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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": 98,
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  "notes": "The slide argues that the market's valuation of VRNT is misinformed due to aggressive accounting and inorganic revenue.",
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      "text": "Trading at 15.4x TTM EV/EBITDA, VRNT shares appear to be valued at a ~35% discount to the space on a TTM EV/EBTIDA basis, against the peer median of 23.6x.",
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      "text": "EV/EBITDA: 15.4x",
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      "text": "Trading at 15.4x TTM EV/EBITDA, VRNT shares appear to be valued at a ~35% discount to the space on a TTM EV/EBITDA basis, against the peer median of 23.6x. However, we believe that this valuation is misinformed due to the inorganic sources of revenue and aggressive add-backs supporting management's reported Adj. EBITDA, in addition to a broad misunderstanding of the Company's true leverage.",
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      "text": "Source: Bloomberg consensus and company financials",
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      "text": "Peer valuation table showing metrics for NICE, NUAN, ACIW, NTCT, CVLT, MSTR, and VRNT.",
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      "kind": "title",
      "text": "A Valuation On Shaky Foundations",
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