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  "docSlug": "8dad2ca06fc6",
  "documentTitle": "Kornit Digital Ltd. (KRNT)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-05-07 00:00:00",
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  "pageNumber": 45,
  "pageCount": 60,
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  "notes": "Uses a red flag icon to highlight the lack of disclosure.",
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      "kind": "callout",
      "text": "Not a single mention of Amazon payments anywhere by Kornit.",
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      "text": "operating cash flow: $33.4m",
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      "kind": "paragraph",
      "text": "Kornit has not been fully transparent about what drove record operating cash flow of $33.4m in 2018. Based on our forensic analysis, we will illustrate that 105% of cash flow came from Amazon.",
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      "kind": "quote",
      "text": "\"Net cash provided by operating activities was $15.7 million this quarter compared to $11 million net cash provided in the prior quarter and net cash provided by operating activities was $11.9 million in the year ago quarter. Increase in cash was mainly a result of improvement in net profit and a decrease in accounts receivable. For the year, we generated $33.4 million of cash from operating activities versus $6 million in 2017.\" — Q4'2018 Conference Call",
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      "kind": "table",
      "text": "CFO Discussing Cash Flow On The Year End Conference Call: \"Net cash provided by operating activities was $15.7 million this quarter compared to $11 million net cash provided in the prior quarter...\"",
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      "text": "Annual 20-F Filing Discussing Operating Cash Flow: \"Net cash provided by operating activities consisted of net income of $12.4 million, as adjusted upwards in an amount of $16.3 million for non-cash line items...\"",
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      "text": "Management Not Transparent About Source of 2018 Cash Flow",
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