{
  "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": 68,
  "pageCount": 236,
  "prevPage": 67,
  "nextPage": 69,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 1,
  "notes": "The slide uses a Q&A transcript format to validate the thesis that Twist's growth is artificial.",
  "elementsJson": [
    "paragraph",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-4b91788fc785/68",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-4b91788fc785",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-4b91788fc785.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-4b91788fc785#slide-68",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Twist used “shocking” discounts of 75% to lure customers aways from Danaher/IDT; “change in attitude” among customers toward Twist as they now return to Danaher, which allegedly used the phrase “Ponzi scheme” in internal discussions to describe Twist",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0932-77cf-bfe9-226de3832f92",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.9,
        "x": 0.05,
        "y": 0.35
      },
      "kind": "list",
      "text": "Transcript of Q&A with ex-IDT sales manager",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2032d9ee-3764-4464-a953-03c1da2afb0f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.25
      },
      "kind": "paragraph",
      "text": "Twist used “shocking” discounts of 75% to lure customers aways from Danaher/IDT; “change in attitude” among customers toward Twist as they now return to Danaher, which allegedly used the phrase “Ponzi scheme” in internal discussions to describe Twist",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1e87c469-983f-460c-9039-932651f55f85",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“I think there’s definitely a change in customer attitude happening. How quickly that happens, I don’t want to get wildly excited about it, but I think it’s happening.” — IDT ex-regional sales manager",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0932-77cf-bfe9-27889e0eea96",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.3,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Scorpion Capital consultation calls with experts",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e32d56d5-09ef-495b-9369-6b07c74d6854",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.08
      },
      "kind": "title",
      "text": "Competitors indicated that “shocking” discounts of 75% were key to Twist’s ability to initially lure away some customers form incumbents like Danaher/IDT. An ex-IDT sales manager stated that they internally used the phrase “Ponzi scheme” to characterize the pricing, and that “there was a remarkable amount of skepticism” about Twist’s sustainability. He noted that the customers Twist took are now returning to Danaher – “a change in customer attitude is happening.”",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "02c1c092-acbb-4abf-a44b-6d07b6e3b5dd",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "fe846b87-2fd5-404f-88b3-67bb3dccb5d4",
      "evidence": "The slide attempts to frame the company's business model as a 'Ponzi scheme' to expose potential fraud or unsustainable practices.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 70,
      "from": 55,
      "beatId": "f840f37b-dc3b-4f69-a41b-48aecbb588b4",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Presentation of the thesis",
      "beatSlug": null,
      "evidence": "Clear articulation of the case against Twist",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}