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  "documentTitle": "Globant SA (GLOB)",
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  "notes": "Includes a specific callout on PP&E breakdown suggesting excessive spending on office fixtures.",
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      "text": "One of the few public companies Spruce Point has ever seen that avoids providing quarterly cash flow statements",
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      "text": "Globant appears to spend more freely on providing nice office fixtures for employees, than on computer equipment or software (3)",
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      "text": "Source: Bloomberg, Spruce Point Estimates and Company Filings. Financials have been calanderized for comparative purposes. (1) Annualized turnover of workforce (2) Percentage of revenues (3) Office Snapshots",
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      "text": "Globant has the highest valuation amongst its two closest peers, EPAM and Luxoft. We do not believe this is justified given higher business risk, and lower financial transparency",
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      "text": "A Look At GLOB's Two Closest Peers",
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