{
  "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": 49,
  "pageCount": 77,
  "prevPage": 48,
  "nextPage": 50,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 24,
  "notes": "The slide uses financial statement screenshots and a combo chart to visualize the margin compression.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "screenshot",
    "data_table",
    "bar_chart_grouped",
    "line_chart",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-09b0063ec30e/49",
  "deckHref": "/decks/019dd923-622c-750b-8b99-09b0063ec30e",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-09b0063ec30e.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-09b0063ec30e#slide-49",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Gross margins materially compressed from the 40% - 50% range to 23% in 2019. The compression was from cost of good sold rising much faster than revenues. This could suggest L3Harris pushed high priced product to its distributor.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-64cd-733b-aca5-741ffe26e9ab",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.32,
        "w": 0.75,
        "x": 0.15,
        "y": 0.63
      },
      "kind": "chart",
      "text": "Revenue, COGS, and Gross Margin trend 2013-2019",
      "attrs": null,
      "subkind": "bar-grouped",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e5d3f05d-64bc-43d9-9961-5734b82f3711",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.32,
        "w": 0.35,
        "x": 0.15,
        "y": 0.26
      },
      "kind": "image",
      "text": "Income Statement 2013-2015",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "98614a07-3918-4883-8e53-735806046dde",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.32,
        "w": 0.35,
        "x": 0.52,
        "y": 0.26
      },
      "kind": "image",
      "text": "Income Statement 2017-2019",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e4973607-f9fc-433a-9706-5a6a04e0d3e6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Gross Margin: 23%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-64cd-733b-aca5-7aacce1bc465",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.05,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Gross margins materially compressed from the 40% - 50% range to 23% in 2019. The compression was from cost of good sold rising much faster than revenues. This could suggest L3Harris pushed high priced product to its distributor.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d52fe84f-6c8a-4f95-b886-056e1eb1e124",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.02,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: DBD DataWarehouse (Thailand)",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c2650976-e85c-46c1-8579-886faf59aaf1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.65,
        "x": 0.31,
        "y": 0.04
      },
      "kind": "title",
      "text": "M.I.T Solutions Gross Margins Collapsing",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c631fd8c-3eac-4833-8974-ff859a7397cb",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "c276ac9d-db1c-41db-9191-19d62d61f567",
      "evidence": "Suggests channel stuffing/pushing costs to distributor to inflate revenue",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}