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TaskUs, Inc.

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Research Overview

S&P 500
Jan 20, 2022

After conducting a forensic financial and accounting review, Spruce Point believes TaskUs, Inc. (Nasdaq: TASK), a highly promoted business process outsourcing (BPO) firm to digital and emerging technology companies, has a pattern of exaggerated and inflated business claims, including revenue, and is covering-up financial strain with reduced disclosures, cherry-picked market data, and non-standard key performance metrics. Based on our investigation, we estimate 25% to 50% downside risk, or $18 – $27 per share.

The report highlights several key concerns with the company, including:

  • Evidence of embellished business claims consistent with a CEO known to exaggerate
  • We believe that that TaskUs is covering up growing financial strains and cash flow issues
  • Evidence of increasing margin pressure from Facebook, which accounts for 28% of revenue as TaskUs’ largest customer
  • TaskUs appears to be dramatically understating employee attrition and recruitment costs
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