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  "notes": "The slide uses a side-by-side table to contrast management's reported inorganic contribution against the analyst's higher estimate, showing the impact on organic growth calculations.",
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      "text": "Spruce Point's estimated $48M quarterly sales contribution from Q1 FY15 per Comverse filings",
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      "text": "It is possible that management was instead not recognizing revenue appropriately, and building a source of inorganic growth which could gradually be recognized as seemingly organic revenue through subsequent quarters.",
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      "text": "Conservatively, we estimate that sales generated by the acquired BSS assets would not have grown through the segment's first year under Amdocs...",
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