{
  "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": 19,
  "pageCount": 36,
  "prevPage": 18,
  "nextPage": 20,
  "slideType": "comparison_table",
  "function": "diagnose_problem",
  "density": "balanced",
  "nDataPoints": 80,
  "notes": "The slide uses a red callout box to highlight the 'Stopped Disclosing' period and a bracket to indicate 'Increasing Stress'.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-2f79335352dd/19",
  "deckHref": "/decks/019dd923-622c-750b-8b99-2f79335352dd",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-2f79335352dd.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-2f79335352dd#slide-19",
  "components": [
    {
      "bbox": {
        "h": 0.095,
        "w": 0.966,
        "x": 0.017,
        "y": 0.186
      },
      "kind": "callout",
      "text": "SMCI working capital stress is near all-time highs, some of which can be explained by the pandemic, supply chain challenges and having to carry more inventory. SMCI stopped highlighting its working capital measure (which includes cash and short-term debt) post pandemic.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "81403203-ac00-4ac5-8da2-c4713071ab39",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.18,
        "x": 0.79,
        "y": 0.905
      },
      "kind": "callout",
      "text": "Increasing Stress",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "889b4225-496d-453d-9549-73e55ae9728e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Working Capital / LTM Revenues: 23.1%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-14d8-75c0-8c89-a080c65472ca",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.33,
        "x": 0.045,
        "y": 0.865
      },
      "kind": "source-note",
      "text": "Source: SMCI SEC filings and Spruce Point Analysis",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ccf4626f-6047-4708-ab8c-7a24e8c8a657",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.48,
        "w": 0.93,
        "x": 0.035,
        "y": 0.346
      },
      "kind": "table",
      "text": "SMCI's Working Capital Analysis table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "70c68dc3-4bbb-42f9-ad0c-f692209fac2a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.035,
        "w": 0.405,
        "x": 0.308,
        "y": 0.065
      },
      "kind": "title",
      "text": "Working Capital Stress Near Highs",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "74453964-e43a-4c54-8db9-b3ba4ca941ee",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "9d78e253-64e2-413a-90e0-b820183b82da",
      "evidence": "Highlighting cessation of disclosure and increasing financial stress metrics as a red flag.",
      "confidence": 0.85
    }
  ],
  "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": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}