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  "docSlug": "778e2cbfbfaa",
  "documentTitle": "Amdocs Limited (DOX)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2019-01-23 00:00:00",
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  "notes": "Uses red arrows to highlight the divergence between GAAP and Non-GAAP trends.",
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      "kind": "callout",
      "text": "Since FY 2015: Non-GAAP EPS: 6.1% CAGR GAAP EPS: -4.7% CAGR",
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      "text": "Non-GAAP EPS as defined by the Company has grown at an eerily steady rate of ~6% per year despite more idiosyncratic growth in GAAP EPS, which has in fact contracted in recent years.",
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      "text": "% of Non-GAAP Earnings Contributed by Non-GAAP Adjustments",
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      "text": "Non-GAAP EPS as defined by the Company has grown at an eerily steady rate of ~6% per year despite more idiosyncratic growth in GAAP EPS, which has in fact contracted in recent years. Naturally, non-GAAP adjustments have become an increasing share of non-GAAP earnings over the same time frame, growing to close to 40% of non-GAAP earnings in FY 2018 versus ~15% in FY 2013 – still a large number in its own right.",
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      "kind": "source-note",
      "text": "Source: DOX financials",
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      "kind": "title",
      "text": "High Level Accounting Shenanigan Indicator #2: Non-GAAP Adjustments Inflate EPS By A Substantial (And Increasing) Margin",
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