DECKERS OUTDOOR CORP, 10-Q filed on 2/3/2025
Quarterly Report
v3.25.0.1
COVER PAGE - shares
 9 Months Ended
Dec. 31, 2024
Jan. 16, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Dec. 31, 2024  
Document Transition Report false  
Entity File Number 001-36436  
Entity Registrant Name DECKERS OUTDOOR CORP  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 95-3015862  
Entity Address, Address Line One 250 Coromar Drive  
Entity Address, City or Town Goleta  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 93117  
City Area Code 805  
Local Phone Number 967-7611  
Title of 12(b) Security Common Stock, par value $0.01 per share  
Trading Symbol DECK  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   151,773,639
Entity Central Index Key 0000910521  
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Current Fiscal Year End Date --03-31  
v3.25.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
ASSETS    
Cash and cash equivalents $ 2,240,923 $ 1,502,051
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
Inventories 576,669 474,311
Prepaid expenses 47,005 34,284
Other current assets 79,242 92,713
Income tax receivable 27,194 43,559
Total current assets 3,274,112 2,443,483
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
Operating lease assets 218,876 225,669
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
Deferred tax assets, net 65,377 72,584
Other assets 52,787 50,648
Total assets 3,964,353 3,135,579
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Trade accounts payable 586,371 378,503
Accrued payroll 97,336 123,653
Operating lease liabilities 46,014 53,581
Other accrued expenses 192,276 106,785
Income tax payable 99,119 52,338
Value added tax payable 11,766 5,133
Total current liabilities 1,032,882 719,993
Long-term operating lease liabilities 211,015 213,298
Income tax liability 37,499 52,470
Other long-term liabilities 52,038 42,350
Total long-term liabilities 300,552 308,118
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
Additional paid-in capital 259,947 243,050
Retained earnings 2,424,898 1,913,615
Accumulated other comprehensive loss (Note 8) (55,444) (50,733)
Total stockholders’ equity 2,630,919 2,107,468
Total liabilities and stockholders’ equity $ 3,964,353 $ 3,135,579
v3.25.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Statement of Financial Position [Abstract]    
Trade accounts receivable, allowances $ 41,837 $ 27,331
Accumulated depreciation 391,945 349,138
Accumulated amortization and impairments $ 24,417 $ 91,314
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized shares (in shares) 750,000,000 750,000,000
Common stock, issued shares (in shares) 151,770,000 153,554,000
Common stock, outstanding shares (in shares) 151,770,000 153,554,000
v3.25.0.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]        
Net sales (Note 2, Note 10, and Note 11) $ 1,827,165 $ 1,560,307 $ 3,963,832 $ 3,328,005
Cost of sales 724,542 643,738 1,657,937 1,481,993
Gross profit 1,102,623 916,569 2,305,895 1,846,012
Selling, general, and administrative expenses 535,349 428,670 1,300,728 1,062,760
Income from operations (Note 10) 567,274 487,899 1,005,167 783,252
Interest income (15,978) (11,895) (48,027) (33,271)
Interest expense 610 911 2,792 2,927
Other income, net (1,300) (170) (1,605) (1,138)
Total other income, net (16,668) (11,154) (46,840) (31,482)
Income before income taxes 583,942 499,053 1,052,007 814,734
Income tax expense (Note 4) 127,208 109,134 237,327 182,716
Net income 456,734 389,919 814,680 632,018
Other comprehensive (loss) income, net of tax        
Unrealized gain (loss) on cash flow hedges 6,021 (3,645) 2,555 110
Foreign currency translation (loss) gain (17,707) 10,722 (7,266) (3,449)
Total other comprehensive (loss) income, net of tax (11,686) 7,077 (4,711) (3,339)
Comprehensive income $ 445,048 $ 396,996 $ 809,969 $ 628,679
Net income per share        
Basic (in dollars per share) $ 3.01 $ 2.53 $ 5.35 $ 4.06
Diluted (in dollars per share) $ 3.00 $ 2.52 $ 5.33 $ 4.03
Weighted-average common shares outstanding (Note 9)        
Basic (in shares) 151,820 153,985 152,307 155,716
Diluted (in shares) 152,386 154,865 152,924 156,670
v3.25.0.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Mar. 31, 2023   157,054,000      
Beginning balance at Mar. 31, 2023 $ 1,765,733 $ 1,571 $ 230,841 $ 1,572,356 $ (39,035)
Increase (Decrease) in Stockholders' Equity          
Stock-based compensation (in shares)   4,000      
Stock-based compensation 6,877   6,877    
Shares issued upon vesting (in shares)   16,000      
Exercise of stock options (in shares)   47,000      
Exercise of stock options 548   548    
Shares withheld for taxes (698)   (698)    
Repurchases of common stock (Note 8) (in shares)   (314,000)      
Repurchases of common stock (Note 8) (25,469) $ (3)   (25,466)  
Excise taxes related to repurchases of common stock (123)     (123)  
Net income 63,552     63,552  
Total other comprehensive (loss) income (8,299)       (8,299)
Ending balance (in shares) at Jun. 30, 2023   156,807,000      
Ending balance at Jun. 30, 2023 1,802,121 $ 1,568 237,568 1,610,319 (47,334)
Beginning balance (in shares) at Mar. 31, 2023   157,054,000      
Beginning balance at Mar. 31, 2023 $ 1,765,733 $ 1,571 230,841 1,572,356 (39,035)
Increase (Decrease) in Stockholders' Equity          
Repurchases of common stock (Note 8) (in shares) (3,573,960)        
Repurchases of common stock (Note 8) $ (310,635)        
Net income 632,018        
Total other comprehensive (loss) income (3,339)        
Ending balance (in shares) at Dec. 31, 2023   153,892,000      
Ending balance at Dec. 31, 2023 2,104,190 $ 1,539 253,899 1,891,126 (42,374)
Beginning balance (in shares) at Jun. 30, 2023   156,807,000      
Beginning balance at Jun. 30, 2023 1,802,121 $ 1,568 237,568 1,610,319 (47,334)
Increase (Decrease) in Stockholders' Equity          
Stock-based compensation (in shares)   3,000      
Stock-based compensation 9,802   9,802    
Shares issued upon vesting (in shares)   144,000      
Shares issued upon vesting 1,165 $ 1 1,164    
Exercise of stock options (in shares)   46,000      
Exercise of stock options 533   533    
Shares withheld for taxes (7,759)   (7,759)    
Repurchases of common stock (Note 8) (in shares)   (2,082,000)      
Repurchases of common stock (Note 8) (185,469) $ (21)   (185,448)  
Excise taxes related to repurchases of common stock (1,693)     (1,693)  
Net income 178,547     178,547  
Total other comprehensive (loss) income (2,117)       (2,117)
Ending balance (in shares) at Sep. 30, 2023   154,918,000      
Ending balance at Sep. 30, 2023 1,795,130 $ 1,548 241,308 1,601,725 (49,451)
Increase (Decrease) in Stockholders' Equity          
Stock-based compensation (in shares)   3,000      
Stock-based compensation 11,846 $ 1 11,845    
Shares issued upon vesting (in shares)   14,000      
Exercise of stock options (in shares)   135,000      
Exercise of stock options 1,444 $ 2 1,442    
Shares withheld for taxes (696)   (696)    
Repurchases of common stock (Note 8) (in shares)   (1,178,000)      
Repurchases of common stock (Note 8) (99,697) $ (12)   (99,685)  
Excise taxes related to repurchases of common stock (833)     (833)  
Net income 389,919     389,919  
Total other comprehensive (loss) income 7,077       7,077
Ending balance (in shares) at Dec. 31, 2023   153,892,000      
Ending balance at Dec. 31, 2023 $ 2,104,190 $ 1,539 253,899 1,891,126 (42,374)
Beginning balance (in shares) at Mar. 31, 2024 153,554,000 153,554,000      
Beginning balance at Mar. 31, 2024 $ 2,107,468 $ 1,536 243,050 1,913,615 (50,733)
Increase (Decrease) in Stockholders' Equity          
Stock-based compensation (in shares)   2,000      
Stock-based compensation 8,231   8,231    
Shares issued upon vesting (in shares)   6,000      
Exercise of stock options (in shares)   54,000      
Exercise of stock options 601 $ 1 600    
Shares withheld for taxes (495)   (495)    
Repurchases of common stock (Note 8) (in shares)   (1,062,000)      
Repurchases of common stock (Note 8) (151,967) $ (11)   (151,956)  
Excise taxes related to repurchases of common stock (1,181)     (1,181)  
Net income 115,625     115,625  
Total other comprehensive (loss) income (3,800)       (3,800)
Ending balance (in shares) at Jun. 30, 2024   152,554,000      
Ending balance at Jun. 30, 2024 $ 2,074,482 $ 1,526 251,386 1,876,103 (54,533)
Beginning balance (in shares) at Mar. 31, 2024 153,554,000 153,554,000      
Beginning balance at Mar. 31, 2024 $ 2,107,468 $ 1,536 243,050 1,913,615 (50,733)
Increase (Decrease) in Stockholders' Equity          
Repurchases of common stock (Note 8) (in shares) (2,022,299)        
Repurchases of common stock (Note 8) $ (301,011)        
Net income 814,680        
Total other comprehensive (loss) income $ (4,711)        
Ending balance (in shares) at Dec. 31, 2024 151,770,000 151,770,000      
Ending balance at Dec. 31, 2024 $ 2,630,919 $ 1,518 259,947 2,424,898 (55,444)
Beginning balance (in shares) at Jun. 30, 2024   152,554,000      
Beginning balance at Jun. 30, 2024 2,074,482 $ 1,526 251,386 1,876,103 (54,533)
Increase (Decrease) in Stockholders' Equity          
Stock-based compensation (in shares)   2,000      
Stock-based compensation 11,657   11,657    
Shares issued upon vesting (in shares)   129,000      
Shares issued upon vesting 1,638 $ 1 1,637    
Exercise of stock options (in shares)   9,000      
Exercise of stock options 93   93    
Shares withheld for taxes (12,561)   (12,561)    
Repurchases of common stock (Note 8) (in shares)   (686,000)      
Repurchases of common stock (Note 8) (104,323) $ (7)   (104,316)  
Excise taxes related to repurchases of common stock (843)     (843)  
Net income 242,321     242,321  
Total other comprehensive (loss) income 10,775       10,775
Ending balance (in shares) at Sep. 30, 2024   152,008,000      
Ending balance at Sep. 30, 2024 2,223,239 $ 1,520 252,212 2,013,265 (43,758)
Increase (Decrease) in Stockholders' Equity          
Stock-based compensation (in shares)   2,000      
Stock-based compensation 8,653   8,653    
Shares issued upon vesting (in shares)   8,000      
Exercise of stock options (in shares)   27,000      
Exercise of stock options 274   274    
Shares withheld for taxes (1,192)   (1,192)    
Repurchases of common stock (Note 8) (in shares)   (275,000)      
Repurchases of common stock (Note 8) (44,721) $ (2)   (44,719)  
Excise taxes related to repurchases of common stock (382)     (382)  
Net income 456,734     456,734  
Total other comprehensive (loss) income $ (11,686)       (11,686)
Ending balance (in shares) at Dec. 31, 2024 151,770,000 151,770,000      
Ending balance at Dec. 31, 2024 $ 2,630,919 $ 1,518 $ 259,947 $ 2,424,898 $ (55,444)
v3.25.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 9 Months Ended
Dec. 31, 2024
Dec. 31, 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) 0
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
Cash paid during the period    
Income taxes 182,282 108,439
Interest 1,246 1,358
Operating leases 52,165 49,283
Non-cash investing activities    
Changes in trade accounts payable and other accrued expenses for purchases of property and equipment 979 (10,162)
Accrued for asset retirement obligation assets related to leasehold improvements 1,399 1,094
Leasehold improvements acquired through tenant allowances 0 8,127
Non-cash financing activities    
Accrued excise taxes related to repurchases of common stock $ 2,406 $ 2,649
v3.25.0.1
GENERAL
 9 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
GENERAL 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, Teva, Koolaburra, and AHNU brands. Refer to the section titled “Reportable Operating Segments,” below within this Note 1, “General,” for information on the sale of the Sanuk brand during the three months ended September 30, 2024 (prior quarter) and the Company’s plans to phase out standalone operations for the Koolaburra brand.

