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  "documentTitle": "Twist Bioscience (TWST)",
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  "authorName": "Scorpion Capital",
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  "presentationDate": "2022-11-15 00:00:00",
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  "notes": "The slide uses direct quotes and SEC filing excerpts to demonstrate a pattern of inconsistent financial reporting by the CFO.",
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      "text": "As we went through the CFO’s comments, we began to notice large discrepancies in his prepared comments vs. the 10Q’s filed later.",
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      "text": "Comparison of CFO comments vs. 10Q, for Mar 2022 quarter",
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      "text": "Comparison of CFO comments vs. 10Q, for Dec 2021 quarter",
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      "text": "CapEx: $22MM",
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      "text": "As we went through the CFO’s comments, we began to notice large discrepancies in his prepared comments vs. the 10Q’s filed later. For example, on the Feb 4, 2022 call covering the quarter ended Dec 2021, he stated that “capex for the quarter was $22MM mostly associated with our Factory of the Future investments.” Yet the 10Q filed five days later indicated total capex was only $12.8MM. Then the following quarter, as we noted on the previous page, his comments indicated capex was $22MM while the 10Q filed the following day indicated it was $32MM.",
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      "text": "“CapEx for the quarter was $22 million, mostly associated with our Factory of the Future investments.” — James M. Thorburn, Twist CFO",
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      "text": "Source: Capital IQ earnings call transcripts; Twist SEC filings; Scorpion Capital analysis and estimates",
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