Thoughts on CROX_ Post Earnings Sentiment, Bull_Bear Debate (2)

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C O M PA N Y N O T E A u g u s t 3 , 2 0 2 3 Crocs, Inc. (CROX) Overweight Thoughts on CROX: Post Earnings Sentiment, Bull/Bear Debate PRICE: US$104.30 TARGET: US$150.00 ~10.5x our FY24E EPS Abbie Zvejnieks Sr. Research Analyst, Piper Sandler & Co. 212 284-9444, abbie.zvejnieks@psc.com Changes Previous Current Rating — Overweight Price Tgt — US$150.00 FY23E Rev (mil) — US$4,038.4 FY24E Rev (mil) — US$4,497.1 FY23E EPS — US$12.23 FY24E EPS — US$14.04 52-Week High / Low US$151.32 / US$65.17 Shares Out (mil) 62.6 Market Cap. (mil) US$6,532.2 Avg Daily Vol (000) 1,893 Book Value/Share US$0.24 Price/Book 43,458% Net Cash Per Share US$3.62 Debt to Total Capital 98.0% Div Yield 0.00% Fiscal Year End Dec Price Performance - 1 Year Aug-22 Oct-22 Dec-22 Feb-23 Apr-23 Jun-23 Aug-23 160 140 120 100 80 60 USD Source: Bloomberg YEAR 2022A 2023E 2024E REVENUE (US$ m) Mar Jun Sep Dec FY FY RM 660.1 964.6 985.1 945.2 3,555.0 1.8x 884.2A 1,072.4A 1,033.0 1,048.9 4,038.4 1.6x 973.8 1,204.2 1,162.5 1,156.5 4,497.1 1.5x EARNINGS PER SHARE (US$) Mar Jun Sep Dec FY FY P/E 2.05 3.24 2.97 2.65 10.92 9.6x 2.61A 3.59A 3.11 2.92 12.23 8.5x 2.99 4.17 3.59 3.29 14.04 7.4x CONCLUSION Currently the most highly debated stock in our coverage, we are highlighting the reasons for our continued positive outlook on CROX as well as the key debates. We believe the softer Hey Dude outlook (as a reminder only ~20% of EBIT in 2Q) overshadowed positive developments during the quarter including strong Crocs brand momentum in the US. Our thesis is underpinned by +DD earnings growth and compelling valuation. We are hosting an interactive virtual bull/bear debate on CROX on Monday, August 7th, please contact your PSC salesperson if you are interested in participating. • Sentiment post-earnings: After a significant move (-15%) post the 2Q print, CROX has recovered slightly, and inbounds on both sides of the trade have materially increased. Bulls are encouraged by strong Crocs brand momentum, solid operating margin, improving inventory levels, and repayment of debt which has allowed for the resumption of share repurchases. Bulls believe valuation is disconnected from the fundamentals with +DD earnings growth ahead. The bear case is now centered around slower Hey Dude demand trends, questions on the sustainability of Crocs brand growth, less appetite for relying on international to power growth, and the possibility of operating margin deleverage if topline growth does not meet expectations. We think investors will gauge underlying demand by focusing on DTC trends for both brands, which have been strong in the 1H. • Our thesis post-earnings: Consistent with our 2Q recap , we think the Hey Dude guide down overshadowed many positive developments in the quarter. Most notably, the Crocs brand grew 12% in North America, and growth is expected to continue in the 2H despite the very difficult US wholesale environment (see page 4). Our Overweight thesis is supported by continued revenue growth at Crocs, better results at Hey Dude next year as wholesale normalizes, industry leading 26%+ operating margin with opportunity for Hey Dude gross margin expansion, decreasing leverage, and the resumption of share buybacks which all together should support +DD EPS growth in the medium-term. At 7.4x our 2024 EPS estimate, we think valuation is compelling. We are adjusting our Hey Dude vs Crocs growth estimates slightly for 3Q and 4Q, although no changes have been made to our FY estimates. We note that Hey Dude 4Q wholesale results should improve vs. 3Q in our view due to the timing of international distributor shipments and reorders as on hand inventory levels get low at retail partners. • Continued on page 2. RISKS TO ACHIEVEMENT OF PT & RECOMMENDATION Consumer spending, inflation, inventory risk, fashion shifts, FX, China, interest rates. COMPANY DESCRIPTION Crocs, Inc. is a manufacturer of casual resin-based footwear and accessories. Page 1 of 8 Crocs, Inc. Piper Sandler does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decisions. This report should be read in conjunction with important disclosure information, including an attestation under Regulation Analyst Certification, found on pages 7 - 8 of this report or at the following site: http://www.pipersandler.com/researchdisclosures .

