{
  "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": 32,
  "pageCount": 128,
  "prevPage": 31,
  "nextPage": 33,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 14,
  "notes": "Uses excerpts from a legal filing (Kerry Chambers, et al. vs. Amdocs Limited, et al.) to highlight discrepancies.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table",
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-9727cc72301c/32",
  "deckHref": "/decks/019dd923-622c-750b-8b98-9727cc72301c",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-9727cc72301c.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-9727cc72301c#slide-32",
  "components": [
    {
      "bbox": {
        "h": 0.04,
        "w": 0.38,
        "x": 0.31,
        "y": 0.25
      },
      "kind": "callout",
      "text": "Kerry Chambers, et al. vs. Amdocs Limited, et al.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5e6bc04a-08ff-4a62-867f-595affa3d9f8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Once again, Amdocs appears to be taking the same steps which management allegedly took in the early 2000s to cover up potential evidence of business contraction: report consistent growth in Company headcount to corroborate claims of growth.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0f1e-7015-9020-fedcd17e19dc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "Once again, Amdocs appears to be taking the same steps which management allegedly took in the early 2000s to cover up potential evidence of business contraction: report consistent growth in Company headcount to corroborate claims of growth.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "21e38293-4293-4620-b1a4-59b46c8cc415",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.28,
        "x": 0.67,
        "y": 0.48
      },
      "kind": "paragraph",
      "text": "Champaign by 10-15%. A programing recruiter employed by Amdocs in Champaign from mid-2000 until mid-2001... confirms this: Almost all of the 27 programming recruiters were laid off by the Summer of 2001.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2c660ec5-0264-4f92-9d25-f338ead7e472",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.88
      },
      "kind": "paragraph",
      "text": "In particular, the lawsuit alleged heavy layoffs at the companies acquired by Amdocs. We find it interesting that, even as the Company continues to make large acquisitions, it is showing only marginal headcount growth...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "397b5cec-62fc-45bc-9ba2-cfc2ab046161",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.3,
        "x": 0.05,
        "y": 0.51
      },
      "kind": "paragraph",
      "text": "To support defendants' claims that Amdocs' business was flourishing during the Class Period, defendants repeatedly told investors that they were increasing their workforce to support the Company's growing business.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "66f1002e-f38d-4fc2-a1cc-895ea8ab1869",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.28,
        "x": 0.36,
        "y": 0.52
      },
      "kind": "paragraph",
      "text": "However, a number of former employees told quite a different story: A recruiter in St. Louis... indicated that Amdocs substantially reduced its recruitment staff... The Company laid off 400 employees in August 2001...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bc7abf1f-76ce-499e-a120-518143bd9de6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "To support defendants' claims that Amdocs' business was flourishing during the Class Period, defendants repeatedly told investors that they were increasing their workforce to support the Company's growing business. — Kerry Chambers, et al. vs. Amdocs Limited, et al.",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0f1e-7015-9021-03882ea58462",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.15,
        "x": 0.38,
        "y": 0.4
      },
      "kind": "table",
      "text": "November 8, 2000 7,300 employees; January 23, 2001 7,700 employees; April 23, 2001 8,150 employees; July 24, 2001 8,450 employees; November 6, 2001 8,600 employees; January 22, 2002 9,050 employees; April 23, 2002 9,100 employees; June 18, 2002 9,100 employees",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "28119991-17d7-4ef0-9c4e-32f91f090286",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.305,
        "y": 0.03
      },
      "kind": "title",
      "text": "Another Page Out Of The Old Playbook: Dubious Claims Regarding Headcount Growth?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b1dbf2ad-818a-4a1b-a177-70d1035b4883",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "992ed1e7-0732-43a8-a68f-ca8d831ccfc1",
      "evidence": "Contrasting public claims with internal testimony to expose potential deception.",
      "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
}