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  "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": "Uses a side-by-side table comparison to expose management's claim of 'immaterial' revenue contribution.",
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      "kind": "callout",
      "text": "Legacy Utiba: $1M quarterly inorganic sales contribution... MFS (Launched Mid-Q1 FY15): $9M annual sales contribution...",
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      "text": "Management claimed that Utiba’s revenue contribution was “immaterial” in Q2 FY 2014, when the business was first acquired. However, during its Q4 FY 2015 call – three quarters after it first launched the MFS segment – management confirmed that MFS was generating revenue “in the tens of millions of dollars”.",
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      "text": "1. \"Other Inorganic Revenue Sources\" represents total impact of acquisitions other than Utiba / MFS. 2. Estimated Organic YoY Growth calculated as...",
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      "text": "Q1 FY 2015: Utiba/Mobile Financial Services – When Did The Contribution Begin?",
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