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  "docSlug": "80f82c26a432",
  "documentTitle": "Globant SA (GLOB)",
  "authorId": "54_Spruce_Point_Capital",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-04-04 00:00:00",
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  "notes": "Uses a 'Definition vs. Reality' structure to expose a contradiction in company narrative.",
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      "kind": "callout",
      "text": "Growth actually appears to be slowing",
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      "kind": "callout",
      "text": "Excluding Disney, there does not seem to be much traction in GLOB's top 5 clients. Its top four clients (outside of Disney) only grew 2% or ($300K/ year).",
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      "kind": "callout",
      "text": "We don't see much evidence of wallet share growth amongst Globant's top clients",
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      "kind": "callout",
      "text": "Excluding Disney, there does not seem to be much traction in GLOB's top 5 clients. Its top four clients (outside of Disney) only grew 2% or ($300K/ year). The expansion of wallet share is not showing up with its top clients.",
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      "text": "Top 5 Client Revenue Growth: 2%",
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      "kind": "paragraph",
      "text": "50 Squared Definition from Globant – 20F filed April 7, 2017: \"During 2016 we introduced a new model that intends to reshape our go-to-market strategy...\"",
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      "kind": "quote",
      "text": "\"During 2016 we introduced a new model that intends to reshape our go-to-market strategy to scale our company in the coming years, called 50 Squared. The main goal of this new approach is to focus our team in the top 50 high potential accounts that have the capacity to grow exponentially over time.\" — Globant 20F filed April 7, 2017",
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      "kind": "source-note",
      "text": "Source: Bloomberg Transcripts and Company Filings",
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      "text": "Top 5 Client Analysis ($ in millions) table showing 2013-2017 data for Total $, Average $/Client, and Growth.",
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      "text": "50 – Squared (Progress Update)",
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