|
53,679
|
45,192
|
|
Non-Cash Investing and Financing Activities: |
|
|
|
|
Right-of-use assets obtained in exchange for operating lease liabilities, net of terminations |
|
122,534
|
96,292
|
|
Accrued purchases of property, equipment, and software (1) |
|
9,445
|
6,341
|
|
Share issuance at acquisition |
|
0
|
270,396
|
|
Business Acquisition [Line Items] |
|
|
|
|
Accrued purchases of property, equipment, and software (1) |
|
$ 9,445
|
$ 6,341
|
|
Revision of Prior Period, Error Correction, Adjustment |
|
|
|
|
Non-Cash Investing and Financing Activities: |
|
|
|
|
Accrued purchases of property, equipment, and software (1) |
$ 73,800
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Accrued purchases of property, equipment, and software (1) |
$ 73,800
|
|
|
|
HEYDUDE |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Percentage of voting interests acquired |
|
|
|
100.00%
|
X |
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v3.23.3
ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Payables and Accruals [Abstract] |
|
|
Accrued compensation and benefits |
$ 60,150
|
$ 55,474
|
Professional services |
62,958
|
45,351
|
Fulfillment, freight, and duties |
29,797
|
41,646
|
Return liabilities |
24,946
|
27,651
|
Sales/use and value added taxes payable |
26,736
|
27,249
|
Royalties payable and deferred revenue |
12,297
|
10,528
|
Accrued rent and occupancy |
8,724
|
8,972
|
Accrued legal fees |
4,251
|
2,602
|
Other |
18,301
|
19,951
|
Total accrued expenses and other liabilities |
$ 248,160
|
$ 239,424
|
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v3.23.3
LEASES - Schedule of Rights-of-Use Assets and Operating Lease Liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Assets: |
|
|
Right-of-use assets |
$ 313,608
|
$ 239,905
|
Liabilities: |
|
|
Current operating lease liabilities |
61,111
|
57,456
|
Long-term operating lease liabilities |
286,910
|
215,119
|
Total operating lease liabilities |
$ 348,021
|
$ 272,575
|
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LEASES - Schedule of Lease Costs and Other Information (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Leases [Abstract] |
|
|
|
|
Operating lease cost |
$ 20,288
|
$ 17,058
|
$ 56,880
|
$ 47,945
|
Short-term lease cost |
3,102
|
2,490
|
10,336
|
7,493
|
Variable lease cost |
15,130
|
12,161
|
35,248
|
28,726
|
Total lease costs |
$ 38,520
|
$ 31,709
|
$ 102,464
|
$ 84,164
|
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v3.23.3
LEASES - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Leases [Abstract] |
|
|
2023 (remainder of year) |
$ 13,269
|
|
2024 |
76,434
|
|
2025 |
60,750
|
|
2026 |
52,309
|
|
2027 |
45,767
|
|
Thereafter |
179,532
|
|
Total future minimum lease payments |
428,061
|
|
Less: imputed interest |
(80,040)
|
|
Total operating lease liabilities |
$ 348,021
|
$ 272,575
|
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v3.23.3
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Carrying Value | Line of Credit | Term Loan B Facility |
|
|
Fair Value and Carrying Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Outstanding borrowings |
$ 1,090,000
|
$ 1,675,000
|
Carrying Value | Line of Credit | Revolving Facility |
|
|
Fair Value and Carrying Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Outstanding borrowings |
200,000
|
0
|
Carrying Value | 2029 Notes | Senior Notes |
|
|
Fair Value and Carrying Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Outstanding borrowings |
350,000
|
350,000
|
Carrying Value | 2031 Notes | Senior Notes |
|
|
Fair Value and Carrying Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Outstanding borrowings |
350,000
|
350,000
|
Fair Value | Line of Credit | Term Loan B Facility |
|
|
Fair Value and Carrying Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Outstanding borrowings |
1,094,088
|
1,642,547
|
Fair Value | Line of Credit | Revolving Facility |
|
|
Fair Value and Carrying Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Outstanding borrowings |
200,000
|
0
|
Fair Value | 2029 Notes | Senior Notes |
|
|
