{ "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": 20, "pageCount": 128, "prevPage": 19, "nextPage": 21, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 0, "notes": "Uses analyst call quotes and regional revenue growth charts to highlight volatility.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "quote_block", "line_chart" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b98-9727cc72301c/20", "deckHref": "/decks/019dd923-622c-750b-8b98-9727cc72301c", "deckJsonHref": "/decks/019dd923-622c-750b-8b98-9727cc72301c.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-9727cc72301c#slide-20", "components": [ { "bbox": null, "kind": "callout", "text": "If one-off projects can consistently translate into stable and recurring managed services revenue streams, why is region-specific sales growth so volatile?", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-0f1e-7015-9020-4bd64a57cfa9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.22, "w": 0.32, "x": 0.34, "y": 0.59 }, "kind": "chart", "text": "Amdocs Year-over-Year Revenue Growth, North America", "attrs": null, "subkind": "line", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3c05bbc4-e854-481a-8e58-1c1805985248", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.22, "w": 0.32, "x": 0.66, "y": 0.59 }, "kind": "chart", "text": "Amdocs Year-over-Year Revenue Growth, Rest of World", "attrs": null, "subkind": "line", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "43e1aa53-5664-4bf4-920c-1a856c1a42a1", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.22, "w": 0.32, "x": 0.02, "y": 0.59 }, "kind": "chart", "text": "Amdocs Year-over-Year Revenue Growth, Europe", "attrs": null, "subkind": "line", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "adb79d6f-67ba-4f92-8a10-5061f4af2774", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "metric", "text": "Year-over-Year Revenue Growth", "attrs": null, "subkind": "primary", "toolName": "Quantification", "toolSlug": "quantification", "confidence": null, "componentId": "019dd953-0f1e-7015-9020-515ce2a22446", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.94, "x": 0.03, "y": 0.17 }, "kind": "paragraph", "text": "Management frequently oversells the extent to which its revenue streams are recurring in nature and protected from the threat of tightening telecom budgets.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3e6c9594-9cb6-4744-bd26-100ef78c0c17", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.94, "x": 0.03, "y": 0.86 }, "kind": "paragraph", "text": "If one-off projects can consistently translate into stable and recurring managed services revenue streams, why is region-specific sales growth so volatile?", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "48e46319-651b-4996-97fa-af83446882c2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.47, "x": 0.02, "y": 0.41 }, "kind": "quote", "text": "I guess my first question, Eli, you had a comment where you said that you have a number of projects moving to production from development phase...", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "bdf3f9c3-6bb7-4d6b-a156-4475dd67072f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.47, "x": 0.51, "y": 0.41 }, "kind": "quote", "text": "...usually a successful project leads to other successful projects, and as we are expanding our offering.... And projects, usually when they come to fruition, they don't go to zero.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "df00ec18-9755-40ca-aa3c-58c24fdccaf9", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"I guess my first question, Eli, you had a comment where you said that you have a number of projects moving to production from development phase... what's the pipeline for new projects to replace the ones that are moving into production?\" — Ashwin Shirvaikar, Citigroup; \"...usually a successful project leads to other successful projects, and as we are expanding our offering.... And projects, usually when they come to fruition, they don't go to zero.\" — Eli Gelman, President and CEO, Amdocs", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-0f1e-7015-9020-4c3d3524ba5f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.44, "x": 0.28, "y": 0.04 }, "kind": "title", "text": "Does This Look Like Recurring Revenue To You?", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e56183da-ce88-4d04-ba72-177799a96f8e", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "ceo-quote-contradiction", "slug": null, "matchId": "82fc5fbf-3b6b-441f-b14d-04840b512f41", "evidence": "Contrasts CEO quote with actual revenue growth data to expose inconsistency.", "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 }