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  "docSlug": "70f833659b03",
  "documentTitle": "Samsara Inc. (IOT)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-09-21 00:00:00",
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  "notes": "The slide uses red boxes to highlight the specific ratios and growth figures that contradict management's narrative.",
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      "kind": "callout",
      "text": "How can Samsara management claim device costs are becoming less of a financial burden? All metrics indicate increases, often dramatic, since FY2020 and FY2021.",
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      "kind": "metric",
      "text": "Connected Device Costs Asset (CDC): 277",
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      "text": "As discussed later, Samsara capitalizes its hardware costs and amortizes them over five years. In stark contrast to management's positioning, connected device costs (the balance sheet asset) have generally outgrown RPO, ARR, and deferred revenue (often by large margins) over the past 2-3 years, resulting in device costs accounting for increasing percentages of those metrics. A similar trend is seen in newly capitalized costs / new ARR and period amortized costs / revenue recognized.",
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      "kind": "source-note",
      "text": "Source: Spruce Point Research, Samsara SEC filings",
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      "text": "Analysis of Connected Device Costs table showing FY2020-FY2023 metrics for RPO, ARR, Deferred Revenue, Revenue, Capitalized/Amortized Costs, and resulting ratios.",
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      "kind": "title",
      "text": "Hardware Costs Show No Signs of Becoming Less Significant",
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