{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b99-09b0063ec30e", "slug": "f01a5a9839a9", "title": "Leidos Holdings, Inc. (LDOS)", "subtitle": "Ben Axler · 2021-02", "author": "Ben Axler", "date": "2021-02-16 00:00:00", "pageCount": 77, "kind": "activist-deck", "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "Leidos Holdings, Inc.", "targetTicker": "LDOS", "document": { "id": "019dd923-622c-750b-8b99-09b0063ec30e", "slug": "f01a5a9839a9", "title": "Leidos Holdings, Inc. (LDOS)", "rawTitle": "64e79fccfca4981161555f5e ldos research thesis 2 16 2021", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "authorDisplay": "Ben Axler", "kind": { "slug": "activist-deck", "label": "Activist deck" }, "sourceType": { "slug": "short_seller", "label": "Short seller" }, "fileName": "2021-02-64e79fccfca4981161555f5e_ldos_research_thesis_2-16-2021.pdf", "sourceUrl": null, "sourceDate": "2021-02-16 00:00:00", "presentationDate": "2021-02-16 00:00:00", "ingestedAt": "2026-04-22 21:26:56+00", "status": "ready", "pageCount": 77, "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "Leidos Holdings, Inc.", "targetTicker": "LDOS", "metadata": { "local_root": "/tmp/legacy-images/f01a5a9839a9", "activist_firm": "Spruce Point Capital Management", "origin_corpus": "contrarian", "extraction_seconds": 163.65797901153564 } }, "coverage": { "pageCount": 77, "pagesIndexed": 77, "pagesWithImages": 77, "pagesWithMetadata": 77, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 498, "chartCount": 8, "metricSlides": 0, "toolMatches": 18, "documentToolMatches": 5, "frameworkMatches": 60, "arcMatches": 1, "beatMatches": 3, "loopMatches": 3, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "00410b92-bba8-48fb-b7a8-47c6652b1d06", "evidence": "The document follows a clear problem-agitate-solution arc, presenting a compelling case for Leidos' downside risk.", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:00:22.003944+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 9, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 1, "name": "Problem", "beatId": "e4014cc9-3a89-4633-8af8-47f31b8185d6", "matchId": "00410b92-bba8-48fb-b7a8-47c6652b1d06", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "The document identifies various problems with Leidos' financials and business practices.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 40, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 10, "name": "Agitation", "beatId": "adb856eb-e23c-49da-aba4-6678021a5748", "matchId": "00410b92-bba8-48fb-b7a8-47c6652b1d06", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The document agitates the problems, highlighting accounting irregularities, flawed business practices, and potential corruption.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 77, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 71, "name": "Solution", "beatId": "fa05f4e5-0938-4faf-9a2d-4a6e74264211", "matchId": "00410b92-bba8-48fb-b7a8-47c6652b1d06", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "The document provides a solution, outlining the downside risk and potential consequences for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 17, "from": 16, "loop": { "name": "03_aha_moment", "slug": "03-aha-moment", "status": "active", "bestFor": "Data-heavy sections, research findings, analytical arguments", "canonId": "019dd956-66f4-7668-ab25-cec9c996c0bc", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Problem/Question -> What the Data Shows -> The Insight", "description": "Establish a tension, present data, then deliver the insight that changes everything", "familyLabel": null, "categoryName": "Narrative", "categorySlug": "narrative" }, "matchId": "9bc8cffa-04c2-4f45-a219-2f998798dba4", "evidence": "The document presents an expert's testimony, providing an aha moment about the business's flaws.", "position": 0, "objective": "To reveal the truth about Leidos' SD&A business", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:00:22.182289+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 40, "from": 36, "loop": { "name": "10_iceberg", "slug": "10-iceberg", "status": "active", "bestFor": "Consulting, complex problem solving, organizational change", "canonId": "019dd956-69f4-738c-852a-643798da0899", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause", "description": "Reveal that the visible problem is merely a symptom of a deeper root cause", "familyLabel": null, "categoryName": "Analysis", "categorySlug": "analysis" }, "matchId": "f9561996-956a-4515-928e-722e5f17500b", "evidence": "The document reveals divergence between adjusted metrics and cash flow, suggesting pulled-forward earnings and impending reversal.", "position": 1, "objective": "To expose Leidos' cash flow struggles", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:00:22.228664+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 77, "from": 71, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null, "categoryName": "Urgency", "categorySlug": "urgency" }, "matchId": "7669096a-262d-47b5-bb16-2d1037facf4d", "evidence": "The document emphasizes the potential consequences of ignoring the downside risk, including significant losses for investors.", "position": 2, "objective": "To highlight the risks of not acting on the information", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:00:22.273596+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "status": "active", "bestFor": "When management credibility is the lever", "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6", "version": 1, "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415", "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "2684f7f6-a75e-4afc-a7e6-f2ffd3401313", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.073129+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. A CEO-quote-contradiction slide is quotable,\n which means it lands in WSJ/FT/Bloomberg coverage.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Peer gap chart", "slug": "peer-gap", "status": "active", "bestFor": "When relative underperformance is the core argument", "canonId": "019dd9e1-54f1-775a-94a1-d5cf3bb75abf", "version": 1, "bodyDocId": "019dd9a1-8653-7748-9050-807f067196c3", "description": "A single visual that benchmarks the target against its best-in-class peers on\na single quantitative KPI — and shows the target losing. The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "a2ccf5d2-55c5-4433-b5cf-52f224b21518", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.073129+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It's the **most credible claim in the deck** because it's arithmetic, not\n opinion.\n- It's immediately **actionable** — close this gap and value accrues.\n- It **pre-empts the \"context is different\" defence** by pitting the target\n against direct peers in the same category.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Sum of parts", "slug": "sum-of-parts", "status": "active", "bestFor": "For breakup / spin-off theses", "canonId": "019dd9e1-51e5-73ad-9d1e-e77d4afe3125", "version": 1, "bodyDocId": "019df22a-9ecd-71db-8fa1-5f5eff36697f", "description": "You break the target into its constituent businesses or asset classes, value\neach separately against its own peer set, and show that the total is\nmaterially greater than the current market capitalisation. The \"gap\" is the\nconglomerate discount — or worse, accounting opacity hiding a crown-jewel\nasset.