{
  "docId": "019dd923-622c-750b-8b98-9727cc72301c",
  "docSlug": "778e2cbfbfaa",
  "documentTitle": "Amdocs Limited (DOX)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-01-23 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 13,
  "pageCount": 128,
  "prevPage": 12,
  "nextPage": 14,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "Uses red boxes to highlight signatures in the provided document screenshots.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "screenshot"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-9727cc72301c/13",
  "deckHref": "/decks/019dd923-622c-750b-8b98-9727cc72301c",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-9727cc72301c.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-9727cc72301c#slide-13",
  "components": [
    {
      "bbox": {
        "h": 0.04,
        "w": 0.96,
        "x": 0.02,
        "y": 0.41
      },
      "kind": "callout",
      "text": "Other Israeli Companies Have The CEO Sign The 20-F, But Amdocs Has Its Head of IR / Secretary Sign Both The 20-F And Credit Agreement",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "204ffc74-815f-4c53-b656-28e998963a9e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.46,
        "x": 0.02,
        "y": 0.64
      },
      "kind": "image",
      "text": "Amdocs Credit Amended Credit Agreement Dec 2017 signature page",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "080d1d79-fb75-40e6-a73f-51f926158b72",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.46,
        "x": 0.02,
        "y": 0.46
      },
      "kind": "image",
      "text": "Amdocs FY 2018 20-F signature page",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2c9cead5-c22e-4c75-9c99-4d5a7841bf98",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.46,
        "x": 0.52,
        "y": 0.64
      },
      "kind": "image",
      "text": "Caesarstone FY 2017 20-F signature page",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "51f37fd5-9a12-403d-99c7-a0c799b8963e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.46,
        "x": 0.52,
        "y": 0.46
      },
      "kind": "image",
      "text": "Teva Pharmaceutical Industries FY 2017 10-K signature page",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b884cb65-d8ed-42ba-b785-e7e740be9cf7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.46,
        "x": 0.52,
        "y": 0.81
      },
      "kind": "image",
      "text": "Sodastream FY 2017 20-F signature page",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "db886db3-aee1-4026-98ed-002603c3060b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.96,
        "x": 0.02,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "While most foreign public companies have their 20-F SEC filings signed by their respective CEOs, Amdocs’ filings are signed by Secretary Matthew Smith, described as an “Authorized Signatory” and “Head of IR,” and based in Jersey City, NJ – far from management in Israel and its U.S. HQ in Missouri. Why does Amdocs not have a major officer sign its critical SEC filings? What’s even more perplexing: despite having a CFO, Global Treasurer, and US Treasurer and Controller, none of these Amdocs representatives sign its credit agreement. By not signing these key documents, is DOX management trying to shield itself from liability if material misstatements in its SEC and banking agreements were uncovered?",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b8ff1ca4-3129-44a4-9285-6c82a96195a5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.7,
        "x": 0.28,
        "y": 0.02
      },
      "kind": "title",
      "text": "High Level Accounting Shenanigan Indicator #4: DOX CEO/CFO Do Not Sign Key SEC Documents",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "268844cf-2e51-453b-b7cd-0cd9ea518c3d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "45bff2f6-0399-4499-a7fe-7265c2cc6072",
      "evidence": "The slide explicitly frames the lack of executive signatures as a 'Shenanigan Indicator' and potential liability shielding.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 20,
      "from": 11,
      "beatId": "3d9bf36a-53c7-4ca3-b3f2-3bde0ff085b6",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Monster",
      "beatSlug": null,
      "evidence": "The deck presents a detailed critique of Amdocs' management practices and financial reporting",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 20,
      "from": 10,
      "name": "Aha Moment",
      "slug": "03-aha-moment",
      "bestFor": "Data-heavy sections, research findings, analytical arguments",
      "matchId": "2ad1cec8-447a-43ab-972e-024c922f9b65",
      "evidence": "The deck presents a series of accounting discrepancies and financial performance concerns that lead to an 'aha' moment for investors",
      "position": 0,
      "objective": "Is Amdocs' financial performance suspect?",
      "structure": "The Problem/Question -> What the Data Shows -> The Insight",
      "confidence": 0.8,
      "description": "Establish a tension, present data, then deliver the insight that changes everything"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}