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  "documentTitle": "Align Technology, Inc. (ALGN)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2020-04-09 00:00:00",
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  "notes": "The slide highlights a specific accounting adjustment (SBC add-back) that Spruce Point argues is unjustified.",
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      "text": "Spruce Point does not believe that this significant Non-GAAP add back is justified, and finds it concerning that management would choose to include it in Non-GAAP EPS just as it begins to face an increasingly threatening competitive landscape",
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      "text": "Non-GAAP EPS: 16.7%",
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      "text": "In FY19, management added stock-based compensation back to its Non-GAAP Net Income figure for the first time. Spruce Point estimates that this added $0.86 to FY19 Non-GAAP EPS, boosting management's reported EPS figure by a significant 16.7%. We find it concerning that management would choose to take this new, large add back to EPS just as the clear aligner competitive landscape grows increasingly crowded.",
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      "kind": "title",
      "text": "Playing Games With EPS Just As Competitive Forces Accelerate",
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