Deckers Outdoor (DECK) FY2023 results: revenue $3.6 billion, up 15.1% on the year

Deckers Outdoor Corp. (DECK) reported revenue of $3.6 billion for fiscal 2023, the year ended 31 March 2023, up 15.1% on the year before. Net income was $517 million, up 14.4%, and diluted earnings per share $3.23. The figures are the company's own, from the 10-K it filed with the SEC on 26 May 2023.

Revenue

$3.6 billion

+15.1% on the year

FY2016FY2023

Operating margin

18.0%

17.9% a year earlier

FY2016FY2023

Net income

$517 million

+14.4% on the year

FY2016FY2023

Diluted EPS

$3.23

+19.1% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	3,627	3,150	2,546	+15.1%
Cost of revenue	1,802	1,543	1,172	+16.8%
Gross profit	1,825	1,608	1,374	+13.5%
Gross margin	50.3%	51.0%	54.0%
Research and development	38.7	33.3	28.6	+15.9%
Selling, general and administrative	1,173	1,043	870	+12.4%
Operating income	653	565	504	+15.6%
Operating margin	18.0%	17.9%	19.8%
Interest expense	3.4	n/a	n/a
Income tax	149	113	119	+32.5%
Net income	517	452	383	+14.4%
Net margin	14.2%	14.3%	15.0%
Diluted EPS	$3.23	$2.71	$2.25	+19.1%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	537	172	596	+211.8%
Capital expenditure	81.0	51.0	32.2	+58.8%
Free cash flow	456	121	564	+276.1%
Free cash flow margin	12.6%	3.9%	22.2%
Cash from investing	-81.0	-51.0	-32.2
Cash from financing	-309	-367	-130
Depreciation and amortisation	47.9	42.9	40.5	+11.6%
Share-based compensation	26.9	26.8	22.7	+0.3%
Buybacks	297	357	99.1	-16.6%
Diluted shares, weighted	160m	167m	170m	-4.0%
Shares outstanding at period end	157m	162m	167m	-3.0%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	1,766	1,539	1,444	+14.7%
Short-term borrowings	n/a	n/a	0.0
Debt	0.0	0.0	0.0
Operating lease liabilities	196	172	176	+13.8%
Other liabilities	595	621	547	-4.3%
Total liabilities and equity	2,556	2,332	2,168	+9.6%
Fixed assets	267	222	206	+19.9%
Goodwill	14.0	14.0	14.0	0.0%
Intangible assets	37.5	39.7	41.9	-5.6%
Cash and equivalents	982	844	1,089	+16.4%
Receivables	302	303	216	-0.4%
Inventory	533	507	278	+5.1%
Other assets	422	403	322	+4.7%
Total assets	2,556	2,332	2,168	+9.6%

10-K for the year ended 31 March 2023, filed 26 May 2023: the filing.