UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


(Mark One)
☒			Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended ~~December~~June 3130, ~~2024~~2025


☐			Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission File Number: 001-36436

DECKERS OUTDOOR CORPORATION

(Exact name of registrant as specified in its charter)


Delaware			95-3015862
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

250 Coromar Drive, Goleta, California 93117

(Address of principal executive offices) ~~and~~(Zip ~~zip code~~Code)

(805) 967-7611

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	DECK	New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of the close of business on ~~January~~July 1610, 2025, the number of outstanding shares of the registrant’s common stock, par value $0.01 per share, was ~~151~~148,~~773~~343,~~639~~362.

DECKERS OUTDOOR CORPORATION AND SUBSIDIARIES

TABLE OF CONTENTS

		Page
	Cautionary Note Regarding Forward-Looking Statements	2
	PART I - Financial Information
Item 1.	Financial Statements
	Condensed Consolidated Balance Sheets (Unaudited)	4
	Condensed Consolidated Statements of Comprehensive Income (Unaudited)	5
	Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)	6
	Condensed Consolidated Statements of Cash Flows (Unaudited)	87
	Notes to Condensed Consolidated Financial Statements (Unaudited)	109
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	2419
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	3626
Item 4.	Controls and Procedures	3627
	PART II - Other Information
Item 1.	Legal Proceedings	3828
Item 1A.	Risk Factors	3828
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	3929
Item 3.	Defaults Upon Senior Securities	*
Item 4.	Mine Safety Disclosures	*
Item 5.	Other Information	4030
Item 6.	Exhibits	4131
	Signatures	4232

*Not applicable.

Table of Contents

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q for our ~~third~~first fiscal quarter ended ~~December~~June 3130, ~~2024~~2025 (Quarterly Report), and the information and documents incorporated by reference within this Quarterly Report, contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act), which statements are subject to considerable risks and uncertainties. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements other than statements of historical fact contained in, or incorporated by reference within, this Quarterly Report. We have attempted to identify forward-looking statements by using words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “should,” “will,” or “would,” and similar expressions or the negative of these expressions. Specifically, this Quarterly Report, and the information and documents incorporated by reference within this Quarterly Report, contain forward-looking statements relating to, among other things:

•~~changes~~global ingeopolitical ~~consumer~~tensions ~~preferences~~and ~~impacting~~conflicts, including the impact of economic sanctions on our ~~brands~~supply ~~and~~chain ~~products~~costs, such as those related to United States (US) and foreign trade policies and the ~~footwear~~enactment of tariffs and ~~fashion~~retaliatory ~~industries~~tariffs;

•changes in consumer preferences and the purchasing behavior of wholesale partners and consumers impacting our brands and products, and the footwear and fashion industries;

•global economic trends, including foreign currency exchange rate fluctuations, changes in interest rates, inflationary pressures, changes in commodity pricing, and recessionary concerns;

•the ability to effectively compete in a highly competitive footwear, apparel, and accessories industry;

•our business, operating, investing, capital allocation, marketing, and financing plans and strategies;

•the operational challenges faced by our warehouses and distribution centers (DCs), wholesale partners, global third-party logistics providers (3PLs), and third-party carriers, including as a result of global supply chain disruptions and labor shortages;

•trends, seasonality, and weather impacting the demand for our products and the purchasing behavior of wholesale partners and consumers;

•changes to the geographic and seasonal mix of our brands and products;

•availability of materials and manufacturing capacity, and reliability of overseas production and storage;

•expansion of our brands, product offerings, and investments in our distribution facilities, e‑commerce websites, and our retail store footprint;

•our business, operating, investing, capital allocation, marketing, and financing plans and strategies;

•changes to our product distribution strategies, including product allocation and segmentation strategies;

•trends, seasonality, and weather impacting the demand for our products;

•changes to the geographic and seasonal mix of our brands and products;

•the impact of our efforts to continue to advance sustainable and socially conscious business operations, and to meet the expectations that our investors and other stakeholders have with respect to our environmental, social and governance practices;

•the effects of climate change, natural disasters, and the impacts of public health issues, and the related changes in the regulatory environment and consumer demand to mitigate these effects, and the resulting impact on our business and the businesses of our customers, consumers, suppliers, and business partners;

•~~expansion~~security ofbreach ~~our~~or ~~brands,~~other ~~product~~disruption ~~offerings,~~to ~~and investments in~~ our ~~Direct-to-Consumer~~information technology (~~DTC~~IT) ~~capabilities~~systems, ~~including~~or ~~our~~those ~~distribution~~of ~~facilities,~~our ~~e-commerce websites~~vendors, and our ~~retail~~effective ~~store~~utilization ~~footprint~~of technological advancements, including artificial intelligence;

•~~global~~the ~~geopolitical~~outcomes ~~tensions~~of legal proceedings, including the impact ofthey ~~economic~~may ~~sanctions~~have on our ~~transportation~~business and ~~energy~~intellectual ~~costs;~~property rights;

•security breach or other disruption to our information technology (IT) systems, or those of our vendors;

•our interpretation of applicable global tax regulations and changes in tax laws and audits that may impact our tax liability and effective tax rates;

•our cash repatriation strategy regarding earnings of non-~~United States (~~US) subsidiaries and the resulting tax impacts; and

•the ~~outcomes~~value of ~~legal~~long-lived ~~proceedings,~~assets ~~including the impact they may have on our business~~ and ~~intellectual~~potential ~~property~~write-downs ~~rights;~~or ~~and~~impairment charges.

•the value of goodwill and other intangible assets, and potential write-downs or impairment charges.

Forward-looking statements represent management’s current expectations and predictions about trends affecting our business and industry and are based on information available at the time such statements are made. Although we do not make forward-looking statements unless we believe we have a reasonable basis for doing so, we cannot guarantee their accuracy or completeness. Forward-looking statements involve numerous known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements predicted, assumed, or implied by the forward-looking statements. Some of the risks and uncertainties that may cause our actual results to materially differ from those expressed or implied by these forward-looking statements are described in Part II, Item 1A, “Risk Factors,” and Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” within this Quarterly Report, as well as in our other filings with the Securities and Exchange Commission (SEC), which are available free of charge on the SEC’s website at www.sec.gov and our website at ir.deckers.com. You should read this Quarterly Report, including the information and documents incorporated by reference herein, in its entirety and with the understanding that our actual future results may be materially different from the results expressed or implied by these forward-looking statements. Moreover, new risks and uncertainties emerge occasionally, and it is not possible for management to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause our actual future results to be materially different from any results expressed or implied by any forward-looking statements. Except as required by applicable law or the listing rules of the New York Stock Exchange, we expressly disclaim any intent or obligation to update any forward-looking statements. We qualify all our forward-looking statements with these cautionary statements.

Table of Contents

PART I. FINANCIAL INFORMATION

References within this Quarterly Report to “Deckers,” “we,” “our,” “us,” “management,” or the “Company” refer to Deckers Outdoor Corporation, together with its consolidated subsidiaries. ~~UGG~~HOKA® (~~UGG~~HOKA), ~~HOKA~~UGG® (~~HOKA~~UGG), Teva® (Teva), ~~Koolaburra by UGG~~AHNU® (~~Koolaburra~~AHNU), and ~~AHNU~~Koolaburra by UGG® (~~AHNU~~Koolaburra) are some of our trademarks. Other trademarks or trade names appearing elsewhere within this Quarterly Report are the property of their respective owners. The trademarks and trade names within this Quarterly Report are referred to without the ® and ™ symbols, but such references should not be construed as any indication that their respective owners will not assert their rights to the fullest extent under applicable law.

Unless otherwise indicated, all figures herein are expressed in thousands, except for per share and share data.

OnDuring ~~September~~the ~~13,~~fourth ~~2024,~~quarter weof ~~effected~~the afiscal ~~six-for-one~~year ~~forward~~ended ~~stock~~March ~~split~~31, of2025 ~~our~~(prior ~~common~~fiscal ~~stock~~year), ~~and~~we aupdated ~~proportional~~our ~~increase~~reportable inoperating ~~our~~segments ~~authorized~~to ~~shares~~include the worldwide operations of ~~common~~the ~~stock~~HOKA brand, ~~without~~UGG ~~changing~~brand, ~~the~~and ~~par~~Other ~~value~~brands (primarily consisting of ~~$0.01~~the ~~per~~Teva ~~share.~~brand, ~~The~~AHNU ~~common~~brand, ~~stock~~and ~~commenced~~Koolaburra ~~trading~~brand) on(collectively, aour ~~post-stock~~reportable ~~split~~operating ~~adjusted~~segments). ~~basis~~Reportable onoperating ~~September~~segment ~~17,~~results ~~2024.~~for ~~Prior~~all ~~period~~prior ~~results~~periods ~~included~~presented in this Quarterly Report, ~~including~~have ~~per~~been ~~share~~recast ~~and~~to ~~share~~reflect ~~data,~~the aschange ~~well~~in asreportable ~~stockholders’~~operating ~~equity~~segments. ~~balances~~In addition, ~~have~~we ~~been~~completed ~~retroactively~~the ~~adjusted,~~sale asof ~~applicable,~~the toSanuk ~~reflect~~brand during the ~~effectiveness~~second quarter of ~~the~~fiscal ~~stock~~year ~~split~~2025. ~~Refer~~The tofinancial ~~Note~~results 1,for ~~“General,”~~our ~~for~~reportable ~~further~~operating ~~information~~segments ~~regarding~~present the ~~stock~~former ~~split~~Sanuk brand within the Other brands reportable operating segment through the brand’s sale date, August 15, 2024.

During the second quarter of our prior fiscal year, we effected a six-for-one forward stock split of our common stock and preferred stock (the stock split). Prior period results included in this Quarterly Report, including per share and share data, have been retroactively adjusted to reflect the effectiveness of the stock split.

Refer to Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and Note 1, “General,” of our consolidated financial statements in Part IV of our Annual Report on Form 10-K for the prior fiscal year, which was filed with the SEC on May 23, 2025 (2025 Annual Report) for further information regarding the reportable operating segments update and the stock split.

Table of Contents

ITEM 1. FINANCIAL STATEMENTS

DECKERS OUTDOOR CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(dollar and share data amounts in thousands, except par value)

	December 31, 2024		March 31, 2024
	June 30, 2025		March 31, 2025
ASSETS			(AUDITED)
Cash and cash equivalents	$	21,~~240~~720,~~923~~416	$	1,~~502~~889,~~051~~188
Trade accounts receivable, net of allowances ($41,837 and $27,331 as of December 31, 2024, and March 31, 2024, respectively)	303,079		296,565
Trade accounts receivable, net of allowances ($38,321 and $32,883 as of June 30, 2025, and March 31, 2025, respectively)	376,474		332,872
Inventories	~~576~~849,~~669~~351		~~474~~495,~~311~~226
Prepaid expenses	4752,~~005~~604		3439,~~284~~294
Other current assets	7960,~~242~~624		9267,~~713~~282
Income tax receivable	2715,~~194~~359		4336,~~559~~613
Total current assets	3,~~274~~074,~~112~~828		2,~~443~~860,~~483~~475
Property and equipment, net of accumulated depreciation ($391,945 and $349,138 as of December 31, 2024, and March 31, 2024, respectively) (Note 11)	323,413		302,122
Property and equipment, net of accumulated depreciation ($420,663 and $402,964 as of June 30, 2025, and March 31, 2025, respectively)	332,311		325,599
Operating lease assets	~~218~~269,~~876~~248		~~225~~237,~~669~~352
Goodwill	13,990		13,990
Other intangible assets, net of accumulated amortization ($24,417 and $91,314 as of December 31, 2024, and March 31, 2024, respectively)	15,798		27,083
Other intangible assets, net of accumulated amortization ($26,099 and $25,014 as of June 30, 2025, and March 31, 2025, respectively)	15,667		15,699
Deferred tax assets, net	6585,~~377~~798		7277,~~584~~591
Other assets	5247,~~787~~429		5039,~~648~~546
Total assets	$	3,~~964~~839,~~353~~271	$	3,~~135~~570,~~579~~252
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	$	~~586~~732,~~371~~881	$	~~378~~417,~~503~~955
Accrued payroll	9768,~~336~~975		~~123~~125,~~653~~417
Operating lease liabilities	46,014		53,581
Operating lease liabilities (Note 5)	65,254		54,453
Other accrued expenses	~~192~~151,~~276~~448		~~106~~142,~~785~~120
Income tax payable	9922,~~119~~735		5223,~~338~~299
Value added tax payable	115,~~766~~703		56,~~133~~697
Total current liabilities	1,~~032~~046,~~882~~996		~~719~~769,~~993~~941
Long-term operating lease liabilities	211,015		213,298
Long-term operating lease liabilities (Note 5)	246,817		222,522
Income tax liability	3719,~~499~~761		5213,~~470~~587
Other long-term liabilities	5258,~~038~~218		4251,~~350~~189
Total long-term liabilities	~~300~~324,~~552~~796		~~308~~287,~~118~~298
Commitments and contingencies (Note 5)
Stockholders’ equity
Common stock (par value $0.01 per share; 750,000 shares authorized; shares issued and outstanding of 151,770 and 153,554 as of December 31, 2024, and March 31, 2024, respectively)	1,518		1,536
Common stock ($0.01 par value per share; 750,000 shares authorized; 148,542 and 150,201 shares issued and outstanding as of June 30, 2025, and March 31, 2025, respectively)	1,485		1,502
Additional paid-in capital	~~259~~261,~~947~~782		~~243~~253,~~050~~466
Retained earnings	2,~~424~~262,~~898~~301		12,~~913~~307,~~615~~699
Accumulated other comprehensive loss (Note 8)	(55,444)		(50,733)
Accumulated other comprehensive loss (Note 7)	(58,089)		(49,654)
Total stockholders’ equity	2,~~630~~467,~~919~~479		2,~~107~~513,~~468~~013
Total liabilities and stockholders’ equity	$	3,~~964~~839,~~353~~271	$	3,~~135~~570,~~579~~252

See accompanying notes to the condensed consolidated financial statements.

Table of Contents

DECKERS OUTDOOR CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(dollar and share data amounts in thousands, except per share data)

	Three Months Ended December 31,				Nine Months Ended December 31,
			Three Months Ended June 30,
	2024		2023		2024		2023
					2025		2024
Net sales (Note 2, Note 10, and Note 11)	$	1,827,165	$	1,560,307	$	3,963,832	$	3,328,005
Net sales (Note 2 and Note 9)					$	964,538	$	825,347
Cost of sales	~~724,542~~		~~643,738~~		1426,~~657,937~~632		1355,~~481,993~~347
Gross profit	~~1,102,623~~		~~916,569~~		2537,~~305,895~~906		1470,~~846,012~~000
Selling, general, and administrative expenses	535,349		428,670		1,300,728		1,062,760
Selling, general, and administrative expenses (Note 9)					372,619		337,193
Income from operations (Note 10)	567,274		487,899		1,005,167		783,252
Income from operations (Note 9)					165,287		132,807
Interest income	~~(15,978)~~		~~(11,895)~~		(4818,~~027~~696)		(3317,~~271~~252)
Interest expense	~~610~~		~~911~~		~~2,792~~935		21,~~927~~031
Other income, net	~~(1,300)~~		~~(170)~~		(~~1,605~~18)		(~~1,138~~125)
Total other income, net	~~(16,668)~~		~~(11,154)~~		(4617,~~840~~779)		(3116,~~482~~346)
Income before income taxes	~~583,942~~		~~499,053~~		1183,~~052,007~~066		~~814~~149,~~734~~153
Income tax expense (Note 4)	~~127,208~~		~~109,134~~		~~237~~43,~~327~~863		~~182~~33,~~716~~528
Net income	~~456,734~~		~~389,919~~		~~814~~139,~~680~~203		~~632~~115,~~018~~625
Other comprehensive (loss) income, net of tax
Other comprehensive loss, net of tax
Unrealized gain (loss) on cash flow hedges	6,021		(3,645)		2,555		110
Unrealized (loss) gain on cash flow hedges					(20,209)		856
Foreign currency translation (loss) gain	(17,707)		10,722		(7,266)		(3,449)
Foreign currency translation gain (loss)					11,774		(4,656)
Total other comprehensive (loss) income, net of tax	(11,686)		7,077		(4,711)		(3,339)
Total other comprehensive loss, net of tax					(8,435)		(3,800)
Comprehensive income	$	~~445,048~~	$	~~396,996~~	$	~~809~~130,~~969~~768	$	~~628~~111,~~679~~825
Net income per share
Basic	$	~~3.01~~	$	~~2.53~~	$	50.3593	$	40.0676
Diluted	$	~~3.00~~	$	~~2.52~~	$	50.3393	$	40.0375
Weighted-average common shares outstanding (Note 9)
Weighted-average common shares outstanding (Note 8)
Basic	~~151,820~~		~~153,985~~		~~152~~149,~~307~~344		~~155~~152,~~716~~867
Diluted	~~152,386~~		~~154,865~~		~~152~~149,~~924~~635		~~156~~153,~~670~~483

See accompanying notes to the condensed consolidated financial statements.

Table of Contents

DECKERS OUTDOOR CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)

(amounts in thousands)

	Nine Months Ended December 31, 2024
	Three Months Ended June 30, 2025
	Common Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity
	Shares	Amount
Balance, March 31, 2024	153,554	$	1,536	$	243,050	$	1,913,615	$	(50,733)	$	2,107,468
Balance, March 31, 2025	150,201	$	1,502	$	253,466	$	2,307,699	$	(49,654)	$	2,513,013
Stock-based compensation	23	—		8,~~231~~553		—		—		8,~~231~~553
Shares issued upon vesting	64	—		—		—		—		—
Exercise of stock options	54	1		600		—		—		601
Shares withheld for taxes	—	—		(237)		—		—		(237)
Shares withheld for taxes	—	—		(495)		—		—		(495)
Repurchases of common stock (Note 7)	(1,666)	(17)		—		(182,974)		—		(182,991)
Repurchases of common stock (Note 8)	(1,062)	(11)		—		(151,956)		—		(151,967)
Excise taxes related to repurchases of common stock	—	—		—		(1,627)		—		(1,627)
Excise taxes related to repurchases of common stock	—	—		—		(1,181)		—		(1,181)
Net income	—	—		—		139,203		—		139,203
Net income	—	—		—		115,625		—		115,625
Total other comprehensive loss	—	—		—		—		(8,435)		(8,435)
Total other comprehensive loss	—	—		—		—		(3,800)		(3,800)
Balance, June 30, 2025	148,542	$	1,485	$	261,782	$	2,262,301	$	(58,089)	$	2,467,479
Balance, June 30, 2024	152,554	1,526		251,386		1,876,103		(54,533)		2,074,482
Stock-based compensation	2	—		11,657		—		—		11,657
Shares issued upon vesting	129	1		1,637		—		—		1,638
Exercise of stock options	9	—		93		—		—		93
Shares withheld for taxes	—	—		(12,561)		—		—		(12,561)
Repurchases of common stock (Note 8)	(686)	(7)		—		(104,316)		—		(104,323)
Excise taxes related to repurchases of common stock	—	—		—		(843)		—		(843)
Net income	—	—		—		242,321		—		242,321
Total other comprehensive income	—	—		—		—		10,775		10,775
Balance, September 30, 2024	152,008	1,520		252,212		2,013,265		(43,758)		2,223,239
Stock-based compensation	2	—		8,653		—		—		8,653
Shares issued upon vesting	8	—		—		—		—		—
Exercise of stock options	27	—		274		—		—		274
Shares withheld for taxes	—	—		(1,192)		—		—		(1,192)
Repurchases of common stock (Note 8)	(275)	(2)		—		(44,719)		—		(44,721)
Excise taxes related to repurchases of common stock	—	—		—		(382)		—		(382)
Net income	—	—		—		456,734		—		456,734
Total other comprehensive loss	—	—		—		—		(11,686)		(11,686)
Balance, December 31, 2024	151,770	$	1,518	$	259,947	$	2,424,898	$	(55,444)	$	2,630,919


	Three Months Ended June 30, 2024
	Common Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity
	Shares	Amount
Balance, March 31, 2024	153,554	$	1,536	$	243,050	$	1,913,615	$	(50,733)	$	2,107,468
Stock-based compensation	2	—		8,231		—		—		8,231
Shares issued upon vesting	6	—		—		—		—		—
Exercise of stock options	54	1		600		—		—		601

Shares withheld for taxes	—	—		(495)		—		—		(495)
Repurchases of common stock (Note 7)	(1,062)	(11)		—		(151,956)		—		(151,967)
Excise taxes related to repurchases of common stock	—	—		—		(1,181)		—		(1,181)
Net income	—	—		—		115,625		—		115,625
Total other comprehensive loss	—	—		—		—		(3,800)		(3,800)
Balance, June 30, 2024	152,554	$	1,526	$	251,386	$	1,876,103	$	(54,533)	$	2,074,482

See accompanying notes to the condensed consolidated financial statements.

