Crocs, Inc 10-K for FY2020

Crocs, Inc. (CROX)

10-K 2021-02-23 For: 2020-12-31

Added on April 07, 2026

About this 10-K

Crocs, Inc filed this 10-K on February 23, 2021, covering the fiscal year ended December 31, 2020 (FY2020).

Headline figures

Fiscal year ended December 31, 2020, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.39B; up 12.6% from $1.23B a year earlier
Net income: $312.86M; up 161.8% from net income of $119.5M a year earlier
Diluted EPS: $4.56; up 174.7% from $1.66 a year earlier

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Delaware						20-2164234
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)


	PART I
Item 1.	Business	2
Item 1A.	Risk Factors	8
Item 1B.	Unresolved Staff Comments	21
Item 2.	Properties	21
Item 3.	Legal Proceedings	21
Item 4.	Mine Safety Disclosures	22
	PART II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	23
Item 6.	Selected Financial Data	25
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	27
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	42
Item 8.	Financial Statements and Supplementary Data	43
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	43
Item 9A.	Controls and Procedures	43
Item 9B.	Other Information	45
	PART III
Item 10.	Directors, Executive Officers and Corporate Governance	46
Item 11.	Executive Compensation	46
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	46
Item 13.	Certain Relationships and Related Transactions and Director Independence	46
Item 14.	Principal Accountant Fees and Services	46
	PART IV
Item 15.	Exhibits, Financial Statement Schedule	47
Item 16.	Form 10-K Summary	51
Signatures		52


	December 31, 2019	Opened	Closed	December 31, 2020
Americas
United States	153	2	1	154
Canada	9	—	1	8
Puerto Rico	3	—	—	3
Total Americas	165	2	2	165
Asia Pacific
Korea	85	5	—	90
China	23	1	6	18
Japan	12	—	—	12
Singapore	17	—	—	17
Australia	7	1	8	—
Hong Kong	1	—	1	—
Total Asia Pacific	145	7	15	137
EMEA
Russia	30	2	6	26
Germany	15	—	1	14
France	6	—	2	4
Austria	4	—	1	3
The Netherlands	2	—	—	2
Total EMEA	57	2	10	49
Total	367	11	27	351


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)
October 1-31, 2020	25,000	$	52.55	25,000	$	468,172,495
November 1-30, 2020
Open market or privately negotiated purchases	98,310	54.51		98,310	462,815,330
November 2020 ASR (2)	1,530,113	81.69		1,530,113	337,815,330
December 1-31, 2020	—	—		—	337,815,330
Total (3)	1,653,423	$	79.64	1,653,423	$	337,815,330


	Year Ended December 31,
	2020			2019			2018			2017			2016
	(in thousands, except per share data)
Revenues	$	1,385,951		$	1,230,593		$	1,088,205		$	1,023,513		$	1,036,273
Cost of sales	636,003			613,537			528,051			506,292			536,109
Gross profit	749,948			617,056			560,154			517,221			500,164
Gross margin	54.1		%	50.1		%	51.5		%	50.5		%	48.3		%
Selling, general and administrative expenses	514,753			488,407			495,028			494,601			503,174
Selling, general and administrative expenses as a % of revenues	37.1		%	39.7		%	45.5		%	48.3		%	48.6		%
Asset impairments (1)	21,071			—			2,182			5,284			3,144
Income (loss) from operations	$	214,124		$	128,649		$	62,944		$	17,336		$	(6,154)
Income (loss) before income taxes	$	206,979		$	119,322		$	65,157		$	18,180		$	(7,213)
Income tax expense (benefit) (2)	(105,882)			(175)			14,720			7,942			(9,281)
Net income (loss)	312,861			119,497			50,437			10,238			(16,494)
Dividends on Series A convertible preferred stock(2)	—			—			(108,224)			(12,000)			(12,000)
Dividend equivalents on Series A convertible preferred stock related to redemption value accretion and beneficial conversion feature (3)	—			—			(11,429)			(3,532)			(3,244)
Net loss attributable to common stockholders	$	312,861		$	119,497		$	(69,216)		$	(5,294)		$	(31,738)
Net income (loss) per common share:
Basic	$	4.64		$	1.70		$	(1.01)		$	(0.07)		$	(0.43)
Diluted	$	4.56		$	1.66		$	(1.01)		$	(0.07)		$	(0.43)
Weighted average common shares:
Basic	67,386			70,357			68,421			72,255			73,371
Diluted	68,544			71,771			68,421			72,255			73,371
Cash provided by operating activities	$	266,902		$	89,958		$	114,162		$	98,264		$	39,754
Cash used in investing activities	(41,762)			(36,236)			(10,110)			(11,538)			(19,856)
Cash used in financing activities (4)	(198,038)			(68,638)			(148,802)			(65,370)			(16,443)


☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	December 31,
	2020		2019		2018		2017		2016
	(in thousands)
Cash and cash equivalents	$	135,802	$	108,253	$	123,367	$	172,128	$	147,565
Inventories	175,121		172,028		124,491		130,347		147,029
Working capital (1)	201,257		168,159		195,807		268,031		276,335
Total assets (1)	1,118,723		738,802		468,901		543,695		566,390
Long-term liabilities (1)	536,506		349,674		134,102		18,379		17,966
Total stockholders’ equity	290,633		131,905		150,308		185,865		220,383


	Year Ended December 31,						$ Change			% Change
							Favorable (Unfavorable)
	2020			2019			2020-2019			2020-2019
	(in thousands, except per share data, margin, and average selling price data)
Revenues	$	1,385,951		$	1,230,593		$	155,358		12.6	%
Cost of sales	636,003			613,537			(22,466)			(3.7)	%
Gross profit	749,948			617,056			132,892			21.5	%
Selling, general and administrative expenses	514,753			488,407			(26,346)			(5.4)	%
Asset impairments	21,071			—			(21,071)			(100.0)	%
Income from operations	214,124			128,649			85,475			66.4	%
Foreign currency gains (losses), net	(1,128)			(1,323)			195			14.7	%
Interest income	215			601			(386)			(64.2)	%
Interest expense	(6,742)			(8,636)			1,894			21.9	%
Other income, net	510			31			479			1,545.2	%
Income before income taxes	206,979			119,322			87,657			73.5	%
Income tax benefit	(105,882)			(175)			105,707			60,404.0	%
Net income	$	312,861		$	119,497		$	193,364		161.8	%
Net income per common share:
Basic	$	4.64		$	1.70		$	2.94		172.9	%
Diluted	$	4.56		$	1.66		$	2.90		174.7	%

Gross margin (1)	54.1		%	50.1		%	400		bp	8.0	%
Operating margin (1)	15.4		%	10.5		%	490		bp	46.7	%
Selling, general and administrative expenses as a percentage of revenues	37.1		%	39.7		%	260		bp	6.5	%
Footwear unit sales	69,087			67,051			2,036			3.0	%
Average footwear selling price - nominal basis (2)	$	19.91		$	18.21		$	1.70		9.3	%


	Year Ended December 31,				% Change		Constant Currency % Change (1)
					Favorable (Unfavorable)
	2020		2019		2020-2019		2020-2019
	(in thousands)
Wholesale:
Americas	$	390,930	$	275,284	42.0	%	44.0	%
Asia Pacific	133,416		207,405		(35.7)	%	(34.7)	%
EMEA	168,410		173,480		(2.9)	%	(2.0)	%
Other businesses	163		58		181.0	%	181.0	%
Total wholesale	692,919		656,227		5.6	%	7.0	%
Retail:
Americas	249,238		241,694		3.1	%	3.1	%
Asia Pacific	64,789		74,793		(13.4)	%	(12.5)	%
EMEA	19,989		30,875		(35.3)	%	(33.7)	%
Total retail	334,016		347,362		(3.8)	%	(3.5)	%
E-commerce:
Americas	223,445		123,537		80.9	%	81.0	%
Asia Pacific	80,310		65,874		21.9	%	22.2	%
EMEA	55,261		37,593		47.0	%	46.8	%
Total e-commerce	359,016		227,004		58.2	%	58.3	%
Total revenues	$	1,385,951	$	1,230,593	12.6	%	13.5	%


