Ben Axler · activist-deck
Leidos Holdings, Inc. (LDOS)
77 pages · 3 arc beats · 3 loops
Leidos Holdings, Inc. (LDOS)
Ben Axler · 2021-02 arc beats above · slides in the middle · loops below · scroll → 3 LOOPS
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Deck intelligence map
3 coverage by narrative range · generated from this deck JSON
Narrative range 47 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Problem 9 slides 100% 9/9 slides 100% 9/9 slides · 41 hits — 0/9 slides
55.6% 5/9 slides · 6 hits 44.4% 4/9 slides 100% 9/9 slides — 0/9 slides
Agitation 31 slides 100% 31/31 slides 100% 31/31 slides · 206 hits — 0/31 slides
12.9% 4/31 slides 80.6% 25/31 slides · 29 hits 100% 31/31 slides 22.6% 7/31 slides Solution 7 slides 100% 7/7 slides 100% 7/7 slides · 46 hits — 0/7 slides
— 0/7 slides
57.1% 4/7 slides 100% 7/7 slides 100% 7/7 slides Slide inventory
77 every slide · same image gating as the playbook
01
The slide uses a visual metaphor of rats and skull-and-crossbones symbols to imply that the company is ignoring significant risks.front_matter
Open slide detailBeat · Problem
02
This is a standard CSR/philanthropy slide often found in activist short reports to build goodwill or contrast with the 'villain' company.other
Open slide detailBeat · Problem
05
The slide uses a 'precedent_table' structure to establish credibility by highlighting past successful short-selling or activist campaigns.cite_precedent
Open slide detailBeat · Problem
06
The slide uses a precedent table to establish credibility by showing past successful short campaigns.cite_precedent
Open slide detailBeat · Problem
08
The slide uses a structured table format to present four distinct pillars of the short thesis, each linked to supporting slides.frame_problem
Open slide detailBeat · Problem
09
The slide uses a structured table format to map specific allegations to supporting evidence in other parts of the deck.summarize
Open slide detailBeat · Problem
10
The slide uses the Spruce Point Capital Management logo (the pine tree).frame_problem
Open slide detailBeat · Agitation
11
Uses a red flag icon to signal warning/danger. The timeline structure highlights the professional overlap between the two executives.expose_contradiction
Open slide detailBeat · Agitation
12
Uses a red flag icon to signal warning/danger. The slide structure is a classic 'before-after' or 'thesis-antithesis' framing.expose_contradiction
Open slide detailBeat · Agitation
13
Uses a vertical timeline structure with red arrows indicating the 'reality' check against the initial claims.expose_contradiction
Open slide detailBeat · Agitation
14
The slide uses a table to map specific executives to their past scandals at other companies.expose_contradiction
Open slide detailBeat · Agitation
15
The slide uses a call-and-response format to highlight management's optimistic claims.expose_contradiction
Open slide detailBeat · Agitation
16
The slide uses a callout-style layout to present expert testimony as evidence for the activist thesis.illustrate_case
17
The slide uses a dialogue format to highlight discrepancies in reported revenue figures.expose_contradiction
18
The slide uses a dual-axis chart to correlate TSA throughput with year-over-year change, highlighting a recent decline.expose_contradiction
Open slide detailBeat · Agitation
19
The slide uses a red flag icon to signal warning/danger.diagnose_problem
Open slide detailBeat · Agitation
20
Includes a red box highlight on the 'EV / Current Year Sales' column to emphasize the valuation discrepancy.cite_precedent
Open slide detailBeat · Agitation
21
Uses a red flag icon to highlight the risk factor.expose_contradiction
Open slide detailBeat · Agitation
22
The slide serves as a narrative hook for the activist thesis, framing the subsequent investigation as a validation of external warnings.expose_contradiction
Open slide detailBeat · Agitation
23
The slide uses a specific GAO protest document to undermine the company's credibility regarding operational efficiency.expose_contradiction
Open slide detailBeat · Agitation
24
Includes excerpts from a legal complaint (Dahra Engineering vs L3 SDS).expose_contradiction
Open slide detailBeat · Agitation
25
Uses a call-and-response structure to highlight evasion.expose_contradiction
Open slide detailBeat · Agitation
26
Uses a table to highlight the discrepancy between stated goals and actual financial reporting.expose_contradiction
Open slide detailBeat · Agitation
27
Uses a table to calculate implied international revenue and expose the discrepancy.expose_contradiction
Open slide detailBeat · Agitation
28
Uses a call-and-response dialogue format to expose a potential misrepresentation of revenue sources.expose_contradiction
Open slide detailBeat · Agitation
29
The slide uses a red flag icon and a red border around the final column to emphasize the contradiction.expose_contradiction
Open slide detailBeat · Agitation
30
The slide uses red text in the 'Description' column to highlight the word 'DEFECTIVE' as a rhetorical device.expose_contradiction
Open slide detailBeat · Agitation
31
Uses a two-column layout to present two specific product lines (MV3D and ClearScan) with supporting images and claims.diagnose_problem
Open slide detailBeat · Agitation
32
Uses red boxes to highlight career history and specific financial restatement data points.expose_contradiction
Open slide detailBeat · Agitation
33
Includes a snippet from a 10-Q filing and a table from a 2019 financial statement.expose_contradiction
Open slide detailBeat · Agitation
