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  "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": 81,
  "pageCount": 334,
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  "density": "dense",
  "nDataPoints": 2,
  "notes": "Uses a CEO quote to establish the expected relationship (lockstep growth) and then shows a chart where the relationship breaks down.",
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      "kind": "callout",
      "text": "At this point, the inventory balance is little more than a plug in an Excel spreadsheet to balance the accounts, spiraling out of control as is typical when an accounting fraud becomes difficult to sustain.",
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        "x": 0.51,
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      "text": "Inventory vs. advances ($ millions)",
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      "text": "Inventory vs. advances (¥ millions)",
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      "kind": "paragraph",
      "text": "As an additional indication that the inventory account makes no sense, we note a striking breakdown in the historical relationship between inventory and advances – Lasertec’s term for deferred revenue.",
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      "kind": "quote",
      "text": "Furthermore, as you stated earlier, we receive advance payments from customers at the time of order. Also, in terms of ACTIS, we have reached agreements with customers to receive advance payments from customers at the time of order.",
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      "kind": "quote",
      "text": "“Furthermore, as you stated earlier, we receive advance payments from customers at the time of order. Also, in terms of ACTIS, we have reached agreements with customers to receive advance payments from customers at the time of order.” — Lasertec CEO, Feb 2021 Q&A",
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      "kind": "source-note",
      "text": "Source: Scorpion Capital analysis and estimates; Capital IQ data; https://ssl4.eir-parts.net/doc/6920/ir_material_for_fiscal_ym5/94828/00.pdf",
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