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  "documentTitle": "iRobot Corp (IRBT)",
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  "authorName": "Spruce Point Management",
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  "presentationDate": "2014-05-20 00:00:00",
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  "notes": "Uses red dashed boxes and arrows to highlight the manipulation of EBITDA targets and weighting.",
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      "kind": "callout",
      "text": "Notice Increased Weighting to Adj. EBITDA",
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      "kind": "callout",
      "text": "Notice the Dramatically Lower EBITDA Goals in 2013",
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      "text": "Remember this EBITDA number!!",
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      "kind": "callout",
      "text": "This financial presdigitation appears to have allowed management to increase its cash incentive compensation by 469% on lower goals!!",
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      "text": "Adjusted EBITDA: 469%",
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      "text": "Adjusted EBITDA bonus targets fell by 25-30% in 2013 from the range of $77-$103m to $53 - $77m in 2012. However, the corresponding revenue range fell by just 3-5% over the same period. The Company also increased its weighting to Adj. EBITDA from 60% to 70%. This financial presdigitation appears to have allowed management to increase its cash incentive compensation by 469% on lower goals!!",
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      "text": "Note: Adj EBITDA excludes cash incentive comp. 2014 Proxy: ... 2013 Proxy: ...",
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      "text": "2013 and 2012 performance goals table comparing Adjusted EBITDA and Revenue weightings and targets.",
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      "kind": "title",
      "text": "Milk The Cow: Gaming The Comp Targets?",
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