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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 SEC correspondence to validate the claim of aggressive accounting.",
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      "text": "We do not believe this adjustment is appropriate as it represents a material element of your customer arrangement (i.e., a sales incentive) and could lead investors to improperly infer that you would have generated the same revenue levels without granting this incentive.",
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      "text": "Non-GAAP EPS",
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      "text": "Clearly the SEC has already taken notice of Kornit's aggressive warrant practice, and told it to revise Non-GAAP results. Kornit tried to get investors to ignore the warrant cost on earnings, despite it being a clear discount incentive to entice Amazon purchases. As a result, its Non-GAAP EPS was overstated, and subsequently restatement lower. We believe this illustrates that management is willing to be aggressive with its accounting decisions.",
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      "text": "SEC Questions Kornit's Accounting and SEC Forceful Response To Kornit excerpts from Form 20-F.",
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      "text": "We do not believe this adjustment is appropriate as it represents a material element of your customer arrangement (i.e., a sales incentive) and could lead investors to improperly infer that you would have generated the same revenue levels without granting this incentive. — SEC Response",
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      "text": "Source: SEC Comment Letter, Kornit Response",
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      "text": "Kornit Restated Results table showing GAAP EPS, Non-GAAP EPS Presented, and Non-GAAP EPS Restated across 5 quarters.",
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      "text": "Aggressive Warrant Accounting",
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