DECK galloped into the new year with a top and bottom line 4Q beat. Revs of $792m (+10% cc) and EPS of $3.46 (+38%) beat cons of $724m and $2.69. Some are pondering a two horse race between HOKA and On, however we think both can gain significant share. We suggest investors look at DECK as a two horse engine with HOKA and UGG. Reiterate OP, raise TP to $557 post catch up w/ mgmt. 4Q trotted over consensus DECK delivered another stellar qtr, beating the high end of its 4Q rev guide by ~$100m vs buyside expecting a $50m-$75m beat. HOKA revs of $398m (+40%) beat cons $388m (+37%) which was above the guide (low-mid 20%s), and also driven by UGG which beat cons by $30m. GM of 50.0% missed cons 51.1%, but SGandA levered 100bps and OM of 13.4% beat by 160bps. EPS of $3.46 was well above cons $2.69 and at the high end of buyside $3.20-$3.50 (see preview). We had pushback on this range from one investor who said they would do a backflip if DECK delivered near $3.50. HOKA... the thoroughbred FY24 revenue guidance for HOKA was introduced at 20% growth led by DTC. This likely implies a relatively wide spread, with wholesale growing mid-teens and DTC ~30%. While 20% growth is below buyside expectations of 25-35%, we expect the brand to ultimately end the year higher as it has historically beaten initial guidance, and model ~$1.8bn revs for FY24. While some are looking to ONON''s 40% rev growth guide in CY23 to detract from the HOKA guide, we note that 1) ONON''s guide captures a strong March-end qtr while HOKA''s does not (ONON Apr-Dec implied mid-30s), 2) DECK mgmt. typically sets beatable targets, and 3) most importantly, both brands are winning share at the expense of much larger incumbents, not each other, and can grow into multi-$bn brands simultaneously. UGG... the dark horse Some are underestimating UGG''s potential. UGG + modelling continued on pg 2.