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  "documentTitle": "Verint Systems, Inc. (VRNT)",
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  "authorName": "Spruce Point Capital Management",
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  "notes": "Includes a bridge from total liquidity to net debt calculation.",
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      "text": "While the non-restricted portion of this cash should be included in liquidity, it should be adjusted by the 15.5% cash repatriation tax enforced by the Tax Cuts and Jobs Act.",
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      "text": "We also observe that, per management, $399.4M of its “cash, cash equivalents, short-term investments, and restricted cash, cash equivalents, and bank time deposits (excluding any long-term portions)” are held outside of the U.S.",
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