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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 table uses a star icon to denote 'Spruce Point Successful Call', implying a track record of identifying these red flags.",
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      "text": "Perhaps a tacit admission of its failure, Kornit is now changing its go-to-market sales model from an indirect to direct approach.",
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      "text": "Perhaps a tacit admission of its failure, Kornit is now changing its go-to-market sales model from an indirect to direct approach. Investors should be well cautioned to closely evaluate Kornit's closely related acquisition of Hirsch Solutions in Feb 2019. Hirsch, its major distributor, accounted for 21%, 18% and 15% of sales in 2016-2018, respectively. The timing of the deal coincides with our discovery that Amazon is taking steps to expand in Japan, where Kornit has a weak presence.",
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      "text": "1) Kornit press release",
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      "text": "Table listing historical distributor acquisitions by iRobot, Valeant, Caesarstone, Sabre Corp, and 3D Systems, with notes on outcomes and Spruce Point's successful calls.",
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      "text": "Distributor Acquisitions Can Be Major Early Warning Red Flags",
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      "text": "Classic Red Flag Distributor Acquisitions",
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