{
  "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",
  "aspectRatio": 1.2941177,
  "pageNumber": 71,
  "pageCount": 175,
  "prevPage": 70,
  "nextPage": 72,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 1,
  "notes": "The slide uses a Q&A transcript format to substantiate the claim of 'registering their own money as revenue'.",
  "elementsJson": [
    "paragraph",
    "quote_block",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-1a3bea94baf9/71",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9#slide-71",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "I wouldn't be surprised if 50% to 60% of Ginkgo's revenue this year is that circular revenue.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2b62-723f-b68b-ec3cbd98d659",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.9,
        "x": 0.05,
        "y": 0.75
      },
      "kind": "paragraph",
      "text": "A: “The issue with the circular revenue with Synlogic, basically, they provided Synlogic $30 million, Synlogic turned around and paid it to them, so they were registering their own money as revenue...”",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2b7a06d2-ee2c-439b-b7af-d35e16f93e71",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.9,
        "x": 0.05,
        "y": 0.62
      },
      "kind": "paragraph",
      "text": "Former employee pointed to Synlogic deal as an example of Ginkgo “registering their own money as revenue”",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "348efaf8-f7f8-44af-97a4-71a1c31c6d42",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.31
      },
      "kind": "paragraph",
      "text": "Former employee called circular revenue flows “a big red flag”; indicated witnessing round-tripping and that it’s more widespread than reported; believes that explains Ginkgo’s optically better headline growth than Zymergen and others in the space",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9ec659db-9752-4e4f-8fe7-3dda1a5b4cfe",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.4
      },
      "kind": "quote",
      "text": "“Zymergen is not doing the circular revenue thing, but when I was there [at Ginkgo], I saw it being done on several projects... I wouldn't be surprised if 50% to 60% of Ginkgo's revenue this year is that circular revenue.”",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7cf8e097-f25b-4e65-be51-625e43548546",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“Zymergen is not doing the circular revenue thing, but when I was there [at Ginkgo], I saw it being done on several projects, even ones that aren't completely public yet. I would say it was being done; I would say, maybe even more often than not. I don't know for sure the exact numbers, but I wouldn't be surprised if 50% to 60% of Ginkgo's revenue this year is that circular revenue. That, to me, explains a lot, like why are Amyris and Zymergen and Berkeley Lights struggling with such little revenue from the platform side, and yet Ginkgo has all this revenue. I think that can help explain a lot. Personally, I would not invest in a company that has mostly circular revenue. So, that's one example; the circular revenue is a big red flag.” — Former Ginkgo employee in a managerial role",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-2b62-723f-b68b-f08b688fe839",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.3,
        "x": 0.05,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: Scorpion Capital consultation calls with experts",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f9240855-36a3-4756-9621-4f15717352f4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.9,
        "x": 0.05,
        "y": 0.08
      },
      "kind": "title",
      "text": "A former employee in a managerial role called circular revenue flows “a big red flag”; indicated witnessing round-tripping and stated it’s more widespread than reported; believes that explains Ginkgo’s optically better headline growth than Zymergen and other comps; pointed to Ginkgo’s “structured partnership” with related-party Synlogic as an example of Ginkgo “registering their own money as revenue.”",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "edd7de80-ad24-449d-b807-bceb8caa633b",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "856141b6-ad39-4fd1-a5e0-f780f0e281c0",
      "evidence": "The slide explicitly frames the content as exposing a 'red flag' and 'round-tripping' to challenge the company's revenue legitimacy.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 175,
      "from": 9,
      "beatId": "ffe290af-3a4f-4e06-8d60-dfbfc07d2e08",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The deck presents evidence contradicting Ginkgo's claims and highlighting potential wrongdoings.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}