	2020 vs. 2019
	Volume				Price (1)				Foreign Exchange				Total
	$ Change		% Change		$ Change		% Change		$ Change		% Change		$ Change		% Change
	(in thousands)
Total revenues	$	24,466	2.0	%	$	141,467	11.5	%	$	(10,575)	(0.9)	%	$	155,358	12.6	%


	Constant Currency (1)
	Year Ended December 31,
	2020		2019
Comparable retail store sales (2)
Americas	32.8	%	18.8	%
Asia Pacific	(1.2)	%	(2.0)	%
EMEA	(5.4)	%	5.0	%
Global	21.2	%	12.4	%


	Year Ended December 31,				$ Change 2020-2019
	2020		2019
	(in thousands)
Cash provided by operating activities	$	266,902	$	89,958	$	176,944
Cash used in investing activities	(41,762)		(36,236)		(5,526)
Cash used in financing activities	(198,038)		(68,638)		(129,400)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	126		(569)		695
Net change in cash, cash equivalents, and restricted cash	$	27,228	$	(15,485)	$	42,713


	Total		Less than 1 Year		1 - 3 Years		3 - 5 Years		More than 5 Years
	(in thousands)
Operating lease obligations (1)	$	225,273	$	50,559	$	71,579	$	34,803	$	68,332
Inventory purchase obligations with third-party manufacturers (2)	220,800		220,800		—		—		—
Other contracts (3)	96,377		26,674		29,122		18,501		22,080
Minimum licensing royalties (4)	722		697		25		—		—
Debt obligations (5)	180,000		—		—		180,000		—
Interest on debt obligations (6)	13,030		3,650		7,300		2,080		—
Total	$	736,202	$	302,380	$	108,026	$	235,384	$	90,412


Plan Category	Number of Securities to be Issued on Exercise of Outstanding Options, Warrants, and Rights (1)	Weighted Average Exercise Price of Outstanding Options, Warrants, and Rights (2)		Number of Securities Remaining Available for Future Issuance Under Plans, Excluding Securities Available in First Column
Equity compensation plans approved by stockholders (3)	1,819,694	$	8.29	4,960,140
Equity compensation plans not approved by stockholders	—	—		—
Total	1,819,694	$	8.29	4,960,140


	Year Ended December 31,
	2020		2019
Digital sales as a percent of total revenues:
Americas	38.5	%	29.5	%
Asia Pacific	39.2	%	28.1	%
EMEA	54.8	%	39.9	%
Global	41.5	%	31.1	%


Exhibit Number		Description

101.LAB	†	XBRL Taxonomy Extension Label Linkbase Document

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).


CROCS, INC. a Delaware Corporation
By:	/s/ ANDREW REES
	Name:	Andrew Rees
	Title:	Chief Executive Officer


	December 31,
	2020		2019
ASSETS
Current assets:
Cash and cash equivalents	$	135,802	$	108,253
Restricted cash — current	1,542		1,500
Accounts receivable, net of allowances of $21,093 and $18,797, respectively	149,847		108,199
Inventories	175,121		172,028
Income taxes receivable	1,857		1,341
Other receivables	10,816		8,711
Prepaid expenses and other assets	17,856		25,350
Total current assets	492,841		425,382
Property and equipment, net	57,467		47,405
Intangible assets, net	37,636		47,095
Goodwill	1,719		1,578
Deferred tax assets, net	350,784		24,747
Restricted cash	1,929		2,292
Right-of-use assets	167,421		182,228
Other assets	8,926		8,075
Total assets	$	1,118,723	$	738,802

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	112,778	$	95,754
Accrued expenses and other liabilities	126,704		108,677
Income taxes payable	5,038		4,207

