Income Tax Expense (Benefit)
Effective Income Tax Rate (EITR)
Components of Deferred Tax Assets and Liabilities
Deferred Tax Assets and Liabilities, Classification
Adjustments to Financial Statements: Removal of Deferred Taxes
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Deckers Outdoor Corp., income tax expense (benefit), continuing operations

US$ in thousands

12 months ended:	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020	Mar 31, 2019	Mar 31, 2018
Federal	115,708)	95,012)	93,562)	47,087)	33,334)	80,339)
State	18,418)	22,544)	15,595)	635)	9,084)	3,437)
Foreign	24,853)	22,929)	17,953)	14,068)	15,269)	14,388)
Current	158,979)	140,485)	127,110)	61,790)	57,687)	98,164)
Federal	4,830)	(17,316)	(6,717)	4,626)	6,612)	12,007)
State	382)	(4,827)	(633)	(462)	2,236)	391)
Foreign	(14,931)	(5,653)	(821)	(1,230)	(1,909)	(4,260)
Deferred	(9,719)	(27,796)	(8,171)	2,934)	6,939)	8,138)
Income tax expense	149,260)	112,689)	118,939)	64,724)	64,626)	106,302)

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
Current	Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.	Deckers Outdoor Corp. current increased from 2021 to 2022 and from 2022 to 2023.
Deferred	Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.	Deckers Outdoor Corp. deferred decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.
Income tax expense	Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Deckers Outdoor Corp. income tax expense decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Deckers Outdoor Corp., effective income tax rate (EITR) reconciliation

		Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020	Mar 31, 2019	Mar 31, 2018
	Statutory federal income tax rate	21.00%	21.00%	21.00%	21.00%	21.00%	31.52%
	Effective income tax rate	22.41%	19.96%	23.72%	18.99%	19.65%	48.17%

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
Effective income tax rate	Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Deckers Outdoor Corp. effective income tax rate decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.

Deckers Outdoor Corp., components of deferred tax assets and liabilities

US$ in thousands

	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020	Mar 31, 2019	Mar 31, 2018
Amortization of intangible assets	16,788)	4,828)	7,302)	11,471)	13,615)	18,261)
Deferred rent obligations	—)	—)	—)	—)	4,899)	5,452)
Operating lease liabilities	38,673)	37,020)	37,707)	45,600)	—)	—)
Uniform capitalization adjustment to inventory	13,823)	11,996)	5,256)	4,322)	3,965)	3,212)
Reserves and accruals	48,949)	41,894)	34,950)	25,624)	22,927)	24,539)
Net operating loss carry-forwards	3,477)	1,802)	1,663)	2,071)	1,002)	863)
Deferred revenue	7,924)	22,074)	817)	—)	—)	—)
Other	1,070)	2,024)	2,877)	2,017)	2,115)	1,279)
Gross deferred tax assets	130,704)	121,638)	90,572)	91,105)	48,523)	53,606)
Valuation allowances	(1,224)	(1,206)	(1,197)	(1,519)	(195)	—)
Deferred tax assets	129,480)	120,432)	89,375)	89,586)	48,328)	53,606)
Prepaid expenses	(6,930)	(5,460)	(3,829)	(4,252)	(3,379)	(2,686)
Operating lease assets	(31,250)	(28,831)	(30,754)	(41,276)	—)	—)
Depreciation of property and equipment	(18,708)	(21,924)	(17,598)	(15,825)	(14,079)	(9,638)
Other	—)	—)	—)	—)	—)	(2,901)
Deferred tax liabilities	(56,888)	(56,215)	(52,181)	(61,353)	(17,458)	(15,225)
Deferred tax assets (liabilities), net	72,592)	64,217)	37,194)	28,233)	30,870)	38,381)

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
Gross deferred tax assets	Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Deckers Outdoor Corp. gross deferred tax assets increased from 2021 to 2022 and from 2022 to 2023.
Deferred tax assets	Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Deckers Outdoor Corp. deferred tax assets increased from 2021 to 2022 and from 2022 to 2023.
Deferred tax assets (liabilities), net	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.	Deckers Outdoor Corp. deferred tax assets (liabilities), net increased from 2021 to 2022 and from 2022 to 2023.

