{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b99-4037ee85af93", "slug": "4c8f29888304", "title": "Skechers U.S.A., Inc. (SKX)", "subtitle": "Spruce Point Capital Management · 2022-07", "author": "Spruce Point Capital Management", "date": "2022-07-19 00:00:00", "pageCount": 34, "kind": "activist-deck", "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "Skechers U.S.A., Inc.", "targetTicker": "SKX", "document": { "id": "019dd923-622c-750b-8b99-4037ee85af93", "slug": "4c8f29888304", "title": "Skechers U.S.A., Inc. (SKX)", "rawTitle": "64e7962249e9064b27ca3d25 skx research thesis 7 19 2022", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "authorDisplay": "Spruce Point Capital Management", "kind": { "slug": "activist-deck", "label": "Activist deck" }, "sourceType": { "slug": "short_seller", "label": "Short seller" }, "fileName": "2022-07-64e7962249e9064b27ca3d25_skx_research_thesis_7-19-2022.pdf", "sourceUrl": null, "sourceDate": "2022-07-19 00:00:00", "presentationDate": "2022-07-19 00:00:00", "ingestedAt": "2026-04-22 21:39:33+00", "status": "ready", "pageCount": 34, "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "Skechers U.S.A., Inc.", "targetTicker": "SKX", "metadata": { "local_root": "/tmp/legacy-images/4c8f29888304", "activist_firm": "Spruce Point Capital Management", "origin_corpus": "contrarian", "extraction_seconds": 171.97832083702087 } }, "coverage": { "pageCount": 34, "pagesIndexed": 34, "pagesWithImages": 34, "pagesWithMetadata": 34, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 191, "chartCount": 5, "metricSlides": 0, "toolMatches": 12, "documentToolMatches": 3, "frameworkMatches": 18, "arcMatches": 1, "beatMatches": 4, "loopMatches": 3, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "matchId": "515bf704-f801-4bbf-8a0f-6d485cd00bf8", "evidence": "The document presents a clear villain (Skechers' management) and a struggle (credibility issues, revenue slowdown, and deteriorating profitability)", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:00:24.49288+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 5, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 1, "name": "The Call", "beatId": "a161b441-3c56-44ce-996a-de381b03777e", "matchId": "515bf704-f801-4bbf-8a0f-6d485cd00bf8", "beatType": { "name": "The Call", "slug": "overcoming-monster-the-call", "status": "active", "canonId": "019dd9b8-3c8f-7690-bd88-80e3f73c12fa", "version": 1, "description": null }, "evidence": "The executive summary and thesis headline serve as a call to action for investors", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 10, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 8, "name": "The Monster", "beatId": "8de72ee7-1a61-4275-beee-b7898e132b3c", "matchId": "515bf704-f801-4bbf-8a0f-6d485cd00bf8", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The document critiques Skechers' management and key advisors as the 'monster'", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 25, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 12, "name": "The Struggle", "beatId": "76385d23-b694-419a-a120-58ffa2576f6d", "matchId": "515bf704-f801-4bbf-8a0f-6d485cd00bf8", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document presents various struggles faced by Skechers, including revenue slowdown and deteriorating profitability", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 34, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 31, "name": "The Victory", "beatId": "63b482be-8ab0-450e-9440-fbd85f2c86f5", "matchId": "515bf704-f801-4bbf-8a0f-6d485cd00bf8", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The document concludes with a predicted 30-50% downside risk to Skechers' share price", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 14, "from": 13, "loop": { "name": "03_aha_moment", "slug": "03-aha-moment", "status": "active", "bestFor": "Data-heavy sections, research findings, analytical arguments", "canonId": "019dd956-66f4-7668-ab25-cec9c996c0bc", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Problem/Question -> What the Data Shows -> The Insight", "description": "Establish a tension, present data, then deliver the insight that changes everything", "familyLabel": null, "categoryName": "Narrative", "categorySlug": "narrative" }, "matchId": "16809880-cd51-4dfc-bae3-6fa1916f495b", "evidence": "The document presents research findings that contradict Street expectations", "position": 0, "objective": "Revealing Skechers' China business performance", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:00:24.715384+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 25, "from": 20, "loop": { "name": "10_iceberg", "slug": "10-iceberg", "status": "active", "bestFor": "Consulting, complex problem