{
  "docId": "019dd923-622c-750b-8b98-b531f2b0553d",
  "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",
  "aspectRatio": 1.3333334,
  "pageNumber": 46,
  "pageCount": 108,
  "prevPage": 45,
  "nextPage": 47,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 18,
  "notes": "Includes a press release excerpt and a supporting data table comparing guidance changes to estimated acquisition contributions.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "screenshot",
    "data_table",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-b531f2b0553d/46",
  "deckHref": "/decks/019dd923-622c-750b-8b98-b531f2b0553d",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-b531f2b0553d.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-b531f2b0553d#slide-46",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.92
      },
      "kind": "callout",
      "text": "Why did management not increase revenue guidance by Next IT's full likely FY19 sales contribution following the acquisition?",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b78790a6-b78b-4ce1-a9c7-11d8676f35c2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.65,
        "x": 0.18,
        "y": 0.35
      },
      "kind": "image",
      "text": "MELVILLE, N.Y., December 19, 2017 - Verint Systems Inc. (Nasdaq: VRNT) today announced that it has acquired all of the outstanding equity interests in Next IT Corporation...",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "59e6ac2b-8c23-4b69-b754-bb69b31ade8b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "revenue guidance: $10M",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b65-734e-a972-383cb9d4abd9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "We note that Verint seems to have followed a similar pattern of behavior following its acquisition of Next IT in Dec 2017. Management increased FY19 sales guidance by $10M after completing the deal...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "920830f9-c582-4039-ab3f-12eff1d76dd6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "We continue to execute our innovation strategy, including making acquisitions that expand our self-service portfolio, accelerate Verint's cloud and automation capabilities, and are accretive to earnings. — Dan Bodner, CEO, Verint",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-2b65-734e-a972-3462fab896c7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.75
      },
      "kind": "table",
      "text": "Table showing FY19 Sales Guidance, Guidance Change, and Next IT Sales Contribution estimates.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f4aa353c-45f3-480a-bb92-5cb76d370374",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.28,
        "y": 0.03
      },
      "kind": "title",
      "text": "Acquisitions Creating Cookie Jar For Guidance Raises: Next IT",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "30366379-9105-49af-968b-a090ea1a97b4",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "58462e4e-dda3-41f0-8dc3-19071076d9d9",
      "evidence": "The slide explicitly frames management's guidance behavior as a 'cookie jar' accounting manipulation to mislead investors.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}