Fair Value and Carrying Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Outstanding borrowings |
290,210
|
297,596
|
Fair Value | 2031 Notes | Senior Notes |
|
|
Fair Value and Carrying Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Outstanding borrowings |
$ 270,643
|
$ 284,240
|
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v3.23.3
DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Fair Value of Derivative Assets and Liabilities (Details) - Level 2 - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Foreign Currency Derivatives |
|
|
Derivative asset, net foreign currency forward contract derivatives |
$ 0
|
$ 348
|
Derivative liability, net foreign currency forward contract derivatives |
(492)
|
(1,131)
|
Not Designated as Hedging Instrument |
|
|
Foreign Currency Derivatives |
|
|
Derivative asset, gross forward foreign currency exchange contracts |
3,159
|
345
|
Derivative liability, gross forward foreign currency exchange contracts |
(3,626)
|
(360)
|
Designated as Hedging Instrument |
|
|
Foreign Currency Derivatives |
|
|
Derivative asset, gross forward foreign currency exchange contracts |
3,164
|
693
|
Derivative asset, netting of counterparty contracts |
(3,164)
|
(345)
|
Derivative liability, gross forward foreign currency exchange contracts |
(3,656)
|
(1,476)
|
Derivative liability, netting of counterparty contracts |
3,164
|
345
|
Designated as Hedging Instrument | Foreign Exchange Contract |
|
|
Foreign Currency Derivatives |
|
|
Derivative asset, gross forward foreign currency exchange contracts |
5
|
348
|
Derivative liability, gross forward foreign currency exchange contracts |
$ (30)
|
$ (1,116)
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v3.23.3
DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Derivative Financial Instruments Notional Amounts on Outstanding Positions (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Derivatives - Fair Value [Line Items] |
|
|
Notional |
$ 165,268
|
$ 193,065
|
Fair Value |
(492)
|
(783)
|
Not Designated as Hedging Instrument |
|
|
Derivatives - Fair Value [Line Items] |
|
|
Notional |
144,164
|
98,638
|
Fair Value |
(467)
|
(15)
|
Designated as Hedging Instrument |
|
|
Derivatives - Fair Value [Line Items] |
|
|
Notional |
21,104
|
94,427
|
Fair Value |
(25)
|
(768)
|
Singapore Dollar | Not Designated as Hedging Instrument |
|
|
Derivatives - Fair Value [Line Items] |
|
|
Notional |
48,296
|
26,760
|
Fair Value |
(1,652)
|
207
|
Indian Rupee | Not Designated as Hedging Instrument |
|
|
Derivatives - Fair Value [Line Items] |
|
|
Notional |
15,517
|
24,945
|
Fair Value |
104
|
(10)
|
Indian Rupee | Designated as Hedging Instrument |
|
|
Derivatives - Fair Value [Line Items] |
|
|
Notional |
3,770
|
7,203
|
Fair Value |
(12)
|
113
|
South Korean Won | Not Designated as Hedging Instrument |
|
|
Derivatives - Fair Value [Line Items] |
|
|
Notional |
16,823
|
18,403
|
Fair Value |
1,094
|
(320)
|
South Korean Won | Designated as Hedging Instrument |
|
|
Derivatives - Fair Value [Line Items] |
|
|
Notional |
2,317
|
12,285
|
Fair Value |
(1)
|
(756)
|
British Pound Sterling | Not Designated as Hedging Instrument |
|
|
Derivatives - Fair Value [Line Items] |
|
|
Notional |
22,702
|
14,509
|
Fair Value |
1,380
|
128
|
British Pound Sterling | Designated as Hedging Instrument |
|
|
Derivatives - Fair Value [Line Items] |
|
|
Notional |
4,874
|
23,025
|
Fair Value |
(17)
|
235
|
Japanese Yen | Not Designated as Hedging Instrument |
|
|
Derivatives - Fair Value [Line Items] |
|
|
Notional |
5,407
|
8,953
|
Fair Value |
370
|
9
|
Euro | Not Designated as Hedging Instrument |
|
|
Derivatives - Fair Value [Line Items] |
|
|
Notional |
32,684
|
5,068
|
Fair Value |
(1,919)
|
(29)
|
Euro | Designated as Hedging Instrument |
|
|
Derivatives - Fair Value [Line Items] |
|
|
Notional |
10,143
|
51,914
|
Fair Value |
5
|
(360)
|
Other currencies | Not Designated as Hedging Instrument |
|
|
Derivatives - Fair Value [Line Items] |
|
|
Notional |
2,735
|
0
|
Fair Value |
$ 156
|
$ 0
|
X |
- DefinitionNominal or face amount used to calculate payments on the derivative asset.