Current operating lease liabilities	47,064		48,585
Total current liabilities	291,584		257,223
Long-term income taxes payable	205,974		4,522
Long-term borrowings	180,000		205,000
Long-term operating lease liabilities	146,401		140,148
Other liabilities	4,131		4
Total liabilities	828,090		606,897
Commitments and contingencies
Stockholders’ equity:

Common stock, par value $0.001 per share, 105.0 million and 104.0 million issued, 65.9 million and 68.2 million shares outstanding, respectively	105		104
Treasury stock, at cost, 39.1 million and 35.8 million shares, respectively	(688,849)		(546,208)


Exhibit Number		Description
3.1		Restated Certificate of Incorporation of Crocs, Inc. (incorporated herein by reference to Exhibit 4.1 to Crocs, Inc.’s Registration Statement on Form S-8, filed on March 9, 2006 (File No. 333-132312)).

3.2		Certificate of Amendment to Restated Certificate of Incorporation of Crocs, Inc. (incorporated herein by reference to Exhibit 3.1 to Crocs, Inc.’s Current Report on Form 8-K, filed on July 12, 2007).

3.3		Amended and Restated Bylaws of Crocs, Inc. (incorporated herein by reference to Exhibit 4.2 to Crocs, Inc.’s Registration Statement on Form S-8, filed on March 9, 2006 (File No. 333-132312)).

3.4		Certificate of Designations of Series A Convertible Preferred Stock of Crocs, Inc. (incorporated herein by reference to Exhibit 3.1 to Crocs, Inc.’s Current Report on Form 8-K, filed on January 27, 2014).

4.1		Specimen Common Stock Certificate (incorporated herein by reference to Exhibit 4.2 to Crocs, Inc.’s Registration Statement on Form S-1/A, filed on January 19, 2006 (File No. 333-127526)).

4.2		Description of Registrant's Securities (incorporated herein by reference to Exhibit 4.2 to Crocs, Inc.’s Annual Report on Form 10-K filed on February 27, 2020).

10.1	*	Crocs, Inc. Amended and Restated 2007 Senior Executive Deferred Compensation Plan (incorporated herein by reference to Exhibit 10.15 to Crocs, Inc.’s Annual Report on Form 10-K, filed on March 17, 2009).

10.2	*	Crocs, Inc. 2007 Equity Incentive Plan (As Amended and Restated) (the “2007 Plan”) (incorporated herein by reference to Exhibit 10.1 to Crocs, Inc.’s Current Report on Form 8-K, filed on July 1, 2011).

10.3	*	Form of Incentive Stock Option Agreement under the 2007 Plan (incorporated herein by reference to Exhibit 10.1 to Crocs, Inc.’s Quarterly Report on Form 10-Q, filed on November 14, 2007).

10.4	*	Form of Non-Statutory Option Agreement under the 2007 Plan (incorporated herein by reference to Exhibit 10.2 to Crocs, Inc.’s Quarterly Report on Form 10-Q, filed on November 14, 2007).

10.5	*	Form of Non-Statutory Stock Option Agreement for Non-Employee Directors under the 2007 Plan (incorporated herein by reference to Exhibit 10.3 to Crocs, Inc.’s Quarterly Report on Form 10-Q, filed on November 14, 2007).

10.6	*	Form of Restricted Stock Unit Agreement under the 2007 Plan (incorporated herein by reference to Exhibit 10.2 to Crocs, Inc.’s Current Report on Form 8-K, filed on July 1, 2011).

10.7	*	Crocs, Inc. 2008 Cash Incentive Plan (As Amended and Restated) (incorporated herein by reference to Exhibit 10.2 to Crocs, Inc.’s Current Report on Form 8-K, filed on June 7, 2017).

10.8	*	Crocs, Inc. 2015 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to Crocs, Inc.’s Current Report on Form 8-K, filed on June 9, 2015).

