{
  "docId": "019dd923-622c-750b-8b99-781d6376c0a8",
  "docSlug": "9250edf61831",
  "documentTitle": "MSCI Inc. (MSCI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-01-17 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 100,
  "pageCount": 123,
  "prevPage": 99,
  "nextPage": 101,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 1,
  "notes": "The slide uses a side-by-side comparison of 2019-2021 vs 2022 financial reporting language to expose a change in accounting disclosure.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "comparison_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-781d6376c0a8/100",
  "deckHref": "/decks/019dd923-622c-750b-8b99-781d6376c0a8",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-781d6376c0a8.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-781d6376c0a8#slide-100",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We believe MSCI should provide this information since unbilled revenue is frequently manipulated by other public companies and can provide insights into potentially aggressive revenue recognition practices.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-1ac4-74a6-be27-b7a2e4e0b48f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Spruce Point notes that MSCI Critical Audit Matter has recently shifted to focus on revenue recognition... We believe MSCI should provide this information since unbilled revenue is frequently manipulated...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f0695175-50df-4c85-bde4-6b37f82dfaba",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "For products and services that are provided in advance of billing, such as our asset-based fee products, unbilled revenue (or a \"contract asset\") is included in Accounts Receivable on the Company's Consolidated Statement of Financial Condition. — 2019-2021 10-K",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-1ac4-74a6-be27-b976b35b790d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.15,
        "x": 0.57,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: 2022 and 2021 10-K",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "948d1340-47fa-4add-b895-cf4ab27722d7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.96,
        "x": 0.02,
        "y": 0.35
      },
      "kind": "table",
      "text": "Comparison of revenue recognition descriptions between 2019-2021 and 2022, highlighting the removal of 'contract asset' terminology.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9e59f828-2ac5-49c3-9f8f-bcc9c69527c6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.11,
        "w": 0.63,
        "x": 0.34,
        "y": 0.03
      },
      "kind": "title",
      "text": "Critical Audit Matter Change To Focus On Revenue Recognition",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "503cc89c-1aff-4ba0-b4e9-28b552dfc24e",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "c5e1ef15-604a-4c59-a975-7018695482a2",
      "evidence": "The slide explicitly links a change in accounting disclosure to potential manipulation and aggressive revenue recognition.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 123,
      "from": 8,
      "beatId": "d662b123-aabd-40a9-9b1e-07f3af79864c",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "Most slides aim to reveal contradictions or issues with MSCI's reporting, strategy, or performance.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 118,
      "from": 40,
      "beatId": "0d440955-7c20-44ed-b046-f214de5e9eb4",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Preempt Rebuttal",
      "beatSlug": null,
      "evidence": "The document anticipates and counters potential rebuttals to its arguments.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 123,
      "from": 1,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "96af0651-6de6-4b30-ba3b-77cee8001437",
      "evidence": "The loop is implicit, as the document builds a case for selling MSCI shares.",
      "position": 0,
      "objective": "Highlight the cost of inaction for investors not selling MSCI shares",
      "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
}