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  "docSlug": "2afd1d7556e8",
  "documentTitle": "The Goodyear Tire & Rubber Company (GT)",
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  "authorName": "Elliott",
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  "presentationDate": "2023-05-11 00:00:00",
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  "density": "dense",
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  "notes": "Uses a combination of bar charts and a waterfall-style gap chart to illustrate underperformance.",
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      "kind": "callout",
      "text": "Behind the Industry-Low Margins: Suboptimal SG&A Spend, Go-to-Market Strategy and Brand Strategy",
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      "text": "Not only has Goodyear failed to close the margin gap vs. peers, the margin gap has continued to widen",
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      "text": "CY2022 Net Revenue ($B)",
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      "text": "CY2022 Adjusted Operating Margin",
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      "kind": "chart",
      "text": "Goodyear Operating Margin Gap vs. Michelin and Bridgestone",
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      "kind": "metric",
      "text": "operating margin: 5.1%",
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      "text": "Despite leading scale, a 125-year brand history and favorable tailwinds, Goodyear's industry-low margins are getting worse relative to peers",
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      "kind": "source-note",
      "text": "Source: Company filings and CapitalIQ. Note: Continental Tire Segment operating margin includes corporate allocation. Note: Excludes certain foreign competitors primarily focused on their local markets.",
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      "text": "Industry-Low Operating Margins",
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      "evidence": "Compares Goodyear's financial metrics against a peer group to highlight underperformance.",
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      "evidence": "The document highlights Goodyear's underperformance, low operating margins, and ineffective go-to-market strategy.",
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      "evidence": "The document emphasizes the consequences of Goodyear's underperformance, such as eroded investor confidence and lowered margin targets.",
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