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  "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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  "notes": "Uses direct quotes from earnings calls to expose management's attempt to exclude hardware costs from performance metrics.",
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      "text": "Given the Company’s tendency to ignore its hardware business activities and propensity for creative accounting, it should come as no surprise that CFO Phillips has suggested on several occasions that investors simply ignore the cash flow impacts of the Company’s hardware transactions altogether.",
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      "text": "free cash flow margin: 18%",
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      "text": "Given the Company's tendency to ignore its hardware business activities and propensity for creative accounting, it should come as no surprise that CFO Phillips has suggested on several occasions that investors simply ignore the cash flow impacts of the Company's hardware transactions altogether.",
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      "text": "On your second question, so about 21% of our revenue in Q4 was spent on inventory, on our IoT devices and on inventory. And so with a minus 3% free cash flow margin, our free cash flow margin sans dollars going out the door for inventory would have been positive 18%. — Samsara CFO Phillips, Q4 FY2023 Earnings Call",
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      "text": "Source: Samsara Q4 FY2023 earnings call, Samsara Q1 FY2023 earnings call",
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      "text": "Fanciful Earnings Call Commentary From Samsara CFO Phillips",
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      "text": "COGS-Adjusted Free Cash Flow Margin?",
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