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v3.23.3
DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Gain (Losses) from Foreign Currency Transactions and Derivative Contracts (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Derivatives - Fair Value [Line Items] |
|
|
|
|
Foreign currency losses, net |
$ (1,770)
|
$ (393)
|
$ (1,622)
|
$ (1,115)
|
Not Designated as Hedging Instrument |
|
|
|
|
Derivatives - Fair Value [Line Items] |
|
|
|
|
Foreign currency transaction losses |
(781)
|
(2,126)
|
(1,150)
|
(6,178)
|
Foreign currency forward exchange contracts gains (losses) |
(989)
|
1,733
|
(472)
|
5,063
|
Foreign currency losses, net |
$ (1,770)
|
$ (393)
|
$ (1,622)
|
$ (1,115)
|
X |
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v3.23.3
BORROWINGS - Schedule of Other Term Borrowings (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Aug. 31, 2021 |
Mar. 31, 2021 |
Debt Instrument [Line Items] |
|
|
|
|
Total face value of long-term borrowings |
$ 1,990,000,000
|
$ 2,375,000,000
|
|
|
Unamortized issuance costs |
51,332,000
|
56,973,000
|
|
|
Current portion of long-term borrowings |
20,000,000
|
24,362,000
|
|
|
Total long-term borrowings |
1,918,668,000
|
2,298,027,000
|
|
|
Senior Notes | 2029 Notes |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Aggregate principal amount |
$ 350,000,000
|
|
|
$ 350,000,000
|
Stated Interest Rate |
4.25%
|
|
|
4.25%
|
Effective Interest Rate |
4.64%
|
|
|
|
Total face value of long-term borrowings |
$ 350,000,000
|
350,000,000
|
|
|
Senior Notes | 2031 Notes |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Aggregate principal amount |
$ 350,000,000
|
|
$ 350,000,000
|
|
Stated Interest Rate |
4.125%
|
|
4.125%
|
|
Effective Interest Rate |
4.35%
|
|
|
|
Total face value of long-term borrowings |
$ 350,000,000
|
350,000,000
|
|
|
Line of Credit | Term Loan B Facility |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Total face value of long-term borrowings |
1,090,000,000
|
1,675,000,000
|
|
|
Current portion of long-term borrowings |
20,000,000
|
20,000,000
|
|
|
Line of Credit | Revolving Facility |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Total face value of long-term borrowings |
$ 200,000,000
|
$ 0
|
|
|
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v3.23.3
BORROWINGS - Credit Facilities (Details) ¥ in Millions |
|
1 Months Ended |
9 Months Ended |
|
|
|
|
Feb. 17, 2022
USD ($)
|
Jul. 31, 2019
USD ($)
|
Sep. 30, 2023
USD ($)
facility
|
Aug. 08, 2023
USD ($)
|
Jan. 31, 2023
USD ($)
|
Jan. 31, 2023
CNY (¥)
|
Dec. 31, 2022
USD ($)
|
Sep. 30, 2022
USD ($)
|
Revolving Credit Facilities and Bank Borrowings |
|
|
|
|
|
|
|
|
Total face value of long-term borrowings |
|
|
$ 1,990,000,000
|
|
|
|
$ 2,375,000,000
|
|
Number of credit facility | facility |
|
|
2
|
|
|
|
|
|
Revolving Facility | Line of Credit |
|
|
|
|
|
|
|
|
Revolving Credit Facilities and Bank Borrowings |
|
|
|
|
|
|
|
|
Total face value of long-term borrowings |
|
|
$ 200,000,000
|
|
|
|
0
|
|
Revolving Facility | Senior Revolving Credit Facility |
|
|
|
|
|
|
|
|
Revolving Credit Facilities and Bank Borrowings |
|
|
|
|
|
|
|
|
Borrowing capacity under revolving credit facility |
|
$ 750,000,000
|
|
|
|
|
|
|
Additional borrowing under credit agreement |
|
$ 250,000,000
|
|
|
|
|
|
|
Minimum interest coverage ratio |
|
3.00
|
|
|
|
|
|
|
Minimum borrowing availability for certain acquisitions |
