{
  "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": 67,
  "pageCount": 84,
  "prevPage": 66,
  "nextPage": 68,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 28,
  "notes": "The slide uses red question marks and brackets to visually emphasize the 'black box' created by the company's reporting changes.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-e0497bacd3c2/67",
  "deckHref": "/decks/019dd923-622c-750b-8b98-e0497bacd3c2",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-e0497bacd3c2.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-e0497bacd3c2#slide-67",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.22,
        "x": 0.77,
        "y": 0.69
      },
      "kind": "callout",
      "text": "Change in disclosure obfuscates growing importance of low-complexity (and lower-ticket) cases",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3be34845-5f8b-4a2a-8744-30014505d4dc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.22,
        "x": 0.77,
        "y": 0.45
      },
      "kind": "callout",
      "text": "Change in disclosure obfuscates increasing saturation of orthodontist channel",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4582d46b-6d3a-48a9-aacb-932ea0fbc41d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.96,
        "x": 0.02,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "Spruce Point observes that changes in management disclosures have obscured a number of the aforementioned barriers to Align's continued growth into its purported addressable market.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "af0bfdae-2c71-45f6-9cf6-d351b6575489",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.74,
        "x": 0.02,
        "y": 0.355
      },
      "kind": "table",
      "text": "Table showing doctor counts and case volumes from 2012-2019 with missing data points marked as '?'",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5161500e-f33a-48da-8cb0-c3c7393c901d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.45,
        "x": 0.305,
        "y": 0.02
      },
      "kind": "title",
      "text": "Changing Disclosures Obfuscate Growth Headwinds",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a447ec34-73f3-4181-b951-5f53889d6e47",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "5b9d4c08-436a-42a0-a791-095f073a9a38",
      "evidence": "The slide explicitly frames the reduction in disclosure as a deliberate attempt to hide negative business trends (obfuscation).",
      "confidence": 0.9
    }
  ],
  "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
}