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"adversarial", "notes": "Striking editorial cover (page 1) staging a rat next to an antique phone in front of a fake AdminLTE 'Revenue and Financial Management Dashboard' — title 'Re-DOX of Dot.com Stock Collapse?' Strong narrative spine framing this as a re-run of the 1999-2002 Amdocs accounting playbook, with a recurring 'Have We Seen This Before? YES' comparison table (pages 8-9). Heavy forensic-accounting backbone with quarterly per-acquisition revenue triangulation appendix (pages 113-128). Body is dense table-heavy institutional design rather than custom data-viz; cover is the visually distinctive asset. No stake disclosed — short position rather than long activist. Author/founder Ben Axler is identifiable but the document itself is firm-branded, not signed; Axler attributed via firm bio (page 3).", "kpisCited": [ { "detail": "Amdocs 0.0042 vs CSG 0.0193 vs AT&T 0.0272 — over 5x less variable than peers despite 7 acquisitions", "metric": "EBITDA margin standard deviation (2013-2018)" }, { "detail": "Non-GAAP EPS +6.1% CAGR vs GAAP EPS -4.7% CAGR; non-GAAP adjustments grew from ~15% (FY13) to ~40% (FY18) of non-GAAP earnings", "metric": "Non-GAAP vs GAAP EPS CAGR since FY2015" }, { "detail": "$1.6B spent on M&A since FY09 produced OCF growth from $519M to $557M — <1% CAGR over a decade", "metric": "Operating cash flow growth" }, { "detail": "Down from 80%+ post-IPO to ~1.5% today", "metric": "Insider ownership" }, { "detail": "Sold ~$35M of stock in CY2017, ~$33M in CY2016, with two-year hiatus aligning with Gelman CEO appointment Nov 2010", "metric": "Pines Quest insider selling" }, { "detail": "Up to $60M per year (claimed $28M tied to new Israeli campus in FY2018) — ~10% of FY18 EBT", "metric": "One-off net tax benefits" }, { "detail": "$350M FY18-21 spend for a no-growth company; Electra Group construction estimate only NIS 300m (~$90m)", "metric": "Israeli campus capex" }, { "detail": "+62.5% on 2019E P/E, +38.3% EV/EBITDA, +22.1% EV/Sales", "metric": "Premium to BPO/midcap-tech peer average" }, { "detail": "$73.40 (~22% upside) — Spruce Point estimates ~25% downside to consensus EPS", "metric": "Sell-side average price target" } ], "closingAsk": "Shareholders should keep a vigilant eye on management's accounting practices and compensation decisions and treat DOX as a Strong Sell with 25-50% downside to $30-$45 per share.", "extraction": { "at": "2026-04-22 20:55:58+00", "model": "unknown-legacy", "runId": null, "seconds": 193.42213, "promptVersion": null }, "scqaReward": "Applying a peer-aligned 1.0-1.5x EV/Sales or 11-15x P/E on Spruce Point's adjusted ~$2.50 EPS yields a $30-$45 fair value — 25-50% downside, with potential for further declines as M&A and tax cushions exhaust.", "thesisTypes": [ "fraud_exposure", "governance_board" ], "top3Reasons": [ "Suspiciously steady EBITDA margins (5x less variable than peers) signal aggressive percentage-of-completion accounting", "$1.6B of M&A since FY09 has produced <1% operating cash flow CAGR while GAAP EPS contracts", "Same executives repeating 1999-2002 playbook that triggered a securities-fraud lawsuit — 25-50% downside to $30-$45" ], "scqaSituation": "Amdocs is a Guernsey-domiciled revenue management, BPO and IT services vendor serving major telcos like AT&T, marketed to investors as a steady-margin, M&A-fueled compounder generating ~6% Non-GAAP EPS growth and consistent buybacks.", "thesisSummary": "Amdocs (NASDAQ: DOX), a Guernsey-domiciled provider of revenue management, BPO and IT services to telcos like AT&T, presents itself as a steady 6% Non-GAAP EPS grower — but Spruce Point argues the growth is manufactured. Despite spending $1.6bn on M&A since FY09, operating cash flow has compounded under 1%, GAAP EPS has actually contracted, and EBITDA margins are 5x less variable than peers — hallmarks of aggressive percentage-of-completion accounting and software-cost capitalization, including a $350M Israeli campus that obscures capex. Insiders own only 1.5% and have sold heavily through Pines Quest, an opaque BVI/Guernsey entity tied to the Panama Papers, while a director was previously named in Mercury Interactive's options-backdating case. With the same executives now repeating the 1999-2002 playbook that ended in a securities-fraud lawsuit, Spruce Point sees 25-50% downside to $30-$45 per share.", "primaryDemands": [ "Strong Sell recommendation on DOX shares", "Investors and analysts should reset estimates to back out percentage-of-completion benefits, software-cost capitalization, and one-off tax items", "Shareholders should scrutinize executive compensation, opaque Pines Quest insider selling, and audit-committee ties to prior accounting scandals", "Treat DOX as a no-growth BPO/midcap-tech peer rather than a premium tech compounder" ], "scqaResolution": "Reset estimates to back out percentage-of-completion, software-cost capitalization and one-off tax benefits; reprice DOX as a no-growth BPO peer; and scrutinize the Pines Quest insider-selling vehicle, audit-committee history and option-grant practices.", "thesisOneLiner": "Spruce Point sees 25-50% downside in Amdocs (DOX): a Guernsey-domiciled telecom-IT vendor whose steady margins, opaque insider selling via Pines Quest, and dot-com-era accounting tricks signal $30-$45 per share.", "precedentsCited": [ "Caesarstone (Spruce Point 2015 short — two CEOs and two CFOs subsequently resigned)", "IDB / IRSA / Cresud (Spruce Point 2015 short — Argentine conglomerate VCO accounting)", "Mercury Interactive options-backdating SEC complaint (2008) — Director Giora Yaron previously named", "Amdocs 2002 securities-fraud class action (Kerry Chambers et al. v. 