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "c432f29d-dd0d-4c8e-8fd4-1917bac65cb0", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "For breakup / spin-off theses", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.073129+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It forces the market to confront **mismatched valuation multiples**:\n \"this company trades like X but owns Y, which trades at", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain naming", "slug": "villain-naming", "status": "active", "bestFor": "When governance or specific decisions are the core thesis", "canonId": "019dd9e1-55a4-74db-9314-0ced4cd46cd2", "version": 1, "bodyDocId": "019dd9a1-88f1-72ad-8f4e-56ec29d7b369", "description": "You identify a **specific person** responsible for the target's underperformance\nor the behaviour you want changed — and name them. Not \"management\" or \"the\nboard\". A named executive or director with a specific failure attributable to\nthem.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "1daada42-cf06-4a19-82cc-100ad98241cb", "evidence": "Roger Krone (CEO), James Reagan (CFO), Christopher Cage (current CAO), Ranjit Chadha (former CAO)", "pageRefs": null, "priority": null, "whenToUse": "When governance or specific decisions are the core thesis", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.073129+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Accountability needs a face.** Voters (shareholders, regulators,\n journalists) act faster against people than institutions.\n- **Credibility rises with specificity.** \"The CFO has repeatedly missed\n guidance\" > \"Management has missed guidance\".\n- It **pre-empts evasion**. An individual can be removed; an abstraction\n cannot.\n- It **forces the target to respond personally** — and their defensive\n response usually generates more attention for your thesis.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain slide", "slug": "villain-slide", "status": "active", "bestFor": "In activist decks where the personality matters", "canonId": "019dd9e1-518c-7404-976a-5be5a517b659", "version": 1, "bodyDocId": null, "description": "A dedicated slide presenting the named villain visually", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "1073cb06-0ff6-47e1-b34f-540819bb5304", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.073129+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Emotional Appeal", "slug": "emotional-appeal", "status": "active", "bestFor": null, "canonId": "019dd956-bde9-7668-8be7-0097678fec59", "version": 1, "bodyDocId": null, "description": "Connecting to audience feelings rather than just logic", "familyLabel": null, "categoryName": "Slide", "categorySlug": "slide" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "33fa3a8e-a7cd-4ea0-a2c0-75d9e2500daf", "evidence": "Let’s come together to solve world problems rather than divide. Spruce Point will pledge a portion of any profits derived from this report to the following charities.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:03:20.064567+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Storytelling: audience calibration", "slug": "audience", "status": "active", "bestFor": null, "canonId": "019df269-23ea-723a-87c0-af1d78d702d2", "version": 1, "bodyDocId": "019df269-23c5-72ec-8b94-78fc1da7b656", "description": "The same thesis, written for four different audiences, produces four", "familyLabel": "narrative-block", "categoryName": "Narrative & Transformation", "categorySlug": "narrative-transformation" }, "agent": "storyteller", "layer": "slide", "agents": [ "storyteller" ], "matchId": "5f119f6a-cd25-4853-980a-d61fc188b1d2", "evidence": "We realize these are challenging times as we are all asked to make sacrifices while battling the global pandemic of COVID-19. The rift between the haves and have nots has grown even wider as the Fed", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:03:20.02845+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Valuation: Precedent transactions", "slug": "precedent-transactions", "status": "active", "bestFor": null, "canonId": "019df269-22b0-70fc-b5b7-8d6ee69c15dd", "version": 1, "bodyDocId": "019df22a-9e2b-7165-a5f9-f94a9758ce38", "description": "You apply multiples derived from comparable historical M&A transactions", "familyLabel": "valuation-move", "categoryName": "Analysis", "categorySlug": "analysis" }, "agent": "architect", "layer": "slide", "agents": [ "architect" ], "matchId": "7b076600-582d-462e-9f31-9c43c5dfda68", "evidence": "Comparison table of Maxar, Mercury Systems, and Forescout Technologies across Company, Exchange, Report Date, Criticisms, and Outcome.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 23:03:20.202414+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Valuation: Precedent transactions", "slug": "precedent-transactions", "status": "active", "bestFor": null, "canonId": "019df269-22b0-70fc-b5b7-8d6ee69c15dd", "version": 1, "bodyDocId": "019df22a-9e2b-7165-a5f9-f94a9758ce38", "description": "You apply multiples derived from comparable historical M&A transactions", "familyLabel": "valuation-move", "categoryName": "Analysis", "categorySlug": "analysis" }, "agent": "architect", "layer": "slide", "agents": [ "architect" ], "matchId": "ea7d4cfa-567a-408a-a6dc-1b6a92beb14e", "evidence": "Comparison table of Church & Dwight, AMETEK, Mettler Toledo, and A.O. 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"antagonist-introduction" }, { "matchId": "9caecdcd-97f6-43d7-813f-4c360edf396d", "evidence": "The slide directly juxtaposes a third-party analyst claim against the activist's logic to expose a contradiction.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:35:45.227+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 72, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "3c98bdd9-4d37-404c-aa96-cdd848f6dc99", "evidence": "The slide explicitly identifies a discrepancy in financial reporting to argue for an overstated valuation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:35:43.396+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 74, "frameworkName": "fraud-exposure" }, { "matchId": "8f0af164-8d31-41a5-8984-e2c438fcec8c", "evidence": "The slide explicitly challenges the sell-side consensus to frame the activist's bearish thesis.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:35:40.904+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 75, "frameworkName": "preempt_rebuttal" }, { "matchId": "880ff493-d289-4858-855e-ed99eac0b249", "evidence": "Direct comparison of Leidos against a peer group across multiple financial metrics.