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  "documentTitle": "athenahealth, Inc. (ATHN)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
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  "presentationDate": "2014-05-05 00:00:00",
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  "notes": "The slide uses a table to categorize companies and highlight that they are BPOs, not SaaS/tech firms, to justify lower P/E ratios.",
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      "text": "Before everybody got lost in the clouds, athena was grouped with other financial and transaction processing companies. These are good businesses, but they don't merit triple digit P/Es.",
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      "text": "When other industries take mundane or not-so-mundane tasks off a company’s hands, we call that “business process outsourcing” or BPO. When the company gets better at it because it has more customers, more data, and a web-based interface, it doesn’t make them a “fusion of SaaS, mobile, social, and crowdsourcing.” It makes them a more efficient BPO. Before everybody got lost in the clouds, athena was grouped with other financial and transaction processing companies. These are good businesses, but they don’t merit triple digit P/Es. Currently, BPO companies mostly have high teens P/Es.",
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      "kind": "source-note",
      "text": "Source: KPMG Corporate Finance, February 28, 2011",
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      "text": "KPMG Corporate Finance LLC – Valuation Update for the Business Process Outsourcing Industry",
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