solving, organizational change", "canonId": "019dd956-69f4-738c-852a-643798da0899", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause", "description": "Reveal that the visible problem is merely a symptom of a deeper root cause", "familyLabel": null, "categoryName": "Analysis", "categorySlug": "analysis" }, "matchId": "8e8b36b3-4d9d-4a71-b7f7-244c71868a2c", "evidence": "The document analyzes data to highlight deviations from historical norms", "position": 1, "objective": "Exposing Skechers' inventory issues", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:00:24.759496+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 29, "from": 26, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null, "categoryName": "Urgency", "categorySlug": "urgency" }, "matchId": "60e093ed-b11b-4f2e-ba14-b97e9c3a44bd", "evidence": "The document presents valuation tables and comparison tables to support the argument", "position": 2, "objective": "Highlighting the consequences of Skechers' deteriorating profitability", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:00:24.803839+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "Peer gap chart", "slug": "peer-gap", "status": "active", "bestFor": "When relative underperformance is the core argument", "canonId": "019dd9e1-54f1-775a-94a1-d5cf3bb75abf", "version": 1, "bodyDocId": "019dd9a1-8653-7748-9050-807f067196c3", "description": "A single visual that benchmarks the target against its best-in-class peers on\na single quantitative KPI — and shows the target losing. The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "2bf4cd08-c18a-4b5b-9ecb-c01973eddadc", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.073129+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It's the **most credible claim in the deck** because it's arithmetic, not\n opinion.\n- It's immediately **actionable** — close this gap and value accrues.\n- It **pre-empts the \"context is different\" defence** by pitting the target\n against direct peers in the same category.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain naming", "slug": "villain-naming", "status": "active", "bestFor": "When governance or specific decisions are the core thesis", "canonId": "019dd9e1-55a4-74db-9314-0ced4cd46cd2", "version": 1, "bodyDocId": "019dd9a1-88f1-72ad-8f4e-56ec29d7b369", "description": "You identify a **specific person** responsible for the target's underperformance\nor the behaviour you want changed — and name them. Not \"management\" or \"the\nboard\". A named executive or director with a specific failure attributable to\nthem.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "d6e55b22-1756-4318-8048-d53591c65d7e", "evidence": "Robert Greenberg (founder/CEO) and the Greenberg family; Gil N. Schwartzberg (paid advisor with SEC injunction from LA Gear inventory fraud)", "pageRefs": null, "priority": null, "whenToUse": "When governance or specific decisions are the core thesis", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.073129+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Accountability needs a face.** Voters (shareholders, regulators,\n journalists) act faster against people than institutions.\n- **Credibility rises with specificity.** \"The CFO has repeatedly missed\n guidance\" > \"Management has missed guidance\".\n- It **pre-empts evasion**. An individual can be removed; an abstraction\n cannot.\n- It **forces the target to respond personally** — and their defensive\n response usually generates more attention for your thesis.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain slide", "slug": "villain-slide", "status": "active", "bestFor": "In activist decks where the personality matters", "canonId": "019dd9e1-518c-7404-976a-5be5a517b659", "version": 1, "bodyDocId": null, "description": "A dedicated slide presenting the named villain visually", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "fbe6026d-7f8f-4f88-acf5-345b21e225a1", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.073129+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Slide recipe: Cover", "slug": "cover-slide", "status": "active", "bestFor": null, "canonId": "019df269-2a08-767d-9128-e7431e6fe8a3", "version": 1, "bodyDocId": "019df269-29e5-7738-b5fa-6892e5dc8e65", "description": "The first ten seconds. Build it deliberately.", "familyLabel": "slide-recipe", "categoryName": "Slide", "categorySlug": "slide" }, "agent": "designer", "layer": "slide", "agents": [ "designer" ], "matchId": "e6ee368f-0398-43c0-a975-9ab3dd786277", "evidence": "The slide is titled 'A SKECHY INVESTMENT' and has a type of 'cover', matching the recipe for a cover slide.