{
  "docId": "019f6b8f-2c24-765a-97b8-82631955283d",
  "docSlug": "jarvis-legion-genesco-presentation-june-2021",
  "documentTitle": "Legion Genesco Presentation June 2021",
  "authorId": "legion-genesco-presentation-june-2021",
  "authorName": null,
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2021-06-01 00:00:00",
  "orientation": null,
  "aspectRatio": null,
  "pageNumber": 54,
  "pageCount": 182,
  "prevPage": 53,
  "nextPage": 55,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 22,
  "notes": "The slide uses a combination of a combo chart (bar/line) and a pie chart to illustrate the disconnect between spending and performance.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019f6b8f-2c24-765a-97b8-82631955283d/54",
  "deckHref": "/decks/019f6b8f-2c24-765a-97b8-82631955283d",
  "deckJsonHref": "/decks/019f6b8f-2c24-765a-97b8-82631955283d.json",
  "deckAnchorHref": "/decks/019f6b8f-2c24-765a-97b8-82631955283d#slide-54",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.85
      },
      "kind": "callout",
      "text": "As an example of how the Board has indulged in undisciplined CapEx spending, it approved a $60-65 million budget for FY 2021 pre-COVID that included $15 million for the build-out of new headquarters",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "45fc5231-7dd0-4d90-9435-6781b34776eb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.55,
        "x": 0.05,
        "y": 0.25
      },
      "kind": "chart",
      "text": "CapEx vs. D&A ($m)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cf5353f2-5d6b-4a94-a94a-eabe1143917e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.3,
        "x": 0.65,
        "y": 0.25
      },
      "kind": "chart",
      "text": "FY 2021 CapEx Budget of $60-65m",
      "attrs": null,
      "subkind": "pie",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "babb90f2-4a27-4963-888b-5108dfdbd787",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.4,
        "x": 0.05,
        "y": 0.94
      },
      "kind": "other",
      "text": "Source: SEC Filings, Legion Partners’ Estimates. Note: FY 2019 numbers include CapEx and D&A from Lids",
      "attrs": null,
      "subkind": "source-note",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1e04d7a8-23b1-49d5-8fc9-0bd45cfa11cf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.13
      },
      "kind": "paragraph",
      "text": "The Board has historically allowed CapEx that outpaced depreciation and amortization by large margins, and while CapEx accumulated to $732 million over fiscal year 2012-2020, GCO's operating income almost halved from $161 million to $83 million",
      "attrs": null,
      "subkind": "description",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5101ab00-9c4d-4a79-b9fc-148ae4b766ed",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.05,
        "y": 0.06
      },
      "kind": "title",
      "text": "The Board Has Indulged in Undisciplined CapEx Spending",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "efe38912-8510-4d33-a7b1-1cf07e16e715",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "capital-allocation-framework",
      "slug": null,
      "matchId": "78183ca0-b120-4733-ba7c-93aadccc258c",
      "evidence": "The slide critiques the board's capital allocation decisions regarding CapEx vs D&A and non-core spending.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 65,
      "from": 52,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "a12c0ee3-59ae-4e18-a5d0-6bff97bd9570",
      "evidence": "The deck emphasizes the consequences of maintaining the status quo.",
      "position": 1,
      "objective": "Highlight the costs of not taking action",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}