Crocs, Inc. (NASDAQ:CROX) Q4 2015 Earnings Conference Call - Final Transcript

Feb 29, 2016 • 04:30 pm ET

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Crocs, Inc. (NASDAQ:CROX) Q4 2015 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Welcome to the Fourth Quarter 2015 Crocs, Inc. Earnings Conference Call. My name is Cory, and I will be your operator for today's call. Please note that this conference is being recorded.

I will now turn the call over to Brendon Frey. Please go ahead.

Executive
Brendon Frey

Thank you; and thank you, everyone for joining us today for the Crocs Fourth Quarter 2015 Earnings Conference Call. This afternoon, we announced our fourth quarter 2015 financial results. A copy of the press release can be found on our website at crocs.com. We would like to remind everyone that some information provided in this call will be forward-looking and accordingly are subject to Safe Harbor provisions of the federal securities law.

These statements include but are not limited to statements regarding future revenue and earnings, prospects and product pipeline. We caution you that these statements are subject to a number of risks and uncertainties described in the risk factors section on the Company's 2014 report on Form 10-K filed on March 2, 2015 with the Securities and Exchange Commission. Accordingly, all actual results could differ materially from those described on this call.

Those listening to the call are advised to refer to Crocs' Annual Report on Form 10-K as well as other documents filed with the SEC for additional discussions of these risk factors. Crocs is not obligated to update these forward-looking statements to reflect the impacts of future events. The Company may refer to certain non-GAAP metrics on this call. Explanation of these metrics and reconciliations to the nearest GAAP metric can be found on the earnings release filed earlier today and on our investor website, once again at crocs.com.

Joining on the call today are Gregg Ribatt, Chief Executive Officer; Andrew Rees, President; and Carrie Teffner, Executive Vice President and Chief Financial Officer. Following their prepared remarks, we will open the call for your questions.

I will now turn the call over to Gregg.

Executive
Gregg Ribatt

Thank you, Brendon; and good afternoon, everyone. First, before we talk about the fourth quarter, I'm happy to welcome Carrie Teffner to our first earnings call as Executive Vice President and Chief Financial Officer of Crocs. Carrie brings more than 25 years of consumer goods and retail leadership experience to the company having served as the Chief Financial Officer for PetSmart, Weber-Stephen Products, and Timberland. We're thrilled to have Carrie as part of the team.

This afternoon, we announced our fourth quarter 2015 financial results. Revenues were $208.7 million, towards the higher end of our expectations, and adjusted net loss available to common shareholders was $53 million. Reported revenue was up 1% versus last year, while revenue on a non-GAAP basis from our ongoing business, which excludes the impact of store closings and discontinued product lines was up $23 million or 12.2% to last year on a constant currency basis aided by higher clearance sales and an easier China wholesale compare. While this is typically a small quarter for our business, it is the third quarter in a row