|
$ 40,000,000
|
|
|
|
|
|
|
Commitments available under credit facility |
|
|
750,000,000
|
|
|
|
|
|
Available borrowing capacity |
|
|
|
|
|
|
748,700,000
|
$ 548,700,000
|
Revolving Facility | Senior Revolving Credit Facility | From Quarter Ended March 31, 2022 to Quarter Ended December 31, 2023 |
|
|
|
|
|
|
|
|
Revolving Credit Facilities and Bank Borrowings |
|
|
|
|
|
|
|
|
Maximum leverage coverage ratio |
|
4.00
|
|
|
|
|
|
|
Revolving Facility | Senior Revolving Credit Facility | From Quarter Ended March 31, 2024 |
|
|
|
|
|
|
|
|
Revolving Credit Facilities and Bank Borrowings |
|
|
|
|
|
|
|
|
Maximum leverage coverage ratio |
|
3.75
|
|
|
|
|
|
|
Revolving Facility | Senior Revolving Credit Facility | From Quarter Ended June 30, 2024 |
|
|
|
|
|
|
|
|
Revolving Credit Facilities and Bank Borrowings |
|
|
|
|
|
|
|
|
Maximum leverage coverage ratio |
|
3.50
|
|
|
|
|
|
|
Revolving Facility | Senior Revolving Credit Facility | From Quarter Ended September 30, 2024 |
|
|
|
|
|
|
|
|
Revolving Credit Facilities and Bank Borrowings |
|
|
|
|
|
|
|
|
Maximum leverage coverage ratio |
|
3.25
|
|
|
|
|
|
|
Revolving Facility | Senior Revolving Credit Facility | Federal Funds Open Rate |
|
|
|
|
|
|
|
|
Revolving Credit Facilities and Bank Borrowings |
|
|
|
|
|
|
|
|
Margin on variable rate (in percent) |
|
0.25%
|
|
|
|
|
|
|
Revolving Facility | Senior Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) |
|
|
|
|
|
|
|
|
Revolving Credit Facilities and Bank Borrowings |
|
|
|
|
|
|
|
|
Margin on variable rate (in percent) |
|
1.00%
|
|
|
|
|
|
|
Revolving Facility | Senior Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Minimum |
|
|
|
|
|
|
|
|
Revolving Credit Facilities and Bank Borrowings |
|
|
|
|
|
|
|
|
Margin on variable rate (in percent) |
|
1.40%
|
|
|
|
|
|
|
Revolving Facility | Senior Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Minimum | Debt Instrument, Redemption, Period One |
|
|
|
|
|
|
|
|
Revolving Credit Facilities and Bank Borrowings |
|
|
|
|
|
|
|
|
Margin on variable rate (in percent) |
|
1.35%
|
|
|
|
|
|
|
Revolving Facility | Senior Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Maximum |
|
|
|
|
|
|
|
|
Revolving Credit Facilities and Bank Borrowings |
|
|
|
|
|
|
|
|
Margin on variable rate (in percent) |
|
2.025%
|
|
|
|
|
|
|
Revolving Facility | Senior Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Maximum | Debt Instrument, Redemption, Period One |
|
|
|
|
|
|
|
|
Revolving Credit Facilities and Bank Borrowings |
|
|
|
|
|
|
|
|
Margin on variable rate (in percent) |
|
1.975%
|
|
|
|
|
|
|
Revolving Facility | Senior Revolving Credit Facility | Base Rate | Minimum |
|
|
|
|
|
|
|
|
Revolving Credit Facilities and Bank Borrowings |
|
|
|
|
|
|
|
|
Margin on variable rate (in percent) |
|
0.25%
|
|
|
|
|
|
|
Revolving Facility | Senior Revolving Credit Facility | Base Rate | Maximum |
|
|
|
|
|
|
|
|
Revolving Credit Facilities and Bank Borrowings |
|
|
|
|
|
|
|
|
Margin on variable rate (in percent) |
|
0.875%
|
|
|
|
|
|
|
Revolving Facility | Senior Revolving Credit Facility | Simple Secured Overnight Financing Rate (SOFR) | Minimum |
|
|
|
|
|
|
|
|
Revolving Credit Facilities and Bank Borrowings |
|
|
|
|
|
|
|
|
Margin on variable rate (in percent) |
|
1.35%
|
|
|
|
|
|
|
Revolving Facility | Senior Revolving Credit Facility | Simple Secured Overnight Financing Rate (SOFR) | Maximum |
