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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 slide uses a forensic accounting approach to reverse-engineer cash flows from warrant disclosure data.",
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      "kind": "callout",
      "text": "Kornit received $35m of payments in FY 2018 which was 105% of its reported operating cash flow of $33.4m.",
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      "text": "Operating Cash Flow: 105%",
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      "text": "For quarterly periods in 2017, Kornit did not disclose the amount of warrants granted and vested to Amazon, but recent disclosures in 2018 allow us to deduce how much it has received in gross payments from Amazon. We know that 85,522 warrants are granted per $5m of gross payments made upon invoice and order by Amazon. Therefore, we determine that Kornit received $35m of payments in FY 2018 which was 105% of its reported operating cash flow of $33.4m. Kornit booked $24.2m of Amazon revenues, so why the difference and did the balance increase deferred revenues?",
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      "text": "Source: Kornit SEC disclosures",
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      "kind": "title",
      "text": "Forensic Analysis Shows 105% of 2018 Cash Flow Came From Amazon Payments",
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