Ducommun Inc
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Industrials : Aerospace & Defense | Small Cap Blend
Company profile

Ducommun Incorporated is a global provider of engineering and manufacturing services for various products and failure applications used primarily in the aerospace, defense, industrial, natural resources, medical and other industries. The Company is a solution-based provider, offering a range of value-added products and services in its primary businesses of electronics, structures and integrated solutions. The Company operates through two segments: Electronic Systems (ES) and Structural Systems (SS). The ES has over three product offerings in electronics manufacturing for various applications, including complex cable assemblies and interconnect systems, printed circuit board assemblies, and electronic, electromechanical and mechanical assemblies. The SS segment offers over three product offerings to support a customer base, including commercial aircraft, military fixed-wing aircraft, and military and commercial rotary-wing aircraft.

Closing Price
$33.14
Day's Change
1.08 (3.37%)
Bid
--
Ask
--
B/A Size
--
Day's High
33.30
Day's Low
31.86
Volume
(Below Average)
Volume:
61,735

10-day average volume:
70,651
61,735

Crocs, Inc. Reports Fiscal 2020 Second Quarter Results

7:00 am ET July 30, 2020 (PR Newswire) Print

Crocs, Inc. (NASDAQ: CROX), a world leader in innovative casual footwear for men, women, and children, today announced its second quarter 2020 financial results.

Andrew Rees, President and Chief Executive Officer, said, "Amidst unprecedented market conditions globally, we delivered exceptional performance in our Americas and e-commerce businesses and increased profit despite a very challenging environment. Our performance demonstrates the strength of the Crocs brand and underscores the work we've done expanding the desirability, relevance, and consideration of our brand and product offering globally."

Q2 Highlights

-- Global revenues were $331.5 million, declining 7.6% from the second quarter of 2019, or 6.0% on a constant currency basis. Four out of five of our key geographies delivered revenue growth - United States, Korea, China, and Germany.

-- Global e-commerce revenue increased by 67.7% with strong growth in all regions.

-- Operating margin rose approximately 380 basis points to 17.1% and adjusted operating margin increased approximately 800 basis points to 22.3%.

-- Diluted earnings per share grew 50.9% to $0.83, or 71.2% to $1.01 on an adjusted basis.

-- Cash flow from operations nearly doubled.

COVID-19 Update on Operations

As described during our first quarter earnings conference call and subsequent updates, COVID-19 has impacted the Crocs business globally, including through store closures or reduced operating hours and decreased retail traffic. Most of our 360 company-operated stores were closed for some period during the second quarter, as well as many partner stores and wholesale customers' doors. As of June 30, 2020, 98% of our company-operated stores were open. Additional detail by region on company-operated stores is below.

-- Americas. Our company-operated stores closed in mid-March and started to reopen in mid-May. Currently, the majority of our stores in the United States are open.

-- Asia. Outside of China and Korea, most of our company-operated stores were closed for the majority of the quarter.

-- EMEA. Our company-operated stores in Western Europe closed in mid-April and reopened in mid-May, while stores in Russia closed in early April and reopened in early June.

While many brick-and-mortar stores were closed, Crocs.com and other digital commerce platforms remained open. We saw record quarterly sales in e-commerce as well as strong sell-through in e-tail and wholesale partner e-commerce sites, as consumers migrated to online shopping. These strong growth rates have recently started to temper as brick-and-mortar has started to reopen.

As outlined during our first quarter earnings call, we focused on positioning the business for both short- and long-term success. Our leadership quickly established both a defensive and offensive playbook that we began to implement in early March. The defensive measures are now complete and our offensive playbook has started to show results, as evidenced by our second quarter performance.

Second Quarter 2020 Operating Results:

-- Revenues were $331.5 million, a decline of 7.6% from the second quarter of 2019, or 6.0% on a constant currency basis. E-commerce revenue grew 67.7%, while wholesale revenue declined 19.5% and retail revenue declined 41.8% due to COVID-19 related store closures. Retail comparable store sales on a constant currency basis grew 10.5% upon re-opening.

