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  "docSlug": "80f82c26a432",
  "documentTitle": "Globant SA (GLOB)",
  "authorId": "54_Spruce_Point_Capital",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-04-04 00:00:00",
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  "notes": "The slide uses a 'fraud-exposure' framework to contrast company claims with empirical data.",
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      "text": "Globant consistently tells investors that most of its growth is Organic (vs. from M&A). We have done the work to prove otherwise! M&A represented at least 47% of its total growth in 2017. More alarming is that organic growth is decelerating",
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      "kind": "callout",
      "text": "M&A represented at least 47% of its total growth in 2017. More alarming is that organic growth is decelerating",
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      "text": "Incremental Revenues from M&A: 47%",
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      "text": "Sources: Company Filings (FY14 20F, FY15 20F, FY 16 20F, 1H17 6K) (1) Implied annual revenues are deduced from the footnote section disclosure -- \"impact of acquisitions on the results of the company\" (2) Revenue contribution for the first year are disclosed in the same footnote section -- \"impact of acquisitions on the results of the company\" Revenue contribution for the second year, which is likely conservative, is the difference between the implied annual revenues less what was reported in the first partial year period of the acquisition (3) Implied revenues for Ratio and PointSource are half year periods ending June 30, 2017 and then annualized assuming a full 12 month calendar year",
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      "kind": "table",
      "text": "Table of acquisitions including Target, Date, Amount, Employees, Implied Annual Revs, and Incremental Revenues by year.",
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      "kind": "title",
      "text": "Globant Acquisitions",
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