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  "documentTitle": "TaskUs, Inc. (TASK)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2022-01-20 00:00:00",
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  "notes": "Uses a 'before-after' style comparison of prospectus language to highlight a shift in disclosure transparency.",
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      "kind": "callout",
      "text": "TASK removed its only mention of gross hires from its early prospectus. In subsequent filings, it made vague mention of hiring “thousands of employees.” On its conference calls and earnings releases it references “net new” additions. Given its 2019 disclosure of 12,000 new employees, we estimate 7,400 employees departed. Therefore, we estimate employee attrition at 46.0% or significantly higher than the 26.6% figure cited by management. Industry bellwether Cognizant Technology is calling out rising voluntary attrition to 33% and increased costs.(1) Is TASK immune from industry trends?",
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      "text": "Given its 2019 disclosure of 12,000 new employees, we estimate 7,400 employees departed. Therefore, we estimate employee attrition at 46.0% or significantly higher than the 26.6% figure cited by management.",
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      "kind": "list",
      "text": "Comparison of 2019 Draft Prospectus (12,000 hires) vs 2020 IPO Prospectus (thousands of hires).",
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      "text": "turnover rate: 46%",
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      "kind": "quote",
      "text": "Employee Experience and Employer Brand: At TaskUs, we hired approximately 12,000 new employees in 2019. Many of our larger competitors hire tens or even hundreds of thousands of people each year. To deliver to this number of hires many companies in our industry use \"push\" tactics like sign-on bonuses. — Draft Prospectus, p. 122",
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      "text": "1) CTSH Q3 Conf Call, Oct 27, 2021",
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      "text": "Spruce Point Analysis 2019 Implied Departures table showing 13,800 beginning, 12,000 hires, 7,400 departures, 18,400 ending.",
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      "text": "Spruce Point 2019 Estimated Turnover table showing 46% turnover rate.",
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      "text": "Key Data Point Later Omitted Gives Insight To Significantly Higher Employee Attrition",
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