C O M PA N Y N O T E A u g u s t 3 , 2 0 2 3 Key Points Continued Can the stock still work with slower topline growth? Maybe not. We think CROX has levers to pull on expenses which can allow the company to maintain a 26% operating margin even in a more challenging demand scenario (see page 5 for our sensitivity analysis). That being said, we think this is still a momentum driven stock, and a significant deterioration in the growth outlook would likely be received negatively despite the company's likely continued EPS growth. Currently, we believe demand trends remain solid for Crocs and should improve for Hey Dude as wholesale normalizes, supporting our OW thesis. Page 2 of 8 Crocs, Inc.

PIPER SANDLER CROX: Bull/Bear Case Today Bull Bear Current valuation is disconnected with fundamentals with shares trading 7.4x 24E P/E vs. 15%+ EPS growth for the future. Crocs was “a $1B brand for 10 years”, why is it now approaching a $3B brand? Bearish investors think growth for the Crocs brand is not sustainable especially in North America. It can be difficult to forecast international growth expectations. Strong management team with two highly profitable brands. Crocs is an increasingly international story with digital, sandals, & Jibbitz as growth drivers. There is a significant opportunity for the Crocs brand in China, India, and SE Asia. International expansion at Hey Dude is also a LT opportunity. Both Hey Dude and Crocs have “trend” or “fad” risk and rely heavily on a single SKU (Classic Clog for Crocs; Wendy/Wally for Hey Dude) which underpins concerns around sustainability of growth. Current FY guidance, which contemplates best-in-class 27.5% operating margin, is attainable. Notably, due to strength at Crocs, CROX was able to raise FY numbers after 2Q despite weaker wholesale results at Hey Dude. Importantly, management expects the Crocs brand to continue to grow in North America in the 2H. The longer term growth rate for Hey Dude is unclear. Management seems to be continuing to invest behind growth (marketing, new distribution center). Aside from lapping tough compares in the wholesale channel, is demand for Hey Dude fading? CROX displayed strong inventory management in 2Q, and inventory turns should be back to ~4.0x by the end of the year. There is a near-term gross margin expansion opportunity at Hey Dude (~300 bps) driven by inventory efficiency and the expansion into a new DC. If topline growth slows, 1) do you see significant margin deleverage? And 2) will investor interest fade despite compelling valuation? CROX has now decreased leverage to 1.8x by paying down $850M in debt since the acquisition of Hey Dude. In July, CROX resumed share buybacks. With strong FCF, continued debt paydown will reduce interest expense while share buybacks will also provide a benefit to EPS. $2B of debt remains on the balance sheet. Page 3 of 8 Crocs, Inc.

