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  "docSlug": "778e2cbfbfaa",
  "documentTitle": "Amdocs Limited (DOX)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2019-01-23 00:00:00",
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  "notes": "The slide uses a comparison of standard deviations to highlight the anomaly in Amdocs' financial reporting.",
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      "text": "Amdocs shows less variation in its margin from 2013-2018 by over a factor of 5",
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      "text": "Amdocs demonstrates remarkably steady EBITDA margins for a company which consistently engages in M&A, and competes in an industry experiencing waning growth and margin pressure from its largest customer – AT&T. By comparison, CSG Systems (“CSG”), another telecom business support systems company, and AT&T its prime customer, show much more variation in margin. Our report will detail why we believe liberal use of percentage-of-completion accounting could be the culprit.",
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      "text": "High Level Accounting Shenanigan Indicator #1: Suspiciously Steady Margins",
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