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  "docSlug": "c54d9b8bb206",
  "documentTitle": "Verint Systems, Inc. (VRNT)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-05-23 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 20,
  "pageCount": 108,
  "prevPage": 19,
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  "slideType": "valuation_table",
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  "density": "dense",
  "nDataPoints": 85,
  "notes": "The table highlights a discrepancy between acquisition spend ($971.4M cumulative) and flat FCF/Share growth (-1.0% CAGR), while insider sales and compensation remain significant.",
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      "text": "Even as management has spent nearly $1B on acquisitions since FY15, revenue, Adj. EBITDA, operating cash flow, and free cash flow have remained largely flat, while free cash flow per share is down over the same period.",
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      "text": "FCF / Share: -1.0%",
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      "text": "Even as management has spent nearly $1B on acquisitions since FY15, revenue, Adj. EBITDA, operating cash flow, and free cash flow have remained largely flat, while free cash flow per share is down over the same period. Meanwhile, executives have aggressively sold shares while inflating non-GAAP metrics to meet their compensation targets. We have little confidence that the business is being run in the best interest of shareholders.",
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      "kind": "source-note",
      "text": "1. Includes insider selling through Apr 2019",
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      "text": "Financial performance table showing FY15-FY19 metrics including Revenue, EBITDA, Cash Flow, FCF/Share, Acquisitions, Insider Sales, and Compensation.",
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      "kind": "title",
      "text": "Summary: Verint Just A Vehicle For Self-Enrichment For Management?",
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