Goodwill and Intangible Asset Disclosure
Adjustments to Financial Statements: Removal of Goodwill
Adjusted Financial Ratios: Removal of Goodwill (Summary)
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Deckers Outdoor Corp., balance sheet: goodwill and intangible assets

US$ in thousands

	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020	Mar 31, 2019	Mar 31, 2018
Goodwill	13,990)	13,990)	13,990)	13,990)	13,990)	13,990)
Trademarks	15,454)	15,454)	15,454)	15,454)	15,454)	15,454)
Indefinite-lived intangible assets	15,454)	15,454)	15,454)	15,454)	15,454)	15,454)
Trademarks	51,723)	51,723)	51,723)	55,245)	55,245)	55,245)
Other	51,313)	51,572)	52,241)	51,738)	51,981)	53,216)
Definite-lived intangible assets, gross carrying amount	103,036)	103,295)	103,964)	106,983)	107,226)	108,461)
Accumulated amortization	(81,033)	(79,061)	(77,473)	(74,421)	(71,186)	(66,065)
Net definite-lived intangible assets	22,003)	24,234)	26,491)	32,562)	36,040)	42,396)
Other intangible assets, net	37,457)	39,688)	41,945)	48,016)	51,494)	57,850)
Goodwill and other intangible assets	51,447)	53,678)	55,935)	62,006)	65,484)	71,840)

Based on: 10-K (reporting date: 2023-03-31), 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31).

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Item	Description	The company
Goodwill	Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.
Other intangible assets, net	Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	Deckers Outdoor Corp. other intangible assets, net decreased from 2021 to 2022 and from 2022 to 2023.
Goodwill and other intangible assets	Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	Deckers Outdoor Corp. goodwill and other intangible assets decreased from 2021 to 2022 and from 2022 to 2023.

Deckers Outdoor Corp., adjustments to financial statements

US$ in thousands

	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020	Mar 31, 2019	Mar 31, 2018
Adjustment to Total Assets
Total assets (as reported)	2,556,203)	2,332,250)	2,167,705)	1,765,118)	1,427,206)	1,264,379)
Less: Goodwill	13,990)	13,990)	13,990)	13,990)	13,990)	13,990)
Total assets (adjusted)	2,542,213)	2,318,260)	2,153,715)	1,751,128)	1,413,216)	1,250,389)
Adjustment to Stockholders’ Equity
Stockholders’ equity (as reported)	1,765,733)	1,538,825)	1,444,225)	1,140,120)	1,045,130)	940,779)
Less: Goodwill	13,990)	13,990)	13,990)	13,990)	13,990)	13,990)
Stockholders’ equity (adjusted)	1,751,743)	1,524,835)	1,430,235)	1,126,130)	1,031,140)	926,789)

Based on: 10-K (reporting date: 2023-03-31), 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31).

Deckers Outdoor Corp., Financial Data: Reported vs. Adjusted

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Deckers Outdoor Corp., adjusted financial ratios

	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020	Mar 31, 2019	Mar 31, 2018
Total Asset Turnover
Reported total asset turnover	1.42	1.35	1.17	1.21	1.42	1.51
Adjusted total asset turnover	1.43	1.36	1.18	1.22	1.43	1.52
Financial Leverage
Reported financial leverage	1.45	1.52	1.50	1.55	1.37	1.34
Adjusted financial leverage	1.45	1.52	1.51	1.55	1.37	1.35
Return on Equity (ROE)
Reported ROE	29.27%	29.37%	26.49%	24.22%	25.29%	12.16%
Adjusted ROE	29.50%	29.64%	26.75%	24.52%	25.63%	12.34%
Return on Assets (ROA)
Reported ROA	20.22%	19.38%	17.65%	15.64%	18.52%	9.05%
Adjusted ROA	20.33%	19.50%	17.76%	15.77%	18.70%	9.15%

Based on: 10-K (reporting date: 2023-03-31), 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Deckers Outdoor Corp. adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Deckers Outdoor Corp. adjusted financial leverage ratio increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Adjusted ROE	A profitability ratio calculated as net income divided by adjusted shareholders’ equity.	Deckers Outdoor Corp. adjusted ROE improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Deckers Outdoor Corp. adjusted ROA improved from 2021 to 2022 and from 2022 to 2023.

Deckers Outdoor Corp., Financial Ratios: Reported vs. Adjusted

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	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020	Mar 31, 2019	Mar 31, 2018
As Reported
Selected Financial Data (US$ in thousands)
Net sales	3,627,286)	3,150,339)	2,545,641)	2,132,689)	2,020,437)	1,903,339)
Total assets	2,556,203)	2,332,250)	2,167,705)	1,765,118)	1,427,206)	1,264,379)
Activity Ratio
Total asset turnover¹	1.42	1.35	1.17	1.21	1.42	1.51
Adjusted for Goodwill
Selected Financial Data (US$ in thousands)
Net sales	3,627,286)	3,150,339)	2,545,641)	2,132,689)	2,020,437)	1,903,339)
Adjusted total assets	2,542,213)	2,318,260)	2,153,715)	1,751,128)	1,413,216)	1,250,389)
Activity Ratio
Adjusted total asset turnover²	1.43	1.36	1.18	1.22	1.43	1.52

Based on: 10-K (reporting date: 2023-03-31), 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31).

