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| *Not applicable. | | |
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Annual Report on Form 10-K for our fiscal year ended March 31, 2020 (Annual Report), and the information and documents incorporated by reference into this Annual Report, contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act), which statements are subject to considerable risks and uncertainties. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements other than statements of historical fact contained in, or incorporated by reference into, this Annual Report. We have attempted to identify forward-looking statements by using words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “should,” “will,” or “would,” and similar expressions or the negative of these expressions. Specifically, this Annual Report, and the information and documents incorporated by reference into this Annual Report, contain forward-looking statements relating to, among other things:
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| • | the impacts of the COVID-19 global pandemic on our operations, business, sales, and results of operations worldwide; |
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| • | our business, operating, investing, capital allocation, marketing, and financing strategies; |
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| • | the impacts of our ongoing operational system upgrades; |
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| • | the expansion of our brands and product offerings, and changes to the geographic and seasonal mix of our products; |
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| • | changes to our product distribution strategies, including the implementation of our product allocation and segmentation strategies and our decision to exit the warehouse channel for the Sanuk brand; |
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| • | changes in consumer tastes and preferences to our brands and products, and the fashion industry; |
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| • | trends impacting the purchasing behavior of wholesale customers and retail consumers, including those impacting retail and e-commerce businesses; |
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| • | the impact of seasonality and weather on consumer behavior and our results of operations; |
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| • | the impact of our efforts to continue to advance sustainable and socially conscious business operations; |
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| • | expectations relating to the expansion of Direct-to-Consumer (DTC) capabilities; |
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| • | our consolidation of certain distribution center operations; |
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| • | availability of raw materials and manufacturing capacity, and reliability of overseas production and storage; |
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| • | commitments and contingencies, including operating leases and purchase obligations for product and raw materials; |
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| • | the impacts of new or proposed legislation, tariffs, regulatory enforcement actions or legal proceedings; |
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| • | the value of goodwill and other intangible assets, and potential write-downs or impairment charges; |
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| • | changes impacting our tax liability and effective tax rates; |
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| • | repatriation of earnings of non-United States subsidiaries and any related tax impacts; |
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| • | the impact from adoption of recent accounting pronouncements; and |
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| • | overall global economic and political trends, including foreign currency exchange rate fluctuations, changes in interest rates and changes in fuel costs. |
Forward-looking statements represent management’s current expectations and predictions about trends affecting our business and industry and are based on information available at the time such statements are made. Although we do not make forward-looking statements unless we believe we have a reasonable basis for doing so, we cannot guarantee their accuracy or completeness. Forward-looking statements involve numerous known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements predicted, assumed or implied by the forward-looking statements. Some of the risks and uncertainties that may cause our actual results to materially differ from those expressed or implied by these forward-looking statements are described in Part I, Item 1A, “Risk Factors,” and Part II, Item 7, “Management's Discussion and Analysis of Financial Condition and Results of Operations,” within this Annual Report, as well as in our other filings with the Securities and Exchange Commission (SEC). You should read this Annual Report, including the information and documents incorporated by reference herein, in its entirety and with the understanding that our actual future results may be materially different from the results expressed or implied by these forward-looking statements. Moreover, new risks and uncertainties emerge from time to time and it is not possible for management to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause our actual future results to be materially different from any results expressed or implied by any forward-looking statements. Except as required by applicable law or the listing rules of the New York Stock Exchange (NYSE), we expressly disclaim any intent or obligation to update any forward-looking statements. We qualify all our forward-looking statements with these cautionary statements.
PART I
References within this Annual Report to “Deckers,” “we,” “our,” “us,” or the “Company” refer to Deckers Outdoor Corporation, together with its consolidated subsidiaries. UGG® (UGG), HOKA One One® (HOKA), Teva® (Teva), Sanuk® (Sanuk), Koolaburra® (Koolaburra), UGGpure® (UGGpure), and UGGplushTM (UGGplush) are some of our trademarks. Other trademarks or trade names appearing elsewhere in this Annual Report are the property of their respective owners. Solely for convenience, the trademarks and trade names within this Annual Report are referred to without the ® and™ symbols, but such references should not be construed as any indicator that their respective owners will not assert, to the fullest extent under applicable law, their rights thereto.
Unless otherwise specifically indicated, all dollar amounts in Items 1, 1A, 2, and 3 herein are expressed in thousands, except for per share amounts. The defined periods for the fiscal years ended March 31, 2020, 2019, and 2018 are stated herein as “year ended” or “years ended.”
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