{
  "docId": "019dd923-622c-750b-8b9a-4b91788fc785",
  "docSlug": "5fadb686cc03",
  "documentTitle": "Twist Bioscience (TWST)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-11-15 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2941177,
  "pageNumber": 129,
  "pageCount": 236,
  "prevPage": 128,
  "nextPage": 130,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "The slide uses a 'villain' framing by criticizing both the company's lack of disclosure and the sell-side analysts' failure to probe.",
  "elementsJson": [
    "paragraph",
    "screenshot"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-4b91788fc785/129",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-4b91788fc785",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-4b91788fc785.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-4b91788fc785#slide-129",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The last three 10Q filings, in the “Investing Activities” section, each offer only a half sentence of explanation, all stuffed into one giant bucket: “...purchases of laboratory property, equipment, and computers of $ ____,” with the blank being the actual capex amount.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0932-77cf-bfee-77e5d3815c51",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.79
      },
      "kind": "list",
      "text": "10Q filed Aug 8, 2022 Investing activities In the nine months ended June 30, 2022, our investing activities used net cash of $235.7 million. The use of net cash resulted primarily from the net impact of purchases, sale and maturity of investments of $142.2 million, new businesses acquired of $8.2 million and purchases of laboratory property, equipment and computers of $85.4 million.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b9d9a92f-bdab-4af9-afbb-329705c3a3bf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.62
      },
      "kind": "list",
      "text": "10Q filed May 6, 2022 Investing activities In the six months ended March 31, 2022, our investing activities used net cash of $239.9 million. The use of net cash resulted primarily from the net impact of purchases, sale and maturity of investments of $187.0 million, new businesses acquired of $8.2 million and purchases of laboratory property, equipment and computers of $44.8 million.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bc49b691-5d19-4e48-8b3c-3aebfb36c6d9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.45
      },
      "kind": "list",
      "text": "10Q filed Feb 9, 2022 Investing activities In the three months ended December 31, 2021, our investing activities used net cash of $226.6 million. The use of net cash resulted primarily from the net impact of purchases and maturity of investments of $205.6 million, new businesses acquired of $8.2 million and purchases of laboratory property, equipment, and computers of $12.8 million.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bd374ab3-0d3a-4f2b-9c0f-3fcbe847ebfb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.9,
        "x": 0.05,
        "y": 0.08
      },
      "kind": "paragraph",
      "text": "Given the vast scale of the capex and its sudden spike, we were stunned to find no details of the $90-100MM expenditure in Twist’s SEC filings – and were surprised that sell-side analysts have glossed over the issue and failed to ask for a breakout. The last three 10Q filings, in the “Investing Activities” section, each offer only a half sentence of explanation, all stuffed into one giant bucket: “...purchases of laboratory property, equipment, and computers of $ ____,” with the blank being the actual capex amount. Notably, the key capex sections don’t even mention the Wilsonville, Oregon “Factory of the Future.”",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "da4e979d-44b8-40dd-a0c6-359a6ff0a932",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "x": 0.05,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: Twist SEC filings",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "834cc454-4fea-40ce-9f5f-48bf69614942",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "803e65ad-91ba-4713-b069-c98a2c945c14",
      "evidence": "Highlighting lack of transparency in financial disclosures to imply potential mismanagement or obfuscation.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}