{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b98-5f0124239c3a", "slug": "80f82c26a432", "title": "Globant SA (GLOB)", "subtitle": "Spruce Point Capital · 2018-04", "author": "Spruce Point Capital", "date": "2018-04-04 00:00:00", "pageCount": 40, "kind": "activist-deck", "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "Globant SA", "targetTicker": "GLOB", "document": { "id": "019dd923-622c-750b-8b98-5f0124239c3a", "slug": "80f82c26a432", "title": "Globant SA (GLOB)", "rawTitle": "64e7a9f820046acc0bfb8300 glob research thesis 4 4 2018", "authorId": "54_Spruce_Point_Capital", "authorName": null, "authorDisplay": "Spruce Point Capital", "kind": { "slug": "activist-deck", "label": "Activist deck" }, "sourceType": { "slug": "short_seller", "label": "Short seller" }, "fileName": "2018-04-64e7a9f820046acc0bfb8300_glob_research_thesis_4-4-2018.pdf", "sourceUrl": null, "sourceDate": "2018-04-04 00:00:00", "presentationDate": "2018-04-04 00:00:00", "ingestedAt": "2026-04-22 20:44:46+00", "status": "ready", "pageCount": 40, "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "Globant SA", "targetTicker": "GLOB", "metadata": { "local_root": "/tmp/legacy-images/80f82c26a432", "activist_firm": "Spruce Point Capital Management", "origin_corpus": "contrarian", "extraction_seconds": 122.45173716545105 } }, "coverage": { "pageCount": 40, "pagesIndexed": 40, "pagesWithImages": 40, "pagesWithMetadata": 40, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 255, "chartCount": 14, "metricSlides": 0, "toolMatches": 20, "documentToolMatches": 5, "frameworkMatches": 26, "arcMatches": 1, "beatMatches": 5, "loopMatches": 3, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "matchId": "3dcb949d-f1b8-416a-85a1-a45101260844", "evidence": "The document follows a narrative arc of identifying and critiquing Globant's weaknesses", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 21:59:46.661346+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 4, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 4, "name": "Hook", "beatId": "bd16deef-6be8-492f-956e-d3bb3fe5c356", "matchId": "3dcb949d-f1b8-416a-85a1-a45101260844", "beatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "evidence": "The thesis headline serves as a hook to grab the reader's attention", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 18, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 9, "name": "Expose Contradiction", "beatId": "9a59f618-8a0f-4ced-8b44-4036e7afd2e1", "matchId": "3dcb949d-f1b8-416a-85a1-a45101260844", "beatType": null, "evidence": "The document exposes contradictions in Globant's growth claims and financials", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 8, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 6, "name": "Complication", "beatId": "d4e301c2-f53e-49f6-99b6-92ccbcfbf91c", "matchId": "3dcb949d-f1b8-416a-85a1-a45101260844", "beatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. 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Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "evidence": "The document concludes with a price target and a clear resolution", "position": 4, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 18, "from": 9, "loop": { "name": "03_aha_moment", "slug": "03-aha-moment", "status": "active", "bestFor": "Data-heavy sections, research findings, analytical arguments", "canonId": "019dd956-66f4-7668-ab25-cec9c996c0bc", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Problem/Question -> What the Data Shows -> The Insight", "description": "Establish a tension, present data, then deliver the insight that changes everything", "familyLabel": null, "categoryName": "Narrative", "categorySlug": "narrative" }, "matchId": "1a212e28-a076-49f3-83ee-7545106ef167", "evidence": "The document provides a detailed critique of Globant's growth claims", "position": 0, "objective": "To reveal the contradictions in Globant's growth claims", "confidence": 0.8, "extraction": { "at": "2026-07-16 21:59:47.002777+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 23, "from": 20, "loop": { "name": "10_iceberg", "slug": "10-iceberg", "status": "active", "bestFor": "Consulting, complex problem solving, organizational change", "canonId": "019dd956-69f4-738c-852a-643798da0899", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause", "description": "Reveal that the visible problem is merely a symptom of a deeper root cause", "familyLabel": null, "categoryName": "Analysis", "categorySlug": "analysis" }, "matchId": "3734af23-7733-43a3-8b5e-d1404dbb92f1", "evidence": "The document highlights the inconsistencies in Globant's financials", "position": 1, "objective": "To reveal the accounting and earnings issues", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:59:47.045373+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 26, "from": 24, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null, "categoryName": "Urgency", "categorySlug": "urgency" }, "matchId": "f830472e-95ec-44dd-b8cc-0a97582f5195", "evidence": "The document provides evidence of insider selling and transfers to trusts", "position": 2, "objective": "To highlight the insider selling and transfers to trusts", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:59:47.088693+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "Before/after framing", "slug": "before-after-framing", "status": "active", "bestFor": "For turnaround / reform proposals", "canonId": "019dd9e1-528b-72ec-a563-e5dcb9410f67", "version": 1, "bodyDocId": "019dd9a1-80bf-72e9-980b-ccd1c0cd3488", "description": "You visualise two futures side by side: the trajectory the target is on\ntoday, and the trajectory under your proposed intervention. 