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PIPER SANDLER US Wholesale is Challenging and Not Getting Much Better in 3Q Source: Company transcripts and filings. Quarter Ticker US Wholesale Channel Commentary US Wholesale Results 2Q23 COLM “…in terms of the change in the outlook, the lion’s share of the change is due to the softness we’ve seen in the US business, and that essentially across our US wholesale business, which is roughly half of the overall change in our outlook, and then to a slightly lesser degree, US e-commerce, and then to an even lesser extent, Korea.” Down HSD% 2Q23 CROX "Our US wholesale business is probably a little stronger than we thought it was going to be, so we feel really good about that." “… I would say Crocs, our US wholesale, it’s the newness, it’s both clogs, it’s both sandals that is performing well.” “In 2022, we began to open strategic US wholesale accounts (HEYDUDE) and eliminate non-strategic accounts. This will result in challenging wholesale comparables in 2023. However, 2-year brand growth remains strong.” Crocs +5.5%, HEYDUDE (8.5%) 1Q24 DECK “As anticipated, we had some offsets to the growth in the quarter due to timing dynamics in UGG US wholesale, with accounts choosing to receive product spread later into the year, as opposed to a front-loaded preference we saw in the last couple of years.” “…wholesale is a bit of an uncertain entity right now with inventory in the channel. There’s a lot of estimates, there’s going to be a promotional back half of the year. So – the way we’re looking at this is we’re trying to focus on the total consumer opportunity regardless of channel and have the inventory available for our DTC business, if wholesale continues to be a little bit more challenging.” (12%) at UGG globally; Did not specify the US number 2Q23 SHOO “As expected, we faced the challenging operating environment for the second quarter, in light of the difficult market conditions, in particular the conscious approach to orders by many of our wholesale customers in the United States, we were pleased to deliver earnings results in line with expectations for the quarter and while we’re never satisfied with financial performance that fall short of what we achieved in the prior year." “As we go into the back half, I want to be clear, we’re not really assuming any significant improvement in the overall approach from wholesale customers, we still assume they are cautious. We haven’t built in a big chase business in Q4, for instance, but really what you’re seeing here is that we’re expecting improvement compared to the first half just because of the easing comparisons…” (20.8%) globally; Did not specify the US number 2Q23 SKX “…last quarter, we expected this to be the toughest quarter for us from a domestic Wholesale perspective. It was actually less challenging than we had thought. …due in part to a shift in the timing of orders benefitting the second quarter.” “The domestic Wholesale decrease was due to inventory-related issues, impacting many of our partners. In addition, it is worth noting that we faced a difficult comparison to our particularly strong quarter last year where we grew 30%.” (25%) 1Q24 VFC “Most of the issues that we saw in our reported results certainly reside in the wholesale line, and that’s kind of what we expected. I think we kind of talked about that in May. It is certainly an issue that’s predominantly in the US, and in the Americas, to some degree in Europe.” “Revenue was down 8%, in line with guidance, as wholesale particularly pressured the top line in the US.” “Our wholesale business particularly in the US remains challenging as our key partners maintain a more cautious stand on forward orders… Through the balance of the year, our order books have evolved a little more muted than previously anticipated in both the US and Europe and reflect the continued cautious posture by many of our partners.” “All of our brands are having some impact from what’s happening in the wholesale channel, particularly in the US as wholesalers are resetting inventories, and that’s been underway and in many cases making good progress, in other cases taking a bit longer.” “… we still believe that’s (open to buy dollars and more risk appetite within the US wholesale channel) going to happen as we get into the back half of this fiscal year for us. And I’ve got to believe that things should start to stabilize in the marketplace as we turn the corner into spring/summer next year… the order of magnitude is… a little hard right now given where wholesale is.” (40%) decline in Vans wholesale in the Americas (not just US) Page 4 of 8 Crocs, Inc.

