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  "docSlug": "87c1ab1e2597",
  "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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  "notes": "Uses a red flag icon to signal a warning/contradiction. Highlights the discrepancy between revenue growth and receivables growth.",
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      "kind": "callout",
      "text": "On the Q3'21 conference call, the CFO made his first comment about receivables and referencing the implementation of a new system as new clients are onboarded to drive down DSOs. But, are new clients the issue? A closer look shows that of the total $29.7m increase in receivables in Q2'21, $23.1m came from Facebook. Facebook revenues are +34% in the first 9 months of 2021 over the comparable period. However, Facebook receivables are up 112% YTD. We believe the CFO should have expounded on this amongst his commentary and with enhanced disclosure in the MD&A.",
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      "kind": "callout",
      "text": "A closer look shows that of the total $29.7m increase in receivables in Q2'21, $23.1m came from Facebook.",
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      "text": "Facebook Receivables Growth: 112%",
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      "kind": "quote",
      "text": "In Q2, I briefly discuss the increase in account receivable as a result of our strong revenue growth. We saw the impact of strong revenue growth on receivables again in Q3 as AR increased by $29.7 million from Q2 of 2021. We are implementing a new order to cash process as we onboard, new clients and expect to reduce our DSO in 2022.",
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      "kind": "quote",
      "text": "In Q2, I briefly discuss the increase in account receivable as a result of our strong revenue growth. We saw the impact of strong revenue growth on receivables again in Q3 as AR increased by $29.7 million from Q2 of 2021. We are implementing a new order to cash process as we onboard, new clients and expect to reduce our DSO in 2022. — CFO on Q3'21 Conf Call",
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      "text": "Source: Q3 2021 Conf Call",
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      "kind": "source-note",
      "text": "Source: TASK prospectus, Q2 and Q3 10-Q",
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      "kind": "table",
      "text": "Facebook Revenue vs. Receivables Growth table",
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      "kind": "title",
      "text": "Facebook Receivables Growing Materially Faster Than Sales",
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