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  "documentTitle": "Kornit Digital Ltd. (KRNT)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2019-05-07 00:00:00",
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  "notes": "The slide uses red boxes to highlight 2018 figures that the author argues are anomalous or non-recurring.",
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      "kind": "callout",
      "text": "Historically, KRNT has had poor cash conversion until 2018. Our forensic work will suggest that 105% of 2018 cash came from Amazon",
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      "kind": "callout",
      "text": "Big $5.5m benefit from NOL release and not including 1.1m of warrants o/s. NOL won’t repeated in 2019. Spruce Point pro forma EPS of just $0.15c",
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      "text": "Growth investors like KRNT’s 20%+ top line result, and believe it can be sustained, but aren’t factoring in that Amazon drove a large portion of 2018 growth and Cimpress’ Vistaprint is under pressure",
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      "text": "Free Cash Flow: $26.2",
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      "text": "Recent share price outperformance and investor optimism is entirely based on its record 2018 results, and investors belief in the new CEO’s ability to hit ambitious new long-term goals. Historically, Kornit has had inconsistent financial results, and difficulty generating cash flow. From 2015-2017 Kornit reported cumulative revenues of $309m which generated just $4.8m of operating cash flow or a lousy 1.5% return on sales.",
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      "text": "Source: Kornit and Bloomberg",
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      "text": "Kornit's Recent Financial Results Should Not Be Extrapolated Into The Future",
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