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Read the income statement in this filing. List every non-cash item included in the net loss, with the amount for each. Then restate the loss excluding those items and show your arithmetic. Tell me which figure a competitor would use and which an investor should use.
Search this filing for customer concentration, supplier concentration and geographic concentration. For each one you find, quote the exact sentence and then tell me in plain language what happens to this business if that counterparty leaves.
Most risk factors are boilerplate. Go through the risk factors section and separate them into two lists: standard language that appears in most filings in this sector, and disclosures that are unusual or specific to this company. For the second list, explain why each one was included.
List every future payment obligation disclosed in this filing: leases, cloud commitments, purchase commitments, debt. For each, give the amount, the time period and whether it is cancelable. Then total the non-cancelable obligations and compare that total to the last twelve months of revenue.
Compare revenue growth to the growth in cost of revenue and in sales and marketing spend over the periods shown. Tell me whether the growth is getting more or less efficient, and quote the numbers you used.
You are a short seller who has read only this filing. Write the strongest honest bear case using only facts disclosed in the document. Cite the page or section for each point. Do not invent anything.