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  "documentTitle": "Boot Barn Holdings, Inc. (BOOT)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-05-08 00:00:00",
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  "notes": "The slide uses a combination of tables and a bar chart to demonstrate the growth of JG's commissions despite the company's strategic pivot away from the brands he represents.",
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      "text": "Despite this clear trajectory towards exclusive brands, it is noteworthy that John Grijalva, the current representative for three of BOOT's nonexclusive brands, is navigating against the tide. His relationships have not diminished; instead, they have increased.",
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      "text": "Q2'24 Earnings Presentation Exclusive Brand Penetration bar chart from FY12 to FY24E.",
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      "text": "JG's Commissions: $3.2 million",
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      "text": "Boot Barn's aggressive pivot towards its exclusive brands, as disclosed, has seen its estimated purchases of exclusive brands expand from 21% to 31% over the last three fiscal years. Despite this clear trajectory towards exclusive brands, it is noteworthy that John Grijalva, the current representative for three of BOOT's nonexclusive brands, is navigating against the tide. His relationships have not diminished; instead, they have increased. Further, his commissions have more then tripled over the last three years to over $3 million in FY23.",
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      "text": "Sources: FY23 Proxy, FY21 10K, FY22 10K, FY23 10K, Q2'24 Presentation. (1) Annual inventory purchases are calculated using the following formula... (2) Exclusive and Non-Exclusive Breakout are Spruce Point Estimates...",
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      "text": "Disproportionate Benefits To The Related Party",
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