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  "documentTitle": "TaskUs, Inc. (TASK)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-01-20 00:00:00",
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  "pageNumber": 48,
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  "notes": "The slide uses a red box to highlight specific line items in a financial table that the activist investor deems questionable.",
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      "kind": "callout",
      "text": "We question the merit of adding back stock-compensation in an industry such as BPO where human capital is such a material operating expense. That being said, it's not unusual for others to also add it back.",
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      "kind": "callout",
      "text": "Represents incremental expenses incurred related to the transition to a virtual operating model and incentive and leave pay granted to employees that are directly attributable to the COVID-19 pandemic.",
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      "kind": "callout",
      "text": "TASK is trying to sell investors on COVID-19 related expenses as adjustments to EBITDA and EPS. This might be perfectly acceptable if it were common practice for public company peers to do so. However, we don't believe that to be the case. As a result, we adjust TASK's EBITDA lower by ~$8m.",
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      "text": "Adjusted EBITDA: $8m",
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      "kind": "quote",
      "text": "Represents incremental expenses incurred related to the transition to a virtual operating model and incentive and leave pay granted to employees that are directly attributable to the COVID-19 pandemic. — TaskUs, Inc. Q3'21 Earnings Release",
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      "text": "Source: TASK Q3'21 Earnings Release",
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      "text": "TaskUs, Inc. Non-GAAP Reconciliations Adjusted EBITDA (unaudited) (in thousands, except margin amounts)",
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      "text": "Aggressive Add-Backs",
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