The Company sells its products through quality domestic and international retailers, international distributors, and directly to its global consumers through its DTC business, which is comprised of its e-commerce business and retail stores. Independent third-party contractors manufacture all of the Company’s products.

Seasonality. A significant part of the UGG brand’s business has historically been seasonal, requiring the Company to build inventory levels during certain quarters in its fiscal year to support higher selling seasons, which has contributed to variation in its results from quarter to quarter. However, as the Company continues to take steps to diversify and expand its product offerings by creating more year-round styles, and as net sales of the HOKA brand, which generally occur more evenly throughout the year, continue to increase as a percentage of the Company’s aggregate net sales, the Company expects to continue to see the impact from seasonality decrease over time.

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.
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 of Estimates. The 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 experience, existing and known circumstances, authoritative accounting pronouncements and other factors that management believes to be reasonable. In addition, the Company has considered the potential impact of macroeconomic 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 the full impact of these factors is unknown, the Company 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 the Company’s financial condition, results of operations, and liquidity. To the extent there are differences between these estimates and actual results, the Company’s condensed consolidated financial statements may be materially affected.

Significant areas requiring the use of management estimates and assumptions relate to inventory write-downs; trade accounts receivable allowances, including variable consideration for net sales provided to customers, such as the sales return asset and liability; contract assets and liabilities; stock-based compensation; impairment assessments, including goodwill, other intangible assets, and long-lived assets; depreciation and amortization; income tax receivables and liabilities; uncertain tax positions; the fair value of financial instruments; the reasonably certain lease term; lease classification; and the Company’s incremental borrowing rate utilized to measure its operating lease assets and lease liabilities.

Foreign Currency Translation. The Company considers the US dollar as its functional currency. The Company’s wholly 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 rate at the end of the reporting period, which results in gains and losses that are recorded in selling, general, and administrative (SG&A) expenses in the condensed consolidated statements of comprehensive income as incurred. In addition, the Company translates assets and liabilities of subsidiaries with reporting currencies other than US dollars into US dollars using the exchange rates at the end of the reporting period, which results in financial statement translation gains and losses recorded in other comprehensive income or loss (OCI) in the condensed consolidated statements of comprehensive income.

Reportable Operating Segments. As of December 31, 2024, the Company’s five reportable operating segments include the worldwide wholesale operations of the UGG brand, HOKA brand, Teva brand, and Other brands (primarily consisting of the Koolaburra brand, as well as the recently launched AHNU brand), as well as DTC (collectively, the Company’s reportable operating segments).
Sanuk Brand. During the prior quarter, the Company entered into an agreement pursuant to which the buyer agreed to purchase the Sanuk brand and certain related assets which was completed on August 15, 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 results of this business were not classified as discontinued operations. The Company’s financial results for its reportable operating segments present the former Sanuk brand through the Sanuk Brand Sale Date for all channels, and the former Sanuk brand wholesale reportable operating segment financial results has been reclassified into the Other brands wholesale reportable operating segment for all periods presented. Refer to Note 10, “Reportable Operating Segments,” for further information on the Company’s reportable operating segments.

