{
  "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": 40,
  "pageCount": 109,
  "prevPage": 39,
  "nextPage": 41,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "Uses a 'CEO Quote Contradiction' framework to highlight a discrepancy between management claims and external evidence.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-8e3ed32b40dc/40",
  "deckHref": "/decks/019dd923-622c-750b-8b99-8e3ed32b40dc",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-8e3ed32b40dc.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-8e3ed32b40dc#slide-40",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.96,
        "x": 0.02,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "Zebra recently claimed there was no change to the (overall) competitive environment. However, this statement doesn't reconcile with several of our observations that: 1) Zebra added new companies to its 10-K competition section on RFID, 2) Tegus interview of a former employee talking about Chinese competitors at the low end, and 3) Zebra made subtle wording changes to market share claims and has used a non-independent market research firm as its source. We think Zebra should elaborate on its claims that it is seeing no change in the competitive environment.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6713ad64-cc13-413a-8b9d-f0cd565c587d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "x": 0.02,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Q2'24 Conference Call",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4be5a32d-d0c5-4ea5-8789-1035b9052a46",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.96,
        "x": 0.02,
        "y": 0.37
      },
      "kind": "table",
      "text": "Q2 2024 Conference Call transcript excerpt showing analyst question and CEO response.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "daeb97fa-8caa-493c-9944-977efa7312ca",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "Despite Contrary Evidence, Zebra Denies Competitive Changes To The Environment",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "db59c91d-e8e3-45d9-bd5b-f5242fd4dd1a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "4c2a70fd-9e62-4b5a-8ad1-1458c47e1263",
      "evidence": "Directly juxtaposes a CEO quote with contradictory evidence points.",
      "confidence": 1
    }
  ],
  "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": 105,
      "from": 23,
      "beatId": "f95882a7-a8c3-4a10-af43-4f165fbd4b19",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Preempt Rebuttals",
      "beatSlug": null,
      "evidence": "The document anticipates and counters potential rebuttals to its thesis.",
      "position": 1,
      "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
}