PIPER SANDLER CROX 2024E EPS Sensitivity Analysis Source: Piper Sandler estimates. Our conservative sensitivity analysis below accounts for a range of Crocs brand revenue growth scenarios for 2024 sensitized based on fixed expense assumptions. Here, we assume Hey Dude growth of only 5% y/y, much lower than our 12.8% estimate in our model, in order to be conservative. We set gross margin at 56.0%, flat y/y. We assume fixed expenses grow 8% y/y and variable expense growth outpaces sales growth by 4 points. Importantly, we think this highlights CROX’s ability to maintain a 26%+ operating margin, and valuation is compelling even in a more difficult topline scenario. $13.71 0% 2% 4% 6% 8% 10% 12% 25% $12.23 $12.50 $12.77 $13.04 $13.31 $13.58 $13.85 35% $12.19 $12.49 $12.78 $13.07 $13.36 $13.65 $13.95 45% $12.15 $12.47 $12.78 $13.10 $13.41 $13.72 $14.04 55% $12.11 $12.45 $12.79 $13.12 $13.46 $13.80 $14.13 65% $12.07 $12.43 $12.79 $13.15 $13.51 $13.87 $14.22 $0.27 0% 2% 4% 6% 8% 10% 12% 25% 26.2% 26.3% 26.4% 26.6% 26.7% 26.8% 26.9% 35% 26.1% 26.3% 26.4% 26.6% 26.7% 26.9% 27.0% 45% 26.0% 26.2% 26.5% 26.6% 26.8% 27.0% 27.2% 55% 26.0% 26.2% 26.5% 26.7% 26.9% 27.1% 27.4% 65% 25.9% 26.2% 26.5% 26.7% 27.0% 27.3% 27.5% 0% 2% 4% 6% 8% 10% 12% 25% 8.5x 8.3x 8.2x 8.0x 7.8x 7.7x 7.5x 35% 8.6x 8.4x 8.2x 8.0x 7.8x 7.6x 7.5x 45% 8.6x 8.4x 8.2x 8.0x 7.8x 7.6x 7.4x 55% 8.6x 8.4x 8.2x 7.9x 7.7x 7.6x 7.4x 65% 8.6x 8.4x 8.2x 7.9x 7.7x 7.5x 7.3x 2024E P/E Sensitivity % of SG&A That is Fixed 2024E Crocs Brand Revenue Growth 2024E Crocs Brand Revenue Growth % of SG&A That is Fixed 2024E EPS Sensitivity 2024E Operating Margin Sensitivity % of SG&A That is Fixed 2024E Crocs Brand Revenue Growth Page 5 of 8 Crocs, Inc.

Crocs, Inc. Abbie Zvejnieks, Sr. Research Analyst; Tel: 212-284-9444 Income Statement (Millions of Dollars, Except Per Share Data) FY FY FY FY FY FY FY 1Q 2Q 3Q 4Q FY 1Q 2Q 3QE 4QE FYE 1QE 2QE 3QE 4QE FYE FYE FYE 2015 2016 2017 2018 2019 2020 2021 Mar-22 Jun-22 Sep-22 Dec-22 2022 Mar-23 Jun-23 Sep-23 Dec-23 2023 Mar-24 Jun-24 Sep-24 Dec-24 2024 2025 2026 Total Revenues 1,090.6 1,036.3 1,023.5 1,088.2 1,230.6 1,386.0 2,313.4 660.1 964.6 985.1 945.2 3,555.0 884.2 1,072.4 1,033.0 1,048.9 4,038.4 973.8 1,204.2 1,162.5 1,156.5 4,497.1 4,914.3 5,288.8 % Y/Y Change -5.0% -1.2% 6.3% 13.1% 12.6% 66.9% 43.5% 50.5% 57.4% 61.1% 53.7% 33.9% 11.2% 4.9% 11.0% 13.6% 10.1% 12.3% 12.5% 10.3% 11.4% 9.3% 7.6% Cost of Sales 575.4 536.8 506.3 528.1 602.1 629.3 887.4 304.3 431.7 442.5 441.3 1619.9 404.5 449.5 447.5 474.1 1775.5 435.8 507.1 