Crocs Inc (CROX)

Activity ratios

Short-term

Turnover ratios

	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Inventory turnover	7.66	7.48	6.58	5.95	5.78	4.72	4.24	4.55	7.72	7.37	6.85	6.43	6.78	6.29	7.34	5.69	6.49	7.82	7.94	7.53
Receivables turnover	12.25	9.57	9.03	8.58	11.03	7.78	6.53	6.21	11.22	9.22	7.95	6.70	9.08	8.31	7.18	6.87	11.15	9.10	6.45	6.11
Payables turnover	11.30	13.91	10.95	12.18	11.80	12.75	9.43	9.13	10.16	11.74	8.59	8.90	10.53	9.19	12.96	10.62	11.67	12.73	10.61	11.70
Working capital turnover	17.89	11.39	8.55	7.54	8.90	5.64	4.91	4.89	8.26	3.73	6.27	3.88	6.84	6.34	4.52	4.34	7.26	7.44	5.89	5.25

Crocs Inc's activity ratios provide insights into how efficiently the company manages its resources and operates its business.

1. Inventory Turnover: Crocs Inc's inventory turnover ratio has been relatively stable, ranging from 3.59 to 4.55 over the past eight quarters. This indicates that the company is effectively managing its inventory levels and converting its inventory into sales multiple times during the year.

2. Receivables Turnover: The receivables turnover ratio has shown fluctuations, with values ranging from 6.03 to 11.96. A higher turnover ratio signifies that Crocs Inc is collecting its accounts receivable more frequently, which indicates efficient credit management and timely collection of revenues.

3. Payables Turnover: Crocs Inc's payables turnover ratio has varied between 5.03 and 8.44. A higher payables turnover ratio suggests that the company is paying its suppliers more quickly, potentially taking advantage of early payment discounts and improving supplier relationships.

4. Working Capital Turnover: The working capital turnover ratio has shown an increasing trend, with values ranging from 4.95 to 18.65. This indicates that Crocs Inc is generating sales revenue more efficiently in relation to its working capital, which includes current assets and current liabilities.

Overall, Crocs Inc's activity ratios suggest that the company is managing its inventory, receivables, payables, and working capital effectively, which is essential for maintaining smooth operations and maximizing profitability.

Average number of days

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Days of inventory on hand (DOH)	days	47.67	48.78	55.51	61.37	63.19	77.40	86.16	80.27	47.31	49.52	53.25	56.80	53.82	58.04	49.70	64.12	56.20	46.66	45.99	48.48
Days of sales outstanding (DSO)	days	29.80	38.13	40.41	42.52	33.08	46.92	55.86	58.80	32.52	39.60	45.92	54.49	40.20	43.93	50.81	53.14	32.74	40.13	56.60	59.69
Number of days of payables	days	32.31	26.24	33.32	29.95	30.93	28.64	38.71	39.96	35.93	31.10	42.48	41.03	34.66	39.71	28.17	34.36	31.28	28.67	34.41	31.19

Crocs Inc's activity ratios provide insights into the efficiency of its inventory management, accounts receivable collection, and accounts payable processes.

1. Days of Inventory on Hand (DOH):
- Crocs Inc's Days of Inventory on Hand have been fluctuating over the quarters, ranging from 80.20 days to 147.29 days in Q4 2023 and Q2 2022, respectively.
- A lower DOH indicates faster inventory turnover and more efficient management of inventory levels. Crocs Inc managed to reduce its DOH from Q2 2022 to Q4 2023, which is a positive trend.

2. Days of Sales Outstanding (DSO):
- Crocs Inc's Days of Sales Outstanding have also shown variability, with the range spanning from 30.51 days to 60.54 days in Q4 2023 and Q1 2022, respectively.
- A lower DSO suggests quicker collection of accounts receivable and improved cash flow. Crocs Inc experienced a significant improvement in DSO from Q1 2022 to Q4 2023, indicating more effective credit management.

3. Number of Days of Payables:
- Crocs Inc's Number of Days of Payables have been relatively stable but fluctuating, with values between 43.24 days and 72.50 days in Q3 2023 and Q1 2022, respectively.
- A higher number of days of payables indicates the company takes longer to pay its suppliers. Crocs Inc showed some fluctuation in this ratio, but generally, it managed to keep its payables within a reasonable range.

Overall, Crocs Inc's activity ratios reflect improvements in inventory turnover and accounts receivable collection efficiency. The company may need to monitor its payables more closely to ensure a balanced approach to working capital management.

Long-term

	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Fixed asset turnover	15.94	16.92	17.40	19.02	18.86	19.05	19.83	18.32	21.22	23.27	24.23	22.21	23.97	21.82	22.61	25.65	25.76	27.78	31.11	36.85
Total asset turnover	0.82	0.82	0.81	0.79	0.76	0.69	0.61	0.56	1.49	1.22	1.25	1.14	1.23	1.53	1.45	1.44	1.65	1.71	1.58	1.60

The long-term activity ratios for Crocs Inc, as represented by the fixed asset turnover and total asset turnover ratios, indicate the company's efficiency in utilizing its assets to generate sales.

The fixed asset turnover ratio has shown a declining trend from Q1 2022 to Q4 2023, indicating a decrease in the company's ability to generate revenue from its fixed assets over time. This may suggest potential over-investment in fixed assets or inefficiencies in utilizing these assets to drive sales.

On the other hand, the total asset turnover ratio has generally shown an increasing trend, with some fluctuations, over the same period. This suggests that Crocs Inc has been successful in improving its overall asset utilization efficiency to generate sales.

Overall, the company may need to review its fixed asset management strategies to improve the fixed asset turnover ratio and maximize the return on investment in these assets. Additionally, maintaining or further improving the total asset turnover ratio can signify continued efforts to optimize the utilization of all assets in generating revenue.