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  "docId": "019dd923-622c-750b-8b9a-1a3bea94baf9",
  "docSlug": "c358888161f0",
  "documentTitle": "Ginkgo Bioworks (DNA)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-10-06 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 28,
  "pageCount": 175,
  "prevPage": 27,
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  "slideType": "valuation_table",
  "function": "diagnose_problem",
  "density": "dense",
  "nDataPoints": 33,
  "notes": "The slide uses aggressive, activist-style language to frame the company as a 'greater fool SPAC' and 'broken business model'.",
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      "kind": "callout",
      "text": "It is rare – even among the frauds, promotes, and detritus that we short – to see losses and cash flow characteristics as dreadful as Ginkgo’s, much less driving a $23B valuation.",
      "attrs": null,
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      "text": "Free cash flow: -$261.7",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
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      "componentId": "019dd953-2b62-723f-b687-d5c68e3e916d",
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      "bbox": {
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      "kind": "paragraph",
      "text": "It is therefore not surprising that Ginkgo’s financials are a self-evident catastrophe – the ultimate greater fool SPAC. In our last report, we described Berkeley Lights as a dumpster fire, but perhaps we should have reserved the term, as BLI looks like Berkshire Hathaway in comparison. We note that Ginkgo is opaque about its gross margin and cost of goods – highly unusual, in our experience, and indicative of a broken business model with fatal unit level economics. It is rare – even among the frauds, promotes, and detritus that we short – to see losses and cash flow characteristics as dreadful as Ginkgo’s, much less driving a $23B valuation.",
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      "kind": "source-note",
      "text": "Source: Capital IQ; Soaring Eagle Acquisition Corp prospectus 8/13/2021, https://www.sec.gov/Archives/edgar/data/0001830214/000119312521246097/d177007d424b3.htm",
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      "kind": "table",
      "text": "Financial table showing Revenue, R&D, Operating Income, Net Income, Operating Cash Flow, CapEx, FCF, EBITDA, R&D as % of revenue, and Operating margin for 2019, 2020, and LTM 6/30/21.",
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      "evidence": "The text explicitly frames the company as a 'catastrophe' and 'greater fool SPAC' to build a short thesis.",
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