<SEC-DOCUMENT>0001157523-18-000195.txt : 20180201
<SEC-HEADER>0001157523-18-000195.hdr.sgml : 20180201
<ACCEPTANCE-DATETIME>20180201160520
ACCESSION NUMBER:		0001157523-18-000195
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180201
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180201
DATE AS OF CHANGE:		20180201

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DECKERS OUTDOOR CORP
		CENTRAL INDEX KEY:			0000910521
		STANDARD INDUSTRIAL CLASSIFICATION:	RUBBER & PLASTICS FOOTWEAR [3021]
		IRS NUMBER:				953015862
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36436
		FILM NUMBER:		18566909

	BUSINESS ADDRESS:	
		STREET 1:		250 COROMAR DRIVE
		CITY:			GOLETA
		STATE:			CA
		ZIP:			93117
		BUSINESS PHONE:		8059677611

	MAIL ADDRESS:	
		STREET 1:		250 COROMAR DRIVE
		CITY:			GOLETA
		STATE:			CA
		ZIP:			93117

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DECKERS FOOTWEAR CORP
		DATE OF NAME CHANGE:	19930811
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a51752098.htm
<DESCRIPTION>DECKERS OUTDOOR CORPORATION 8-K
<TEXT>
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    <p style="text-align: center">
      <br>
      <br>
      <font style="font-family: Times New Roman; font-size: 12pt"><b>UNITED
      STATES</b></font><b><font style="font-family: Times New Roman; font-size: 12pt"><br style="font-family: Times New Roman; font-size: 12pt"></font><font style="font-family: Times New Roman; font-size: 12pt">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><font style="font-family: Times New Roman; font-size: 10pt"><b>Washington,
      D.C. 20549</b></font><br><font style="font-family: Times New Roman"><b>______________</b></font><br>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 16pt"><b>FORM 8-K</b></font><br><br><font style="font-family: Times New Roman; font-size: 12pt"><b>CURRENT
      REPORT</b></font><br><font style="font-family: Times New Roman; font-size: 12pt"><b>Pursuant
      to Section 13 or 15(d) of the Securities Exchange Act of 1934</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt">Date of
      Report (Date of earliest event reported): February 1, 2018</font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-family: Times New Roman; font-size: 10pt"></font><br><br>
    </p>
<div style="text-align:left">
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        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; border-bottom-width: 1.0pt" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 16pt"><b>DECKERS OUTDOOR CORPORATION</b></font>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          (Exact name of registrant as specified in its charter)
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; border-bottom-width: 1.0pt" valign="top">
          Delaware
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          (State or other jurisdiction of incorporation)
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
<div style="text-align:left">
    <table style="font-size: 10pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
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          <p style="margin-bottom: 0px; margin-top: 0px">
            001-36436
          </p>
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; width: 50%; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="top">
          95-3015862
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 50%; text-align: center" valign="top">
          (Commission File Number)
        </td>
        <td style="padding-left: 0.0px; width: 50%; text-align: center" valign="top">
          (IRS Employer Identification No.)
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 50%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; width: 50%; text-align: center; border-bottom-width: 1.0pt" valign="top">
          250 Coromar Drive, Goleta, California
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; width: 50%; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="top">
          93117
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 50%; text-align: center" valign="top">
          (Address of principal executive offices)
        </td>
        <td style="padding-left: 0.0px; width: 50%; text-align: center" valign="top">
          (Zip code)
        </td>
      </tr>
    </table>
    </div>
    <p style="margin-right: 120.0px; text-align: center; margin-left: 120.0px">
      Registrant&#8217;s telephone number, including area code (805) 967-7611
    </p>
<div style="text-align:left">
    <table style="font-size: 10pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
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          &#160;
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      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          (Former name or former address, if changed since last report)
        </td>
      </tr>
    </table>
    </div>
    <p style="margin-right: 120.0px; text-align: center; margin-left: 120.0px">

    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions</font>:
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <p>

    </p>
    <p>
      Indicate by check mark whether the registrant is an emerging growth
      company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405
      of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
      (&#167;240.12b-2 of this chapter). Emerging growth company&#160; <font style="font-family: Arial Unicode MS; font-size: 12pt">&#8414;</font>
    </p>
    <p>

    </p>
    <p>
      If an emerging growth company, indicate by check mark if the registrant
      has elected not to use the extended transition period for complying with
      any new or revised financial accounting standards provided pursuant to
      Section 13(a) of the Exchange Act. &#160;<font style="font-family: Arial Unicode MS; font-size: 12pt">&#8414;</font>
    </p>
    <p>

