{ "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": 46, "pageCount": 80, "prevPage": 45, "nextPage": 47, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 1, "notes": "Uses direct quotes from a Tegus interview to validate the thesis of client churn.", "elementsJson": [ "headline_text", "callout_box", "data_table" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-2905b0287b60/46", "deckHref": "/decks/019dd923-622c-750b-8b99-2905b0287b60", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-2905b0287b60.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-2905b0287b60#slide-46", "components": [ { "bbox": null, "kind": "callout", "text": "An interview conducted by Tegus with a former TASK manager reveals insights that suggest it lost clients due to performance. Furthermore, as clients scaled, they'd bring on additional BPOs, some of which outperformed TASK.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-14dd-72ca-b985-85c94a2b4221", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.02, "y": 0.96 }, "kind": "other", "text": "Source: Tegus interview, June 17, 2021", "attrs": null, "subkind": "source-note", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a74f4c4b-e30f-466e-b314-791ec3c56eb9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.07, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "An interview conducted by Tegus with a former TASK manager reveals insights that suggest it lost clients due to performance. Furthermore, as clients scaled, they'd bring on additional BPOs, some of which outperformed TASK.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e88ab3e8-11ff-4000-8824-0f47108522f0", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "Clients have fired us because of performance -- yes, of losing clients. That's the danger, the worst thing that could happen. And so there's always, always the most stressful part as a part of the team, as a leadership team because you always want to have good client reviews. And so that's kind of what drives the performance up over time because the expectations of clients always change. And then when it's not good for a particular week, then everyone just kind of panics and does what they need to do to get it up for the next business review, which is a week later. So over time, it usually gets better or else, we get fired — Former Executive. They would leave TaskUs because we weren't able to meet the performance that they required, or usually, clients come to TaskUs, when they start off with TaskUs, TaskUs is the only vendor, and that's good for us. But then, eventually, they would want to get another vendor for business continuity purposes, right? Because you don't want to put all your eggs in one basket. We get fired in some cases because the new vendor outperformed us. And over a span of a certain period of time, we are not able to cope up with that. And that's when they decide to move more of the volume to that other vendor and then get a third vendor to be the business continuity site which was TaskUs before. So then like most clients always have at least one more client -- I mean, one more BPO and there's always competition between the two BPOs. Sometimes there's even more. I've had instances where there were 20 vendors but that wasn't TaskUs, it was at my previous company. We're 20 vendors, and it was really hard to keep up. As to the firing rate, for me, I was handling 11 total clients, and 2 of them, I lost. So it's about 15% or so, 10% to 15% that I lost clients. — Former Executive.", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-14dd-72ca-b985-8bfcbea1dbe8", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.68, "w": 0.96, "x": 0.02, "y": 0.25 }, "kind": "table", "text": "Tegus Client Question and Fmr. Executive response pairs.", "attrs": null, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f934c2e0-ce47-4266-97c5-66cb9c304cdc", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Insights From TASK Former Executive Interview Conducted By TEGUS", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b3922a3d-cedc-4b16-8ab5-f98327386755", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "expose_contradiction", "slug": null, "matchId": "c33043d7-f3f0-49bb-875e-e5016f513db8", "evidence": "Uses expert testimony to contradict company narrative of stability.", "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 }