{
  "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": 62,
  "pageCount": 89,
  "prevPage": 61,
  "nextPage": 63,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 120,
  "notes": "Uses a combination of tables and callouts to contrast management quotes with quantitative data.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "quote_block",
    "data_table",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-8051f14c9865/62",
  "deckHref": "/decks/019dd923-622c-750b-8b99-8051f14c9865",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-8051f14c9865.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-8051f14c9865#slide-62",
  "components": [
    {
      "bbox": {
        "h": 0.25,
        "w": 0.33,
        "x": 0.65,
        "y": 0.69
      },
      "kind": "callout",
      "text": "We estimate that total attendance (U.S. only) of Taylor Swift concerts in 2023 was ~3.9 million.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1f721677-ccbd-4579-9479-426d337cf62d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.33,
        "x": 0.65,
        "y": 0.46
      },
      "kind": "callout",
      "text": "Note that when the heavy concert schedule from April to August ended, traffic abruptly turned negative.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "34fbcf09-4660-4538-96ec-5ac4e1eb92c8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Note that when the heavy concert schedule from April to August ended, traffic abruptly turned negative. BOOT’s 10-K says its business is moderately seasonal and that Q3 holiday season is historically the strongest.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-fb91-749f-a6c0-735509e1edf4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Aggregate Traffic: 3.9 million",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-fb91-749f-a6c0-7ad0e4484816",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.96,
        "x": 0.02,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "We believe BOOT has downplayed any uplift in sales from Taylor Swift's 2023 concert tour, although many attendees of her concerts wore western themed apparel. BOOT said that Morgan Wallen, George Strait and Garth Brooks are names that drive its business.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fdc31afb-9951-4f16-841e-366f673ce820",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.96,
        "x": 0.02,
        "y": 0.36
      },
      "kind": "quote",
      "text": "While she is an amazing performer, we actually don't see massive swings in our business from Taylor Swift...",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fd84b3f8-03b5-428b-a858-708ab3bb0aea",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“While she is an amazing performer, we actually don't see massive swings in our business from Taylor Swift, for the sake of everybody out there who will now freak out when one of these artists comes to or leaves town, the names that drive our business for the most part are George Strait, Garth Brooks, Morgan Wallen sort of the more traditional western artists.” — Jim Conroy, Q1'24 Call Aug 3, 2023",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-fb91-749f-a6c0-76f9c86032bb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.65,
        "x": 0.02,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: Bloomberg Finance L.P. - ALTD <GO>, concertful.com, Q1'24 Conference Call and assumes sold out concerts. BOOT 10-K",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "681c3b81-99c5-4d81-a743-93149b68fb73",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.61,
        "x": 0.02,
        "y": 0.69
      },
      "kind": "table",
      "text": "2023: Estimated Concert Attendance in millions table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0402020a-19d3-42f7-ad4a-330797fe65c1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.61,
        "x": 0.02,
        "y": 0.82
      },
      "kind": "table",
      "text": "2022: Estimated Concert Attendance in millions table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "11354b77-67c0-48f2-ba4b-10b0b898437c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.61,
        "x": 0.02,
        "y": 0.46
      },
      "kind": "table",
      "text": "Aggregate Traffic in millions table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "61a5eeb7-55b0-45be-bef4-9390da1d5879",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "We Believe Taylor Swift Provided A Sales Uplift That Management Refuses To Acknowledge",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0fc6adf3-6908-4ffb-b9eb-f11a74364aef",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "9a2e89e8-aa6f-44b9-9cdc-47c07a3b63ec",
      "evidence": "Contrasting CEO quote with traffic data",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}