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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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      "text": "In Company presentations, management deducts four line items from gross debt to arrive at net debt... We believe that its reported liquidity of $445M and reported net debt of $350M as presented on its investor presentation are not representative of Verint’s true leverage.",
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      "text": "As of January 31, 2019 and 2018, we had cash and cash equivalents totaling approximately $370.0 million and $337.9 million... At such dates we also held $65.5 million and $61.7 million, respectively, of restricted cash... not available for general operating use.",
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      "text": "1. Sprue Point believes that Verint’s restricted cash may be related to its $97.4M of outstanding letters of credit and surety bonds...",
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