Table of Contents

DECKERS OUTDOOR CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF ~~STOCKHOLDERS’~~CASH ~~EQUITY~~FLOWS (UNAUDITED)

(amounts in thousands)

(continued)


	Three Months Ended June 30,
	2025		2024
OPERATING ACTIVITIES
Net income	$	139,203	$	115,625
Reconciliation of net income to net cash provided by (used in) operating activities:
Depreciation, amortization, and accretion	19,424		17,061

Amortization on cloud computing arrangements	556		465


Bad debt expense (benefit)	597		(3,291)
Deferred tax (benefit) expense	(713)		170

Stock-based compensation	8,739		8,346


Loss on disposal of assets	22		79







Changes in operating assets and liabilities:
Trade accounts receivable, net	(44,199)		(3,272)
Inventories	(354,125)		(278,972)
Prepaid expenses and other current assets	(8,817)		39,816
Income tax receivable	21,254		14,079
Net operating lease assets and lease liabilities	1,925		(486)
Other assets	(8,438)		(4,073)
Trade accounts payable	314,845		266,679

Other accrued expenses	(66,301)		(71,398)
Income tax payable	(565)		4,340
Other long-term liabilities	12,739		7,482
Net cash provided by operating activities	36,146		112,650
INVESTING ACTIVITIES


Purchases of property and equipment	(23,940)		(22,521)
Proceeds from sale of assets	11		—





Net cash used in investing activities	(23,929)		(22,521)
FINANCING ACTIVITIES




Proceeds from exercise of stock options	—		601
Repurchases of common stock	(182,991)		(151,967)

Cash paid for shares withheld for taxes	(237)		(495)

Net cash used in financing activities	(183,228)		(151,861)
Effect of foreign currency exchange rates on cash and cash equivalents	2,239		(1,922)
Net change in cash and cash equivalents	(168,772)		(63,654)
Cash and cash equivalents at beginning of period	1,889,188		1,502,051
Cash and cash equivalents at end of period	$	1,720,416	$	1,438,397

	Nine Months Ended December 31, 2023
	Common Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity
	Shares	Amount
Balance, March 31, 2023	157,054	$	1,571	$	230,841	$	1,572,356	$	(39,035)	$	1,765,733
Stock-based compensation	4	—		6,877		—		—		6,877
Shares issued upon vesting	16	—		—		—		—		—
Exercise of stock options	47	—		548		—		—		548
Shares withheld for taxes	—	—		(698)		—		—		(698)
Repurchases of common stock (Note 8)	(314)	(3)		—		(25,466)		—		(25,469)
Excise taxes related to repurchases of common stock	—	—		—		(123)		—		(123)
Net income	—	—		—		63,552		—		63,552
Total other comprehensive loss	—	—		—		—		(8,299)		(8,299)
Balance, June 30, 2023	156,807	1,568		237,568		1,610,319		(47,334)		1,802,121
Stock-based compensation	3	—		9,802		—		—		9,802
Shares issued upon vesting	144	1		1,164		—		—		1,165
Exercise of stock options	46	—		533		—		—		533
Shares withheld for taxes	—	—		(7,759)		—		—		(7,759)
Repurchases of common stock (Note 8)	(2,082)	(21)		—		(185,448)		—		(185,469)
Excise taxes related to repurchases of common stock	—	—		—		(1,693)		—		(1,693)
Net income	—	—		—		178,547		—		178,547
Total other comprehensive loss	—	—		—		—		(2,117)		(2,117)
Balance, September 30, 2023	154,918	1,548		241,308		1,601,725		(49,451)		1,795,130
Stock-based compensation	3	1		11,845		—		—		11,846
Shares issued upon vesting	14	—		—		—		—		—
Exercise of stock options	135	2		1,442		—		—		1,444
Shares withheld for taxes	—	—		(696)		—		—		(696)
Repurchases of common stock (Note 8)	(1,178)	(12)		—		(99,685)		—		(99,697)
Excise taxes related to repurchases of common stock	—	—		—		(833)		—		(833)
Net income	—	—		—		389,919		—		389,919
Total other comprehensive income	—	—		—		—		7,077		7,077
Balance, December 31, 2023	153,892	$	1,539	$	253,899	$	1,891,126	$	(42,374)	$	2,104,190

See accompanying notes to the condensed consolidated financial statements.

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DECKERS OUTDOOR CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(amounts in thousands)

	Nine Months Ended December 31,
	2024		2023
OPERATING ACTIVITIES
Net income	$	814,680	$	632,018
Reconciliation of net income to net cash provided by (used in) operating activities:
Depreciation, amortization, and accretion	50,911		40,901
Amortization on cloud computing arrangements	1,858		1,651
Bad debt expense	5,294		2,212
Deferred tax expense	5,791		2,850
Stock-based compensation	28,774		28,687
Loss on disposal of assets	3,022		235
Impairment of cloud computing arrangements, operating lease, and other long-lived assets	3,699		1,129
Changes in operating assets and liabilities:
Trade accounts receivable, net	(11,809)		(32,379)
Inventories	(105,787)		(6,111)
Prepaid expenses and other current assets	2,502		(22,498)
Income tax receivable	16,364		(10,585)
Net operating lease assets and lease liabilities	(2,791)		8,188
Other assets	(6,161)		(6,595)
Trade accounts payable	206,893		242,496
Other accrued expenses	64,307		92,042
Income tax payable	46,781		92,028
Other long-term liabilities	(6,813)		(4,411)
Net cash provided by operating activities	1,117,515		1,061,858
INVESTING ACTIVITIES
Purchases of property and equipment	(69,729)		(74,078)
Proceeds from sale of assets	11,168		34
Net cash used in investing activities	(58,561)		(74,044)
FINANCING ACTIVITIES
Proceeds from issuance of stock	1,638		1,165
Proceeds from exercise of stock options	968		2,525
Repurchases of common stock	(301,011)		(310,635)
Cash paid for excise taxes related to repurchases of common stock	(3,985)		—
Cash paid for shares withheld for taxes	(14,248)		(9,153)
Net cash used in financing activities	(316,638)		(316,098)
Effect of foreign currency exchange rates on cash and cash equivalents	(3,444)		(2,709)
Net change in cash and cash equivalents	738,872		669,007
Cash and cash equivalents at beginning of period	1,502,051		981,795
Cash and cash equivalents at end of period	$	2,240,923	$	1,650,802

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DECKERS OUTDOOR CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(amounts in thousands)

(continued)

	Nine Months Ended December 31,
	Three Months Ended June 30,
	2024		2023
	2025		2024
SUPPLEMENTAL CASH FLOW DISCLOSURE
Cash paid during the period
Income taxes	$	~~182~~16,~~282~~923	$	~~108~~14,~~439~~998
Interest	~~1,246~~780		~~1,358~~414
Operating leases	5220,~~165~~437		4916,~~283~~339
Non-cash investing activities
Changes in trade accounts payable and other accrued expenses for purchases of property and equipment	~~979~~80		(102,~~162~~582)
Accrued for asset retirement obligation assets related to leasehold improvements	~~1,399~~214		~~1,094~~975
Leasehold improvements acquired through tenant allowances	—		8,127
Non-cash financing activities
Accrued excise taxes related to repurchases of common stock	21,~~406~~627		21,~~649~~181

See accompanying notes to the condensed consolidated financial statements.

Table of Contents

DECKERS OUTDOOR CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

For the Three ~~and Nine~~ Months Ended ~~December~~June 3130, ~~2024~~2025, and ~~2023~~2024

(~~dollar~~ amounts in thousands, except per share orand share data)

NOTE 1. GENERAL

The Company. Deckers Outdoor Corporation and its wholly owned subsidiaries (collectively, the Company) is a global leader in designing, marketing, and distributing innovative footwear, apparel, and accessories developed for both everyday casual lifestyle use and high-performance activities. The Company’s five proprietary brands include the ~~UGG~~HOKA, ~~HOKA~~UGG, Teva, ~~Koolaburra~~AHNU, and ~~AHNU~~Koolaburra brands. Refer to the section ~~titled~~below entitled “Reportable Operating Segments,” ~~below within this Note 1, “General,”~~ for information on ~~the~~recent ~~sale~~developments ofwith the ~~Sanuk~~Koolaburra brand ~~during the three months ended September 30, 2024 (prior quarter)~~ and ~~the~~Sanuk ~~Company’s plans to phase out standalone operations for the Koolaburra~~ brand.

The Company sells its products through quality domestic and international retailers, and international distributors in its wholesale channel, and directly to ~~its~~ global consumers through its Direct-to-Consumer (DTC) ~~business~~channel, which is comprised of ~~its~~an e-commerce ~~business~~ and retail ~~stores~~store presence. Independent third-party contractors manufacture all of the Company’s products.

~~Seasonality~~Basis of Presentation. AThe ~~significant~~unaudited ~~part~~condensed ofconsolidated ~~the~~financial ~~UGG~~statements ~~brand’s~~and ~~business~~accompanying ~~has~~notes ~~historically~~thereto ~~been~~(referred ~~seasonal~~to herein as condensed consolidated financial statements) as of June 30, ~~requiring~~2025, and for the ~~Company~~three tomonths ~~build~~ended ~~inventory~~June ~~levels~~30, ~~during~~2025 ~~certain~~(current ~~quarters~~period), and 2024 (prior period) are prepared in ~~its~~accordance ~~fiscal~~with ~~year~~generally toaccepted ~~support~~accounting ~~higher~~principles ~~selling~~in ~~seasons,~~the ~~which~~US ~~has~~(US ~~contributed~~GAAP) for interim financial information pursuant to ~~variation~~Rule in10-01 ~~its~~of ~~results~~Regulation ~~from~~S-X ~~quarter~~issued toby ~~quarter~~the SEC. ~~However~~Accordingly, as the ~~Company~~condensed ~~continues~~consolidated tofinancial ~~take~~statements ~~steps~~do tonot ~~diversify~~include ~~and~~all ~~expand~~the ~~its~~information ~~product~~and ~~offerings~~disclosures required by ~~creating~~US ~~more~~GAAP ~~year-round~~for ~~styles,~~annual financial statements and asaccompanying ~~net~~notes ~~sales~~thereto. The condensed consolidated balance sheet as of ~~the~~March ~~HOKA~~31, ~~brand~~2025, ~~which~~is ~~generally~~derived ~~occur~~from ~~more~~the ~~evenly~~Company’s ~~throughout~~audited consolidated financial statements. In the ~~year~~opinion of management, ~~continue~~the condensed consolidated financial statements include all normal and recurring entries necessary to ~~increase~~fairly aspresent athe ~~percentage~~results of the ~~Company’s~~interim ~~aggregate~~periods ~~net~~presented ~~sales,~~but ~~the~~are ~~Company~~not ~~expects~~necessarily toindicative ~~continue~~of actual results to ~~see~~be achieved for full fiscal years or other interim periods. The condensed consolidated financial statements should be read in conjunction with the ~~impact~~audited ~~from~~consolidated ~~seasonality~~financial ~~decrease~~statements ~~over~~and ~~time~~accompanying notes thereto included in the Company’s 2025 Annual Report.

Basis of Presentation. The unaudited condensed consolidated financial statements and accompanying notes thereto (referred to herein as condensed consolidated financial statements) as of December 31, 2024, and for the three and nine months ended December 31, 2024 (current period), and 2023 (prior period) are prepared in accordance with generally accepted accounting principles in the US (US GAAP) for interim financial information pursuant to Rule 10-01 of Regulation S-X issued by the SEC. Accordingly, the condensed consolidated financial statements do not include all the information and disclosures required by US GAAP for annual financial statements and accompanying notes thereto. The condensed consolidated balance sheet as of March 31, 2024, is derived from the Company’s audited consolidated financial statements. In the opinion of management, the condensed consolidated financial statements include all normal and recurring entries necessary to fairly present the results of the interim periods presented but are not necessarily indicative of actual results to be achieved for full fiscal years or other interim periods. The condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2024 (prior fiscal year), which was filed with the SEC on May 24, 2024 (2024 Annual Report).

Forward Stock Split and Authorized Share Increase. On September 13, 2024, the Company (i) effected a six-for-one forward stock split of its common stock and preferred stock (the stock split), and (ii) increased the number of authorized shares of its common stock from 125,000,000 to 750,000,000, and the number of authorized shares of its capital stock from 130,000,000 to 755,000,000 (the authorized share increase). The stock split and the authorized share increase were effected through the filing of an amendment to the Company’s Amended and Restated Certificate of Incorporation (Charter Amendment) with the Secretary of State of the State of Delaware, which was approved by the Company’s stockholders at the Annual Meeting of Stockholders held on September 9, 2024 (Annual Meeting). The Charter Amendment did not provide for any increase in the number of authorized shares of preferred stock, which remains at 5,000,000 shares. There are no shares of preferred stock outstanding as of December 31, 2024, and March 31, 2024. As a result of the stock split, every one share of common stock outstanding on September 6, 2024, the record date for the stock split, was automatically split into six shares of common stock. The common stock commenced trading on a post-stock split adjusted basis on September 17, 2024.

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DECKERS OUTDOOR CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

For the Three and Nine Months Ended December 31, 2024, and 2023

(dollar amounts in thousands, except per share or share data)

All prior period results included in the condensed consolidated financial statements and the related notes within this Quarterly Report have been retroactively adjusted to reflect the effectiveness of the stock split and the authorized share increase. Specifically, all share and per share amounts have been adjusted, including: (i) the number of shares authorized and outstanding on the condensed consolidated balance sheets, (ii) the weighted-average common shares outstanding and the associated earnings per share amounts in the condensed consolidated statements of comprehensive income, as well as the weighted average common shares outstanding disaggregated in Note 9, “Basic and Diluted Shares,” (iii) the number of shares underlying stock awards and the weighted-average grant date fair value of annual stock awards in Note 6, “Stock-Based Compensation,” and (iv) the total number of shares repurchased and the weighted average price per share paid in Note 8, “Stockholders’ Equity.” Further, as there was no change to par value, an amount equal to the par value of the increased shares resulting from the stock split for shares issued was reclassified to common stock from additional paid-in capital, and for share repurchases was reclassified to retained earnings from common stock, in the condensed consolidated balance sheets and the condensed consolidated statements of stockholders’ equity.

Consolidation. The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

~~Use~~Reportable ofOperating ~~Estimates~~Segments. ~~The~~As ~~preparation~~ of the Company’s condensed consolidated financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the amounts reported. Management bases these estimates and assumptions upon historical experienceJune 30, ~~existing and known circumstances~~2025, ~~authoritative accounting pronouncements and other factors that management believes to be reasonable. In addition,~~ the Company’s ~~has~~three ~~considered~~reportable ~~the~~operating ~~potential~~segments ~~impact~~include ofthe ~~macroeconomic~~worldwide factors, including inflation, foreign currency exchange rate volatility, changes in interest rates, changes in commodity pricing, changes in discretionary spending, and recessionary concerns, on its business and operations. ~~Although~~of the ~~full~~HOKA ~~impact~~brand, ofUGG ~~these factors is unknown~~brand, ~~the Company believes it has made appropriate accounting estimates~~ and ~~assumptions~~Other ~~based~~brands on(primarily ~~the~~consisting ~~facts and circumstances available as~~ of the ~~reporting~~Teva ~~date. However~~brand, ~~actual~~AHNU ~~results~~brand, ~~could~~and ~~differ~~Koolaburra ~~materially~~brand) ~~from these estimates and assumptions~~(collectively, ~~which may result in material effects on~~ the Company’s ~~financial~~reportable ~~condition,~~operating ~~results of operations, and liquidity~~segments). ToRefer ~~the~~to ~~extent~~Note ~~there~~9, ~~are~~“Reportable ~~differences~~Operating ~~between~~Segments,” ~~these~~for ~~estimates~~further ~~and~~information ~~actual~~on ~~results,~~ the Company’s ~~condensed~~reportable ~~consolidated~~operating ~~financial statements may be materially affected~~segments.

~~Significant~~During ~~areas requiring~~ the ~~use~~third quarter of ~~management~~fiscal ~~estimates~~year ~~and~~2025, ~~assumptions~~the ~~relate~~Company tobegan ~~inventory~~taking ~~write-downs;~~steps ~~trade~~to ~~accounts~~phase ~~receivable~~out ~~allowances,~~the ~~including~~standalone ~~variable~~operations ~~consideration~~ for ~~net~~the ~~sales~~Koolaburra ~~provided~~brand in order to ~~customers,~~maintain ~~such~~focus ason the ~~sales~~Company’s ~~return~~most ~~asset~~significant ~~and~~organic ~~liability;~~opportunities. ~~contract~~The ~~assets~~Company ~~and~~closed ~~liabilities;~~Koolaburra.com ~~stock-based~~as ~~compensation;~~of ~~impairment~~March ~~assessments~~31, ~~including goodwill~~2025, ~~other intangible assets,~~ and ~~long-lived~~plan ~~assets;~~to ~~depreciation~~wind ~~and~~down ~~amortization; income tax receivables and liabilities; uncertain tax positions;~~ the ~~fair~~Koolaburra ~~value~~brand ofin ~~financial instruments;~~ the ~~reasonably~~wholesale ~~certain~~channel ~~lease~~by ~~term; lease classification; and~~ the ~~Company’s~~end ~~incremental~~of ~~borrowing~~calendar ~~rate~~year ~~utilized to measure its operating lease assets and lease liabilities~~2025.

~~Foreign~~In ~~Currency~~addition, ~~Translation. The Company considers~~ the ~~US dollar as its functional currency. The~~ Company’s ~~wholly~~completed owned foreign subsidiaries have various assets and liabilities, primarily cash, receivables, and payables, which are denominated in currencies other than its functional currency. The Company remeasures these monetary assets and liabilities using the ~~exchange~~sale ~~rate at the end~~ of the ~~reporting~~Sanuk ~~period,~~brand ~~which~~during ~~results in gains and losses that are recorded in selling, general, and administrative (SG&A) expenses in~~ the ~~condensed~~second ~~consolidated~~quarter ~~statements~~ of ~~comprehensive~~its ~~income~~prior asfiscal ~~incurred~~year. InThe ~~addition,~~financial results for the Company’s ~~translates~~reportable ~~assets~~operating ~~and~~segments ~~liabilities~~present ~~of subsidiaries with reporting currencies other than US dollars into US dollars using~~ the ~~exchange~~former ~~rates~~Sanuk atbrand ~~the~~within ~~end of~~ the ~~reporting~~Other ~~period,~~brands ~~which~~reportable ~~results~~operating insegment ~~financial~~through ~~statement translation gains and losses recorded in other comprehensive income or loss (OCI) in~~ the ~~condensed~~brand’s ~~consolidated~~sale ~~statements~~date, ofAugust ~~comprehensive~~15, ~~income~~2024.

