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  "documentTitle": "Dropbox, Inc. (DBX)",
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  "authorName": "Spruce Point Capital Management",
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  "notes": "The table demonstrates the impact of changing accounting treatment for commission costs on operating income.",
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      "text": "Spruce Point believes that, given the nature of Dropbox's contracts, customer base, and lack of developed technology, commission costs represent customer acquisition costs which should be recognized upfront.",
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      "text": "Operating Income: -21.4%",
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      "text": "Spruce Point believes that, given the nature of Dropbox's contracts, customer base, and lack of developed technology, commission costs represent customer acquisition costs which should be recognized upfront. By recognizing these costs upfront, rather than amortizing them over a lengthy and liberally-determined 5 year span, Dropbox would have seen operating income fall by anywhere between 5% and 21% in each quarter dating back to Q2 2017.",
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      "text": "Source: Dropbox SEC Filings, Spruce Point Analysis",
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      "text": "Adjusting Dropbox Operating Income for Revised Commission Cost Amortization Period",
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