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  "documentTitle": "Super Micro Computer, Inc. (SMCI)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2023-01-10 00:00:00",
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  "notes": "The slide uses a table to demonstrate the discrepancy between income statement interest expense and cash flow statement interest expense.",
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      "kind": "callout",
      "text": "\"Interest expense represents interest expense on our term loans and lines of credit.\"",
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      "text": "The last time this occurred was during a financial restatement period.",
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      "text": "Interest Expense",
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      "text": "SMCI's cash interest expense (disclosed at the bottom of the Cash Flow Statement) is higher than its reported interest expense on the Income Statement. The last time this occurred was during a financial restatement period. For certainty, SMCI discloses that interest expense represents expenses associated with term loans and lines of credit. Therefore, we can exclude any other factors that may be causing the divergence.",
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      "text": "\"Interest expense represents interest expense on our term loans and lines of credit.\" — SMCI Disclosure",
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      "text": "Source: SMCI SEC filings and Spruce Point Analysis",
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      "text": "SMCI Debt and Interest Expense table showing years 2015-Q1'23",
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      "kind": "title",
      "text": "A Prior Harbinger of Financial Restatement, Cash Interest Expense > Book Interest Expense",
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