{
  "docId": "019dd923-622c-750b-8b99-b43d907adb44",
  "docSlug": "3c210b1fcba7",
  "documentTitle": "Tempus AI, Inc. (TEM)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-05-28 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 41,
  "pageCount": 76,
  "prevPage": 40,
  "nextPage": 42,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 8,
  "notes": "The slide uses a flow diagram and a summary table to illustrate the circular flow of funds.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "process_diagram",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-b43d907adb44/41",
  "deckHref": "/decks/019dd923-622c-750b-8b99-b43d907adb44",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-b43d907adb44.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-b43d907adb44#slide-41",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.96,
        "x": 0.02,
        "y": 0.46
      },
      "kind": "callout",
      "text": "Warning: SB Tempus CEO Hidebumi Kitahara left in January 2025 after only 6 months",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a5bf9e7c-eda4-4347-adac-8b7797bcaca1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "The structure raises questions about whether Tempus is round-tripping value through its cash flow statement, as the Company invests $95 million into the joint venture and then receives nearly the same amount back in the form of license payments.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-fb91-749f-a6b0-719232b4ba96",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.13,
        "w": 0.96,
        "x": 0.02,
        "y": 0.52
      },
      "kind": "diagram",
      "text": "Flow diagram showing $200M G-5 financing, $95.2M JV investment, and $95.2M Data/IP payments.",
      "attrs": null,
      "subkind": "process",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9019add9-d6e0-4def-acb2-db848b6bb452",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "revenue: $95.2M",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-fb91-749f-a6b0-77016027da67",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.28,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Tempus and SoftBank entered into a joint venture agreement in May 2024 to form SB Tempus Corp... The structure raises questions about whether Tempus is round-tripping value through its cash flow statement...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3105cdaa-8c48-4428-a922-32ac4c4a8b84",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.6,
        "x": 0.02,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Joint Venture Between Softbank and Tempus AI, IPO Prospectus, FY24 10-K, SB Tempus CEO LinkedIn",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1f3a6ca5-d724-44d1-aaa2-e27fa0555e28",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.96,
        "x": 0.02,
        "y": 0.67
      },
      "kind": "table",
      "text": "July 2024 Agreement Summary of Payments and Capital Flows",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f57d7d4e-1fe7-4c08-93ce-2f26e1b8c8c5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.32,
        "y": 0.02
      },
      "kind": "title",
      "text": "Softbank JV: Is Tempus Round-Tripping Revenue?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "74876949-b6dc-4571-abee-ff9d9628e550",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Action Titles",
      "slug": "action-titles",
      "agent": "Architect",
      "layer": "slide",
      "matchId": "019de87d-f7bd-716b-9bed-20597192d9fc",
      "evidence": "Title asks if Tempus is round-tripping revenue",
      "confidence": 88
    },
    {
      "name": "Causal Chain",
      "slug": "causal-chain",
      "agent": "Architect",
      "layer": "slide",
      "matchId": "019de87d-f7f2-730b-9e70-bb732b77dca0",
      "evidence": "Process diagram of circular flows",
      "confidence": 82
    }
  ],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "a857cf8d-b4b0-45c5-8279-06456aec68ff",
      "evidence": "The slide explicitly questions 'round-tripping' of revenue, a common forensic accounting red flag.",
      "confidence": 0.9
    },
    {
      "name": "Process Diagram",
      "slug": null,
      "matchId": "019de87e-07d9-76be-b3ab-dc26604c852b",
      "evidence": "Circular capital flow diagram",
      "confidence": 65
    }
  ],
  "arcBeats": [
    {
      "to": 69,
      "from": 12,
      "beatId": "019de87d-e40d-7574-b4dc-522b102a6735",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Evidence & Proof",
      "beatSlug": null,
      "evidence": "Five evidence sections: insiders, AI hype, partnerships, accounting, billing.",
      "position": 4,
      "confidence": 78,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 69,
      "from": 12,
      "beatId": "019de87d-e501-7638-91f7-175bec763c5d",
      "arcName": "The Mountain",
      "arcSlug": "mountain",
      "beatName": "Rising Action",
      "beatSlug": null,
      "evidence": "Mounting evidence across insiders, AI, partnerships, accounting, billing.",
      "position": 2,
      "confidence": 55,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 41,
      "from": 32,
      "name": "Iceberg",
      "slug": "10-iceberg",
      "bestFor": "Consulting, complex problem solving, organizational change",
      "matchId": "019de87d-e60e-7069-8d2e-28f4aad62fde",
      "evidence": "Surface (AZ/GSK/SoftBank deals) vs hidden system (Pathos money cycle, debt covenant pressure).",
      "position": 4,
      "objective": "Show partnerships are surface-level — round-tripping underneath",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
      "confidence": 80,
      "description": "Reveal that the visible problem is merely a symptom of a deeper root cause"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}