34
The slide uses red boxes to draw attention to specific financial figures and subsidiary ownership structures.expose_contradiction
Open slide detailBeat · Agitation
35
The slide uses callouts to point to specific line items in the provided financial statement snippets to prove the overstatements.expose_contradiction
Open slide detailBeat · Agitation
37
Uses red arrows to visually emphasize the divergence/reversal trend in both charts.expose_contradiction
38
Uses a red flag icon to signal warning/fraud risk.expose_contradiction
39
The slide uses a pie chart to show bonus weighting and a table to show performance vs targets, highlighting the 148% outlier.expose_contradiction
40
Uses red arrows to emphasize negative trends in the data tables.expose_contradiction
41
The slide uses a red flag icon and callout boxes to draw attention to specific data anomalies in the table.expose_contradiction
42
The slide uses a red-box annotation style to highlight specific claims and adds critical commentary (e.g., 'Nonsense! Make No Sense') to expose management's shiexpose_contradiction
43
The slide uses color-coding (yellow/red boxes) to highlight specific contradictory data points in Q3 2020.expose_contradiction
44
Uses red arrows and question marks to highlight inconsistencies in financial disclosures.expose_contradiction
45
This is a section divider slide from an activist short report by Spruce Point Capital Management.transition
46
Uses screenshots of a website and a financial statement to build a case against the distributor's credibility.expose_contradiction
47
The slide uses a table to map corporate entities to directors and shareholders, followed by two callout boxes detailing the corruption allegations.expose_contradiction
48
The slide uses a combination of photographic evidence, a GSA price list screenshot, and a table of Thai lease contracts to build a case of financial irregularitexpose_contradiction
49
The slide uses financial statement screenshots and a combo chart to visualize the margin compression.expose_contradiction
50
The slide uses two tables of financial statements and a summary table to demonstrate that inventory and receivables are growing faster than sales, a classic indexpose_contradiction
51
The slide uses a red box to highlight the revenue line item in the table and connects it to a callout box explaining the discrepancy.expose_contradiction
52
The table highlights specific Bill of Lading numbers and descriptions of returned X-ray equipment.expose_contradiction
53
The slide uses a table to present forensic evidence of suspicious supply chain activity.expose_contradiction
54
The slide uses specific shipping data (Bill of Lading, dates, weights) to substantiate claims of ongoing business relationships or returns.expose_contradiction
56
Uses a 'quote-vs-quote' structure to highlight potential management credibility issues.expose_contradiction
57
The slide uses a red arrow to visually connect the changing revenue figures across three different quarterly presentations.expose_contradiction
58
The slide uses a callout box to contrast a quote from a 10-Q filing against a calculation derived from an investor presentation.expose_contradiction
59
The slide uses a red box to highlight specific rows in the table and connects them to callout boxes explaining the alleged manipulation.expose_contradiction
60
Uses a callout-style comparison to highlight a discrepancy between private expert opinion and public corporate narrative.expose_contradiction
61
The slide uses a call-and-response format to highlight a discrepancy between Booz Allen's transparency and Leidos's silence.expose_contradiction
62
The slide uses a government table to validate the activist's claim about Amazon's regional footprint.illustrate_case
63
Uses a 'CEO Quote Contradiction' framework to highlight the gap between management promises and reality.expose_contradiction
64
Uses a 'before-after' or 'contradiction' framing by juxtaposing a CEO/CFO quote with a legal filing.expose_contradiction
66
Uses red flag icon and red arrow to draw attention to the discrepancy.expose_contradiction
67
Uses a 'red flag' callout to highlight the connection between past and present accounting irregularities.expose_contradiction
68
Uses a red arrow to visually connect the CAO's past role at SAIC to the fraud case description.expose_contradiction
69
Uses court document screenshots as primary evidence to discredit the executive.expose_contradiction
70
The slide uses a red flag icon to highlight the negative information.expose_contradiction
71
Uses the Spruce Point Capital Management logo (pine tree) as a visual anchor.summarize
72
Uses a red underline and arrow to visually connect the target claim with the activist's rebuttal.expose_contradiction
73
The slide uses a screenshot of a third-party research report as a base, with red callout boxes added by the activist to point out contradictions and missing risexpose_contradiction
74
The slide uses a red arrow to visually connect the disclosure text to the balance sheet data, emphasizing the accounting nuance.expose_contradiction
75
The slide uses a table of analyst price targets to highlight the gap between market consensus and the activist's bearish thesis.preempt_rebuttal
76
Includes 'Spruce Point Adj' row to highlight the impact of accounting adjustments on OCF and valuation multiples.compare_peers
77
The slide argues that Leidos's premium valuation is unwarranted due to accounting distortions and management issues.show_valuation_bridge