{
  "docId": "019dd923-622c-750b-8b99-8051f14c9865",
  "docSlug": "3f714c68343e",
  "documentTitle": "Boot Barn Holdings, Inc. (BOOT)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-05-08 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 16,
  "pageCount": 89,
  "prevPage": 15,
  "nextPage": 17,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "Uses a 'villain' narrative framing by linking the CEO to a pattern of failed/fraudulent companies.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "headshot",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-8051f14c9865/16",
  "deckHref": "/decks/019dd923-622c-750b-8b99-8051f14c9865",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-8051f14c9865.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-8051f14c9865#slide-16",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.3,
        "x": 0.18,
        "y": 0.8
      },
      "kind": "callout",
      "text": "There is a notable omission in career history from 1998-2002 on his biography where he joined Steven Berrard at Gerald Stevens Inc.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b8eb716e-bac1-4b49-aa4b-e6d138a19c49",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.15,
        "x": 0.02,
        "y": 0.6
      },
      "kind": "image",
      "text": "Jim Conroy headshot",
      "attrs": null,
      "subkind": "headshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "24ad739a-5faf-47f1-bb4a-c4ba57a65e86",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.96,
        "x": 0.02,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "Spruce Point expresses concerns about BOOT's CEO for failing to put on his biography his role as SVP of Buying, Marketing & Supply Chain at Gerald Stevens, Inc. ...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2562cac3-1e4f-4234-be36-dbeb6adec4b2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.83,
        "x": 0.15,
        "y": 0.4
      },
      "kind": "quote",
      "text": "Then we realized that the numbers were overstated in several markets by 15% to 20%. ... There was a huge Bermuda Triangle between corporate management and the mom-and-pop retailers who didn't know what P&L; and EBITDA are.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a860e5fc-b9b3-44a8-944d-5562307336d4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"Then we realized that the numbers were overstated in several markets by 15% to 20%.\" It turned out that some florists who were transferring orders to other shops had reported total sales, and not just their commissions, as revenue. -- Greg Royer, Director. \"There was a huge Bermuda Triangle between corporate management and the mom-and-pop retailers who didn't know what P&L; and EBITDA are.\" -- Karen Akin, Apples to Zinnias.",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-fb91-749f-a6bc-7e213617d174",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.5,
        "x": 0.02,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "Source: BOOT website, Conroy LinkedIn profile. 1) Gerald Stevens IPO Prospectus 2) Encyclopedia.com on Gerald Stevens 3) \"Gerald Stevens files plan for liquidation\", SunSentinel, Jan 30, 2022 4) \"The Sweet Smell of Excess\", Inc.com, Feb 1, 2003",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2ddc9395-b9cc-404b-8492-32f34e5c7c14",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.48,
        "x": 0.5,
        "y": 0.52
      },
      "kind": "table",
      "text": "Steven Berrard Companies table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3acde2f9-40fb-49cc-b9f6-750a42672142",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.7,
        "x": 0.28,
        "y": 0.02
      },
      "kind": "title",
      "text": "Spruce Point Has Serious Concerns About The CEO's Prior Work History",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0acab1da-2f52-4a35-a651-fb4f4cd94332",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "323d800d-040e-4218-83df-91a1faa46d88",
      "evidence": "Linking CEO to past failed/fraudulent entities",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 30,
      "from": 15,
      "beatId": "bf9de26a-5d2c-4ec4-9172-ea4f7545b3ac",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "Contradictions in BOOT's statements and actions",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}