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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": "The slide uses a side-by-side table comparison to expose management's potentially misleading organic growth figures.",
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      "text": "Management's $64M implied annual sales contribution spread over five quarters, adjusted for acquisition timing",
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      "text": "Spruce Point: $93M annual Vindicia contribution, $15M annual Brite:Bill contribution, and $45M annual Pontis contribution, adjusted for timing",
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      "text": "Inorganic Sales Contribution: $64M",
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      "text": "In Q4 FY 2016, Amdocs acquired Vindicia, Brite:Bill, and Pontis... Management claimed that it projected the acquisitions to contribute 1.5-2% of revenue growth through FY 2017... However, independent sources reveal...",
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      "text": "To estimate Pontis' sales, we note that, while previous acquisition cVidya had 50% more employees... we therefore estimate Pontis' annual sales at $45M.",
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