{
  "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": 15,
  "pageCount": 109,
  "prevPage": 14,
  "nextPage": 16,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "Uses red boxes and arrows to highlight specific changes in terminology and potential conflicts of interest.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "screenshot",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-8e3ed32b40dc/15",
  "deckHref": "/decks/019dd923-622c-750b-8b99-8e3ed32b40dc",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-8e3ed32b40dc.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-8e3ed32b40dc#slide-15",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.11,
        "x": 0.42,
        "y": 0.76
      },
      "kind": "callout",
      "text": "Specific now to just \"Industrial\" Printing",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "64321f2f-64ef-4f0e-9036-34fdc72d227c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.11,
        "x": 0.63,
        "y": 0.76
      },
      "kind": "callout",
      "text": "Specific to \"Readers\" and not the entire category",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "72608c3f-0aa5-472a-b5cb-ff96cf1a3ddc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.15,
        "x": 0.02,
        "y": 0.76
      },
      "kind": "callout",
      "text": "Footnote added November 2019; Note: Zebra is a client of VDC",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9e8c961f-18c9-465d-975c-c4c70e5bddb5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.13,
        "x": 0.85,
        "y": 0.76
      },
      "kind": "callout",
      "text": "Doesn't say what kind of readers (see our RFID section)",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d4cc2a20-d4a8-41c2-bffd-953e171bda09",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "However, Zebra is a client of VDC Research, which raises issues about the objectivity and independence of the research claims.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0930-77dc-94aa-e6ac07226e51",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.38,
        "w": 0.42,
        "x": 0.56,
        "y": 0.28
      },
      "kind": "image",
      "text": "2016 Blair Conference slide",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "05c58e20-249e-49cf-af2e-cb715524a887",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.26,
        "w": 0.96,
        "x": 0.02,
        "y": 0.68
      },
      "kind": "image",
      "text": "2024 Innovation Day slide",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "15e17c8e-14f8-4d2a-ba76-7552dcb0b99d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.34,
        "w": 0.53,
        "x": 0.02,
        "y": 0.32
      },
      "kind": "image",
      "text": "2022 Blair Conference slides",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2199a441-a16d-4f7c-bb36-1228964af7ec",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.09,
        "w": 0.96,
        "x": 0.02,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "Zebra no longer shows pie charts with approximate breakdown of revenues by segment and has made slight modifications to its #1 market share claims. Notably it no longer says it is #1 in barcode printing, but rather “Industrial” printing. In addition, Zebra sources VDC Research for its claims. However, Zebra is a client of VDC Research, which raises issues about the objectivity and independence of the research claims.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f4302b45-9637-494b-90bb-535ab5e085f7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "Zebra Has Shifty Market Leadership Claims And Is A Client Of The Source Of Its Claims",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "daa49299-5afb-4360-8106-4984303872ca",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "e309c876-622c-4dd9-8d58-54f5c7e64648",
      "evidence": "Exposing conflict of interest and shifting definitions to mislead investors.",
      "confidence": 0.9
    }
  ],
  "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
}