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  "docSlug": "c54d9b8bb206",
  "documentTitle": "Verint Systems, Inc. (VRNT)",
  "authorId": "54_Spruce_Point_Capital",
  "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 side-by-side comparison of company-reported data vs. third-party platform data to highlight a discrepancy.",
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      "kind": "callout",
      "text": "Even if LinkedIn's precise employee count is off, shouldn't the growth rates shown by LinkedIn and presented by the Company be somewhat similar?",
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      "kind": "chart",
      "text": "Verint Employee Count (10-K)",
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      "text": "LinkedIn: Verint Employee Count",
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      "text": "Verint typically reports gradual YoY growth in its employee base every year. In FY19, it reported a strong 17% increase in its employee base. However, we suspect that much of this growth has come from acquisitions or the Company’s inclusion of “certain contractors” in its employee count. LinkedIn data reveals that growth in Verint’s employee base has remained steady at close to 0% for at least two years. While this confirms our belief that Verint currently sees little to no organic growth, we openly question management’s presentation of its employee data, and wonder why its reported growth in its employee base differs so markedly from LinkedIn data. Even if LinkedIn’s precise employee count is off, shouldn’t the growth rates shown by LinkedIn and presented by the Company be somewhat similar?",
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      "kind": "source-note",
      "text": "Source: LinkedIn",
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      "text": "Source: VRNT SEC Filings",
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      "kind": "title",
      "text": "Employee Growth Stagnant, Per LinkedIn",
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