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  "docSlug": "778e2cbfbfaa",
  "documentTitle": "Amdocs Limited (DOX)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2019-01-23 00:00:00",
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  "notes": "Uses a 'quote vs. rebuttal' structure to expose management narrative.",
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      "kind": "callout",
      "text": "A more competitive telecom environment is good for Amdocs? Really?",
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      "text": "As a provider of back-office support systems to the telecom industry, Amdocs is exposed to the same top-line headwinds plaguing the rest of the sector...",
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      "text": "\"Business combinations such as [T-Mobile / MetroPCS, SoftBank / Sprint] often present significant long-term opportunity for Amdocs, giving our track record of consolidating systems on behalf of our customers especially in North America.\" — Eli Gelman, President and CEO, Amdocs; \"...competition among North American wireless operators continued to intensify presenting us with opportunities to partner and support our key customers in their strategic initiatives.\" — Eli Gelman, President and CEO, Amdocs; \"A highly demanding customer, a very sophisticated customer. It may sound like an issue. It's actually an advantage because we have the ability to address highly complex sophisticated customers.\" — Eli Gelman, President and CEO, Amdocs; \"So I'm mentioning the projects orientation because on one hand it creates pressure and it stretches our delivery organization to the limit and many aspects like this. But on the other hand, this is the foundation for anything else, because usually a successful project leads to other successful projects, and as we are expanding our offering, the potential other projects that can come after whatever project we started with.\" — Eli Gelman, President and CEO, Amdocs",
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      "text": "Occam's Razor: Bad Business For Telcos = Bad Business For Amdocs",
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