Selected Financial Data
since 2005
Income Statement
Deckers Outdoor Corp., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Net sales | Income (loss) from operations | Net income (loss) |
|---|---|---|---|
| Mar 31, 2023 | 3,627,286) | 652,751) | 516,822) |
| Mar 31, 2022 | 3,150,339) | 564,707) | 451,949) |
| Mar 31, 2021 | 2,545,641) | 504,205) | 382,575) |
| Mar 31, 2020 | 2,132,689) | 338,135) | 276,142) |
| Mar 31, 2019 | 2,020,437) | 327,320) | 264,308) |
| Mar 31, 2018 | 1,903,339) | 222,584) | 114,394) |
| Mar 31, 2017 | 1,790,147) | (1,919) | 5,710) |
| Mar 31, 2016 | 1,875,197) | 162,127) | 122,265) |
| Mar 31, 2015 | 1,817,057) | 224,419) | 161,780) |
| Dec 31, 2014 | 294,716) | (408) | (2,685) |
| Dec 31, 2013 | 1,556,618) | 207,897) | 145,689) |
| Dec 31, 2012 | 1,414,398) | 186,948) | 129,014) |
| Dec 31, 2011 | 1,377,283) | 284,838) | 199,052) |
| Dec 31, 2010 | 1,000,989) | 249,088) | 158,235) |
| Dec 31, 2009 | 813,177) | 181,247) | 116,786) |
| Dec 31, 2008 | 689,445) | 116,919) | 73,948) |
| Dec 31, 2007 | 448,929) | 105,553) | 66,437) |
| Dec 31, 2006 | 304,423) | 51,442) | 30,609) |
| Dec 31, 2005 | 264,760) | 52,268) | 31,845) |
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), 10-K (reporting date: 2017-03-31), 10-K (reporting date: 2016-03-31), 10-K (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial performance from 2005 to 2023 is characterized by a long-term trajectory of substantial growth in both top-line revenue and bottom-line profitability, despite a period of significant volatility in the mid-2010s. The company evolved from a mid-sized enterprise with net sales of $264.8 million in 2005 to a large-scale operation generating $3.6 billion by 2023.
- Revenue Trajectory
- Net sales experienced consistent growth from 2005 through 2013, reaching $1.56 billion. A severe contraction occurred in 2014, where sales fell to $294.7 million, before rebounding sharply to $1.82 billion in 2015. Following this recovery, the company maintained a steady upward trend, with revenue accelerating particularly between 2020 and 2023, culminating in a peak of $3.63 billion.
- Operational Profitability
- Income from operations generally trended upward in alignment with sales, peaking at $284.8 million in 2011. The period between 2014 and 2017 was marked by operational instability, including losses of $408 thousand in 2014 and $1.92 million in 2017. A sustained recovery began in 2018, with operating income increasing every subsequent year to reach $652.8 million by 2023, indicating improved operational efficiency and scaling.
- Net Income Performance
- Net income mirrored the patterns observed in sales and operating income. Early growth led to a peak of $199.1 million in 2011, followed by a decline and a net loss of $2.69 million in 2014. Profitability returned and accelerated rapidly after 2018, with net income growing from $114.4 million in 2018 to $516.8 million in 2023. This indicates a strong conversion of revenue into profit in the most recent five-year window.
- Comparative Growth Analysis
- The growth in net income has outpaced the growth in net sales in the latter part of the analyzed period. While net sales grew approximately 13.5 times from 2005 to 2023, net income grew approximately 16.2 times over the same period, suggesting an expansion in overall net profit margins over the long term.
