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  "docSlug": "8dad2ca06fc6",
  "documentTitle": "Kornit Digital Ltd. (KRNT)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-05-07 00:00:00",
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  "pageCount": 60,
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  "notes": "The slide uses a 'before-after' comparison of Kornit's own marketing materials to expose the repetition of a failed strategy.",
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      "kind": "callout",
      "text": "Nothing new on this slide other than a $500m revenue target to anchor investor and analysts extreme enthusiasm to support its inflated share price",
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      "text": "revenue: $500m",
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      "text": "With a new CEO in place, Kornit held an Investor Day in October 2018 to promote its new long-term $500m revenue goal. In order to do this, Kornit is promoting its ability to expand its addressable market by lowering CPP or Cost Per Price – which is the identical strategy presented before that has failed to generate sustainable cash flow. No surprise to us, Kornit does not show any cash conversion metrics in its investor presentations. Shortly after this Investor Day, Kornit’s earliest and largest shareholder sold all its stock.",
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      "text": "Source: Kornit Investor Presentation Feb 2017",
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      "text": "Source: Kornit Investor Day Presentation, 10/4/2018",
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      "kind": "title",
      "text": "It's All About Revenues",
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