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Core rhetorical moves: (1) reframe organic growth attribution to expose roll-up; (2) decompose adjusted EBITDA-to-FCF gap; (3) document insider exit via Luxembourg/Uruguayan trust structure that escapes SEC Form 4 disclosure; (4) link target to a topical scandal (WPP/Sorrell investigation breaking the day before). Regression-to-peer-multiple is the valuation mechanism rather than DCF. No named human author — credited to Spruce Point Capital Management LLC.", "kpisCited": [ { "detail": "27.1% / 27.2% / 28.1% in 2015/2016/2017", "metric": "Reported revenue growth" }, { "detail": "21.6% / 18.7% / 14.8% in 2015/2016/2017 (decelerating)", "metric": "Spruce Point organic growth" }, { "detail": "~47% of 2017 total growth from acquisitions", "metric": "M&A contribution to growth" }, { "detail": "$64.7m EBITDA in 2016 generated only $7.4m FCF (11.5% conversion)", "metric": "Adjusted EBITDA to FCF conversion" }, { "detail": "$68.3m generated 2011-2016 from investing/trading", "metric": "Cumulative cash from trading securities" }, { "detail": "$0.99 vs $1.28 in 2017 (~36% lower since 2013)", "metric": "Spruce Point Adjusted EPS vs reported" }, { "detail": "Over $80m / 70%+ of pre-IPO holdings sold or moved to trusts", "metric": "Founder selling and transfers since IPO" }, { "detail": "Reduced from 21.5% (6.3M shares) at IPO to 4.5% (1.6M shares)", "metric": "Founder beneficial ownership" }, { "detail": "WPP Luxembourg Gamma Three S.a.r.l. owns 19.18% of GLOB", "metric": "WPP ownership stake" }, { "detail": "Top-5 clients ex-Disney grew only 2% on average in 2017", "metric": "Top-client concentration" }, { "detail": "18.0% in 2017 vs 12.7% (LXFT) and 10.4% (EPAM)", "metric": "Employee turnover" }, { "detail": "GLOB 30.9x vs EPAM 27.7x and LXFT 13.3x", "metric": "2018E EV/EBITDA peer comparison" }, { "detail": "Originally $0.31 (matched consensus), restated to $0.27 in 4Q17 — a hidden $0.04 miss", "metric": "4Q16 Adjusted EPS revision" } ], "closingAsk": "Investors should reprice GLOB in line with IT outsourcing peers, implying 40-50% downside to roughly $24.50-$29.50 per share.", "extraction": { "at": "2026-04-22 20:44:46+00", "model": "unknown-legacy", "runId": null, "seconds": 122.45174, "promptVersion": null }, "scqaReward": "Re-rating to peer-implied multiples points to a target price of roughly $24.50 to $29.50 per share, equating to 40% to 50% downside from the $49 reference price.", "thesisTypes": [ "fraud_exposure", "multiple_rerating" ], "top3Reasons": [ "Roll-up masquerading as organic: ~47% of 2017 growth came from M&A, organic decelerating to 14.8%", "Adjusted EBITDA of $64.6m in 2016 produced just $7.4m of FCF; cash actually comes from trading securities", "Founders sold/transferred over $80m (70%+ of holdings) since IPO, hidden by foreign-private-issuer status" ], "scqaSituation": "Globant is a Luxembourg-domiciled digital IT outsourcing firm trading at peak multiples (30.9x 2018E EBITDA, 19.7x P/E) on a story of consistent 20%+ organic revenue growth and best-in-class digital exposure.", "thesisSummary": "Spruce Point argues Globant is a digital-IT outsourcing roll-up earning the sector's highest multiple by selling investors a phantom 20% organic growth story. Their forensic work shows almost half of 2017 growth came from acquisitions, with true organic growth decelerating from 21.6% in 2015 to 14.8% in 2017, while adjusted EBITDA of $64.6m converted to a paltry $7.4m of free cash flow and the company quietly generated $68m of cash from trading securities. Inconsistent add-backs, three different versions of FY2016 results, and a quietly revised 4Q16 EPS that turned a beat into a $0.04 miss reinforce the accounting-games narrative. Founders have sold or transferred over $80m (70%+ of holdings) since the 2014 IPO using Luxembourg foreign-private-issuer exemptions and Uruguayan trusts, while WPP/Sir Martin Sorrell sit atop the cap table and a related-party revenue stream. 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"whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 4, "type": "setup", "title": "This is the primary thesis slide for the short report, outlining the three main pillars of the attack: growth deceleration, cash flow deception, and accounting ", "function": "frame_situation", "rawType": "thesis_headline", "block": null, "metadata": { "slideType": "thesis_headline", "slideTypeCanon": { "name": "Thesis headline", "slug": "thesis_headline", "status": "active", "canonId": "019de52d-073a-70cb-b9f6-772a597bb5af", "version": 1, "description": null }, "function": "frame_situation", "functionCanon": { "name": "Frame situation", "slug": "frame_situation", "status": "active", "canonId": "019de52d-17bc-718f-8752-05ef2b72d7b3", "version": 1, "description": null }, "density": "sparse", "densityScore": 7, "componentCount": 2, "textChars": 258, "nDataPoints": null, "notes": "This is 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GLOB receives the highest valuation in its sector by convincing investors it achieves consistent 20% p.a. organic sales growth.