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Balance Sheet: Assets
Deckers Outdoor Corp., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Mar 31, 2023 | 1,910,253) | 2,556,203) |
| Mar 31, 2022 | 1,752,128) | 2,332,250) |
| Mar 31, 2021 | 1,650,799) | 2,167,705) |
| Mar 31, 2020 | 1,194,111) | 1,765,118) |
| Mar 31, 2019 | 1,095,405) | 1,427,206) |
| Mar 31, 2018 | 910,690) | 1,264,379) |
| Mar 31, 2017 | 820,821) | 1,191,780) |
| Mar 31, 2016 | 785,765) | 1,278,068) |
| Mar 31, 2015 | 686,593) | 1,169,933) |
| Dec 31, 2014 | 623,862) | 1,064,204) |
| Dec 31, 2013 | 829,304) | 1,259,729) |
| Dec 31, 2012 | 691,586) | 1,068,064) |
| Dec 31, 2011 | 817,902) | 1,146,196) |
| Dec 31, 2010 | 715,732) | 808,994) |
| Dec 31, 2009 | 520,987) | 599,043) |
| Dec 31, 2008 | 412,964) | 483,721) |
| Dec 31, 2007 | 301,567) | 370,032) |
| Dec 31, 2006 | 187,423) | 249,973) |
| Dec 31, 2005 | 134,854) | 209,626) |
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), 10-K (reporting date: 2017-03-31), 10-K (reporting date: 2016-03-31), 10-K (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Deckers Outdoor Corp. has demonstrated substantial growth in its asset base between 2005 and 2023. Total assets increased from $209.6 million to $2.56 billion, representing a significant expansion of the company's financial footprint. This growth trajectory was characterized by an initial steady climb through 2011, a period of relative volatility and contraction between 2012 and 2014, and a robust acceleration from 2015 through 2023.
- Total Asset Expansion
- Total assets grew consistently from 2005 to 2011, peaking at $1.15 billion before experiencing fluctuations. A notable dip occurred in 2012 ($1.07 billion) and again in 2014 ($1.06 billion). However, from 2015 onward, total assets entered a period of sustained growth, surpassing $2 billion in 2020 and reaching a peak of $2.56 billion by March 31, 2023.
- Current Asset Trends
- Current assets followed a similar trajectory to total assets, rising from $134.9 million in 2005 to $1.91 billion in 2023. There was a distinct period of volatility between 2012 and 2014, where current assets dropped from $829.3 million in 2013 to $623.9 million in 2014. Since 2014, there has been a sharp upward trend, with the most significant gains observed between 2020 and 2023, where current assets grew from $1.19 billion to $1.91 billion.
- Liquidity and Asset Composition
- The composition of the asset base has shifted toward higher liquidity over the long term. In 2005, current assets constituted approximately 64% of total assets. By March 31, 2023, current assets represented approximately 75% of total assets. This suggests a strategic shift or operational result leading to a higher concentration of short-term assets relative to long-term investments or fixed assets.
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Balance Sheet: Liabilities and Stockholders’ Equity
Deckers Outdoor Corp., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Total debt | Stockholders’ equity | |
|---|---|---|---|---|
| Mar 31, 2023 | 497,380) | 790,470) | —) | 1,765,733) |
| Mar 31, 2022 | 541,684) | 793,425) | —) | 1,538,825) |
| Mar 31, 2021 | 468,368) | 723,480) | —) | 1,444,225) |
| Mar 31, 2020 | 300,946) | 624,998) | 30,901) | 1,140,120) |
| Mar 31, 2019 | 250,524) | 382,076) | 31,504) | 1,045,130) |
| Mar 31, 2018 | 189,166) | 323,600) | 32,082) | 940,779) |
| Mar 31, 2017 | 159,051) | 237,525) | 32,631) | 954,255) |
| Mar 31, 2016 | 238,498) | 310,597) | 100,106) | 967,471) |
| Mar 31, 2015 | 167,542) | 232,921) | 38,537) | 937,012) |
| Dec 31, 2014 | 122,215) | 175,355) | 6,702) | 888,849) |
| Dec 31, 2013 | 320,518) | 371,610) | 9,728) | 888,119) |
| Dec 31, 2012 | 267,017) | 329,263) | 33,000) | 738,801) |
| Dec 31, 2011 | 232,079) | 304,766) | —) | 835,936) |
| Dec 31, 2010 | 144,863) | 153,319) | —) | 652,987) |
| Dec 31, 2009 | 100,870) | 107,139) | —) | 491,358) |
| Dec 31, 2008 | 95,209) | 99,056) | —) | 384,252) |
| Dec 31, 2007 | 71,394) | 71,394) | —) | 298,638) |
| Dec 31, 2006 | 39,563) | 39,563) | —) | 210,410) |
| Dec 31, 2005 | 27,734) | 32,071) | —) | 177,555) |
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), 10-K (reporting date: 2017-03-31), 10-K (reporting date: 2016-03-31), 10-K (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The balance sheet demonstrates a period of sustained growth in stockholders' equity coupled with a controlled increase in total liabilities, indicating a strong overall financial position and a conservative approach to leverage over the analyzed period.
