Crocs (CROX) Q3 FY2023 earnings: revenue $1.0 billion, up 6.2% on the year

Crocs, Inc. (CROX) reported revenue of $1.0 billion for Q3 FY2023, the quarter ended 30 September 2023, up 6.2% on the same quarter a year earlier. Net income was $177 million, up 4.5% on the year, and diluted earnings per share $2.87. The figures are the company's own, from the 10-Q it filed with the SEC on 2 November 2023.

Revenue$1.0 billionup 6.2%

Net income$177 millionup 4.5%

Diluted EPS$2.87

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	1,046	n/a	n/a	n/a
Cost of revenue	464	n/a	n/a	n/a
Gross profit	582	n/a	n/a	n/a
Gross margin	55.6%	n/a	n/a
Selling, general and administrative	308	n/a	n/a	n/a
Operating income	274	n/a	n/a	n/a
Operating margin	26.2%	n/a	n/a
Interest expense	39.2	n/a	n/a	n/a
Pre-tax income	233	n/a	n/a	n/a
Income tax	56.4	n/a	n/a	n/a
Effective tax rate	24.2%	n/a	n/a
Net income	177	n/a	n/a	n/a
Net margin	16.9%	n/a	n/a
Diluted EPS	$2.87	n/a	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	250	n/a	n/a	n/a
Capital expenditure	34.7	n/a	n/a	n/a
Free cash flow	215	n/a	n/a	n/a
Free cash flow margin	20.6%	n/a	n/a
Cash from investing	-34.8	n/a	n/a	n/a
Cash from financing	-247	n/a	n/a	n/a
Depreciation and amortisation	14.8	n/a	n/a	n/a
Share-based compensation	7.7	n/a	n/a	n/a
Buybacks	150	n/a	n/a	n/a
Diluted shares, weighted	62m	n/a	n/a	n/a
Shares outstanding at period end	61m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	1,200	n/a	n/a	n/a
Debt	1,919	n/a	n/a	n/a
Operating lease liabilities	287	n/a	n/a	n/a
Other liabilities	1,176	n/a	n/a	n/a
Total liabilities and equity	4,581	n/a	n/a	n/a
Fixed assets	223	n/a	n/a	n/a
Goodwill	712	n/a	n/a	n/a
Intangible assets	1,794	n/a	n/a	n/a
Cash and equivalents	127	n/a	n/a	n/a
Receivables	391	n/a	n/a	n/a
Inventory	390	n/a	n/a	n/a
Other assets	944	n/a	n/a	n/a
Total assets	4,581	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,046	960	939	1,112	1,062	990	937	1,149	996	958	921	1,179
Cost of revenue	464	429	417	430	429	417	396	441	413	434	399	479
Gross profit	582	531	522	682	633	573	542	709	583	524	523	701
Gross margin	56%	55%	56%	61%	60%	58%	58%	62%	59%	55%	57%	59%
SG&A	308	312	296	356	364	373	319	398	375	377	322	415
Operating income	274	210	226	326	270	200	223	-428	208	146	201	286
Operating margin	26%	22%	24%	29%	25%	20%	24%	-37%	21%	15%	22%	24%
Interest expense	39.2	36.4	30.6	29.2	26.2	23.3	22.8	22.5	21.7	21.3	20.5	19.9
Pre-tax income	233	174	194	296	245	175	205	-449	189	127	179	264
Tax rate	24%	-46%	21%	23%	18%	-111%	22%	n/a	23%	17%	23%	22%
Net income	177	254	152	229	200	369	160	-492	146	105	138	205
Net margin	17%	26%	16%	21%	19%	37%	17%	-43%	15%	11%	15%	17%
Diluted EPS	$2.87	$4.16	$2.50	$3.77	$3.36	$6.36	$2.83	-$8.82	$2.70	$2.03	$2.71	$4.13
Operating cash flow	250	350	-27.6	401	297	322	-67.2	286	239	253	-80.9	352
Capital expenditure	34.7	29.2	15.8	17.1	18.1	18.5	15.4	16.6	13.2	6.1	18.0	20.7
Free cash flow	215	320	-43.3	384	279	303	-82.6	269	226	246	-98.9	331
Buybacks	150	n/a	0.0	175	151	226	60.9	133	208	180	0.0	256
Shares outstanding	61m	60m	61m	60m	58m	56m	56m	55m	52m	50m	50m	48m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 2 November 2023, accession 0001334036-23-000170: the filing on EDGAR. All of Crocs, Inc.'s filings: EDGAR company page.

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