{
  "docId": "019dd923-622c-750b-8b98-64474d65435b",
  "docSlug": "68bd393edc75",
  "documentTitle": "Kratos Defense & Security Solutions (KTOS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-03-16 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 21,
  "pageCount": 49,
  "prevPage": 20,
  "nextPage": 22,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 5,
  "notes": "Uses a 'Here's What Kratos Says' vs 'Here's What The Evidence Suggests' framing to highlight hypocrisy.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "photo",
    "paragraph",
    "bullet_list",
    "data_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-64474d65435b/21",
  "deckHref": "/decks/019dd923-622c-750b-8b98-64474d65435b",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-64474d65435b.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-64474d65435b#slide-21",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.97,
        "x": 0.015,
        "y": 0.18
      },
      "kind": "callout",
      "text": "Are regulatory infractions just a cost of doing business at Kratos, or emblematic of a rogue corporate culture designed to inflate financial results at all costs for the benefit of insider enrichment?",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f2009087-ccaa-4804-8202-85facaf0ba18",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.7,
        "w": 0.97,
        "x": 0.015,
        "y": 0.265
      },
      "kind": "framework",
      "text": "Contrasting corporate policy with actual regulatory outcomes.",
      "attrs": null,
      "subkind": "instance",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a53f062d-efcc-4837-9a23-c9f5f726e0fd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.35,
        "x": 0.025,
        "y": 0.78
      },
      "kind": "list",
      "text": "Codes of conduct, compliance training, periodic disclosures, fraud hotline, annual audit.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ba001d1a-ea41-4b95-bc20-7826e3162b96",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.38,
        "x": 0.025,
        "y": 0.615
      },
      "kind": "paragraph",
      "text": "Kratos is committed to maintaining its reputation as a company with the highest standards of business conduct...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "409b201c-ae9e-4522-999b-db2b0216f133",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.57,
        "x": 0.418,
        "y": 0.33
      },
      "kind": "table",
      "text": "Timeline of regulatory sanctions including May 2007, July 2009, June 2012, Jan 2015, and June 2017 events.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4abda718-f4c9-41ea-826b-c0808f6e35f1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.65,
        "x": 0.318,
        "y": 0.045
      },
      "kind": "title",
      "text": "Kratos History of Regulatory Issues",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b17132cf-3dfd-442f-aa19-a8a3d0dc5585",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "0d42f44d-91b1-41e7-88a1-51255bcc3341",
      "evidence": "Contrasts stated corporate ethics with documented regulatory sanctions.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [
    {
      "to": 31,
      "from": 15,
      "beatId": "d2657ee3-5da5-4b6a-bc86-c3bb2e7a8906",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The deck highlights Kratos' management problems, overhyped business segments, and poor valuation.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}