Koolaburra Brand. During the three months ended December 31, 2024, the Company began taking steps to phase out its standalone operations for the Koolaburra brand in order to maintain focus on the Company’s most significant organic opportunities. As part of this change, the Company expects to sunset Koolaburra.com at the close of this current fiscal year and wind down the Koolaburra brand in the wholesale channel throughout calendar year 2025. As of December 31, 2024, the Company has not incurred, nor expects to incur, material exit costs or obligations associated with this plan.

Recent Accounting Pronouncements. The Financial Accounting Standards Board has issued Accounting Standards Updates (ASU) that have been adopted and not yet adopted by the Company as stated below.

Recently Adopted. The following is a summary of an ASU adopted by and its impact on the Company:
StandardDescriptionImpact 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.
Not Yet Adopted. The following is a 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:
StandardDescription
Planned Period of Adoption
Expected Impact on Adoption
ASU 2023-07 - Improvements to Reportable Segment DisclosuresThe 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.
StandardDescription
Planned Period of Adoption
Expected Impact on Adoption
ASU 2023-09 - Improvements to Income Tax DisclosuresThe 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 2026The 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 2028
and
Q1 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.
v3.25.0.1
REVENUE RECOGNITION
 9 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION 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 AssetRefund Liability
Balance, March 31, 2024$13,866 $(55,327)
Net additions to sales return liability (1)
63,580 (266,277)
Actual returns(47,842)216,359 
Balance, December 31, 2024$29,604 $(105,245)

Recovery AssetRefund Liability
Balance, March 31, 2023$15,685 $(45,322)
Net additions to sales return liability (1)
52,700 (221,702)
Actual returns(43,081)180,736 
Balance, December 31, 2023$25,304 $(86,288)

(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.
Loyalty Programs. Activity related to loyalty programs was as follows:
Nine Months Ended December 31,
20242023
Beginning balance
$(17,586)$(13,144)
Redemptions and expirations for loyalty certificates and points recognized in net sales45,884 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,
20242023
Beginning balance$(9,591)$(13,448)
Additions of customer cash payments(69,422)(53,615)
Revenue recognized60,217 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.
v3.25.0.1
FAIR VALUE MEASUREMENTS
 9 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS 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 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 ofMeasured Using
December 31, 2024Level 1Level 2Level 3
Assets:
Cash equivalents:
Money-market funds$1,704,902 $1,704,902 $— $— 
Other current assets:
Designated Derivative Contracts asset
3,380 — 3,380 — 
Other assets:
Non-qualified deferred compensation asset16,824 16,824 — — 
Total assets measured at fair value$1,725,106 $1,721,726 $3,380 $— 
Liabilities:
Other accrued expenses:
Non-qualified deferred compensation liability$(1,192)$(1,192)$— $— 
Other long-term liabilities:
Non-qualified deferred compensation liability(24,731)(24,731)— — 
Total liabilities measured at fair value$(25,923)$(25,923)$— $— 
As ofMeasured Using
March 31, 2024Level 1Level 2Level 3
Assets:
Cash equivalents:
Money-market funds$1,152,083 $1,152,083 $— $— 
Other assets:
Non-qualified deferred compensation asset13,553 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 7, “Derivative Instruments,” for further information, including the definition of the term Designated Derivative Contracts.
v3.25.0.1
INCOME TAXES
 9 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Income tax expense and the effective income tax rate were as follows:
Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Income tax expense$127,208 $109,134 $237,327 $182,716 
Effective income tax rate21.8 %21.9 %22.6 %22.4 %

The tax provisions during the three and nine months ended December 31, 2024, and 2023, 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, and March 31, 2024, 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, including a change in return-to-provision adjustments and tax benefits for stock-based compensation. In addition, the net change in the effective income tax rate due to net discrete items during the nine months ended December 31, 2024 included a change in valuation allowance on tax attributes.

Recent Tax Law Changes. The Organization for Economic Co-operation and Development (commonly known as OECD) has released Pillar Two model rules introducing a 15% global minimum tax rate for large multinational corporations to be effective starting with tax periods ending in 2024. Various jurisdictions in which the Company operates have enacted or plan to enact legislation beginning in calendar year 2024 or in subsequent years. The enactment of Pillar Two legislation did not have a material effect on the Company’s condensed consolidated statements of comprehensive income during the current period. The Company will continue to monitor and reflect the impact of such legislative changes in future periods, as each of the respective jurisdictions enact the legislation and the legislation becomes effective.
v3.25.0.1
COMMITMENTS AND CONTINGENCIES
 9 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Leases. The Company primarily leases 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 months ended December 31, 2024, to the operating lease terms disclosed in the 2024 Annual Report.

Supplemental information for amounts presented in the condensed consolidated statements of cash flows related to operating leases, were as follows:
Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Non-cash operating activities (1)
Operating lease assets obtained in exchange for lease liabilities
$23,814 $32,929 $39,912 $67,668 
Reductions to operating lease assets for reductions to lease liabilities
(229)(79)(1,350)(7,750)

(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.

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.
v3.25.0.1
STOCK-BASED COMPENSATION
 9 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION 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.
The 2024 SIP initially reserves 7,800,000 shares of the Company’s common stock for issuance to employees, directors, consultants, and independent contractors, less one share for every one share granted under the 2015 SIP after March 31, 2024 and prior to September 9, 2024, the effective date of the 2024 SIP, subject to an increase from the return of shares under the 2015 SIP as described below. The terms of the 2024 SIP are substantially similar to the terms of the 2015 SIP. The 2024 SIP provides for the issuance of a variety of stock-based compensation awards, including RSUs, PSUs, LTIP PSUs, stock appreciation rights, stock bonuses, ISOs, and NQSOs. The maximum aggregate number of shares that may be issued to employees under the 2024 SIP through the exercise of ISOs is 4,500,000.

The Company will not grant any further equity awards under the 2015 SIP. Outstanding awards under the 2015 SIP will remain outstanding, unchanged and subject to the terms of 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 an award or to satisfy tax withholding obligations, including shares subject to awards granted under the 2015 SIP that are outstanding after March 31, 2024, will be returned to the pool of shares available for grant and issuance under the 2024 SIP. 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 capitalization.

Annual Stock Awards. The Company granted the following awards during the periods presented:
Nine Months Ended December 31,
20242023
Award Type
Number of Shares
Weighted-Average Grant Date Fair Value
Number of Shares
Weighted-Average Grant Date Fair Value
RSUs159,891 $159.73 220,044 $92.12 
LTIP PSUs (1)
72,213 173.09 125,076 105.65 

(1) The amounts granted are at the target performance level under the terms of the applicable LTIP PSUs.

During the nine months ended December 31, 2024, with the exception of the RSU and LTIP PSU awards summarized above, additional material awards were not granted under the 2015 SIP or 2024 SIP.

For the LTIP PSUs granted during fiscal years ending March 31, 2025, 2024, and 2023, the Company expects to exceed the minimum threshold target performance criteria based on the Company’s current long-range forecast as of December 31, 2024. Refer to Note 8, “Stock-Based Compensation,” in the Company’s consolidated financial 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.

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.

