{
  "docId": "019dd923-622c-750b-8b98-5300aefcfd91",
  "docSlug": "ed69677379db",
  "documentTitle": "iRobot Corp (IRBT)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2014-05-20 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 19,
  "pageCount": 64,
  "prevPage": 18,
  "nextPage": 20,
  "slideType": "problem_statement",
  "function": "diagnose_problem",
  "density": "dense",
  "nDataPoints": 4,
  "notes": "Uses two charts to correlate housing starts and square footage trends with potential demand for IRBT products.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "line_chart",
    "line_chart",
    "footnote",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-5300aefcfd91/19",
  "deckHref": "/decks/019dd923-622c-750b-8b98-5300aefcfd91",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-5300aefcfd91.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-5300aefcfd91#slide-19",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Overall, the trend of less housing square footage may reduce the implied demand for luxury home cleaning supplies such as robotic vacuums.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5376-7749-9ee2-5695328f541d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.42,
        "w": 0.45,
        "x": 0.04,
        "y": 0.46
      },
      "kind": "chart",
      "text": "Housing Starts (% of Pre Recession Peak)",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0c7f5040-fb56-4bae-9841-9fbd5c77b3e0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.42,
        "w": 0.45,
        "x": 0.52,
        "y": 0.46
      },
      "kind": "chart",
      "text": "Square footage (Multi-family vs. Single Family)",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7b19edbf-542a-43da-9f6d-4759174c05e8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "housing square footage: 15%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-5376-7749-9ee2-5a58747a1a1b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.92,
        "x": 0.04,
        "y": 0.23
      },
      "kind": "paragraph",
      "text": "With the majority of IRBT's current and future success being tied to home robot sales, we believe it's important to monitor the trends in the US domestic housing sector. New home construction should stimulate demand for home cleaning supplies such as robotic vacuums. In the US, there's been a powerful trend towards more Multi-family vs. Single-family homes. On average, Multi-family homes are 40-50% smaller on a square-foot basis. Furthermore, the trend in the past six years has been for smaller Multi-family homes, with the average square-footage declining from 1,316 to 1,118 (15% decline). Overall, the trend of less housing square footage may reduce the implied demand for luxury home cleaning supplies such as robotic vacuums.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "596ab259-c837-478a-a8f9-801197e3e8d4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.35,
        "x": 0.04,
        "y": 0.89
      },
      "kind": "source-note",
      "text": "Source: Economics and Statistics Administration analysis of data from U.S. Census Bureau",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1154bc37-15dc-4ceb-87b2-d8bd3e296f40",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.35,
        "x": 0.52,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: https://www.census.gov/construction/chars/highlights.html",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9b0a3520-2429-469c-afea-c6e1d557e256",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.75,
        "x": 0.13,
        "y": 0.07
      },
      "kind": "title",
      "text": "Powerful Housing Trends Are a Negative for IRBT's Home Vacuum Sales",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "63156c0d-8021-48b9-b8f1-b09cd7bd49ab",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "causal-chain",
      "slug": null,
      "matchId": "78cf1a7d-0b1e-44a8-93a7-bf8c5e89db5f",
      "evidence": "Connects housing trends to square footage decline to reduced demand for luxury cleaning products.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 64,
      "from": 4,
      "beatId": "9276d3d0-eba4-4814-902b-c80843925dd7",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The document presents a series of contradictions and concerns about iRobot Corp's financials, market position, and growth prospects.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 20,
      "from": 19,
      "beatId": "3e2f7abc-498d-472f-9d93-fa542acd8a86",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Problem Statement",
      "beatSlug": null,
      "evidence": "The document highlights powerful housing trends that are a negative for IRBT's home vacuum sales.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}