Deckers Outdoor Corp., FCFF calculation

US$ in thousands

12 months ended:	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020	Mar 31, 2019	Mar 31, 2018
Net income	516,822)	451,949)	382,575)	276,142)	264,308)	114,394)
Net noncash charges	74,902)	46,401)	77,268)	61,179)	70,702)	79,651)
Changes in operating assets and liabilities	(54,302)	(325,997)	136,374)	(50,987)	24,495)	133,306)
Net cash provided by operating activities	537,422)	172,353)	596,217)	286,334)	359,505)	327,351)
Cash paid during the period, interest, net of tax¹	1,459)	1,474)	2,236)	1,998)	3,062)	1,956)
Purchases of property and equipment	(81,025)	(51,017)	(32,218)	(32,455)	(29,086)	(34,813)
Proceeds from sales of property and equipment	12)	8)	49)	491)	68)	116)
Free cash flow to the firm (FCFF)	457,868)	122,818)	566,284)	256,368)	333,549)	294,610)

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
FCFF	Free cash flow to the firm is the cash flow available to the Deckers Outdoor Corp. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Deckers Outdoor Corp. FCFF decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.

Deckers Outdoor Corp., interest paid, net of tax calculation

US$ in thousands

12 months ended:	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020	Mar 31, 2019	Mar 31, 2018
Effective Income Tax Rate (EITR)
EITR¹	22.41%	19.96%	23.72%	18.99%	19.65%	48.17%
Interest Paid, Net of Tax
Cash paid during the period, interest, before tax	1,880)	1,842)	2,931)	2,466)	3,811)	3,774)
Less: Cash paid during the period, interest, tax²	421)	368)	695)	468)	749)	1,818)
Cash paid during the period, interest, net of tax	1,459)	1,474)	2,236)	1,998)	3,062)	1,956)

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).

¹ See details »

² 2023 Calculation
Cash paid during the period, interest, tax = Cash paid during the period, interest × EITR
= 1,880 × 22.41% = 421

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Deckers Outdoor Corp., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	20,872,384)
Free cash flow to the firm (FCFF)	457,868)
Valuation Ratio
EV/FCFF	45.59
Benchmarks
EV/FCFF, Competitors¹
lululemon athletica inc.	25.14
Nike Inc.	26.67
EV/FCFF, Sector
Consumer Durables & Apparel	32.88
EV/FCFF, Industry
Consumer Discretionary	32.62

Based on: 10-K (reporting date: 2023-03-31).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Deckers Outdoor Corp., historical EV/FCFF calculation, comparison to benchmarks

	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020	Mar 31, 2019	Mar 31, 2018
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	11,187,242)	6,439,297)	8,240,239)	4,864,321)	3,863,528)	2,951,371)
Free cash flow to the firm (FCFF)²	457,868)	122,818)	566,284)	256,368)	333,549)	294,610)
Valuation Ratio
EV/FCFF³	24.43	52.43	14.55	18.97	11.58	10.02
Benchmarks
EV/FCFF, Competitors⁴
lululemon athletica inc.	120.71	42.97	69.99	64.80	35.42	—
Nike Inc.	31.57	36.54	40.08	102.21	27.41	30.20
EV/FCFF, Sector
Consumer Durables & Apparel	36.97	37.72	42.57	94.28	28.19	—
EV/FCFF, Industry
Consumer Discretionary	32.37	55.70	66.77	52.40	31.02	—

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).

¹ See details »

² See details »

³ 2023 Calculation
EV/FCFF = EV ÷ FCFF
= 11,187,242 ÷ 457,868 = 24.43

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Deckers Outdoor Corp. EV/FCFF ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.

Deckers Outdoor Corp. (NYSE:DECK)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical