{
  "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": 43,
  "pageCount": 77,
  "prevPage": 42,
  "nextPage": 44,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 24,
  "notes": "The slide uses color-coding (yellow/red boxes) to highlight specific contradictory data points in Q3 2020.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-09b0063ec30e/43",
  "deckHref": "/decks/019dd923-622c-750b-8b99-09b0063ec30e",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-09b0063ec30e.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-09b0063ec30e#slide-43",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "For the CEO to reverse course on the Q3 2020 conference call and claim zero impact and underlying cash flow improvement is highly dubious.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-64cd-733b-aca4-3acf0b52e603",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Accounts Receivable: $204m",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-64cd-733b-aca4-41cfc189cea9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "Spruce Point is concerned that Leidos' cash flow problems are worse than advertised. We find irreconcilable disclosures and commentary about the usage of the facility. For the CEO to reverse course on the Q3 2020 conference call and claim zero impact and underlying cash flow improvement is highly dubious.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b62ae62b-aa45-4181-986e-30755a5a2830",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "The AR monetization facility contributed only $7 million during the quarter — Leidos Q3 2020 Conference Call.",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-64cd-733b-aca4-3d065f5c1d77",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.5,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Leidos SEC filings, Note 13 Supplemental Cash Flow Information, and quarterly conference calls",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eef9e187-100e-4343-ba22-9b95d7ef589b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.9,
        "x": 0.05,
        "y": 0.3
      },
      "kind": "table",
      "text": "Table showing Q1-Q3 2020 cash flow metrics and commentary",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5b8c28dc-0fb4-459e-9103-0bcb89039ef5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.36,
        "x": 0.32,
        "y": 0.04
      },
      "kind": "title",
      "text": "Clues of Cash Flow Misstatement",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e755545a-6413-43e4-bae5-45ff1c33f168",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Table data",
      "slug": "table-data",
      "agent": null,
      "layer": "slide",
      "matchId": "1e869e9d-5728-4ebd-8b19-129b8dbf129a",
      "evidence": "table/data: Table showing Q1-Q3 2020 cash flow metrics and commentary",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "7a3a5825-3ec5-4bc9-8406-a8851cd79134",
      "evidence": "The slide explicitly identifies 'Clues of Cash Flow Misstatement' and highlights contradictions between management commentary and SEC filings.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}