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  "documentTitle": "Verint Systems, Inc. (VRNT)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2019-05-23 00:00:00",
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  "notes": "The table highlights specific rows in red to emphasize the 'unjustified' nature of these specific add-backs.",
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      "text": "Spruce Point believes that at least 45% of Verint's Non-GAAP Net Income is attributed to unjustified add-backs.",
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      "text": "Spruce Point believes that at least 45% of Verint’s Non-GAAP Net Income is attributed to unjustified add-backs.",
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      "text": "Non-GAAP Net Income: 45%",
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      "text": "We also question why management chooses to add amortization of operating items – specifically, amortization of acquired technology, backlog, and other acquired intangibles – back to net income to arrive at its calculation of Non-GAAP Net Income.",
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      "text": "Sources: VRNT Earnings Press Releases",
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      "text": "Reconciliation: GAAP Net Income to Non-GAAP Net Income table showing FY17, FY18, FY19 figures and % of FY19 Adj. Income.",
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      "text": "Amortization Add-Backs To Net Income?",
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