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 03:28:24.354223+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Valuation: Precedent transactions", "slug": "precedent-transactions", "status": "active", "bestFor": null, "canonId": "019df269-22b0-70fc-b5b7-8d6ee69c15dd", "version": 1, "bodyDocId": "019df22a-9e2b-7165-a5f9-f94a9758ce38", "description": "You apply multiples derived from comparable historical M&A transactions", "familyLabel": "valuation-move", "categoryName": "Analysis", "categorySlug": "analysis" }, "agent": "architect", "layer": "slide", "agents": [ "architect" ], "matchId": "e7eb26f3-d0c0-4fb9-8af4-20f146b3fe6f", "evidence": "Comparison table of Oatly, WD-40, and Church & Dwight (CHD) covering ticker, valuation, positioning, criticisms, and outcomes.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:04:27.623336+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "6b1a7fa1-a81e-4741-b403-f78e92db6812", "evidence": "Executive Summary", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:04:27.828503+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Thesis archetype", "slug": "thesis-archetype", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b0b-7428-9b26-f171d1e753fb", "version": 1, "bodyDocId": null, "description": "A canonical investment / activist thesis shape (breakup, fraud, governance).", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "41379eaf-cd26-4c5e-add3-b8a90debfcea", "evidence": "Spruce Point is short shares of the Company.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 23:04:27.787581+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "whyItWorks": null, "antipattern": null, "cardinality": "optional", "narrativePurpose": null }, { "tool": { "name": "Villain naming", "slug": "villain-naming", "status": "active", "bestFor": "When governance or specific decisions are the core thesis", "canonId": "019dd9e1-55a4-74db-9314-0ced4cd46cd2", "version": 1, "bodyDocId": "019dd9a1-88f1-72ad-8f4e-56ec29d7b369", "description": "You identify a **specific person** responsible for the target's underperformance\nor the behaviour you want changed — and name them. Not \"management\" or \"the\nboard\". A named executive or director with a specific failure attributable to\nthem.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "92f8e388-bd21-4c3b-b8bf-85bd2454d39b", "evidence": "Robert/Michael Greenberg, Gil N. Schwartzberg, 'Other' Greenbergs, and CFO John Vandemore.", "pageRefs": null, "priority": null, "whenToUse": "When governance or specific decisions are the core thesis", "confidence": 0.7, "extraction": { "at": "2026-07-16 23:04:27.992258+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "whyItWorks": "- **Accountability needs a face.** Voters (shareholders, regulators,\n journalists) act faster against people than institutions.\n- **Credibility rises with specificity.** \"The CFO has repeatedly missed\n guidance\" > \"Management has missed guidance\".\n- It **pre-empts evasion**. An individual can be removed; an abstraction\n cannot.\n- It **forces the target to respond personally** — and their defensive\n response usually generates more attention for your thesis.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain slide", "slug": "villain-slide", "status": "active", "bestFor": "In activist decks where the personality matters", "canonId": "019dd9e1-518c-7404-976a-5be5a517b659", "version": 1, "bodyDocId": null, "description": "A dedicated slide presenting the named villain visually", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "4a0dc19d-ffe9-40aa-a9fb-6cd80953a9e2", "evidence": "Recent revenue growth aside, Skechers' management team has presided over a blinding array of scandals, lawsuits, and questionable associations.", "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": 0.8, "extraction": { "at": "2026-07-16 23:04:27.951489+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain slide", "slug": "villain-slide", "status": "active", "bestFor": "In activist decks where the personality matters", "canonId": "019dd9e1-518c-7404-976a-5be5a517b659", "version": 1, "bodyDocId": null, "description": "A dedicated slide presenting the named villain visually", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "01698e37-9864-4ac5-ab76-aca9333a7676", "evidence": "Despite a recent Board overhaul, we believe the fundamental dynamic remains unchanged: there is no effective counterweight to the Greenbergs.", "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": 0.8, "extraction": { "at": "2026-07-16 23:04:28.073503+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Slide recipe: the peer-gap chart", "slug": "peer-gap-chart-recipe", "status": "active", "bestFor": null, "canonId": "019df269-2b04-75bc-ad85-e0179264bdd7", "version": 1, "bodyDocId": "019df269-2ae1-771d-9cd1-193a2e25f21c", "description": "The single most-copied slide in activism. 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"activistThesis": { "tone": "adversarial", "notes": "Classic Spruce Point short report template (teal/grey palette, red-box callouts, yellow highlight boxes). Memorable cover: clown shoes surrounded by rats with 'A Skechy Investment' tag. Thesis built on five pillars: (1) governance rot / 'Skechy Characters', (2) China revenue slowdown via proprietary channel checks, (3) inventory aging and purchase commitment buildup, (4) declining cash flow quality and disclosure transparency, (5) multiple derating to $17.92-$25.83. No single named human author — institutional firm attribution only (Ben Axler is founder but not credited on document). Short report: SCPM discloses short position in disclaimer but does not quantify stake — stake_disclosed_pct left null per guidance. Heavy use of peer-gap tables (Dragon Boat Festival, purchase commitments, comparable companies). Page 3 shows Spruce Point's own prior track record (Oatly -88%, WD-40, Church & Dwight) as credibility anchor — a genre-specific pattern for short sellers. Thesis_types: fraud_exposure (Schwartzberg/inventory concerns), governance_board (family control, board red flags), multiple_rerating (argues premium P/E should compress to 9x).", "kpisCited": [ { "detail": "169 at YE2021, 10-year high, 24% above pre-COVID averages", "metric": "Days Inventory Outstanding" }, { "detail": "Up 82% YoY to $2B — 32% of LTM revenue vs. 19% peer average and 21% pre-COVID", "metric": "Open purchase commitments" }, { "detail": "-20% to -30% YTD per Spruce Point channel checks, vs. Street consensus implying +7%", "metric": "China revenue YoY growth" }, { "detail": "Skechers -28%, second-worst; Nike +171%, Anta +139%, Puma +188%", "metric": "Dragon Boat Festival GMV YoY" }, { "detail": "-13.0% in Q1 2022 and -2.3% in 2021, vs. +8.3% in 2018", "metric": "Spruce Point adjusted FCF margin" }, { "detail": "LTM -62% lower than headline reported CFO after NCI and tax-on-equity-awards adjustments", "metric": "Spruce Point adjusted operating cash flow" }, { "detail": "Stuck at 23.3% of revenue in 2021, barely changed from 24.3% in 2011 despite 4x revenue growth", "metric": "G&A expense ex-reported items" }, { "detail": "42.9% of votes via Class B super-voting shares (10 votes per share)", "metric": "Greenberg family voting control" }, { "detail": "92% Buy, 8% Hold, 0% Sell", "metric": "Sell-side analyst recommendation mix" }, { "detail": "0.5% in 2021 vs. 1.1% 2015-19 average — under-reserved", "metric": "Inventory reserves as % of inventory" }, { "detail": "$26M in 2021 — 312% of prior-year reserves vs. 226% historical average", "metric": "Inventory write-offs" }, { "detail": "Business -71%, Risk Factors -17%, MD&A -66%; Notes page count -35%", "metric": "2019-2021 10-K word count decline" } ], "closingAsk": "Sell or avoid Skechers shares — we see 30% to 50% downside to $18.60-$26.00 as China slows, inventory bloats, and governance deteriorates.", "extraction": { "at": "2026-04-22 21:39:33+00", "model": "unknown-legacy", "runId": null, "seconds": 171.97832, "promptVersion": null }, "scqaReward": "30% to 50% downside to $18.60-$26.00 by applying a 9x P/E (vs. Street's assumed multiple and premium shoe peers) to reduced 2022E earnings on -25% Asia-Pacific revenue contraction.", "thesisTypes": [ "fraud_exposure", "governance_board", "multiple_rerating" ], "top3Reasons": [ "China channel checks show sales down -20% to -30% YoY vs. Street expecting +7% growth", "Inventory days at 10-year high of 169; purchase commitments up 82% to $2B — third inventory blow-up looming", "Family-controlled governance with SEC-charged LA Gear inventory-fraud advisor still on payroll" ], "scqaSituation": "Skechers is a family-run 'fast follower' footwear company that rode a 27% China CAGR to $6.3bn revenue and near-universal Street love — 92% Buy ratings, zero Sells, and a $58.67 consensus target implying 58% upside.", "thesisSummary": "Spruce Point is short Skechers after a forensic review of the family-controlled footwear 'fast follower,' arguing the stock carries 30%-50% downside to $18.60-$26.00. On-the-ground China channel checks show sales down -20% to -30% YoY versus Street expectations of +7% growth, with Skechers the second-worst performer in the June Dragon Boat Festival (-28% GMV) while peers posted double- and triple-digit gains. Inventory days sit at a 10-year high of 169, and open purchase commitments with foreign manufacturers rose 82% to $2 billion — 51% above pre-COVID averages and 64% higher than peers — setting up a third inventory blow-up after 2015 (-46%) and 2018 (-28%). The Greenberg family controls 42.9% of the vote, continues to pay SEC-sanctioned