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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": 72,
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  "notes": "The slide highlights a discrepancy in how operating leases are accounted for in enterprise value calculations.",
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      "text": "Current market data providers and analyst models fail to adjust TASK's balance sheet for leases.",
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      "kind": "list",
      "text": "Balance Sheet metrics (Total Cash, Total Cash Per Share, Total Debt)",
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      "text": "Enterprise Value: $4,106.2",
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      "text": "Current market data providers and analyst models fail to adjust TASK's balance sheet for leases. Most companies have adopted ASU 2016-02, Leases (Topic 842) and recorded leases on balance sheet, while TASK still says it is evaluating the impact of adoption. We adjust our enterprise value for operating leases disclosed as of 12/31/20 which is likely understand due to the announcement of new planned expansions in late 2021.(1)",
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      "kind": "source-note",
      "text": "Source: Spruce Point Analysis; 1) Source: TaskUs press release; 2) Includes options, RSUs and PSUs",
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      "text": "Market Data Providers Ignore Leases In For Total Debt table",
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      "kind": "title",
      "text": "TASK's Current Capital Structure",
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      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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