{
  "docId": "019dd923-622c-750b-8b99-09b0063ec30e",
  "docSlug": "f01a5a9839a9",
  "documentTitle": "Leidos Holdings, Inc. (LDOS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-02-16 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 16,
  "pageCount": 77,
  "prevPage": 15,
  "nextPage": 17,
  "slideType": "testimonial",
  "function": "illustrate_case",
  "density": "balanced",
  "nDataPoints": 2,
  "notes": "The slide uses a callout-style layout to present expert testimony as evidence for the activist thesis.",
  "elementsJson": [
    "headline_text",
    "comparison_table",
    "quote_block",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-09b0063ec30e/16",
  "deckHref": "/decks/019dd923-622c-750b-8b99-09b0063ec30e",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-09b0063ec30e.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-09b0063ec30e#slide-16",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Leidos has been losing market share to Smiths Detection in the U.S. baggage detection market for some time.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-64cd-733b-aca3-d7406aa07e59",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.72,
        "w": 0.96,
        "x": 0.02,
        "y": 0.22
      },
      "kind": "list",
      "text": "Expert interview excerpts organized by topic: Market Share, Where Is L3Harris/Leidos Really Hurting?, L3Harris/Leidos Reputation, Other Mistakes Made, Tail-Risk Liability.",
      "attrs": null,
      "subkind": "comparison",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e2723261-e393-4557-878e-6dd98ee218cd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Spruce Point interviewed an industry expert who worked for an L3Harris/Leidos competitor. He shared his views on key topics.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ed1b9107-592f-4793-9c57-f1780fff2dae",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Leidos has been losing market share to Smiths Detection in the U.S. baggage detection market for some time. In checked baggage Smiths has about 60%, and L3Harris/Leidos about 40%. The TSA has been buying more from Smiths and L3Harris/Leidos market share has been coming down. — Industry Expert",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-64cd-733b-aca3-dbb6e888c7ec",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.45,
        "x": 0.02,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Note: Interview paraphrased for brevity purposes but not to change intended meaning",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "35381a74-bf55-455e-99b4-1b48ba396d84",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.68,
        "x": 0.28,
        "y": 0.03
      },
      "kind": "title",
      "text": "Reality: Spruce Point Interview With Security and Explosive Detection Industry Expert",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8fce660a-f3bc-46e2-8247-91e9f1e6c611",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 40,
      "from": 10,
      "beatId": "adb856eb-e23c-49da-aba4-6678021a5748",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitation",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The document agitates the problems, highlighting accounting irregularities, flawed business practices, and potential corruption.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 17,
      "from": 16,
      "name": "Aha Moment",
      "slug": "03-aha-moment",
      "bestFor": "Data-heavy sections, research findings, analytical arguments",
      "matchId": "9bc8cffa-04c2-4f45-a219-2f998798dba4",
      "evidence": "The document presents an expert's testimony, providing an aha moment about the business's flaws.",
      "position": 0,
      "objective": "To reveal the truth about Leidos' SD&A business",
      "structure": "The Problem/Question -> What the Data Shows -> The Insight",
      "confidence": 0.7,
      "description": "Establish a tension, present data, then deliver the insight that changes everything"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}