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  "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 waterfall-style logic to subtract inorganic revenue from management's total cloud revenue guidance to isolate organic performance.",
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      "kind": "callout",
      "text": "Even under more conservative estimates regarding the inorganic sales contributions of recently-acquired businesses, management is guiding to very limited organic cloud revenue growth at best",
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      "text": "Management Guidance: $85M Incremental Cloud Revenue ($250M - $165M = $85M)",
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      "text": "Organic Cloud Revenue Growth: -24.9%",
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      "text": "Verint states in its recent investor presentations that it anticipates cloud-related revenue to grow by $85M in FY20 to $250M, up from $165M in FY19. However, we expect ForeSee alone to contribute ~$90M in inorganic sales in FY20, on top of other (most likely cloud-related) sources of inorganic sales of ~$35M from other acquisitions. Is Verint's \"cloud\" business growing organically at all?",
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