|
|
|
|
|
|
|
|
Revolving Credit Facilities and Bank Borrowings |
|
|
|
|
|
|
|
|
Margin on variable rate (in percent) |
|
1.975%
|
|
|
|
|
|
|
Revolving Facility | CMBC Revolving Credit Facility |
|
|
|
|
|
|
|
|
Revolving Credit Facilities and Bank Borrowings |
|
|
|
|
|
|
|
|
Commitments available under credit facility |
|
|
|
|
$ 1,500,000
|
¥ 10.0
|
|
|
Outstanding borrowings |
|
|
|
|
|
|
0
|
|
Revolving Facility | Asia Pacific Citibank Revolving Credit Facility |
|
|
|
|
|
|
|
|
Revolving Credit Facilities and Bank Borrowings |
|
|
|
|
|
|
|
|
Commitments available under credit facility |
|
|
15,000,000
|
|
|
|
|
|
Outstanding borrowings |
|
|
0
|
|
|
|
4,300,000
|
|
Revolving Facility | Revolving Facility |
|
|
|
|
|
|
|
|
Revolving Credit Facilities and Bank Borrowings |
|
|
|
|
|
|
|
|
Outstanding letters of credit |
|
|
1,300,000
|
|
|
|
|
|
Term Loan B Facility | Line of Credit |
|
|
|
|
|
|
|
|
Revolving Credit Facilities and Bank Borrowings |
|
|
|
|
|
|
|
|
Borrowing capacity under revolving credit facility |
$ 2,000,000,000
|
|
|
|
|
|
|
|
Total face value of long-term borrowings |
|
|
1,090,000,000
|
|
|
|
1,675,000,000
|
|
Available borrowing capacity |
|
|
0
|
|
|
|
|
|
Borrowings outstanding |
|
|
5,000,000
|
|
|
|
|
|
Term Loan B Facility | Secured Overnight Financing Rate (SOFR) | Line of Credit |
|
|
|
|
|
|
|
|
Revolving Credit Facilities and Bank Borrowings |
|
|
|
|
|
|
|
|
Margin on variable rate (in percent) |
3.00%
|
|
|
|
|
|
|
|
Term Loan B Facility | Base Rate | Line of Credit |
|
|
|
|
|
|
|
|
Revolving Credit Facilities and Bank Borrowings |
|
|
|
|
|
|
|
|
Margin on variable rate (in percent) |
2.00%
|
|
|
|
|
|
|
|
Term Loan B Credit Agreement | Line of Credit |
|
|
|
|
|
|
|
|
Revolving Credit Facilities and Bank Borrowings |
|
|
|
|
|
|
|
|
Borrowing capacity under revolving credit facility |
|
|
|
$ 1,180,000,000
|
|
|
|
|
Accounts Payable |
|
|
|
|
|
|
|
|
Revolving Credit Facilities and Bank Borrowings |
|
|
|
|
|
|
|
|
Interest payable |
|
|
$ 3,200,000
|
|
|
|
$ 10,800,000
|
|
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v3.23.3
BORROWINGS - Senior Notes Issuance (Details) - Senior Notes - USD ($)
|
1 Months Ended |
|
Aug. 31, 2021 |
Mar. 31, 2021 |
Sep. 30, 2023 |
2029 Notes |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Aggregate principal amount |
|
$ 350,000,000
|
$ 350,000,000
|
Interest rate, stated percentage |
|
4.25%
|
4.25%
|
2029 Notes | Debt Instrument, Redemption, Period One |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Redemption price, percentage |
|
100.00%
|
|
2029 Notes | Debt Instrument, Redemption, Period Two |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Redemption price, percentage |
|
100.00%
|
|
2029 Notes | Debt Instrument, Redemption, Period Three |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Redemption price, percentage |
|
104.25%
|
|
Percentage of principal amount redeemable |
|
40.00%
|
|
2031 Notes |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Aggregate principal amount |
$ 350,000,000
|
|
$ 350,000,000
|
Interest rate, stated percentage |
4.125%
|
|
4.125%
|
Guarantor |
$ 25,000,000
|
|
|
2031 Notes | Debt Instrument, Redemption, Period One |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Redemption price, percentage |
100.00%
|
|
|
2031 Notes | Debt Instrument, Redemption, Period Two |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Redemption price, percentage |
