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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 table to contrast reported SG&A line items against implied cloud storage costs, suggesting a potential accounting or operational inconsistency.",
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      "text": "We are alarmed that the rate of increase in cloud storage costs is in decline. We find no indications that Tempus expected to be able to leverage cloud costs at scale, so why are costs not keeping up?",
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      "text": "Cloud Storage costs: $0.9",
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      "text": "Tempus uses Google Cloud for a substantial portion of its computing, storage, data processing, networking, and other services. We are alarmed that the rate of increase in cloud storage costs is in decline. We find no indications that Tempus expected to be able to leverage cloud costs at scale, so why are costs not keeping up?",
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      "text": "1) Implied based on the six, nine month and full year disclosures. 2) Based on the disclosed information that total cloud and storage increased $1.5m YoY and software costs increased $2.0m. Source: Tempus SEC Filings",
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      "text": "Analysis of Tempus's Selling, General and Administrative Disclosures",
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      "text": "Cloud Storage Costs Are Falling As Tempus Reports Explosion of Data?",
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