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  "documentTitle": "iRobot Corp (IRBT)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Management",
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  "presentationDate": "2014-05-20 00:00:00",
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  "pageNumber": 13,
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  "notes": "Uses a 'Sign' framework to identify market irrationality; provides a detailed quantitative breakdown to debunk the 'robotics acquisition' narrative.",
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      "text": "We believe investors are misinterpreting these companies intent and budget",
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      "text": "Google buys 8 robotics companies in 6 months, including Boston Dynamics, which were highlighted by a recent New York Times article. Amazon buys Kiva, a maker of robots for warehouse fulfillment, in 2012 for $775m and more recently commented that it’s “experimenting” with drones, in a highly publicized and promoted 60 minutes TV segment.",
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      "text": "AMZN is acquiring logistics companies for distribution center management. We estimate GOOG has spent between $50m and $120m on its 8 acquisitions: 1. The robotics acquisitions occurred in December 2013... 2. But since GOOG acquired more than just robotics... 3. If we back out Flexycore at $23m, Flutter at $40m, and Bump at $35m, we estimate GOOG spent ~$50m in robotics acquisitions in 2013. Having spent $1.5 billion in total cash for acquisitions in 2013, GOOG's robotics deals account for just 3-8% of its acquisition budget.",
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      "kind": "paragraph",
      "text": "Recent acquisition activity by large technology companies created massive media speculation. Bloggers suggest this speculation is a positive \"trigger\" for IRBT. The speculation was based on:",
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      "text": "We believe investors are misinterpreting these companies intent and budget",
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      "text": "1) http://www.nytimes.com/2013/12/04/technology/google-puts-money-on-robots-using-the-man-behind-android.html?adxnnl=1&adxnnl=1397565657-JKNa8Wma0JVn6CP7dbdgA 2) http://online.wsj.com/news/articles/SB10001424052702304724404577291903244796214 3) http://www.businessinsider.com/jeff-bezos-60-minutes-surprise-2013-12",
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      "kind": "title",
      "text": "Sign #5: The Media+Investors Blow Tiny News Out of Proportion, Stoke Speculation",
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