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  "documentTitle": "Skechers U.S.A., Inc. (SKX)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-07-19 00:00:00",
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  "notes": "The slide highlights that G&A expenses (less specific items) have not scaled with revenue, suggesting a lack of operating leverage.",
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      "kind": "callout",
      "text": "Despite adding $4.7 billion of revenue over the past ten years, Skechers' General & Administrative expense as a percent of revenue has barely budged. Furthermore, often blamed supply chain expenses don't seem to be a major driver. We view this as a colossal example of poor financial management.",
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      "text": "G&A Expense as a % of Revenue: 23.3%",
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      "kind": "source-note",
      "text": "Source: Skechers 10-K filings for fiscal years 2011 through 2021",
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      "text": "Skechers G&A Expense Analysis table (2011-2021)",
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      "kind": "title",
      "text": "Skechers Has Demonstrated Practically Zero Operating Leverage Despite Nearly Quadrupling Revenue",
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      "name": "Cost Of Inaction",
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      "evidence": "The document presents valuation tables and comparison tables to support the argument",
      "position": 2,
      "objective": "Highlighting the consequences of Skechers' deteriorating profitability",
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