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:35:41.428+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 76, "frameworkName": "comparison_frame" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Classic Spruce Point short report: photoreal cover (airport x-ray with rats and toxic box), teal/grey branded deck, 'Promotion vs. Reality' two-column framing throughout. Strong forensic playbook signals: CEO-quote-contradiction matrix on slide 15; track-record-of-prior-shorts table on slides 5-6 (Maxar/Mercury/Forescout/CHD/AME/MTD/AOS) used as credibility precedent; expert-interview paraphrase slide. Thesis stacks fraud_exposure (defective products, channel stuffing, foreign subsidiary restatement), governance (CAO criminal record, ex-Boeing CEO with 'culture of concealment' lineage), and accounting (OCF inflation, deferred revenue, cash overstated). Valuation is a straight peer-OCF multiple — no sum-of-parts. Stake field null: short-seller, no long equity stake. Ben Axler named only via quoted pullout on slide 6; firm-authored otherwise.", "kpisCited": [ { "detail": "$43-$70 per share, 35-60% downside from $107.85; low case -56%, high case -34%", "metric": "Price target / downside" }, { "detail": "Estimated 67-78% overstatement of YTD'20 OCF versus underlying economics", "metric": "Operating cash flow inflation" }, { "detail": "Q3'20 $74m quarterly run-rate implies ~$297m annualized vs. $500m deal plan (59% shortfall)", "metric": "SD&A acquisition sales vs. plan" }, { "detail": "$1.0bn price = ~13.3x CY20 EBITDA / ~9.4x CY21; ~3.4x trailing sales vs. 2.5x precedent average", "metric": "Acquisition multiple paid" }, { "detail": "Sell-side consensus $116.67 (+8.2% upside); 12 buy/outperform ratings from Credit Suisse to Goldman", "metric": "Street consensus vs. Spruce Point" }, { "detail": "Leidos trades 24x 2021E OCF (Spruce Point adjusted 23.5x) vs. 16x peer median (12.0x avg)", "metric": "Relative valuation on OCF" }, { "detail": "MacDonald Humfrey UAE 2018 sales and net income overstated by 68% and 98% per foreign filing", "metric": "UAE subsidiary restatement risk" }, { "detail": "$512m reported cash includes $166m 'outstanding payments' plus $215m 1901 Group acquisition outflow", "metric": "Cash quality adjustment" }, { "detail": "Smiths ~60% vs. L3Harris/Leidos ~40%; losing share in whole-body millimeter-wave to Rohde & Schwarz at 8-10% price discount", "metric": "Market share in baggage detection" } ], "closingAsk": "Sell Leidos shares and demand the Board immediately investigate the SD&A transaction, write down the impaired acquisition, and terminate CEO Krone and CFO Reagan.", "extraction": { "at": "2026-04-22 21:26:56+00", "model": "unknown-legacy", "runId": null, "seconds": 163.65797, "promptVersion": null }, "scqaReward": "Valuing Leidos on normalized 2021E operating cash flow at a discount to peers yields a $43-$70 price target, 35-60% downside from $107.85, plus unquantifiable tail-risk to zero if defective detection equipment causes a security incident.", "thesisTypes": [ "fraud_exposure", "management_change", "governance_board" ], "top3Reasons": [ "L3Harris SD&A acquisition already impaired; defective ClearScan/MV3D units being returned, tracking 59% below plan", "Operating cash flow inflated an estimated 67-78% YTD'20; organic growth manipulated via IMX backdating and Thai channel stuffing", "CEO Krone, ex-Boeing subordinate of Muilenburg's 'culture of concealment', overseeing cover-up with 35-60% downside to $43-$70" ], "scqaSituation": "Leidos Holdings is the largest pure-play U.S. government IT services provider and an S&P 500 member that, via the February 2020 $1.0bn L3Harris SD&A acquisition, now supplies mission-critical explosive and threat detection equipment to airports, ports, and borders globally.", "thesisSummary": "Leidos Holdings, the largest pure-play U.S. government IT services provider, paid $1.0bn in February 2020 for L3Harris's Security Detection & Automation (SD&A) business immediately before the pandemic collapsed global air travel. Spruce Point presents evidence the deal is already impaired: SD&A is tracking 59% below the $500m sales plan, ClearScan and MV3D units are being returned as defective, and L3Harris is losing share to Rohde & Schwarz and Smiths Detection. Management, led by CEO Roger Krone (a five-year direct subordinate of ousted Boeing CEO Dennis Muilenburg, whose 'culture of concealment' prioritized profits over safety), is allegedly inflating YTD'20 operating cash flow by 67-78%, backdating IMX Medical revenues, and channel-stuffing through a Thai distributor with foreign corruption ties. The firm demands a board investigation, termination of Krone and CFO Reagan, and values LDOS at $43-$70/share, 35-60% below the $107.85 reference price.", "primaryDemands": [ "Board should immediately investigate the $1.0bn L3Harris SD&A acquisition and disclose product defects and impairment", "Terminate CEO Roger Krone and CFO James Reagan for due-diligence failures and misrepresenting the SD&A outlook", "Write down L3Harris SD&A goodwill and intangibles as impaired; restate inflated operating cash flow and organic growth figures" ], "scqaResolution": "Sell LDOS shares; the board must launch an independent investigation of the SD&A transaction, write down the impaired asset, and terminate CEO Roger Krone and CFO James Reagan for due-diligence failures and misrepresenting results.", "thesisOneLiner": "Leidos is concealing defective explosive-detection products from its impaired $1bn L3Harris SD&A deal while inflating cash flow 67-78%; sell with 35-60% downside to $43-$70.", "precedentsCited": [ "Maxar Technologies (MAXR) short (Aug 2018)", "Mercury Systems (MRCY) short (Apr 2018)", "Forescout Technologies (FSCT) short (May 2020)", "Church & Dwight (CHD) short (Sep 2019)", "AMETEK (AME) short (Nov 2014)", "Mettler Toledo (MTD) short (Jul 2019)", "AO Smith (AOS) short (May 2019)", "Boeing 737 MAX 'culture of concealment' (Muilenburg)", "L3 Communications 2014 accounting scandal; Revolution Lighting (RVLT) SEC fraud charges" ], "scqaComplication": "The SD&A deal is running 59% below the $500m sales plan with defective ClearScan and MV3D units returned by international customers; management is concealing the impairment while inflating operating cash flow 67-78% and backdating organic growth.", "narrativeInterest": 4, "notableSlidePages": [ 1, 8, 12, 15, 72, 77 ], "peerCompaniesCited": [ "Northrop Grumman (NOC)", "General Dynamics (GD)", "Cognizant (CTSH)", "CGI Inc (GIB)", "Jacobs Engineering (J)", "Booz Allen Hamilton (BAH)", "Aecom (ACM)", "SAIC", "CACI International (CACI)", "Perspecta (PRSP)", "Maximus (MMS)", "Parsons (PSN)", "Mantech (MANT)", "ICF International (ICFI)", "Smiths Detection", "Rohde & Schwarz", "Analogic" ], "valuationFrameworks": [ "multiple_comparison" ], "visualCraftInterest": 3 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "title": "The slide uses a visual metaphor of rats and skull-and-crossbones symbols to imply that the company is ignoring significant risks.", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/FzUyGEj3I0-YgTeKv-K6BldfwD9RdwADqMXdvTmOzZQ/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mMDFhNWE5ODM5YTkvcDAwMS5wbmc", "rawType": "cover", "block": null, "metadata": { "slideType": "cover", "slideTypeCanon": { "name": "Cover", "slug": "cover", "status": "active", "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": 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Spruce Point has identified evidence that under Mr. Krone's leadership, Leidos is concealing numerous product defects from investors.