Slide 1: Q1 2025 Investor Presentation
Q1 2025 Investor Presentation
Slide 2: Forward Looking Statement
Forward Looking Statement This presentation includes estimates, projections, and statements relating to our business plans, commitments, objectives, and expected operating results that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Sectio
Slide 3: Crocs, Inc. Reports Better-Than-Expected Q1 Results
Crocs, Inc. Reports Better-Than-Expected Q1 Results “We are incredibly proud of our better-than-expected first quarter performance despite what has been an increasingly volatile macroeconomic backdrop since the onset of the year. Both our Crocs and HEYDUDE brands contributed to the outperformance wi
Slide 4: Investment Thesis
Investment Thesis 4
Slide 5: Investment Thesis
Investment Thesis 1 2 3 4 5 Global leader in Diversified sources Strong value Durable, profitable Best-in-class casual footwear of growth across proposition with growth with top-tier management with two iconic brands, categories, assortments <$100 margins and cash team with track brands and a channe
Slide 6: Crocs Inc. Growth Priorities
Crocs Inc. Growth Priorities Ignite Our Icons Tier 1 Market Share Gains Attract New Consumers through driving awareness through strategic through methodically and global relevance for new investment behind talent, diversifying our product range and existing customers marketing, digital and retail an
Slide 7: Diversified Growth
(1) Diversified Growth HEYDUDE 20% SHARE OF WHL DTC Brand Channel ENTERPRISE 50% 50% Crocs 80% International 45% SHARE OF Geography CROCS BRAND North America 55% 1. Trailing Twelve Month ratio 7
Slide 8: Diversified Growth: Crocs Brand Strategy
Diversified Growth: Crocs Brand Strategy Drive Brand Relevance through Icon Iterations Gain Market Share Outside of Clogs through New Wearing Occasions Fuel Disruptive and Authentic Social and Digital Marketing Gain Share in Markets around the World 8
Slide 9: Diversified Growth: HEYDUDE Brand Strategy
Diversified Growth: HEYDUDE Brand Strategy Create a HEYDUDE Brand Community through Connecting with Youth Female Culture, While Maintaining a Strong Connection to the Male Fan Base Build the Core, Our Wendy and Wally, and Add More Stabilize, then Accelerate, North America While Laying Ground Work fo
Slide 10: Financial Outlook
Financial Outlook 10
Slide 11: Full Year 2025 Guidance
Full Year 2025 Guidance Due to macroeconomic uncertainties stemming from global trade policies, the Company is withdrawing its full year 2025 financial outlook that was provided on February 13, 2025, and is not providing a full year outlook at this time. 11
Slide 12: Capital Allocation Priorities
Capital Allocation Priorities Invest in Our Brands Debt Paydown Repurchase Shares committed to redeploying maintain our net leverage opportunistically repurchase (1) best-in-class gross margins to target range of 1.0x to 1.5x shares under our existing $1.3B accretive investments buyback authorizatio
Slide 13: Financial Results
Financial Results 13
Slide 14: Q1 2025 Financial Results
Q1 2025 Financial Results Crocs, Inc. Crocs Brand HEYDUDE Brand (1) $937M $762M $176M Revenues +1% vs. LY +4% vs. LY (10%) vs. LY Adjusted Gross Margin(2) 57.8% 60.7% 46.6% +180bps vs. LY +260bps vs. LY (120bps) vs. LY Adjusted SG&A as % of Revenue(2) 34.0% +520bps vs. LY Adjusted Operating Income(2
Slide 15: Crocs Brand Highlights: Q1
(1) Crocs Brand Highlights: Q1 Direct-to-Consumer Wholesale Q1 Revenues $285M $477M $762M +3% vs. LY +5% vs. LY North America International year-over-year growth of +4% $369M $393M (3%) vs. LY +12% vs. LY • International grew 12% in the quarter, driven by China up >30% versus prior year, and by robu
Slide 16: HEYDUDE Brand Highlights: Q1
(1) HEYDUDE Brand Highlights: Q1 Direct-to- Q1 Revenues Consumer Wholesale $176M $65M $111M year-over-year declines of (10%) (17%) vs. LY +8% vs. LY • HEYDUDE had its first-ever TikTok Shop Super Brand Day in February, ranking the No. 1 footwear brand across the platform, with success in Austin Lift
Slide 17: Appendix
Appendix 17
Slide 18: Non-GAAP Reconciliation
APPENDIX Non-GAAP Reconciliation 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 gross profit," “Non-GAAP gross margin,” “Non-GAAP gross margin by brand,” "Non-GAAP selling, general, a
Slide 19: Non-GAAP Reconciliation
APPENDIX Non-GAAP Reconciliation Non-GAAP Gross Profit and Gross Margin Reconciliation: Three Months Ended March 31, 2025 2024 (in thousands) GAAP revenues $ 937,333 $ 938,633 GAAP gross profit $ 541,549 $ 522,077 (1) Distribution centers — 3,242 Non-GAAP gross profit $ 541,549 $ 525,319 GAAP gross
Slide 20: Non-GAAP Reconciliation (Cont'd)
APPENDIX Non-GAAP Reconciliation (Cont'd) Non-GAAP Gross Margin Reconciliation by Brand: Three Months Ended March 31, 2025 2024 GAAP Crocs Brand gross margin 60.7 % 58.1 % Non-GAAP Crocs Brand gross margin 60.7 % 58.1 % Three Months Ended March 31, 2025 2024 GAAP HEYDUDE Brand gross margin 46.6 % 46
Slide 21: Non-GAAP Reconciliation (Cont'd)
APPENDIX Non-GAAP Reconciliation (Cont'd) Non-GAAP selling, general and administrative reconciliation: Three Months Ended March 31, 2025 2024 (in thousands) GAAP revenues $ 937,333 $ 938,633 GAAP selling, general and administrative expenses $ 318,575 $ 295,648 (1) Impairment related to information t
Slide 22: Non-GAAP Reconciliation (Cont'd)
APPENDIX Non-GAAP Reconciliation (Cont'd) Non-GAAP Income from Operations and Operating Margin Reconciliation: Three Months Ended March 31, 2025 2024 (in thousands) GAAP revenues $ 937,333 $ 938,633 GAAP income from operations $ 222,974 $ 226,429 (1) Non-GAAP gross profit adjustments — 3,242 (2) Non
Slide 23: Non-GAAP Reconciliation (Cont'd)
APPENDIX Non-GAAP Reconciliation (Cont'd) Non-GAAP Income Tax Expense (Benefit) and Effective Tax Rate Reconciliation: Three Months Ended March 31, 2025 2024 (in thousands) GAAP income from operations $ 222,974 $ 226,429 GAAP income before income taxes 204,939 194,029 (1) Non-GAAP income from operat
Slide 24: Non-GAAP Reconciliation (Cont'd)
APPENDIX Non-GAAP Reconciliation (Cont'd) Non-GAAP Earnings Per Share Reconciliation: Three Months Ended March 31, 2025 2024 (in thousands, except per share data) Numerator: GAAP net income $ 160,103 $ 152,454 (1) Non-GAAP gross profit adjustments — 3,242 Non-GAAP selling, (2) general and administra
Slide 25: Free Cash Flow Reconciliation
APPENDIX Non-GAAP Reconciliation (Cont'd) Free Cash Flow Reconciliation Three Months Ended March 31, 2025 2024 (in thousands) Cash provided by (used in) operating activities $ (67,235) $ (27,574) Purchases of property, equipment, and software (15,375) (15,750) Free cash flow $ (82,610) $ (43,324) 25
Slide 26: CROCS inc:
CROCS inc: