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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": "The slide uses a red arrow to visually connect the disclosure text to the balance sheet data, emphasizing the accounting nuance.",
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      "text": "Leidos discloses that $166m of its cash is really earmarked for “outstanding payments” and are included within cash and cash equivalents. Market data providers use an incorrect and overstated cash amount to derive Leidos’ valuation.",
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      "text": "Cash and cash equivalents: $166m",
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      "text": "Our cash equivalents are primarily comprised of investments in several large institutional money market accounts, with original maturity of three months or less. Outstanding payments are included within \"Cash and cash equivalents\" and \"Accounts payable and accrued liabilities\" correspondingly on the condensed consolidated balance sheets. At October 2, 2020 and January 3, 2020, $166 million and $169 million, respectively, of outstanding payments were included within \"Cash and cash equivalents.\"",
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      "text": "Our cash equivalents are primarily comprised of investments in several large institutional money market accounts, with original maturity of three months or less. Outstanding payments are included within \"Cash and cash equivalents\" and \"Accounts payable and accrued liabilities\" correspondingly on the condensed consolidated balance sheets. At October 2, 2020 and January 3, 2020, $166 million and $169 million, respectively, of outstanding payments were included within \"Cash and cash equivalents.\" — Leidos Q3 2020 10-Q",
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      "text": "Leidos discloses that $166m of its cash is really earmarked for “outstanding payments” and are included within cash and cash equivalents. Market data providers use an incorrect and overstated cash amount to derive Leidos’ valuation.",
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      "text": "Total Cash (mrq), Total Cash Per Share (mrq), Total Debt (mrq), Total Debt/Equity (mrq), Current Ratio (mrq), Book Value Per Share (mrq)",
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      "text": "We Believe The Market Miscalculates Cash, Ignores Unusual Disclosure",
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      "position": 2,
      "objective": "To highlight the risks of not acting on the information",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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