100.00%
|
|
|
2031 Notes | Debt Instrument, Redemption, Period Three |
|
|
|
Debt Instrument [Line Items] |
|
|
|
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104.125%
|
|
|
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40.00%
|
|
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v3.23.3
COMMON STOCK REPURCHASE PROGRAM (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Class of Stock [Line Items] |
|
|
|
|
Stock repurchased during period |
$ 151,033
|
|
$ 151,033
|
|
Common Stock |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Stock repurchased during period (in shares) |
1,391,000
|
0
|
1,391,000
|
0
|
Stock repurchased during period |
$ 150,000
|
|
$ 150,000
|
|
Remaining authorization to repurchase common stock |
$ 900,000
|
|
$ 900,000
|
|
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v3.23.3
REVENUES (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
$ 1,045,717
|
$ 985,094
|
$ 3,002,250
|
$ 2,609,823
|
Wholesale |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
515,678
|
535,072
|
1,650,270
|
1,521,259
|
Direct-to-consumer |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
530,039
|
450,022
|
1,351,980
|
1,088,564
|
Crocs Brand |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
798,769
|
715,707
|
2,280,497
|
1,993,148
|
Crocs Brand | Wholesale |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
369,177
|
353,304
|
1,187,081
|
1,090,073
|
Crocs Brand | Direct-to-consumer |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
429,592
|
362,403
|
1,093,416
|
903,075
|
HEYDUDE Brand |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
246,948
|
269,387
|
721,753
|
616,675
|
HEYDUDE Brand | Wholesale |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
146,501
|
181,768
|
463,189
|
431,186
|
HEYDUDE Brand | Direct-to-consumer |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
$ 100,447
|
$ 87,619
|
$ 258,564
|
$ 185,489
|
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v3.23.3
INCOME TAXES -Schedule of Income Tax Expense and Effective Tax Rates (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Income Tax Disclosure [Abstract] |
|
|
|
|
Income before income taxes |
$ 233,405
|
$ 229,575
|
$ 702,413
|
$ 542,939
|
Income tax expense |
$ 56,380
|
$ 60,226
|
$ 163,433
|
$ 140,515
|
Effective tax rate |
24.20%
|
26.20%
|
23.30%
|
25.90%
|
v3.23.3
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EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Numerator: |
|
|
|
|
Net income |
$ 177,025
|
$ 169,349
|
$ 538,980
|
$ 402,424
|
Denominator: |
|
|
|
|
Weighted average common shares outstanding - basic (in shares) |
61,143
|
61,693
|
61,670
|
61,042
|
Plus: Dilutive effect of stock options and unvested restricted stock units (in shares) |
472
|
674
|
610
|
798
|
Weighted average common shares outstanding - diluted (in shares) |
61,615
|
62,367
|
62,280
|
61,840
|
Net income per common share: |
|
|
|
|
Basic (in dollars per share) |
$ 2.90
|
$ 2.75
|
$ 8.74
|
$ 6.59
|
Diluted (in dollars per share) |
$ 2.87
|
$ 2.72
|
$ 8.65
|
$ 6.51
|
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OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION - Schedule of Information Related to Reportable Operating Business Segments (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Segment Reporting Information [Line Items] |
|
|
|
|
