{
  "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": 26,
  "pageCount": 128,
  "prevPage": 25,
  "nextPage": 27,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 12,
  "notes": "The slide uses a bar chart to contrast growth rates and a summary table to quantify the performance gap.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "bar_chart_vertical",
    "kpi_table",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-9727cc72301c/26",
  "deckHref": "/decks/019dd923-622c-750b-8b98-9727cc72301c",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-9727cc72301c.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-9727cc72301c#slide-26",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.43,
        "x": 0.54,
        "y": 0.78
      },
      "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.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6f683bfa-159b-4595-8183-47927f2f3634",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.43,
        "x": 0.54,
        "y": 0.48
      },
      "kind": "callout",
      "text": "Quarter-over-quarter sales growth consistently higher in acquisition periods, and relatively low in non-acquisition periods.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f84b19ca-3a4f-41f3-8256-b675a9b7dbac",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.38,
        "w": 0.52,
        "x": 0.03,
        "y": 0.43
      },
      "kind": "chart",
      "text": "Quarter-over-Quarter Sales Growth, Forex-Adjusted",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ab12fc1f-8cdc-439f-8cf8-cdb981760abd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Quarterly Sales Growth: 0.3%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0f1e-7015-9020-689694e23878",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.94,
        "x": 0.03,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "After adjusting for the impact of foreign exchange on sales – which has been a headwind in most periods – Amdocs' underlying organic growth rate appears stronger, but is still dwarfed by growth in quarters in which it conducts M&A, which has an undue influence on overall top-line growth. We also note that Amdocs' average quarterly growth rate in non-acquisition periods is supported by two particularly strong quarters, without which its average organic quarterly growth rate ex-FX would have been just 0.3% (1.4% annualized).",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e832ddd1-20a3-4c0c-9815-1b6639d0c23a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.43,
        "x": 0.54,
        "y": 0.55
      },
      "kind": "table",
      "text": "Comparison table of Average Quarterly Growth Rate and Compounded Annually for Overall, Acquisition, and Non-Acquisition periods.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "728ca7bc-331f-4f7a-a296-a80d3e6eec6b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.305,
        "y": 0.02
      },
      "kind": "title",
      "text": "Quarterly Sales Growth Low In Non-Acquisition Periods Even After FX Adjustments",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "891bf781-4f47-4434-bd5c-98cdf97caa35",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "68a8bdd6-f965-4b44-9609-3ce4d411144e",
      "evidence": "The slide explicitly argues that management's narrative on organic growth is contradicted by the data when M&A is isolated.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 40,
      "from": 21,
      "beatId": "1e4868cc-cd8e-4bfb-beb9-9fe40dfe1944",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Struggle",
      "beatSlug": null,
      "evidence": "The deck presents a thorough analysis of Amdocs' financial performance and management practices",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 35,
      "from": 25,
      "name": "Golden Circle",
      "slug": "11-golden-circle",
      "bestFor": "Visionary leadership, brand positioning, mission statements",
      "matchId": "93aa0c7d-6580-4ccc-90e6-98377f86d7a0",
      "evidence": "The deck presents a clear explanation of why Amdocs' financial performance is important for investors",
      "position": 1,
      "objective": "Why does Amdocs' financial performance matter?",
      "structure": "The Why (Belief) -> The How (Process) -> The What (Result)",
      "confidence": 0.7,
      "description": "Invert the typical pitch by starting with why you exist, rather than what you do"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}