~~Reportable~~Use ~~Operating~~of ~~Segments~~Estimates. AsThe preparation of ~~December~~the 31Company’s condensed consolidated financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the amounts reported. Management bases these estimates and assumptions upon historical experience, ~~2024~~existing and known circumstances, ~~the~~authoritative ~~Company’s~~accounting ~~five~~pronouncements ~~reportable~~and ~~operating~~other ~~segments~~factors ~~include~~that management believes to be reasonable. In addition, the ~~worldwide~~Company ~~wholesale~~has ~~operations~~considered the potential impact of ~~the~~macroeconomic ~~UGG~~factors, ~~brand~~including inflation, ~~HOKA~~changes ~~brand~~in tariff rates, ~~Teva~~foreign ~~brand~~currency exchange rate volatility, changes in interest rates, changes in commodity pricing, changes in discretionary spending, and ~~Other~~recessionary ~~brands~~concerns, ~~(primarily~~on ~~consisting~~its ofbusiness and operations. Although the ~~Koolaburra~~full ~~brand~~impact of these factors is unknown, asthe ~~well~~Company asbelieves it has made appropriate accounting estimates and assumptions based on the ~~recently~~facts ~~launched~~and ~~AHNU~~circumstances ~~brand),~~available as ~~well~~of asthe ~~DTC~~reporting ~~(collectively~~date. However, ~~the~~actual ~~Company’s~~results ~~reportable~~could ~~operating~~differ ~~segments).~~materially from these estimates and assumptions, which may result in material effects on

119

Table of Contents

DECKERS OUTDOOR CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

For the Three ~~and Nine~~ Months Ended ~~December~~June 3130, ~~2024~~2025, and ~~2023~~2024

(~~dollar~~ amounts in thousands, except per share orand share data)

~~Sanuk Brand. During~~ the ~~prior quarter, the~~ Company’s ~~entered~~financial ~~into an agreement pursuant to which the buyer agreed to purchase the Sanuk brand and certain related assets which was completed on August 15~~condition, ~~2024 (Sanuk Brand Sale Date). The Company determined that the divestiture of the Sanuk brand did not represent a strategic shift that had or will have a major effect on the condensed consolidated~~ results of operations, and ~~therefore~~liquidity. ~~results~~Refer ofto ~~this~~Note ~~business~~1, ~~were~~“General,” ~~not~~in ~~classified~~the ~~as discontinued operations. The~~ Company’s consolidated financial ~~results~~statements ~~for~~in ~~its~~Part ~~reportable~~IV ~~operating~~of ~~segments present~~ the ~~former~~2025 ~~Sanuk~~Annual ~~brand~~Report ~~through the Sanuk Brand Sale Date~~ for ~~all~~further ~~channels,~~information ~~and~~on the ~~former~~significant ~~Sanuk~~areas ~~brand~~requiring ~~wholesale reportable operating segment financial results has been reclassified into~~ the ~~Other~~use ~~brands~~of ~~wholesale~~management ~~reportable~~estimates ~~operating~~and ~~segment for all periods presented~~assumptions. ~~Refer to Note 10, “Reportable Operating Segments,” for further information on the Company’s reportable operating segments.~~

~~Koolaburra~~Foreign ~~Brand~~Currency Translation. ~~During~~The Company considers the ~~three~~US ~~months~~dollar ~~ended~~as ~~December~~its ~~31,~~functional ~~2024,~~currency. ~~the~~The Company’s ~~began~~wholly ~~taking~~owned ~~steps~~foreign tosubsidiaries ~~phase~~have ~~out~~various ~~its~~assets ~~standalone~~and ~~operations~~liabilities, ~~for~~primarily ~~the~~cash, ~~Koolaburra~~receivables, ~~brand~~and inpayables, ~~order~~which toare ~~maintain~~denominated ~~focus~~in oncurrencies ~~the~~other ~~Company’s~~than ~~most~~its ~~significant~~functional ~~organic opportunities~~currency. AsThe ~~part~~Company ofremeasures ~~this~~these ~~change,~~monetary ~~the~~assets ~~Company~~and ~~expects~~liabilities tousing ~~sunset~~the ~~Koolaburra.com~~exchange rate at the ~~close~~end of ~~this~~the ~~current~~reporting ~~fiscal~~period, ~~year~~which results in gains and ~~wind~~losses ~~down~~that ~~the~~are ~~Koolaburra~~recorded ~~brand~~in selling, general, and administrative (SG&A) expenses in the ~~wholesale~~condensed ~~channel~~consolidated ~~throughout~~statements ~~calendar~~of ~~year~~comprehensive ~~2025~~income as incurred. AsIn addition, the Company translates assets and liabilities of ~~December~~subsidiaries ~~31,~~with ~~2024,~~reporting currencies other than US dollars into US dollars using the ~~Company~~exchange ~~has~~rates ~~not~~at ~~incurred,~~the ~~nor~~end ~~expects~~of tothe ~~incur~~reporting period, ~~material~~which ~~exit~~results ~~costs~~in financial statement translation gains and losses recorded in other comprehensive income or ~~obligations~~loss ~~associated~~(OCI), ~~with~~net ~~this~~of ~~plan.~~tax, in the condensed consolidated statements of comprehensive income.

~~Recent~~Seasonality. ~~Accounting~~A ~~Pronouncements.~~significant ~~The~~part ~~Financial~~of ~~Accounting~~the ~~Standards~~UGG ~~Board~~brand’s business has ~~issued~~historically ~~Accounting~~been ~~Standards~~seasonal, ~~Updates~~with ~~(ASU)~~the ~~that~~highest ~~have~~percentage ~~been~~of ~~adopted~~net ~~and~~sales ~~not~~occurring ~~yet~~in ~~adopted~~the bythird fiscal quarter, which has contributed to variation in results of operations from quarter to quarter. However, the Company has mitigated the impacts of seasonality by diversifying and expanding product offerings with additional year-round styles. In addition, as ~~stated~~the ~~below~~HOKA brand’s net sales, which generally occur more evenly throughout the fiscal year, continue to increase as a percentage of the Company’s aggregate net sales, the Company expects to reduce the impacts of seasonality in future periods.

~~Recently~~Supplier ~~Adopted~~Finance Program. ~~The~~As ~~following~~of isJune 30, a2025 ~~summary~~and ofMarch an31, ~~ASU~~2025, ~~adopted~~the byCompany ~~and~~had ~~its~~immaterial ~~impact~~balances onoutstanding related to the Supplier Finance Program (SFP) that are presented in trade accounts payable in the condensed consolidated balance sheets. Refer to Note 14, “Supplier Finance Program,” in the Company:’s consolidated financial statements in Part IV of the 2025 Annual Report for further information regarding the SFP.

Standard

Description

Impact Upon Adoption

ASU 2022-04 - Supplier Finance Program (SFP)

The ASU requires that a buyer in a SFP disclose qualitative and quantitative information about its program on an interim basis, including the nature of the SFP and key terms, outstanding amounts as of the end of the reporting period, and presentation in its financial statements. The interim portion of this ASU is effective on a retrospective basis for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Early adoption is permitted. The annual requirement that requires a buyer in a SFP disclose an activity roll forward of outstanding balances as of the end of the reporting period has not yet been adopted. This annual portion of this ASU is effective on a prospective basis for fiscal years beginning after December 15, 2023. Early adoption is not permitted.

The Company retrospectively adopted this ASU beginning on April 1, 2023, except for the roll forward requirements. This ASU did not have a material impact on the recognition, measurement, or presentation of SFPs in the Company’s annual and interim consolidated financial statements. However, it did result in additional disclosure. Refer to Note 11, “Supplier Finance Program,” for further information on the Company’s SFP key terms and outstanding balances recorded in the condensed consolidated balance sheets. The Company plans to adopt the annual roll forward requirement beginning with its fiscal year (FY) ending March 31, 2025, and does not expect the adoption to have a material impact on its consolidated financial statements.

Recent Accounting Pronouncements. There have been no developments to recently issued accounting standards relative to those disclosed in the 2025 Annual Report, including the expected dates of adoption and impact on disclosures in the Company’s annual and interim consolidated financial statements.

~~Not~~NOTE ~~Yet Adopted~~2. ~~The~~REVENUE ~~following~~RECOGNITION isAND aBUSINESS summary of each ASU that has been issued and is applicable to the Company, but which has not yet been adopted, as well as the planned period of adoption, and the expected impact on the Company upon adoption:CONCENTRATIONS

Standard

Description

Planned Period of Adoption

Expected Impact on Adoption

ASU 2023-07 - Improvements to Reportable Segment Disclosures

The ASU requires annual and interim disclosures of significant segment expenses, including an amount and composition description for other segment items, and how reported measures of profit or loss are used by the chief operating decision maker (CODM) in assessing segment performance and deciding how to allocate resources. The ASU is effective on a retrospective basis for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted.

Q4 FY 2025 and Q1 FY 2026

Other than additional disclosures, the Company does not expect a material change to its annual and interim consolidated financial statements.

Disaggregated Revenue. Refer to Note 9, “Reportable Operating Segments,” for further information on the Company’s disaggregation of revenue by reportable operating segment.

12Channel Concentration. Net sales by channel was as follows:


	Three Months Ended June 30,
	2025		2024
Wholesale	$	652,364	$	514,782
Direct-to-Consumer	312,174		310,565
Total	$	964,538	$	825,347

Geographic Concentration. Net sales by geography was as follows:


	Three Months Ended June 30,
		2025		2024


Domestic		$	501,258	$	515,856
International		463,280		309,491
Total		$	964,538	$	825,347

For the three months ended June 30, 2025, and 2024, no single foreign country comprised 10.0% or more of the Company’s total net sales.

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DECKERS OUTDOOR CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

For the Three ~~and Nine~~ Months Ended ~~December~~June 3130, ~~2024~~2025, and ~~2023~~2024

(~~dollar~~ amounts in thousands, except per share orand share data)

Standard

Description

Planned Period of Adoption

Expected Impact on Adoption

ASU 2023-09 - Improvements to Income Tax Disclosures

The ASU requires annual disclosures of prescribed standard categories for the components of the effective tax rate reconciliation, disclosure of income taxes paid disaggregated by jurisdiction, and other income-tax related disclosures. The ASU is effective on a prospective basis, with retrospective application permitted, for fiscal years beginning after December 15, 2024. Early adoption is permitted.

Q4 FY 2026

The Company is currently evaluating the impact of the adoption of this ASU on its disclosures in its annual and interim consolidated financial statements.

ASU 2024-03 - Disaggregation of Income Statement Expenses (as amended by ASU 2025-01)

The ASU requires disaggregated disclosure of relevant statement of comprehensive income expense captions including tabular presentation of prescribed expense categories such as purchases of inventory, employee compensation, depreciation, intangible asset amortization, and other specific expense, gains, and losses required by existing US GAAP. The ASU is effective on a prospective basis, with retrospective application permitted, for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted.

Q4 FY 2028andQ1 FY 2029

The Company is currently evaluating the impact of the adoption of this ASU on its disclosures in its annual and interim consolidated financial statements.

Customer Concentration. For the three months ended June 30, 2025, and 2024, no single global customer comprised 10.0% or more of the Company’s total net sales. As of June 30, 2025, the Company has one customer that represents 12.1% of trade accounts receivable, net, compared to one customer that represents 13.6% of trade accounts receivable, net, as of March 31, 2025. Management performs regular evaluations concerning the ability of the Company’s customers to satisfy their obligations to the Company and recognizes an allowance for doubtful accounts based on these evaluations.

NOTE 2. REVENUE RECOGNITION

Disaggregated Revenue. Refer to Note 10, “Reportable Operating Segments,” for further information on the Company’s disaggregation of revenue by reportable operating segment.

Sales Return Asset and Liability. Sales returns are a refund asset for the right to recover the inventory and a refund liability for the stand-ready right of return. The refund asset for the right to recover the inventory is recorded in other current assets and the related refund liability is recorded in other accrued expenses in the condensed consolidated balance sheets.

The following tables summarize changes in the estimated sales returns for the periods presented:

	Recovery Asset		Refund Liability
	Sales Return Asset		Sales Return Liability
Balance, March 31, 2024	$	13,866	$	(55,327)
Balance, March 31, 2025	$	21,120	$	(63,462)
Net additions to sales return liability (1)	637,~~580~~369		(~~266~~40,~~277~~888)
Actual returns	(4713,~~842~~556)		~~216~~55,~~359~~508
Balance, December 31, 2024	$	29,604	$	(105,245)
Balance, June 30, 2025	$	14,933	$	(48,842)

	Recovery Asset		Refund Liability
	Sales Return Asset		Sales Return Liability
Balance, March 31, 2023	$	15,685	$	(45,322)
Balance, March 31, 2024	$	13,866	$	(55,327)
Net additions to sales return liability (1)	5210,~~700~~976		(~~221~~40,~~702~~741)
Actual returns	(4314,~~081~~077)		~~180~~58,~~736~~277
Balance, December 31, 2023	$	25,304	$	(86,288)
Balance, June 30, 2024	$	10,765	$	(37,791)

(1) Net additions to the sales return liability include a provision for anticipated sales returns, which consists of both contractual return rights and discretionary authorized returns.

Contract Liabilities. Contract liabilities are recorded in other accrued expenses in the condensed consolidated balance sheets and include loyalty programs and other deferred revenue.

13Loyalty Programs. Activity related to loyalty programs was as follows:


	Three Months Ended June 30,
	2025		2024
Beginning balance	$	(18,566)	$	(17,586)
Redemptions and expirations for loyalty certificates and points recognized in net sales	4,994		5,060
Deferred revenue for loyalty points and certificates issued	(4,205)		(4,575)
Ending balance	$	(17,777)	$	(17,101)

Deferred Revenue. Activity related to deferred revenue was as follows:


	Three Months Ended June 30,
	2025		2024
Beginning balance	$	(27,305)	$	(9,591)
Additions of customer cash payments	(27,176)		(27,101)
Revenue recognized	25,573		9,254
Ending balance	$	(28,908)	$	(27,438)

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DECKERS OUTDOOR CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

For the Three ~~and Nine~~ Months Ended ~~December~~June 3130, ~~2024~~2025, and ~~2023~~2024

(~~dollar~~ amounts in thousands, except per share orand share data)

~~Loyalty~~Refer ~~Programs.~~to ~~Activity~~Note ~~related~~2, to“Revenue ~~loyalty~~Recognition,” ~~programs~~in ~~was~~the asCompany’s ~~follows:~~consolidated financial statements in Part IV of the 2025 Annual Report for further information on the Company’s variable consideration accounting policies.

	Nine Months Ended December 31,
	2024		2023
Beginning balance	$	(17,586)	$	(13,144)
Redemptions and expirations for loyalty certificates and points recognized in net sales	45,884		35,518
Deferred revenue for loyalty points and certificates issued	(56,363)		(45,002)
Ending balance	$	(28,065)	$	(22,628)

Deferred Revenue. Activity related to deferred revenue was as follows:

	Nine Months Ended December 31,
	2024		2023
Beginning balance	$	(9,591)	$	(13,448)
Additions of customer cash payments	(69,422)		(53,615)
Revenue recognized	60,217		45,739
Ending balance	$	(18,796)	$	(21,324)

Refer to Note 2, “Revenue Recognition,” in the Company’s consolidated financial statements in Part IV of the 2024 Annual Report for further information on the Company’s variable consideration accounting policies, including sales return asset and liability, as well as contract liabilities.

NOTE 3. FAIR VALUE MEASUREMENTS

The Company measures certain financial assets and liabilities at fair value on a recurring basis. Refer to Note 4, “Fair Value Measurements,” in the Company’s consolidated financial statements in Part IV of the ~~2024~~2025 Annual Report for further information on the Company’s fair value accounting policies.

Assets and liabilities that are measured on a recurring basis at fair value in the condensed consolidated balance sheets are as follows:

	As of		Measured Using
	December 31, 2024		Level 1		Level 2		Level 3
	June 30, 2025		Level 1		Level 2		Level 3
Assets:
Cash equivalents:
Money-market funds	$	1,~~704~~376,~~902~~741	$	1,~~704~~376,~~902~~741	$	—	$	—
Other current assets:
Other assets:
Designated Derivative Contracts asset	3,380		—		3,380		—
Non-qualified deferred compensation asset	19,593		19,593		—		—
Other assets:
Total assets measured at fair value	$	1,396,334	$	1,396,334	$	—	$	—
Non-qualified deferred compensation asset	16,824		16,824		—		—
Liabilities:
Total assets measured at fair value	$	1,725,106	$	1,721,726	$	3,380	$	—
Other accrued expenses:
Liabilities:
Designated Derivative Contracts liability	$	(24,676)	$	—	$	(24,676)	$	—
Other accrued expenses:
Non-qualified deferred compensation liability	(2,346)		(2,346)		—		—
Non-qualified deferred compensation liability	$	(1,192)	$	(1,192)	$	—	$	—
Non-Designated Derivative Contracts liability	(354)		—		(354)		—
Other long-term liabilities:
Non-qualified deferred compensation liability	(2428,~~731~~932)		(2428,~~731~~932)		—		—
Total liabilities measured at fair value	$	(2556,~~923~~308)	$	(2531,~~923~~278)	$	—(25,030)	$	—


	As of		Measured Using
	March 31, 2025		Level 1		Level 2		Level 3
Assets:
Cash equivalents:
Money-market funds	$	1,485,555	$	1,485,555	$	—	$	—
Other current assets:
Designated Derivative Contracts asset	2,163		—		2,163		—
Non-Designated Derivative Contracts asset	75		—		75		—
Other assets:
Non-qualified deferred compensation asset	16,967		16,967		—		—
Total assets measured at fair value	$	1,504,760	$	1,502,522	$	2,238	$	—

Liabilities:
Other accrued expenses:
Non-qualified deferred compensation liability	$	(2,345)	$	(2,345)	$	—	$	—
Designated Derivative Contracts liability	(64)		—		(64)		—
Other long-term liabilities:

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DECKERS OUTDOOR CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

For the Three ~~and Nine~~ Months Ended ~~December~~June 3130, ~~2024~~2025, and ~~2023~~2024

(~~dollar~~ amounts in thousands, except per share orand share data)

	As of		Measured Using
	March 31, 2024		Level 1		Level 2		Level 3
	March 31, 2025		Level 1		Level 2		Level 3
Assets:
Non-qualified deferred compensation liability	(22,793)		(22,793)		—		—
Cash equivalents:
Total liabilities measured at fair value	$	(25,202)	$	(25,138)	$	(64)	$	—
Money-market funds	$	1,152,083	$	1,152,083	$	—	$	—
Other assets:
Non-qualified deferred compensation asset	13,553		13,553		—		—
Total assets measured at fair value	$	1,165,636	$	1,165,636	$	—	$	—
Liabilities:
Other accrued expenses:
Non-qualified deferred compensation liability	$	(408)	$	(408)	$	—	$	—
Other long-term liabilities:
Non-qualified deferred compensation liability	(16,229)		(16,229)		—		—
Total liabilities measured at fair value	$	(16,637)	$	(16,637)	$	—	$	—

The fair value of Designated Derivative Contracts is determined using quoted forward spot rates at the end of the applicable reporting period from counterparties, which are corroborated by market-based pricing (Level 2), with related assets and liabilities recorded in other current assets and other accrued expenses, respectively, in the condensed consolidated balance sheets. Refer to Note 76, “Derivative Instruments,” for further information, including the definition of the term Designated Derivative Contracts.

NOTE 4. INCOME TAXES

Income tax expense and the effective income tax rate were as follows:

	Three Months Ended December 31,						Nine Months Ended December 31,
				Three Months Ended June 30,
	2024			2023			2024			2023
							2025			2024
Income tax expense	$	~~127,208~~		$	~~109,134~~		$	~~237~~43,~~327~~863		$	~~182~~33,~~716~~528
Effective income tax rate	~~21.8~~		%	~~21.9~~		%	2224.60		%	22.45		%

The tax provisions during the three ~~and nine~~ months ended ~~December~~June 3130, ~~2024~~2025, and ~~2023~~2024, were computed using the estimated effective income tax rate applicable to each of the domestic and foreign taxable jurisdictions for the fiscal years ending March 31, ~~2025~~2026, and ended March 31, ~~2024~~2025, respectively, and were adjusted for discrete items that occurred within the periods presented above. During the current period, the net change in the effective income tax rate, compared to the prior period, was primarily due to ~~changes in jurisdictional mix of worldwide income before income taxes, partially offset by a lower benefit from net~~ discrete ~~items,~~tax ~~including~~expense afor ~~change~~reserve ~~in return-to-provision~~ adjustments and ~~tax~~a ~~benefits~~reduced benefit for stock-based compensation~~. In addition~~, ~~the~~partially ~~net~~offset ~~change~~by ~~in the effective income tax rate due to~~ net discrete ~~items~~tax ~~during~~benefits ~~the~~for ~~nine~~audit ~~months~~settlements ~~ended~~and ~~December~~changes ~~31,~~in ~~2024~~jurisdictional ~~included~~mix aof ~~change~~worldwide inincome ~~valuation~~before ~~allowance~~income ~~on tax attributes~~taxes.

Recent Tax Law Changes. ~~The~~On ~~Organization~~July ~~for~~4, ~~Economic~~2025, ~~Co-operation~~H.R. ~~and~~1, ~~Development~~also ~~(commonly~~ known as ~~OECD)~~the ~~has~~One ~~released~~Big ~~Pillar~~Beautiful ~~Two~~Bill ~~model~~Act ~~rules~~(OBBBA), ~~introducing~~was asigned ~~15%~~into ~~global~~law. ~~minimum~~The ~~tax~~OBBBA ~~rate~~includes, ~~for~~among ~~large~~other ~~multinational~~provisions, ~~corporations~~changes to beUS ~~effective~~corporate ~~starting~~income ~~with~~ tax ~~periods~~law, ~~ending~~including inrestoration ~~2024.~~of ~~Various~~accelerated ~~jurisdictions~~depreciation inon ~~which~~capital ~~the~~expenditures, ~~Company~~deductible ~~operates~~research ~~have~~and ~~enacted~~experimental orexpenditures, ~~plan~~and modifications to ~~enact~~the ~~legislation~~international ~~beginning~~tax ~~in calendar year 2024 or in subsequent years~~framework. The ~~enactment~~Company ofcontinues ~~Pillar~~to ~~Two~~evaluate ~~legislation~~the ~~did~~potential ~~not~~impacts ~~have~~of athe ~~material~~law ~~effect~~ on ~~the~~its ~~Company’s~~ condensed consolidated financial statements ofand ~~comprehensive~~expects ~~income during the current period. The Company will continue~~ to ~~monitor~~recognize ~~and reflect~~ the impact of ~~such~~the ~~legislative~~law ~~changes~~ in ~~future~~the ~~periods,~~period ~~as each~~ of ~~the~~enactment ~~respective~~in ~~jurisdictions~~its ~~enact~~next ~~the~~fiscal ~~legislation and the legislation becomes effective~~quarter.

