{
  "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": 9,
  "pageCount": 49,
  "prevPage": 8,
  "nextPage": 10,
  "slideType": "villain_critique",
  "function": "name_villain",
  "density": "dense",
  "nDataPoints": 7,
  "notes": "The slide uses a hub-and-spoke diagram to link the parent company to specific areas of concern and tainted acquisitions.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "process_diagram",
    "bullet_list"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-64474d65435b/9",
  "deckHref": "/decks/019dd923-622c-750b-8b98-64474d65435b",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-64474d65435b.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-64474d65435b#slide-9",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.96,
        "x": 0.02,
        "y": 0.175
      },
      "kind": "callout",
      "text": "“You Get What You Pay For” - A sum of the parts analysis for Kratos doesn’t look pretty",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "38e856d0-d0a2-4ef5-96bb-683e33f60aab",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Kratos Three Largest Acquisitions All Tainted",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0935-737e-8dc1-5315fee27840",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.7,
        "w": 0.96,
        "x": 0.02,
        "y": 0.24
      },
      "kind": "diagram",
      "text": "Hub-and-spoke diagram showing Kratos connected to accounting concerns, regulatory issues, and three specific acquisitions.",
      "attrs": null,
      "subkind": "hub-spoke",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cecc1ac6-1da1-4b06-a6c9-ff713ca62b81",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.94,
        "x": 0.03,
        "y": 0.52
      },
      "kind": "list",
      "text": "Details on Herley Industries, Integral Systems, and Composite Engineering acquisitions.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "38d2fa61-d9f4-4d49-989a-9af65dcd14c9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.38,
        "x": 0.58,
        "y": 0.84
      },
      "kind": "paragraph",
      "text": "These are the two core businesses central to Kratos’ highly promoted Drone aspirations, which generates negative operating profit",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "27144401-bbab-4f87-b132-08243a6009d4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.33,
        "x": 0.03,
        "y": 0.82
      },
      "kind": "paragraph",
      "text": "As part of the Herley acquisition, acquired Micro Systems, based in Ft. Walton Beach, FL. In 2009, a competitor brought legal action claiming that through former employees it obtained trade secrets to unfairly compete",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d4d405d2-c418-4306-8c1e-31cb6f83b7b7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.59,
        "x": 0.317,
        "y": 0.045
      },
      "kind": "title",
      "text": "Kratos: A Collection of Tainted Assets",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f13c095d-6d51-476b-bbaa-53cceb51eda1",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "hub-spoke",
      "slug": null,
      "matchId": "49f221d3-64d5-4462-a849-c9b867b6b2ce",
      "evidence": "Central node (Kratos) connected to multiple peripheral nodes (concerns/acquisitions).",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 14,
      "from": 1,
      "beatId": "ddb12c76-8cfe-4d78-84ad-973eca2a7f03",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Problem",
      "beatSlug": "problem-agitate-solution-problem-identify-pain",
      "evidence": "The deck presents Kratos' financial struggles, accounting issues, and governance concerns.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}