502.5 521.5 1966.9 2144.5 2305.3 % of Revenues 52.8% 51.8% 49.5% 48.5% 48.9% 45.4% 38.4% 46.1% 44.8% 44.9% 46.7% 45.6% 45.8% 41.9% 43.3% 45.2% 44.0% 44.8% 42.1% 43.2% 45.1% 43.7% 43.6% 43.6% Y/Y change in bps (96) (233) (94) 40 (352) (705) 135 660 912 1,040 721 (35) (284) (160) (150) (160) (100) 20 (10) (10) (23) (10) (5) Gross Profit 515.2 499.5 517.2 560.2 628.5 756.6 1,426.1 355.8 532.9 542.6 503.8 1,935.1 479.7 622.9 585.5 574.9 2,262.9 538.0 697.0 660.1 635.0 2,530.2 2,769.8 2,983.5 Gross Margin 47.2% 48.2% 50.5% 51.5% 51.1% 54.6% 61.6% 53.9% 55.2% 55.1% 53.3% 54.4% 54.2% 58.1% 56.7% 54.8% 56.0% 55.2% 57.9% 56.8% 54.9% 56.3% 56.4% 56.4% Y/Y change in bps 96 233 94 (40) 352 705 (135) (660) (912) (1,040) (721) 35 284 160 150 160 100 (20) 10 10 23 10 5 % Y/Y Change -3.1% 3.5% 8.3% 12.2% 20.4% 88.5% 40.0% 34.5% 35.0% 34.8% 35.7% 34.8% 16.9% 7.9% 14.1% 16.9% 12.2% 11.9% 12.7% 10.5% 11.8% 9.5% 7.7% Selling, general and administrative expenses 531.9 502.5 499.9 476.1 485.5 494.1 730.8 180.4 242.3 268.1 258.0 948.8 232.6 298.3 307.0 312.6 1150.5 270.8 342.2 352.4 353.9 1319.4 1436.9 1543.8 % of Revenues 48.8% 48.5% 48.8% 43.8% 39.5% 35.6% 31.6% 27.3% 25.1% 27.2% 27.3% 26.7% 26.3% 27.8% 29.7% 29.8% 28.5% 27.8% 28.4% 30.3% 30.6% 29.3% 29.2% 29.2% Y/Y change in bps (28) 35 (509) (430) (381) (406) (61) (608) (421) (776) (490) (102) 270 250 250 180 150 60 60 80 85 (10) (5) % Y/Y Change -5.5% -0.5% -4.8% 2.0% 1.8% 47.9% 40.3% 21.2% 36.3% 25.5% 29.8% 29.0% 23.1% 14.5% 21.1% 21.3% 16.4% 14.7% 14.8% 13.2% 14.7% 8.9% 7.4% Income from operations (16.7) (2.9) 17.3 84.0 143.0 262.6 695.3 175.5 290.6 274.5 245.8 986.3 247.0 324.6 278.5 262.3 1,112.4 267.2 354.8 307.6 281.1 1,210.8 1,332.9 1,439.6 Operating Margin -1.5% -0.3% 1.7% 7.7% 11.6% 18.9% 30.1% 26.6% 30.1% 27.9% 26.0% 27.7% 27.9% 30.3% 27.0% 25.0% 27.5% 27.4% 29.5% 26.5% 24.3% 26.9% 27.1% 27.2% Y/Y change in bps 125 198 603 390 732 1,111 (73) (53) (491) (264) (231) 136 14 (90) (100) (20) (50) (80) (50) (70) (62) 20 10 % Y/Y Change -82.4% -690.5% 384.8% 70.2% 83.6% 164.8% 39.6% 47.9% 33.8% 46.3% 41.9% 40.8% 11.7% 1.5% 6.7% 12.8% 8.2% 9.3% 10.5% 7.2% 8.8% 10.1% 8.0% Foreign currency income (loss), net 3.3 2.5 (0.6) (1.3) 1.3 1.1 0.1 (0.5) 1.2 0.4 (4.3) (3.2) 0.4 (0.6) 0.0 0.0 (0.1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Interest expense (income) (0.6) 0.1 (0.1) 5.3 8.0 2.7 20.9 19.3 32.9 34.1 49.0 135.2 42.5 42.5 37.0 36.0 158.0 35.0 33.0 31.9 30.0 129.9 110.0 102.0 Other expense (income), net (0.6) (1.5) (0.3) (0.6) (0.0) 0.4 (1.8) 0.9 (0.4) (0.0) (0.2) 