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DECKERS OUTDOOR CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

For the Three and Nine Months Ended December 31, 2024, and 2023

(dollar amounts in thousands, except per share or share data)

NOTE 5. COMMITMENTS AND CONTINGENCIES

Leases. The Company enters into operating lease contracts, which primarily ~~leases~~relate to retail stores, showrooms, offices, and distribution facilities ~~under operating lease contracts~~. There were no material changes outside the ordinary course of business during the ~~nine~~three months ended ~~December~~June 3130, ~~2024~~2025, to the Company’s operating lease terms disclosed in the ~~2024~~2025 Annual Report.

Supplemental information for amounts presented in the condensed consolidated statements of cash flows related to operating leases, ~~were~~was as follows:

	Three Months Ended December 31,				Nine Months Ended December 31,
			Three Months Ended June 30,
	2024		2023		2024		2023
					2025		2024
Non-cash operating activities (1)
Operating lease assets obtained in exchange for lease liabilities	$	~~23,814~~	$	~~32,929~~	$	3945,~~912~~271	$	6712,~~668~~336
Reductions to operating lease assets for reductions to lease liabilities	~~(229)~~		~~(79)~~		(12,~~350~~652)		(71,~~750~~106)

(1) Amounts disclosed include non-cash additions or reductions resulting from lease remeasurements, as well as reductions for tenant improvement allowances.

Purchase Obligations. There were no material changes outside the ordinary course of business during the nine months ended December 31, 2024, to purchase obligations disclosed in the 2024 Annual Report.13

Litigation. From time to time, the Company is involved in various legal proceedings, disputes, and other claims arising in the ordinary course of business, including employment, intellectual property, and product liability claims. Although the results of these matters cannot be predicted with certainty, the Company believes it is not currently a party to any legal proceedings, disputes, or other claims for which a material loss is considered probable and for which the amount (or range) of loss is reasonably estimable. However, regardless of the merit of the claims raised or the outcome, these matters can have an adverse impact on the Company as a result of legal costs, diversion of management’s time and resources, and other factors.

Refer to Note 7, “Commitments and Contingencies,” in the Company’s consolidated financial statements in Part IV of the 2024 Annual Report for further information on the Company’s contractual obligations and commitments.

NOTE 6. STOCK-BASED COMPENSATION

Stock Incentive Plans. In September 2015, the Company’s stockholders approved the 2015 Stock Incentive Plan (2015 SIP), which initially reserved 7,650,000 shares of the Company’s common stock for issuance to employees, directors, consultants, independent contractors, and advisors. The 2015 SIP provided for the issuance of a variety of stock-based compensation awards, including time-based restricted stock units (RSUs), performance-based restricted stock units (PSUs), long-term incentive plan PSUs (LTIP PSUs), stock appreciation rights, stock bonuses, incentive stock options (ISOs), and non-qualified stock options (NQSOs). Refer to Note 8, “Stock-Based Compensation,” in the Company’s consolidated financial statements in Part IV of the 2024 Annual Report for additional information about the terms of the 2015 SIP.

In September 2024, the Company’s stockholders approved the 2024 Stock Incentive Plan (2024 SIP), which is intended to replace the 2015 SIP. Consistent with the 2015 SIP, the primary purpose of the 2024 SIP is to encourage ownership in the Company by key personnel, whose long-term service is considered essential to the Company’s continued success. As a result of the stock split, the number of shares of common stock reserved for issuance under the 2024 SIP and the number of shares underlying outstanding equity awards and the exercise price of stock options were adjusted proportionately.

Table of Contents

DECKERS OUTDOOR CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

For the Three ~~and Nine~~ Months Ended ~~December~~June 3130, ~~2024~~2025, and ~~2023~~2024

(~~dollar~~ amounts in thousands, except per share orand share data)

~~The~~As ~~2024 SIP initially reserves 7,800,000 shares~~ of ~~the~~June ~~Company’s common stock for issuance to employees~~30, ~~directors~~2025, ~~consultants,~~operating ~~and~~lease ~~independent~~liabilities ~~contractors,~~recorded ~~less~~in ~~one share for every one share granted under~~ the ~~2015~~condensed ~~SIP~~consolidated ~~after~~balance ~~March~~sheets ~~31,~~exclude ~~2024~~an ~~and~~aggregate ~~prior to September 9, 2024, the effective date~~ of ~~the 2024 SIP~~$37,975 ~~subject to an increase from the return~~ of ~~shares~~undiscounted ~~under~~minimum ~~the~~lease ~~2015~~payments ~~SIP~~due aspursuant ~~described below. The terms of the 2024 SIP are substantially similar~~ to ~~the~~leases ~~terms~~signed ofduring the ~~2015~~three ~~SIP.~~months ~~The~~ended ~~2024~~June ~~SIP~~30, ~~provides~~2025 ~~for~~but ~~the~~not ~~issuance~~yet ~~of a variety of stock-based compensation awards~~commenced, ~~including~~which ~~RSUs,~~primarily ~~PSUs,~~relate ~~LTIP~~to ~~PSUs,~~leases ~~stock~~for ~~appreciation~~new ~~rights,~~retail ~~stock~~stores ~~bonuses~~, ~~ISOs,~~that ~~and~~the ~~NQSOs.~~Company ~~The~~expects ~~maximum~~will ~~aggregate number of shares that may~~ be ~~issued~~operational toduring ~~employees under~~ the ~~2024~~quarter ~~SIP~~ending ~~through~~September ~~the exercise of ISOs is 4~~30,~~500,000.~~ 2025.

~~The~~Purchase ~~Company will not grant any further equity awards under the 2015 SIP~~Obligations. ~~Outstanding~~There ~~awards~~were ~~under~~no ~~the~~material ~~2015~~changes ~~SIP~~outside ~~will remain outstanding, unchanged and subject to~~ the ~~terms~~ordinary ofcourse the 2015 SIP and their respective award agreements. Shares subject to awards that are forfeited, expire or are otherwise terminated without shares being issued, or shares withheld to pay the exercise price of anbusiness ~~award~~during ~~or to satisfy tax withholding obligations, including shares subject to awards granted under~~ the ~~2015~~three ~~SIP~~months ~~that~~ended ~~are~~June ~~outstanding after March 31~~30, ~~2024~~2025, ~~will be returned~~ to the ~~pool~~Company’s ofpurchase ~~shares~~obligations ~~available~~disclosed ~~for~~in ~~grant and issuance under~~ the ~~2024~~2025 ~~SIP.~~Annual As of December 31, 2024, 7,783,829 shares of common stock remained available for future issuance under the 2024 SIP, subject to adjustment for future stock splits, stock dividends, and similar changes in capitalizationReport.

~~Annual~~Litigation. ~~Stock~~From ~~Awards.~~time ~~The~~to time, the Company ~~granted~~is involved in various legal proceedings, disputes, and other claims arising in the ~~following~~ordinary ~~awards~~course ~~during~~of business, including employment, intellectual property, and product liability claims. Although the ~~periods~~results ~~presented:~~of these matters cannot be predicted with certainty, the Company believes it is not currently a party to any legal proceedings, disputes, or other claims for which a material loss is considered probable and for which the amount (or range) of loss is reasonably estimable.

	Nine Months Ended December 31,
	2024			2023
Award Type	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
RSUs	159,891	$	159.73	220,044	$	92.12
LTIP PSUs (1)	72,213	173.09		125,076	105.65

Refer to Note 7, “Commitments and Contingencies,” in the Company’s consolidated financial statements in Part IV of the 2025 Annual Report for further information on the Company’s contractual obligations and commitments.

~~(1)~~NOTE ~~The~~6. ~~amounts~~DERIVATIVE ~~granted are at the target performance level under the terms of the applicable LTIP PSUs.~~INSTRUMENTS

~~During~~The ~~the~~Company ~~nine~~enters into foreign currency forward or option contracts (derivative contracts) with maturities of 15 months ~~ended~~or ~~December~~less ~~31,~~to ~~2024~~manage foreign currency risk and certain of these derivative contracts are designated as cash flow hedges of forecasted sales (Designated Derivative Contracts). The Company enters into derivative contracts that are not designated as cash flow hedges, ~~with~~to ~~the~~offset ~~exception~~a portion of ~~the~~anticipated ~~RSU~~gains and ~~LTIP~~losses ~~PSU~~on ~~awards~~certain ~~summarized~~intercompany ~~above~~balances until the expected time of repayment (Non-Designated Derivative Contracts). Refer to Note 1, ~~additional~~“General,” ~~material~~in ~~awards~~the ~~were~~Company’s ~~not~~consolidated ~~granted~~financial ~~under~~statements in Part IV of the ~~2015~~2025 ~~SIP~~Annual orReport ~~2024~~for ~~SIP.~~further information related to accounting policies on the Company’s derivative contracts.

~~For~~The ~~the LTIP PSUs granted during fiscal years ending March 31, 2025, 2024, and 2023, the~~ Company ~~expects~~has ~~to exceed~~ the ~~minimum~~following ~~threshold~~derivative ~~target~~contracts ~~performance~~recorded ~~criteria~~at ~~based~~fair onvalue ~~the Company’s current long-range forecast as of December 31, 2024. Refer to Note 8, “Stock-Based Compensation,”~~ in the ~~Company’s~~condensed consolidated ~~financial~~balance ~~statements in Part IV of the 2024 Annual Report for further information on the Company’s prior grants, including terms of each grant under the 2015 SIP.~~sheets:

Employee Stock Purchase Plans. In September 2015, the Company’s stockholders approved the 2015 Employee Stock Purchase Plan (2015 ESPP), which authorized 6,000,000 shares of the Company’s common stock for sale to eligible employees using after-tax payroll deductions. Following the issuance of shares under the 2015 ESPP to employees who are participating in the offering period ending February 28, 2025, the 2015 ESPP will be terminated, and no new offering periods under the 2015 ESPP will commence thereafter. Refer to Note 8, “Stock-Based Compensation,” in the Company’s consolidated financial statements in Part IV of the 2024 Annual Report for additional information related to the terms of the 2015 ESPP.


	June 30, 2025
	Designated Derivative Contracts		Non-Designated Derivative Contracts		Total
Notional value	$	374,348	$	42,207	$	416,555

Fair value recorded in other accrued expenses	(24,676)		(354)		(25,030)

In September 2024, the Company’s stockholders approved the 2024 Employee Stock Purchase Plan (2024 ESPP), which is intended to replace the 2015 ESPP. The 2024 ESPP reserves 6,000,000 shares of the Company’s common stock for sale to eligible employees. The terms of the 2024 ESPP are substantially similar to the terms of the 2015 ESPP. Each offering period under the 2024 ESPP is anticipated to run for approximately six months with purchases occurring on the last day of each offering period at a 15% discount to the closing price on that date. The first offering period is expected to commence on March 1, 2025.


	March 31, 2025
	Designated Derivative Contracts		Non-Designated Derivative Contracts		Total
Notional value	$	367,695	$	14,018	$	381,713
Fair value recorded in other current assets	2,163		75		2,238
Fair value recorded in other accrued expenses	(64)		—		(64)

17As of June 30, 2025, five counterparties hold the Company’s outstanding derivative contracts, all of which are expected to mature in the next nine months. As of March 31, 2025, five counterparties held the Company’s outstanding derivative contracts.

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DECKERS OUTDOOR CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

For the Three ~~and Nine~~ Months Ended ~~December~~June 3130, ~~2024~~2025, and ~~2023~~2024

(~~dollar~~ amounts in thousands, except per share orand share data)

Unrecognized Stock-Based Compensation. Total remaining unrecognized stock-based compensation as of December 31, 2024, related to non-vested awards that the Company considers probable to vest and the weighted-average period over which the cost is expected to be recognized in future periods, is as follows:

Award Type	UnrecognizedStock-Based Compensation		Weighted-AverageRemainingVesting Period (Years)
RSUs	$	26,790	1.2
LTIP PSUs	23,585		1.0
Total	$	50,375

NOTE 7. DERIVATIVE INSTRUMENTS

The Company enters into foreign currency forward or option contracts (derivative contracts) with maturities of 15 months or less to manage foreign currency risk and certain of these derivative contracts are designated as cash flow hedges of forecasted sales (Designated Derivative Contracts). Refer to Note 1, “General,” in the Company’s consolidated financial statements in Part IV of the 2024 Annual Report for further information related to accounting policies on the Company’s derivative contracts.

As of December 31, 2024, the Company has the following derivative contracts recorded at fair value in the condensed consolidated balance sheets:

Notional value			$	66,620
Fair value recorded in other current assets			3,380

As of December 31, 2024, three counterparties hold the Company’s outstanding derivative contracts, all of which are expected to mature in the next three months. As of March 31, 2024, the Company had no outstanding derivative contracts.

The following table summarizes the effect of Designated Derivative Contracts and the related income tax effects of unrealized gains or losses recorded in the condensed consolidated statements of comprehensive income for changes in accumulated other comprehensive loss (AOCL):

	Three Months Ended December 31,				Nine Months Ended December 31,
			Three Months Ended June 30,
	2024		2023		2024		2023
					2025		2024
Gain (loss) recorded in OCI	$	6,575	$	(1,318)	$	2,219	$	3,798
(Loss) gain recorded in OCI					$	(25,210)	$	1,132
Reclassifications from AOCL into net sales	~~1,389~~		~~(3,503)~~		~~1,161~~535		~~(3,652)~~—
Income tax (expense) benefit in OCI	(1,943)		1,176		(825)		(36)
Income tax benefit (expense) in OCI					6,050		(276)
Total	$	~~6,021~~	$	~~(3,645)~~	$	2(18,~~555~~625)	$	~~110~~856

The non-performance risk of the Company and its counterparties did not have a material impact on the fair value of its derivative contracts. As of ~~December~~June 3130, ~~2024~~2025, the amount of unrealized ~~gains~~loss on derivative contracts recorded in AOCL is expected to be reclassified into net sales within the next ~~three~~nine months. Refer to Note 87, “Stockholders’ Equity,” for further information on the components of AOCL.

18NOTE 7. STOCKHOLDERS’ EQUITY

~~Table~~Stock Repurchase Program. The Company’s Board of ~~Contents~~Directors (Board) has approved various authorizations under the Company’s stock repurchase program to repurchase shares of its common stock in the open market or in privately negotiated transactions, subject to market conditions, applicable legal requirements, and other factors (collectively, the stock repurchase program). The Board last approved an authorization of $2,250,000 on May 21, 2025 to repurchase shares of its common stock under the same conditions as the prior stock repurchase program. As of June 30, 2025, the aggregate remaining approved amount under the stock repurchase program is $2,441,711. The stock repurchase program does not obligate the Company to acquire any amount of common stock and may be suspended at any time at the Company’s discretion.

~~DECKERS~~Stock ~~OUTDOOR~~repurchase ~~CORPORATION~~activity ~~AND~~under ~~SUBSIDIARIES~~the stock repurchase program was as follows:

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


	Three Months Ended June 30,
	2025		2024
Total number of shares repurchased (1)	1,665,902		1,061,736
Weighted average price per share	$	109.84	$	143.13
Dollar value of shares repurchased (2) (3)	$	182,991	$	151,967

~~For~~(1) ~~the~~All ~~Three~~share ~~and~~repurchases ~~Nine~~were ~~Months~~made ~~Ended~~pursuant ~~December~~to ~~31,~~the ~~2024,~~stock ~~and~~repurchase ~~2023~~program in open-market transactions.

(~~dollar~~2) ~~amounts~~May innot ~~thousands,~~calculate ~~except~~on ~~per~~rounded ~~share or share data)~~amounts.

~~NOTE~~(3) 8.The ~~STOCKHOLDERS’~~dollar ~~EQUITY~~value of shares repurchased excludes the cost of broker commissions, excise taxes, and other costs.

~~Stock~~Subsequent ~~Repurchase~~to ~~Program.~~June 30, ~~The~~2025, ~~Company’s~~through ~~Board~~July 10, of2025, ~~Directors (Board) has approved various authorizations under~~ the Company’s ~~stock~~repurchased ~~repurchase~~198,863 ~~program to repurchase~~ shares ofat ~~its~~a ~~common~~weighted ~~stock~~average inprice ~~the~~of ~~open~~$105.60 ~~market~~per orshare infor ~~privately negotiated transactions~~$21,000 ~~subject to market conditions, applicable legal requirements,~~ and ~~other~~had ~~factors (collectively~~$2, ~~the stock repurchase program). As of December 31~~420,711 ~~2024, the aggregate~~ remaining ~~approved~~authorized ~~amount~~ under the stock repurchase program ~~is $640,692~~. ~~The stock repurchase program does not obligate the Company to acquire any amount of common stock and may be suspended at any time at the Company’s discretion.~~

Stock repurchase activity under the Company’s stock repurchase program was as follows:

	Nine Months Ended December 31,
	2024		2023
Total number of shares repurchased (1)	2,022,299		3,573,960
Weighted average price per share paid	$	148.85	$	86.92
Dollar value of shares repurchased (2) (3)	$	301,011	$	310,635

(1) All share repurchases were made pursuant to the Company’s stock repurchase program in open-market transactions.

(2) The dollar value of shares repurchased excludes the cost of broker commissions, excise taxes, and other costs.

(3) May not calculate on rounded dollars.

Accumulated Other Comprehensive Loss. The components within AOCL, net of tax, recorded in the condensed consolidated balance sheets, are as follows:

	December 31, 2024		March 31, 2024
	June 30, 2025		March 31, 2025
Unrealized gain on cash flow hedges	$	2,555	$	—
Unrealized (loss) gain on cash flow hedges	$	(18,625)	$	1,584
Cumulative foreign currency translation loss	(5739,~~999~~464)		(5051,~~733~~238)
Total	$	(5558,~~444~~089)	$	(5049,~~733~~654)

1915

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DECKERS OUTDOOR CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

For the Three ~~and Nine~~ Months Ended ~~December~~June 3130, ~~2024~~2025, and ~~2023~~2024

(~~dollar~~ amounts in thousands, except per share orand share data)

NOTE 98. BASIC AND DILUTED SHARES

The reconciliation of basic to diluted weighted-average common shares outstanding was as follows:

	Three Months Ended December 31,		Nine Months Ended December 31,
	Three Months Ended June 30,
	2024	2023	2024	2023
	2025	2024
Basic	~~151~~149,~~820~~344,000	~~153~~152,~~985~~867,000	~~152,307,000~~	~~155,716,000~~
Dilutive effect of equity awards	~~566~~291,000	~~880~~616,000	~~617,000~~	~~954,000~~
Diluted	~~152~~149,~~386~~635,000	~~154~~153,~~865~~483,000	~~152,924,000~~	~~156,670,000~~
Excluded
RSUs	—	5,000	16,000	8,000
Time-Based Restricted Stock Units	60,000	3,000
LTIP PSUs	272,000	551,000	292,000	551,000
Long-Term Incentive Plan Performance-Based Restricted Stock Units	155,000	290,000
Deferred Non-Employee Director Equity Awards	15,000	21,000	~~1,000~~	~~2,000~~
Employee Stock Purchase Plan	34,000	31,000	—	~~1,000~~

Excluded Awards. The equity awards excluded from the calculation of the dilutive effect ~~have~~may ~~been~~be excluded due to one of the following: (1) the shares were antidilutive; or (2) the necessary conditions had not been satisfied for the shares to be deemed issuable based on the Company’s performance for the relevant performance period~~; or (3) the Company recorded a net loss during the period presented (such that inclusion of these equity awards in the calculation would have been antidilutive)~~. The number of shares stated for each of these excluded awards is the maximum number of shares issuable pursuant to these awards. For those awards subject to the achievement of performance criteria, the actual number of shares to be issued pursuant to such awards will be based on Company performance in future periods, net of forfeitures, and may be materially lower than the number of shares presented, which could result in a lower dilutive effect. Refer to Note ~~6, “Stock-Based Compensation,” within this Quarterly Report and to Note~~ 8, “Stock-Based Compensation,” in the Company’s consolidated financial statements in Part IV of the ~~2024~~2025 Annual Report for further information on the Company’s equity incentive plans.