2023 Calculations

¹ Total asset turnover = Net sales ÷ Total assets
= 3,627,286 ÷ 2,556,203 = 1.42

² Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 3,627,286 ÷ 2,542,213 = 1.43

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Deckers Outdoor Corp. adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020	Mar 31, 2019	Mar 31, 2018
As Reported
Selected Financial Data (US$ in thousands)
Total assets	2,556,203)	2,332,250)	2,167,705)	1,765,118)	1,427,206)	1,264,379)
Stockholders’ equity	1,765,733)	1,538,825)	1,444,225)	1,140,120)	1,045,130)	940,779)
Solvency Ratio
Financial leverage¹	1.45	1.52	1.50	1.55	1.37	1.34
Adjusted for Goodwill
Selected Financial Data (US$ in thousands)
Adjusted total assets	2,542,213)	2,318,260)	2,153,715)	1,751,128)	1,413,216)	1,250,389)
Adjusted stockholders’ equity	1,751,743)	1,524,835)	1,430,235)	1,126,130)	1,031,140)	926,789)
Solvency Ratio
Adjusted financial leverage²	1.45	1.52	1.51	1.55	1.37	1.35

Based on: 10-K (reporting date: 2023-03-31), 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31).

2023 Calculations

¹ Financial leverage = Total assets ÷ Stockholders’ equity
= 2,556,203 ÷ 1,765,733 = 1.45

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 2,542,213 ÷ 1,751,743 = 1.45

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Deckers Outdoor Corp. adjusted financial leverage ratio increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020	Mar 31, 2019	Mar 31, 2018
As Reported
Selected Financial Data (US$ in thousands)
Net income	516,822)	451,949)	382,575)	276,142)	264,308)	114,394)
Stockholders’ equity	1,765,733)	1,538,825)	1,444,225)	1,140,120)	1,045,130)	940,779)
Profitability Ratio
ROE¹	29.27%	29.37%	26.49%	24.22%	25.29%	12.16%
Adjusted for Goodwill
Selected Financial Data (US$ in thousands)
Net income	516,822)	451,949)	382,575)	276,142)	264,308)	114,394)
Adjusted stockholders’ equity	1,751,743)	1,524,835)	1,430,235)	1,126,130)	1,031,140)	926,789)
Profitability Ratio
Adjusted ROE²	29.50%	29.64%	26.75%	24.52%	25.63%	12.34%

Based on: 10-K (reporting date: 2023-03-31), 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31).

2023 Calculations

¹ ROE = 100 × Net income ÷ Stockholders’ equity
= 100 × 516,822 ÷ 1,765,733 = 29.27%

² Adjusted ROE = 100 × Net income ÷ Adjusted stockholders’ equity
= 100 × 516,822 ÷ 1,751,743 = 29.50%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as net income divided by adjusted shareholders’ equity.	Deckers Outdoor Corp. adjusted ROE improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020	Mar 31, 2019	Mar 31, 2018
As Reported
Selected Financial Data (US$ in thousands)
Net income	516,822)	451,949)	382,575)	276,142)	264,308)	114,394)
Total assets	2,556,203)	2,332,250)	2,167,705)	1,765,118)	1,427,206)	1,264,379)
Profitability Ratio
ROA¹	20.22%	19.38%	17.65%	15.64%	18.52%	9.05%
Adjusted for Goodwill
Selected Financial Data (US$ in thousands)
Net income	516,822)	451,949)	382,575)	276,142)	264,308)	114,394)
Adjusted total assets	2,542,213)	2,318,260)	2,153,715)	1,751,128)	1,413,216)	1,250,389)
Profitability Ratio
Adjusted ROA²	20.33%	19.50%	17.76%	15.77%	18.70%	9.15%

Based on: 10-K (reporting date: 2023-03-31), 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31).

2023 Calculations

¹ ROA = 100 × Net income ÷ Total assets
= 100 × 516,822 ÷ 2,556,203 = 20.22%

² Adjusted ROA = 100 × Net income ÷ Adjusted total assets
= 100 × 516,822 ÷ 2,542,213 = 20.33%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Deckers Outdoor Corp. adjusted ROA improved from 2021 to 2022 and from 2022 to 2023.

Deckers Outdoor Corp. (NYSE:DECK)

Analysis of Goodwill and Intangible Assets

Goodwill and Intangible Asset Disclosure

Adjustments to Financial Statements: Removal of Goodwill

Deckers Outdoor Corp., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

Deckers Outdoor Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)