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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 two tables to show the static $13.0m patent value across different reporting periods (2016-2019).",
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      "text": "Yet, Spruce Point finds it baffling that the book vale of Dropbox's patents has not changed at all from $13.0m since first filing financial statements referencing FY 2016.",
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      "text": "In our opinion, bulls incorrectly think there is value in Dropbox's patents. On the surface, the Company claims 750 patents issued (up from 600 at pre-IPO), with an additional 600 pending patent applications (a suspiciously identical amount 19 months later). Yet, Spruce Point finds it baffling that the book vale of Dropbox's patents has not changed at all from $13.0m since first filing financial statements referencing FY 2016. This may suggest that Dropbox both spends nothing to develop or protect patents, nor does it amortize the remaining patent useful life through earnings.",
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      "text": "We rely and expect to continue to rely on a combination of patents, patent licenses, trade secrets, domain name protections, trademarks, and copyright laws... we have over 750 issued patents and more than 600 pending patent applications.",
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      "text": "We rely and expect to continue to rely on a combination of patent, patent licenses, trade secret, and domain name protection, trademark, and copyright laws... we have over 600 issued patents and more than 600 pending patent applications.",
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      "text": "We rely and expect to continue to rely on a combination of patents, patent licenses, trade secrets, domain name protections, trademarks, and copyright laws, as well as confidentiality and license agreements with our employees, consultants, and third parties, to protect our intellectual property and proprietary rights. In the United States and abroad, we have over 750 issued patents and more than 600 pending patent applications. — Dropbox Patent Discussion, Sept 2019",
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      "kind": "source-note",
      "text": "Source: S-1 Filing, Feb 2018; Source: Q3'19 10-Q; Source: \"Dropbox Patents Hold Clues To Mystery Surge\", TheStreet, June 2018",
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      "text": "Patent Value Hype, And Accounting Problems",
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