{
  "docId": "019dd923-622c-750b-8b9a-0f4bec37392f",
  "docSlug": "f982379e2e48",
  "documentTitle": "Lasertec Corporation (6920)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-06-05 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 248,
  "pageCount": 334,
  "prevPage": 247,
  "nextPage": 249,
  "slideType": "testimonial",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": "The slide uses a Q&A format to validate claims about product liability and inventory pile-up.",
  "elementsJson": [
    "paragraph",
    "quote_block",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/248",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-248",
  "components": [
    {
      "bbox": {
        "h": 0.03,
        "w": 0.86,
        "x": 0.07,
        "y": 0.32
      },
      "kind": "callout",
      "text": "Not shipping product because of problems with the EUV light source",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2ac8caed-cc5b-4303-a5fd-2a6cb096333b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.86,
        "x": 0.07,
        "y": 0.54
      },
      "kind": "callout",
      "text": "Customers not taking possession due to problems with the EUV light source, causing inventory to pile up",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6436ad0c-3202-4382-ad60-ff6b4531e37e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "They ship something and they know that it's consuming all the margin they have.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-78b7-702e-961a-20786472a683",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.86,
        "x": 0.07,
        "y": 0.22
      },
      "kind": "paragraph",
      "text": "“I’m telling you, that’s where the problem started two years ago and they said that we cannot ship...they are not shipping because it’s a liability...I definitely understand why because they are not shipping...because they have problems with the source...the customers are delaying orders.”",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2562b551-ba47-4707-abcf-9bf2208a6386",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.86,
        "x": 0.07,
        "y": 0.36
      },
      "kind": "paragraph",
      "text": "Q: “And they have to do this every month, and it costs a couple of hundred thousand dollars?” A: “Correct.” Q: “That’s like $2.5 million a year just to clean the collector.” A: “That was the beginning. How much it improves the tin, that’s exactly the reason why they went to the Urashima light source...I’m telling you, that’s where the problem started two years ago and they said that we cannot ship - and that was why they are not shipping because it’s a liability. They ship something and they know that it’s consuming all the margin they have.” –Former KLA executive in a leadership role in their EUV mask inspection group",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6fa8f7f0-6f48-4d81-a1fc-29bf260793ee",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.32,
        "w": 0.86,
        "x": 0.07,
        "y": 0.58
      },
      "kind": "paragraph",
      "text": "Q: “Their inventory is out of control, like the same as revenue and there is no semi-cap equipment company where the inventory is the same as revenue.” A: “It makes perfect sense...I know because I faced the same issues. When you deal with large vendors, the only way they will invest so much in developing the EUV process, which takes forever, is when you commit to them a minimum numbers of system that you buy from them a year. That’s the only way they’ll guarantee a price. So, it’s really a draconian contract. They need to buy inventory, or they’ll be fined if they don’t actually buy. We do the same thing. If you don’t buy the minimum, we committed to pay fines and it goes to our inventory. So, I definitely understand why because they are not shipping.” Q: “What do you mean they’re not shipping? Walk me through that.” A: “Because they have problems with the source. The customers are delaying orders, that’s one thing. The second thing is they themselves, until they’re not fixing the problem, the cost of service and the cost of warranty consume the margins. So, they have a double interest to fix those things. And, as a result, they’re pushing—” –Former KLA executive in a leadership role in their EUV mask inspection group",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "746204f1-13f6-48cb-82ee-9bb80666ea0c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“I’m telling you, that’s where the problem started two years ago and they said that we cannot ship...they are not shipping because it’s a liability...I definitely understand why because they are not shipping...because they have problems with the source...the customers are delaying orders.” — Former KLA executive in a leadership role in their EUV mask inspection group",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-78b7-702e-961a-279a2accb5a7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.3,
        "x": 0.07,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Scorpion Capital consultation calls with experts",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cf05db0e-8ff7-47e9-b116-b6eb34be84cf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.86,
        "x": 0.07,
        "y": 0.07
      },
      "kind": "title",
      "text": "An ex-KLA executive in a senior role in their EUV mask inspection group stated that Lasertec’s EUV tool shipments hit the wall about two years ago with delays due to product defects",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "26e01fdf-c07f-4605-b3da-6401c669755c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}