{ "docId": "019dd923-622c-750b-8b99-2905b0287b60", "docSlug": "87c1ab1e2597", "documentTitle": "TaskUs, Inc. (TASK)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2022-01-20 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 34, "pageCount": 80, "prevPage": 33, "nextPage": 35, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 2, "notes": "Uses a red flag icon to highlight the contradiction.", "elementsJson": [ "headline_text", "callout_box", "paragraph", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-2905b0287b60/34", "deckHref": "/decks/019dd923-622c-750b-8b99-2905b0287b60", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-2905b0287b60.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-2905b0287b60#slide-34", "components": [ { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.16 }, "kind": "callout", "text": "TASK made a lengthy enhancement to its definition of “Win Rate” that we believe added significantly more complexity. It then showed its Win Rate increase over a three year period.", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "82b38786-11a2-4641-ad79-a504bb967ead", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "TASK made a lengthy enhancement to its definition of “Win Rate” that we believe added significantly more complexity. It then showed its Win Rate increase over a three year period. Management did not explain the impact of the revision on its subsequent improved Win Rate reporting though it claimed it “Simplified” its Win Rate to align with its NRR calculation.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-14dd-72ca-b983-7943d57ce672", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.79, "x": 0.16, "y": 0.82 }, "kind": "list", "text": "“Our total new client win rate from 2018 to 2020 was 42%” \n “Our new client win rate from 2017 to 2019 was 36%”", "attrs": null, "subkind": "comparison", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e4ec33ca-b1c7-4ed9-974a-722d1fdaed81", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.34 }, "kind": "paragraph", "text": "“Win rate” refers to the percentage of new business opportunities that we were awarded out of all opportunities closed in the period for which we submitted a proposal during the same period.", "attrs": null, "subkind": "description", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "255de890-bd97-4ce1-8e24-a3584767bce9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.56 }, "kind": "paragraph", "text": "“Win rate” refers to the percentage of new business opportunities that we were awarded out of all opportunities closed in the period for which we submitted a proposal during the same period.", "attrs": null, "subkind": "description", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f83ffcfe-bee2-4458-9ff8-d39a6b84e9d9", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“Our total new client win rate from 2018 to 2020 was 42%” — TaskUs, Inc. / “Our new client win rate from 2017 to 2019 was 36%” — TaskUs, Inc.", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-14dd-72ca-b983-7f6813858874", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "1) TASK claims the lengthy revisited definition of Win Rate is simplified in SEC correspondence", "attrs": null, "subkind": "source-note", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b7401ac6-80be-4568-a107-db4ca7bebe26", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.305, "y": 0.05 }, "kind": "title", "text": "Adding More Qualifiers To Win Rate....", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2d5d09ad-ed88-459c-9531-046a9cb92327", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.9, "x": 0.05, "y": 0.51 }, "kind": "title", "text": "Revised Definition of “Win Rate” We Believe Is Significantly More Complex", "attrs": null, "subkind": "subtitle", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4fb4d322-27af-4abf-9fa3-0b630dda0c6c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.9, "x": 0.05, "y": 0.29 }, "kind": "title", "text": "Initial and Simple Definition of “Win Rate”", "attrs": null, "subkind": "subtitle", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c0525dd4-0e0b-45f4-ab31-acf4f4aadf6b", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "712005c2-b252-442f-801d-ebc6a78ea641", "evidence": "Contrasting definitions to imply manipulation of metrics", "confidence": 0.9 } ], "arcBeats": [ { "to": 80, "from": 6, "beatId": "aaba061d-8594-4dac-999c-686f29277072", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The majority of the presentation is dedicated to exposing contradictions and concerns about TASK's financials, management, and market position.", "position": 1, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }