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  "documentTitle": "Deckers Outdoor Corporation (DECK)",
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  "authorName": "Richard T. McGuire III",
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  "presentationDate": "2017-11-01 00:00:00",
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  "notes": "Uses a direct quote from an earnings call to expose management's lack of progress.",
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      "kind": "callout",
      "text": "In 2011, Deckers initially targeted a long term operating margin in the low 20s, yet still claims to be \"in the planning process\"",
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      "text": "The Board and management should be held accountable for their lack of urgency",
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      "text": "2/4/16 Earnings call\nResearch Analyst: \"...on the mid-teens operating margin goal for longer term. Can you just give some color on what sort of the drivers are to that? Like how much of it is gross margin versus SG&A? Should we think it's more SG&A now going forward with the new initiatives?\"\nAnswer from Thomas George (CFO): \"Right. It's still early in the planning process.\"",
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      "text": "Source: Wall Street research.",
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      "text": "SELL-SIDE ANALYSTS RECOGNIZE DECKERS' LACK OF MARGIN PROGRESS",
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