-- Gross margin was 54.3%, an increase of 150 basis points from last year's second quarter. Adjusted gross margin was 55.2%, which excludes $3.2 million or 100 basis points of non-recurring expenditures for COVID-19-related inventory charges in Asia and costs related to our U.S. distribution center. Adjusted gross margin rose 160 basis points compared to last year's second quarter, benefiting from product mix, higher prices on certain product, and lower levels of promotions and discounts. For a reconciliation of gross margin to adjusted gross margin, see the 'Non-GAAP cost of sales, gross profit, and gross margin reconciliation' schedule below.

-- Selling, general and administrative expenses ("SG&A") were $123.3 million, down from $141.5 million in the second quarter of 2019, as we reduced expenses during the pandemic. SG&A included non-GAAP adjustments of $14.0 million compared to $0.2 million in last year's second quarter. Most charges were a result of $8.2 million of frontline healthcare product donations. Our adjusted SG&A was or 33.0% of revenues versus 39.4%, in last year's second quarter. For a reconciliation of SG&A to adjusted SG&A, see the 'Non-GAAP selling, general and administrative expenses reconciliation' schedule below.

-- Income from operations increased 18.3% to $56.6 million from $47.8 million in the second quarter of 2019, and operating margin rose 380 basis points to 17.1%. Excluding non-GAAP gross margin and SG&A charges, adjusted income from operations rose 44.2% to $73.8 million and adjusted operating margin was 22.3% compared to 14.3% in the second quarter of 2019, as detailed on the 'Non-GAAP income from operations and operating margin reconciliation' schedule below.

-- Diluted earnings per share increased 50.9% to $0.83, as compared with $0.55 in the second quarter of 2019. Excluding non-GAAP charges, adjusted diluted earnings per share was $1.01, or 71.2%, above the $0.59 in the second quarter of 2019, as detailed on the 'Non-GAAP earnings per share reconciliation' schedule below.

Balance Sheet and Cash Flow Highlights:

-- Cash and cash equivalents were $151.4 million as of June 30, 2020, compared to $108.3 million as of December 31, 2019.

-- Inventory decreased to $146.8 million as of June 30, 2020, compared to $172.0 million as of December 31, 2019.

-- Capital expenditures during the six months ended June 30, 2020, were $24.3 million, compared to $18.7 million during the same period in 2019.

-- At June 30, 2020, there were $275.0 million of borrowings outstanding on our credit facility after reducing borrowings by $75.0 million during the second quarter. We have ample liquidity, including $151.4 million in cash and cash equivalents and up to $224.4 million of available borrowings under our facility.

Share Repurchase Activity

As previously announced, we temporarily suspended share repurchases to preserve maximum liquidity and flexibility. During the second quarter of 2020, we did not repurchase any shares. As of June 30, 2020, approximately $469 million remained on our share repurchase authorization.

Investments to Support Long-Term Growth

During the second quarter of 2020, we opened our new global headquarters in Broomfield, Colorado, less than 20 miles outside of downtown Denver. The state-of-the-art facility will allow us to significantly expand our ability to attract talent. We also entered into a lease for a new distribution center adjacent to our existing facility in Dayton, Ohio. The new facility will be dedicated to e-commerce fulfillment and will significantly increase our distribution capacity in the Americas. Finally, we anticipate completing the relocation of our distribution center in the Netherlands in 2021.