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:34.032+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1cda9cc7-31a3-4206-a40b-8b75f0d47744", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Federal reports detailed a \"culture of concealment\" at Boeing fostered under Muilenburg's leadership and that \"the desire to meet goals and expectations jeopardized the safety of the flying public\".", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:48:02+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cd-733b-aca3-028c3ded5e96", "parentComponentId": null }, { "bbox": { "h": 0.42, "w": 0.96, "x": 0.02, "y": 0.46 }, "kind": "diagram", "text": null, "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": { "name": "Timeline", "slug": "timeline", "status": "active", "canonId": "019de52d-03c5-73fc-84aa-4180cbf0f5cf", "version": 1, "description": null }, "framework": null }, "subkind": "timeline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:34.032+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "23e31a60-0078-4936-b63b-19dbff34e8d6", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.12, "x": 0.01, "y": 0.18 }, "kind": "image", "text": null, "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Illustration", "slug": "illustration", "status": "active", "canonId": "019de52c-fe76-7772-a5ac-c0b7294d7615", "version": 1, "description": null }, "framework": null }, "subkind": "illustration", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:34.032+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "949e2ac0-0e7b-47b9-b509-139a1311d9a8", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"culture of concealment\" — House report on 737 Max crashes; \"the desire to meet goals and expectations jeopardized the safety of the flying public\" — House report on 737 Max crashes", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:48:02+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cd-733b-aca3-06926f16377a", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.96, "x": 0.02, "y": 0.91 }, "kind": "source-note", "text": "1) House report on 737 Max crashes faults Boeing's 'culture of concealment' and labels FAA 'grossly insufficient', Washington Post, March 6, 2020\n2) The SAFETY Act affords Leidos some liability protections...", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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The slide structure is a classic 'before-after' or 'thesis-antithesis' framing.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 78, "componentCount": 8, "textChars": 1485, "nDataPoints": 8, "notes": "Uses a red flag icon to signal warning/danger. The slide structure is a classic 'before-after' or 'thesis-antithesis' framing.", "elementsJson": [ "headline_text", "callout_box", "comparison_table", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:35:31.544+00", "seconds": 3.937, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-09b0063ec30e/12", "deck": "/decks/019dd923-622c-750b-8b99-09b0063ec30e", "deckAnchor": "/decks/019dd923-622c-750b-8b99-09b0063ec30e#slide-12", "deckJson": "/decks/019dd923-622c-750b-8b99-09b0063ec30e.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.165 }, "kind": "callout", "text": "We will provide evidence that Leidos' $1.0 billion levered acquisition of L3Harris' Security Detection and Automation business (SD&A) is experiencing significant problems, including product defects, that increase the likelihood of a Material Adverse Effect. We believe Leidos should write down the value of the business as impaired, and the Board should immediately terminate CEO Krone and CFO Reagan for abysmal due diligence failures, and misrepresenting the financial outlook of the business to investors.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:31.544+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "44c06017-2262-4c9c-b0b1-37b57ffa5358", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We believe Leidos should write down the value of the business as impaired, and the Board should immediately terminate CEO Krone and CFO Reagan for abysmal due diligence failures, and misrepresenting the financial outlook of the business to investors.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:48:01+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cd-733b-aca1-8f142b925b32", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.96, "x": 0.02, "y": 0.31 }, "kind": "framework", "text": "Leidos Promotional Case vs Spruce Point Reality Case", "attrs": null, "canon": { "kind": { "name": "Framework", "slug": "framework", "status": "active", "canonId": "019de52c-fa18-77c6-b10a-ccb8277ac0fa", "version": 1, "description": "Named conceptual framework instance." }, "tool": null, "subkind": { "name": "Framework instance", "slug": "instance", "status": "active", "canonId": "019de52d-05a2-72af-be0b-7edc60708a03", "version": 1, "description": null }, "framework": null }, "subkind": "instance", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:31.544+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a1c2c859-b415-4b3b-af6c-fd14e9a67184", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.45, "x": 0.53, "y": 0.4 }, "kind": "list", "text": "Leidos purchased a business highly levered to airport and global travel... 2020E $500m of sales trending down 40%... 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This allowed it to claim a low multiple paid for the business. Spruce Point believes this is disingenuous. 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If we exclude ~$100m of automation revenues from MacDonald Humfrey, Leidos paid a staggering 5.3x sales for security and detection. 2) SAIC, predecessor to Leidos, impaired Reveal in Q2'2014 by taking a $30m charge and admitting they overpaid. 3) Per the founder's biography", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 21, "type": "tension", "title": "Uses a red flag icon to highlight the risk factor.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 54, "componentCount": 5, "textChars": 2005, "nDataPoints": 1, "notes": "Uses a red flag icon to highlight the risk factor.", "elementsJson": [ "headline_text", "callout_box", "paragraph", "photo", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:35:32.31+00", "seconds": 3.628, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-09b0063ec30e/21", "deck": "/decks/019dd923-622c-750b-8b99-09b0063ec30e", "deckAnchor": "/decks/019dd923-622c-750b-8b99-09b0063ec30e#slide-21", "deckJson": "/decks/019dd923-622c-750b-8b99-09b0063ec30e.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.84, "x": 0.13, "y": 0.185 }, "kind": "callout", "text": "Leidos warns as a risk factor it could incur significant liabilities and suffer negative publicity if its inspection or detection systems fail to detect bombs, explosives, weapons, contraband or other threats. We will provide evidence that Leidos’ $1.0 billion levered acquisition of L3Harris’ Security Detection and Automation business (SD&A) is experiencing significant problems, including product defects, that increase the likelihood of a Material Adverse Effect.