{
  "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": 58,
  "pageCount": 108,
  "prevPage": 57,
  "nextPage": 59,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 18,
  "notes": "The slide uses a red box to highlight the specific footnote in the company's own presentation that reveals the accounting practice being criticized.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "kpi_table",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-b531f2b0553d/58",
  "deckHref": "/decks/019dd923-622c-750b-8b98-b531f2b0553d",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-b531f2b0553d.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-b531f2b0553d#slide-58",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.74,
        "x": 0.13,
        "y": 0.91
      },
      "kind": "callout",
      "text": "Term license revenue is not SaaS revenue, and should not be reported as such",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "35286dc7-efc4-4482-be6a-8744b1a10f19",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "SaaS revenue",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b65-734e-a973-7fd8bb17b785",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.9,
        "x": 0.05,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "In its presentation to sell-side analysts earlier this week, Verint management defined yet another new cloud revenue metric: SaaS revenue. Per the presentation, cloud revenue can be broken into “SaaS” and “Managed Services,” with SaaS including “primarily subscription licenses bundled with managed services, as well as, some term licenses with managed services sold separately.” Regardless of whether management believes that this term-based revenue properly belongs within “cloud revenue,” we certainly do not believe that term-based revenue should be included in “SaaS revenue,” which, to us, now presents a misleading representation of recurring revenue to investors.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5e623a89-5e5e-4c0c-817b-6c2164a05806",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "SaaS includes primarily subscription licenses bundled with managed services, as well as, some term licenses with managed services sold separately. — Verint Management",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-2b65-734e-a973-7aecd3e65560",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.03,
        "x": 0.13,
        "y": 0.83
      },
      "kind": "source-note",
      "text": "Source",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f017d3c1-f874-451d-8c05-694cf3d907e9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.52,
        "w": 0.74,
        "x": 0.13,
        "y": 0.31
      },
      "kind": "table",
      "text": "Three Year Target Detail: More Recurring Revenue and Expanding Margins",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8d42004e-7844-4dfc-8ffb-a614d181c1e1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.6,
        "x": 0.28,
        "y": 0.02
      },
      "kind": "title",
      "text": "Inflating Reported SaaS Revenue With Revenue From Term Licenses?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cc7619fe-5834-492b-a48a-1edc922b06bb",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "e313e723-97e9-4706-834a-1560ee1df171",
      "evidence": "The slide explicitly calls out misleading accounting practices regarding revenue classification.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}