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"aspectRatio": 1.3333334, "pageNumber": 92, "slideType": "villain_critique", "function": "name_villain", "notes": "Uses a screenshot of the 'About Us' page of the Afterdox website as evidence of the executive network.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-9727cc72301c/92", "deckHref": "/decks/019dd923-622c-750b-8b98-9727cc72301c", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-9727cc72301c#slide-92", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-9727cc72301c", "docSlug": "778e2cbfbfaa", "documentTitle": "Amdocs Limited (DOX)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2019-01-23 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 93, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses red boxes to highlight specific negative sentiments in employee reviews.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-9727cc72301c/93", "deckHref": "/decks/019dd923-622c-750b-8b98-9727cc72301c", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-9727cc72301c#slide-93", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-9727cc72301c", "docSlug": "778e2cbfbfaa", "documentTitle": "Amdocs Limited (DOX)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2019-01-23 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 94, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Includes specific excerpts from a legal case (Kerry Chambers, et al. vs. Amdocs Limited, et al.) with underlined emphasis on key allegations.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-9727cc72301c/94", "deckHref": "/decks/019dd923-622c-750b-8b98-9727cc72301c", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-9727cc72301c#slide-94", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-9727cc72301c", "docSlug": "778e2cbfbfaa", "documentTitle": "Amdocs Limited (DOX)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2019-01-23 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 95, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a comparison of two 20-F filings to highlight a governance deficiency.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-9727cc72301c/95", "deckHref": "/decks/019dd923-622c-750b-8b98-9727cc72301c", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-9727cc72301c#slide-95", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-9727cc72301c", "docSlug": "778e2cbfbfaa", "documentTitle": "Amdocs Limited (DOX)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2019-01-23 00:00:00", 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"orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 97, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses red arrows and circles to highlight suspicious trends in option pricing and discounts.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-9727cc72301c/97", "deckHref": "/decks/019dd923-622c-750b-8b98-9727cc72301c", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-9727cc72301c#slide-97", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-9727cc72301c", "docSlug": "778e2cbfbfaa", "documentTitle": "Amdocs Limited (DOX)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2019-01-23 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 98, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a historical table from 2014 to contrast with the current lack of disclosure, implying a governance failure or attempt to obscure executive compensation practices.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-9727cc72301c/98", "deckHref": "/decks/019dd923-622c-750b-8b98-9727cc72301c", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-9727cc72301c#slide-98", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-9727cc72301c", "docSlug": "778e2cbfbfaa", "documentTitle": "Amdocs Limited (DOX)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2019-01-23 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 99, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Includes a direct excerpt from the FY 2018 20-F filing with red-box highlights on the accounting method.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-9727cc72301c/99", "deckHref": "/decks/019dd923-622c-750b-8b98-9727cc72301c", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-9727cc72301c#slide-99", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-9727cc72301c", "docSlug": "778e2cbfbfaa", "documentTitle": "Amdocs Limited (DOX)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": 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"sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2019-01-23 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 101, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses SEC filing excerpts to demonstrate the obfuscation of beneficial ownership by company insiders.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-9727cc72301c/101", "deckHref": "/decks/019dd923-622c-750b-8b98-9727cc72301c", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-9727cc72301c#slide-101", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-9727cc72301c", "docSlug": "778e2cbfbfaa", "documentTitle": "Amdocs Limited (DOX)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": 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"sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2019-01-23 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 105, "slideType": "section_divider", "function": "transition", "notes": "Spruce Point Capital Management branding.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-9727cc72301c/105", "deckHref": "/decks/019dd923-622c-750b-8b98-9727cc72301c", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-9727cc72301c#slide-105", "loopMatches": [], "arcBeatMatches": [ { "to": 111, "from": 105, "beatId": "49f8f901-cea8-456a-8a1c-93ff122b01a4", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Victory", "beatSlug": null, "evidence": "The deck concludes with a clear and concise summary of the downside risk in DOX stock", "position": 4, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-9727cc72301c", "docSlug": "778e2cbfbfaa", "documentTitle": "Amdocs Limited (DOX)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2019-01-23 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 106, "slideType": "peer_benchmark", "function": "compare_peers", "notes": "The slide uses a table to demonstrate a loss of institutional confidence, specifically calling out AT&T's exit as a major signal.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-9727cc72301c/106", "deckHref": "/decks/019dd923-622c-750b-8b98-9727cc72301c", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-9727cc72301c#slide-106", "loopMatches": [], "arcBeatMatches": [ { "to": 111, "from": 105, "beatId": "49f8f901-cea8-456a-8a1c-93ff122b01a4", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Victory", "beatSlug": null, "evidence": "The deck concludes with a clear and concise summary of the downside risk in DOX stock", "position": 4, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-9727cc72301c", "docSlug": "778e2cbfbfaa", "documentTitle": "Amdocs Limited (DOX)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2019-01-23 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 107, "slideType": "appendix_data", "function": "analyze_data", "notes": "Slide 107 of an activist short report.", 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"confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-9727cc72301c", "docSlug": "778e2cbfbfaa", "documentTitle": "Amdocs Limited (DOX)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2019-01-23 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 109, "slideType": "peer_benchmark", "function": "compare_peers", "notes": "Includes a specific callout for CSG Systems as a comparable peer. 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