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  "documentTitle": "TaskUs, Inc. (TASK)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-01-20 00:00:00",
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  "notes": "Uses a red flag icon and red boxes to highlight the contradiction between accounting assumptions and business reality.",
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      "kind": "callout",
      "text": "Inappropriate Assumption With Limited Business History And 1-2 year contracts",
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      "text": "amortization expense: $37-$51m",
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      "text": "TASK has founded in 2008... It appears that TASK has lost clients... By assuming 15 years, TASK is reporting $18.8m of annual amortization expense. However, if we assume that actual customer relationship period is closer to 5-7 years, it should be expensing $37 -$51m of amortization per year.",
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      "text": "Recurring revenue contract refers to contracts we have entered into with our clients... A typical recurring revenue contract has a term of one to two years and has an automatic renewal provision.",
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      "text": "Source: IPO Prospectus, F-42",
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      "kind": "source-note",
      "text": "Source: 2015 PR says “more than 200” and (1) Draft IPO Prospectus (over 90), and (2) IPO Prospectus (over 100)",
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      "text": "Intangibles, Gross | Life (Years) | Accumulated Amortization | Intangibles, Net",
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      "kind": "title",
      "text": "Inappropriate Amortization Period For Customer Relationships",
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