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  "documentTitle": "Leidos Holdings, Inc. (LDOS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-02-16 00:00:00",
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      "kind": "callout",
      "text": "From 2018-2019, sales increased by THB 240m or $7.75m at the average FX rate of 31 $/THB. Spruce Point has 11 import records showing shipments of MV3D equipment being returned from M.I.T. Solutions with invoices to the U.S.",
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      "text": "If we assume each shipment corresponds to one MV3D™ machine, then estimated sales to the distributor are $4.4m - $7.1m, a range not far off from the distributor's 2019 sales increase",
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      "text": "revenue: $7.75m",
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      "text": "Spruce Point observes that the $7.75m increase in 2019 revenues from Leidos' Thailand distributor roughly corresponds the value of 11 import records of Leidos MV3D equipment being returned in 2020, if we assume each shipment is tied to one piece of equipment.",
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      "text": "Source: DBD DataWarehouse (Thailand)",
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      "text": "Income Statement of M.I.T. SOLUTION COMPANY LIMITED",
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      "text": "Import Records Showing Return of Equipment Roughly Correspond With Sales Increase",
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