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  "documentTitle": "Twist Bioscience (TWST)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "presentationDate": "2022-11-15 00:00:00",
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  "notes": "The slide uses a combination of a bar chart and a financial table to highlight the discrepancy in Capex spending patterns.",
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      "text": "Twist spent little on capex for most of its life, but capex suddenly spiked in 2021, and then went absolutely parabolic in the last 12 months.",
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      "text": "Capital Expenditures By Year",
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      "text": "Capital Expenditures: $94",
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      "text": "Source: Capital IQ data;",
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      "text": "Financial table showing Revenue, Operating Income, Operating cash flow, Net PP&E, and Capital expenditures from 2016 to LTM 6/30.",
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      "text": "Apart from what we believe to be rampant misclassification of COGS as R&D expenses, we believe that the other mechanism by which Twist fabricates it gross margin is by capitalizing COGS as capital expenditure. Twist spent little on capex for most of its life, but capex suddenly spiked in 2021, and then went absolutely parabolic in the last 12 months.",
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