NASDAQ$CROX
Crocs Inc · Q4 2021 earnings
Q4 2021 earnings · · Investor relations
Briefing
Reported record annual revenues and a successful Q4, driven by strong consumer demand and strategic growth initiatives.
Crocs, Inc. reported a strong Q4 2021 with revenues of $586.6 million, a 42.6% increase year-over-year. The company's operating margin rose to 27.3%, and adjusted diluted earnings per share doubled to $2.15. Crocs is confident in its plan to grow to $6 billion in revenues by 2026.
- Revenues increased by 42.6% to $586.6 million compared to the same period last year.
- Direct-to-consumer revenues grew by 44.5%, and wholesale revenues increased by 40.3%.
- Operating margin rose to 27.3% from 15.7% for the same period last year.
- Adjusted diluted earnings per share doubled to $2.15 compared to $1.06 for the same period last year.
Headline financials
Revenue & EPS history
Crocs · Revenue · Quarterly
$587M
Revenue by segment
Crocs · $247M total across 1 segment · Q3 2023
- HEYDUDE Brand$247M-8.4%100.0%
Forward guidance
For Q1 2022, Crocs expects revenues between $605 to $630 million, representing 31% to 37% growth. Crocs brand revenues are expected to grow 13% to 16%, excluding HEYDUDE. Adjusted operating margin is expected to be approximately 22%.
Tailwinds
- Revenues to be approximately $605 to $630 million, implying approximately 31% to 37% growth compared to first quarter 2021 revenues of $460.1 million.
- Excluding HEYDUDE, we expect Crocs brand revenues of $520 to $535 million, which implies organic growth of approximately 13% to 16%.
- Adjusted operating margin of approximately 22% including a roughly $30 million impact from air freight.
- Revenue growth for the Crocs brand, excluding HEYDUDE, to exceed 20% compared to 2021.
- Adjusted diluted earnings per share of $9.70 to $10.25.
Headwinds
- Adjusted operating margin of approximately 22% including a roughly $30 million impact from air freight.
- Gross margin to include an incremental $75 million of air freight in the first half of 2022.
- Non-GAAP adjustments of $30 million in SG&A costs, primarily associated with the HEYDUDE acquisition
- Non-GAAP adjustments an additional $40 million of non-cash costs in cost of sales, primarily related to the write up of HEYDUDE inventory costs to fair market value at the close of the acquisition.
- Combined GAAP tax rate of approximately 25% and Non-GAAP effective tax rate of approximately 22%.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2021
-0.2%
Avg return
Earnings day
+0.6%
Avg return
5 days after
+3.5%
Avg return
30 days after
52%
34 / 65 earnings
Positive
+27.3%
Q3 2022
Best reaction
-23.3%
Q2 2016
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.6% | +2.8% | +18.4% | |
| Q4 2025 | +19.0% | +20.8% | -5.8% | |
| Q3 2025 | -2.4% | -7.1% | +0.3% | |
| Q1 2025 | +9.8% | +19.4% | +0.7% | |
| Q4 2024 | +23.9% | +20.8% | +11.0% | |
| Q3 2024 | -21.0% | -23.1% | -23.5% | |
| Q2 2024 | -8.2% | -5.7% | +8.8% | |
| Q1 2024 | +6.9% | +13.1% | +17.2% | |
| Q4 2023 | +9.8% | +6.7% | +18.3% | |
| Q3 2023 | -4.0% | -3.4% | +21.9% | |
| Q2 2023 | -9.7% | -10.7% | -20.2% | |
| Q1 2023 | -16.3% | -18.7% | -27.8% | |
| Q4 2022 | +4.6% | -5.5% | -4.6% | |
| Q3 2022 | +27.3% | +23.7% | +55.1% | |
| Q2 2022 | -4.9% | -8.3% | -8.2% | |
| Q1 2022 | -15.7% | -24.9% | -15.7% | |
| Q4 2021 | -18.9% | -21.7% | -17.9% | |
| Q3 2021 | +10.2% | +13.5% | +29.1% | |
| Q2 2021 | +9.4% | +7.3% | +18.3% | |
| Q1 2021 | +16.0% | +18.0% | +20.0% | |
| Q4 2020 | -6.5% | -7.7% | -6.5% | |
| Q3 2020 | +3.2% | +0.2% | +14.8% | |
| Q2 2020 | -3.8% | -2.6% | +10.1% | |
| Q1 2020 | -7.7% | +1.8% | +14.6% | |
| Q4 2019 | -22.7% | -23.0% | -46.8% | |
| Q3 2019 | +5.0% | +7.4% | +4.7% | |
| Q2 2019 | +7.2% | +8.7% | -2.4% | |
| Q1 2019 | -13.9% | -18.0% | -32.0% | |
| Q4 2018 | -11.9% | -11.5% | -9.7% | |
| Q3 2018 | +18.3% | +23.8% | +16.6% | |
| Q2 2018 | +0.8% | +2.3% | +14.7% | |
| Q1 2018 | +3.7% | +5.6% | +22.4% | |
| Q4 2017 | -8.2% | -3.9% | +15.5% | |
| Q3 2017 | +2.5% | +9.7% | +12.0% | |
| Q2 2017 | +10.0% | +16.2% | +15.8% | |
| Q1 2017 | +11.9% | +5.0% | +15.5% | |
| Q4 2016 | +8.4% | +7.2% | +6.3% | |
| Q3 2016 | -2.8% | +8.3% | -2.6% | |
| Q2 2016 | -23.3% | -23.9% | -22.5% | |
| Q1 2016 | +23.5% | — | — | |
| Q4 2015 | -6.4% | — | — | |
| Q3 2015 | -8.0% | — | — | |
| Q2 2015 | +11.3% | — | — | |
| Q1 2015 | +8.2% | — | — | |
| Q4 2014 | +4.8% | — | — | |
| Q3 2014 | -2.2% | — | — | |
| Q2 2014 | +12.2% | — | — | |
| Q1 2014 | +1.6% | — | — | |
| Q4 2013 | +2.9% | — | — | |
| Q3 2013 | -6.7% | — | — | |
| Q2 2013 | -21.7% | — | — | |
| Q1 2013 | +5.1% | — | — | |
| Q4 2012 | +1.4% | — | — | |
| Q4 2011 | -1.0% | — | — | |
| Q3 2012 | -22.2% | — | — | |
| Q2 2012 | +16.7% | — | — | |
| Q1 2011 | +0.7% | — | — | |
| Q1 2012 | -9.6% | — | — | |
| Q4 2009 | -3.9% | — | — | |
| Q3 2011 | +3.6% | — | — | |
| Q3 2010 | +3.6% | — | — | |
| Q4 2010 | -9.6% | — | — | |
| Q2 2010 | -9.6% | — | — | |
| Q2 2011 | -9.6% | — | — | |
| Q1 2010 | +0.2% | — | — |
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