    </p>
    <div style="text-indent: 0pt; margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="white-space: nowrap; margin-right: 120.0px">
      <b>Item&#160;2.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Results of Operations and Financial Condition.&#160;&#160;</b>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      On February 1, 2018, Deckers Outdoor Corporation issued a press release
      announcing its financial results for the three months ended December 31,
      2017, and held a conference call regarding these financial results. A
      copy of the press release is furnished hereto as Exhibit 99.1.&#160;&#160;&#160;
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      The information in this Form 8-K and the exhibit attached hereto shall
      not be deemed &#8220;filed&#8221; for purposes of Section 18 of the Securities
      Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), nor shall they be
      deemed incorporated by reference in any filing under the Securities Act
      of 1933, as amended, or the Exchange Act, except as shall be expressly
      set forth by specific reference in such filing.
    </p>
    <p style="text-indent: 60.0px">

    </p>
    <p style="white-space: nowrap; margin-right: 120.0px">
      <b>Item 9.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Financial Statements and Exhibits.</b>
    </p>
<div style="text-align:left">
    <table style="font-size: 10pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; width: 6%; text-align: right" valign="top">
          (d)
        </td>
        <td style="width: 3%">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="3" valign="top">
          Exhibits.
        </td>
      </tr>
      <tr>
        <td colspan="5">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 6%; text-align: left" valign="top">

        </td>
        <td style="width: 3%">

        </td>
        <td style="padding-left: 0.0px; width: 8%; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Exhibit No.</u>
          </p>
        </td>
        <td style="width: 10%">
          &#160;
        </td>
        <td style="padding-left: 0.0px; width: 73%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Description</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 6%; text-align: left" valign="top">

        </td>
        <td style="width: 3%">

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; width: 8%; text-align: center; padding-right: 0.0px" valign="top">
          99.1
        </td>
        <td style="width: 10%">

        </td>
        <td style="padding-left: 0.0px; width: 73%; text-align: left" valign="top">
          Press Release, dated February 1, 2018
        </td>
      </tr>
    </table>
    </div>
    <p style="white-space: nowrap; margin-right: 120.0px; margin-left: 300.0px">

    </p>
    <div style="text-indent: 0pt; margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>SIGNATURES</b></font>
    </p>
    <p style="text-align: center">

    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      <font style="font-family: Times New Roman; font-size: 10pt">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      <br>

    </p>
<div style="text-align:left">
    <table style="font-size: 10pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; width: 5%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Date:
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 45%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            February 1, 2018
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 50%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 50%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 50%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 50%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="padding-left: 0.0px; width: 50%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Deckers Outdoor Corporation
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 5%; text-align: left; padding-bottom: 2.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 45%; text-align: left; padding-bottom: 2.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; width: 50%; text-align: left; border-bottom-width: 1.0pt" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            /s/ Thomas A. George
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="padding-left: 0.0px; width: 50%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Thomas A. George, Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="text-indent: 0pt; margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <b>EXHIBIT INDEX</b>
    </p>
    <p style="margin-left: 150.0px">
      <br>

    </p>
<div style="text-align:left">
    <table style="font-size: 10pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; width: 20%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Exhibit No.</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 80%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Description</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 20%">

        </td>
        <td style="padding-left: 0.0px; width: 80%; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-left: 0.0px; width: 20%; text-align: left; padding-right: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <a href="a51752098_ex991.htm">99.1</a>
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 80%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <a href="a51752098_ex991.htm">Press Release, dated February 1, 2018</a>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="margin-left: 150.0px">