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:32.31+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "77d999a9-7697-4bd9-a265-ed5f25a46cf6", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.12, "x": 0.01, "y": 0.185 }, "kind": "image", "text": "Red flag icon", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Icon grid", "slug": "icon-grid", "status": "active", "canonId": "019de52c-fdfe-749d-9990-1db465a3eed4", "version": 1, "description": null }, "framework": null }, "subkind": "icon-grid", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:32.31+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "612d557d-0c55-4722-a28d-0d5ede199af0", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.84, "x": 0.13, "y": 0.435 }, "kind": "paragraph", "text": "We could incur significant liabilities and suffer negative publicity if our inspection or detection systems fail to detect bombs, explosives, weapons, contraband or other threats. We design, develop, manufacture, sell, service and maintain various inspection systems and related integration and automation systems that are designed to assist in the detection of bombs, explosives, weapons, contraband or other threats. In some instances, we also train operators of such systems. Many of these systems utilize software algorithms that are probabilistic in nature and subject to significant technical limitations. Many of these systems are also dependent on the performance of their operators. There are many factors, some of which are beyond our control, which could result in the failure of our products to help detect the presence of bombs, explosives, weapons, contraband or other threats. Some of these factors could include operator error, inherent limitations in our systems and misuse or malfunction of our systems. The failure of our systems to help detect the presence of any of these dangerous materials could lead to injury, death and extensive property damage and may lead to product liability, professional liability or other claims against us. 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L3 disputed a lost contract from the Dept of Homeland Security and the TSA which was awarded to Smiths Detection...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:32.61+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "16e0eb1b-fc8a-4d74-8cae-df978ac65690", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.46, "x": 0.52, "y": 0.31 }, "kind": "paragraph", "text": "DISCUSSION: L3 primarily challenges the agency's evaluation of proposals under the production and deployment capability factor...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:32.61+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6f187c63-b590-454d-9a0d-13b6f22f7ba6", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.96, "x": 0.02, "y": 0.56 }, "kind": "paragraph", "text": "Specifically, TSA found that: The timeline provided by [L3] has the potential for disruption in schedule, due to the excessive time it takes to install an individual system...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:32.61+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f27b6cda-a901-4454-8ff4-9ef89c41289e", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "L3 primarily challenges the agency's evaluation of proposals under the production and deployment capability factor. With respect to L3's proposal under the factor, TSA rated the proposal as acceptable, based on one evaluated strength, no evaluated weaknesses or deficiencies, and one evaluated risk, which the agency viewed as presenting moderate to high risk to the government. — Government Accountability Officer, In the Matter of L3 Security and Detection Systems, Inc.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f3-714d-84c2-3975c228dbe2", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.55, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: Government Accountability Officer, In the Matter of L3 Security and Detection Systems, Inc – July 8, 2019", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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When we asked about the L3Harris deal, it was revealed that a majority of the business was believed to come the Transportation Security Administration (TSA), a U.S. government agency. 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Do you think they bought the business at the wrong time because of COVID-19 and the slow down in travel?” — Spruce Point Capital Management. “I can’t imagine how hard that business has been hit. One of the reasons we wanted the L3 business is because they had a lot more products with TSA in all the airports. I’m sure now the new products aren’t being bought, and less maintenance services on existing products because they’re not being used. I’m certain this has had a big impact on their business. 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Its multiple detection algorithms and auxiliary hardware have scanned more than 10 million bags at major airports in the U.S., the Netherlands, Singapore, the U.K., Germany, Japan, Switzerland, Turkey and South Africa.\" — L3Harris, May 30, 2019", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:48:03+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cd-733b-aca3-38cf79f776c4", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.47, "y": 0.94 }, "kind": "source-note", "text": "Source: Leidos and Passenger Terminal Today", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Its multiple detection algorithms and auxiliary hardware have scanned more than 10 million bags...\"", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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According to his biography, Mr. Taylor previously worked at Molex as Corporate Controller, and eventually Chief Accounting Officer. We find that during his tenure, Molex restated financials not only for tax-related accounting errors, but also for deficient controls that led to an employee misappropriating funds in Japan from at least 1988 – 2010. Accumulated net losses totaled $201.9m from unauthorized activities. 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This represents its business with the UAE, specifically a project tied to the Abu Dhabi Int'l Airport started in 2016. It appears to be more than a casual mistake that Revenues and Net Income were overstated by 68% and 98%, respectively in 2018. Leidos management would not have seen this prior to announcing the SD&A acquisition from L3Harris for $1.0bn in Feb 2020. 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In the case of Leidos, on the left chart we observe its double digit “organic” revenue growth and rising Adj. EBITDA. Yet, cash flow from operations (CFO) is now projected to decline. In the bottom right hand chart, we see that for a period of CFO per share outpacing EPS is now starting to reverse. 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We identify at least four factors that are temporarily inflating OCF by an estimated 67%-78%. We also point out numerous errors and inconsistencies with management’s figures. We believe at best, these are just sloppy errors, and at worst case these are intentional acts by management to obscure its strains from investors. We observe that Free Cash Flow (OCF – Capex) was recently added as a new factor influencing management short term annual incentive bonus. We believe this provides greater incentive to manipulate results", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:35.978+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5f06ec30-81fa-4dc9-90fe-e7b3acbcdffc", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We identify at least four factors that are temporarily inflating OCF by an estimated 67%-78%. We also point out numerous errors and inconsistencies with management's figures. 