LA Gear inventory-fraud advisor Gil Schwartzberg, and has reduced 10-K disclosures while Spruce Point-adjusted operating cash flow runs 62% below headline.", "primaryDemands": [ "Sell or avoid SKX shares — Strong Sell opinion", "Scrutinize inventory accounting and purchase commitment buildup", "Question Greenberg family governance, nepotism, and related-party transactions", "Investigate continued use of SEC-sanctioned advisor Gil Schwartzberg" ], "scqaResolution": "Investors should sell or avoid SKX: Spruce Point is short and expects a third inventory blow-up (after 2015's -46% and 2018's -28%) as China growth collapses into a bloated cost base.", "thesisOneLiner": "Skechers is a governance-rotten, family-run 'fast follower' whose China growth is collapsing and inventory is bloating — 30%-50% downside to $18.60-$26.00.", "precedentsCited": [ "LA Gear 1990 inventory fraud (SEC v. Schwartzberg, 1995)", "Skechers Q3 2015 inventory miss (-46% stock decline, Steamfitters shareholder lawsuit)", "Skechers Q2 2018 inventory miss (-28% stock decline, Laborers shareholder lawsuit)", "Spruce Point's own Oatly short (-88%), WD-40, Church & Dwight prior consumer calls", "ZST Digital Networks Chinese stock scam (Schwartzberg investor link)" ], "scqaComplication": "Proprietary China channel checks show sales down -20% to -30% YoY, inventory days at a 10-year high of 169, and purchase commitments up 82% to $2B, while SEC-sanctioned LA Gear inventory-fraud advisor Schwartzberg remains paid.", "narrativeInterest": 4, "notableSlidePages": [ 1, 6, 15, 21, 24, 34 ], "peerCompaniesCited": [ "Nike", "Adidas", "Puma", "Deckers Outdoor", "Crocs", "Under Armour", "Wolverine Worldwide", "Steve Madden", "Designer Brands", "Caleres", "Genesco", "VF Corp", "Lululemon", "Columbia Sportswear", "Allbirds", "On Holding", "Anta", "FILA", "Li Ning", "Xtep", "Descente", "361", "Asics" ], 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Our proprietary, on-the-ground channel checks in China indicate that revenue trends are materially worse than implied by Street consensus, and that China sales are pacing at YTD growth down -20% to -30% YoY, while discounting activity remains high. As a result, we believe Skechers will disappoint investors in the coming quarters. 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We see 30% to 50% downside risk to Skechers’ share price.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:52.536+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "13d46f7c-23bf-4ae8-9a26-6fe0efc0efe2", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.79 }, "kind": "paragraph", "text": "Despite Skechers’ remarkable revenue growth, it has posted a highly troubling decline in cash flow related margins since their 2018 peak. In fact, we believe Skechers’ operating cash flow is materially worse than most analysts and investors realize. Adjusting for onerous capital distributions to partners and cash payments to settle employee compensation programs, we estimate LTM operating cash flow to be -62% lower than the headline result. Deteriorating margins have been accompanied by what we observe to be an effort by Skechers management to reduce financial transparency, and Skechers’ use of joint venture structures makes their financials opaque to begin with.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:52.536+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7e1df4d4-feb5-4e7d-a959-a84967db4ad2", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.63 }, "kind": "paragraph", "text": "We also see signs that Skechers will likely suffer another inventory episode, which in the recent past has twice crushed the stock between 30% - 50%. Even before the 1H downturn in China and a weakening consumer, inventory days were at a 10-year high of 169 at year end 2021, 24% above pre-COVID averages, and we see signs of a potential inventory aging problem. To make matters worse, Skechers’ year end 2021 purchase commitments with foreign manufacturers rose a massive 82% to $2 billion, representing relative levels 40% - 50% above pre-COVID averages. Our fears around inventory at Skechers are exacerbated by the people involved.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:52.536+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "88338145-e659-4659-b86a-2143ada7f69a", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.18 }, "kind": "paragraph", "text": "After conducting a forensic financial evaluation of Skechers U.S.A., Inc (NYSE: SKX), Spruce Point is short shares of the Company. Founded and long run by Robert Greenberg and his children, while being advised by an SEC-charged executive from the LA Gear inventory accounting scandal, Skechers is a “fast follower” known for offering comfortable shoes at a reasonable price. Massive growth in China has been a key part of the Skechers growth story since 2015. We believe Skechers has long embodied many of the stereotypical attributes of a family-run company: nepotism, self-enrichment, rampant related party transactions, and remarkably poor corporate governance. We imagine few are surprised by that observation. However, we believe the rot at Skechers extends much deeper than investors realize. Our thorough examination of management, advisors, and partners has uncovered undisclosed lawsuits, related party transactions and numerous highly concerning red flags related to inventory.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:52.536+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d20b51e6-0ed6-4843-ab6c-8c94985f75fe", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Spruce Point Sees 30% - 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YoY sales were down -28%, significantly worse than other brands that largely posted double-digit or even triple-digit positive gains. Skechers’ discounting activity is also among the highest, consistent with our market conversations.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:53.195+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2275744a-3fd2-49ab-8c41-aeb89fd837b6", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "YoY sales growth: -28%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:05:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0395-748f-9562-f1bc0df0c58e", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.58, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: Magic Mirror Market Intelligence and China National Securities Research Institute, Spruce Point research", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:05:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0395-748f-9562-9131de22b7fc", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "YoY Revenue Growth: 20%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or 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However, we believe these efforts do little to generate brand appeal in international markets.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:05:27+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0395-748f-9563-23ffa4f683c0", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.85, "x": 0.11, "y": 0.17 }, "kind": "paragraph", "text": "Skechers' primary brand positioning is comfort at a reasonable price. As a result, the business has historically been driven by children (largely pre-high school) and women aged 35 and over. We believe “comfort” is an amorphous concept, and our conversations with a former international GM suggests the positioning may increasingly struggle overseas, particularly in Asia, where fashion plays a more important role in driving consumer purchase decisions. Furthermore, advertising is a major focus of the Company, with the Company’s motto being “Untold, Unseen, Unsold”. Skechers' advertising campaigns rely heavily on retired or past-their-prime sports or entertainment personalities. However, we believe these efforts do little to generate brand appeal in international markets.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:58.862+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a4227f7d-3576-4c3a-a1b7-ac2b59426094", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.72, "x": 0.25, "y": 0.82 }, "kind": "quote", "text": "“They just do stupid commercials. They say ‘I’m comfortable’, but who cares. What does that even mean. They are very corny or cheesy. The retired athletes in the U.S. have no name value in Asia, and they still use them. They want Asians to follow the U.S., but Asians want something different... As a JV partner, you have to make U.S. management understand what you want to do, and that’s the hardest thing. Skechers doesn't let the JV partners spend on marketing like they want to.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:58.862+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1302ca52-eda0-4159-8f6b-83a73ff06a55", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.72, "x": 0.25, "y": 0.45 }, "kind": "quote", "text": "“Skechers doesn't really represent anything in Asia. They just follow the trend. They are like pirates. They just copy other brands and then flood the market with cheap product...They aren't going to be big forever...It's all comfort... no offense, but it's old. It's for mature customers. Comfort means old. You grow with your customers, who then die off...Unless the younger generation really embraces comfort, they are just going to die off. It isn't clear where they are going with their brand. They've abandoned the performance division. Skechers failed miserably in Japan. Americans think they know everything, but they don't.