    </p>
    <p>

    </p>
  </body>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51752098_ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
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  </head>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Deckers
      Brands Reports Third Quarter Fiscal 2018 Financial Results and Raises
      Guidance for Full Year Fiscal 2018</b></font>
    </p>
    <p>
      GOLETA, Calif.--(BUSINESS WIRE)--February 1, 2018--Deckers Brands (NYSE:
      DECK), a global leader in designing, marketing and distributing
      innovative footwear, apparel and accessories, today announced financial
      results for the third fiscal quarter ended December 31, 2017.
    </p>
    <p>
      Throughout this release, references to Non-GAAP financial measures
      exclude the impact of certain restructuring and other charges.
      Additional information regarding these Non-GAAP financial measures is
      set forth under the heading &quot;Non-GAAP Financial Measures&quot; below.
    </p>
    <p>
      &#8220;Our third quarter results, which meaningfully exceeded expectations,
      underscore the progress we have made developing a stronger foundation to
      support profitable growth,&#8221; said Dave Powers, President and Chief
      Executive Officer. &#8220;Our refined product strategies, enhanced consumer
      messaging and wholesale account optimization efforts resulted in much
      stronger full price selling for our brand portfolio during the key
      holiday season. While more favorable weather also contributed to our
      year-over-year improvement, hard work by the entire organization enabled
      us to capitalize on additional upside opportunities. Looking ahead, I am
      confident that the successful execution of our profit improvement plan,
      combined with the recently passed tax reform, has Deckers in a great
      position to deliver increased value to our shareholders in the years
      ahead.&#8221;
    </p>
    <p>
      <b>Third Quarter Fiscal 2018 Financial Review</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        <b>Net sales </b>increased 6.6% to $810.5 million compared to $760.3
        million for the same period last year. On a constant currency basis,
        net sales increased 6.3%.
      </li>
      <li style="margin-bottom: 10.0px">
        <b>Gross margin</b> was 52.2% compared to 50.5% for the same period
        last year.
      </li>
      <li style="margin-bottom: 10.0px">
        <b>SG&amp;A expenses </b>were $230.3 million compared to $330.3
        million for the same period last year. Non-GAAP SG&amp;A expenses were
        $220.4 million this year compared to $201.4 million last year.
      </li>
      <li style="margin-bottom: 10.0px">
        <b>Operating income</b> was $193.2 million compared to $53.3 million
        for the same period last year. Non-GAAP operating income was $203.1
        million this year compared to $182.2 million last year.
      </li>
      <li style="margin-bottom: 10.0px">
        <b>Diluted earnings per share</b> was $2.69 compared to $1.27 for the
        same period last year. Non-GAAP diluted earnings per share was $4.97
        this year compared to $4.11 last year. For this year, non-GAAP diluted
        earnings per share was largely effected by the recently enacted tax
        reform act.
      </li>
    </ul>
    <div style="text-indent: 0pt; width: 100%; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Brand Summary</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        UGG&#174; brand net sales for the third quarter increased 4.3% to $734.7
        million compared to $704.0 million for the same period last year.
      </li>
      <li style="margin-bottom: 10.0px">
        HOKA ONE ONE&#174; brand net sales for the third quarter increased 65.7% to
        $31.8 million compared to $19.2 million for the same period last year.
      </li>
      <li style="margin-bottom: 10.0px">
        Teva&#174; brand net sales for the third quarter increased 33.4% to $19.5
        million compared to $14.6 million for the same period last year.
      </li>
      <li style="margin-bottom: 10.0px">
        Sanuk&#174; brand net sales for the third quarter were flat to last year at
        $13.9 million.
      </li>
    </ul>
    <p>
      <b>Channel Summary (included in the brand sales numbers above)</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Wholesale net sales for the third quarter increased 10.3% to $428.8
        million compared to $388.6 million for the same period last year.
      </li>
      <li style="margin-bottom: 10.0px">
        DTC net sales for the third quarter increased 2.7% to $381.7 million
        compared to $371.7 million for the same period last year. DTC
        comparable sales for the third quarter increased 1.7% over the same
        period last year.
      </li>
    </ul>
    <p>
      <b>Geographic Summary (included in the brand and channel sales numbers
      above)</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Domestic net sales for the third quarter increased 2.5% to $501.7
        million compared to $489.5 million for the same period last year.
      </li>
      <li style="margin-bottom: 10.0px">
        International net sales for the third quarter increased 14.0% to
        $308.8 million compared to $270.8 million for the same period last
        year.
      </li>
    </ul>
    <p>
      <b>Balance Sheet (December 31, 2017 as compared to December 31, 2016)</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Cash and cash equivalents were $493.0 million compared to $296.4
        million.
      </li>
      <li style="margin-bottom: 10.0px">
        Inventories were $396.3 million compared to $373.5 million.
      </li>
      <li style="margin-bottom: 10.0px">
        Outstanding borrowings were $32.2 million compared to $62.4 million.
      </li>
    </ul>
    <p>
      <b>Stock Repurchase Program and Cash Repatriation</b>
    </p>
    <p>
      During the third quarter the Company repurchased&#160;approximately
      361,000&#160;shares of its common stock for a total of $24.7&#160;million. As
      of&#160;December 31, 2017, the Company had $375.6&#160;million remaining under its
      $400.0 million&#160;in&#160;stock repurchase&#160;authorizations. The Company still
      intends to repurchase approximately $75 million worth of stock prior to
      the end of fiscal year 2018.
    </p>
    <p>
      The Company intends to repatriate $250.0 million by fiscal year end
      2018. This preliminary estimate may be impacted by a number of
      additional considerations, including but not limited to clarifications
      or changes to the recently passed tax reform act, the issuance of the
      final regulations, our ongoing analysis of the new law and our actual
      earnings for the fiscal year ended March 31, 2018.
    </p>
    <p>
      <b>Full Year Fiscal 2018 Outlook for the Twelve Month Period Ending
      March 31, 2018</b>
    </p>
    <p>
      Deckers now expects fiscal year 2018 results to be:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Net sales are expected to be in the range of $1,873 million to $1,878
        million.
      </li>
      <li style="margin-bottom: 10.0px">
        Gross margin is expected to be approximately 49%.
      </li>
      <li style="margin-bottom: 10.0px">
        SG&amp;A expenses as a percentage of sales are projected to be
        approximately 37%.
      </li>
      <li style="margin-bottom: 10.0px">
        Effective tax rate of approximately 22.5%.
      </li>
      <li style="margin-bottom: 10.0px">
        Non-GAAP diluted earnings per share are expected to be in the range of
        $5.37 to $5.42. This excludes any charges that may occur from
        additional store closures, restructuring and other charges.
      </li>
      <li style="margin-bottom: 10.0px">
        The earnings per share guidance does not assume any impact of
        additional share repurchases.
      </li>
    </ul>
    <div style="text-indent: 0pt; margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Fourth Quarter Fiscal 2018 Outlook for the Three Month Period Ending