0.3 0.3 (0.7) 0.0 0.0 (0.4) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Income before income taxes (18.8) (4.0) 18.3 80.6 133.7 258.3 676.0 155.7 257.0 240.0 201.3 854.0 203.9 283.3 241.5 226.3 955.0 232.2 321.8 275.7 251.1 1,080.9 1,222.9 1,337.6 % of Revenues -1.7% -0.4% 1.8% 7.4% 10.9% 18.6% 29.2% 23.6% 26.6% 24.4% 21.3% 24.0% 23.1% 26.4% 23.4% 21.6% 23.6% 23.8% 26.7% 23.7% 21.7% 24.0% 24.9% 25.3% % Y/Y Change -78.7% -556.9% 341.7% 65.8% 93.3% 161.7% 26.0% 34.1% 20.1% 25.0% 26.3% 30.9% 10.3% 0.6% 12.4% 11.8% 13.9% 13.6% 14.2% 11.0% 13.2% 13.1% 9.4% Provision For income taxes 11.8 9.3 7.9 14.7 15.6 37.8 146.2 30.8 55.6 54.6 35.7 176.8 40.5 58.7 48.3 45.3 192.7 46.4 64.4 55.1 50.2 216.2 244.6 267.5 Tax Rate -63.1% -232.3% 43.5% 18.3% 11.7% 14.6% 21.6% 19.8% 21.6% 22.8% 17.7% 20.7% 19.9% 20.7% 20.0% 20.0% 20.2% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% Net Income (30.6) (13.3) 10.3 65.9 118.1 220.5 529.8 124.9 201.3 185.4 165.6 677.2 163.4 224.7 193.2 181.0 762.3 185.8 257.5 220.6 200.9 864.7 978.3 1,070.1 Net Margin -2.8% -1.3% 1.0% 6.1% 9.6% 15.9% 22.9% 18.9% 20.9% 18.8% 17.5% 19.1% 18.5% 20.9% 18.7% 17.3% 18.9% 19.1% 21.4% 19.0% 17.4% 19.2% 19.9% 20.2% % Y/Y Change -56.6% -177.7% 539.1% 79.1% 86.7% 140.3% 25.6% 39.5% 18.4% 28.0% 27.8% 30.8% 11.6% 4.2% 9.3% 12.6% 13.7% 14.6% 14.2% 11.0% 13.4% 13.1% 9.4% Non-GAAP net income per share ($0.41) ($0.18) $0.14 $0.86 $1.61 $3.22 $8.32 $2.05 $3.24 $2.97 $2.65 $10.92 $2.61 $3.59 $3.11 $2.92 $12.23 $2.99 $4.17 $3.59 $3.29 $14.04 $16.17 $18.05 EPS Growth Rate - Diluted -56% -179% 506% 87% 100% 158% 38% 45% 20% 23% 31% 27% 11% 4% 10% 12% 15% 16% 16% 12% 15% 15% 12% Diluted Shares Outstanding (Diluted) 75.2 73.7 72.7 76.7 71.8 68.5 63.7 60.9 62.2 62.4 62.5 62.0 62.6 62.6 62.2 61.9 62.3 62.0 61.7 61.4 61.1 61.6 60.5 59.3 EBITDA 19.3 31.1 50.5 113.3 167.2 290.2 727.2 183.4 299.5 284.2 258.5 1,025.6 260.2 337.2 291.6 275.9 1,165.0 281.4 369.0 322.3 295.7 1,268.4 1,396.0 1,504.2 EBITDA Margin 1.8% 3.0% 4.9% 10.4% 13.6% 20.9% 31.4% 27.8% 31.0% 28.9% 27.4% 28.8% 29.4% 31.4% 28.2% 26.3% 28.8% 28.9% 30.6% 27.7% 25.6% 28.2% 28.4% 28.4% Y/Y change in bps 123 193 548 318 735 1,050 (129) (81) (521) (268) (259) 165 40 (62) (105) (0) (53) (80) (51) (73) (64) 20 4 % Y/Y Change 61.0% 62.2% 124.5% 47.6% 73.5% 150.6% 37.1% 46.7% 33.3% 47% 41.0% 41.9% 12.6% 2.6% 7% 13.6% 8.1% 9.4% 10.5% 7% 8.9% 10.1% 7.8% Current disclosure information for this company is located at http://www.pipersandler.com/researchdisclosures August 2, 2023 Page 6 of 8 Crocs, Inc.

