{
  "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": 81,
  "pageCount": 89,
  "prevPage": 80,
  "nextPage": 82,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 24,
  "notes": "The slide uses a yellow callout box for the main thesis and a red callout box for a specific observation about brand changes.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "data_table",
    "comparison_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-8051f14c9865/81",
  "deckHref": "/decks/019dd923-622c-750b-8b99-8051f14c9865",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-8051f14c9865.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-8051f14c9865#slide-81",
  "components": [
    {
      "bbox": {
        "h": 0.25,
        "w": 0.98,
        "x": 0.01,
        "y": 0.16
      },
      "kind": "callout",
      "text": "John Grijalva, married to BOOT's Chief Merchandise Officer Laurie Grijalva, is disclosed as a related party. Our concerns regarding this association are manifold, and it is undeniably one of the more flagrant related party issues that Spruce Point has come across.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "49d25f3f-b8c9-4845-9506-fdb0c0030ed7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.41,
        "x": 0.01,
        "y": 0.83
      },
      "kind": "callout",
      "text": "Sidran and Kenco relationship stopped after six years only to be replaced by a new brand that John Grijalva represents.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "974d25cd-a705-4eea-9f48-4267d845bc8d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.52,
        "w": 0.56,
        "x": 0.425,
        "y": 0.425
      },
      "kind": "paragraph",
      "text": "Related Party Disclosure Changes: Original Draft Prospectus (6/13/14) vs FY18 Proxy (7/27/18) comparison.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7506b5a5-78ac-40c6-98b5-40eff3fd0985",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Mr. Grijalva conducts his business as an independent sales representative through a limited liability company of which he and Ms. Grijalva are members. — FY18 Proxy (7/27/18)",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-64d2-7657-bbe9-4f5d2825473f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.25,
        "x": 0.01,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: BOOT Annual Proxies (2015 - 2023)",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "176437f1-1a9e-432b-a034-72ddb8b09213",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.32,
        "w": 0.41,
        "x": 0.01,
        "y": 0.425
      },
      "kind": "table",
      "text": "John Grijalva's Annual Commissions and Changing Sales Relationships table showing FY12-FY23 data for commissions, inventory purchased, and brand relationships.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9def4cdd-17c5-4eee-ad58-12b77dde4b35",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.68,
        "x": 0.305,
        "y": 0.02
      },
      "kind": "title",
      "text": "Related Party Concern: The Chief Marketing Officer is Buying Inventory From Her Husband",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f44af8ec-7edb-4995-8b7e-512dce355bde",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "0db0e7c4-3984-4ed8-8a42-48b40309c34f",
      "evidence": "The slide explicitly frames a related party transaction as a 'flagrant' issue and 'disconcerting narrative' to expose potential corporate malfeasance.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}