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  "documentTitle": "Dropbox, Inc. (DBX)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2020-02-06 00:00:00",
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  "notes": "Uses a quote from the IPO prospectus to frame the contradiction.",
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      "text": "It’s convenient that Dropbox was talking about minimal need for incremental capex leading up to the IPO in 2018. Given the 3-5 year life cycle, we would expect capex to rise materially in 2020/21.",
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      "text": "Infrastructure Optimization\n\nIn recent years, we have taken several steps to improve the efficiency of the infrastructure that supports our platform... This effort, along with additional usage optimizations, enabled us to continue operating our business within our existing infrastructure base without a need for extensive incremental capital expenditures and leasing activity.",
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      "text": "This effort, along with additional usage optimizations, enabled us to continue operating our business within our existing infrastructure base without a need for extensive incremental capital expenditures and leasing activity. — Dropbox IPO prospectus October 2017",
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      "text": "Source: Dropbox IPO prospectus October 2017",
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      "text": "Is A Major Capex Cycle Coming?",
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