- Stockholders' Equity Expansion
- A consistent and significant upward trend in stockholders' equity is observed, growing from 177.6 million USD in 2005 to 1.77 billion USD by March 31, 2023. This growth represents a nearly tenfold increase, suggesting strong retained earnings and a substantial accumulation of net assets over nearly two decades.
- Liability Trajectory and Composition
- Total liabilities exhibited a general upward trend, rising from 32.1 million USD in 2005 to 790.5 million USD in 2023. A notable anomaly occurred between 2013 and 2014, where total liabilities decreased sharply from 371.6 million USD to 175.4 million USD before resuming an upward trajectory. Throughout the period, current liabilities constituted the vast majority of total liabilities, indicating that the company's obligations are primarily short-term in nature.
- Debt Management and Leverage
- Total debt remained relatively low compared to the overall equity base. While debt peaked at 100.1 million USD in 2016, it subsequently declined and stabilized around 31 million USD through 2020. The widening gap between the growth of stockholders' equity and the growth of total liabilities suggests a decreasing reliance on external borrowing and a strong internal capacity to fund operations.
- Solvency and Risk Profile
- The relationship between liabilities and equity reveals a low-risk solvency profile. By March 31, 2023, stockholders' equity exceeded total liabilities by approximately 2.2 times, reflecting a robust capital cushion and a healthy balance between creditor claims and owner investment.
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Cash Flow Statement
Deckers Outdoor Corp., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Mar 31, 2023 | 537,422) | (81,013) | (309,031) |
| Mar 31, 2022 | 172,353) | (51,009) | (367,482) |
| Mar 31, 2021 | 596,217) | (32,169) | (129,581) |
| Mar 31, 2020 | 286,334) | (31,964) | (192,114) |
| Mar 31, 2019 | 359,505) | (29,018) | (167,194) |
| Mar 31, 2018 | 327,351) | (34,697) | (157,715) |
| Mar 31, 2017 | 198,677) | (44,499) | (103,070) |
| Mar 31, 2016 | 125,581) | (67,221) | (36,340) |
| Mar 31, 2015 | 169,654) | (100,636) | (78,260) |
| Dec 31, 2014 | 47,909) | (17,633) | (22,604) |
| Dec 31, 2013 | 262,125) | (85,197) | (50,513) |
| Dec 31, 2012 | 163,906) | (75,362) | (242,621) |
| Dec 31, 2011 | 30,091) | (184,766) | (27,160) |
| Dec 31, 2010 | 139,922) | (1,600) | (9,052) |
| Dec 31, 2009 | 185,474) | (25,398) | (21,065) |
| Dec 31, 2008 | 53,276) | 66,716) | 2,267) |
| Dec 31, 2007 | 61,054) | (55,567) | 14,840) |
| Dec 31, 2006 | 48,498) | (67,546) | 2,621) |
| Dec 31, 2005 | 29,607) | 8,902) | 1,784) |
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), 10-K (reporting date: 2017-03-31), 10-K (reporting date: 2016-03-31), 10-K (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The cash flow profile of the organization demonstrates a transition from a small-scale operation dependent on modest external funding to a high-growth entity characterized by significant internal cash generation and aggressive capital distribution. Over the period from 2005 to 2023, the company evolved its cash management strategy, shifting toward a model of self-sufficiency where operating cash flows comfortably fund both capital expenditures and shareholder returns.
- Operating Cash Flow Trends
- Net cash provided by operating activities exhibited long-term growth, increasing from 29,607 thousand dollars in 2005 to 537,422 thousand dollars in 2023. This growth was marked by periods of significant volatility between 2009 and 2014, including a sharp peak in 2009 and a notable contraction in 2011 and 2014. However, from 2015 onward, a more sustained upward trajectory was established, peaking at 596,217 thousand dollars in 2021. Despite a sharp decline in 2022, the recovery in 2023 suggests a resilient capacity to generate liquidity from core business operations.
