{
  "docId": "019dd923-622c-750b-8b98-72ad4dd9da96",
  "docSlug": "86dfa89096f8",
  "documentTitle": "Momo, Inc. (MOMO)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-06-27 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 54,
  "pageCount": 70,
  "prevPage": 53,
  "nextPage": 55,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "The slide uses a 'demand list' structure to highlight information asymmetry.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "bullet_list"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-72ad4dd9da96/54",
  "deckHref": "/decks/019dd923-622c-750b-8b98-72ad4dd9da96",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-72ad4dd9da96.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-72ad4dd9da96#slide-54",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.92,
        "x": 0.04,
        "y": 0.00175
      },
      "kind": "callout",
      "text": "Is Momo intentionally obfuscating performance trends? The only management provided insights into Momo’s Live Video business are the revenue and the number of paying users. Momo actively avoids disclosing certain business practices (e.g., virtual rebates), Key Performance Indicators (including those previously provided) and complete segment financials. Additional information should be easy for a technology and data-driven company that promotes its “Artificial Intelligence” abilities.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6f04bcbb-6360-44ba-9939-ca24705fd5a2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Is Momo intentionally obfuscating performance trends?",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-14dd-72ca-b978-d41e8a4fbe17",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.75,
        "x": 0.22,
        "y": 0.008199999999999999
      },
      "kind": "list",
      "text": "Financials: Concentration of revenues, effective fee sharing rate, virtual gift rebates/refunds, segment level costs/margins/capex.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0e94319d-0382-418f-8169-0da69eac1ee5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.75,
        "x": 0.22,
        "y": 0.0062
      },
      "kind": "list",
      "text": "KPIs (Segments & Counts): Talent by earnings, paying users by giving/aging/frequency, agents by size/exclusivity, competition metrics.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "775928fa-7280-46c8-9c2b-75918eaa81ba",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.75,
        "x": 0.22,
        "y": 0.0043
      },
      "kind": "list",
      "text": "Discussion of Business Practices: Rationale for owning talent agencies, refund/rebate strategy, fee sharing instances, agency value added services.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8b0e4718-d937-4a3f-b653-941d656c1ac9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.92,
        "x": 0.04,
        "y": 0.0036
      },
      "kind": "paragraph",
      "text": "Spruce Point believes the following information would be required to effectively assess the health and prospects of the Live Video business",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9acd8db9-d519-467f-9fa3-4e8b5dc315c5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "Evaluating the Live Video Business Is Extremely Challenging Given Current Metrics",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7ffb09f6-8c81-4ac2-9ff2-bea6b8f751f0",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "a6adc546-3427-4752-896f-3c497fc45461",
      "evidence": "The slide explicitly questions if the company is 'intentionally obfuscating' performance and demands disclosure of hidden practices.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 69,
      "from": 7,
      "beatId": "2ed90acb-05ba-4602-8daa-c17fe790841b",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "Slides 7-69 systematically expose contradictions and red flags in Momo's business, including undisclosed charges, complex VIE structure, and regulatory risks.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}