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  "docSlug": "c54d9b8bb206",
  "documentTitle": "Verint Systems, Inc. (VRNT)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-05-23 00:00:00",
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  "pageNumber": 54,
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  "notes": "Uses a bridge-style calculation to isolate organic growth from inorganic acquisition contributions.",
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      "text": "However, with recent acquisitions poised to contribute $115-125M in cloud revenue by our estimates, we believe that this leaves targeted cloud revenue growth at a three-year CAGR of just 13-27% excluding outstanding sources of inorganic cloud revenue.",
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      "text": "Three-Year CAGR: 13-27%",
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      "text": "Verint recently announced a target three-year cloud revenue CAGR of 30-40%. This implies that management is targeting FY22 cloud revenue of ~$360-450M. However, with recent acquisitions poised to contribute $115-125M in cloud revenue by our estimates, we believe that this leaves targeted cloud revenue growth at a three-year CAGR of just 13-27% excluding outstanding sources of inorganic cloud revenue.",
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      "text": "1. Includes anticipated inorganic contribution in FY21\n2. Minimum contribution to cloud revenue estimated at zero, since unannounced acquisitions may not be cloud businesses",
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      "text": "Table showing inorganic revenue breakdown by acquisition and the impact on cloud revenue CAGR.",
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      "kind": "title",
      "text": "Implied Three-Year Target For Organic Cloud Revenue Growth Far Below Stated Targets",
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