{
  "docId": "019dd923-622c-750b-8b99-2f79335352dd",
  "docSlug": "81a891429a42",
  "documentTitle": "Super Micro Computer, Inc. (SMCI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-01-10 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 12,
  "pageCount": 36,
  "prevPage": 11,
  "nextPage": 13,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 20,
  "notes": "The slide uses two tables to demonstrate failure to meet aggressive targets and a callout box to highlight potential conflicts of interest.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-2f79335352dd/12",
  "deckHref": "/decks/019dd923-622c-750b-8b99-2f79335352dd",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-2f79335352dd.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-2f79335352dd#slide-12",
  "components": [
    {
      "bbox": {
        "h": 0.16,
        "w": 0.22,
        "x": 0.755,
        "y": 0.365
      },
      "kind": "callout",
      "text": "Total revenues do not explicitly exclude related-party revenues through entities the CEO has an interest in. These have historically amounted to ~2.5% of revenue",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d78de049-0108-4289-a44d-9e816a80f547",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Revenue: $8.0 billion",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-14d8-75c0-8c89-3354109a8eb3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.095,
        "w": 0.95,
        "x": 0.025,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Spruce Point thought that the days of chasing revenue growth at all cost for technology companies was over... Investors should demand SMCI focus on maximizing Free Cash Flow, which we will illustrate has been illusive.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "607268aa-c197-47e4-8863-cc7d3d9b0342",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "x": 0.025,
        "y": 0.975
      },
      "kind": "source-note",
      "text": "Source: SMCI Proxy Filing",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bced1b0e-40d6-4d13-8272-fbb22fa477da",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.72,
        "x": 0.025,
        "y": 0.325
      },
      "kind": "table",
      "text": "Revenue Goals table showing 5 tiers of growth targets and their achievement status.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "004b4a01-c8fc-4eaa-bc1b-a1c4bccd6664",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.72,
        "x": 0.025,
        "y": 0.685
      },
      "kind": "table",
      "text": "Stock Price Goals table showing 5 tiers of stock price targets and their achievement status.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "051ef740-29cf-463e-8bb8-4552ed036105",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.035,
        "w": 0.485,
        "x": 0.308,
        "y": 0.06
      },
      "kind": "title",
      "text": "It's All About Revenue Growth ... Again",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6154de35-f2a6-477b-ab00-caeca4956142",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 20,
      "from": 6,
      "beatId": "fb4f2331-b59b-4508-9091-4407fae41e4d",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Struggle",
      "beatSlug": "overcoming-monster-the-struggle",
      "evidence": "Detailed critique of SMCI's financials and business practices",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 14,
      "from": 10,
      "name": "Pattern Hunter",
      "slug": "02-pattern-hunter",
      "bestFor": "Time-pressed audiences, building consensus, when data is strong",
      "matchId": "2c33d724-8eb1-49f3-959c-655148a6eca2",
      "evidence": "The document highlights several contradictions in SMCI's financials and business practices",
      "position": 0,
      "objective": "Highlighting contradictions in SMCI's financials and business practices",
      "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion",
      "confidence": 0.7,
      "description": "Group multiple pieces of evidence that together point to a pattern or conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}