- Investing Activities Analysis
- Investing activities transitioned from occasional net inflows in the earliest years to a consistent pattern of net outflows. After 2009, the company maintained a continuous negative cash flow from investing, indicating ongoing capital reinvestment. A significant spike in outflows occurred in 2011, reaching 184,766 thousand dollars. In more recent years, outflows have remained steady, with a notable increase to 81,013 thousand dollars in 2023, suggesting an escalation in capital expenditures or strategic acquisitions to support growth.
- Financing Activities Analysis
- A fundamental shift in financing strategy is evident. Between 2005 and 2008, the company relied on modest positive cash flows from financing. From 2009 through 2023, financing activities became consistently negative, signaling a move away from external borrowing and toward the repayment of debt or the distribution of dividends and share buybacks. The intensity of these outflows increased dramatically over time, reaching a peak of 367,482 thousand dollars in 2022 and 309,031 thousand dollars in 2023.
The synthesis of these trends reveals a mature financial cycle. The substantial growth in operating cash flows has provided the necessary liquidity to fund expanding investment requirements and facilitate massive outflows in financing activities. This pattern indicates a strong balance sheet where operational efficiency drives both business expansion and significant capital returns to stakeholders.
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Per Share Data
Deckers Outdoor Corp., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Mar 31, 2023 | 19.50 | 19.37 | 0.00 |
| Mar 31, 2022 | 16.43 | 16.26 | 0.00 |
| Mar 31, 2021 | 13.64 | 13.47 | 0.00 |
| Mar 31, 2020 | 9.73 | 9.62 | 0.00 |
| Mar 31, 2019 | 8.92 | 8.84 | 0.00 |
| Mar 31, 2018 | 3.60 | 3.58 | 0.00 |
| Mar 31, 2017 | 0.18 | 0.18 | 0.00 |
| Mar 31, 2016 | 3.76 | 3.70 | 0.00 |
| Mar 31, 2015 | 4.70 | 4.66 | 0.00 |
| Dec 31, 2014 | -0.08 | -0.08 | 0.00 |
| Dec 31, 2013 | 4.23 | 4.18 | 0.00 |
| Dec 31, 2012 | 3.49 | 3.45 | 0.00 |
| Dec 31, 2011 | 5.16 | 5.07 | 0.00 |
| Dec 31, 2010 | 4.10 | 4.03 | 0.00 |
| Dec 31, 2009 | 2.99 | 2.96 | 0.00 |
| Dec 31, 2008 | 1.89 | 1.87 | 0.00 |
| Dec 31, 2007 | 1.73 | 1.69 | 0.00 |
| Dec 31, 2006 | 0.82 | 0.79 | 0.00 |
| Dec 31, 2005 | 0.86 | 0.83 | 0.00 |
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), 10-K (reporting date: 2017-03-31), 10-K (reporting date: 2016-03-31), 10-K (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The earnings per share (EPS) profile indicates a long-term upward trajectory characterized by an initial period of volatility followed by a phase of rapid, sustained acceleration. Basic and diluted earnings per share have remained closely aligned throughout the analyzed period, suggesting a consistent relationship between the basic share count and potentially dilutive securities.
- Earnings Volatility (2005–2017)
- An initial growth phase is observed from 2005 to 2011, with basic EPS rising from 0.86 to 5.16. This was followed by a period of instability marked by significant fluctuations. Notable contractions occurred in 2012, and a transition into negative territory was recorded in 2014 with a basic EPS of -0.08. A secondary sharp decline occurred in 2017, where earnings dropped to 0.18, indicating a period of operational instability or significant one-time charges.
- Accelerated Growth Phase (2018–2023)
- A definitive inflection point occurred in 2018, initiating a period of exponential earnings growth. Basic EPS increased from 3.60 in 2018 to 19.50 by March 31, 2023. This trajectory represents a substantial scaling of profitability, with earnings more than doubling between 2018 and 2020, and continuing to climb steadily through 2023.
- Dilution Analysis
- The variance between basic and diluted earnings per share is marginal across the entire timeline. In years of significant profitability, diluted EPS typically trails basic EPS by a small margin, while in years of losses or near-zero earnings (such as 2014 and 2017), the two figures converge. This indicates that the impact of dilutive instruments on the overall earnings per share is minimal.
- Dividend Distribution
- There is a total absence of dividend payments per share from 2005 through 2023. This suggests a corporate financial strategy focused on the retention of earnings for reinvestment into the business rather than returning capital to shareholders through direct cash distributions.
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