Total consolidated revenues |
$ 1,045,717
|
$ 985,094
|
$ 3,002,250
|
$ 2,609,823
|
Income from operations |
273,852
|
264,063
|
827,269
|
630,704
|
Foreign currency losses, net |
(1,770)
|
(393)
|
(1,622)
|
(1,115)
|
Interest income |
506
|
31
|
1,225
|
219
|
Interest expense |
(39,207)
|
(34,142)
|
(124,907)
|
(86,357)
|
Other income (expense), net |
24
|
16
|
448
|
(512)
|
Income before income taxes |
233,405
|
229,575
|
702,413
|
542,939
|
Total consolidated depreciation and amortization |
14,751
|
9,744
|
40,531
|
26,498
|
Total Crocs Brand |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total consolidated revenues |
798,769
|
715,707
|
2,280,497
|
1,993,148
|
HEYDUDE Brand |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total consolidated revenues |
246,948
|
269,387
|
721,753
|
616,675
|
Reportable Operating Segments | Total Crocs Brand |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total consolidated revenues |
798,769
|
715,707
|
2,280,497
|
1,993,148
|
Income from operations |
297,456
|
235,334
|
833,145
|
653,191
|
Total consolidated depreciation and amortization |
8,692
|
4,123
|
23,228
|
11,737
|
Reportable Operating Segments | North America |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total consolidated revenues |
480,744
|
445,327
|
1,306,609
|
1,187,713
|
Income from operations |
218,018
|
191,438
|
560,358
|
498,413
|
Total consolidated depreciation and amortization |
6,394
|
2,705
|
15,179
|
7,514
|
Reportable Operating Segments | Asia Pacific |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total consolidated revenues |
175,199
|
138,450
|
513,459
|
383,187
|
Income from operations |
69,762
|
40,286
|
203,203
|
121,823
|
Total consolidated depreciation and amortization |
696
|
508
|
1,995
|
1,528
|
Reportable Operating Segments | EMEALA |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total consolidated revenues |
142,826
|
131,929
|
460,429
|
422,226
|
Income from operations |
49,939
|
40,506
|
176,844
|
128,819
|
Total consolidated depreciation and amortization |
1,416
|
746
|
3,997
|
2,166
|
Reportable Operating Segments | HEYDUDE Brand |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total consolidated revenues |
246,948
|
269,387
|
721,753
|
616,675
|
Income from operations |
31,776
|
79,056
|
173,905
|
136,381
|
Total consolidated depreciation and amortization |
3,919
|
3,500
|
10,987
|
8,750
|
Brand corporate | Brand corporate |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total consolidated revenues |
0
|
1
|
0
|
22
|
Income from operations |
(40,263)
|
(36,896)
|
(107,260)
|
(95,864)
|
Total consolidated depreciation and amortization |
186
|
164
|
2,057
|
529
|
Enterprise corporate |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Income from operations |
(55,380)
|
(50,327)
|
(179,781)
|
(158,868)
|
Total consolidated depreciation and amortization |
$ 2,140
|
$ 2,121
|
$ 6,316
|
$ 6,011
|
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v3.23.3
ACQUISITION OF HEYDUDE - Narrative (Details) - USD ($)
|
|
3 Months Ended |
7 Months Ended |
9 Months Ended |
|
Feb. 17, 2022 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Business Acquisition [Line Items] |
|
|
|
|
|
|
Goodwill |
|
|
|
$ 711,885,000
|
|
$ 714,814,000
|
Escrow Amount |
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
Escrow deposit |
$ 125,000,000
|
|
|
|
|
|
Adjustment Holdback Amount |
