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  "documentTitle": "Dropbox, Inc. (DBX)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2020-02-06 00:00:00",
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  "notes": "The slide uses a red arrow to highlight the specific line item 'Payments of capital lease obligations' in Box's financial table.",
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      "kind": "callout",
      "text": "Free Cash Flow: \"Box defines free cash flow as cash flows from operating activities less purchases of property and equipment, principal payments of capital lease obligations, capitalized internal-use software costs, and other items that did not or are not expected to require cash settlement and that management considers to be outside of Box's core business.\"",
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      "kind": "paragraph",
      "text": "The fact that Box properly removes capital lease obligations from its definition of free cash flow further supports our argument that Dropbox uses a flawed, and aggressive way to measure its business.",
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      "text": "Source: BOX Fiscal Year Results",
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      "text": "Financial table showing Net cash provided by operating activities, Purchases of property and equipment, Payments of capital lease obligations, Capitalized internal-use software costs, and Free cash flow for 2019 and 2018.",
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      "kind": "title",
      "text": "Close Competitor Correctly Removes Capital Leases",
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