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  "documentTitle": "Globant SA (GLOB)",
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  "notes": "The slide explicitly details the methodology for the adjustments in the footer and the top text block.",
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      "text": "Spruce Point's adjusted EPS estimates are 36% lower than Globant's adjusted reported EPS results.",
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      "text": "Globant vs. Spruce Point Adjusted EPS",
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      "text": "EPS: 36%",
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      "text": "Globant does not include D&A in its Gross Margins or Adjusted SG&A. Further, in its adjusted income statement, Globant does not exclude one-time gains found within the finance and income line items on its income statement. Lastly, unlike its peers, Globant does not tax effect adjustments in its Adjusted Income Statement Reconciliation",
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      "text": "Sources: Spruce Point Estimates and Company Filings (IPO Prospectus, 4Q14 Press Release, 4Q15 Press Release, 4Q16 Press Release, 4Q17 Press Release) (1) Spruce Point estimates eliminates finance and other income, tax effects all other one-time adjustments (Globant does not), and assumes a normalized 35% historical corporate tax rate. As the operations of the Argentine subsidiaries are the most significant source of net taxable income for Globant, the 35% corporate income tax rate of Argentina is used.",
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      "text": "Globant's Adjusted vs. Spruce Point Adjusted Income Statement",
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      "text": "Spruce Point Adjusted EPS Estimates",
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