10.9	*	Andrew Rees Performance-Vested Restricted Stock Unit Agreement (incorporated by reference to Exhibit 10.1 to Crocs, Inc.’s Current Report on Form 8-K, filed on June 13, 2018).

10.10		Second Amended and Restated Credit Agreement, dated July 26, 2019, by and among Crocs, Inc., Crocs Retail, LLC, Jibbitz, LLC, Colorado Footwear C.V., Crocs Europe B.V., the lenders named therein, PNC Capital Markets LLC, as sole bookrunner, cosyndication agent and joint lead arranger, Citibank, N.A., Bank of America, N.A. and KeyBank National Association, each as joint lead arranger and co-syndication agent, and PNC Bank, National Association, as a lender and administrative agent (incorporated herein by reference to Exhibit 10.1 to Crocs, Inc.’s Quarterly Report on Form 10-Q, filed August 1, 2019).


Exhibit Number		Description
10.11		First Amendment to Second Amended and Restated Credit Agreement, dated March 26, 2020, among Crocs, Inc., Crocs Retail, LLC, Jibbitz, LLC, the lenders named therein, KeyBank National Association, as syndication agent, and PNC Bank, National Association, as administrative agent (incorporated by reference herein to Exhibit 10.1 to Crocs, Inc.'s Current Report on Form 8-K, filed March 30, 2020).

10.12	†	Second Amendment to Second Amended and Restated Credit Agreement, dated November 13, 2020, by and among Crocs, Inc., Crocs Retail, LLC, Jibbitz, LLC, Colorado Footwear C.V., Crocs Europe B.V., the lenders named therein, PNC Capital Markets LLC, as sole bookrunner, cosyndication agent and joint lead arranger, Citibank, N.A., Bank of America, N.A. and KeyBank National Association, each as joint lead arranger and co-syndication agent, and PNC Bank, National Association, as a lender and administrative agent.

10.13	*	Crocs, Inc. Change of Control Plan (as Amended and Restated) (incorporated herein by reference to Exhibit 10.1 to Crocs, Inc.’s Current Report on Form 8-K, filed on October 4, 2018).

10.14	*	Employment Agreement, dated May 18, 2009, between Crocs, Inc. and Daniel P. Hart (incorporated herein by reference to Exhibit 10.1 to Crocs, Inc.’s Quarterly Report on Form 10-Q, filed on August 5, 2010).

10.15	*	Employment Offer Letter, dated May 13, 2014, between Crocs, Inc. and Andrew Rees (incorporated herein by reference to Exhibit 10.1 to Crocs, Inc.’s Current Report on Form 8-K, filed on May 14, 2014).

10.16	*	Supplement to Offer Letter, dated February 23, 2017, between Crocs, Inc. and Andrew Rees (incorporated herein by reference to Exhibit 10.2 to Crocs, Inc.’s Current Report on Form 8-K, filed on March 1, 2017).

10.17	*	Employment Offer Letter, dated August 1, 2018, between Crocs, Inc. and Anne Mehlman (incorporated herein by reference to Exhibit 10.1 to Crocs, Inc.’s Quarterly Report on Form 10-Q, filed on August 7, 2018).

10.18	*	Crocs, Inc. 20 20 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to Crocs, Inc.’s Current Report on Form 8-K, filed on June 11 , 20 20 ).

10.19	*	Employment Offer Letter dated September 10, 2020 between Crocs, Inc. and Michelle Poole (incorporated herein by reference to Exhibit 10.1 to Crocs, Inc.’s Current Report on Form 8-K, filed on September 14, 2020).

21	†	Subsidiaries of the registrant.

23.1	†	Consent of Deloitte & Touche LLP.

31.1	†	Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act.

31.2	†	Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934 as adopted pursuant to Section 302 of the Sarbanes- Oxley Act.

32	+	Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act.

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.

