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  "documentTitle": "Stroer SE & Co. KGaA (SAX)",
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  "authorName": "Carson C. Block",
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  "notes": "This is a research note page from a short-seller report (likely Muddy Waters or similar) focusing on accounting irregularities.",
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      "text": "Particularly given the overall body of facts, it is difficult for us to think of this accounting practice as anything other than a venal move to create the impression the company is larger than it actually is.",
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      "text": "Ströer accounts for its digital revenue on a gross basis, which gives a misleading picture of the growth that occurred as Ströer transitioned away from being an OOH-only company.",
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      "text": "Ströer Digital Group... is in our opinion, probably an example of how the change to gross can make the top line appear much larger. We suspect a change to gross revenue recognition is the reason for the large increase in post-acquisition revenue.",
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      "text": "Revenues in 1H 2013 for Media Ventures's online marketing segment would have been flat were it not for the acquisition of freeXmedia... The best explanation we can think of is that the post-acquisition revenue boost is due to a change from net to gross revenue recognition policy.",
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      "text": "So in the online advertising, right now, we say, I would say, 95% -- 90% third-party inventory and probably 10% first-party inventory — Udo Müller, Ströer FQ4 2014 Earnings Call.",
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      "text": "22-28 Footnotes detailing financial data sources and calculations.",
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      "text": "VII. Switching to Gross Revenue Recognition Obscures Real Revenue",
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      "text": "VIII. Müller and Dirk Ströer Buy a Business and Flip it to Ströer",
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