Cash Flow Statement
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Enterprise Value (EV)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Deckers Outdoor Corp., consolidated cash flow statement
US$ in thousands
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).
- Net Income
- The net income shows a consistent upward trend from 2018 to 2023, rising from $114.4 million in 2018 to $516.8 million in 2023. This indicates strong and growing profitability over the period.
- Depreciation, Amortization, and Accretion
- This expense slightly declined from $48.6 million in 2018 to a low of $38.9 million in 2020, before gradually increasing again to $47.9 million in 2023. The amortization on cloud computing arrangements appeared starting in 2021 and increased steadily through 2023, reflecting additional intangible asset amortization possibly related to technology investments.
- Unusual and Non-Recurring Items
- Loss on extinguishment of debt appeared in 2019 and 2023 with relatively small amounts. Impairments show spikes in 2021, including a $3.5 million impairment of intangible assets and significant impairment charges related to operating leases and long-lived assets. Restructuring charges were minor and limited to early years (2018-2019).
- Deferred Tax Expense (Benefit)
- This item shows notable volatility, moving from an expense in early years to significant tax benefits in 2021 and 2022, before a smaller benefit in 2023. The large negative figures in 2021 and 2022 suggest considerable tax adjustments or realizations of deferred tax assets.
- Working Capital Components
- Trade accounts receivable and inventories exhibit high volatility. Trade receivables moved from positive to large negative fluctuations, with a peak negative value in 2022. Inventories also reversed dramatically, peaking negatively in 2022 before reducing significantly in 2023. Prepaid expenses and other current assets mostly remained negative or volatile. Trade accounts payable largely increased until 2022 but declined sharply in 2023. Other accrued expenses and income tax payable fluctuated, with notable large spikes in liabilities in some years.
- Operating Activities
- Net cash provided by operating activities shows strong growth from $327.4 million in 2018 to a peak of $596.2 million in 2021, followed by a decrease in 2022 and a rebound to $537.4 million in 2023. The reconciliation adjustments showed irregular patterns, with a sharp negative figure in 2022.
- Investing Activities
- Purchases of property and equipment increased over the period, rising sharply to $81 million in 2023 from lower levels previously, indicating increased capital expenditure. Proceeds from sales of property and equipment remained negligible across years, resulting in net cash used in investing activities consistently negative and growing in magnitude.
- Financing Activities
- Short-term borrowing activities decreased sharply, with no recorded borrowings or repayments in 2022 and 2023 compared to earlier years. Stock issuance and exercise of stock options steadily increased. Conversely, repurchases of common stock were significant and growing, peaking at $356.7 million in 2022 and slightly lower in 2023. Net cash used in financing activities mirrors this, showing large outflows, especially in 2022 and 2023. Payments related to taxes on shares withheld increased steadily as well.
- Cash Position and Currency Effects
- Cash and cash equivalents increased notably from $292 million in 2018 to over $1.08 billion in 2021, before declining in 2022 and recovering somewhat in 2023 to $981.8 million. Foreign currency effects were minor except for 2019 and 2023, where negative exchange impacts slightly reduced cash balances.
- Summary
- Overall, the financial data reveal strong profitability growth alongside increased operating cash flows and rising capital expenditures. Working capital elements show marked volatility, especially in inventories and receivables, affecting cash flow patterns. Financing strategies appear focused on significant stock repurchases and steady equity issuance, coupled with reduced reliance on short-term borrowings in recent years. Cash management has resulted in substantial cash reserves despite fluctuations in investing and financing activities.