{
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  "docSlug": "4c8f29888304",
  "documentTitle": "Skechers U.S.A., Inc. (SKX)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-07-19 00:00:00",
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  "pageNumber": 22,
  "pageCount": 34,
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  "nextPage": 23,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 120,
  "notes": "The slide uses a red box to highlight the Q1 2022 YoY change (36%) and QoQ change (-1%) against historical averages.",
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  "components": [
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      "kind": "callout",
      "text": "Quarterly analysis highlights the growing deviation between COGS and inventory and the historically low level of accounts payable / inventory. Moreover, an analysis of sequential and YoY changes in inventory in Q1 2022 versus past Q1 levels shows a sharp departure from historical averages.",
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      "text": "Skechers Quarterly Inventory Analysis",
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      "text": "Inventory: $1,450",
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      "kind": "source-note",
      "text": "Source: Skechers 10-Q filings for fiscal years 2014 through 2021",
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      "text": "Inventory, YoY Change, and QoQ Change table",
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      "kind": "title",
      "text": "Quarterly Inventory Analysis Highlights Deviations From Historical Norms",
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      "evidence": "Highlighting inventory/COGS divergence as a red flag for financial manipulation",
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      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Struggle",
      "beatSlug": "overcoming-monster-the-struggle",
      "evidence": "The document presents various struggles faced by Skechers, including revenue slowdown and deteriorating profitability",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Development",
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  ],
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      "evidence": "The document analyzes data to highlight deviations from historical norms",
      "position": 1,
      "objective": "Exposing Skechers' inventory issues",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
      "confidence": 0.7,
      "description": "Reveal that the visible problem is merely a symptom of a deeper root cause"
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