      March 31, 2018</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Net sales are expected to be in the range of $370 million to $375
        million.
      </li>
      <li style="margin-bottom: 10.0px">
        Effective tax rate of approximately 32%.
      </li>
      <li style="margin-bottom: 10.0px">
        Non-GAAP diluted earnings per share are expected to be in the range of
        $0.15 to $0.20. This excludes any charges that may occur from
        additional store closures, restructuring and other charges.
      </li>
      <li style="margin-bottom: 10.0px">
        The earnings per share guidance does not assume any impact of
        additional share repurchases.
      </li>
    </ul>
    <p>
      <b>Non-GAAP Financial Measures</b>
    </p>
    <p>
      We present certain Non-GAAP financial measures in this press release,
      including constant currency, Non-GAAP SG&amp;A expenses, Non-GAAP operating
      income and Non-GAAP diluted earnings per share, to provide information
      that may assist investors in understanding our financial results and
      assessing our prospects for future performance. We believe these
      Non-GAAP financial measures are important indicators of our operating
      performance because they exclude items that are unrelated to, and may
      not be indicative of, our core operating results, such as restructuring
      charges relating to retail store closures and office consolidations, and
      other charges relating to inventory write-downs, severance and asset
      impairments. In particular, we believe that the exclusion of certain
      costs and charges allows for a more meaningful comparison of our results
      from period to period. These Non-GAAP measures, as we calculate them,
      may not necessarily be comparable to similarly titled measures of other
      companies and may not be appropriate measures for comparing the
      performance of other companies relative to Deckers. For example, in
      order to calculate our constant currency information, we calculate the
      current period financial information using the foreign currency exchange
      rates that were in effect during the previous comparable period,
      excluding the effects of foreign currency exchange rate hedges and
      re-measurements in the condensed consolidated balance sheets. These
      Non-GAAP financial results are not intended to represent, and should not
      be considered to be more meaningful measures than, or alternatives to,
      measures of operating performance as determined in accordance with GAAP.
      To the extent we utilize such Non-GAAP financial measures in the future,
      we expect to calculate them using a consistent method from period to
      period. A reconciliation of each of the financial measures to the most
      directly comparable GAAP measures has been provided under the heading
      &#8220;Reconciliation of GAAP Financial Measures to Non-GAAP Financial
      Measures&#8221; in the financial statement tables included below.
    </p>
    <p>
      <b>Conference Call Information</b>
    </p>
    <p>
      The Company&#8217;s conference call to review the results for the third
      quarter 2018 will be broadcast live today, Thursday, February 1, 2018 at
      4:30 pm Eastern Time and hosted at <u><i>www.deckers.com</i></u>. You
      can access the broadcast by clicking on the &#8220;Investor Information&#8221; tab
      and then clicking on the microphone icon at the top of the page.
    </p>
    <p>
      <b>About Deckers Brands</b>
    </p>
    <p>
      Deckers Brands 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&#8217;s portfolio of brands includes UGG&#174;, Koolaburra&#174;, HOKA ONE ONE&#174;,
      Teva&#174; and Sanuk&#174;. Deckers Brands products are sold in more than 50
      countries and territories through select department and specialty
      stores, Company-owned and operated retail stores, and select online
      stores, including Company-owned websites. Deckers Brands has a 40-year
      history of building niche footwear brands into lifestyle market leaders
      attracting millions of loyal consumers globally. For more information,
      please visit <u>www.deckers.com</u>.
    </p>
    <div style="text-indent: 0pt; margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Forward Looking Statements</b>
    </p>
    <p>
      This press release contains &quot;forward-looking statements&quot; within the
      meaning of the safe harbor provisions of the U.S. Private Securities
      Litigation Reform Act of 1995, which statements are subject to
      considerable risks and uncertainties. Forward-looking statements include
      all statements other than statements of historical fact contained in
      this press release, including statements regarding our anticipated
      financial performance, including our projected net sales, margins,
      expenses and earnings per share, as well as statements regarding our
      cost savings initiatives, product and brand strategies, and marketing
      and distribution plans. We have attempted to identify forward-looking
      statements by using words such as &quot;anticipate,&quot; &quot;believe,&quot; &#8220;could,&#8221;
      &quot;estimate,&quot; &quot;expected,&quot; &quot;intend,&quot; &quot;may,&quot; &#8220;plan,&#8221; &#8220;predict,&#8221; &quot;project,&quot;
      &quot;should,&quot; &quot;will,&quot; or &#8220;would,&#8221; and similar expressions or the negative of
      these expressions.
    </p>
    <p>
      Forward-looking statements represent our management&#8217;s current
      expectations and predictions about trends affecting our business and
      industry and are based on information available as of the time such
      statements are made. Although we do not make forward-looking statements
      unless we believe we have a reasonable basis for doing so, we cannot
      guarantee their accuracy or completeness. Forward-looking statements
      involve numerous known and unknown risks, uncertainties and other
      factors that may cause our actual results, performance or achievements
      to be materially different from any future results, performance or
      achievements predicted, assumed or implied by the forward-looking
      statements. Some of the risks and uncertainties that may cause our
      actual results to materially differ from those expressed or implied by
      these forward-looking statements are described in the section entitled
      &#8220;Risk Factors&#8221; in our Annual Report on Form 10-K for the fiscal year
      ended March 31, 2017, as well as in our other filings with the
      Securities and Exchange Commission.
    </p>
    <p>
      Any forward-looking statement made by us in this press release is based
      only on information currently available to us and speaks only as of the
      date on which it is made. Except as required by applicable law or the
      listing rules of the New York Stock Exchange, we expressly disclaim any
      intent or obligation to update any forward-looking statements, or to
      update the reasons actual results could differ materially from those
      expressed or implied by these forward-looking statements, whether to
      conform such statements to actual results or changes in our
      expectations, or as a result of the availability of new information.
    </p>
    <div style="text-indent: 0pt; margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="16" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="16" valign="top">
          <b>DECKERS OUTDOOR CORPORATION</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="16" valign="top">
          <b>AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="16" valign="top">
          <b>Condensed Consolidated Statements of Comprehensive Income</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="16" valign="top">
          <b>(Unaudited)</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="16" valign="top">
          <b>(Amounts in thousands, except for per share data)</b>
        </td>
      </tr>
      <tr>
