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  "docSlug": "c54d9b8bb206",
  "documentTitle": "Verint Systems, Inc. (VRNT)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-05-23 00:00:00",
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  "pageNumber": 80,
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  "notes": "The slide uses a red arrow callout to specifically debunk the 2019 Non-GAAP figure.",
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      "kind": "callout",
      "text": "Recall that Verint's adoption of ASC 606 was a $51.5M benefit to net income in FY19. The recent increase in Non-GAAP Net Income does not reflect organic profit growth.",
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      "text": "Net Income: GAAP vs. Non-GAAP",
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      "text": "Net Income: $150M",
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      "text": "As is the case with many companies investigated by Spruce Point, Verint shows an increasingly large spread between GAAP and Non-GAAP income. In fact, in FY17 and FY18, Non-GAAP adjustments were responsible for over 100% of Non-GAAP net income. We believe that GAAP income is a far better measure of Verint's economic reality than a Non-GAAP measure of income with ~$150M worth of management add-backs.",
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      "text": "Sources: VRNT SEC Filings, Earnings Press Releases",
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      "text": "Widening Spread Between GAAP And Non-GAAP Net Income",
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