{
  "docId": "019dd923-622c-750b-8b9a-931d15d7e8ac",
  "docSlug": "c71f39d7ed80",
  "documentTitle": "SMART Global Holdings, Inc. (SGH)",
  "authorId": "60_Wolfpack_Research",
  "authorName": "Wolfpack Research",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-09-25 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 16,
  "pageCount": 35,
  "prevPage": 15,
  "nextPage": 17,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 30,
  "notes": "The slide uses dual-axis charts to correlate revenue with profitability metrics to support a bearish thesis on SGH.",
  "elementsJson": [
    "bar_chart_vertical",
    "line_chart",
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-931d15d7e8ac/16",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-931d15d7e8ac",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-931d15d7e8ac.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-931d15d7e8ac#slide-16",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We see it as no coincidence that gross margin, operating margin and net margin all peaked in Q3 2018, the same quarter that Brazil peaked as a percentage of SGH’s total revenue.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-78b4-70ad-b392-03fb70f0fbb4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.27,
        "w": 0.72,
        "x": 0.14,
        "y": 0.48
      },
      "kind": "chart",
      "text": "SGH Brazil Revenue ($000's) vs. Total Operating Margin (%)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7cf5baa3-3c4d-43de-b8c4-df34b9253d66",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.27,
        "w": 0.72,
        "x": 0.14,
        "y": 0.1
      },
      "kind": "chart",
      "text": "SGH Brazil Revenue ($M) vs. Group Operating Income ($M)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bb865acd-3a08-40df-a10c-18f3586557f1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Operating Margin: 3.1%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-78b4-70ad-b392-0615d321704a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.86,
        "x": 0.07,
        "y": 0.81
      },
      "kind": "paragraph",
      "text": "Operating expenses are helpful to understand why SMART Brazil is so important to SGH’s financial performance. There should be relatively few fixed costs in SMART Brazil’s business.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0bfd9c45-4377-4215-8a5b-a20e29a1e191",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.86,
        "x": 0.07,
        "y": 0.39
      },
      "kind": "paragraph",
      "text": "We see it as no coincidence that gross margin, operating margin and net margin all peaked in Q3 2018, the same quarter that Brazil peaked as a percentage of SGH’s total revenue.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b4237d6d-b7cd-4557-9dd4-270eaa0d8668",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "causal-chain",
      "slug": null,
      "matchId": "93e20768-5f2c-4e3a-be6f-0f22858a95b6",
      "evidence": "Correlating Brazil revenue decline with operating margin decline to imply causation.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 22,
      "from": 16,
      "name": "Aha Moment",
      "slug": "03-aha-moment",
      "bestFor": "Data-heavy sections, research findings, analytical arguments",
      "matchId": "b609d924-f695-472b-9a8c-f06626448acd",
      "evidence": "The document's analysis of SGH's financial data and market trends.",
      "position": 1,
      "objective": "To highlight the implications of SGH's strategy and financial performance",
      "structure": "The Problem/Question -> What the Data Shows -> The Insight",
      "confidence": 0.7,
      "description": "Establish a tension, present data, then deliver the insight that changes everything"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}