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  "documentTitle": "Verint Systems, Inc. (VRNT)",
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  "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 red arrows to connect management's guidance changes to the 'cookie jar' reserve calculation.",
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      "text": "Was this raise really a product of organic momentum, or was it a “draw-down” on expected ForeSee sales which hadn’t yet been baked into guidance?",
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      "text": "Why did management raise revenue guidance by only $20M following the ForeSee acquisition? Why did management attribute the subsequent guidance raise to organic “momentum”? Will future “momentum”-driven guidance raises really be attributable to genuinely organic growth prospects?",
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      "text": "revenue guidance: $20M",
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      "text": "Verint acquired ForeSee Results, Inc., a customer experience analytics business, on Dec 13, 2018 for just under $66M in cash. In the subsequent 8-K, management increased its FY20 non-GAAP revenue guidance by $20M, citing the acquisition.",
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      "kind": "quote",
      "text": "As our momentum continues, we are raising guidance once again for the current year. Our guidance for the non-GAAP revenue is increasing by $25 million to $1.37 billion representing 10% growth and acceleration from the prior year.",
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      "text": "“As our momentum continues, we are raising guidance once again for the current year. Our guidance for the non-GAAP revenue is increasing by $25 million to $1.37 billion representing 10% growth and acceleration from the prior year.” — Dan Bodner – CEO, Verint",
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      "text": "Guidance change table showing Q3 FY19 to Q4 FY19",
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      "text": "ForeSee Sales, Per Answers Corp. Bankruptcy Filings",
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      "text": "ForeSee Sales Contribution vs. Guidance calculation",
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      "kind": "title",
      "text": "Acquisitions Creating Cookie Jar For Guidance Raises: ForeSee",
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