{
  "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": 54,
  "pageCount": 109,
  "prevPage": 53,
  "nextPage": 55,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 1,
  "notes": "Uses a 'CEO quote contradiction' framework to highlight the gap between management's growth narrative and market reality.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-8e3ed32b40dc/54",
  "deckHref": "/decks/019dd923-622c-750b-8b99-8e3ed32b40dc",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-8e3ed32b40dc.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-8e3ed32b40dc#slide-54",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "While it does appear that Temptime now offers food temperature indicators, the product category appears to be competitive with label prices well below $1 each.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0931-74b9-a31f-b9b807f49a2b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.96,
        "x": 0.018,
        "y": 0.0016799999999999999
      },
      "kind": "paragraph",
      "text": "On February 21, 2019, Zebra acquired Temptime Corporation... While it does appear that Temptime now offers food temperature indicators, the product category appears to be competitive with label prices well below $1 each.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "014580b2-45f0-4d7b-8fd1-697fd154f33e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"The acquisition of Temptime advances the integration of smart supplies into our Enterprise Asset Intelligence vision as we incorporate temperature-monitoring capabilities... We have the unique ability to scale this technology deeper into the healthcare industry and drive it into other key opportunities such as food safety that can benefit from increased asset visibility.\" — Anders Gustafsson, CEO of Zebra Technologies",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0931-74b9-a31f-bc9c327004e3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.5,
        "x": 0.018,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Temptime deal press release, 1) Zebra Food Indicators SpotSee, Olitec, TimeStrip (price), TempDot, Brady VisAlert",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "40c8e533-a7cd-4e32-a0fc-53dccb468816",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.96,
        "x": 0.018,
        "y": 0.0034500000000000004
      },
      "kind": "table",
      "text": "Temptime Deal Press Release vs CEO Gustafsson Q4 2019",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ed8d688a-522d-4bbe-9ce1-f500d28ac329",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.045,
        "w": 0.37,
        "x": 0.318,
        "y": 0.045
      },
      "kind": "title",
      "text": "Temptime Acquisition",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "048b4c71-97d1-42f2-b0ff-3b7fd512d254",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "c4242ec5-4508-4adf-904d-e79a2d691836",
      "evidence": "Contrasts CEO's strategic claims with market reality of low-margin food safety products.",
      "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": 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
    }
  ],
  "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
}