{
  "docId": "019f6b8f-3408-76ba-99db-827091d2379c",
  "docSlug": "jarvis-macellum-spartan-nash-presentation-may-2022",
  "documentTitle": "Macellum Spartan Nash Presentation May 2022",
  "authorId": "macellum-spartan-nash-presentation-may-2022",
  "authorName": null,
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-05-01 00:00:00",
  "orientation": null,
  "aspectRatio": null,
  "pageNumber": 36,
  "pageCount": 64,
  "prevPage": 35,
  "nextPage": 37,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 18,
  "notes": "Uses a series of tables and arrows to illustrate the disparity between Amazon's benefit and SpartanNash's gain.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019f6b8f-3408-76ba-99db-827091d2379c/36",
  "deckHref": "/decks/019f6b8f-3408-76ba-99db-827091d2379c",
  "deckJsonHref": "/decks/019f6b8f-3408-76ba-99db-827091d2379c.json",
  "deckAnchorHref": "/decks/019f6b8f-3408-76ba-99db-827091d2379c#slide-36",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.25,
        "x": 0.05,
        "y": 0.48
      },
      "kind": "callout",
      "text": "Amazon, given its current shares vested and the current stock price, would make ~$20.2 million in profit on the warrant shares",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "984f01ac-c6a0-474d-921a-db72cc1768e0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.16
      },
      "kind": "list",
      "text": "It would appear the Amazon deal only led to ~$1.1 million in EBIT uplift, while the warrant shares would dilute current shareholders by ~4%. The initial tranche of warrants are about 4%. If SpartanNash meets a multi-year target of ~$1.1 billion in annual revenue with Amazon, that will only lead to ~$15.5 million in EBIT uplift (at the corporate wholesale EBIT margin). Fully diluted, the warrants are (15%) dilutive",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f4b02538-aba6-4fb2-a035-ec7be5e553bc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.4,
        "x": 0.05,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "Source: Bloomberg LP; as of 03/17/22. Company filings. Note: “Annual revenue from Amazon” is based on the percent of warrant shares vested. Macellum Advisors GP, LLC",
      "attrs": null,
      "subkind": "source-note",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5bbe1cf4-188f-4072-877f-fb5e07175b69",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.65,
        "x": 0.3,
        "y": 0.46
      },
      "kind": "table",
      "text": "Amazon Benefit/Dilution tables showing EBIT uplift and share dilution metrics.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9fda212c-56bc-4936-814f-b81947bb71fb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.52,
        "x": 0.24,
        "y": 0.38
      },
      "kind": "title",
      "text": "Warrants Appear to Benefit Amazon More than SpartanNash & Significantly Dilute Shareholders",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7a8881b9-e77b-422f-92b5-6458cd19c4fa",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.05,
        "y": 0.08
      },
      "kind": "title",
      "text": "ISSUE #3 (CONT.): THE BOARD HAS OVERSEEN FAILED STRATEGIC PARTNERSHIPS",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d6d5c5f3-f953-4919-a3ec-85699b4144d2",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "513897b0-c96b-4868-a4e6-96ebff4651b9",
      "evidence": "Exposing the financial misalignment between the board's strategic partnership and shareholder value.",
      "confidence": 0.85
    }
  ],
  "arcBeats": [
    {
      "to": 40,
      "from": 13,
      "beatId": "f2c3b9ce-5e3a-4714-bf8b-fa14b573ab56",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate (Make it worse)",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The document agitates the problems by highlighting poor governance, failed M&A, and misaligned executive compensation",
      "position": 1,
      "confidence": 0.9,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}