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  "docSlug": "87c1ab1e2597",
  "documentTitle": "TaskUs, Inc. (TASK)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-01-20 00:00:00",
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  "pageNumber": 38,
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  "density": "dense",
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  "notes": "Uses a red flag icon to denote the activist critique.",
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      "kind": "callout",
      "text": "Referral rates contracted materially ahead of TASK's IPO. We found a quote from a senior employee in early 2019 (likely referencing 2018 figures) at a 61% referral rate. In 2019, that metric declined to 48% and to 38% in 2020.",
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      "text": "Referral rates contracted materially ahead of TASK's IPO.",
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      "text": "2018: 61% referral rate; 2019: 48% referral rate; 2020: 38% referral rate.",
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      "kind": "metric",
      "text": "Incremental Cost Per Headcount: $9,951",
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      "kind": "quote",
      "text": "\"We also have an exceptional referral rate at 61%, compared to the industry average in the 30% range. It shows that our employees not only want to work for TaskUs, but they want their friends and families to also.\" — Nearshore Americas, Feb 4, 2019",
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      "kind": "source-note",
      "text": "Source: MD&A for Cost of Service changes, prospectus, Q2 and Q3 10-Q",
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      "kind": "table",
      "text": "Estimating Cost Pressure From Incremental Headcount table showing Total Headcount, Incremental Headcount, Increase In Personnel Cost, and Incremental Cost Per Headcount from Dec 2020 to Sept 2021.",
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      "kind": "title",
      "text": "TASK Obscures Trend of Declining Referral Rates Which Contribute To Rising Personnel Costs",
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