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.
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
Unrecognized
Stock-Based Compensation
Weighted-Average
Remaining
Vesting Period (Years)
RSUs$26,790 1.2
LTIP PSUs23,585 1.0
Total$50,375 
v3.25.0.1
DERIVATIVE INSTRUMENTS
 9 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS 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 assets3,380 

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,
2024202320242023
Gain (loss) recorded in OCI$6,575 $(1,318)$2,219 $3,798 
Reclassifications from AOCL into net sales1,389 (3,503)1,161 (3,652)
Income tax (expense) benefit in OCI(1,943)1,176 (825)(36)
Total$6,021 $(3,645)$2,555 $110 

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 31, 2024, the amount of unrealized gains on derivative contracts recorded in AOCL is expected to be reclassified into net sales within the next three months. Refer to Note 8, “Stockholders’ Equity,” for further information on the components of AOCL.
v3.25.0.1
STOCKHOLDERS’ EQUITY
 9 Months Ended
Dec. 31, 2024
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS’ EQUITY STOCKHOLDERS’ EQUITY
Stock Repurchase Program. The Company’s Board of 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). As of December 31, 2024, the aggregate remaining approved 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,
20242023
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, 2024March 31, 2024
Unrealized gain on cash flow hedges$2,555 $— 
Cumulative foreign currency translation loss(57,999)(50,733)
Total $(55,444)$(50,733)
v3.25.0.1
BASIC AND DILUTED SHARES
 9 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
BASIC AND DILUTED SHARES 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,
 2024202320242023
Basic151,820,000 153,985,000 152,307,000 155,716,000 
Dilutive effect of equity awards566,000 880,000 617,000 954,000 
Diluted152,386,000 154,865,000 152,924,000 156,670,000 
Excluded
RSUs— 5,000 16,000 8,000 
LTIP PSUs272,000 551,000 292,000 551,000 
Deferred Non-Employee Director Equity Awards1,000 2,000 1,000 2,000 
Employee Stock Purchase Plan3,000 3,000 — 1,000 

Excluded Awards. The equity awards excluded from the calculation of the dilutive effect have been excluded due to one of the following: (1) the shares were antidilutive; (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 Annual Report for further information on the Company’s equity incentive plans.
v3.25.0.1
REPORTABLE OPERATING SEGMENTS
 9 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
REPORTABLE OPERATING SEGMENTS REPORTABLE OPERATING SEGMENTS
Information reported to the CODM, who is the Company’s Chief Executive Officer (CEO), President, and Principal Executive Officer (PEO), is organized into the Company’s five reportable operating segments and is consistent with how the CODM evaluates performance and allocates resources. The Company does not consider international operations to be a separate reportable operating segment, and the CODM reviews such operations in the aggregate with the reportable operating segments.

Segment Net Sales and Income from Operations. The Company evaluates reportable operating segment performance primarily based on net sales and income (loss) from operations. The wholesale operations of each brand are managed separately because each requires different marketing, research and development, design, sourcing, and sales strategies. The income (loss) from operations of each of the reportable operating segments includes only those costs which are specifically related to each reportable operating segment, which consist primarily of cost of sales, research and development, design, sales and marketing, depreciation, amortization, and the direct costs of employees within those reportable operating segments.
The Company does not allocate corporate overhead costs or non-operating income and expenses to reportable operating segments, which include unallocable overhead costs associated with the Company’s warehouses and DCs, certain executive and stock-based compensation, accounting, finance, legal, IT, human resources, and facilities, among others. Inter-segment sales from the Company’s wholesale reportable operating segments to the DTC reportable operating segment are at the Company’s cost, and there is no inter-segment profit on these inter-segment sales, nor are they reflected in income (loss) from operations of the wholesale reportable operating segments as these transactions are eliminated in consolidation.

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,
2024202320242023
Net sales
UGG brand wholesale$467,998 $402,876 $1,122,952 $976,262 
HOKA brand wholesale305,241 252,222 1,000,317 776,042 
Teva brand wholesale18,853 20,449 62,344 67,731 
Other brands wholesale (1)
23,736 26,614 58,650 67,721 
Direct-to-Consumer (1)
1,011,337 858,146 1,719,569 1,440,249 
Total$1,827,165 $1,560,307 $3,963,832 $3,328,005 

Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Income (loss) from operations
UGG brand wholesale$190,888 $153,653 $424,812 $336,421 
HOKA brand wholesale84,052 83,654 324,687 252,051 
Teva brand wholesale(738)2,047 4,835 10,637 
Other brands wholesale (1)
5,350 (1,365)4,161 3,509 
Direct-to-Consumer (1)
481,021 401,075 730,878 588,792 
Unallocated overhead costs(193,299)(151,165)(484,206)(408,158)
Total$567,274 $487,899 $1,005,167 $783,252 

(1) Includes current period partial financial results through the Sanuk Brand Sale Date and full financial results to date for the three and nine months ended December 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 presented.

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.
Assets allocated to each reportable operating segment, with a reconciliation to the condensed consolidated balance sheets, are as follows:
December 31, 2024March 31, 2024
Assets
UGG brand wholesale$357,634 $247,136 
HOKA brand wholesale464,046 436,147 
Teva brand wholesale54,354 81,703 
Other brands wholesale (1)
12,224 27,905 
Direct-to-Consumer307,008 263,840 
Total assets from reportable operating segments
1,195,266 1,056,731 
Unallocated cash and cash equivalents2,240,923 1,502,051 
Unallocated deferred tax assets, net65,377 72,584 
Unallocated other corporate assets462,787 504,213 
Total$3,964,353 $3,135,579 

(1) Effective on the Sanuk 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 of March 31, 2024 are presented within the Other brands wholesale reportable operating segment. Refer to the section titled “Reportable Operating Segments,” in Note 1, “General,” for further information.
v3.25.0.1
CONCENTRATION OF BUSINESS
 9 Months Ended
Dec. 31, 2024
Risks and Uncertainties [Abstract]  
CONCENTRATION OF BUSINESS CONCENTRATION OF BUSINESS
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 December 31,Nine Months Ended December 31,
2024202320242023
International net sales$657,874 $511,918 $1,424,775 $1,112,048 
% of net sales36.0 %32.8 %35.9 %33.4 %
Net sales in foreign currencies$517,992 $415,505 $1,070,798 $856,820 
% of net sales28.3 %26.6 %27.0 %25.7 %
Ten largest global customers as % of net sales21.1 %22.5 %24.3 %25.2 %

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.

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.
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, 2024March 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.
v3.25.0.1
SUPPLIER FINANCE PROGRAM
 9 Months Ended
Dec. 31, 2024
Payables and Accruals [Abstract]  
SUPPLIER FINANCE PROGRAM 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 $3,483, respectively, of balances outstanding related to the SFP recorded in trade accounts payable in the condensed consolidated balance sheets. Payments made in connection with the SFP are reported as cash used in operating activities in the trade accounts payable line item of the condensed consolidated statements of cash flows.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Dec. 31, 2024
Dec. 31, 2023
Pay vs Performance Disclosure                
Net income $ 456,734 $ 242,321 $ 115,625 $ 389,919 $ 178,547 $ 63,552 $ 814,680 $ 632,018
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended 9 Months Ended
Dec. 31, 2024
shares
Dec. 31, 2024
shares
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
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 31, 2024:
Name & TitleAdoption DateTermination DateContract End Date
Aggregate Shares Covered
(in ones) (3)
Steven Fasching,
Chief Financial Officer
June 4, 2024
November 8, 2024 (1)
January 31, 2025
18,000 (2)
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 trading plan was terminated automatically prior to the contract end date upon the sale of all shares covered by the plan.
(2) Aggregated shares covered have been adjusted to reflect the stock split. Refer to Note 1, “General,” of our condensed consolidated financial statements in Part I, Item 1 within this Quarterly Report for further information.
(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.

