Reportable Operating Segments

The Company’s six reportable operating segments now include the worldwide wholesale operations for each of the UGG brand, HOKA brand, Teva brand, Sanuk brand, and Other brands, as well as DTC. The Other brands wholesale reportable operating segment consists of the Koolaburra brand and includes other discontinued brands during the prior periods presented. Information reported to the CODM, who is the Company’s Principal Executive Officer, is organized into these reportable operating segments and is consistent with how the CODM evaluates performance and allocates resources. The Company does not consider international operations a separate reportable operating segment, and the CODM reviews such operations in the aggregate with the aforementioned reportable operating segments. Inter-segment sales from the Company’s wholesale reportable operating segments to the DTC reportable operating segment are at the Company’s cost, and there is no inter-segment profit on these inter-segment sales, nor are they reflected in income (loss) from operations of the wholesale reportable operating segments.

The Company evaluates reportable operating segment performance, primarily based on net sales and income (loss) from operations. The wholesale operations of each brand are managed separately because each requires different marketing, research and development, design, sourcing, and sales strategies. The income (loss) from operations of each of the reportable operating segments include only those costs which are specifically related to each reportable operating segment, which consist primarily of cost of sales, research and development, design, sales and marketing, depreciation, amortization, and the direct costs of employees within those reportable operating segments. The Company does not allocate corporate overhead costs or non-operating income and expenses to reportable operating segments, which include unallocable overhead costs associated with distribution centers, certain executive and stock compensation, accounting, finance, legal, information technology, human resources, and facilities, among others.

Reportable operating segment information, with a reconciliation to the consolidated statements of comprehensive income (loss), is summarized as follows:



	Years Ended March 31,
	2019		2018		2017
Net sales
UGG brand wholesale	$	888,347	$	841,893	$	826,355
HOKA brand wholesale	185,057		132,688		93,064
Teva brand wholesale	119,390		117,478		103,694
Sanuk brand wholesale	69,791		78,283		77,552
Other brands wholesale	42,818		17,273		23,142
Direct-to-Consumer	715,034		715,724		666,340
Total	$	2,020,437	$	1,903,339	$	1,790,147



	Years Ended March 31,
	2019			2018			2017
Income (loss) from operations
UGG brand wholesale	$	300,761		$	247,826		$	213,407
HOKA brand wholesale	35,717			20,954			2,556
Teva brand wholesale	27,939			20,400			10,045
Sanuk brand wholesale	12,781			14,474			(110,582		)
Other brands wholesale	10,411			1,304			(985		)
Direct-to-Consumer	185,449			156,896			109,802
Unallocated overhead costs	(245,738		)	(239,270		)	(226,162		)
Total	$	327,320		$	222,584		$	(1,919	)



	Years Ended March 31,
	2019		2018		2017
Depreciation, amortization and accretion
UGG brand wholesale	$	1,254	$	3,193	$	3,167
HOKA brand wholesale	456		485		590
Teva brand wholesale	10		12		24
Sanuk brand wholesale	4,171		4,174		5,018
Other brands wholesale	382		380		381
Direct-to-Consumer	12,195		13,396		15,669
Unallocated overhead costs	26,473		26,932		27,779
Total	$	44,941	$	48,572	$	52,628



	Years Ended March 31,
	2019		2018		2017
Capital expenditures
UGG brand wholesale	$	205	$	58	$	3,444
HOKA brand wholesale	285		—		191
Teva brand wholesale	—		—		—
Sanuk brand wholesale	—		20		—
Other brands wholesale	11		—		—
Direct-to-Consumer	5,739		8,641		15,277
Unallocated overhead costs	22,846		26,094		25,587
Total	$	29,086	$	34,813	$	44,499

Assets allocated to each reportable operating segment include trade accounts receivable, net of allowances and inventories net of reserves, property and equipment, net, goodwill, other intangible assets, and certain other assets that are specifically identifiable for one of the Company’s reportable operating segments. Unallocated assets are those assets not directly related to a specific reportable operating segment and generally include cash and cash equivalents, deferred tax assets, and various other corporate assets shared by the Company’s reportable operating segments.

Assets allocated to each reportable operating segment, with a reconciliation to the consolidated balance sheets, are as follows:



	As of March 31,
	2019		2018
Assets
UGG brand wholesale	$	240,411	$	229,894
HOKA brand wholesale	94,157		65,943
Teva brand wholesale	76,370		85,980
Sanuk brand wholesale	71,285		79,322
Other brands wholesale	14,618		8,866
Direct-to-Consumer	95,501		112,355
Total assets from reportable operating segments	592,342		582,360
Unallocated cash and cash equivalents	589,692		429,970
Unallocated deferred tax assets	30,870		38,381
Unallocated other corporate assets	214,302		213,668
Total	$	1,427,206	$	1,264,379