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  "documentTitle": "Verint Systems, Inc. (VRNT)",
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  "authorName": "Spruce Point Capital Management",
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  "notes": "Uses a quote from an earnings call to contrast with the data showing increased acquisition spending.",
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      "kind": "callout",
      "text": "Spending on “tuck-in acquisitions” accelerates beginning in Q1 FY17",
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      "text": "Cash Paid For Business Combinations (Cash Flow Statement), All Quarters Since KANA (Completed Q1 FY15)",
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      "text": "Beginning in FY17 – just as Verint was experiencing its first revenue contraction since the financial crisis – the Company began to ramp up its spending on what management deems “tuck-in acquisitions,” most of which it does not discuss on calls or identify in SEC filings.",
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      "kind": "quote",
      "text": "“One more for Doug, can you tell us the -- what was the revenue contribution in the quarter from Contact Solutions and Intelligent and what are your expectations for each for the year?” - Kyle Chen – Credit Suisse",
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      "text": "“Yeah, well, Intelligent we did last year, it's small more just product oriented and Contact Solutions similar small maybe a few in the quarter, but really small contribution... we generally just focus on the technology... but it's really not applicable in this case.” - Doug Robinson – CFO, Verint",
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      "kind": "quote",
      "text": "\"Yeah, well, Intelligent we did last year, it's small more just product oriented and Contact Solutions similar small maybe a few in the quarter, but really small contribution. So to just clarify that we see a part of our land and expense strategy... we generally just focus on the technology and how to bring this technology into our portfolio and of course when we do a larger acquisitions then we provide a complete breakdown of revenue and gross margin and profit, but it's really not applicable in this case.\" — Doug Robinson – CFO, Verint",
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      "text": "Source: VRNT SEC Filings",
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      "text": "Tuck-In Acquisition Spend Ramps Up Just As Sales Growth Appears To Stall",
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