*Not applicable.
Non-Rule 10b5-1 Arrangement Adopted false  
Non-Rule 10b5-1 Arrangement Terminated false  
Bonita Stewart [Member]    
Trading Arrangements, by Individual    
Name Bonita Stewart  
Title Director  
Rule 10b5-1 Arrangement Terminated true  
Termination Date November 22, 2024  
Aggregate Available 13,500 13,500
Angela Ogbechie [Member]    
Trading Arrangements, by Individual    
Name Angela Ogbechie  
Title Chief Supply Chain Officer  
Rule 10b5-1 Arrangement Terminated true  
Termination Date October 31, 2024  
Aggregate Available 5,418 5,418
Steven Fasching, June 04, 2024 [Member] | Steven Fasching [Member]    
Trading Arrangements, by Individual    
Name Steven Fasching  
Title Chief Financial Officer  
Rule 10b5-1 Arrangement Terminated true  
Termination Date November 8, 2024  
Aggregate Available 18,000 18,000
Steven Fasching, November 22, 2024 Plan [Member] | Steven Fasching [Member]    
Trading Arrangements, by Individual    
Name Steven Fasching  
Title Chief Financial Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date November 22, 2024  
Expiration Date June 3, 2025  
Arrangement Duration 193 days  
Aggregate Available 12,702 12,702
v3.25.0.1
GENERAL (Policies)
 9 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
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.
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
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 of Estimates
Use of Estimates. The 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 experience, existing and known circumstances, authoritative accounting pronouncements and other factors that management believes to be reasonable. In addition, the Company has considered the potential impact of macroeconomic 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 the full impact of these factors is unknown, the Company 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 the Company’s financial condition, results of operations, and liquidity. To the extent there are differences between these estimates and actual results, the Company’s condensed consolidated financial statements may be materially affected.

Significant areas requiring the use of management estimates and assumptions relate to inventory write-downs; trade accounts receivable allowances, including variable consideration for net sales provided to customers, such as the sales return asset and liability; contract assets and liabilities; stock-based compensation; impairment assessments, including goodwill, other intangible assets, and long-lived assets; depreciation and amortization; income tax receivables and liabilities; uncertain tax positions; the fair value of financial instruments; the reasonably certain lease term; lease classification; and the Company’s incremental borrowing rate utilized to measure its operating lease assets and lease liabilities.
Foreign Currency Translation
Foreign Currency Translation. The Company considers the US dollar as its functional currency. The Company’s wholly 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 rate at the end of the reporting period, which results in gains and losses that are recorded in selling, general, and administrative (SG&A) expenses in the condensed consolidated statements of comprehensive income as incurred. In addition, the Company translates assets and liabilities of subsidiaries with reporting currencies other than US dollars into US dollars using the exchange rates at the end of the reporting period, which results in financial statement translation gains and losses recorded in other comprehensive income or loss (OCI) in the condensed consolidated statements of comprehensive income.
Reportable Operating Segments
Reportable Operating Segments. As of December 31, 2024, the Company’s five reportable operating segments include the worldwide wholesale operations of the UGG brand, HOKA brand, Teva brand, and Other brands (primarily consisting of the Koolaburra brand, as well as the recently launched AHNU brand), as well as DTC (collectively, the Company’s reportable operating segments).
Sanuk Brand. During the prior quarter, the Company entered into an agreement pursuant to which the buyer agreed to purchase the Sanuk brand and certain related assets which was completed on August 15, 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 results of this business were not classified as discontinued operations. The Company’s financial results for its reportable operating segments present the former Sanuk brand through the Sanuk Brand Sale Date for all channels, and the former Sanuk brand wholesale reportable operating segment financial results has been reclassified into the Other brands wholesale reportable operating segment for all periods presented. Refer to Note 10, “Reportable Operating Segments,” for further information on the Company’s reportable operating segments.

Koolaburra Brand. During the three months ended December 31, 2024, the Company began taking steps to phase out its standalone operations for the Koolaburra brand in order to maintain focus on the Company’s most significant organic opportunities. As part of this change, the Company expects to sunset Koolaburra.com at the close of this current fiscal year and wind down the Koolaburra brand in the wholesale channel throughout calendar year 2025. As of December 31, 2024, the Company has not incurred, nor expects to incur, material exit costs or obligations associated with this plan.
Information reported to the CODM, who is the Company’s Chief Executive Officer (CEO), President, and Principal Executive Officer (PEO), is organized into the Company’s five reportable operating segments and is consistent with how the CODM evaluates performance and allocates resources. The Company does not consider international operations to be a separate reportable operating segment, and the CODM reviews such operations in the aggregate with the reportable operating segments.

Segment Net Sales and Income from Operations. The Company evaluates reportable operating segment performance primarily based on net sales and income (loss) from operations. The wholesale operations of each brand are managed separately because each requires different marketing, research and development, design, sourcing, and sales strategies. The income (loss) from operations of each of the reportable operating segments includes only those costs which are specifically related to each reportable operating segment, which consist primarily of cost of sales, research and development, design, sales and marketing, depreciation, amortization, and the direct costs of employees within those reportable operating segments.
The Company does not allocate corporate overhead costs or non-operating income and expenses to reportable operating segments, which include unallocable overhead costs associated with the Company’s warehouses and DCs, certain executive and stock-based compensation, accounting, finance, legal, IT, human resources, and facilities, among others. Inter-segment sales from the Company’s wholesale reportable operating segments to the DTC reportable operating segment are at the Company’s cost, and there is no inter-segment profit on these inter-segment sales, nor are they reflected in income (loss) from operations of the wholesale reportable operating segments as these transactions are eliminated in consolidation.
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.
Recent Accounting Pronouncements
Recent Accounting Pronouncements. The Financial Accounting Standards Board has issued Accounting Standards Updates (ASU) that have been adopted and not yet adopted by the Company as stated below.

Recently Adopted. The following is a summary of an ASU adopted by and its impact on the Company:
StandardDescriptionImpact 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.
Not Yet Adopted. The following is a 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:
StandardDescription
Planned Period of Adoption
Expected Impact on Adoption
ASU 2023-07 - Improvements to Reportable Segment DisclosuresThe 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.
StandardDescription
Planned Period of Adoption
Expected Impact on Adoption
ASU 2023-09 - Improvements to Income Tax DisclosuresThe 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 2026The 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 2028
and
Q1 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.
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.
Contract Liabilities. Contract liabilities are recorded in other accrued expenses in the condensed consolidated balance sheets and include loyalty programs and other deferred revenue.
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.
Net Income Per Share
Excluded Awards. The equity awards excluded from the calculation of the dilutive effect have been excluded due to one of the following: (1) the shares were antidilutive; (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 Annual Report for further information on the Company’s equity incentive plans.
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.
v3.25.0.1
GENERAL (Tables)
 9 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Accounting Pronouncements Recently Adopted and Not Yet Adopted The Financial Accounting Standards Board has issued Accounting Standards Updates (ASU) that have been adopted and not yet adopted by the Company as stated below.
Recently Adopted. The following is a summary of an ASU adopted by and its impact on the Company:
StandardDescriptionImpact 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.
Not Yet Adopted. The following is a 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:
StandardDescription
Planned Period of Adoption
Expected Impact on Adoption
ASU 2023-07 - Improvements to Reportable Segment DisclosuresThe 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.
StandardDescription
Planned Period of Adoption
Expected Impact on Adoption
ASU 2023-09 - Improvements to Income Tax DisclosuresThe 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 2026The 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 2028
and
Q1 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.
v3.25.0.1
REVENUE RECOGNITION (Tables)
 9 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Activity Related to Estimated Sales Returns, Loyalty Program Activity and Deferred Revenue
The following tables summarize changes in the estimated sales returns for the periods presented:
Recovery AssetRefund Liability
Balance, March 31, 2024$13,866 $(55,327)
Net additions to sales return liability (1)
63,580 (266,277)
Actual returns(47,842)216,359 
Balance, December 31, 2024$29,604 $(105,245)

