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  "docSlug": "80f82c26a432",
  "documentTitle": "Globant SA (GLOB)",
  "authorId": "54_Spruce_Point_Capital",
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  "presentationDate": "2018-04-04 00:00:00",
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  "notes": "Uses a direct quote from a conference call to establish the 'before' state, followed by a data table to 'expose' the contradiction.",
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      "kind": "callout",
      "text": "4Q16 Conference Call – February 16, 2017: Q - Amit Singh: ...How much of that is sort of inorganic from L4? ... A - Alejandro Scannapieco: No. Definitely, definitely. It's pretty much in that range. . .So you are pretty much in the range. Yes.",
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      "text": "Incremental revenues from L4 represented at least 3.9% (not 1% to 2%) and probably closer to 5% as our work suggests that L4 was likely growing over 20% per year",
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      "kind": "metric",
      "text": "Growth from M&A: 13.2%",
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      "text": "Globant repetitively tells investors that its growth has been, and will remain, from internal “organic growth”",
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      "kind": "quote",
      "text": "Q - Amit Singh: Hi, guys. This is Amit Singh for Jason. Just a quick question regarding your guidance for fiscal 2017. So the revenue growth guidance is around 20% year-over-year. How much of that is sort of inorganic from L4? . . . Q - Amit Singh: Okay. And is the inorganic contribution around 1%, 2% from L4? A - Martín Migoya (CEO): Oh, Ale, can you cover me on that? A - Alejandro Scannapieco: No. Definitely, definitely. It's pretty much in that range. . .So you are pretty much in the range. Yes. — 4Q16 Conference Call – February 16, 2017",
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      "kind": "source-note",
      "text": "Sources: Bloomberg and Seeking Alpha Conference Call Transcripts, Company Filings (FY16 20F, 1H17 6K, 4Q17 Press Release)",
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      "text": "Table showing 2016 and 2017 acquisitions, annual revenues, and incremental revenue impact.",
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      "kind": "title",
      "text": "Growth Rate Comment – Recent Contribution From Acquisition",
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