101.SCH	†	XBRL Taxonomy Extension Schema Document

101.CAL	†	XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF	†	XBRL Taxonomy Extension Definition Linkbase Document


Financial Statements:
Report of Independent Registered Public Accounting Firm			F- 2
Consolidated Statements of Operations for the Years Ended December 31, 2020, 2019, and 2018			F- 5
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2020, 2019, and 2018			F- 6
Consolidated Balance Sheets as of December 31, 2020 and 2019			F- 7
Consolidated Statements of Stockholders’ Equity for the Years Ended December 31, 2020, 2019, and 2018			F- 8
Consolidated Statements of Cash Flows for the Years Ended December 31, 2020, 2019, and 2018			F- 9
Notes to Consolidated Financial Statements			F- 10
Schedule II: Valuation and Qualifying Accounts			F- 36


	Common Stock			Treasury Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive (Loss)		Total Stock-holders' Equity
	Shares	Amount		Shares	Amount
Balance at December 31, 2017	68,791	$	95	25,987	$	(334,312)	$	373,045	$	190,431	$	(43,394)	$	185,865
Share-based compensation	—	—		—	—		13,732		—		—		13,732
Exercises of stock options and issuance of restricted stock awards	1,238	1		49	(48)		(725)		—		—		(772)
Repurchases of common stock	(3,620)	—		3,620	(63,131)		—		—		—		(63,131)
Series A preferred repurchase (1)	—	—		—	—		—		(84,224)		—		(84,224)
Series A preferred conversion (2)	6,897	7		—	—		99,993		—		—		100,000
Series A preferred dividends (3)	—	—		—	—		—		(24,000)		—		(24,000)
Series A preferred accretion, net (4)	—	—		—	—		(6,138)		(11,429)		—		(17,567)
Net income	—	—		—	—		—		50,437		—		50,437
Other comprehensive loss	—	—		—	—		—		—		(11,258)		(11,258)
Other	—	—		—	—		1,226		—		—		1,226
Balance at December 31, 2018	73,306	$	103	29,656	$	(397,491)	$	481,133	$	121,215	$	(54,652)	$	150,308
Adjustments to beginning retained earnings (5)	—	—		—	—		—		(227)		—		(227)
Share-based compensation	—	—		—	—		14,412		—		—		14,412
Exercises of stock options and issuance of restricted stock awards	1,008	1		58	(1,527)		358		—		—		(1,168)
Repurchases of common stock	(6,082)	—		6,082	(147,190)		—		—		—		(147,190)
Net income	—	—		—	—		—		119,497		—		119,497
Other comprehensive loss	—	—		—	—		—		—		(3,727)		(3,727)
Balance at December 31, 2019	68,232	$	104	35,796	$	(546,208)	$	495,903	$	240,485	$	(58,379)	$	131,905
Share-based compensation	—	—		—	—		16,361		—		—		16,361
Exercises of stock options and issuance of restricted stock awards	836	1		124	(3,059)		1,371		—		—		(1,687)
Repurchases of common stock	(3,212)	—		3,212	(139,582)		(31,250)		—		—		(170,832)
Net income	—	—		—	—		—		312,861		—		312,861
Other comprehensive income	—	—		—	—		—		—		2,025		2,025
Balance at December 31, 2020	65,856	$	105	39,132	$	(688,849)	$	482,385	$	553,346	$	(56,354)	$	290,633


	December 31, 2020						December 31, 2019
	Gross		Accum. Amortiz.		Net		Gross		Accum. Amortiz.		Net
	(in thousands)
Intangible assets subject to amortization:
Capitalized software	$	124,544	$	(92,075)	$	32,469	$	120,620	$	(78,387)	$	42,233
Patents, copyrights, and trademarks	3,774		(3,351)		423		4,988		(4,373)		615
Intangible assets not subject to amortization:
In progress	4,660		—		4,660		4,170		—		4,170
Trademarks and other	84		—		84		77		—		77
Total	$	133,062	$	(95,426)	$	37,636	$	129,855	$	(82,760)	$	47,095


	As of December 31, 2020
	(in thousands)
2021	$	15,731
2022	5,180
2023	4,548
2024	3,378
2025	2,106
Thereafter	1,949
Total	$	32,892