NOTE 109. REPORTABLE OPERATING SEGMENTS

Information reported to the ~~CODM, who is the Company’s~~ Chief ~~Executive~~Operating ~~Officer~~Decision Maker (~~CEO~~CODM), ~~President,~~who ~~and~~is the Principal Executive Officer (PEO), is organized into the Company’s ~~five~~three reportable operating segments, ~~and~~which isinclude ~~consistent~~the ~~with~~brand ~~how~~operations for the ~~CODM~~HOKA ~~evaluates~~brand, ~~performance~~UGG brand, and ~~allocates~~Other ~~resources~~brands. The Company does not ~~consider~~regularly ~~international~~provide ~~operations~~total toassets beor acapital ~~separate~~expenditures information by reportable operating ~~segment,~~segments ~~and~~to the CODM ~~reviews~~because ~~such~~that ~~operations~~information inis ~~the~~not ~~aggregate~~used ~~with~~to ~~the~~evaluate performance or allocate resources to each reportable operating ~~segments~~segment.

Segment Net Sales, Gross Margin, and Income from Operations. The ~~Company~~CODM regularly evaluates the performance of each reportable operating segment ~~performance primarily~~ based on net sales, ~~and~~gross ~~income~~profit ~~(loss)~~as ~~from~~a ~~operations.~~percentage ~~The wholesale operations~~ of ~~each~~net ~~brand~~sales ~~are~~(gross ~~managed~~margin), ~~separately~~and ~~because~~income ~~each~~from ~~requires~~operations ~~different~~when ~~marketing,~~making ~~research~~decisions ~~and~~about ~~development,~~resource ~~design,~~allocations ~~sourcing,~~to ~~and~~each ~~sales~~reportable ~~strategies~~operating segment. ~~The~~Income ~~income (loss)~~ from operations of each ~~of the~~ reportable operating ~~segments~~segment includes ~~only~~certain ~~those~~ costs, which are specifically related to each reportable operating segment, ~~which~~and ~~consist~~that ~~primarily~~are regularly provided to the CODM. These costs consist of cost of sales,; ~~research~~payroll and ~~development,~~related ~~design~~expenses, ~~sales~~including ~~and~~stock-based ~~marketing,~~compensation; ~~depreciation~~advertising, ~~amortization~~marketing, and ~~the~~promotion ~~direct~~expenses; rent and occupancy; depreciation and other related costs; ofand ~~employees~~other ~~within~~segment ~~those~~items. There are no inter-segment sales for any period presented. The accounting policies of the Company’s reportable operating segments are consistent with those described in Note 1, “General,” in the Company’s consolidated financial statements in Part IV of the 2025 Annual Report.

2016

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DECKERS OUTDOOR CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

For the Three ~~and Nine~~ Months Ended ~~December~~June 3130, ~~2024~~2025, and ~~2023~~2024

(~~dollar~~ amounts in thousands, except per share orand share data)

~~The~~Income ~~Company~~from ~~does~~operations ~~not~~of ~~allocate~~each ~~corporate~~reportable ~~overhead~~operating ~~costs~~segment orexcludes ~~non-operating~~enterprise ~~income~~ and shared brand expenses as well as total other income, net, which are not used to assess reportable operating ~~segments,~~segment ~~which~~performance. ~~include~~Unallocated ~~unallocable~~enterprise ~~overhead~~and ~~costs~~shared ~~associated~~brand ~~with~~expenses ~~the~~are ~~Company’s~~costs ~~warehouses~~that are managed centrally and ~~DCs,~~not specific to any one brand. These costs are primarily comprised of certain ~~executive~~payroll and related expenses, including stock-based compensation,; ~~accounting,~~global ~~finance,~~IT ~~legal,~~expenses; ~~IT,~~3PL ~~human~~service ~~resources~~fees; depreciation, ~~and facilities~~rent, ~~among~~and ~~others.~~occupancy ~~Inter-segment~~for ~~sales~~owned ~~from~~warehouses ~~the~~and ~~Company’s~~offices; ~~wholesale~~and ~~reportable~~other ~~operating~~SG&A ~~segments~~expenses, tosuch ~~the~~as ~~DTC~~costs ~~reportable~~for ~~operating~~contract ~~segment~~services, ~~are~~materials, ~~at the Company’s cost~~supplies, and ~~there~~travel. isThese nocosts ~~inter-segment~~span ~~profit~~multiple onfunctions ~~these~~including ~~inter-segment~~owned ~~sales,~~warehouses ~~nor~~and ~~are~~3PL ~~they~~service ~~reflected~~fees, inalong ~~income~~with ~~(loss)~~enterprise ~~from~~costs, ~~operations~~which ofinclude ~~the~~centralized ~~wholesale~~commercial ~~reportable~~operations, ~~operating~~IT, ~~segments~~finance, ashuman ~~these~~resources, ~~transactions~~legal, ~~are~~supply ~~eliminated~~chain, inand ~~consolidation~~corporate executives.

Reportable operating segment information, with a reconciliation to the condensed consolidated statements of comprehensive income, was as follows:

	Three Months Ended December 31,						Nine Months Ended December 31,
Three Months Ended June 30, 2025	HOKA			UGG			Other Brands			Total
	2024			2023			2024			2023
Net sales	$	653,119		$	265,092		$	46,327		$	964,538
Net sales
Less: Cost of sales (1)	276,172			125,768			24,692			426,632
UGG brand wholesale	$	467,998		$	402,876		$	1,122,952		$	976,262
Segment gross profit	376,947			139,324			21,635			537,906
HOKA brand wholesale	305,241			252,222			1,000,317			776,042
Segment gross margin	57.7		%	52.6		%	46.7		%	55.8		%
Teva brand wholesale	18,853			20,449			62,344			67,731
Less: (1)
Other brands wholesale (1)	23,736			26,614			58,650			67,721
Payroll and related costs	28,508			32,865			4,532			65,905
Direct-to-Consumer (1)	1,011,337			858,146			1,719,569			1,440,249
Advertising, marketing, and promotion expenses	55,988			19,568			6,208			81,764
Total	$	1,827,165		$	1,560,307		$	3,963,832		$	3,328,005
Rent and occupancy	9,046			17,217			38			26,301
Depreciation and other related costs (2)	1,473			2,957			39			4,469
Other segment items (3)	28,404			12,734			3,065			44,203
Segment SG&A expenses	123,419			85,341			13,882			222,642
Segment income from operations	$	253,528		$	53,983		$	7,753		$	315,264
Segment operating margin (4)	38.8		%	20.4		%	16.7		%	32.7		%

	Three Months Ended December 31,						Nine Months Ended December 31,
Three Months Ended June 30, 2024	HOKA			UGG			Other Brands			Total
	2024			2023			2024			2023
Net sales	$	545,178		$	222,951		$	57,218		$	825,347
Income (loss) from operations
Less: Cost of sales (1)	221,513			103,692			30,142			355,347
UGG brand wholesale	$	190,888		$	153,653		$	424,812		$	336,421
Segment gross profit	323,665			119,259			27,076			470,000
HOKA brand wholesale	84,052			83,654			324,687			252,051
Segment gross margin	59.4		%	53.5		%	47.3		%	56.9		%
Teva brand wholesale	(738)			2,047			4,835			10,637
Less: (1)
Other brands wholesale (1)	5,350			(1,365)			4,161			3,509
Payroll and related costs	20,729			28,420			4,194			53,343
Direct-to-Consumer (1)	481,021			401,075			730,878			588,792
Advertising, marketing, and promotion expenses	45,303			15,860			7,323			68,486
Unallocated overhead costs	(193,299)			(151,165)			(484,206)			(408,158)
Rent and occupancy	5,767			15,186			189			21,142
Total	$	567,274		$	487,899		$	1,005,167		$	783,252
Depreciation and other related costs (2)	1,055			2,404			308			3,767
Other segment items (3)	19,893			11,503			2,376			33,772
Segment SG&A expenses	92,747			73,373			14,390			180,510
Segment income from operations	$	230,918		$	45,886		$	12,686		$	289,490
Segment operating margin (4)	42.4		%	20.6		%	22.2		%	35.1		%

(1) ~~Includes~~The ~~current~~significant ~~period~~expense ~~partial~~categories ~~financial results through the Sanuk Brand Sale Date~~ and ~~full~~amounts ~~financial~~align ~~results~~with ~~to date for~~ the ~~three~~segment-level ~~and~~information ~~nine~~that ~~months~~is ~~ended~~regularly ~~December~~provided ~~31, 2023. Refer~~ to the section titled “Reportable Operating Segments,” in Note 1, “General,” for further information on the sale of the Sanuk brand completed in the prior quarter and the reclassification of financial results of the former Sanuk brand wholesale reportable operating segment into the Other brands wholesale reportable operating segment for all periods presentedCODM.

Segment Assets. Assets allocated to each reportable operating segment include trade accounts receivable, net, inventories, property and equipment, net, operating lease assets, goodwill, other intangible assets, net, and certain other assets that are specifically identifiable for one of the Company’s reportable operating segments. Unallocated assets are those assets not directly related to a specific reportable operating segment and generally include cash and cash equivalents, deferred tax assets, net, and various other corporate assets shared by the Company’s reportable operating segments.17

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DECKERS OUTDOOR CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

For the Three ~~and Nine~~ Months Ended ~~December~~June 3130, ~~2024~~2025, and ~~2023~~2024

(~~dollar~~ amounts in thousands, except per share orand share data)

~~Assets~~(2) ~~allocated~~Depreciation toand ~~each~~other ~~reportable~~related ~~operating~~costs ~~segment~~generally includes depreciation of property and equipment, ~~with~~amortization aand ~~reconciliation~~impairment toof ~~the~~intangible ~~condensed~~assets ~~consolidated~~or ~~balance~~other ~~sheets~~long-lived assets, ~~are~~accretion, asand ~~follows:~~loss on disposal of assets.

	December 31, 2024		March 31, 2024
Assets
UGG brand wholesale	$	357,634	$	247,136
HOKA brand wholesale	464,046		436,147
Teva brand wholesale	54,354		81,703
Other brands wholesale (1)	12,224		27,905
Direct-to-Consumer	307,008		263,840
Total assets from reportable operating segments	1,195,266		1,056,731
Unallocated cash and cash equivalents	2,240,923		1,502,051
Unallocated deferred tax assets, net	65,377		72,584
Unallocated other corporate assets	462,787		504,213
Total	$	3,964,353	$	3,135,579

(3) Other segment items are comprised of other SG&A expenses, which primarily include IT expenses, certain 3PL service fees, contract service fees, travel, materials and supplies, credit card fees, and commissions.

(14) ~~Effective~~Operating onmargin ~~the~~is ~~Sanuk~~defined Brand Sale Date, the Sanuk brand and certain related assets were sold, all within the former Sanuk brand wholesale reportable operating segment. The assets for the former Sanuk brand wholesale reportable operating segment as ofincome ~~March~~from ~~31,~~operations ~~2024~~divided ~~are~~by ~~presented~~net ~~within the Other brands wholesale reportable operating segment~~sales. ~~Refer to the section titled “Reportable Operating Segments,” in Note 1, “General,” for further information.~~

~~NOTE~~A ~~11.~~reconciliation ~~CONCENTRATION~~of OFreportable ~~BUSINESS~~segment income from operations to condensed consolidated statements of comprehensive income was as follows:

Regions and Customers. The Company sells its products globally to customers and consumers in various countries, with net sales concentrations as follows:


	Three Months Ended June 30,
	2025		2024
Segment income from operations	$	315,264	$	289,490
Unallocated enterprise and shared brand expenses (1)	(149,977)		(156,683)
Total other income, net	17,779		16,346
Consolidated income before income taxes	$	183,066	$	149,153

	Three Months Ended December 31,						Nine Months Ended December 31,
	2024			2023			2024			2023
International net sales	$	657,874		$	511,918		$	1,424,775		$	1,112,048
% of net sales	36.0		%	32.8		%	35.9		%	33.4		%
Net sales in foreign currencies	$	517,992		$	415,505		$	1,070,798		$	856,820
% of net sales	28.3		%	26.6		%	27.0		%	25.7		%
Ten largest global customers as % of net sales	21.1		%	22.5		%	24.3		%	25.2		%

(1) The change in reportable operating segments had an impact on segment income from operations, a measure of segment profitability, and a clarification was made that certain prior unallocated overhead costs are defined as unallocated enterprise and shared brand expenses and are excluded from the measure of segment profitability.

~~For the three and nine months ended December 31, 2024, and 2023, no single foreign country and no single global customer comprised 10.0% or more of the Company’s total net sales.~~ 18

As of December 31, 2024, the Company has no customers that represent 10.0% of trade accounts receivable, net, compared to two customers that in total represented 31.2% of trade accounts receivable, net as of March 31, 2024. Management performs regular evaluations concerning the ability of the Company’s customers to satisfy their obligations to the Company and recognizes an allowance for doubtful accounts based on these evaluations.

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DECKERS OUTDOOR CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

For the Three and Nine Months Ended December 31, 2024, and 2023

(dollar amounts in thousands, except per share or share data)

Long-Lived Assets. Long-lived assets, which consist of property and equipment, net, recorded in the condensed consolidated balance sheets, are as follows:

	December 31, 2024		March 31, 2024
United States	$	288,845	$	270,561
Foreign (1)	34,568		31,561
Total	$	323,413	$	302,122

(1) No single foreign country’s property and equipment, net, represents 10.0% or more of the Company’s total property and equipment, net, as of December 31, 2024, and March 31, 2024.

NOTE 12. SUPPLIER FINANCE PROGRAM

Supplier Finance Program. The Company has a voluntary SFP administered through a third-party platform that provides the Company’s independent manufacturers that supply its inventory (inventory suppliers) the opportunity to sell their receivables due from the Company to participating financial institutions in advance of the invoice due date, at the sole discretion of both inventory suppliers and the financial institutions. The Company is not party to the agreements between these third parties and has no economic interest in an inventory suppliers’ decision to sell a receivable.

The Company’s payment obligations, including the amounts due and payment terms, which generally do not exceed 90 days, are not impacted by the inventory suppliers’ election to participate in the SFP, and the Company provides no guarantees to any third parties under the SFP. Accordingly, amounts due to inventory suppliers that elected to participate in the SFP are presented in trade accounts payable in the condensed consolidated balance sheets. As of December 31, 2024, and March 31, 2024, the Company had $3,411 and $3,483, respectively, of balances outstanding related to the SFP recorded in trade accounts payable in the condensed consolidated balance sheets. Payments made in connection with the SFP are reported as cash used in operating activities in the trade accounts payable line item of the condensed consolidated statements of cash flows.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion of our financial condition and results of operations should be read together with our condensed consolidated financial statements and the related notes, included in Part I, Item 1, “Financial Statements,” within this Quarterly Report, and the audited consolidated financial statements included in Part II, Item 8, “Financial Statements and Supplementary Data,” of our ~~2024~~2025 Annual Report, filed with the SEC on May 2423, ~~2024~~2025, which is available free of charge on the SEC’s website at www.sec.gov and our website at ir.deckers.com.

Certain statements made in this section constitute “forward-looking statements,” which are subject to numerous risks and uncertainties. Our actual results of operations may differ materially from those expressed or implied by these forward-looking statements as a result of many factors, including those set forth in the section titled “Cautionary Note Regarding Forward-Looking Statements” and Part II, Item 1A, “Risk Factors,” within this Quarterly Report.

OVERVIEW

We are a global leader in designing, marketing, and distributing innovative footwear, apparel, and accessories developed for both everyday casual lifestyle use and high-performance activities. We market our products primarily under five proprietary brands: ~~UGG~~HOKA, ~~HOKA~~UGG, Teva, AHNU, and Koolaburra. Our brands compete across the fashion and casual lifestyle, performance, running, and ~~AHNU~~outdoor markets. We believe our products are distinctive and appeal to a broad demographic. WeOur brands sell our products through quality domestic and international retailers, and international distributors in our wholesale channel, and directly to ~~our~~ global consumers through our DTC ~~business~~channel, which is comprised of ~~our~~an ~~Company-owned~~ e-commerce ~~websites~~ and retail ~~stores~~store presence. We seek to differentiate our brands and products by offering diverse lines that emphasize fashion, ~~performance,~~ authenticity, functionality, quality, and comfort, and products tailored to a variety of activities, seasons, and demographic groups. Independent third-party contractors manufacture all of our products.

Refer to the section below entitled “Reportable Operating Segments Overview” for information on recent developments with the Koolaburra brand and Sanuk brand.

FINANCIAL HIGHLIGHTS

Consolidated financial performance highlights for the ~~nine~~three months ended ~~December~~June 3130, ~~2024~~2025, compared to the prior period, were as follows:

•Net sales increased 1916.19% to $3964,~~963,832~~538.

◦Brand

▪HOKA brand net sales increased 19.8% to $653,119.

▪UGG brand net sales increased 18.9% to $265,092.

▪Other brands net sales decreased 19.0% to $46,327.

◦Channel

▪Wholesale channel net sales increased 1826.97% to $2652,~~244,263~~364.

▪DTC channel net sales increased 190.45% to $1312,~~719,569~~174.

◦Geography

▪Domestic net sales ~~increased~~decreased 142.68% to $2501,~~539,057~~258.

▪International net sales increased 2849.17% to $1463,~~424,775~~280.

•Gross margin ~~increased~~decreased ~~270~~110 basis points to 5855.28%.

•~~Income~~SG&A ~~from~~expenses ~~operations~~ increased 2810.35% to $1372,~~005,167~~619.

•~~Diluted~~Income ~~earnings~~from ~~per~~operations ~~share~~ increased 3224.35% to $5165,287.~~33 per share.~~

~~RECENT~~•Operating ~~DEVELOPMENTS~~margin increased 110 basis points to 17.1%.

~~Forward~~•Diluted ~~Stock~~earnings ~~Split~~per ~~and~~share ~~Authorized~~increased ~~Share Increase~~24.0% Onto ~~September 13, 2024, we effected the stock split and the authorized share increase~~$0.93 ~~Our~~per ~~financial results included within this Quarterly Report have been retroactively adjusted to reflect the effectiveness of the stock split and the authorized~~ share ~~increase~~. ~~Refer to Note 1, “General,” in the condensed consolidated financial statements within this Quarterly Report for further information.~~

Sanuk Brand Asset Sale. During the three months ended September 30, 2024 (prior quarter), we entered into an agreement pursuant to which the buyer agreed to purchase the Sanuk brand and certain related assets which was completed on the Sanuk Brand Sale Date of August 15, 2024. 19

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Financial results for our reportable operating segments present the former Sanuk brand through the Sanuk Brand Sale Date for the current period and full financial results for the three and nine months ended December 31, 2023. Refer to the section titled “Reportable Operating Segments,” in Note 1, “General,” of our condensed consolidated financial statements in Part I, Item 1 within this Quarterly Report for further information.

Koolaburra Brand. During the three months ended December 31, 2024, we began taking steps to phase out our standalone operations for the Koolaburra brand in order to maintain focus on our most significant organic opportunities. Refer to the section titled “Reportable Operating Segments” under subsection “Koolaburra Brand” in Note 1, “General,” of our condensed consolidated financial statements in Part I, Item 1 within this Quarterly Report for further information.

TRENDS AND UNCERTAINTIES IMPACTING OUR BUSINESS AND INDUSTRY

We expect our business and industry will continue to be impacted by several important trends and uncertainties, which have not materially changed from those ~~included~~described in our ~~2024~~2025 Annual Report. Refer to Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” of our ~~2024~~2025 Annual Report for further discussion. Refer to Part I, Item 1A, “Risk Factors,” of our ~~2024~~2025 Annual Report for detailed information on the risks and uncertainties that may cause our actual results to differ materially from our expectations.

REPORTABLE OPERATING ~~SEGMENT~~SEGMENTS OVERVIEW

As of ~~December~~June 3130, ~~2024~~2025, our ~~five~~three reportable operating segments include the worldwide ~~wholesale~~ operations of the ~~UGG brand,~~ HOKA brand, ~~Teva~~UGG brand, and Other brands~~, as well as DTC~~. Information reported to the CODM, who is our CEO, President, and PEO, is organized into these reportable operating segments and is consistent with how the CODM evaluates our performance and allocates resources.

