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  "documentTitle": "AerCap Holdings (AER)",
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  "authorName": "David Einhorn",
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  "presentationDate": "2015-04-07 00:00:00",
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  "notes": "The slide uses a direct quote from a 10Q filing to frame a critical analysis of corporate behavior.",
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      "text": "athena slipped an accounting change into its third quarter 10Q to accelerate revenue recognition.",
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      "text": "athena slipped an accounting change into its third quarter 10Q to accelerate revenue recognition. While there is no disclosure of the impact, in our experience this is the sort of thing companies do when they are straining to meet expectations. Notably, that quarter, athena exceeded consensus revenue estimates by 0.25%.",
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      "text": "During 2014, we began to sell go-live and training support services separate from the required implementation services. Fees associated with required implementation services are included in our ongoing monthly rate; therefore, they are being recognized ratably over the customer life. Go-live and training support services can be purchased by the customer from us or third-party vendors, and therefore, are recognized upon delivery of service. Previously deferred revenue balances related to implementation services, including go-live and training support services, will continue to be amortized over those remaining customer lives.",
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      "text": "“During 2014, we began to sell go-live and training support services separate from the required implementation services. Fees associated with required implementation services are included in our ongoing monthly rate; therefore, they are being recognized ratably over the customer life. Go-live and training support services can be purchased by the customer from us or third-party vendors, and therefore, are recognized upon delivery of service. Previously deferred revenue balances related to implementation services, including go-live and training support services, will continue to be amortized over those remaining customer lives.” — ATHN 3Q 2014 10Q, page 13",
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