Financial Outlook:

Given the continued disruption and global uncertainty related to COVID-19, we previously withdrew the guidance provided on February 27, 2020. We are not providing third quarter guidance. However, excluding the impact of any future shutdowns in major markets for full year 2020, we expect:

-- Revenue: Revenue for the remainder of 2020 to be approximately flat compared to the back-half of 2019

-- Tax: A tax rate of 11% for 2020

-- Inventory: Inventory to be constrained throughout the remainder of 2020 reflecting our decision to significantly reduce inventory purchases as a result of the pandemic

-- Capital Expenditures: Approximately $50 million, which reflects investment to support future growth that we had previously deferred

Conference Call Information:

A conference call to discuss second quarter 2020 results is scheduled for today, Thursday, July 30, 2020 at 8:30 am ET. The call participation number is (877) 790-7808. A replay of the conference call will be available approximately two hours after the completion of the call at (800) 585-8367. International participants can dial (647) 689-5638 to take part in the conference call and can access a replay of the call at (416) 621-4642. All of these calls will require the input of the conference identification number 4756429. The call will also be streamed live on the Crocs website, www.crocs.com. This audio webcast will remain available at www.crocs.com through July 30, 2021.

About Crocs, Inc.:

Crocs, Inc. (Nasdaq: CROX) is a world leader in innovative casual footwear for women, men, and children, combining comfort and style with a value that consumers know and love. The vast majority of shoes within Crocs' collection contains Croslite(TM) material, a proprietary, molded footwear technology, delivering extraordinary comfort with each step.

In 2020, Crocs declares that expressing yourself and being comfortable are not mutually exclusive. To learn more about Crocs or our global Come As You Are(TM) campaign, please visit www.crocs.com or follow @Crocs on Facebook, Instagram, and Twitter.

Forward Looking Statements:

This press release includes estimates, projections, statements relating to our business plans, objectives, and expected operating results that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements regarding potential impacts to our business related to the COVID-19 pandemic, our financial condition, brand and liquidity outlook and expectations regarding our 2020 revenue, tax rate, inventory, and capital expenditures. These statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements to be materially different from any future results, performances, or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, the following: the COVID-19 outbreak and related government, private sector, and individual consumer responsive actions; current global financial conditions, including economic impacts resulting from the COVID-19 outbreak; the effect of competition in our industry; our ability to effectively manage our future growth or declines in revenues; changing consumer preferences; our ability to maintain and expand revenues and gross margin; our ability to accurately forecast consumer demand for our products; our ability to successfully implement our strategic plans; our ability to develop and sell new products; our ability to obtain and protect intellectual property rights; the effect of potential adverse currency exchange rate fluctuations and other international operating risks; and other factors described in our most recent Annual Report on Form 10-K under the heading "Risk Factors" and our subsequent filings with the Securities and Exchange Commission. Readers are encouraged to review that section and all other disclosures appearing in our filings with the Securities and Exchange Commission.

All information in this document speak only as of the date of this press release. We do not undertake any obligation to update publicly any forward-looking statements.