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:58.862+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "19cd2465-627f-4bd4-8f3f-ba95fc0108c8", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.72, "x": 0.25, "y": 0.68 }, "kind": "quote", "text": "“The other international brands in China like Nike and Adidas do a lot of local collaborations. But Skechers doesn't do that. Many people really don't understand the brand. They need to do more to sustain the brand, but they are not. The others are doing all these hip things with designers and influencers. Nike invests a lot in current athletes, artists, and collaborations. Adidas the same thing. They are focused on what people want.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:58.862+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c1243a1e-94e9-4c16-b736-2a072a77ad64", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Skechers doesn't really represent anything in Asia. They just follow the trend. They are like pirates. They just copy other brands and then flood the market with cheap product...They aren't going to be big forever...It's all comfort... no offense, but it's old. It's for mature customers. Comfort means old. You grow with your customers, who then die off...Unless the younger generation really embraces comfort, they are just going to die off. It isn't clear where they are going with their brand. They've abandoned the performance division. Skechers failed miserably in Japan. Americans think they know everything, but they don't.\" — Spruce Point Interview With Former Regional GM Familiar With Asia", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:05:27+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0395-748f-9563-25712ae7a576", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Spruce Point research", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Many of our conversations with Chinese partners revealed frustration with the resultant channel conflicts.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:55.876+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "480fb97c-f61c-4a48-a261-4ec417ef3bb1", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"I feel that Skechers' problem is chaotic pricing. There's the online, agents, self-operated stores, affiliates, so there are many price differences.\" — Distributor; \"I think there are two deficiencies in Skechers. One is that they don't refresh the styles very often. The other is channel conflict: there are a lot of agents in each region, and the competition is intense.\" — Distributor; \"First, they are constantly holding promotions... Sometimes we want to order 10,000 pieces, but the company can send only 5,000. We are always begging for supply.\" — Distributor; \"I feel that Skechers is not very good at stocking. Each store should have more SKUs.\" — Affiliate; \"I feel the quality of Skechers products is poor, especially the shoes. 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Schwartzberg instructed Franklin to proceed to alter the inventory as they had discussed.\" — Securities and Exchange Commission v. Gilbert N. 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However, we see a sustained effort by the Company to reduce reporting transparency over the past two years.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:54.238+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e36ffc31-b18e-4437-9005-76005efc5a9e", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We find the timing of these changes suspicious given the other decreases in transparency to be discussed.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:05:27+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0395-748f-9563-7313c53e20f7", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.93, "x": 0.05, "y": 0.3 }, "kind": "list", "text": "Recent Reporting Changes: Beginning in Q1 2022, Skechers changed its reporting segments for revenue; As a result, joint venture activities are now bifurcated; In addition, the Company has moved royalty income, digital platform costs, and augmented geographic reporting.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:54.238+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "260631ae-ae8f-45cf-808b-1153b788ad97", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.93, "x": 0.05, "y": 0.67 }, "kind": "list", "text": "Spruce Point Reaction and Observations on Skechers' Disclosure: We find the timing of these changes suspicious... Why does revenue segmentation still fail to provide channel clarity? Why is e-commerce still split? 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