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  "docSlug": "778e2cbfbfaa",
  "documentTitle": "Amdocs Limited (DOX)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-01-23 00:00:00",
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  "notes": "The slide uses a red circle to draw attention to the recent quarters where the Spruce Point estimate shows significant negative growth.",
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      "kind": "callout",
      "text": "We Estimate Accelerating Organic Revenue Decline",
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      "text": "We estimate that, when the effects of acquisitions and foreign exchange of acquisitions and foreign exchange movements are removed, Amdocs organic revenue contracted on an annual basis on average over all quarters since Q1 2014.",
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      "text": "Organic Revenue Growth: -0.7%",
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      "text": "Amdocs Organic Growth: Implied Management Guidance vs. Our Estimate",
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