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  "docSlug": "c358888161f0",
  "documentTitle": "Ginkgo Bioworks (DNA)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "sourceTypeSlug": "short_seller",
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  "presentationDate": "2021-10-06 00:00:00",
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  "notes": "Includes red annotations pointing from the summary table to the source disclosure tables.",
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      "kind": "callout",
      "text": "Ginkgo revenue and deferred revenue from Allonnia LLC, per related party disclosures",
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      "text": "For example, LinkedIn indicates only 6 employees at Allonnia LLC, yet Ginkgo records a $38MM deferred revenue balance, on top of booking $5MM of revenue from Allonnia in 2020 and $2.3MM in Q1 2021 – a $9MM annual run rate.",
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      "text": "Source disclosure tables showing revenue and balance sheet items for various related parties.",
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      "text": "deferred revenue: $38MM",
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      "kind": "source-note",
      "text": "Source: Soaring Eagle Acquisition Corp prospectus 8/13/2021, https://www.sec.gov/Archives/edgar/data/0001830214/000119312521246097/d177007d424b3.htm; Scorpion Capital analysis and estimates",
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      "text": "Foundry revenue from Allonnia: 4,960 (2020), 2,266 (Q1 2021). Deferred revenue balance from Allonnia: 24,480 (2019), 26,064 (2020), 37,959 (Q1 2021).",
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      "kind": "title",
      "text": "Aside from its “customers” being related parties and effectively fake, we believe that Ginkgo takes the scam into even more aggressive territory by booking revenue from them that is simply fictitious, overstated, and/or based on overcharging.",
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