{
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  "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",
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  "pageNumber": 33,
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  "slideType": "expose_contradiction",
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  "notes": "The slide uses a detailed table to reconstruct organic growth by subtracting inorganic contributions and FX impacts from total sales.",
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      "text": "Management is never explicit about the contribution of acquisitions to sales growth, and frequently suggests that no growth is attributable to acquisitions even in periods in which it conducts material M&A.",
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      "text": "Estimated Organic Sales Growth, YoY: 0.3%",
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      "text": "Note: Estimated Organic YoY Growth calculated as [(Current Year Organic Sales) / (Prior Year Total Sales) - 1] to reflect that sales contributed by acquisitions completed 1+ years in the past graduate to organic sales",
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      "text": "Management Claims That Almost All Growth Is Organic Growth",
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      "structure": "The Why (Belief) -> The How (Process) -> The What (Result)",
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