$CROX
Crocs, Inc.

2023 Q4 Form 10-Q Financial Statement

#000133403623000170 Filed on November 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $960.1M $1.046B
YoY Change 1.58% 6.15%
Cost Of Revenue $429.4M $464.1M
YoY Change -4.33% 4.57%
Gross Profit $530.7M $581.6M
YoY Change 6.93% 7.45%
Gross Profit Margin 55.28% 55.62%
Selling, General & Admin $321.2M $307.8M
YoY Change 18.44% 11.02%
% of Gross Profit 60.52% 52.92%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $13.80M $14.75M
YoY Change 8.43% 51.39%
% of Gross Profit 2.6% 2.54%
Operating Expenses $321.2M $307.8M
YoY Change 18.44% 11.02%
Operating Profit $209.5M $273.9M
YoY Change -6.95% 3.71%
Interest Expense -$34.88M $39.21M
YoY Change -21.89% 14.84%
% of Operating Profit -16.65% 14.32%
Other Income/Expense, Net -$774.0K $24.00K
YoY Change -544.83% 50.0%
Pretax Income $173.9M $233.4M
YoY Change -0.97% 1.67%
Income Tax -$79.73M $56.38M
% Of Pretax Income -45.86% 24.16%
Net Earnings $253.6M $177.0M
YoY Change 84.11% 4.53%
Net Earnings / Revenue 26.41% 16.93%
Basic Earnings Per Share $2.90
Diluted Earnings Per Share $4.16 $2.87
COMMON SHARES
Basic Shares Outstanding 60.57M shares 61.64M shares
Diluted Shares Outstanding 61.62M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $149.3M $127.3M
YoY Change -22.1% -10.96%
Cash & Equivalents $149.3M $127.3M
Short-Term Investments
Other Short-Term Assets $45.13M $44.00M
YoY Change 34.29% 2.87%
Inventory $385.1M $390.2M
Prepaid Expenses
Receivables $305.7M $391.2M
Other Receivables $25.48M $26.50M
Total Short-Term Assets $910.7M $979.2M
YoY Change -11.24% -12.82%
LONG-TERM ASSETS
Property, Plant & Equipment $238.3M $223.1M
YoY Change 31.28% 36.53%
Goodwill $711.6M $711.9M
YoY Change -0.45% -0.35%
Intangibles $1.793B $1.794B
YoY Change -0.42% -0.49%
Long-Term Investments
YoY Change
Other Assets $31.45M $28.54M
YoY Change 299.31% 357.28%
Total Long-Term Assets $3.733B $3.602B
YoY Change 7.4% 5.33%
TOTAL ASSETS
Total Short-Term Assets $910.7M $979.2M
Total Long-Term Assets $3.733B $3.602B
Total Assets $4.644B $4.581B
YoY Change 3.16% 0.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $261.0M $209.9M
YoY Change 13.07% 10.41%
Accrued Expenses $285.8M $248.2M
YoY Change 19.36% 8.38%
Deferred Revenue $7.568M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $23.33M $20.00M
YoY Change -4.24% 0.0%
Total Short-Term Liabilities $698.3M $647.9M
YoY Change 8.89% 13.43%
LONG-TERM LIABILITIES
Long-Term Debt $1.641B $1.919B
YoY Change -28.59% -26.08%
Other Long-Term Liabilities $2.767M $2.349M
YoY Change 7.29% -4.59%
Total Long-Term Liabilities $1.644B $1.921B
YoY Change -28.55% -26.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $698.3M $647.9M
Total Long-Term Liabilities $1.644B $1.921B
Total Liabilities $3.190B $3.381B
YoY Change -13.41% -13.58%
SHAREHOLDERS EQUITY
Retained Earnings $2.612B $2.358B
YoY Change 43.57% 40.25%
Common Stock $826.7M $821.1M
YoY Change 3.64% 3.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.454B $1.200B
YoY Change
Total Liabilities & Shareholders Equity $4.644B $4.581B
YoY Change 3.16% 0.84%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $253.6M $177.0M
YoY Change 84.11% 4.53%
Depreciation, Depletion And Amortization $13.80M $14.75M
YoY Change 8.43% 51.39%
Cash From Operating Activities $349.7M $250.1M
YoY Change -1.88% 54.44%
INVESTING ACTIVITIES
Capital Expenditures $29.22M $34.80M
YoY Change 100.14% -188.19%
Acquisitions
YoY Change
Other Investing Activities $54.00K -$100.0K
YoY Change
Cash From Investing Activities -$29.17M -$34.90M
YoY Change 99.77% -11.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -301.7M -246.6M
YoY Change 1.26% 54.16%
NET CHANGE
Cash From Operating Activities 349.7M 250.1M
Cash From Investing Activities -29.17M -34.90M
Cash From Financing Activities -301.7M -246.6M
Net Change In Cash 18.83M -31.40M
YoY Change -57.06% -16.24%
FREE CASH FLOW
Cash From Operating Activities $349.7M $250.1M
Capital Expenditures $29.22M $34.80M
Free Cash Flow $320.5M $215.3M
YoY Change -6.24% 6.9%