        <td colspan="16">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="16">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" colspan="4" valign="top">
          <b>Three-month period ended</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" colspan="6" valign="top">
          <b>Nine-month period ended</b>
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" colspan="4" valign="top">
          <b>December 31,</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" colspan="6" valign="top">
          <b>December 31,</b>
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>2017</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>2016</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>2017</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>2016</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Net sales
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          810,478
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          760,345
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          1,502,655
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          1,420,682
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" colspan="2" valign="top">
          Cost of sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          387,007
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          376,711
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          763,442
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          744,371
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" colspan="2" valign="top">
          Gross profit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          423,471
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          383,634
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          739,213
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          676,311
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" colspan="2" valign="top">
          Selling, general and administrative expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          230,280
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          330,384
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          534,923
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          647,357
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" colspan="2" valign="top">
          Income from operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          193,191
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          53,250
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          204,290
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          28,954
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" colspan="2" valign="top">
          Other expense, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          138
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          2,363
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          1,503
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          4,476
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" colspan="2" valign="top">
          Income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          193,053
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          50,887
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          202,787
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          24,478
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" colspan="2" valign="top">
          Income tax expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          106,712
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          9,860
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          109,008
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          3,064
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" colspan="2" valign="top">
          Net income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          86,341
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          41,027
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          93,779
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          21,414
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          Other comprehensive income (loss), net of tax
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" colspan="2" valign="top">
          Unrealized gain (loss) on foreign currency hedging
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          2,509
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          (1,399
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          (2,174
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          620
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 2.0px" colspan="2" valign="top">
          Foreign currency translation adjustment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          2,037
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          (13,067
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: left; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          6,555
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          (10,224
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: left; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left; padding-bottom: 2.0px" colspan="2" valign="top">
          Total other comprehensive income (loss)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          4,546
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          (14,466
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: left; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          4,381
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          (9,604
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: left; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 4.0px" colspan="2" valign="top">
          Comprehensive income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; padding-bottom: 4.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          90,887
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; padding-bottom: 4.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          26,561
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; padding-bottom: 4.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          98,160
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; padding-bottom: 4.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          11,810
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          Net income per share:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" colspan="2" valign="top">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          2.71
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          1.28
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          2.93
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          0.67
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" colspan="2" valign="top">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          2.69
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          1.27
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          2.91
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          0.66
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          Weighted-average common shares outstanding:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" colspan="2" valign="top">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          31,863
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          31,973
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          31,956
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          32,018
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" colspan="2" valign="top">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          32,041
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          32,309
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          32,186
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          32,377
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="9">

