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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": "Uses a green checkmark for a matching calculation and a red X for a non-matching calculation to visually emphasize the discrepancy.",
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      "text": "Note the % in the past has specifically been cited as “net” of the warrants which is the GAAP amount. There is also a discrepancy in 2016 where they reported $17.9m vs.$17.4m implied from 16%.",
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      "text": "Note the % in the past has specifically been cited as \"net\" of the warrants which is the GAAP amount. There is also a discrepancy in 2016 where they reported $17.9m vs.$17.4m implied from 16%.",
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      "text": "2018 net revenues: $142.373M x 17% = $24.2M vs 2017 net revenues: $114.088M x 13% = $14.84M",
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      "text": "Amazon revenue: $24.2M",
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      "text": "Source: Kornit 2018 20-F",
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      "text": "Source: Kornit 2016 20-F",
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      "text": "example of our success in this market is the Master Purchase Agreement, that we entered into on January 10, 2017 with an affiliate of Amazon.com, Inc. To date we have supplied several systems, large quantities of inks and consumables and have been providing paid service to multiple facilities under the agreement. During the years 2017 and 2018, Amazon related revenues were $14.4 million and $24.2 million, respectively.",
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      "text": "A significant portion of our sales is concentrated among a small number of customers, and our business would be adversely affected by a decline in sales to, or the loss of, those customers.",
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      "text": "During the years ended December 31, 2017 and 2018, our ten largest customers accounted for approximately 55% and 54% of our revenues, respectively. During those same years, Amazon Corporate LLC, a subsidiary of Amazon.com, Inc., which we collectively refer to as Amazon, accounted for approximately 13% and 17% of our revenues, respectively.",
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      "text": "Kornit's disclosures give an inconsistent view of actual revenues from Amazon. We find stated discrepancies in both 2016 and 2017 reported revenues. At best just a rounding error, at worst evidence of financial control issues. — Spruce Point Capital Management",
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      "text": "Kornit’s disclosures give an inconsistent view of actual revenues from Amazon. We find stated discrepancies in both 2016 and 2017 reported revenues. At best just a rounding error, at worst evidence of financial control issues.",
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