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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 a historical average of 12.5% to estimate proceeds from asset sales for FY10-FY18.",
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      "text": "However, based on the past relationship between changes in accumulated depreciation and proceeds from asset disposals, dating to when Amdocs still disclosed proceeds from asset sales, we can estimate Amdocs' present proceeds from asset sales.",
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      "text": "Historical Average = 12.5%",
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      "text": "Though Amdocs does not disclose its proceeds from asset sales, it does leave us a clue in the form of changes in accumulated depreciation: we can identify the cost basis of fixed assets removed from the balance sheet.",
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      "text": "Table showing FY04-FY18 financial data including Gross PP&E, Accumulated Depreciation, Net PP&E, Annual Change, Depreciation Expense, Removed Accum. Depreciation, and Proceeds From Sale.",
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      "text": "Asset Disposals Potentially Highly Significant",
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