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  "docSlug": "81a891429a42",
  "documentTitle": "Super Micro Computer, Inc. (SMCI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-01-10 00:00:00",
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  "notes": "The slide uses callouts to point out specific categories of adjustments that the author deems inappropriate.",
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      "kind": "callout",
      "text": "Ignore the SEC cost",
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      "kind": "callout",
      "text": "Despite settling with the SEC, having delinquent financials, and being delisted, a \"Special\" Bonus is to be ignored?",
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      "kind": "callout",
      "text": "Critical expenses that were never made, now supposed to be ignored?",
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      "text": "However, in our opinion, SMCI makes some of the more aggressive and laughable adjustments we’ve ever seen.",
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      "text": "Non-GAAP Net Income: $192.2",
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      "kind": "paragraph",
      "text": "Spruce Point has evaluated many companies trying to pass off embellished Non-GAAP results over more than a decade. However, in our opinion, SMCI makes some of the more aggressive and laughable adjustments we've ever seen.",
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      "text": "Source: SMCI SEC filings",
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      "text": "SMCI's GAAP vs. Non-GAAP Results table",
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      "kind": "title",
      "text": "History of Aggressive If, Not Outright Laughable, Adjusted Earnings",
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