{
  "docId": "019dd923-622c-750b-8b98-7af979993e60",
  "docSlug": "42a707289390",
  "documentTitle": "Maxar Technologies (MAXR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-08-07 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 26,
  "pageCount": 68,
  "prevPage": 25,
  "nextPage": 27,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 30,
  "notes": "The slide uses a before-after comparison to highlight a shift in financial metrics following an acquisition.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bar_chart_vertical",
    "bar_chart_vertical",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-7af979993e60/26",
  "deckHref": "/decks/019dd923-622c-750b-8b98-7af979993e60",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-7af979993e60.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-7af979993e60#slide-26",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Abnormal increase in the Capex / Depreciation and Amortization ratio of SSL pre and post acquisition by MDA in 2012 should be carefully scrutinized and suggest overcapitalization of expenses.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-fb96-7553-b1d7-e4fed7bbf57b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.48,
        "w": 0.48,
        "x": 0.02,
        "y": 0.39
      },
      "kind": "chart",
      "text": "Pre-MDA Acquisition SSL Capex / Depreciation",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0470da2f-976f-4579-8f43-ebadb6c90012",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.48,
        "w": 0.48,
        "x": 0.51,
        "y": 0.39
      },
      "kind": "chart",
      "text": "Post-MDA Acquisition Communications Segment",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "49d6756b-3d8c-40b6-b381-47f882f94537",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Capex / Depreciation and Amortization ratio: 2.0x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-fb96-7553-b1d7-e97a48f290ce",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.96,
        "x": 0.02,
        "y": 0.22
      },
      "kind": "paragraph",
      "text": "Abnormal increase in the Capex / Depreciation and Amortization ratio of SSL pre and post acquisition by MDA in 2012 should be carefully scrutinized and suggest overcapitalization of expenses.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ac3c66d1-c756-4a4f-9a94-eda339bec068",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.2,
        "x": 0.51,
        "y": 0.9
      },
      "kind": "source-note",
      "text": "Source: MDA Company Filings",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9d78fdea-998c-418a-8534-60a204981725",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.2,
        "x": 0.02,
        "y": 0.9
      },
      "kind": "source-note",
      "text": "Source: Loral Space Company Filings",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cf4a2f51-0e85-4596-9889-1a294a5bd41c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.5,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "Rising Capex To Depreciation And Amortization Ratio",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f58d8072-f928-4777-b9e3-6f1df6180c48",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "before-after-framing",
      "slug": null,
      "matchId": "3c16843a-f466-46de-a6fc-bf063034c867",
      "evidence": "Compares pre-acquisition and post-acquisition financial ratios to imply manipulation.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [
    {
      "to": 68,
      "from": 8,
      "beatId": "fbcb65b0-835b-4203-8f3f-dfc5ef336a81",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Contradictions and Criticisms",
      "beatSlug": null,
      "evidence": "The document presents various criticisms and contradictions of Maxar Technologies' financials, business model, and management practices.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 67,
      "from": 22,
      "beatId": "fde132c5-500c-4907-a1f6-aebc826d100f",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Preemptive Rebuttals",
      "beatSlug": null,
      "evidence": "The document anticipates and rebuts potential counterarguments to its claims.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}