{
  "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": 74,
  "pageCount": 80,
  "prevPage": 73,
  "nextPage": 75,
  "slideType": "valuation_table",
  "function": "show_valuation_bridge",
  "density": "dense",
  "nDataPoints": 48,
  "notes": "Includes qualitative observations on margin pressure and wage inflation in the right-hand column.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "valuation_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-2905b0287b60/74",
  "deckHref": "/decks/019dd923-622c-750b-8b99-2905b0287b60",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-2905b0287b60.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-2905b0287b60#slide-74",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.88,
        "x": 0.06,
        "y": 0.17
      },
      "kind": "callout",
      "text": "Spruce Point believes there is significant downside to TASK's share price as the Company is overvalued on both its revenue and EBITDA multiple and should trade at best in-line with peer valuations, and at worse a material discount to reflect the numerous concerns we've documented in our report including substandard disclosures, and evidence of increased financial pressures with its largest customer Facebook.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "80facf87-67bf-4bbc-83be-6756357c16f6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "implied share price: $18-$27",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-14dd-72ca-b986-c02d73ec4fd4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.35,
        "x": 0.63,
        "y": 0.41
      },
      "kind": "paragraph",
      "text": "Market consensus is for 27% revenue growth... We expect further pressure from Facebook. At best, TASK should trade in-line, to a discount to peers, not at a premium multiple. Former employees 1 and 2 interviewed indicate margin pressure will be a major issue.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4ab9366b-3e94-4458-907a-32472177c8ef",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.45,
        "x": 0.02,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Market data as of 1/18/22. Downside based on current share price of $35.60. Source: Company financials, Spruce Point research",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "42c4b323-cd49-4ef0-a85d-bb4efc49eda0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.62,
        "w": 0.96,
        "x": 0.02,
        "y": 0.31
      },
      "kind": "table",
      "text": "Valuation model table showing Revenue/EBITDA growth, multiples, EV, Debt, Cash, Equity Value, Diluted Shares, Implied Share Price, and Downside.",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "77ebdae5-1018-4488-bafe-10a5eb43de2a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.305,
        "y": 0.05
      },
      "kind": "title",
      "text": "Spruce Point Estimates 25% - 50% Downside",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "09a86e55-a77a-49f0-83f3-00b4f2008ca3",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "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": [
    {
      "to": 74,
      "from": 68,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "7543e0f9-9846-46c6-8d6a-836f71f9dfbe",
      "evidence": "The presentation estimates a 25% - 50% downside risk to TASK's share price and provides valuation tables to support this claim.",
      "position": 2,
      "objective": "Highlight the downside risk of investing in TASK",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}