~~UGG~~HOKA Brand. The ~~UGG~~HOKA brand is ~~one~~an authentic premium line of ~~the~~year-round ~~most~~performance ~~iconic~~footwear, which offers enhanced cushioning and ~~recognized~~inherent ~~footwear~~stability ~~brands~~with inminimal ~~our~~weight. ~~industry~~Originally designed for ultra-runners, ~~which~~the ~~highlights~~brand ~~our~~now ~~successful~~appeals ~~track~~to ~~record~~world ofchampions, ~~building~~taste ~~niche~~makers, ~~brands~~and ~~into~~everyday ~~lifestyle~~athletes. Expanded marketing and ~~fashion~~strategic ~~market~~marketplace ~~leaders.~~presence ~~With~~have ~~loyal~~fueled ~~consumers~~both ~~around~~domestic ~~the~~and ~~world,~~international sales growth of the ~~UGG~~HOKA brand, which has ~~proven~~quickly tobecome be a ~~highly~~leading ~~resilient~~brand ~~line~~within ofrun ~~premium~~and ~~footwear,~~outdoor ~~apparel,~~specialty wholesale accounts and ~~accessories~~is ~~with~~growing ~~expanded~~across ~~product~~its ~~offerings~~global ~~that~~marketplace. ~~appeal~~The toHOKA abrand’s ~~growing~~product ~~global~~line ~~audience~~includes running, trail, hiking, fitness, and alifestyle ~~broad~~footwear ~~demographic~~offerings, as well as select apparel and accessories.

~~HOKA~~UGG Brand. The ~~HOKA~~UGG brand is anone ~~authentic premium line~~ of ~~year-round~~the ~~performance~~most ~~footwear,~~iconic ~~which offers enhanced cushioning~~ and ~~inherent~~recognized ~~stability~~footwear ~~with~~brands ~~minimal~~in ~~weight.~~our ~~Originally designed for ultra-runners~~industry, ~~the~~which ~~brand~~highlights ~~now~~our ~~appeals~~successful totrack ~~world~~record ~~champions,~~of ~~taste~~building ~~makers,~~niche ~~and~~brands ~~everyday~~into ~~athletes.~~lifestyle ~~Expanded marketing~~ and ~~strategic~~fashion ~~marketplace~~market ~~presence~~leaders. ~~have~~With ~~fueled~~loyal ~~both~~consumers ~~domestic~~around ~~and~~the ~~international~~world, ~~sales growth of~~ the ~~HOKA~~UGG brand, ~~which~~ has ~~quickly~~proven ~~become~~to be a ~~leading~~highly ~~brand~~resilient ~~within~~consumer-focused ~~run~~line ~~and~~of ~~outdoor~~premium ~~specialty~~footwear, ~~wholesale~~apparel, ~~accounts~~ and isaccessories ~~growing~~with ~~across~~year-round ~~its~~product ~~ecosystem~~offerings ofthat ~~access~~appeal ~~points.~~to ~~The~~a ~~HOKA~~growing ~~brand’s~~global ~~product~~audience ~~line includes running, trail, hiking, fitness,~~ and ~~lifestyle~~a ~~footwear~~broad ~~offerings, as well as select apparel and accessories~~demographic.

~~Teva~~Other ~~Brand~~Brands. ~~The~~Other ~~Teva~~brands ~~brand,~~consist ~~born~~primarily inof the ~~depths~~Teva ofbrand, ~~the~~AHNU ~~Grand Canyon~~brand, ~~has~~and ~~long~~Koolaburra ~~been~~brand. aThe ~~favored~~Teva brand’s ~~among~~products ~~outdoor~~are ~~adventurers~~built ~~across~~for ~~the~~a ~~globe.~~range ~~Today,~~of ~~building~~outdoor onpursuits ~~its~~and ~~foundation~~include as a ~~leader~~variety inof ~~sport~~footwear options, from classic sandals and ~~its~~shoes ~~authentic~~to ~~outdoor~~boots. ~~heritage,~~The ~~the~~AHNU ~~Teva~~ brand’s ~~thoughtfully~~footwear ~~designed and accessible~~ products ~~are~~fuse ~~built~~high-performance ~~for~~technology awith ~~range~~timeless ofstyle ~~outdoor~~crafted ~~pursuits,~~for ~~connecting~~everyday ~~with~~wear. aThe ~~vibrant~~Koolaburra brand, ~~diverse~~for ~~audience~~which ~~passionate~~we ~~about~~are ~~exploration.~~phasing ~~The~~out ~~Teva~~standalone ~~brand’s~~operations ~~collection~~by ~~includes~~the aend ~~variety~~ of ~~footwear~~calendar ~~options~~year 2025, ~~from~~is ~~classic~~a ~~sandals~~casual ~~and~~footwear ~~shoes~~brand tothat ~~boots,~~uses ~~all~~plush ~~crafted~~materials ~~for~~to ~~the~~target ~~demands~~value-oriented ~~of the outdoors~~consumers.

~~Other~~During ~~Brands.~~the ~~Other~~third ~~brands~~quarter ~~consist primarily~~ of ~~the~~fiscal ~~Koolaburra~~year ~~brand~~2025, aswe ~~well~~began astaking ~~the~~steps ~~recently~~to ~~launched~~phase ~~AHNU~~out ~~brand.~~the ~~The~~standalone operations for the Koolaburra brand isin aorder ~~casual~~to ~~footwear~~maintain ~~fashion~~focus ~~line~~on ~~that~~our ~~uses~~most ~~plush~~significant ~~materials~~organic ~~and~~opportunities. isWe ~~intended~~closed toKoolaburra.com ~~target~~as ~~the~~of ~~value-oriented~~March ~~consumer~~31, in2025, ~~order~~and plan to ~~complement~~wind down the ~~UGG~~Koolaburra brand ~~offering.~~in ~~The~~the ~~AHNU~~wholesale ~~brand’s~~channel ~~footwear~~by ~~products~~the ~~fuse~~end ~~high-performance~~of ~~technology~~calendar ~~with~~year ~~timeless style crafted for everyday wear~~2025.

AsIn ~~of December 31~~addition, ~~2024,~~ we ~~reclassified~~completed ~~financial~~the ~~results~~sale of the ~~former~~ Sanuk brand ~~wholesale~~during ~~reportable~~the ~~operating~~second ~~segment~~quarter ~~into~~of ~~the~~our ~~Other~~prior ~~brands~~fiscal ~~wholesale~~year. ~~reportable~~The ~~operating~~financial ~~segment~~results for ~~all~~our ~~periods~~reportable ~~presented.~~operating ~~Refer~~segments topresent the ~~section~~former ~~entitled~~Sanuk ~~“Recent~~brand ~~Developments”~~within ~~above~~the ~~for~~Other ~~further~~brands ~~information~~reportable ~~regarding~~operating ~~the~~segment ~~sale~~through of the ~~Sanuk~~ brand’s ~~completed~~sale ~~during~~date, ~~the~~August ~~prior~~15, ~~quarter~~2024.

25Refer to the section titled “Reportable Operating Segment Overview,” in Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” of our 2025 Annual Report for further discussion of our reportable operating segments.

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Refer to the section titled “Reportable Operating Segment Overview,” in Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” of our 2024 Annual Report for further discussion of our outlook on consumer demand drivers for our products.

Direct-to-Consumer. Our DTC business encompasses all of our brands and is comprised of our e-commerce websites and retail stores, which are intertwined and interdependent in an omni-channel marketplace. Net sales from our e-commerce websites and retail stores are recorded in our DTC reportable operating segment, except for net sales from our partner retail stores, which are recorded in our brands’ respective wholesale reportable operating segments.

As of December 31, 2024, we have a total of 179 global retail stores (including 139 UGG brand retail stores and 40 HOKA brand retail stores), which includes 93 concept stores and 86 outlet stores.

Refer to the section titled “Reportable Operating Segment Overview” in Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” of our 2024 Annual Report for further details on our DTC reportable operating segment, including retail store definitions, as well as our former Sanuk brand. Refer to the section titled “Recent Developments” in Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” within this Quarterly Report, for discussion on the sale of the Sanuk brand.

USE OF NON-GAAP FINANCIAL MEASURES

We disclose supplemental financial measures calculated and presented in accordance with US GAAP; however, throughout this Quarterly Report we provide certain financial information on a non-GAAP basis (non-GAAP financial measures). We provide non-GAAP financial measures to provide information that may assist investors in understanding our results of operations and assessing our prospects for future performance, which consist of constant currency measures. We believe evaluating certain financial and operating measures on a constant currency basis is important as it excludes the impact of foreign currency exchange rate fluctuations that are not indicative of our core results of operations and are largely outside of our control. However, our non-GAAP financial measures are not intended to represent and should not be considered more meaningful measures than, or alternatives to, measures of financial or operating performance as determined in accordance with US GAAP.

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We calculate our constant currency non-GAAP financial measures for current period financial information, such as total net sales using the foreign currency exchange rates that were in effect during the previous comparable period, excluding the effects of foreign currency exchange rate hedges and remeasurements in the condensed consolidated financial statements. We also report comparable DTC sales on a constant currency basis for DTC operations that were open throughout the current and prior reporting periods, and we may adjust prior reporting periods to conform to current year accounting policies. The information presented on a constant currency basis, as we present such information, may not necessarily be comparable to similarly titled information presented by other companies, and may not be appropriate measures for comparing our performance relative to other companies. Constant currency measures should not be considered in isolation as an alternative to US dollar measures that reflect current period foreign currency exchange rates or to other financial or operating measures presented in accordance with US GAAP.

SEASONALITY

Refer to Note 1, “General,” of our condensed consolidated financial statements in Part I, Item 1 within this Quarterly Report and to Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” of our ~~2024~~2025 Annual Report for detailed information onregarding the ~~seasonality~~impacts of seasonality on our business.

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RESULTS OF OPERATIONS

Three Months Ended ~~December~~June 3130, ~~2024~~2025, Compared to Three Months Ended ~~December~~June 3130, ~~2023~~2024. Results of operations were as follows:

	Three Months Ended December 31,
	Three Months Ended June 30,
	2024				2023				Change
	2025				2024				Change
	Amount		% (1)		Amount		% (1)		Amount		%
Net sales	$	1964,~~827,165~~538	100.0	%	$	1825,~~560,307~~347	100.0	%	$	~~266~~139,~~858~~191	1716.19	%
Cost of sales	~~724~~426,~~542~~632		3944.72		~~643~~355,~~738~~347		4143.31		(8071,~~804~~285)		(1220.61)
Gross profit	1537,~~102,623~~906		6055.38		~~916~~470,~~569~~000		5856.79		~~186~~67,~~054~~906		2014.34
Selling, general, and administrative expenses	~~535~~372,~~349~~619		2938.37		~~428~~337,~~670~~193		2740.49		(~~106~~35,~~679~~426)		(2410.95)
Income from operations	~~567~~165,~~274~~287		3117.01		~~487~~132,~~899~~807		3116.30		7932,~~375~~480		1624.35
Total other income, net	(1617,~~668~~779)		(1.09)		(1116,~~154~~346)		(02.71)		51,~~514~~433		498.48
Income before income taxes	~~583~~183,~~942~~066		3219.0		~~499~~149,~~053~~153		3218.01		8433,~~889~~913		1722.07
Income tax expense	~~127~~43,~~208~~863		74.06		~~109~~33,~~134~~528		74.01		(1810,~~074~~335)		(1630.68)
Net income	~~456~~139,~~734~~203		2514.04		~~389~~115,~~919~~625		2514.0		6623,~~815~~578		1720.14
Total other comprehensive (loss) income, net of tax	(11,686)		(0.6)		7,077		0.4		(18,763)		(265.1)
Total other comprehensive loss, net of tax	(8,435)		(0.8)		(3,800)		(0.5)		(4,635)		(122.0)
Comprehensive income	$	~~445~~130,~~048~~768	2413.46	%	$	~~396~~111,~~996~~825	2513.45	%	$	4818,~~052~~943	1216.19	%
Net income per share
Basic	$	30.0193			$	20.5376			$	0.4817	1922.04	%
Diluted	$	30.0093			$	20.5275			$	0.4818	1924.0	%

~~Net~~(1) ~~Sales.~~May ~~Net~~not ~~sales~~calculate byon ~~location,~~rounded ~~and by brand and channel were as follows:~~amounts.

	Three Months Ended December 31,
	2024		2023		Change
	Amount		Amount		Amount		%
Net sales by location
Domestic	$	1,169,291	$	1,048,389	$	120,902	11.5	%
International	657,874		511,918		145,956		28.5
Total	$	1,827,165	$	1,560,307	$	266,858	17.1	%
Net sales by brand and channel
UGG brand
Wholesale	$	467,998	$	402,876	$	65,122	16.2	%
Direct-to-Consumer	776,191		668,978		107,213		16.0
Total	1,244,189		1,071,854		172,335		16.1
HOKA brand
Wholesale	305,241		252,222		53,019		21.0
Direct-to-Consumer	225,667		177,051		48,616		27.5
Total	530,908		429,273		101,635		23.7
Teva brand
Wholesale	18,853		20,449		(1,596)		(7.8)
Direct-to-Consumer	5,211		5,152		59		1.1
Total	24,064		25,601		(1,537)		(6.0)

Net Sales. Net sales by brand, channel, and geography were as follows:


	Three Months Ended June 30,
	2025		2024		Change
	Amount		Amount		Amount		%
Net sales by brand
HOKA brand
Wholesale	$	434,206	$	332,732	$	101,474	30.5	%
Direct-to-Consumer	218,913		212,446		6,467		3.0

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	Three Months Ended December 31,
	Three Months Ended June 30,
	2024		2023		Change
	2025		2024		Change
	Amount		Amount		Amount		%
Total	653,119		545,178		107,941		19.8
UGG brand
Wholesale	185,817		142,553		43,264		30.3
Direct-to-Consumer	79,275		80,398		(1,123)		(1.4)
Total	265,092		222,951		42,141		18.9
Other brands (1)
Wholesale	2332,~~736~~341		2639,~~614~~497		(27,~~878~~156)		(1018.81)
Direct-to-Consumer	413,~~268~~986		617,~~965~~721		(23,~~697~~735)		(3821.71)
Total	2846,~~004~~327		3357,~~579~~218		(510,~~575~~891)		(1619.60)
Total	$	1,827,165	$	1,560,307	$	266,858	17.1	%
Total (1)	$	964,538	$	825,347	$	139,191	16.9	%
Total Wholesale	$	815,828	$	702,161	$	113,667	16.2	%
Net sales by channel
Total Direct-to-Consumer (1)	1,011,337		858,146		153,191		17.9
Total Wholesale	$	652,364	$	514,782	$	137,582	26.7	%
Total	$	1,827,165	$	1,560,307	$	266,858	17.1	%
Total Direct-to-Consumer	312,174		310,565		1,609		0.5
Total (1)	$	964,538	$	825,347	$	139,191	16.9	%
Net sales by geography
Domestic	$	501,258	$	515,856	$	(14,598)	(2.8)	%
International	463,280		309,491		153,789		49.7
Total (1)	$	964,538	$	825,347	$	139,191	16.9	%

(1) Includes ~~full~~Sanuk brand financial results ~~to date~~ for the three months ended ~~December~~June 3130, ~~2023 for the former Sanuk brand. Refer to the section titled “Reportable Operating Segments~~2024,” inwhich ~~Note~~are 1,presented ~~“General,” of our condensed consolidated financial statements~~ in ~~Part I, Item 1 within this Quarterly Report for further information on~~ the ~~sale of the Sanuk brand completed in the prior quarter and the reclassification of financial results of the former Sanuk brand wholesale reportable operating segment into the~~ Other brands ~~wholesale~~ reportable operating segment ~~for all periods presented~~.

Total net sales increased primarily due to higher ~~global~~ net sales ~~across all channels~~ for the ~~UGG~~HOKA and ~~HOKA~~UGG brands., Onpartially aoffset ~~constant~~by ~~currency~~lower ~~basis,~~ net sales ~~increased~~for byOther 16brands.~~6%,~~ ~~compared~~Drivers ~~to the prior period. Further, we experienced an increase~~ of ~~14.2%~~significant changes in ~~the~~net ~~total volume of units sold to 24~~sales,~~900~~ ~~from 21,800,~~ compared to the prior period~~. Units sold represents all units related to the total net sales presented~~, ~~inclusive~~were ~~of all categories such~~ as ~~footwear, apparel, accessories, home goods, and care kits. The prior period total volume of units sold for only footwear has been modified to conform to the current period presentation.~~follows:

~~Drivers~~•Net sales of ~~significant~~the ~~changes~~HOKA brand increased primarily due to higher global net sales in the wholesale channel, especially internationally. Key global wholesale channel net sales drivers include higher sell-in and re-orders of key franchises, ~~compared~~reflecting tomarket ~~the~~share ~~prior~~gains ~~period~~and benefits from select new points of distribution with key partners, ~~were~~as well as ~~follows:~~earlier shipments related to the transition of our European 3PL.

•~~DTC~~Net ~~net~~ sales of the UGG brand increased primarily due to higher global net sales ~~for~~in the ~~UGG~~wholesale ~~and HOKA brands~~channel, ~~driven primarily by consumer acquisition and retention online~~ as wea ~~continued~~result toof ~~experience~~ increased demand for ~~both~~year-round ~~brands.~~key ~~Comparable~~product ~~DTC~~franchises, ~~channel~~as ~~net~~well ~~sales~~as ~~for~~benefits from the 13timing ~~weeks~~of ~~ended~~sell-in ~~December 29,~~for ~~2024,~~fall ~~increased by 18~~franchises.~~3%,~~ ~~compared to the prior period.~~

•~~Wholesale~~Net ~~net~~ sales of the ~~UGG~~Other ~~brand~~brands ~~increased~~decreased primarily due to ~~higher~~the ~~global~~sale ~~net sales, particularly from international regions, as a result~~ of ~~increased~~the ~~demand~~Sanuk ~~for year-round key product franchises, strong partnerships with~~ brand ~~enhancing~~in ~~retailers,~~August ~~as well as benefits from increased inventory availability of key styles through peak season, compared to the prior period~~2024.

~~•Wholesale~~Supplemental net sales of the HOKA brand increased globally, primarily driven by outsized increases from international distributor markets as we prepare the marketplace for key franchise upgrades, continued market share gains, and benefits from select new points of distribution with key partners.Disclosure

•~~International~~On ~~net~~a ~~sales,~~constant ~~which~~currency ~~are~~basis, ~~included in the reportable operating segment~~ net sales ~~presented above,~~ increased by 2816.53% ~~and~~compared ~~represented~~to ~~36.0% and 32.8% of total net sales for~~ the ~~three~~prior ~~months ended December 31, 2024, and 2023, respectively~~period. ~~These changes were primarily driven by higher global net sales across all channels for the UGG and HOKA brands.~~

~~Gross~~•Comparable ~~Profit.~~DTC ~~Gross~~channel ~~margin~~net ~~increased~~sales tofor ~~60.3% from 58.7%, compared to~~ the ~~prior~~13 ~~period,~~weeks ~~primarily~~ended ~~due to favorable product mix with higher margin UGG brand products driving a higher proportion of growth~~June 29, ~~fewer closeouts to the wholesale channel~~2025, ~~higher~~decreased ~~levels~~by ~~of full price selling for the UGG brand~~2.2%, ~~and~~compared ato ~~small benefit from favorable foreign currency exchange rates. These benefits were partially offset by higher freight costs and increased promotions for~~ the ~~HOKA~~prior ~~brand as we prepare the marketplace for key franchise updates~~period.

28•We experienced an increase of 15.7% in the total volume of units sold to 14,700 from 12,700, compared to the prior period. Units sold include all categories such as footwear, apparel, accessories, home goods, and care kits.

•As of June 30, 2025, we have a total of 191 global Company-owned retail stores (including 143 UGG brand retail stores and 48 HOKA brand retail stores).

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~~Selling~~Gross Profit. Gross margin decreased to 55.8% from 56.9% compared to the prior period, ~~General~~primarily due to unfavorable channel mix as wholesale revenue growth outpaced DTC revenue growth, higher promotional activity for the UGG and ~~Administrative~~HOKA ~~Expenses.~~brands, ~~The~~and ~~net~~unfavorable ~~increase~~changes in ~~SG&A~~freight ~~expenses~~costs, ~~compared~~partially tooffset ~~the~~by ~~prior~~favorable ~~period~~product mix shifts, ~~was~~as ~~primarily~~well ~~the~~as ~~result~~favorable offoreign ~~the~~currency ~~following:~~exchange rate fluctuations.

