{
  "docId": "019dd923-622b-71dc-a6db-cc9e849c681c",
  "docSlug": "d022b5102472",
  "documentTitle": "Deckers Outdoor Corporation (DECK)",
  "authorId": "07_Marcato",
  "authorName": "Richard T. McGuire III",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-11-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 29,
  "pageCount": 59,
  "prevPage": 28,
  "nextPage": 30,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "Uses a series of quotes to build a case against management/board transparency.",
  "elementsJson": [
    "headline_text",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-cc9e849c681c/29",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-cc9e849c681c",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-cc9e849c681c.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-cc9e849c681c#slide-29",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The aforementioned actions demonstrate an unconscionable lack of transparency.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f3f-7598-93ee-824323f711fd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.96,
        "x": 0.02,
        "y": 0.12
      },
      "kind": "paragraph",
      "text": "Masking retail results: \"Since the end of fiscal 2015, Deckers has combined the reporting of its retail store and e-commerce performance in a broad direct-to-consumer (\"DTC\") category, and no longer breaks out the performance of its retail stores.\"",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1ab8fc28-aec9-4d97-a64a-f6999e841d7c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.96,
        "x": 0.02,
        "y": 0.39
      },
      "kind": "paragraph",
      "text": "Segment reporting changes have drawn inquiry from SEC: SEC on DTC segment: \"Please provide a more comprehensive discussion and analysis of the material factors impacting net sales and loss from operations for the DTC reportable segment.\"",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "309fd873-a03e-41af-a52d-1f8d674e87ec",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.96,
        "x": 0.02,
        "y": 0.7
      },
      "kind": "paragraph",
      "text": "Other reporting changes have also drawn the scrutiny of research analysts: \"Do not own this stock. DECK is changing its reporting segments from 4 to 2, and is no longer providing supplemental commentary.\"",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "746e37e8-37b1-4c59-ae93-03cc6d66da2e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"Since the end of fiscal 2015, Deckers has combined the reporting of its retail store and e-commerce performance in a broad direct-to-consumer (\"DTC\") category, and no longer breaks out the performance of its retail stores. While we understand the importance of omni-channel distribution, we can only assume that the performance of the retail store network continues to deteriorate, and that management would prefer not to highlight it.\" — Red Mountain Capital (Top 10 Deckers Shareholder 12/5/16); \"Please provide a more comprehensive discussion and analysis of the material factors impacting net sales and loss from operations for the DTC reportable segment. In this regard, we note your discussion and analysis provided during the earnings call by David Powers, President of Deckers Brands. Please note that to the extent an underlying business is materially impacting the segment results, disaggregated analysis of that business may be necessary.\" — SEC letter dated 10/1/2015; \"Do not own this stock. DECK is changing its reporting segments from 4 to 2, and is no longer providing supplemental commentary. The aforementioned actions demonstrate an unconscionable lack of transparency.\" — Sterne Agee 2/5/16",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-3f3f-7598-93ee-84906b099d2c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.35,
        "x": 0.17,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Red Mountain Capital Letter, SEC filings, Wall Street research",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1bd1cc84-9a29-499d-b680-c5f833640179",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.65,
        "x": 0.02,
        "y": 0.04
      },
      "kind": "title",
      "text": "BOARD IS RESPONSIBLE FOR THIS LACK OF TRANSPARENCY",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "380594bd-31a0-4658-a506-8d2e561927e0",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "186e2e1e-45bc-484a-8978-224b68c1229a",
      "evidence": "The slide uses external quotes to expose a pattern of obfuscation in financial reporting.",
      "confidence": 0.85
    }
  ],
  "arcBeats": [
    {
      "to": 30,
      "from": 21,
      "beatId": "fcff03fe-6942-415d-948e-1b619aad9035",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Problem (Identify pain)",
      "beatSlug": "problem-agitate-solution-problem-identify-pain",
      "evidence": "The document presents a clear problem and agitates it by highlighting the consequences of inaction.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}