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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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  "notes": "The slide uses a combination of a financial table (left) and a normalized earnings bridge/calculation (right) to expose accounting manipulation.",
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      "kind": "paragraph",
      "text": "Kornit's 2018 earnings quality was even worse when investors consider that it made the discretionary decision to release the full amount of its deferred tax asset valuation allowance of $5.5m.",
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      "kind": "source-note",
      "text": "Source: Kornit 2018 20-F, F-41",
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      "text": "1) Source: Bloomberg",
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      "text": "Deferred tax assets table showing valuation allowance release from 5,503 to 0.",
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      "text": "Normalized EPS calculation table comparing Spruce Point adjusted EPS to GAAP and consensus.",
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      "kind": "title",
      "text": "Low Quality Earnings: One-Time Valuation Release Benefit",
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      "arcName": "Overcoming the Monster",
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