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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": "Includes specific allegations regarding revenue recognition, management history, and operational failures (e.g., 'smell like vinegar').",
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      "text": "Spruce Point believes Kornit Digital (“the Company” or KRNT) saw 2018 revenues, and particularly cash flow, driven entirely by Amazon’s expansion of its Merch program, which are likely to taper based on a slow-down of program growth, and would leave a gaping hole in Kornit’s aggressive revenue growth strategy.",
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      "text": "Extreme Warning: Our industry channel checks and market sources have confirmed that Merch’s program growth is headed next to Japan...",
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      "text": "Caution: Based on shipping records and weight tonnage, we can estimate unit printer shipments. We believe Kornit has discounted list prices to Amazon up to 50%.",
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      "text": "Kornit’s printers result in T-shirts that smell like vinegar, which we believe has upset Amazon and its customers.",
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      "text": "While the program enjoyed early success, Spruce Point believes US program growth has plateaued, and has hard evidence that printer orders delivered to Amazon in the US have dramatically slowed YTD 2019.",
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      "text": "Kornit’s revenues to Amazon were 17% in 2018, and grew substantially after Amazon faced environmental permitting delays in 2017.",
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      "text": "downside risk: 75% - 85%",
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      "text": "Spruce Point believes Kornit Digital (\"the Company\" or KRNT) saw 2018 revenues, and particularly cash flow, driven entirely by Amazon’s expansion of its Merch program...",
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      "text": "Spruce Point Believes Kornit Digital (Nasdaq: KRNT) Is A \"Strong Sell\" With 75% - 85% Downside Risk",
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