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  "docSlug": "70f833659b03",
  "documentTitle": "Samsara Inc. (IOT)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-09-21 00:00:00",
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  "notes": "Uses a 'Why' rhetorical device to challenge management credibility.",
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      "kind": "callout",
      "text": "This paragraph did NOT appear in Samsara’s FY2023 10-K filed on March 21, 2023, which we believe signaled that the Company’s LTV:CAC was no longer above 8x. However, at the Company’s June 22, 2023 Investor Day, Samsara included the slide at right.",
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      "text": "Slide from Investor Day showing LTV:CAC > 8x",
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      "text": "LTV:CAC",
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      "text": "Prior to the IPO when questioned by the SEC on this metric they said it, “demonstrates that the Company has strong long-term potential unit economics.” Samsara disclosed in SEC filings through its FY2022 10-K that its LTV:CAC was over 8x.",
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      "kind": "paragraph",
      "text": "Samsara’s LTV:CAC Disclosure Through FY2022",
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      "text": "We calculate the lifetime value, or LTV... We estimate that for each of the last three fiscal years, our LTV:CAC ratio was at least 8x, which we believe is indicative of the state of our business and unit economics for the foreseeable future.",
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      "kind": "source-note",
      "text": "Source: Samsara FY2022 10-K, Samsara 2023 Investor Day Presentation, Spruce Point Research",
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      "text": "Samsara Silently Eliminated Its LTV:CAC Disclosure",
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