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  "docSlug": "80f82c26a432",
  "documentTitle": "Globant SA (GLOB)",
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  "presentationDate": "2018-04-04 00:00:00",
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  "notes": "Uses callout boxes to highlight the contradiction between management quotes and the underlying data table.",
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      "kind": "callout",
      "text": "Organic Growth was below 20% in 2016 and 2017 and will likely be far below 20% in 2018.",
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      "kind": "callout",
      "text": "If you repeat it, maybe investors will believe it.",
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      "text": "organic growth: 14.8%",
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      "kind": "paragraph",
      "text": "Globant repetitively tells investors that its growth has been, and will remain, from internal “organic growth”",
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      "kind": "quote",
      "text": "3Q17 Conference Call – November 16, 2017: Alejandro Scannapieco (CFO): “[The] growth. . . it's pretty much organic. . . We have been able to keep up with this 20%-plus growth steadily. . . growing this company organically on a 20%-plus rate.”",
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      "kind": "quote",
      "text": "Alejandro Scannapieco (CFO): \"[The] growth. . . it's pretty much organic. . . we have some tailwind from the acquisitions. But keep in mind that PointSource and Ratio were very small tuck-in acquisitions. . . So, pretty much the growth is organic. . . So, the growth remains mostly organic and within relationships that we have been forming. . . looking into 2018, we're very optimistic about keeping up with this level of organic growth.\" \"We have been able to keep up with this 20%-plus growth steadily. We're still aiming to have that 20%-plus organically. . . That's the way to go and how we're going to be growing this company organically on a 20%-plus rate.\" — Alejandro Scannapieco (CFO)",
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      "kind": "source-note",
      "text": "Sources: Bloomberg and Seeking Alpha Conference Call Transcripts, Company Filings (FY15 20F, FY16 20F, 1H17 6K, 4Q17 Press Release)",
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      "kind": "table",
      "text": "Growth Attribution Analysis ($ in Millions) Revenues 2015 $253.8 2016 $322.9 2017 $413.4 Growth (%) 27.1% 27.2% 28.1% Growth ($) 54.2 69.1 90.6 Growth Attribution (%) Organic 21.6% 18.7% 14.8% M&A 5.5% 8.5% 13.2% Total 27.1% 27.2% 28.1%",
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      "kind": "title",
      "text": "Growth Rate Comments From Conference Call (Cont'd)",
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