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:16:53+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14d8-75c0-8c84-cfe98f742918", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "organic revenue growth: 40% to 50%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:16:53+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14d8-75c0-8c84-d091b459ee6f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 4, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Hook", "beatId": "bd16deef-6be8-492f-956e-d3bb3fe5c356", "matchId": "3dcb949d-f1b8-416a-85a1-a45101260844", "beatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. 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The main goal of 50-squared is to focus Globant's team on the top 50 highest potential accounts that have the capacity to grow exponentially over time. We took a close look at its top 5 clients. Four of its top clients (excluding its top client, Disney) only grew by an average of 2% in 2017. We don't see evidence that this strategy is gaining acceptance with its most important clients.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:47.904+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bb252590-475d-4db1-8b68-bac345136ba5", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.92, "x": 0.05, "y": 0.89 }, "kind": "list", "text": "Analysts See 10% Upside, A Terrible Risk/Reward Given Our 40% - 50% Downside Estimate: GLOB is trading at peak valuation on the belief that it can maintain 20%+ organic revenue growth. Management continues to embrace the \"organic\" growth story while not sharing with investors the underlying contributors to growth that would reveal its slowing profile. GLOB does not lead its peer group in any key metrics that warrant its industry leading valuation (e.g. organic growth, EBITDA margin, FCF conversion, employee retention, or client diversification). Yet, the Street is valuing GLOB at 3.4x, 19.7x and 31.0x 2018E sales, EBITDA, P/E, respectively. Furthermore, analysts ignore obvious accounting and financial presentation issues that would give any prudent investor pause for concern. Once investors realize that GLOB's organic growth rate is slowing, we believe investors will recalibrate GLOB's valuation in-line with industry peers. Our simple regression analysis linking valuation to organic growth rate among IT outsourcing peers suggests 40% to 50% downside (approximately $24.50 to $29.50 per share)", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:47.904+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e19b5d1a-7b7f-4d30-ba53-5409cbba1e15", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.92, "x": 0.05, "y": 0.66 }, "kind": "list", "text": "Corporate Governance Should Be Questioned: Globant has not maintained an independent board since its IPO. Given Globant's status as a foreign private issuer, it is able to adhere to different corporate governance standards. Globant has chosen home country status of Luxembourg, and must adhere to its corporate laws. There is no legal requirement under Luxembourg law to have a majority of independent directors. Although, Globant states that its board is \"currently\" independent. We analyzed the board independence over the last three years since its IPO. The Board was not independent at the time of its IPO. Furthermore, in both 2016 and 2017, the majority \"independent\" status was achieved by a single board member, Francisco Alvarez-Demalde (founder of Riverwood). Mr. Demalde at the time of its IPO represented Globant's second largest shareholder (Riverwood). Although, this former major shareholder may not need a \"cooling off\" period to be considered independent, we question why Globant would choose to achieve an independent Board in this manner. Also, its latest addition to the board, Linda Rotternburg (Endeavor), was also a pre and post IPO shareholder.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:47.904+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f04b286e-60b9-473c-aae0-da33110ce33d", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.92, "x": 0.05, "y": 0.37 }, "kind": "list", "text": "Insiders Selling Is Staggering: Insiders have sold (or transferred) over 70% (+$80m) of shares since Globant's IPO in July of 2014. We think investors may be unaware of the magnitude of selling by Globant's founders and other insiders. Globant's status as a foreign private issuer allows it an exemption from reporting the customary insider disclosure via Form 4s to the SEC. Globant chooses to file paper forms with the SEC via Form 144s. Ironically, since the Luxembourg dual listing in August of 2016, Globant now files insider selling transactions electronically with the Luxembourg stock exchange. We find it peculiar that Globant now files insider selling transactions electronically with the Luxembourg exchange and does not follow that same protocol with the SEC. Further, the four founders all set up both revocable and irrevocable trusts. All four founders in aggregate transferred over 3.0m shares (~$40m and ~10.4% of total share count) to irrevocable trusts at some point between August 2014 and January 2015. 