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  "documentTitle": "Amdocs Limited (DOX)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "notes": "The slide highlights a discrepancy between management's reported organic growth and the analyst's estimate, suggesting potential revenue misclassification.",
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      "kind": "callout",
      "text": "Vubiquity: Management guidance of $100M inorganic sales contribution spread over five quarters, taking into account that deal closed mid-Q2. UXP and projekt202: Said to be immaterial by management",
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      "text": "Vubiquity: Spruce Point's estimated $250M inorganic sales contribution spread over five quarters, adjusting for mid-quarter close. UXP: Spruce Point's estimated $20M inorganic sales contribution spread over five quarters, adjusting for mid-quarter close. projekt202: Spruce Point's estimated $38M inorganic sales contribution spread over five quarters, adjusting for mid-quarter close",
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      "text": "Rather, management may not be recognizing acquisition-related revenue in a timely manner, but instead recognizing it gradually over time as a source of apparent organic growth. Again, this would be a much more significant offense.",
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      "text": "Estimated Organic Sales Growth, YoY: -5.0%",
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      "text": "As with the BSS deal, if Amdocs is in fact recognizing revenue appropriately in this case, and simply understating the extent to which growth is inorganic, this would imply material organic contraction through the quarters following these three deals.",
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      "text": "1. \"Other Inorganic Revenue Sources\" represents aggregate impact of acquisitions other than Vubiquity, UXP, and projekt202. 2. Estimated Organic YoY Growth calculated as [(Current Year Organic Sales) / (Prior Year Total Sales) - 1]",
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      "text": "Implied Management Guidance vs Spruce Point Estimate tables",
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      "text": "Q2 FY 2018: Vubiquity, UXP, and projekt202",
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