{
  "docId": "019dd923-622b-71dc-a6d9-cbb60c6d54dd",
  "docSlug": "02937c7c09c0",
  "documentTitle": "Advance Auto Parts (AAP)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-09-30 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 18,
  "pageCount": 23,
  "prevPage": 17,
  "nextPage": 19,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 4,
  "notes": "The slide uses a waterfall-style annotation on a bar chart to quantify the gap between AAP and its peers.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "bullet_list",
    "bar_chart_vertical",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-cbb60c6d54dd/18",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-cbb60c6d54dd",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-cbb60c6d54dd.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-cbb60c6d54dd#slide-18",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.8,
        "x": 0.1,
        "y": 0.84
      },
      "kind": "callout",
      "text": "We also see a substantial opportunity to reduce capital intensity",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0e62b108-b0f3-4b1f-99a4-5275632837f1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.7,
        "x": 0.15,
        "y": 0.4
      },
      "kind": "chart",
      "text": "Payables / Inventory Ratio Significantly Below Peers",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7395b91e-75cf-4309-838b-a1d643c27a17",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.22
      },
      "kind": "list",
      "text": "Beginning with AutoZone, auto parts retailers have been able to standardize extended payables terms that significantly reduce capital intensity.\nAAP's Payables/Inventory ratio lags peers significantly, creating an opportunity to reduce invested capital by more than $1 billion.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3fb89f7f-931d-423e-9c43-677d9b8d2498",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Payables / Inventory Ratio: $1 billion",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-e6e9-749a-ba85-5e18929a98eb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.12
      },
      "kind": "paragraph",
      "text": "In addition to sales & margin improvement opportunities, AAP can improve returns on capital and generate substantial additional cash flow through working capital improvements.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "311ca20e-3e96-4d9d-ae91-e43bbba2ab5c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.1,
        "x": 0.05,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Public filings.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "da2d326c-17bf-4fd7-85cd-ec7330693f02",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "1C Working Capital Improvements",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4f59d182-e91a-40b6-9589-8c31b2137b81",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison-frame",
      "slug": null,
      "matchId": "148fb2e1-2497-4602-b38c-b227f70b77f4",
      "evidence": "Comparing AAP's Payables/Inventory ratio against industry peers to highlight performance gap.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}