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  "authorName": "Ben Axler",
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  "notes": "Uses a 'villain critique' style to highlight the discrepancy between management's stated inorganic growth contribution and the analyst's calculated figures.",
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      "kind": "callout",
      "text": "Q4 FY 2013 Earnings Call: Implies $89M Expected Inorganic Sales Contribution",
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      "text": "Our estimates suggest that nearly all of Amdocs' sales growth in FY 2014 came from inorganic sources.",
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      "text": "inorganic sales contribution: $89M",
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      "text": "In Q4 FY 2013, Amdocs closed on its acquisition of Actix... Our estimates suggest that nearly all of Amdocs' sales growth in FY 2014 came from inorganic sources.",
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      "text": "In the fourth quarter, we concluded... Combined, we expect Actix and Celcite to contribute between 2% to 3% of our full year revenue outlook in fiscal 2014 and drive modest earning accretions. - Eli Gelman, President and CEO, Amdocs",
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      "text": "For our full fiscal year, we expect total revenue growth to be within the range of roughly 4% to 8%... - Tamar Rapaport-Dagim, CFO, Amdocs",
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      "text": "\"In the fourth quarter, we concluded -- we closed the acquisition of Actix. And today, we have signed an agreement to acquire Celcite Management Solutions. Combined, we expect Actix and Celcite to contribute between 2% to 3% of our full year revenue outlook in fiscal 2014 and drive modest earning accretions.\" — Eli Gelman, President and CEO, Amdocs; \"For our full fiscal year, we expect total revenue growth to be within the range of roughly 4% to 8% on a constant currency basis and reported basis. This outlook incorporates the consolidation of Actix and Celcite, which in aggregate, we expect to contribute approximately 2 to 3 percentage points of the growth outlook.\" — Tamar Rapaport-Dagim, CFO, Amdocs; \"Actix, a leader in mobile network analytics and optimization solutions, today announced record-breaking revenue levels for its fiscal year ending January 31, 2012. During the year, Actix revenues grew 29% resulting in total revenues of over $52M as the number of active customers surpassed 400.\" — Businesswire (Source)",
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