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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": 6,
  "pageCount": 108,
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  "nDataPoints": 24,
  "notes": "The slide uses a 'before-after' style logic to expose the gap between reported and organic growth.",
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      "kind": "callout",
      "text": "Absent M&A, FX impacts, and the beneficial effects of ASC 606, Spruce Point estimates that Verint would have seen top-line contraction.",
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      "kind": "callout",
      "text": "Absent M&A, FX impacts, and the beneficial effects of ASC 606 (discussed later), Spruce Point estimates that Verint would have seen top-line contraction, as opposed to the high-single-digit top-line growth reported by management",
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      "text": "Annual Revenue Growth, Actual vs. Organic (Est.)",
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      "text": "Organic Sales Growth: -1.8%",
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      "kind": "paragraph",
      "text": "Verint reported GAAP sales growth in the high single digits in both FY18 and FY19. However, Spruce Point estimates that underlying organic sales growth was in the low single digits in FY18 and was negative in FY19.",
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      "text": "Source: VRNT SEC Filings",
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      "text": "Revenue reconciliation table showing GAAP vs Organic growth adjustments for FY17-FY19.",
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      "kind": "title",
      "text": "Management Overstating Revenue Growth By Not Disclosing Inorganic Sales Contributions",
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