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  "documentTitle": "Tempus AI, Inc. (TEM)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2025-05-28 00:00:00",
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  "notes": "The slide uses a waterfall-style calculation to bridge the gap between reported TCV and the estimated TCV, highlighting a 'hidden' reduction.",
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      "text": "Our estimate ties out to Lefkofsky's remarks that TCV is >$1B as of April '25",
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      "text": "Total Contract Value (TCV): $1,018.8",
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      "text": "We believe the 3/31/25 TCV was not disclosed because revealing this figure would have allowed investors to easily deduce the true impact of the April 2025 AstraZeneca/Pathos deal...",
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      "kind": "source-note",
      "text": "Source: DRS (4/28/2023, 11/13/2023), 424B4, Presentations (Q2'24, Q3'24, Q4'24), Tempus Q1'25 Earnings call",
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      "text": "Total Contract Value (TCV) Historical Disclosure table",
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      "text": "Spruce Point Estimated TCV as of April 2025 table",
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      "text": "Our View: March 31st TCV Disclosure Would Have Exposed AstraZeneca's Reduced Commitment",
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