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  "documentTitle": "Amdocs Limited (DOX)",
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  "authorName": "Ben Axler",
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  "notes": "The slide uses financial statement excerpts from three subsidiaries to highlight the lack of tangible assets relative to reported fixed/intangible assets.",
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      "text": "Note: Large \"Investments\" account represents intercompany investments between Amdocs subsidiaries. In all, this subsidiary shows very limited tangible assets.",
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      "text": "It is perhaps more likely that these “fixed assets” have been manufactured through accounting practices.",
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      "text": "This cuts both ways: Cost capitalization would help to explain the European asset anomaly, but the anomaly itself also helps to confirm that Amdocs' assets are not what they seem.",
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      "text": "Revisiting our observation that the growth in Amdocs' European assets makes little sense in the context of its physical footprint, rampant expense capitalization would help to reconcile this anomaly.",
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      "text": "Expense Capitalization Would Help To Explain Odd Trends In Asset Base",
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