filings.toolsItem 6. Selected Financial Data
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Item 6. Selected Financial Data
Change in Fiscal Year
In February 2014, our Board of Directors approved a change in our fiscal year end from December 31st to March 31st. The change was intended to better align our planning, financial and reporting functions with the seasonality of our business. The fiscal years 2018 through 2015, as presented below, relate to the years ended March 31, 2018, 2017, 2016 and 2015, respectively. The 2014 transition period relates to the quarter ended March 31, 2014 to coincide with the change in our fiscal year end. The 2013 year relates to the calendar year ended December 31, 2013.
Consolidated Financial Data
We derived the following selected consolidated financial data from our consolidated financial statements.
The financial data are derived from, and qualified by reference to, the following audited consolidated financial statements not included in this Annual Report on Form 10-K:
| • | Consolidated statements of comprehensive income (loss) for the fiscal year ended March 31, 2015, quarter ended March 31, 2014 (transition period), and the calendar year ended December 31, 2013. |
| • | Consolidated balance sheets as of March 31, 2016, March 31, 2015 and March 31, 2014. |
The financial data are further derived from, and qualified by reference to, the following consolidated financial statements in Part IV of this Annual Report on Form 10-K:
| • | Consolidated statements of comprehensive income (loss) for the years ended March 31, 2018, March 31, 2017 and March 31, 2016. |
| • | Consolidated balance sheets as of March 31, 2018 and March 31, 2017. |
Historical results are not necessarily indicative of expected future results. The following consolidated financial information should be read together with our consolidated financial statements in Part IV of this Annual Report on Form 10-K and the accompanying notes thereto, and Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations".
| Years Ended March 31, | Quarter Ended March 31,(transition period) | Year Ended December 31, | |||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||
| Income Statement Data: | |||||||||||||||||||||||
| Net sales to external customers: | |||||||||||||||||||||||
| UGG brand wholesale | $ | 841,893 | $ | 826,355 | $ | 918,102 | $ | 903,926 | $ | 83,271 | $ | 818,377 | |||||||||||
| Teva brand wholesale | 117,478 | 103,694 | 121,239 | 116,931 | 45,283 | 109,334 | |||||||||||||||||
| Sanuk brand wholesale | 78,283 | 77,552 | 90,719 | 102,690 | 28,793 | 94,420 | |||||||||||||||||
| Other brands wholesale | 149,961 | 116,206 | 100,820 | 76,152 | 18,662 | 38,276 | |||||||||||||||||
| Direct-to-Consumer | 715,724 | 666,340 | 644,317 | 617,358 | 118,707 | 496,211 | |||||||||||||||||
| Total net sales | 1,903,339 | 1,790,147 | 1,875,197 | 1,817,057 | 294,716 | 1,556,618 | |||||||||||||||||
| Cost of sales | 971,697 | 954,912 | 1,028,529 | 938,949 | 150,456 | 820,135 | |||||||||||||||||
| Gross profit | 931,642 | 835,235 | 846,668 | 878,108 | 144,260 | 736,483 | |||||||||||||||||
| Selling, general and administrative expenses | 709,058 | 837,154 | 684,541 | 653,689 | 144,668 | 528,586 | |||||||||||||||||
| Income (loss) from operations | 222,584 | (1,919 | ) | 162,127 | 224,419 | (408 | ) | 207,897 | |||||||||||||||
| Other expense, net | 1,888 | 5,067 | 5,242 | 3,280 | 334 | 2,340 | |||||||||||||||||
| Income (loss) before income taxes | 220,696 | (6,986 | ) | 156,885 | 221,139 | (742 | ) | 205,557 | |||||||||||||||
| Income tax expense (benefit) | 106,302 | (12,696 | ) | 34,620 | 59,359 | 1,943 | 59,868 | ||||||||||||||||
| Net income (loss) | 114,394 | 5,710 | 122,265 | 161,780 | (2,685 | ) | 145,689 | ||||||||||||||||
| Total other comprehensive income (loss) | 13,468 | (5,894 | ) | (89 | ) | (18,425 | ) | 600 | (1,243 | ) | |||||||||||||
| Comprehensive income (loss) | $ | 127,862 | $ | (184 | ) | $ | 122,176 | $ | 143,355 | $ | (2,085 | ) | $ | 144,446 | |||||||||
| Net income (loss) per share: | |||||||||||||||||||||||
| Basic | $ | 3.60 | $ | 0.18 | $ | 3.76 | $ | 4.70 | $ | (0.08 | ) | $ | 4.23 | ||||||||||
| Diluted | $ | 3.58 | $ | 0.18 | $ | 3.70 | $ | 4.66 | $ | (0.08 | ) | $ | 4.18 | ||||||||||
| Weighted-average common shares outstanding: | |||||||||||||||||||||||
| Basic | 31,758 | 32,000 | 32,556 | 34,433 | 34,621 | 34,473 | |||||||||||||||||
| Diluted | 31,996 | 32,355 | 33,039 | 34,733 | 34,621 | 34,829 |
| As of March 31, | As of December 31, | ||||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||
| Balance Sheet Data: | |||||||||||||||||||||||
| Cash and cash equivalents | $ | 429,970 | $ | 291,764 | $ | 245,956 | $ | 225,143 | $ | 245,088 | $ | 237,125 | |||||||||||
| Working capital | 721,524 | 661,770 | 547,267 | 519,051 | 501,647 | 508,786 | |||||||||||||||||
| Total assets | 1,264,379 | 1,191,780 | 1,278,068 | 1,169,933 | 1,064,204 | 1,259,729 | |||||||||||||||||
| Long-term liabilities | 134,434 | 78,474 | 72,099 | 65,379 | 53,140 | 51,092 | |||||||||||||||||
| Stockholders' equity | 940,779 | 954,255 | 967,471 | 937,012 | 888,849 | 888,119 |
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