“We reported a solid second quarter with both our Crocs and HEYDUDE brands contributing to our performance, while delivering the highest ever gross profit quarter in company history. Our strong cash flow generation enabled us to return shareholder value through $133 million in share repurchases, and $105 million in debt paydown,” said Andrew Rees, Chief Executive Officer.
Mr. Rees continued, “While we are pleased by this performance, the current operating environment is uncertain and challenging to predict. Against this, we have chosen to focus on managing expenses including the $50 million in cost savings we have already implemented, reducing our inventory receipts, and pulling back on promotional activity to protect brand health in the marketplace. Although these actions will impact the topline of our business in the short term, they will position our business to win, drive margin dollars, and support continued cash flow generation longer term.”
Amounts referred to as “Adjusted” or “Non-GAAP” are Non-GAAP measures and include adjustments that are described under the heading “Reconciliation of GAAP Measures to Non-GAAP Measures.” A reconciliation of these amounts to their GAAP counterparts is contained in the schedules below.
Second Quarter 2025 Operating Results (Compared to the Same Period Last Year)
•Consolidated revenues were $1,149 million, an increase of 3.4%, or 2.7% on a constant currency basis. Direct-to-consumer (“DTC”) revenues grew 4.0%, or 3.4% on a constant currency basis. Wholesale revenues increased 2.8%, or 2.0% on a constant currency basis.
•Gross margin, on a reported and adjusted basis, grew 30 basis points to 61.7% compared to 61.4%.
•Selling, general, and administrative expenses (“SG&A”) of $1,136 million increased 219.0% from $356 million, and represented 98.9% of revenues compared to 32.0%. The increase in SG&A is largely driven by noncash impairment charges related to the indefinite-lived HEYDUDE trademark and HEYDUDE Brand reporting unit goodwill of $430 million and $307 million,
SG&A的增长主要是由于与长期使用的HEYDUDE商标和HEYDUDE品牌报告单位商誉相关的非现金减值费用，分别为4.3亿美元和3.07亿美元。 respectively, during the three months ended June 30, 2025. Adjusted SG&A of $399 million increased 12.1% from $356 million and represented 34.7% of revenues compared to 32.0%.
•Loss from operations of $428 million decreased 231.2% from income from operations of $326 million, resulting in operating margin loss of 37.2% compared to 29.3%. The loss from operations is driven by asset impairments, as described above. Adjusted income from operations of $309 million decreased 5.0% from $326 million, resulting in adjusted operating margin of 26.9% compared to 29.3%.
•During the quarter, we repaid $105 million of debt. We repurchased approximately 1.3 million shares for $133 million at the average share price of $102.24. At quarter-end, approximately $1.1 billion of share repurchase authorization remained available for future repurchases.
偿还了1.05亿美金的债务，以1.33亿美金回购了130万股。回购计划还剩11亿美金；债务从15.3亿USD降至13.79亿美金。
公司给的前瞻
Revenues to be down approximately 11% to 9% compared to the third quarter of 2024, at currency rates as of August 4, 2025.
•Adjusted operating margin of approximately 18% to 19%, including an anticipated negative impact of approximately 170 basis points from announced and pending tariffs.
手搓一个预测，按营收10%负增长，关税影响导致经营利润率下跌170个基点，平均所得税率22.3.
毛估估一年赚5.2亿，当前42亿市值，可以持续的话，8PE，回购大致带来10%的股东回报。11亿回购，已经捡起这棵烟头抽起来了，希望不要被烫嘴。