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  "docSlug": "778e2cbfbfaa",
  "documentTitle": "Amdocs Limited (DOX)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-01-23 00:00:00",
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  "notes": "Uses a bar chart to contrast growth in acquisition vs non-acquisition periods and a summary table to quantify the difference.",
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      "kind": "callout",
      "text": "It is natural for growth to be relatively higher in acquisition periods, but these figures suggest that Amdocs' organic growth rate is lower than management suggests and analysts believe.",
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      "text": "Quarter-over-quarter sales growth consistently higher in acquisition periods, and near zero in non-acquisition periods.",
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      "text": "As management is typically not transparent about the contribution of acquisitions to sales growth, it can be difficult to segregate Amdocs' organic growth rate from the effect of acquisitions.",
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      "kind": "paragraph",
      "text": "Interestingly, during earnings calls, management itself evaluates some performance measures on a quarter-over-quarter basis, but also hedges itself by stating that quarter-over-quarter performance may be lumpy.",
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      "text": "Quarterly Sales Growth Consistently Low In Non-Acquisition Periods",
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