	Year Ended December 31, 2018
	(in thousands)
Minimum rentals (1)	$	66,049
Contingent rentals	14,297
Total rent expense	$	80,346


	December 31, 2020				December 31, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in thousands)
Borrowings	$	180,000	$	180,000	$	205,000	$	205,000


	December 31, 2020				December 31, 2019
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
	(in thousands)
Forward foreign currency exchange contracts	$	794	$	(1,225)	$	535	$	(424)
Netting of counterparty contracts	(794)		794		(424)		424
Foreign currency forward contract derivatives	$	—	$	(431)	$	111	$	—


	December 31, 2020				December 31, 2019
	Notional		Fair Value		Notional		Fair Value
	(in thousands)
Euro	$	28,851	$	(82)	$	46,757	$	36
Singapore Dollar	24,211		457		31,255		344
Indian Rupee	18,937		(134)		17,088		(1)
Japanese Yen	17,447		(240)		11,823		63
British Pound Sterling	16,134		(182)		9,155		(104)
South Korean Won	3,741		(56)		10,328		(82)
Other currencies	9,675		(194)		7,881		(145)
Total	$	118,996	$	(431)	$	134,287	$	111

Latest maturity date	January 2021				January 2020


	Year Ended December 31, 2020
	Americas		Asia Pacific		EMEA		Other Businesses		Total
	(in thousands)
Channel:
Wholesale	$	390,930	$	133,416	$	168,410	$	163	$	692,919
Retail	249,238		64,789		19,989		—		334,016
E-commerce	223,445		80,310		55,261		—		359,016
Total revenues	$	863,613	$	278,515	$	243,660	$	163	$	1,385,951


	Year Ended December 31, 2019
	Americas		Asia Pacific		EMEA		Other Businesses		Total
	(in thousands)
Channel:
Wholesale	$	275,284	$	207,405	$	173,480	$	58	$	656,227
Retail	241,694		74,793		30,875		—		347,362
E-commerce	123,537		65,874		37,593		—		227,004
Total revenues	$	640,515	$	348,072	$	241,948	$	58	$	1,230,593


	Number of Options	Weighted Average Exercise Price		Weighted Average Contractual Life (Years)	Aggregate Intrinsic Value
	(in thousands, except exercise price and years)
Outstanding as of December 31, 2019	315	$	10.45	5.28	$	9,904
Granted	—	—
Exercised	(83)	16.42
Forfeited or expired	—	—
Outstanding as of December 31, 2020	232	$	8.29	5.84	$	12,586
Exercisable at December 31, 2020	232	$	8.29	5.84	$	12,586
Vested and expected to vest at December 31, 2020	232	$	8.29	5.84	$	12,586


	Restricted Stock Awards			Restricted Stock Units
	Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value
	(in thousands, except fair value data)
Unvested at December 31, 2019	5	$	19.39	1,927	$	17.77
Granted	6	38.10		1,113	29.14
Vested	(6)	28.35		(854)	13.95
Forfeited	(2)	23.47		(356)	24.01
Unvested at December 31, 2020	3	$	37.79	1,830	$	25.25


The Netherlands			2005 to 2020
Canada			2012 to 2020
Japan			2013 to 2020
China			2010 to 2020
Singapore			2015 to 2020
United States			2010 to 2020


	For the Quarter Ended
	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
	(in thousands, except per share data)
Revenues	$	281,160	$	331,549	$	361,736	$	411,506
Gross profit	134,162		179,933		206,769		229,084
Income from operations	20,812		56,595		72,086		64,631
Net income (1)	11,091		56,551		61,889		183,330
Basic income per common share (2)	$	0.16	$	0.84	$	0.92	$	2.75
Diluted income per common share (2)	$	0.16	$	0.83	$	0.91	$	2.69


