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  "docSlug": "778e2cbfbfaa",
  "documentTitle": "Amdocs Limited (DOX)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2019-01-23 00:00:00",
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  "notes": "Uses visual evidence (photos) and data trends to challenge the company's 'tech' narrative.",
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      "kind": "callout",
      "text": "If Amdocs is in fact a “tech” company with significant technology assets, why was its personal computer count flat for the past decade? And why did management decide to stop disclosing this key metric in its most recent 20-F?",
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      "text": "Personal Computers: 30,000",
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      "text": "Our understanding of the nature of Amdocs' assets appears to be at odds with how the Company presents them, particularly in Europe. Amdocs shows significant “Computer equipment” (including capitalized software) on its balance sheet...",
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      "kind": "quote",
      "text": "entirely driven by other companies contracts. Amdocs is not a product oriented company - services are the primary activity — Anonymous Employee, Glassdoor (June 20, 2018).",
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