{
  "docId": "019dd923-622c-750b-8b99-8e3ed32b40dc",
  "docSlug": "5a3c61f9c8f5",
  "documentTitle": "Zebra Technologies Corp. (ZBRA)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-08-08 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 11,
  "pageCount": 109,
  "prevPage": 10,
  "nextPage": 12,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 16,
  "notes": "The slide uses a dual-axis line chart to correlate margin decline with volatile sales growth.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "screenshot",
    "line_chart",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-8e3ed32b40dc/11",
  "deckHref": "/decks/019dd923-622c-750b-8b99-8e3ed32b40dc",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-8e3ed32b40dc.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-8e3ed32b40dc#slide-11",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Furthermore, the average annual revenue growth rate of hardware has been approximately 1.3% from 2019-23 (including COVID19 price increases and M&A).",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0930-77dc-94aa-5ed801289a07",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.41,
        "x": 0.57,
        "y": 0.4
      },
      "kind": "chart",
      "text": "Tangible Product Gross Margin And Annual Sales Growth",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7808348e-a9c9-437b-8641-e5df73cb252b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.53,
        "x": 0.02,
        "y": 0.4
      },
      "kind": "image",
      "text": "Product & Solutions Portfolio Overview",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bb294c8d-3ba6-4964-8666-0b266e46b86f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Tangible Product Gross Margin: 47.6%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0930-77dc-94aa-63d8fe78b6dd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Zebra's revenues are approximately 80% hardware and 20% services and software. While Zebra shows its products in the slide on the bottom left under seven categories, the Company does not provide a detailed break out of revenue by product category...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "87b97bd0-13f6-4461-b4a2-cfd6e02d4347",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.35,
        "x": 0.02,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: Zebra financials and Innovation Day Presentation",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6be7f71c-feda-478a-a9f3-e534e951944f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.315,
        "y": 0.05
      },
      "kind": "title",
      "text": "Zebra's Hardware Business Looks Troubled",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "38a9606b-eeab-4505-8d51-688075689382",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Chart Selection Guide",
      "slug": "chart-selection-guide",
      "agent": "Designer",
      "layer": "slide",
      "matchId": "a1d89c71-bddc-470b-93d4-47c1bf09b239",
      "evidence": "The slide contains a line chart showing Tangible Product Gross Margin And Annual Sales Growth.",
      "confidence": 0.5
    }
  ],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "fd049ec1-54aa-4722-9784-f73053c7b2ae",
      "evidence": "Highlights lack of transparency in reporting segments vs. product portfolio",
      "confidence": 0.85
    }
  ],
  "arcBeats": [
    {
      "to": 109,
      "from": 8,
      "beatId": "4cbc18df-e399-4c42-aa2d-07d690208cbf",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Expose Contradictions",
      "beatSlug": null,
      "evidence": "The document is filled with slides exposing contradictions in Zebra's statements, financial reports, and business practices.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 49,
      "from": 10,
      "beatId": "b2ddfff6-f4be-461d-bbff-60b1d6e65291",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Thesis Headlines",
      "beatSlug": null,
      "evidence": "The document presents key headlines supporting the short-selling thesis.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 109,
      "from": 5,
      "name": "Logic Chain",
      "slug": "01-logic-chain",
      "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis",
      "matchId": "87880212-cbbe-4e05-9d94-1053e50417ab",
      "evidence": "The document presents a series of logical arguments and evidence to support its thesis.",
      "position": 0,
      "objective": "To present a logical chain of evidence supporting the short-selling thesis",
      "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)",
      "confidence": 0.8,
      "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}