{
  "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": 38,
  "pageCount": 60,
  "prevPage": 37,
  "nextPage": 39,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 24,
  "notes": "The slide uses two tables to show the progression from raw cash flow data to derived valuation multiples.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-df3d01a8b7bd/38",
  "deckHref": "/decks/019dd923-622c-750b-8b98-df3d01a8b7bd",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-df3d01a8b7bd.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-df3d01a8b7bd#slide-38",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Even market data services take Dropbox's figures at face value, leading to incorrect measures of valuation.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0397-72dc-a889-28a14b0c36e6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Free Cash Flow: 319.4",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0397-72dc-a889-2e9a7d609dbc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.96,
        "x": 0.02,
        "y": 0.22
      },
      "kind": "paragraph",
      "text": "Even market data services take Dropbox’s figures at face value, leading to incorrect measures of valuation.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7ea347eb-33eb-4113-b517-00ca59941cb5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Bloomberg and Dropbox",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bc230e9f-3906-4cff-b519-201668d0c8d7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.9,
        "x": 0.05,
        "y": 0.33
      },
      "kind": "table",
      "text": "Cash flow data table showing Cash from Operations, CapEx, and Free Cash Flow from 2015 to LTM 2019.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1cc3ca33-677d-4f68-8f75-b3361090cb64",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.9,
        "x": 0.05,
        "y": 0.59
      },
      "kind": "table",
      "text": "Valuation multiples table showing P/Free Cash Flow, Average, High, and Low for 2018 and Current.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fc5d7d1a-b788-499d-9b94-dc967523086e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.4,
        "x": 0.32,
        "y": 0.05
      },
      "kind": "title",
      "text": "Garbage In, Garbage Out",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0324f286-002f-4fd9-bf17-dc6dcebefff4",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "a855341e-d2f6-45de-9e36-34e7235bf002",
      "evidence": "The slide argues that market data is based on flawed company inputs, leading to incorrect valuation.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 40,
      "from": 21,
      "beatId": "6db474f4-2b42-453b-a40c-bd1089765b08",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Struggle",
      "beatSlug": "overcoming-monster-the-struggle",
      "evidence": "The document highlights several challenges and issues faced by Dropbox, including slowing growth and poor user conversion.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 40,
      "from": 36,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "03170504-2ef1-4430-a45a-d7f72e8d4e69",
      "evidence": "The document highlights several potential consequences of not addressing Dropbox's financial issues, including a major price reset.",
      "position": 1,
      "objective": "What are the consequences of not addressing Dropbox's financial issues?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}