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But we have a big project in Mexico and it's in within AT&T, we don't report it as North America.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:31.466+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "93b52ca8-d184-4d60-a8ff-5e582793ea5d", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.48, "x": 0.51, "y": 0.55 }, "kind": "quote", "text": "Ashwin, just to clarify another point. 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See our later slides on the Comverse BSS acquisition.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:33.519+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9f24fab9-8f15-4883-989b-92972779c450", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.46, "x": 0.51, "y": 0.35 }, "kind": "quote", "text": "\"in terms of the numbers, it's less material. So, that's why we didn't refer to it. It's relatively a small company at this stage...\" - Tamar Rapaport-Dagim, CFO, Amdocs", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:33.519+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2b1686ac-e9c8-4762-8b78-5dfff1b41a46", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.46, "x": 0.03, "y": 0.62 }, "kind": "quote", "text": "\"So maybe first just a clarification. Did you give us the Comverse contribution and the Q4 revenue guidance.\" - William Power, Robert W. 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"parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.48, "x": 0.52, "y": 0.81 }, "kind": "image", "text": "britebill.com", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:32.2+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f90a497c-1958-4699-9eae-71a593cfdfd0", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.42 }, "kind": "paragraph", "text": "As a potential indication of the former, we note that many of the companies acquired by management appear never to be fully integrated into Amdocs; rather, they seem to operate as independent businesses with independent websites, etc. We wonder if management is doing much more with its acquisitions of loosely-related businesses than simply buying sales.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:32.2+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5f41d406-61a0-44ce-824d-bc99fc55c8f6", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "Again, management rarely breaks out organic growth or offers an explicit organic growth target. However, when we subtract management's expected contributions from acquisitions (when provided) from total sales growth targets, we observe that management has guided to 2-5% organic sales growth through the last several years. Yet, we also observe that Amdocs' sales growth has averaged an annualized 1.5% in quarters in which it has not received an M&A tailwind. 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Amdocs management was accused of doing just this in the 2002 lawsuit.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:32.644+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eae926d9-c92f-4ce5-8e06-a7786df2e93b", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "In some cases, management isn't shy about the fact that its M&A isn't done for purely “strategic” reasons as much as it’s done simply to gobble up new customers. Again, management was accused of doing just this in 1999-2002 to cover up declining organic sales.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:41+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1e-7015-9020-82961dc1e04c", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.46, "x": 0.02, "y": 0.67 }, "kind": "image", "text": "Kerry Chambers, et al. vs. Amdocs Limited, et al.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:32.644+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2e26bb89-d412-4fd4-aeaf-17ea2c3f7fcd", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.46, "x": 0.02, "y": 0.26 }, "kind": "image", "text": "Vubiquity sale to Amdocs looks like a fire-sale if ever we saw one", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:32.644+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4a84ba15-93dc-4732-9b84-fabe6e93e11d", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.46, "x": 0.52, "y": 0.26 }, "kind": "image", "text": "Amdocs is adding to its customer base as it agrees to acquire Comverse's BSS assets for US$272m", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:32.644+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e62c0603-dc96-4e3d-b993-44b2798da4cb", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "Telecom revenue management systems is not exactly a heavily-followed industry among hobbyists and casual observers. 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Has Amdocs reached a level of financial aggressiveness that no other US-listed company is willing to approach?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:34.861+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "24c7e440-2ad1-4d4f-913c-16dca9b5f5e1", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.32, "x": 0.03, "y": 0.415 }, "kind": "callout", "text": "As an aside, we note that financials for the Cyprus entity were available on Cyprus’ corporate registry through only 2014. 