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  "documentTitle": "Samsara Inc. (IOT)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2023-09-21 00:00:00",
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  "notes": "The slide uses a stacked bar chart to visualize the 'implied' revenue mix versus the company's reported figures.",
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      "text": "As noted, based on our analysis of contracts, we estimate that approximately 25% of total contract value can be ascribed to the list price of hardware delivered for free. In addition, we calculate that hardware shipping have averaged about 1.5% of new ARR added. Thus, taken together, this allowed Samsara to report \"software\" revenue and ARR that was 34-36% higher.",
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      "text": "While Samsara has historically disclosed that \"98%+\" of revenue is \"subscription\", about a quarter of that is essentially installment sales of commodity hardware.",
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      "text": "While Samsara has historically disclosed that \"98%+ of revenue is \"subscription\", about a quarter of that is essentially installment sales of commodity hardware.",
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      "text": "Spruce Point Estimated Revenue Mix",
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      "text": "revenue mix: 34-36%",
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      "text": "Source: Samsara SEC filings, Samsara June 2023 Investor Day presentation Spruce Point Research",
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      "text": "Bundling Hardware With Subscriptions Allowed Samsara to Goose Revenue and ARR Pre-IPO",
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