Deckers Outdoor Corp., deferred tax assets and liabilities, classification

US$ in thousands

		Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020	Mar 31, 2019	Mar 31, 2018
	Deferred tax assets, net	72,592)	64,217)	37,194)	28,233)	30,870)	38,381)

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
Deferred tax assets, net	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent.	Deckers Outdoor Corp. deferred tax assets, net increased 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: Noncurrent deferred tax assets, net	72,592)	64,217)	37,194)	28,233)	30,870)	38,381)
Total assets (adjusted)	2,483,611)	2,268,033)	2,130,511)	1,736,885)	1,396,336)	1,225,998)
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: Net deferred tax assets (liabilities)	72,592)	64,217)	37,194)	28,233)	30,870)	38,381)
Stockholders’ equity (adjusted)	1,693,141)	1,474,608)	1,407,031)	1,111,887)	1,014,260)	902,398)
Adjustment to Net Income
Net income (as reported)	516,822)	451,949)	382,575)	276,142)	264,308)	114,394)
Add: Deferred income tax expense (benefit)	(9,719)	(27,796)	(8,171)	2,934)	6,939)	8,138)
Net income (adjusted)	507,103)	424,153)	374,404)	279,076)	271,247)	122,532)

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
Net Profit Margin
Reported net profit margin	14.25%	14.35%	15.03%	12.95%	13.08%	6.01%
Adjusted net profit margin	13.98%	13.46%	14.71%	13.09%	13.43%	6.44%
Total Asset Turnover
Reported total asset turnover	1.42	1.35	1.17	1.21	1.42	1.51
Adjusted total asset turnover	1.46	1.39	1.19	1.23	1.45	1.55
Financial Leverage
Reported financial leverage	1.45	1.52	1.50	1.55	1.37	1.34
Adjusted financial leverage	1.47	1.54	1.51	1.56	1.38	1.36
Return on Equity (ROE)
Reported ROE	29.27%	29.37%	26.49%	24.22%	25.29%	12.16%
Adjusted ROE	29.95%	28.76%	26.61%	25.10%	26.74%	13.58%
Return on Assets (ROA)
Reported ROA	20.22%	19.38%	17.65%	15.64%	18.52%	9.05%
Adjusted ROA	20.42%	18.70%	17.57%	16.07%	19.43%	9.99%

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 net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Deckers Outdoor Corp. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
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 adjusted net income divided by adjusted shareholders’ equity.	Deckers Outdoor Corp. adjusted ROE improved from 2021 to 2022 and from 2022 to 2023.
Adjusted ROA	A profitability ratio calculated as adjusted 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 income	516,822)	451,949)	382,575)	276,142)	264,308)	114,394)
Net sales	3,627,286)	3,150,339)	2,545,641)	2,132,689)	2,020,437)	1,903,339)
Profitability Ratio
Net profit margin¹	14.25%	14.35%	15.03%	12.95%	13.08%	6.01%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net income	507,103)	424,153)	374,404)	279,076)	271,247)	122,532)
Net sales	3,627,286)	3,150,339)	2,545,641)	2,132,689)	2,020,437)	1,903,339)
Profitability Ratio
Adjusted net profit margin²	13.98%	13.46%	14.71%	13.09%	13.43%	6.44%

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 Net profit margin = 100 × Net income ÷ Net sales
= 100 × 516,822 ÷ 3,627,286 = 14.25%

² Adjusted net profit margin = 100 × Adjusted net income ÷ Net sales
= 100 × 507,103 ÷ 3,627,286 = 13.98%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Deckers Outdoor Corp. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then slightly improved 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 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 Deferred Taxes
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	2,483,611)	2,268,033)	2,130,511)	1,736,885)	1,396,336)	1,225,998)
Activity Ratio
Adjusted total asset turnover²	1.46	1.39	1.19	1.23	1.45	1.55

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 ÷ 2,483,611 = 1.46

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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 Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted total assets	2,483,611)	2,268,033)	2,130,511)	1,736,885)	1,396,336)	1,225,998)
Adjusted stockholders’ equity	1,693,141)	1,474,608)	1,407,031)	1,111,887)	1,014,260)	902,398)
Solvency Ratio
Adjusted financial leverage²	1.47	1.54	1.51	1.56	1.38	1.36

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
= 2,483,611 ÷ 1,693,141 = 1.47

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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 Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net income	507,103)	424,153)	374,404)	279,076)	271,247)	122,532)
Adjusted stockholders’ equity	1,693,141)	1,474,608)	1,407,031)	1,111,887)	1,014,260)	902,398)
Profitability Ratio
Adjusted ROE²	29.95%	28.76%	26.61%	25.10%	26.74%	13.58%

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 × Adjusted net income ÷ Adjusted stockholders’ equity
= 100 × 507,103 ÷ 1,693,141 = 29.95%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Deckers Outdoor Corp. adjusted ROE 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)
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 Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net income	507,103)	424,153)	374,404)	279,076)	271,247)	122,532)
Adjusted total assets	2,483,611)	2,268,033)	2,130,511)	1,736,885)	1,396,336)	1,225,998)
Profitability Ratio
Adjusted ROA²	20.42%	18.70%	17.57%	16.07%	19.43%	9.99%

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 × Adjusted net income ÷ Adjusted total assets
= 100 × 507,103 ÷ 2,483,611 = 20.42%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted 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 Income Taxes

Income Tax Expense (Benefit)

Effective Income Tax Rate (EITR)

Components of Deferred Tax Assets and Liabilities

Deferred Tax Assets and Liabilities, Classification

Adjustments to Financial Statements: Removal of Deferred Taxes

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

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

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

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)