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Spruce Point Capital Management · activist-deck

Skechers U.S.A., Inc. (SKX)

34 pages · 4 arc beats · 3 loops

Activist-Deck Download JSON
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Skechers U.S.A., Inc. (SKX)

Spruce Point Capital Management · 2022-07
arc beats above · slides in the middle · loops below · scroll → 3 LOOPS
SETUP TENSION ANALYSIS EVIDENCE RESOLUTION APPENDIX
HOVER FOR DETAILS · CLICK A SLIDE FOR FULLSCREEN · STEP 2
— No image bound to this slide. Wire up imgproxy to display the rendered slide JPEG.
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Deck intelligence map

4
coverage by narrative range · generated from this deck JSON
Narrative range 26 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
The Call 5 slides 100% 5/5 slides 100% 5/5 slides · 19 hits
— 0/5 slides
40% 2/5 slides 20% 1/5 slides 100% 5/5 slides
— 0/5 slides
The Monster 3 slides 100% 3/3 slides 100% 3/3 slides · 20 hits
— 0/3 slides
66.7% 2/3 slides · 3 hits 66.7% 2/3 slides 100% 3/3 slides
— 0/3 slides
The Struggle 14 slides 100% 14/14 slides 100% 14/14 slides · 89 hits
— 0/14 slides
14.3% 2/14 slides 78.6% 11/14 slides 100% 14/14 slides 57.1% 8/14 slides The Victory 4 slides 100% 4/4 slides 100% 4/4 slides · 25 hits
— 0/4 slides
— 0/4 slides
50% 2/4 slides 100% 4/4 slides
— 0/4 slides

Slide inventory

34
every slide · same image gating as the playbook
01
Slide 1
The imagery is highly metaphorical, using a clown and pests to imply the company is a joke or infested with problems.front_matter
Open slide detailBeat · The Call
02
other
Open slide detailBeat · The Call
03
The slide uses a comparison table to establish credibility by citing past performance.cite_precedent
Open slide detailBeat · The Call
04
front_matter
Open slide detailBeat · The Call
05
Includes Spruce Point Capital Management logo (pine tree).front_matter
Open slide detailBeat · The Call
06
This is a classic activist short thesis summary slide.summarize
Open slide detail
07
Spruce Point Capital Management branding (pine tree logo).transition
Open slide detail
08
Uses a 2x2 grid layout to categorize specific individuals and groups under scrutiny.name_villain
Open slide detailBeat · The Monster
09
The slide uses a 2x2 grid layout to categorize board members and auditors as 'red flags'.name_villain
Open slide detailBeat · The Monster
10
The slide uses a red flag icon to signal warning/risk regarding the partners listed.name_villain
Open slide detailBeat · The Monster
11
appendix
Open slide detail
12
transition
Open slide detailBeat · The Struggle
13
The slide uses red boxes to highlight the 60% and 32% figures, emphasizing the concentration of growth in specific segments.expose_contradiction
Open slide detailBeat · The StruggleLoop · Aha Moment
14
The slide uses a red flag icon to signal a warning or 'red flag' regarding the company's performance.expose_contradiction
Open slide detailBeat · The StruggleLoop · Aha Moment
15
The slide uses a red box to highlight the Skechers row in the table.compare_peers
Open slide detailBeat · The Struggle
16
Uses a 'red flag' icon to signal risk; includes a table calculating implied growth rates for non-Asian markets.preempt_rebuttal
Open slide detailBeat · The Struggle
17
Uses a testimonial/interview format to expose brand weakness.name_villain
Open slide detailBeat · The Struggle
18
Uses red text to highlight specific pain points within the quotes.expose_contradiction
Open slide detailBeat · The Struggle
19
This is a classic activist short-seller thesis slide, using a logo and a strong, declarative headline.frame_problem
Open slide detailBeat · The Struggle
20
The slide uses a comparative structure to show a pattern of behavior.expose_contradiction
Open slide detailBeat · The StruggleLoop · Iceberg
21
The slide uses red boxes to highlight specific data points that support the thesis of inventory mismanagement.analyze_data
Open slide detailBeat · The StruggleLoop · Iceberg
22
The slide uses a red box to highlight the Q1 2022 YoY change (36%) and QoQ change (-1%) against historical averages.expose_contradiction
Open slide detailBeat · The StruggleLoop · Iceberg
23
The slide uses a red box to highlight the 2021 data point, contrasting it with the 2015-2019 average.expose_contradiction
Open slide detailBeat · The StruggleLoop · Iceberg
24
The slide uses a red flag icon to draw attention to the negative/concerning nature of the data point.compare_peers
Open slide detailBeat · The StruggleLoop · Iceberg
25
Uses a combination of SEC legal precedent and primary source interview testimony to build a case of management untrustworthiness.expose_contradiction
Open slide detailBeat · The StruggleLoop · Iceberg
26
The slide features the Spruce Point Capital Management logo (the pine tree).frame_problem
Open slide detailLoop · Cost Of Inaction
27
Includes a specific adjustment for NCI and equity award tax payments to derive 'Spruce Point Adjusted CFO'.analyze_data
Open slide detailLoop · Cost Of Inaction
28
The slide highlights that G&A expenses (less specific items) have not scaled with revenue, suggesting a lack of operating leverage.analyze_data
Open slide detailLoop · Cost Of Inaction
29
The slide uses a red flag icon to signal a warning or contradiction.expose_contradiction
Open slide detailLoop · Cost Of Inaction
30
The slide uses red 'X' overlays on financial tables to visually represent the removal of data.expose_contradiction
Open slide detail
31
Spruce Point Capital Management branding (pine tree logo).frame_problem
Open slide detailBeat · The Victory
32
Includes a table of financial metrics, a pie chart for debt structure, and a pie chart for analyst recommendations.analyze_data
Open slide detailBeat · The Victory
33
The slide uses a peer group to argue for multiple contraction by highlighting that Skechers' metrics are more aligned with lower-multiple peers than the 'premiecompare_peers
Open slide detailBeat · The Victory
34
The slide uses a 'Spruce Point Discount' of 20% to arrive at a lower P/E multiple for the SPCM estimate.show_valuation_bridge
Open slide detailBeat · The Victory