	For the Quarter Ended
	March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019
	(in thousands, except per share data)
Revenues	$	295,949	$	358,899	$	312,766	$	262,979
Gross profit	137,615		189,379		163,824		126,238
Income from operations	32,578		47,831		39,884		8,356
Net income (1)	24,710		39,198		35,676		19,913
Basic income per common share (2)	$	0.34	$	0.55	$	0.52	$	0.29
Diluted income per common share (2)	$	0.33	$	0.55	$	0.51	$	0.29



	Balance at Beginning of Period		Charged to Costs and Expenses		Deductions (1)		Balance at End of Period
	(in thousands)
Year Ended December 31, 2020
Allowance for doubtful accounts	$	8,276	$	5,779	$	(2,901)	$	11,154
Reserve for sales returns and allowances	5,261		95,740		(95,219)		5,782
Reserve for unapplied rebates	5,260		4,920		(6,023)		4,157
Total	$	18,797	$	106,439	$	(104,143)	$	21,093
Year Ended December 31, 2019
Allowance for doubtful accounts	$	10,959	$	1,566	$	(4,249)	$	8,276
Reserve for sales returns and allowances	2,741		73,027		(70,507)		5,261
Reserve for unapplied rebates	6,777		6,837		(8,354)		5,260
Total	$	20,477	$	81,430	$	(83,110)	$	18,797
Year Ended December 31, 2018
Allowance for doubtful accounts	$	18,325	$	711	$	(8,077)	$	10,959
Reserve for sales returns and allowances	4,983		71,865		(74,107)		2,741
Reserve for unapplied rebates	8,081		8,604		(9,908)		6,777
Total	$	31,389	$	81,180	$	(92,092)	$	20,477


Subsidiary						Jurisdiction
Crocs Asia Pte Ltd.						Singapore
Crocs Austria GmbH						Austria
Crocs Australia Pty Ltd.						Australia
Crocs Bermuda Ltd.						Bermuda
Crocs Brasil Comércio de Calçados Ltda.						Brazil
Crocs Canada Inc.						Canada
Crocs Europe B.V.						The Netherlands
Crocs Europe BV (Italy Branch)						Italy
Crocs Footwear & Accessories (Shanghai) Co., Ltd.						China
Crocs Footwear (Malaysia) Sdn. Bhd.						Malaysia
Crocs France S.A.R.L.						France
Crocs General Partner LLC						Delaware
Crocs Germany GmbH						Germany
Crocs Hong Kong Ltd.						Hong Kong
Crocs India Private Limited						India
Crocs Industrial (Hong Kong) Co. Ltd.						Hong Kong
Crocs Industrial (Shenzhen) Co. Ltd.						China
Crocs Italy S.r.l.						Italy
Crocs Japan GK						Japan
Crocs Japan GK (Taiwan Branch)						Taiwan
Crocs Korea Inc						South Korea
Crocs Malta Ltd						Malta
Crocs Malta Holdings Ltd						Malta
Crocs México, S. de R.L. de C.V.						Mexico
Crocs México Trading Company, S. de R.L. de C.V.						Mexico
Crocs Nordic OY						Finland
Crocs Puerto Rico, Inc.						Puerto Rico
Crocs Retail, LLC						Colorado
Crocs Servicios México, S. de R.L. de C.V.						Mexico
Crocs Singapore Pte Ltd.						Singapore
Crocs S.R.L.						Argentina
Crocs Stores AB						Sweden
Crocs Stores B.V.						The Netherlands
Crocs Trading (Shanghai) Co. Ltd.						China
Crocs UK Limited						United Kingdom
Crocs US Latin American Holdings, LLC						Delaware
Crocs Vietnam Limited Liability Company						Vietnam
Colorado Footwear C.V.						The Netherlands
Jibbitz LLC						Colorado
LLC Crocs CIS						Russia
Panama Footwear Distribution S. De R.L.						Panama
Western Brands Holding Company, LLC						Colorado
Western Brands Netherlands Holding C.V.						The Netherlands


Date: February 23, 2021						/s/ ANDREW REES
						Andrew Rees
						Chief Executive Officer