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Why? (See later discussion)", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:35.295+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "716c0415-9dc5-43d5-b78a-85c3e0551197", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "An unamortized item such as this would be an awfully convenient place to park some capitalized expenses, wouldn’t it?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:45+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1e-7015-9023-0376e5f765a3", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.87 }, "kind": "paragraph", "text": "An unamortized item such as this would be an awfully convenient place to park some capitalized expenses, wouldn’t it?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:35.295+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5cb085bd-ce56-42e7-a052-bd8206739e8a", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.78 }, "kind": "paragraph", "text": "Internally-developed software is listed under intangible assets in Amdocs’ subsidiaries, and software acquired via M&A is given the same treatment at the parent company. 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In all, this subsidiary shows very limited tangible assets.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:34.996+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b7f7ac4c-a60a-41e4-8ccb-b81a717c071c", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "It is perhaps more likely that these “fixed assets” have been manufactured through accounting practices.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": 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"extraction": { "at": "2026-05-02 20:41:36.255+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1e22cdca-b407-4bd3-b9ff-53a52b7b769e", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.29, "x": 0.68, "y": 0.58 }, "kind": "legend", "text": "Acquired “core technology” is amortized – why not internally-developed software?", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:36.255+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e7102492-df2c-4a4d-bb7b-c90293fca9bf", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.29, "x": 0.68, "y": 0.67 }, "kind": "legend", "text": "Why is this null account still here after ten years – since FY 2007 – without change?", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:36.255+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e89a015b-dbc4-4dea-b01b-70fab167bf40", "parentComponentId": null }, { "bbox": { "h": 0.14, "w": 0.94, "x": 0.03, "y": 0.26 }, "kind": "paragraph", "text": "We also notice that included in the Company’s definite-lived purchased intangible assets is “Intellectual property 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Importantly, we note that management amortizes acquired software – and that the acquired software which it lists in its financial statements has been unchanged for ten years, and is fully amortized. 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"kind": "callout", "text": "By sequestering these asset disposals in \"net capex,\" management appears to be inflating earnings on its income statement.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:45+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1e-7015-9022-eb9a3785c15b", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.65, "x": 0.15, 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Normalizing for this capital expenditure, we expect FCF of roughly $500M in FY 2018.... 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This was comprised of cash flow from operations of approximately $165M, less $52M in net capex and other, of which $13M related to the multi-year development of our new campus in Israel. — Tamar Rapaport-Dagim, CFO, Amdocs", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:46+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1e-7015-9023-9dacd4ebafa2", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "1) It is possible the $50m is referred to as net of the $47m NCI investment, which would total $97m", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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The campus will include 4 offices, development areas and 3 underground floors. The total expected consideration in respect of the execution of these projects is NIS 330 million", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:38.226+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b3b1b5e1-6f33-4439-9323-70fbbee53d54", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "What is accounting for the other $160m of estimated costs to hit the $350m total cost forecast?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:45+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1e-7015-9023-315f746ee81f", "parentComponentId": null }, { "bbox": { "h": 0.48, "w": 0.42, "x": 0.08, "y": 0.38 }, "kind": "image", "text": "TASE filing document", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:38.226+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1d80db36-a4b9-4cf6-823f-30cebe6f5f35", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "capital expenditure: $160m", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:45+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1e-7015-9023-380cfd4bc393", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.92, "x": 0.04, "y": 0.17 }, "kind": "paragraph", "text": "As further evidence to suggest capital expenditure inflation, we note that Amdocs construction partner Electra Group made a filing on TASE that indicated the four offices and development of three underground floors would cost NIS 300m or approximately US$ 90 million. 