Crocs, Inc. (CROX) Earnings Call Transcript & Summary

Good day, everybody, and thank you for standing by. Welcome to the Crocs, Inc. Annual Meeting of Stockholders. I would now like to turn the conference over to Tom Smach, Chairman of the Board of Directors for Crocs, Inc. Please go ahead, sir.

Good morning, everybody. I'm Tom Smach, and I'm honored to be your Chairman of the Board of Directors at Crocs. I consider this a privilege and take this responsibility very seriously. I'm pleased to welcome you to the 2020 Annual Meeting of Stockholders of Crocs, Inc. Due to the public health impacts of the coronavirus outbreak and to support the health and well-being of our directors, employees, stockholders and other stakeholders, we are hosting the annual meeting as a virtual meeting this year. We appreciate your attendance, your interest and most importantly your support of Crocs. Before the meeting begins, I would like to introduce you to the current members of our Board of Directors and the senior management team who are joining us today on this webcast annual meeting. Present today from the Board are Ron Frasch, Ian Bickley, Doreen Wright, Doug Treff and Beth Kaplan. From the management team, Andrew Rees, our Executive Vice President and Chief Executive Officer; Anne Mehlman, Executive Vice President and Chief Financial Officer; Dan Hart, Executive Vice President and Chief Legal and Risk Officer; Michelle Poole, Executive Vice President and Chief Product and Merchandising Officer; and Elaine Boltz, Executive Vice President and Chief Operations and Transformation Officer. I would like to also introduce Wendy Ralston of Deloitte & Touche LLP, the company's independent registered public accounting firm. With introductions complete, I hereby call the 2020 Annual Meeting of Stockholders to order. Daniel Hart, our Corporate Secretary, will act as the secretary of this meeting and will record and run the proceedings. At the conclusion of the business portion of this meeting, the management team will be available to answer questions that have been submitted by stockholders through the annual meeting portal. Though we may not be able to answer every question, we will do our best to provide a reasonable response to as many as possible. I will now turn this meeting over to Dan as we proceed to the business portion. Go ahead, Dan.

Thank you, Tom. I have with me a list of the registered stockholders of record as of April 13, 2020, the record date for this meeting. This list is certified by Computershare Trust Company, the company's registrar and transfer agent. The list of registered stockholders entitled to vote at this meeting has been available for inspection by any stockholder at the company's headquarters for the past 10 days and is available now during the annual meeting through the annual meeting website for any stockholder to examine. I also have an affidavit of distribution from Broadridge indicating that a notice of Internet availability of proxy materials was sent to each stockholder of record on or about April 24, 2020. [ Christine Amrhein ], a representative of Broadridge, has been appointed to act as inspector of election at this meeting. The inspector's duties are to decide upon qualifications of voters, accept their votes and count the ballots cast. The inspector of election has examined the proxies received and stockholders present at this meeting and reports that the majority of the votes entitled to cast -- to be cast at this meeting are present. We have a quorum. The polls are now open for voting on the matters to be considered. All stockholders entitled to vote at this meeting have the ability to do so online. If you are a stockholder entitled to vote and have not yet voted or if you want to change your previously cast vote, please do so via the online portal for this meeting. Please remember that if you have already voted by proxy, it is not necessary to vote again. After voting has been completed on all matters on the agenda, we will close the polls. As described in the proxy statement, there are the following items submitted to stockholders for consideration at this meeting: the election of 2 Class III directors to our Board of Directors to serve a 3-year term until our 2023 Annual Meeting of Stockholders. The director nominees are Thomas Smach and Beth Kaplan. Second, ratification of the appointment of Deloitte & Touche as our independent registered public accounting firm for the 2020 fiscal year; three, an advisory vote to approve the compensation of our named executive direct officers; and four, approval of our 2020 equity incentive plan. The Board of Directors recommends a vote for each of the director nominees and a vote for each of the other proposals. There are no other items properly submitted to be considered at this meeting. If you have not voted but wish to do so, please vote by clicking on the voting button on the web portal and following instructions. Please also submit any questions related to the proposals now. Note that general questions will be addressed at the Q&A session after the meeting ends. [Voting]

No one else wishing to vote, the polls are now closed on all matters. The ballots will be counted. A representative of Broadridge has provided me with a preliminary tally of votes for the proposals. Based on the preliminary tabulations of the inspector of election, we are happy to announce that both of the Class III directors were elected. The appointment of Deloitte & Touche as the company's independent registered public accounting firm has been ratified. The compensation of our named executive officers has been approved on an advisory basis. And our 2020 executive -- equity incentive plan has been approved. We will report the final voting results on Form 8-K within 4 days from today. As there is no other formal business to be addressed, the 2020 Annual Meeting of Stockholders of Crocs, Inc. is hereby adjourned. I invite you to stay for a Q&A session with Andrew Rees, our CEO, which begins now.

Okay. Thank you, Dan.

Thank you. As there are no questions to address at this moment, the meeting is adjourned. Thank you for your participation.

We appreciate your interest in Crocs.

The conference has now concluded. Thank you very much for attending today's presentation. You may now disconnect.