{
  "docId": "019dd923-622c-750b-8b9a-0f4bec37392f",
  "docSlug": "f982379e2e48",
  "documentTitle": "Lasertec Corporation (6920)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-06-05 00:00:00",
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  "pageNumber": 76,
  "pageCount": 334,
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  "slideType": "expose_contradiction",
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  "density": "dense",
  "nDataPoints": 44,
  "notes": "The slide uses a combination of annual and quarterly data tables to demonstrate the trend.",
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    {
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      "kind": "callout",
      "text": "In some quarters in 2022 and 2023, inventory hit 120-135% of revenue, compared to a baseline of 30%.",
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      "text": "Inventory as percent of revenue: 135%",
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      "kind": "paragraph",
      "text": "Lasertec has been sitting on over $1 billion of inventory for the last six quarters. Aside from being alarmingly elevated, the inventory balance has barely fluctuated during each of these quarters, also highly unusual. In addition, inventory as a percent of revenue is highly abnormal versus its historical trend – increasing in an out-of-control manner. It is critical to note that inventory began to spike in 2019/2020 when Lasertec launched its ACTIS EUV line and has become even more unhinged in recent quarters. In some quarters in 2022 and 2023, inventory hit 120-135% of revenue, compared to a baseline of 30%. Inventory as a percent of assets shows the same pattern – hitting its highest level ever in the last two quarters.",
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      "kind": "source-note",
      "text": "Source: Scorpion Capital analysis and estimates; Capital IQ data",
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      "text": "Inventory As Percent Of Revenue - Annual and Last Four Quarters tables",
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      "text": "Inventory As Percent Of Assets - Annual and Last Four Quarters tables",
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      "kind": "title",
      "text": "Lasertec inventory as a percent of revenue and assets over time",
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