{
  "docId": "019dd923-622c-750b-8b99-6d840c1e7ff2",
  "docSlug": "70f833659b03",
  "documentTitle": "Samsara Inc. (IOT)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-09-21 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 25,
  "pageCount": 88,
  "prevPage": 24,
  "nextPage": 26,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 40,
  "notes": "The slide uses a contrast-based argument to highlight Samsara's reliance on SBC compared to profitable peers.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-6d840c1e7ff2/25",
  "deckHref": "/decks/019dd923-622c-750b-8b99-6d840c1e7ff2",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-6d840c1e7ff2.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-6d840c1e7ff2#slide-25",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Samsara's business rests on a fragile foundation specifically because it relies heavily on stock-based compensation to attract, retain, and motivate its workforce.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0f1a-773e-97f3-83488228acb0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "SBC / Sales: 27.2%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0f1a-773e-97f3-89f4823467ea",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Samsara wants investors to believe it is a high growth SaaS technology company. Yet, Samsara does not reference pure play and directly comparable vehicle IoT / telematics companies...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c36bf7ec-9225-4903-8e24-e3bf48a2ff7f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "private competitor Lytx has been profitable for 20 consecutive quarters as of early 2020 — San Diego Union-Tribune",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0f1a-773e-97f3-850c6ffcf80c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.96,
        "x": 0.02,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "Source: Results are as of last fiscal year. Margins as stated and do not add-back stock compensation. Note: private competitor Lytx has been profitable for 20 consecutive quarters as of early 2020 (San Diego Union-Tribune)",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b96ba167-52db-4127-845b-0854bc964218",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.96,
        "x": 0.02,
        "y": 0.36
      },
      "kind": "table",
      "text": "Pure-Play Vehicle IoT and Telematics Peers table comparing Sales, Margins, SBC, and OCF across 5 companies.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ef919fbb-91ac-411c-9b44-bfc2e5d9a454",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.68,
        "x": 0.28,
        "y": 0.03
      },
      "kind": "title",
      "text": "Samsara Avoids Referencing Direct Vehicle Telematics / IoT Peers, And For Good Reason.....",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0dca5c22-2986-4bea-82b9-ab8a7faaa5f2",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "8534a7b3-af35-4819-aba5-9e43e3690b35",
      "evidence": "Direct comparison of financial metrics between target company and industry peers to expose valuation discrepancy.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 30,
      "from": 11,
      "beatId": "090ddc58-0701-42b5-bac6-e68dfe768818",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Struggle",
      "beatSlug": "overcoming-monster-the-struggle",
      "evidence": "The authors present their analysis of Samsara's challenges and flaws.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 29,
      "from": 23,
      "name": "Iceberg",
      "slug": "10-iceberg",
      "bestFor": "Consulting, complex problem solving, organizational change",
      "matchId": "cbb8e80d-1988-4b40-8d4d-ef15bbe270a1",
      "evidence": "The authors present their analysis of Samsara's aggressive accounting policies and their impact on financials.",
      "position": 1,
      "objective": "Revealing the true nature of Samsara's financials and accounting practices.",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
      "confidence": 0.8,
      "description": "Reveal that the visible problem is merely a symptom of a deeper root cause"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}