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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": "The slide uses a specific accounting adjustment to demonstrate that reported growth (15.6% EBITDA) is significantly lower (1.5%) when accounting for capitalized commissions.",
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      "text": "In FY19, Verint began to capitalize costs associated with commissions paid to its internal sales force... Spruce Point believes that shifting commissions to the balance sheet understates expenses and overstates earnings.",
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      "text": "In addition, the timing of cost of revenue recognition for certain customer contracts requiring significant customization will change... we also expect to begin deferring commissions earned by our internal sales force...",
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      "text": "EBITDA Growth Driven By Cost Capitalization?",
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