Category:Investors

CROCS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(in thousands, except per share data)
                                             Three Months Ended June 30, Six Months Ended June 30,
                                             2020          2019          2020          2019
Revenues                                     $   331,549   $   358,899   $   612,709   $   654,848
Cost of sales                                151,616       169,520       298,614       327,854
Gross profit                                 179,933       189,379       314,095       326,994
Selling, general and administrative expenses 123,338       141,548       236,688       246,585
Income from operations                       56,595        47,831        77,407        80,409
Foreign currency losses, net                 (687)         (261)         (918)         (1,478)
Interest income                              49            131           146           326
Interest expense                             (2,170)       (2,421)       (4,091)       (4,238)
Other income (expense), net                  907           (604)         928           (14)
Income before income taxes                   54,694        44,676        73,472        75,005
Income tax expense (benefit)                 (1,857)       5,478         5,830         11,097
Net income                                   $   56,551    $   39,198    $   67,642    $   63,908
Net income per common share:
Basic                                        $   0.84      $   0.55      $   1.00      $   0.89
Diluted                                      $   0.83      $   0.55      $   0.99      $   0.87
Weighted average common shares outstanding:
Basic                                        67,416        70,936        67,674        71,967
Diluted                                      68,038        71,915        68,664        73,369
CROCS, INC. AND SUBSIDIARIES
EARNINGS PER SHARE
(UNAUDITED)
(in thousands, except per share data)
                                                                           Three Months Ended June 30,  Six Months Ended June 30,
                                                                           2020         2019            2020         2019
Numerator:
Net income                                                                 $   56,551   $   39,198      $   67,642   $   63,908
Denominator:
Weighted average common shares outstanding - basic                         67,416       70,936          67,674       71,967
Plus: Dilutive effect of stock options and unvested restricted stock units 622          979             990          1,402
Weighted average common shares outstanding - diluted                       68,038       71,915          68,664       73,369
Net income per common share:
Basic                                                                      $   0.84     $   0.55        $   1.00     $   0.89
Diluted                                                                    $   0.83     $   0.55        $   0.99     $   0.87
CROCS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in thousands, except share and par value amounts)
                                                                                                                                                                           June 30,         December 31,
                                                                                                                                                                           2020             2019
ASSETS
Current assets:
Cash and cash equivalents                                                                                                                                                  $      151,370   $      108,253
Accounts receivable, net of allowances of $24,997 and $18,797, respectively                                                                                                160,279          108,199
Inventories                                                                                                                                                                146,804          172,028
Income taxes receivable                                                                                                                                                    3,809            1,341
Other receivables                                                                                                                                                          10,433           8,711
Restricted cash - current                                                                                                                                                  1,690            1,500
Prepaid expenses and other assets                                                                                                                                          19,545           25,350
Total current assets                                                                                                                                                       493,930          425,382
Property and equipment, net of accumulated depreciation and amortization of $83,306 and $79,604, respectively                                                              52,136           47,405
Intangible assets, net of accumulated amortization of $90,677 and $82,760, respectively                                                                                    43,773           47,095
Goodwill                                                                                                                                                                   1,581            1,578
Deferred tax assets, net                                                                                                                                                   24,218           24,747
Restricted cash                                                                                                                                                            1,759            2,292
Right-of-use assets                                                                                                                                                        183,490          182,228
Other assets                                                                                                                                                               9,997            8,075
Total assets                                                                                                                                                               $      810,884   $      738,802
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable                                                                                                                                                           $      83,221    $      95,754
Accrued expenses and other liabilities                                                                                                                                     94,233           108,677
Income taxes payable                                                                                                                                                       6,357            4,207
Current operating lease liabilities                                                                                                                                        49,168           48,585
Total current liabilities                                                                                                                                                  232,979          257,223
Long-term income taxes payable                                                                                                                                             4,133            4,522
Long-term borrowings                                                                                                                                                       275,000          205,000
Long-term operating lease liabilities                                                                                                                                      141,887          140,148
Other liabilities                                                                                                                                                          1                4
Total liabilities                                                                                                                                                          654,000          606,897
Commitments and contingencies
Stockholders' equity:
Preferred stock, par value $0.001 per share, 5.0 million shares authorized including 1.0 million authorized as Series A Convertible Preferred Stock, none outstanding      --               --
Common stock, par value $0.001 per share, 250.0 million shares authorized, 104.9 million and 104.0 million issued, 67.5 million and 68.2 million outstanding, respectively 105              104
Treasury stock, at cost, 37.5 million and 35.8 million shares, respectively                                                                                                (587,940)        (546,208)
Additional paid-in capital                                                                                                                                                 502,958          495,903
Retained earnings                                                                                                                                                          308,127          240,485
Accumulated other comprehensive loss                                                                                                                                       (66,366)         (58,379)
Total stockholders' equity                                                                                                                                                 156,884          131,905
Total liabilities and stockholders' equity                                                                                                                                 $      810,884   $      738,802
CROCS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
                                                                                  Six Months Ended June 30,
                                                                                  2020            2019
Cash flows from operating activities:
Net income                                                                        $     67,642    $     63,908
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization                                                     13,499          11,865
Operating lease cost                                                              30,213          29,679
Inventory donations                                                               8,821           5
Provision for doubtful accounts, net                                              6,507           988
Share-based compensation                                                          5,942           7,401
Other non-cash items                                                              2,029           (1,627)
Changes in operating assets and liabilities:
Accounts receivable                                                               (62,146)        (73,000)
Inventories                                                                       11,240          (9,955)
Prepaid expenses and other assets                                                 1,002           (912)
Accounts payable, accrued expenses and other liabilities                          (15,316)        26,548
Operating lease liabilities                                                       (29,166)        (34,732)
Cash provided by operating activities                                             40,267          20,168
Cash flows from investing activities:
Purchases of property, equipment, and software                                    (24,328)        (18,722)
Proceeds from disposal of property and equipment                                  434             260
Other                                                                             (116)           --
Cash used in investing activities                                                 (24,010)        (18,462)
Cash flows from financing activities:
Proceeds from bank borrowings                                                     150,000         95,000
Repayments of bank borrowings                                                     (80,000)        --
Dividends--Series A convertible preferred stock (1)                               --              (2,985)
Repurchases of common stock                                                       (39,159)        (108,475)
Other                                                                             (1,964)         (1,635)
Cash provided by (used in) financing activities                                   28,877          (18,095)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash    (2,360)         410
Net change in cash, cash equivalents, and restricted cash                         42,774          (15,979)
Cash, cash equivalents, and restricted cash--beginning of period                  112,045         127,530
Cash, cash equivalents, and restricted cash--end of period                        $     154,819   $     111,551
(1) For the six months ended June 30, 2019, represents $3.0 million paid to induce conversion of Series A Convertible Preferred Stock to common stock.

