CONCENTRATION OF BUSINESS

12 Months Ended

Mar. 31, 2025

Regions and Customers. The Company sells its products globally to customers and consumers, with net sales concentrations as follows:


	Years Ended March 31,
	2025			2024			2023
International net sales	$	1,798,903		$	1,424,089		$	1,175,789
% of net sales	36.1		%	33.2		%	32.4		%
Net sales in foreign currencies	$	1,376,782		$	1,105,057		$	832,632
% of net sales	27.6		%	25.8		%	23.0		%
Ten largest global customers as % of net sales	23.7		%	24.2		%	25.2		%

For the years ended March 31, 2025, 2024, and 2023, no single foreign country and no single global customer comprised 10.0% or more of the Company’s total net sales.

As of March 31, 2025, the Company has one customer that represents 13.6% of trade accounts receivable, net, compared to two customers that in total represented 31.2% of trade accounts receivable, net, as of March 31, 2024. Management performs regular evaluations concerning the ability of the Company’s customers to satisfy their obligations to the Company and recognizes an allowance for doubtful accounts based on these evaluations.

Cash and Cash Equivalents. The Company maintains a portion of its cash in Federal Deposit Insurance Corporation insured bank deposit accounts which, at times, may exceed federally insured limits. To date, the Company has not experienced any losses in such accounts. Based on the size and strength of the banking institutions used, the Company does not believe it is exposed to any significant credit risks in cash.

Designated Suppliers. The Company outsources the production of its finished goods to independent manufacturers, which are primarily located in Southeast Asia, predominately in Vietnam. The majority of the raw materials and components used in the production of the Company’s products by its independent manufacturers are purchased from designated suppliers, who work with other subcontractors that extract, process, or convert these raw materials. Sheepskin used to manufacture a significant portion of the Company’s UGG brand products and is sourced primarily from designated suppliers in Australia and processed by two tanneries in China.

Long-Lived Assets. Long-lived assets, which consist of property and equipment, net, recorded in the consolidated balance sheets, are as follows:


	As of March 31,
	2025		2024
United States	$	289,672	$	270,561
Foreign (1)	35,927		31,561
Total	$	325,599	$	302,122

(1) As of March 31, 2025, and 2024, no property and equipment, net, associated with any single foreign country represented 10.0% or more of the Company’s total property and equipment, net.