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This is Amit Singh for Jason. Just a quick question regarding your guidance for fiscal 2017. So the revenue growth guidance is around 20% year-over-year. How much of that is sort of inorganic from L4? . . . Q - Amit Singh: Okay. And is the inorganic contribution around 1%, 2% from L4? A - Martín Migoya (CEO): Oh, Ale, can you cover me on that? A - Alejandro Scannapieco: No. Definitely, definitely. It's pretty much in that range. . .So you are pretty much in the range. 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Globant does not have to report insider selling via Form 4s electronically with the SEC", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:48.215+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "da73be83-8e72-4a28-9500-75ce851ec4e3", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We find Globant's insider reporting methods to be deceiving as we are unsure why Globant would now file insider sales electronically with the Luxembourg exchange and not with the SEC.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:16:54+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14d8-75c0-8c85-54f2ac1be9fc", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.48, "x": 0.04, "y": 0.25 }, "kind": "list", "text": "Foreign Private Issuers are: Exempt from Regulation FD, Exempt from filing insider trading reports, Able to adhere to different Corporate Governance standards", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:48.215+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e4f3a30f-d2a2-49d5-a40d-a3371ac2234b", "parentComponentId": null }, { "bbox": { "h": 0.68, "w": 0.44, "x": 0.52, "y": 0.25 }, "kind": "list", "text": "Globant's Significant Departures from NYSE listing standards: Majority of Independent Directors, Standards for evaluating director independence, Shareholder voting on equity compensation plans, Non Management director meetings, CEO Certification", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Comparison list", "slug": "comparison", "status": "active", "canonId": "019de52c-fce7-733e-99d3-030a104727bf", "version": 1, "description": null }, "framework": null }, "subkind": "comparison", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:48.215+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c49a7aa0-5e74-4530-ae75-add5a3294ba9", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.46, "x": 0.05, "y": 0.65 }, "kind": "paragraph", "text": "Globant's status as foreign private issuer means they are exempt from filing the traditional insider trading forms (i.e. Form 4s.) Globant does file its transactions via form 144s, but these forms are paper forms and are therefore not filed electronically with the SEC. This is important because many investors are likely unaware of the magnitude of the insider selling. 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Additionally, we believe that the irrevocable trusts may not have to file its sales in the open market, making it difficult to track their current ownership", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:16:54+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14d8-75c0-8c85-d854214f8a67", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Total value of shares sold/transferred: $81.9M", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:16:54+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14d8-75c0-8c85-de69c9e46d23", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.92, "x": 0.04, "y": 0.18 }, "kind": "paragraph", "text": "We estimate GLOB founders sold (or transferred) over $80m of stock in the IPO, each of the subsequent secondary offerings, and multiple open market sales. Additionally, we believe that the irrevocable trusts may not have to file its sales in the open market, making it difficult to track their current ownership", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:48.667+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a58adb57-00d2-4999-9b70-78801dcb2a18", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.85, "x": 0.02, "y": 0.94 }, "kind": "source-note", "text": "Source: Bloomberg, and Company Filings (IPO Propsectus, March 2015 Secondary Prospectus, July 2015 Prospectus, FY14 20F, FY15 20F, FY16 20F, Luxembourg Prospectus, Globant Minutes of AGMs)", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"components": [ { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.83 }, "kind": "callout", "text": "Marcelo Cabrera Errandonea is the sole director, holding both dispositive and voting for all eight of the trusts that were set up by the four founders. The footnote disclosure in the prospectuses filed for Globant's two secondary offerings (March 2015 and July 2015) disclose that Mr. Errandonea controlled the vote for 13% and 12.3% of Globant's shares as of January 31, 2015 and May 31, 2015, respectively. Outside of the prospectus disclosure where these trusts were selling shareholders, Globant does not disclose the voting power held by Mr. Errandonea. 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"canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:43:50.87+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e0e3f53b-59de-45f9-ab62-c69bda846141", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.36, "x": 0.32, "y": 0.05 }, "kind": "title", "text": "A Look At GLOB's Two Closest Peers", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", 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