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  "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",
  "nDataPoints": 12,
  "notes": "The slide uses a combination of a horizontal bar chart for margin/SG&A changes and a line chart for indexed advertising costs to highlight operational inefficiency.",
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      "text": "Peers have been able to reduce advertising costs per tire, while Goodyear's advertising costs have increased",
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      "kind": "chart",
      "text": "Change in Gross Margin and SG&A as % of Revenue from FY2016 to FY2022",
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      "text": "Indexed Advertising / Selling Costs per Tire",
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      "text": "SG&A as % of Revenue: 107",
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      "kind": "paragraph",
      "text": "During a period of gross margin pressure, Michelin and Bridgestone have responded by reducing SG&A as a % of revenue. Goodyear, however, only marginally reduced its SG&A as a % of revenue.",
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      "text": "Peers have been able to reduce advertising costs per tire, while Goodyear's advertising as a % of revenue. Goodyear's advertising costs have increased",
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      "kind": "source-note",
      "text": "Source: Company filings and Elliott estimates.",
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      "kind": "title",
      "text": "Lagging Peers on SG&A",
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      "evidence": "Direct comparison of Goodyear's performance metrics against key competitors (Michelin, Bridgestone) to highlight underperformance.",
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