{
  "docId": "019dd923-622c-750b-8b98-d4565c313b68",
  "docSlug": "207d3ac66ddd",
  "documentTitle": "Canadian Tire Corporation (CTC.A)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-12-05 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 35,
  "pageCount": 108,
  "prevPage": 34,
  "nextPage": 36,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 5,
  "notes": "Uses a direct quote from management to set up the contradiction.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "quote_block"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-d4565c313b68/35",
  "deckHref": "/decks/019dd923-622c-750b-8b98-d4565c313b68",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-d4565c313b68.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-d4565c313b68#slide-35",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Over the past 2 years, the percentage of Canadian Tire App users who use the Amazon app has increased from 50% to over 75%",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-ee3b-7248-a1a0-569e0d895c9d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.82,
        "x": 0.13,
        "y": 0.53
      },
      "kind": "list",
      "text": "Active users and average time per user are flat. During this time period Amazon's active users are up over 60%. Downloads are down from 2 years ago. Over the past 2 years, the percentage of Canadian Tire App users who use the Amazon app has increased from 50% to over 75%.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b2de0c21-766d-4fee-a82e-b25e1b164b8a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.96,
        "x": 0.02,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "Mobile app data shows Canadian Tire is in a much worse position than the market believes. Management stated its app now has over 500k monthly visits, but data shows the number of monthly users and average time per user is flat. The most telling statistic of Canadian Tire’s struggles is cross-user penetration by Amazon. Over the past 2 years, the percentage of CTC app users who also use the Amazon app has increased from 50% to 75%.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ac136284-9ee3-46a4-b051-db90d224c7a1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.6,
        "x": 0.31,
        "y": 0.34
      },
      "kind": "quote",
      "text": "In Q3, we re-launched our CTR mobile app with enhanced search and functionality for our automotive customers. And now we have over 500,000 monthly visits.",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5ef1774e-e40e-404d-86ea-973998f9b78d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"In Q3, we re-launched our CTR mobile app with enhanced search and functionality for our automotive customers. And now we have over 500,000 monthly visits.\" — Allan MacDonald, EVP, Retail, Q3 2019 Call",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-ee3b-7248-a1a0-5a0c25404ad1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.02,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: Spruce Point Research",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e6c1a110-ec81-42cc-83af-971753518177",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.47
      },
      "kind": "title",
      "text": "Our Research And Mobile App Data Shows A Much More Threatening Story Than Management Claims",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e1ee04de-f313-43e1-967a-45b7949b2ca2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.4,
        "x": 0.305,
        "y": 0.05
      },
      "kind": "title",
      "text": "Mobile App Data Trends Are Worse",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "13f51ad2-45c2-4898-a383-8e16b0b59e08",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "3d181e6e-d2e0-4caf-bd84-145467fc2f3e",
      "evidence": "Contrasts management quote with research findings",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 40,
      "from": 21,
      "beatId": "a24e1293-4868-4740-be7c-4efa78e4ed97",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate (Make it worse)",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The document agitates these problems, highlighting the risks of credit downgrade, weak e-commerce trends, and lack of competitive advantages.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}