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  "documentTitle": "Leidos Holdings, Inc. (LDOS)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2021-02-16 00:00:00",
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  "notes": "Uses a call-and-response dialogue format to expose a potential misrepresentation of revenue sources.",
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      "text": "Yet again, this data point calls into question why Leidos implied that ~90% of the deal revenue would be international.",
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      "text": "Spruce Point had a conversation with a former senior Leidos C-suite executive familiar with its cargo, baggage and explosive detection systems business. When we asked about the L3Harris deal, it was revealed that a majority of the business was believed to come the Transportation Security Administration (TSA), a U.S. government agency. Yet again, this data point calls into question why Leidos implied that ~90% of the deal revenue would be international.",
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      "text": "“We notice the SD&A revenues are down a lot. Do you think they bought the business at the wrong time because of COVID-19 and the slow down in travel?” — Spruce Point Capital Management. “I can’t imagine how hard that business has been hit. One of the reasons we wanted the L3 business is because they had a lot more products with TSA in all the airports. I’m sure now the new products aren’t being bought, and less maintenance services on existing products because they’re not being used. I’m certain this has had a big impact on their business. I don’t know this for certain, but hopefully, they’re making a shift to do more security at buildings and events, as opposed to airports.” — Former Senior Leidos Executive. “Do you think a preponderance of the business came from the TSA airport and border security?” — Spruce Point Capital Management. “Oh yeah, I’m sure a majority of it came from TSA.” — Former Senior Leidos Executive.",
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      "text": "International Revenue Claims Appear Dubious (Cont'd)",
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