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  "documentTitle": "Amdocs Limited (DOX)",
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  "authorName": "Ben Axler",
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  "notes": "Uses a 'he said/she said' format to expose management obfuscation.",
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      "text": "Q3 FY 2015 Earnings Call",
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      "kind": "callout",
      "text": "UXP – an $80M acquisition – contributed $0 to sales?",
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      "text": "Importantly, management is rarely transparent about the extent to which sales growth is attributable to acquisitions.",
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      "text": "Importantly, management is rarely transparent about the extent to which sales growth is attributable to acquisitions. Amdocs conducts frequent M&A and is almost always asked about the contribution of acquisitions to sales growth on subsequent earnings calls.",
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      "kind": "paragraph",
      "text": "The portion of the Comverse BSS assets acquired by Amdocs alone generated quarterly revenue closer to the $50M range. See our later slides on the Comverse BSS acquisition.",
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      "text": "\"in terms of the numbers, it's less material. So, that's why we didn't refer to it. It's relatively a small company at this stage...\" - Tamar Rapaport-Dagim, CFO, Amdocs",
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      "kind": "quote",
      "text": "\"So maybe first just a clarification. Did you give us the Comverse contribution and the Q4 revenue guidance.\" - William Power, Robert W. Baird & Co.",
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      "text": "\"...just on the latest acquisition I guess UXP, maybe I missed this, but any color on revenue contribution from that going forward?\" - William Power, Robert W. Baird & Co.",
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      "text": "\"You are talking about low tens of millions of dollars per quarter... we are not acquiring all of the assets that they have in that segment...\" - Tamar Rapaport-Dagim, CFO, Amdocs",
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      "text": "\"in terms of the numbers, it's less material. So, that's why we didn't refer to it. It's relatively a small company at this stage, but we believe that together with the breadth of the customers' opportunity that we have that we acquired through Vubiquity now, the opportunity is significant moving forward to create those synergies. But it will take some time naturally.\" — Tamar Rapaport-Dagim, CFO, Amdocs",
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