{
  "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": 38,
  "pageCount": 88,
  "prevPage": 37,
  "nextPage": 39,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "Uses visual evidence (teardown photos) to support a thesis of regulatory risk.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "screenshot",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-6d840c1e7ff2/38",
  "deckHref": "/decks/019dd923-622c-750b-8b99-6d840c1e7ff2",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-6d840c1e7ff2.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-6d840c1e7ff2#slide-38",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We believe that if Quectel were added to the Covered List that it would not only be a headwind to government (and perhaps all sector) sales, but it would also necessitate a widespread replacement of existing hardware, which would be accompanied by a requisite write-off of capitalized connected device costs, thus further compressing Samsara gross margins.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0f1a-773e-97f5-52cff92d4f7c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.48,
        "w": 0.46,
        "x": 0.52,
        "y": 0.4
      },
      "kind": "image",
      "text": "AG46 Asset Gateway teardown photo",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0619f108-18b9-49a0-a43e-a3099dac3ad7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.48,
        "w": 0.48,
        "x": 0.02,
        "y": 0.4
      },
      "kind": "image",
      "text": "VG34 Vehicle Gateway teardown photo",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4fa9c60b-ce4b-4c1e-bfc3-2cdb9c2d2fbd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.11,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Our analysis of FCC device teardowns indicates that several Samsara products incorporate components from Quectel. We believe that if Quectel were added to the Covered List that it would not only be a headwind to government (and perhaps all sector) sales, but it would also necessitate a widespread replacement of existing hardware, which would be accompanied by a requisite write-off of capitalized connected device costs, thus further compressing Samsara gross margins.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0bf78ceb-ce8c-4e91-9f33-702f320412b8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.35,
        "x": 0.02,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: VG34 FCC device report, AG46 FCC device report",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "71acd1ad-5e88-463d-a3d7-d4025e604456",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "We Found Definitive Proof That Multiple Key Samsara Devices Use Quectel Components",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ad5d1c43-7d79-4263-b12b-c74b505e7f31",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.96,
        "x": 0.02,
        "y": 0.31
      },
      "kind": "title",
      "text": "Samsara Fleet Devices Using Quectel Components Include Two of Its Core Products",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2cc9546d-0b3a-4b93-85f0-379b0e5fabf5",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "2a7d4e58-2d67-4e71-b423-867298bc226e",
      "evidence": "Uses teardown evidence to expose potential regulatory/financial risk",
      "confidence": 0.8
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 40,
      "from": 36,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "28f1ae69-1742-4088-b10a-0b11e4ce6037",
      "evidence": "The document raises concerns about Samsara's hardware security vulnerabilities and potential product recall risks.",
      "position": 0,
      "objective": "Highlighting growing product recall risk and its implications for Samsara's growth.",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}