CROCS, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES

In addition to financial measures presented on the basis of accounting principles generally accepted in the United States of America ("GAAP"), we present "Non-GAAP cost of sales," "Non-GAAP gross profit," "Non-GAAP gross margin," "Non-GAAP selling, general, and administrative expenses," "Non-GAAP net income," "Non-GAAP income from operations", "Non-GAAP operating margin," "Non-GAAP weighted average common shares outstanding - basic and diluted," and "Non-GAAP basic and diluted net income per common share," which are non-GAAP financial measures. Non-GAAP results exclude the impact of items that management believes affect the comparability or underlying business trends in our condensed consolidated financial statements in the periods presented.

We also present certain information related to our current period results of operations through "constant currency," which is a non-GAAP financial measure and should be viewed as a supplement to our results of operations and presentation of reportable segments under GAAP. Constant currency represents current period results that have been retranslated using exchange rates used in the prior year comparative period to enhance the visibility of the underlying business trends excluding the impact of foreign currency exchange rate fluctuations.

Management uses non-GAAP results to assist in comparing business trends from period to period on a consistent basis in communications with the board of directors, stockholders, analysts, and investors concerning our financial performance. We believe that these non-GAAP measures are useful to investors and other users of our condensed consolidated financial statements as an additional tool for evaluating operating performance and trends. For the three and six months ended June 30, 2020, management believes it is helpful to evaluate our results excluding the impacts of various adjustments relating to special or non-recurring items. Investors should not consider these non-GAAP measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.

