{ "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": 92, "pageCount": 109, "prevPage": 91, "nextPage": 93, "slideType": "quote_slide", "function": "illustrate_case", "density": "dense", "nDataPoints": 0, "notes": "The slide uses a table format to present a Q&A transcript.", "elementsJson": [ "data_table", "callout_box" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-8e3ed32b40dc/92", "deckHref": "/decks/019dd923-622c-750b-8b99-8e3ed32b40dc", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-8e3ed32b40dc.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-8e3ed32b40dc#slide-92", "components": [ { "bbox": null, "kind": "callout", "text": "To your point, here's Zebra takes back 2/3 of distributions inventory, as part of their contract. Now they're holding a big bag, and now they are carrying all that inventory cost. If things were to slow down even more, then they can't ship it. Then they're going to take a hit because they had to give it away, right.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-0931-74b9-a323-6750f79e4bc4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.96, "x": 0.02, "y": 0.18 }, "kind": "paragraph", "text": "Tegus interviewed a former OEM sales professional at Zebra Technologies who was there during COVID19 and left in mid-2021.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8785f9e8-199b-420e-87de-f25e3261b485", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“Would you characterize most of the growth during COVID as more like an expansionary effort and like the inventory over ordering?” — Interviewer. “Absolutely.” — Zebra Former Employee. “There was less of this like refresh cycle pool forward dynamically. It was more so expansionary and supply chain build-out.” — Interviewer. “People are always refreshing. And the bigger the company, the more rigorous they are about it. They can afford to push or pull by a couple of years, depending on the economic conditions. But at the end of the day, the larger the company is, the more they can handle that. I think we're heading in the other direction as an economy. I think we're going to get into tighter times. And the timing of this contraction is pretty scary. To your point, here's Zebra takes back 2/3 of distributions inventory, as part of their contract. Now they're holding a big bag, and now they are carrying all that inventory cost. If things were to slow down even more, then they can't ship it. Then they're going to take a hit because they had to give it away, right.” — Zebra Former Employee.", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-0931-74b9-a323-6b03e513c806", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Tegus Interview conducted November 30, 2023", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f393d43d-bcb6-4c75-881b-800ae9c94aac", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.62, "w": 0.96, "x": 0.02, "y": 0.29 }, "kind": "table", "text": "Interview Q&A table", "attrs": null, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "11b0f22b-529d-45d9-b5d5-76a24e56ed40", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.25, "x": 0.318, "y": 0.05 }, "kind": "title", "text": "Expert Interview", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "23b463d1-e071-490e-8570-873228492116", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "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 }