{
  "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": 52,
  "pageCount": 108,
  "prevPage": 51,
  "nextPage": 53,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "Uses a direct comparison of two text sources to expose management dishonesty.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "quote_block",
    "other"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-b531f2b0553d/52",
  "deckHref": "/decks/019dd923-622c-750b-8b98-b531f2b0553d",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-b531f2b0553d.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-b531f2b0553d#slide-52",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.25,
        "x": 0.72,
        "y": 0.67
      },
      "kind": "callout",
      "text": "Why is management saying publicly that customers do want to move to the cloud when it privately tells Neuberger that customers do not want to move to the cloud?",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "27c1cd94-f221-4415-aa28-131e9b8df724",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "As the proxy fight has dragged on, management has increasingly highlighted its focus on the cloud... We believe that investors should think long and hard about whether they can feel comfortable investing in such a management team.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b7c0cf59-f71b-4aff-8cff-d6312dc7f9a1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.9,
        "x": 0.05,
        "y": 0.93
      },
      "kind": "paragraph",
      "text": "Do you really feel comfortable investing with a management team that tells a major shareholder one thing, and all other investors another?",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c43d6efd-4311-4f1b-b95c-b7fbaac7e0b3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"In that meeting, Mr. Bodner reiterated his position that he believed there is no incremental value that could be generated from separating CES and CIS, that Verint's customers do not want to transition to the cloud, and that Verint had no intention to pursue a cloud-centric strategy for CES.\" — Neuberger Berman Proxy Filing; \"As we've discussed [on] prior calls, enterprise customers have been interested in a move to the cloud and what we've seen lately is that they've accelerated the cloud adoption and cloud purchases.\" — Dan Bodner – CEO, Verint",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-2b65-734e-a972-ed08d9b962f9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.35
      },
      "kind": "table",
      "text": "Neuberger Berman Proxy Filing: On December 7, 2018... Mr. Bodner reiterated his position that he believed there is no incremental value that could be generated from separating CES and CIS, that Verint's customers do not want to transition to the cloud...",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0a7a070d-9a85-4d12-bac2-c94f637e009f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.65,
        "x": 0.05,
        "y": 0.62
      },
      "kind": "table",
      "text": "VRNT Q4 FY19 Earnings Call: \"As we've discussed [on] prior calls, enterprise customers have been interested in a move to the cloud and what we've seen lately is that they've accelerated the cloud adoption and cloud purchases...\" - Dan Bodner",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bc5e9e33-327c-4427-bc3b-92ee1a37466c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.38,
        "x": 0.31,
        "y": 0.04
      },
      "kind": "title",
      "text": "Firing Over The Bow Of Neuberger?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "50f0af7d-aeff-43f9-910a-8712a2179c89",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "0390232b-3f12-4fa8-b01f-8c586292f2bb",
      "evidence": "Direct comparison of private meeting minutes vs public earnings call transcript to highlight management dishonesty.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}