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  "docSlug": "d022b5102472",
  "documentTitle": "Deckers Outdoor Corporation (DECK)",
  "authorId": "07_Marcato",
  "authorName": "Richard T. McGuire III",
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  "presentationDate": "2017-11-01 00:00:00",
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  "pageNumber": 22,
  "pageCount": 59,
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  "density": "balanced",
  "nDataPoints": 26,
  "notes": "The slide uses two bar charts to demonstrate that the company has been cash-rich and cash-generative for over a decade, implying capital mismanagement.",
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      "kind": "callout",
      "text": "Inventory increases by $128m or ~50% with new retail expansion strategy",
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      "kind": "chart",
      "text": "Free Cash Flow ($M)",
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      "text": "Net Cash at FY End ($M) and Net Cash % of Market Cap",
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      "kind": "disclaimer",
      "text": "Source: CapIQ, Company filings. See appendix for footnotes. Note: 2005-2013 are 12/31 fiscal end. 2014-2017 are 3/31 fiscal end. Due to a change in reporting period, the company has no 2014 fiscal year. 2014 is the LTM period through 3/31/14.",
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      "text": "Net Cash: $259",
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      "kind": "title",
      "text": "BOARD HAS APPROVED AN INEFFICIENT CAPITAL STRUCTURE FOR OVER 10 YEARS",
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