Press Release: Deckers Brands Reports Third -2-

· 02/04/2021 16:05

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 Nine Months Ended December 31, December 31, 2020 2019 2020 2019 Net sales $1,077,759 $938,735 $1,984,453 $1,757,779 Cost of sales 463,862 431,103 909,013 847,104 Gross profit 613,897 507,632 1,075,440 910,675 Selling, general, and administrative expenses 285,242 251,866 625,880 589,195 Income from operations 328,655 255,766 449,560 321,480 Other expense (income), net 99 (837) 1,112 (2,741) Income before income taxes 328,556 256,603 448,448 324,221 Income tax expense 73,020 55,010 99,331 64,169 Net income 255,536 201,593 349,117 260,052 Other comprehensive income (loss) Unrealized (loss) gain on cash flow hedges, net of tax (279) (973) (726) 207 Foreign currency translation gain (loss) 7,947 2,667 14,995 (656) Total other comprehensive income (loss) 7,668 1,694 14,269 (449) Comprehensive income $263,204 $203,287 $363,386 $259,603 Net income per share Basic $9.09 $7.21 $12.44 $9.12 Diluted $8.99 $7.14 $12.30 $9.02 Weighted-average common shares outstanding Basic 28,114 27,978 28,054 28,515 Diluted 28,410 28,249 28,375 28,832 DECKERS OUTDOOR CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (dollar amounts in thousands) December 31, 2020 March 31, 2020 ASSETS (AUDITED) Current assets Cash and cash equivalents $ 1,156,556 $ 649,436 Trade accounts receivable, net 312,913 185,596 Inventories, net 305,298 311,620 Other current assets 82,672 47,459 Total current assets 1,857,439 1,194,111 Property and equipment, net 205,695 209,037 Operating lease assets 206,299 243,522 Other noncurrent assets 118,417 118,448 Total assets $ 2,387,850 $ 1,765,118 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Short-term borrowings $ 663 $ 638 Trade accounts payable 303,013 147,892 Operating lease liabilities 47,774 49,091 Other current liabilities 220,400 103,325 Total current liabilities 571,850 300,946 Mortgage payable 29,768 30,263 Long-term operating lease liabilities 186,934 215,724 Other long-term liabilities 79,177 78,065 Total long-term liabilities 295,879 324,052 Total stockholders' equity 1,520,121 1,140,120 Total liabilities and stockholders' equity $ 2,387,850 $ 1,765,118

This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, which statements are subject to considerable risks and uncertainties. Forward-looking statements include all statements other than statements of historical fact contained in this press release, including statements regarding the scope of operations at our retail stores, our Company-owned and third-party distribution centers, and within our sourcing network; the disruptions and impacts of the COVID-19 pandemic on our business and operations; our product and brand positioning and strategies; our potential repurchase of shares; and our ability to achieve future success. We have attempted to identify forward-looking statements by using words such as "anticipate," "believe," "could," "estimate," "expected," "intend," "may," "plan," "predict," "project," "should," "will," or "would," and similar expressions or the negative of these expressions.

Forward-looking statements represent our management's current expectations and predictions about trends affecting our business and industry and are based on information available as of 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 the section entitled "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended March 31, 2020, as well as in our Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission.

Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. 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, or to update the reasons actual results could differ materially from those expressed or implied by these forward-looking statements, whether to conform such statements to actual results or changes in our expectations, or as a result of the availability of new information. In addition, readers are cautioned that we may make future changes to our business and operations in response to the challenges and impacts of COVID-19, or in response to other business developments, which changes may be inconsistent with our prior forward-looking statements, and which may not be disclosed in future public announcements.

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SOURCE Deckers Brands

/CONTACT: Investors, Erinn Kohler | VP, Investor Relations & Corporate Planning | Deckers Brands | 805.967.7611

/Web site: http://www.deckers.com

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February 04, 2021 16:05 ET (21:05 GMT)