~~•Increased~~Selling, ~~variable~~General, ~~advertising~~ and ~~promotion~~Administrative ~~expenses~~Expenses. Drivers of ~~approximately~~significant ~~$33,200,~~net ~~primarily~~changes ~~due~~in toSG&A ~~higher promotional marketing~~ expenses, ~~for~~compared ~~the HOKA and UGG brands~~ to ~~drive~~the ~~global~~prior ~~brand awareness and market share gains~~period, ~~highlight~~were ~~new~~as ~~product categories, and provide localized marketing.~~follows:

•Increased ~~net~~other ~~foreign~~SG&A ~~currency-related~~expenses ~~losses~~ of approximately $2815,~~100~~000, primarily ~~driven~~due byto ~~unfavorable~~higher ~~changes~~HOKA inbrand ~~European~~expenses of approximately $8,500 ~~Asian~~primarily for other variable operating expenses, and ~~Canadian~~higher ~~exchange~~unallocated ~~rates~~enterprise ~~against~~and ~~the~~shared USbrand ~~dollar~~expenses of approximately $4,500 ~~compared~~primarily tofor avariable ~~favorable~~3PL ~~impact~~service infees ~~the~~related ~~prior~~to ~~year~~sales growth.

•Increased ~~other~~advertising, ~~variable~~marketing, ~~net~~and ~~selling~~promotion expenses of approximately $1613,~~200~~300, primarily due to higher ~~corporate~~promotional ~~warehouse~~marketing expenses, asfor ~~well~~the asHOKA ~~higher~~and ~~sales~~UGG ~~commissions~~brands ~~and~~to ~~related~~drive ~~fees~~global ~~for~~brand ~~the~~awareness ~~UGG~~ and ~~HOKA~~market ~~brands~~share gains, ~~and~~highlight ~~rent~~new ~~and~~product ~~occupancy~~categories, ~~costs~~and ~~related~~provide tolocalized ~~HOKA brand growth~~marketing.

•Increased ~~other~~payroll ~~operating~~and ~~expenses~~related costs of approximately $158,~~000~~900, primarily due to higher ~~contract~~headcount ~~expenses~~from talent investment for the HOKA and ~~other~~UGG ~~operating~~brands, ~~expenses~~including for retail stores, aspartially ~~well~~offset asby ~~higher~~lower ~~impairments~~unallocated inshared ITbrand payroll and related costs, including for our owned warehouses.

•Increased ~~payroll~~rent and ~~related~~occupancy ~~costs~~ of approximately $145,~~200~~100, primarily due to ~~investments~~higher inrent ~~talent~~expenses ~~for~~resulting ~~key~~from ~~functions~~retail store footprint expansion for ~~corporate,~~the HOKA ~~brand,~~ and UGG ~~brand roles driving higher employee headcount and full-year costs for prior comparable period hiring, partially offset by lower performance-based compensation~~brands.

•Increased net foreign currency-related remeasurement gains of approximately $9,100, primarily due to favorable changes in European and Asian exchange rates against the US dollar.

Income from Operations. Income (loss) from operations by reportable operating segment was as follows:

	Three Months Ended December 31,
	Three Months Ended June 30,
	2024		2023		Change
	2025		2024		Change
	Amount		Amount		Amount		%
Income (loss) from operations
UGG brand wholesale	$	190,888	$	153,653	$	37,235	24.2	%
HOKA brand	$	253,528	$	230,918	$	22,610	9.8	%
HOKA brand wholesale	84,052		83,654		398		0.5
UGG brand	53,983		45,886		8,097		17.6
Teva brand wholesale	(738)		2,047		(2,785)		(136.1)
Other brands (1)	7,753		12,686		(4,933)		(38.9)
Other brands wholesale (1)	5,350		(1,365)		6,715		491.9
Unallocated enterprise and shared brand expenses (2)	(149,977)		(156,683)		6,706		4.3
Direct-to-Consumer (1)	481,021		401,075		79,946		19.9
Total	$	165,287	$	132,807	$	32,480	24.5	%
Unallocated overhead costs	(193,299)		(151,165)		(42,134)		(27.9)
Total	$	567,274	$	487,899	$	79,375	16.3	%

(2) The ~~increase~~change in ~~total~~reportable operating segments had an impact on segment income from operations, ~~compared~~a tomeasure ~~the~~of ~~prior~~segment ~~period~~profitability, and a clarification was ~~primarily~~made ~~due~~that tocertain ~~higher~~prior ~~net~~unallocated ~~sales~~overhead atcosts ~~higher~~are ~~gross~~defined ~~margins,~~as ~~partially~~unallocated ~~offset~~enterprise byand ~~higher~~shared ~~SG&A~~brand expenses asand aare ~~percentage~~excluded from the measure of ~~net~~segment ~~sales~~profitability.

The increase in total income from operations, compared to the prior period, was primarily due to higher net sales and lower SG&A expenses as a percentage of net sales, partially offset by lower gross margins. Drivers of significant net changes in total income from operations, compared to the prior period, were as follows:

•The increase in income from operations of the ~~DTC~~HOKA ~~channel~~brand was due to higher ~~global~~ net sales ~~for the UGG and HOKA brands~~, apartially ~~higher~~offset ~~UGG~~by ~~brand~~lower gross ~~margin,~~margins ~~partially~~and ~~offset by~~ higher SG&A expenses as a percentage of net sales, ~~mainly~~primarily ~~driven~~reflecting byincreased ~~the~~headcount, ~~HOKA~~rent and occupancy, and marketing to support brand. growth initiatives.

•The increase in income from operations of the UGG brand ~~wholesale~~ was due to higher ~~global~~net sales and lower SG&A expenses as a percentage of net sales, atprimarily ~~higher~~related ~~gross~~to ~~margins~~payroll and related costs, ~~partially~~rent ~~offset~~and byoccupancy, ~~higher~~and other SG&A expenses, aspartially aoffset ~~percentage~~by oflower ~~net~~gross ~~sales~~margins.

2923

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•The ~~change~~decrease in ~~income~~unallocated ~~from~~enterprise ~~operations~~and ofshared ~~HOKA~~ brand ~~wholesale~~expenses was ~~relatively~~primarily ~~flat~~due to ~~last year, despite~~ higher ~~global~~ net ~~sales,~~foreign ~~due to lower gross margins primarily~~ currency-related toremeasurement ~~preparing~~gains ~~the~~and ~~marketplace~~lower ~~for~~payroll ~~key~~and ~~franchise~~related ~~updates~~costs, ~~and~~partially offset by higher other SG&A expenses asfor avariable ~~percentage~~3PL ofservice ~~net~~fees ~~sales, primarily~~ related to ~~certain~~sales ~~advertising and promotion expenses~~growth.

•The increase in unallocated overhead costs was higher as a percentage of net sales, primarily due to higher net foreign currency-related losses, as well as higher other operating expenses, including impairments in IT, and higher corporate warehouse expenses.

Total Other Income, Net. The increase in total other income, net, compared to the prior period, was primarily due to higher interest income from higher invested cash balances.

Income Tax Expense. Income tax expense and our effective income tax rate were as follows:

	Three Months Ended December 31,
	Three Months Ended June 30,
	2024			2023
	2025			2024
Income tax expense	$	~~127~~43,~~208~~863		$	~~109~~33,~~134~~528
Effective income tax rate	2124.80		%	2122.95		%

The net ~~decrease~~increase in our effective income tax rate, compared to the prior period, was primarily due to ~~higher~~discrete ~~income~~ tax expense ~~from~~for ~~changes~~reserve inadjustments ~~jurisdictional~~and ~~mix~~a ofreduced ~~worldwide~~benefit ~~income~~for ~~before~~stock-based ~~income taxes~~compensation, partially offset by anet ~~lower~~discrete ~~benefit~~tax ~~from~~benefits ~~net~~for ~~discrete~~audit ~~items,~~settlements ~~including~~and ~~from~~changes ~~return-to-provision~~in ~~adjustments~~jurisdictional ~~and~~mix ~~tax~~of ~~benefits~~worldwide ~~for~~income ~~stock-based~~before ~~compensation~~income taxes.

Net Income. The increase in net income, compared to the prior period, was due to higher net sales atand higher ~~gross~~operating margins~~, partially offset by higher SG&A expenses as a percentage of net sales~~. Net income per share increased, compared to the prior period, due to higher net income and lower weighted-average common shares outstanding driven by stock repurchases.

Total Other Comprehensive (Loss) Income, Net of Tax. The increase in total other comprehensive loss, net of tax, compared to the prior period, was primarily due to higher foreign currency translation losses relating to changes in the net asset position against Asian and European foreign currency exchange rates, partially offset by higher unrealized gains on derivative contracts.

Nine Months Ended December 31, 2024, Compared to Nine Months Ended December 31, 2023. Results of operations were as follows:

	Nine Months Ended December 31,
	2024				2023				Change
	Amount		%		Amount		%		Amount		%
Net sales	$	3,963,832	100.0	%	$	3,328,005	100.0	%	$	635,827	19.1	%
Cost of sales	1,657,937		41.8		1,481,993		44.5		(175,944)		(11.9)
Gross profit	2,305,895		58.2		1,846,012		55.5		459,883		24.9
Selling, general, and administrative expenses	1,300,728		32.8		1,062,760		32.0		(237,968)		(22.4)
Income from operations	1,005,167		25.4		783,252		23.5		221,915		28.3
Total other income, net	(46,840)		(1.1)		(31,482)		(1.0)		15,358		48.8
Income before income taxes	1,052,007		26.5		814,734		24.5		237,273		29.1
Income tax expense	237,327		5.9		182,716		5.5		(54,611)		(29.9)
Net income	814,680		20.6		632,018		19.0		182,662		28.9
Total other comprehensive loss, net of tax	(4,711)		(0.2)		(3,339)		(0.1)		(1,372)		(41.1)
Comprehensive income	$	809,969	20.4	%	$	628,679	18.9	%	$	181,290	28.8	%
Net income per share
Basic	$	5.35			$	4.06			$	1.29	31.8	%
Diluted	$	5.33			$	4.03			$	1.30	32.3	%

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Net Sales. Net sales by location, and by brand and channel were as follows:

	Nine Months Ended December 31,
	2024		2023		Change
	Amount		Amount		Amount		%
Net sales by location
Domestic	$	2,539,057	$	2,215,957	$	323,100	14.6	%
International	1,424,775		1,112,048		312,727		28.1
Total	$	3,963,832	$	3,328,005	$	635,827	19.1	%
Net sales by brand and channel
UGG brand
Wholesale	$	1,122,952	$	976,262	$	146,690	15.0	%
Direct-to-Consumer	1,034,053		901,602		132,451		14.7
Total	2,157,005		1,877,864		279,141		14.9
HOKA brand
Wholesale	1,000,317		776,042		224,275		28.9
Direct-to-Consumer	646,665		497,676		148,989		29.9
Total	1,646,982		1,273,718		373,264		29.3
Teva brand
Wholesale	62,344		67,731		(5,387)		(8.0)
Direct-to-Consumer	30,022		27,773		2,249		8.1
Total	92,366		95,504		(3,138)		(3.3)
Other brands (1)
Wholesale	58,650		67,721		(9,071)		(13.4)
Direct-to-Consumer	8,829		13,198		(4,369)		(33.1)
Total	67,479		80,919		(13,440)		(16.6)
Total	$	3,963,832	$	3,328,005	$	635,827	19.1	%
Total Wholesale	$	2,244,263	$	1,887,756	$	356,507	18.9	%
Total Direct-to-Consumer (1)	1,719,569		1,440,249		279,320		19.4
Total	$	3,963,832	$	3,328,005	$	635,827	19.1	%

(1) Includes current period partial financial results through the Sanuk Brand Sale Date and full financial results to date for the nine months ended December 31, 2023. Refer to the section titled “Reportable Operating Segments,” in Note 1, “General,” of our condensed consolidated financial statements in Part I, Item 1 within this Quarterly Report for further information on the sale of the Sanuk brand completed in the prior quarter and the reclassification of financial results of the former Sanuk brand wholesale reportable operating segment into the Other brands wholesale reportable operating segment for all periods presented.

Total net sales increased primarily due to higher global net sales across all channels for the HOKA and UGG brands. On a constant currency basis, net sales increased by 19.2%, compared to the prior period. Further, we experienced an increase of 15.9% in the total volume of units sold to 58,900 from 50,800, compared to the prior period. Units sold represents all units related to the total net sales presented, inclusive of all categories such as footwear, apparel, accessories, home goods, and care kits. The prior period total volume of units sold for only footwear has been modified to conform to the current period presentation.

Drivers of significant changes in net sales, compared to the prior period, were as follows:

•DTC net sales increased primarily due to higher global sales for the HOKA and UGG brands, driven primarily by consumer acquisition and retention online as we continued to experience increased demand for both brands. Comparable DTC channel net sales for the 39 weeks ended December 29, 2024, increased by 18.6%, compared to the prior period.

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•Wholesale net sales of the HOKA brand increased primarily due to higher global sales across the brand’s product assortment, driven by market share gains, refilling channel inventory, and benefits from select new points of distribution with key partners, as well as the timing of certain distributor shipments.

•Wholesale net sales of the UGG brand increased primarily due to higher global sales, especially internationally, as a result of increased demand for year-round key product franchises, strong partnerships with brand enhancing retailers, as well as benefits from increased availability of products in the channel through the peak season, compared to the prior period.

•International net sales, which are included in the reportable operating segment net sales presented above, increased by 28.1% and represented 35.9% and 33.4% of total net sales for the nine months ended December 31, 2024, and 2023, respectively. These changes were primarily driven by higher global net sales for both channels for the HOKA and UGG brands.

Gross Profit. Gross margin increased to 58.2% from 55.5%, compared to the prior period, primarily due to favorable brand and product mix, with higher margin product driving a higher proportion of growth, and increased levels of full-price selling, including reduced closeouts to the wholesale channel; partially offset by unfavorable changes in freight costs.

Selling, General, and Administrative Expenses. The net increase in SG&A expenses, compared to the prior period, was primarily the result of the following:

•Increased variable advertising and promotion expenses of approximately $81,000, primarily due to higher promotional marketing expenses for the HOKA and UGG brands to drive global brand awareness and market share gains, highlight new product categories, and provide localized marketing.

•Increased payroll and related costs of approximately $59,400, primarily due to investments in talent for key functions for corporate, HOKA brand, and UGG brand roles driving higher employee headcount and full-year costs for prior comparable period hiring.

•Increased other operating expenses of approximately $48,200, primarily due to higher contract expenses and other operating expenses, as well as higher depreciation, travel expenses, and IT expenses for software costs.

•Increased other variable net selling expenses of approximately $36,300, primarily due to higher rent and occupancy costs related to HOKA brand growth, higher corporate warehouse expenses, as well as higher sales commissions and related fees for the UGG and HOKA brands, and credit card fees.

•Increased net foreign currency-related losses of approximately $13,000, primarily driven by unfavorable changes in European, Canadian, and Asian exchange rates against the US dollar, compared to a favorable impact in the prior year.

Income from Operations. Income (loss) from operations by reportable operating segment was as follows:

	Nine Months Ended December 31,
	2024		2023		Change
	Amount		Amount		Amount		%
Income (loss) from operations
UGG brand wholesale	$	424,812	$	336,421	$	88,391	26.3	%
HOKA brand wholesale	324,687		252,051		72,636		28.8
Teva brand wholesale	4,835		10,637		(5,802)		(54.5)
Other brands wholesale (1)	4,161		3,509		652		18.6
Direct-to-Consumer (1)	730,878		588,792		142,086		24.1

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	Nine Months Ended December 31,
	2024		2023		Change
	Amount		Amount		Amount		%
Unallocated overhead costs	(484,206)		(408,158)		(76,048)		(18.6)
Total	$	1,005,167	$	783,252	$	221,915	28.3	%

The increase in total income from operations, compared to the prior period, was primarily due to higher net sales at higher gross margins, partially offset by higher SG&A expenses as a percentage of net sales.

Drivers of significant net changes in total income from operations, compared to the prior period, were as follows:

•The increase in income from operations of the DTC channel was due to higher global net sales for the HOKA and UGG brands at higher gross margins, partially offset by higher SG&A expenses as a percentage of net sales, driven by the HOKA brand.

•The increase in income from operations of UGG brand wholesale was due to higher global net sales at higher gross margins, partially offset by higher SG&A expenses as a percentage of net sales.

•The increase in income from operations of HOKA brand wholesale was due to higher global net sales at higher gross margins, partially offset by higher SG&A expenses as a percentage of net sales.

•The increase in unallocated overhead costs was higher as a percentage of net sales, primarily due to higher payroll costs for key corporate roles to support growth of our brands, higher depreciation and other operating expenses, higher net foreign currency-related losses, and higher corporate warehouse expenses.

Total Other Income, Net. The increase in total other income, net, compared to the prior period, was primarily due to higher interest income from higher invested cash balances.

Income Tax Expense. Income tax expense and our effective income tax rate were as follows:

	Nine Months Ended December 31,
	2024			2023
Income tax expense	$	237,327		$	182,716
Effective income tax rate	22.6		%	22.4		%

The net increase in our effective income tax rate, compared to the prior period, was primarily due to a lower benefit from net discrete items, including from return-to-provision adjustments, a valuation allowance on tax attributes, and tax benefits for stock-based compensation, partially offset by higher income tax expense from changes in jurisdictional mix of worldwide income before income taxes.

Net Income. The increase in net income, compared to the prior period, was due to higher net sales at higher gross margins, and higher operating margins. Net income per share increased, compared to the prior period, due to higher net income and lower weighted-average common shares outstanding driven by stock repurchases.

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Total Other Comprehensive Loss, Net of Tax. The increase in total other comprehensive loss, net of tax, compared to the prior period, was primarily due to higher foreign currency translation losses relating to changes in the net asset position against European foreign currency exchange rates, partially offset by higher unrealized gains on derivative contracts.

LIQUIDITY AND CAPITAL RESOURCES

Our liquidity may be impacted by a number of factors, risks and uncertainties described in the section titled “Liquidity” in Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” as well as in Part I, Item 1A, “Risk Factors,” of our ~~2024~~2025 Annual Report.

Sources of Liquidity. We finance our working capital and operating requirements using a combination of cash and cash equivalents balances, including cash from our repatriation strategy, and cash provided from ongoing operating activities. ~~and,~~We toalso ahave ~~lesser extent,~~ available borrowing capacity under our revolving credit facilities. Refer to the section titled “Cash Flows” ~~section~~ below for further discussion on cash flows from ongoing operating activities.

Cash and Cash Equivalents. As of ~~December~~June 30, 2025 and March 31, ~~2024~~2025, our cash and cash equivalents ~~are~~balance is $21,~~240~~720,~~923~~416 and $1,889,188, respectively, the majority of which is held in highly rated money market funds and interest-bearing bank deposit accounts with established national and global financial institutions. We believe our cash and cash equivalents balances, cash provided by operating activities, and available borrowing capacity under our revolving credit facilities, will provide sufficient liquidity to enable us to meet our working capital requirements and contractual obligations for at least the next 12 months and will be sufficient to ~~meet~~allow ~~the~~us ~~long-term~~to ~~requirements~~pursue of our business strategies and plans. However, there can be no assurance that sufficient capital will continue to be available or that it will be available on terms acceptable to us.

Repatriation of Cash. Our cash repatriation strategy, and by extension, our liquidity, may be impacted by several additional considerations, which include future changes to or interpretations of global tax ~~laws~~law and regulations, and our actual earnings in future periods. During the ~~nine~~three months ended ~~December~~June 3130, ~~2024~~2025, and ~~2023~~2024, no cash and cash equivalents were repatriated from a foreign subsidiary that were subject to income taxes. As of ~~December~~June 3130, ~~2024~~2025, and March 31, ~~2024~~2025, we have $~~481~~470,~~836~~987 and $~~263~~481,~~820~~836, respectively, of cash and cash equivalents held by foreign subsidiaries, a portion of which may be subject to additional foreign withholding taxes if it were to be repatriated. We continue to evaluate our cash repatriation strategy and currently anticipate repatriating current and future unremitted earnings of non-US subsidiaries to the extent they have been subject to US income tax if such cash is not required to fund ongoing foreign operations. Refer to Note 5, “Income Taxes,” of our consolidated financial statements in Part IV of our ~~2024~~2025 Annual Report for further information regarding our cash repatriation strategy.

Revolving Credit Facilities. Information about ~~the~~our revolving credit facilities available as of ~~December~~June 3130, ~~2024~~2025, is as follows:

•Primary Credit Facility. During the ~~nine~~three months ended ~~December~~June 3130, ~~2024~~2025, we made no borrowings or repayments and there were no material changes to the terms, to the outstanding letters of credit, or to the borrowing availability under our unsecured revolving credit facility disclosed in our ~~2024~~2025 Annual Report.

