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  "authorName": "Ben Axler",
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  "notes": "Uses a side-by-side table comparison to show how the inclusion of Kenzan revenue impacts organic growth calculations.",
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      "text": "Management suggests acquisition is immaterial – implies immaterial sales contribution",
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      "text": "Spruce Point’s estimated $9M sales contribution spread evenly over four quarters",
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      "text": "In Q4 FY 2017, Amdocs acquired Kenzan Media. Kenzan was a relatively small acquisition for Amdocs: management did not discuss it during the subsequent earnings call, and it did not disclose the price of the acquisition in the press release. However, as Amdocs’ year-end cash flow statement shows $18M of spending on acquisitions in Q4, it appears that the Company paid $18M for Kenzan. Little information is available about the business, but, as the cost of the acquisition was only just under the cost of Utiba, a best-guess estimate would put Kenzan’s sales contribution at close to Utiba’s contribution, previously estimated at $9M annually.",
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      "text": "1. “Other Inorganic Revenue Sources” represents aggregate impact of acquisitions other than Kenzan. Other acquisitions which contributed inorganic sales to the above periods are analyzed in prior and subsequent slides. 2. Estimated Organic YoY Growth calculated as [(Current Year Organic Sales) / (Prior Year Total Sales) - 1] to reflect that sales contributed by acquisitions completed 1+ years in the past graduate to organic sales.",
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