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}, "kind": "callout", "text": "Based on records in New Hampshire, Sky-Skan’s President is in bankruptcy proceedings and lists Sky-Skan as a creditor", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:36.832+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4947dd62-5e59-43d3-a4e8-0cca3aed270f", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.2, "x": 0.25, "y": 0.4 }, "kind": "callout", "text": "Leidos “Security” Distributor Also Sells 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A close look at its planetarium partner Sky-Skan reveals that its President and leader is currently in bankruptcy proceedings. Its European entity, 51% owned by the U.S. parent has negligible profits, and is thinly capitalized. Sky-Skan has made no public news or Twitter comments in almost a year.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:36.832+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "21d3de60-1ce2-4433-9c3b-49bf43744dd2", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "1) Sky-Skan Twitter and News; 2) U.S. Bankruptcy Court District of New Hampshire (Concord) Bankruptcy Petition #: 17-11760-BAH", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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At the same time, Mr. Anek may be liable to act as a supporter of corrupt government officials or bribing a government official in any case. If the board NACC examines that Mr. Supot is fraudulent in procurement of government agency projects. Perform or refrain from performing duties Under the Criminal Code, Section 149, and Mr. Anek was involved.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:39.211+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6cce11e2-979e-4937-b89e-0c32c66bd41e", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.42, "x": 0.54, "y": 0.65 }, "kind": "callout", "text": "Supoj (Suphot) Saplom, former permanent secretary of transport, is finally being punished for amassing unusual wealth. The Supreme Court's Criminal Division for Holders of Political Positions handed Supoj a 10-month jail term for failing to declare his assets, 17.5 million baht in cash, 10-baht weight of gold and a vehicle, which were seized together with other properties that the authorities found later in extended investigation. Freed on 2-million-baht bail, Supoj, 64, intends appealing against the verdict. The assets saga emerged after burglars broke into Supoj's house in Wang Thong Lang district on the night of Nov 12, 2011, while he was at his daughter's wedding reception", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:39.211+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dc2d50b6-9181-4414-819d-f186edb0cabf", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "There appears to be clear evidence linking L3/Leidos' Thailand distributor, M.I.T Solutions, to an individual named Mr. Anek Jongsathien and the companies of MMP Corp.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:48:05+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cd-733b-aca5-58e3f547c4d5", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.91, "x": 0.05, "y": 0.16 }, "kind": "paragraph", "text": "There appears to be clear evidence linking L3/Leidos' Thailand distributor, M.I.T Solutions, to an individual named Mr. Anek Jongsathien and the companies of MMP Corp. Local investigators noted Mr. Anek financially influenced Mr. Suphot Saplom, Secretary of the Ministry of Transportation, through gifts to his wife. Mr. Saplom was later sentenced to jail for 10 months for \"amassing unusual and undeclared wealth\".", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:39.211+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ed926e03-b597-41d4-9f29-67346b70abf9", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"The Thailand National Anti-Corruption Commission (NCCC) has investigated the case of the unusual wealth of Mr. Suphot Saplom, the former Permanent Secretary of the Ministry of Transportation and found that his wife Mrs. Narumol Sublom was given cash by Mr. Anek Jongsathien, used to purchase automobiles\" — Isranews.org", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:48:05+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cd-733b-aca5-5f3a03271a46", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.42, "x": 0.54, "y": 0.94 }, "kind": "source-note", "text": "Source: \"Graft saga left undone\" Bangkok Post, Sept 29, 2017. Note: Google and Spruce Point translation from Thai", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:39.211+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f2b7b180-b251-4690-8b9c-065d7ed6b920", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.05, "y": 0.94 }, "kind": "source-note", "text": "Source: \"Mr Anek, the businessman behind Suphot Sublom?\", Isranews.org, June 7, 2012. 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That's a $400 million a year in revenue... we think we can take markets that are growing at 3% and 4% and produce 5-or-better percent organic growth.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:39.826+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "363a6145-261c-4afb-81cd-c7393708e52a", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.83, "x": 0.15, "y": 0.57 }, "kind": "quote", "text": "So for example... that will give us a core growth rate of 4% to 5% organic. Layer on top of that... that should yield us -- the larger programs, that you yield is another 2%. So that racks up to easily a 10% to 12% organic growth for next year.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:39.826+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7cba3b37-33a0-47c8-8e54-dcc3e8e10e59", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Well, obviously, NGEN is a needle mover for us, right? That's a $400 million a year in revenue. That's -- I was talking to some folks in the back, there is a lot to play out on something like that, but that certainly provides us kind of step function potential upside. And that is why we think we can take markets that are growing at 3% and 4% and produce 5-or-better percent organic growth. So it is things like NASA NEST, also another big annual revenue, it is NGEN, it is those kind of big step functions that allow us to really outperform the market.\" — Roy Stevens, Investor Day, May 14, 2019; \"So for example, if you think about it, on contract growth and the growth of kind of the smaller contracts that range from $10 million to $500 million, that will give us a core growth rate of 4% to 5% organic. Layer on top of that things like the ramp-up of the NGEN program that can yield us between 2 and 3 points. There's going to be a couple of points undoubtedly from the carryover of backlog work from COVID-19. 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In Q3 2020, it provided conflicting revenue disclosure. To illustrate, its investor presentation shows a $29m YTD revenue contribution, whereas the 10-Q describes a $23m YTD increase. 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The actual vs. forecast would be 2.9% not 4.0% and actual vs. prior 13.1%, not 14.4%. 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Leidos also sold the health augmentation business, which on the conference call, the CEO noted had lower margins.