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C O M PA N Y N O T E A u g u s t 3 , 2 0 2 3 IMPORTANT RESEARCH DISCLOSURES Rating and Price Target History for: Crocs, Inc. (CROX) as of 08-02-2023 200 150 100 50 0 Q2 Q3 2021 Q1 Q2 Q3 2022 Q1 Q2 Q3 2023 Q1 Q2 Q3 07/30/20 OW:$45 09/11/20 OW:$46 09/28/20 OW:$48 10/13/20 OW:$53 10/27/20 OW:$67 12/09/20 OW:$71 01/11/21 OW:$90 02/23/21 OW:$104 04/27/21 OW:$140 07/13/21 OW:$143 07/22/21 OW:$185 09/14/21 OW:$212 10/21/21 OW:$215 01/12/22 OW:$246 05/05/22 OW:$120 07/25/22 OW:$90 11/03/22 OW:$95 12/16/22 OW:$118 01/12/23 OW:$145 02/16/23 OW:$165 07/27/23 OW:$150 Created by: BlueMatrix Notes: The boxes on the Rating and Price Target History chart above indicate the date of the fundamental Equity Research Note, the rating and the price target. Each box represents a date on which an analyst made a change to a rating or price target, except for the first box, which may only represent the first Note written during the past three years. Legend: I: Initiating Coverage R: Resuming Coverage T: Transferring Coverage D: Discontinuing Coverage S: Suspending Coverage OW: Overweight N: Neutral UW: Underweight NA: Not Available UR: Under Review Distribution of Ratings/IB Services Piper Sandler IB Serv./Past 12 Mos. Rating Count Percent Count Percent BUY [OW] 588 57.93 155 26.36 HOLD [N] 383 37.73 53 13.84 SELL [UW] 44 4.33 2 4.55 Note: Distribution of Ratings/IB Services shows the number of companies currently covered by fundamental equity research in each rating category from which Piper Sandler and its affiliates received compensation for investment banking services within the past 12 months. FINRA rules require disclosure of which ratings most closely correspond with "buy," "hold," and "sell" recommendations. Piper Sandler ratings are not the equivalent of buy, hold or sell, but instead represent recommended relative weightings. Nevertheless, Overweight corresponds most closely with buy, Neutral with hold and Underweight with sell. See Stock Rating definitions below. Analyst Certification The analyst Abbie Zvejnieks, primarily responsible for the preparation of this research report, attests to the following: The views expressed in this report accurately reflect my personal views about the subject company and the subject security. In addition, no part of my compensation was, is, or will be directly or indirectly related to the specific recommendations or views contained in this report. Piper Sandler research analysts receive compensation that is based, in part, on overall firm revenues, which include investment banking revenues. Time of dissemination: 3 August 2023 03:29EDT. Page 7 of 8 Crocs, Inc.

C O M PA N Y N O T E A u g u s t 3 , 2 0 2 3 Research Disclosures Piper Sandler will buy and sell the securities of Crocs, Inc. on a principal basis. Affiliate disclosures: Piper Sandler is the trade name and registered trademark under which the corporate and investment banking products and services of Piper Sandler Companies and its subsidiaries Piper Sandler & Co. and Piper Sandler Ltd. are marketed. This report has been prepared by Piper Sandler & Co. and/or its affiliate Piper Sandler Ltd. Piper Sandler & Co. is regulated by FINRA, NYSE and the United States Securities and Exchange Commission, and its headquarters are located at 800 Nicollet Mall, Minneapolis, MN 55402. Piper Sandler Ltd. is authorised and regulated by the Financial Conduct Authority, and is located at 6th Floor, 2 Gresham Street, London EC2V 7AD. Disclosures in this section and in the Other Important Information section referencing Piper Sandler include all affiliated entities unless otherwise specified. 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Thoughts on CROX_ Post Earnings Sentiment, Bull_Bear Debate (2)

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