{
  "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": 44,
  "pageCount": 76,
  "prevPage": 43,
  "nextPage": 45,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "sparse",
  "nDataPoints": 0,
  "notes": "The slide uses a screenshot of a Google AI Overview as an authoritative source to challenge the target company's accounting.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "screenshot"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-b43d907adb44/44",
  "deckHref": "/decks/019dd923-622c-750b-8b99-b43d907adb44",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-b43d907adb44.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-b43d907adb44#slide-44",
  "components": [
    {
      "bbox": {
        "h": 0.62,
        "w": 0.49,
        "x": 0.02,
        "y": 0.32
      },
      "kind": "image",
      "text": "Google AI Overview screenshot",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "27eacd04-f72c-4426-bb0c-2b56a055d09d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.62,
        "w": 0.46,
        "x": 0.52,
        "y": 0.32
      },
      "kind": "paragraph",
      "text": "Tempus's Adjusted EBITDA definition also does not call out the benefit from principal reduction.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4b1d70b8-b680-4599-8ac9-d411a9b78983",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.11,
        "w": 0.96,
        "x": 0.02,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "While not authoritative accounting advice, Google agrees that debt extinguishment, modification or principal reduction is generally not accounted for as part of operating income.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c2cae878-9878-4ef1-b499-6466e97eabfb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.5,
        "x": 0.01,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Google AI Overview, Spruce Point red emphasis, Tempus Adj. EBITDA definition",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4de16deb-9509-4c63-9e99-3ca479705fea",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "Google AI Opines On The Company's Accounting Treatment",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0b52e5dc-74db-4164-a0fa-2bb19d22e1ef",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Action Titles",
      "slug": "action-titles",
      "agent": "Architect",
      "layer": "slide",
      "matchId": "019de87d-f8a2-7393-b05e-08fa985241ec",
      "evidence": "Title: 'Google AI Opines'",
      "confidence": 80
    },
    {
      "name": "Authority Bias",
      "slug": "authority-bias",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "019de87d-f955-75aa-ab90-96341056437e",
      "evidence": "Google AI cited as 'standard'",
      "confidence": 75
    },
    {
      "name": "Contrast Principle",
      "slug": "contrast-principle",
      "agent": "Designer",
      "layer": "slide",
      "matchId": "019de87d-f92d-757b-9b71-ef19d2ea7464",
      "evidence": "Standard treatment vs Tempus treatment side-by-side",
      "confidence": 85
    }
  ],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "c1a8b00b-c92d-4fbd-abed-81c16c359cf7",
      "evidence": "Using external AI search results to highlight accounting inconsistencies in financial reporting.",
      "confidence": 0.8
    }
  ],
  "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": 48,
      "from": 43,
      "name": "Aha Moment",
      "slug": "03-aha-moment",
      "bestFor": "Data-heavy sections, research findings, analytical arguments",
      "matchId": "019de87d-e63c-70d1-84f2-4621190db525",
      "evidence": "From filings to Google AI standard to kpi tables to $250M cookie jar and $600M TCV overstatement.",
      "position": 5,
      "objective": "Reveal that EBITDA and TCV are inflated by ~$250M and ~$600M",
      "structure": "The Problem/Question -> What the Data Shows -> The Insight",
      "confidence": 82,
      "description": "Establish a tension, present data, then deliver the insight that changes everything"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}