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  "docSlug": "jarvis-macellum-spartan-nash-presentation-may-2022",
  "documentTitle": "Macellum Spartan Nash Presentation May 2022",
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  "documentKindSlug": "activist-deck",
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  "presentationDate": "2022-05-01 00:00:00",
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  "notes": "The slide uses a bar chart to visualize the jump in CapEx spending in 2022 compared to the 2014-2021 average.",
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      "kind": "callout",
      "text": "2022 ESTIMATES REPRESENT A 37% INCREASE OVER EIGHT-YEAR AVERAGE CAPEX SPENDING",
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      "text": "Yearly CapEx ($ mms)",
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      "text": "Source: Company SEC Filings, Bloomberg LP, Bloomberg 2022 Consensus Estimates..",
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      "text": "SINCE 2014, THE AVERAGE ANNUAL CAPEX HAS BEEN $77 MILLION. YET, FOR 2022 THE FORECASTED CAPEX IS $105 MILLION AT THE MIDPOINT, WITH EBITDA PROJECTED TO REMAIN FLAT TO UP ~5%",
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      "text": "GUIDANCE ASSUMES INCREASING CAPITAL EXPENDITURES AND FLAT TO +5% EBITDA",
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