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  "documentTitle": "Verint Systems, Inc. (VRNT)",
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      "text": "Verint's reported 8% growth is a mirage of M&A, FX and ASC 606 tailwinds masking negative organic growth; rerate to BPO peer multiples for 60-70% downside to $17-25.",
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      "text": "Aggressive Accounting Measures And Non-GAAP Add-Backs Inflate Performance: We find it curious that, in FY19, for the first time, management announced that it would capitalize commissions.",
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      "text": "Key Executives With Dubious Pasts: Dan Bodner has been CEO of Verint since its founding in 1994. For much of the 1990s and 2000s, it was a subsidiary of Comverse Technology, whose CEO, CFO, and GC orchestrated a massive options backdating scandal.",
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      "text": "A Poor Business Lagging Peers: Verint’s core business is “customer engagement solutions” – a euphemism for call center software.",
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