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  "documentTitle": "Amdocs Limited (DOX)",
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  "authorName": "Ben Axler",
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  "notes": "The slide uses the growth in India headcount to argue that the company is pivoting away from its core product business.",
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      "text": "Although we question Amdocs' reported workforce figures, we are struck by the relative growth in the Company's headcount in India relative to other geographies. We believe that this reflects Amdocs' increasing shift towards IT services and business process outsourcing, over product development.",
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      "text": "Source: Amdocs 20-F",
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