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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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  "notes": "Uses a callout-style comparison to highlight a discrepancy between private expert opinion and public corporate narrative.",
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      "kind": "callout",
      "text": "Someone is lying, and we already have precedent examples of the CEO exaggerating the state of the SD&A business.",
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      "text": "Ironically, when Spruce Point asked a former Leidos C-Suite executive about the biggest risk to the growth story, we heard back a risk factor that is not in Leidos' 10-K. The risk has to do with big technology companies like Microsoft and Amazon competing directly against federal IT service providers. The CEO's comments directly contradict what the former executive has said. Someone is lying, and we already have precedent examples of the CEO exaggerating the state of the SD&A business.",
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      "text": "\"One of the reasons I left, and I think is probably the biggest risk to the business is companies like Microsoft and Amazon doing more and more business direct with the government... I doubt Microsoft or Amazon are going to be subcontractors if they can do it directly.\" — Former Leidos C-Suite Business Executive. \"The decision by the Department of Defense to go with Microsoft Azure versus AWS is really immaterial to us. We won't be affected by that decision in any way.\" — CEO Krone, Q3'2019 Conference Call.",
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      "text": "Comparison of Spruce Point question, former executive response, and CEO Krone's public statements.",
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      "kind": "title",
      "text": "Spruce Point Interview With Former C-Suite Executive: Are Material Risks Being Hidden?",
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