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  "documentTitle": "Verint Systems, Inc. (VRNT)",
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  "authorName": "Spruce Point Capital Management",
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      "text": "Why didn't management think investors would be interested in seeing acquisition-related expenses broken out for a serially-acquisitive company?",
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      "text": "Why didn't management think investors would be interested in seeing acquisition-related expenses broken out for a serially-acquisitive company? Aren't acquisition costs core to its business strategy?",
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      "text": "Adjusted EBITDA: $296.7",
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      "text": "We aren't the only ones who find management's add-backs questionable. In Sep 2016, Verint received a letter from the SEC questioning its large \"other adjustments\" add-back...",
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      "text": "We note that the \"other adjustments\" line item is a significant adjustment in your reconciliation of GAAP to non-GAAP Results...",
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      "text": "The \"other adjustments\" line item within our \"Reconciliation of GAAP to non-GAAP Results\" includes restructuring expenses, acquisition-related expenses...",
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      "text": "We note that the “other adjustments” line item is a significant adjustment in your reconciliation of GAAP to non-GAAP Results, particularly for the year ended January 31, 2016 and 2015. Please tell us the nature of the items included within these “other adjustments” as well as your consideration for further breaking out these items in more detail in your reconciliations. Similar concerns apply to the Form 8-K filed September 7, 2016. — SEC; The “other adjustments” line item within our “Reconciliation of GAAP to non-GAAP Results” includes restructuring expenses, acquisition-related expenses (including integration costs)... we have chosen to present those adjustments as a single line item in our reconciliation tables. We believe that breaking out the individual items comprising the “other adjustments” line item could unnecessarily clutter the reconciliation tables — Verint Response",
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      "text": "Sources: VRNT Earnings Press Releases, SEC Correspondence",
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