{
  "docId": "019dd923-622c-750b-8b98-aa28094dc4c9",
  "docSlug": "8dad2ca06fc6",
  "documentTitle": "Kornit Digital Ltd. (KRNT)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-05-07 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 37,
  "pageCount": 60,
  "prevPage": 36,
  "nextPage": 38,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": "Uses red underlining to highlight specific claims in analyst reports that the activist intends to refute.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "screenshot"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-aa28094dc4c9/37",
  "deckHref": "/decks/019dd923-622c-750b-8b98-aa28094dc4c9",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-aa28094dc4c9.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-aa28094dc4c9#slide-37",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.19
      },
      "kind": "callout",
      "text": "Stifel's $29 price target and “Buy” recommendation illustrates that analysts and investors are expecting expansion of the Amazon relationship. Barclays as well believes Amazon sales will be stable for the next few quarters, and acknowledges the big downside risk. We believe the market will be disappointed.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "beeeffd0-06c2-4ad0-9c2d-01cc4b1a029e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Stifel's $29 price target and \"Buy\" recommendation illustrates that analysts and investors are expecting expansion of the Amazon relationship. Barclays as well believes Amazon sales will be stable for the next few quarters, and acknowledges the big downside risk. We believe the market will be disappointed.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-1ac3-70f9-854a-d706ff21f86d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.9,
        "x": 0.05,
        "y": 0.65
      },
      "kind": "paragraph",
      "text": "Recent sales growth has been broad-based, but still supported by the return of meaningful Amazon sales. While these appear stable for the next few quarters, an unexpected slowdown here may represent the biggest downside risk going into next year should offsetting contribution from new platforms not materialize. The F3Q opex pause notwithstanding, we also appreciate the potential impact of aggressive growth investments, particularly when incremental sales are still several quarters away. However we continue to believe the market opportunity affords significant growth and that management is taking the right steps to capitalize on it.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "54ae5a63-d8ab-4323-ae77-91d258ae34cc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.9,
        "x": 0.05,
        "y": 0.33
      },
      "kind": "paragraph",
      "text": "Kornit Digital Ltd. KRNT - NASDAQ Applied Technologies. Company Update April 3, 2019. Investment Thesis: Our Buy rating and favorable thesis is based on our view that: 1) the company is poised for sustained growth over the next few years; 2) new product introductions that will drive new revenue and earnings growth; 3) emerging growth opportunities in the services and consumables businesses; 4) there will be a resumption of its order flow and shipments to Amazon; 5) continued improvements to its operating model will be made; and 6) long-term secular trends in the digital printing markets are catalysts for Kornit's growth prospects.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "95ba14a1-c2b4-4e25-a0f9-6e1cbb68ef2d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "there will be a resumption of its order flow and shipments to Amazon — Stifel Research. Recent sales growth has been broad-based, but still supported by the return of meaningful Amazon sales. While these appear stable for the next few quarters, an unexpected slowdown here may represent the biggest downside risk going into next year should offsetting contribution from new platforms not materialize. — Barclays Research",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-1ac3-70f9-854a-d93a63cb4cea",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "x": 0.05,
        "y": 0.61
      },
      "kind": "source-note",
      "text": "Source: Stifel Research",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0a0095bc-3380-4f08-a456-fd86d9afd62e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.05,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Source: Barclays Research, Nov 2018",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "11c9246d-50d8-4102-ac32-2d2eee05cd92",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.4,
        "x": 0.32,
        "y": 0.05
      },
      "kind": "title",
      "text": "Expectations Set To Disappoint",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "76100f00-8917-46c9-8c05-90e16a611bce",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "3e041f63-6b5d-4dee-b067-27d99fc15011",
      "evidence": "Contrasts analyst bullish thesis with activist bearish outlook",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 40,
      "from": 31,
      "beatId": "33814c4c-37f6-42d0-b00b-47df46115cf1",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Climax",
      "beatSlug": "mountain-climax",
      "evidence": "Slides 31-40 present a close look into unusual Amazon warrant transactions and potential revenue manipulation.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}