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What is accounting for the other $160m of estimated costs to hit the $350m total cost forecast?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:38.226+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3cb5189e-1b28-4575-993e-0b72ba1463f7", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Electra signed an agreement For the construction of an office campus for the Amdocs Israel company in Israel, the activities of Amdocs Israel's employees will be concentrated in the center. The campus will include 4 offices, development areas and 3 underground floors. 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It then later buried details deep in its tax notes that it booked a $23.1m tax benefit (subsequently increased to $28.8m by year end) related to the funding decision for the new campus – allowing DOX to inflate FY 2018 GAAP EPS by nearly 12% by our estimate. 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"canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:38.411+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3d5e71b6-0132-4293-a758-59620eb8b923", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.76, "x": 0.12, "y": 0.3 }, "kind": "image", "text": "FY 2017 20-F Note 22 snippet", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": 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It also openly says that any M&A draw away from buybacks / dividends.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:39.244+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "663e94f9-a4b5-4657-9730-189a6ae7c29b", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.45, "x": 0.05, "y": 0.82 }, "kind": "callout", "text": "Management does not commit to conducting M&A, but instead says that it has \"optionality to execute M&A,\" and says that it may have to assume debt to do so.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:39.244+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b8592622-c093-4fab-9a0d-111df0e9fe67", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Management does not commit to conducting M&A, but instead says that it has “optionality to execute M&A,” and says that it may have to assume debt to do so.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:48+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1e-7015-9024-f49130bb8d12", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.32 }, "kind": "framework", "text": "Amdocs investment thesis table vs Q4 FY 2018 Earnings Call quote", "attrs": null, "canon": { "kind": { "name": "Framework", "slug": "framework", "status": "active", "canonId": "019de52c-fa18-77c6-b10a-ccb8277ac0fa", "version": 1, "description": "Named conceptual framework instance." }, "tool": null, "subkind": { "name": "Framework instance", "slug": "instance", "status": "active", "canonId": "019de52d-05a2-72af-be0b-7edc60708a03", "version": 1, "description": null }, "framework": null }, "subkind": "instance", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:39.244+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fc30c976-9ae7-4f90-bd1a-b282a5301846", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.16 }, "kind": "paragraph", "text": "Again, as recently as FY 2015, management was extremely explicit about its long-term capital allocation plans: half of FCF would be put towards M&A and other growth initiatives, and the other half would be returned to shareholders. Now, not only does management no longer believe that it can consistently fund M&A from FCF on top of buybacks and dividends, but it has also loosened its language regarding buybacks and dividends, suggesting that its commitment to returning cash to shareholders may be wavering unless it is prepared to employ its balance sheet.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:39.244+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "39a3b2d9-99f8-42a9-bbdc-b5bb00b37e26", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“...we remain committed to the proactive and disciplined allocation of capital. We have the capacity to return the majority of normalized free cash flow to shareholders in fiscal 2019, subject to factors such as M&A, financial markets and prevailing industry conditions. I am pleased to say this includes a proposed increase in the quarterly cash dividend for the sixth consecutive year, subject to shareholder approval in the annual general meeting in January 2019. 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This artificially improved Amdocs' apparent year-end cash position and obfuscated the effect of M&A on its balance sheet.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:41.07+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e9bdb28f-36fd-4dfc-8fcb-81e63e11ef78", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Beginning in Q4 FY 10, Amdocs' cash position was inflated by up to $200-250M in Q4 of each fiscal year, only to 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We call on management to explain its odd financial behavior and to provide greater transparency into these activities going forward.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:31:00.932+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1e016bb1-5c3b-4b66-b808-d429ef38baa1", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "If Amdocs is artificially manipulating its balance sheet to avoid PFIC status, it is not unthinkable that this action could be viewed by the IRS as a form of tax evasion on behalf of investors.