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  "documentTitle": "Verint Systems, Inc. (VRNT)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-05-23 00:00:00",
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  "notes": "Uses a before-after comparison of reported vs. adjusted metrics to highlight the impact of accounting changes.",
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      "text": "-0.3% adjusted growth",
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      "text": "When capitalized commissions are deducted from both Adj. EBITDA and Non-GAAP Net Income in FY19, growth in both metrics is cut from mid-teens levels to close to (or below) zero.",
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      "text": "Non-GAAP Earnings Growth: 0%",
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      "text": "As discussed, effectively all growth in Adj. EBITDA and Non-GAAP Net Income in FY19 can be attributed to management's decision to capitalize commissions starting last year. When capitalized commissions are deducted from both Adj. EBITDA and Non-GAAP Net Income in FY19, growth in both metrics is cut from mid-teens levels to close to (or below) zero.",
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      "text": "We capitalize commissions paid to internal sales personnel and agent commissions that are incremental to obtaining customer contracts. We have determined that these commissions are in fact incremental and would not have occurred absent the customer contract. — VRNT FY19 10-K",
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      "text": "Non-GAAP Earnings Growth Driven Entirely By Cost Capitalization?",
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