On the surface, Dropbox, Inc. (DBX) is a digital transformation company with a rosy outlook in the content collaboration marketplace, sporting double-digit growth, and a strong free cash flow margin. But as pointed out in the devastating company report issued by Spruce Point Capital Management, looks can be deceiving. According to the report, Dropbox is vastly overstating its free cash flow and earnings. In addition, Dropbox's registered user base is not growing, and the company is operating in a commoditized market against much stronger players such as Alphabet (GOOG) (GOOGL) and