{
  "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",
  "aspectRatio": 1.3333334,
  "pageNumber": 30,
  "pageCount": 34,
  "prevPage": 29,
  "nextPage": 31,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 4,
  "notes": "The slide uses red 'X' overlays on financial tables to visually represent the removal of data.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "screenshot",
    "other"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-4037ee85af93/30",
  "deckHref": "/decks/019dd923-622c-750b-8b99-4037ee85af93",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-4037ee85af93.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-4037ee85af93#slide-30",
  "components": [
    {
      "bbox": {
        "h": 0.13,
        "w": 0.47,
        "x": 0.51,
        "y": 0.82
      },
      "kind": "callout",
      "text": "Comparing Skechers' 2019 and 2021 10-Ks, the word count of the Business, Risk Factors, and MD&A sections have declined -71%, -17%, and -66%, respectively, and the page count of the Notes to Consolidated Financial Statements has declined -35%.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6415e74a-0f40-46b2-88be-4b5956118501",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.96,
        "x": 0.02,
        "y": 0.35
      },
      "kind": "image",
      "text": "Redacted financial tables",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ae9cd6fc-c2dc-4097-8290-49c992b7c05c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.78,
        "x": 0.11,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "Over the past few years, many analysts have adopted the narrative that Skechers has become more shareholder-friendly. We believe the opposite to be the case. Since 2019, Skechers has eliminated a significant volume of key business and financial disclosures, particularly about the operations of its JV partners.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7735e2fd-856d-4c37-8466-ed6e5fa87da6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.25,
        "x": 0.02,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: Skechers 10-K for years 2019 and 2021",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9b91356c-d25f-4356-98e7-07617af9bbf4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.28,
        "y": 0.03
      },
      "kind": "title",
      "text": "Over The Past Two Years, Skechers Has Dramatically Reduced Its Financial Disclosures",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6aec527c-0c47-47a3-90d1-586444a61470",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "eb910dec-11fe-4930-af1d-368eced06b3c",
      "evidence": "The slide explicitly frames the reduction in disclosures as a negative indicator of transparency, typical of fraud-exposure analysis.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}