{
  "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": 59,
  "pageCount": 59,
  "prevPage": 58,
  "nextPage": null,
  "slideType": "appendix_disclosure",
  "function": "appendix",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": null,
  "elementsJson": [
    "headline_text",
    "numbered_list"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-cc9e849c681c/59",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-cc9e849c681c",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-cc9e849c681c.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-cc9e849c681c#slide-59",
  "components": [
    {
      "bbox": {
        "h": 0.3,
        "w": 0.8,
        "x": 0.02,
        "y": 0.28
      },
      "kind": "paragraph",
      "text": "Page 49\n(1) Based on 2015 EBIT ex. restructuring margin of 8.8% and stated company company target of 12%\n(2) Pro forma for remaining 2017 restructuring items and store closures, estimate company is run rating at 11.7% EBIT margin\n(3) Wolverine 2016 gross margins of 39% vs. Deckers FY2018 guided gross margin of 47.5%, implies over 800bps of gross margin difference\n(4) 180 stores closed in 2017 through Q2 and an additional 33 store closings to occur by year end. In 2013 company had 466 stores.\n(5) Net debt/LTM EBITDA as of Q4 2016 (period when the debt refinancing was finalized)",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4ca9cdc6-2a87-4afd-9503-4db1779e07e7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.65,
        "x": 0.02,
        "y": 0.12
      },
      "kind": "paragraph",
      "text": "Page 46\n(1) ROIC Defined as (EBIT*(1-Tax Rate))/ (Average period net PPE + Working capital)\n(2) 2017 ROIC Based on adjusted EBIT (ex. restructuring) of $166m and an assumed normalized tax rate of 27%\n(3) Adjusted EBIT % margin\n(4) EPS ex. restructuring items",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c0bc7399-83ef-442e-b6a8-3cd577f13e97",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.25,
        "x": 0.02,
        "y": 0.05
      },
      "kind": "title",
      "text": "APPENDIX: FOOTNOTES",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b8b52083-4690-4147-b0e8-11bc6d4d6e79",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 59,
      "from": 51,
      "beatId": "f510ae88-4637-4f17-ae5d-97dad524436b",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Satisfaction",
      "beatSlug": "monroes-sequence-satisfaction",
      "evidence": "The document concludes by providing satisfaction and a sense of resolution.",
      "position": 5,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}