{
  "docId": "019dd923-622c-750b-8b99-4037ee85af93",
  "docSlug": "4c8f29888304",
  "documentTitle": "Skechers U.S.A., Inc. (SKX)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-07-19 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 23,
  "pageCount": 34,
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  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 78,
  "notes": "The slide uses a red box to highlight the 2021 data point, contrasting it with the 2015-2019 average.",
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  "components": [
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      "kind": "callout",
      "text": "We believe Skechers has dramatically increased its purchase commitments right as revenue growth begins to slow.",
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      "kind": "callout",
      "text": "Skechers' open purchase commitments with foreign manufacturers increased 82% at year end 2021 to $2 billion. Relative to LTM and NTM revenue (management guidance in the case of 2022), these commitments are 51% and 39% higher than pre-COVID averages, respectively.",
      "attrs": null,
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    {
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      "kind": "metric",
      "text": "Purchase Commitments: $2 billion",
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      "toolName": "Quantification",
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      "componentId": "019dd953-0395-748f-9562-d856f1f5f8f8",
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      "kind": "source-note",
      "text": "Source: Skechers 10-K filings for fiscal years 2009 through 2021",
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      "kind": "table",
      "text": "Analysis of Skechers' Purchase Commitments table showing Revenue, Inventory, and Purchase Commitments metrics from 2009-2021.",
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      "kind": "title",
      "text": "To Make Matters Worse, Skechers Recently Made a Material Increase in Purchase Commitments",
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  "frameworks": [
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      "evidence": "The slide frames a specific financial metric (purchase commitments) as a red flag for potential inventory or revenue manipulation.",
      "confidence": 0.85
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      "beatId": "76385d23-b694-419a-a120-58ffa2576f6d",
      "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",
      "parentBeatSlug": "development"
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  ],
  "loops": [
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      "name": "Iceberg",
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      "bestFor": "Consulting, complex problem solving, organizational change",
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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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