{ "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": 92, "pageCount": 334, "prevPage": 91, "nextPage": 93, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 2, "notes": "The slide uses direct quotes from Q&A transcripts to point out inconsistencies in management's narrative about product profitability.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/92", "deckHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-92", "components": [ { "bbox": null, "kind": "callout", "text": "In the next quarter’s Q&A, the CEO stated that “in Q1 there were ACTIS units with very low gross margin from the first lots” – without ever explaining what “first lots” means; and that “we have finished recording the sales of ACTIS with poor gross profit margins.”", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-78b6-764f-bc7d-f833ce225ffe", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.55, "x": 0.07, "y": 0.57 }, "kind": "list", "text": "Quarterly Q&A on Jan 31, 2024, for the quarter ended Dec 30", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "06a7c7f8-dcd8-47a5-a6dd-e9ae7fc068a4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.55, "x": 0.07, "y": 0.36 }, "kind": "list", "text": "Quarterly Q&A on Oct 31, 2023, for the quarter ended Sep 30", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c758082d-0469-44c6-b00d-4103c6f7c70d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.86, "x": 0.07, "y": 0.61 }, "kind": "paragraph", "text": "Nakamura [Q]: “The gross margin in Q1 was 36%, and in Q2 it was 56%, which is quite a big jump. I am aware that sales for less profitable ACTIS units were recorded in Q1, but what factors, if any, boosted the gross margin in Q2?...”\n\nOkabayashi [A]: “...in Q1, there were ACTIS units with very low gross margins from the first lots...Q2 saw an increase in gross margin because there were no such items. Future gross profit margins will depend on the product mix. However, singling out ACTIS, the gross profit margin of ACTIS sales that will be recorded from Q2 onward has improved because we have finished recording the sales of ACTIS with poor gross profit margins.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1fd9a15e-be7e-4c71-a335-17203384aaed", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.22, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "When asked again later in the same Q&A, the CEO stated that “it took time for this low-profit ACTIS to be accepted because we had to change parts and add resources, but I think it is safe to say that we have already gotten out of that situation.” In the next quarter’s Q&A, the CEO stated that “in Q1 there were ACTIS units with very low gross margin from the first lots” – without ever explaining what “first lots” means; and that “we have finished recording the sales of ACTIS with poor gross profit margins.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2f03f892-18b1-4f9e-9235-02a9787bf9e3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.13, "w": 0.86, "x": 0.07, "y": 0.4 }, "kind": "paragraph", "text": "Yamamoto [Q]: “So, you are saying that all low-margin ACTIS sales have been completed, and the negative impact on the gross margin of the entire company will gradually disappear, and we will not hear much about how the margins are still a little low..is my understanding correct?”\n\nOkabayashi [A]: “Yes, you are right. Yes. It took time for this low-profit ACTIS to be accepted because we had to change parts and add resources, but I think it is safe to say that we have already gotten out of that situation.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "be8896a4-a09a-49da-a43c-8595fddfb448", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“Yes, you are right. Yes. It took time for this low-profit ACTIS to be accepted because we had to change parts and add resources, but I think it is safe to say that we have already gotten out of that situation.” — Okabayashi [A]", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-78b6-764f-bc7d-fd7349b09b0b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.55, "x": 0.07, "y": 0.95 }, "kind": "source-note", "text": "Source: Scorpion Capital analysis and estimates; Capital IQ data; Lasertec financial filings and IR materials", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8a28942e-ff4b-4e9e-a217-3c069fe33397", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "ceo-quote-contradiction", "slug": null, "matchId": "2c9b703e-32de-493d-afdc-ffbb8163aa81", "evidence": "The slide explicitly contrasts two different statements from the CEO across two quarters to highlight a contradiction.", "confidence": 1 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }