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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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  "pageNumber": 34,
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  "slideType": "expose_contradiction",
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  "notes": "The table breaks down inorganic sales contributions by specific acquisition and adjusts for FX impact to derive estimated organic sales.",
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      "kind": "callout",
      "text": "Spruce Point's research into each of Amdocs' recent acquisitions reveals that M&A has added materially more to sales than management suggests.",
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      "kind": "metric",
      "text": "Estimated Organic Sales Growth, YoY: -5.0%",
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      "text": "Spruce Point's research into each of Amdocs' recent acquisitions reveals that M&A has added materially more to sales than management suggests. We believe that YoY organic growth has been negative almost every quarter since Q4 FY15 (see appendix for our methodology).",
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      "text": "Table showing quarterly sales breakdown from Q1 FY14 to Q4 FY18, including inorganic contributions, FX impact, and organic growth estimates.",
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      "kind": "title",
      "text": "Organic Growth Materially Negative Under More Comprehensive Review Of Acquisitions",
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      "arcName": "Overcoming the Monster",
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