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1e-7015-9026-60d82bd5a4db", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.94, "x": 0.03, "y": 0.68 }, "kind": "paragraph", "text": "New As Of FY 2016 20-F: Passive Foreign Investment Company Considerations...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:31:00.932+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b3902cb8-1012-4906-ab81-1ff3f7034828", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.94, "x": 0.03, "y": 0.16 }, "kind": "paragraph", "text": "Management has been questioned about its short-term borrowing only once – in Q4 FY 2012 – and has yet to provide a sufficient explanation for it, ascribing it to anything from “tactical financing purposes” to “short-term funding purposes” to “cash efficiency.” Other sources suggest that Amdocs may be taking out short-term loans for tax-related purposes.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:31:00.932+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e8d26756-5af8-4a40-a359-8f17328151c9", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.94, "x": 0.03, "y": 0.25 }, "kind": "paragraph", "text": "We believe that management may be performing this maneuver to avoid falling under the IRS’s definition of a “passive foreign investment company” (“PFIC”), whose shareholders are liable for higher-than-usual taxes upon the sale of shares or “the receipt of certain distributions.” By artificially shifting the structure of its balance sheet in certain quarters, Amdocs may be altering its PFIC status.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:31:00.932+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f8d3cb6b-248e-4abf-aeb7-22ad1b787ecf", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Our cash balance at the end of the fourth quarter was approximately $1.4B. 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At the same time, we observe that the average option value has risen steadily, even in the face of falling expected volatility.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:44.378+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "60378df5-bdce-4783-bba6-895bc90a5769", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.94, "x": 0.03, "y": 0.56 }, "kind": "paragraph", "text": "It also appears that management may be issuing itself options with increasingly favorable terms. 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If management is in fact issuing in-the-money options, it would suggest a strongly bearish signal. Executives would also have less incentive to increase shareholder value with less skin in the game. 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The following schedule detailing the breakdown of Amdocs’ outstanding stock options by exercise price last appeared in the Company’s financial statements in FY 2014. The previously-noted questionable trends in expected volatility and average option fair value began in FY 2015, the first year in which this schedule was omitted from Amdocs’ 20-F. 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We suspect that Amdocs executives may be eager to monetize their options once granted, and that they may be making it easy for themselves to do so.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:44.405+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6bb63a90-7a49-4f94-b544-762c1ea52d6a", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.94, "x": 0.03, "y": 0.17 }, "kind": "paragraph", "text": "Further, Amdocs uses an uncommon and non-transparent attribution method to account for options. The Company claims that it amortizes options over a weighted average period of one year using the “graded vesting attribution method,” which generally gives management greater discretion in how it amortizes stock options. Our research shows that only three S&P 500 companies claim to use this method to account for stock options, and that none amortize associated costs over just one year. Management claims that the awards vest over “a period of three to four years,” and that stock options have ten-year terms. 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"extraction": { "at": "2026-04-22 23:14:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1e-7015-9027-6ca2fa63b920", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.19 }, "kind": "paragraph", "text": "Institutional investors have grown increasingly wary of taking large positions in DOX shares. 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Its highest weightings are in the $50M AUM BlueStar Israel Technology ETF (ITEQ), of which it represents 7.5%, and the $50M AUM VanEck Vectors Israel ETF (ISRA), of which it represents 6%.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1e-7015-9027-4f5205d5ebfb", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "DOX Weighting: 7.5%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1e-7015-9027-53caf52aa4fd", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.94, "x": 0.03, "y": 0.19 }, "kind": "paragraph", "text": "DOX is also not held in size by major ETFs. Its highest weightings are in the $50M AUM BlueStar Israel Technology ETF (ITEQ), of which it represents 7.5%, and the $50M AUM VanEck Vectors Israel ETF (ISRA), of which it represents 6%. It does not have more than a ~1.5% weighting in any other ETF, and none of the ETFs in which it is held in any relative size are large. 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