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  "docSlug": "80f82c26a432",
  "documentTitle": "Globant SA (GLOB)",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-04-04 00:00:00",
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      "kind": "callout",
      "text": "Globant's View: 4Q17 Conference Call – February 15, 2018: Alejandro Scannapieco (CFO): \"We don't really disclose the organic/inorganic [Growth] . . . We ended up the year growing 28% and probably 400 bps to 450 bps of that came from the acquisitions of PointSource and Ratio.\"",
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      "text": "A total of 5 acquisitions were made in 2016 and 2017 which were attributable for at least 13.3% of the growth.",
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      "text": "A total of 5 acquisitions were made in 2016 and 2017 which were attributable for at least 13.3% of the growth. 2016 acquisitions contributed at least 5.3% of 2017's total growth. 2017 acquisitions contributed at least 7.9% of 2017's total growth. 142 employees were acquired.",
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      "text": "M&A revenue contribution: 13.2%",
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      "text": "On Globant's last conference call, it stated that two acquisitions contributed in the range of 4% to 4.5% of 2017 revenue growth. Our analysis assumes that at approximately half of Globant's growth was attributable to five acquisitions made in 2016 and 2017",
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      "text": "We don't really disclose the organic/inorganic [Growth] . . . if you do a quick math on the two acquisitions that we made in 2017, PointSource and Ratio, roughly 110 people. If you take the average rate for a typical rate for the U.S. [employee] and you [assume] 80% - 82% utilization. . . you're going to get to 400 - 450 basis points of contribution for the full-year 2017. So still, organic growth was very strong in the year. We ended up the year growing 28% and probably 400 bps to 450 bps of that came from the acquisitions of PointSource and Ratio. — Alejandro Scannapieco (CFO)",
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      "kind": "source-note",
      "text": "Sources: Bloomberg and Seeking Alpha Conference Call Transcripts and Company Filings (FY16 20F, 1H17 6K)",
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      "kind": "title",
      "text": "Globant's Claims vs. Reality",
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