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  "documentTitle": "Boot Barn Holdings, Inc. (BOOT)",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-05-08 00:00:00",
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      "kind": "callout",
      "text": "We apply BOOT's gross margin and SG&A guidance that was issued for Q4'23. We think the most reasonable EBIT would have been $54.8M.",
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      "text": "BOOT said that the higher gross margin of 36.6% vs. 35.7% guidance was attributable to selling merchandise that had lower freight rates attached.",
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      "text": "We struggle to understand how Capex came in almost $30M above the high end of guidance. We note that store openings would not account for this delta.",
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      "text": "EBIT: $57.3M",
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      "text": "BOOT issued Q4'23 (March 2023) guidance for revenues, gross profit, EBIT and capex when it reported Q3'23 (January 2023). After reviewing the FY23 proxy filed with the SEC in July 2023, we note that all six named executives are compensated based on annual EBIT...",
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      "text": "(1) FY23 Minimum EBIT target to trigger executive bonuses was $226.2M. EBIT through 9M23 was $168.9M, so $57.3M of EBIT in Q4'23 was needed to meet minimum EBIT target. Source: FY23 Proxy, Q3'23 press release, Q4'23 press release, Spruce Point Estimates",
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      "text": "Did Aggressive Accounting Help Secure Incentive Compensation For BOOT's Executive Team?",
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