Recovery AssetRefund Liability
Balance, March 31, 2023$15,685 $(45,322)
Net additions to sales return liability (1)
52,700 (221,702)
Actual returns(43,081)180,736 
Balance, December 31, 2023$25,304 $(86,288)

(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.
Loyalty Programs. Activity related to loyalty programs was as follows:
Nine Months Ended December 31,
20242023
Beginning balance
$(17,586)$(13,144)
Redemptions and expirations for loyalty certificates and points recognized in net sales45,884 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,
20242023
Beginning balance$(9,591)$(13,448)
Additions of customer cash payments(69,422)(53,615)
Revenue recognized60,217 45,739 
Ending balance$(18,796)$(21,324)
v3.25.0.1
FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
Assets and liabilities that are measured on a recurring basis at fair value in the condensed consolidated balance sheets are as follows:
As ofMeasured Using
December 31, 2024Level 1Level 2Level 3
Assets:
Cash equivalents:
Money-market funds$1,704,902 $1,704,902 $— $— 
Other current assets:
Designated Derivative Contracts asset
3,380 — 3,380 — 
Other assets:
Non-qualified deferred compensation asset16,824 16,824 — — 
Total assets measured at fair value$1,725,106 $1,721,726 $3,380 $— 
Liabilities:
Other accrued expenses:
Non-qualified deferred compensation liability$(1,192)$(1,192)$— $— 
Other long-term liabilities:
Non-qualified deferred compensation liability(24,731)(24,731)— — 
Total liabilities measured at fair value$(25,923)$(25,923)$— $— 
As ofMeasured Using
March 31, 2024Level 1Level 2Level 3
Assets:
Cash equivalents:
Money-market funds$1,152,083 $1,152,083 $— $— 
Other assets:
Non-qualified deferred compensation asset13,553 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)$(16,637)$— $— 
v3.25.0.1
INCOME TAXES (Tables)
 9 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation
Income tax expense and the effective income tax rate were as follows:
Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Income tax expense$127,208 $109,134 $237,327 $182,716 
Effective income tax rate21.8 %21.9 %22.6 %22.4 %
v3.25.0.1
COMMITMENTS AND CONTINGENCIES (Tables)
 9 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Supplemental Lease Information
Supplemental information for amounts presented in the condensed consolidated statements of cash flows related to operating leases, were as follows:
Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Non-cash operating activities (1)
Operating lease assets obtained in exchange for lease liabilities
$23,814 $32,929 $39,912 $67,668 
Reductions to operating lease assets for reductions to lease liabilities
(229)(79)(1,350)(7,750)

(1) Amounts disclosed include non-cash additions or reductions resulting from lease remeasurements, as well as reductions for tenant improvement allowances.
v3.25.0.1
STOCK-BASED COMPENSATION (Tables)
 9 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Annual Stock Awards The Company granted the following awards during the periods presented:
Nine Months Ended December 31,
20242023
Award Type
Number of Shares
Weighted-Average Grant Date Fair Value
Number of Shares
Weighted-Average Grant Date Fair Value
RSUs159,891 $159.73 220,044 $92.12 
LTIP PSUs (1)
72,213 173.09 125,076 105.65 

(1) The amounts granted are at the target performance level under the terms of the applicable LTIP PSUs.
Schedule of 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
Unrecognized
Stock-Based Compensation
Weighted-Average
Remaining
Vesting Period (Years)
RSUs$26,790 1.2
LTIP PSUs23,585 1.0
Total$50,375 
v3.25.0.1
DERIVATIVE INSTRUMENTS (Tables)
 9 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
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 assets3,380 
Schedule of Location and Amount of Gains and Losses Related to Derivatives Designated as Hedging Instruments
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,
2024202320242023
Gain (loss) recorded in OCI$6,575 $(1,318)$2,219 $3,798 
Reclassifications from AOCL into net sales1,389 (3,503)1,161 (3,652)
Income tax (expense) benefit in OCI(1,943)1,176 (825)(36)
Total$6,021 $(3,645)$2,555 $110 
v3.25.0.1
STOCKHOLDERS’ EQUITY (Tables)
 9 Months Ended
Dec. 31, 2024
Stockholders' Equity Note [Abstract]  
Schedule of Stock Repurchases
Stock repurchase activity under the Company’s stock repurchase program was as follows:
Nine Months Ended December 31,
20242023
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.
Components of Accumulated Other Comprehensive Loss The components within AOCL, net of tax, recorded in the condensed consolidated balance sheets, are as follows:
 December 31, 2024March 31, 2024
Unrealized gain on cash flow hedges$2,555 $— 
Cumulative foreign currency translation loss(57,999)(50,733)
Total $(55,444)$(50,733)
v3.25.0.1
BASIC AND DILUTED SHARES (Tables)
 9 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Weighted Average Number of 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,
 2024202320242023
Basic151,820,000 153,985,000 152,307,000 155,716,000 
Dilutive effect of equity awards566,000 880,000 617,000 954,000 
Diluted152,386,000 154,865,000 152,924,000 156,670,000 
Excluded
RSUs— 5,000 16,000 8,000 
LTIP PSUs272,000 551,000 292,000 551,000 
Deferred Non-Employee Director Equity Awards1,000 2,000 1,000 2,000 
Employee Stock Purchase Plan3,000 3,000 — 1,000 
v3.25.0.1
REPORTABLE OPERATING SEGMENTS (Tables)
 9 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Business Segments Information
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,
2024202320242023
Net sales
UGG brand wholesale$467,998 $402,876 $1,122,952 $976,262 
HOKA brand wholesale305,241 252,222 1,000,317 776,042 
Teva brand wholesale18,853 20,449 62,344 67,731 
Other brands wholesale (1)
23,736 26,614 58,650 67,721 
Direct-to-Consumer (1)
1,011,337 858,146 1,719,569 1,440,249 
Total$1,827,165 $1,560,307 $3,963,832 $3,328,005 

Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Income (loss) from operations
UGG brand wholesale$190,888 $153,653 $424,812 $336,421 
HOKA brand wholesale84,052 83,654 324,687 252,051 
Teva brand wholesale(738)2,047 4,835 10,637 
Other brands wholesale (1)
5,350 (1,365)4,161 3,509 
Direct-to-Consumer (1)
481,021 401,075 730,878 588,792 
Unallocated overhead costs(193,299)(151,165)(484,206)(408,158)
Total$567,274 $487,899 $1,005,167 $783,252 

