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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 disclosure excerpts to frame the contradiction.",
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      "text": "Is it possible that massive rebates are accounting for this divergence? Kornit needs to explain this issue to investors.",
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      "text": "Deferred Revenue: $3.633",
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      "text": "If Kornit received $35m from Amazon, but booked $24.2m of revenues, then the $10.8m difference should be reflected in its “Deferred Revenue and Advances From Customers”. However, this cannot possibly be the case since the liability account balance stood at just $3.63m at year end 2018, while total revenues associated with these liabilities were just $6m. Is it possible that massive rebates are accounting for this divergence?(1) Kornit needs to explain this issue to investors.",
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      "text": "Source: Kornit SEC disclosures",
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      "text": "1) Unless the $10.8m difference was the rebate paid by Kornit. However, to pay a $10.8m rebate on $24.2m of revenues (44%) would seem excessive",
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      "text": "Deferred Revenue and Advances From Customers table with QoQ and YoY growth metrics from 12/31/2017 to 12/31/2018.",
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      "text": "Limited Deferred Revenue A Big Warning",
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