CROCS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES
(UNAUDITED)
Non-GAAP cost of sales, gross profit, and gross margin reconciliation:
                                 Three Months Ended June 30,           Six Months Ended June 30,
                                 2020               2019               2020               2019
                                 (in thousands)
GAAP revenues                    $    331,549       $    358,899       $    612,709       $    654,848
GAAP cost of sales               $    151,616       $    169,520       $    298,614       $    327,854
New distribution centers (1)     (812)              $    (3,138)       (1,739)            (4,303)
COVID-19 inventory write-off (2) (2,396)            --                 (2,396)            --
Other                            --                 (23)               --                 (133)
Total adjustments                (3,208)            (3,161)            (4,135)            (4,436)
Non-GAAP cost of sales           $    148,408       $    166,359       $    294,479       $    323,418
GAAP gross profit                $    179,933       $    189,379       $    314,095       $    326,994
GAAP gross margin                54.3         %     52.8         %     51.3         %     49.9         %
Non-GAAP gross profit            $    183,141       $    192,540       $    318,230       $    331,430
Non-GAAP gross margin            55.2         %     53.6         %     51.9         %     50.6         %
(1) Represents non-recurring expenses, including expansion costs, related to our distribution centers in Dayton, Ohio and Dordrecht, the Netherlands.
(2) Represents an inventory write-off in our Asia Pacific segment associated with the impact of COVID-19.
Non-GAAP selling, general and administrative expenses reconciliation:
                                                                               Three Months Ended June 30,           Six Months Ended June 30,
                                                                               2020               2019               2020               2019
                                                                               (in thousands)
GAAP revenues                                                                  $    331,549       $    358,899       $    612,709       $    654,848
GAAP selling, general and administrative expenses                              $    123,338       $    141,548       $    236,688       $    246,585
Donations of inventory                                                         (8,218)            --                 (9,920)            --
COVID-19 severance costs                                                       (2,403)            --                 (2,403)
COVID-19 impact of bad debt expense (1)                                        (1,708)            --                 (4,481)            --
Other COVID-19 costs (2)                                                       (644)              --                 (644)              --
Duplicate headquarters rent (3)                                                (487)              --                 (694)              --
Non-recurring expenses associated with cost reduction initiatives in 2019      --                 (204)              --                 (889)
Other                                                                          (550)              --                 (481)              --
Total adjustments                                                              (14,010)           (204)              (18,623)           (889)
Non-GAAP selling, general and administrative expenses (4)                      $    109,328       $    141,344       $    218,065       $    245,696
GAAP selling, general and administrative expenses as a percent of revenues     37.2         %     39.4         %     38.6         %     37.7         %
Non-GAAP selling, general and administrative expenses as a percent of revenues 33.0         %     39.4         %     35.6         %     37.5         %
(1) Represents bad debt expense associated with the impact of COVID-19 on wholesale partners in our Asia Pacific and Americas segments.
(2) Represents costs incurred in response to the COVID-19, including hazard pay, cleaning costs, and legal costs.
(3) Represents ongoing duplicate rent costs associated with our move to our new headquarters in Broomfield, Colorado, while we conclude the lease for our former headquarters in Niwot, Colorado.
(4) Non-GAAP selling, general and administrative expenses are presented gross of tax.
Non-GAAP income from operations and operating margin reconciliation:
                                                                      Three Months Ended June 30,           Six Months Ended June 30,
                                                                      2020               2019               2020               2019
                                                                      (in thousands)
GAAP revenues                                                         $    331,549       $    358,899       $    612,709       $    654,848
GAAP income from operations                                           $    56,595        $    47,831        $    77,407        $    80,409
Non-GAAP cost of sales adjustments (1)                                3,208              3,161              4,135              4,436
Non-GAAP selling, general and administrative expenses adjustments (2) 14,010             204                18,623             889
Non-GAAP income from operations                                       $    73,813        $    51,196        $    100,165       $    85,734
GAAP operating margin                                                 17.1         %     13.3         %     12.6         %     12.3         %
Non-GAAP operating margin                                             22.3         %     14.3         %     16.3         %     13.1         %
(1) See 'Non-GAAP cost of sales, gross profit, and gross margin reconciliation' above for more details.