(1,2) It appears as if by inflating higher margin acquisition revenue, and divesting lower margin business, Leidos was capable of barely beating Health operating earnings estimates.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:39.629+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fb5db58b-4261-4536-8bfc-9bf491bfb1c3", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Had Leidos accurately reported the $6m sales contribution in Q2'19 vs. the $12m inflated sales results, the story would look different!", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:48:05+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cd-733b-aca5-d808175c4d62", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.96, "x": 0.02, "y": 0.92 }, "kind": "disclaimer", "text": "1) CFO Reagan: “You’re thinking about the Health margins, we are now -- and we continue to believe that the Health margins, which were very strong in the quarter, continue to be sustainable.”\n2) CEO Krone: “We were able to sell part of the business that really wasn’t in our portfolio. Clearly, that would have been lower-margin for us.”", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:39.629+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "731da682-a0a5-4818-ad9d-7614015b7b5f", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Operating Earnings: 3.3%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:48:05+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cd-733b-aca5-e391a9d70789", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "In a period where Leidos's Defense and Civil operating earnings were all under pressure, the lone segment that beat expectations of JPMorgan (also a large shareholder) was the Health segment. By divesting a lower margin business, and over-reporting revenue from IMX, we estimate it allowed Leidos to beat expectations for the quarter.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:39.629+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "08b60096-61d7-4c2a-a813-6c09de5bb071", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "CFO Reagan: “You're thinking about the Health margins, we are now -- and we continue to believe that the Health margins, which were very strong in the quarter, continue to be sustainable.”; CEO Krone: “We were able to sell part of the business that really wasn't in our portfolio. 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The risk has to do with big technology companies like Microsoft and Amazon competing directly against federal IT service providers. The CEO's comments directly contradict what the former executive has said. Someone is lying, and we already have precedent examples of the CEO exaggerating the state of the SD&A business.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:38.932+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ed3dd4f9-bb55-4cb5-b555-56f76f3de44d", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"One of the reasons I left, and I think is probably the biggest risk to the business is companies like Microsoft and Amazon doing more and more business direct with the government... I doubt Microsoft or Amazon are going to be subcontractors if they can do it directly.\" — Former Leidos C-Suite Business Executive. \"The decision by the Department of Defense to go with Microsoft Azure versus AWS is really immaterial to us. 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Using LinkedIn data we see that Leidos new hire growth has been marginally worse than Booz Allen's.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:39.686+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5f081305-09a4-43fd-ae77-fcfdda720d76", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Could you sort of give us an overview of how that's going? I think there was a lot made of kind of Amazon moving to the capital region. How much competition are you seeing from kind of the tech industry?\" — Analyst Barcap Conf Feb 2020; \"Yes. Look, hiring's tough. Again, this is one of the areas that we view is the thing that keeps our CEO and CFO up at night... So them coming to DC maybe intensifies that competition a little bit, but the idea that we've never seen Amazon before, and we've never competed for talent until they announced HQ2 is just not true.\" — Former VP Booz Allen Response; \"Early indication is that our fourth quarter productivity levels may remain closer to historical norms... This was critically important because the labor market, as we often appreciate, is very competitive. 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AWS named Fairfax County the home of its East Coast hub roughly four years and said it would add some 1,500 new jobs. Amazon leased some 400,000 square feet at the time but added another 275,000 square feet in 2019.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:39.836+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef603e6f-3a63-422f-8517-c271e8d0b1b8", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.94, "x": 0.03, "y": 0.17 }, "kind": "paragraph", "text": "In Fairfax County Virginia right outside of Washington D.C. 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Amazon Web Services has made a substantial commitment of resources in the area.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:39.836+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3dc65369-f7f3-47ed-85db-6f12ed10ac19", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.42, "x": 0.55, "y": 0.75 }, "kind": "quote", "text": "You'll see that this has been a trend for a while that has accelerated over the last five years. All of the data center infrastructure opens the door for companies like AWS to operate,\" Hoskins said.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:39.836+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0c891009-30c4-470c-9bbe-fc2066e33520", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Hoskins said that 2019 office space expansion was \"extraordinary\" considering what AWS locked in initially, but he said it also made sense because of how much cloud computing companies have invested in the region. \"You'll see that this has been a trend for a while that has accelerated over the last five years. 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Yet, in less than a year after the acquisition, there is already evidence to suggest investors could be set for disappointment. In late Jan 2021, Leidos was removed from hypersonic and ballistic tracking space sensor program.