Jon Quast

It had to take a goodwill impairment charge, a significant one recently, too.

Yeah, and by a lot.

It took on debt to acquire HeyDude.

It's been paying that back down.

All of these things have been weighing on Crocs' financials for multiple years now.

But you look at it, and the Crocs brand itself is still growing internationally.

It's taken a breather in domestic markets.

They're down slightly, sales overall, but it's nothing troubling.

The margins are still really good.

The valuation is incredibly cheap, as you point out, Travis, less than seven times its free cash flow.

As you look at what it does with its profits,

It's repurchasing shares.

The share count is down about 16% over the last three years.

It's doing shareholder-friendly things with its ongoing profits.

You put it all together, and I believe Crocs does have a comeback in store.

I think it's a market beater over the next five years.

Oh, you mean the shoes.

I thought you meant the stock.

No, I do not personally own any Crocs shoes.

However, there are several pairs of Crocs shoes in the Quast household.