(2) See 'Non-GAAP selling, general and administrative expenses reconciliation' above for more details.
Non-GAAP earnings per share reconciliation:
                                                                                Three Months Ended June 30,  Six Months Ended June 30,
                                                                                2020         2019            2020         2019
                                                                                (in thousands, except per share data)
Numerator:
GAAP net income                                                                 $   56,551   $   39,198      $   67,642   $   63,908
Non-GAAP cost of sales adjustments (1)                                          3,208        3,161           4,135        4,436
Non-GAAP selling, general and administrative expenses adjustments (2)           14,010       204             18,623       889
Non-GAAP other income adjustment (3)                                            (919)        --              (919)        --
Tax effect of non-GAAP adjustments (4)                                          (4,075)      --              (5,460)      --
Non-GAAP net income                                                             $   68,775   $   42,563      $   84,021   $   69,233
Denominator:
GAAP weighted average common shares outstanding - basic                         67,416       70,936          67,674       71,967
Plus: GAAP dilutive effect of stock options and unvested restricted stock units 622          979             990          1,402
GAAP weighted average common shares outstanding - diluted                       68,038       71,915          68,664       73,369
GAAP net income per common share:
Basic                                                                           $   0.84     $   0.55        $   1.00     $   0.89
Diluted                                                                         $   0.83     $   0.55        $   0.99     $   0.87
Non-GAAP net income per common share:
Basic                                                                           $   1.02     $   0.60        $   1.24     $   0.96
Diluted                                                                         $   1.01     $   0.59        $   1.22     $   0.94
(1) See 'Non-GAAP cost of sales, gross profit, and gross margin reconciliation' above for more information.
(2) See 'Non-GAAP selling, general and administrative expenses reconciliation' above for more information.
(3) Represents a fair value adjustment associated with our donations of inventory.
(4) In the three months and six months ended June 30, 2019, non-GAAP adjustments were in jurisdictions subject to a full valuation allowance, and thus had no material net tax impact.
CROCS, INC. AND SUBSIDIARIES
REVENUES BY SEGMENT
(UNAUDITED)
                            Three Months Ended          Six Months Ended            % Change                     Constant Currency % Change (1)
                            June 30,                    June 30,
                            2020          2019          2020          2019          Q2 2020-2019  YTD 2020-2019  Q2 2020-2019  YTD 2020-2019
                            (in thousands)
Americas:
Wholesale                   $   67,428    $   69,957    $   158,233   $   141,186   (3.6)  %      12.1   %       (2.6)  %      13.3   %
Retail                      34,220        65,900        68,839        103,976       (48.1) %      (33.8) %       (48.0) %      (33.8) %
E-commerce                  69,936        34,583        92,236        54,404        102.2  %      69.5   %       102.6  %      69.8   %
Total Americas              171,584       170,440       319,308       299,566       0.7    %      6.6    %       1.2    %      7.2    %
Asia Pacific:
Wholesale                   35,282        63,862        80,863        132,812       (44.8) %      (39.1) %       (43.1) %      (37.3) %
Retail                      21,805        26,865        31,991        40,768        (18.8) %      (21.5) %       (15.7) %      (18.5) %
E-commerce                  36,486        27,697        46,179        35,891        31.7   %      28.7   %       34.6   %      31.7   %
Total Asia Pacific          93,573        118,424       159,033       209,471       (21.0) %      (24.1) %       (18.7) %      (21.8) %
EMEA
Wholesale                   42,166        46,136        98,877        110,627       (8.6)  %      (10.6) %       (5.3)  %      (7.6)  %
Retail                      4,187         10,688        8,181         16,105        (60.8) %      (49.2) %       (59.5) %      (48.0) %
E-commerce                  20,023        13,137        27,218        18,953        52.4   %      43.6   %       57.6   %      48.1   %
Total EMEA                  66,376        69,961        134,276       145,685       (5.1)  %      (7.8)  %       (1.8)  %      (4.8)  %
Total segment revenues      331,533       358,825       612,617       654,722       (7.6)  %      (6.4)  %       (6.0)  %      (4.7)  %
Other businesses            16            74            92            126           (78.4) %      (27.0) %       (78.4) %      (27.0) %
Total consolidated revenues $   331,549   $   358,899   $   612,709   $   654,848   (7.6)  %      (6.4)  %       (6.0)  %      (4.7)  %
Total wholesale             $   144,892   $   180,029   $   338,065   $   384,751   (19.5) %      (12.1) %       (17.7) %      (10.2) %
Total retail                60,212        103,453       109,011       160,849       (41.8) %      (32.2) %       (40.8) %      (31.3) %
Total e-commerce            126,445       75,417        165,633       109,248       67.7   %      51.6   %       69.8   %      53.6   %
Total consolidated revenues $   331,549   $   358,899   $   612,709   $   654,848   (7.6)  %      (6.4)  %       (6.0)  %      (4.7)  %
(1) Reflects year over year change as if the current period results were in constant currency, which is a non-GAAP financial measure. See 'Reconciliation of GAAP Measures to Non-GAAP Measures' above for more information.
