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  "documentTitle": "Amdocs Limited (DOX)",
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  "authorName": "Ben Axler",
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  "notes": "The slide uses a series of bar charts to visually demonstrate a correlation between two financial metrics to imply accounting irregularities.",
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      "kind": "callout",
      "text": "Amdocs is ultimately lumping its unamortized software into a “Computer equipment” account... serious questions are raised as to the actual contents of this asset category.",
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      "text": "This gives us further confidence that there is a connection between the otherwise-inexplicable growth of its European asset base and the observed growth in its unamortized software account.",
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      "text": "Note: Increase in Israeli assets in FY 2018 due to campus-related capex",
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      "text": "Interestingly, we observe that the annual change in Amdocs' unamortized software account is matched closely by the annual change in the value of its European assets. This relationship is not shared by assets in other regions.",
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