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  "documentTitle": "Amdocs Limited (DOX)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2019-01-23 00:00:00",
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  "notes": "The slide uses red boxes and arrows to highlight the discrepancy between intangible asset values and fixed asset values in the financial tables.",
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      "text": "Gross Value (Substantially greater intangible assets)",
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      "text": "Note that, as shown in Amdocs’ Cypriot filings, the Company’s aggregate European operations show very limited fixed assets, but significant intangible assets, which are composed almost entirely (~100%) of software ($112M, including software under development).",
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      "text": "Note that, as shown in Amdocs' Cypriot filings, the Company's aggregate European operations show very limited fixed assets, but significant intangible assets, which are composed almost entirely (~100%) of software ($112M, including software under development). Fixed assets represent a relatively smaller quantity of mostly computer hardware and leasehold improvements.",
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      "text": "Computer Software Shown As Intangible Assets Under Subsidiaries...",
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