CROCS, INC. AND SUBSIDIARIES
RETAIL STORE COUNTS
(UNAUDITED)
                      March 31, 2020     Opened  Closed              June 30,
                                                                     2020
Type:
Outlet stores         194                3       6                   191
Retail stores         108                2       6                   104
Kiosk/store in store  65                 --      --                  65
Total                 367                5       12                  360
Operating segment:
Americas              166                1       2                   165
Asia Pacific          146                4       8                   142
EMEA                  55                 --      2                   53
Total                 367                5       12                  360
                      December 31, 2019  Opened  Closed/Transferred  June 30,
                                                                     2020
Type:
Outlet stores         193                5       7                   191
Retail stores         109                3       8                   104
Kiosk/store-in-store  65                 1       1                   65
Total                 367                9       16                  360
Operating segment:
Americas              165                2       2                   165
Asia Pacific          145                5       8                   142
EMEA                  57                 2       6                   53
Total                 367                9       16                  360
CROCS, INC. AND SUBSIDIARIES
DIGITAL SALES PERCENTAGE, COMPARABLE RETAIL STORE SALES, AND DIRECT-TO-CONSUMER COMPARABLE SALES
(UNAUDITED)
Digital sales, which includes sales through our company-owned website, third party marketplaces, and e-tailers, as a percent of total revenues, by operating segment were:
                                                                          Three Months Ended June 30,           Six Months Ended June 30,
                                                                          2020                          2019    2020                          2019
Digital sales as a percent of total revenues:
Americas                                                                  58.4                       %  30.7 %  44.8                       %  28.7 %
Asia Pacific                                                              46.6                       %  30.9 %  37.5                       %  25.7 %
EMEA                                                                      63.4                       %  40.3 %  50.7                       %  35.9 %
Global                                                                    56.1                       %  32.6 %  44.2                       %  29.4 %
Comparable retail store sales and direct-to-consumer store sales by operating segment are shown below. Consistent with our definition of comparable store sales described in a footnote to the below tables, these results include 94 comparable stores in April, 110 comparable stores in May, and 247 comparable stores in June.
                                                                          Constant Currency (1)
                                                                          Three Months Ended June 30,           Six Months Ended June 30,
                                                                          2020                          2019    2020                          2019
Comparable retail store sales: (2)
Americas                                                                  18.2                       %  17.6 %  21.0                       %  15.6 %
Asia Pacific                                                              8.5                        %  0.7  %  (2.8)                      %  0.3  %
EMEA                                                                      (14.0)                     %  8.2  %  (6.5)                      %  8.6  %
Global                                                                    10.5                       %  11.8 %  9.0                        %  10.6 %
                                                                          Constant Currency (1)
                                                                          Three Months Ended June 30,           Six Months Ended June 30,
                                                                          2020                          2019    2020                          2019
Direct-to-consumer comparable sales (includes retail and e-commerce): (2)
Americas                                                                  74.9                       %  20.8 %  49.9                       %  18.7 %
Asia Pacific                                                              22.7                       %  3.5  %  13.9                       %  3.0  %
EMEA                                                                      40.6                       %  14.5 %  32.7                       %  16.0 %
Global                                                                    49.1                       %  14.2 %  34.7                       %  13.5 %
(1) Reflects period over period change as if the current period results were in constant currency, which is a non-GAAP financial measure. See 'Reconciliation of GAAP Measures to Non-GAAP Measures' above for more information.
(2) Comparable store status 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. Location closures in excess of three months are excluded until the thirteenth month post re-opening. E-commerce revenues are based on same site sales period over period.
 Investor Contact: Cori Lin, Crocs, Inc.
                   (303) 848-5053
                   clin@crocs.com
 PR Contact:       Melissa Layton, Crocs, Inc.
                   (303) 848-7885
                   mlayton@crocs.com

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