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:27:58.988+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3e3ba960-849b-42a1-a6b4-5962fd5d2933", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "In fact, Dynetics' technical capabilities address 5 of the 7 technology priorities laid out by the Under Secretary of Defense for Research and Engineering, specifically, hypersonics, space, directed energy, artificial intelligence and machine learning and microelectronics. — CEO Krone, Deal Announcement Conf, Dec 17, 2019; Dynetics, it's an industry-leading Applied Research and National Solutions company. The high-growth areas that we're engaged in, you see over on the right-hand side of this chart, the development and manufacture of components for hypersonics and space solutions. — Leidos CFO Reagan, Goldman Conf, May 12, 2020; That said, if you look back at Joe Biden's history in the Senate, he's been typically, historically a strong supporter of the DoD. And what you're hearing out of the transition team is that they're going to continue to support modernization initiatives at the DoD, a lot of emphasis on space, a lot of emphasis on things like hypersonics, that would help us realize the promise of our investment Dynetics, for example. — Leidos CFO Reagan, Credit Suisse Conf, Dec 2, 2020; The Missile Defense Agency has selected Northrop Grumman to join L3Harris Technologies for the next phase of the Hypersonic and Ballistic Tracking Space Senor project, a move that bumps Raytheon and Leidos from a contest to develop a next-generation, orbiting, infrared system to track ultrafast and maneuvering threats from launch to impact. — Missile Defense Cuts Leidos, Jan 22, 2021", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f3-714d-84c2-a80db0721f5d", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.65, "x": 0.15, "y": 0.96 }, "kind": "source-note", "text": "Source: “MDA selects Northrop to proceed with HBTSS development, booting Raytheon and Leidos”, Inside Defense, Jan 22, 2021", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"x": 0.03, "y": 0.16 }, "kind": "paragraph", "text": "A recent legal protest was filed Jan 15, 2021 for a $1.0 billion contract regarding the Defense Health Agency's Reserve Health Readiness Program awarded to Leidos subsidiary QTC Medical Services. Leidos recently touted this award as adding to organic growth. At worst, protests such as this could lead to a dismissal of QTC's award.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:39.794+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4e29c4ef-14e5-45e0-b799-85501b573def", "parentComponentId": null }, { "bbox": { "h": 0.23, "w": 0.52, "x": 0.45, "y": 0.41 }, "kind": "quote", "text": "So when you add those things up, you're at about 10% (organic growth), and that's before we get into a new $1 billion-plus program win, and that's for the Reserve Health Readiness Program for the DoD, where that's, again, another $1 billion program over 5 years. And that will also be a nice effort added to our organic growth.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:39.794+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8469c24a-4108-4556-a05f-733280f35bfb", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"So when you add those things up, you're at about 10% (organic growth), and that's before we get into a new $1 billion-plus program win, and that's for the Reserve Health Readiness Program for the DoD, where that's, again, another $1 billion program over 5 years. 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The current sell-side consensus price is $116.67 which is ~8% above the current price. Yet, there is no evidence that the sell-side understands the magnitude and gravity of the problems faced by the Security Detection & Automation business. With irrefutable evidence that some of its mission critical explosive and threat detection equipment is defective, national security and citizen safety could be compromised. 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22:00:22.273596+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 76, "type": "setup", "title": "Includes 'Spruce Point Adj' row to highlight the impact of accounting adjustments on OCF and valuation multiples.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "balanced", "densityScore": 48, "componentCount": 6, "textChars": 665, "nDataPoints": 250, "notes": "Includes 'Spruce Point Adj' row to highlight the impact of accounting 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null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:48:06+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cd-733b-aca7-14a4b5cc679d", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "Despite all of our concerns, including concrete evidence of defective products jeopardizing the safety of citizens across the globe, Leidos trades at a premium to peers despite having below average gross, EBITDA and OCF margins.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": 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This premium is unwarranted for a weak management team that we believe has grossly misled shareholders.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:44.995+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aa3e547a-5db3-4137-941d-9e86d5ad0a3f", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Given the distortions in Leidos income statement metrics, we believe the best way to value the Company is on its operating cash flow (OCF).", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:48:07+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cd-733b-aca7-bb4bcf0c22b1", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "operating cash flow: -56%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:48:07+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cd-733b-aca7-bf776b08d06d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.18 }, "kind": "paragraph", "text": "Given the distortions in Leidos income statement metrics, we believe the best way to value the Company is on its operating cash flow (OCF). Given the numerous pull forward effects in 2020, we expect cash flow to decline greater than expected, notably from an unaccounted rise in deferred revenue that the Street has failed to model.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:44.995+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "25448c1d-ed7c-4551-91f5-6ac1e2d3fedd", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.03, "y": 0.92 }, "kind": "source-note", "text": "1) $512m of cash and equivalents adjusted for $166m of outstanding payments and $215m cash payment for 1901 Group Acquisition 2) Pro forma for $549m of operating leases and $42m of MSA litigation liability Note: Downside based on $107.85/sh", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:44.995+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d87f84ed-032f-4b38-80a4-9c383f7feb5d", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.94, "x": 0.03, "y": 0.36 }, "kind": "table", "text": "Valuation table showing 13x-16x OCF multiples, resulting in $47.00-$70.80 price targets and -56% to -34% downside.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:44.995+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "da87f3d7-b6a3-4ea7-83e8-d534a9ea87a3", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.65, "x": 0.3, "y": 0.05 }, "kind": "title", "text": "Spruce Point Estimates 35% – 60% Downside", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:44.995+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "91c62e21-32f7-4303-ba64-f659281c8a3d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 77, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 71, "name": "Solution", "beatId": "fa05f4e5-0938-4faf-9a2d-4a6e74264211", "matchId": "00410b92-bba8-48fb-b7a8-47c6652b1d06", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "The document provides a solution, outlining the downside risk and potential consequences for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. 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