{
  "docId": "019dd923-622c-750b-8b98-e0497bacd3c2",
  "docSlug": "44aa04154472",
  "documentTitle": "Align Technology, Inc. (ALGN)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-04-09 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 62,
  "pageCount": 84,
  "prevPage": 61,
  "nextPage": 63,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 14,
  "notes": "Uses a table to perform a 're-calculation' of case mix to expose management's alleged lack of transparency.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-e0497bacd3c2/62",
  "deckHref": "/decks/019dd923-622c-750b-8b98-e0497bacd3c2",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-e0497bacd3c2.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-e0497bacd3c2#slide-62",
  "components": [
    {
      "bbox": {
        "h": 0.2,
        "w": 0.22,
        "x": 0.75,
        "y": 0.515
      },
      "kind": "callout",
      "text": "Align's implied comprehensive case mix overstates the share of its cases which cannot be addressed by competitors",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "71c197d4-a7b6-46fa-973f-bc45ae605d2b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Total Cases Protected From Competition: 38.2%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0391-77f4-a9e7-97b76a3dee57",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "Spruce Point believes that Company disclosures are contributing to a broad misunderstanding of the share of Align cases for which other players can effectively compete.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0fb6214f-455c-4d78-85ce-dc322c4bdea2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.9
      },
      "kind": "paragraph",
      "text": "Bulls frequently argue that Align's multi-year IP head start protects it from competition from newer players. Spruce Point finds that the vast majority of Align's cases can be addressed by competing products and, as such, are exposed to competition.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2e7148d2-e4fe-4bed-9efd-95b8b191de6e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.68,
        "x": 0.05,
        "y": 0.43
      },
      "kind": "table",
      "text": "Table showing FY19 case mix analysis and competitive exposure calculations.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d1d4eaad-aafc-4a4c-98ad-c51c8287be2c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.68,
        "x": 0.28,
        "y": 0.03
      },
      "kind": "title",
      "text": "Management Not Transparent About Exposure To Competitive Threats",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5df02d28-5a1f-4e4c-8ad0-2a85528d9263",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "5a678519-f2ab-4ac9-b5c3-50c112f11224",
      "evidence": "Uses a table to re-calculate management's claims and expose a contradiction in disclosure.",
      "confidence": 0.85
    }
  ],
  "arcBeats": [
    {
      "to": 84,
      "from": 41,
      "beatId": "422ae0e1-bf81-40de-97fd-5008b09953d5",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution (Provide relief)",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The document presents Spruce Point's short sell opinion and argues that the stock is poised for significant downside.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}