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  "documentTitle": "Verint Systems, Inc. (VRNT)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2019-05-23 00:00:00",
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      "text": "Spruce Point finds this maneuver particularly aggressive and gives the Company no credit for its “revenue adjustments.”",
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      "text": "EBITDA add-backs: 100%",
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      "text": "On a quarterly basis, management recognizes significant EBITDA add-backs tied to acquisitions – specifically, “revenue adjustments related to acquisitions” and “acquisition expenses.” Spruce Point believes that, for a serial acquirer, acquisition expenses are an important cost of carrying out the company’s strategy and, as such, should not be added back to EBITDA. Meanwhile, the “revenue adjustments” represent prepaid services which an acquired business would be able to recognize over time, but which GAAP standards preclude an acquirer from recognizing following a deal. Therefore, not only do these added-back revenue adjustments represent inorganic sales which Verint will never see, but they represent added-back sales at an assumed margin of 100%. Spruce Point finds this maneuver particularly aggressive and gives the Company no credit for its “revenue adjustments.”",
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      "text": "Sources: VRNT Earnings Press Releases",
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