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
Escrow deposit |
8,500,000
|
|
|
|
|
|
Term Loan B Facility | Line of Credit |
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
Borrowing capacity under revolving credit facility |
$ 2,000,000,000
|
|
|
|
|
|
HEYDUDE |
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
Percentage of voting interests acquired |
100.00%
|
|
|
|
|
|
Consideration transferred |
$ 2,300,000,000
|
|
|
|
|
|
Cash consideration |
$ 2,050,000,000.00
|
|
|
|
|
|
Equity interest issued (in shares) |
2,852,280
|
|
|
|
|
|
Revenue of acquiree since acquisition date, actual |
|
|
$ 616,700,000
|
|
|
|
Income from acquiree |
|
|
$ 136,400,000
|
|
|
|
Goodwill |
$ 710,034,000
|
|
|
710,000,000
|
|
|
Goodwill valuation adjustment |
|
$ 3,300,000
|
|
|
|
|
Goodwill deductible for income tax purposes |
|
|
|
0
|
|
|
Acquisition-related costs |
|
|
|
$ 0
|
$ 20,600,000
|
|
HEYDUDE | Term Loan B Facility | Line of Credit |
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
Borrowing capacity under revolving credit facility |
2,000,000,000
|
|
|
|
|
|
HEYDUDE | Revolving Facility | Line of Credit |
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
Borrowing capacity under revolving credit facility |
$ 50,000,000
|
|
|
|
|
|
X |
- DefinitionNumber of shares of equity interests issued or issuable to acquire entity.
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v3.23.3
ACQUISITION OF HEYDUDE - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Feb. 17, 2022 |
Business Acquisition [Line Items] |
|
|
|
Goodwill |
$ 711,885
|
$ 714,814
|
|
HEYDUDE |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Cash and cash equivalents |
|
|
$ 6,232
|
Accounts receivable, net |
|
|
68,698
|
Inventories |
|
|
155,773
|
Prepaid expenses and other assets |
|
|
7,880
|
Intangible assets |
|
|
1,780,000
|
Goodwill |
$ 710,000
|
|
710,034
|
Right-of-use assets |
|
|
2,844
|
Accounts payable |
|
|
(30,017)
|
Accrued expenses and other liabilities |
|
|
(18,860)
|
Income taxes payable |
|
|
(30,572)
|
Long-term deferred tax liability |
|
|
(312,656)
|
Long-term income taxes payable |
|
|
(13,004)
|
Operating lease liabilities |
|
|
(2,843)
|
Net assets acquired |
|
|
$ 2,323,509
|
X |
- DefinitionBusiness Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Accrued Expenses And Other Liabilities
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ACQUISITION OF HEYDUDE - Schedule of Proforma Information (Details) - HEYDUDE - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2022 |
Sep. 30, 2022 |
Business Acquisition [Line Items] |
|
|
Revenues |
$ 985,094
|
$ 2,700,129
|
Net income |
$ 169,349
|
$ 472,071
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PROPERTY AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment |
$ 341,760
|
$ 278,665
|
Less: Accumulated depreciation and amortization |
(118,699)
|
(97,136)
|
Property and equipment, net |
223,061
|
181,529
|
Machinery and equipment |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment |
161,627
|
146,821
|
Leasehold improvements |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment |
92,825
|
76,363
|
Construction-in-progress |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment |
54,931
|
28,699
|
Furniture, fixtures, and other |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment |
$ 32,377
|
$ 26,782
|
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