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  "documentTitle": "Ginkgo Bioworks (DNA)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "presentationDate": "2021-10-06 00:00:00",
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  "notes": "The slide uses a table to demonstrate the high concentration of deferred revenue from specific related entities.",
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      "text": "Given that Ginkgo steadily draws down the deferred revenue account on its balance to create revenue on its income statement, the prospectus is signaling that related parties will continue to be the source of “growth” in sales.",
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      "text": "deferred revenue: 94%",
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      "kind": "source-note",
      "text": "Source: Soaring Eagle Acquisition Corp prospectus 8/13/2021, https://www.sec.gov/Archives/edgar/data/000119312521246097/d177007d424b3.htm; Scorpion Capital analysis and estimates",
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      "text": "Deferred revenue by related party table showing values for Joyn, Motif, Genomatica, Allonnia, Synlogic, Kalo, and totals.",
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      "text": "An even greater percentage – essentially 100% - of Ginkgo’s deferred revenue also comes from transactions with these related party entities – 94% to be exact, as of March 31, 2021. Given that Ginkgo steadily draws down the deferred revenue account on its balance to create revenue on its income statement, the prospectus is signaling that related parties will continue to be the source of “growth” in sales.",
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