        </td>
        <td>

        </td>
        <td colspan="6">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td colspan="10">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="10" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>Reconciliation of GAAP Financial Measures to Non-GAAP
            Financial Measures</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="10">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="5" valign="top">
          <b>DECKERS BRANDS - GAAP to Non-GAAP Reconciliation</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="5" valign="top">
          <b>For the Three Months Ended December 31, 2017 and December 31, 2016</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          (Amounts in thousands, except for per share data)
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="10" valign="top">
          (Unaudited)
        </td>
      </tr>
      <tr>
        <td colspan="10">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" colspan="6" valign="top">
          <b>Three-month period ended December 31, 2017</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" valign="top">
          <b>Non-GAAP</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" valign="top">
          <b>GAAP Measures</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" colspan="2" valign="top">
          <b>Restructuring and</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" valign="top">
          <b>Measures</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>(As Reported)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" colspan="2" valign="bottom">
          <b>Other Charges (1)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>(Excluding Items) (2)</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Net sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          810,478
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          810,478
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" colspan="2" valign="top">
          Cost of sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          387,007
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          387,007
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" colspan="2" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Gross profit
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          423,471
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          423,471
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" colspan="2" valign="top">
          Selling, general and administrative expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          230,280
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          (9,870
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: left; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          220,410
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" colspan="2" valign="top">
          Income from operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          193,191
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          9,870
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          203,061
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" colspan="2" valign="top">
          Other expense, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          138
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          138
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" colspan="2" valign="top">
          Income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          193,053
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          202,923
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" colspan="2" valign="top">
          Income tax expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          106,712
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          43,728
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 4.0px" colspan="2" valign="top">
          Net income
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; padding-bottom: 4.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          86,341
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt" colspan="2">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; padding-bottom: 4.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          159,195
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          Net income per share:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" colspan="2" valign="top">
          Basic
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          2.71
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          5.00
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" colspan="2" valign="top">
          Diluted
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          2.69
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          4.97
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          Weighted-average common shares outstanding:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" colspan="2" valign="top">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          31,863
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          31,863
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" colspan="2" valign="top">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          32,041
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          32,041
        </td>
      </tr>
      <tr>
        <td colspan="10">
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (1)
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Amounts as of December 31, 2017 reflect restructuring, other
            charges related to organizational changes and the strategic review
            process.
          </p>
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (2)
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            The difference in GAAP and non-GAAP tax expense is primarily due
            to the recently enacted tax reform and subsequent deferred tax
            asset charge associated with the new lower domestic federal tax
            rate. The tax rate applied to the Non-GAAP measures is 21.5% for
            the fiscal quarter ended December 31, 2017.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td colspan="5">

