{
  "docId": "019dd923-622c-750b-8b98-df3d01a8b7bd",
  "docSlug": "5138ae8c47fe",
  "documentTitle": "Dropbox, Inc. (DBX)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-02-06 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 15,
  "pageCount": 60,
  "prevPage": 14,
  "nextPage": 16,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 1,
  "notes": "Uses a callout-style layout to contrast an external expert's opinion with the CEO's own admission.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "quote_block"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-df3d01a8b7bd/15",
  "deckHref": "/decks/019dd923-622c-750b-8b98-df3d01a8b7bd",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-df3d01a8b7bd.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-df3d01a8b7bd#slide-15",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Thus, Dropbox is pretty close to, if not already, close to the saturation point in terms of registered users growth.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0397-72dc-a887-07aaa7450bb5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.94,
        "x": 0.03,
        "y": 0.19
      },
      "kind": "paragraph",
      "text": "As part of our research, Spruce Point spoke with a former Dropbox leader. When we asked him what he thought the biggest risk to the Company is, he offered some insights into the growth limitations. This was even echoed by the CEO early on.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "461b93a2-b2e2-44c0-b9af-272647f371a0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.79,
        "x": 0.18,
        "y": 0.75
      },
      "kind": "quote",
      "text": "We see ourselves as already having reached or registered a meaningful portion of the knowledge workers or our target audience, or knowledge workers on the planet, really.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "49545e97-496d-422f-bed6-2ad293f5975f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.79,
        "x": 0.18,
        "y": 0.34
      },
      "kind": "quote",
      "text": "I think the biggest issue Dropbox faces as far as its growth story is concerned is the saturation. If you think about the amount of “knowledge workers” that are out there globally, and these are people who would want to register for Dropbox, it’s probably 500 – 600 million. But of this amount, maybe 50% would even consider purchasing something from Dropbox. Thus, Dropbox is pretty close to, if not already, close to the saturation point in terms of registered users growth.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5223c9fa-7e12-4852-9faf-22ec9c643b5a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"I think the biggest issue Dropbox faces as far as its growth story is concerned is the saturation. If you think about the amount of “knowledge workers” that are out there globally, and these are people who would want to register for Dropbox, it’s probably 500 – 600 million. But of this amount, maybe 50% would even consider purchasing something from Dropbox. Thus, Dropbox is pretty close to, if not already, close to the saturation point in terms of registered users growth.\" — Former Dropbox Leader (paraphrased); \"We see ourselves as already having reached or registered a meaningful portion of the knowledge workers or our target audience, or knowledge workers on the planet, really.\" — CEO Drew Houston, Q1 2018 Conference Call",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0397-72dc-a887-09d0c8225367",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "Growth Limitations Confirmed By Expert Interview",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2dc5cebe-f7df-42dc-ae5d-6d39b2ba4310",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "53fa68c5-b798-4143-8939-0675f88974b5",
      "evidence": "Contrasts external expert opinion with CEO statement to prove a thesis.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 20,
      "from": 6,
      "beatId": "07888677-4dca-4b15-b2d1-7efe27796499",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Monster",
      "beatSlug": "overcoming-monster-the-monster",
      "evidence": "The document presents various concerns and contradictions related to Dropbox's business and financials.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Hook",
      "parentBeatSlug": "hook"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}