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  "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": "The slide uses callout speech bubbles to contrast analyst questions with evasive management answers from Q1 FY 2016 and Q4 FY 2015 earnings calls.",
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      "kind": "callout",
      "text": "Management's choice to instead consistently refrain from breaking out inorganic sales, even when this figure could feasibly be deduced from publicly-available data, suggests that the Company is being purposefully evasive.",
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      "kind": "paragraph",
      "text": "Management defends its lack of transparency regarding the contribution of acquisitions to sales by arguing that newly-added business typically grow rapidly once integrated into Amdocs...",
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      "text": "It's important for investors to be able to quantify the contribution of acquisitions to sales growth to have a sense of the Company's underlying organic growth rate. Amdocs - a serial acquirer - must do a better job...",
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      "kind": "quote",
      "text": "\"When it comes to mobile financial services, it's also in the tens of millions of dollars already was - some of it came from M&A, some of it came from new projects. To predict this growth is actually a little bit harder...\" - Eli Gelman, President and CEO, Amdocs",
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      "kind": "quote",
      "text": "\"I guess, my first question is just to clarify what was your organic constant currency growth in the quarter?\" - Ashwin Shirvaikar, Citigroup",
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      "kind": "quote",
      "text": "\"...We have seen better momentum as we described, so we have seen better results coming from Comverse's customer base.... That's why we are not getting into the speculation...\" - Tamar Rapaport-Dagim, CFO, Amdocs",
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      "kind": "quote",
      "text": "\"I guess, my first question is just to clarify what was your organic constant currency growth in the quarter?\" — Ashwin Shirvaikar, Citigroup; \"...We have seen better momentum as we described, so we have seen better results coming from Comverse's customer base.... That's why we are not getting into the speculation. Even internally, it's getting more difficult. What's the next deal that is coming in such account? Is it a pre-Comverse contribution or a post-Comverse? You understand what I mean?\" — Tamar Rapaport-Dagim, CFO, Amdocs; \"When it comes to mobile financial services, it's also in the tens of millions of dollars already was – some of it came from M&A, some of it came from new projects. To predict this growth is actually a little bit harder, because the receptiveness and adoption rate in the emerging market of such ideas is really quite wild. And some time governments would push it and maybe it will fly. So I think that their entire world is still waiting for use cases.\" — Eli Gelman, President and CEO, Amdocs",
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      "kind": "title",
      "text": "Flexible Definition Of \"Organic\" Sales: Management Giving Itself Credit Where Credit Isn't Always Due",
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