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  "docSlug": "70f833659b03",
  "documentTitle": "Samsara Inc. (IOT)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-09-21 00:00:00",
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  "pageNumber": 29,
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  "nDataPoints": 36,
  "notes": "Includes a quote from a former director to support the thesis of margin manipulation.",
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      "kind": "callout",
      "text": "We believe Samsara has been able to hide the deleterious financial impacts of its hardware products by unjustifiably extending device cost amortization periods.",
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      "text": "Gross Margin: 664",
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      "text": "We believe Samsara has been able to hide the deleterious financial impacts of its hardware products by unjustifiably extending device cost amortization periods. A more appropriate three year amortization period would have reduced FY 2023 gross margins by nearly 7 percentage points. We note that Samsara's adjusted gross margin of 65% would place the Company in the bottom quartile of SaaS companies.",
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      "kind": "quote",
      "text": "We were told, 'Figure out product market fit and we'll figure out margins later.'",
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      "kind": "quote",
      "text": "“We were told, ‘Figure out product market fit and we’ll figure out margins later.’” — Former Samsara Director, Product Management",
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      "kind": "source-note",
      "text": "Source: Spruce Point Research, Samsara SEC filings, Third Bridge",
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      "kind": "table",
      "text": "Spruce Point Adjusted Gross Profit Analysis table",
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      "kind": "title",
      "text": "We Believe Samsara Gross Margins Are Overstated By Almost Seven Percentage Points",
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