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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": "The slide argues that Dropbox's reported FCF is overstated by ignoring operational costs classified as financing activities.",
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      "text": "Spruce Point believes that Dropbox overstates free cash flow with a simplistic presentation that is analytically flawed and ignores two material costs such as: 1) Costs required to repurchase shares related to employee compensation programs, which are operating in nature, and 2) Costs associated to pay for infrastructure, which are effectively deferred capital expenditure payments.",
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      "text": "Free Cash Flow: $130.2",
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      "text": "Spruce Point believes that Dropbox overstates free cash flow with a simplistic presentation that is analytically flawed and ignores two material costs such as: 1) Costs required to repurchase shares related to employee compensation programs, which are operating in nature, and 2) Costs associated to pay for infrastructure, which are effectively deferred capital expenditure payments. Both of these items are flowing through the financing section of the cash flow statement, but should be viewed as operational in nature.",
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      "text": "Source: Dropbox SEC Filings, Spruce Point Analysis. Note: Dropbox reported FCF includes HQ build-out",
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      "text": "Spruce Point Adjusted Free Cash Flow",
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