(1) Includes current period partial financial results through the Sanuk Brand Sale Date and full financial results to date for the three and nine months ended December 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 presented.
Assets allocated to each reportable operating segment, with a reconciliation to the condensed consolidated balance sheets, are as follows:
December 31, 2024March 31, 2024
Assets
UGG brand wholesale$357,634 $247,136 
HOKA brand wholesale464,046 436,147 
Teva brand wholesale54,354 81,703 
Other brands wholesale (1)
12,224 27,905 
Direct-to-Consumer307,008 263,840 
Total assets from reportable operating segments
1,195,266 1,056,731 
Unallocated cash and cash equivalents2,240,923 1,502,051 
Unallocated deferred tax assets, net65,377 72,584 
Unallocated other corporate assets462,787 504,213 
Total$3,964,353 $3,135,579 

(1) Effective on the Sanuk 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 of March 31, 2024 are presented within the Other brands wholesale reportable operating segment. Refer to the section titled “Reportable Operating Segments,” in Note 1, “General,” for further information.
v3.25.0.1
CONCENTRATION OF BUSINESS (Tables)
 9 Months Ended
Dec. 31, 2024
Risks and Uncertainties [Abstract]  
Schedule of Revenue Concentration of Risk The Company sells its products globally to customers and consumers in various countries, with net sales concentrations as follows:
Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
International net sales$657,874 $511,918 $1,424,775 $1,112,048 
% of net sales36.0 %32.8 %35.9 %33.4 %
Net sales in foreign currencies$517,992 $415,505 $1,070,798 $856,820 
% of net sales28.3 %26.6 %27.0 %25.7 %
Ten largest global customers as % of net sales21.1 %22.5 %24.3 %25.2 %
Schedule of 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, 2024March 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.
v3.25.0.1
GENERAL (Details)
 4 Months Ended
Sep. 13, 2024
shares
Dec. 31, 2024
proprietary_brand
segment
shares
Sep. 12, 2024
shares
Mar. 31, 2024
shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Number of proprietary brands | proprietary_brand   5    
Stock split ratio 6      
Common stock, authorized shares (in shares) 750,000,000 750,000,000 125,000,000 750,000,000
Capital stock shares authorized (in shares) 755,000,000   130,000,000  
Preferred stock, authorized shares (in shares) 5,000,000      
Preferred stock, shares outstanding (in shares)   0   0
Number of reportable segments | segment   5    
v3.25.0.1
REVENUE RECOGNITION - Schedule of Contract Assets and Contract Liabilities (Details) - USD ($)
$ in Thousands
 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Recovery Asset    
Beginning balance $ 13,866 $ 15,685
Net additions to sales return liability 63,580 52,700
Actual returns (47,842) (43,081)
Ending balance 29,604 25,304
Refund Liability    
Beginning balance (55,327) (45,322)
Net additions to sales return liability (266,277) (221,702)
Actual returns 216,359 180,736
Ending balance $ (105,245) $ (86,288)
v3.25.0.1
REVENUE RECOGNITION - Schedule of Loyalty Programs (Details) - Loyalty Programs - USD ($)
$ in Thousands
 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Contract with Customer, Loyalty Program [Roll Forward]    
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)
v3.25.0.1
REVENUE RECOGNITION - Schedule of Deferred Revenue (Details) - Wholesale - USD ($)
$ in Thousands
 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Contract With Customer, Liability [Roll Forward]    
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)
v3.25.0.1
FAIR VALUE MEASUREMENTS - Schedule of Fair Value Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Assets:    
Money-market funds $ 1,704,902 $ 1,152,083
Designated Derivative Contracts asset 3,380  
Non-qualified deferred compensation asset 16,824 13,553
Total assets measured at fair value 1,725,106 1,165,636
Liabilities:    
Non-qualified deferred compensation liability (1,192) (408)
Non-qualified deferred compensation liability (24,731) (16,229)
Total liabilities measured at fair value (25,923) (16,637)
Level 1    
Assets:    
Money-market funds 1,704,902 1,152,083
Designated Derivative Contracts asset 0  
Non-qualified deferred compensation asset 16,824 13,553
Total assets measured at fair value 1,721,726 1,165,636
Liabilities:    
Non-qualified deferred compensation liability (1,192) (408)
Non-qualified deferred compensation liability (24,731) (16,229)
Total liabilities measured at fair value (25,923) (16,637)
Level 2    
Assets:    
Money-market funds 0 0
Designated Derivative Contracts asset 3,380  
Non-qualified deferred compensation asset 0 0
Total assets measured at fair value 3,380 0
Liabilities:    
Non-qualified deferred compensation liability 0 0
Non-qualified deferred compensation liability 0 0
Total liabilities measured at fair value 0 0
Level 3    
Assets:    
Money-market funds 0 0
Designated Derivative Contracts asset 0  
Non-qualified deferred compensation asset 0 0
Total assets measured at fair value 0 0
Liabilities:    
Non-qualified deferred compensation liability 0 0
Non-qualified deferred compensation liability 0 0
Total liabilities measured at fair value $ 0 $ 0
v3.25.0.1
INCOME TAXES (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]        
Income tax expense $ 127,208 $ 109,134 $ 237,327 $ 182,716
Effective income tax rate 21.80% 21.90% 22.60% 22.40%
v3.25.0.1
COMMITMENTS AND CONTINGENCIES (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]        
Operating lease assets obtained in exchange for lease liabilities $ 23,814 $ 32,929 $ 39,912 $ 67,668
Reductions to operating lease assets for reductions to lease liabilities $ (229) $ (79) $ (1,350) $ (7,750)
v3.25.0.1
STOCK-BASED COMPENSATION - Narrative (Details)
 1 Months Ended 9 Months Ended
Sep. 09, 2024
shares
Sep. 30, 2024
shares
Dec. 31, 2024
shares
Sep. 30, 2015
shares
Restricted Stock Units (RSUs) and Long-Term Incentive Plan PSUs (LTIP PSUs)        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Granted (in shares)     0  
Stock Incentive Plan 2015        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares authorized (in shares)       7,650,000
Stock Incentive Plan 2024        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares authorized (in shares) 7,800,000      
Number of shares reducing the number of shares authorized for shares granted under the 2015 SIP after March 31, 2024 and prior to September 9, 2024, the effective date of the 2024 SIP, subject to an increase from the return of shares under the 2015 SIP 1      
Maximum number of shares that may be issued through exercise of stock options (in shares)     4,500,000  
Common stock reserved for future issuance (in shares)     7,783,829  
Employee Stock Purchase Plan 2015        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares authorized (in shares)       6,000,000
Employee Stock Purchase Plan 2024        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares authorized (in shares)   6,000,000    
Award purchase period   6 months    
Discount on purchase price of common stock, percent   15.00%    
v3.25.0.1
STOCK-BASED COMPENSATION - Schedule of Annual Stock Awards (Details) - $ / shares
 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
RSUs    
Number of Shares    
Granted (in shares) 159,891 220,044
Weighted-Average Grant Date Fair Value    
Weighted-average grant date fair value (in dollars per share) $ 159.73 $ 92.12
LTIP PSUs    
Number of Shares    
Granted (in shares) 72,213 125,076
Weighted-Average Grant Date Fair Value    
Weighted-average grant date fair value (in dollars per share) $ 173.09 $ 105.65
v3.25.0.1
STOCK-BASED COMPENSATION - Schedule of Unrecognized Stock-Based Compensation (Details)
$ in Thousands
 9 Months Ended
