{
  "docId": "019dd923-622c-750b-8b98-8535f99706c6",
  "docSlug": "23f68cb049f9",
  "documentTitle": "Mercury Systems Inc. (MRCY)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Mercury Systems Inc.",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-10-17 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 22,
  "pageCount": 40,
  "prevPage": 21,
  "nextPage": 23,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "The slide uses a rhetorical question to cast doubt on the company's transparency and relationship status with government entities.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-8535f99706c6/22",
  "deckHref": "/decks/019dd923-622c-750b-8b98-8535f99706c6",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-8535f99706c6.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-8535f99706c6#slide-22",
  "components": [
    {
      "bbox": {
        "h": 0.04,
        "w": 0.95,
        "x": 0.025,
        "y": 0.345
      },
      "kind": "callout",
      "text": "Does the creation of this committee suggest challenges with government relationships or a lack of important government relationships in the cybersecurity space?",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7c4c03fd-01ce-42a9-9ea6-24a772ee3a28",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.85,
        "x": 0.1,
        "y": 0.45
      },
      "kind": "list",
      "text": "Government Relations Committee functions: identifying and evaluating global security issues; making recommendations to raise visibility; making recommendations concerning government relations activities.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "925425bf-a917-4469-8ade-ac6c10385021",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.95,
        "x": 0.025,
        "y": 0.265
      },
      "kind": "paragraph",
      "text": "The #1 committee priority stresses \"identifying and evaluating global security...issues, trends, opportunities, and challenges that could impact our business activities and performance\".",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "082f19ce-526b-4f83-87ad-69acdb8fda63",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.95,
        "x": 0.025,
        "y": 0.185
      },
      "kind": "paragraph",
      "text": "Looking carefully, we find in Mercury's proxy statement filed in September 2018 mention of a newly-created Government Relations Committee – created in 2017, but not disclosed until late 2018.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9d1e83e7-1cd1-41cb-9adf-d89116a2c1ad",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "identifying and evaluating global security, political, budgetary, regulatory and other issues, trends, opportunities, and challenges that could impact our business activities and performance — Mercury Systems 2018 Proxy Statement",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-ee3c-76df-964f-2ff77f5de136",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.5,
        "x": 0.1,
        "y": 0.835
      },
      "kind": "source-note",
      "text": "Source: Mercury Systems 2018 Proxy Statement; compare verses previous proxy statement",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1715ca20-edb6-4a79-8c15-f676cce177b3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.318,
        "y": 0.025
      },
      "kind": "title",
      "text": "Newly Disclosed \"Government Relations\" Board Committee",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "98b50c60-7724-4ad0-8f8a-69c65a256d24",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "58315158-cb19-4845-ae1a-531939845a2c",
      "evidence": "The slide uses a 'look carefully' framing to expose a delayed disclosure as a potential red flag.",
      "confidence": 0.85
    }
  ],
  "arcBeats": [
    {
      "to": 40,
      "from": 21,
      "beatId": "123c8aca-05a4-4fcf-ad50-fc8ae12c1a98",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "Conclusion and reiteration of the thesis",
      "position": 2,
      "confidence": 0.7,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}