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  "documentTitle": "Samsara Inc. (IOT)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2023-09-21 00:00:00",
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  "pageNumber": 33,
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  "notes": "The slide uses a 'Spruce Point Adjusted EBITDA' framework to recalculate margins.",
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      "text": "When we adjust Samsara's Adj. EBITDA calculation for incremental device cost and sales commission amortization, we estimate it to be overstated by $134 million in the past two fiscal years and that FY2023 adjusted EBITDA margin stands at -22% as opposed to the -10% reported by the Company.",
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      "text": "Adjusted EBITDA Margin: -50%",
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      "text": "When we adjust Samsara's Adj. EBITDA calculation for incremental device cost and sales commission amortization, we estimate it to be overstated by $134 million in the past two fiscal years and that FY2023 adjusted EBITDA margin stands at -22% as opposed to the -10% reported by the Company. If we consider that stock-based compensation is a real expense, and should not be adjusted from EBITDA, we find that actual margins are close to -50%.",
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      "text": "Source: Spruce Point Research, Samsara SEC filings",
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      "text": "Spruce Point Adjusted EBITDA Analysis table",
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      "text": "Furthermore, We Believe Samsara's Adj. EBITDA Is Materially Overstated",
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