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  "documentTitle": "Dropbox, Inc. (DBX)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-02-06 00:00:00",
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      "text": "Price Target: $6.63/sh",
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      "text": "At the end of the day, cash is king, and the market misevaluates Dropbox's true free cash flow. We expect cash flow to come under greater pressure as customer churn and acquisition costs rise. In addition, there is significant evidence from customer and insider complaints that Dropbox's technology is behind the curve. We expect capex and development needs to increase, and drag down free cash flow potential.",
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      "text": "Note: Downside Based on $17.60 share",
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      "text": "Spruce Point Estimates 25% – 60% Downside",
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