Facts In Submission

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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reclassifications</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have reclassified certain amounts in Note 4 — Accrued Expenses and Other Liabilities to conform to current period presentation.</span></div>
us-gaap Use Of Estimates
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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div>
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CY2023Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
248160000 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
239424000 usd
CY2023Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
313608000 usd
CY2023Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
20288000 usd
CY2022Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
17058000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
56880000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
47945000 usd
CY2023Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
3102000 usd
CY2022Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
2490000 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
10336000 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
7493000 usd
CY2023Q3 us-gaap Variable Lease Cost
VariableLeaseCost
15130000 usd
CY2022Q3 us-gaap Variable Lease Cost
VariableLeaseCost
12161000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
35248000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
28726000 usd
CY2023Q3 us-gaap Lease Cost
LeaseCost
38520000 usd
CY2022Q3 us-gaap Lease Cost
LeaseCost
31709000 usd
us-gaap Lease Cost
LeaseCost
102464000 usd
us-gaap Lease Cost
LeaseCost
84164000 usd
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y2M12D
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.055
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y2M12D
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.036
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
13269000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
76434000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
60750000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
52309000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
45767000 usd
CY2023Q3 crox Lessee Operating Lease Liability To Be Paid Due After Year Four
LesseeOperatingLeaseLiabilityToBePaidDueAfterYearFour
179532000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
428061000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
80040000 usd
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
348021000 usd
CY2023Q3 us-gaap Foreign Currency Cash Flow Hedge Gain Loss Reclassified To Earnings Net
ForeignCurrencyCashFlowHedgeGainLossReclassifiedToEarningsNet
300000 usd
us-gaap Foreign Currency Cash Flow Hedge Gain Loss Reclassified To Earnings Net
ForeignCurrencyCashFlowHedgeGainLossReclassifiedToEarningsNet
-500000 usd
CY2023Q3 us-gaap Foreign Currency Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months
ForeignCurrencyCashFlowHedgeGainLossToBeReclassifiedDuringNext12Months
-100000 usd
CY2023Q3 us-gaap Derivative Asset Notional Amount
DerivativeAssetNotionalAmount
165268000 usd
CY2023Q3 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
-492000 usd
CY2022Q4 us-gaap Derivative Asset Notional Amount
DerivativeAssetNotionalAmount
193065000 usd
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
-783000 usd
CY2023Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1990000000 usd
CY2023Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
51332000 usd
CY2023Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1918668000 usd
crox Number Of Credit Facility
NumberOfCreditFacility
2 facility
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1045717000 usd
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
985094000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3002250000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2609823000 usd
CY2023Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
233405000 usd
CY2022Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
229575000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
702413000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
542939000 usd
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
56380000 usd
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
60226000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
163433000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
140515000 usd
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.242
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.262
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.233
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.259
CY2023Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
218400000 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
219400000 usd
us-gaap Increase Decrease In Income Taxes
IncreaseDecreaseInIncomeTaxes
22900000 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.233
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.259
crox Increase Decreasein Effective Income Tax Rate Reconciliation Percent
IncreaseDecreaseinEffectiveIncomeTaxRateReconciliationPercent
-0.026
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
177025000 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
169349000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
538980000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
402424000 usd
CY2023Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
61143000 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
61693000 shares
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
61670000 shares
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
61042000 shares
CY2023Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
472000 shares
CY2022Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
674000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
610000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
798000 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
61615000 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
62367000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
62280000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
61840000 shares
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.90
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.75
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
8.74
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
6.59
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.87
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.72
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
8.65
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
6.51
CY2023Q3 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
276400000 usd
CY2023Q3 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
2700000 usd
CY2023Q3 us-gaap Loss Contingency Range Of Possible Loss Portion Not Accrued
LossContingencyRangeOfPossibleLossPortionNotAccrued
700000 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1045717000 usd
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
985094000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3002250000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2609823000 usd
CY2023Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
273852000 usd
CY2023Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-1770000 usd
CY2023Q3 us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
506000 usd
CY2023Q3 us-gaap Interest Expense
InterestExpense
39207000 usd
CY2022Q3 us-gaap Interest Expense
InterestExpense
34142000 usd
us-gaap Interest Expense
InterestExpense
124907000 usd
us-gaap Interest Expense
InterestExpense
86357000 usd
CY2023Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
24000 usd
CY2023Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
233405000 usd
CY2023Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
14751000 usd
CY2022Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
9744000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
40531000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
26498000 usd
CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

Name View Source Status
crox-20230930_def.xml Edgar Link unprocessable
crox-20230930_pre.xml Edgar Link unprocessable
crox-20230930_lab.xml Edgar Link unprocessable
0001334036-23-000170-index-headers.html Edgar Link pending
0001334036-23-000170-index.html Edgar Link pending
0001334036-23-000170.txt Edgar Link pending
0001334036-23-000170-xbrl.zip Edgar Link pending
crox-20230930.htm Edgar Link pending
crox-20230930.xsd Edgar Link pending
crox-ex311_q3x2023.htm Edgar Link pending
crox-ex312_q3x2023.htm Edgar Link pending
crox-ex32_q3x2023.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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crox-20230930_cal.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
crox-20230930_htm.xml Edgar Link completed
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