{
  "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": 52,
  "pageCount": 64,
  "prevPage": 51,
  "nextPage": 53,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 13,
  "notes": "The slide uses a red-text callout to emphasize the 'red flag' nature of the data.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "line_chart",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-5300aefcfd91/52",
  "deckHref": "/decks/019dd923-622c-750b-8b98-5300aefcfd91",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-5300aefcfd91.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-5300aefcfd91#slide-52",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "A surge in DSO is often a red flag signaling a host of potential problems.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5377-73e2-a966-4ca08e81bbe2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.68,
        "x": 0.16,
        "y": 0.44
      },
      "kind": "chart",
      "text": "Days Sales Outstanding",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "887748a6-d0aa-4297-979d-31e027723980",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Days Sales Outstanding",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-5377-73e2-a966-51ecb9c198b6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.96,
        "x": 0.02,
        "y": 0.23
      },
      "kind": "paragraph",
      "text": "For a closer look at IRBT's receivables, we analyze its Days Sales Outstanding (DSO), a measure of the average number of days that it takes to collect revenue after a sale has been made. A surge in DSO is often a red flag signaling a host of potential problems. IRBT's DSO has been rising for 3 years and could be a result of any/all of the following: 1) Products have been oversold, and customers refuse to pay until the unfulfilled promises have been met; 2) Extended payment terms may be offered that allow the buyer to delay full payment long after everything necessary has been done for the vendor to earn the revenue; 3) Channel stuffing; 4) Aggressive revenue recognition policies",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0c945c4f-daea-4c95-ab10-a4cf9ac6508b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.45,
        "x": 0.02,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "1) Calculated as Average LTM Accounts Receivables / [ (LTM Trailing Sales) / 360 ]\nSource: IRBT Financial Filings",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cb4c5dfa-aab0-4cd8-9402-84577ef0484d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.7,
        "x": 0.15,
        "y": 0.08
      },
      "kind": "title",
      "text": "IRBT's Days Sales Outstanding Exploding",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "75a6806d-5a8f-491e-988c-809073b6c549",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "64dc4751-786f-4cc0-a948-7d7ec5fe5335",
      "evidence": "The slide explicitly links a financial metric (DSO) to potential accounting manipulation (channel stuffing, aggressive revenue recognition).",
      "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
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}