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt" colspan="6">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" colspan="6" valign="top">
          <b>Three-month period ended December 31, 2016</b>
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" valign="top">
          <b>Non-GAAP</b>
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" valign="top">
          <b>GAAP Measures</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" colspan="2" valign="top">
          <b>Restructuring and</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" valign="top">
          <b>Measures</b>
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="top">
          <b>(As Reported)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" colspan="2" valign="top">
          <b>Other Charges (1)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="top">
          <b>(Excluding Items) (2)</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Net sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          760,345
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          760,345
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" colspan="2" valign="top">
          Cost of sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          376,711
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          376,711
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" colspan="2" valign="top">
          Gross profit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          383,634
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          383,634
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" colspan="2" valign="top">
          Selling, general and administrative expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          330,384
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          (128,935
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: left; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          201,449
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" colspan="2" valign="top">
          Income from operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          53,250
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          128,935
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          182,185
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" colspan="2" valign="top">
          Other expense, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          2,363
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          2,363
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" colspan="2" valign="top">
          Income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          50,887
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          179,822
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" colspan="2" valign="top">
          Income tax expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          9,860
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          47,092
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 4.0px" colspan="2" valign="top">
          Net income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; padding-bottom: 4.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          41,027
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt" colspan="2">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; padding-bottom: 4.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          132,730
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          Net income per share:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" colspan="2" valign="top">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          1.28
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          4.15
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" colspan="2" valign="top">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          1.27
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          4.11
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          Weighted-average common shares outstanding:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" colspan="2" valign="top">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          31,973
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          31,973
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" colspan="2" valign="top">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          32,309
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          32,309
        </td>
      </tr>
      <tr>
        <td colspan="5">

        </td>
        <td colspan="6">
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (1)
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Amounts as of December 31, 2016 reflect charges related to
            restructuring costs as a result of retail store closures, office
            consolidations and the impairment of goodwill and patents related
            to the Sanuk brand.
          </p>
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (2)
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            The tax rate applied to the Non-GAAP measures is 26.2% for the
            fiscal quarter ended December 31, 2016. The difference from the
            GAAP tax rate is a result of the jurisdictional tax rates applied
            to the restructuring charges.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="11" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>Reconciliation of GAAP Financial Measures to Non-GAAP
            Financial Measures</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="11" valign="top">
          <b>DECKERS BRANDS - GAAP to Non-GAAP Reconciliation</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="6" valign="top">
          <b>For the Nine Months Ended December 31, 2017 and December 31, 2016</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          (Amounts in thousands, except for per share data)
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          (Unaudited)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" colspan="6" valign="top">
          <b>Nine-month period ended December 31, 2017</b>
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" valign="top">
          <b>Non-GAAP</b>
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" valign="top">
          <b>GAAP Measures</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" colspan="2" valign="top">
          <b>Restructuring and</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" valign="top">
          <b>Measures</b>
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>(As Reported)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" colspan="2" valign="bottom">
          <b>Other Charges (1)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>(Excluding Items) (2)</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Net sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          1,502,655
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          1,502,655
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" colspan="2" valign="top">
          Cost of sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          763,442
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          763,442
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" colspan="2" valign="top">
          Gross profit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          739,213
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          739,213
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" colspan="2" valign="top">
          Selling, general and administrative expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          534,923
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          (12,278
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: left; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          522,645
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" colspan="2" valign="top">
          Income from operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          204,290
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          12,278
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          216,568
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" colspan="2" valign="top">
          Other expense, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          1,503
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          1,503
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" colspan="2" valign="top">
          Income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          202,787
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          215,065
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" colspan="2" valign="top">
          Income tax expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          109,008
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          47,085
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 4.0px" colspan="2" valign="top">
          Net income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; padding-bottom: 4.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          93,779
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt" colspan="2">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; padding-bottom: 4.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          167,980
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          Net income per share:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" colspan="2" valign="top">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          2.93
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          5.26
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" colspan="2" valign="top">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          2.91
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          5.22
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          Weighted-average common shares outstanding:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" colspan="2" valign="top">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          31,956
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          31,956
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" colspan="2" valign="top">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          32,186
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          32,186
        </td>
      </tr>
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (1)
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Amounts as of December 31, 2017 reflect charges related to
            restructuring costs, other charges related to organizational
            changes and the strategic review process.
          </p>
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (2)
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            The difference in GAAP and non-GAAP tax expense is primarily due
            to the recently enacted tax reform and subsequent deferred tax
            asset charge associated with the new lower domestic federal tax
            rate. The tax rate applied to the Non-GAAP measures is 21.9% for
            the nine months ended December 31, 2017.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
<div style="text-align:left">
    <table style="font-size: 8pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td colspan="5">

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt" colspan="6">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="5">

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" colspan="6" valign="top">
          <b>Nine-month period ended December 31, 2016</b>
        </td>
      </tr>
      <tr>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" valign="top">
          <b>Non-GAAP</b>
        </td>
      </tr>
      <tr>
        <td colspan="5">

