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  "docSlug": "c358888161f0",
  "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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  "pageNumber": 66,
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  "notes": "The slide uses a 'smoking gun' narrative to challenge the quality of revenue reported by the company.",
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      "kind": "callout",
      "text": "We suspect that at related-party “customers” Motif and Joyn, Ginkgo may be round-tripping cash, and therefore potentially booking cash-revenue.",
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      "kind": "disclaimer",
      "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": "non-cash revenue: 47%",
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      "text": "We estimate non-cash portion as 47%",
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      "text": "Foundry revenue by related party, as reported",
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      "text": "If we simply add up the examples on the last few pages, we estimate that non-cash revenue is provably ~50% of Ginkgo’s total 2020 foundry revenue. We suspect that at related-party “customers” Motif and Joyn, Ginkgo may be round-tripping cash, and therefore potentially booking cash-revenue.",
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