•China Credit Facility. During the nine months ended December 31, 2024, we made no borrowings or repayments and there were no material changes to the terms or to the outstanding bank guarantees under our credit facility in China disclosed in our 2024 Annual Report.24

•Debt Covenants. As of December 31, 2024, we are in compliance with all financial covenants under our revolving credit facilities.

Refer to Note 6, “Revolving Credit Facilities,” of our consolidated financial statements in Part IV of our 2024 Annual Report for further information on the terms of our revolving credit facilities.

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~~Material~~•China ~~Cash~~Credit ~~Requirements~~Facility. ~~Our~~During ~~material~~the ~~cash~~three ~~requirements~~months ~~include~~ended ~~uses~~June ~~for working capital~~30, ~~and payments to fulfill contractual obligations~~2025, ~~capital expenditures, and stock repurchases. Our working capital requirements begin when~~ we ~~purchase~~made ~~raw~~no ~~and~~borrowings ~~other~~or ~~materials~~repayments and ~~inventories~~there ~~and~~were ~~continue~~no ~~until~~material wechanges ~~ultimately~~to ~~collect~~ the ~~resulting~~terms ~~trade~~or ~~accounts~~to ~~receivable. Given~~ the ~~historical~~outstanding ~~seasonality~~bank ofguarantees ~~our~~under ~~business,~~ our ~~working~~credit ~~capital~~facility ~~requirements~~in ~~fluctuate~~China ~~significantly~~disclosed ~~throughout our fiscal year, and we utilize available cash to build inventory levels during certain quarters~~ in our ~~fiscal~~2025 ~~year~~Annual ~~to support higher selling seasons~~Report. ~~While the impact of seasonality has been mitigated to some extent, we expect our working capital requirements will continue to fluctuate from period to period.~~

~~There~~•Debt ~~were~~Covenants. noAs ~~material changes outside the ordinary course~~ of ~~business~~June ~~to the contractual obligations or capital expenditures as disclosed in the sections titled “Contractual Obligations” and “Capital Expenditures” in Part II~~30, ~~Item 7~~2025, ~~“Management’s~~we ~~Discussion~~are ~~and~~in ~~Analysis~~compliance ofwith ~~Financial~~all ~~Condition~~financial ~~and~~covenants ~~Results~~under ~~of Operations,” of~~ our ~~2024~~revolving ~~Annual~~credit ~~Report~~facilities.

~~Stock~~Refer ~~Repurchase~~to ~~Program.~~Note As6, of“Revolving ~~December~~Credit 31Facilities,” ~~2024,~~of ~~the aggregate remaining approved amount under~~ our ~~stock~~consolidated ~~repurchase~~financial ~~program~~statements isin ~~$640,692.~~Part ~~Our~~IV ~~stock~~of ~~repurchase~~our ~~program~~2025 ~~does~~Annual ~~not~~Report ~~obligate~~for usfurther toinformation ~~acquire~~regarding ~~any~~the ~~amount~~terms of ~~common~~our ~~stock~~revolving ~~and~~credit ~~may be suspended at any time at our discretion~~facilities.

~~Refer~~Material Cash Requirements. Our material cash requirements include working capital, payments to ~~Note~~fulfill 8contractual obligations, ~~“Stockholders’~~capital ~~Equity~~expenditures,” and stock repurchases. Our working capital requirements begin when we purchase raw and other materials and inventories and continue until we ultimately collect the resulting trade accounts receivable. Given the historical seasonality of the UGG brand, our ~~condensed~~working ~~consolidated~~capital ~~financial~~requirements ~~statements~~fluctuate insignificantly ~~Part~~throughout I,our ~~Item~~fiscal 1year, and we utilize available cash to ~~Part~~build ~~II,~~inventory ~~Item~~levels 2,during ~~“Unregistered~~certain ~~Sales~~quarters ofto ~~Equity~~support ~~Securities~~higher ~~and~~selling ~~Use~~seasons. While the impact of ~~Proceeds,”~~seasonality ~~within~~has ~~this~~been ~~Quarterly~~mitigated ~~Report~~to ~~for~~some ~~further~~extent, ~~information~~we ~~regarding~~expect our ~~stock~~working ~~repurchase~~capital ~~program~~requirements ~~and~~will ~~capital~~continue ~~allocation~~to ~~strategy~~fluctuate from period to period.

Contractual Obligations and Capital Expenditures. There were no material changes outside the ordinary course of business to the contractual obligations or capital expenditures as disclosed in the sections titled “Contractual Obligations” and “Capital Expenditures” in Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” of our 2025 Annual Report.

Stock Repurchase Program. As of June 30, 2025, the aggregate remaining approved amount under our stock repurchase program is $2,441,711. Our stock repurchase program does not obligate us to acquire any amount of common stock and may be suspended at any time at our discretion.

Refer to Note 7, “Stockholders’ Equity,” of our condensed consolidated financial statements in Part I, Item 1 and to Part II, Item 2, “Unregistered Sales of Equity Securities and Use of Proceeds,” within this Quarterly Report for further information regarding our stock repurchase program and capital allocation strategy.

CASH FLOWS

The following table summarizes the major components of our condensed consolidated statements of cash flows for the periods presented:

Nine Months Ended December 31,

Three Months Ended June 30,

2024

2023

Change

2025

2024

Change

Amount

Net cash provided by operating activities

136,~~117,515~~146

1112,~~061,858~~650

55(76,~~657~~504)

5(67.29)

Net cash used in investing activities

(5823,~~561~~929)

(7422,~~044~~521)

15(1,~~483~~408)

20(6.93)

Net cash used in financing activities

(~~316~~183,~~638~~228)

(~~316~~151,~~098~~861)

(~~540~~31,367)

(020.27)

Effect of foreign currency exchange rates on cash and cash equivalents

(32,~~444)~~239

(21,~~709~~922)

~~(735)~~4,161

~~(27~~216.1)5

Net change in cash and cash equivalents

~~738~~(168,~~872~~772)

~~669~~(63,~~007~~654)

69(105,~~865~~118)

10(165.41)

Operating Activities. Our primary source of liquidity iswas net cash provided by operating activities, which iswas driven by our net income after non-cash adjustments and changes in operating assets and liabilities.

The ~~increase~~decrease in net cash provided by operating activities during the ~~nine~~three months ended ~~December~~June 3130, ~~2024~~2025, compared to the prior period, was due to $~~204~~105,~~346~~877 of ~~favorable~~unfavorable ~~net~~changes ~~income~~in ~~after~~operating ~~non-cash~~assets ~~adjustments,~~and liabilities partially offset by $~~148~~29,~~689~~373 of ~~unfavorable~~favorable ~~changes~~net inincome ~~operating~~after ~~assets~~non-cash ~~and liabilities~~adjustments. Changes in operating assets and liabilities were primarily due to unfavorable impacts from (1) higher purchases of inventory to support ~~higher~~elevated demand for our ~~brands,~~products ~~unfavorable~~and ~~change~~the ~~from~~transition of our European 3PL, (2) timing of ~~tax~~derivative ~~payments~~cash settlements recorded in prepaid expenses and other current assets, and ~~lower~~(3) higher net trade accounts ~~payable~~receivable ~~related~~on tohigher net sales; partially offset by favorable impacts from higher net trade accounts payable from timing of receipts of goods and services and respective disbursements.

Investing Activities. The decrease in net cash used in investing activities during the nine months ended December 31, 2024, compared to the prior period, was primarily due to an increase from cash proceeds from the sale of certain assets. 25

Financing Activities. The increase in net cash used in financing activities during the nine months ended December 31, 2024, compared to the prior period, was primarily due to an increase of cash paid for shares withheld for taxes, partially offset by a lower dollar value of stock repurchases, inclusive of excise taxes.

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Investing Activities. Net cash used in investing activities remained relatively unchanged during the three months ended June 30, 2025, compared to the prior period.

Financing Activities. The increase in net cash used in financing activities during the three months ended June 30, 2025, compared to the prior period, was due to a higher dollar value of stock repurchases, inclusive of excise taxes.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Preparation of our condensed consolidated financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the amounts reported. Management bases these estimates and assumptions upon historical experience, existing and known circumstances, authoritative accounting pronouncements, and other factors that weit ~~believe~~believes to be reasonable~~, but actual results could differ materially from these estimates~~. In addition, management has considered the potential impact of macroeconomic factors, including changes in tariff rates, inflation, foreign currency exchange rate volatility, changes in interest rates, changes in commodity pricing, changes in consumer discretionary spending, and recessionary concerns, on our business and operations. Although the full impact of these factors is unknown, management believes it has made appropriate accounting estimates and assumptions based on the facts and circumstances available as of the reporting date. However, actual results could differ materially from these estimates and assumptions, which may result in material effects on our financial condition, results of operations and liquidity. Refer to the sections titled “Use of Estimates” and “Recent Accounting Pronouncements” within Note 1, “General,” of our condensed consolidated financial statements in Part I, Item 1 within this Quarterly Report, for additional information regarding applicable key estimates and assumptions, as well as the expected impact of recent accounting pronouncements.

There have been no material changes to the critical accounting policies ~~and~~or to the key estimates and assumptions, disclosed in the section titled “Critical Accounting Policies and Estimates” in Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” within our ~~2024~~2025 Annual Report.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

In the normal course of business, our financial position and results of operations are subject to a variety of risks, including ~~risks~~those associated with commodity pricing, foreign currency exchange rates and, to a lesser extent, interest rates. We regularly assess these risks and have established policies and business practices designed to mitigate their effects. There have been no material changes in the quantitative and qualitative disclosures about market risk disclosed in Part II, Item 7A, “Quantitative and Qualitative Disclosures About Market Risk,” within our ~~2024~~2025 Annual Report.

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ITEM 4. CONTROLS AND PROCEDURES

DISCLOSURE CONTROLS AND PROCEDURES

We maintain a system of disclosure controls and procedures, as defined in Rule 13a-15(e) under the Exchange Act, which are designed to provide reasonable assurance that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms. In designing and evaluating our disclosure controls and procedures, our management recognized that any system of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, as ours is designed to do, and management necessarily is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. In addition, the design of any system of controls is ~~also~~ based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

Under the supervision and with the participation of management, we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of ~~December~~June 3130, ~~2024~~2025. Based on that evaluation, our PEO and Principal Financial and Accounting Officer (PFAO) concluded that our disclosure controls and procedures are effective at a reasonable assurance level as of ~~December~~June 3130, ~~2024~~2025.

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INTERNAL CONTROL OVER FINANCIAL REPORTING

There were no changes in our internal control over financial reporting identified in management’s evaluation pursuant to Rule 13a-15(d) of the Exchange Act during the three months ended ~~December~~June 3130, ~~2024~~2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

~~PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL AND ACCOUNTING OFFICER CERTIFICATIONS~~27

The certifications of our PEO and PFAO required by Rule 13a-14(a) of the Exchange Act are filed as Exhibit 31.1 and Exhibit 31.2, and furnished as Exhibit 32, to this Quarterly Report. This Part I, Item 4, should be read in conjunction with such certifications for a more complete understanding of the topics presented.

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PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

As part of our global policing program to protect our intellectual property rights, from time to time, we file lawsuits in various jurisdictions asserting claims for alleged acts of trademark counterfeiting, trademark infringement, patent infringement, trade dress infringement, and trademark dilution. We generally have multiple actions such as these pending at any given point in time. These actions may result in seizure of counterfeit merchandise, out-of-court settlements with defendants, or other outcomes. In addition, from time to time, we are subject to claims in which opposing parties will raise, either as affirmative defenses or as counterclaims, the invalidity or unenforceability of certain of our intellectual property rights~~, including allegations that the UGG brand trademark registrations and design patents are invalid or unenforceable~~. Furthermore, we are aware of many instances throughout the world in which a third-party is using our ~~UGG~~HOKA brand and ~~HOKA~~ brand trademarks within its internet domain name. WeFinally, we are investigating several manufacturers and distributors of counterfeit ~~UGG~~HOKA and ~~HOKA~~UGG brand products, as well as various markets for indications of counterfeit ~~UGG and HOKA brand~~ products.

From time to time, we are involved in various legal proceedings, disputes, and other claims arising in the ordinary course of business, including employment, intellectual property, and product liability claims. Although the results of these ordinary course matters cannot be predicted with certainty, we currently believe that the final outcome of these ordinary course matters will not, individually or in the aggregate, have a material adverse effect on our business, results of operations, financial condition, or cash flows. However, regardless of the merit of the claims raised or the outcome, these ordinary course matters can have an adverse impact on us as a result of legal costs, diversion of management’s time and resources, and other factors.

ITEM 1A. RISK FACTORS

An investment in our common stock involves risks. Before making an investment decision, you should carefully consider all the information within Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” as well as in our condensed consolidated financial statements and the related notes contained in Part I, Item 1 within this Quarterly Report. In addition, you should carefully consider the risks and uncertainties described in Part I, Item 1A, “Risk Factors,” of our ~~2024~~2025 Annual Report, as well as in our other public filings with the SEC. If any of the identified risks are realized, our business, results of operations, financial condition, liquidity, and prospects could be materially and adversely affected. In that case, the trading price of our common stock may decline, and you could lose all or part of your investment. In addition, other risks of which we are currently unaware, or which we do not currently view to be material, could have a material adverse effect on our business, results of operations, financial condition, liquidity, and prospects.

During the three months ended ~~December~~June 3130, ~~2024~~2025, there were no material changes to the risks and uncertainties described in Part I, Item 1A, “Risk Factors,” of our ~~2024~~2025 Annual Report.

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ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Unregistered Sales of Equity Securities

None.

Use of Proceeds

Not applicable.

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

Our Board ~~of Directors (Board)~~ has approved various authorizations under our stock repurchase program to repurchase shares of our common stock in the open market or in privately negotiated transactions, subject to market conditions, applicable legal requirements, and other factors (collectively, the stock repurchase program). Our Board last approved an ~~additional~~ authorization of $12,~~200~~250,000 on ~~July~~May 2721, ~~2022,~~2025 to repurchase shares of our common stock under the same conditions as the prior stock repurchase ~~programs. As of December 31, 2024, the aggregate remaining approved amount under the stock repurchase~~ program ~~is $640,692~~.

Our stock repurchase program does not obligate us to acquire any amount of common stock and may be suspended at any time at our discretion. The credit agreements ~~under~~governing our revolving credit facilities allow us to make stock repurchases under this program, so long as we do not exceed certain leverage ratios. As of ~~December~~June 3130, ~~2024~~2025, we have not exceeded the stated leverage ratios, and no defaults have occurred under ~~our~~these credit agreements.

Stock repurchase activity under our stock repurchase program during the three months ended ~~December~~June 3130, ~~2024~~2025, was as follows:

	Total Number of Shares Repurchased (1)	Weighted Average Price per Share Paid		Dollar Value of Shares Repurchased (2) (3)		Dollar Value of Shares Remaining for Repurchase (3)
	Total Number of Shares Repurchased (1) (2)	Weighted Average Price per Share		Dollar Value of Shares Repurchased (2) (3)		Dollar Value of Shares Remaining for Repurchase (2)
October 1 - October 31, 2024	186,963	$	158.97	$	29,722	$	655,691
April 1 - April 30, 2025	588,656	$	107.02	$	62,998	$	311,703
November 1 - November 30, 2024	87,656	171.11		14,999		640,692
May 1 - May 31, 2025	532,150	118.38		62,998		2,498,705
December 1 - December 31, 2024	—	—		—		640,692
June 1 - June 30, 2025	545,096	104.56		56,994		2,441,711
Total	~~274~~1,~~619~~665,902	~~162~~109.8584		$	44182,~~721~~991	~~640~~2,~~692~~441,711

(1) All share repurchases were made pursuant to our stock repurchase program in open-market transactions.

(2) ~~The~~May ~~dollar~~not ~~value~~calculate ofon ~~shares~~rounded ~~repurchased excludes the cost of broker commissions, excise taxes, and other costs~~amounts.

(3) ~~May~~The ~~not~~dollar ~~calculate~~value onof ~~rounded~~shares ~~dollars~~repurchased excludes the cost of broker commissions, excise taxes, and other costs.

~~Refer~~Subsequent to ~~Note~~June 30, 82025, ~~“Stockholders’~~through ~~Equity~~July 10,” of2025, ~~our~~we ~~condensed~~repurchased ~~consolidated~~198,863 ~~financial~~shares ~~statements~~at ina ~~Part~~weighted I,average ~~Item~~price 1of ~~within~~$105.60 ~~this~~per ~~Quarterly~~share ~~Report~~for $21,000 ~~for~~and ~~further~~had ~~information~~$2,420,711 onremaining ~~repurchases~~for ofrepurchase under our ~~common~~ stock repurchase program.

39Refer to Note 7, “Stockholders’ Equity,” of our condensed consolidated financial statements in Part I, Item 1 within this Quarterly Report, for further information on repurchases of our common stock.

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ITEM 5. OTHER INFORMATION

DIRECTOR AND ~~EXECUTIVE~~ OFFICER TRADING PLANS AND ARRANGEMENTS

Our directors and ~~executive~~ officers may enter into trading plans or other arrangements with financial institutions to purchase or sell shares of our common stock. These plans or arrangements may constitute Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements, in each case as defined under Item 408(a) of Regulation S-K.

Set forth below is a summary of the adoption, modification, and termination activity of our directors and executive officers with respect to Rule 10b5-1 trading plans during the three months ended ~~December~~June 3130, ~~2024~~2025:

Name & Title

Adoption Date

Termination Date

Contract End Date

Aggregate Shares Covered(in ones) (31)

Steven Fasching, Chief Financial Officer

June 4, 2024

November 8, 2024 (1)

January 31, 2025

18,000 (2)

Anne Spangenberg, President, Fashion Lifestyle Group

June 4, 2024

April 7, 2025

June 1, 2025

16,686

Bonita Stewart, Director

June 4, 2024

November 22, 2024 (1)

May 29, 2025

13,500 (2)

Steven Fasching, Chief Financial Officer

November 22, 2024

June 3, 2025

12,702

Angela Ogbechie, Chief Supply Chain Officer

November 6, 2023

October 31, 2024 (1)

November 1, 2024

5,418 (2)

(1) ~~This~~Aggregated ~~trading~~shares ~~plan~~covered ~~was~~have ~~terminated~~been ~~automatically~~adjusted ~~prior~~ to reflect the ~~contract~~effect ~~end~~of ~~date~~the ~~upon~~stock ~~the~~split. ~~sale~~Refer to Note 1, “General,” of ~~all~~our ~~shares~~consolidated ~~covered~~financial bystatements in Part IV of our 2025 Annual Report for further information regarding the ~~plan~~stock split.

~~(2)~~During ~~Aggregated shares covered have been adjusted to reflect~~ the ~~stock~~three ~~split.~~months ~~Refer~~ended toJune ~~Note 1~~30, ~~“General~~2025,” ofno ~~our~~non-Rule ~~condensed~~10b5-1 ~~consolidated~~trading ~~financial~~arrangements ~~statements~~were inadopted, ~~Part I~~modified, ~~Item~~or 1terminated ~~within~~by ~~this~~our ~~Quarterly~~directors ~~Report~~or ~~for~~executive ~~further information~~officers.

(3) The actual number of shares sold under the plan will depend on the vesting of certain performance-based equity awards and the number of shares withheld by us to satisfy our income tax withholding obligations and may vary from the number provided herein.30

*Not applicable.

During the three months ended December 31, 2024, no non-Rule 10b5-1 trading arrangements were adopted, modified, or terminated by our directors or executive officers.

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ITEM 6. EXHIBITS

EXHIBIT INDEX

ExhibitNumber						Description of Exhibit
*31.1						Certification of Principal Executive Officer pursuant to Rule 13a-14(a) under the Exchange Act, adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, as amended
*31.2						Certification of Principal Financial and Accounting Officer pursuant to Rule 13a-14(a) under the Exchange Act, adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, as amended
**32.1						Certification of the Principal Executive Officer and the Principal Financial and Accounting Officer pursuant to 18 U.S.C. Section 1350, adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended
*101.INS						Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)
*101.SCH						Inline XBRL Taxonomy Extension Schema Document
*101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document
*101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document
*101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document
*101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document
*104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

* Filed herewith.

** Furnished herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


DECKERS OUTDOOR CORPORATION (Registrant)
/s/ STEVEN J. FASCHING
Steven J. Fasching Chief Financial Officer (Principal Financial and Accounting Officer)

Date: ~~February~~July 331, 2025

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