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" valign="top">
          <b>GAAP Measures</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" colspan="2" valign="top">
          <b>Restructuring and</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" valign="top">
          <b>Measures</b>
        </td>
      </tr>
      <tr>
        <td colspan="5">

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>(As Reported)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" colspan="2" valign="bottom">
          <b>Other Charges (1)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>(Excluding Items) (2)</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Net sales
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          1,420,682
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          1,420,682
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" colspan="2" valign="top">
          Cost of sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          744,371
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          744,371
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" colspan="2" valign="top">
          Gross profit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          676,311
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          676,311
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" colspan="2" valign="top">
          Selling, general and administrative expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          647,357
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          (131,570
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: left; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          515,787
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" colspan="2" valign="top">
          Income from operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          28,954
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          131,570
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          160,524
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" colspan="2" valign="top">
          Other expense, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          4,476
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          4,476
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" colspan="2" valign="top">
          Income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          24,478
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          156,048
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" colspan="2" valign="top">
          Income tax expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          3,064
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          40,960
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 4.0px" colspan="2" valign="top">
          Net income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; padding-bottom: 4.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          21,414
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt" colspan="2">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; padding-bottom: 4.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          115,088
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          Net income per share:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" colspan="2" valign="top">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          0.67
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          3.59
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" colspan="2" valign="top">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          0.66
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          3.55
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          Weighted-average common shares outstanding:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" colspan="2" valign="top">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          32,018
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          32,018
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" colspan="2" valign="top">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          32,377
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          32,377
        </td>
      </tr>
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (1)
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Amounts as of December 31, 2016 reflect charges related to
            restructuring costs as a result of retail store closures, office
            consolidations and the impairment of goodwill and patents related
            to the Sanuk brand.
          </p>
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (2)
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            The tax rate applied to the Non-GAAP measures is 26.2% for the
            nine months ended December 31, 2016. The difference from the GAAP
            tax rate is a result of the jurisdictional tax rates applied to
            the restructuring charges.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td colspan="8">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="8" valign="top">
          <b>DECKERS OUTDOOR CORPORATION</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="8" valign="top">
          <b>AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="8" valign="top">
          <b>Condensed Consolidated Balance Sheets</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="8" valign="top">
          <b>(Unaudited)</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="8" valign="top">
          <b>(Amounts in thousands)</b>
        </td>
      </tr>
      <tr>
        <td colspan="8">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          <b>December 31,</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          <b>March 31,</b>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          <b>Assets</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>2017</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>2017</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          Current assets:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" colspan="2" valign="top">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          493,002
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          291,764
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" colspan="2" valign="top">
          Trade accounts receivable, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          232,594
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          158,643
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" colspan="2" valign="top">
          Inventories, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          396,309
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          298,851
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 2.0px" colspan="2" valign="top">
          Other current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          62,994
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          71,563
        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" colspan="2" valign="top">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          1,184,899
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          820,821
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          Property and equipment, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          215,847
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          225,531
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" colspan="2" valign="top">
          Other noncurrent assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          130,217
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          145,428
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left; padding-bottom: 4.0px" colspan="2" valign="top">
          Total assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; padding-bottom: 4.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          1,530,963
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; padding-bottom: 4.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          1,191,780
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Liabilities and Stockholders' Equity</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          Current liabilities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" colspan="2" valign="top">
          Short-term borrowings
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          571
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          549
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" colspan="2" valign="top">
          Trade accounts payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          199,320
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          95,893
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 2.0px" colspan="2" valign="top">
          Other current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          164,918
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          62,609
        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" colspan="2" valign="top">
          Total current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          364,809
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          159,051
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          Long-term liabilities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" colspan="2" valign="top">
          Mortgage payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          31,656
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          32,082
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 2.0px" colspan="2" valign="top">
          Other liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          101,629
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          46,392
        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" colspan="2" valign="top">
          Total long-term liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          133,285
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          78,474
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left; padding-bottom: 2.0px" colspan="2" valign="top">
          Total stockholders' equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          1,032,869
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          954,255
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left; padding-bottom: 4.0px" colspan="2" valign="top">
          Total liabilities and stockholders' equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; padding-bottom: 4.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          1,530,963
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; padding-bottom: 4.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          1,191,780
        </td>
      </tr>
      <tr>
        <td colspan="8">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br><b>Investor Contact:</b><br>Deckers Brands<br>Steve
      Fasching, 805.967.7611<br>VP, Strategy &amp; Investor Relations
    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