Dec. 31, 2024
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized Stock-Based Compensation $ 50,375
RSUs  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized Stock-Based Compensation $ 26,790
Weighted-Average Remaining Vesting Period (Years) 1 year 2 months 12 days
LTIP PSUs  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized Stock-Based Compensation $ 23,585
Weighted-Average Remaining Vesting Period (Years) 1 year
v3.25.0.1
DERIVATIVE INSTRUMENTS - Narrative (Details)
$ in Thousands
 9 Months Ended
Dec. 31, 2024
counterparty
Mar. 31, 2024
USD ($)
Foreign currency exchange contracts and hedging    
Number of counterparties in derivative contracts | counterparty 3  
Maturity period (in months) 3 months  
Notional value | $   $ 0
Reclassification period of unrealized gain into net sales (in months) 3 months  
Foreign Exchange Option    
Foreign currency exchange contracts and hedging    
Maturity of foreign currency derivatives 15 months  
Foreign Exchange Forward    
Foreign currency exchange contracts and hedging    
Maturity of foreign currency derivatives 15 months  
v3.25.0.1
DERIVATIVE INSTRUMENTS - Summary of Derivatives (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Foreign currency exchange contracts and hedging    
Notional value   $ 0
Fair value recorded in other current assets $ 3,380  
Designated Derivative Contracts asset    
Foreign currency exchange contracts and hedging    
Notional value 66,620  
Fair value recorded in other current assets $ 3,380  
v3.25.0.1
DERIVATIVE INSTRUMENTS - Gains (Losses) Recorded in Other Comprehensive Income (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]        
Gain (loss) recorded in OCI $ 6,575 $ (1,318) $ 2,219 $ 3,798
Reclassifications from AOCL into net sales 1,389 (3,503) 1,161 (3,652)
Income tax (expense) benefit in OCI (1,943) 1,176 (825) (36)
Unrealized gain (loss) on cash flow hedges $ 6,021 $ (3,645) $ 2,555 $ 110
v3.25.0.1
STOCKHOLDERS’ EQUITY - Narrative (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Stockholders' Equity Note [Abstract]  
Dollar value of shares that may yet be repurchased, excluding excise taxes $ 640,692
v3.25.0.1
STOCKHOLDERS’ EQUITY - Stock Repurchase Programs (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Dec. 31, 2024
Dec. 31, 2023
Stockholders' Equity Note [Abstract]                
Total number of shares repurchased (in shares)             2,022,299 3,573,960
Weighted average price per share paid (in dollars per share) $ 148.85     $ 86.92     $ 148.85 $ 86.92
Dollar value of shares repurchased $ 44,721 $ 104,323 $ 151,967 $ 99,697 $ 185,469 $ 25,469 $ 301,011 $ 310,635
v3.25.0.1
STOCKHOLDERS’ EQUITY - Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Stockholders' Equity Note [Abstract]    
Unrealized gain on cash flow hedges $ 2,555 $ 0
Cumulative foreign currency translation loss (57,999) (50,733)
Total $ (55,444) $ (50,733)
v3.25.0.1
BASIC AND DILUTED SHARES (Details) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Basic (in shares) 151,820 153,985 152,307 155,716
Dilutive effect of equity awards (in shares) 566 880 617 954
Diluted (in shares) 152,386 154,865 152,924 156,670
RSUs        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share (in shares) 0 5 16 8
LTIP PSUs        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share (in shares) 272 551 292 551
Deferred Non-Employee Director Equity Awards        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share (in shares) 1 2 1 2
Employee Stock Purchase Plan        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share (in shares) 3 3 0 1
v3.25.0.1
REPORTABLE OPERATING SEGMENTS (Details)
$ in Thousands
 3 Months Ended 4 Months Ended 9 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2024
USD ($)
segment
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Mar. 31, 2024
USD ($)
Segment Reporting Information [Line Items]            
Number of reportable segments | segment     5      
Net sales $ 1,827,165 $ 1,560,307   $ 3,963,832 $ 3,328,005  
Income (loss) from operations 567,274 487,899   1,005,167 783,252  
Assets 3,964,353   $ 3,964,353 3,964,353   $ 3,135,579
Unallocated cash and cash equivalents 2,240,923   2,240,923 2,240,923   1,502,051
Unallocated deferred tax assets, net 65,377   65,377 65,377   72,584
Reportable segments            
Segment Reporting Information [Line Items]            
Assets 1,195,266   1,195,266 1,195,266   1,056,731
Reportable segments | UGG brand wholesale            
Segment Reporting Information [Line Items]            
Net sales 467,998 402,876   1,122,952 976,262  
Income (loss) from operations 190,888 153,653   424,812 336,421  
Assets 357,634   357,634 357,634   247,136
Reportable segments | HOKA brand wholesale            
Segment Reporting Information [Line Items]            
Net sales 305,241 252,222   1,000,317 776,042  
Income (loss) from operations 84,052 83,654   324,687 252,051  
Assets 464,046   464,046 464,046   436,147
Reportable segments | Teva brand wholesale            
Segment Reporting Information [Line Items]            
Net sales 18,853 20,449   62,344 67,731  
Income (loss) from operations (738) 2,047   4,835 10,637  
Assets 54,354   54,354 54,354   81,703
Reportable segments | Other brands wholesale            
Segment Reporting Information [Line Items]            
Net sales 23,736 26,614   58,650 67,721  
Income (loss) from operations 5,350 (1,365)   4,161 3,509  
Assets 12,224   12,224 12,224   27,905
Reportable segments | Direct-to-Consumer            
Segment Reporting Information [Line Items]            
Net sales 1,011,337 858,146   1,719,569 1,440,249  
Income (loss) from operations 481,021 401,075   730,878 588,792  
Assets 307,008   307,008 307,008   263,840
Unallocated            
Segment Reporting Information [Line Items]            
Income (loss) from operations (193,299) $ (151,165)   (484,206) $ (408,158)  
Unallocated cash and cash equivalents 2,240,923   2,240,923 2,240,923   1,502,051
Unallocated deferred tax assets, net 65,377   65,377 65,377   72,584
Corporate            
Segment Reporting Information [Line Items]            
Unallocated other corporate assets $ 462,787   $ 462,787 $ 462,787   $ 504,213
v3.25.0.1
CONCENTRATION OF BUSINESS (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Mar. 31, 2024
Concentration Risk [Line Items]          
Net sales $ 1,827,165 $ 1,560,307 $ 3,963,832 $ 3,328,005  
Long-lived assets $ 323,413   $ 323,413   $ 302,122
Sales Revenue, Net | Customer Concentration Risk | 10 Largest Customers          
Concentration Risk [Line Items]          
Concentration risk 21.10% 22.50% 24.30% 25.20%  
Trade Accounts Receivable | Customer Concentration Risk | Two Customers          
Concentration Risk [Line Items]          
Concentration risk         31.20%
Foreign          
Concentration Risk [Line Items]          
Long-lived assets $ 34,568   $ 34,568   $ 31,561
Foreign | International net sales          
Concentration Risk [Line Items]          
Net sales 657,874 $ 511,918 1,424,775 $ 1,112,048  
Foreign | Net sales in foreign currencies          
Concentration Risk [Line Items]          
Net sales $ 517,992 $ 415,505 $ 1,070,798 $ 856,820  
Foreign | Sales Revenue, Net | International net sales          
Concentration Risk [Line Items]          
Concentration risk 36.00% 32.80% 35.90% 33.40%  
Foreign | Sales Revenue, Net | Net sales in foreign currencies          
Concentration Risk [Line Items]          
Concentration risk 28.30% 26.60% 27.00% 25.70%  
United States          
Concentration Risk [Line Items]          
Long-lived assets $ 288,845   $ 288,845   $ 270,561
v3.25.0.1
SUPPLIER FINANCE PROGRAM (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Payables and Accruals [Abstract]    
Supplier finance programs, current portion $ 3,411 $ 3,483