{
  "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": 74,
  "pageCount": 76,
  "prevPage": 73,
  "nextPage": 75,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "dense",
  "nDataPoints": 24,
  "notes": "The slide uses a contrast between the analyst consensus (Buy) and the activist's bearish thesis to frame the stock as a poor risk/reward.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table",
    "pie_chart",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-b43d907adb44/74",
  "deckHref": "/decks/019dd923-622c-750b-8b99-b43d907adb44",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-b43d907adb44.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-b43d907adb44#slide-74",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We do not believe the analysts fully factor in the concerns we've identified which we believe make owning Tempus at these levels a poor risk / reward.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-fb91-749f-a6b3-1d3150d62e3f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.62,
        "w": 0.5,
        "x": 0.48,
        "y": 0.31
      },
      "kind": "chart",
      "text": "Ratings Distribution: 64% Buy, 36% Hold",
      "attrs": null,
      "subkind": "pie",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "723a490e-255e-4c9f-a53b-2e4e0f49694f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Average Price Target: $66.82",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-fb91-749f-a6b3-219fbb95dcb1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.09,
        "w": 0.96,
        "x": 0.02,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "Despite slowing core growth, questionable accounting, related party dealing, and capital allocation, most analysts still rate Tempus as “Buy” and project an average price target of $66.82 or 1% upside. We do not believe the analysts fully factor in the concerns we’ve identified which we believe make owning Tempus at these levels a poor risk / reward.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "313c3320-6981-4368-968a-0b15d4c57e53",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.35,
        "x": 0.02,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Bloomberg, Spruce Point analysis, broker reports",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "19085c12-e02f-417a-996f-f391a0950944",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.62,
        "w": 0.45,
        "x": 0.02,
        "y": 0.31
      },
      "kind": "table",
      "text": "Analyst recommendations and price targets for Tempus.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a154aab4-5b72-4bbf-b3d7-7bce1164db84",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "Poor Risk / Reward To Own Tempus Stock",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "04177558-4eb5-40b2-b6da-2714c1fbbcce",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Action Titles",
      "slug": "action-titles",
      "agent": "Architect",
      "layer": "slide",
      "matchId": "019de87e-0206-774d-8dbe-1824422a34df",
      "evidence": "Title: 'Poor Risk / Reward'",
      "confidence": 86
    },
    {
      "name": "Chart Selection Guide",
      "slug": "chart-selection-guide",
      "agent": "Designer",
      "layer": "slide",
      "matchId": "019de87e-022b-7131-a7a4-5662f6f0baaa",
      "evidence": "Pie chart of analyst rating distribution",
      "confidence": 70
    }
  ],
  "frameworks": [
    {
      "name": "preempt_rebuttal",
      "slug": null,
      "matchId": "cfa73083-e767-4db2-895a-281f2ca3d5f2",
      "evidence": "The slide explicitly addresses and dismisses the prevailing market consensus (analyst ratings) to support a contrarian thesis.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 76,
      "from": 70,
      "beatId": "019de87d-e433-73e4-a2a2-dd53aa51dae1",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Impact & Next Steps",
      "beatSlug": null,
      "evidence": "Risk/reward, insider selling, peer multiples, final $24-34 SoP valuation.",
      "position": 5,
      "confidence": 78,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 76,
      "from": 73,
      "beatId": "019de87d-e568-7113-864c-4b0fc9058964",
      "arcName": "The Mountain",
      "arcSlug": "mountain",
      "beatName": "Resolution",
      "beatSlug": null,
      "evidence": "Adjusted capital structure, peer premium, final $24.87 price target.",
      "position": 4,
      "confidence": 55,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 76,
      "from": 71,
      "name": "Benchmark Gap",
      "slug": "39-benchmark-gap",
      "bestFor": "Performance improvement, competitive analysis, target setting",
      "matchId": "019de87d-e73d-71fb-b18c-f8a3706a6be9",
      "evidence": "SBC vs peers (77% vs 25%), EV/Rev 9.7x vs 3.9x peers, sum-of-parts to $24.87.",
      "position": 9,
      "objective": "Conclude that TEM trades at unwarranted premium and warrants 50-60% downside",
      "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity",
      "confidence": 86,
      "description": "Compare performance against best-in-class to quantify the opportunity"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}